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The Table Is Set For The Next Financial Crisis
Submitted by Jim Quinn via The Burning Platform blog,

The housing market peaked in 2005 and proceeded to crash over the next five years, with existing home sales falling 50%, new home sales falling 75%, and national home prices falling 30%. A funny thing happened after the peak. Wall Street banks accelerated the issuance of subprime mortgages to hyper-speed. The executives of these banks knew housing had peaked, but insatiable greed consumed them as they purposely doled out billions in no-doc liar loans as a necessary ingredient in their CDOs of mass destruction.
The millions in upfront fees, along with their lack of conscience in bribing Moody’s and S&P to get AAA ratings on toxic waste, while selling the derivatives to clients and shorting them at the same time, in order to enrich executives with multi-million dollar compensation packages, overrode any thoughts of risk management, consequences, or the impact on homeowners, investors, or taxpayers. The housing boom began as a natural reaction to the Federal Reserve suppressing interest rates to, at the time, ridiculously low levels from 2001 through 2004 (child’s play compared to the last six years).

Greenspan created the atmosphere for the greatest mal-investment in world history. As he raised rates from 2004 through 2006, the titans of finance on Wall Street should have scaled back their risk taking and prepared for the inevitable bursting of the bubble. Instead, they were blinded by unadulterated greed, as the legitimate home buyer pool dried up, and they purposely peddled “exotic” mortgages to dupes who weren’t capable of making the first payment. This is what happens at the end of Fed induced bubbles. Irrationality, insanity, recklessness, delusion, and willful disregard for reason, common sense, historical data and truth lead to tremendous pain, suffering, and financial losses.
Once the Wall Street machine runs out of people with the financial means to purchase a home or buy a new vehicle, they turn their sights on peddling their debt products to financially illiterate dupes. There is a good reason people with credit scores below 620 are classified as sub-prime. Scores this low result from missing multiple payments on credit cards and loans, having multiple collection items or judgments and potentially having a very recent bankruptcy or foreclosure. They have low paying jobs or no job at all. They do not have the financial means to repay a large loan. Giving them a loan to purchase a $250,000 home or a $30,000 automobile will not improve their lives. They are being set up for a fall by the crooked bankers making these loans. Heads they win, tails the dupe gets kicked out of that nice house onto the street and has those nice wheels repossessed in the middle of the night.
The subprime debacle that blew up the world in 2008 was created by the Federal Reserve, working on behalf of their Wall Street owners. When interest rates are set by central planners well below levels which would be set by the free market, based on risk and return, it creates bubbles, mal-investment, and ultimately financial system disaster. Did the Fed, Wall Street, politicians, and people learn their lesson? No. Because we bailed them out with our tax dollars and have silently stood by while they have issued $10 trillion of additional debt to solve a debt problem. The deformation of our financial system accelerates by the day.
The $3.5 trillion of QE, six years of 0% interest rates for Wall Street (why are credit card interest rates still 13%?), and $8 trillion of deficit spending by the Federal government have provided the outward appearance of economic recovery, as the standard of living for most Americans has declined significantly. With real median household income still 6.5% BELOW 2007 levels, 7.3% BELOW 2000 levels, and about equal to 1989 levels, the only way the ruling class could manufacture a fake recovery is by ramping up the printing presses and reigniting a housing bubble and an auto bubble. They even threw in a student loan bubble for good measure.

The entire engineered “housing recovery” has had a suspicious smell to it all along. The true bottom occurred in 2009 with an annual rate of 4 million existing home sales. An artificial bottom of 3.5 million occurred in 2010 after the expiration of the Keynesian first time home buyer credit that lured more dupes into the market. The current rate of 5.31 million is at 2007 crash levels and on par with 2001 recession levels. With mortgage rates at record low levels for five years, this is all we got?

What really smells is the number of actual mortgage originations that have supposedly driven this 35% increase in existing home sales. If existing home sales are at 2007 levels, how could mortgage purchase applications be 55% below 2007 levels? If existing home sales are up 35% from the 2009/2010 lows, how could mortgage purchase applications be flat since 2010?

New home sales are up 80% from the 2010 lows, but before you get as excited as a CNBC bimbo over the “surging” new home sales, understand that new home sales are still 60% BELOW the 2005 high and 25% below the 1990 through 2000 average. So, in total, there are 1.5 million more annual home sales today than at the bottom in 2010. But mortgage originations haven’t budged. That’s quite a conundrum.

As you can also see, the median price for a new home far exceeds the bubble highs of 2005. A critical thinking individual might wonder how new home sales could be down 60% from 2005, while home prices are 15% higher than they were in 2005. Don’t the laws of supply and demand work anymore? The identical trend can be seen in the existing homes sales market. The median price for existing home sales of $228,700 is an all-time high, exceeding the 2005 bubble levels. Again, sales are down 30% since 2005. I wonder who is responsible for this warped chain of events?

