October 02, 2008

HousingPANIC Stupid Question of the Day


HP'ers were right, while the government, the bankers, the realtors, the ratings agencies, the analysts, the financial advisers, the appraisers, the mortgage brokers, the MSM and the vast majority of Americans were wrong. Dead wrong.

So, how does that make you feel, now that the Ponzi Scheme has imploded, and the financial destruction of America and the world is being actively discussed as a distinct possibility?

59 comments:

tangelo mozilo said...

Quite frankly, it makes me feel great.

I point out to people all the time that I got a federal job in 2006, and traded in my stocks for silver and gold because I knew this was coming all the way back then.

Forewarned is forearmed, and plenty of people realized this even before I did, and they are in an even better position.

Those who are still in denial are going to get screwed, and they richly deserve it. I still have people asking me when I'm going to buy a house.

vanilla ice said...

It makes me know I am not crazy, like half the world wanted me to think.

Anonymous said...

Like the smartest person on the dumbest planet

keith said...

In case you're wondering, it makes me feel sick.

If they had only listened.

We tried to warn them.

Agent 99 said...

HP'ers were right, while the government, bankers, the realtors, the ratings agencies, the analysts, the financial advisers, the appraisers, the mortgage brokers, the MSN were DRIVING DRUNK, IMPAIRED, INTOXICATED. Not only that, they were UNINSURED. We kept saying, they're drunk, look at them weaving around, talking on the phone, texting, no blinkers!

So, now, they've crashed. They've totaled their car. They've run over the sober pedestrians.

Here's an idea. Buy them a new car, here's a new line of credit. Have fun.

Anonymous said...

OK we were right. And so what? The people that were wrong the most will have benefited the most with all the government bailouts going on.

Some victory lap we get to take.

Anonymous said...

Sick and anxious - even though I cashed out of my house with over $500K.

Who will shoot at the marauding hoards for me?

NONE OF THE ABOVE said...

I'm going to miss this country. It was a nice experiment in freedom.

But they didn't listen to the Bible which said that DEBT IS SLAVERY. So our freedom will be traded for the slavery of debt. Thank you leechy and spend-happy government for selling our freedom.

jim said...

Scared shitess.

Towjam said...

Neutral
I sold my house 2 yrs ago and now it’s worth about 50K less now.
But I can’t flip houses now (too much inventory). So I list and sell bank owned properties and as long as I get the listing priced where I tell them to list it at it’s really not that tough of a job. But it is not the same as buy, fix and sell and I don t see that being a thing to do till 2010 at the earliest.

Also another feeling is PISSED OFF. I never realized how many stupid realtor there out there who don’t know how to read. No BS here, None of them seem to be able to follow simple instruction (as-is contract and a pre qualification letter) or to realize that no bank is going to make a 100% loan and that you cant get a FHA loan on a home that has been striped of all the plumbing and light fixtures, heat and air and cabinets. Yet the dumb ass offers still roll in.
Maybe it’s just bad karma.

Anonymous said...

Pretty sick. I have over 400k in the banks and my stocks have shrunk, plus I still would like to buy a house where prices are still sky high......not able to figure if the outcome is benificial for me down the road?

Anonymous said...

SOME CRASH!

DOPES!!!

consultant said...

It makes me feel like I live amongst a bunch of stupid, zombie like motherf*****s.

And Keith, there's more s**t to come.

People say all the politicians are the same, just so they can justify their vote for McCain. Those are the trully insane people. Scary as hell.

I will support any politician who is a pragmatic realist who tries to work for the people. I know, I know, there aren't many.

But in THIS presidential race, the closest thing to that is Obama. Those who think otherwise are fooling themselves.

It is the same type of self delusion that led almost everyone else to say HPers were crazy, tin foil hat wearing people.

Stupid, lazy, corrupt people got us into this mess, and it will take smart, ethical, hard working people to get us out of it.

Obama/Biden/HPers 08.

Anonymous said...

