Trillions and trillions and trillions and trillions and trillions and trillions.
Where it stops, nobody knows.
All because the world decided to have a housing orgy, artificially inflating the price of homes all over the globe, in order to create fake wealth that could then be extracted in order to buy more stuff.
They programmed the masses with hours upon hours of housing porn, they bought off the governments, they employed an army of commission-driven thieves, and they sold their stock and cashed their bonus checks as fast as they could.
And then the music stopped.
And there were no safe havens.
October 03, 2008
Wow. We are now witnessing wealth destruction unlike anything that's ever been seen by human beings and may never be seen again. Any questions?
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82 comments:
The stage is now set for the real carnage to begin ... whether you house debt, house own, or rent ... it makes no difference, all parties will be impacted negatively by the forced debasement of our already sinking dollar, just so that a few fat cats on capital hill, wallstreet and within the banks, can keep their ill-gotten gains.
History has already proved that throwing money at a failing system (sunk cost), does nothing but make the problem worse by piling on more and more debt.
Housing prices will continue to plummet - nothing can stop that.
I want my mommy.
watch zeitgeistmovie.com
"Trillions and trillions and trillions and trillions and trillions and trillions."
The National Debt will soon become an unreported statistic.
Out of sight - out of mind.
Irrelevant.
After all, it's a numbers game/racket.
Relative debt vs relative wealth.
Bad debt vs good debt.
High net worth vs low net worth.
Liquidity vs solvency.
Mark to market vs mark to myth.
Lies vs mis-statements...
maybe i can sell this cardboard box under the highway overpass to uncle sammy and hanky panky paulson for a million five from the taxpayers..............
http://www.cnbc.com/id/15840232?video=875888704
it's over
The only thing that can have any impact, or that could pull us out of this death spiral, will be if the EU, UK and US all cut interest rates to 0% this weekend. While injecting trillions into the money markets.
I'm dead serious.
ZIRP here we come.
They either flood the zone this weekend, or it all falls apart.
We've reached the tipping point. Even $800 billion didn't stop it. That should tell you something HP'ers.
There is no reason to think that house prices will rise from current levels, just as there was no reason to think that the NASDAQ would return to 5000 after the crash.
Bailout Fails to Recognize Housing Bubble
http://www.cnbc.com/id/15840232?video=875709083
'Deficits don't matter'
Shotgun Dick Cheneyburton
Former Vice President, USA
The (in)glorious machine that is the MSM is doing backflips to stress the role of frightened constituents in the passing of this legislation. The scare tactics worked. The sheeple took the bait. What next?
You're watching hedge funds sell at greater and greater loss, and cash becomes king
Gee where have I heard that before? Hmmmm...
ABC tells some tale of dried up credit as the deciding factor. Yesterday, they had some businessman who threatened to lay off some of his workers if he can't get credit, etc. At least they admit that it's a band-aid, and it will only slow the bloodshed, not stop it. I'm not encouraged.
Keith,
could it be.....1929?
Just one thing I have to get straight with all the rush flavored kool aid drinkers out there. This whole thing is not due to the banks and mortgage originators being 'forced' to lend to minorities. I don't even blame bush when he revealed "an initiative aimed at helping 5.5 million minority families buy homes before the end of the decade--'Part of being a secure America,' he said, 'is to encourage home-ownership.'" http://money.cnn.com/magazines/fortune/fortune_archive/2005/01/24/8234040/index.htm (look it up, yes it is true).
Now there is no doubt that many minorities did sign up for these loans. In 2004 I lived in a community in the san fernando valley (Los Angeles) heavily populated with minorities, and the advertisements were EVERYWHERE. They were calling all phone numbers in the zip codes, complete with translators at the ready. Now, I worked at a subprime lender at the time too, and I can promise you they had no problem giving loans to anyone, minority or not (remember the 'fog the mirror test'?). The whole reason we are in this mess is cuz companies like the one I worked at (and left on moral grounds) issued loans and bundled and sold the loans to investors. Do not be fooled, they were not forced to make any loans, they did it very willingly! In fact, the law to which rush refers was passed in the 1970's, and if these poor banks had a gun to their heads and made to do bad loans, we would have had this bubble spring up & pop a long time ago. Further, these loans they were pushing were called 'toxic' for a reason. They invented these loans specifically to get poor people into a house they could not afford. If anything, the minority community was victimized the hardest.
See, rush is a spinmeister. He knows the republicans, or 'his guys' have responsibility for the economy ovr the last 8 years. He knows his guys are going to get the blame and the boot, and, he hates democrats. He tries to blame the dems for whatever he can pin on them and he does it by spinning the truth. So he came up with this excuse, racist as it is and trust me thats all that it is, an excuse for his guys, nothing more nothing less. if you listen to this discredited fool, he is a cheerleader for the republicans and has an obsessive hatred for democrats. He will take the truth and always spin it to fit the world view that he tries to sell his listeners.
Sorry for the long post.
