Foreclosure!

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From Mort Zuckerman, Editor-in-Chief, U.S. News and World Report....

mort said:
In the next 60 days, nearly $1 Trillion of commercial paper will have to be "rolled over", and nobody is quite sure where the money to refinance will come from. If businesses can not access working capital, they will have to scale back operations
A trillion dollars?? WTF? who was watching the back door???
mort said:
Households, too, face a series of challenges. Adjustable rate mortgages will likely cost more over the next 12 months. the job market will soften; consumer confidence is in for a decline, particurlarly as people confront the diminished equity in their homes. The number of existing homes for sale at the beginning of October was 4.5 million, TWICE AS MANY AS 2 1/2 years ago.
This is not a good sign...things are going to get much worse before they start to show any signs of growth.
mort said:
The big unknown-the fulcrum, maybe-is that there is perhaps $500 TRILLION in OUTSTANDING derivatives contracts, some of them in instruments so complex that investor after investor has admitted to not being able to know the value of those newfangled assets
Again...WTF??? Even the "investors" don't know what they bought? Who the hell allowed the stuff to be sold in the first place. This tells me, that our economy is balanced on a head of a pin, and could tumble into oblivion at any moment...:alcoholic
 
Happy Anniversary October 19, 1987

Could it happen again, most likely.
 
Marching onward.....

Wachovia the nations 5th largest bank, will announce today(?) that they lost $2,000,000,000.00 to bankruptcies in the last quarter, in the sub-prime mortgage sector.

Also that shareholders can expect to see further similar announcements in the future.

And the beat goes on...this is VERY far from over, and some say it's just the beginning.
 
And this just in...

The pre-eminent auction house Sothoby's stock dropped 30% yesterday indicating that the credit crunch is moving up the ladder. This was evidenced by many unsold items in the last round of auctions...even a Picaso went back into storage....
 
The pre-eminent auction house Sothoby's stock dropped 30% yesterday indicating that the credit crunch is moving up the ladder. This was evidenced by many unsold items in the last round of auctions...even a Picasso went back into storage....

Back to storage? Hah...not exactly. Didn't you know that the auction houses GUARANTEE a sale price before putting it up for auction? The reason that the share price dropped so much is that Sothoby's got stuck with $40mil of unsold inventory that now is probably worth much less then what their "appraisers" thought it was...

Very similar to Moody's "ratings" of sub-prime mortgage debt...turned out to be more wishful thinking then fact.
 
First Lets Pray for all those folks losing homes even though many did it to themselves. Actually I am not doing so great with the mortgages on my properties. The good news is those people will live somewhere and flowers that are reasonable will be needed to cheer them up.
 
A head of a pin? No way man!

This tells me, that our economy is balanced on a head of a pin, and could tumble into oblivion at any moment...:alcoholic

Boss, Don't worry so much! We are in a correction. It will get bad but by no means will our economy suffer terribly. Our national economy is very, very strong and is tied to many diverse financial factors.
 
Boss, Don't worry so much! We are in a correction. It will get bad but by no means will our economy suffer terribly. Our national economy is very, very strong and is tied to many diverse financial factors.

I'm with Frank on this one. It's all about cycles. Unfortunately the next (or current) one is downward. It's not the end.
 
I want some of what you guys are smoking. This economy is very strong?

What's a weak one look like?

And will we live long enough for the ship to right itself?
 
I want some of what you guys are smoking. This economy is very strong?

What's a weak one look like?

And will we live long enough for the ship to right itself?

It's just another correction. At my age I've been through a few of them. Don't get me wrong--this is going to be a tough one.

The really sad part is the people that finally got to buy a home and now are going to lose it. Yeah, I know, they probably shouldn't have bought it in the first place. Still, it's a sad thing.
 
Arizona is now at number 4 in the nation for foreclosures! With Phoenix leading the way with 2500 in February alone...

And away we go....again....


:spam:
 
It's gonna be OK you guys - W is fixing it with the $600 checks.

What me worry?
 
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wait

Wait for the Dumb o crats.

