History will be cruel.
October 23, 2008
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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49 comments:
I think this is my favorite post ever. Eggs and warm spit?
Hilarious. . .
Jersey Girl
It's my fault for not seeing what would happen if housing stops going up in value.
Thanks , Alan , you freaking imbecile.
haha destroy my super nice monitor for this old prune? i dont think so..
JUST SHOOT ME.....Lereah just blamed the banks and bank regulators for the housing buble and subsequent meltdown! LMFAO
You can't make this sh*t up.
If you point your finger, four more fingers are pointed back at you.
And to think the movement now is to prop up housing prices with FDIC backing of modified loan gaurantees.
I guess if you bought a million dollar home, you get to stay in it Ed McMahon style - its only worth 100k but with a neck brace and some media coverage, you'll be gauranteed for life!
Does anyone know how propping home prices up will help?
Never trust a man who gets a stiffy when he looks at ANDREA MITCHELL. Freak!
"The robber is described as a dark-skinned black man, 6 feet 4 inches tall, 200 pounds with a medium build, short black hair and brown eyes. The man was wearing dark colored jeans, a black undershirt and black shoes."
WHAT A SHOCK!!
PPT, shameless, again trying to keep the DOW above the 8,700 support level at any cost.
Man, how are we going to pay for all these trillions?
There is some serious missing of the point ... I watched Greenspan aknowledge that there is a critical flaw in his capitalstic idealogy. The man who ran the US economy for 20 years! It is hard to see all the Eggs and Warm Spit for the shit hitting the fan.
DMP
Wow, our best hope is price controls for housing. Of course, they are now known as "stabilization of home prices."
Do price controls ever work ? The forces of supply and demand must still control price.
We will see.
Orlando, Florida
Arrest and hold immediately.
Revoke passport and his wifes passport. They ARE flight risks.
Seize ALL Assets.
We will figure out the charges as we go along, just ike his Big Boss Bushco-Cheneyburton does.
I wonder how this shleppen will do among the homies in the yard? I think he will be giving up his desserts for years to come, unless they give parole him to Scottsdale Frank. Somehow, I think they will like each other and get along well.
What a disengenuous lying piece of shit Greedspan.
Wow, Al Bubbles Greenie is lookin' baaaad. Seems to have aged 20 years, now looking about 105.
Wow, Al Bubbles Greenie is lookin' baaaad. Seems to have aged 20 years, now looking about 105.
BWA HA HA HA HA HA HA HA
BWA HA HA HA HA HA
Sorry renters. FDIC just announced it will be buying up mortgages and refinancing for all home owners.
Better get used to your rental basement hovels.
The latest acronym to save us all comes from the film "The Godfather part III":
In the film the Godfather Michael Corleone hatches a plan to take over Società Generale Immobiliare, the Vatican controlled mega conglomerate that holds various real estate and debt instruments. It is implied in the film that Immobiliare can forgive debt through Vatican influence, hence the interest by the Godfather.
My plan for the US financial system is to ask the Vatican to forgive all the debt of our homeowners, all the crap paper we sold all over the world. In addition I would implore the Vatican to guarantee all the money market funds, all the commercial paper, all overnight bank lending, all modified mortgages, all 401k's, and all stock market losses going back to last August. This plan is called "God Ordains No Eventual Responsibility" or G.O.N.E.R for short.
I am not poking fun at religion here, but I am trying to make a point. The lengthy laundry list of bailouts and wild guarantees above are in fact being attempted by our bankrupt government. Another day, another acronym. If total absolution seems silly to you, then why does false guarantees by a broken government make any more sense?
I want Congress in the hotseat.
I want the following people asking the questions:
Nouriel Roubini
Ron Paul
Karl Denninger
Peter Shiff
Mike Shedlock
Charles Hugh Smith
Jim Kunstler
Bill O'Reilly
And
Keith (He will be allowed to do a puppet show).
He sounds like a pathetic joke that doesn't have the ability to think for himself. If he doesn't want to actually think and solve problems, he should just go teach somewhere.
I happen to think Andrea Mitchell is a cougar.
This guy is as stupid as he is ugly.
Good grief
He's only been gone for roughly two years!
He was part of and very much responsible for what is happening Now!
He realized his thinking was wrong??????????
.
Today on my way to lunch I passed a homeless guy with a sign that read “Vote Obama, I need the money.” I laughed.
