Ladies and Gentlemen, the President of the United States. And yes, this quote is real:
"If money isn't loosened, this sucker could go down"
-Acting President George W. Bush, freaking out, losing control and in an obvious housing panic, September 25, 2008
September 26, 2008
HousingPANIC SPECIAL EDITION Holy Crap I Can't Believe It's Come To This Quote of the Day
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133 comments:
FINALLY. OMFG, will the propping up of this fake bs economy ever ever....EVER...end?
Could we please go back to making things and working 40 hours weeks? To buying stuff you could afford and waiting until you were good enough to be promoted.
(puts on red sparkly shoes)
"...there's no place like home, there's no place like home..."
Paul Begala on Anderson Cooper 360, talking about George W. Bush:
BEGALA: I'm going to get in trouble. He is a high-functioning moron, and that is what Congress treats him as, both parties. They didn't pay any attention to him today.
That blimp must be for my Q puts I bought before close today. TA said there might be one more bounce, but RIMM reporting AH told me, probably not.
Celebrate creative destruction! Here's to the banks of he future!
Screw him and his fear mongering.
It's not working anymore.
see you at the gun store....
You really thought that you were going to run out of things, and shut down this blog?
Wall Street Executives Scored $3 Billion as Banks Rose and Fell
By Tom Randall and Jamie McGee
Sept. 26 (Bloomberg) -- Wall Street's five biggest firms paid more than $3 billion in the last five years to their top executives, while they presided over the packaging and sale of loans that helped bring down the investment-banking system.
Merrill Lynch & Co., once the largest U.S. brokerage, paid its chief executives the most, with Stanley O'Neal taking in $172 million from 2003 to 2007 and John Thain $86 million after a month's work last year. The company agreed to be acquired by Bank of America Corp. for about $50 billion on Sept. 15. Bear Stearns Cos.'s James ``Jimmy'' Cayne made $161 million before the company collapsed and was sold to JPMorgan Chase & Co. in June.
Democrats and Republicans in Congress are demanding that limits be placed on executive pay as part of the $700 billion financial rescue plan proposed by U.S. Treasury Secretary Henry Paulson. The former Goldman Sachs Group Inc. CEO, who received about $111 million between 2003 and 2006, said in testimony to Congress on Sept. 24 that he would accept such limits as part of the plan, after initially opposing them.
``Shareholders and boards should have done something about this a long time ago,'' said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware in Newark. ``They justified these levels of pay on the idea that they're all geniuses. I think that balloon has burst.''
Wall Street firms have shared profits liberally with employees. The five biggest -- Goldman, Morgan Stanley, Merrill, Lehman Brothers Holdings Inc. and Bear Stearns -- paid their 185,687 employees $66 billion in 2007, as problems with subprime mortgages mounted, including about $39 billion in bonuses. That amounts to average pay of $353,089 per employee, including an average bonus of $211,849. The five firms had combined net income of $93 billion during the five years through 2007.
read http://www.bloomberg.com/apps/news?pid=20601103&sid=a96vQtgKS3BM&refer=news#
Can anyone here please explain to me how I can verify if I buy gold from a jeweler that it is actually real gold? I would hate to buy gold and then find out that it is a fake piece of metal!
Bush did his part for the ruling elite just fine - now he's out, an after-thought,has-been.
However, the Bush Co. legacy lives on through the long-term damage they caused in our economy for decades to come.
Neither 700billion or 700trillion will fix this damage.
Tax paying citizens are raising their voices. I see protest and petitions going around opposing the bailouts and I’ve made a few phone calls to my representatives.
How about a National “Don’t pay your rent/mortgage month” protest for those who have thus far been financially responsible? If you’re worried about your credit score, how about a partial payment or send it in a few days late?
Ask the bankers,lenders and politicians “what incentive do I have to pay when my neighbor’s loan/principal is being re-worked and there are bailouts for Wall Street?”
This is not good for bernanke
http://www.dallasfed.org/news/speeches/fisher/2008/fs080925.cfm
______________
Fed's Fisher Says Rescue Would Increase Fiscal Burden (Update1)
By Vivien Lou Chen
Sept. 25 (Bloomberg) -- Dallas Federal Reserve Bank President Richard Fisher said the U.S. Treasury's proposed $700 billion rescue of financial institutions would be ``a critical first step'' toward calming markets even while adding to the U.S. government's fiscal burden.
The plan by Treasury Secretary Henry Paulson to buy troubled assets from financial institutions ``is an incremental addition to the federal government ledger,'' Fisher said today in a speech in New York. Existing federal obligations in Medicare and Social Security mean ``we are deeply submerged in a vast fiscal chasm,'' he said.
Fisher made the comments as the central bank expands its role in the biggest government intrusion into markets since the New Deal, with Fed Chairman Ben S. Bernanke trying to persuade Congress to approve Paulson's bailout plan.
and at nakedcapitalism
---
The Bloomberg story missed some of the juiciest bits of the speech:
There is no nice way to say this, so I will be blunt: Our credit markets had contracted a hideous STD—a securitization transmitted disease—for which lowering the funds rate to negative real levels seemed to me to be not only an ineffective treatment, but a palliative and maybe even a stimulus that would only encourage further mischief.
I was and I remain skeptical that lowering the fed funds rate is the most effective antidote for such a pathology, given that, in my book, rates held too low, too long during the previous Fed regime were an accomplice to that reckless behavior. A fed funds rate of around 3 1/2 percent—that was the level at which I began to stray from “the pen”—did not appear to me to be the principal problem, particularly with commodities prices soaring and incipient inflation coming to our shores from demand-pull pressures and rising labor costs in the countries that we use to source the inputs needed to run our manufacturing base and stock the shelves of our retail stores..
Anti-Bailout Protesters Outside White House
http://www.liveleak.com/view?i=a2f_1222382660
Tomorrow go to your nearest republican zealot (your brother, pastor, father in law, boss... it doesn't matter) and punch the sh*t out of them. If you don't know why, they do.
To gold question:
Buy ingots or minted coins from reputable dealers in major cities.
.
oh the humanity!
you heard it here first
.
Seen this? 6 minutes ago on the newswire:
Treasury Secretary Henry Paulson got on one knee before Democratic leaders in a theatrical attempt to salvage talks.
