February 07, 2008
– Comments (5)
Thanks to HousingPanic for alerting me to this craziness.
Wtf is that guy? Bozo the clown's brother?
I thik too much money can numb the brain. Or maybe it's the suit. Yeah, probably the suit.
Of course this is what they want, and unfortunately it will probably happen again with the expansion of Fannie Mae or introduction of other SOE's to help more American's live the "American Dream" ...even if they're breaking their backs to not be able to pay for them
FYI, the first deal (securitization) from the FHAsecure program just came to market with a grand total of 8 loans for $1.2 million. To put that into perspective, the average mortgage-backed deal is usually $500mm - $1bn with 10,000+ loans - keep up the good work guys...
I am more worried about a dollar collapse. I can live with a recession and depression, laboring on a bridge to no where or a building a enviroment destroying dam would be fine..
Anytime I see a guy speaking in front of his book collection, I am naturally suspect he is an idiot.
It is like the guy singing loudest in church, he is the one you have to watch out for, he is the leading suspect.
I love the statement, "what really caught Chairman Bernanke and the Fed off guard was the degree to which housing prices have fallen."
Really? Are they that clueless?
It was clearly a bubble, several Fed governors and even Greenspan said there were pockets of irrationality or whatever obtuse language he used. They were caught off guard?
People keep saying the U.S. will not experience a Japanese-like recession that lasts a decade, but I disagree. The whole problem in Japan was a massive debt burden. Japanese banks have been unwilling to write all the bad debt off their books, and so the economy just drags along. Sure, there are sociological and demographic aspects to their recession, but guess what? We've got the same demographics now!
I don't know if Americans will ever turn into hard-core savers like the Japanese, but think back a couple of generations and Americans were very wary of debt and stocks and overpriced houses and cars they couldn't afford and all of the other nonsense. We'll see how much Americans save if they start thinking tomorrow may not be so sunny...
Caught off guard by housing prices falling. What a steaming pile!