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PerpWalkWatch - # of Hours New AG Eric Holder Has Let Angelo Mozilo Run Free
Eric Holder and Barack Obama
Failure to
Arrest
Angelo Mozilo
2862 Hours
(countdown suspended 6/21/2009)
ERIC HOLDER - YOU ARE A COWARD
DO YOUR JOB
(UPDATE 6.4.09 - SEC CHARGES MOZILO WITH INSIDER TRADING. YET ERIC HOLDER STILL SITS ON HIS ASS AND DOES NOTHING)
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Comments
77 comments:
I survived the first round of layoffs by the skin of my teeth.
This is dotcom crash all over again, it's time to play another several games of musical (layoff) chairs.
I got to be laid off from a well paying job that bored me witless. I gave a rousing version of "Don't Cry For Me Argentina" and I was out the door.
Now I am working a zillion hours a day on my self-employed dream. And I have never been happier.
PS And thanks to those stupid bankers for letting me buy enough investment property to support myself. What were they thinking?
Business is off 30%. Not looking forward to the second quarter.
Look how skinny that dudes legs are.
I lost a significant portion of my downpayment to purchase a home.
but before the crash I couldn't afford the house anyway.
so I'm exactly where I was before the crash
yay?
Caption,
Where's a Knothole?
.
I've actually had to start wearing barrels to stay clothed.
Since I'm not a brain-dead consumer, and was not stupid enough to participate in the housing ponzi scheme, I have to worry about many hundreds of thousands of dollars and what to do with them and how to keep that wealth safe, be it from inflation, dollar devaluation, and/or stock/bond market drops or manipulation.
Good times, especially when you have no trust in government, banks, or market forces.
.
Slivers
.
Because I read HousingPanic.com I was able to save everything I had. I have more assets today than I did a year ago. Thanks Keith!!!! So still waiting for housing to crater in my area...it is getting there!
On the job front, I had to pair my group's budget by $600k for the next five months but managed not to layoff anyone and, interestingly enough, was still able to bring a contractor on board.
Not sure what is going to happen in the second half of the year though and will try my hardest to save positions under me if I am told to cut the budget again.
Thanks to HP my investments only lost 5% in the crash last year. Self employed and business is down 20%-30% compared to last year, but not a big deal, just a little less disposable income every month. No mortgage on the house, but the value is down about 20% from it peak in '07.
The future? We're buying land in South America and plan to retire there in 5-6 years.
I'm still too busy because I'm in growth industry. Death and distressed assets.
Pretty much the same as before the crash. The only difference is that now there are lots more people going through the same thing that I have been going through for years.
It has forced me to really examine my lifelong conservatism and belief in free markets and deregulation.
I now realize that within conservatism, there are two widely different ideas on what makes effective markets. One side is awesomely cynical and corrupt: the Grifters. These Grifters actually believe that much prosperity is a zero-sum game: in order for one party to win, the other side must lose. The Grifters take this one step further: they believe that the losing side must be swindled. How else to explain the legality of off-balance financing? How else to explain ratings agencies massive conflicts-of-interest? How else to explain the absence of a requirement to verify loan application information*? How else to explain why mortgage application information only need be retained for 2 years? How else to explain why purchasers of MBS were not routinely put in a position to independently verify mortgage quality?
Grifters don't produce anything but illusion, though they wear really nice suits and give very polished PowerPoint, so they are believed. The Grifters are fully supported by AM radio listeners, many of whom are awesomely naive... though they are fine parrots: 'We believe in free markets and deregulation.' Thanks for the input, fucker! I believe in your bumper-sticker philosophy! Now, how exactly are we going to make that happen? What sort of legal and regulatory philosophy will create effective free markets, markets which produce outcomes we want while avoiding catastrophe? Give me the details, because the Grifters have successfully co-opted these great ideas and perverted them to mean something just hasn't worked.
The other way to look at what makes successful markets is: they demand independently verifiable transaction quality. You usually hear this described as "transparency". The Grifters and their supporters hate transparency.
I'm continuing to live like a college student, saving every penny of my uppermost 5% earner income. Occasionally travel. Next trip: Iceland, to check out the aurora borealis, pretty women, and real estate... 'cause the time to buy is when blood is in the streets.
