September 15, 2008

September 15, 2008. The day the full fury of the HousingPANIC storm finally came ashore.

42 comments:

Owner Earnings said...

The Hindenburg Omen

Anonymous said...

A sad day for all Americans

Anonymous said...

Well, I don't wanna sound like a broken record, but as I've been saying here for many months:

Attention, attention! Calling all financial retards to jump in the rigged and rotten market, just to get fleeced a few days later by the crooks on Wall Street and at the FED.

How's that strategy of "buying on dips" been working for you, financial wizards? How's that APPL stock doing, huh, code monkeys? bwahahahahahaha

DOW = -504%; -4.41%; -18% YTD
NAS = -3.60%; -18% YTD
S&P = -5%; -19% YTD

Now put your Abercrombie & Fitch t-shirts on and go rally for your Messiah, obedient sheeple.

DOPES

DOLTS

Mark in San Diego said...

Thank you Keith - you know I love the Hindenburg video. . .I am myself entering panic mode. . .is "cash" safe? What is cash? T-bills? Euros? Swiss Francs? Dollars? This is getting serious.

Anonymous said...

nothing has happened yet. . . . .

Still too early to call the CRASH!

Maybe tomorrow when the rest of the world trades (Asia).

satan said...

Nah.. this is just the beginning.

The main celebrations have not started, yet. Give it another 3-6 months..

Then comes the part where everyone has to face reality and accept that the last 25 years of the FIRE economy were just a giant ponzi scheme.

Ash said...

Well, tomorrow Fed will cut target rate a half percent Tuesday: Merrill

Up till now savers were thrown under the Hindenburg. Now they're to be tied to the grill as it plunges down to earth.


source: http://www.marketwatch.com/news/story/fed-cut-target-rate-half/story.aspx?guid={E1C64BE9-312B-42A8-B730-A4989B564A8A}&siteid=rss#comments

Lady Di said...

Where's Andrew Hac?

Today is the perfect day for some sizzling roasted snapper turtle talk.

keith said...

The fed will indeed cut rates this week. Maybe to 1%.

I've got deja vu all over again.

bickerer said...

If the fed cuts rates it's

STOCKS TO DA MOON ALICE!!!!!

Funny world we live in.

Anonymous said...

DOW 14,000 soon!!!!

DOPES

ChrisB said...

Where is the F-ING OUTRAGE right now?

This is going to be bigger than the S&L crisis and again, taxpayers will be saddled with the bill and nobody will go to jail.

Anonymous said...

If you look closely at the guy coming out of the fire towards the end, can that be WAMU?

vanilla ice said...

Fed cuts rates to 1%? Maybe. The Dow going down 500 today was its way of crying to the Fed for another rate cut.

Don't be surprised if tomorrow the Fed cuts rates to -1%. Yes they will be giving you cash so you will take a loan from them. This is all to make their policy of giving away money explicit instead of implied, just as the Treasury backing of Frannie is now explicit.

This will be done in the name of keeping the market liquid and functional or as the Fed calls it "taking from one hand and giving it to the other."

Anonymous said...

The Bushenburg! Ruunnnnnnnn!!!!!

Anonymous said...

...the perfect day for some sizzling roasted snapper turtle...

:^D

Anonymous said...

Listen up folks,
I have a 60 year old Aunt who is I would say middle class. She said to me today "The gas is 4.50 in Florida, thanks to Obama" I had to ask her to repeat that? OBAMA??? What? I was going to talk to her about todays historic crash I have a few friends who works for Merril Lynch...But no, I dared to ask her what does Obama have to do with the Gas prices? Well she said I heard that on the news. He said he was going to lower gas and once he is office he will raise it...OMG I said to my poor Auntie Are you kidding me, the man is not in the white house what news organization did you hear this from? No wait I said just forget it. Yeah Obama raised our Gas...OK, now I know why we are in fucking trouble.
OJ simpson and Obama raising the gas prices, ok....
I need a dry martini .please.

Anonymous said...

I need a dry martini .please.

You need a dry martini, huh? I knew you were just another Hussein elitist. This place is looking more and more like a Daily Koos.

Anonymous said...

I predicted MONTHS ago that we'd see the 10,800 DOW, 1180 SP500, and Nasdaq 2000 support levels before we're done--and THEN we'll see whether we go up or DOWN.

Some laughed, at the time.

BEHOLD, we're one bad day away from those levels now. And WAY below the levels were the fed PANIC-CUT the funds rates .75%.

Guess who is laughing now?

People also scoffed when I said that the FIRST rate cut almost a year ago was probably the beginning of a bear market. How am i doing?

BTW, how many times has Cramer said "buy buy buy" since then? How many of you are still listening to him?

Anonymous said...

Huge rally tomorrow by the PPT. All the crooks on Wall street and at the FED will be pumping the market to call the sheeple.

Anonymous said...


If the fed cuts rates it's

STOCKS TO DA MOON ALICE!!!!!


How's that investing stragedy working for ya so far, after the first 7 cuts? Like the one a year ago this week, when the dow was at 13,400? Or the one in April when the dow was at 12,200?

More like, gold and forex to da moon.

Anonymous said...


"The gas is 4.50 in Florida, thanks to Obama" I had to ask her to repeat that? OBAMA??? What?


Just tell her to wait until McSame gets into office. He is pledging to CUT SOCIAL SECURITY BENEFITS, so he can pay for continuing the TAX CUTS FOR THE RICH.

Don't believe me? IT'S RIGHT ON HIS WEBSITE.

Good luck to all "non-elite" McStain supporters!

Anonymous said...

