The REIC took America and the world to the brink today, and we fell off. The credit and money markets have now shut down, and the stock market has tanked.
Our corrupt Congress, who did nothing until it was too late, did nothing. This is cause for celebration, and it's cause for panic.
This week will be, when it is all said and done, one of the most historic weeks in world financial history.
If you were anti-bailout, don't get too excited, because it will still be passed. But not until the world burns.
If you were pro-bailout, don't get too depressed, because it will still be passed. But not until the world burns.
If you're pro-world-burning, get excited. Your day is here.
Reactions?
Predictions?
May you live in interesting times.
And may you have ammo. And liquidity. And cash.
September 29, 2008
Global Economic Armageddon is now here
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69 comments:
Well, unfortunately I do know a few survivalist types who are pro-world-burning. Those guys actually want America to burn, just like Marines fresh out of boot camp want to see combat. They want to "bug out" and pretend to be Marines since none of them could do it for real.
I guess I'll order some more popcorn and ammo, because we americans cannot live within our means which will cause many to steal and kill for what the "need"
Tommorow I buy food cans, whiskey and cigarettes. They'll come in a handy as a trade medium, when money stops being accepted by 9:23 am
CNBC is running a poll on the bailout.
Please vote Yes (meaning the bailout is bad).
http://www.cnbc.com/id/26945250%20
Not yet.
The Market hasn't tanked 20% in a day yet.
Today is just a temper tantrum thrown by Wall Street. "waaaaaaaaaah, give us more money for our yachts or else we'll drop the market!" In normal society, this would be called EXTORTION and charges filed. But not here, not now. It is called politics.
Stock market crash is looking more and more likely.
Roadwarrior Baby!!!
Time to get yourself some guns, some hot leather pants, some big ass pitbulls and rottweilers, more guns and ammo and head for the hills!!
Bring it on!
This truly is 1929, or worse
Anyone want to predict what China does tomorrow?
And Russia?
And Japan?
And then of course, the US?
Anonymous said...
...because we americans cannot live within our means which will cause many to steal and kill for what the "need"
Bring it on. If they come for my granite, hickory or Escalade they will be history!!!
JaneZ
I can't begin to imagine what Asian and European markets will look like tomorrow...
minus 10% or more I guess. With several financial failures.
Now I think by the time the plan is voted, the damage will be done.
Burn Baby Burn! The only way to get our country back is to start from scratch.
I heard some retard on CNBC saying what a great bargain mortgage backed securities were as assets.
Yeah if they are so great buddy then YOU buy them with YOUR money. Knock yourself out. Leave the taxpayers out of it.
Let them fail!
keith said...
This truly is 1929, or worse
Anyone want to predict what China does tomorrow?
And Russia?
And Japan?
And then of course, the US?
The US will cancel the elections due to EconoTerrorism. (Its in the Patriot Act)
JaneZ
I can't open house.gov to check who voted for/against the bailout... can someone open it? Is house.gov under attack?
I called the entire Ohio delegation last Friday to tell them H*LL NO. My Rep Kucinich stood up for his constituents and voted NO after denouncing this trash today and yesterday on the House floor.
I like the Rep who said today this bill is a cow patty with a marshmallow on top. All you BWA HA HA'ers counting on a bailout can eat one.
CRASH AND BURN !!!
Is Purchasing $700 billion of Toxic Assets the Best Way to Recapitalize the Financial System?
No! It is Rather a Disgrace and Rip-Off Benefiting only the Shareholders and Unsecured Creditors of Banks
Read More Here: Link: http://www.rgemonitor.com/ Nouriel Roubini | Sep 28, 2008
A recent IMF study of 42 systemic banking crises across the world provides evidence on how different crises were resolved.
http://www.imf.org/external/pubs/ft/wp/2008/wp08224.pdf
Government purchase of bad assets was the exception rather than the rule. It was used only in Mexico, Japan, Bolivia, Czech Republic, Jamaica, Malaysia, and Paraguay.
The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer.
And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.
