Happy President's Day America. Question: How do you celebrate living under the worst president in the history of the United States?

Pat Buchanan (R): "Iraq is the worst strategic blunder in our lifetime. And for it, George W. Bush, his War Cabinet, and the neoconservatives who plotted and planned this war for a decade bear full responsibility."

Sen. Harry Reid (D): "This (Iraq) war is a serious situation. It involves the worst foreign policy mistake in the history of this country"

Helen Thomas (AP): “This is the worst President ever. He [George W. Bush] is the worst President in all of American history.”

Sen. Chuck Hagel (R): "I think this speech given last night by this president represents the most dangerous foreign policy blunder in this country since Vietnam if it's carried out."

Fred Dattolo (author): "When it starts to unravel, it will likely lead to the biggest bubble bust in world history, hurtling the U.S. economy into chaos, reminiscent of the Great Depression—or worse."

January 2007 AP/AOL poll: Two-thirds of Americans, 66 percent, think the country is on the wrong track.

GAO Report 2006 recapped: The US is insolvent. There is simply no way for our national bills to be paid under current levels of taxation and promised benefits. Our combined federal deficits now total more than 400% of GDP.

Joe Scarborough (R): "In Bush’s Washington, the capital is a much clubbier place where everyone in the White House knows someone on the Hill who worked with the Old Man, summered in Maine, or pledged DKE at Yale. The result? Chummy relationships, no vetoes, and record-breaking debts"

Iamfacingforeclosure.com's Casey, even though it's all going to hell in a handbasket, sure has a good sense of humor

Hey, it's just money in the end.

Oh, and massive mortgage fraud and the biggest ponzi scheme in recorded human history.

But man, you gotta laugh at the whole thing.

Before you cry.

Here's some hilarious photoshop pictures sent in by his readers. Man, I love that blog. It's the gift that keeps on giving.

The human face of toxic loans

HP'ers - got blog?

Man, it's tough to keep up - blogs are sprouting like stucco homes in the desert. But I think it's important to give you all a good up-to-date list on the sidebar (unlike Paranoid Ben's lame list).

You know what HP's all about. So hit us with some good stuff to check out.

Stop denying Denial. It's Fear my friends. Fear.

HSBC moved $10 billion from the "denial" column straight to "capitulation" the other day.

The entire subprime industry, which fell off a cliff in the past few weeks, went from "euphoria" to "despondency" overnight it seems. And the contagion will spread. It always does during a the mania unwinding stage.

1.9 million American homes currently listed in foreclosure are in "desperation" stage.

2.2 million Americans who took out toxic loans and are expected to default, well, they've gotta be in "fear" stage now if they're paying attention.

Millions of REIC employees / contractors / commission hungry sharks are in "fear" stage today, wondering when the axe will fall, and how long they'll have to eat ramen.

The 2.1 million homedebtors with an empty home on the market and no buyers in sight have gotta be in some stage of "fear", "desperation" and yes, "panic" today.

One would-be real estate mogul who is now selling off his portfolio of failure and days away from bankruptcy and a knock from the FBI, well, even he's evidently moving past denial lately.

HP'ers, you'd have to be insane, clueless, corrupt, stupid and seriously the greatest fool on earth if you're still in "euphoria" or "anxiety" stage. Man, the train left the station, a long, long time ago. When will Americans (and the world) finally get on board? Or are they?

The NAR is still serving the Kool-Aid. Anyone want another sip?

Liars. Scoundrels. Terrible businessmen. Discredited hacks. Watching the NAR implode at the same time housing implodes is quite poetic, wouldn't you say HP'ers?

I think the only ones still drinking their Kool-Aid are the rip-and-read MSM, and even many of them are starting to actually think before they write. Not all of 'em, but some. It's a start.

But here's the reporter at Realty Times allowing the NAR spinmeisters to serve more unfiltered Mountainberry Punch! Hey Kool-Aid!

NAR Says Existing Home Sales Have Hit Bottom

Despite wailing from banks that late or non-payments on sub-prime loans are sinking their profits, continuing fear from homebuyers that they're catching a falling knife, and predictions from housing analysts that the pain is far from over, the outlook looks sunny for housing, says the National Association of Realtors.

Analysts say that a number of causes kept buyers away including affordability, the financial media, rising gas prices, rising mortgage interest rates, and buyers' fear of becoming "the greater fool."

Housing bulls suggest that the drop in housing sales is primarily due to fear -- that housing fundamentals are actually better now than they were during record housing conditions.

David Lereah, NAR's chief economist, said it appears the fourth quarter was the bottom for the current housing cycle.

"This information confirms 2006 was the year of contraction, and hopefully the fourth quarter was the bottom of this current business cycle," he said. "Home sales are leveling at historically high levels, and examination of data within the quarter shows home prices stabilizing toward the end. When we get the figures for this spring, I expect to see a discernible improvement in both sales and prices."

NAR President Pat V. Combs: "Since the typical owner stays in a home for six years, it's more useful to look at the five-year comparison for metro area home prices -- most of them are seeing strong gains,"

View from England: How do you know when it's a housing mania? When people with jobs can't afford a home anymore.

Mortgage costs for many at over 3/4 of their take-home pay.

Home prices 24 times average incomes.

Soaring foreclosures and insolvencies nationwide.

Yup. Ponzi Scheme. Executed perfectly here in England. A country that thought soaring home prices were a good thing for society, that everyone could get rich, that property prices can only go up and up and up and up, and that inflation has nothing to do with housing costs - thems are savin's after all ma!

They do call it the "Property Ladder" over here, and you know nobody every goes down the ladder - only up! Right? Right?

We'll see...

MORTGAGE COSTS ARE CRIPPLING

Daily Express (UK)

Home owners are having to fork out crippling mortgage payments which eat up as much as three-quarters of their take-home pay. Millions struggling with record utility bills and rising interest rates are paying an average of 51 per cent of their net income.

But, with some parts of the country seeing house prices rocket to 24 times the average salary for the area, many are being forced to pay up to 71 per cent of their wages to put a roof over their heads.

The figures were revealed in a report which makes clear the shocking financial burden being shouldered by hard-working families because of soaring property prices.

The grim report reveals that the property boom pushed average house prices to more than six-and-a-half times salaries last year – up a formidable seven per cent from the previous year’s figure. It led experts to warn that while rising prices are felt by many to be positive, any significant increase in interest rates could have a damaging impact on households.

Rob McPherson, of management consultants Hay Group which produced the study, titled Home Truths: Pay and Property 2006, said: “Rising house prices are outstripping take-home pay, placing enormous pressure on home owners.“Increased house values may make consumers feel more wealthy, but the truth is that the buying power of wages has taken a serious hit when it comes to property.

Citizens Advice policy officer Peter Tutton said: “We are already seeing a rapidly growing number of people falling behind with mortgage payments and in some cases threatened with repossession.

“We know that some people are taking on mortgages that stretch them to the limit. Increases in interest rates could spell disaster.”