.
Ah Change....
ain't it great!
.
I have just received notice that
my retirement from my employer I worked 28 years for is declaring Bankruptcy .My spouse is in the Hospital again with everything under the sun ,including a recent heart attack . The dishes are piled up in the kitchen and I don't have time or will to get to them . My fucking life is hell every day dealing with Doctors and Insurance Companies ,and those f**king nurses that don't give a shit .
I have always paid my bills my whole life and I never took on a
house loan I couldn't afford . I saved money for retirement and now the Company I worked for is telling me they can't pay because
of BK . )(Loss could be 500k)
So , life isn't fair . I'm getting hit at a older age also and I don't have bounce back ability . Its better to be younger when bad times hit . I would suggest, save your money and never trust Corporations ,the government,or the rich elite ,or
Health Insurance Companies ,or the media ,are any self-serving actions from a special interest group. I have no luxury of letting the ship go down because I have another human who is sick depending on me ,how would you like to be in that spot ? Self pity will not get me anywhere ,so
I don't even think it ,but the stress is getting to me .
Layoffs are a part of the normal process in the slump phase of a housing cycle.
The housing bubble crash is currently at the eye of a perfect category 5 hurricane waiting for the Option Arms, Alt-A, and NINJA loans to recast at the end of this year.
Weren't many of these Option Arms, Alt-A, and NINJA loans were made for loans limits above $416,000, if so wouldn't the recasting of these loans effect the high end homes.
http://news.yahoo.com/s/ap/20090208/ap_on_bi_ge/unemployed_couples
It is a well-known risk to lack diversity in an investment portfolio.
Now, couples employed by the same company are learning a similar lesson, the hard way.
As layoffs mount across the country and in all sectors, couples who are co-workers are increasingly vulnerable to losing their families' twin sources of income at once.
The lack of variety in job skills can also make it difficult to bounce back, especially in a struggling industry.
Anonymous said....
Ah Change....
ain't it great!
That is why there is popcorn :-)
I learned a valuable lesson. Screw pumping money into a 401k, because every 20 years it's going to disappear and you will be on par with the non-savers. The lesson, take vacations and spend the money on frivious garbage like everyone else.
Bought my house in 06. After living in it for free for a year and walking away with foreclosure only (no bankruptcy), I will walk away with enough cash as if I made 5-6% appreciation for 3 years in normal non-bubble years.
Credit will be shot for 3 years, but I won't need it. Otherwise debt free.
Things might change for the worse if I lose my job though.
Why should BOJ talk about Protectionism now when it had a chance to stop the biggest global liquid pump (YEN CARRY TRADE) years ago.
Now that the Yen is in par with Producer Price Parity, Toyota does not have the 30% advantage and is going through the same economic problems that US Auto makers have been facing.
And yes, Protectionism leads to Nationalism, and Nationalism leads to War, but know it is kind of late to talk about that.
http://www.istockanalyst.com
/article/viewiStockNews/articleid
/3003041
Japan should speak against emerging protectionist moves amid the global economic slowdown, former Bank of Japan executive director Eiji Hirano said ahead of the meeting of the Group of Seven major countries' finance ministers and central bank chiefs in Rome on Feb. 14.
In a recent interview, Hirano, who is also a board member of Toyota Financial Services, Toyota Motor Corp.'s auto finance unit, expressed deep concern about growing protectionism.
Energy services/generation.
Globally we are freezing overtime, hiring, tuition reimbursement and have mandated a 12% reduction in expenses.
That means layoffs.
I have found this an opportunity to offload dead weight or nonproductive employees.
Sales are affected by stocking levels where materials have deflated in replacement costs and acute in steel products.
We got caught with our pants down by overstock positions in piping products, then the market lowered considerably, which is forcing us to sell inventory at a loss to reduce on hand levels.
Closed 5 location out of 343. We expect more closures in the next quarter.
We are tied to the price of oil, so at the 40.00/barrel level, we have realized decreased requirements from exploration and production customers on drilling.