LMFAO!!!!!
if the monkey in charge is starting to panic then how long before the monkeys that voted for him start to panic?
http://www.guardian.co.uk/business/2008/sep/26/executivesalaries.wallstreet
Goldman and Morgan Stanley set aside close to 40 billion for bonus this year and they need a bail out?
I went to bed thinking everything was fine - just got up here in Zurich, and the world collapsed again!. I would love to have seen Paulson on his knee!. . .in front of Nancy Pelosi at that. . .jeeze, even George Bush is looking less of a jerk these days - McCaine may have done himself in. . .
Anonymous Anonymous said...
Tax paying citizens are raising their voices. I see protest and petitions going around opposing the bailouts and I’ve made a few phone calls to my representatives.
How about a National “Don’t pay your rent/mortgage month” protest for those who have thus far been financially responsible? If you’re worried about your credit score, how about a partial payment or send it in a few days late?
Ask the bankers,lenders and politicians “what incentive do I have to pay when my neighbor’s loan/principal is being re-worked and there are bailouts for Wall Street?”
September 26, 2008 6:43 AM
I think that is a horrible idea. How dare do you suggest this idea? No one should engage in this kind of irresponsible behavior and people should honor their debts!
Listen, I need SUCKERS, I mean F.S. (Fucked Savers) to continue to honor their obligations, so this way I don't have to.
OH THE HUMANITY!
Paul Begala on CNN today, speaking of Bush:
"He is a high-functioning moron, and that is what Congress treats him as, both parties. They didn't pay any attention to him today."
Of course those of us who pointed this out 4 years ago, when we had a chance to take the keys away from this retard were labeled "traitors" and other niceties.
Well if we just vote McCain /Palin we can turn this thing around!
They'll cut corporate taxes and rescind all regulations and that will bring us back to prosperity!
HAHAHAHAHAHAHAHA!!!!!!!!!!!!
You STUPID F*CKING BRAINSTEMS REALLY DID IT THIS TIME!
Enjoy your poverty, suckers!
Conservative Republicans in the house appear to be the only thing stopping the worst piece of legislation ever put before congress. As a long time hater of Republicans, I've officially lost my mind. Has the world gone comepletely mad?!?!?! Right now political parties mean nothing to me. If you vote yes for this bill, then you are my enemy. I don't give a damn if you have a D or R next to your name.
let it go down...........and let the chips fall where they may....
been a believer and reader here for years and knew it would be bad, but not THIS bad! and its only gonna get worse.....
getting my popcorn....holding steady....hopefully the personal finances are all secure.....
Here we go into yet another weekend of PaulsonPANIC.
Wonder what banks will go under this weekend? Wonder who the government bails out this Sunday.
Wonder if the debate goes on tonight?
Wonder if the market is back on the brink before it opens Monday.
And to think. All because of housing. All because of everything we've talked about here for the past three years. That 'nobody saw coming'.
for all you guys who think you can leave, I hope you dont have any assets...googl "exit tax". passed in May this year. cray-zee
A bad day for the GOP on politics, bailout plan
WASHINGTON (AP) -- Even for a party whose president suffers dismal approval ratings, whose legislative wing lost control of Congress and whose presidential nominee trails in the polls, it was a remarkably bad day for Republicans.
A White House summit meeting on Thursday meant to shore up John McCain's shaky campaign "devolved into a contentious shouting match." And that's how McCain's own campaign described it.
The meeting revealed that President Bush's $700 billion bid to combat the worst financial crisis in decades had been suddenly sidetracked by fellow Republicans in the House, who refused to embrace a plan that appeared close to acceptance by the Senate and most House Democrats.
Treasury Secretary Henry Paulson begged Democratic participants not to disclose how badly the meeting had gone, dropping to one knee in a teasing way to make his point according to witnesses.
And when Paulson hastily tried to revive talks in a nighttime meeting near the Senate chamber, the House's top Republican refused to send a negotiator.
"This is the president's own party," said Rep. Barney Frank, a top Democratic negotiator who attended both meetings. "I don't think a president has been repudiated so strongly by the congressional wing of his own party in a long time."
Are there Pulitzer Prizes for blogging?
Look I am sorry I read about the bohemian Grove.
Bush Sr. and Jr. are members for many many years.
Alan Greenspan member photograph proof.
Merv Griffin...Can you believe it? Photographs proof. Google it read about it, scary stuff.
Henry Kissinger member, proof Photograph dancing with Merv Griffin, twisted.
All republican Presidents were and are members.
Some democrat leaders were members.
Read about and judge for yourself.
My question how did they get away with this?
Is this part of the Free Masons? I have an uncle who father was a member of Free Masons in south jersey for many many years. He owns so much property in a very expensive area by the shore.
His children are very very wealthy because of their father, by the way was a farmer.
The money they have is unreal. I am not kidding. Is this all connected in some weird way and how are these leaders getting away with this? Why over the years this has not been exposed by good Christian and good Jewish people leaders, FBI?
batman I agree with you. But the people who are in charge are really corrupted.
National Emergency? Martial Law?
Time is becoming ripe for Bush to declare a national emergency and invoke martial law and suspend the elections. With Bush in office, anything is possible. All those Homeland Security legislation will now have a purpose.
Someone told me that the 3rd Infantry has been put on notice that it may be activated for domestic disturbances. Can anyone verify this?
Go and stock up and food and ammo, this is going to get very bad. Think of bands and thugs wandering the streets looking for food and gas. The police will not help, most cops I know only work for the money. When the money stops so will they. Hell, I called the police a while back for a fight in the street and it took them twenty minutes to show up.
I have been a passive reader of this blog for about 2 years and just wanted to point how increadibly accurate you have been and how increadibly stupid the experts have been. A hat tip to you Keith.
Flying monkey warriors indeed. Where can I get a t-shirt that says that?
"Conservative Republicans in the house appear to be the only thing stopping the worst piece of legislation ever put before congress."
That is what they were supposed to be doing all along. I wish they would have grown a pair sooner!
This sucker is going down. Get ready for GWB to close the markets in 5...4...3...
Let the Sucker go down... like we said in Vietnam - "We must destroy the town to save the town".
