Nah, home prices never go down.
Post random thoughts, articles that I missed (use tinyurl.com and hit the highlights only), and tell us what's on your mind
January 19, 2007
BUBBLETALK - open thread to talk about the housing crash and mortgage meltdown
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First?
Good...
Enjoy the dieoff!!!
- Foreclosure Dog -
Thanks anon for your support on saving the "foreclosure dog". A neighbor told me what a wonderufl thing my family did. Not that I need the whatever, but what else is next?
Last night was the coldest since 1979 Per WBBO radio.
Can karma start now?
We named him hobo.
Anywhoo -
2008 is not off to a good start. Read here and at Pactrick.net
I love this blog I watch this and lenderimplode.com like a hawk.
My extended family has NO IDEA what is about to hit. . . .
More as it happens on HP . . .
P.S. I looked at the Greater MLS a few days ago, custom spec builders have 1M+ homes with NO reduction in prices in months. What absolutely amazes me is that they ALL have 2 car garages.
Who would buy a home (with all the crap that today's homeowner own) with only a two car garage? These are homes with 3,500+/- heated SF.
Denial and greed for most builders and idiot home buyers today.
Any clue on how these small custom builders are making their own mortage payments? It makes me want to join the HBA to hear them bellyache.
What a long strange trip its going to be for the naive sheeple in 2008-2209.
I predict 2008 is will worse than 2008 but the real Sh$t is going to hit the fan in 2009,
Bullets and beans baby!
Beignet.
P.S, If you want a REAL cheap HISTORIC home in NOLA I would say in 6-8 momths go for for it. . . . Not later becaouse the best wil have been purchased, Just in time for Jazz Fest!
NAHB CALLS BOTTOM:
I just love watching all these pundits call bottom. I hope someone is retaining all these quotes that could fill a book...
“David Seiders, NAHB’s Chief Economist, sees new home sales bottoming out in the second quarter of 2008......"
http://tinyurl.com/ysfth3
GREAT QUOTES:
“‘We’re not selling shelter,” says the president of Toll Brothers, a builder of upscale homes. ‘We’re selling extreme-ego, look-at-me types of homes.’”
http://tinyurl.com/3bdy6r
I just spent an hour trying to talk a colleague out of buying a house this Spring. He is just out of collee, and he and his wife have wisely rented for a year waiting to buy.
But . . . now that the MSM is talking so much about falling house prices . . . she is anxious to pick one out. I showed him the ARM reset chart and what is coming this summer . . . and explained the "falling knife" metaphor. We will see.
I think that real panic sets in in August . . . after all of the sellers in denial (now) wait out a "spring selling season" . . . with no offers and falling prices.
Then . . . maybe we will see some real housing fear (panic?).
Downtown Orlando
"If the people were to ever find out what we have done, we would be chased down the streets and lynched."
-- George Bush, cited in the June, 1992 Sarah McClendon Newsletter
I am getting my chinese made rope ready for what needs to be done. There are many necks that need to be stretched.
Hmm... looks like Connie the Coked Up Realtor has debated Schiff before. She has this gem on her own blog:
http://tinyurl.com/ytj9pa
Makes me think that she's convinced she's winning these debates.
FLASH:
RON PAUL GETS JACK SHIT IN IOWA
are you freaks starting to get it now?
Keep renting your shithole apartments losers.
I think my Lab got more votes than Ron Paul tonight.
** NEWS FLASH JUST IN!!!!!!!!
RON PAUL MAY TAKE 3RD PLACE IN IOWA!
CRUSHING GILIANI, MCCAIN and THOMPSON!!!!!!!
GO RON GO!!!!!!!
3rd IS A HUGE GREAT START PEOPLE!!!!
ron paul is getting closed out in iowa. so much for all the hype. he has been totally squashed. the only man that can help us at this time. and the sheep do not understand his message. frightening and sobering, is all that can be said.
RON PAUL IN A RACE FOR THIRD PLACE IN IOWA!!!!!!!!!!!!!
NEWS FLASH !***************
RON MAY TAKE THIRD!!!!!!
KA-BOOM!!!!!!!!
THAT IS HUGE!!!!!
GO RON GO!!!!!!!!!!!
Tight race for 3rd!!!! GO RON GO!
THIRD PLACE TODAY, FIRST PLACE NEXT WEEK!!!!!!!! GO RON PAUL!
Downtown O-town said...
I just spent an hour trying to talk a colleague out of buying a house this Spring. He is just out of collee, and he and his wife have wisely rented for a year waiting to buy.....
=========================
In other words, he's at that age where he already knows everything. Don't hold your breath. Went through it with five younger colleagues, lost four. Of the four, one is going belly up as we speak, one is headed there, the other two, well, time will tell!
Ron Paul did just fine with 10% in Iowa. Hucksterbee is a flash in the pan that appeals to red meat Republicans. Romney is the Republican version of John Kerry.
When you slice and dice the exit polls and find out who exactly voted for Paul it is encouraging. Look forward to New Hampshire which will make or break him.
Keep renting your shithole apartments losers.
-------------------------------------
uh oh, sounds like a Realtor lost his only paying job tending bar at Chili's
Ron Paul is at 10% in Iowa with 95% reporting. He beat Rudy who had more MSM coverage. Bill Clinton only got 3% and went on to win.
Keith,
This article is a MUST READ from the WSJ.
http://tinyurl.com/ysmh4l
Predicts 15% fall in home prices over 5 years or more if rent prices rise less than 4%.
Also interesting is their measurement of annual rent cost to home price. They claim typical cost of rent is 5%-5.25% of owning and has now dropped to 3.68%.
I live in Pasadena CA and its actually somewhere around 2.5%. Just points to further evidence that Cali's got a 35% to 40% fall ahead of it.
This is a real estate blog. Could political comments be posted elsewhere?
Over 40 years of politics has taught me that there is no difference who gets elected. If Democrats are in office they pretend they are "Robin Hood" take from the middle class and create programs and large bureaus to manage them, boast about job creation from the bureau they created and offer almost nothing to the poor after it is in place.
When Republicans are in charge they pretend they are "Prince John and the Norman Barons" cater to business, re-write tax laws to protect themselves and prevent middle class people from entering their lifestyles, find new ways to shut off tax deductions for the middle class and leave them poorer than they were before the Republicans took office. Either way the middle class is NOT represented.
One lays a moral claim in "helping the poor". The other lays a moral claim "we are here by divine right"
The truth is neither of them are moral,
There will be no change in this country until both of these parties are removed. We need a party that represents middle class interests. All this talk about Ron Paul as some sort of Messiah is crazy. He is a Republican, therefore he is not for us but for padding his own nest.
Who is this "Enjoy the dieoff" person? A guy looking forward to a dieoff and blaming the baby boomers for all the economic problems we have now is a prime candidate for recruitment by National Socialists.
One thing is very clear. Housing will be worthless in the future because the baby boom generation will leave behind a lot of vacant houses with no one to replace them. Unless strong economic forces cause fundamental changes in the way we live one of two things will happen. Either cities will be vacant or suburbs will be vacant. Knowing what I recall about economic bases, I tend to believe cities will recover. It's cheaper. The suburbs will eventually be abandoned as costs of transport, etc. will contract our economy.
Got job?
Unemployment climbs to 5%...
Let the fun begin!!!!!
Anonymous said...
FLASH:
RON PAUL GETS JACK SHIT IN IOWA
are you freaks starting to get it now?
January 04, 2008 1:45 AM
********************
Nice try, troll. Paul was never going to win in a state dominated by imbecilic Christian conservatives, hence Huckabee, Romney and Thompson's numbers. Paul still pulled in double-digit percentage points, not too far behind McCain, a well-known secular candidate.
If you want to really use numbers to give a false view, how about mentioning how Ron Paul got almost 4 times as many votes as all Democratic candidates combined? Or that he got 12 times as many votes as the Democrat winner, Obama.
Getting 10% in a state filled with scared sheep like Iowa is a HUGE win for Ron Paul.
My emails are so jammed with various government-seized homes for auction that I finally had to have them automatically downloaded in the JUNK file. What the various agencies have guaranteed is truly mind blowing. And if the hovel hasn't been foreclosed for mortgage non-payment, it’s sold to pay off all the other tax liens usually with a total to rival the national debt!
Since no one taxing authority's sale (say it's FHA) absolves the buyer from all of the other government liens (Fed IRS right down to back fees for local municipal garbage pickup,) nobody in their right mind bids on these POS's.
During the early 2000's, the various government combined auction offerings went down to emails four times a year, then reduced to an "as needed" status whenever enough properties could be thrown together to justify the time for someone to sit down and enter them in a computer!
Now it's EVERY DAY, from multiple sites.
Thought the FB's were screwed, we (the taxpayers) are too. We ultimately own this garbage that can't be sold for a dollar.
are you freaks starting to get it now?
Oh, we get it.
Hey, how's that $1 double cheeseburger?
Starting to fall here in the NOVA/DC area...but they really need to crash before I jump back in.
"If the people were to ever find out what we have done, we would be chased down the streets and lynched."
I have no problem in lynching retarded imbeciles who are renting shit-holes in the ghetto part of town. Renters do nothing else but deface properties by tearing up the cheap carpeting and defecating into the kitchen sink. Let me tell you dip-shits about the meaning of an oxymoron. A "Proud Renter" is the same as an "Intelligent Idiot". It is what educated people such as Blowfly call an OXYMORON. But our economy needs minimally educated renters with Microsoft certifications too. We need people eating Spam in cans, slurping Ramen Noodle soup and cutting coupons for cheap canned ham. Ever invite a hot girl into your rat and roach infested efficiency? Pick her up in your 1992 Nissan roach coach? Yes you, with the vacant stare, I’m talking to you!!!! Do the one right thing in your life and get in line for a real home, something you can call your own. Ah, whatever, why am I wasting my time with a bunch of dim-witted, feeble-minded, lame brained, mentally defective and underachieving yo yos!
Ron Paul for the win! said...
Ron Paul is at 10% in Iowa with 95% reporting. He beat Rudy who had more MSM coverage. Bill Clinton only got 3% and went on to win.