It make me feel sad that there our soooooooooo few of us that feel this way as we do on hp. To me a much bigger picture of what's around me THAT SCARE'S ME! I don't see a brighter future I am just so worn out over this whole mess. I never used to think I was one of the sharpest tools in the shed I KNOW DIFFERENT NOW.

Banana Republicrat said...

BWAHAHA! I bought that book for 25cents @ a garage sale a couple of months back. Couldn't help myself, I'll read it someday when I need a laugh.

Vindicated, but more sad than anything else. Every time I hear someone say "it's a great time to buy" it turns my stomach. People can't wait to get back on the hamster wheel, they don't realize that this is happening because they have been squeezed too hard for too long.

Anonymous said...

http://www.ireport.com/docs/DOC-85097

Anonymous said...

There are a lot of pissed off Americans on the Goldman Sachs Yahoo Message Board:

http://messages.finance.yahoo.com/mb/GS

Anonymous said...

People always seem to make their way around to talking to my husband & I at all the dinner parties.

"Are you buying soon?" , "You know, this is the time to buy" , "What are you offering on your low-balls" is about all we hear.

Friends that bought here in NoVA in 2004 & 2005 just glare at us behind their smiles.

You can smell the fear as the old koolaid of "it can't happen here in DC, we have all the jobs, this is the Capital of the Free World" and all that crapola is going further & further down the toliet each progressing Month.

Kinda cool being an Economics expert (not really, but people seem to think that we are!)

Anonymous said...

It's sickening. It all started from what I loathe most about American culture: reliance on debt and excessive consumption.

During the peak bubble years, I was called a Communist for saying that if you don't downpay your house, you don't deserve to own it. It still boggles the mind how some people thought that if their house value goes up $100K, that's liquid cash. Debt is wealth, financial wisdom and saving is Communist and anti-American.

Anonymous said...

I had to read it with my own eyes; US Military to carry out Homeland Patrol for Civil Unrest:


http://www.armytimes.com/news/2008/09/army_homeland_090708w/

PMastoriany said...

How do these idiots think that asset prices supported by debt can go on forever. If you take out debt inflation we go back to prices not seen in 30 years.

Miss Goldbug said...

A House sold on Ebay for $1.75. Women from Chicago says she will sell it.

LOL, Flipperism is still alive!


http://news.yahoo.com/s/ap/20081001/ap_on_fe_st/odd_cheap_home

Anonymous said...

Many of my so-called 'land baron' friends are peeved with me. Some sort of a tacit assumption I wanted this crash to happen to them out of jealousy of their 'home ownership'. Nothing could be further from the truth. I (we?) simply were not sheep.
"Respice post te! Hominem te memento!" = Look behind you! Remember you are but a man...

Baaaaaaa said...

IDIOCRACY.
I only wish I had made more money on the way down.
Too scared to do anything now...
just another sheep

Nick said...

HP'ers were right, blah, blah, blah. I grant you that you folks were right. But it doesn't change the fact that you guys are still FUCKED SAVERS! You saved all of your money and lived a frugal life. Great! Now that money will be used by Congress and the U.S. Treasury Department to lower Nick's mortgage payment. Way to go SUCKERS!

Nick said...

Hey HP'ERS/FUCKED SAVERS, yes you were right. I never argued with you folks that you were wrong. I saw this real estate bubble get bigger and bigger here in Chicago from 2001 to 2003. Then I decided to buy and saw it to continue to go up. With my townhouse's value going up, I just kept getting a HELOC loan after another HELOC loan.

Yes, you were right. But now everyone will get to pay for me SPLURGING. God I miss Sharper Image!

Anonymous said...

Hmmm, the stock market is down. Too bad for the media. The media’s Wall Street overlords had strictly instructed them to report that any raise in the stock market today would be solely and exclusively due to the Senate having approved the bail-out–I mean, rescue–plan.

So, let me get this right. When the House rejects the plan, and thereafter the stock market crashes, it necessarily follows that the crash was due to the House’s rejection.

But when the Senate approves the plan, and the stock market still plummets, it necessarily follows that the crash had nothing to do with the approval.

