$28,000,000,000,000.
That's $4,242 per person on the planet earth.
$28 trillion.
That's seven times more than the worth of all the gold ever mined in the history of the world.
Twenty eight trillion.
All because realtors said it was always a great time to buy, and the greedy sheeple listened.
All because Angelo Mozilo wanted to make his bonus.
$28 trillion.
Man, that's sick.
And we're not done yet.
Thank you realtors.
More than $28 trillion has been erased from global equity markets as credit losses and writedowns climbed to $690 billion in the worst financial crisis since the Great Depression. The U.S. has announced a $700 billion bank bailout, while China on Nov. 9 pledged 4 trillion yuan ($586 billion) to bolster its economy.
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18 comments:
Down an average $4000/person? Good.
Future earnings are going to evaporate and dividends are going to half. Markets must decline for long term health. This is despite the best efforts of Bush, Paulson, Bercracky, Pelosi.
I've said this before; since when are rising stock markets an entitlement? Since when is the stock market and real estate sacred?
Hang them ALL HIGH.
Do It NOW.
Holy Moley...that's a lot of moola!
I'd say that a loss of $28,000,000,000,000 is very DEFLATIONARY...compared with say, oh, a $2,000,000,000,000 bailout. Throwing 7% of the money back into the black hole...can that really lead to hyper-inflation?
How crazy is it to say that $2 TRILLION dollars won't really change anything? Wouldn't we need something on the order of $28 Trillion before we break even?
Interesting times indeed.
Is this the same $28T that poofed into existance a few years ago?
Oh yeah, blame the realtors - the useful idiot patsies. They are not the root cause of the problem - we all know that. They're simply the cheap used car salesmen and con artists that pop up whenever there is moola to be made.
At my local Metro North train station there is a new ad poster sponsored by the NAR. It says that now is a good time to buy or sell your home. Huh? When prices are going up it's a good time to buy, when prices are falling it's a good tome to sell, so, according to that poster, prices are going up and down at the same time. They must be getting desperate, anybody with more then three active brain cells knows that you don't have a buyers market and a sellers market at the same time. Who would believe this ad poster?
Hey Keith!!
When are you going to admit that global warming is a hoax and stop trying to equate global warming deniers to proponents of intelligent design and flat earthers?
Global warning: We are actually heading towards a new Ice Age, claim scientists
Count me as one who simply just does not "get it" anymore. I happened on the fantasyland tv program on HGTV "Househunters" last night and this young married college graduate couple was looking in Portland, OR, for a condo. They were shown three in the 725K to 785K price range. One bedroom, lots of pizzaz glass and stainless stuff, and on the 3d floor with a "wonderful" view of the tops of adjoining buildings and an interstate highway nearby. This is why I say I just dont "get it". First, someone explain to me why and how a young married couple just out of college, can land a 750,000.00 buy on ANY kind of real estate? Next why would ANY sane person spend that kind of money for a ONE bedroom condo? Is the couple sterile or spayed so there will be no offspring? Next, in this economy, how would they ever re-sell something like that, and to whom? Finally, what is so terrific about Portland, or ANY other place that someone would put out such a financial choke hold on themselves to live there? This is why I opened the post with saying "I just dont get it".
H Spencer (ps: I realize that HGTV is fantasy slop, but in reality I suspect there is (or was) a lot of truth to the story).
So why are we worried about inflation again?
Do you expect them to pay, Dr Evil?
No,Noooooo, Mr Powers, I expect them to die.
Sorry, I couldn't resist!
Glen Beck radio today:
Since the inception of the USA we have incurred 10 trillion of debt as a nation, 5 trillion of it just since August 2008.
Sounds kinda bad.
There are some of us, who saved for years to have a 20% + down payment, who trusted their Realtor, and got totally screwed.
Thank you realtors.
I love to bash realtors. Just sayin, but I am in a good mood today.
I did come back to read some good real estate clerk bashing. Thanks.
FDIC press release
Ameribank, Inc., was closed today by the Office of the Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named receiver.
Ameribank has five branches located in West Virginia and three branches located in Ohio. Pioneer Community Bank, Inc., Iaeger, West Virginia will assume all deposits for the five branches located in West Virginia. The Citizens Savings Bank, Martins Ferry, Ohio will assume all deposits for the three branches located in Ohio.
Sorry, i'm not sure 28T number is correct. Because a month ago Bank of england posted 2.8T world equity losses estimate and bloomberg reporter is from England. I'm wrote him and ask for sources.
IF you actually believe we were at realistic peaks to begin with. Or perhaps equities, led by the financial sector, were well-overinflated and sustained by all of the nonsensical financial instruments and driven higher by a debt-driven spending spree.
So did we really LOSE 28 trillion? or did we never actually gain a large portion of that?
-2 cents-
When the World has a loss of 28 trillion ,doesn't somebody get that money ? Somebody sold out at a high ,right ? I'm just a little confused about where money goes because the profits are taken by someone on the way down .
I guess I'm not clear on where the money went ? If a hurricane comes in and destroys a town ,than I understand that a loss takes place in which
something of value is actually destroyed . But when a seller sells a stock at a high ,didn't that seller keep that money and it went somewhere else ?
I understand money creation by debt ,but don't stock market accounts require that most of the money be already paid . I mean how much margin or leverage buying of stocks is allowed these days ?
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