October 09, 2008

NBC SPECIAL REPORT ON THE ONGOING MARKET CRASH - 5000 POINT DOW DROP IN 12 MONTHS AS THE WORLD SPINS OUT OF CONTROL



It's all going away HP'ers. All those profits. All that wealth. All that credit. It's all going away. If it's not gone already. In one big whoosh of panic.

The world is in serious trouble. And you are too, whether you realize it yet or not.

Panic is now here. And it's not going away anytime soon.

Thank you realtors. Thank you bankers. Thank you mortgage brokers. Thank you appraisers. Thank you flippers. Thank you Bush. Thank you Congress.

You f*cked the world.


59 comments:

Anonymous said...

Keith said...

Thank you realtors. Thank you bankers. Thank you mortgage brokers. Thank you appraisers. Thank you flippers. You f*cked the world.

Last but not least: Thank you "debt and status junkies" for selling your kids and the rest of us who lived within our means and didn't worry about granite or hickory, down the river.

Good job America.

JaneZ

Malcolm said...

Babylon the Great has fallen.

Little did you know that the person who wrote the 18th chapter of Revelations was an HP'er.

Anonymous said...

In my son's boy scout troop there was a "mortgage broker" who started his own mortgage company 8 years ago. His background was selling jewelry out of the trunk of his car (very lucative actually). His top mortgage broker was a ex-singer/song-writer down on his luck due to alcohol. His second top broker was a single mom who had only worked before at 7-11's and McDonalds. They cooked every applicant's numbers til they smoked. Almost everyone got a mortgage. Everyone got a house. This guy lived high, high off the hog. I haven't seen him in a while. I wonder how he feels now that the hog's getting slaughtered...

Towjam said...

It is already gone. If you didn’t sell in the past few days it may come back in a year or two.

Do ya think it would be a good idea to sell now or just wait it out?

I don’t know. All I know is I will be helping out mom as her 401K tanks.
It’s that bad karma again.
But at least I have it to give.

keith said...

I added Bush and Congress to my list. Whoops - I forgot Greenspan and Lereah and Bernanke and Paulson and Dodd and Frank and Serin and Swann and Retsinas and Norman and Adkins and Mozilo and Perry and Toll and ...

Get the point? The list is looong.

Side note - here's another version of panic, from the 1800's:

http://www.fool.com/investing/general/the-wall-street-panic-of-2008.aspx

In the 19th century (the high time for market panics), Yale professor William Graham Sumner defined a panic as:

... a wave of emotion, apprehension, alarm. It is more or less irrational. It is superinduced upon a crisis, which is real and inevitable, but it exaggerates, conjures up possibilities, takes away courage and energy.

Anonymous said...

" selling begets selling "
They complain that something has to stop the vicious cycle. But I didn't hear them complaining about buying begets buying. Maybe someone should have stepped in when these stocks were soaring out of this world to such unrealistic levels.

They want to have their cake and eat it too. How about a side order of reality with that cake???!!!

Honica Jewinski said...

You forgot the most deserving people of all to thank....

"Today, the Department of Housing and Urban Development reports bad mortgages were made to five million ILLEGAL ALIENS!!!!!! Figuring an average mortgage of $100,000 each, that totals five hundred billion in bad mortgages.

Congress approved $700 Billion in the senate bailout bill. . . . . . now you know what that money went to pay for -- illegal alien mortgages!!"

Anonymous said...

Who watches MSNBC? That network is dead.

bobby jones said...

"I haven't seen him in a while. I wonder how he feels now that the hog's getting slaughtered..."

life is about survival.... so he's probably damn proud of himself.

Anonymous said...

Qweefer once again lays the blame at the wrong feet. It wasn't Bush or realtors or Congress that forced people to buy a $500K on a $50K salary.

It was the stupidity and greed of 10s of millions people. Blaming anyone else shows how naive you are.

Mark in San Diego said...

