Monday, July 27, 2009

No Joke! The Sky Is Falling!



A few successive up-swings with the equity markets and here we go again. The economic prognosticators are back on the “ostrich” pill. Sticking their heads in a hole in the ground, hoping the mess will be gone since they can’t f….g see it. They choose to ignore the global financial realities and instead they flap their lips like a bunch of dazed and confused monkeys hanging from their tails upside down and looking at the world in the same manner. Of course if you are hanging upside down and you are looking up, everything looks upwards and rosy. Yup! These are the morons whose advice we are supposed to be following.

Ok you dumb ass experts. Here is a little brain snack to get your stupid thinking working.
What do you think is going to happen to the credit companies, when in six months all those millions of people who lost their jobs, begin to default on their credit card balances and loans? All the credit card companies who are aligned or affiliated with financial and retail institutions they are going to take a dive from the highest diving board, straight into an empty concrete pool…head first. We are now talking about billions if not trillions of dollars in debt, that cannot be recovered or collected by banks, insurance companies and retailers. Companies like Amex, Visa, Master Card etc. How are they going to reclaim the capital they loaned and consequently have now lost...? You can’t get blood out of a stone. Tell me you idiots, what do you think is going to happen when the REAL unemployment rate is 15-20%? OUCH! Feels like a brick just hit you on the head doesn’t it?

Ah yes! The big crunch. And I am not talking about potato chip crunch. Credit will dry up again, borrowing come to a halt, the companies who held these debts will “belly-up” like dead fish in oil. Businesses, who thought they maybe able to expand and grow by borrowing cheap money…well, I am sure you can see the “hole” in “Shithole”.

You all remember that great Coca Cola toy which gave pleasure to so many of us old guys…the Yo-yo? That my friends is going to be our economic recovery. Up for a month down for eight. Just like a Yo-yo. If there were ever a time to reconsider your religious beliefs and socio-economic strategies this is the time. You will need your social skills, the generosity of your friends, preferably your Chinese friends and God’s divine intervention because only God and China can help us this time.

This Again Is Not News…It’s Jungle Politics!
From The Desk Of Dr. Politikong…Over and Out!

70 comments:

  1. Anonymous27 July, 2009

    Your blog is going from strength to strength. Keep up the good work and as more Americans discover you may be they'll snap out of the deep sleep they in.

    Mike

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  2. Anonymous27 July, 2009

    Thank you! this is a lapidary, well reasoned & researched post--the blog I've been looking for for some time. You are doing the public a huge service with this.

    ReplyDelete
  3. Anonymous27 July, 2009

    Dr. Politikong-

    Excellent as always.

    Alex Bresler
    Boston

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  4. Anonymous27 July, 2009

    We have a Communist style media in this country. No ethics. Just one agenda. Two types of stories. 1. those that make the public feel good 2. those that make politicians look good. That's the media we get in this country (of course save the ONE boogie man out there, Dr. Politikong).

    This blog rocks.

    Stephanie Roche, Tenafly, NJ

    ReplyDelete
  5. Anonymous27 July, 2009

    I hope the "recovery experts" @CNBC can focus long enough on this multipage document to understand we are ahead of the second dip/crash/disaster.
    A look into Europe's economy will yield the same bad picture.
    There was always a payday after every bubble. Deleveraging of consumers has only just begun and will suffocate any hope for a recovery before 2011.

    Toni Straka

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  6. Anonymous27 July, 2009

    Thank you for this and thank you for your blog. The "recession is over" is just a mirage. The insider club (GS) is accumulating more wealth on the backs of clueless people who watch CNBC. There’s a great line from Andrew Mellon (US banker, secretary of the treasury 1921-32), who said that in a crisis assets return to their rightful owners.

    A big fan of your blog from New York.

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  7. Anonymous27 July, 2009

    Sobering and realistic.

    Your blog should be required daily reading for every American. It is with me.

    Many thanks.
    DH

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  8. Anonymous27 July, 2009

    The current Administration wants good consumer sentiment numbers so that it will persuade the public to go along with it's agenda (Healthcare, Energy, and Education reforms). The news media is following the current administration's lead because if the numbers were all bad, no one would watch/read them, hense their ad revenues fall. Too bad this will never make it to the mainstream. Great work!!!!

