In partnership with the bankers on bonus, congress on the take, mortgage brokers on cocaine, builders on a binge and a population on housing porn.
April 19, 2009
Ruined lives - brought to you by the realtors on commission of America
In partnership with the bankers on bonus, congress on the take, mortgage brokers on cocaine, builders on a binge and a population on housing porn.
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16 comments:
Anyone in the housing market today, or the stock is a fool. A fool. Let me repeat--A FOOL.
Only exception, if you have some play money that you can afford to lose. Otherwise, you are a fool.
Our economic fundamentals in this country are all wrong. Your economic fundamentals get bent out of shape when your culture gets bent out of shape.
Slavery was wrong. Both morally and economically. Strong leaders at the time knew the country couldn't move forward half slave, half free. Half change oriented capitalism, half stuck in a primitive, feudal system of slave based farm labor.
35 years of retrograde ideology and practices which deformed thoughtful conservative ideas has brought the country to near collapse. Economically, we have collapsed.
Our system today is where it was in the years just before the American Revolution and just before the Civil War. The same people are lined up on both sides. Those who want to liberate ALL people (freedom) and those who want freedom for THEIR people.
Today, the people who want to oppress the people are the corporate terrorists, the elected national and state/local leaders who are bought and paid for by the corporate terrorists, and certain but substantial parts of the population that have always hated the idea of anyone other than "their people" being free.
That's where we are today.
The NAR, for example, is a corporate terrorist organization that needs to go out of business.
The REIC CONspired to create this massive Ponzi Scheme with full cooperation from regulatory agencies.
Establish Legal Accountability.
Follow The Money.
Prosecute To The Fullest Extreme.
Make An Example Of Their Greedy Excesses With The Harshest Of Penalties.
And...
Clawback, Baby, CLAWBACK!
A realtor-pig knocked on my door yesterday holding sales brochures of a home in our neighborhood, wanted to know if we knew anyone who might be interested. Hawking an ugly failed flipper thing, the current owner did NOTHING but sit on it, only looked to make a quick buck - got screwed. R-pig told us the price is down by 15%. Yeah? from past ads it's down at least 30%. Liar. And as far as we're concerned, needs to be cut in half again for someone in their right mind to even be interested.
But she needs to find only one fool, right? Like one who would believe the papers here, filled with realtor F.O.S. advertisements swearing this area 'is different', the 'bottom has passed' and buyers are showing up in droves this spring.
Didn't want to be downright rude to her, but maybe she should be told she's better off selling vacuums if she's gonna go door to door.
Here's Connie De Groot's latest bullsh*t. Queen of spin: 'housing is 36% more affordable from last year'. Yahoo!
Oh, she's totally OD'ed on the botox. Face moves like a marionette puppet.
http://www.youtube.com/watch?v=I0TbvVHxr1M
The motivating factor that brought about this fiscal disaster lies in the *desire* of the PTB to grossly inflate GDP to accomodate massive increases in spending for an ill-intentioned *National Security Complex* to run amok with its pre-ordained agenda.
This WAS a CONspiracy and should be prosecuted as such.
No Central Bank want to go to zero percent interest rate, because it tells the world investors that the Central Bank policies do not work and its currency is worthless.
Let assume the college student suggestion is possible, and the Fed can go negative, what are you telling the World investors.
Perhaps, FASB-157 accounting changes will not work
http://www.nytimes.com/2009/04
/19/business/economy
/19view.html
At one of my recent Harvard seminars, a graduate student proposed a clever scheme to do exactly that. (I will let the student remain anonymous. In case he ever wants to pursue a career as a central banker, having his name associated with this idea probably won’t help.)
It May Be Time for the Fed to Go Negative
consultant is right. Distortion leads to ever more distortion.
My son is a sports enthusiast, and today I caught a really great show on ESPN about TITHING, PROSPERITY EVANGELISM, AND PROFESSIONAL ATHLETES. Basically exposing the scheme qualities of prosperity based evangelism as linked to contributing athletes, etc..
IT'S ABOUT TIME CHURCHES ARE BEING INVESTIGATED. JC WOULD TURN OVER WHEREEVER HE IS AT THE LAVISH LIFESTYLES OF TV PASTORS OF MEGA CHURCHES. HOW ROMAN...
MY GRIPE IS THE SECRET, SUBVERSIVE POLITICIZATION OF CHURCH MESSAGES DURING THE 80'S-90'S. CHECK IT OUT WHERE AND IF YOU CAN. Separation of church and state? Tax questions? Anybody have legal comment?
Grandma PKK
And the beat goes on.....
I attended the REDC home auction in Las Vegas last weekend.
Homes were selling for what I considered to be retail prices, however, the poor buyer has to pony up the commission to REDC.