Utilities in the midstream gas markets are experiencing no new growth in meter hookups, mostly in growth areas like Nevada and Arizona. Imagine installing gas lines to the homes built in those areas while the boom was in swing, and then hitting the wall after 2006. Reduction if force is inevitable and suppliers are experiencing devastating reductions in demand.
Electrical Power generation companies including Nuclear Plants are also feeling the pinch and mandated budget cuts.
Once oil starts it's predictable rise, we will be in position to capitalize with a leaner and focused workforce.
So, we weather the storm and prepare for the inevitable inflation or even hyperinflation of energy pricing.
You have no idea how much UPside prices are going to get on oil, but it will be exponential and 200.00/barrel will look cheap within 5 years.
Obama is a fool.
Went from selling Mcmansions to 4 closures. Busy as ever.
I paid attention and made numerous adjustments in my life. Not all of them occurred fast enough though. I was able to sell my car wash and its real estate about a month before the credit markets froze last April. I sold a few pieces of real estate at the top in 2005 and 2006. I went a full year at full occupancy on my 13 apt units (including adding an additional unit to one bldg). I pulled 1/2 my money out of my 401k. I bought plenty of gold and silver for any immediate short term needs.
But there's a lot I didn't do right as well. I'm still too far in debt in my own mind to withstand another big deprecession. My job in healthcare is stable, but even we are seeing a decrease in patients seeking care. I now worry about my tenants and their jobs which makes it difficult for them to pay their rent. I've had great tenants but reality is that some will lose their jobs.
My friends that listened to me and got out of the stock/RE markets are glad. Some friends are making good money in both markets still using excellent strategies. I'm still too chicken to go back in until I feel comfortbable that the worst is not over.
It's making me nervous, but that's about it so far.
My group is really busy but the rest of the company is slow.
I can't help but feel we will have to lay people off at some point and those that go will be those who aren't busy. So people are trying to wrestle some of the work away from our group. I still think I'm expendable.
Also, I'm a Canadian working in the US on a temporary visa (TN1). Why would you not layoff the Canadian when the employment contract implies zero obligation to pay him a severance?
Thing is, the work visa is the only thing that enables me to even be in this country. How am I going to collect unemployment insurance, that I've been paying into for 8 years, if I get deported?
I've scrimped to fund my brokerage account and I would really rather not have to spend that on just living expenses.
See why I'm nervous?
I'll probably lose my engineering job along with all of my co-workers. 50% of this is upper management's fault with how they mishandled our product line.
If the economy were different, they would re-deploy most of our group. The only people left are people who have survived major layoffs based on performance.
Just a steady erosion in buying power... but work so far is good.
I have come to realize that everything I was raised to believe and strive for (save, don't spend more than you can afford, pay your bills, don't cheat and lie) will make you a loser FAST, in todays society. The biggest, most dishonest pieces of shit are the people who have our money know. Wall Street is code word for "steal your retirement".
The irrational bubble-nuts are living in 3500 sq', granite mcmansions for FREE while I must pay my rent or get evicted. Where are the Gov. wacks calling for a moretorium on rental evictions?
Here in SoCal housing prices are still way, way too high yet the Gov. is spending billions of my tax dollars trying to prevent a return to affordability.
If the rest of the country knew how a many folks in CA stopped paying the mortgage on their McMansions a year ago and continue to enjoy the high life, America would freak! What is CA's answer? A moratorium on foreclosures, WTF? Dumb shit Arnold could solve the state's money problems if he just made those free-loaders send rent to the state. Why to the state? Because all that free McMansion living is going to get tacked onto OUR tax bill.
I wish I knew how to be a dishonest piece of crap so I could get mine!
GT Charlie
i am a california state employee so i am one of those guys who got furloughed two days a month which is a 10% pay cut. i get two three day weekends a month. i still live in my condo which i bought in nov '96 at the bottom of the last real estate market. and i still do not have a wife nagging me to buy a larger place which i cannot afford. except for eating out a little less, for me, it's the same as before the crash.
Unemployed? Got beer goggles?
http://tinyurl.com/aod6jc
Legions facing layoffs turn to parties, Internet
NEW YORK (AP) — The bar was crowded with well-dressed professionals enjoying drinks and conversation, a typical evening — except that many of them had no job.