January 04, 2008 7:29 AM
----------------------------------
I hate to tell you this but Ron Paul has the same chance like a snowball in hell. This election will end the boomer (and older generations) roles in governments. Ron Paul is just a grand popo and we should spend the money to get him a set of Depends diapers, metamusil and a walking cane. The guy is just to old for leading the free world.
Anonymous Blowfly said...
"If the people were to ever find out what we have done, we would be chased down the streets and lynched."
I have no problem in lynching retarded imbeciles who are renting shit-holes in the ghetto part of town. Renters do nothing else but deface properties by tearing up the cheap carpeting and defecating into the kitchen sink. Let me tell you dip-shits about the meaning of an oxymoron. A "Proud Renter" is the same as an "Intelligent Idiot". It is what educated people such as Blowfly call an OXYMORON. But our economy needs minimally educated renters with Microsoft certifications too. We need people eating Spam in cans, slurping Ramen Noodle soup and cutting coupons for cheap canned ham. Ever invite a hot girl into your rat and roach infested efficiency? Pick her up in your 1992 Nissan roach coach? Yes you, with the vacant stare, I’m talking to you!!!! Do the one right thing in your life and get in line for a real home, something you can call your own. Ah, whatever, why am I wasting my time with a bunch of dim-witted, feeble-minded, lame brained, mentally defective and underachieving yo yos!
January 04, 2008 3:34 PM<<<
is that your best shot?
I am afraid a consumption tax punishes consumption and will result in a further decline in the economy?
The fair tax puts the burden of the nation’s tax collection on the merchant. Who will enforce this, revenue police?
What about my savings that has already been taxed. Do I get taxed again?
What about garage sales, flea markets, barter clubs, cash transactions, craigslist, etc? Will the revenue police lock up these vendors or will they be expected to collect and submit the tax?
How many times will the same object be taxed if resold? What about investments that aren’t consumed, are they exempt? Are antiques, rare cars, real estate, race horses, gold, silver, and art investments?
Is this just another loophole for the rich?
I have said it for years now on this blog...the housing crash ain't shit...just the fat lady warming up...
Here is the real issue:
Quote:
A new crisis is emerging, a global food catastrophe that will reach further and be more crippling than anything the world has ever seen. The credit crunch and the reverberations of soaring oil prices around the world will pale in comparison to what is about to transpire, Donald Coxe, global portfolio strategist at BMO Financial Group said at the Empire Club's 14th annual investment outlook in Toronto on Thursday.
"It's not a matter of if, but when," he warned investors. "It's going to hit this year hard."
Mr. Coxe said the sharp rise in raw food prices in the past year will intensify in the next few years amid increased demand for meat and dairy products from the growing middle classes of countries such as China and India as well as heavy demand from the biofuels industry.
Quote:
"You're going to have real problems in countries that are food short, because we're already getting embargoes on food exports from countries, who were trying desperately to sell their stuff before, but now they're embargoing exports," he said, citing Russia and India as examples.
"Those who have food are going to have a big edge."
With 54% of the world's corn supply grown in America's mid-west, the U.S. is one of those countries with an edge.
But Mr. Coxe warned U.S. corn exports were in danger of seizing up in about three years if the country continues to subsidize ethanol production. Biofuels are expected to eat up about a third of America's grain harvest in 2007.
http://www.financialpost.com/story.html?id=213343
Do I need to say it...
Yeah I do!
Enjoy the dieoff!!
This should suit the audience! Tight market has Realtors looking through 'help wanted' ads in San Diego.
http://www.sddt.com/News/article.cfm?SourceCode=20080103czj
Hey all of you idiots, I am now 90K in credit card debt and I am behind on my mortgage payment. I bought condo in Boston in spring of 2003 for 510K and put down 30K. No big deal. I will live rent free and then go belly up. But guess who had a better time? Me or all of you folks who saved their money? I did and here is why: I have lots of cool electronic gadgets, my wife and I traveled to New Zealand, Australia, Thailand and Hawaii. We also have expensive furniture, computers and televisions. All on our credit card debt that we are currently defaulting on. Hey, I had a great time the past few years, did you? Oh, I forgot, you were renting a shit hole apartment waiting for the world to end.
Anonymous re 1992 quote Geo Bush:
Please fill context of quote..
That should be interesting.
Grandma (didn't vote for either one)
Ya, tha's true. Anywhere in the world, it has always going up. Let come to my property selling buying procedures to know more.
Welcome to you
Ya that's true. It's going up anywhere in the world.
Let come to property-selling-buying-procedures to know more
Nice spin idiots. Ron Paul gets 10% and you dismiss it as a good thing. Whatever. For months you goons have been saying paul will win. Hey guess what he lost. Came in 5th out of a 6 man race.
THAT BUCK DOUBLE CHEESEBURGER SOUNDS CHEAP BY TODAYS STANDARDS BUT AT 65 CENTS I USE TO BUY TWO FREQUENTLY, AND HAVE YET HAD THE DOLLAR VERSION
"I have lots of cool electronic gadgets, my wife and I traveled to New Zealand, Australia, Thailand and Hawaii. We also have expensive furniture, computers and televisions. All on our credit card debt that we are currently defaulting on. Hey, I had a great time the past few years, did you? Oh, I forgot, you were renting a shit hole apartment waiting for the world to end."
Did and got all that and more and I still have cash in the bank because I've been renting a beautiful home from a desperate home debtor for 3x less than it would cost to own. Hope you had fun though, because moving back in with mom is going to suck.
Dear Blowfly
obivoiusly you do not know how to screen your tennants properly.
not every one can own ,therfore we need renters so people investments will not go empty. renter keep the economy moving
lucky larry
Anonymous said...
Anonymous Blowfly said...
"If the people were to ever find out what we have done, we would be chased down the streets and lynched."
I have no problem in lynching retarded imbeciles who are renting shit-holes in the ghetto part of town. Renters do nothing else but deface properties by tearing up the cheap carpeting and defecating into the kitchen sink. Let me tell you dip-shits about the meaning of an oxymoron. A "Proud Renter" is the same as an "Intelligent Idiot". It is what educated people such as Blowfly call an OXYMORON. But our economy needs minimally educated renters with Microsoft certifications too. We need people eating Spam in cans, slurping Ramen Noodle soup and cutting coupons for cheap canned ham. Ever invite a hot girl into your rat and roach infested efficiency? Pick her up in your 1992 Nissan roach coach? Yes you, with the vacant stare, I’m talking to you!!!! Do the one right thing in your life and get in line for a real home, something you can call your own. Ah, whatever, why am I wasting my time with a bunch of dim-witted, feeble-minded, lame brained, mentally defective and underachieving yo yos!
January 04, 2008 3:34 PM<<<
is that your best shot?
January 04, 2008 4:37 PM
Fed's Inflation Fears Might Trump Calls for Another Big Rate Cut:
http://tinyurl.com/2nb8nx (Wall Street Journal)
We'll see if they are just flapping their yap or are serious about fighting inflation this time.
Acceptable cap rates and positive cash flow are not that far behind (for you intelligent, long-term investors). Let's see another 25% plunge in home values this year. Even a non-ramen eating realtor such as myself wants to see it happen!
Re: Schadenfreude
One of your readers mentioned this word so I went and wikied it: a German word meaning 'pleasure taken from someone else's misfortune'
I would like to be the first to admit that I am guilty as charged. I used to care about my fellow man until I realized that it is precisely humankind that has made life suck so much. I never got any glimmer of sympathy when I was "economically neutered" under the Bush administration: when house prices in my area tripled while layoffs were abundant, incomes were flat, and H1-Bs were pumped into my industry by the hundreds of thousands.
You see, I may be stupid, but I wasn't going to be the last man in America (this religious nation - yeah right!) to care about others...
I could care less at this point. I could care less about the FBers or brokers or realtors or illegals or Palestinian refugees or bankers or fund managers or the rich getting taxed at 80%....
Raising your children to be righteous is so last generation anyway. Just turn on MTV if you have any doubt about that.
This should suit the audience! Tight market has Realtors looking through 'help wanted' ads in San Diego.
Does this mean I will have to compete with Realtors for jobs when I complete my PhD? I'm shaking in my boots. LOL
They can fight with the illegals for the restuarant busboy jobs.
What builder are going out of business and in what order?
1. Lennar?
2. Beazer?
3. Maronda?
4. TOUSA?
Any local builders on the hot seat?
Anonymous said...
>>>>Hey, I had a great time the past few years, did you? Oh, I forgot, you were renting a shit hole apartment waiting for the world to end.
January 04, 2008 6:03 PM
=========================
I'm glad you enjoyed your short-term fix. Living a shallow existence such as yours is never permanent! You will NOW be forced to understand the meaning of the word 'humble'.
Best wishes to you and your family.
Great reason to rent #241
Last night the furnace konked out in my rental home. Of course it happened during a cold spell, but I digress.
Anyway this morning I call the LL, he calls a repair guy, couple of hours later my house is nice and toasty again. Cost to me $0. Cost to LL, a few hundred.
debtisslavery.blogspot.com
nnj said...
This is a real estate blog. Could political comments be posted elsewhere?
-------------------
Hey nnj,
This is a real estate blog with an Attitude Problem
This blog is about REAL ESTATE, GOLD, PEAK OIL, RON PAUL, THE BANKING CRISIS, and any other major hot topic we feel like blogging about!
You must be new around here, so lurk a while longer before you post again or go find a realestate only blog elsewhere.
Hey all of you idiots, I am now 90K in credit card debt and I am behind on my mortgage payment. I bought condo in Boston in spring of 2003 for 510K and put down 30K. No big deal. I will live rent free and then go belly up. But guess who had a better time? Me or all of you folks who saved their money? I did and here is why: I have lots of cool electronic gadgets, my wife and I traveled to New Zealand, Australia, Thailand and Hawaii. We also have expensive furniture, computers and televisions. All on our credit card debt that we are currently defaulting on. Hey, I had a great time the past few years, did you? Oh, I forgot, you were renting a shit hole apartment waiting for the world to end.