JDF
On various television news shows I see, repeatedly, people say that no one saw this coming.
I pulled out of the stock market a year ago and told everyone I knew why I was doing so. Believe me, I am not the smartest guy you ever met.
LOTS of people saw this coming and if they had heeded the warnings (as I did) then we wouldn't be in this mess now. It's unfreakingbelievable that this has happened.
euro falling like a rock. europeans gettin ready for their own bailout bill. may god help us.
(Imagine this being spoke in the Forrest Gump voice)
Well, I guess it's time to go back to the bunker and start making popcorn for any zombies that might stop by.
Party time for bankers with taxpayer money, thanks to the Democrat crooks in Congress:
(Bloomberg) -- Treasury Secretary Henry Paulson is hiring as many as 10 asset-management firms to join the lawyers and bankers he is recruiting to jumpstart the government's new $700 billion bank-rescue program.
Can anyone help me remember where I saw that clown on the pic, which movie was that? I know I saw that somewhere and now it's bugging me.
http://www.youtube.com/watch?v=c3LjtRO_SL0
Keith can you post this?
If you having trouble
Go to you tube and search
Israel owns america
It is the first video....
I challange you to watch this and approve this war..
Iraqi's never wanted this...
Hey guys, I just got back from 3 years of trekking through the Amazon, living in the wild with no communication to the outside world. Did I miss anything?
I cannot believe it is $4/gallon to fill up my Hummer. I noticed that most of my neighbors have not been cutting their lawns and it looks like their pools are black. There are eight cars in one of their driveways; looks like over 15 illegal immigrants are living there. I checked my 401k and it has lost money so I just called my mortgage broker to get a HELOC for some quick cash and his line is disconnected. I went to Bank of America to get the HELOC on my house I paid $500k for 3 years ago with 100% financing and they told me that my house is only worth $280k now. I told them that they must be wrong since housing around here only goes up and appreciates 10%-20% per year. I should have made at least $100k on my house since I was gone. What is going on?
Is Hank gonna start buying Hedge Funds? When will the Fed become Private Equity owner?
Keith and HP'ers, boy did I have a great time or what! That housing bubble was awesome. We went on luxury vacations, bought "STUFF", live life up. It was great. I may be a Fucked Borrower, but it sure as hell is better than being a Fucked Saver. The government will tax the living shit out of you!!!!
'Deficits don't matter'
Shotgun Dick Cheneyburton
Former Vice President, USA
I agree with you anon, but the full quote is "Reagan taught us that deficits don't matter".
That may be true when you have 1500 dollars on your MasterCard and you add 50 bucks a month. When you have 10 trillion on it and want to add another trillion next year and the year after that, they matter. Dick Cheney is traitor and hopefully will stand trial someday.
Although housing was technically the mechanism for the melt-down, it is really the CREDIT BUBBLE that is the cause - housing is just a symptom. . .this could have been tulip bulbs again or internet stocks. . .the banks loaned money to dead-beats, packaged the debt, and sold it off to worldwide suckers. . .they also did this to a lesser extent with auto loans and credit-card debt (at least less in dollar amounts). . .that too will collapse, as all that junk will never be paid for.
This mess will last at least 10 years, and the bailouts will only make it last longer. Even though I am in "cash" it won't do much good, as the "cash" will just be inflated away - I should have bought canned soup and chili and a shotgun.
Can we now agree that we are in deflation.
Dny
The Bail out Bill allows the well placed to change their bets or have their bets changed in their favor by the Feds and Treasury . .Wall Street loves to the rig the Casino .
Everyone must remember all the people that voted against the Bill and make sure they don't get ousted by the fat cats and lobbyist . These good Americans need to be protected .
Is anyone getting sick of trying to get ahead in life in a rigged game ? Is anyone getting sick of
having nothing but bubbles to invest in or government interventions to worry about . Is anyone getting sick of low rates on so-called safe-havens .
One thing that Wall Street did not expect with these Bail outs is that Main Street would figure out that only a small portion of their
bets should be put in the stock market .
I predict that people will still be going for the safe-havens and that will set up to much capital going in the wrong direction .
It was such a omen from God Almighty that the stock market
downturn came up at 777 to tell people that they were just betting in a gambling casino.
Hard to get out of the game when you only are given a few choices by the powerful power brokers . Corporations are scared of losing their business model of debt slavery instead of jobs for Americans to be able to afford life .
Now that we've passed a bill which allows congress to launder money back to their supporters on wall-street and within the banking industry, county and states are approaching severe budget deficiencies.
Hmmm ... let's see ... do they all claim that "services will grind to a halt" if they don't get their slice of tax-payer's money?
Our system is fundamentally flawed in that we should never have allowed sectors of our economy to exist primarily on tax-payer's dollars.
Now, we're seeing what happens when good money is continually thrown to cover bad money.
Wealth is being transferred.
The people who sold them the houses and dotcom stock have it.
