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: Mar 12, 2007 Posts: 1009 Location: As close as I can get to the beginning of the pipe.
Posted: Wed Jul 16, 2008 9:36 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
Armageddon wrote:
But WHY???
What’s really scary, besides the fact that nobody seems to know this is happening, unless they do a job like mine; is that if they do know about it, they don’t know why.
Since Monday, I’ve written to several blogs and called everybody I can think of short of my state representatives (who are next, if I can’t get some answers soon) to try and figure out what the hell banks are thinking. Nobody can tell me — in fact, everybody so far has been shocked to hear what I’m telling them about Black Monday. Everyone who checks up on it agrees that it’s happening — major foreclosure law-firms have their orders to cease negotiations immediately; and citizens not in foreclosure who were attempting to work a deal out themselves all got shut out completely. No explanations — even the super-huge law firms don’t seem to know why they were given these orders, or towards what purpose.
Thinking more generally for a moment, it’s hard to see what banks can possibly gain from this behavior: They lose usually at least $20,000 on every foreclosure, which is way over the cost of working out most loans with the borrowers. I don’t know about you, but I’m used to banks at least making sense — they may be evil sometimes, but you know how they tick; they’re doing what they’re doing because of the bottom line. But no-one I’ve spoken to can tell me how forcing millions of homes to go into foreclosure helps the bottom line for anybody.
One super scary thing that someone mentioned to me as a possibly explanation is that maybe the banks have gotten together and agreed to try a “suicide gambit” — basically threatening to eradicate themselves (which is what unchecked foreclosures would do at this point) if the government doesn’t bail them out (as it plans to for Fannie Mae and Freddie Mac). This would be the most terrifying thing I could imagine — especially for homeowners — because as we’ve learned by messing with suicide bombers, there ain’t much you can do to fight someone who’s willing to die for their cause. So, although I can’t find the slightest shred of evidence that anything other than that is going on, I’m going to keep hoping as hard as I can that that isn’t it. If it’s anything else, some weird legal or tax thing maybe, then there’s a possibility that organizations like mine can figure out a way to negotiate with the banks that takes their “concerns” into consideration.
Wow, Armageddon. You must be wigged out over this. I wish I could have been a fly on the wall at those meetings this weekend.
My little pea brain keeps returning to the issue of FDIC insurance. If we get wholesale bank slaughter, then the entire financial sector goes belly up in massive sudden hyperinflation as the government has to pay up on FDIC guarantees. I think that the government is doing everything possible to avoid this one issue; how to prevent system-wide bank failures. Because it is the FDIC payouts that will kick us over into hyperinflation. All of the manipulation by the Fed is oriented towards protecting the banks. You may have a point here that the larger banks know that they have some power over the Fed as being "too dangerous to fail." _________________ "When fascism comes to America it will be wrapped in a flag and carrying a cross." --Sinclair Lewis
Joined: Apr 12, 2007 Posts: 1198 Location: Central NC
Posted: Wed Jul 16, 2008 9:39 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
Jotapay wrote:
Homesteader wrote:
I thought about it some more which led me to think that this type of coordinated action of this magnitude would not occur with out Paulson etc. . . being in the loop.
(To restate for those who don't remember, Treasury Secretary Paulson was Goldman Sachs' CEO.) Goldman Sachs always seems to be betting on the winning side these days. They bet mortgage backed securities would decline in value when everyone else was bullish; their analysts have nailed the price increase in oil. They are the ones who told certain hedge funds that they would no longer do business with Bear Stearns, which effectively caused a run and for Bear Stearns to collapse. Communication between the US Treasury and Goldman Sachs seems to be quite good, as GS's record for the past 18 months or so has been virtually flawless, and many times completely at odds with everyone else's opinion in the finance industry. Their source of information seems to be quite good.
I get that my conclusion wasn't the stuff of rocket science.
Question is what is the endgame and why? _________________ "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
Posted: Wed Jul 16, 2008 10:14 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
[Tin foil hat on] Of course, if the banks were given direction from a higher authority to foreclose, that would nicely explain their behavior. Perhaps from a government that was about to assume control of the two largest mortgage holders in the country. If someone wanted to nationalize housing, this would be a good way to start. [Tin foil hat off]
Another option is that if it looks like Freddie and Fannie are going to be bailed out, foreclose everything you can so you can put it on the books at the highest value possible. Foreclosing on a $250,000 home looks better than admitting that the home is only worth $125,000. _________________ Civilization is a personal choice.