To Les,
Google the topic and you will get the Army Times article from mid-September.
"And to think. All because of housing"
For want of a nail - rhyme
For want of a nail the shoe was lost.
For want of a shoe the horse was lost.
For want of a horse the rider was lost.
For want of a rider the battle was lost.
For want of a battle the kingdom was lost.
And all for the want of a horseshoe nail.
Substitute "for want of a house"
and there you have it.
http://www.marketwatch.com/news/story/letters-editor-bailout-un-american/story.aspx?guid=%7B7CEB61F6%2DE939%2D4D46%2D961C%2D4EBC2AB5965A%7D&dist=msr_1#comments
The above link goes to a marketwatch.com letter against the bailout. Please read it and write marketwatch to put the letter out front. Doing that AND writing your own letters will be very powerful.
Some in congress keep insisting the people don't understand - tell them you do.
"The time is right for marching in the streets boys"... to quote the Rolling Stones song.... "Think the time is right for a Palace Revolution"
"anonymous said...
http://www.guardian.co.uk/business/2008/sep/26/executivesalaries.wallstreet
Goldman and Morgan Stanley set aside close to 40 billion for bonus this year and they need a bail out?
September 26, 2008 7:30 AM"
Ano, after you posted this the content in this link has been removed and i can't find similar text anywhere on Google - I mean, like, NONE. Can someone dig it up????!!!!!
.
from anon
september 26,2008 7:58 am
you said and I quote,
"OH THE HUMANITY"!
Well, that was already stated above
and it said you heard it here
first!
So please write a full retraction
with
an apology ASAP!
Thank you,
the management
.
Someone posted this and EVERYONE SHOULD BE ON THE SAME PAGE.
Conservative Republicans in the house appear to be the only thing stopping the worst piece of legislation ever put before congress. As a long time hater of Republicans, I've officially lost my mind. Has the world gone comepletely mad?!?!?! Right now political parties mean nothing to me. If you vote yes for this bill, then you are my enemy. I don't give a damn if you have a D or R next to your name.
To gold question:
Buy ingots or minted coins from reputable dealers in major cities.
"Reputable coin dealer" from the book of oxymorons.
Les, here you go.
http://tinyurl.com/3sendx
Who or what is the sucker he is referring to?
"BEGALA: I'm going to get in trouble. He is a high-functioning moron, and that is what Congress treats him as, both parties. They didn't pay any attention to him today."
Funny thing. We HPers have known Bushco was a low morals dunce for years. Now, even Joe Six=Pack doesn't care what he says anymore. Well at least he should be happy in Paraguay soon.
What a shameful day for once-great America when the press calls their leader a moron.
What a legacy of shame and failure.
" Anonymous said...
Can anyone here please explain to me how I can verify if I buy gold from a jeweler that it is actually real gold? I would hate to buy gold and then find out that it is a fake piece of metal!"
Whatever you do don't ask a dentist about this. They have been placing "gold" crowns that aren't for years...
" Frank@Scottsdale-Sucks.com said...
Seen this? 6 minutes ago on the newswire:
Treasury Secretary Henry Paulson got on one knee before Democratic leaders in a theatrical attempt to salvage talks.
LMFAO!!!!!"
That's where you will be when OC runs out of food after the coming crash. Remember to spit, not swallow punk.
Let's remember that WE are the government, and our political representatives are OUR employees.
The best thing we can do is make it VERY clear that we will not re-elect our representatives if our collective needs - those that best serve this country - are not being met first.
Enough is enough, let's keep calling in and making our voices heard - it's the last chance we get to try and save this country from certain collapse - we have to at least try.
Buy US Gold Eagles; I have never seen a counterfeit one. Or buy Canadian Maple Leaf, the quality is very high and it is difficult to counterfeit them. Alhambra Coin Center is a good place to buy and sell bullion. They have been there for 40 years in the same place. You don’t get away with selling bogus goods for any amount of time.
Right now with financial panic setting in we will probably have a historic rally in metals and oil. Understand, buying gold is a bet against The USA. In order for your bet to succeed permanently The USA has to default on its debit and render its currency useless. At some point The USA will implement very high interest rates causing a deep recession, diminishing the money supply, returning credibility to the dollar, and causing the sale of gold.
It sounds to me like you are making a panic investment that America will fail. Is this prudent long term?
Regardless of the outcome of this proposed "bail-out", more and more Americans are realizing just how closely tied our government representatives are to the very people in our financial industries who helped bring this system down to where we are now.
If there's one thing this adminsitration has taught us is that it's crucial to vote wisely.
Pathetic - he's just worried about
all the additional millions he might lose - might as well resort to begging, what a money whore.
Frank@Scottsdale-Sucks.com said...
Seen this? 6 minutes ago on the newswire:
Treasury Secretary Henry Paulson got on one knee before Democratic leaders in a theatrical attempt to salvage talks.
LMFAO!!!!!
About the "exit tax".. it only matters if you plan to come back, silly.
Headlines:
Crisis Puts Homes Out of Reach
New Home Construction 17 yr Low
Lennar Sales Down 53%
August Foreclosures Hit Record
Home Prices Down 5.3% in July
--------------------
PHM Up
"Can anyone here please explain to me how I can verify if I buy gold from a jeweler that it is actually real gold? I would hate to buy gold and then find out that it is a fake piece of metal!"
I'd weigh the gold and find out how many moles of gold you have.
Then I'd put the gold into a beaker. Find the volume of your nugget by looking at how much water it displaced. Then you look up the density of gold. From volume and density find out the mass that way. From there calculate how many moles of gold you have using the atomic table -- its a pure element AU.
Do the number of moles match?? That is when you wieghed it versus using know density? If it does not exactly match then how many % is it off roughly -- might give you an idea of purity.
Been a while since college chemistry ..... might be better ways.
"Reputable coin dealer" from the book of oxymorons.
There is no business where people can’t be taken advantage of or poorly served including public service. The key in any transaction is for the buyer or seller to educate THEMSELVES so that they have some idea of what they are doing. To blanket an entire industry with a comment like “"Reputable (insert it here)" from the book of oxymorons”, is unproductive. When you take ignorance and distrust to the bargaining table you defeat yourself and nothing gets done. I would buy gold from a coin dealer, but not AN INVESTMENT BANKER HOUSE.