    Woltz

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  9. Anonymous27 July, 2009

    Recovery ??????
    http://www.bloomberg.com/apps/news?pid=20601087&sid=an17jgiccivM

    Keep educating the morose public with your fantastic blog. I'm starting to lose hope.

    Ex-investment banker (thank God)
    New York, NY

    ReplyDelete
  10. Anonymous27 July, 2009

    Dr Politikong, PLEASE lead the charge.

    As a taxpaying American, I demand an end to the public bailouts of government-sponsored enterprises and private institutions. America's economic success is largely due to our free-market system, in which risk is a fundamental element. Some businesses succeed tremendously, some fail spectacularly. But they should do so on their own, not with the backing of millions of reluctant citizens' paychecks.

    Bailouts that keep mismanaged organizations afloat delay natural corrections to unsound business practices. In the long run, bailouts do not "rescue" anyone because they stall the adoption of necessary reforms that would prevent future repeats of bad choices. Enough is enough. No more bailouts. Not with my tax dollars.

    An American Patriot

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  11. Anonymous27 July, 2009

    Dr. Kong, I was watching the news on one of our distinguished News Network today and it was being said that more jobs will be lost and recovery will be slower than we thought. But they said the good news is that more people are saving their money now.
    OK DK correct me if I am wrong. Our system is based on Production and Consumption right? Now if more people lose their jobs it means less Consumers. Those who lose their jobs can't afford to consume and those who CAN afford to consume are not doing so because now they are SAVING. Here is how I see it now. Less consumers=Less production. Less production=Less jobs. Less jobs=less consumption. Less consumption=Less production and on and on. This vicious cycle never ends. It will take a miracle to stop. Am I right or wrong DK?
    One thing is for sure. You Kong are right. These experts are stupid. I am going to China.
    Good writing Dr.Kong. You make things so simple to understand. Thank you

    Tony B. Detroit City

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  12. Anonymous27 July, 2009

    Corporate results reported this morning:
    • Aetna cuts outlook for second time in two months
    • Corning's second-quarter profit declines
    • Tellabs profit more than halved
    • Honeywell net income falls 38%
    • Cal-Maine profit declines 72%
    • Radio Shack profit rises to $48.8 million
    • Enterprise profit down 29%

    "Big Crunch", no kidding!!! I wish more people would read your blog.

    Damien P.
    NY, NY

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  13. Anonymous27 July, 2009

    It gives me hope that blogs like yours exist. Keep the pressure up on these corrupt bastards who brainwash the sheeple.

    Governance (Sheeple),

    The term is also used for those who are inordinately tolerant, or welcome government intrusion and regulation. In a column entitled "A Nation of Sheeple," columnist Walter E. Williams writes, "Americans sheepishly accepted all sorts of Transportation Security Administration nonsense. In the name of security, we've allowed fingernail clippers, eyeglass screwdrivers and toy soldiers to be taken from us prior to boarding a plane." This usage emphasizing that Americans sheepishly accepted all sorts of nonsense, those in favor of globalization, or those affected with consumerism. It is also used to describe those who blindly submit to their public servants and venerate them as authority figures and leaders, or likewise a political party as opposed to thoroughly analyzing their motivations with the realization that the people of the body politic are the government.

    ReplyDelete
  14. Anonymous27 July, 2009

    Maintaining the status quo depends on the hope that gains in the market are a precursor to "green shoots" (new growth) in the economy. The fundamental question is whether you can build an economy on consumption. I think the Dr. answered that question.

    Best blog on the net bar none. Keep posting.

    Alfred E. Cummins
    Baltimore

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  15. Tony B from Detroit:

    I couldn't have said it any "simpler" myself. The composition of our system is a bit more complicated but in its over all essence you are absolutely right my friend. Thank you for your comments.
    As my grandfather used to say "...god gave us eyes to see with and a brain to inquire about what we see..."

    Keep it going and keep the reality REAL!

    ReplyDelete
  16. Anonymous27 July, 2009

    The more I read your blog, the more I agree with you and the more I'm convinced a revolution is much needed; however it needs to be a sustainable one where-in we, the American People, create and become the revolution that changes things inside out.

    You blog has been a revelation to me.