So Much for the Bailout
The bill, clearly, is not enough to turn anything around -- not the banking system, and certainly not the entire economy.
If it does restore confidence in banks, it will do so slowly: don't expect the TED spread to tighten sharply on Monday.
The best-case scenario right now is a long and painful recovery.
The worst-case scenario starts with more financial-institution failures, probably in the insurance industry, and continues with a series of systemically-devastating falling dominoes, with the Fed and Treasury looking on powerlessly from the sidelines.
http://www.portfolio.com/views/
blogs/market-movers/2008/10/03/
so-much-for-the-bailout
AT 388 basis points the TED SPREAD has a long way to come down.
Prior to all the Credit Crisis the TED SPREAD was constantly at 20 to 30 basis points
http://thecurrent.theatlantic.com/
archives/2008/10/will-it-work.php
The bailout bill has passed. But how will we know if it succeeds?
In the short run, we'll know if it works by looking at the "TED Spread" -- the difference between the most commonly used interest rate for inter-bank lending and the interest rate on short-term government debt.
This spread is essentially a measure of credit risk: because short-term government debt is considered almost risk free, the difference between the rate for government debt and the rate for bank lending is a good indicator of how risky it is for banks to lend to one another.
The higher the spread, the greater the fear of default on inter-bank loans.
It was when the TED spread spiked near an unheard of four percent that Treasury proposed the massive bailout in the first place, a bailout that will hopefully soothe the rattled nerves of banks and so they can resume lending to each other in confidence.
If the TED comes down, we'll know that this has happened.
My fellow Americans ,we have just taken the first steps toward socialism,without the benefits .
Who ever came up with the idea that allowing people to buy homes on weird loans they couldn't afford ,while making bankers and builders and Realtors,gamblers and Wall Street commissioned players rich was the American Dream ?
I guess the concept of earning something or qualifying for something is dead and gone . The moral hazard of this current rescue Bill passing will create more leeches and a general feeling by Americans that crime pays . The good people of America are getting punished . Incorrect action will create again a opposite incorrect action in the final analysis .
You already see the hand-out requests coming in .
If the Bill hadn't passed we would of found out in more depth the
Wall Street scheme that has gone
awry for going on at least 10 years now .
As a side bar ...is anyone offended by how they take people's pulse during debates so the
brainwashing machine can figure out what the sheep want to hear ?
Truth or honest debate is no longer allowed in America ,its all about
how to brainwash the sheep ,or scare them ,and in the final analysis fleece them .
For every 1 soundbite against the Bill ,there was 20 soundbites for the Bill, and a false analysis of this flawed Bill .
I suspect that in the future we the people will be told that what-ever the government does, its for the good of the people,don't ask any questions . They will have the nerve to tell us in the future that the inflation we bear and the lack of opportunity we endure ,and the low standard of living we get along with more taxes was necessary . The greed machine that's in control will lead us down the path to nowhere .
If I lend you funds overnight, I should have a pretty good idea of whether there's some news coming within the next 24 hours that would prevent you from repaying. I may correctly judge that risk to be small.
But over the next 3 months, who knows what might happen?
If I were a risk-neutral lender, and I thought there was a 0.36% chance that a currently sound bank may go completely bankrupt over the next 90 days, I'd want a 145-basis point (annual rate) premium on the 3-month loan as compensation.
Or, it may be that I'm afraid I myself might be exposed to some severe credit event over the next 3 months, and would be better off keeping any extra cash in Treasuries rather than lending them 3 months unsecured.
But this risk/liquidity premium only accounts for half of the TED spread.
The remainder is due to the gap between the fed funds target (currently 2.0%) and the yield on 3-month Treasuries (now under 1%).
This is the other part of the "flight to quality" just discussed.
http://seekingalpha.com/article/
97740-what-s-responsible-for-the
-ted-spread-s-recent-behavior
Labor Reports Shows Tech Sector Feeling The Economic Squeeze
The technology sector is starting to feel the effects of the economic slowdown. So far this has not led to wide-scale job cuts, but a slowing demand for computers and other electronics may already be weighing on some payrolls.
According to data released Friday by the Labor Department, computer and electronics manufacturers did not grow their work forces at all in September.
The tech sector was considered a relatively safe haven in the turbulent economy until recently, but by no means was it ever immune.
Deutsche Bank analyst Chris Whitmore said the impact from the credit crunch is translating into significant weakness in the real economy and will likely pressure 2009 (information technology) budgets.
U.S. employers overall slashed their payrolls by 159,000 in September, the most in more than five years.
http://www.redorbit.com/news/
technology/1577209/
labor_reports_shows_tech_sector_
feeling_the_economic_squeeze/
The New Deal is here
http://www.crackthecode.us/images/Terminator5.jpg
So....opposition to the billionaire banker bailout bill was running 300:1 against from the American people. The U.S. Congress rams through the bailout anyways. Could someone please remind me again that we're in the Middle East to spread democracy?
Maybe Al Queda or Iran can liberate us from our domestic dictator overlords?