By the way, I am a coin dealer. Look at my picture. That is as honest as I can be.
I'm on board with this 100%
Aynone else interested in having a country left to fight for should be onboard as well.
Anonymous said...
Someone posted this and EVERYONE SHOULD BE ON THE SAME PAGE.
Conservative Republicans in the house appear to be the only thing stopping the worst piece of legislation ever put before congress. As a long time hater of Republicans, I've officially lost my mind. Has the world gone comepletely mad?!?!?! Right now political parties mean nothing to me. If you vote yes for this bill, then you are my enemy. I don't give a damn if you have a D or R next to your name.
We want to hear from you. Send comments to newsroom@marketwatch.com. Your letters may be published unless you request otherwise. To contact our U.S. news desk, please call (415) 439-6456 or send an email to headlines@marketwatch.com.
Anonymous said...
http://www.marketwatch.com/news/story/letters-editor-bailout-un-american/story.aspx?guid=%7B7CEB61F6%2DE939%2D4D46%2D961C%2D4EBC2AB5965A%7D&dist=msr_1#comments
The above link goes to a marketwatch.com letter against the bailout. Please read it and write marketwatch to put the letter out front. Doing that AND writing your own letters will be very powerful.
Some in congress keep insisting the people don't understand - tell them you do.
from anon
september 26,2008 7:58 am
you said and I quote,
"OH THE HUMANITY"!
Well, that was already stated above
and it said you heard it here
first!
So please write a full retraction
with
an apology ASAP!
Thank you,
the management
-----------
You Dork, I know you did and?
Can anyone here please explain to me how I can verify if I buy gold from a jeweler that it is actually real gold? I would hate to buy gold and then find out that it is a fake piece of metal!
==============================
i will post my PO box and you can mail it to me and I will test it for you.
Tomorrow go to your nearest republican zealot (your brother, pastor, father in law, boss... it doesn't matter) and punch the sh*t out of them. If you don't know why, they do.
------------------------------------
and then punch yourself in the face for just letting it happen. and yes, you did just let it happen because for a little while it was good times for all.
if the monkey in charge is starting to panic then how long before the monkeys that voted for him start to panic?
-----------------------------
you guys give it a break! first the monkey in charge is an evil genius, master minding a financial take over of america, timing it just as congress is going on break.
Now he is an idiot.
Me thinks the problem is that there are too many idiots in this country.
I want to start a country where you need to pass an IQ test in order to become a citizen.
Keith:
are you sure you don't have any plans to go away this weekend? With the events unfolding like they are I would think you are off traveling around the remote parts of easter europe.
Enough is enough, let's keep calling in and making our voices heard - it's the last chance we get to try and save this country from certain collapse - we have to at least try.
--------------------------------
oh no, I have been saying for over a decade that the only way this all will be fixed is for the mother to burn down to the ground. We as a people do not have the fortitude to make the difficult decisions to really fix things. So, it will be fixed but not until it is broken so badly that it needs to be redone from the ground up.
I hope somebody scrolls down this far and reads this. I have asked a doctor, lawyer, CPA, and former stock broker if the local banks will fail, and they all seem bemused at the thought. I wouldn't normally care, I usually have very little, but my father died last month and now my mother has a considerable amount of insurance money (no check from AIG yet of course) in there. I FEEL RESPONISIBLE FOR IT. This is the only site I trust, because Keith has been right all along. What should I do? Get it out and put it in a fire-proof pouch? Don't want to buy gold because it flucutates. Could anyone offer any half-way sane ADVICE? I tend to panic over everything...am REALLY panic-ing over this. Thank you.
.
How much gold would be considered to be a safe amount?????
.
.
Buy gold plated guns...
its a Win Win!
.
if your talking lbs. instead of oz. in respect to gold.....that's a start
I just left the comment about my father dying and leaving my mother money. The bank is First Tennessee, which is owned by First Horizon. Stockbroker friend said they have been 'all over the boards' lately. Guess they are/were heavily invested in commercial real-estate and the housing market, and I read where these are the banks that will go under. I can just forget the whole thing and let the money go down with the bank, but was just hoping to salvage it in case my mother has to go into assisted living.I really don't know what to do. Don't want to be a sheeple and wish I had saved it when I had the chance.
What scares me worse than the 3rd Infantry being stationed in the US is the scumbag lunatic mercenaries who work for Blackwater. You know those POS will be the first ones on the scene if Martial Law is declared.
Bush is all hat, no cattle.
But Bushco's handlers sure know how to 'cow' Congress into raising deficit spending...
The vultures are circling overhead, watching for Bushco's manifest opportunities.
Lies, lies, and more lies ... it never ends with these congressional blow-hards who are paid by us, but who do not represent us.
NO TAXATION WITHOUT REPRESENTATION.
For anyone left out there gullible enough to believe that this "bail-out" will resolve anything, you're in for a very, very rude awakening.
Housing prices will continue to plummet, jobs will be lost, daily necessities will continue to rise, etc... massive inflation is what we're looking at.
Just last year these liars told us we were at a "slight dip" in the economy, now we face what could be the most serious financial crisis since the Great Depression.
We've moved beyond talking about a recession (which we are definitely in), and now we're talking about something much worse.
The lies will end when there's nothing left in this country to fight for anymore.
One Political Party is trying to make it look like the other political party is the deal killer ,
but the truth is that the political party that is supporting Paulson ,is
trying to make it look like they are supporting Main Street . my2 cents
I would like to know why law making is based on parties being long or short on the market in the big gambling Casino called the stock market.
As I see it all parties had their bets on the table thinking the Paulson Plan was a done deal . Main stream media came in and said ,not so fast.
Because of this ,in the big gambling casino ,the sure bet gamblers are pissed that their positions are threatened . Serves them right for gambling again .
Michigan State Police were doing riot training last week at an abandoned air force base: http://tinyurl.com/3nb7l8
But that has NOTHING to do with this. no, no.
Don't panic, anonymous. The FDIC will insure you for $100,000. Have more than $100,000? Then be sure use more than one bank. Say you have $500,000 - how many banks should you use? At least 5.
It's a pain in the neck to do this but you'll sleep better at night.
