Tuesday, September 16, 2008

the vultures are circling

I was trying not to write until, or post until Thursday and I had some tight stuff too. But as yawl know I be on my loot and have spent most of this day transferring funds to locations overseas. First of all, give me my props, I have been talking about the future financial gloom for the past 2 years. I have also said that neither Obama nor McCain talked about such and when they did, they seemed to sound like first graders trying to outline the quantum mechanical principle formulated by Wolfgang Pauli in 1925 in his exclusion principal.

I mean, although yawl say Im boring, I have been trying to warn yawl for a while.
But I recognized such was not as important as discussing lil wayne, Brittney Spears or Kanye West to many.

Briefly, in September of last year I spoke of the decline in the value of the dollar
. Then in December I wrote about the 500 Billion folks appropriated on the Omnibus Appropriations Bill. In January I wrote about how the economy was gone be in shamble for whoever the next president was gone be. Later that same month I wrote about the fucked up fundamentals involved, or should I say thinking regarding passing a 150$ billion economic emergency rescue bill in an attempt to stimulate the economy. To me it was like giving a blood transfusion to a dead man. I even suggested like the Roman empire, whose economy really caused its demise, so would be rthe future of this country.

In March I started to drop game on the lame. I stated how important it was to have money outside of the US in places like say Seychelles.
Especially given how our export trade deficit was approaching 60 billion annually. In April I had finally gotten the chance to read McCain’s, or what McCain called an economic plan and I wasn’t impressed. I also talked about another sign, of countries like Iran switching from the dollar to the Euro for pricing petroleum and oil. As well as the first on a few post on the Yuan and its impact on the dollar and china on our economy.

In May I took it a step farther suggesting the possibility of within two years, that the price of Crude Oil will be hovering around $200 a barrel. In June it was getting worse so I suggested in a post for folks don’t be surprised if the next war will be hear with folks running up peoples cribs stealing grits, gas and tuna fish. Followed behind how for me it was a recession and that only those in the future who were gone eat would be those who paid themselves and grew they own food.

In July I wrote about how our economy had not been this bad since the 20s and 30s, since now we have a domestic financial debt of more than 20 trillion dollars, with a national debt of 350% of our GDP. Especially since the government seems to think the constitution said we the corporation instead of we the people.Then I went on to talk more about my concerns with China and how the housing market aint been this bad in 70 years. And how it aint all on the government cause we common folk spend instead of save. Dont even add how we were being bought up by foreign countries and ten banks failing this year alone, one could see, from this minds purview, that the writing was on the wall.

This is why I am very rigid on both McCain and Obama. McCain, is likely the most false and stupid.
Yesterday folk said the fundamentals of the economy is sound, to quickly follow with pointing fingers (which a leader does not do). I cant see anyone letting him get away with this, seeing he has 7 houses and his wife is one of the big whigs that makes loot off of such reckless behavior.


We cant keep bailing out the rich. It is not sound economics. And we dont have enough loot thanks to two wars and wasteful spending on Behalf of the past eight years, Of George Bush and deregulation started by Clinton - and throw in some international trade agreements.
What will be next? Well don’t sleep, Qatar and the Emirates and Saudi and yes, China is in the back ground like Vultures in the sky, ready to buy up all the waste of the Greenspan, Bernake, Bill Clinton and Regan and Bush crews fucked up.
Like I said folk , this is only the beginning jones. Goldman Sachs Group quarterly profit plunged 70% over the last quarter alone. And before tomorrow, the Feds will likely give some bridge funding to keep Insurance Giant AIG solvent. And Don’t be surprised if WAMU and Wachovia be next this week. So look in the sky, no it aint falling, but the Vultures are circling. And don't forget, I told you so. Giess you can take a horse to water, but you can't make them drink. Unless they drinking an Interview with R Kelly on BET. vote

61 comments:

Sincere said...

what up big bruh/mentor!
I've been heeding those warnings for a while. slowly stacking some bread in the numerous shoe boxes in my house and foreign stock options. You know this AIG hit really woke my ass up!! Now I really see how real this is! $75 billion dollars needed to save AIG? Wow!! This is supposed to be the 2nd largest in the game and can't stand on it's own? this makes me really reconsider coming back to corporate america. We are definitely in a recession iont care who says we aren't! Hit me up with some more of those stock & savings tips!

profunksticated said...

