tag:blogger.com,1999:blog-18675105.post2602147467917899462..comments2024-01-15T12:16:41.302+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: Steve Forbes has a massive brainfart: "Here's How to End the Panic". His solution? Just sweep the crap mortgages under the rug. Presto!bloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger60125tag:blogger.com,1999:blog-18675105.post-622849757190027922008-03-25T14:46:00.000+00:002008-03-25T14:46:00.000+00:00Welcome to Japan and a lost decade of no-growth! T...<I>Welcome to Japan and a lost decade of no-growth! The Japanese chose this way, to not recognize losses: it slowed the fall of real estate but didn't prevent it, it let insolvent banks save their face and continue to operate, but it robbed better business ideas the capital they needed to grow.</I><BR/><BR/>Not so. As I understand it the idea would have banks recognise <B>actual</B> losses. No free lunch. But also no "instant bankrupcty" courtesy of loans that are impossible to put a value on simply because a recent change to the accounting rules says it must be so.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-8530588434251721292008-03-25T05:36:00.000+00:002008-03-25T05:36:00.000+00:00Here's Schiff's take on it:http://www.europac.net/...Here's Schiff's take on it:<BR/><BR/>http://www.europac.net/Schiff-FBN-3-19-08_lg.asp<BR/><BR/>Why is it that Schiff is the only one with common sense and a brain on Fox Business News?<BR/><BR/>--------------<BR/><BR/>Sciff's is just a Doomsayer who cares.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-87755217385519966542008-03-25T01:38:00.000+00:002008-03-25T01:38:00.000+00:00avkm said... It is inevitable that the governme...avkm said...<BR/><BR/> It is inevitable that the government will restrict the blog and video sites. As suffering increases in the upcoming depression, people will flock to the truth.<BR/><BR/> To avoid acts of rebellion spawned by people learning "facts" and "truth", websites such as this will be labeled "terrorist inciter" websites, and the owners promptly tazed.<BR/><BR/>People don't want to know the truth. They prefer make believe.<BR/><BR/>How do you taser "anonymous said"... Will they have AT&T and Verizon who are tapping our phones just do trace routes on our IP addresses? Big job. Keith isn't even in the U.S. How will they taze him?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-8495533122869700972008-03-24T22:52:00.000+00:002008-03-24T22:52:00.000+00:00It is inevitable that the government will restrict...It is inevitable that the government will restrict the blog and video sites. As suffering increases in the upcoming depression, people will flock to the truth.<BR/><BR/>To avoid acts of rebellion spawned by people learning "facts" and "truth", websites such as this will be labeled "terrorist inciter" websites, and the owners promptly tazed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-56248040970762556222008-03-24T19:22:00.000+00:002008-03-24T19:22:00.000+00:00anon 6:15,You need to get back on the meds and fas...anon 6:15,<BR/><BR/>You need to get back on the meds and fast before you hurt yourself or worse, hurt someone else.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-79131468075684439452008-03-24T18:15:00.000+00:002008-03-24T18:15:00.000+00:00Anonymous said... What Forbes has proposed will...Anonymous said...<BR/><BR/> What Forbes has proposed will happen in one shape or another. And it should. Millions of families will not be thrown out into the streets because they miss a mortgage payment.<BR/><BR/> The same racist assholes who want to deport anyone who isn't white, now want to throw out every family who might be in a little financial trouble. You people are disgusting human beings. Luckily nobody takes you seriously.<BR/><BR/> Now continue with your hatefest.<BR/><BR/>Hatefest? Racist assholes? Little financial trouble? BWAHAHAHAHA<BR/>Actually there are millions of us just waiting for the government to begin bailing out you little debt slaves. <BR/><BR/>You are the ultimate in welfare trash, with your HELOC's, your $50,000 gas guzzling trucks & SUVs, your granite countertops and hickory floors, all paid for with DEBT. You spend this outrageous debt on yourselves and then enroll your children in the low income school lunch program, guaranteeing that your children will grow up to be just as ignorant, snorting and greedy as you are.