It is pathetic that Congress did not consult any of the many professional economists that have presented -
many on the RGE Monitor Finance blog forum - alternative plans that were more fair and efficient and less costly
ways to resolve this crisis. This is again a case of privatizing the gains and socializing the losses; a bailout and socialism for the rich, the well-connected and Wall Street. And it is a scandal that even Congressional Democrats have fallen for this Treasury scam that does little to resolve the debt burden of millions of distressed home owners.
Michelle
You can suck my pipe clean any day!
Ron Paul is opposed to the bailout for sound reasons. Keith seems to have forgotten what real capitalism is all about. What we have is fascist socialism. Maybe Robert Prechter is right...a massive deflation with real estate down 90% and the DOW Industrials down under 1,000. With no way to stop the deflation of all the phony credit that pumped things up the past several decades. Ron Paul just introduced a bill to abolish the Federal Reserve.
How incompetent are Nancy Pelosi and John Boehner that they took the most important vote since the Iraq debacle vote to the house floor and didn't have a firm vote count?
Unreal.
Monkeys.
Anyone want to join in my prediction that a bailout goes through within a week, with slight modifications? And that the world financial markets melt down this week?
BURN BABY BURN!!!!
Keep the pressure UP.
Bullshit Baffles Brains (especially in DC)
Have some Fax Fun. Tell 'em NO Bailout For:
-Housing GAmblers
-Wall Street
-Poor Decisions
-Failed Bushco Policies
-A Congress Afraid to Act in Taxpayers Interests
Have at 'em:
Please fax everyone on this list.
Sen. Richard Shelby (R) 202-224-3416
Sen. Harry Reid (D) 202-224-7327
Sen. Jim DeMint (R) 202-228-5143
Sen. John Ensign (R) 202-228-2193
Sen. Jim Bunning (R) 202-228-1373
Sen. Chuck Grassley (R) 202-224-6020
Sen John McCain (R) 202-228-2862
Sen. Barack Obama 202-228-4260
Sen. John D. Rockefeller 202-224-7665
Sen. Dianne Feinstein 202-228-3954
Sen. Ron Wyden 202-228-2717
Sen. Evan Bayh 202-228-1377
Sen. Barbara Mikulski 202-224-8858
Sen. Bill Nelson 202-228-2183
Sen. John Kerry 202-224-8525
Sen. Daniel Inouye 202-224-6747
Sen. Hillary Clinton 202-228-0282
Rep. Barney Frank 202-225-0182
Rep. Nancy Pelosi 202-225-4188
God Bless America, Land that I Love...
OK Keith, I'd say we have now moved into the DESPERATION mode. We don't have panic selling yet, but that could come real fast.
Buckle up kids.
They want to "bug out" and pretend to be Marines since none of them could do it for real.
Most of us, who prepare and have bug-out bags and BOVs (you find out), were in the military. We're not sissies from San Jose who think that coding in Perl and having an iPhone full of apps will help when the $hit hits the fan.
To Anonymous 9:42, the roll call of the vote is available here:
http://tinyurl.com/45k822
Look for a late evening surprise tonight from our gov't like them seizing all companies, declaring a financial marshall law. They are pouring over antiquated laws and documents right now to see if they can find some clause, some provision by which to buy themselves time and keep the big plunge from occurring. They may decide to close the stock market for the next few days. JMHO.
By the way, I HATE PRESS CONFERENCES FROM CORRUPT AND INCOMPETENT DC MONKEYS WHERE THEY THANK EACH OTHER FOR THEIR HARD WORK AND LEADERSHIP.
Man, that makes me RAGE.
Vote 'em all out. All of 'em.
Meanwhile, expect surprises tonight. Namely:
1) Bernanke cuts rates to 1%
2) FDIC raises limits to $1 million
3) $1 trillion pumped into global money markets overnight
4) More bank 'mergers'
The PPT won't go down without a fight
Stay up all night if you can.
I think it still passes. They just need some fancier yet equally meaningless modifications.
I'm actually surprised at what happened today, completely. I really thought the bailout would pass and the stock market would soar, temporarily. Boy, was I wrong.