Keith
You mentioned years ago that ;
"Phoenix Metro" could fall as much as 50%"
Go over to C. Smith. Correspondents are showing charts today that you are.......
A GOD DAMNED PROPHET !!
"...cash becomes king."
If you're holding onto dollars, Keith, then you better also hold onto your ass because this ride is about to go DOWN.
Sorry to be spammish here but please consider my proposal for a November shakeup!:
In between the current fleecing operation and the next one is one important little event: The November Elections. I have already seen a few starter plans out there to rally support for opponents of anyone that voted for this bill. This is a good start. Special attention should be paid to the cowardly vote changers that changed their minds when presented with cash handouts. In the next few days I am sure a solid, well organized plan will take shape and I will be donating money towards this goal. I strongly suggest you do as well.
We must do this, and more. What's more is that a message must be sent here. No more bailouts. No more mismanagement of the economy and national finances. No more giving the voters the middle finger with no accountability. NO MORE.
If you are reading this blog and others like it I feel safe in assuming you have a good head on your shoulders. I will further state that I think most, if not all, are solid citizens just trying to do their best. Whatever your political leanings I would think you have strong principals and you do not like to compromise them. I understand this and I respect that immensely.
I am going to ask you to compromise it nonetheless.
What I want you to do is to identify all incumbents that are on your ballot for November. Then I want you to vote against every single one.(You may elect to keep any official that voted NO to the bailout.)
Now I understand that for many the thought of voting for a republican makes you ill. You may think Roe vs. Wade will be overturned the first morning of the new congress or that we will invade Canada or whatever. Get over it. You can always vote the next time for a democrat. This issue is the most important thing and all that other stuff can wait.
I get it that the thought of voting for a Democrat may make you want to take a shower. You may think the gestapo will be at your door the first morning of the new congress to take your guns and your gold. You might think that we will be forced to marry a gay person even if we are not gay or whatever. Get over it. You can always vote for a republican the next time.
I can guarantee that if a boatload of incumbent get sent down the river, the new congress is going to be especially keen on listening to their voters. Very keen. You may even find that with a new attention to the voices of regular people, the differences between the right and the left for ordinary folks may not be so large.
50 years from now
" Daddy ,Daddy ,please tell me about the Great 2008 Takeover by the Friends of the People ."
"You know that the Authority mandated that the people that were alive during those days that still live are not allowed to talk about those days . The Authority has issued the official history and statement of what happened ."
" Yes , but Daddy ,Grandmother and Grandfather told me a different story about what happened."
" You can't talk about anything that the Authority said is treason, but I will tell you a few things I heard ,if you promise never to repeat it ."
"Ok, Daddy ."
"This is the version of history my Father told me many years ago before they took people to the tent cities or to the prisons .
Apparently in 2008 the former USA discovered that greedy people and a place called Wall Street at the time bankrupted the Country by issuing credit to people who could not pay . The government at the time came in and changed the laws after the fact to correct the situation and have the people pay
for it . This was a time where people were under the concept of capitalism and a document called the Constitution ,which I understand did not work . This is why we must be grateful that the Authority knows what is best for us .
Well, someone by the name of Paulson misused government funds apparently ,and it didn't work to stop the economy from going down hill . Than the government stepped in and saved the former USA and started our great Society we have today named 'The People Of The World Republic ". My parents did tell me that people were rich under the former USA and had their own doctors and actually owned things and they made their own choices .
Apparently people under the former USA could choose whatever brought them happiness ,and work in whatever manner they wanted to achieve those goals . What a strange concept that people would want a society like that when one could have the Authority making decisions that are in the best interest for the people .
I only have to work 14 hours a day for the Authority and we get food issued and a condo to live in . Who could want more than the goals of the Authority ?"
"Daddy ,have you even questioned the Authority ,like Grandpa did
before they took him away ?"
"Yes ,sometimes I remember what my father and mother told me about the former USA before the Authority took over . Sometimes I wonder about this Constitution my father use to quote to me when I was young . There was something about those words that touched some part of me that I dare not
speak about ,but I do dream about it sometimes . One concept was the protection of the individual ,which is totally contrary to the will of the Authority these days as you know . Another concept was this right to the individual being able to choose their own happiness instead of the Great Social Good of the Authority . Sometimes i am haunted by the words of my father before they took him away calling him a traitor . I never really believed he was a traitor ,but i had no choice in the matter . After they took away all the guns because of the rebellions ,the Authority was able to bring the great government we have today that protects us and knows what our needs are ."
" Daddy can we get a pass from the Authority to go to the mountains this weekend ?"
"I don't know ,I might of used up all my yearly passes, I will have to check .Oh please don't mention our talk to your mother or any one else, ok ? You know the Authority is right and the Authority always knows best .The Authority finally found those rebellion documents that people said existed that told the true story of the history of the former USA .I hear they found the Documents in a cave that was a hiding place of the Rebellion forces .Anyway ,tomorrow is Authority Worship day ,so don't forget to bring the song book."