Blow sky high!
I have my Orville Redenbacher all ready.
(My bet: At least 4 or 5 banks will fail over the weekend, while the country is watching football.)
Panic will finally set when the masses realize the FDIC is insolvent and their $50 in savings is jeopardized.
Keith, a few weeks ago you were thinking of ending Housing Panic as it seemed a moot point, and you seemed tired of it. Just when you thought you were out, they pull you back in... I was also reading a book and HousingPanic was mentioned. Been reading you since 2005. I thought housing was crazy by summer 2003. BTW, I disagree with you on Obama. I do not believe anything he has to say. His Black Liberation Theology says it all. Now, when Obama loses big watch the rioting and looting.(Obama Panic.) Got my Tommy Gun ready. :)
The point of ending HP on its third birthday, the day after election day, is that I read HP like a book - beginning, middle and an end.
Or a three-act structure movie.
HP'ers were mocked when HP first started. And then the crash started, and we started to prove the idiots wrong
Then the sh*t really hit the fan. And now we're just over the top - great depression talk is everywhere.
I'm not sure when HP ends now, but it ends. I think it ends when panic has set in, home prices have tanked like they have in California, the government has socialized the losses, and people HATE their houses.
Also, HP is a blog of resistance. That's where the passion comes from, and you have to have a passion for what you write about if you want to be a decent blogger. You can't fake it.
If McCain wins, I go nuclear. But that might be over at americapanic now.
If Obama wins, I think America starts on the long road to recovery. That America realizes the error of its ways, and begins to reform. I know 50% of HP'ers disagree with that, but that's my take.
We'll see. Not sure of the future of HP. But damn, it's all spun out of control these past two weeks. It's even caught me by surprise.
And not to be too modest, but HP will be read for years and years to come. Classes and authors who study this bubble will have the luxury of a real-time, condensed source of information, but also mood. So I want to blog until it's the right time to stop.
Cheers
Tomorrow go to your nearest republican zealot (your brother, pastor, father in law, boss... it doesn't matter) and punch the sh*t out of them. If you don't know why, they do
===========
yeah, and when they stomp your ass you'll know why
Keith, it's all part of something much bigger! Perhaps the October surprise is near. I have a feeling that Bush and the GOP are preparing something.
Assassination? I don't know.
But Pelosi and Reid and Dodd? I tell you folks, they are the dumbest of all. They embraced Bush's bailout plan (and yes, they shyly added some strings to it) and the $700B scam has now become their idea. It's no longer Bush's!
The Republications are making a U turn rejecting the whole plan as nonsense.
Come election day, the f*cking Dems are going to pay the price!They gullibly supported the disastrous fleecing plan that Bush devised to rescue the fat cats of Wall Atreet.
The REpublicans? Oh no! they are clean. They never support those things!
THE REAL MONKEYS ARE THE DEMS IN CHARGE IN CONGRESS. F*ck Pelosi and Reid and Dodd, f*uck them all! They are so f*cking stupid and the Republicans are having a field day.
I am so pissed! The f*cking Dems are working so hard to lose the elections and wreck Obama's chances at winning the White House!
I don't care who u elect, but please vote out those jokes from Congress--they are a disgrace.
Don't panic, anonymous. The FDIC will insure you for $100,000. Have more than $100,000? Then be sure use more than one bank. Say you have $500,000 - how many banks should you use? At least 5.
If the dollar tanks, FDIC won't help. You're $100K+ will be worthless. That is my current panic. And I can't believe I'm doing it, but I'm moving some of my money into gold and silver. It's getting very scary out there.
Keith, I am so pissed! Those House and Senate Dems are so dumb! They shouldn't be there, let alone be at the helm. Pelosi and Reid and Dodd will go down history as having helped McCain divorce himself from Bush and arranged for the "gay union" between Bush and Obama!
THE JOB IS DONE... OVER! AND AM GOING FOR A LONG PUKE!
There are reputable coin dealers - ask around. Do some research in the Kitco forum too.
I live in So Cal and buy coins from Liberty Coin in Signal Hill - very straight up, trustworthy place, been in business for years and are really helpful. In fact, I was in the store 2 weeks ago, and could sense that people knew the shit was about to hit the fan judging from the purchases that were being made - one customer bought 30 pounds of silver, another 20 gold coins - all scruffy old "Depression era" men that sensed something was up.
One tip - don't give your real name/address when you buy the coins. You don't want a record tracing you to the coins, which is one reason I don't like internet coin sales. I would not put anything past the government Re: taxing coin profit, confiscation, etc. No paper trail protects you.
On a side note, yesterday, the mint announced that sales of the Buffalo gold coin have been suspended - demand is depleting their inventory.
Whether this "bail-out" is passed or not, it will do nothing to lessen the problems in our economy.
Here's proof of that:
http://tinyurl.com/4prol4
Anonymous Anonymous said...
Tax paying citizens are raising their voices. I see protest and petitions going around opposing the bailouts and I’ve made a few phone calls to my representatives.
How about a National “Don’t pay your rent/mortgage month” protest for those who have thus far been financially responsible? If you’re worried about your credit score, how about a partial payment or send it in a few days late?
Ask the bankers,lenders and politicians “what incentive do I have to pay when my neighbor’s loan/principal is being re-worked and there are bailouts for Wall Street?”
September 26, 2008 6:43 AM
I agree with you 100%. If honest and responsible people have to pay for the irresponsible behavior of others then FUCK THAT. I won't honor my debts/obligations. Keith, along with the internet and your website, we NEED TO ORGANIZE THIS ACTION; PAYING OUR BILLS PARTIALLY AND PAYING THEM LATE TO SHOW WALL STREET AND OUR POLITICIANS THAT WE RESPONSIBLE CITIZENS ARE TIRED OF THEM HELPING OUT IRRESPONSIBLE PEOPLE AT THE EXPENSE OF US RESPONSIBLE CITIZENS.
Devestment wrote "Right now with financial panic setting in we will probably have a historic rally in metals and oil. Understand, buying gold is a bet against The USA. In order for your bet to succeed permanently The USA has to default on its debit and render its currency useless. At some point The USA will implement very high interest rates causing a deep recession, diminishing the money supply, returning credibility to the dollar, and causing the sale of gold."