Back in SD - walked past the W Hotel (empty), and remembered only a year ago it was full of happy-hour yuppies buying $12 Martinis, etc. This crash has separated those with money from those with only credit. . .not too many left with money (hey I've taken a big hit too). We all knew this day was coming. . .nice to see 1/2 price drinks at a lot of places in the last few weeks, and "dinner specials" at some top restaurants around town. . .now the death watch on which bars/restaurants/stores, etc. stay in business. . .I bet on Walmart, Costco, and should short Needless Markup, etc.

Anonymous said...

i told the people on my job to get out of their stock funds and 401k's way back earlier this year the GEAB (global european anticipation bulletin said retirements would be going off the rails as well as the whole world would start tanking starting in september), and so in MAY I got out of it. My coworkers told me I was crazy, don't listen to her she doesn't know what she is talking about (being a black female the implication was more profound) in order to not appear to crazy I brought a copy of the bulletin to work and showed my coworkers who didn't believe it and said they didn't believe all those people on the internet they didn't know what they were talking about. I told them well I am going to get out and then wait around to see what happens and then go back in. The people on my job didn't heed the news and are now part of the walking wounded who lost a fortune. You can see it on their faces. I have now told them the gas was going to go down to 40 bucks a barrel they told me I didn't know what I was talking about and don't listen to her it will never go that low (I said okay, whatever)and I told them you need to get some food keep it on hand because what you are not paying for gas you'll be paying for food. They said they weren't worried about it they will deal with it. I also told them to get one of those rifles that make that noise so there won't be any mistaking that you are armed or a 357 glock (because it makes big holes)they say it won't come to that, I told them to just get ready they said they will trust in the lord and he will take care of them I say he has done nothing for the people in Africa and the other 3rd world countries buy food. These people don't care they think nothing is going to happen to them so all I can say is make sure you have got your shit ready and screw them, sit back and watch them scurry around like mice looking for food. They were told and didn't believe it what more can you do.

consultant said...

Yes they did. And McPalin wants to f#ck it some more.

HPers. Read Aldous Huxley's Brave New World or Neil Postman's Amusing Ourselves to Death to understand why people aren't rioting in the streets.

tater said...

With a loss of 8 TRILLION PLUS (as of today) from this time last year, I would just like to say "ouch"!

All those realtors, with the experience of a waterboy at a football game, are going to be sucking wind for a loooooong time. And, I say let 'em rot on the vine. They're one of the main players in this scam called guaranteed homeownership. Call me a smart ass, but I am glad they're starting to get a taste of what it's like to be in a real-estate market with no bottom in pricing.

And, I think that this shit has just started to hit the fan. We are in a trouble of hurt to come, because of all these deadbeats. Welcome to the world of the beginning of the settling in of reality. Now, you'll get a taste of watching sausage being made. Hint: It ain't gonna be a pretty sight!

Ron said...

Panic is not here yet, you have not been through a panic and can't recognize it yet...trust me this is not panic yet.

When you see panic you will know it, I will be watching from off shore as I sail away from the crabs in a bucket scrambling all over one another to get something.

This is the great reset, stay tuned more to come.....damn Mayans!

Anonymous said...

All I know is I will be helping out mom as her 401K tanks.
----------
Why do people not cash out their IRAs and buy gold, foreign stocks and foreign currencies - i.e. get out of dollar-based assets? Why are so many people acting like they're stuck?

Suan said...

Hrmmm...I'm watching CNN right now, and they predict the lowest at 8000 as most of the 401K's traders are waiting for that 'zone'.

Lost Cause said...

This is a lot worse than I ever imagined. And it is not even close to being over.

bitterrenter said...

The irony is that the people who will resort to violence first are the conservatives, the people responsible for MOST of this crisis. Their leaders, their ideology, their habits. ALL to blame for this mess.

Anonymous said...

Thank you people with no integrity who buy stuff you can't afford and then don't pay your bills.

BKS

Anonymous said...

Everytime I buy stocks the market tanks. When I sell, on que the market rallies.

I have loaded up on stock over the last week. For those who are looking for the bottom, I will post here right before I dump my stocks.