You guessed it – the Federal Reserve. There is no doubt these Wall Street captured academics with their models, theories, formulas, and Keynesian beliefs have created another immense bubble that endangers a global financial system already teetering on the brink of collapse due to central bank shenanigans by EU, Japanese, and Chinese central bankers. QE and ZIRP have encouraged rampant gambling by amoral greed driven financial institutions. John Hussman sums up the “solution” implemented by the serial bubble blowers at the Fed.
The main impact of suppressed interest rates is to encourage yield-seeking speculation, to give low quality creditors access to the capital markets, to misallocate scarce saving, to subsidize leveraged carry trades, to reduce the long-term accumulation of productive capital, and to foment serial bubbles and crashes.
The suppressed interest rates and Yellen Put have encouraged Wall Street hedge funds, banks, finance companies, and fly by night mortgage brokers to finance a buy and rent scheme, house flippers, and once again subprime borrowers. The withholding of foreclosures from the market and the hedge fund purchase of millions of homes drove home prices higher. The artificially low mortgage rates also allowed people to buy more house than they normally could buy, thereby driving home prices even higher. This market manipulation has now priced out all but the richest Americans from buying a home. As expected, the Wall Street machine has decided to try and steal home with two outs in the bottom of the ninth. They’ve decided loaning money to people who are incapable of repaying the loan will surely work this time.
Existing home sales fell in August by 4.8%, and the rate of increase has been decelerating over the last twelve months. Hedge funds stopped buying, first time buyers are few as they are saddled with student loan debt, and the middle class doesn’t have the financial wherewithal to trade up. The Wall Street debt machine is running out of financially able customers, so they’ve ramped up subprime lending at the worst possible time. While overall existing home sales were up 6.2% over last year, the number of subprime first mortgage originations was up 30.5%, subprime home equity loans was up 29.5%, and subprime home equity lines of credit rose 20.4%. The percentage of subprime mortgage loans is the highest since 2008. While prime lending declines, subprime lending accelerates. This will surely end well.
And this is being promoted by the government through the FHA. Subprime mortgages are increasingly being underwritten by thinly capitalized non-banks and guaranteed by FHA. In 2012, when this data was first tracked, large banks represented 65.4% of FHA-backed loans. That number is now 29.6%. In their place, non-banks now represent 62.2% of the FHA lending. These fly by night outfits, who proliferated during the 2003 – 2008 subprime disaster, have little or no capital cushion and when these mortgages begin to default they will go bankrupt quickly, leaving the FHA (you the taxpayer) on the hook for the inevitable losses.
The FHA has been directed by their politician benefactors to pump up the housing market at any cost. You can get an FHA loan with a credit score as low as 500, so long as you have a 10% down payment. And once you hit a 580 credit score, you only need a 3.5% down payment. The FHA is exempt from the qualified mortgage requirement of a 43% debt-to-income ratio. Many loans have a debt-to-income above 55%. The FHA only looks at mortgage payments in their calculation. The FHA is willing to accept a gift or inheritance as a down payment. You could have no savings, a 500 FICO, a 50% debt-to-income and an inheritance and that would be sufficient to get you a loan.
These fly by night mortgage companies are created by slimy get rich quick hucksters who are willing to take huge risks, because there is a big difference between the risk that faces the company, and the risk that faces the owner. He will take incredibly rich commissions on all loans he books. Wall Street is again packaging these subprime slime loans into high yielding mortgage backed securities and getting the rating agencies to stamp it with a AAA rating.

Foolish investors receiving a good yield and a guarantee from the US government, are as clueless as they were in 2008. The owner of the mortgage company doesn’t care about default risk, since some other sucker has assumed that risk. When the mortgage company goes bankrupt, the owner has no personal liability. When it all blows up again, an already bankrupt FHA will be on the hook, which really means the taxpayer will pay again. You are underwriting the new subprime crisis.
This exact same scenario is also playing out in the economically important auto market. It is clear the Fed, Treasury, Wall Street and the politicos in D.C. decided they needed to re-inflate the housing and auto bubbles to provide the appearance of economic recovery so they could resume their looting and pillaging of the national wealth. They have succeeded in ramping up auto sales from the 10.4 million annual rate in 2009 to 17.5 million in 2015, if you can call these sales. Short-term rentals is a better description. Auto leasing now accounts for 30% of “sales” (up from 22% in 2012), while subprime auto “sales” accounted for another 23.5%. The vast majority of the other sales are done with 7 year 0% financing. Does that sound like a sound business formula?
And now they’ve run out of dupes. The seasonally adjusted annual rate of sales for August 2015 was 17.2 million, flat with August 2014 and down from 17.5 million in July 2015. As the auto sales have gone flat and are poised to fall, the Wall Street finance machine has ramped up subprime lending from 18% of all loans in 2010 to 23.5% today. With overall sales flat with last year, subprime lending is up 9.6% in the last year. The pace of subprime auto loans has been more than double the pace of prime auto loans since 2010.