I agree with the caution. If the Fed decides to raise short term rates (in a PANIC environment I don't think it would take much of an increase to do the trick), they will wipe out all of the speculation and b.s. and restore some credibility to the currency. If you are a gold investor, I would suggest watching the F.O.M.C. very closely.
;>} If Voelker decides to come out of retirement and show these pussies how it's done when it comes to running a central bank, dump gold right away without delay
Smug Bastard
What would you all think about calling a general strike in protest of the incompetence of Congress and the President, and to protest workers wages being funneled via tax dollars towards bailing out housing gambler bankers?
Monday October 6th - banker bailout national day of protest. Shut America down.
You all want it I'll call for it, see who we can get to join
Well, does anyone see the market crashing or the end of the world outside the window? If this bailout is sooooo urgent and we're already on Friday, why is it that the market hasn't crashed?
URGENCY FOR BAILOUT = TERRORIST BOGEYMAN IS UNDER YOUR BED = BULL$HIT
Keep up the great work Keith, as
well as all fellow bloggers - I personally have learned alot from reading this blog, and it has added to my awareness as to what's really going on now.
Without freedom of speech, this blog and all others devoted to exposing the truth about our corrupted system, would not exist.
I realize it takes a great deal of energy to search for and provide good topic matter, but our combined efforts have made a positive difference - probably more than any of us would think.
A friend/business-partner of mine who lives in Marina Del Rey (Playa Del Rey) has told me how more and more people in his area are feeling the housing/credit pinch - and these are not subprime borrowers by any means.
Blaming this crisis on subprime borrowers is getting really silly to hear these days- total bullox.
I've been speaking and hearing more about it openly here in Huntington Beach, which is
a good thing because it shows a growing awareness amoung the residents just how dire and far reaching this crisis will be if the right things are not done to protect our livelyhoods and future generations.
A BAIL-OUT FOR WALL-STREET/BANKERS
IS NOT THE SOLUTION, AND WILL ONLY
DEEPEN THE PROBLEM FOR MUCH LONGER.
This systemic break-down will hit ALL areas within this country, so it's time to get the word out as best you can to those who would hear and care enough about future generations to do something about it - while they still have the liberties to do so.
Our politial leaders would hope
we entirely forget the phrase ...
UNITED WE STAND, DIVIDED WE FALL.
Now, more than any other time in our history, we need to prove them wrong.
The disgusting and financially stupid Barney Frank keeps vomiting that "Republicans have derailed the bailout plan", as if that was something horrible or something to condemn.
Folks, vote this imbecile out next election so he can hangout in West Hollywood with his boy toy and get his fat pension from our high taxes.
If the bailout was so urgent, like the Democrats were alarming everyone, WHERE'S THE MARKET CRASH???
It's Friday already, WHERE'S THE 1987 STYLE CRASH BARNEY FRANK AND DODD?
VOTE THOSE TWO IMBECILES OUT!
"Teacher. Tell us the story of Andrew Hac. North America's first Emperor." ~ Overheard in North American Education Camp circa 2028
Oh, come on. Really.
If the FDIC goes down then it's the end of the world as we know it.
Not Gonna Happen.
I'll bet on it. $1,000 to your ounce of gold. Put a date on it. Something reasonable, say, 1 year.
Not betting, are you.
Of course not.
http://www.guardian.co.uk/business/2008/sep/26/executivesalaries.wallstreet
Goldman and Morgan Stanley set aside close to 40 billion for bonus this year and they need a bail out?
Sorry for the repost, but I created a link for easy access.
"FINALLY. OMFG, will the propping up of this fake bs economy ever ever....EVER...end?
Could we please go back to making things and working 40 hours weeks? To buying stuff you could afford and waiting until you were good enough to be promoted.
(puts on red sparkly shoes)
"...there's no place like home, there's no place like home...""
You are a perfect example of the ignorant American. Do you not realize that if this "fake" economy falls, your 40 hour work week will turn in to a 0 hour work week?
Have you checked out Libor spreads lately? Have you looked at the real busines ramifications of not acting? No, I bet not. You guys are so focused on "bailout" and thinking this is about housing, that you want to punish someone. Well, if this does not go through, YOU will be the one punished.
Many profitable corporations and small businesses use short term funding markets to float payroll, buy equipment etc. These people had NOTHING to do with housing, mortgage fraud or gambling. They simply make a product and sell it. The very thing that many of you wish we were doing more of in the US. Well, if this collapses, and puts the last few companies and small businesses out of business that exist here in the US, then YOU will be effected. Bottom line.
So you guys here on HP can continue cutting your own throats on ideology, or you can start coming up with a list of who needs to be prosecuted AFTER the crisis is overted and those that had nothing to do with this mess are fine.
I thought until this crisis that HP was not about ideology, but good finance and rational home prices. Now it looks like you all are just a bunch of nuts that want blood, no matter who is hurt in the process. The problem is the very thing you are hoping for, may happen. And if you think you will not be adversely effected, then you are either much more stupid than the sheeple you chastise here, or you just are bastard, and don't care about hurting people that had nothing to do with these excesses. Either way you and the idiots that want to do nothing are dead wrong.
"How about a National “Don’t pay your rent/mortgage month” protest for those who have thus far been financially responsible? If you’re worried about your credit score, how about a partial payment or send it in a few days late? "
Hey, well if this whole thing goes down it won't make a lick of difference what your credit score is, it won't matter.
This is the only site I trust, because Keith has been right all along. What should I do? Get it out and put it in a fire-proof pouch? Don't want to buy gold because it fluctuates. Could anyone offer any half-way sane ADVICE?
This is the only site I trust also, every other blog out there is censored and run by someone with an agenda. There is no agenda here, only Anarchy.
In times like these sometimes the best advice is no advice or something off the wall like trading in your Dollars for Mexican Pesos.
Cheers,
Fellow Anon Poster
Why are "solid" companies using short-term paper to finance long-term debt obligations? Yet another ponzi bites the dust.
Wow. 100 posts.
Tell me again that people are not scared and ready to panic...
Fuck the American corrupt way.
Bring on the Bushco Depression.
DIE U PIGS
Where are the bets?
LOL.