Once in the restaurant my server had on a “Obama 08″ tie, again I laughed as he had given away his political preference–just imagine the coincidence.
When the bill came I decided not to tip the server and explained to him that I was exploring the Obama redistribution of wealth concept. He stood there in disbelief while I told him that I was going to redistribute his tip to someone who I deemed more in need–the homeless guy outside. The server angrily stormed from my sight.
I went outside, gave the homeless guy $10 and told him to thank the server inside as I’ve decided he could use the money more. The homeless guy was grateful.
At the end of my rather unscientific redistribution experiment I realized the homeless guy was grateful for the money he did not earn, but the waiter was pretty angry that I gave away the money he did earn even though the actual recipient deserved the money more.
BE CAREFUL WHAT YOU WISH FOR.
Hey, there isn't enough posting on Swann here so I wanted to make a note of the fact that in a recent post he brags about his knowledge of Austrian economic theory.
On the one hand, the bubble was intuitively obvious, but the guys who really dissected the thing (like Mish) were Austrians.
Make of that what you will.
I think Swan knew what was going to happen before we did. Now you know why we, "had to be stopped." The hysterically mocking tone with which he treated us always stuck with me.
Good on you for calling him out and not letting him go Keith.
I don't know where to start. What about holding people accountable for their actions?! What about punishment? What about letting people lose their homes they never owned you bastard Greenscam?
How about starting with a big fat apology and acknowledgment that you were the leader in creating this mess Greenscam?!!!
Greenspan admitted in public he was wrong.
I have far more respect for him now than when he was Fed chairman.
When the rest of the country is willing to own up to their part in this we can roll up our sleeves and get something done.
The Amish are about the only people that haven't participated in the credit spree.
Unrelated question:
How can I short Swiss Frank or Swiss economy ? I know FXF, but its volume is rather low and its options volume is almost 0.
Are there any other ways to do it ? (no Forex pls)
aaaashhhhaahhhh spewy
aaaashhhhaahhhh spewy
.
Obama's NOT a U.S. born Citizen!!!!!
.
Oh yeah
what president again awarded Easy Al with the presidential medal of honor?
'nuff said.
The guy has the nerve, you have to give that to him.
He knows he's got his job done, and he will be dead before he could be sent to jail.
This was staged to make us feel sorry for him.
greensperm
the green wienie
greedscam
greedspam
die greedsperm, I want to hike a dump on your grave.
Think all this was planned?
Your right.
The Protocols of the Elders:
www.iamthewitness.com/books/Protocols.in.Modern.English.htm
~reinhardt
Think about it, blaming Greenspan is so typical of the lynch mentality that sections of our population possess.
Greenspan did not tell homedebtors to buy overpriced homes that even at 0% was not affordable.
The real reason was "greed", exhibited by sheeple who purchase overpriced homes, greedy loan agents and realtors who were only thinking of commission without determining ability of the borrowers to pay.
Greenspan is a very convenient excuse as we overlook and ignore the real culprits.
More like tie him and GW Bush to the back of a pick-up truck and drag them down to the Rio Grande.
You Americans are gutless cowards.
Will October 24 2008 be like Oct 24 1929? Stay tuned!!
Keith, I'm reminded of a post you made quite a while ago, perhaps over a year ago, of a list of quotes from politicians and leaders of the Great Depression. The quotes began just prior to the stock market crash of 1929 and continued into the dust bowl years of '33 or perhaps later. Those quotes were comprised of reassurances and messages of hope that "all was well" and things would be better soon. Of course, those messages were proven completely false or even fraudulent as things went from bad to worse to unimaginable in the '30's. Is there anyway that you could post that list again? History seems to be repeating itself. Thanks.
Greenspan mentioned that the $700 billion bank bailout would be sufficient to reverse the frozen credit markets and that banks would survive this crisis stronger in the end. Recently Warren Buffet stated that now was the time to get greedy with stocks (to buy them) as bargains abound. Both of these men are wrong. I believe Buffet is more motivated by patriotism than by prudence as he is now a prime candadate for Sec of the Treasury. Stocks are still not a bargain as abysmal corporate earnings will send stock prices even lower than they are today. I also believe that Greenspan is motivated by a personal need for redemption rather than by honesty. $700 billion won't be nearly enough to bailout the banks, and many of them won't even survive let alone finish stronger. How ridiculous of Greenspan. Both these men are considered to be leaders of our time, and both of these men are dead wrong.
