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40 comments:
Well, it's like Nader's dad said to him when he was a kid:
"Do you know why capitalism will always survive?
Because socialism will always be around to bail it out."
Dramatic? Well yes. But comparing a global financial collapse to an atomic bomb blast is a little far fetched.
We've all come that far that the image of an atomic bomb going off seems paltry compared to the loss of faith in some fiat currency or paper losses.
It's just a financial collapse. Life goes on. We could all come together to help each other out but in America it seems it's better to compare everything to armageddon or atomic bombs.
Has much more of a scary effect.
Maybe you all should take some time to learn about what the real effects of atomic bombs are and stop using their images as a catch all for "bad things" happening.
Financial collapse is serious but in perspective please.
Do you think in 100 years they'll have any clue what kind of effect global economic collapse had?
In 100 or 1000 or 10,000 years they'll still be physical evidence to see if we have an atomic war. Sad thing is, humans won't be around to view that evidence or learn from it.
We're just stupid meat puppets if you ask me.
So who is to blame for this mortgage disaster?
1. Blame congress, including compliant Republicans, for the “ownership society.”
2. Blame the Federal Reserve for keeping interest rates so low for years that anyone could get a mortgage under the relaxed terms – buy a home with a mortgage that could never be repaid – creating a real-estate bubble.
3. Blame perverse laws passed by Congress divorced from any reason to buy votes.
4. Blame individuals who signed up for mortgages that they could never repay.
5. And blame those who want to bail them out by buying their mortgages and readjusting the terms so they don’t get thrown out of the home they can’t afford and should not have bought!
http://www.kitco.com/ind/Ruff/ruff_oct032008.html
http://uk.youtube.com/watch?v=2L8v8g_wkyU
Today is the day
Dear Anonymous,
In german there is a prefix ver- it denotes a negative abstract amplification of a verb. That's kind of where keith was going with the bomb metaphor.
Verkaboom.
It's so pretty
"Car dealers are like the canaries in the coal mine, The energy crisis had been affecting their revenue for a while. And now with the credit crisis, in some cases, banks are turning off their credit."
It's a perfect storm of calamity
In more important news:
'Beverly Hills Chihuahua' tops weekend box office
See all is fine
With the first test of the H bomb they really didn't know what they'd get. It turned out to the way more devastating than predicted, due to miscalculation. Of course that was on an uninhabited island though.
Sheeee-ittt!!
It's so pretty
There were some survivors of the Hiroshima bombing that said the same thing. Well, the ones that weren't blinded by the flash. But some survivors did comment on the beautiful colors.
We can always build another White House...
art cashin this morning wearing his dow 10,000 hat on cnbc. given out years ago on the way up! LOOKIN AT THE BUTT CRACK OF DOOM!
We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3141428/Germany-takes-hot-seat-as-Europe-falls-into-the-abyss.html
Dow DOWN -225 at open//// Run for the hills! (I mean Canada)
But the risk of a dollar collapse is one for the distant future. Right now the world faces the opposite problem. There is a wild scramble for dollars as a $10 trillion pyramid of global lending based on dollar balance sheets “delevers” with a vengeance.
This is a “short squeeze” on those who have used the dollar for a vast global carry trade. International banks are facing margin calls on their dollar leverage. It is why the Fed is having to provide $1.25 trillion in dollar liquidity for the entire global system, according to estimates by Brad Setser from the Center for Geoeconomic Studies.
The crisis engulfing Europe, Asia and emerging markets, makes life easier for Washington. The United States is becoming a safe-haven again.
The Fed can now hope to pursue monetary stimulus “a l’outrance” without being slapped down by the currency, debt, and commodity markets. Take comfort where you can.
Question: Whats worse?
A) The Bush/Cheney PNAC Criminal Regime?
Or,
B) Our elected officials that turned the other way, as they destroyed our great country?
"Our economy is fundamentally sound."
John McCain, September 2008.
**********************************
"The 9/11 attacks on America were conducted by 19 hijackers with box cutters."
GW Bush, September 2001.
********************************
"Now is a great time to buy a house"
GW Bush, April 2007.
................................
To all GOP/Bush/McCain Members, and all American Traitors:
F*ck you!
Thats the stock market this morning.
DOW BELOW 10,000!!!
DOW hits 9,999!!!!!!!!!!!!
Where in the hell are all those republicans scum bag criminals that said the Dow would never go under 10,000 again, ever?????
Damn are we screwed!!!!!!!!!!!
What a bunch of f*cking idiots in the White House!!!!!
10:00 am : The major indices extend their opening declines, and all three have hit new multi-year lows this session. The S&P 500 is trading at its lowest level in four years and is down 32.6% from its all-time high reached in October 2007.
All ten of the economic sectors are posting a loss in broad-based weakness.
You think the US is bad go look what's happening to the russian market or brazil
Off the cliff
I can't believe what I'm seeing
If this isn't panic and revulsion I don't know what is.