Yes, yes, it’s all makes sense. Thank God I have the all-so-independent media to explain it all for me...The bailout must be approved, the bailout is good for me, the bailout must be approved, the bailout is good for me,....

Anonymous said...

Not so great...as I suspected, the collapse can't unwind without negatively impacting everyone. Still waiting to afford that nice house on the cheap!

Anonymous said...

"Anonymous said...
Like the smartest person on the dumbest planet"

Good One. I wish I had said that.

Thanks!

Anonymous said...

There will be a lot of new job opportunities in the house and senate after this week.

Personally, I will dedicate my future to seeing the Pelosi-Feinstein-Boxer nexus outed from poitics and hopefully indicted and imprisoned.

Dianne: Hows Richards work coming up at Mather, you know that big disputed government contract and all those nasty felony allegations against you contract?

Anonymous said...

You guys need to check out damages on FX you can rent the 1st season. It mirrors coruption with lawyers, business tycoons, and Washington.
Scary, but what power and greed can do to someone.
I will say this the takeover on middle America has been done. I saw my wages in the last 8 years disapear. I saw my rights in the last 8 years disapear..It's republican Politicians. Wake up. I felt so sorry that Barny Frank is the scape Goat and they are going after him hard. After looking at the outrageous Bail out the Senate Pass I think we are fucked.

Anonymous said...

If you don't kick out the Senate...We need to vote Independent.. We do...If we don't kick out the Senate we deserve everything we get. Everyone must contact congress and the senate...Demand that your voice be heard.
The corruption and lies.....It is outrageous. I will no longer tolerate this.

Anonymous said...

Funny I was in the Grocery Store and did not pay for my mums....I have never in my taken or stolen anything not a pack of gum. Now I want to grab anything I like because in society now anything goes. Sad isn't it.

Anonymous said...

Bush cheny will pay. Pelosi never once put impeachment on the table. I am sorry Keith most Americans demanded Impeachment. I called Pelosi's office and voiced my opinion. Pelosi needs to be fired.

Anonymous said...

This was the obvious outcome of a economic system that rewards sociopaths and clerks, with unlimited expansion in a finite system.
The second law of thermodynamics is just enforcing it's rules.
All the feedback loops emerging are not looking good.

Anonymous said...

I'm awesome, so it comes as no surprise that I was right. What should worry you, however, is that I now estimate the odds of monkeys waging nuclear/biological warfare on each other at 50% in the medium term. That is, if we don't, we'll be back to stone age anyway.

Anonymous said...

That David Lerah book pictured here - too funny.

Let's look at his little corner of the Ponzi Scheme:

How in the world did Realtors get to be the voice of the housing industry anyway? Where everything NAR said was gold? What kind of scrutiny (none) did the press give NAR statements and glowing predictions, devoid of linkage to economic and market fundamentals?

Boil it down, this is an association of SALES PEOPLE who made the case that yep, housing would always go up, buy now or get left behind; let me set you up; you can do this -- here's my mortgage guy, here's my appraiser...they'll take care of you.

Offering hard housing data is one thing. Offering OPINIONS as market insight ... from SALES PEOPLE... and WRITING A BOOK about it... it was taken as gospel ?!

IS there another industry where the SALES PEOPLE have been allowed a more powerful platform to be market-makers?

Rant over.
-DA

JL in Miami said...

I have never felt like this before.

It make me feel:
1) Relieved
2) Extremely Sad
3) Extremely Pissed off

All at the same time !

Worst of all, we saw it coming, we warned everybody we could and in the end we end up paying the price like all these morons.

Anonymous said...

Here's an uplifting Realtor story for today. See, they all don't get away with it. This is a good start, lets hope the trend continues.

ps: for those that think I am being cruel, I invite you to Go Fuck Yourself. You're Welcome.

Herta Bailey, Columbus Georgia Real Estate Agent, Murdered By Tenant.