However, I am worried that this POS bailout will pass eventually with the cnbc chuckle-heads cheering and the misallocations of resources becoming exacerbated.
If this doesn't pass then perhaps we get a more traditional deflation with USD actually appreciating. Nah.
I think this is just congress throwing a tantrum, playing a little brinksmanship. Many voters who were uncertain about this bailout may suddenly be in favour of it when they see their retirement savings falling, chicken-shits.
I'm worried about my seat now if I'm in Congress because they are truly damned if they do and damned if they don't pass this bailout. Couldn't happen to a nicer, more honest bunch of people.
And I can't believe DC is shutting down for the Jewish holidays
I respect peoples' religions, but did WWII or the war of '73 fighting shut down for Yom Kippur? Even Jewish people should be mad about this.
Unreal.
Get to f*cking work.
I don't care what religion you are.
Get to f*cking work.
Most of us, who prepare and have bug-out bags and BOVs (you find out), were in the military.
I'm not mocking guys who are the real deal. I'm talking about the 90% of self-proclaimed survivalists who are really internet geeks fantasizing of some melt-down scenario.
And I have a serious problem with ANYONE who *WANTS* the system to melt down just so they can go and do their survivalist thing.
We've got a bug-out kit too, because of earthquake preparedness, not some fantasy scenario, and am involved with RACES which requires a massive bug-out kit for members (you find out) ... but we're realistic and don't actually WANT an shtf situation like many survivalists do.
Let's face it we were going down whether or not this bill passed. A $700 billion dollar bail out will not help a $60 trillion dollare derivative and swap problem.
It had to end sooner or later!
That is why HP is here and HPers are hoarding cash!
ME NO LIKE CAPITALISM, ME GO BACK TO MAO'S REVOLUTION.
heard in Shanghai....
best case scenario - you've seen this coming for years and have a world view/philosophy akin to Burt Reynold's character in Deliverance.
worst case scenario - you're unprepared and assf'cked harder than Ned Beatty in that ohhh-so-memorable scene.
Yet not one arrest of note.
Not one frog march.
Not one independent house or senate investigation.
Angelo Mozilo is free.
Michael Perry is free.
Casey Serin is free.
And the world financial system has melted down.
There should be protests tonight outside Angelo Mozilo's house. There should be gangs trying to make a citizens' arrest of Chris Dodd, Barney Frank, Alan Greenspan or George Bush.
Maybe this will be the catalyst.
We'll see.
Revenge against Louis XVI comes quite a while after the storming of the Bastille man. Four years to be exact.
BTW, don't wish too hard for massive witch hunts in times like this. Lots of the wrong people get it when the mob+momentum carry things along.
And I can't believe DC is shutting down for the Jewish holidays
I'm sure our friend Honica Jewinsky will chime in on this ... LOL
Congratulations all you purists, you got your wish, no bailout. Stupid decision, because now YOU are going to get it. Remember, Wall Street guys made millions, they have a great cushion for the greatest depression, you don't and now with your calling your senators, and congressmen and allowing them to play politics with your future, you have slit your own throat.
Look below at the people whom this will hurt. Remember this, because YOU now caused this with your stupid "moral hazard" arguments and "no bailout" ideology. You are watching as Rome burns, and somehow think the fire won't burn you. Wrong....
"NEW YORK (CNNMoney.com) -- After 41 years in business, Hull Printing shut down its printing presses for good in March, laying off 19 workers and closing one of the oldest family-run businesses in Barre, Vt. The catalyst: Hull Printing's bank slashed its line of credit, kicking off a death spiral that led to the company's collapse.
"All of the equipment's gone and been liquidated," said Jon Hull, 32, whose grandparents started the commercial printing business in 1967. "The bank got all of their money back, but it left a lot of unsecured creditors that will never be paid back, including many other small businesses in town."
