Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Thu Jun 26, 2008 10:16 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
I told you it would be a rough week.
Seems like the upcoming financial crisis we talked about is scheduled to arrive soon:
Quote:
CDS update: Oh right, there’s a credit crisis on.
Almost forgot
After weeks of relative calm, the market for credit default swaps appears to have woken up to the credit storm that continues to rage.
In Europe, the benchmark Markit iTraxx Crossover index closed 35 basis points wider at 530.7bp, while the Markit iTraxx Main closed above 100bp for the first time in more than two months, widening 9.3bp on the day to 104.25bp.
Banks and carmakers bore the brunt of the day’s sell-off, hurt by a string of analyst downgrades of financial names, fresh capital raising efforts to repair bruised balance sheets and speculation that Chrysler was in the process of filing for bankruptcy.
The wipeout on Wall Street did little to help sentiment across the pond. As the Dow tumbled, US credit moved steadily wider. By mid-afternoon in New York, the benchmark index of investment grade US corporate debt was trading almost 6bp wider at 139.55bp.
Citigroup, hurt by a bearish note from Goldman Sachs, added 12bp to 140bp, while Countrywide - which is facing a string of lawsuits - added 35bp to 235bp.
FT Alphaville _________________ It's already over, now it's just a matter of adjusting.
Joined: Jun 14, 2008 Posts: 81 Location: With one foot in ascent and the other in descent
Posted: Thu Jun 26, 2008 11:20 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
Mmmmm. More doomer porn. It seems like the best doomer porn is still overseas these days.
Quote:
"US central bank accused of unleashing an inflation shock that will rock financial markets, reports Ambrose Evans-Pritchard
Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall "below zero".
"We're in a nasty environment," said Tim Bond, the bank's chief equity strategist. "There is an inflation shock underway. This is going to be very negative for financial assets. We are going into tortoise mood and are retreating into our shell. Investors will do well if they can preserve their wealth."
Barclays Capital said in its closely-watched Global Outlook that US headline inflation would hit 5.5pc by August and the Fed will have to raise interest rates six times by the end of next year to prevent a wage-spiral. If it hesitates, the bond markets will take matters into their own hands. "This is the first test for central banks in 30 years and they have fluffed it. They have zero credibility, and the Fed is negative if that's possible. It has lost all credibility," said Mr Bond."
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Fri Jun 27, 2008 5:47 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Quote:
Fed is negative if that's possible. It has lost all credibility
Yes having a currency backed by mortgage securities and loans from security dealers, whose assets are derivatives, is about as bad as possible. But it's funny that until within the last week or so many on Wall Street and elsewhere actually said the Fed was doing a good job and there would be an economic recovery in the second half of 2008. _________________ It's already over, now it's just a matter of adjusting.
Joined: May 19, 2005 Posts: 812 Location: Merry Ol' USA
Posted: Fri Jun 27, 2008 7:11 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
OK, someone needs to do something about all this bad news and send some happy pills all our way, this crap is starting to get scary .
Anecdotal: near where I work there's a whole mess of houses for sale, this is a nice, desirable, older established area. More signs seem to be going up than going down, as some of them have been on the same houses for a whole bunch of months. _________________ After fueling up their cars, Twyman says they bowed their heads and asked God for cheaper gas.There was no immediate answer, but he says other motorists joined in and the service station owner didn't run them off.
Her surgeon needs a course on "balance and the perfect body". _________________ "The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
Sir Winston Churchill
Joined: Jun 20, 2008 Posts: 67 Location: Quebec/Ottawa, Canada
Posted: Fri Jun 27, 2008 8:16 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Quote:
PALM BEACH GARDENS, FL -- A struggling single parent and real estate agent is trying to sell her house and find a husband. She's auctioning off both her home and her love in a package deal on eBay and Craigslist.
Single mother of two girls, ages 14 and 21, Deven Traboscia has been divorced for eight years. She had hoped to be remarried by now, so she is turning to the internet for help.
UNQUOTE
Gee, she IS hot; I see she has two young liabilities, in addition to her liability as a real estate agent. Can't be much money in that field in Florida now. I think her actions tell us something about the FLA real estate market; not that we didn't already know.
Joined: May 19, 2005 Posts: 812 Location: Merry Ol' USA
Posted: Fri Jun 27, 2008 9:51 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
emersonbiggins wrote:
Dude looks like a lady
Hopefully it's just a bad picture! Seems like you could do a lot better for $500k, though, than a cookie-cutter house in Florida and her. _________________ After fueling up their cars, Twyman says they bowed their heads and asked God for cheaper gas.There was no immediate answer, but he says other motorists joined in and the service station owner didn't run them off.
Posted: Fri Jun 27, 2008 9:56 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
jdmartin wrote:
emersonbiggins wrote:
Dude looks like a lady
Hopefully it's just a bad picture! Seems like you could do a lot better for $500k, though, than a cookie-cutter house in Florida and her.
Here's Barbie as a REALTOR™.
-Also includes 3 pc. pantsuit, Botticelli heels & detachable Louis Vuitton bucket handbag. _________________ "It's called the American Dream because you'd have to be asleep to believe it."
Posted: Fri Jun 27, 2008 10:02 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
FoxV wrote:
They don't call them Realtwhores for nothing.
I wonder if she realizes that the next logical step for her to take is to start doing tricks on the walk through of clients houses.
I thought that was already pretty much standard.
"whatever. it. takes."
I've been at a loss in discovering what "value added" product that bimbos like this bring into a real estate deal. Now we know - sex sells. _________________ "It's called the American Dream because you'd have to be asleep to believe it."
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