================================
I had a great time selling stuff to people like you at at massive markup. My wife and I made so much money off of fools like you that we were able to purchase outright a large home out away from the city. We converted our fiat wealth into physical gold and silver stored off-shore in foreign banks. We never have to work again and will sit back with our popcorn and watch people like you either die-off or get trapped as life long serfs.
Your only plan was to live for today on a easy to borrow buck. What's your plan now that cost of living are skyrocketing and your net worth is 0 or less?
Bush says cannot take growth for granted
"This economy of ours is on a solid foundation, but we can't take economic growth for granted," he told reporters after meeting with his so-called Working Group on Financial Markets.
We can't? WTF! Isn't this the USA? The land of assumed/guaranteed 10% appreciation?
End of the line for the HELOC express
http://tinyurl.com/2xc7zs
Brian
REMINDS ME OF THE SEVERE LEAK THAT CAME WHEN MY ROOF WAS "REPAIRED" WITHOUT THE REPLACEMENT OF THE "GOOD" WOOD THAT WAS AROUND THE AREA NEEDING REPLACEMENT AND REPAIR, DUE TO MY NOT PAYING MORE ATTENTION TO THE HELP AND THEIR METHODS OF COMMUNICATIONS OR MISUNDERSTANDINGS OF IT
http://www.guardian.co.uk/worldlatest/story/0,,-7200481,00.html
"Subprime" is linguists new word of 2007 to enter the North American English Lexicon!!!
BOTH KUCINICH AND RON PAUL ARE "PARTY" TO THE CENSORSHIP OF MESSAGE
WASHINGTON, Jan 5 (Reuters) - The Iraq war, once the key issue in the U.S. presidential election, is taking a back seat to the economy as voters fret over a possible recession and consider the improving security situation in Baghdad.
Polls in Iowa, the state that kicked off the process for choosing a president on Thursday, showed people pushing the war lower on their list of concerns after the surge in U.S. troops helped calm conditions in the country and a deteriorating economic situation at home drew focus to domestic woes.
"The entrance polls in Iowa certainly suggested that Iraq has receded ... as the central issue in the campaign, partly because the 'surge' is working and fatalities are down, and partly because the economy is getting worse," said David Gergen, a former adviser to Republican and Democratic presidents.
"The latest numbers on jobs that came out (on Friday) ... are being interpreted by investors as yet another sign we may be heading toward a recession," he told Reuters.
"With an average kitchen remodel alone costing $55,500, according to Remodeling Online's 2007 Cost vs. Value Report, it's easier than you might think to turn the cost-versus-value equation on its head."
WTF? $55K for a kitchen remodel? My parents re-did their kitchen about 5 years ago. Did most of the work themselves and did it for about $15K. And it looks amazing.
This wasand is the problem with Americans today. Everything has to be bigger and better than the next guy. If $55K is average that means there are people spending $65 or even $75K.
10 years ago you could buy a house for $100K. And now people are spending $50K for a kitchen.
The world has truly gone mad.
Subprime is the word of the year by the American Dialect Society. They get it!
http://www.cnn.com/2008/LIVING/wayoflife/01/05/word.of.the.year.ap/index.html
I don't get it. I earn 25% more then the average person in Los Angeles according to the govts. #s, I look at the, "starter home" prices and I see, "Hey I can't afford anything." How are these people paying for this stuff? Where is the money coming from? It seems dumb, to me, to sign my soul away for a pill-box bunker structure in LA for 500k. Am I wrong? My plan, the wife and I are today going to be putting our actions in writing, is to start looking out of state. - Christopher K (Renter)
Good news bubble sitters...
Forclosed McMansions down to 37 cents/sq ft in Houston.
German Weimar Republic in the early 1920s and the U.S. - Troubling similarities
http://www.nowandfutures.com/
us_weimar.html
The Ministry of Commerce and Industry announced yesterday that prices of food products could go up by a further 20 to 30 percent this year due to a worldwide shortage.
In its annual report on supply and prices, the ministry blamed the declining exchange rate of the US dollar.
The report comes a day before Commerce and Industry Minister Hashim Yamani, in a bid to contain milk prices , was due to hold a meeting with directors of milk-manufacturing companies in the Kingdom at his office in Riyadh.
“The meeting is aimed at discussing how to bring prices of milk and other dairy products back to their previous levels,” an official statement issued by the ministry said yesterday.
Some producers of dairy products increased their prices by 20 percent on Thursday, raising alarm among Saudis and expatriates.
Abdul Rahman Al-Shahri, a bank employee, urged the ministry to monitor markets on a daily basis and take action against those who increase prices of commodities such as rice and baby milk that are subsidized by the government.
“Subsidies given to a few commodities will not be enough to reduce the difficulties of the public caused by price hike,” Al-Dahlawi told Arab News. He also pointed out that traders were not ready to cut prices of rice and baby milk even after the subsidies. “In my opinion, all government departments as well as private companies must increase salaries to help their workers cope with the present situation,”
Inflation in the nations sharing the euro remained at 3.1 per cent last year, well above the European Central Bank's (ECB) preferred level, according to a first estimate from the EU's Eurostat data agency yesterday.
The 3.1pc annual inflation rate was unchanged from November last year but such a high level, hoisted by rising oil and food prices, had not previously been seen for six-and-half years.
The new figures confirm that inflation in the euro zone remains well above the European Central Bank's (ECB) preferred level
"Today's data have highlighted the uncomfortable position that the ECB is in with consumer price inflation substantially above target but the December service sector purchasing managers' survey pointing to growth being increasingly pressurised by serious headwinds," said Global Insight chief European economist Howard Archer.
"On balance, we expect the ECB to keep up its hawkish rhetoric but to nevertheless leave its key interest rate at 4pc next Thursday and for many months to come."
Athanasios Orphanides, a member of the European Central Bank's Governing Council and governor of the Central Bank of Cyprus, told Germany's Handelsblatt newspaper that the ECB won't rule out an interest rate increase.
``The fact that the ECB council has waited through the end of the year doesn't mean that it wouldn't be ready to raise interest rates further, should such a measure be necessary,'' Orphanides told the newspaper in an interview.
Prediction for 2008 : The government - Fed - Congress- Wall Street will keep on cooking up schemes to squeeze the middle class/employees/small investors harder and harder.
How the hell would they make a living by not doing any real work?!
Gotta love this guys. From behind.
The vote Home Prices 2008 vote should have had a fourth choich 'no duhh'.
Hola todos from Cabarete Dominican Republico! El viento aqui es muy bien.
Food for thought...
Sense is NOT common. Why do we keep saying common sense when discussing a situation? ie; A person cuts you off in the pouring rain and you say, "that person just doesn't have common sense". Just asking in frustration lol...
Definition from my dictionary: intuition regarding a situation or ability to reason.
The ONLY sense that IS common is sight, hearing, touch, taste or smell.
What I think is common is SENSELESS people!
Definition: Unreasonable and unconscious.
10 years ago you could buy a house for $100K. And now people are spending $50K for a kitchen.
Spending $50K on a kitchen and they can't cook a meal worth a dollar. LOL
The FB or screwee's start coming after their mortgage brokers with guns, knives, etc. See from "loanworkout.org":
Mortgage Broker Stabbed in Home Invasion by a Disgruntled Client
And we thought the only thing “shady” loan officers and brokers needed to worry about were more regulations and finding a job. Now, it looks like some disgruntled clients may be looking for a pay back and it’s not just money they are looking for, it may mean murder.
Will your mentally unbalanced clients come after you for revenge?
============================
This guy stabbed the mortgage broker who screwed him over. Said mortgage broker have been sued by three banks over mortgage dealings and lost $17million judgments against them...
http://loanworkout.org/2008/01/05/mortgage-broker-stabbed-in-home-invasion-by-a-disgruntled-client/
I just found out today that one of Orangelo's sons is a VP for IndyMac. The orange doesn't fall far from the tree.
Although this is not real estate related... Here is a good one, I hope you get a good laugh, I sure did. This is just classic! ;) Enjoy!
"Also Saturday, the government of Pakistan accused a leading international think tank of "promoting sedition" for urging Musharraf, a key U.S. ally in the war on terror, to resign."
The Dictators of the World are fearful now that the populous is waking up and accusing others for incitement to rebellion...
Instead of them admitting the PEOPLE are sick and tired of being sick and tired!
http://ap.google.com/article/ALeqM5jIE0IUn4WIiaMBpjG8SI_6H5RXzgD8U002G80
Here's a good one from BMIT...
A Gift From Those Benevolent REALTORS® of OC?
Sorry about the URL in my last comment getting cut-off. I now get why HPer's have been asking us to go to tinyurl.com lol ;)
Here is the condensed link to my last comment.
http://tinyurl.com/2ewht5
this market is just getting crazier and crazier.
Check this out: http://www.flixya.com/photo/173755/housing_market_RIP
Hmm let's see...
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10 year Treasury yield DROPS to 3.86%.
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THAT MEANS FOLKS AIN'T AFRAID OF INFLATION.
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Keep on hoarding gold you bugs.
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DOPES!!!
Hey HP'ers! Lookout, "stagflation" is just around the corner!
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Yeah I just read it in a MSN article...
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WRITTEN 2.5 YEARS AGO!
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To the anus who says, "Guess you don't remember the 70's":
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YEAH, just today I was in a mile long line to get gas and it was even-license-plate-day...
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Oh wait, actually there was tons of gas and no line at all....
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DOPES!!!
The Learning Channel (TLC) now has a program called:
Please Buy MY House....
This program follows desperate homedebtors trying to sell their homes in a touch market!!! WOW...
"Hey all of you idiots, I am now 90K in credit card debt and I am behind on my mortgage payment. I bought condo in Boston in spring of 2003 for 510K and put down 30K. No big deal. I will live rent free and then go belly up. But guess who had a better time? Me or all of you folks who saved their money? I did and here is why: I have lots of cool electronic gadgets, my wife and I traveled to New Zealand, Australia, Thailand and Hawaii. We also have expensive furniture, computers and televisions. All on our credit card debt that we are currently defaulting on. Hey, I had a great time the past few years, did you? Oh, I forgot, you were renting a shit hole apartment waiting for the world to end."
You should have someone read the ant and the grasshopper to you. It is as true today as it was when Aesop wrote it.