Hull's story is a familiar one to millions of small business owners across the U.S. who rely on credit lines and loans to fund expansion or help them recover from setbacks. In a National Small Business Association (NSBA) survey released this week, 67% of business owners polled reported being affected by the credit crunch in August, up from 55% in February. Additionally, 32% reported a deterioration in the terms of available bank loans, up from 27% six months earlier. "
You really think this guy was a housing gambler? You think he deserved to not be helped out? Hmmm. Well the only solice I can see in this, is that you renters and purists here will be hurt really bad by this.....
LOL
All this survivalist crap is ridiculous.
The credit markets have been locked up for over a year. No Armageddon -- just a bunch of bubble businesses relying on buy now pay later closing up shop.
Americans will learn to live within our means, manufacturing will return to the country as fuel bills soar, and we'll get through this just fine after a recession.
Hopefully the lesson that "you cannot borrow your way to prosperity" will be remembered. Although I have my doubts.
Thanks for the link Anon 9:59
Mark it down: Congressman Jerry Weller, the biggest vote-grubbing pussy of all time!
BURN MOTHER F*CKING BURN!!
This correcupt economy had it coming and we all knew it.
The difference is some (few) took preventive financial action, others dialed into "Deal Or No Deal" every night and lost it all.
Most of us, who prepare and have bug-out bags and BOVs (you find out), were in the military.
Yeah, you're all so tough.
LOL!
What a poseur.
"If you're pro-world-burning, get excited. Your day is here."
My day is finally here.
Forget the guns and ammo I want some pretty girls, some vodka and a hot tub. Time to party baby.
working link to roll call as of now??
http://clerk.house.gov/evs/2008/roll674.xml
business owners across the U.S. who rely on credit lines and loans to fund expansion or help them recover from setbacks
Only an IDIOT would run a business so reliant on credit that a change in business conditions would lead to its collapse.
I will bet that the continued decline in printing and pricing factored in there too, but they're not going to tell you about that.
My name has been Burn Baby Burn for a long time now. So good day for me. When we meet in the steerts tell me you are an HPer and you can join my group.
Now that credit is froze up and consumers can't get new car loans, credit cards and student loans everybody has to live within their means. THAT'S ARMAGEDON! Oh no the sky is falling, no credit for America.
I know most people would call me crazy, but you can't live on credit indefinitely. The sooner we realize this, the less painful this whole transistion will be.
Is this "To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes" really a title of a Bailout bill? WTF?
Congress -- the Republicans - got it right today. I was actually hopeful it was not going to pass. I made many phone calls to various congressmen to encourage them to vote no. Apparently they agreed.
Unfortunately, all the talking heads on TV are saying that a bill WILL pass, doing everything they can to sway voters and congress. The MSM is, again, showing its true colors: biased as hell towards big govt. programs and saying a bill is a done deal this week.
Keith, the Dems voted for this...I hope it is making you think twice about your proclivities to support this despicable party.
It is time to unwind things here. The market needs to go down and housing prices need to go down. Once the bloodletting is over, we can rebuild this broken financial system.
Even if this bill passes, it may not stem the decline, although it could set a price floor for houses since the Feds are going to buy up the toxic mortgages and forgive the borrowers losses on them (i.e. allow underwater homedebters to not pay back the full mortgage but only the amount of the re-valued home).
All in all, a good day.
Glad I bought American Eagles over the weekend and glad I've been fully in cash since the summer. Tomorrow I go down to my large, well-known bank that recently purchased another large well-known bankrupt bank so i can get the rest of my money out before it's lost forever.
>> Only an IDIOT would run a business so reliant on credit that a change in business conditions would lead to its collapse.
Well stated! And borrowing money to make payroll is how corporate America functions? Yeah, I didn't know that. But WTF?!?!
Bring it ALL down, man! Afterward, no more:
Taxes/IRS
Credit
Wall Street
Instead:
*REAL* WORK BUILDING THINGS!
Burn baby burn
good by
Market will bounce tomorrow. have you looked at today's after hours? If they stopped trading at 5PM EST we would've been down 300 points - max.
This is nothing.... For all the crying baby Wall Streeters... this ain't even as bad as 1987.
Sorry IBer's will lose their jobs - tough. Didn't contribute much anyway.