Monday evening, police say the man met with Bailey in her office on Whitesville Road to discuss an eviction because he was behind on his rent. Investigators say during the meeting Powell struck Bailey and strangled her to death. Then, he allegedly dumped her body in the trunk of her car — taking some of her personal belongings, including some credit cards, which he used to pay two utility bills.

The following morning, co-workers found blood stains in the carpet at the office and became suspicious and notified police when she did not show up for an 8:00 a.m. appointment. Later that morning, police set up a surveillance camera outside Powell’s residence on Pineneedle Drive. Around 10:00 a.m., Tuesday, Powell arrived and was arrested.

While in custody, Powell revealed to investigators the location of Bailey’s body. Muscogee County Coroner, Bill Thrower, says her body was discovered in the trunk of her car on 51st Street in Columbus around 9:40 p.m. Tuesday. via WTVM.com

Maybe Angelo and Perry are squirming a little today. Let us Pray.

Anonymous said...

Good and bad.

Good because it makes even an average HPer like me feel pretty darn smart.

Maybe I'll survive this...

Bad because these same non-HPers around us (incompetent/evil leaders, and sheeple populace) are trying to find ways to fix the problem, but they have absolutely no idea how, and it seems increasingly likely that they'll make the problem worse.

Hmm, maybe I won't survive this...

sigh

Anonymous said...

Like a fool played again. They wanted the whole thing, they got it.

And you crow because you're in a slightly better position due to a few wise investments. They are in a far better position, 700b as of yesterday and more and more and more to come. Any gains you make from your investments will be taxed to oblivion.

Markus Arelius said...

I feel pissed off.

I rented. I saved. I drive a 2000 Honda f'ing civic. I don't take vacations to the Bahamas. I work like a maniac. My wife drives a P.O.S. 2001 Honda too. We have zero credit card debt.

And it doesn't matter.

I'm not expecting a medal, but I'm pissed off about getting the royal shaft treatment by washington and joe dirt N.O.D. American.

I see most Americans around me acting like overgrown children.
Most of them partied their asses off in sophmoric fashion the last 10 years, making fun of renting "nerds" like me the entire time.

I want to laugh at them now, but I'm not afforded any poetic justice or schadenfreude, because both my generation and my children's generation are going to be paying for their financial binging forever, perhaps 100 years.

I'm probably going to move to Mexico like Andy Dufresne in the film "Shawshank Redemption".

Tengo que practicar mi espanol.

Anonymous said...

Hey HP'ERS/FUCKED SAVERS, yes you were right. I never argued with you folks that you were wrong. I saw this real estate bubble get bigger and bigger here in Chicago from 2001 to 2003. Then I decided to buy and saw it to continue to go up. With my townhouse's value going up, I just kept getting a HELOC loan after another HELOC loan.

Yes, you were right. But now everyone will get to pay for me SPLURGING. God I miss Sharper Image!


You're a major douchebag. I hope you realize it.

embarrassed renter said...

The opposite of how I felt when I realized how wrong I was to plow everything into CDs, stocks, and gold and keep living in my shithole studio rental...

curtstest said...

I'm sad but hopeful.

People didn't listen to us about the dangers of spending. But now they are being forced too. Yes, it's going to be bad, and yes, it's an embarassment to America that all of this happened.

But this is something we can learn from. It's something that can propel us forward. I really believe that.

In a couple months we'll feel like the addict that's hit rock bottom. People will be humbled; some, maybe even a significant amount, will be ready to change.

It's just sad America had to come all the way down before it started to realize what it's down to itself.

Anonymous said...

The one who dies with the most toys, is still dead.

Anonymous said...

Poor renting losers. You saved you scrimped, you drove the 18 year old camry.

All for nothing. The government will make sure you keep living that pathetic lifestyle while your neighbors keep living it up.

CHUMPS!!

Anonymous said...

I dont care my parents are rich

Anonymous said...

The terrorists, who want to see America in ruins, love David Liareah! One of the chief promoters of greed and ignorance!

Anonymous said...