Ted Kennedy proposes to raise the minumum wage again as a way to stop the foreclosures.

Hillary proposes to give all the illegals better health care as a way to stop the foreclosures.

Al Gore says fixing global warming will stop the foreclosures.

Obama propses........well....... no one has yet figured out what he proposes to stop the foreclosures.

But the Dumb o crats say they are for change. Could they be talking about the change of ownership after the foreclosures.

Quote of the day..... "My friends, we live in the greatest nation in the history of the world. I hope you'll join with me as we try to change it."--Barack Obama
 
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Wait for the Dumb o crats.

Ted Kennedy proposes to raise the minumum wage again as a way to stop the foreclosures.

Hillary proposes to give all the illegals better health care as a way to stop the foreclosures.

Al Gore says fixing global warming will stop the foreclosures.

Obama propses........well....... no one has yet figured out what he proposes to stop the foreclosures.

But the Dumb o crats say they are for change. Could they be talking about the change of ownership after the foreclosures.

Quote of the day..... "My friends, we live in the greatest nation in the history of the world. I hope you'll join with me as we try to change it."--Barack Obama
well I for one am not willing to tolerate another 8 years of republican rule......I feel they have screwed the american public and we didn't even get kissed!!!!!
 
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well I for one am not willing to tolerate another 8 years of republican rule......I feel they have screwed the american public and we didn't even get kissed!!!!!

Oh Oh another person who's head prolly hurts from thinking. :kuddle:
 
Quote of the day..... "My friends, we live in the greatest nation in the history of the world. I hope you'll join with me as we try to change it."--Barack Obama

I agree.

Absolutely fantastic quote.

Because even if you're number one, you'd better be prepared to change if you want to stay in that position!

Countries or flower shops, you either evolve or die...
 
And this is from

I agree.

Absolutely fantastic quote.

Because even if you're number one, you'd better be prepared to change if you want to stay in that position!

Countries or flower shops, you either evolve or die...


I love this reply because it comes from Canada. This is a country that protects it's own industries. Has a cradle to grave government provided safety net.

Move here. In this country our healthcare system is broken because the costs are going thru the roof. One of the biggest reasons is that hospital emergency rooms are flooded with illegals who use the emergency as a regular doctors office. The hospitals have to prodive care and bill those of us with insurance to cover the shortfall. But God forbid you are an everyday middle class American who loses his job and his healthcare because if you go to the emergency room the hospitall will take you car, your house and any other thing you have to satisfy the bill.

Work at your job for 50 years and let the company you work for go out of business and your pension is gone out the window.

Have a business here, like making furniture. Employ hundreds of thousands of workers. And even if you never paid a very high wage but some Communist country who pays a third gets into making furniture, well our government will let our workers hang out to dry.

Live here first before you make a decision about the real meaning of a statement like the above.
 
Here's where 338.3 BILLION TAXPAYER DOLLARS go EACH YEAR.

You think the war in Iraq is costing us too much? Read this:

Boy, am I confused! I have been hammered with the propaganda that it is the Iraq war and the war on terror that is bankrupting us.

I now find that to be RIDICULOUS.

I hope the following 14 reasons are forwarded over and over again until they are read so many times that the reader gets sick of reading them. I have included the URL's for verification of all the following facts.

1. $11 Billion to $22 billion is spent on welfare to illegal aliens each year.

Verify at: http://tinyurl.com/zob77

2. $2.2 Billion dollars a year is spent on food assistance programs such as food stamps, WIC, and free school lunches for illegal aliens.

Verify at: http://www.cis.org/articles/2004/fiscalexec.html

3. $2.5 Billion dollars a year is spent on Medicaid for illegal aliens.

Verify at: http://www.cis.org/articles/2004/fiscalexec.html

4. $12 Billion dollars a year is spent on primary and secondary school education for children here illegally and they cannot speak a word of English!

Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.0.html

5. $17 Billion dollars a year is spent for education for the American-born children of illegal aliens, known as anchor babies.

Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html

6. $3 Million Dollars a DAY is spent to incarcerate illegal aliens.

Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html

7. 30% percent of all Federal Prison inmates are illegal aliens.

Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html

8. $90 Billion Dollars a year is spent on illegal aliens for Welfare & social services by the American taxpayers.

Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0610/29/ldt.01.html

9. $200 Billion Dollars a year in suppressed American wages are caused by the illegal aliens.

Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html

10. The illegal aliens in the United States have a crime rate that's two and a half times that of white non-illegal aliens.

In particular, their children, are going to make a huge additional crime problem in the US

Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0606/12/ldt.01.html

11. During the year of 2005 there were 4 to 10 MILLION illegal aliens that crossed our Southern Border also, as many as 19,500 illegal aliens from Terrorist Countries. Millions of pounds of drugs, cocaine, meth, heroin and marijuana, crossed into the U. S from the Southern border.

Verify at: Homeland Security Report: http://tinyurl.com/t9sht

12. The National Policy Institute, 'estimated that the total cost of mass deportation would be between $206 and $230 billion or an average cost of between $41 and $46 billion annually over a five year period.'

Verify at: http://www.nationalpolicyinstitute.org/publications.php?b=deportation


13. In 2006 illegal aliens sent home $45 BILLION in remittances back to their countries of origin.

Verify at: http://www.rense.com/general75/niht.htm

14. 'The Dark Side of Illegal Immigration: Nearly One Million Sex Crimes Committed by Illegal Immigrants In The United States.'

Verify at: http://www.drdsk.com/articles.html#Illegals

The total cost is a whopping $ 338.3 BILLION DOLLARS A YEAR. Are we THAT stupid?

Thank You Senator Edward (TED) Kennedy for your IMMIGRATION ACT of 1965, just another Liberal Hoax on the AMERICAN PEOPLE.

http://www.vdare.com/pb/time_to_rethink.htm

If this doesn't bother you then just delete the message.

If, on the other hand, if it does raise the hair on the back of your neck, I hope you forward these facts to every legal resident in the country including every representative in Washington, D.C. - five times a week for as long as it takes to restore some semblance of intelligence in our policies and enforcement thereof.
 
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Originally Posted by sfox
Quote of the day..... "My friends, we live in the greatest nation in the history of the world. I hope you'll join with me as we try to change it."--Barack Obama


I love this reply because it comes from Canada. This is a country that protects it's own industries. Has a cradle to grave government provided safety net.

Move here. In this country our healthcare system is broken because the costs are going thru the roof. One of the biggest reasons is that hospital emergency rooms are flooded with illegals who use the emergency as a regular doctors office. The hospitals have to prodive care and bill those of us with insurance to cover the shortfall. But God forbid you are an everyday middle class American who loses his job and his healthcare because if you go to the emergency room the hospitall will take you car, your house and any other thing you have to satisfy the bill.

Work at your job for 50 years and let the company you work for go out of business and your pension is gone out the window.

Have a business here, like making furniture. Employ hundreds of thousands of workers. And even if you never paid a very high wage but some Communist country who pays a third gets into making furniture, well our government will let our workers hang out to dry.

Live here first before you make a decision about the real meaning of a statement like the above.

Geez Fox, sounds more than a bit like you agree for the need of change.

Have things gotten any better under the Pub "leadership".

Time to give someone else a chance - extremely doubtful they could do worse (understatement - they have been a sheer and utter failure).
 
I agree.

Absolutely fantastic quote.

Because even if you're number one, you'd better be prepared to change if you want to stay in that position!

Countries or flower shops, you either evolve or die...

Be careful what you wish for, for your wishes may come true....

I used to work for Clayton Brokerage Co of ST Louis. Clayton at one time was one of the largest, if not the largest commodities brokerage firms in the U.S.

Their motto was "Change Equals Opportunity"

Clayton ceased operations in 1987. It was a company that was started in 1947.

I have a hard time believing Obama's type of change will do any good.

Hillary.... well good 'ol Hil's Cattle Future Trading Days, where she turned $1000 into $100,000 in one day, had her commodity trades cleared through good 'ol (an now defunct) Clayton Brokerage Co.

Joe
 
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