September 26, 2008

HousingPANIC SPECIAL EDITION Stupid Question of the Day


The façade, the charade, the Big Lie, it's over now, right?

Why do I ask? Because there can be no recovery until the ignorance and denial have been conquered. We can't hit bottom until we indeed hit bottom. Until there's panic in the streets. Until people are disgusted with houses. Until the guilty are hauled off to jail. Until the incompetents are voted out. Until the housing porn is off the air. Until the realtors have found new work. Until the lenders fail. Until the bad decisions are washed away.

Until the system is cleansed.




33 comments:

Gonna get sick said...

Is the Big Lie over? You have to be kidding: NO WAY Just this morning those imbeciles are advertising average homes in metro area NYC at least 7-8 times the median income, headlines tooting 'deals, deals, deals' and special 'affordable sections'. Serious whores, I'll tell ya.

DANGER WILL ROBINSON! said...

PEOPLE!, MARTIAL LAW,AND SUSPENDED NOVEMBER PRESIDENTIAL ELECTION INDEFINITELY.

BUSH'S MEETING WITH OBAMA AND MCCAIN LAST TUESDAY WAS TO INFORM THEM OF THE ABOVE.

Anonymous said...

No, the real estate bubble hasn't popped yet. I just had an argument with Lennar over the 'very high' prices they were asking for in a downtrodden suburb of Baltimore. The rep told me the community is selling like hotcakes and they will not negotiate on pricing.

I ended the conversation right there.

Anonymous said...

I hope the turmoil on Wall St. will finally make the devastating blow to Manhattan and Long Island real estate prices.

Mark in San Diego said...

Bush to speak at 9:35 am EDT. . .hmmmm. . .is this when he declares martial law and suspends the elections???. . .or says "executive order" and gives Paulson the 700B. . .stay tuned.

Anonymous said...

.



This is Only the Beginning!



.

Kelly said...

Real estate, just like any other market is different in every place you go. Some places you can't sell a house in a year despite it being priced at only 3X the median income.

Other places the real estate bubble is still building. Eventually all markets settle out though, so if it hasn't burst in your area, it will eventually.

Anonymous said...

I want NAMES! I want the names of the elected officials that support this bailout! This is what Obama can do in the debate if McCain doesn't show. Name names. The Democrats need to quit pandoring and find their cajones.

consultant said...

The people who set up and made enormous amounts of money from the Ponzi scheme, now want us to pay for the worthless crap on their books.

No one trusts a crook. NO ONE. The first step to getting to the bottom is to remove the guilty parties from participating in banking and financial areas.

So far, hardly ANYONE OF CONSEQUENCE has been indicted on the most obvious charge of wire fraud.

Wire was being committed everyday for the past 10 years by many banks and almost all of the so called mortgage companies. Many Wall St. firms eat wire fraud for breakfast.

You can't give money to the people who stole from you, and somehow expect the problem of theft to be solved.

tangelo mozilo said...

I don't see how it could be both a great time to buy a used house and a great time to sell a used house.

However, I think we can all agree that it's always a great time to pay a REALTOR(R) 6%.

Anonymous said...

Here in Central Florida I recently heard of a realtor approaching a friend of a friend to issue a short term loan for $10k so a potential buyer could pass the test of a mortgage app.

The fraud continues and until there is a ground up accountability of realtors to beyond the closing, they will scheme to get the deal done, at whatever price to everyone else but themselves.

Anonymous said...

WAMU SIEZED BY FEDS! Portion sold off to JP Morgan.

Anonymous said...

I agree Keith the system needs to be cleaned. We need to hit rock bottom, sorry folks but its true.
When you hit the bottom there is only one way to go and to in a honest compassionate way.
Maybe we will have a health care system for everyone.
Maybe the boarders will have to close up to take care of the people in America.
Maybe we can start talking about creating jobs with solar, wind and electric automobiles.
Maybe we can go back to working a 40 hour work week with health benefits.
Maybe first time buyers will be able to purchase a home for their family that they can afford and pay.
Maybe I can take my family to the dentist, my teeth are about to fall out.
Maybe I can get my cancer medication to prevent my b/c from returning.
Maybe I can start a small business in my community and donate to our local schools.
Maybe we can fix things at home and ask Iraqi's for forgiveness for what we have done to thousands of men, women and children who did nothing to us.
Maybe we will return to What America once was...The American dream....
But before this can happen we do have to hit rock rock bottom.
we can never let this happen again.
We need to educate ourselves.
We need to bring back the fairness doctrin so that the people from all over are not getting educated by hannity, limbaugh, oreilly and savage.
Look I don't care if you make a million dollars, do it in an honorable way.
I just want a modest home, healthcare for my family, a vacation once a year, I would like to put my children in activities, Pay for college, save for my retirement. Live a good and healthy life. Is that too much to ask for?
I don't want 10 houses, 15 cars, billions of dollars, Greed, me me me...I could never live like that.
I could never be that person who lets other suffer for my gains.
I want to be able to have my freedoms of religion and speak my mind.

screwchina said...

The system is doing everything in it's power to keep prices from going down to reasonable levels. Even soon forcing those who tried as best they could to stay away to support the still insane prices.

Anonymous said...

Keith, you can't leave now, this party is just getting started... uh huh, gimme some a dat... uh huh... damn its gettin' crowded in this room... (head bobbin)

veritas_faust said...