Posted: Wed Jul 16, 2008 11:52 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
Homesteader wrote:
I get that my conclusion wasn't the stuff of rocket science.
Question is what is the endgame and why?
My preceding paragraph, especially the first line, was for others on the internet reading, who may not be well-versed on their recent history. It was not directed towards you at all, of course, just an addendum.
I used to think Alex Jones was a total kook. But 50-75% of what he has said since 9/11 has played out virtually verbatim. What strikes me more, is the people who held high ranking positions in the US executive branch, the US military, or global NGOs, who daily come onto his shows and corroborate his position. They either quit in disgust, were forced out, or were fired for their policies which differed from those of the "new world order".
Regarding TPTB and the world banking cartel, Jones got the former head of the World Bank, who quit several years ago, onto his show, and got this person to verify that the credit crisis was basically caused to destroy the middle class, so that they will be easier to control. Jones happened to be on a local radio show at noon today at the bequest of the DJ to speak during his now-alloted "freedom minute" and today's topic was the banking crisis and the above statements and references were mentioned. I can try and dig up the exact interview.
I used to make fun of Alex, quite a bit. Emplanted microchips, government tracking of everything you do, and all kinds of hullabaloo and nonsense. Now-a-days, I cannot ignore him since basically almost everything that he said has come true. Especially after hearing the high-ranking witnesses whom he brings on his show and after listening to their stories.
If what has been written and said about this event is to be believed, and you have read about those (the B!lderb3rgs, R0thch1lds, etc.) who pull the puppets' (Bush, Clinton, etc.) strings, then they want control. Total control over everything. Profits, with the control. It would be akin to fascism.
This is like Peak Oil to me. I do not want it to be. But the evidence is overwhelming and convincing, and therefore I must act prudently.
Last edited by Jotapay on Thu Jul 17, 2008 12:01 am; edited 2 times in total
Posted: Wed Jul 16, 2008 11:54 pm Post subject: Re: Housing & Economic Collapse - In Progress - #2
SchroedingersCat wrote:
[Tin foil hat on] Of course, if the banks were given direction from a higher authority to foreclose, that would nicely explain their behavior. Perhaps from a government that was about to assume control of the two largest mortgage holders in the country. If someone wanted to nationalize housing, this would be a good way to start. [Tin foil hat off]
They are devaluing the dollar to loot the USA. All these valuable corporations (GE, mining companies, etc) can be bought for pennies on the dollar now. These are not Americans doing this.
Posted: Thu Jul 17, 2008 12:01 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Jotapay wrote:
SchroedingersCat wrote:
[Tin foil hat on] Of course, if the banks were given direction from a higher authority to foreclose, that would nicely explain their behavior. Perhaps from a government that was about to assume control of the two largest mortgage holders in the country. If someone wanted to nationalize housing, this would be a good way to start. [Tin foil hat off]
They are devaluing the dollar to loot the USA. All these valuable corporations (GE, mining companies, etc) can be bought for pennies on the dollar now. These are not Americans doing this.
Since when has (big / old / new) money ever had a loyality to a specific country? Since "Globialization" it should be clear that money goes wherever it wants to go if you let money run the show.
You can bet that quite a few Americans will make a pretty dime and comfortable life out of that too.
Posted: Thu Jul 17, 2008 12:05 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Snowrunner wrote:
Since when has (big / old / new) money ever had a loyality to a specific country? Since "Globialization" it should be clear that money goes wherever it wants to go if you let money run the show.
I don't think I said that they did have a loyalty to any country. I think that if these theorems are to be believed, they are against borders and "countries". They want a new world government so their globalist policies can be pursued unhindered.
I'm not a fanatic for Alex. However, after being a total critic of his for many years, I am basically forced to recognize that he has been right. Many times. More times than I want to admit, because of how unpleasant the implications are.