Over 10% of subprime auto loans are delinquent within the first twelve months. Subprime auto loan delinquency rates are soaring by 20% at Ally Financial. Santander is a Lehman Brothers in the making as their total delinquency rate approaches 20%. A critical thinking person might wonder why automaker profits are in decline, while GM and Ford stock prices are well below 2011 levels, if the auto market is booming.
The table is set for the next financial crisis. The apologists for the warped ideology that has resulted in $10 trillion of additional debt being layered on the original un-payable $52 trillion, argue subprime lending is lower than the 2008 peak, so all is well. They fail to realize the system is far more fragile and will collapse once the next Lehman moment arrives. The country is already in, or headed into recession. All economic indicators are flashing red. The stock market has fallen over 10% in the last month. Virtually every new car owner you see driving that fancy BMW, Lexus, or Volvo is underwater on their auto loan. Home price growth has stalled at record levels. Mortgage rates are poised to rise from record lows. We all know what happens next. Look out below.
Some people never learn. They follow the same path that destroyed their finances in the past. Wall Street is desperately packaging the increasing amounts of subprime slime in new derivatives of mass destruction and peddling them to clients, while shorting those same derivatives. It’s called the Goldman Sachs method. When home prices begin to tumble, these derivatives will self-destruct again. What is happening today is nothing more than rearranging the deck chairs on the Titanic. The iceberg has been struck, we’re taking on water, and this sucker is going to sink. Game Over.

“Part of the reason the Fed found it so difficult last week to justify a move away from zero interest rates is that the Fed seems incapable of recognizing, much less admitting, the speculative risks it has created. The strongest reason to normalize monetary policy was to reduce those risks, but the proper time to have done that was years ago. At this point, obscene equity valuations are already baked in the cake on valuation measures that are reliably correlated with actual subsequent stock market returns. At this point, hundreds of billions of dollars of low-grade covenant-lite debt have already been issued at risk premiums that are next to nothing. The bursting of this bubble is no longer avoidable. If history is any guide, policy makers will manage the resulting disruption by the seat of their pants, since they seem incapable of learning from history itself.” – John Hussman
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End the FED! Hang the banksters and complicit politicians!
Death to the Kleptoligarchy and the money-changers!
Too Late. Its only revenge.
This FRED chart I have posted, which corresponds with the effective Fed Funds Rate chart in the article, will show exactly what a daunting problem the the US and the Federal Reserve is being forced to deal with. I have overlaid the Labor Force Participation Rate with M2 Velocity of Money, each beginning in 1960. M2 velocity refers to how fast money passes from one holder to the next. The labor force participation rate is a measure of the share of Americans at least 16 years old who are either employed or actively looking for work. If money demand is high, it could be a sign of a robust economy, with the usual corresponding inflationary pressure.
As you can see, each peaked around 1997-98 and have been in slow decline ever since. Unless the Fed has a plan to increase the LFPR, people are not going to be spending money they just do not have.
Demographically, this is not going to happen. Baby boomers will still be retiring at a rate of 10,000 per day and manufacturing is never coming back to the US until we are a third world country with a cheap labor force.
This is not an issue that can be fixed by political promises. So no matter which political party is in control, this will not be repaired with platitudes. This is a structural macro-economic phenomenon which is caused by demographics and poor long term fiscal planning.
https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=1Vst
reassuring thought of the day:
"Were a Fed chair to become incapacitated, the vice chair -- former Bank of Israel chief Stanley Fischer -- would take over the Board of Governors."
http://news.yahoo.com/feds-yellen-resumes-schedule-struggling-finish-spe...
AB, solid analysis. It may also explain why gold has not risen again as yet since velocity is so low. However, if LFPR and velocity are so low, how can housing stay so high?
"If existing home sales are up 35% from the 2009/2010 lows, how could mortgage purchase applications be flat since 2010?"
People paying cash for homes particularly foreign investors like the Chinese, although that money has been drying up.
blackrock becoming the biggest landlord in the country probably has something to do with that, too.
My brother had a major vendor's manager recently quit a very high paying regional position so he could help her manage her agency selling RE to Chinese. Peaks and valleys.
On that note. Some more comforting news on continued "mass refugee migrations" complete with other Fukushima like events to distract us when the timing is deemed appropriate by our overlords!
Anybody know if this company has gone public yet?
Did Quinn finally post something worth reading?
i dunno, where's David Pierre (sic) ? gotta check in with him first
S&P500 needs to retest 1890, 1860 and 1830 in my view. Lower Lows to come. After that, Higher highs into 2016 as the Bond Market pops/rates up.