Burn Baby Burn
It is informative to read what the candidates actually say they would like to do about the lending crisis. None of the following is quite as simple as a "bailout". Edwards and Clinton want moratoriums on ARM resets. Although it is couched as a way to "allow families to get out", this strikes me as a what you would do if you were afraid the banking system will go kaput as a result of too many foreclosures. Obama doesn't stress this freeze, but instead leads with regulation and enforcement, which is what was needed all along. Of the three, I think he has the best approach to a fairly intractable problem (RE way overvalued, trillions in losses looming, and everyone knows it).
Hillary Clinton's
plan for the Housing Bubble
John Edward's
plan for the Housing Bubble
Barack Obama's
plan for the Housing Bubble
Just wanted to put things into perspective, as Keith's editorial slant makes it out that housing is the issue of the 2008 campaign (still possible, but unlikely) and that Ron Paul is the only one even talking about the housing/lending crisis (please!).
For the record, I am opposed to a government bailout. It defers the goal of affordable housing. Will take a look at the Republican candidates' stance later.
It finally happened. The sub-prime mess forced me to turn in my set of plastic keys to my fischer price home.
It all started back in 2003. I had been living in a cardboard box container in a nice section of town. The rent was very low and even meals were free every now and then. Steam heat kept out the winter chill and life was good.
Then the talk started about "homeownership". I had been seeing the local newspaper boxes plaster ever rising prices on those real estate papers.
So I decided I better check it out. I went down to the local Toys R Us and was led by a representative to an aisle filled with the latest models. He told me that NOW WAS THE TIME TO BUY. He also said that due to the current market, I could expect to double my investment in as little as a year.
Well, I put 5% down on credit and had my modular fischer price model delivered. Over the ensuing week I painstakingly built it on an undeveloped lot.
Everything seemed OK but a developer saw my house sitting all alone one day and bought up everything around it. Soon many lawns were filled with similar property.
Well, you know what happened. The price did not double. In fact, I found out that I had paid way over market price in the first place. I began to have trouble making payments due to the turn in the economy and the craftsmanship turned out to be shoddy. Sun bleaching became rapid and weakened the structure.
In desperation, I placed my fischer price house up for sale. No takers. I was told there was a glut in the market. I tried "Lawn Sale", "Price Reduced", "Open House Sundays", Balloons, etc. Nothing worked. Eventually the credit card company informed me that they were closing me out, and I walked away from being a property owner.
It sits abandoned now, all cardboarded up in an unkempt, uncut lawn. Part of a neighborhood of similarly vacant property in a development that only halfway got off the ground.
I returned to my renting ways and leave this as a warning to all. Stay away from those Fischer Price mcmansions!
watching Dr Paul on ABC last night, I felt that maybe he is wasting his time. The sheep don't understand his message. The scoffing and condescending remarks by the other participants in this so-called debate were rude and beneath his character. I was thinking, that this man is 73 years old. Why do this? Why do this now? Heck no one is hearing and no one is paying attention. Go home Ron. Go home to your grandchildren and help young women have their babies. You don't need this abuse. Heck they aren't going to let him win anyway. They will cheat him out of it. They will hide his true message. It is shame really. But this is what is happening. Someone once said that perhaps Ron Paul should consider running for governor of the State of Texas. That way, at least we can be a small measure at the state level of what it would have been like at the national level, and Lord knows we need it.
Its time for revolution.
"Vegas is ground zero for the housing slump," said Lawrence Yun, chief economist for the National Association of Realtors. He blamed the problem on speculators who rushed here to hit the jackpot by buying houses and flipping them for a quick profit.
http://tinyurl.com/2lbrsa
Hey.. I just read this "note" on the MLS of Orlando.. It's outdated but I was actually surprised by it (a little refreshed actually..)
Sounds like some realtors "get it" that prices have to plunge and sellers aren't plunging yet.
I know as a seller in KY, I have dropped my price from 277k to 259k and I paid 281k for it in 05' -- b/c I realize that there is a lot of risk for all out there to buy a house.
I need to sell so I have to take a loss. It also means if/when I buy in Orlando it will have to be for less my loss - meaning I will negotiate and buy a house less what I lost in KY. It's only way I can make sense of the market and what has happened to me. I wasn't a flipper, nor did I think I was buying an inflated priced house.
Happy House hunting for me!
http://www.orlrealtor.com/Main/Articles.asp?CategoryID=9&SectionID=3&ArticleID=298
Keith, I just found this 9 minute video clip on YouTube of the TLC show Please BUY my house!
http://tinyurl.com/yqvcfe
I wish they had the whole hour because they actually show how deep in the whole each family is monthly and how much each marks down their asking price by $500k! It's so sad...
ATTENTION
I need help. Manhattan keeps going up up up, yes I know the reasons why (im in high finance). What we we SMART people on this blog think?
http://www.msnbc.msn.com/id/22477596/
I cant even talk about this with colleagues anymore, its an instant fight, a non coctail conversation.
Thoughts? much appreciated
http://www.fdic.gov/news/board/07Dec19_NPRClaims.pdf
FDIC new rules on when a depositor is only an "unsecured general creditor".
If your bank accounts are subject to "sweeps" and the FDIC becomes the receiver for your failed bank, you could be left out in the cold.
Anonymous said...
Keep renting your shithole apartments losers.
January 04, 2008 1:47 AM
Keep subsidising my rent by paying the bank twice what I pay you!
Anonymous said...
Keep renting your shithole apartments losers.
January 04, 2008 1:47 AM
Keep subsidising my rent by paying the bank twice what I pay you!
213 major U.S. lending operations have "imploded"
http://ml-implode.com/
RON PAUL is a secret HP member
Watch him talk for 1 hour at a town meeting. This man has no prompts whatsoever. He speaks from the knowledge in his head, and I swear he thinks just like many long time posters here at HP!
Town Hall meeting - video part 1
Town Hall meeting - video part 2
Mickey D's Takes on Starbucks
http://www.theseuncertaintimes.blogspot.com/
Anonymous Anonymous said...
http://www.fdic.gov/news/board/07Dec19_NPRClaims.pdf
FDIC new rules on when a depositor is only an "unsecured general creditor".
If your bank accounts are subject to "sweeps" and the FDIC becomes the receiver for your failed bank, you could be left out in the cold.
January 07, 2008 12:58 AM
also they are checking accounts by ss number too . so if you have multiple accounts with the same ss number associated with them, then they are considered the same account. that way if there is a crash, they only pay out money on that particular account up to the 100k limit.
Hey Keith,
Dumb or not-so-dumb question for you:
What does a dozen eggs cost over there right now?
(Was $0.99 'forever' here in Washington State, but has recently jumped to $2.49/dozen.)
Hey losers, I told you that the federal government was going to bail out people like me while you folks saved your money and waited for financial disaster. Today, Secretary of Treasury Henry Paulson will defend his idea of creating a temporary rate freeze for subprime borrowers (i.e. people like me)and Congress will eventually pass this law to help out people like me who lived it up during the boom years. And what do you HP'ers get? NOTHING. HA, HA, HA, LOL, LOL, LOL, LOL. I am laughing my ass off right now while you losers are rooting for the mortgages to reset (which won't because the government will freeze them from happening).
US,UK,GERMAN BANKS BALKING ON PLAN TO RESCUE NORTHERN ROCK.
http://tinyurl.com/2co7g6
"Hey losers, I told you that the federal government was going to bail out people like me while you folks saved your money and waited for financial disaster. Today, Secretary of Treasury Henry Paulson will defend his idea of creating a temporary rate freeze for subprime borrowers (i.e. people like me)and Congress will eventually pass this law to help out people like me who lived it up during the boom years. And what do you HP'ers get? NOTHING. HA, HA, HA, LOL, LOL, LOL, LOL. I am laughing my ass off right now while you losers are rooting for the mortgages to reset (which won't because the government will freeze them from happening)."
blah blah blah I lived beyond my means blah blah and now I'll be bailed out blah blah. I know you trolls are lying because no one that actually did live beyond their means during the boom ever thought they were. They think they earned all their "wealth" legitimately and with hard work.
FLORIDA ECONOMIST CALLS BOTTOM.......TWICE.
God I love these guys...
"He predicted in August the real estate market had already bottomed out and was showing signs of a turnaround. He has since revised that prediction, in light of the subprime mortgage lending crisis, and now predicts the turnaround will begin later this year."
-Florida economist Hank Fishkind.
http://tinyurl.com/26f49v
Update from Phoenix. Buying a new home. 3,000 sq ft, all the bells and whistles for $83 a sq ft. Tired of renting since moving back to Phoenix from Austin. This price is less $17 a sq ft less than I paid in 2002, not adjusted for inflation. So how can this be bad? Even with 5% down, which my bank says is all I have to do with my credit score, assets, and income, it is less than I'd pay for rent for a 2 bedroom apartment.
Nervous? A little just because I know it will take five years before I could sell and make a profit as I expect things to stay stagnant for at least 2 years more, maybe.....because the builders can't go any lower with building costs. You can't build a 3000 sq ft house, large lot, infrastructure, top of the line kitchen, tile, carpet, etc any where for $83 a sq ft, so feel that at least in this community I'm buying it pretty much at the bottom. Of course I recognize that foreclosures might be bought for a little less but why buy one when I can get what I want and new for cheap? Also, in this slow market this neighborhood is almost built out and they sold 17 homes since September...not bad in Phoenix's market with the glut, and three homes since January first. Why? Because prices have corrected below the bubble, back to prices in the 2000 year range. The cost of the home is one years salary so that is pretty low.
Countrywide won't go under. As long as you have a good job, little debt, you can find some good buys and since you buy a home to live in, not as an investment, then as long as it is as affordable as renting, why not buy?
An article in today's USA Today financial section is headlined
"Paulson: 'Inevitable' housing correction is hard to solve ".
It goes on to reassure us that the criminal idiots who created the housing bubble are now on the job trying to fix the mess. View it at:
http://www.usatoday.com/money/economy/housing/2008-01-07-paulson-housing_N.htm#uslPageReturn
I couldn't resist leaving my blog at the site.