<BR/><BR/>You are pigs at the trough, shoving and pushing the other pigs aside to make sure that you get your entitlement right now, and we had better get outta your way.<BR/><BR/>In another year or so you won't be able to park your guzzler in the parking lot of the supermarket without people keying the door as they walk by. <BR/><BR/>You say.....Luckily nobody takes you seriously. <BR/><BR/>Oh really? The backlash is beginning in my town. What town are you in?<BR/><BR/>I would be worried if I were you.....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-30204538631395172722008-03-24T16:48:00.000+00:002008-03-24T16:48:00.000+00:00Steve Forbes is the dumbest f*cking twat on the en...Steve Forbes is the dumbest f*cking twat on the entire planet.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-65500352499613608182008-03-24T13:47:00.000+00:002008-03-24T13:47:00.000+00:00OMG, it doesn't get any stranger then this, Hiller...OMG, it doesn't get any stranger then this, Hillery has proposed that Greenspan should be in charge of handling the mortgage crisis. She has totally lost touch with reality.brokersleaveyoubrokehttps://www.blogger.com/profile/17872742292613334422noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-58324226482914160162008-03-24T12:55:00.000+00:002008-03-24T12:55:00.000+00:00Like Cramer, Forbes was ademant back in 2006 that ...Like Cramer, Forbes was ademant back in 2006 that there was no housing bubble. <BR/><BR/>Steve Forbes wouldn't have even been able to get a job at a community bank if his father hadn't been a billionaire. His opinions hold no weight.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-54500860585000938892008-03-24T10:37:00.000+00:002008-03-24T10:37:00.000+00:00What Forbes has proposed will happen in one shape ...What Forbes has proposed will happen in one shape or another. And it should. Millions of families will not be thrown out into the streets because they miss a mortgage payment.<BR/><BR/>The same racist assholes who want to deport anyone who isn't white, now want to throw out every family who might be in a little financial trouble. You people are disgusting human beings. Luckily nobody takes you seriously. <BR/><BR/>Now continue with your hatefest.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-56307295667430988062008-03-24T07:23:00.000+00:002008-03-24T07:23:00.000+00:00We need to shoot people like Forbes (with real bul...We need to shoot people like Forbes (with real bullets) before they cause any more damage. They blatantly tell us that the wealthy are subject to rules only when it's convenient for them. They blatantly tell us that speculators run by different rules. They blatantly tell us that there's an upper class and they're in charge and ... well, that old quote about the <I>tree of liberty</I> should be well remembered. JUST. SHOOT. THEM.Peahippohttps://www.blogger.com/profile/01249343346796502619noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-59205524506137574662008-03-24T03:52:00.000+00:002008-03-24T03:52:00.000+00:00suspend mark to market? what is scary about this ...suspend mark to market? what is scary about this is that what has been marked to market has over estimated because they don't want to value the stuff at its true value.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-62829942689295366262008-03-24T01:38:00.000+00:002008-03-24T01:38:00.000+00:00> the mark-to-market rule could not have been more...> the mark-to-market rule could not have been more poorly timed and suspending it for a while makes sense under the circumstances<BR/><BR/>Welcome to Japan and a lost decade of no-growth! The Japanese chose this way, to not recognize losses: it slowed the fall of real estate but didn't prevent it, it let insolvent banks save their face and continue to operate, but it robbed better business ideas the capital they needed to grow. Bad, bad, bad idea!<BR/><BR/>Better to let it implode fast, kill the insolvent banks, and start fresh. Some stockholders will be wiped out, and many bondholders will be paid only pennies on the dollar, but the taxpayers won't be burdened with 150% debt of GDP, and good business ideas will find financing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-53351484612845102222008-03-24T01:23:00.000+00:002008-03-24T01:23:00.000+00:00http://www.gregpalast.com/elliot-spitzer-gets-nail...http://www.gregpalast.com/elliot-spitzer-gets-nailed/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-48396843263550608572008-03-24T01:11:00.000+00:002008-03-24T01:11:00.000+00:00"Start by doing what's necessary, then do what's p..."Start by doing what's necessary, then do what's possible,<BR/>and suddenly you are doing the impossible." - Francis of AssisiAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-63349681879186206432008-03-24T01:05:00.000+00:002008-03-24T01:05:00.000+00:00Why Eliot Spitzer was assassinatedThe predatory le...Why Eliot Spitzer was assassinated<BR/><BR/>The predatory lending industry<BR/>has a partner in the White House <BR/><BR/>http://www.brasschecktv.com/page/291.