    Anonymous
    July 27, 2009

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  17. Anonymous27 July, 2009

    The United States needs media reform. We must re-regulate the media (that means increasing the number of outlets not owned by one of the big five) to get a wider range of perspectives. Secondly, we must create and enact a system of government-sponsored (read financed) primary and run-off elections to establish a true democracy where the candidate reflect the will of the people, not the choice of the corporate elite.

    If anyone believes we have a democracy here, they are fooling themselves. However, it is within our each, but unfortunately those who control the national dialogue will never let these ideas or anything like them surface.

    Dr. Politikong, you are a voice of freedom. Stay the course.

    John Mettis
    Atlanta, GA

    ReplyDelete
  18. Ex-investment banker
    New York, NY

    Thank you for the link...Excellent article.

    ReplyDelete
  19. Anonymous27 July, 2009

    AHHHHHHHHHHHHH (screaming) - he is at it again!

    Please stop depressing me with this stuff. I'd log off if I wasn't addicted to reading your blog.

    Ruby R.

    ReplyDelete
  20. Anonymous27 July, 2009

    Let us keep the comments going everybody. Keep forwarding them to your friends and so on. These idiotic leaders we have in Congress will soon see that they can't fool us all. Sooner or later they will learn that the American public is a lot stronger and smarter than they give us credit for.

    Keep writing Mr. Politikong

    Brenda K.
    Boston

    ReplyDelete
  21. Anonymous27 July, 2009

    I asked the question on this blog before: "Who the fuck are you?'

    Your political commentary is second to none, your economic analysis is better than what my investment advisor gives me and you unearth information not even known to the CIA.

    Could it be that Dr. Politikong is really more than one person?

    ReplyDelete
  22. Anonymous27 July, 2009

    The Dr. warns of a big crunch. Here's my contribution:

    The National Debt is now $11.6 trillion. The National Debt in 1913 was $2.9 billion. Therefore, the National Debt has gone up by 400,000% in 96 years. FOUR HUNDRED THOUSAND PERCENT! I had to go back and check my calculation three times. The people we elected to Congress have spent $11.6 trillion more than the government has generated in revenues, with $10 trillion of it accumulated since 1981.

    ReplyDelete
  23. Anonymous27 July, 2009

    I'm a serial credit card teaser abuser. I admit it, and I'm looking to take advantage of the terms.

    Also, I've taken advantage of JPM/Chase's offer and USBancorp's offer to open checking accounts with a $125 and $100 sweetener from the bank, just for opening the checking account and setting up auto deposit. I unashamedly did this.

    On each occasion, I was offered terms on my credit cards, to either extend the period, or open up a new line of credit, to put me deeper in the hole.

    According to one viewpoint, shame on them for offering the temptation. According to another, shame on me for accepting.

    I didn't open another credit card line. I have more offers open to me than I choose to accept. Check in with me in a year to see if I'm still exploiting the banks.

    I don't see a credit crisis. I see a surplus of fools and idiots.

    Mervin

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  24. Anonymous27 July, 2009

    Reality check from the Dr. in line with what I see around here.

    Yesterday we took a day trip to an event in Northern NYS. We took the scenic route that consists primarily of classic 30's style farms, vineyards and horse ranches. Along the way, we saw 6 defunct gas/convenience stores, one defunct strip mall, and a dead pizza hut. We passed through a small town that had more than a dozen empty store fronts in their historic district. Considering the low population of the area, I thought 6 dead gas stations rather high.

    At the event, only the beer vendor was doing any business. Even the food purveyors had very short lines. No one was carrying any packages.

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  25. Anonymous27 July, 2009

    The US economy has already crashed. I'm glad to see someone out there really "get it".

    One of your best blogs ever.

    ReplyDelete
  26. Anonymous27 July, 2009

    The country is hijacked.

    The politicians are bought off.

    We need a hero.

    We've found one.

    Mary Schapiro
    Queens, NY

    ReplyDelete
  27. Anonymous27 July, 2009

    Traitors, fucking traitors, all of them. Vote the assholes out.

    US manufacturing jobs go to China.
    http://news.bbc.co.uk/2/hi/business/8169378.stm

    ReplyDelete
  28. Anonymous27 July, 2009

    I hope some day (soon) you'll be able to publish all your thoughts on an e-book on this blog. There's one buyer here. Can't thank you enough for opening my eyes.