Negative Reversal 1h and 4h chart
http://tripstrading.com/2015/09/26/sp500-negative-reversal-1h-and-4h/
Wave 5 down
http://tripstrading.com/2015/09/19/sp500-weekly-chart-2-or-5/
http://tripstrading.com/2015/09/19/sp500-wave-4-up-finished-wave-5-down-...
2015 looks quite similar to 2011 and 1987.
http://tripstrading.com/2015/09/26/sp500-2015-vs-2011-vs-1987/
http://tripstrading.com/2015/09/25/in-need-of-a-profitable-trading-strat...
Someone invokes Candyman in the bathroom mirror and you show up? Stop spamming the important posts!
david pierre: 9/11 LITMUS TEST FUCK YOU JIM QUINN.
there, does that make you feel better?
"A funny thing happened after the peak. Wall Street banks accelerated the issuance of subprime mortgages to hyper-speed."
The banksters did this on purpose not only to rid themselves of their bad loans but also to make the situation worse, so that the FED would have to save them and start the whole designation of TBTF.
This was all planned by the banksters and they should pay for it, instead they get paid...
End the FED. They are the Bankster enabling arm with influence on the quazi government
Third world status will not bring back manufacturing to the USA. Present third world countries with the manufacturing base only maintain their merchantilism because of the USA consumer, and to a slightly lesser degree, the European consumer. The labor participation rate declining is not necessarily a bad thing either. More goods with fewer working is one step closer to material utopia.
We already know the reasons why things are, and why they won't be solved. TPTB have destroyed money. Money is no longer an effective store of value, meaning that labor cannot effectively accumulate wealth. Commodities and capital goods required to make consumer goods nominal rise with inflation, while labor cannot. Biflation bitches. Fix money, or simply allow for competing currencies, and all of today's ills are cured. People will still be working less due to technological advances, but they won't be poorer for it.
End the FED.
Great Chart. I think the FED, TBTF Banks, and many corporations want low Money Velocity both to keep wages low and to keep the Middle Class Small.
There isn't much else it could be.
Sure I probably missed a couple of things, but it is obvious that US Congress does not represent the Middle Class, is enamored with Power and Money, and that they are the target of schemes to influence their positions.
In any case it is Laise Faire Economics and Status Quo for congress members. They don't represent the common man, nor do they care who they hurt with their Racketeering, Anti-Trust, and Treason.
- Too Bad we don't have Honest Brokers in DOJ, FBI, SEC, FINRA, FTC, GAO, CBO, FED, Treasury, OCC, FSOC, BCFP, CFTC, FDIC, FHFA, SIPC
Oldwood
Quite right. At this point it is really a look after ourselves period. The system will reset, there is no way that it cannot. By hyperinflation, by more borrowing, by default on debts or some combination of those. We have passed the Event Horizon.
Our preparations should have strated years ago.
"The best time to plant a tree was 10 years ago. The second best time is right now."
Most of us have seen this movie already so we are just waiting for the end credits.
If you wait until after the credits have rolled and everyone has left, there is a vampire squid on the screen wearing a duck outfit.
Anyone have this video?
Elizabeth Warren Video, Late Night with Steven Colbert, 23 Sept 2015.
Defends Dodd-Frank and gave stats to prove the value of CFPB formed, like 650,000 complaints handled, and many changes forced on corporations.
Edit: Looks like CBS didn't release the segment of Elizabeth Warren only, so you have to go through whole show or just the 2:00 minute segment that only shows her saying she is not running for President.
Shame on CBS, as usual.
http://www.cbs.com/shows/the-late-show-with-stephen-colbert/video/jUNG_y...
Apparently I don't have the computer configured to play it anyway.
Elizabeth Warren is just another Democrat Socialist. With the current Democrat Socialist in the White House, one would think that we have had more than enough of that.
Obama is a typical one party US Politician.
He is social engineering, so maybe that is a Democrat thing.
- Obama is a Right Wing, War Monger, Drone Killer, Killer List President, Civil Rights, Individual Rights, and Sovereign Rights Killer, ... but mostly he is a Big Government, Corporate-Shill, Fascist
If you didn't see all the Corporate Socialism, then you are probably a MIC Fascist
Let' me give you a clue. It started during Reagan and G.H.W. Bush hit it out of the park. I can't excuse the Fascist Bill Clinton that Deregulated Banks and caused the 2008 Global Financial Crisis and he facilitated the Wealth Extraction from the US Middle Class to the US/International Elites under various programs including Monopolies and Globalism.