Anonymous said...

Thank you China, Thank you Saudi, Japan for your continued patronage of our Debt.

Anonymous said...

Your bank does not care about you.

Get it through your head people, you are going to lose, period.

Batman said...

Heh heh, one of your web page advertisements says "Peter Leeds, Penny Stock Expert".

Will there be any other kind of stock by November?

Tonto said...

DOW 5,000 AND HERE IS WHY:

(take a step back, look back several decades, and look at this past decade of excess as you examine the chart. Based off of the excess we have just come through, and the economic prospects that lay ahead, where does this graph go? I say DOW 5,000).

http://finance.yahoo.com/echarts?s=%5EDJI#chart2:symbol=^dji;range=my;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined

WARNING GET OUT! said...

The next big test for hedge funds will be October 23rd when an estimated $400 billion in Lehman related credit-default swaps will have to be auctioned and settled, those hedge funds that can’t come up with the money will be wiped out.

wings said...

Upon thy loins of plummeting stocks and Wall Street beating hath the Great Whore of Babylon Fallen!

Oh, how you are fallen you great housing bubble whore!

How you hath shaken your bony, Woodstock finger at the truth, Gawd, family and country upon thy greed and sloth.

Unfortune hath come home to roost in they shattered nest! Puke gravenly against the fall of Babylon the Great!

How Big Boomer hath taken the Great Dump in his proverbial trousers and hath bitten the "Big One" big time!

No more Zep!

No more home-grown weed.

No more Hummer for Big Boomer!

Words fail one!

How thy hippy-ass loins hath begotten ill of thy iniquities and thy mouth runneth over as thy savings melt thy eyesockets into the spiraling infimities of your inquities!

Shake the Finches from the trees!

Lament as Rachel's bosoms heave not and her loins remain dormant!

You have only yourselves to blame.

Ka (fricken') Gunga!

Anonymous said...

Did the cheerleaders really think they could yell fire ,get bailed out
and than go back to business as usual ? The American people are getting out of the rigged gambling
Casino . I blame Wall Street and their high leverage greedy bets and credit defaults and unregulated banking riddled with fraud .

Wonder what the cheerleaders are going to do for a living now ?
The system was the biggest crime wave in history .

Tokyo Girl said...

So, did you get yen?

wc said...

I was at a function in NYC tonight with a bunch of finance-type people and I was shocked to find that these people think everything is fine and that now is a good time to buy (stocks). I am seeing more and more people being laid off. I felt like I was in some kind of alternate universe all night.

Anonymous said...

Big crash coming in the next week or two, yes, theres more coming, you've been warned,

vanilla ice said...

Thank you to all the Fed cronies with a special thanks to Ben Bercracky and Alan Greenscam.

Thank you genious homedebtors, for making it know to everyone about how smart you are, for making me feel like a punk bitch for renting, and for totally f'ing everything up.

Thank you Lawrence Yun. Your predictions are so bad, how do you do it?

Chris said...

http://sadguysontradingfloors.tumblr.com/

casey said...

I'm done with stocks.this game is so rigged folks.As long as wall street is making money things are fine.when they start to lose money they wine to the feds and get money thrown at them.I think I will stick with real esate and the mattress.

SAYITAINTSO JOE said...

Very appropriate end to the Bush presidency.

vanilla ice said...

Thanks: Barney Frank, Chuck Schumer, Nanci Peloci, HUD, ACORN

Countryfried Financial, New Century Mortgage, National Association of Realtwhores

The Today Show, the Home and Garden network for all your stupid segments about what a great investment housing makes and how to increase profits by adding doormats.

Time, Money and all the magazines who got it so wrong for so long while encouraging this insanity.

vanilla ice said...

Nikkei down almost 10% in it's first two hours. Some insurance company in Japan files for bankruptcy. Tomorrow should be interesting again.

Anonymous said...

Anonymous Anonymous said...

Keith said...

Thank you realtors. Thank you bankers. Thank you mortgage brokers. Thank you appraisers. Thank you flippers. You f*cked the world.