America will survive Keith. And I sorry you lost on your call options you've been placing - try not to be so negative. You'll make money there soon - even without the bailout.
Great day for democracy
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
*FUEL * THE * FLAMES *
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
*FUEL * THE * FLAMES *
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
*FUEL * THE * FLAMES *
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
*FUEL * THE * FLAMES *
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
*FUEL * THE * FLAMES *
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
*FUEL * THE * FLAMES *
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
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*FUEL * THE * FLAMES *
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
*FUEL * THE * FLAMES *
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
*FUEL * THE * FLAMES *
Hoard Hoard Hoard ! ! !
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*FUEL * THE * FLAMES *
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
*FUEL * THE * FLAMES *
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
*FUEL * THE * FLAMES *
Burn Burn Burn ! ! !
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Burn Burn Burn ! ! !
*FUEL * THE * FLAMES *
Hoard Hoard Hoard ! ! !
Hoard Hoard Hoard ! ! !
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*FUEL * THE * FLAMES *
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
Burn Burn Burn ! ! !
*FUEL * THE * FLAMES *
Hoard Hoard Hoard ! ! !
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*FUEL * THE * FLAMES *
AND FUCKING ARREST MOZILO ALREADY GOD DAMNIT!
"Congratulations all you purists, you got your wish, no bailout. Stupid decision, because now YOU are going to get it. Remember, Wall Street guys made millions, they have a great cushion for the greatest depression, you don't and now with your calling your senators, and congressmen and allowing them to play politics with your future, you have slit your own throat."
Piss on you, you arrogant, elitist bitch! Most of the people here were smart enough to save. Most here were not so reliant on credit that they will be destroyed by this. Most have a way out - their greed knew certain boundaries. I'm smacking my lips just waiting for the bargains!! MMM,MMMMM GOOD!!!
A few family run businesses went under. C'est la vie, moron. This is how capitalism works. Some make it, some don't. If some good, honest folks must go down along with the corrupt REICers and CEOs, so be it. No, why don't you tell us your housing status? Leveraged to the hilt, eh? Bummer 4 U!! LMAO!!!
this was awesome that it didn't pass but it was largely a political play to vote no.
It will get passed. They are already revising it. Think of it like political nuclear bombs. They drop the first bomb which gets all of the attention. Next, they sign it but it is overshadowed by the first bomb. Maybe they cut it to 600 billion to save face.
I agree, 1% rates are coming soon.
However, life will go on. Most people have money and will still buy crap.
Bob
Let it go folks, that tells you something:
20 Democrats from New York voted yes on the bill, while only 2 voted no. Meanwhile, only 5 Republicans from New York voted yes.
Here are the Democrats from New York, who voted YES on Paulson's bailout to Wall Street crooks:
Timothy Bishop (1), Steve Israel (2), Carolyn McCarthy (4), Gary Ackerman (5), Greg Meeks (6), Joseph Crowley (7), Jerrold Nadler (8), Anthony Weiner (9), Edolphus Towns (10), Yvette Clarke (11), Carolyn Malloney (14), Nydia Velazquez (12), Charles Rangel (15), Eliot Engel (17), Nita Lowey (18), John Hall (19), Michael McNulty (21), Michael Arcuri (24), Brian Higgins (27), Louise Slaughter (28)
The Democrats from New York are in bed with the crooks from Wall Street. Oh yeah, that's what I call a party for the people. Anyone here surprised that Charles Rangel voted for the bailout?
VOTE THEM OUT!!!
Open your eyes, Hussein's sheeple.
Do we need a secret handshake?
I have to get busy faxing. I'm gonna cut the letters out of magazines and paste my message to a piece of paper. That way my "no bailout" note will be slightly threatening.
Remember, Wall Street guys made millions, they have a great cushion for the greatest depression, you don't
Yeah, but can they run faster than us? I don't think. We're going to get their cushions and stick up their a$$es until it comes out through their mouths.
"I will bet that the continued decline in printing and pricing factored in there too..."
I work in publishing and I spend a lot of time editing title pages from "Printed in US" to "Printed in China." A lot of printing also goes to India these days.