    Jeff A.

    ReplyDelete
  29. Anonymous27 July, 2009

    And just wait for the next bomb to drop.....PENSIONS.

    Excellent blog, I'm a regular.

    Dave Wild
    Ottawa, ON, Canada

    ReplyDelete
  30. Anonymous27 July, 2009

    Dr. Politikong, spot on as usual.

    All seems like a farce to me until we start seeing large numbers of people coming off the unemployment roll and not due to any benefits left. But no one wants to spend on big ticket items because of the fear of losing their job so the downward spiral continues......just when I believe we may have hit bottom, more local employers come out with more layoffs.

    ReplyDelete
  31. Anonymous27 July, 2009

    This decoupling of reality from the markets, combined with the lack of MSM reporting is beyond what I thought was imaginable. The worst case scenario for me from the beginning was if the economy sucked but the stock market has an insane rally. I lose money, the people I advise will wonder why I didn't recommend going long, etc. (as they get spoonfed by Tout tv).

    Blogs are the only form of authentic journalism we have these days. Thank you Dr. Politikong for being ethical, investigative and informative, and for providing a medium in which I do not have to question the source.

    Stanley Campbell
    St. Louis, MI

    ReplyDelete
  32. Anonymous27 July, 2009

    You are a beacon of light. Thanks for getting this all on the record in such clear language.

    ReplyDelete
  33. Anonymous27 July, 2009

    Kudos, kudos, kudos!!!

    Keep it coming.

    Leslie M.

    ReplyDelete
  34. Anonymous27 July, 2009

    All I have to say is Bravo.... and... I wish I had you represent me in Congress.

    Myra

    ReplyDelete
  35. Dave Wild
    Ottawa, ON, Canada



    Dave my friend you guys up in Canada WILL fare much better than we will here in my country. You have a different mind-set when it comes to Government involvement in your lives. You have better Financial Regulations in your Banking systems and your Markets. You also have a system of government which makes it easier to push legislation through especially under a Majority Gov. Here in the U.S.A legislation tends to get "stack" in so called House and Senate committees. The word bi-partisan legislation is just a cosmetic phrase which usually means one or more members of the other party voted with the party in power. 99% of the time it's all Partisan Politics here. Politics and money. As you can see from the comments on this blog, we the little people are always getting screwed while the big corporations get the bailout $'s.
    Last time I checked with my Canadian contacts, your economy is doing much better than ours and your pensions are safe...for NOW. What will bring you economy down is the fact that it is 75% tied to our economy. Maybe is time you fellas start thinking EUFTA instead of NAFTA! Just a thought my friend. Thanks for your participation on this blog!

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  36. Anonymous27 July, 2009

    Mr. Kong you are developing a cult following. You deserve it. Keep up the great reporting.

    James C.
    Denver, CO

    ReplyDelete
  37. Anonymous27 July, 2009

    A W E S O M E !!!!!!!!!!

    Just can't get enough of this blog.

    ReplyDelete
  38. Anonymous27 July, 2009

    Visa said late Monday President John Morris will step down as part of a "reorganization process" but will remain with the company until the end of the year in a different capacity. In line with the new management structure, Visa's global sales, client service, marketing, product development and innovation functions will be consolidated under Chief Operating Officer John Partridge, effective immediately, the credit card company said.

    Any questions???

    Sue Cheng
    San Franscisco

    ReplyDelete
  39. Anonymous27 July, 2009

    Visa can have them all step down but credit card debts keep mounting,and home sales are not up,false $8000 first time home buyer kick backs,and Hot Summer fools boosted the mini chicken coop home sales rally .Housing is not improving any more than car sales the economy is unemployment,forclosures,massive government debt, college tuition sky rockets,and the best is the worst job market in over 50 years.

    This blog is MASSIVE.

    Earl Hunter
    SF, CA

    ReplyDelete
  40. Anonymous27 July, 2009

    Good to see you haven't sold out.