Last but not least: Thank you "debt and status junkies" for selling your kids and the rest of us who lived within our means and didn't worry about granite or hickory, down the river.

Good job America.

JaneZ

Why do you blame the people who lived beyond their means? We Americans who consume are the world's economic engine. I guess you are too stupid to understand basic economics.

SD said...

Keep anxiously fishing for that "bottom" in the stock market, folks. "Are we here yet?? Are we here?? Is this the bottom??"

To put things in perspective, take a look at Japan's stock market performance over the last 25 years:

http://tinyurl.com/457ddr

Stocks are still LOWER than they were 25 years ago in Japan. We could EASILY see a long, drawn-out, Japan-style recession here in America.

Go ahead and dump your money back into the stock market hoping that we've reached "bottom" or "capitulation".

Just be prepared to not earn a dime on than money for a decade or more. There is nothing "cheap" about Dow 8500. Housing going back to pre-boom pricing, so why not stocks too (which were driven by housing equity withdrawal)?

We may see a few more sucker's rallies as we do in all bear markets, but be ready for a long sideways slide in the market (if not a further decline). Roubini is calling for Dow 7000, and he's aced everything so far.

Don't put any money in the market you're not prepared to lose.

Anonymous said...

I haven't heard from Roccman for a while, so here it goes:



ENJOY THE DIE-OFF!

Anonymous said...

U.S. banks borrowed a record $420 billion per day from the Federal Reserve in recent days as financial institutions continued to rely on the lender of last resort amid the most severe financial crisis in generations worsened.

$2.1 trillion a week

Hunter S. said...

"In a nation ruled by swine, all pigs are upwardly mobile—and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. We owe that to ourselves and our crippled self-image as something better than a nation of panicked sheep."

—The Great Shark Hunt, 1979

Anonymous said...

Dow wil hit 7700 either tomorrow or monday. We are dangerously close to curbs and shutdowns. The next stage after that is Force Majeur. (sp) Paulson will push the yellow button and systematically the USA will tell the world that it cannot satisfy its debts. The banks will close, Airborne Rangers will secure every Fed Bank in the USA Food Locations Wal-Mart Costco Sams Club etc and other major stores will all have a Guardsman at the front door. Life as we know it is very very close to changing totally.

double cheesburger w/side of fries said...

NEWS: McCain rallys starting to use ANGER and PANIC tactics to produce mob like events.

Obviously he is down in the polls so much, their desperation is showing.

McCain is turning into a dry drunk - just like Bush and the rest of the out-of-control republicans and fox news networks. I've decided not to vote for McCain, even though Barack is not that much better, but much better indeed!

Hey, what ever happened to Cheney's freedom fries and his 18-week invasion of Iraq? WTF? Its been going on for 5 freeking years!!! Mission accomplished my ass!

Anonymous said...

Dow will be below 2000 in 3 years.

Anonymous said...

IN THE NEWS:

"Investors are just saying, get me out at any price."

October 9, 2009

Some analysts believe the unprecedented ban on short selling — an effort to bolster investor confidence — did more harm than good at a time of historic market volatility. They contend that short sellers help the market rally by covering their bets and creating demand for stocks.

"I think the market's way oversold. But I can't stand in the way of this falling knife — I'd get sliced open," said Phil Orlando, chief equity market strategist at Federated Investors. "Investors are just saying, get me out at any price."

Doc the ZEALOT said...

Little did you know that the person who wrote the 18th chapter of Revelations was an HP'er.

I've quoted that chapter here before. "Babylon the Great" was described in Revelation as "the city that rules over the nations of the earth." At the time, it would have been Rome. One could argue that we are the descendents of Rome: we use a large part of Latin in our language, we have a Senate, we have the fasces symbol on our seals and coins, and we have a Senate...

It makes one wonder...

Anonymous said...

Personally, my $500k in savings is down a little over 20% from the peak. I consider this pretty good because the market is down 40% in the US and 50%-60%+ overseas.