$T Debt Added
J. Carter, ,$0.37 T (4 yrs)
R. Reagan, $1.69 T
G. H Bush, $1.4 T (4 yrs)
W. Clinton, $1.627 T
G. W. Bush, $4.357 T
B. Obama, $6.365 T (4 yrs)
B. Obama, $8 T (6 yrs est.)
Federal Budget 2014 = $3.5 Trillion (B. Obama)
Federal Budget 2012 = $3.54 Trillion (B. Obama)
Federal Budget 2010 = $3.45 Trillion (B. Obama)
Federal Budget 2008 = $2.98 Trillion (G.W. Bush)
Federal Budget 2006 = $2.65 Trillion (G.W. Bush)
Federal Budget 2004 = $2.29 Trillion (G.W. Bush)
Federal Budget 2002 = $2.01 Trillion (B. Clinton)
Federal Budget 2000 = $1.79 Trillion (B. Clinton)
Federal Budget 1998 = $1.65 Trillion (B. Clinton)
Federal Budget 1997 = $1.6 Trillion (B. Clinton)
- It is just one Party, Fascism.
Lets say hypothetically an "economic genuis" comes on the scene. His idea is to end the Fed and in fact introduce the 20 trillion dollar bill to eliminate our debt. But he also says with rampant bank hacking there is a need to introduce a credit chip that is implanted in your hand. This will store your credits to buy and sell all goods and will be the only accepted form of payment by law. Again, the Fed is gone and the national debt is gone. Please vote up if you take the chip, please vote down if you refuse the chip
Suppose someone steals the $20 Trillion dollar bill or otherwise gets it through power or influence. Maybe a China Government or maybe a Warren Buffet.
The Rules are the Rules only till the guy in power changes them, so why would we not just take the debt held by public $13 Trillion and write it off as if it was depreciated over 20 years in Nov 2015.
- Edit: No that doesn't make sense either since $6 Trillion is held by Foreigners
- You would have to recall the Foreign Holdings of US Treasuries, pay for them first, then consolidate
- Probably you could eliminate the Treasuries held by federal government agencies also over a period of years, then consolidate
The Federal Govt operates with the remaining federal debt for multi-year programs, so it is not a good idea to write that portion off. The govt must use credit & debt to operate also at this point.
- This is a Hobsian Decision or illogical to accept a chip for two separate, intangible issues.
- Good Governance would never agree to one bad law in exchange for a separate issue, like asking us to accept Obama care with a dozen flaws to solve uncovered insurance for Americans
- US Congress no longer functions, this is teach Americans wrong-headed ideas
- But clearly neither the FED nor Congress give a damn about the Middle Class or the common man and his expenses, Clearly USA, UK, EU need an Advocate (Not a Lawyer, a Champion) to fight the TBTF Banks and other monopolies
Assess China about $3T for theft of intellectual property and poof, that foreign creditor is done.
Why not ? What are they going to do, send some nukes to pick up repayment ? Stop trading with their second largest account and put their economy so far underwater the current govt would be hanging from lampposts?
It's so easy my dog could figure this shit out.
But that would be unfair, sort of like bashing VW when GM killed people and got off very easy. It's an evil concept and I like it. We can keep kicking the can a while longer. No one is getting paid. All that debt is unpayable and will one day go poof. Then, no one will trust anyone and credit will be nil. Folks and 'gov may have to learn to live within their means.
There would be a kill switch added to the chip
If they zero out or close your account you are--unless you're a self-sufficient farmer and jack of all trades--dead for lack of money anyway.
That should keep folks from being bad boys and girls.
Of course, all they have to do is eliminate cash (allow cards only) to exercise the exact same control without all the drama of "chipping" people.
Communist
Issue the arrest warrants. Without law there is no law and so on.
I'm keeping my mouth shut, about the real issues. I'll list a few. Donald Trump, Real Estate magnate, is going to have to deal with higher borrowing costs. YES, his assets go into a "blind trust", but facts are facts.
We have a bunch of retards running for office. They haven't the slightest clue regarding the "day to day" operations of the commerse of the United Banana Republic of Amerika.
It's over-levered corporate real-estate.
The requirements for developers to build are so easy, I could build a duck pond on Capital Hill.
This is why BONER is resigning. He conflates freedom with stupidity and common sense.
MBS, is the next chink in the chain---
All those Corp. REIT trusts are going to fall like dominos.
"We have a bunch of retards running for office."
I agree, but look at what is in office now. Carter looks like a genius.
I agree.
Carly "what ever her name is" Fiorina, is a leader?
I love powerful women, and she need NOT apply.
She was a failure at H/P and Lucent. Look at the earnings statements from the years she was in charge.
I HAVE! Look at EPS? Look at cash on hand! Look at sector comparisons. Look at old credit ratings.
Carly isn't a leader, she's a Human Resource board member.
"she's a Human Resource board member."
Isn't that what all the retards in office in DC are? They manage us, not the US.
I know, I laugh every time she mentions her "business acumen" or something like that. Its all the retards on fox news or the radio talk about, too. SHe lost half of her shareholder's value during her tenure there, AND like 30k people lost their jobs. thats called being a complete and total failure where i come from. I guess sean hannity et al are just really fucking stupid and don't know that, or they are all lying(and know most of their veiwers won't bother to do 2 minutes of research).