    "The Central Intelligence Agency owns everyone of any significance in the major media." --William Colby, former CIA Director, quoted by Dave Mcgowan, Derailing Democracy

    "You could get a journalist cheaper than a good call girl, for a couple hundred dollars a month." --CIA operative, discussing the availability and prices of journalists willing to peddle CIA propaganda and cover stories. Katherine the Great, by Deborah Davis

    "There is quite an incredible spread of relationships. You don’t need to manipulate Time magazine, for example, because there are [Central Intelligence] Agency people at the management level."
    --William B. Bader, former CIA intelligence officer, briefing members of the Senate Intelligence Committee, The CIA and the Media, by Carl Bernstein

    "The Agency's relationship with [The New York] Times was by far its most valuable among newspapers, according to CIA officials. [It was] general Times policy ... to provide assistance to the CIA whenever possible." --The CIA and the Media, by Carl Bernstein


    Keep spreading the word Dr. You are unstoppable.

    ReplyDelete
  41. Anonymous27 July, 2009

    How come I don't read stories like these in The Oregonian? The more the public is kept in the dark, the easier is to push their agenda.

    Thank you for all your efforts to keep us informed.

    J.J.
    Portland

    ReplyDelete
  42. Anonymous27 July, 2009

    @ Sue Cheng

    Could this be the rats deserting the ship? As Dr. Politikong explained the whole credit card industry is in a finincial bind and will only get worse as the unemployment numbers rise and home repos increase last one out fails to get the golden parashute.

    ReplyDelete
  43. Anonymous27 July, 2009

    Good thing the recession is over

    ReplyDelete
  44. Anonymous27 July, 2009

    The best yet jungle man. I don't know how you do it but you have a very unique style that gets the point across loud and clear and in terms that expressive of real feelings. Like one of your readers said, I hope the CIA don't pull the plug on you. Your blog is picking up steam and your followers are growing. Good luck.

    Maria NJ

    ReplyDelete
  45. Anonymous27 July, 2009

    Shit shit shit, and I was thinking of setting up a factory to produce stupid financial advisers. It is very clear to me that the supply already exceeds the demand.

    On a serious note what we need is more blogs like this to just point out the things main stream media don't have the ball to tell us.
    Thank you sir who ever you are.

    ReplyDelete
  46. Anonymous28 July, 2009

    CREDIT CARD DEFAULTS SOAR TO 13.8% AT BANK OF AMERICA

    "When Debtors Decide to Default " By David Streitfeld

    "Bank of America has its hands full, with a June default rate of 13.8 percent, up from 12.5 percent in May. The other major credit card companies are in a similar fix. Estimates of the total industry losses are over $100 billion for the current recession.

    Collectors are noticing a shift not only in ability but in willingness to pay. “With all the bailouts the government is giving everyone, no one has any personal accountability about their own debts,” said Roger Knauf, who runs a trade group of debt-buying firms.

    The full article is at:
    http://www.nytimes.com/2009/07/26/weekinreview/26streitfeld.html?_r=2&emc=eta1

    ReplyDelete
  47. Anonymous28 July, 2009

    CREDIT CARD DEFAULTS SOAR TO 13.8% AT BANK OF AMERICA

    I read the article. Very informative one it is.
    I guess DR.PK is right on the money. Maybe god and china are the only ones who can help us.

    DR Kong if we could only find a way to get you to give us the news every day, we would all be more knowledgeable citizens!

    Tina B
    SF CA

    ReplyDelete
  48. Anonymous28 July, 2009

    Hi

    I am a Dr Politikong virgin. This is my first time and I really enjoyed it. Very well written and right to the point. A friend told me about this blog yesterday and here I am checking it out.
    I am now a Dr Politikong convert.

    Mark
    Miami Florida

    ReplyDelete
  49. Anonymous28 July, 2009

    The only reason this fuckers lie so mach is because they don want a revolution on their hands.

    You tell it like it is politikong. we all trust you to tell the truthe

    Washington
    Buffalo NY

    ReplyDelete
  50. Anonymous28 July, 2009

    Dr. Politikong - excellent writing as always.

    In following your blog, the thing that excites me most is that you have stimulated dialogue amongst us, the masses, and inspired us to think.

    The suppression and control of thought is how the few have managed to effectively manage, manipulate, deceive and destroy the many.

    Blogs like yours put the principles the United States was founded on to test - I am sure there are individuals in power (corporate and political) that are threatened by freedom writers such as yourself and your followers.

    Keep the movement of this information going all over the world!!

    Toronto
    Canada

    ReplyDelete
  51. Anonymous28 July, 2009

    Dr. politikong, have a none political question for you.