Hey shitferbrains,
http://quotes.ino.com
/chart/?s=INDEX_DJI&t=f
I shoulda done that too....
Buy for $350,000.
Appreciate to $450,000
Cash out equity of $100k, buy boat, car, bling, vegas trips.
Short sale for $350,000.
No taxes.
Thanks Bush!
OMG!
Since the big banks decided not to buy into the Super SIV, the US Govt has decided to try to buy all the bad loans itself!
"Also gaining some currency is the idea of a government agency modeled after the Resolution Trust Corp. of the S&L days that would buy up mortgage-backed securities as a way of dealing with bad loans. If the government spent $150 billion to $200 billion to purchase mortgage-backed securities, the thinking goes, it would prevent a fire-sale that would drive prices of these securities even lower."
http://tinyurl.com/2fdyhj
Keith,
I watched this early this morning... very important information for all HPer's regarding the possible collapse of Bond Insurers!
This is CNBC reporting with analyst's getting real!~ "Backing Up The Bond Market".
http://tinyurl.com/2holv4
OMG!!!
HPer's really need to check this out! Title of article:
Ex-Officer of Bear Stearns & 3 other men indicted...
http://tinyurl.com/34prx8
Don't be confused when looking at the dates... The NY Times reported today, but the same thing happend in 1980 - it's a comparitive the mirror image of the past! Trip OUT!
Here is a good article for all fellow HPer's. It's called "CDO watch: Another 149 CDO Trances on watch! 54 CDOs now in default! YIKES...
http://tinyurl.com/ytswho
Since we are all brothers here, and one of our brothers claims Ron Paul is a secret HP member, I am compelled to declare a new secret society, "HP and Bones". We can meet in private, sleep naked with each other in coffins, and try our damndest to run the world. Oh yes, and i declare myself leader. Who wants to join?
Keith
Yahoo is not listing this blog again...
Interesting case from Nashville that contains some of the cross winds from the coming storm:
- non-disclosure in an LBO deal;
- sophisticated investor and its bank (UBS!) shoulder the risk;
- judge finds declining retail business is down to the usual HPC suspects;
- bank's desperate attempt to reverse out of its commitment.
http://tinyurl.com/28ruo8
A judge ruled Thursday that Genesco Inc. executives did not commit fraud during negotiations over a $1.5 billion acquisition and that fellow mall retailer The Finish Line Inc. must complete the purchase.
Nashville Chancellor Ellen Hobbs Lyle dismissed Finish Line's claims that Genesco withheld key financial information that could have signaled worse-than-expected earnings after the deal closed in June.
Lyle said Indianapolis-based Finish Line and investment bank UBS AG were sophisticated enough to know what they were getting into with the $54.50-per-share purchase.
The buyout was conducted by "teams of lawyers, advisers and handlers being paid enormous sums to orchestrate the procedure for obtaining information" she wrote.
"This milieu is UBS' home territory," Lyle said.
UBS has filed a separate federal lawsuit in New York asking that its commitment to finance most of the deal be declared void because the combined entity would go bankrupt and default on its debt payments.
Genesco's earnings swung to a loss in the second quarter and dropped 65 percent in the third quarter, but Lyle declined to find that Genesco had suffered a specific financial flaw that prevents it from making money.
"Genesco's decline in performance in 2007 is due to general economic conditions such as higher gasoline, heating oil and food prices, housing and mortgage issues, and increased consumer debt loads," she said.
For those that can ride this out, once the bottom hits, there will be new, younger buyers come back into the market and home prices will begin to rise again. It may not happen as quickly, but they will rise.
Keith, I think you will like this:
[nytimes]
http://tinyurl.com/2ag5s6
Lender Tells Judge It ‘Recreated’ Letters
The Countrywide Financial Corporation fabricated documents related to the bankruptcy case of a Pennsylvania homeowner, court records show, raising new questions about the business practices of the giant mortgage lender at the center of the subprime mess.
...
Keith:
The New York Times has an article published about Countrywide having come under intense fire by a federal bankruptcy judge in Pennsylvania after they were accused of possibly fabricating supposed escrow change letters to a homeowner. They admitted that they "recreated" the letters. See:
http://tinyurl.com/2p32dm
Survival for those in Foreclosure
http://www.theseuncertaintimes.blogspot.com/
foxwood,
$83 a sq ft sounds like a damn good deal. Can't see it falling lower than that. I bought a house in Las Vegas in 2002 for $107 a sq ft. Sold in 2006 for over $200 a sq ft and have been renting since.
Homes today are selling (actually selling not asking price) for $130ish a sq ft in the old hood.
I'm starting to think the bottom is here, or if not here yet, pretty damn close. We're talking 20% appreciation over 6 years, which is 3% year. Which is what it always has been.
The boom started in 2002 and if we're even within striking distance of 2002 prices, that's close enough for me. I'm also looking to buy and will probably pull the trigger very soon. Like you, I'm also tired of renting. Despite the rah rah here, renting sucks for the most part. It was a necessary thing to do over the past 2 years as prices fell and I am very glad I did what I did. But the sooner I can get back to owning the happier I'll be.
Good luck with the new place.
FLASH:
Countrywide plummets 21% on negative news from NY Times, bankruptcy rumors..
Down to $6.00/sh
http://tinyurl.com/yukezg
Countrywide:
Documents fabricated in foreclosure case.....
Looks like the end.
http://tinyurl.com/2mcrbp
CFC Debt of $202B DWARFS Worldcom and Enron COMBINED.
They've already exhausted their $11B credit line.
BofA, Barclays and Legg Mason stakes would be wiped out....
Countrywide is going DOWN.
http://tinyurl.com/28nhmr
It's official, we are in a recession. Just out on Implode o Meter.
Keith you have to make this a headline.
http://news.bbc.co.uk/2/hi/business/7176255.stm
Today I think the economy dropped like a roller coaster and we are in free fall.
I need either a lemon drop martini or a valuim, or both.
I read earlier that the spagetti is hitting the fan.
Keep sending your money!
Well spent!!
http://tinyurl.com/ysrpuk
Hiring spree for JP Morgan
http://biz.thestar.com.my/news/story.asp?file=/2008/1/8/business/19944467&sec=business
They are outsourcing current jobs overseas.
These banks only income is selling their companies to foreigners.
Hey Keith,
Ok, it's from the New Republic, but if this stuff gets spread all over the MSM, Ron Paul ain't got a chance in hell.
I know you love him, but there was always something about the nutcases that have attached themselves to him. His refusal to tell the white supremacists to go to hell always bothered me, and these comments from the Ron Paul Report back in the 90's makes me think he agrees with them more than he'll ever admit.
http://tinyurl.com/3caypg
To read research publications from nonprofits that have been analyzing different aspects of the mortgage situation for some time, visit IssueLab.
http://consumerist.com/342226/countrywide-invents-evidence-in-foreclosure-hearing
Countrywide falsifies court documents.
Anonymous said...
foxwood,
$83 a sq ft sounds like a damn good deal. Can't see it falling lower than that. I bought a house in Las Vegas in 2002 for $107 a sq ft. Sold in 2006 for over $200 a sq ft and have been renting since.
Homes today are selling (actually selling not asking price) for $130ish a sq ft in the old hood.
I'm starting to think the bottom is here, or if not here yet, pretty damn close. We're talking 20% appreciation over 6 years, which is 3% year. Which is what it always has been.
The boom started in 2002 and if we're even within striking distance of 2002 prices, that's close enough for me. I'm also looking to buy and will probably pull the trigger very soon. Like you, I'm also tired of renting. Despite the rah rah here, renting sucks for the most part. It was a necessary thing to do over the past 2 years as prices fell and I am very glad I did what I did. But the sooner I can get back to owning the happier I'll be.
Good luck with the new place.
January 08, 2008 6:00 PM
The bottom is no where close...
The bottom isnt even close bud!!!
I just got my weekly delivery of foreclosure listings and it is outright ugly here in the Inland Empire.
These listings will not have a full effect until 3-6 months from now.
We are not even close!!!!!!!!!!!!!
Check back in 2010 or later.
Iceman
Nice! Here are Schiff, Adkins, and Norman, back together again!
Fox News 1-2-2008
Here's a nice compilation of the trio, showing Adkins lying from '07 to '08...
Tom Adkins is caught lying ON AIR
No news about Ron Paul, Keith?
Oh, well.
Keep giving him your money, minions!!!
Fannie Mae has already revised their 2009 housing turnaround prediction to 2010. By the end of the year it will be 2011 and so on.
.
You can't call bottom if you don't know how far your going to fall!
All these false numbers and bad paper are just beginning to surface.
We have a long way to go to get to the bottom, and then we will sit there a while as well!
We need to thin the herd, punish the abusers, weed out the chaff and start from there!
.
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That's gonna take a while....years!
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Read old archives of this site.
Go back within the last year,
People calling the bottom!
It's DeJa vu all over again!
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What exactly is Yun trying to say with his latest blurb?:
"Consumers continue to wait for additional signs of market stabilization," Lawrence Yun, chief economist for the Realtors, said in a statement. "There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase. As a result, the exact timing and the strength of a home sales recovery is a bit uncertain." (http://tinyurl.com/ytwa6l)
Ron Paul nuke fest at TNR.
Ron Paul says that he doesn't believe in evolution. Ron Paul, M.D., does not want the Federal Government to regulate medical quackery. Just one of these facts -- evolution denial or an M.D.'s support of medical quackery -- makes Ron Paul a nutbar.
But now we have Ron Paul, racist, homophobe, survivalist nut, and conspiracy theorist:
"Order was only restored in L.A. when it came time for the blacks to pick up their welfare checks three days after rioting began. ... What if the checks had never arrived? No doubt the blacks would have fully privatized the welfare state through continued looting. But they were paid off and the violence subsided."
"[T]hese men don't really see a reason to live past their fifties. They are not married, they have no children, and their lives are centered on new sexual partners." Also, "they enjoy the attention and pity that comes with being sick."
"I've been told not to talk, but these stooges don't scare me. Threats or no threats, I've laid bare the coming race war in our big cities. The federal-homosexual cover-up on AIDS (my training as a physician helps me see through this one.)