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-33024031728904888792008-03-23T23:54:00.000+00:002008-03-23T23:54:00.000+00:00Don't forget that in 2004 Steve Forbes kept insist...Don't forget that in 2004 Steve Forbes kept insisting that oil would drop back to $35. This guy doesn't have a clue. He's the GW Bush of the financial world.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-5713722792161146902008-03-23T23:13:00.000+00:002008-03-23T23:13:00.000+00:00Petition to impeach Bush over illegal BSC bailout!...Petition to impeach Bush over illegal BSC bailout!<BR/><BR/>http://financialpetition.org/petition-impeach.shtmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-4254917099679041302008-03-23T22:50:00.000+00:002008-03-23T22:50:00.000+00:00IRC Section 475 DOES NOT have the mark to market r...IRC Section 475 DOES NOT have the mark to market rule we're talking about here - that is tax only. The mark to market rule for financial statement purposes is under what is called SFAS 157, and was only for financial entities, and the effective date started 11/15/07. That's why the shit is hitting the fan now. <BR/><BR/>By the way, Forbes is Satan, and the mark to market rule is fine, whether the banks like it or not.Fazshahttps://www.blogger.com/profile/16145320065555592999noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-15397587510043008712008-03-23T19:14:00.000+00:002008-03-23T19:14:00.000+00:00Again, GAAP rules (Generally Accepted Accounting P...Again, GAAP rules (Generally Accepted Accounting Priciples) by which all accounting practice is governed (ie CPAs) is going to be violated. The last major violation was ENRON. In this case immediate write off of known loss are suggested to be hidden. Kind of makes you wonder about the scruples of Mr. ForbesAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-60530202797878048732008-03-23T19:09:00.000+00:002008-03-23T19:09:00.000+00:00God bless the USA and Steve Forbes!God bless the USA and Steve Forbes!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-50352024508673505582008-03-23T18:49:00.000+00:002008-03-23T18:49:00.000+00:00Forbes isn't a complete schmuck. The 18 countries ...Forbes isn't a complete schmuck. The 18 countries with flat taxes are doing well with it (see Russia)<BR/><BR/>When we get a commodities bust later this year / next year and china collapses, the US will of course get much healthier overnight. Stop fear mongering people!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-66277914714766594272008-03-23T18:30:00.000+00:002008-03-23T18:30:00.000+00:00I think the thought here is that even as we cheere...I think the thought here is that even as we cheered major banks and lending companies who were $$$ whores go down, that if several key players were let go and crashed it would start an avalanche.<BR/><BR/>Once that avalanche starts it WILL NOT stop...I hate subsidies for the rich but if a 200 billion dollar loan is what they are using to get some time I understand...The other result would be a wipe out in the trillions and trillions.<BR/><BR/>In the end the poor and middle class would actually lose more if the fed didn't make this illegal/imoral move...Sad but true.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-6908972082313122612008-03-23T17:54:00.000+00:002008-03-23T17:54:00.000+00:00Actually it sounds like a very good plan.YOUR plan...Actually it sounds like a very good plan.<BR/><BR/>YOUR plan of "just watch everything fall apart" is bloody daft.<BR/><BR/>But you have been masterbating to 'armagedon' for a decade now you wanker.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-84245294655031906992008-03-23T16:45:00.000+00:002008-03-23T16:45:00.000+00:00again with the surly old men getting a quarter pe...again with the surly old men getting a quarter percent interest on their savings to pay for higher and higher pricesAnonymousnoreply@blogger.com