Although, as I have said before, since she is good at destroying properiety and jobs, she has that in common with all our presidents in recent history, so in a fucked up kind of way, she is PERFECT
Jimmah Carter was an extremely successful President who was groomed for the office by David Rockefeller.
He loaded his Presidential Staff with Trilateral Commission members, many of whom still shape US Foreign and Domestic Policy through today.
Of course being successful at TREASON and SUBVERSION of United Stated SOVEREIGNITY is not something that I personally would be proud about, it is Carter's greatest achievement.
He was nefariously brilliant...an absolute EVIL GENIUS...while ACTING AS a BUFFOON so that the public would be easily DISTRACTED.
Yeah, it is perfectly legal to loot a publicly held corporation, then Leverage up to the Max, Pay Dividends to Insider Investors, complain about profitability, take government subsidies, lobby for tax loopholes & rebates, enjoy federal, state, county, city tax waivers... and then off shore jobs, and even declare bankruptcy in the end.
Sure, Vulture Capitalism.
But also having the Executives enjoy the newest buildings, fanciest offices, fleets of limos, company cars, fuel, travel funds for the best class of travel, best conference centers, company houses and apartments,... Unlimited costs for Overhead Admin Costs,... Top of the Line Compensation Packages.
Lose your job, not big deal, you had most of your expenses paid for anyway.
Identify the Problem:
Greed, Corruption, Cronyism (Networking included), Money in Politics & Government, Money in Elections, Money as Free Speech, War is a Racket, Foreign Policy is a Racket, Party Line of Democracy is a Racket, both political parties are One Political Party.
But Hatred, Prejudice, Racism, divides us and is not right.
They want to divide us by all the social issues, just as they want to give us Butter and Circuses, and play act in front of cameras to use military type propaganda against our own people.
Hatred of Jews is wrong.
Hatred of Whites is wrong.
Hatred of Police and MIC for people that want free speech, want to protest, want to exercise democratic rights... is Wrong.
What are their Goals?
Money, Power, Status, Control,... Globalism, suppression of Labor Force, Titles, Lands, Monopolies, Central Bank Monopolies, Loose Banking Rules, Bank Charters that allow them to create money at will in maximum quantities, they want growth which means to buy up and control more markets and companies and labor forces.
What other Goals do they have? War, MIC Spending, control of Global Resources, more interest and fees on energy, financial services, banking, government...
MBS is a huge issue.
But what I find amazing is what no one else seems to be talking about (save for Wolf Richter): CMBS.
Commercial properties are in as big, if not a bigger, bubble than residential properties. And we all know that small businesses are dying off by the thousands every yeear. Add to that the stratospheric prices for commerical real estate, and you've got one heck of a mess in that sector as well.
nirp can fix this /s
So I'm paying 9-10% on my revolving credit. 15-30-50 basis points are meaningless, on my monthly statement.
Sub zero rates are meant to hit medium sized businesses. How does APPL get affectted when they store 85% [almost 86] of their assets off-shore?]
Some people argue lower corp tax rates will fix things. Personally... I think CEO's trust politicians about as far as the next check.
Janet had a nirp slip. Nah, it was the MN dude, Kotcherlawhatever.
This Keynsenian clown
He's not even a voting member next month. The January '16 meeting matters.
a better fix is to tax robots like workers so Social Security will continue to be funded, ZH'ers love this kind of thought leadership!
or...rather than 'evil banksters'...
The banking system is/was dealing with a dying currency. It was after all, up there in years for a fiat currency. It needed to expand to survive, to deal with the currency expansion that fiat systems need to survive. The pressure is/was on every part of the system to keep growing. It is true these guys made money and that they did it with other peoples money but their actions are/were what you would expect from a banking system.
In the past the Fed could allow a minor correction, a small recession, a bit of clearing of dead wood. By 2008 however it is likley they felt they did not have that option. Greenspan felt he could not raise rates. He could not allow derivatives to be examined too closely. They had reached the terminal phase of the currency's life cycle. It had happened to all other currencies but this one was acting as the global reserve. When it died all the other currencies would go with it. They had to fight to the end and tolerate all kind of irregular activities.
Whether it is 'pure evil' or a valiant struggle to preserve the value of assets can be a matter of opinion. From a slight distance you can't really tell the difference. The end is coming either way.
When it is over we'll see. Will the bankers wind up owning 'all the assets' or will the majority of bankers fall prey to their own beliefs about the banking systems. If jamie Dimon winds up holding a billion dollars worth of worthless paper and no gold will you hate him as much then?
lasvegaspersona wrote:
"If jamie Dimon winds up holding a billion dollars worth of worthless paper and no gold will you hate him as much then?"