Pissing me off is that the right wingnuts talk about how BHO is socialist. But that's what this Repub admin is doing with these firms.

Firm makes money, it keeps the profits. Firm loses money, the taxpayer bails it out.

Privatizing profits, socializing losses.

socalmuchacha said...

So with all your psychic abilities, how about laying the Mega Millions numbers on me since I could use some money to transfer to other countries? ;)

And if the Dems don't FINALLY pounce on the golden opportunity (albeit painful to those suffering the effects of this horrific economy) to garner some voters to their side with this financial mess, then we're in deeper shit than I thought.

i.can't.complain. said...

wait,

what'd u say about kanye.

what u know about "stupid people shit..."

-1-

4GOTTEN1 said...

So where do we go from here in your opinion...Where is a good place to stash money besides the matress?

Blog Queen said...

97%...not a bad grade. Nice...

Q said...

I work for Neiman Marcus, and my clients are definitely seeing the crunch. The average shopper in my store makes at least $750,000 a year. Most of them have cut WAY back because their companies aren't doing as well. Somehow a $3,000 handbag isn't so important anymore. That sh*t of course trickles down to me, because I work on commission. Now not making as much money as I have in prior years. It's vicious!

KELSO'S NUTS said...

JONES: Welcome to the International Financial Conspiracy!

I'll teach you the secret handshake and will send you the decoder ring by DHL.

If there really were an international financial conspiracy we'd be mailing free copies of the Bible and The Protocols Of The Elders Of Zion to every American and making sure that very few Americans had access to "Brealy & Myers' Principles Of Corporate Finance" or "Applied Probability and Statistics."

Luckily, every American seems to own a few bibles and a few copies of The Protocols Of The Elders Of Zion anyway and find Probability Theory and the Theory Of Finance too "Obamaish" for their tastes.

Our work has been done for us, Jones.

All that's left for now is to wait a little while as the rest of the financial sector finishes coverng its dollar shorts and long crude positions to balance out some of the CDO losses and it'll be time again...

...TO START LENDING SWISS FRANCS FOR SAFETY AND ICELANDIC KRONE FOR SPEC!

I think that puts me pretty nicely hedged politically. I'm happy on general principles if Obama wins. I'm happy with the additional dollar carnage if McCain wins.

The Bear Maiden said...

Me, I told folks (before I had a blog and was only traveling in YahooGroups) that the economy was gonna collapse after 9/11. I said 9/11 was gonna have a ripple effect... because that fall I sat in the unemployment offices with an awful lot of folk who had been displaced. That was the beginning.

Then, it didn't look like it was gonna happen, it looked like NY was going to do real well what with all the rebuilding and all...but quiet as it's kept the little people were feeling the squeeze. And the foreigners were coming over here in droves, snapping up property and taking incentives and taking over Harlem.

I only go by guts. I couldn't explain to you why I knew the ripple was coming, but I knew the ripple was coming.

Today, I told a shell-shocked-looking "white" parent at my kids school that if I weren't already fucked, I'd be seriously scared right now. But since I'm already drowning, it makes no difference to me. The flood waters are rising, is all it is... and all the folk who thought they were safe up on the hill... guess what. We're all going down. Now what????

Lovebabz said...

First off you are not boring, so quit with that foolishness.

Secondly, the majority of Americans that ought to be outraged about this are being fed mess about pro life vs. pro choice, or same sex marriage. As long as the focus is on anything but economics people will not be engaged. They do not think this stuff affects them. They think well as long as I have a job, then I am good. WRONG!

I personally think it's CRIMINAL that these financial institutions are able to lie about their numbers...blantanly over long periods of time. CEO's and CFO's are rewarded with ridiculous bonuses and if they are ousted they leave with outrageous perks and payouts. Investors and Corporate Boards are never held accountable for their decisions. No one has ownership of the criminally fiscal mis-management.

As long as the focus is on entertainment and celebrity gossip then the dumbing down of America will continue. You have folks who can't even balance their check books. Who don't mind bouncing checks and paying all the ridiculous fees that banks tac on. Who have nothing saved anywhere...NOTHING. There are folks who can't put their hands on $10,000 cash if they needed to.

We are duplicitious in our own financial demise. And it is sheer stupidity to think that one person can solve or fix this mess. This is going to require personal commitment to learning about finance and economics.

