Don’t worry, just a little bump - $70 is just around the corner. Short traders just keep making those margin calls, mortgage the house if you have to. Fortunes await you! PO is for pansies and doomers. At $70 short some more ..... it is going back to $22 .... the world is awash with oil ........ reality has nothing to do with it, its all in those charts!!!!!!!!!!
Posted: Mon Jul 14, 2008 11:03 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
On the way to buy more solar panels this AM, I listened to NPR and the FNMA/FMAC story was all they talked about for 4 hours. When I mentioned it to the store clerk, she looked at me like I was a nutcase.
"Send lawyers, guns, and money, the **** has hit the fan." Warren Zevon _________________ Local fix-it guy..
Posted: Mon Jul 14, 2008 11:18 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
patience wrote:
On the way to buy more solar panels this AM, I listened to NPR and the FNMA/FMAC story was all they talked about for 4 hours. When I mentioned it to the store clerk, she looked at me like I was a nutcase.
"Send lawyers, guns, and money, the **** has hit the fan." Warren Zevon
Hence Wednesday at least.
Those who know just how bad it is are scared shitless everyone else will find out. Those who report and love stories have an idea how bad it is and know if they print it it becomes a self fulfilling prophesy and the bottom drops out of the shaky floor.
The rest of us either dont know whats going on, dont know how it impacts us or are just along for the white knuckle ride.
So, have a beer gents. There is nothing on this wonderful green Earth you can do to stop whats in motion so no sense in bothering about it. _________________ "Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
Joined: Jun 18, 2005 Posts: 3724 Location: In a van down by the river
Posted: Mon Jul 14, 2008 11:18 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Npr and CNN are doing some good reporting on this, Jim Rogers is calling the bailout what it is an "unmitigated failure".
He is also pointing out the fact that it brings into sharp focus the credit rating for the entire US gov, if foreigners avoid our debt it is TEOTWAWKI.
Posted: Mon Jul 14, 2008 11:19 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Eli wrote:
Npr and CNN are doing some good reporting on this, Jim Rogers is calling the bailout what it is an "unmitigated failure".
He is also pointing out the fact that it brings into sharp focus the credit rating for the entire US gov, if foreigners avoid our debt it is TEOTWAWKI.
Anytting streaming online? I'm at work...Well.....I'm sitting at my desk.
Privatize the gains, socialize the losses. Make moguls out of few and suckers out of the rest.
Gotta love Keynesian style Capitalism. _________________ "Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
Posted: Mon Jul 14, 2008 11:26 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
patience wrote:
On the way to buy more solar panels this AM, I listened to NPR and the FNMA/FMAC story was all they talked about for 4 hours. When I mentioned it to the store clerk, she looked at me like I was a nutcase.
Posted: Mon Jul 14, 2008 11:28 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
UncoveringTruths wrote:
Eli wrote:
NCC bank just halted stocks are now headed south.
edit now denying rumors they are experiencing a bank run, IMHO we are hitting panic levels.
Who in their right mind would keep any money over the FDIC limits in the banks that are listed as being in trouble.
We are in the midst of a modern Bank Run folks
NCC carries my small mortgage which is FHA backed. Guess I'll get a letter on whom to write the check to next time. I wonder if it will be "Please make checks payable to FDIC"?
I better pay attention and make sure they are paying the escrow on taxes. At this point I could cancel the PMI and pay the taxes myself.
Any advice?
I'll give you advice in the form of a question. Why would you trust someone else to do something as critical as paying your taxes when you could do that yourself?
Posted: Mon Jul 14, 2008 11:31 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
TreeFarmer wrote:
UncoveringTruths wrote:
I better pay attention and make sure they are paying the escrow on taxes. At this point I could cancel the PMI and pay the taxes myself.
Any advice?
I'll give you advice in the form of a question. Why would you trust someone else to do something as critical as paying your taxes when you could do that yourself?
TF
I'll answer that in the general sense.
If "We the people" didnt have tax deductions and were hit with one big tax bill on April 15th you'd see tens of millions of people marching on DC. As it is they can hide what you really pay in taxes through many small payments.
And then give you a portion back on Tax Day and make you look forward to it! _________________ "Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
Posted: Mon Jul 14, 2008 11:40 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
TreeFarmer wrote:
UncoveringTruths wrote:
Eli wrote:
NCC bank just halted stocks are now headed south.
edit now denying rumors they are experiencing a bank run, IMHO we are hitting panic levels.
Who in their right mind would keep any money over the FDIC limits in the banks that are listed as being in trouble.
We are in the midst of a modern Bank Run folks
NCC carries my small mortgage which is FHA backed. Guess I'll get a letter on whom to write the check to next time. I wonder if it will be "Please make checks payable to FDIC"?
I better pay attention and make sure they are paying the escrow on taxes. At this point I could cancel the PMI and pay the taxes myself.
Any advice?
I'll give you advice in the form of a question. Why would you trust someone else to do something as critical as paying your taxes when you could do that yourself?
TF
Because FHA required it for the loan origination at the time 2002. Now that we have been paying on it for over five years we have the option to stop it anytime we want.