Yeah, probably would still dislike him (a lot) because of his mutiple roles of getting us into this mess, even should he hold only paper gold, ha ha.
* * *
I agree that in the past "FED tweaking" was good enough. But, times have changed, as has our financial system running on empty and the huge debts.
The end is nigh, you are completely right.
Prepare.
You do realize you are enabling the banksters by giving them a get out of jail card for free don't you?
It is obvious they are not the only ones, but why absolve them of error? A debt based system is used by everyone that uses debt, but banksters are central to every debt based transaction, which is now every transaction.
"but their actions are/were what you would expect from a banking system."
If they started appearing at the base of their skyscrapers with push marks on their backs, at some point behavior changes would ensue among them.
With all due respect, and I do agree.
But as much as the FED and Squid and captured legislatures need to go SO do these secret FREE TRADE deals that are handing over the last of democratic will to multi-national corps. This started with NAFTA and is steam rolling forward.
We (the lowly useless eaters) are truly sunk if they pass.
It is all so intertwined with premeditated greed and desire to own every productive asset on the planet. Mining companies, copper, agri, all raw materials owned by the few. Follow the money, always it leads back to a very few.
I refer everyone to this study done a few years back. Available if you look.
The network of global corporate control
Authored by............Stefania Vitali1, James B. Glattfelder1, and Stefano Battiston1?
It is so worth the read.
edit: to make title bold
HERE IS THE LINK... as Forbes titled it.."the 147 companies that control the world"..and if you follow the money the ownership gets narrower and narrower.
http://arxiv.org/pdf/1107.5728.pdf
Okay, my fingernails were chewed to the quick and my knuckles were white in 2008.
After 7 fucking years of being on the brink,,,I'm a little worn out now....
I think I'll go home now....
http://www.wavsource.com/snds_2015-09-20_4380281261564803/movies/forrest...
Wall Street is only doing what they are directed to do to survive. I think they're animals but this is not a WS problem.
The fiend cannot survive without the supplier. The FED is solely to blame here.
What struck me about this, and what largely unifies the 'subprime' idea and the 'trade war' idea, is that markets of all sorts are VERY OFTEN IN A BUBBLE, and VERY OFTEN CREATE A NEW BUBBLE TO GET OUT OF THE PROBLEMS OF THE OLD ONE.
It all kind of falls together when you think of it like that!
Always give Wall Street as much rope as they want. Remember that you are dealing with real hedonists that have real wants that cannot be sated with any amount of money. These sociopaths need the dopaminergic buzz off of the money high and the only thing that will satisfy their uncontrollable urges is moar dope. Bottom line is that once a junkie, always a junkie. And the only way to cure a junkie is to give them moar until they have had enough. In the case of Wall Street, just give them as much rope as they can squeeze out of all of us. The day will come when Investment Bankers will want nothing to do with money.
Mark my words.
I do not think Wall Street and your local bankers or mortgage brokers are the bad guys here. Frankly, they look at the rules and try to make a living in the mortgage business. They are not angels but neither are they demons and I do not think they purposely write bad business.
I think the Wizard of Evil behind the curtain is first and last the government including a GSE like the Fed. They set this stuff up. You know you can load up Freddie and Fannie with smelly stuff and off-load risk. They hold rates near historic lows so people can buy more.
This drives prices and all the flipping crap and related stuff I hate.
I am in the middle of this. Being an avid reader of ZH I have become a proper pessimist. I did a cash-out refi and am paying off virtually all other loans...or more propertly moving them to the tax deductible home loan. I was going to rent and move north because of work but after lots of research, breathtaking price increases and a few other cautions I decided to sit it out.
I am going to see what the economic terrain looks like in 6 months or more.
The thing is you have to play the game as it is, today, not as you think it should be.
+ 1
Tomorrow will take care of itself.
Don't hate the player, hate the game.
The FED is a Bankster.
The only difference is his suit and cuff-links are of lower quality than his WS counterpart only because he has to maintain the facade of being a public servant.
The FED is a PRIVATE BANK
"The few who understand the system, will either be so interested from it's profits or so dependant on it's favors, that there will be no opposition from that class." — Rothschild Brothers of London, 1863
The system is setup to feed on greed. That is why there is no opposition wtith the "jus doin' my job" attitude. Add to that the other 99% who do not know the system or care to know the system, you have clear skies ahead with the raping and pillaging until there is nothing left to steal.
I do not think Wall Street and your local bankers or mortgage brokers are the bad guys here. Frankly, they look at the rules and try to make a living in the mortgage business. They are not angels but neither are they demons and I do not think they purposely write bad business.
I think the Wizard of Evil behind the curtain is first and last the government including a GSE like the Fed. They set this stuff up. You know you can load up Freddie and Fannie with smelly stuff and off-load risk. They hold rates near historic lows so people can buy more.
This drives prices and all the flipping crap and related stuff I hate.
