It’s Friday, and with mounting foreclosures and rumblings at Lehman Brothers, I couldn’t help but think that Doomers would enjoy this video:
We welcome your comments on subprime losses, or anything else housing related.
This thread’s for you!
Ohio Fraudclosure
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Mish's Global Economic Analysis
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Twist and fellow doomers,
If you want some comedy, I would encourage you google edra and tom blixseth to read about the failing yellowstone club
billydlight,
It’s actually “tim” (you’ll get to the links quicker) blixseth.
Thousands of acres of expensive land…..millions, if not billions of dollars involved…….multi million dollar houses……real estate investors AND wealthy celebrity types…….I CAN’T beleive they are having problems????? LOL
twist -
Your sidebar find “Credit binge: Consumers drunk on debt [video]“ was bad enough, but the ad that came up before was for Somebody-or-other One Credit Cards — young couple goes to fancy restaurant, pays for expensive meal with credit card, but the meal was too small so they go to a convenience store and pay for a pile of junk food with the credit card. The hook is “write your own story.” (Igor says, “immoral”
)
I am still busy puking after reading that Lehman repurchased some shares – I don’t care how many or few – after using the Fed credit facility the way they have. Simply outrageous. Treasonous, even.
agnostic -
Add to that the “Dark Pools of Liquidity,” 2008′s equity market’s version of the Tar Pits. Just watch where you step everyone
John are those “Dark Pools of Liquidity,” the mosquito infested pools I keep hearing about in backyards of foreclosed properties?
metro -
No, it’s an explosion of off-exchange transactions by large institutional investors who don’t want the hoi palloi to realize they are quietly fleeing a stock.
About a week ago stories on the trend virtually disappeared. Below is a rare one that discussed the issue today. When LEH bounced back on the NYSE the volume strangely collapsed. I’ve been wondering if the more interesting trades in the stock were occurring out of sight.
“Industry Leaders Frown on Dark Pool Trend”, by Nina Mehta, TradersMagazine, June 6, 2008.
Just think of future foreclosure rates if the fed decides to combat inflation. Many people have little knowledge of history and how their adjustible rate mortgage will be affected, resulting in their financial demise. Like Ed McManns wife, they will be praying.
As I think I have said before, we are now seeing
The Next Leg Down
Oooooh! Here comes nasty old Depression, and the ghost of Andrew Mellon governing Washington, whispering, “Liquidate liquidate liquidate.”
Which they WILL do.
Economic activity is declining. It will CONTINUE TO DECLINE unless one thing is done:
Ban housing evictions.
This is the ONLY way to stave off a catastrophic depression.
Now let’s see your idiosyncratic readers (many of whom have taken YEARS of home mortgage interest deductions–feeding heartily on “moral hazard”) weigh in with the “moral hazard” idiocy to say, “No no, it would be IMMORAL to ban housing evictions.”
These are the PETIT BOURGEOIS fools who are, day by day, step by step, destroying the country. Hope they enjoy losing everything!
Darn right! Mandatory food rations, medical care, and air conditioned Cadillacs for all! No income, no problem!
I’m damned tired of working, I want free rent and everything else, so jryskmpr, count me in for your proposal. Now just find some people to invest in buying and maintaining the house I get to live in for free, and I’ll be on easy street!
Three cheers for banning all evictions! (But before you do, if you don’t mind, please let me know so I can move into a place with a pool and hot tub.)
Edited- not in keeping with editorial standards
T.
jryskmpr,
Do you by any chance play backgammon on the internet?
jryskmpr,
The strength of your argument is well illustrated by your immediate resort to name calling personal attacks rather than logical discourse. Nonetheless, and what other people think notwithstanding, I’ll refrain from commenting on your posts in the future, and in any case, I’m sorry that you’re so filled with rage, and hope you feel better soon.
Regards,
Jim
John,
I’ve taken the liberty of temporarily withdrawing your last complex piece so I can study it a bit closer. My head is already hurting with the Johnson / Mozillo caper (hope Bill Maloni has something to say on that at his blog soon), but at least that one touches on GSEs, so is somewhat on-topic for Doom.
By the way, if I recall correctly you have some serious objections to Gödel’s incompleteness theorems. Is there a link somewhere to your arguments? (this is not being facetious, back in ’74 I discovered that Cahn/Ingold/Prelog was unsound, so realize that conventional wisdom can be dead wrong no matter how well established; also gave serious consideration to Doug T. Ross’ idea that the empty set was not a good basis for mathematical foundations).