"Ok, Daddy ."
I'm buckled in and ready for the deflation ride to begin.
The government has privatized the US Treasury. It is the ultimate Conservative victory in the war on the New Deal.
Say hello to the Libertarian New World Order.
"Trillions and trillions and trillions and trillions and trillions and trillions."
This money was never there in the first place.
Where does the Fed get half a trillion dollars over the past two weeks? That's on top of the half trillion they lent or gave away to the banks over the past year.
And what about the number I think you mentioned Keith, $60 trillion or something of those derivatives still lurking out there ready to explode?
Derivatives are even more abstract to me. I can barely understand what the hell they are which must mean for an average smoe like me that they are just that much more dangerous.
So let me get this straight:
Were we witnessing "wealth creation" when the housing bubble was on the way up, i.e. getting INFLATED? Were people actually getting wealthier, was wealth being "created", when that house appreciated 15% YOY? What about the poor 'late to the party' buyer: wasn't he simply paying MORE for the same house? Wasn't it really HIS personal wealth that was being depleted, and given to the seller?
Guess what I'm asking is, isn't wealth subject to laws similar to the conservation of energy, where energy is never created or destroyed, but changes form?
If so, then how can you say we're witnessing "wealth destruction" when in fact, the net wealth has not really changed?
Wall Street dropped 777 points on Monday, and the headlines made a big deal out of how trillions of dollars had been lost. Really? Where did it go then? Didn't some people end up richer, while others ended up losing money?
Isn't Wall Street SUPPOSED to be a zero-sum game, where the net effect is simply money changing hands? How can that wealth be made OR lost, other than money being pulled out of the market and put somewhere else?
31/2 years ago when I accidentally came upon these Housing Bubble Blogs,I couldn't stop reading . When I finally got enough proof of the type of loans they were making ,I saw a cause and effect and nothing but a crash of some sort . I felt my very existence as I knew it was being threatened and still is .
They don't talk a lot about how much crime was riddled through-out the housing boom to bring it to the heights it got to .
Clinton was the President that signed into law the two most dangerous laws that set the stage for the Housing Boom . Greenspan kept the rates to low and the regulators just didn't regulate .
The media supported by advertisers was the rah rah cheerleaders for the fake real estate bubble . How do you create wealth that the Americans don't really have so the rich can get richer ?
The big emergency ploy to get the
unthinkable passed ,while the Politicians try to hide who really owns them ,is what is taking place before your very eyes .
Now the sheep will clap when the interest rates are lowered ,but the evil ones did their damage ,and the new interest rates will do damage also. Its clear what the Big Plan is ,and its clear to me the waste and damage it will create . The powers wouldn't even be decent enough to give Lenders loans instead of direct grants of the taxpayers money .Bail Out is the correct word to describe what is taking place . Do not even think that the taxpayers will re-coup any money .
K
A
G
U
N
G
A
Nothing is ever put into perspective. Just like how does one value a home? What is the right price? What is the true cost per square foot? How does it compare to that last 80 years? Even now prices in many places are not out of line historically and even in bubble markets have come down to 2002 levels in some areas, not adjusted for inflation.
The credit meltdown? A problem. How much is manipulation to elect Obama? The bail out? I read an article on the Great Depression and it said that when the government intervened it invested 69% of GDP to bail out the financial systems. The 700 billion is around 5% because the GDP is 18 times larger than in the 1930s. Even the 770 point drop, though large in number terms wasn't the largest drop in % terms. And during the great depression the stock market fell 89% from its high. We have a long way to go before that happens.
Panic. That can cause a lot of problems that wouldn't exist if Panic wasn't the motivator.
Recession? Yes. Depression? Depends on definitions and with governments willing to print money and all sort of social insurance programs...
Europe? They are next to suffer a crisis of confidence. Keith, you live there, you know the high prices, the debt, the over leverage, the arrogance....they, Australia, NZ, Russia, none are different.
At least it wasn't tulips, how stupid is that?
the banks loaned money to dead-beats
Scottsdale, anyone?
My fellow Americans ,we have just taken the first steps toward socialism
No, we did that in 1913. We are now taking the FINAL steps to socialism in this grand conspiracy, with the last and final step being the election of the fundamental Marxist himself, Barack Obama.
Hmm, as a history buff I was doing some reading and came across this line regarding the collapse of the Roman Empire:
intellectual development suffered from the loss of a unified culture
Hmm, 2008 America, anyone? With it's hardcore multiculturalism?
So who did vote for Bush & Cheney in 2000's and 2004's ?
Please step forward and raise your hand !!!
Good job !!!
To Do:
1) Buy more popcorn :)
2) Make sure family members don't off themselves when they lose their jobs, their 401(k)s, and their homes :(
Sonsabitches!
