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Posted on July 24th, 2008 in Daily Mortgage/Housing News - The Real Story, Mr Mortgage's Personal Opinions/Research
This is a great one.
Funny how some people get it..
Thx Mr. M.
That guy should run for president
Hey Mr. M,
Have you heard anything from your sources about Wachovia recently? I heard a rumor there was a meeting of some mid-senior level executives yesterday evening — I would desperately like to hear about what they were told.
True but he would end up with a bullet in the head. Either Paulson’s gang or the Pentagone’s gang would get him. Can you imagine an isolationnist, a pacifist, a non interventionnist, a guy for small government and responsible spending !, an anti-imperalist and a pro-market guy ! ? This is what the “real right” should look like. Unfortunately the USA is unfixable. The country is broken and it’s going bust at the speed of light. It will have to get much much worse like in the Ex USSR, before something changes. Not before. C’est la vie.
Well it was just announced that the Senate will pass the “Bail Out” bill on Saturday the latest. The few Senators with an actual brain in their head will run out of ammunition to keep the vote delayed any longer than that. A possible passage on Friday with some concessions that I figure won’t happen seeing as how it will only cost them a day of waiting without them.
So Saturday July 26’th, 2008 will forever be known as “Black Saturday” The day the American “Tax Payer” had the wool pulled over its eyes.
Lights out after this bill and its wasteful spending gets moving along. We will no longer have to worry “if” things will get worse because now we all know that they will. I figure we will be paying for this over the next 30 years or so and anyone that does not think our taxes are getting raised is a damn fool!!!
We will all foot the bill for this disaster and if you think your dollar doesn’t go very far now… you have not seen anything yet.
The definition of inflation is basically the printing of money. The additional printing of our currency that will be needed, will simply water down the overall value of our currency. After this bill passes the printing presses will be on overdrive and roughly 800 Billion dollars later we will see things that nobody thought possible in this country…
Inflation will be the biggest danger to our economy moving forward. The Fed will be forced to raise rates very soon after this is signed and that will in turn cause rapid increases in our long term interest rates. They are speaking out of two sides of their mouths. While on one hand they say this will help homeowners and the over all housing situation, the other hand is acting on policies that will have quite the opposite affect. I also got a kick out of the so called tax credit of up to $7,500.00 for home buyers… you must pay that back over the next 15 years.
I agree … that guy should have run for President .. he would’ve been a shoe in .
knot in this $%^&^&* country 🙁
Fiat money, such as the dollar, and the debts denominated in it, such as Tresuries, aren’t backed by nothing. They are backed by “the full faith and credit of the United States of America”: That the currency it issues and the obligations it peddles will be worth something more than spit for those who hold them.
If our overseas creditors were to smell out that the USA is trying to inflate its way out of its debts, there would be a run on the dollar that’d make its recent “fall” look like barely a stumble. We’re talking Soveriegn Obligations of the United States Government worth less than toilet paper. And wheelbarrows full of Federal Reserve Notes to buy a loaf of bread.
In other words, the Feds (elected and apppointed) would have to turn the USA into the Weimar Republic. And if they try that, they could easily face armed insurrection.
They’re pretty stupid, but they aren’t that damn stupid. In fact, at this point in history, even the attempt to inflate our way out of this is impossible. Here’s some of why from AEI.
Either way, sooner or later, we are going to have to allow the chickens to come home and roost. “Have to” meaning: There will be no other choice.
Which means deflation. Depression, actually. And the longer they try to put it off, the longer it’s going to last. And the longer we try to fix it, the deeper it’s going to get.
Shhhhhhhhh……That which you speak is TRUTH and it sounds like treason…..to politicians.
And what’s this thing about finger printing of motgage industry employees ? and following and monitoring credt card transactions ? This is really troubling. It makes you a lot of the Patriot Act. This is weird.
Weird measures. Does it mean that the the mortgage business is highly criminalized ? 🙂 Finger printing Angelo Mozilo. Good idea. But it’s a little bit too late.
I thought all of us (except illegals) were already finger printed???
What’s the point?
“If our overseas creditors were to smell out that the USA is trying to inflate its way out of its debts, there would be a run on the dollar that’d make its recent “fall” look like barely a stumble.”
What do you think they have been doing lately? Thing is, it can’t happen overnight. But eventually the dollar will be worthless.
As for deflation, I can’t imagine our government ever stop it’s spending. That’s why I don’t think we will ever see much deflation.
od I’m not sure where you got that but at least in my neck of the woods one has to get arrested or work in designated industries to get fingerprinted.
Everyone’s eyes need to be opened — only 3 Dem’s voted “no” and almost 1/3 of Republicans voted “yes”. Both parties are selling us out. Check out Bob Barr. Voting out incumbents is not enough – they would just be replaced by another crony from one of our two crony parties. The incumbents that really needs to be replaced are the Republican & Democratic parties. Vote Green, Independent, or other “third party” tickets. Don’t be suppressed by the argument that you’d be “throwing away your vote.” What’s relly throwing it away is continuing to, election after election, vote for the two parties that are selling America out to the banks & special interests.
I hear and see in some various blogs that WAMU is in some trouble. It has been reported that several creditors have been quietly pulling their funds from the bank. Now I am not suggesting that their is a run or anything, but if I had unsecured deposits in that particular bank… I would be pulling them tomorrow morning! I would think that anyone that has, and has heard of this tonight, will be doing so first thing in the morning.
This is yet another reason this “Bail Out” bill is just plain stupid. We know that many banks will go under. The FDIC has a list of nearly 100 they expect to go under. We knew already that we would have to pay to back stop these banks. So why throw the Billions at Fannie and Freddie?