The event was a Wall Street Pink Slip Party, where the unemployed mix with recruiters and curious bystanders to network, look for work, and share their stories.
---------------------------
There will be a reality TV show made to order for this. Party on Wayne....
It's made me happier.
What signs do you look for to confirm that the US is in the second stage of the housing slump.
http://www.sfgate.com/cgi-bin
/article.cgi?f=/c/a/2009/02/08
/RE8915KES6.DTL
There has been a barrage of bad news for landlords lately.
Frustrated home sellers are renting out their properties instead, increasing the shadow rental market, which makes up about 40 percent of the rental stock.
At the same time, rising unemployment is forcing more Americans to share apartments or move back in with mom and dad.
The result? Apartment vacancies are surging, making it harder for landlords to raise rents.
About 25,000 apartments came back on the market at the end of last year, pushing the national vacancy rate up to 6.7 percent from 6.1 percent in the third quarter, says Hessam Nadji, managing director at Marcus & Millichap Real Estate Investment Services.
That isn't a seasonal blip either. Nadji forecasts the vacancy rate will rise to 7.7 percent by the end of the year.
hasn't affected me much. I'm in computer repairs and business has increased in the last year plus everyone in the house is working so it allows me to put money aside.
also my weekend project,taco catering, is doing good.should be able to get the taco truck I wanted to expand business.
so a piece of advice to those who feel trapped right now,learn a trade,learn how to fix something.
Dear Anon 5:12 with the Bankrupt Company. I believe your retirement plan/pension is PROTECTED, even in bankruptcy.
See attached.
http://www.dol.gov/ebsa/newsroom/fsbankruptcy.html
I suggest you contact an attorney specializing in Labor Law.
And yes, I too have had terrible experiences with nurses that don't give a sh*t. What's with that? They really, really don't care. Don't get me started on nursing home personnel.
Anyway, good luck.
So how much is the land worth.
http://www.sfgate.com/cgi-bin
/blogs/ontheblock
/detail?&entry_id=35421
The house was advertised for $8.195 million, as recently as November, but according to construction permits, the cost to build the house was a fraction of the asking price.
The house itself was estimated to cost $1.9 million to build; the carport was $78,500; the cabana was $80,250; and the grading and drainage cost $10,000, according to town permits. Of course, those are only the costs associated with the construction that required permits.
Comments
So what happened to yesterday's real estate revelation that Atherton property wasn't taking a hit?
Seems to me that cutting 800K off the asking price of this property is a pretty large hit; an approximate 12.5 percent reduction.
Despite yesterday's article, everyone is taking a hit because people can't come up with cash or get loans.
That is all you will have left when obbama is done.
So far so good: I lost most of my freelance contracts last year. A 25% paycut, but we cut spending by 33%. This year could be tougher, though. We're sweating out our two remaining jobs and it's about a 50-50 chance that both jobs will be lost this year. That would mean a income change from over 100K a year to zero in just 12 months.
Then we decide whether to exhaust our life savings over the next 2 or 3 years or simply walk away from the mortgage now.
I'm inclined to stay because I expect hyperinflation will allow me to pay off my mortgage by selling some of the food I've hoarded.
What happens to the high end when there are no more Option ARMs, Alt-A, and NINJA loans.
http://www.azcentral.com
/arizonarepublic/local/articles
/2009/02/07/20090207
nesrcondos0207.html
High End Condo up for Auction.
A plunge in the condominium market has left a McCormick Ranch project with a steep challenge in finding buyers.
Starpointe Communities has turned to an auction Sunday to sell 20 brownstone condos, originally priced at up to $1.5 million, for prices starting at $340,000 to $520,000, depending on the unit.
Called Artesia, the project is northeast of Scottsdale
Kennedy Wilson, a California firm, is conducting the Artesia auction at 1 p.m. Sunday at the Doubletree Paradise Valley Resort, 5401 N. Scottsdale Road.
My freelance work has dried up completely.
In the trades. No work since July of last year. Wife has good job. Cut way back on dining out and the wine bar. Not buying anything that is not on sale. Plan on maintaining this lifestyle even IF things turnaround.