Another REALTOR still blaming the media
http://activerain.com/blogsview/718760/Don-t-Let-the
I smell another bailout:
NYT -- The American International Group said on Friday that it had already drawn down $61 billion of the $85 billion emergency bridge loan it received from the Federal Reserve two weeks ago, an announcement that startled credit ratings agencies.
The emergency loan was supposed to buy the company time to sell its troubled assets in an orderly manner. But the sell-off has not yet begun, and now the insurer faces the additional pressure of trying to sell the businesses at a time when potential buyers are having trouble borrowing money.
Thank god we're sooo rich; it's raining money!
Who ever came up with the idea that allowing people to buy homes on weird loans they couldn't afford ,while making bankers and builders and Realtors,gamblers and Wall Street commissioned players rich was the American Dream ?
That's an easy one: Barney Frank (the disgusting fag), ACORN (where Obama worked), the corrupt Democratic party and its welfare for votes policy at the expense of the productive middle class. But guess what, the morons are going to reward the culprits in November.
I love it because we need to cleanse the country from these parasites. If you think it's bad now, wait until Barry gets elected.
Welfare and American citizenships for votes will reign. African-Americans will be taking orders in Spanish from Mexicans.
Hey Michelle Obama made a speech on the DNC convention about giving citizenship to 20 million Hispanic illegals. Guess whom those Hispanics are going to be competing with for blue collar jobs? You African-Americans are geniuses, selling your future to Mexicans...and you were born in the US! Geniuses!
Now go chant to your Messiah, black geniuses...and don't forget to start learning Spanish to understand your new bosses.
Labor Reports Shows Tech Sector Feeling The Economic Squeeze
The technology sector is starting to feel the effects of the economic slowdown. So far this has not led to wide-scale job cuts, but a slowing demand for computers and other electronics may already be weighing on some payrolls.
I hope those granola bar enthusiasts from the San Fran bay get what they deserve. Go ask Pelosi and Feinstein for a job. And don't come immigrating to other states. Stay there in your ultraliberal dump. Go Californicate your momma.
Republicans had complete control of government 2000 - 2006
"identify good businesses, attempt to buy them at good prices, and hold them for the long term."
How bad is the current crisis? Dan Hyde takes a look at what happened on Wall Street in 1929 and finds some startling parallels to today's crisis
What really happened when Wall Street crashed in 1929? And is 2008 turning into a re-run of those momentous jazz-age events?
Whilst today's world is far removed from that of prohibition America with its flappers, speakeasys, art deco styles and vaudeville shows - those fateful final months of the twenties housed ludicrously inaccurate political prophecies, unscrupulous lending policies, over-inflated markets, failed bailout plans and investors wracked by fear, which we are all too familiar with today.
Blame for today's credit crunch induced problems has been dished out prolifically by politicians and journalists in recent weeks.
The banks' risky sub-prime mortgage loans have been attacked for sparking an escalating credit crunch and short-sellers have been criticised for taking advantage; their 'immoral' practises coming under fire for driving banks to the point of collapse.
But the crisis of 2008 began in more humble surroundings than the turbo-charged world of city traders, it started in small-town America and in less than a year since the problems began to make waves it has sent economic ripples across the globe.
The economic world of 1929 was different. The globalism we know today was still in its infancy and the stock market was not the same can of worms it is now.
Whilst short sellers did exist in those days, their presence was not large enough to move the market; and while on the housing front, a boom in Florida had captured public imagination and much of Joe Average'ss savings, it hadn't spread far beyond the state border.
In 1929 Wall Street had its own particular problems. A bubble had been expanding as an enormous bull market developed in the eighteen months before the eventual crash in October. In fact, it had become so large it had begun to grow out of the Fed's control as early as March '28 and into what Philip Snowden, Chancellor of the Exchequer in Britain, called a 'speculative orgy'.
http://www.thisismoney.co.uk/investing/article.html?in_article_id=453151&in_page_id=166&ct=5
Can we all agree that Osama Bin Laden won? Mission accomplished!
Don't believe it. He's not that intelligent. The fact that he hasn't be killed yet would suggest that he is a useful instrument to scare people with. As smart commentators like Michael Moore pointed out in his book "Dude Where's my Country?" there are links between the Bush family and the Bin Laden's... though the nutty right wingers would call you a conspiracy theorist for suggesting such things.
Remember Bush's "I hit the trifecta" statement. It was his intention to run the economy into the ground all along.
I LIVE in California and couldn't agree with you more.
Feinstein-Boxer-Bella Lugosi Pelosi and the doomed Terminator rewrites the definitions of stupid and corruption.
The only things remaining in Caifornia will be illegal aliens,retired people on Prop 13 a few ponytailed bald liberals and renter Frank@Scottsdale.
They all deserve each other.
If America is third world, then California is turd world.
I have one thing to say
KABOOM
Smiley said: Remember Bush's "I hit the trifecta" statement. It was his intention to run the economy into the ground all along.
I agree. Planned and executed to be final just under the wire.
All right, here's the deal:
1) The global domestic product (GWP) is about $65.6 trillion dollars.