I wonder if the Obama base in TX will be able to vote. It doesn't look good for Obama with all that flood. it seems they'll all be busy trying to fix their home or finding a place to live.

Anonymous said...

But Greg SWann said everything would be just fine?

satan said...

WaMu Rating Lowered to Junk by S&P on Mortgage Losses (Update3)

http://www.bloomberg.com/apps/news?pid=20601087&sid=aCbDcNYTh_cI&refer=home

Sept. 15 (Bloomberg) -- Washington Mutual Inc., the biggest U.S. savings and loan, had its credit rating cut to junk by Standard & Poor's because of the deteriorating housing market.

S&P reduced its rating on Seattle-based WaMu to BB- from BBB-, leaving it three levels below investment grade, the ratings firm said today in a statement.

``Increasing market turmoil and the related impact from managing its concentrated mortgage franchise in this troubled housing and credit cycle led to the downgrade,'' S&P wrote. S&P cut its rating on the subsidiary bank to BBB- from BBB.

Anonymous said...

Seriously wondering - where do the rich CEOs put their money?

AmazingRuss said...

"The gas is 4.50 in Florida, thanks to Obama"

I caught Obama siphoning gas out of my car this morning. You'd think with all those campaign contributions he'd have gas money, but NO.

Anonymous said...

Seriously wondering - where do the rich CEOs put their money?

In Zurich or Geneva. I do too.

Anonymous said...

They use the classic prison smuggling technique, you know the one I mean.

Anonymous said...

hmmm - no Krudlow tonite? Its so bad even CNBC can't stomach to hear his line of BS

Lost Cause said...

Bank of America: now it's like they have syphilis AND gonorrhea.

Anonymous said...

Remember the whistle blower in Switzerland on the Billions arriving in Swiss banks from the US Via some Island somewhere.

Those are the rich CEO's hiding their loot. What ever happened to that story?

a.creampuff said...

Keith, I posted this to the open thread, but you need to post something up on this "lose your house, lose your vote". Unbelievable - the perfect confluence of Republican party dirty tricks and the infamous RE bubble!
http://tinyurl.com/6z5vy4

America - land of the creampuff, mentally and physically.

suzanne researched it... said...

Where or where is the OUTRAGE! Why are there stories talking about OJ on TV today?? And why the hell are there not any stories about Orangezillo going to jail?

My friends, Rome is burning and its inhabitants sleep.

Two weeks ago China told the US g'ment to bail out Freddie and Fannie. They did and tried to distract the Americano with the tale of Hurricane Gustov. This week we have Merrill Lynch and Lehman. Hurricane Ike was not enough of a distraction. Wall Street finally took notice. The sheeple still did not notice, they sleep. Absolute mess!!

Pass the grilled snapping turtle, this Americano is running out of popcorn. I keep throwing it at the TV.

-SRI

Mike Norman said...

What are you talking about! Its the greatest day! Buy houses now! They are only going up! Buy!

I am then going to refi the houses and buy stock in good solid companies like Merrill Lynch and AIG!!!

With my winning strategy you cant lose!

Anonymous said...

so little to the dollar value at 1 percent rates yet housing prices in the down swinging swing? yet the dollar banked makes 30 to 30 times more debt dollars to bid against the dollar banked...........something very wrong?

Anonymous said...

Keith.great video reference and a wonderful impact for everybody...
Keep up the good work. Love your blog.

ICEMAN said...

You have got to be joking right!

Sure its obvious that they will cut rates but this will have close to zero effect!

The line has been drawn and I fear we have crossed it. Unless if they bailout 1 trillion dollar AIG, the market will be in the crash zone fast!

I will take the contrarian view and say they will not cut nor will they bailout AIG. I have this weird feeling that since they have been meeting all weekend that they would have already done both by now. They never would have let todays downfall happen and thats what worries me. They know the crash has to happen sooner or later so why not now.

Remember their past actions such as fed cuts on Sundays or Mondays.
They also stated not long ago that banks should get prepared and that failures are going to happen.



THE CHICKENS HAVE COME HOME TO ROOST OR ROAST!! EXTRA CRISPY STYLE


ICEMAN

Anonymous said...

oh no the little republican does not like that I drink dry Martini's he called me a bad word "Elitist...Oh he used Obama's middle name waaa waaa....maybe I should have said colt 45 and I am ignorant toothless and live in a trailer...Does that work for you...Gotta run special in Walmart and I can't miss Sean Hannity on AM news...Later dues Kaching

Anonymous said...

The most arrogant and ignorant nation on earth bites the big one. Gotta love it! Go McCain! Go Palin! Finish off the job GWB started.
I wonder when the ignorant masses will catch on.Once they start rationing fuel for NASCAR even the last nit wit might get it. Of course that will be Obama's fault.
Man, this shit is better than any reality show. Thanks for the entertainment!

Anonymous said...

I don't think the treasury can afford any more bail-outs . The powers needed Freddie and Fannie,and they have already extended billions in short term loans to the financial sector .

What about the fact that Wall Street crying for bail-outs has gotten a little old .Maybe the government will provide a way for
these firms to offload a lot of their junk on the books of fannie and Freddie .

Hank Paulson said in essence that the housing crash was the source of all the problems . If they view this crash of housing as the main problem than everything will be done to shore that up now . Cheap easy money ,rate cuts, ,government provided loans to stimulate the real estate market .

Anonymous said...

>> My friends, Rome is burning and its inhabitants sleep.

Actually, they're not sleeping - they were at last night's football game - didn't you see those stupid fat fucks cheering in the stands? THAT is your typical American. The financial devastation that is coming for them is the most beautiful thing I'm ever going to witness...