... but we're realistic and don't actually WANT an shtf situation like many survivalists do.
I went through the LA Riots (literally) while you were eating pudding in Scottsdale, AZ. What, do you really think there's no racial tension or class welfare looking for an excuse to implode in this country? Puh-leaz. Just wait when Obama loses the election and rumors/tension start spreading through ghettos all over the country.
And I can't believe DC is shutting down for the Jewish holidays
The puppets have to kiss butt from their masters. I'm surprised there isn't a Hollywood Jewish holiday also, so all the celebs can kiss their a$$es too.
Yeah, you're all so tough.
LOL!
What a poseur.
Uh-oh, don't you have to be at the 43 Folders blog, getting orders on what to wear and how to live like sissy clones?
Japan index dropped by 2/3.
People there feared the final meltdown.
Their society didn't crumble.
Hardly changed at all.
Nothing is going to happen.
Shutup and go watch Idol, your MRE's are going to spoil cuz they ain't gonna get used.
Look,all they needed to shore up was
FDIC and some other accounts . months ago I posted that this was the answer .
The stock market was never a insured account . Please be aware the stock market has never been insured against loss . The stock market was correcting before they turn down that junk BILL .
The stock market is dropping because everyone is aware we are in a recession . The cheerleaders fakes everyone out .
In the final analysis the Feds and the FDIC are going to take Billions in loss because of bank
failures ,but remaining banks or merged banks pick up the slack .The taxpayers are still going to take billions in loss in the final analysis ,so don't think that Wall Street didn't cause a loss to the
taxpayers .
You act like it was even possible to bail out all the unregulated
casino players .Spend happy Paulson was going to far with this bail out concept .
That being said ,trust in the fact that the Feds can inject capital for emergency purpose ,so you really don't have to worry about
your ATM cutting you off . You might not be able to get a car loan right now if your a flake ,but so be it .
This is a good read explaining the mechanics of the credit crunch. Also it basically says that unless Uncle Sam overpays the banks for their toxic waste, Paulson's plan doesn't really increase the banks' ability to lend money, or ease the credit crunch. It just rewards Banks with bad management.
http://www.becker-posner-blog.com/
Uh-oh, don't you have to be at the 43 Folders blog, getting orders on what to wear and how to live like sissy clones?
Yeah, anybody who isn't a faux-survivalist trash-talking pot-bellied loser must be one of the sissies!
The hilarious thing is that the poseurs would drop dead of a heart attack after three or four hours of strenuous outdoor activity, let alone a survivalist armageddon.
how many jews are in the congress?
they only 2% of population.
Sell on Rosh Hashana, buy on Yom Kippur.
It is as it always has been.
I never wanted to actually have to USE my guns for anything other than shooting paper or clay. But if someone crashes in this house looking for food...
My bug-out-bag and food stash is ready at any given time; I just hope it's enough...Jesus Christ.
Now that credit is froze up and consumers can't get new car loans, credit cards and student loans everybody has to live within their means. THAT'S ARMAGEDON! Oh no the sky is falling, no credit for America.
No and this talk about not being able to get a car loan is such a bull$hit. Anyone with good Fico on the 700s, an appropriate income, no debt, responsible with finances, can get a loan. For instance, Amex keeps sending me pre-approved offers for Platinum cards and they just gave me a Blue at 0% for 1.5 years, with a $20k limit. I can walk into any BMW dealer right now and lease a 3 Series if I want to.
The crooks on Wall Street, along with the corrupt media, are using this bull$hit to put pressure on passing the bill. You should see those idiots on Fast Money tonight...they were mad, with a stupid face, after probably have lost their shirts, gambling as usual. And they're still giving hard time to a Republican Rep who voted against the cancer bill.
Of course, if you're a moron, irresponsible, who lives beyond your means and is up the wazoo in debt, you won't get a loan. Also, if your income is $40k, you won't qualify for a $500k house. That's the way it should be.
I believe, just as the forests need the occasional burning to grow anew, so does the economy. Burn baby burn. I'm ready for it.
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