But still the question remains:

Is this the PANIC stage?

Anonymous said...

WAMU - $1.9B buyout for $307B in assets. I think we just set a market price for MBS's - 0.6 cents on the dollar!

But don't worry, Bernanke says we'd make money on them!

Anonymous said...

Until Kendra Todd is doing porn

Miss Goldbug said...

Yes, I agree we have arrived to housing panic!


When the Sir Paulson bill was 'in the bag' for days, then late yesterday it wasnt, tells you something about this country...

It tells you the taxpayer is fed-up with corrupt bankers and tired of paying for everyones bills .

Things are changing fast!

Anonymous said...

Everyone needs to email, fax or call senators. We have to keep this momentum going!


We're not going to take it anymore!!!

Anonymous said...

I feel like its Christmas morning today...

WaMu Dead, Wall Street Dying, Paulson on his knees, Bernanke shamed, McCain wondering where he is and what happened, Palin giving dirty campaign money to charity, a nation one step away from anarchy and mass revolt.

The US government relocating Gestapo troops to Denver to beat the shit out of/kill anyone protesting when the financial collapse inevitably comes.

Osama Bin Laden alive and well and laughing at the entire Bush extended Family hoping another Bush dunce runs for something important, like FEMA chief. Oh, yes, the Gulf states collectively holding their breaths waiting to go swimming again in their living rooms. Residents of Houston waiting for telephone service 2 weeks after hurrican passes...

Gas and Oil prices remain high. The elderly are busy knitting sweaters in anticipation of a frigid winter where they will be forced to choose whether to starve or freeze to death while Wall Street Fat Cats decide which winter home to take the G4 to and count their bailout bonuses again...

The President and Vice President cannot be seen in public out of fear.

What a great 8 years its been under George and Dick and the GOP.
The ownership society according to George W. Bush, decider-in-chief.

From envy of the world, creditor nation to broke, shamed, destitute, morally bankrupt steaming pile-of-shit that remains.

The Party that Wrecked America

Heck of a job, George!

Mission Accomplished!

k.w. - Southern Ca. said...

The collapse in housing prices will get much worse across the country - especially those areas where prices were speculated the highest.

Things will get really interesting as we move into 2009.

k.w. - Southern Ca. said...

They are just trying grab as much money as they can - as in other parts of the country - before the whole sh*t house goes down in flames.


Gonna get sick said...
Is the Big Lie over? You have to be kidding: NO WAY Just this morning those imbeciles are advertising average homes in metro area NYC at least 7-8 times the median income, headlines tooting 'deals, deals, deals' and special 'affordable sections'. Serious whores, I'll tell ya.

Anonymous said...

you know, it is funny that people actually expect the housing industry to turn right around after the bailout is passed.

Cramer is recommending KB homes to buy right now.

k.w. - Southern Ca. said...

I agree with what you suggest, but if we do that, we won't have any financial system left - we're forced to leave a few crooks in to run the whole sham.


consultant said...
The people who set up and made enormous amounts of money from the Ponzi scheme, now want us to pay for the worthless crap on their books.

No one trusts a crook. NO ONE. The first step to getting to the bottom is to remove the guilty parties from participating in banking and financial areas.

So far, hardly ANYONE OF CONSEQUENCE has been indicted on the most obvious charge of wire fraud.

Wire was being committed everyday for the past 10 years by many banks and almost all of the so called mortgage companies. Many Wall St. firms eat wire fraud for breakfast.

You can't give money to the people who stole from you, and somehow expect the problem of theft to be solved.

k.w. - Southern Ca. said...

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Anonymous said...
Everyone needs to email, fax or call senators. We have to keep this momentum going!


We're not going to take it anymore!!!

bickerer said...

>I want NAMES! I want the names of the elected officials that support this bailout! This is what Obama can do in the debate if McCain doesn't show. Name names.


You damn fool. The names include Dodd, Obama, Kerry. You are truely an ignorant ass.

Anonymous said...

Not while there's enough money left in the industry to put on those stupid "It's opportunity knocking" commercials.

Consider yourself lucky if you haven't seen one.

Anonymous said...

Here in Northern Cal I'm still hearing people say that you never have to pay off a house -- you just sell it. I ask them, what if the sale doesn't give you enough cash to buy the next house outright -- what if you have to put more cash into the sale? What if you are 65 and can't or don't want to work anymore -- then where do you live if you've sold your house? People still refuse to believe that the goal is to pay off a house. Until people remember this is the ultimate goal, and therefore housing prices ARE related to incomes, the madness will continue until the next crises which will be the number of people in their 70s who can't retire.

Anonymous said...

bickerer:
As per NAMES:

I KNOW that the names include Dodd, Kerry, Obama, Pelosi, etc. I just don't want ANY of them to be able to hide behind anonymity and blame the other guy. You ingorant ass. Jesus, SOME people,you just HAVE to spell it out....

Natural Eyebrows said...

We have a rolling panic. The upper echelon of the rentier class is in near panic. HP types are either in outrage or popcorn mode. Almost everyone else is still clueless. It will have to get worse yet before the NASCAR set understands.

WTF1920 said...

If you haven't stocked up on survival supplies by now...you better get your ass in gear, and do some "power shopping."

If you screw around, you'll be too late.

tater said...

New York City is next. They'll be selling those crackerbox condos for chump change. "Brownstone" anyone?