Things have already gone from bad to worse in this country, but the unimaginable stage has not yet begun. That stage is coming folks, prepare yourself for it. Our leaders have abandoned us so survival during that black time will be up to YOU. Stay out of stocks, budget your money like never before, and stop listening to the fools who are convinced that things aren't that bad. Things ARE that bad...
Good luck to everyone.
.
KEITH, WAKE UP! BLACK FRIDAY AND PANIC ARE HERE! THIS SUCKER GOIN' DOWN...YEEEEE-HAAAA!
.
Anon said:"Greenspan did not tell homedebtors to buy overpriced homes that even at 0% was not affordable."
Don't you remember when Greenspan in 2003 said he saw - "no froth in house prices and buyers should get adjustable loans"
I heard it loud and clear.
Something is very wrong with this mans thinking. I lost all faith in him that day.
Greenspan used to be the toast of Washington. Congressmen and Senators hung on his every word. Now they recognize what he is, and they are running for their own political lives.
There will be no buildings named for Green$pan. no professorships. no statues. no scholarships. He and his hideous wife will live to see the complete disgrace of his wretched name!
You Americans are gutless cowards.
Wait until you see 300 million crazed, armed people that have been fucked out of their wealth. You'll see how gutless we are. The American public is peaceful right now, because we still have something to lose. When it's all gone, you can't count on Bastille Day making it's modern edition debut.
Too bad old Greenie didn't read Housing Panic. Could have saved his legacy, not to mention the world economy.
"Greenspan did not tell homedebtors to buy overpriced homes that even at 0% was not affordable."
The are now and have always been tens of millions of people willing to commit to a mortgage they can't afford. That's why salary verifications and financial disclosures were (up until the bubble) always required. Greenspan created the economic conditions (i.e., easy money) that made it possible for greedy banks to take advantage of stupid people. Mortgage fraud wouldn't have been as tempting without a hefty interest rate spread. If interest rates hadn't been so low for so long, we wouldn't have had the the bubble.
Blaming the housing bubble on stupid people is like blaming rats for eating the rat poison.
It's just a mild frothiness. At the mouth.
Is he either an incompetent fool or a liar. In either case he should not have been in the position he was in.
Since he "ran the FED casino" I know he is no fool. That makes him a liar.
That makes his testimony perjury!!!
Yeah, I'm so sick of him saying, "we can't predict a bubble until it bursts!" What a moron! HINT: when you see prices skyrocketing 15-20% a year, for (6) years, AFTER you dropped interest rates to 50 year lows, AND reduced capital gains taxes on real estate, etc, etc all in an effort to avoid a recession back in 2001, hailed the invention of these CDO's as "miracles", and even wrote a paper on asset bubbles back in grad school, there's NO WAY you're getting off with the "I had no idea!" excuse!! I think you had a CLUE!
The defining moment when it became clear to me that Greenspan played no small role in the housing bubble was about 2 years ago, when someone asked what could be done to avoid the collapse of the bubble. He replied, "the collapse would not be a problem if housing prices rose only another 5-10%."
THANKS, EINSTEIN: then what do you propose after THAT? Let me guess: ANOTHER 10% rise a year? Spoken like a proud parent of a spoiled child, seeing the brat get into trouble for committing crimes as a result of being told how wonderful they are!
As an aside, despite the hostile tone of voice and open contempt some of those committee members are using against these crooks, it's all simply high-drama, with the representatives playing up to the constituents at home UNLESS we see some of these clowns doing the Perp Walk in the Hall of Shame. Words are cheap, and I suspect these lawmakers are flapping their jaws, with no real consequences for those responsible.
I say it's high-time to arrange a nice little "visit" to Guantanimo Bay for some "time out" behind bars, just so these criminals can think about what they've done....
If the Justice Dept lets the LARGEST COLLAPSE IN 80 years go by the way-side, without so much as an investigation, then it's time the government is no longer needed. Because the last I checked, the role of the gov't is SUPPOSED to be to protect the citizens.... Laughable concept, eh?
Is it just me or does this dude look like the fish who was talking to Tony Soprano?
Greenspan has proved himself to either be corrupt as hell or a very dumb man. Either way, he goes down in history as one of the most incometent public "servants" of all time.
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