They had lenders, shills, hawkers, donuts, soup, and a sh*tload of people. Standing room only even after they opened up an additional room.
Nobody was twisting the arms of these people bidding. They were from all over the world. Surely, they could not have done their due diligence and inspected these homes. I went out to look at a dozen of them and only about 6 were open.
Then, they added another hundred or so to the auction, on auction day. How could anybody inspect these things. One house I saw had a pool of water in the kitchen - and it was relatively new. You can have MOLD in Las Vegas. Black mold. Pay retail, pay commission, and not know what you got??? Not me. I ate a donut and left.
Off topic, but just what the heck is wrong with people. A minute ago I'm cruising around looking for 60 minutes (can't remember these things like channel numbers) and I pause on the Golf channel.
So they have on a thing about golfing with Charles Barkley, who's lets just say not a natural.
So why do folks want to watch a star basketball player play golf? Kind of like a Golfing with the Stars.
Just when you didn't think it could get any more insane.
Consultant, well put! And I agree. You summed it up so well! Thanx..
Why blame it all on the realtors? Or The Fed? Let's face it, it took three parties to get start the real estate and consumer spending bubble; The Fed provided the bullets, the realtors, credit card companies, shopping malls, etc... provided the gun and ultimately, the consumer pulled the trigger.
I am sick and tired of people blaming it all on one party alone. The Fed, realtors, shopping malls, and consumers; all were irresponsible and all participated. If the last party, the consumers would have said "no thanks, I won't buy an overpriced house", "I can live without a 52 inch flat panel plasma tv", etc.... then this whole mess wouldn't have taken off.
The "kids' who bought the dump down the road were hauling in sheetrock this weekend. He told me that the place "needed work."
All that's needed to continue the greatest Ponzi scheme of all time is a never-ending list of Greater Fools.
Looks like my flipper former neighbor found his.
Oh, the "kids" told me that they jumped on this place since it had been newly listed and was a great buy compared to where they were living (renters.) I did't have the heart to tell them that the RealtWhore lied and that the dump had been on the market for over three years and the price was outrageous for a NEW home on this road, much less someplace that "needed work." Their youthful enthusiasm will get tempered by a strong dose of reality very soon.
And just wait until when their purchase price almost doubles their "teacher's union dues." They think that their taxes were pro-rated and paid up for the year when they signed on the bottom line at settlement.
They were only pro-rated for the tax bill at the old 2000 purchase price. On paper, at least, they gave the flipper 85% profit.
Are they in for a surprise.
In the end, who do you rally blame.
http://www.houmatoday.com/article
/20090419/LETTERS/904199954
/1031/OPINION03?Title=Cure-
the-economy
In 1944 at Bretton Woods, Great Britain was relieved of its burden, and the U.S. dollar became the primary reserve currency of the world.
What must be understood about the international currency market is that all countries (other than the United States) desire to have a currency account surplus (exports exceed imports).
The benefit of a surplus is that it allows a country to have some control over the value of its currency and the ability to keep its exports cheap.
The Asian meltdown in 1997 occurred largely because certain Asian countries ran up currency account deficits. They don’t want to repeat that mistake.
World currency accounts must balance out.
Thus, if all countries (other than the U.S.) run a currency account surplus, then the U.S., as the country of the reserve currency, must have a deficit of equal amount.
There lies the problem.
You have two sides to the equation, Keith, you have the people who try to fool and the ones willing to be fooled. It is not black and white, Keith. No one put a gun to average Joe and made him take on a mortgage. It was free will. That is what free enterprise is all about - caveat emptor. And there were a lot of fools about - people who could not do basic math, people who cannot be trusted to do an interest calculation let alone should be doing anything as complex as taking on a mortgage.
You have to really investigate taking on a mortgage before you commit yourself to it. You have to be sure about your job, your income, your expenses, and you need to have a backup plan if say you lose your job or if the housing market goes bad or if ... a million things can go wrong when buying a house.
It is the bankers, the people who control the government who are at fault. The realtors sniffed the con was on and they took part to capitalize on it, but the realtors or NAR were not the masterminds.
If you want to be angry, be angry at the people at the top. If you concentrate your wrath on the underlings then you are destined to suffer the same bad fate over and over again.
In our town we have hundreds of older cape cods and bungelows sitting vacant. Many have been for sale for years. A buyer could buy one of these and actually have a payment less than rent. The problem was all of the first-time buyers were not content with a small starter home. They all had to have the big new 4 bedroom tract home in one of the new subdivisions. As a mortgage lender, I would have buyer after buyer asing me to "stretch them" higher so they could afford more home. Most of the time these buyers had zero down payment.
I can't tell you how many buyers told me, "Well So-and-So told us we qualified for much more than that."
Don't blame me, I just provided a product I was asked for. I guess it's the gun shop owners fault when someone blow their head off.
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