As a single mother raising children, I have to be about the business of making sure that I am able to ride this rough water and stay afloat. There are no other options. It cannot be done in fear, or with wringing hands. Tough decisons have to be made about where I allocate my familie's resources on a daily basis. What little bit of wealth I have left has to stretch for the long haul.

There are many who HEAR you!

KELSO'S NUTS said...

"The Foreigners...!" YES!

Reading that was almost like I was a little boy again and was listening to the Knicks on the radio and Marv Albert was saying "'The Pearl,' a fallaway jumper for 2...YES!"

@ THE BEAR MAIDEN: It was "the foreigners" what did it? For real? OK, I admit it. It WAS the foreigners. No, it was me and my neighbor, Isidro. We did it.

Alla la verga, pue. Que huevon de leche absurda!

But who SOLD us the property is the question? Whichever incentives were available to the "foreigners" must have been by Federal law made available to ANY prospective buyer. If not, the seller is guilty of "restraint of trade via price discrimination". This crime carries a CUSTODIAL SENTENCE in the USA if handled in criminal court. Treble-damages are available to the wronged party in civil court.

I am joking about owning property as a foreigner in Harlem, of course, although I do own some property a little bit South of there and had a small carry in a bloc of pre-war apartments in Sunnyside once. I'm never coming back, so I can wait and wait and wait and wait for it to get good again.

Even if I did buy lots of property in Harlem, my trade would be looking like a massive ass-over-tea-kettle in my portfolio RIGHT NOW THOUGH, wouldn't it? Nobody holding Harlem real estate or Park Avenue real estate right now is too thrilled with that particular asset class!

You have every right to gripe. You have every right to say that a capitalist system may allocate resources efficiently if efficiently governed but never does it allocate resources fairly. I agree.

You can say you prefer communism. Who am I to argue? My father was a communist. His father was a communist. His father fought with the Bolsheviks in Smolensk against the Tsar's troops. So, if you don't like the system, by all means, BE A COMMUNIST. I'll still like you. Shit, I'll tell you every you ever wanted to know about communism but were afraid to ask. But BE one.

Or be a CAPITALIST and make your own money, but BE one. I'll still like you. I'll tell you everything I know about moving money. And I'd do it happily.

For now, learn the rules, regulations and laws of the industry which interests you. Learn how to raise capital and optimally structure your business tax-wise. Learn which risks are diversifiable, which risks are hedgable, which risks are subsidized by the tax code and which risks are unavoidable and must be borne.

Nobody gives you power. You have to weigh up the risks and rewards and take it.

Lesson #1 in being either a good communinst or a good capitalist is that whichever "foreigners" bought property in Harlem would sell back at the right price but will not surrender their property for nothing without a fight. First in court and then with guns if necessary.

Perhaps, "foreigners" in general do have an advantage when it comes to ANY investment in the US as against their American counterparts. AMERICA IS THE ONLY COUNTRY IN THE WORLD WHICH TAXES IS CITIZENS ON FOREIGN SOURCE INCOME. That, however, is an issue you are going to take up with the IRS and your state tax franchise board. It is certainly not an issue of ethnicity, race, belief, lack thereof, or sexual orientation. It is an issue of the USA having retrograde anti-business tax-policy. Personally, if I were President Of The United States, I'd do away with taxing US citizens on foreign source income and pay for it by NOT FIGHTING WARS OF CHOICE AND NOT ALLOWING RELIGIOUS INSTITUTIONS TO PAY ZERO TAX! That's just me. I'm a "foreigner."

MacDaddy said...

You've been on your game, warning us of what's going in the economy. But some of us haven't listened. Some of us don't want to hear it. I got three e-mails saying they don't like me writing about this financial stuff and wish I would stick to more cultural stuff like music and literature.

Folks don't realize we're talking about their jobs, their homes and their chances of keeping it...their children's future.

One Man’s Opinion said...

Okay, smart guy, you called it. I know it's sad and wrong, but I don't even like to think about all that crap. Makes me sad.

Torrance Stephens - All-Mi-T said...

Sincere
u know we will talk, did u see it coming, i mean u work for AIG?

profunksticated
we now have a socialist government - under a republican GWB go figure

socalmuchacha
I wish, im not psychic but im laughing cause all states having records at the lotto
and both dems and gop are at fault

i.can't.complain.
LMBAO - u always make me smile jones

4GOTTEN1
Email me or read the [post i referenced in the piece and study Kelso's comments also...keep some in the bed folk

Blog Queen
HUH?