Are home sellers running out of options.
http://www.app.com/article/20090208/BUSINESS/902080330/1003/rss08
Option ARMs basically gave borrowers four ways to pay back, most of them involving low initial outlays that would reset at much higher monthly amounts at a future date.
Ultimately, the option-ARM resets might plunge 8 million more households into foreclosure.
That's in addition to the 2.3 million facing home loss last year, says Eric Rothmann, an analyst for Zacks Investment Research in Chicago.
Of the $200 billion of these loans outstanding, almost $30 billion is due to reset this year and $67 billion in 2010, according to Fitch Ratings, a New York-based ratings company.
Consistent with the worst of the bubble-inflated loan practices, these ARMs required little income documentation.
You even had the option of starting out with a low monthly payment that morphed into a negative amortization loan.
That means you could owe more principal than you originally borrowed, even though the home value dropped.
I watch the formerly arrogant FBs whine like the little beotches they are while eating popcorn. Oh, I lost my house, my job, I had to sell my kidney... Good fun.
I work for the gubmint. I plan to hang around the lunch room longer than Nancy Pelosi.
Now that capitalism is going the way of communsm and for the same reason, corruption, I too am reexamining my belief in savage capitalism and find that I am leaning more towards horizantalism where the workers take over the businesses when they fail and make their own decisions without the help of the ownership class. Why should they own our workplace. ? There must be more than just two ways to run our economies and it is that black and white thinking that keeps us slaves.
Is there a hurry to buy REO if 75% of the inventory has not even been release.
http://latimesblogs.latimes.com
/laland/2009/01/
reos-to-flood-t.html
Bulk of bank-owned homes aren't even on the market yet
Inventories of unsold homes are likely to swell in coming months as lenders begin to push a growing backlog of repossessed homes up for sale -- often in communities already awash in distressed properties
So how many bank-owned properties aren't even on the Multiple Listing Service yet? RealtyTrac senior vice president Rick Sharga puts the number at 75%. That's a lot of houses.
Excellent post! That is truly astonishing.
I just did a search of Sherman Oaks (Bank owned only), and came up with 384 properties.
If Rick Sharga from RealtyTrac is correct, that means there are another 1,152 that haven't even hit the market yet.
Not to mention the Alt A's, and Option ARM's that will be recasting this year. If anyone is even thinking of buying this year, they should have their head examined.
I had no idea the "shadow-inventory" was that deep.
I am semi-retired. Not much change except being more frugal. Getting ready to help relatives if necessary.
When is Washington going to lay off, furlough and cut salaries?
I lost my job last July and have not worked since. I sold my house and fortunately there is some equity left, which I will be living on until I can find work, not easy for a 58 yr old. I figure my house went for 35% off peak but I'm glad to have gotten out when I did. My 401K lost most of its value. I'll need to work until I drop dead.
Paul,
You've been in the US 8 years and don't have a Green Card / Permanent Residency?
Seems like you should be eligible for one by now.
-Mike
Mark,
Love your description of things. The grifters ... yep, that's it. "How else ..." - yep, those are the critical questions. Saved it to show to some others. Really describes it well and I share your thoughts. Thanks.
My 'virtual wealth' is down:
My condo is worth $200K from a peak of $300K (-$100K)
My retirement account went from $320K in the beginning of last year to $205K even after putting in another $25K (-$140K)
I also lost $35K 'gambling' in the stock market since last May.
So down $275K overall, that kind of hurts. However I picked up a new job 4 months ago so should be able to make up for that loss within 2 years based on my after tax savings rate. Will I? You bet.... Maybe I'll even stay employed that long.
-Mike
Windfarmer, that was a nice contribution regarding the gentleman with a sick wife who's retirement was denied because of the bk of his company. You must be an attorney or something.
Yes, he must try to get a legal ruling ; however, those shysters will and can avoid paying one red cent. But, by all means a judicial action is necessary.
Mark,
you just summed up most of my issues with conservatism. If most conservatives really believed in a free market, I would respect their arguments more.
I moved to a quiet location that's close to school, work and shopping. I have more control over time and money not driving so much. I work near home, and sometimes from home. I started buying fewer packaged foods, and have almost completely stopped buying on impulse. I thought purchases through before, but I'm more frugal than before.
