Who'd have thought that America's imploding housing market and mortgage meltdown would cause a worldwide financial collapse?

The US housing panic and mortgage meltdown will be felt around the world. The innovation of CDOs spread the US cancer everywhere.


As home prices crater, foreclosures soar and the US housing market implodes, people around the world will wonder how idiots like Casey Serin, Angelo Mozilo, Alan Greenspan, Bob Toll and David Lereah took down the global financial system.


We live in interesting times HP'ers, and you're at the center of the storm. Buckle up, it's gonna get bumpy.

We all stand in the shoes of US mortgage-holders now. The financial system, we now know, relies on them. In recent weeks, a string of European banks has discovered that they had lent to US borrowers, as investment-grade securities they held turned out to be contaminated by bad US subprime mortgage bonds.

With the risk of US mortgage defaults now dispersed globally, not just Americans but everyone else in the developed world has an interest in averting an escalation in US defaults.

There is also a global search for culprits. Alas it turns out that almost nobody is blameless.

The importance of US housing is hard to overstate. For at least a year now, a central risk on investors' radar screens has been that falling house prices would force US consumers to spend less. That could cut global demand. Housing data this week was that US house prices were falling and the overhang of unsold properties was rising.

HousingPANIC is going to take George W. Bush and Ben Bernanke at their word - NO FUC*ING HOUSING GAMBLER BAILOUT!!!!!!

"It is not the responsibility of the Federal Reserve -- nor would it be appropriate -- to protect lenders and investors from the consequences of their financial decisions."

- Ben Bernanke, August 31, 2007


"It's not the government's job to bail out speculators or those who made the decision to buy a home they knew they could never afford."

- George W. Bush, August 31, 2007


"If you spend one f*cking American taxpayer dollar bailing out failed flippers, mortgage fraudsters and housing gamblers, the legitimacy of the United States Government will have been forfeited, and the time will be at hand to dissolve the political bands which connect us."

- HousingPANIC, August 31, 2007

HousingPANIC Stupid Question of the Day

What's going to end up costing the US taxpayer more in the end

A) The Iraq Debacle

B) The Great Housing Crash

Ron Paul. Kudlow. Housing Crash. Subprime Disaster. Mortgage Meltdown. Government Bailout. Fed Policy.

Nice to see it all come together.

Ron Paul - the ONLY HousingPANIC candidate. Damn, this guy gets it.

Why are the Feds talking Mortgage Meltdown Bailout? Because the stench of the NAR and NAHB fills the halls of your corrupted Congress

Hey, what's that stench? Oh, it's just the REIC doing their thing.

Tax breaks for buying a home. No cap-gains tax on home sale proceeds. No oversight of mortgage brokers, realtors or lenders. And a corrupt REIC allowed to spin out of control by a corrupt Congress.

The realtors and home builders made this mess. Congress went along for the ride. And if there's a move in Congress for a REIC bailout, you'll know why.

Top 10 Political Action Committees 2006

#1. National Association of Realtors

According to OpenSecrets, the NAR PAC spent $3,752,005 in the 2006 campaign: 49% to Democrats and 51% to Republicans. They raised $1,716,960 in contributions of $200 or more. The Realtors Political Action Committee (RPAC) is one of the largest trade association PACs, dating to 1943. Issues of interest range from accessibility to wireless 411 directory.

#3. National Association of Home Builders

According to OpenSecrets, the National Association of Home Builders PAC spent $2,900,500 in the 2006 campaign: 26% went to Democrats and 72% to Republicans. They raised $3,526,927 in contributions of $200 or more.

Here's PBS NewsHour on the mortgage meltdown and Bush housing gambler bailout plan

Thanks Frothy for the links...

Phoenix Housing Crash Parody Youtube Video - "Free Falling - Now I'm Defaulting"

Gotta love stuff like this. "Free falling - Now I'm defaulting... gonna have negative equity for awhile" - love it. Thanks again doom for the link.

Anyone still believe Phoenix realtors on commission?