Q
but we still getting our nails done instead of doing it ourselves and buying them purses and cant afford them - status

KELSO'S NUTS
but they dont own no Land. And Yeaaa, the hand shake and decoder ring - cant wait. And dont forget Caroll Quigley Tragedy and Hope


I cant wait for that time (got some swiss francs-lol)


get me the value in my loot back. The trip for me is both blaming wall street when Obama got ten million and mccain 7 million from them

The Bear Maiden
yep, we are the new Katrina, its just across these united states instead of three states - wish i could have seen that parents face.

Lovebabz
yes we are and these bailouts aint even guranteed to work. Yea girl, tough is an understatement

KELSO'S NUTS
u are not nuts. Preace, oh btw, the advantage of a worthless piece of green paper on the3se shores

MacDaddy
so true, they dont reaLIZE IT and that what I just cant understand. so keep on doing what u do, mix it, they and me will still read u

One Man’s Opinion
Its not to be like im smart but more so what Kelso and Macdaddy said - we need to watch each others back, thats all i was trying to do

Urban Thought said...

Never have I slept on any words that have come across the screen from your site.

You've predicted the future of America way before these politicians have come to the plate and said anything to warn folk. And you've handles your own business well. Leading by example on what people should be doing for themselves.

My only question is this: When are you going to sit down with me and help me make some sound financial decisions?

KELSO'S NUTS said...

JONES AND SINCERE:

How much do you folk know about AIG? It was the 2nd largest "insurance company," I guess.

That is not an "insurance company," like State Farm. That is a lunatic asylum.

If I could have picked one company to go ass-over-tea-kettle each year, it would always have been AIG. The Fed itself has never even tried to make sense of the myriad businesses they were in and the myriad complex position they held and where the exposures were. They didn't want to know. And it was far too complex for them to unwind, anyway. Perfect fit. Perfect answer. Ship 'em $85 billion and keep your eyes closed.

I've been around the game long enough to know just how insane these kinds of ultra-agressive places get in the months leading up to insolvency. You have traders snorting speedballs off their assistants' tits and letting the assistants pick the T-Bond positions from their horoscopes because these guys know that there will be no bonuses this year. They'll be looking for another job and they just stop caring and hope some miracle will make their year end results stand out.

I'm not saying that specifically went on at AIG. I'm just saying that I've seen people go over the edge before and AIG had so few risk controls that it would be a very good environment for bedlam.

DP said...

You are (and have been) right on point. The Iraq war is looking more and more like a desperate resource grab to try and stave off impending collapse.

People don't realize how fragile this system is. We just got hit by Hurricane Ike down here, and 4 days later there's still no power, food, or gas in most areas of the city. The cost of fuel went up nationwide as a result, and just think what would happen if another storm hit the gulf in the next week or so.

It would be chaos.

Nicki Nicki Tembo said...

No honor amongst theives! Use the best of capitalism and run these companies into the ground, walk away with millions then turn to socialism via bailouts. Pity that pulling one's self up by their boot straps isn't applicable across the board. The fall of America...how will the obit read?

NoRegrets said...

I love how the FDIC might need bailing out.

Ribs said...

You tell it like it is.

Sister Girl said...

I agree all the way with what The Bear Maiden said...bravo !

The collapse of Merrill Lynch,Lehmann Brothers,& AIG is only the beginning of a realistic indication to everyone that tend to "look down their noses" at others that they were untouchable.

T.

Monroe Anderson said...

Torrence: Keep on tracking. The money trail is the one we all should be paying attention to.

MP said...

I was so increedibly pissed off to hear that tax payer money was being used to bail out Lehman Borthers and I believe that WAMU stock was given junk status yesterday. I haven't heard any more developments on that front. There have been speculation about them since the collapse of Indymac.

the mismanagement of funds has ravished this economy.

no_slappz said...

torrance,

If there is one group getting the benefits of the LOAN extended to AIG, it is the group at the end of the line -- the people who owned the homes with mortgages insured by AIG.

Same is true for Fannie Mae and Freddie Mac.

no_slappz said...

mp,

Lehman Brothers got NOTHING from the government. ZERO. The company was allowed to fail and it filed for bankruptcy. A chunk of it was bought by Barclay's Bank.