No much change, still living la vida loca, every weekend is a different party:
www.youtube.com/watch?v=_cYf7w_K4i0
I work for the gubmint. I plan to hang around the lunch room longer than Nancy Pelosi.
Bukko is that you?
Equipment sales have dried up. Only 1 company purchasing. ONE SINGLE CUSTOMER carrying the entire company.
Lots of layoffs, I'm lucky to be employed.
They're keeping support staff in hopes of a turnaround.
Agree with others who say, "Do not trust or rely on your company, pension or any other outside force but your own."
No debt, own all vehicles and shelter outright. No RE. Investments down apprx 10%, but not too bad, beating the S&P anyway.
Good thing I didn't listen to Bob Brinker and stay 100% invested in the market. Went to bonds and cash, some gold. Now bottom fishing.
No RE until at least 2012.
Why worry?
On Friday the Dow was up 200 points. Kudlow said we have turned the corner and everything is going to get better ... something about mustard seeds.
I just shoveled my life savings back into the stock market and will reap the rewards.
Dolts!
I lost my business and now have a heap of debts. I'm working a job where I'm treated like a plebe and make half of what I used to make. The equity in my home is virtually gone due to depreciation. Lost most of my meager retirement. Life sucks!
I bought a condo in 2002, sold it for 66% gain in 2007. One online estimate says it's down $100K since then.
Changed jobs in 2003, rolled over my 401K in 2005 and left most of it in cash.
Got out of most of the rest of U.S. stocks in Oct 2007 after the first Fed rate cut (stocks are always LOWER after the first rate cut.)
Tripled my money in a small emerging market play from 2002 to 2008, but it's about back even again now.
Gave up my automobile in 2003 and have mostly commuted by bicycle since then.
Made thousands of dollars of realized gains in 2008 in gold, and I'm up thousands (unrealized) so far in 09.
Net worth INCREASED through the downturn until Jul 08, although I'm down a MODEST amount in overall retirement funds since then due to the commodities and emerging markets slumps.
I'm "upset" because I'm going to have to pay capital gains taxes for 2008, while all my friends are taking losses.
I work for a major infrastructure entity that is in line for hundreds of millions in stimulus--I'm being asked to do effort estimates for several new projects, which I may also work on. I'm looking for good deals on a $4000 TV now. My live-in girlfriend just took a promotion in a program that is going to expand as a MAJOR core piece ($BILLIONS) of the stimulus; she's looking at buying a Prius.
I've been LIVING BELOW MY MEANS since 1996. I now find it HARD to get into a mindset of thinking I might ever arrange my life to life high on the hog. Given all the freedom and choices that have opened up to me, I can't imagine wanting to limit them down again.
If I DID lose this job, or CHOSE to leave, I could live 3-8 years without one, depending on whether I wanted to move or not, even if my girlfriend cut me lose.
Net result? "We win."
Name of the game we're winning? LIVE BELOW YOUR MEANS AND GET PREPARED IN GOOD TIMES, SO YOU CAN TAKE ADVANTAGE OF OPPORTUNITES AND ESCAPE THE PAIN IN THE BAD TIMES.
I learned two main things from this crash:
(1) that ninety percent of that we are taught about life is hundred percent BS; and
(2) that ninety percent of people will go to their graves still believing one hundred percent in the BS .
Ia m scrubing toilets and changing diapers after I lost my job.Do you know what it's like to wips an 80 year olds ass?Trust me it is not pretty.
I just shoveled my life savings back into the stock market and will reap the rewards.
Dolts!
You are a brave or foolish soul. I doubled down on SDS on Friday. I'm looking for a serious downturn this week.
U.S. Housing Market May Bottom in 2009
U.S. home prices will reach bottom by the end of the year, concluding a slide that will have cut values 36 percent, Moody’s Economy.com said today.
“Notwithstanding the intensifying economic gloom, the bottom of the housing downturn is within sight,” chief economist Mark Zandi said in a statement today.
From Bloomberg:
http://tinyurl.com/brczjt
Still rollin with P-Diddy in my gold plated Hummer, banging apple-bottoms in the club and letting the Alize and Cristal flow all over the honies baby!