Keith, give up on Paul, and most of us will forget that you or anyone else ever promoted this crazy, deluded bag of shit.
Yes indeed – just like a fungus, the fallout from the housing crash is spreading!
Motor Manufacturing Plants Close Down Due To Housing Slump
Mikwaukee, WI-based A.O. Smith will close its residential electric motor plants in Kentucky, North Carolina and Hungary.
By the end of this year, the company will transfer residential electric motor manufacturing now being done in Kentucky and commercial compressor motors built in North Carolina to plants in Mexico. Production at a motor plant in Budapest will transfer to China.
The company points to a weak housing market and says that the market share of one of its larger customers has declined resulting in declining plant utilization rates.
------------------------------
Hopefully none of those laid-off factory workers have a big mortgage payment, a HELOC, or a large credit card debt…
-Mammoth
PPT for the save.
Ebay gold $300 OVER SPOT!!!
http://tinyurl.com/2v23dg
Let the fun begin!!
Ron Paul continues to plumb the depths of embarassing:
http://minx.cc/?post=251564
Now there are chemical tracking agents in our money that the government uses to follow us through airports. If this guy was standing on the corner saying this crap you'd try hard not to make eye contact.
Incidentally... Let's say we put aside Ron Paul's racism, homophobia, and anti-semitism for a moment.
How about you folks at "Reason" just take a stab and defending the man's very sanity?
Money marked with "chemical alarms" to track you through airports?
Are.
You.
Fucking.
Kidding.
Me.
Hilarious, Bank of America Kenneth Lewis late in summer 07 2 billion investment into CFC secured the right to buy 111 million shares of CFC @ " $18, a tidy 21 percent discount over the price at the time." hahahaha how is that looking now, can never understand why corporate EO types get bonuses for failure
Anon said:"The boom started in 2002 and if we're even within striking distance of 2002 prices, that's close enough for me. I'm also looking to buy and will probably pull the trigger very soon."
A few people I knew moved to Vegas back in 1995 for cheap housing and a job... the bubble started way before 2002 - prices are still grossly over valued in Vegas.
you're catching a falling knife if you buy now. Renting saves you 20-50 thousand dollars a year. Enjoy saving money along with freedom from maintance costs and just rent a house instead of a condo for a few more years.
For Florida Residents this is an
excellent blog article to read.
Boat sales, BK, 200,000 properties on the market, vacant builder lots, etc.
Here's the thing, tinfoil-hat gang : everybody loves HIGHER PRICES on houses. Well, I guess we could add a 0 to our currency, so we can make every housedebtor happy, right ? I mean a house that you pay 300 000 (old)dollars in 2006 , it's priceing now for a cool 2 000 000 newdollars. How about that ? And the party keeps going. I guess this is what FFed (fuckinfed) is trying to do (especially with this new 100 basis point cut around the corner).
I expect we'll see gold above $900 soon.
http://biz.yahoo.com/ap/080110/bernanke.html
WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke pledged Thursday to slash interest rates yet again to prevent housing and credit problems from plunging the country into a recession.
.
Funny thing is, there are quite a few commentators and analysts who think the country is already in a recession.
One glance at BBC today lets you know that India will be your next superpower.
http://tiny.cc/wlAsh
http://tiny.cc/aerno
Kids contributing to the family instead of eating hotpockets and watching TV; car companies that make energy efficient, affordable cars instead of $45K behemoths. Remind anyone of USA ~100 years ago?
OK Hac, I'm officially with you on the "roasting snapping turtle" bandwagon.
wooohoooo, CFC!
How to make money on wallstreet:
1. Spread a rumor that a stock in trouble is going bankrupt today.
2. Buy, buy, buy.
3. Spread another rumor that that stock is going to get bought out.
4. Sell, sell, sell.
It's like printing money.
SOUNDS LIKE GUBBERMENT IS FORCING A "SHOTGUN WEDDING" TO CFC TO KEEP THEM AFLOAT
Everyone should listen to you geniuses when it comes to what to do with their money... I mean, you all donated so much to this "Great Man" during his internet money bombs!!
http://www.cnn.com/2008/POLITICS/01/10/paul.newsletters/index.html
Oh... and he's finally in the mainstream media, too. Good job, geniuses!
1] Latest missing child. Amber alert.
That induces the perpetuation of terror in parents. It is constant. News existed in the 1950's, but they didn't report every missing kid. Today they do to create a culture of fear. Parents will eventually demand to have their children RFID chipped for their safety.
2] Latest terrorist plot.
Self explanatory. More terror and fear for the creation of the police-state.
3] Distractions/Tabloid crap.
Michael Jackson 24/7 coverage, brittney spears, paris hilton, oj simpson...doesn't matter. Could be insignificant celebrity. They will cover it almost non-stop. Great for covering up the "debate" and passage of things like the Patriot Act or the creation of the North American Union.
4] State worship.
This is usually Hannity or others. They find some dirtbag flagburner on PCP and use them as an example of anyone with a dissenting opinion. Spend 10 minutes insulting the person and then telling the producer to turn off their camera.
5] 9/11 religion.
Constantly referencing just about everything in our lives back to 9/11. It is the defining "event" of our lives. FUCK YOU.
6] Israel is the greatest.
They pretty much suck the semitic circumcised penis nonstop on Fox. They need our help. They are right. We must protect them....
7] Muslims are evil.
Professor so and so said so and so. Photos of some street thug Arabs to categorize all Muslims. Note, that each and every single backdrop of correspondents in the middle east is some backwards ass stone-age looking shithole. Never do they show some of the decent places there.
8] Attack of traditional American thinking.
Whether it be civil liberties, social issues, political, legal...the truth is evil, security is king. If not a security issue, then progressive socialist thinking is promoted while being called "conservative"...
9] You're going to die stories.
Constant weather disaster stories. Car accidents. The next latest disease that is going to depopulate the Earth. The weather and disaster stories are for plain regular fear and to demoralize and dispirit the people. Pandemics are for government control obviously.
10] Stories for simpletons.
Latest dog award. Pig that play the drums. Some Guinness book of world records weirdo doing something. For the higher level idiots, there are social stories. Bad teacher did this or that. Some kid did something naughty in school. ETc....
If I forgot any, let me know.
from realtor.com's market conditions, cape may, nj
Why Use a REALTOR
Smart home sellers realize they need the expertise of a REALTOR in the sales process. And only REALTORS, who are members of the National Association of REALTORS, follow a time-tested Code of Ethics, where other real estate licensees may not. Only about half of the real estate agents are REALTORS--the top half, in our not-so-humble opinion.
After all the media talk and coverage of a bursting bubble I would like to say Cape May, being a resort town, is a different market.
can't make this sh*t up any better if I tried, code of ethics, different market, uh-huh.
Chris in NC, sold in NJ in 06
.
Fraud US-Style: Fake Videos and Elections
Another disturbing report also emerged. The town of Sutton admitted it voided all Paul votes. He got 31, but none made the official tally. It was blamed on "human error" that might account for a slight variance but highly unlikely to erase his entire total. Yet it did and raises strong suspicions of fraud. Once this information got out, other districts where Paul scored zero changed their final count adding votes for him never counted. Something clearly is rotten in New Hampshire. It doesn't say much for the process ahead, or past ones either for that matter.
Full Article
It doesn't take a rocket scientist to figure out why GOLD is skyrocketing!
You might get housing market crashes, but prices really don't EVER go down in Vancouver Canada, and we're already paying 73% of the average pre-tax income for the average house. It's different up here!
Is this the dead cat bounce for Countrywide.
CFC hit a low of 4.43 yesterday before climbing back to 7.75 on Bank of America buyout talk today.
http://ichart.finance.yahoo.com/
w?s=CFC
Are MBS investors legally protected on the first lean if the originating bank actives were based on fraud.
How does this deal benefit BoA.
So what is BoA relationship with CFC. Parent/Child - If is how much is BoA really telling.
Did BoA SIV supported CFC actives, if so is BoA doing a buyout or a cover-up.
Who is BoA really trying to rescue - BoA or CFC.
http://biz.yahoo.com/ap/080111/
countrywide.html
Bank of America's anticipated proposal to rescue mortgage lender Countrywide Financial Corp. would also come as a relief to federal regulators.
Bank of America, which took on a 16 percent stake in Countrywide over the summer, said it does not comment on market rumor or market speculation. Countrywide did not return calls or e-mails seeking comment.
Does Countrywide have an liquidity problem or a debt problem.
If CFC has a debt problem, then would this not bring down the Credit Worthiness rating of CFC creditors.
Is BoA one of CFC biggest creditors.
If so who is rescuing who.
http://www.minyanville.com/
articles/index.php?a=15430
Suppose there is a rumor that a large bank has made a bad loan.
Because banks lend out more money than they have on deposit - this is called a fractional reserve banking system - if everyone goes to the bank and demands their money at the same time, a liquidity crisis can occur because the bank does not have enough cash on hand to satisfy the demand from its depositors.
The Federal Reserve will then step in and provide liquidity, allowing the depositor demands to be satisfied. If the rumor of the bad loan proves to be false, then the issue is one of liquidity.
Time preferences soon return to a more normalized state, depositors return, everyone feels better.
But, if the rumor turns out to be true, it doesn't matter how much liquidity the Fed provides, the bank will go bankrupt.
"Why isn't the Fed's liquidity working?"
It's a reasonable question, after all, central banks in both the U.S. and Europe have said without equivocation that they will provide "as much liquidity as the market needs" to "fix" the problem.
So why has this liquidity not been enough to maintain and support asset prices? Because this is not a liquidity crisis, it's a debt crisis.
How much CFC lost is BoA on the hook for.
http://countrywide-
foreclosures.blogspot.com/
15,783 Homes Offered For Sale on Countrywide Financial's Website
Total REO Asking Price: $3,249,790,630 (As of January 9, 2008)
Who will buy BOA after it goes bankrupt by buying Countrywide?
1) Countrywide has $1.5 trillion in loans with defaults recently surging to over 7 percent. And there is is no end in sight for the number of defaults.
2) BOA will have to pump ten of billions into the company just to get tiny profit margins on Countrywide's loans, and to keep the company afloat.