The rich Market Makers that created this artificial economy ,just so they could continue with their greedy profits ,have gone to far.
They are killing their host ,which is the American worker who pays taxes .

The rich market makers want to be made whole again by these bail outs and cancel out their bad bets .
They want to be bailed out while they leave their host dying from the disease they infected their host with .

Nick said...

Markus Arelius said...

I feel pissed off.

I rented. I saved. I drive a 2000 Honda f'ing civic. I don't take vacations to the Bahamas. I work like a maniac. My wife drives a P.O.S. 2001 Honda too. We have zero credit card debt.

And it doesn't matter.

I'm not expecting a medal, but I'm pissed off about getting the royal shaft treatment by washington and joe dirt N.O.D. American.

I see most Americans around me acting like overgrown children.
Most of them partied their asses off in sophmoric fashion the last 10 years, making fun of renting "nerds" like me the entire time.

I want to laugh at them now, but I'm not afforded any poetic justice or schadenfreude, because both my generation and my children's generation are going to be paying for their financial binging forever, perhaps 100 years.

I'm probably going to move to Mexico like Andy Dufresne in the film "Shawshank Redemption".

Tengo que practicar mi espanol.

October 02, 2008 5:38 PM

You should have lived like me. My wife and I went on a vacation to the Cayman Islands. It was a luxury vacation with a nice luxury villa, nice beach, perfect weather and sky blue water! Really awesome. Oh, did I mention that while you were working and saving money I was living life up? And you and other HP'ers paid for it in an indirect manner! Thanks for everything Fucked Savers.

Anonymous said...

Anonymous Anonymous said...

Funny I was in the Grocery Store and did not pay for my mums....I have never in my taken or stolen anything not a pack of gum. Now I want to grab anything I like because in society now anything goes. Sad isn't it.

October 02, 2008 4:02 PM

Next time be smart about it. Don't take a small piece of gum. Rather figure out how to game the system and then take advantage of it.

Markus Arelius said...

He Nick...

You're welcome.

But remember that years from now the FBI and IRS can still knock on your door and ask wtf.

With that in mind: Party hardy this weekend.

patrat said...

Anonymous said...
The one who dies with the most toys, is still dead.

October 02, 2008 6:15 PM

Love it!!

Anonymous said...

Friends that bought here in NoVA in 2004 & 2005 just glare at us behind their smiles.

Same here. Neighbors where we rent were trying to get us to buy. I laughed out loud and said, "Are you crazy, the housing market is going to crash and so is the economy." This was at the peak of the market in 2006 when I was getting ridiculed on the now defunct Washington Post Real Estate Forum. Yeah, whatever happened to that forum you fucks? What happened with the economy?
Go eat a bag of dicks!

Anonymous said...

And that douche Lance, where the fuck did he go?

Anonymous said...

Nick:

I'm telling you, your house is going to go up in flames. So, don't think you are all smart and shit.

vanilla ice said...

"And you and other HP'ers paid for it in an indirect manner! Thanks for everything Fucked Savers."

Profound, and probably correct.

Mike Hunt said...

Nick,

I too went on vacation last year - total of about 60 vacation days taken in 2007. Let's see- went to: Cambodia, all over Thailand, Hawaii, climbed Kilimanjaro, safari in Tanzania, UK, Barcelona, and I'm sure I forgot some other places. I also got paid from my employer during this time.

Never went into debt, instead saved up money and never wasted money paying interest. It worked out pretty well, all in all. Had a great time vacationing and have a pile of cash ready to buy your distressed assets for pennies on the dollar.

In the meantime keep praying with your outstretched hands for the bailout to hit you. In the meantime spin that hamster wheel faster you fucked buyer and keep making those payments. Since my place is paid for I can take off anytime (been unemployed on vacation for the last 6 months) and not worry about life. Ha Ha Ha Ha.

Sorry Nick, you lose big time. Too bad I had to take away the satisfaction of you making other HPer's feel bad.

Here's an investment tip: Get your self a flare gun. A self inflicted shot to the head may cure your condition.

-Mike