Heeellls yeeeeah!!
Wotchoo mortgage slaves doin?
The unedited story from Bloomberg:
“Notwithstanding the intensifying economic gloom, the bottom of the housing downturn is within sight,” Moody’s chief economist Mark Zandi said in a statement today from his mental hospital room. Strapped to his bed with thick leather straps, Mr. Zandi claimed to reporters that his prediction was one hundred percent certain to come true. “The majority of the voices in my head are in agreement with my prediction,” Mr. Zandi noted proudly.
Mr. Zandi declined to entertain any questions, but referred all inquiries to his new spokesperson, a stuffed teddy bear named The Perfect Puff-Puff.
The Perfect Puff-Puff declined comment.
saw a house for sale with what seemed like one of the zeros on its price missing and am thinking of buying it and cutting all other expenses while the interest rate on savings nickles and dimes me in to poverty when tho rising rates usualy lower house prices
all expenses up, all investments and returns down.......................might spell out "your fired"
"...58 yr old. I figure my house went for 35% off peak but I'm glad to have gotten out when I did. My 401K lost most of its value. I'll need to work until I drop dead."
How did your 401(k) lose most of its value? By now you should be mostly in bonds. Is your diversification off or something?
First thing every morning is S&A, Housingdoom and Patrick.net. Nothing happens till then.
Spending dropped by about 75%. We just don't indulge much anymore.
Keeping the 12 year old car for another 12 years if I can. Buying books from Amazon.com that are used; never did that before. I can get a $25 book for $2 and it's like new.
Oh, sewing. Haven't done that for 30 years. It isn't so bad. I kind of like it.
I'm avoiding spending money anyway I can.
I sure hope this crash isn't over yet. Things were getting boring before. I want more.
The depression is good in a way. It'll wipe out excesses.
Mike, I wish what you said is true of my visa. Time spent on an H1B visa can apply to the residency requirement for getting a green card. But my visa is a TN1 and time on a TN1 cannot be considered time in country.
It is a very weird thing for me to think that I could be deported from the city that I have lived in the longest in my adult life. I could be deported to a place that is no longer my home.
I'm worried but not overly so at this point.
Paul,
I didn't know much about the TN-1 visa- all the foreigners I hired while in the US were H1-B... any other ways you can keep your visa? Education, marrying a US citizen...?
Living in Thailand I pay unemployment insurance but if I lose my job then my visa status expires and I won't be able to claim unemployment. So I know how you feel. Of course the unemployment here is peanuts ($200 per month maximum) but the principle is unfair.
Good luck Paul...
-Mike
Bulk of bank-owned homes aren't even on the market yet
Now we are getting to the crux of it.
The frantic effort to keep people in their homes is really about keeping the collateral in pools away from scrutiny.
If we examine it, we are going to find MASSIVE fraud; the same property represented in multiple securities.
"...If most conservatives really believed in a free market..."
Pure. Comedy. Gold.
Well, I have to say my whole belief system has been shattered. I used to believe in hard work and honesty, but obviously that gets you nowhere in life. I don't believe in that anymore.
I'll find something else to believe in. But right now, I believe in nothing. I stand for nothing.
I'm broken...I'm PISSED!
How has the crash affected me?
Well, I don't know what to teach my 6 year old son. Work hard? Be honest? Don't lie? Don't cheat? Don't steal? I'm an older mom. I need to teach him things so he can survive. At the very least, no Peter Pan (Believe!) for him! What a shame. Really. Last week he asked me how big the Tooth Fairy was and can spirits walk through walls and when I die will I be able to fly...
So, I fill myself up with internet news about lying, cheating, stealing, corruption, depression, bailouts, stimulus, and bullshit about change...turn to my son and say, "I'm not sure how big the Tooth Fairy is, she's probably not very big." And he says, "Is the Tooth Fairy a girl?"
I realise I don't really know anything anymore.
Anon 2;23 said "The frantic effort to keep people in their homes is really about keeping the collateral in pools away from scrutiny.
If we examine it, we are going to find MASSIVE fraud; the same property represented in multiple securities."
I never thought of that! That explains it! Nothing else makes sense. Also explains the stalling.
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