3) BOA is already relatively short cash and may also face a credit card melt down. (Consumers were using 2nd loans to pay bills according to a Fitch report.)
4) BOA has not seen the end of its own subprime lending mess.
5) A government bail out of lenders is now out of the question. Fanny Mae and Freddy Mac are now too financially unstable.
http://messages.finance.yahoo.com/
Stocks_%28A_to_Z%29/Stocks_B/
threadview?m=tm&bn=1903&tid=
240954&mid=240954&tof=4&frt=2
REAL reason for BAC - CFC purchase
BAC will need to write down about $500 billion if CFC goes bankrupt because BAC was on the funding side of %80 of CFCs default portfolio.
The way to cover it up on the books is to buy the other side and so then BAC (and others) will not need to price the portfolio for pennies.
The game now is call COVERUP and DO NOT MARK TO MARKET so any bank with mortgage portfolios will be bought until the entire thing blows...and it will...and it will be depression time.
http://messages.finance.yahoo.com/
Stocks_%28A_to_Z%29/Stocks_B/
threadview?m=tm&bn=1903&tid=
241096&mid=241096&tof=3&frt=2
Does US Financial Accounting Standards Board 157 effect BOA.
Level 3 assets are holdings that are so illiquid, or trade so infrequently, that they have no reliable price, so their valuations are based on management's best guess.
Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable.
Is there a connection between FASB regulation 157 - BOA and CFC buyout
http://www.telegraph.co.uk/
money/main.jhtml?xml=/money/
2007/11/12/cnfasb112.xml
Part of an article about Clintons visit to LV, from the drudge report....
Who in their right mind would vote for anyone who says women can not be illegal?...Clinton's resorting to pandering the poor for votes now. The mortgage brokers comment to Clinton was the kicker for me...
Clinton asked the couple questions about their mortgage and his disability payments, and answered his questions about immigration and the war and health care costs.
Stroking the 4-year-old girl's head, Clinton said, "I feel so strongly that if we don't take care of our children, we don't take care of our future."
Santana said, "We are going to do everything we can to make sure that everyone in Las Vegas votes for you."
That is the warm, earnest, human side of campaigning, politicians comforting people with detailed explanations of how they will solve their problems and flattering them with their presence.
There was nobody who didn't know who the Democratic presidential candidate and former first lady was, even if they didn't speak English or weren't old enough to vote. They flocked to her for camera-phone pictures, and she posed in tableaux of adorable multicultural children.
But Clinton is in the final heat of an intense race for the Democratic nomination, and Nevada, which holds the Democrats' next contest, on Jan. 19, is ground zero for that cold, hard fight.
After leaving the Santanas' house, Clinton walked across the street and took questions from a few of the dozens of reporters, standing in front of a faded American flag pinned to a dingy garage door.
Today, Clinton is scheduled to travel to Los Angeles, where she will give a policy speech about the economy and what kind of stimulus she believes it needs.
"I think we're slipping toward a recession," she said. "A couple of people that I met on the street, they work in construction. They tell me it's slowed down."
She reiterated her doubts about the caucus process, which requires in-person, on-time participation.
"That is troubling to me," she said. "People who work during that amount of time, they're disenfranchised. People who can't be in the state or are in the military, they cannot be present. ... If people feel like there's no reason to participate or they can't, then that's the same thing. So I think it's a problem."
Clinton and her busload of traveling press moved from there to the popular local Mexican restaurant Lindo Michoacan, where a "roundtable" that was actually square passed a microphone around to tell her people's concerns about the mortgage crisis and foreclosures. She took notes and munched on tortilla chips.
In broken English, one woman told Clinton how she wasn't making money as a broker anymore.
"I have no income at all," she said. "So how will I survive?"
Choking up with emotion, the woman said, "In my neighborhood, there are brand-new homes, but the value is nothing. I'm glad you are here so I can tell you, because you're going to be the president, I know."
A man shouted through an opening in the wall that his wife was illegal.
"No woman is illegal," Clinton said, to cheers.
Summing it up at the end, Clinton said, "We've only talked to a few people, but each of them talk about some part of the problem we are confronting. This is a problem that is only going to get worse if we don't address it."
Clinton said unscrupulous lending leads to bad mortgages, which lead to foreclosures, which lead to people with nowhere to go and vacant neighborhoods that can go rapidly downhill.
"We treat these problems as if one is guacamole and one is chips, when ... they both go together," she said.
Well its finally happened. BofA scoops up countrywide!(http://www.chron.com/disp/story.mpl/chronicle/5446297.html)
According to the article, tangelo will "do anything" for the boys up at BofA... You gotta read it!
BWAHAHAHA!!!!!
KWEEFIE your poll is missing a few people dude.
Its finally happened, as has been foretold! BofA buys Countrywide, once a Fortune 200 company, for 6 billion! As per BofA's CEO, "Angelo has told me that he will do anything that we want him to do,". BWAHAHAHA I bet he will do ANYthing for the boys at BofA in order to get his bailout! This is getting scary now...
No woman is illegal
Perfect.
That is what happens when you idiots vote for Democrats.
Now fuck off and die.
Hillary to white males: DROP DEAD
From Florida Association of Realtors Own Website....
"State tax revenue shortfall expected to keep growing."
Starts out With....
"Florida lawmakers on Tuesday got more bad budget news – yet another shortfall in state tax revenues of up to $600 million."
Ends With...
“There’s three issues that came out,” Sansom said. “One is we’ve got to reduce the budget by $2 billion. The second is it’s going to take awhile to get there, to turn the economy around. And, third, we can’t borrow or bond our way out of this.”
http://tinyurl.com/3cnvxu
I am so glad I am outta here!!!
Question to HPers...
Why do we even bother coming to this side to read the truth?
Most media outlets already report the depression in the housing market and that we are probably already in a Recession.
Although I love this site, it will became irrelevant is the coming months....Am I wrong?
"Gold futures topped $900 an ounce for the first time ever on Friday" - here it comes.
Well i think it's easy how the things are going :
1. if big guys (wallstreet , brokers, banks , corporations etc) are GOOD (profitable, make money) , then the dollar has to go depreciate LESS (in order to transfer that wealth into some foreign / other assets / currency etc).
2. if business is BAD for bigguys, you have a BIGGER depreciation , so those looses are "contained" ... this is all about "containing".
This is the first and the only job FEDERAL RESERVE has to do, over the time (of course with no Congress overlook at all).
Meantime guys like Keith start a bubbleblog just to find some ideeas of stocks to short or something. At least is entertainment, isnt it ?!
I'm a newbie to HP, and I've got a question.
What exactly does it mean to "write down debt"? What exactly happens? Who loses money when a bank "writes down debt"? Who gains (if anybody)? It sounds as if the debtor is still on the hook (a la foreclosure, bankruptcy and destroyed credit), but the bank gets to "write down" the debt? Is the bank writing down the difference between what they can get out of the property vs. what they were supposed to get out of it?
Please forgive my ignorance on this topic, but I've yet found a good explanation of, step by step, what happens when a bank "writes down" debt.
Thanks,
Doc the ZEALOT
"What exactly does it mean to "write down debt"?"
Write down is just a fancy term wall st. uses so they don't have to say losses.
Anonymous said...
>>>Question to HPers...
Why do we even bother coming to this side to read the truth?
January 11, 2008 6:27 PM
================
Because it IS still unfolding and will continue to unfold for a while still...
and it's healthy to talk, debate, share opinions, express yourself!
So again, I thank you Keith for providing us with a forum to do just that! :)
What exactly does it mean to "write down debt"?"
Write down is just a fancy term wall st. uses so they don't have to say losses.
January 11, 2008 9:01 PM
=================
Yep and it's the Taxpayers and Investors who ultimately pay!
This takes the cake:
Merrill Lynch & Co. is getting capital infusion from Arab nations and China!
America is selling out!
Santa Clara County Home Sales & Prices Fall in December
Sales of single-family, re-sale homes fell 3.7% from the month before, and were down 41.2% year-over-year. For the year, home sales were down 22.8% from 2006.
Prices also fell with the median price dropping 5.9% from November, up 9.3% year-over-year. The average price fell 4.7%, a yearly gain of 10.6%.
Remember, these prices are being kept high because the number of million dollar plus sales are an increasing part of total sales.
http://www.sanjoseproperty.com/
newsletter.html
This is from the Bush thread Keith posted on 01/09/08:
Anonymous said...
>>>Does white include hispanics who are white? If so then 65% white is lower than you would expect given Los Angeles demographics indicating that non-whites are taking out more than there fair share of the sub-prime loans.
If it's not including white hispanics then every non-hispanic person in LA must have taken out a sub-prime loan with you to push the percentage that high...
January 10, 2008 3:52 PM
Anonymous said...
>>>So answer the question if you "know what white is" (I can't see what knowing what white is has to do with anything but...).
January 11, 2008 2:54 PM
==============================
Princess Mononoke said...
>>>More of your f*cked up rhetoric... WHY don't you read what you wrote at 3:52 PM to find out what you asked me before that caused me to make clear that "I KNOW WHAT WHITE IS"...
January 11, 2008 8:40 PM
Princess Mononoke said...
>>>>Anonymous said...
Does white include hispanics who are white?
=======================
MY RESPONSE:
I never knew there was such a thing as Hispanics who are white? According to the f*cked up U.S. Census, White does NOT include Hispanics. In fact, every category specifically says in parentheses (not Hispanic).
I know this too well. I'm French, Lebanese, Mexican and Japanese born in the U.S.! We only spoke English in our home. I learned my other languages from my grandparents and self-taught.
I have always chosen the 'Other' category growing up because I AM not just one. Since Bush, the U.S. Census has changed the 'Other' category to read (not Hispanic).
So the f*cked up U.S. Census forces me to have to choose Hispanic, even though I am only a 1/4. Making me discount my other heritage!
Now that Bush has finally destroyed the economy and the middleclass, what will the dumbo destroy next?
To ANON on Bush thread:
And for goodness sake, learn the mortgage terminology before you start making accusations.
