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.
Posted: Thu Aug 28, 2008 12:06 pm Post subject: Re: Housing and Economic Collapse - In Progress #3
All's good.
Better-than-expected growth. Decline in jobs lost.
Dow is taking off. Oil down tho' hurricanes churn in Gulf.
Traffic today was hellacious.
All's well. I'm getting off the peak oil doomer bus. _________________ "By the time individuals discover that remaining resources will not be adequate for the next generation, the next generation has already been born. " David Price
Posted: Thu Aug 28, 2008 12:08 pm Post subject: Re: Housing and Economic Collapse - In Progress #3
killJOY wrote:
All's good.
Better-than-expected growth. Decline in jobs lost.
Dow is taking off. Oil down tho' hurricanes churn in Gulf.
Traffic today was hellacious.
All's well. I'm getting off the peak oil doomer bus.
too bad we didn't get off the bus a couple of days ago! we could have plopped a nice chunk of change into the mac twins and made a real killing. in real dollars.
Joined: Oct 02, 2005 Posts: 290 Location: North Wales , UK
Posted: Thu Aug 28, 2008 12:17 pm Post subject: Re: Housing and Economic Collapse - In Progress #3
Meawhile , here is some news from our man in Spain
Quote:
Sesena was designed as a major urbanisation for Spanish professionals who could not afford city prices, with more than 13,500 flats built on scrubland.
Fewer than 3,000 have been sold. Hugh Pym takes a look at this modern ghost town.
Paul _________________ All that it takes for evil to triumph is for good men to do nothing.
Joined: Oct 15, 2004 Posts: 2256 Location: Arkansas
Posted: Thu Aug 28, 2008 7:42 pm Post subject: Re: Housing and Economic Collapse - In Progress #3
I have an interesting office conference coming up. A man calls me bc he received a default notice for not making his mortgage payments. Long story short, he entered some kind of partnership with a bank to "buy" a house, using his credit rating, yet he has never lived there. Another person actually lives in the house and is making the payments, which he gets credited with. He was told when the house was "sold" he would get $10k out of the deal. If this turns out to be set up as he believed it to be, and there will be documents to either prove or disprove his story, then, its very fraudulent, but in these desparate times, I don't put anything past any of the banks or mortgage companies.
Joined: May 06, 2008 Posts: 439 Location: Omicron Ceti 3
Posted: Thu Aug 28, 2008 7:46 pm Post subject: Re: Housing and Economic Collapse - In Progress #3
seahorse wrote:
I have an interesting office conference coming up. A man calls me bc he received a default notice for not making his mortgage payments. Long story short, he entered some kind of partnership with a bank to "buy" a house, using his credit rating, yet he has never lived there. Another person actually lives in the house and is making the payments, which he gets credited with. He was told when the house was "sold" he would get $10k out of the deal. If this turns out to be set up as he believed it to be, and there will be documents to either prove or disprove his story, then, its very fraudulent, but in these desparate times, I don't put anything past any of the banks or mortgage companies.
Quote:
Bank of China has dumped $4.6 billion of Fannie Mae (FNM) and Freddie Mac (FRE) debt--one-quarter of its holdings--since June,... And Bank of China isn't the only one. The Fed says foreign investors have been fleeing from Fannie and Freddie's debt like extras on the set of a disaster film. _________________ Quis custodiet ipsos custodes.
Joined: Dec 07, 2005 Posts: 2018 Location: Australia
Posted: Fri Aug 29, 2008 8:13 pm Post subject: Re: Housing and Economic Collapse - In Progress #3
Quote:
Economy at 60-year low, says Darling. And it will get worse
Britain is facing "arguably the worst" economic downturn in 60 years which will be "more profound and long-lasting" than people had expected, Alistair Darling, the chancellor, has told the Guardian today.
In the government's gravest assessment of the economy, which follows a warning from a Bank of England policymaker that 2 million people could be unemployed by Christmas, Darling admits he had no idea how serious the credit crunch would become.
And another vote (Bank of England policymaker David Blanchflower ) for inflating our way out of this crisis.
Quote:
Bank's Blanchflower says big rate cuts needed
Two million Britons may be out of work by Christmas and big cuts in interest rates are needed now to stop the economy heading into a deep and prolonged slump, Bank of England policymaker David Blanchflower told Reuters.
.
.
...a rate cut of more than 25 basis points was probably needed.
He said his own forecast earlier this year that house prices could fall by 30 percent was looking optimistic...
.
.
"To sit and worry about inflation expectations and what is going to happen to those, rather than worry about the fact that the economy is going to go into a recession seems to be misguided," he said.
reuters _________________ It's not a bailout, it's a buy-in" - Nancy Pelosi
Posted: Fri Aug 29, 2008 8:36 pm Post subject: Re: Housing and Economic Collapse - In Progress #3
Micki, From the Guardian article:
"In the government's gravest assessment of the economy, which follows a warning from a Bank of England policymaker that 2 million people could be out of work by Christmas, Darling admits he had no idea how serious the credit crunch would become."
Why is it they don't know, but every other person surfing the internet knows? Had no idea? Was he strung out of heroin, living in a cave, forced to take stupid pills?
Posted: Sat Aug 30, 2008 1:59 am Post subject: Re: Housing and Economic Collapse - In Progress #3
threadbear wrote:
Why is it they don't know, but every other person surfing the internet knows? Had no idea? Was he strung out of heroin, living in a cave, forced to take stupid pills?
Because the entire Finanical System is a house of cards. The first one who cries fould and rings the alarm bell will bring it down, and they know very well that they won't get out alive either.
Posted: Sat Aug 30, 2008 7:28 am Post subject: Re: Housing and Economic Collapse - In Progress #3
Snowrunner,
Exactly. As Shortonoil pointed out in the Depression thread, quoting Christopher Laird, it is a matter of which central bank/banks decide that they can no longer afford to prop it up at a cost of $100 billion per week. They first one to blink brings it all down in a cascade, Laird says.
Laird's Credit Crisis 2 concept is pretty dramatic, and though I'm no expert in these matters, it looks obvious to me that something's got to give. The pressure of compound interest on the mass of insolvent banks has to be increasing by the day. _________________ Local fix-it guy..
Joined: Dec 06, 2005 Posts: 885 Location: Stopped at the border.
Posted: Sat Aug 30, 2008 10:39 am Post subject: Re: Housing and Economic Collapse - In Progress #3
Sell pounds and buy dollars. _________________ "Hope encourages men to take risks; men in a strong position may follow her without ruin, if not without loss. But when they stake all that they have to the last coin (for she is a spendthrift), she reveals her real self in the hour of failure."
Posted: Sat Aug 30, 2008 10:49 am Post subject: Re: Housing and Economic Collapse - In Progress #3
evilgenius wrote:
Sell pounds and buy dollars.
The U.S. has lost it's moral, economic high ground. Recent events in Georgia underline that it's losing the geopolitical chess game, supported by it's military. THAT is something the international community can't overlook. To suggest anyone seek shelter in dollars is to have a thorough lack of comprehension of what is currently taking place.
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