    Should we be taking our money out of the stock markets and buying gold instead as a hedge against recession? Your opinion would be appreciated.

    John (losing my shirt in the stock market) Powers

    ReplyDelete
  52. John (losing my shirt in the stock market) Powers

    John I never professed to be a "gold" expert, nor am I a financial expert. I don't want to mislead anyone otherwise. Personally I stay away from gold, as my own belief is that if "the shit hits the roof" sort of speak, and the economy and our dollar collapses I just can't see people being allowed to keep any gold as an investment in any shape or form. The government by special order due to a national crisis can just forcefully take it from you.
    To the Gov. gold would be a way to "hedge" the value of the currency. If I had $'s to spare -which I don't- I would be buying up real estate of any kind. That's just me though. Please do not take my personal opinion as a sound financial advise. It's not. For that you should be going to a trusted professional financial adviser.
    If you want more info here are a couple of links to enlighten you regarding gold. I hope it helps you.

    http://www.wellsfargonevadagold.com/exec-order.html


    http://www.certifiedmint.com/myths_lies.htm


    http://www.fgmr.com/confiscation.htm

    ReplyDelete
  53. Anonymous28 July, 2009

    Refreshing very refreshing and informative style of writing.

    Judy Craig
    Chicago IL

    ReplyDelete
  54. Anonymous29 July, 2009

    plitiq@ Dr. Politikong

    At least you admit you are not a financial expert.

    Real estate has another 30-40% downside. Homes are still way overpriced, if you consider the traditional 3X annual salary guideline. This is what you get after a decade of easy credit. CRE is ready to blow up and that will also drag home prices down. So saying invest in real estate right now is bad advice.

    After all, the public's blind belief that "real estate always goes up" is a great part of the reason that we are where we are now.

    Enjoy your blog non the less.

    Timothy G., NY, NY
    (I work on Broad Street, there's a hint for you)

    ReplyDelete
  55. Anonymous29 July, 2009

    First let me say I love your blog.

    But the above poster is right. Real estate hasn't bottomed out yet (25-50% still more to go depending who you want to believe - personally I find the Case-Shiller report to be the most credible) and with option ARMS resetting in the next 6-18 months the problem will only get worse. And when it does bottom out, the market is likely to stay suppressed for a long time. The era of easy money is gone.

    Bill Glahn II
    Manchester, NH

    ReplyDelete
  56. Anonymous29 July, 2009

    Holly shit, Timothy Geithner is visiting and commenting on this blog!!!!!!

    LMAO

    Monkey, you've moved up the ladder when the Treasury Secretary visits your blog. Is the Treasury on Broad Street? Anyone?

    ReplyDelete
  57. Anonymous29 July, 2009

    PMSL, I wish Turbo Tax Timmy would visit this blog, he'd learn something.

    The US Treasury is not located in New York. It is located at 1500 Pennsylvania Avenue, Washington, DC.

    What IS located on Broad Street, New York, are the offices of Goldman Sacks. Those familiar with the Financial District however would know that a number of Hedge Funds, Investment Advisors and boutique M&A firms are also located on Broad Street.

    Lyle
    New York

    ReplyDelete
  58. Anonymous29 July, 2009

    Let me get this straight

    Play the market, it's a fraud and you are fucked

    Buy real estate, it's still crashing and you are fucked

    Buy gold, the government will take it away and you are fucked

    Stay in cash, the dollar could crash and you are fucked

    Did I get it about right?

    HEEEEEEEEELP !!!!!!!!!

    ReplyDelete
  59. Anonymous29 July, 2009

    I dont't understand what CRE and ARMS stand for. Can someone explain that to me? I know little about financial terms

    Liah B.
    Denver

    ReplyDelete
  60. Anonymous29 July, 2009

    Acronyms can have different meanings depending in the context they are used. In the examples below used by the two commentators Timothy G and Bill Glahn,
    ARMS is a reference to the ARMS-TRIN which is a Short term Trading Index, and CRE refers to Commercial Real Estate.

    Here is a very nice site which explains acronyms and definitions.
    www.acronymfinder.com

    Liah B, I hope this helps you.