Prime = Excellent credit
Alt-A = Average credit
Sub-prime = Bad credit
Types of mortgage products:
1) Fixed Rate: 10yr/15yr/20yr/30yr
2) Adjustable: 0 fixed/3mos fixed/6mos fixed/2yr fixed/3yr fixed/5yr fixed/7yr fixed/10yr fixed
3) Option ARM Negative amortization: Has 4 payment options - minimum pymt (neg am), Interest only, 30yr fixed, 15yr fixed. (The majority of the borrowers were placed in these loans selling them the minimum pymt NOT explaining the consequences) Negligent lending standards!
Prepayment penalties:
0yr/1yr/2yr/3yr
The majority of the borrowers were given a 2yr or 3yr prepay because the bank or lender got paid more when selling the loan in the secondary MARKET!
Any borrower Prime, Alt-A, and Sub-prime could have chosen ANY of these loan programs regardless of their credit!
The banks, lenders and mortgage people could have placed Sub-prime borrowers into Fixed rate loans! All of the above were banking on constant appreciation of property values! Knowingly/negligently taking a high risk at your expense...
I guess some people still have money for cheap shit made in China.
Holiday shopping season was worst in five years
The weakest holiday shopping season in five years ended dismally for most retailers, whose sales tumbled despite deep discounts and extended store hours, stoking fears that the economy is tipping into a recession.
Sales fell across the board, knocking down once-seemingly invincible chains such as Target (down 5 percent compared with last year), Abercrombie & Fitch (2 percent), Nordstrom (4 percent) and Kohl's (11.4 percent).
But one major chain was spared. Wal-Mart, whose relentless price slashing appeared to resonate with penny-pinching shoppers, saw its sales rise 2.7 percent.
It looks like Osama and hitlery are competing to see who can promise to give the most mortgage assistance away.
European Central Bank President Jean- Claude Trichet signaled the bank won't cut interest rates and may raise them to contain inflation even as economic growth slows.
The ECB's Governing Council is ``prepared to act preemptively so that second-round effects and risks to price stability do not materialize,'' Trichet said at a press conference in Frankfurt today after the bank kept its benchmark interest rate at 4 percent. He said policy makers will ``not tolerate'' an inflation spiral of rising prices and wages.
Why don't home builders just build SPEC in the last several reminding hot spots like New York and San Francisco.
Builders needs land and Governor needs money, what about the parks.
http://www.forbes.com/markets/
economy/2008/01/11/
stanardpacific-homebuilders-
mortgage-markets-equity-cx_ra_
0111markets31.html
Where there's smoke, there's probably fire.
The housing market's disaster du jour for Friday was builder Standard Pacific whose shares plunged 17.6% on news it had retained restructuring and bankruptcy specialist Miller Buckfire as a financial adviser.
The implication that the builder might be considering a bankruptcy filing was not lost on investors.
http://www.sfgate.com/cgi-bin/
article.cgi?f=/c/a/2008/01/11/
BAEUUD920.DTL&tsp=1
Nine state parks in the Bay Area - including one that is the largest in Northern California - would be closed under the budget proposed today by Gov. Arnold Schwarzenegger.
I don't think the plan was for America to pay back its debts. As long as they let us run deficits, why not?
Do you think we are going to hunker down and spend a few generations paying this off?
Hell No!
We will tell the eastern hemisphere to go to hell as soon as we've used up their oil, and their citizens won't work for slave wages.
What are they going to do about it?
Jeremy Warner's Outlook: Crisis set to deepen before it gets better
With spreads on overnight and term money now back virtually to normal, is the credit crisis over? Regrettably, that's unlikely to be the case.
The reason Libor is again at close to bank rate – though actually the spread rose a bit yesterday – is not because the system is functioning normally once more, but rather because central bankers have flooded it with liquidity in a manner which has temporarily bailed out large parts of the banking system.
The appearance of normality is largely illusion, and in the absence of repeated central banking bail-outs, further stresses are likely to assert themselves in the months ahead.
This is more so as many banks and corporations have determined to use the present lull in the credit crisis to address the mounting weight of redemptions.
A consequent flood of new issues is expected as bankers and companies rush to refinance overdue loans.
Wall Street is again rife with rumours of further big write-offs to come, and it may be that a number of major banks, both in the US and Europe, will be forced to seek yet more injections of emergency capital.
In other words, we may not yet have seen the worst of the banking crisis. Rock bottom (forgive the pun) is still to come.
Some banks are said still to be in a state of denial about the extent of their losses.
There is a marked reluctance to mark-to-market in the manner demanded, with some bankers continuing to take the view that they can ride out the storm without needing to recognise bad debts on the scale which market prices dictate.
The reality is that the sooner these losses are purged, the faster the banking system can be set on the road to recovery.
Interesting article in the San Francisco chronicle - Interest rate "freeeze" - real story is fraud
http://tinyurl.com/343tc2
interesting article in the San Francisco chronicle - Interest rate "freeeze" - real story is fraud
http://tinyurl.com/343tc2
>>>>>>>>>>>>>>
Merrill Lynch & Co. is getting capital infusion from Arab nations and China!
America is selling out!
>>>>>>>>>>>>>>>
The people at the top were always sellouts. It's true for any country really.
It's also true the middle and bottom have no clue except what's fed to them through the tube.
interesting article in the San Francisco chronicle - Interest rate "freeeze" - real story is fraud
http://tinyurl.com/343tc2
"The so-called housing `bubble' is, in fact, a myth,"
-Beazer Homes 2002 report.
Great story on the fall of Beazer Homes. Now facing bankruptcy, federal investigation, and calls for the CEO's ouster.
http://www.charlotte.com/business/story/442677.html
Try the Electoral Compass USA - it's from a Dutch company that has used this a few times in Europe.
It helps you figure out and analyse how your views compare to those of the presidential candidates.
http://www.electoralcompass.com/
Overall, I was closest to ... gulp ... the ridiculous Bill Richardson! But then I'm a lilly livered European.
The candidate I was closest to on any single issue was the equally ridiculous Fred Thompson, on family.
Bloomberg isn't included.
Keith, you left out Thompson on the poll.... can you add him? Thanks
The U.S. is heading into the darkness. Get gold, guns, food and water! This will make the 1930's look like a picnic!
How apropos! TNT cable network is showing the movie "Titanic" at 7pm tonight ~ prime time for all to see!
Start making "Luke 12:15" signs ala "John 3:16."
Whether you are a believer or not, you've got to admit the good book still holds up pretty well 2K years later:
"And he said to them: Take heed and beware of all covetousness: for a man's life doth not consist in the abundance of things which he possesseth.
And he spoke a similitude to them, saying: The land of a certain rich man brought forth plenty of fruits.
And he thought within himself, saying: What shall I do, because I have no room where to bestow my fruits?
And he said: This will I do: I will pull down my barns and will build greater: and into them will I gather all things that are grown to me and my goods.
And I will say to my soul: Soul, thou hast much goods laid up for many years. Take thy rest: eat, drink, make good cheer.
But God said to him: Thou fool, this night do they require thy soul of thee. And whose shall those things be which thou hast provided?
So is he that layeth up treasure for himself and is not rich towards God."
Housing gridlock: Trapped in Suburbia
http://globaleconomicanalysis
.blogspot.com/
Ramen noodle art
Here is a great read about the build-up of the subprime lending phenomenon:
http://tinyurl.com/3cnpqa
Hey HP'ers:
.
.
.
Inflation is RAGING right?
.
.
.
Import prices up 11%, China inflation @ 6.9%. Gold hit $900/oz.
.
.
.
That's funny, I just paid $5.99(Arizona), $11.99(Levi's) and $14.99(Dockers dress cords) for 3 pairs of pants at JC Penney.
.
.
.
Wife and I ate 3 course meal at Spaghetti Factory for $20.00 total.
.
.
.
MAN Inflation is kicking my ass!
.
.
.
DOPES!!!
We ARE becoming a Sovereign WORLD!
re: merrill lynch
I'm working as a contractor for Merrill and holy shit people are scared. There is a dark cloud hanging over this place and you can see it in people's eyes. Even as late as november, most people thought the worst was over and happy days were ahead. Not anymore.
I'm part of a project that is 1/2 way done. Too much money invested already to kill it now (I hope) so I think I'm OK personally for now.
If not, oh well, I have about 3 years worth of living expenses saved up and will be fine.
DOPES has a point.
I've not seen any raging inflation myself other than gas. And that was raging 3 years ago. $3 has been the norm for a long time now.
I bought a Ralph Lauren suit for $249 last weekend at Dillards. The whole store was on sale. My wife got a bunch of shirts for $10 each. If that's raging inflation, bring that shit on.
We are in a recession. And in a recession if you have money, you can get incredible deals. I've been waiting a couple of years to buy a boat. I have a friend of mine who has a boat and he told me 1/3 of the boats in his marina are for sale right now. Now do you all think prices for boats will be higher or lower this year than last? Hmmmm I wonder.
OK price of bread is up and price of starbucks is up 9 cents a cup. I'll take that and suits at 1/2 price any day.
Oh and houses are 20% off in my neck of the woods too. Some inflation.
Mazillo’s Master Card commercial ad to air during the 2010
Superbowl:
Profits from stock sell off before my company share price plummets: $500 million
Golden parachute from fire sale of company to BofA $82 Million
Donation to set up a business school of ethics at a university so that my grandkids and great grandkids will be able to go collage and not be taught that I was the poster child for the mortgage depression: $200 Million
Meeting my new best friend and golfing partner at the dedication of his new school of criminal justice at the same university: Priceless
Then the camera plus back as Mazillo is pictured in a maroon and gold sweeter raising his fist and he shouts: Fight On!
Blogger born to lose said...
I don't think the plan was for America to pay back its debts. As long as they let us run deficits, why not?
Do you think we are going to hunker down and spend a few generations paying this off?
Hell No!
We will tell the eastern hemisphere to go to hell as soon as we've used up their oil, and their citizens won't work for slave wages.
What are they going to do about it?
January 12, 2008 7:19 AM
This is the exact point I have made all the time. Folks, the rest of the world was stupid to give us all of this money in the first place. Now, when they ask for their money back they won't get shit. At the same time, they want to keep giving us money because we are the engine of the world. So it's a catch 22 situation.
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