My main saving grace was moving @20% over to cash in October/November 2007 thanks to following this blog for the last few years (hat tip to Keith).

My 2nd saving grace was saving money and starting a business instead of buying a house (double hat tip to Keith). Been making and saving even more $.

My third saving grace was putting all my savings since October last year into cash (triple hat tip to Keith).

All said and done, I'm still at $500k cause of the saving I've been doing over the last year. Now my wife no longer wonders why I spend so much time on housing blogs, especially HP!!

I only wish I would have found the time to do all the obvious shorts that have come like dominos....the builders, the banks, the bank insurance companies and now the consumer. I'd probably be retired. But at least I ain't BROKE!!! And I don't have to worry about being fired!

Good luck HPers. It's ugly out there!

Anonymous said...

uuuhhh, Keith... Karl is scaring me again...
market-ticker.denninger.net ... he just posted

I CAN"T BELIEVE MY EYES said...

FLASH NEWS!

We are now receiving reports from around the World that there is now a severe shortage of Popcorn! Grocer's shelves are reportedly empty of Butter Flavoring as well! There are reports that Germany has banned the sale of Popcorn to its citizens. Rumors of coming defaults on the Crimex Popcorn Exchange have been circulating as well.

Anonymous said...

Sometimes I think my mom losing her job while I was in college during this time was a blessing in disguise...we had to live on practically nothing, I never asked her to pay for anything, and we're both very frugal now.

Anonymous said...

Wow trillions lost.....Thats a ton of coin to go poof. I contributed about 12k.... suckd

Anonymous said...

Dow wil hit 7700 either tomorrow or monday. We are dangerously close to curbs and shutdowns.

I realized that the market is driven by the large institutional funds run by all the IV frat boys so I suspect that they are trying to make an exit as quickly as possible without triggering the limits each day.

Anonymous said...

JaneZ said....
Last but not least: Thank you "debt and status junkies" for selling your kids and the rest of us who lived within our means and didn't worry about granite or hickory, down the river.

Good job America.

Anonymous Booger said...

Why do you blame the people who lived beyond their means? We Americans who consume are the world's economic engine. I guess you are too stupid to understand basic economics.

You are an engine for your motor mouth. You are a consumption monkey and an immoral disgusting leach. It is going to be crowded enough in the soup line. Darwin meant for you to be eaten a long time ago. It is only a fluke of nature that you ever ended up with a VISA card.

Your kids will not have the proper credit limits to carry on your obscene consumption legacy so don't breed.

JaneZ

Flo,Alice,and Mel said...

Down 5000 whatever.
Who cares.Money I never had anyway.
Life is boring now,ho hum,what to do?
Hey! I got it!
Oh forget it ,I need money for that.
Fuck man,anyone got any Ideas?

Anonymous said...

FUCK!

Anonymous said...

You forgot the most deserving people of all to thank....

"Today, the Department of Housing and Urban Development reports bad mortgages were made to five million ILLEGAL ALIENS!!!!!! Figuring an average mortgage of $100,000 each, that totals five hundred billion in bad mortgages.


Buh buh buh Michelle Obama said on her DNC convention's speech that Obama will give citizenship to 20 million illiterate illegals...and then they will all be dumped in the Obama's Universal Healthcare paid by the middle class. Don't forget that they breed like flies, with 10 babies per household. Geniuses!

Anonymous said...

The irony is that the people who will resort to violence first are the conservatives, the people responsible for MOST of this crisis. Their leaders, their ideology, their habits. ALL to blame for this mess.

Yeah, you better find a hole to hide in West Hollywood.

Agent 99 said...

HPers POPCORN WARNING:

"New research shows that the grease-repelling fluorotelomer chemicals used to treat some microwave popcorn bags can migrate into the popcorn oil. The fluorotelomers are known to break down to produce PFOA, a suspected carcinogen that is commonly found in the blood of U.S. citizens."

http://pubs.acs.org/subscribe/journals/esthag-w/2005/nov/science/rr_popcorn.html