The european banks are going to fail and be taken over by their respective governments within days, if not hours
All because some realtors and mortgage brokers and investment bankers and flippers gamed the system.
Has anyone noticed that the national debt just passed $10T last week? There's a debt clock on the right sidebar but no one commented on this.
Dow below 10,000.
MARCH 1999 - DOW HITS 10,000!!!. . .
October 2008 - DOW DROPS BELOW 10,000 = nearly 10 years of gains wiped out!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Factor in inflation and stocks are much worse than the index shows
Do any of these homedebtors really think the government is going to let them off the hook without their pound (or 50) of flesh?
Hypothetically, lets say a loanowner has a $3000/month mortgage payment. He stops paying the mortgage. Bank flips the "asset" to the government.
Now, the thinking is, the govt will let him "bargain" that down to $1000/month or whatever. What's to keep the govt from demanding $5000? $10,000? I think that the govt is going to force them to pay whatever they CAN pay, not what they WANT to pay, and the penalty will be JAIL not just foreclosure.
I think that this is it, and today is the day.
It is very surreal to sit here and watch it unfold, and although I knew it was coming for months... I just... can't believe it. Can't believe its happening.
And even if it ISN'T today? It will be someday this week. There's my prediction.
Just another buying opportunity!
I wonder what GOP "DICK" Cheney is doing today? What a worthless, criminal scum bag.
REGARDING: "Comparing a global financial collapse to an atomic bomb blast is a little far fetched."
******************************
Excuse me????
This shit COULD lead to an atomic blast in a HOT SECOND! With Bush-Dick f*cks in charge, the doom and PANIC only gets worse, and there is nobody that has the guts in DC to punch them in the face - at minimum, let alone immediate arrest and convictions.
There is PLENTY of time for these ass wipes to start world war III. Hell, and they way I see it, they already started it! HERE WE GO!!!
PS: I would like to thank all the a*s wipes like Ted Nugent, Denise Miller and all the stupid "Bush is Jesus" church leaders for being blind idiots. What a tragic story. The fools have all been fooled!
The next crisis: The economy
The banking system's meltdown will run its course soon enough. Then we'll have to face the reality of the coming severe recession.
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By Bill Fleckenstein
It was just a year ago, in my Oct. 1, 2007, column, that I wrote, "We are headed to recession, though it's not possible to pinpoint the 'when.'" To me, it was plain to see that a long-lasting credit spree could end only in pain and tears.
It should be obvious to everyone that the "when" is now.
My expectation has been that with passage of the financial-rescue legislation, a relief rally will be followed by the market's heading lower once again, and potentially violently.
Why? Because the intensity of the credit crisis has distracted folks from the economic crisis, the brutal recession we are destined to experience. The legislation is not going to change that fact. And when folks realize that, it could easily create a good deal of angst.
You can't eat or drink gold, silver or platinum - hording our acorns in holes is no solution.
United We Stand - Divided We Fall.
Anonymous said...
We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.
Well said Keith.
Game - Set - Match - Over.
keith said...
You think the US is bad go look what's happening to the russian market or brazil
Off the cliff
I can't believe what I'm seeing
If this isn't panic and revulsion I don't know what is.
The european banks are going to fail and be taken over by their respective governments within days, if not hours
All because some realtors and mortgage brokers and investment bankers and flippers gamed the system.
You are correct.
There is no free lunch - unless you work up on capital hill.
The phrase "debt trap" now takes on much more meaning now.
Bill in St. Aug said...
Do any of these homedebtors really think the government is going to let them off the hook without their pound (or 50) of flesh?
Hypothetically, lets say a loanowner has a $3000/month mortgage payment. He stops paying the mortgage. Bank flips the "asset" to the government.
Now, the thinking is, the govt will let him "bargain" that down to $1000/month or whatever. What's to keep the govt from demanding $5000? $10,000? I think that the govt is going to force them to pay whatever they CAN pay, not what they WANT to pay, and the penalty will be JAIL not just foreclosure.
You're all hallucinating - ultimately the government will step in to some extent on all homes and reset all balances to current value and adjust the interest rate to what the individuals can "afford". If they still can't keep the house, then oh well - bye. It'll stop the bleeding since everything will flatline and can begin the recovery, but it will almost assuredly hit like a nuclear blast - but it's a better solution at this point than continued gradual implosion of the entire economy.
There will be no debtors prisons - you'll see laws soon protecting consumers who just walk away if the bank doesn't do what they're "encouraged" to. IE they'll force the banks' hands: "Make them stay in the house, or you're screwed, period."
Actually, a "hydrogen bomb" is exactly what is needed. It's really the only way out of this mess. I've been to the Trinity Site, they allow tourists twice a year, it's quite an experience. Or, if you prefer a less violent metaphor, time to hardboot the world economy. Let it crash.
All the Realtors of the world are inside that explosion.
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