NCC called me a few months back wanting me to refinance to a lower rate. After thinking it over I liked the terms I have now and became suspect into their motives and declined. My loan allows me to have someone(buyer) qualify for FHA to assume the note and I was concerned that refinancing may affect this issue. Also if we refinanced I would have to continue with the escrow account. _________________ It's a cold cold world when a man has to pawn his shoes.
My jaw dropped when I read that this morning. OK, I jumped on that particular "walking dead" bandwagon back when Northern Rock collapsed, but you do not expect to see news only seven hours after you reiterate something. Looks like the course of nature has been pre-empted.
BBC wrote:
BBC business editor Robert Peston says the deal with Abbey-owner Santander may pose competition issues.
But our correspondent added that the deal also represented an apparent vote of confidence in the UK's troubled housing market.
March 5 (Bloomberg) -- Citigroup Inc. altered a research note after Banco Santander SA's finance chief said it was ``completely wrong'' to say Spain's largest bank was probably one of the most reliant on funding from the European Central Bank.
After the subprime-mortgage slump caused credit markets to seize up, ``the two single largest users of ECB funding appear to be Santander and Fortis,'' Citigroup analysts led by Simon Samuels wrote in a note to clients yesterday. The new version says the banks appear to be the largest holders of asset-backed securities, and ``we understand from Santander that it has not drawn down anything on this funding facility.''
Shareholders have to decide between ``317 pence a share and an unknown future,'' Alliance & Leicster CEO David Bennett said on a conference call with reporters.
Santander approached Alliance & Leicester on July 11 and talks continued over the weekend before an agreement was reached, Antonio Horta Osorio, Abbey's head of banking, said on a conference call today.
Alliance & Leicester, which gets almost 60 percent of its funding from capital markets, abandoned its 2009 profit target in March amid higher funding costs and 391 million pounds in credit writedowns. It also took a funding charge of charge of 49 million pounds in the first four months of the year, it said in May.
The bank will probably post a first-half loss, said Derek Chambers, a London-based analyst at Standard & Poor's Equity Research Ltd., who has a ``hold'' rating on Alliance & Leicester.
``The pressure on margins and volumes makes the free-standing outlook unattractive,'' Chambers said. ``The portfolio might be more profitable if controlled by an owner with lower funding costs,'' Chambers said.
Makes you wonder who will buy B&B now.
By the way, tread carefully upon the rose petals being thrown by the media. These guys lost a third of their value within hours when Northern Rock's emergency funding was revealed, due to fears of common-mode failure. The government's guarantee of deposits was sparked in part by fears of bank run contagion after that little collapse. And you do not offer 12% for retail deposits out of the kindness of your heart. There are skeletons somewhere. I think this is a classic case of "in a crisis, the people need heroes". _________________ "The American people are watching the numbers climb higher and higher at the pump and they're waiting to see what the Congress will do." - George W Bush
Last edited by Twilight on Mon Jul 14, 2008 11:55 am; edited 2 times in total
Joined: Dec 02, 2005 Posts: 6283 Location: Oil-addicted Southern Californucopia
Posted: Mon Jul 14, 2008 11:46 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Specop_007 wrote:
...The rest of us either dont know whats going on, dont know how it impacts us or are just along for the white knuckle ride.
So, have a beer gents. There is nothing on this wonderful green Earth you can do to stop whats in motion so no sense in bothering about it.
Exactly. It's too late for everything now. You might as well try to turn back the tide. We're all spectators.
Let's see where that white-knuckle ride takes us... _________________ "Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
Joined: Mar 12, 2007 Posts: 851 Location: As close as I can get to the beginning of the pipe.
Posted: Mon Jul 14, 2008 11:49 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
"The U.S. government is signaling it won’t throw a lifeline to struggling financial companies — except for mortgage linchpins Fannie Mae and Freddie Mac — marking a shift to a new and potentially more volatile phase of the credit crisis. Such an approach could mean beaten-down investment banks like Lehman Brothers Holdings Inc. and regional banks must now fend for themselves as they try to recover from billions of dollars in mortgage-related losses — unlike Bear Stearns Cos., whose buyout the government helped orchestrate in March."
"Other Companies Can't Expect Aid-Bruno-AP"
ADN page A10 (couldn't find a link yet, sorry)
I'm not sure I believe this, and I don't want to lose my bet with Rocc about LEH just because FNM and FRE got there first. I still believe the Fed and Co. will bail out those entities that they deem important to the structure of the economy, and leave the rest to get plowed under in takeovers. But who will those entities be? _________________ "For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth; to know the worst and provide for it." --Patrick Henry
Richard Bove at Ladenburg Thalmann has a different take on who may be next. In a report, he looks at all the FDIC-backed institutions, comparing each bank’s bad loans to its overall assets through two ratios. First, he divides the “non-performing assets” of an institution--bad loans, late loans, foreclosed assets--by all of its outstanding loans. “A radio above 5 percent suggests danger.” The overall industry ratio is below 2 percent. That’s good news. But it’s not so good for individual names like Downey Financial.
Read story for more names. Can't copy text without financial links/quotes embedded etc.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