No taxpayer involvement. None.

The Urban Scientist said...

We had all better get back to basics...and by this I mean - how to hunt, how to fish, how to grow and harvest produce. Oh, and how to cook. imagine that. cause things are tight. We just might nix this US obesity thing, too while we're at it.

We might want to ask the Amish & Mennonites to show us how to live without electrity, shopping at Sam's, how to make/repair our own clothes and other equipment and how to can and store fruits and vegetables and how to identify/prepare edible plants and weeds..

What I'm saying is, if we cut back in our spending, eating, and other waste, and get a little more frugal and conservative, we might be able to (inidividually) stay afloat without feeling so desperate.

ZACK said...

Allow me to return the favor of you supporting my blog...

The one reason that I don't visit as much is because your page always crashes my web browser. There's SO MUCH stuff on here. So, I apologize to an extent, but it's my web browser's fault- not mine. :)

This is an EXCELLENT analysis of the economy right now. But I'm not worried. I'm just happy to see the rich (who still practice Reaganomics in disguise) fall "prey" to the vultures that have been tormenting poor folks since the dawn of time.

I'll be back through if I can, but you gotta find a way to make your page easier to navigate. No disrespect intended, bro. I love your writing. But you are one of many blogs on my roll that I can't visit because my browser can't handle the upload material.

paisley said...

for those of us that have very little it is more difficult to know when we and as a country are struggling,, as we have always been struggling...

you make some very valid points and i agree with your anatomy of the downfall of civilization... i link it to the decline of the nuclear family as well,, but you are on spot displaying the portion of it that will be destroyed as a victim of a weak economy as well...

Kofi said...

Some dark days are definitely ahead.

Ensayn1 said...

Bruh, You have been one of town criers in the blogsphere along with myself and my man Kamau Atem at Another View From the Sun. I have screamed and screamed about the falling dollar, the Iranian Oil Bourse and it seems all to deaf ears. We are all working for Federal Reserve Notes, yes I said it, FRN's, there is no money in these here states, just moving debt. But we can't seem to get our people to PAY ATTENTION on the very thing they desire. Yet, as we turn our attention to China buying up US treasury notes, Britain, as of Feb of this year bought up more US debt than China, Germany and France combined. Hey U.S.! Who's yo mama? Da Queen of England, ha!
@BearMaiden, foreigners are not the issue. Shamefully Black Americans slept on property in Harlem. I have a friend that lives in Harlem. In 2000 she and everyone in her building were given the opportunity to buy their apartment in that building before it was offered to the world. How many Black Americans purchased? TWO!!! Along with her and another, a total of four Black people. Of the four Black people that bought their apartments were two Black Americans, one from Trinidad and Tobago and one from Jamaica. But, here is the punch line; they were asking $3000 dollars, dineros, ducats, bones, ends, scrilla, you name it thats it 3000. I saw the paperwork for the amount asked and the amount paid. We gotta stop sleepin on this ish, and position ourselves. Lastly, there is always, always some people, group or entity behind stock market crashes. So, who is benefitting from this one this time. Last time it was J.P. Morgan, Rockefeller and them folk and of course the Rothchilds. Could it be this same crew?

Tera said...

Torrance you know, I never could quite grasp the concept of cutting the taxes for the rich...then again I have never understood why I am "labeled" as Middle Class either??

Big Man said...

Apparently you've been on your job.

no_slappz said...

ensayn1, you wrote:


"Lastly, there is always, always some people, group or entity behind stock market crashes."

Your comment suggests you believe the market is controlled by some group of evil manipulators. This is nuts.

You wrote:

"So, who is benefitting from this one this time. Last time it was J.P. Morgan, Rockefeller and them folk and of course the Rothchilds. Could it be this same crew?"

You are out of your mind and obviously a Conspiracy Theorist.

It's too bad, because the first few paragraphs of your post made valid points.

Nicki Nicki Tembo said...

with rare exception, when I read no slappz comments a Cypress Hill cut comes to mind..."here is something you can't understand - how I could just..."

Lovebabz said...