WAMU will most certainly be taken over by the FDIC. They are 3X-4X larger than IndyMac. This will eat up, along with IndyMac, roughly 40% of the FDIC reserves. They will need a “Bail Out” themselves pretty soon as well…
Pretty unbelievable huh???
od, you are wrong about that… The Government will be asking quite soon for a big tax increase, well actually demanding it from the “Tax PAyers” of this country. We will have to pay it and with no choice it will cripple the economy much further. Each and every move the Government makes to intervene in this mess is just making things much, much worse. Well once the average “Tax Payer” gets tired of the new tax rate we are about to have imposed onto us, they will awake in a hurry. We have not seen anything yet in terms of 2000’s style revolts! Do you seriously think people will sit by and just keep paying through the nose for these boneheads to keep blowing our money? Not going to happen my friend!!!
Beep…Beep…Beep….Can you hear? WAMU’s stock is back on life-support @ $4.
I guess that rally was a “last breath”.
Stu, sadly I think people will just cut back on their spending and stay at home playing their Wii’s and watching Cable tv. The last major protest movement was in the 70’s and it accomplished nothing. With so many techy gadgets these days, it’s really easy to passify the mob.
Ever notice how the UFC is more accepted these days on major networks?
“When in Rome, live as the Romans.”
This is another good video with Jim Rogers on the bailouts.
od, but you fail to realize the emergence of a new force in our country. The Gen X and Y are certainly the entitlement society hard at work. Most of them think they not only deserve it all, but that it should be for free to boot!!!
There is a new generation brewing that does not feel this way at all. They are looking to actually earn there way through life. They actually remind me of the largest segement of the population… the baby boomers. These two entities of people will work together for a change in a movement that will surprise the Government who think the Sheeple are asleep at the wheel. Well they are not and will not tolerate things like we are seeing for too long. This affects peoples retirements and quality of life. That alone wakes people up in a hurry!!!
Remember to please… VOTE EACH AND EVERY INCUMBANT OUT OF OFFICE IN 2008!!!
I sure hope you are right Stu.
Jim Rogers on the disgrace of the “Bail Out” bill!!!
Sorry Ratman… I didn’t see yours.
od, well all I can offer for proof is parents (and inlaws) in their 70’s along with children in their early 20’s. I am a very strong family person and I know many of the friends of both parties mentioned. I see the youth movement and the retirement movement. Kind of a neat situation to be in for me personally speaking. Both are successes to date so that is why I say that. Unless the circle of folks these totally different generations hang out with are against the norm then I am onto something…
Anyone ever read Atlas Shrugged??
This is an absolute abomination. It is terrifying that Congress, which is filled with ignorance and incompetence, is running around REACTIVELY and causing bigger problems on the back end trying to pander to their various constituencies. Term limits anyone? Having people like Barney Frank and Maxine Waters, two of the most ignorant people in Congress, running this show is truely frightening. Anyone with any money needs to get it the hell out of this country.
Term Limits… BRILLIANT!!!
Sign me up!!!
P.S. I don’t think tomorrow will be very kind to Washington Mutual (WAMU)…
WITH THE NOW REPORTING OF ALL CREDIT CARD TRANSACTIONS YOU CASH AND CARRY GUYS BETTER WATCH OUT BECAUSE THE IRS WILL BE LOOKING AT WHAT YOU PAY ON YOUR CREDIT CARDS AND COMPARING THAT TO THE INCOME YOU REPORT ON YOUR TAX RETURNS.
BIG BROTHER HAS CLOSED THE LOOP………..
I think I am going to be sick. Jane Harman-D, representative of the Los Angeles beach cities area, voted for this atrocity and is running unopposed in November.
Windsor Genova – AHN News Writer
Washington, D.C. (AHN) – Hundreds of homeowners lined up at a hotel here Wednesday to attend a free loan restructuring seminar of the non-profit group Neighborhood Assistance Corporation of America (NACA) on how to get interest rates cut or lower a mortgage balance.
The five-day Save the Dream of Homeownership Event has attracted thousands of people since the seminar started Saturday at the Capital Hilton Hotel. Homeowners got loan interest rates of 12 to 14 percent reduced to three percent after talking with NACA financial counselors.
“We had one lender this week agree to two percent for a loan,” NACA spokesman Dante Duarte was quoted as saying by Agence France-Presse.
Mostly black and Hispanic homeowners queued outside the hotel as early as 5 a.m. to gain early entry to the 9 a.m. to 9 p.m. seminar.
NACA provided help using a $10 billion pledge from big U.S. banks, primarily Bank of America and Citigroup, and a deal with Countrywide Financial, one of the biggest U.S. mortgage lenders, to restructure bad loans so borrowers can pay according to what they could afford.
As expected the Senate just passed a vote to limit debate on the “Bail Out” bill, so a vote should happen tomorrow at the latest…
The Senate just passed the “Bail Out” bill…
We are ALL Subprime Borrowers, RE Speculators, RE Flippers, Under Water Homeowners and vastly UNDER WATER as a country now. Each and EVERY single one of us, and our Children and their Children and even their Children now will have to pay the bill for this atrocity!!!
We will see our taxes raised significantly while we watch our standard of living decrease just as swiftly. Inflation will rise along with interest rates and our wealth as a nation will evaporate before our eyes.
This is no laughing matter and is quite a bit more dire than anyone can imagine, and certainly more than any politician will admit.
VOTE EACH AND EVERY INCUMBANT OUT OF OFFICE IN 2008!!!
It’s war on the middle class. A classic.
I find the “accident” that happened to Ron Paul, sudden depressurisation of his plane, really curious. The plane almost crashed. Personally I think that Ron Paul will finish in either in a strange accident like this one that almost crashed his plane or, poisoned or shot like Kennedy. This plane accident was no accident.
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