Joined: Dec 07, 2005 Posts: 2023 Location: Australia
Posted: Thu Jul 17, 2008 12:07 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Quote:
They are devaluing the dollar to loot the USA. All these valuable corporations (GE, mining companies, etc) can be bought for pennies on the dollar now. These are not Americans doing this.
I am also expecting a shopping spree of good companies.
I have been closely following quite a few resource companies, both PM and BM and every event is followed up with selling. Low volume, but just enought to kill sentiment and shake out weak hands and stop losses.
Bad financial news = sell
Good exploration news = sell
Increased net profit = sell
And this is not limited to North America.
Takeovers seem to often come cyclically. i.e. they cluster rather than being evenly spread out.
This time I suspect there will be more of a tidal wave of takeovers.
They will try to take over as much as possible while prices are still depressed. Many companies will be taken over at fraction of what the they were valued at a year ago. The ones that don't get scooped up should benefit money moving in quickly in preparedness for takeover offers. _________________ It's not a bailout, it's a buy-in" - Nancy Pelosi
Posted: Thu Jul 17, 2008 12:17 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Hmm - I may be stating the obvious here, but if there are massive foreclosures, and the holding banks fail:
1) all the deposits go... where?
2) The FDIC assumes the assets - ccorrect? So if the FDIC forecloses and kicks the people out of their homes, who owns the land and houses - the government? Theoretically, people would have some percentage of ownership of thier property that would have to be paid at sale, but if no one is buying, or if the property value drops enough, there will be no equity, and it will be defacto large scale government seizure of property.
Joined: Dec 07, 2005 Posts: 2023 Location: Australia
Posted: Thu Jul 17, 2008 1:30 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
And Bernanke is attempting a last show of confidence;
Quote:
The two troubled U.S. mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing," said Federal Reserve Chairman Ben Bernanke on Wednesday.
Have you noticed how he always seems to be tired?
I don't think he is sleeping well at nights.
Wonder what should go into that dream cloud above his head?
Or is it a mushroom cloud from the financial WMD's (derivatives)? _________________ It's not a bailout, it's a buy-in" - Nancy Pelosi
Joined: May 02, 2005 Posts: 3542 Location: On the ball
Posted: Thu Jul 17, 2008 1:53 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Micki wrote:
And Bernanke is attempting a last show of confidence;
Quote:
The two troubled U.S. mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing," said Federal Reserve Chairman Ben Bernanke on Wednesday.
Have you noticed how he always seems to be tired?
I don't think he is sleeping well at nights.
....
Here's Sweet Old Bob near the tail of his tenure:
Looks a little tired, doesn't he?
SOB sure gave us some doozies, didn't he?
After U.S. Troops Penetrated Central Baghdad:
April 5, 2003
"Nobody came here. Those America losers, I think their repeated frequent lies are bringing them down very rapidly.... Baghdad is secure, is safe."
BB: "We are Safe and Secure, Senator. Safe and Secure." _________________ "It's still all about energy!"
Posted: Thu Jul 17, 2008 8:50 am Post subject: Re: Housing & Economic Collapse - In Progress - #2
Jotapay wrote:
Regarding TPTB and the world banking cartel, Jones got the former head of the World Bank, who quit several years ago, onto his show, and got this person to verify that the credit crisis was basically caused to destroy the middle class, so that they will be easier to control. Jones happened to be on a local radio show at noon today at the bequest of the DJ to speak during his now-alloted "freedom minute" and today's topic was the banking crisis and the above statements and references were mentioned. I can try and dig up the exact interview.
Here it is. Here is Alex talking to Joseph Stiglitz, who describes how corporations want to privatize everything and get resources under their control, which winds up increasing prices across the board. This tactic actually winds up failing many times, leaving the citizens to bail out the mess. He also describes how these corporations make money on they way in while looting the country and its resources that the citizens have saved and built over the years, and also how they make money while exiting during the collapse and downward slope. Alex tries to push his own interpretation that it is a conspiracy for world domination, and Stiglitz resists this interpretation about half of the time.
Stiglitz was VP of the world bank, was Clinton's chief economic adviser and holds a Nobel prize in economics.
Jones' grandstanding is annoying to me many times, but hearing what Stiglitz had to say is illuminating.
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