Ensayn1 is right on the money! African Americans have to be on top of this stuff especially in their neighborhoods. Harlem is no different than a lot of places that are experiencing gentrification. Harlem is becoming...is really out of reach for the majority of the folks that call Harlem home. Not only that, but the ethnic landscape is changing too. Harlem is looking and feeling less and less Black. Is that a bad thing?...ask the Harlemites who can't afford to live there. Who can't afford to rent there.

I am a student of entrepenuerism and capitalism. And I am also an activist and a politician. So this resonates with me from both sides. I see opportunities on both sides and pitfalls on both sides.

This economic time is bad, but some will benefit and do quite well. Why is that? And what do we need to do to wake up our communities?...to move them from existing and getting by to abundance and wealth.

I agree with Torrance there is way to much emphasis on the material and not enough on delayed gratification. We will buy big cars but we don't own the places where we park those cars.

If nothing else this economic down turn will cause folks to be creative in their hustles.

Torrance Stephens - All-Mi-T said...

slapz
first, the severneces packages and big pay-offs for seos, dont fit end of the line folk

Sincere said...

hey Torrance;
We didn't really see it coming. I felt like it Kinda sorta. we weren't taking on new clients and kept getting 'talking points' for our current clients to reassure them that even though we are in tough times financially as a country, we were in good standings. They closed a division company wide, but they are doing (as of last week) a $20 million construction upgrade on one of the floors in my building alone. I kinda figured (thanks to reading & talking to you) that things are never what they seem but never thought that we were in debt $75 billion and had no kind of collateral to stand on. We were pretty much kept in the dark. now that the feds own 79.9% we have to sell off a bunch of portions of the company with all proceeds going to pay of $85 billion loan and the CEOs are being replaced. we had a closed door meeting today that I'll fill you in on later.

A.M. said...

okay so I sooo wanted to sit here and comment on this...but gosh school is kicking my ass, especially catching up from my Vegas trip. Promise to be back though :)
P.S. in my Urban Politics class my city of study is...u guessed it...ATL :)

Aunt Jackie said...

anyone who didn't see this coming is blind or so poor that they didn't know they could get any poorer.

even the average working class stiff has been privy to the rising costs of food and gas, which are the bare necessities.

now for those who are a step above survival, for those who have been living off credit this becomes a compounded issue.

As someone who works in entertainment i can say that it's not conspiracy on our part but the machine that his Hollywood continues to make and spend money at an enormous rate, as advertisers continue to push products down the throats of masses, and they do so by funding more and more programming, spending in the hopes of returns.

On the one hand I'm glad that I work in entertainment, but on the other hand it's hard to be apart of the distraction when i wish folks would wake the hell up!

no_slappz said...

torrance,

Severance packages are established BEFORE top executives take the top positions.

Companies sign contracts with the executives that describe pay, benefits and severance in full detail BEFORE these guys start work.

Meanwhile, most of the compensation in these severance packages is given in stock. Thus, for CEOS in the financial industry who are losing their jobs this year, the severance deals offer very little.

The Bear Stearns CEO saw the value of his Bear stock collapse. He spent an entire career building up his holdings of Bear stock. Then the stock lost almost all its value.

He's still got plenty of money. I shed no tears.

But these severance deals offer little when a company collapses.

How do you feel about the pay packages given to pro athletes?

A-Rod got a $250 million contract in Texas to play for a team that had no chance of winning a pennant. What's the point of paying a huge salary to one or two players if the team will never win a title?

How do you determine a player's value?

Meanwhile, whether it's sports or business, if a player or a CEO takes the safe route, then the team or company is probably an average operation. If a player or CEO is getting only average results, then the player or CEO may get traded or fired.

Average CEOs get fired, and most hold their CEO positions about 5 years.

Sincere said...

Okay, not sure if Aunt Jackie was referring to me or not but I did see it coming in the sense of the country's financial status but I did not see it coming in the sense of my particular company being on the brink of bankruptcy... I have been aware of what's been going on for the longest, it was just a shock at how close to home it hit. If your company is doing $20 mil renovations and handing out bonuses like candy why would you think that it's strapped for $75 billi? I'm straight though. I have enough savings to last for a while and I'm neither blind nor so poor that I couldn't get poorer...

Regina said...

HaHa! I bet folk wished they had listened to you! You should make a movie, if Micheal Moore can do it I know you can.
Yep, RawDawgenomics...The Movie!

Cat said...