2) The face value of derivatives traded on global markets in the third quarter of 2008 alone was $681 trillion dollars.
(tosee supporting links, clink on my name)
Can you hear me now?
This is why no amount of American taxpayer money -- or any other money -- will save the global economy from this credit freeze-up. Banks don't trust each other anymore because the collateral is all infected with this worthless paper. Meanwhile, in the unlikely event of a bailout, where will all that taxpayer money going? Into pockets, that's where. The Booshites are robbing us on the way out. How to fix it? Just call it a draw and restart the global economy, like a game of monopoly. Meanwhile, the oligarchs thank you for your hard work.
The End. Thank you for playing.
Vote again!
It was always PERCEIVED wealth anyway. There was no real basis for it.
Its more like a mirage of a beautiful oasis that evaporated as we approached it.
No, we did that in 1913. We are now taking the FINAL steps to socialism in this grand conspiracy, with the last and final step being the election of the fundamental Marxist himself, Barack Obama.
Uh, I fail to see how Obama could be any MORE of a Marxist than Bush was: for one, Bush has spent ALL the MONEY, so there's nothing LEFT!
Now, you might have reason to dislike Obama if:
1) you don't want a half-black man dirtying the White House sheets, and
2) You make more than $250k. Imagine that: Obama expects the wealthy to PAY TAXES, too, and not just the middle class and poor! What a freaking Communist, eh?
All Obama is trying to do is unwind (8) years of unrelenting fascism under Bush. I fail to see how THAT could make the plight of Americans any WORSE than it currently is.... If you've got the answer, lay it on us.
Just to follow up:
Obama will be stepping into a ruined, looted office if he DOES win. It's like trying to rehab a home that's been heavily damaged and devastated by water damage and mold after Katrina. Obama and others won't turn things around in one term, since it'll take DECADES to unwind the damage caused by Bush et al.
HOWEVER, it should be obvious that a long journey to a far-away destination begins by taking one step and repeating the process, but only AS LONG as that step is in the RIGHT direction!
Guess what I'm asking is, isn't wealth subject to laws similar to the conservation of energy, where energy is never created or destroyed, but changes form?
--------
I heard recently from an economist that wealth is never destroyed, only transferred.
If you deduce that the United States had a 50 trillion dollar orgy on fake real estate wealth and debt,you can begin to see what the looming problem is .The 3 trillion that Paulson and the Feds are playing with is a grain of sand in a big ocean of false wealth and debt .
Of course, we're setting aside actual DESTRUCTION of material, i.e. burning $$$ to light a cigar, or a house destroyed in a flood, or the atrophy of matter that occurs with time (like fading furniture) or from obsolescence (computer gear), etc.
But it seems to me that from the standpoint of a transaction occurring over a short period of time, value is all relative anyway, isn't 'real', and the only thing being destroyed here is the PERCEPTION of value.
For example, Apple stock was selling for $200 earlier in the year, when it dipped below $100 the other day. Have Apple's products changed in that time? No. Have their SALES dropped since then? No.
The value of stock is derived from it's ability to generate dividends IN THE FUTURE, and as we know, companies are going to be having a harder time keeping their revenues up in the face of an economic slow-down and tighter credit...
It's already harder to get working capital, and it's going to be harder to hire and pay employee salaries, EVEN IF you have increasing demand from customers.
If you deduce that the United States had a 50 trillion dollar orgy on fake real estate wealth and debt,you can begin to see what the looming problem is
Fake debt and wealth, LOL!
What we need is a NEW massive gov't agency made up of legions of experienced appraisers, who's sole responsibility is to determine the PRICE of assets, whether it be homes, cars, or CDOs. We could call this agency the "Federal Price-Setting Committee", or something like it.
Hey, wait a minute: isn't the role of the market place in a free-market economy (which is what we're SUPPOSED to have, LOL!) to provide price discovery, where an item is only worth somewhere between what someone is willing to SELL it for, and what someone is willing to PAY for it?
Ah, that's just crazy talk: it's more fun to create a massive gov't agency that'll do it for us instead!! Hell, it's worked for the Chinese and Russians in the past, so why not for us, too?
After all, isn't the government's intervention of short sales, PPT shenanigans and interest rate games, telling investors not to monkey with oil/gold/commodities futures, etc, etc, basically just one step removed from total price control? Like they say, "don't fight the Fed!"
Blogger Frank@Scottsdale-Sucks.com said...
Hmm, as a history buff I was doing some reading and came across this line regarding the collapse of the Roman Empire:
intellectual development suffered from the loss of a unified culture
Hmm, 2008 America, anyone? With it's hardcore multiculturalism?
October 04, 2008 8:05 AM
Sure Frank blame it all on "diversity training", "affirmative action" and "multiculturalism". Blame it all on minorities but not one ounce of blame on the white guy and gal! Who is running corporate America Frank? Who is running the halls of Congress and the White House Frank? It's not the minorities Frank! Wake up and don't blame it all on us "colored people".
