Just a little ditty about the recent spate of articles, newscasts, and other interesting attempts to shift blame for falling investment prices.
What'll happen to all those contracts out there, all the sales prices, and all those mortgage-backed securities if uppity local politicians decide to stop selling foreclosed homes? [more]
Because people refuse to lower the prices, even when it's obvious they should. [more]
Why not? After all, so much of that consumption was financed via HELOCs on bogus "equity" that has disappeared, and now, the bills are coming due and the houses are in danger. 2nd mortgage holders don't have much power, but they're using whatevery they've got to try and stonewall the refi process until they get paid what they're owed. (Dirty, cigar-munching plutocrats!) [more]
Saw this first on HousingPanic, but apparently it originates here.
...talks about radio. Better when you close your eyes!
Wow. Things seem to be gettin' uglier.
"Homeowners, that's more than $1 trillion (in mortgage debt), you're crazy," one man in a suit screamed at a protester on the street.
PLEASE stop sending photogs out to shoot For Sale signs. Just run one of the other 4,000,000 recent for sale sign photos and save shareholders some gas money. [more]
I suspect there's another on the way.
But I've been buying anyway. You?
this is the only chart uglier than my recent CAPS score.
And think, just yesterday the commission hounds at the NAR were pumping a "housing is back" story. Tar & Feathers needed.
Rebate checks won't get spent
Majority of Americans say they plan to put their tax rebate checks in the bank or use it to pay off debt, according to a recent poll.
According to the story "majority" is an understatement. Only 20% said they'd spend it.
I'm not sure how original this thought was, but it occurred to me the other day that the Enron spirit didn't die out, it just infected the entire banking industry and, oh, everyone who bought real estate thinking it always goes up.
So, I wrote about it here:A Nation of Enrons
Well, my CAPS score, anyway. So much for my short-term bearyness over the past week or so.
I'm just glad my real portfolio is opposite.
After all, his call on Bear Stearns (top video) wasn't any less wrong than his call on subprime mortgages (video number 2). [more]
According to this story in the Post, the stuff they found ain't some kind of naturally-occuring "oops." [more]
(referring to the thread below, the Cramer thing...)
But here I am doing my best Cramer imitation -- though you gotta watch the whole thing before we get to the monkeyboy routine.
After a long absence, Patrick Byrne is back posting at Fool.com. It's because he's got something to share. He wants us all to know that, well, here it is in his own words: [more]
Although Hidden Gems is eating most of my time, I just had to bust out of the blog on stuff: [more]
I especially love this post, about how young Republican fave, Fed Gov Warsh (born, 1970) would explain subprime to the children.
Don't forget the Google aps presentation, subprime primer. (Warning: dirty words aplenty.)
Bear Sells for $2 a Share
J.P. Morgan agreed to buy Bear Stearns for $2 a share in a stock-swap transaction. The deal values Bear Stearns at just $236 million. At the end of Friday, Bear's stock-market value was about $3.54 billion. [more]
Sure looks that way. Let's all thank the NAIR for proving it value to society with programs like the homeflippers hall o' fame. [more]
Another one I owe to HousingPanic. [more]
Just noticed this via housingpanic. Nice to see Ben finally got some religion, but he's a couple years too late, and he neglects to mention that it was his job to oversee lending. So, essentially, he's coming close to admitting that he shirked his duty. [more]
Let's begin here: US Pres Bush praises Fed, says Chairman Bernanke "doing a good job ...
This could only come from the same, language-impaired leader who gave us, "heckuva job, Brownie!" Bernanke has done a horrible job of managing this credit crisis. Let's not forget he was part of the Greenspan rubberstamping crew, and he spent years failing utterly to oversee the lending practices that have gotten us here. [more]
Consumer discretionary? Banks? Homebuilders? Oil? Gold? Ammo and bottled water?
It's always fun to check in with this blog. Here's a great recent sample. [more]
Now they're sending out unsolicited spam with the old fake message to someone else. [more]
Note to Helicopter Ben. Mo' money ain't gonna make a difference. People aren't loaning to each other because of costs, it's because they don't trust anyone. And that situation exists because you, Helicopter Ben, and your predecessor, Easy Al Greenspan, neglected your mandate to properly oversee credit markets. [more]
I wrote about how horrible Lawrence Yun is at forecasting home sales, and how the clowns at the NAR consistently down their forecasts while issuing ridiculous, upbeat soundbites. This year, we're off to the same thing. [more]
Calls for more congressional action to allow people to get more rope with which to hang themselves. [more]
Homeowner Equity Falls Below 50 Percent- AP
The Federal Reserve says Americans' percentage of equity in their homes has fallen below 50 percent for the first time since 1945. [more]
It will all go away once we get home prices stabilized!
In other words, the bubble won't pop so long as we unpop the bubble.
Greenspan has screwed up so badly, for so long, that he doesn't even know he's become a clown.
(Shamelessly shoplifted from Housing Doom.)
Check out this crock of you know what. "Housing: Best Time to Buy in Four Years" "Housing valuations are almost back to long-term norms," said National City's chief economist, Richard DeKaser. He called current affordability "the best in the past four years." [more]
The FDA has reportedly found a "heparin-like" compound in 5-20% of samples of Baxter's Chinese-manufactured heparin, a very important, front-line therapy that has mysteriously killed many people lately. They're not sure if the stuff is being put in as a filler (a la the chemicals put into dog food proteins in order to fake nutrition tests) or if it's in there accidentally. [more]
I think Keith asks a good one here at HousingPanic. [more]