Another reason to hate the bill, possible contribution to special interest groups, if any profits are realized. The Housing Trust Fund is a channel for politicians to funnel money to special interest groups. I guess we don't get any of our money back.
From the Dodd bill;
http://publicmarkup.org/bill/dodds-legislative-proposal-treasury-department-aut/1/5/
TRANSFER OF A PERCENTAGE OF PROFITS.
1. DEPOSITS. Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph
2. USE OF DEPOSITS.Of the amount referred to in paragraph
(1)65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and
(2)35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).
REMAINDER DEPOSITED IN THE TREASURY. All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.
The quote was in reference to himself.....
Keith,
Oct. 6 sounds good to me.
I'll join.
Remember years ago when we said that the housing crash and economic meltdown would be the #1 issue during the presidential race?
Well, anyone doubt that now?
I predict the following.
There will be huge resistance by the people for this bailout. The politicians of both parties will notice and not bother passing a bill by Monday.
Monday comes, no bill passage. Wall street gets angry and drops the market hundreds of points. SERIOUS amount of downdraft, perhaps even a crash.
Both parties panic. Pass a bailout bill. Taxpayers screwed, but Wall Street gets happy.
Just watch. Wall Street is NOT above extortion. They already killed one of their hostages : WAMU.
Watch the next group of hostages being held get shot.
Flying monkey warriors indeed. Where can I get a t-shirt that says that?
+++++++++++++++++++
LOL!!! Me too?
Buy Us Gold Eagles
+++++++++++++++++++++++
@ Devestment,
Sales of US Gold Eagles 24K were suspended.
FMW
http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=60440&sn=Detail
Conservative Republicans in the house appear to be the only thing stopping the worst piece of legislation ever put before congress. As a long time hater of Republicans, I've officially lost my mind. Has the world gone comepletely mad?!?!?! Right now political parties mean nothing to me. If you vote yes for this bill, then you are my enemy. I don't give a damn if you have a D or R next to your name.
You hate the Republican party because of George W. Bush. He is NOT conservative. He's a RINO and a low IQed one at that. His ownership society and drug plan programs he signed scream liberal. I don't understand why Democrats hate him. He's one of you.
Just saw this little nugget in a CNN article about the financial mess:
9/26/08
Jerry Howard, CEO of the National Association of Home Builders, said the Wall Street bailout is crucial, even though he doesn't believe it will solve the credit crunch that was hitting his members before the crisis started.
For this reason, Howard said as soon as Congress returns to work from its upcoming recess, his trade group will be asking for another package of between $40 billion and $90 billion directed towards the housing market.
http://tinyurl.com/4656yj
Please hear me my fellow Americans .
Paulson and the Feds have already spent a trillion ,or have committed
that much . All the little deals they have been making from
making a deal sweeter on takeover ,or bailing out Fannie & Freddie ,or
300 million of the BAIL OUT BILL or injections that was done before has been designed to take the junk off the books of the Lenders . A trillion has already been extended ,therefore
wanting another 700 billion is like sticking it in the gut to the taxpayer after already taking a big wad for banks benefits .
Enough is enough . Block the Bill or call your Politician
and figure out what the real gig is .
I'm against the $85,000,000, 000.00 bailout of AIG. Instead, I'm in favor of giving the $85,000,000, 000 to America in a " We Deserve It Dividend.
"
To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.
So divide 200 million adults 18+ into $85 billion ; that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a " We Deserve It Dividend.
"
Of course, it would NOT be tax free. So let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.
00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember , this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U. S.
Citizen 18+!
As for AIG - liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can "never work.
" But can you imagine the Coast-To-Coast Block Party! How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion "We Deserve It Dividend" more than I do the geniuses at AIG or in Washington DC . And remember, the "Birk Plan" only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Kindest personal regards,
Birk
T. J.
Birkenmeier, A Guy & Citizen of the Republic
PS: Feel free to pass this along to your pals as it's either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!
anon said:
You hate the Republican party because of George W. Bush. He is NOT conservative. He's a RINO and a low IQed one at that. His ownership society and drug plan programs he signed scream liberal. I don't understand why Democrats hate him. He's one of you.
---------------------------------
So true. Saying Bush is a republican is like saying Barney Frank is heterosexual.
If it weren't for the real republicans fighting this bailout, 700 billion would have been pissed away. Poof gone. Bend over Dems and Bush - it's a 1 party system right now.
Things you can do:
1. Don't look at your numbers.
2. Failing that, look in your prospectus/portfolio - how much exposure do you really have to RE? Maybe not so bad.
3. Kind of late for this, but there is a class of mutual funds that locks in the market peak. You have to hold it for about five years, but might be worth swapping into if possible.
4. Write your representatives if you have not done so already.
Anyone have anything to add? Other than guns n' ammo for the umpteenth time?
I've never done it before, but:
DOPES!
I will be protesting this bailout in front of the Cleveland Federal Reserve Bank on Monday 9/29 from 11-2. Anyone in Cleveland see you there.
Oh Well then, the sucker will go down!!
Bring it on.
Don't buy Gold, hoard cash!
(and if you can't resist buy GLD ETF and watch it every hour on the hour so you can sell at a moments notice.)
Current year coins are always in low supply near the end of the year, read old forums on gold sites near the end of 2005, 2006, 2007, same story.
Keith said:"Classes and authors who study this bubble will have the luxury of a real-time, condensed source of information, but also mood. So I want to blog until it's the right time to stop."
Good Keith, we're all happy you'll be around for a while!
This is just warming up, wait and see what happens in October 2008.
None of the above said:"Both parties panic. Pass a bailout bill. Taxpayers screwed, but Wall Street gets happy."
God, I sure hope not. But I do agree that wall street will be happy with a market spike...just enough so they can get out of the market before the plunge next month.
;>} If Voelker decides to come out of retirement and show these pussies how it's done when it comes to running a central bank, dump gold right away without delay"
I hope Volker does come back. He's the only one that can say NO to wall street.
Overhead on the Washington Metro yesterday: sad truth is that our elected Washington officials are in bed with all of the Wall Street fat cats. Nancy Pelosi stands to lose $1 million with AIG going down the toilet and other congressional representatives have similar financial interests at stake. The bailout is not for the average US taxpayer, who will never see a return on this $700 billion bailout.