How can you have the massive transfer of wealth that is passing to the oil companies and producing countries before it takes down the whole system? They call it oil shock for a reason.
I can't believe all of the Republican vs. Democrat crap that is still here on HP.
Look, the politicians and corporate giants create this false conflict to keep the citizens from realizing the whole thing is just a charade to fleece the public. This is straight out of pro wrestling.
The HP crowd should be smarter than this!
Look at the bailout. The Republicans and Democrats were equally willing to screw us. Only a few lesser-known and less-bought-off house members were sticking up for the citizens. And you can believe that their campaigns will not be well-funded this time around by their respective parties.
We need to rally around third parties. Big government types can have their parties and small government types can have theirs. We need to recruit the few honest brokers in the major parties and get them to defect, like Cynthia McKinney and Bob Barr have.
The Democrats will f**k us over.
The Republicans will f**k us over.
Man, Keith, I couldn't have said it any better myself. You hit this one on the head, bud. The housing porn fall continues.....
I am sure glad I got out before the music stopped playing. I pity the fool who got my chair and now can't unload his property.
Ha, ha, ha... sorry I'm laughing all the way to the bank.
small hat
"What we need is a NEW massive gov't agency made up of legions of experienced appraisers, who's sole responsibility is to determine the PRICE of assets, whether it be homes, cars, or CDOs. We could call this agency the "Federal Price-Setting Committee", or something like it."
And here it is:
Office of Financial Stability.
As smart commentators like Michael Moore pointed out...
bwahahhaa..Michael Moore intelligent...funniest thing I've heard this week. Oh yeah, Cuba has better health care than the US and unions didn't kill automaker jobs in Flint. Sure thing, buddy. I bet you're one of those stupid-still wet behind the ears- Gen Y-ner college idiots, who get impressed by the Marxist-union parasite college professors.
One day you'll see the light; I promise you. In the meantime, keep taking your orders from the high school dropout-Hollywood celebs.
Blame it all on minorities but not one ounce of blame on the white guy and gal! Who is running corporate America Frank?
I tell you one thing, my Norwegian girlfriend (yes, she's freaking hot) was telling me that after Norway tried to be nice, allowing Turks, other Muslims, and minorities to immigrate, their country went down to hell and crime shoot up.
I suggest you go visit Pelican Bay or the LA County Jail for an eye opening experience. Or check the DOJ stats. Who needs this $hit, really? I mean, can't we give citizenships to MBA graduates from all over the world, no matter what race or color? Why keep on giving American citizenships to low-life who breed like flies? I tell you why, so crooked Democrats can get more votes. They're destroying this country.
Anonymous Anonymous said...
Blame it all on minorities but not one ounce of blame on the white guy and gal! Who is running corporate America Frank?
I tell you one thing, my Norwegian girlfriend (yes, she's freaking hot) was telling me that after Norway tried to be nice, allowing Turks, other Muslims, and minorities to immigrate, their country went down to hell and crime shoot up.
I suggest you go visit Pelican Bay or the LA County Jail for an eye opening experience. Or check the DOJ stats. Who needs this $hit, really? I mean, can't we give citizenships to MBA graduates from all over the world, no matter what race or color? Why keep on giving American citizenships to low-life who breed like flies? I tell you why, so crooked Democrats can get more votes. They're destroying this country.
October 05, 2008 8:21 AM
Any white person who blames it all on the minorities is a piece of white trash! Period. White trash can not take responsibility for their own actions and thus they blame "minorities" for THEIR PROBLEMS! My old man fit that profile perfectly; he worked hard and then his factory job moved to Mexico and he got so pissed at guess who? The minorities. BTW, most minorities are in jail for drug crimes (non-violent offenses). Yet, according to the DOJ, more whites use drugs than minorities and yet more minorities get locked up for it. Also, tell your white trash girlfriend to go back to Norway since life is so darn great over there! I hate it when foreigners come here and trash America at the same time. Go back!
Anonymous Anonymous said...
Blame it all on minorities but not one ounce of blame on the white guy and gal! Who is running corporate America Frank?
I tell you one thing, my Norwegian girlfriend (yes, she's freaking hot) was telling me that after Norway tried to be nice, allowing Turks, other Muslims, and minorities to immigrate, their country went down to hell and crime shoot up.
I suggest you go visit Pelican Bay or the LA County Jail for an eye opening experience. Or check the DOJ stats. Who needs this $hit, really? I mean, can't we give citizenships to MBA graduates from all over the world, no matter what race or color? Why keep on giving American citizenships to low-life who breed like flies? I tell you why, so crooked Democrats can get more votes. They're destroying this country.
October 05, 2008 8:21 AM
You still DID NOT ANSWER MY QUESTION; who is running the institutions that got us into the problems that we are experiencing? It wasn't us "colored folks" for sure! Take responsibility over your own actions white man. Take personal responsibility.
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