    Sandra P
    Toronto Ontario
    Canada

    ReplyDelete
  61. Anonymous29 July, 2009

    ARM - Adjustable Rate Mortgage

    The previous poster (Bill Glahn) was referring to the expectation of roughly $29 billion in option ARMs to recast to higher monthly payments by the end of 2009, and an additional $67 billion to recast in 2010; of this, approximately $53 billion is attributed to early recasts.

    The majority of option ARM borrowers have elected to make the monthly minimum payment over the past 24 months. As a result, a large number of these loans, especially those with 40-year amortization and 110% principal caps are expected to reach their recasts before the end of the five-year mark.

    This could make the subprime problem look like a picnic in the Hamptons by obviously causing a second wave of foreclosures and driving down real estate values even further.

    Julie Birmingham (SP)

    ReplyDelete
  62. Anonymous29 July, 2009

    I love this blog but I'm going to stop reading it. Every time I visit I end up having to up my Prozac dose.

    We're sooooo doomed!

    Marla S.
    Cincinnati

    ReplyDelete
  63. Anonymous29 July, 2009

    UN-FUCKING-BELIEVABLE !!!!! THIS IS A MUST WATCH VIDEO ...... TRULLY JAW-DROPPING .... http://www.youtube.com/watch?v=Gkf8VG3HL_8

    Chuck B.
    Chicago IL

    ReplyDelete
  64. Anonymous29 July, 2009

    Newbie here. I watched the video. What does it mean?

    Sorry if I asked a stupid question but I visit here to learn.

    Ricky D.

    ReplyDelete
  65. Anonymous29 July, 2009

    Has anyone heard ANY follow up on the story of the $135 billion of fake U.S. bonds in Italy? (Yes, I know they were fake.) But has there been any follow up whatsoever? Were the two men arrested? Who were they? Are the feds prosecuting? What happened to the bonds?

    I understand why the story would die down a bit once they were announced as fake, but I don't understand why it would disappear completely.

    Honestly, try to google this story. It basically disappears on June 20th when someone at Treasury announces that they are "obvious fakes", from viewing them online. Then *poof*. Nothing.

    Wouldn't the feds have some more to say about an attempt to counterfeit $135 billion? Scary talk about what they plan to do to these guys to send a message to other counterfeiters? Anything?

    ReplyDelete
  66. Anonymous29 July, 2009

    Newbie..........

    You see it's real fucking simple. The FED gives YOUR money to the banks and then the Banks deposit this money back in the FED's vault and earn interest that the FED pays with YOUR money.

    Than the banks say fuck it .. let park the money we got from the people in the FEDs vaults, get payed for it, and endure the storm getting blowjobs from 5000 $/hr whores, and watch how the people struggle to get by on day to day basis ... yeah fuck it ... oh ... and we will need some class A blow also

    It's that simple.

    ReplyDelete
  67. Anonymous29 July, 2009

    I thought this was a political blog. Can we get back to bashing Rush Limbaugh?

    :)

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  68. Anonymous29 July, 2009

    It is starting to sound like the Congress is waking up but there is not a hell of a lot they can do right now. Of course the congressmen as well as senators were always in the "pockets" of the big financial corporations and special interests groups. And as long as they were getting their "cut", they kept quiet. Now that the bottom fell out of the $ basket they all want to be seeing as being pro-active and doing something about this fucking mess we are in. They are pointing fingers at everyone except themselves. If you ask me all these bastards who have being there for more than 2 years should do the honourable thing and resign. They all have a tinted past and I guarantee you if some independent investigative body checked into the past practices of these assholes, we'll find out that they were all dipping their fingers in the "honey" jar! It's high time we start knocking on the office doors of our elected representatives and start raising hell. More blogs like this where real people can express and exchange views, are urgently needed. Blogs that are full of guts and sweat where people can show how fed up they are. This is not democracy this is Oligarchy, feudalism. The lords (Corporations) give us some breadcrumbs for doing all the work, while they fill their coffers with millions. The big Corporations are the Masters and we are the poor surfs getting it up the &*^%$#@&.

    Leo (FedUp) Kelly

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  69. Anonymous29 July, 2009

    I agree with previous guy
    Lets bush Limbaugh. Where is that moron anyway? I don't see him mouthing off on TV any more.

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  70. Anonymous29 July, 2009

    You depress me. I want to wait until you put something funny on

    Mika

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