FLASH: The 3-month US t-bill is now paying 0.47%. That's right, 0.47%. The bond market is telling you something REALLY f*cking scary right now

One more time, until you can say it from memory:

The final phase is a self-feeding panic, where the bubble bursts. People of wealth and credit scramble to unload whatever they have bought at greater and greater losses, and cash becomes king.

Get to cash. Get to cash right now. Don't worry about the rate. Don't worry about short-term currency movements. Just get liquid. Fast.

SHOCKING FLASH: Alan Greenspan shocks markets, says home prices are going to crash and crash significantly. No, I'm not making this up.

- Cause greatest financial mania in human history - check

- During mania, tell people to take our adjustable rate loans - check

- During mania, deny there was a mania - check

- After crash starts, admit you screwed up - check

- To finish things off, tell the world that home values are gonna crash and crash significantly - check

Wow.

A HOUSINGPANIC MESSAGE FOR ALAN GREENSPAN - GO F*CK YOURSELF. YOU RUINED LIVES. YOU DESTROYED FAMILIES. AND YOU WILL NOT BE FORGIVEN.

Greenspan alert on US house prices

US house prices are likely to fall significantly from their present levels, Alan Greenspan has told the Financial Times, admitting that there was a bubble in the US housing market.

In an interview ahead of the release on Monday of his widely-anticipated memoirs, the former chairman of the Federal Reserve said the decline in house prices “is going to be larger than most people expect”.

HousingPANIC Stupid Question of the Day

Do real estate clerks now (finally) understand what is happening to the housing market, and to their jobs and future prospects?

Or are they really as dumb, clueless and naive as they seem to be?

We'll be talking about this mania and crash for the rest of our lives.

The late great housing bubble was such a perfect and textbook financial mania. Every single criteria was met, straight out of the mania (and eventual panic) gameplan.

But just wait now, loyal HP'ers, for the fallout from the biggest mania in recorded human history. A mania which caught in its trap over 70% of the American population. A mania on steroids, with unimaginable levels of leverage, the likes of which we've never seen before. And a mania with an almost surreal level of fraud and deception.

Oh, we'll be talking about this mania and crash for the rest of our lives. And so will our children, and our children's children. And 500 years from now, The Great Housing Bubble will be taught in classes.

I couldn't be more proud. We did it. We created the biggest financial mania in recorded human history.

Congrats Americans! Congrats people of the world! You did it!

Now deal with it.

And isn't it time for Newsweek or Time to put the housing crash on their cover already? The AP story of the year after all. What are they waiting for?

An economic bubble (sometimes referred to as a "market bubble", a "financial bubble", or a "speculative mania") refers to a market condition in which the prices of commodities or asset classes increase to absurd or unsustainable levels (that no longer reflect utility of usage and purchasing power).

It occurs when speculation in the underlying asset causes the price to increase, thus encouraging even more speculation. The bubble is usually followed by a sudden drop in prices, known as a crash or a bubble burst.