May 16, 2008
– Comments (6)
because the housing ATM is not only out of money, it's getting unplugged, machine by machine.
Chase Wholesale Eliminates 2nd Mortgages [more]
Wow, nice catch. I wonder how long it will be before we see the other retail banks make moves to ensure their HELOCs are secured.
Finally! I'm still patiently waiting for investors to realize that the house of cards will have to eventually come down. It might take a while for that, though...
Consumer spending was 72% of GDP based on using their homes as ATM's. The tightening of credit standards is causing a shift in the demand for housing and shifting consumer spending. What will make up that Gap? Looks like a painful correction. Why then do homebuilders and their index's continue to rise?
Well, its because the US has 55 trillion in debt, public private and business, and we have maxed out our credit cards, so reality is setting in.
Deficits do not matter! Everyone will spend their $600 bucks at walmart and the economy will be fine. Iran is bad and so is Hugo Chavez. Colombia is our new best friend and we must sign Free trade aggreement with them. Must make tax cuts permanent because everyone is worried about losing it and that is what is making the economy fall into recession. When oil reaches $200 a barrel we will have another stimulus package and everyone will receive $10,000 more to spend at walmart. We will all eat Monsanto's GM food and be happy. George Bush will be considered a world hero in 100 years, just like Ab Lincoln. We will win the War on Terror just like the War on Drugs. Drugs are bad. Terror is bad. oooogie booogie
The fed rocks and will make sure hard working Americans stay in their homes.
Fox news rocks! Condi Rice for President!
Ron Paul is a radical and the constitution is silly.
The Bohemian Grove is just a fun place to hang out with buddies and play cards.
And people stop worryin' about a NEW WORLD ORDER and A NORTH AMERICAN UNION! It is just a bunch of weirdos trying to scare you!
jahbu, YOU are scaring me.