Remember the warning of Excess Global Liquidity.
The bulk of Excess Global Liquidity came from "YEN CARRY TRADE" which we now all know provided the exchange of easy credit from the hands of Hedge Funds and speculators to Investment Bankers, from Investment Bankers to Mortgage Brokers, and from Mortgage Brokers to the home buyers.
Such easy credit has also spurred an avalanche of leveraged buy-outs financed in record numbers by private equity firms gambling with other people's money, paying increasingly outlandish prices for companies using very little of their own money.
Excess global liquidity is also responsible for the funding of America's massive current-account deficit
In the so-called Yen carry trade, a speculator borrows money in Japan for no or very low interest and invests it in countries and instruments offering a higher return, for example U.S. bonds or stocks.
The difference is pure profits, and the only risk is that the Yen gains value, which so far it has not as just this week it reached the lowest level versus the U.S. Dollar and all major world currencies since 2002.
Even in late 2006 we believed that these trends will continue forever, but now we all know that the air can leak out of the global credit bubble.
The liquidity cycle has turned and the rules of engagement in the Asset Economy are being asked to meet its sternest challenge.
Thats a big deal for the income-short US consumer, leaving households with little choice other than to cut back discretionary spending.
Yesterday you heard the wisest people in the US Government say that day of reckoning for an unbalanced world is close at hand.
When the end comes you know who really was at fault.
So why don't we all say thank you - Bank of Japan (BOJ) for setting your interest rate so artificially low all these years.
"If Voelker decides to come out of retirement and show these pussies how it's done when it comes to running a central bank, dump gold right away without delay"
___________________________________
Gold continued to go up in the late 70's after Volcker came on the scene and started raising interest rates.
It took 2 years of interest rate increases before gold reached its peak.
Prices always follow decreases or increases in credit/money, even with gold.
"If it weren't for the real republicans fighting this bailout, 700 billion would have been pissed away. Poof gone. Bend over Dems and Bush - it's a 1 party system right now."
Unfortunately this is true. The only people still fighting for the taxpayer are some of the Republicans. All the Democrats, Paulson and Bush want to throw us under a bus. Too bad McCain & Palin are just such fools. We're screwd six or half dozen the other.
Another point about the government buying these toxic loans . First if the government holds them for very long they will have the taxes to pay on them also . Add to that insurance and damage of a vacant house and you have to deduct that from the price . Now you also have to discount for the current cash in value . Than you have to minus a down-side risk that
the price will go down more .You also have to add the lack of money collected .(Holding the property deprives government of making money on the funds )
When you add up all those figures ,you might really have a minus figure on a number of those notes .
Some of those loans had cash back fraud ,so the appraisal is so far -fetched on the original note .
So,being that I'm a nice guy ,I will give the government 10cent on the dollar for the junk loans .(That junk is worth about minus 20cents if you include that most foreclosures are damaged )In fact .buying the loans would result in a additional liability to the holders ...the suckers the taxpayers .Add the cost to market the house or broker the deal ,and now your talking serious money .
700 billion plus 300billion in all the costs I mentioned . If we give them700 billion ,we have a built in cost of another 300 billion .
Do you really think that the Wall Street Banks are going to give any of the better quality loans to the taxpayers ? Be very afraid ,as Keith always said ....be very afraid . These toxic loans they want to unload are a serious liability . Big lie about making any money on them .
Google Operation Garden plot and Directive 51.
Directive 51 allows the president to have dictatorial powers if an "event" prevents the economy from running smoothly.
Operation Garden Plot allows the Army to round up anti-govt protesters, tax dissenters, and militias when ordered.
The 3rd Infantry will begin an on-call govt response force duty on Oct. 1. Their duty is to prevent riots and suppress other forms of rebellion in the United States and provide assistance in a disaster. This is regular Army, not a National Guard Unit.
Reports are that Blackwater is working with DEA, FBI, ATF and Homeland Security in greater numbers in the past month.
I think October will be an interesting month.
ps thank you to libvet and anonymous for 3rd Infantry news source.
Anon 12:30 said...
"Anyone have anything to add? Other than guns n' ammo for the umpteenth time?"
------------------
seeds n land
-Mammoth
JAllen Radio - "Is this sucker going down?" (light humor)
JAllen: Tonight we are discussing "Is this sucker going down, or not?" I'm back today with my usual distinguished guests, Mike Shedlock (Mish), Mr. Mortgage, Patrick of patrick.net and Nouriel Roubini (hisssss!). Patrick, we start with you. Is the sucker going down, or not?
Patrick: Of course, as the sucker goes down to come into line with tighter lending and stagnant salaries, anyone who buys now will suffer losses immediately.
Mish: Me thinks not. It's time to Take Back this Sucker from those who want this sucker to go down at taxpayer expense. Please keep phoning and faxing.
JAllen: Mr. Mortgage, what do you think?
Mr. Mortgage: Any sucker going down will add a large amount of inventory to an already pounded market in the West Coast. This will be caused by Meredith Whitney scaring the crap out of everyone.
Roubini: I have been predicting the downing of this socialist sucker since 2001. It is a disgrace that no professional economist was consulted by Congress. Yes, I predict this sucker could very well go down...especially if money isn't loosened up.
JAllen: We have a SURPRISE guest, former governor of NY, Eliot Spitzer. Governor, what's your take?
Spitzer: I've already paid too much for too many suckers going down.
JAllen: Well, there you have it.
Holly Crap is right.
This sucker is going down!
"economis is his middle name wrote: Gold continued to go up in the late 70's after Volcker came on the scene and started raising interest rates.
It took 2 years of interest rate increases before gold reached its peak.
Prices always follow decreases or increases in credit/money, even with gold."
my comment - NOT
You might want to check out the bio and charts - gold reached 800 per ounce peak in late 1980, just before the large rate increases. Volker became Chair in 1979 and the rate increases began in earnest early in '81. From those rate increases, gold went from 800 to 300 with the steepest loss coming from 82 to 83. Volker left in 87 after thirty years with the Fed. From 79 - 87 he was Chair.
Smug Bastard
http://www.gold-eagle.com/editorials_03/milhouse102503.html
http://www.iic-offp.org/members.htm
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