So what do you say about online banks HSBC? Think they are okay?
I've also heard that this economic decline is global not just US rooted- don't know if that is scarier or not. I don't even want to check my TSP (also known as a 401K for government people). Makes my stomach hurt to think of all the money that I'm probably losing in my shares (luckily I diversify so it's not all the same). Sigh, I'm not ready to put my money in the shoe boxes though.

Utterly-Serene said...

You sound very concerned. That was a thoughtful comment you left. I'm fine. Thanks for asking. Sorry I haven't stopped by as often as I was, but I'm trying to get back in the swing of things. Good post here, we surely need to be well aware/informed of what's going on with this here economic crap were dealing with. Check ya later...

Big Cheekz said...

somebody called you boring? i don't beleive that. thought provoking perhaps...

Rod said...

Buffalo,

Whatever you do, don't stop talking. People need to hear--and do something about--what you've got to say on this subject...

Torrance Stephens - All-Mi-T said...

Sincere
ok i will be waiting for that info

A.M.
so how was vegas and is the atl comment a hint maam? lol

Aunt Jackie
or more concerned with Lil Wayne and Kanye west than economics and history. hollywoood, like religion, may be considered the opiate of the people

no_slappz
all im asying is they were helped by these packages true? and they are not on the bottom, true? and we dont know the real vaule of any of these assets - true?

Sincere
Jones, dont even bite?

Regina
LOL


Cat
as of now me watching my loot and having it better than it in someones eles hands

Utterly-Serene
was just checking on u folk

Big Cheekz
yes they have

Rod
thanks folk and i will try do return

no_slappz said...

torrance,

In your post you described the condition of the US economy as being so bad that pumping money into it was "like giving a blood transfusion to a dead man."

You said: oil was/is heading for $200 a barrel; Americans should put money in the Seychelle Islands; that economy had not been this bad since the 1920s and 1930s.

But those claims are all nonsense.

Then you concluded by demanding that we stop bailing out the rich.

More nonsense. The Rich -- people who own huge amounts of stock in their companies -- have seen the value of their holdings collapse.

The Rich at Lehman saw the value of their holdings drop to ZERO.

Washington Mutual stockholders have seen their shares lose 95% of their value in the last year.

Meanwhile, Bank of America is rewriting mortgage loans to prevent foreclosures. They have rewritten 53,000 mortgages in the last couple of months.

In other words, Bank of America is acting to keep people in their homes even if they cannot afford them. That is a huge gift to homeowners who were foolish enough to assume debt they could not afford.

You should consider the impact of the Community Reinvestment Act on banks. This Act forces banks to give mortgage loans to people who lack the creditworthiness to obtain loans under normal borrowing guidelines.

As for the value of a lot of mortgage securities -- yes, it's true we are unsure of their value TODAY.

But if the pools of mortgages are separated into individual mortgages, we will have a good idea of the extent of the trouble.

As bad as things may be, the real estate backing those defaulted and foreclosed mortgages has value, and that value is far more than ZERO.

However, if I can acquire a house anywhere in the US for ZERO, I'll take it. In fact, I'll take them all.

Veronica Wright said...

WE NEED TO TALK...i'M HITTING YOU ON EMAIL THIS WEEK!

Veronica Wright said...

P.S. you were right about that AIG! The gov't now owns 80% that.

Mberenis said...

Oil sucks.

Free RSS Backlinks and Widgets

Seattle Slim said...

I need to read your blog more. You been really studyin this shit and thank you! That stimulus was bullshit.

Torrance Stephens - All-Mi-T said...

no_slappz
the crooks made the zwero down, not the people - thats stupid no money down

Veronica Wright
ok, whats up

Veronica Wright
and WAMU too

Mberenis
true dat

Seattle Slim
thank u and i would like that

no_slappz said...

torrance,

The Community Reinvestment Act of 1977 was the start of the current crisis.

Through this law, Democratic lawmakers forced banks to give loans to people with lousy credit.

It is impossible to earn a profit from lending when borrowers default.

That's why most banks refused to lend money to people with low credit scores. But that practice was considered racist.

Queen of My Castle said...

I must say you called it. WAMU just got bought and sold. SMH

Only GOD can truly save us now.

Rich said...

and the walls come tumbling down, and the walls come tumbling, tumbling, and the walls come rumbling, tumbling, rumbling, tumbling down.

u certainly called it, WAMU is out of there.

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