I am in the middle of this. Being an avid reader of ZH I have become a proper pessimist. I did a cash-out refi and am paying off virtually all other loans...or more propertly moving them to the tax deductible home loan. I was going to rent and move north because of work but after lots of research, breathtaking price increases and a few other cautions I decided to sit it out.
I am going to see what the economic terrain looks like in 6 months or more.
The thing is you have to play the game as it is, today, not as you think it should be.
To a large degree responsibility has been abdicated to the Fed and Treasury so you are correct they are not the ultimate bad guys
You must live in Florida or Nevada. lol
Check out the growth of Holding companies.
-
Financial Business; Credit Market Instruments; Liability, Level
2015:Q1: 14,104.57 Billions of Dollars (+ see more)
Quarterly, End of Period, Not Seasonally Adjusted, TCMDODFS,
Holding Companies; Credit Market Instruments; Liability, Level
2015:Q1: 1,380.52 Billions of Dollars (+ see more)
Quarterly, End of Period, Not Seasonally Adjusted, CBBHCTCMDODFS,
https://research.stlouisfed.org/fred2/series/CBBHCTCMDODFS
U.S.-Chartered Depository Institutions; Credit Market Instruments; Liability, Level
2015:Q1: 669.90 Billions of Dollars (+ see more)
Quarterly, End of Period, Not Seasonally Adjusted, CBTCMDODFS,
Now, we know that in 2007 the Biggest Wall Street banks wanted access to Deposits in the USA. So maybe I don't have the date, could have been planned from Lehman Request date to become a Deposit Bank while an Investment Bank.
So today we have Holding Companies that are allowed to have Deposits while doing commercial and investment work and proprietary trading... and now are 30% Bigger after all the Bailouts and transfer of Taxpayer and Retirement Funds to them.
- Holding Companies have Doubled Liability since 3QTR 2007
- Wow
Too Bad we don't have Honest Brokers in DOJ, FBI, SEC, FINRA, FTC, GAO, CBO, FED, Treasury, OCC, FSOC, BCFP, CFTC, FDIC, FHFA, SIPC
I'm not sure how you can isolate or focus your condemnation or fault.
- Private & Public Pensions, Retirement Funds, Deposit Insurance, The Fact that our Wall Street Banks are Borg connecting to AI Technology,... and Complexity is increasing at an Exponential Rate meaning Risk is Exponential as well
- Big Concern- pay outs for Pension Benefit Guaranty Corporation (federal Trust Fund), 1999 = $1.23 Billion, 2000 = $1.35 Billion, 2001 =$1.37 Billion. Okay, but today 2010 = $5.59 B, 2011 = $5.89 B, 2012 = $5.86 B, 2013 = $5.89 B. There is a continual need to supplement Pensions. 2010 PBGC's deficit increased 4.5 percent to $23 billion (Liabilities beyond assets)
- Federal direct student loan program 1999 = $52 Billion, INCREASED to 2013 = $675 Billion. (Risky)
- 2013 Total FDIC Trust Fund in Treasuries = $36.9 Billion + $18 billion in the DIF (Risky)
- 2013 Total National Credit Union Trust in Treasuries = $11.2 Billion
Edit: This applies, $8.16 Trillion in US Deposits
Total Savings Deposits at all Depository Institutions
2015-09-07: 8,164.3 Billions of Dollars (+ see more)
Weekly, Ending Monday, Not Seasonally Adjusted, WSAVNS,
https://research.stlouisfed.org/fred2/series/WSAVNS
If there is one thing I detest in an individual more than anything it is when they cry "Just doin me job" your "job" is to live true to your own moral standards. Had the argument a dozen times with the fucking pathetic cops we have here who will hide behind a tree to catch you not wearing your seat belt so they can fine you. "I agree you are not hurting anybody else mate .. I'm just doing me job" like they have no discretion to look the other way or go catch a real criminal ... or better yet, quit and do something else meaningful and productive.
A majority of people while stupid do have basic moral principals. If each and every one of them just did what they thought was right rather than looking for and making excuses we wouldn't be in this mess in the first place.
It is nothing more than a pathetic attempt at abdication of moral responsibility. You do the job - you own the consequences of your participation.
I might categorically agree but most of this stuff is risk assessment and investing. It's not really right or wrong or finely tuned moral adjustments. This is not participating in traffic revenue tickets with laws you break yourself or sending families off to ovens saying "I was just doing my job."
If someone is intentionally writing bad business or taking advantage of someone, yeah, I will go with you on that. No doubt that happens...probably every day in the auto loan business.
"Sociopaths" (psychopaths) rise to the top. They are not like others. http://www.healthguidance.org/entry/15850/1/Characteristics-of-a-Sociopath.html
"Did the Fed, Wall Street, politicians, and people learn their lesson? No. "
- We are STILL bailing out the Banks with ZIRP/LIRP, after 3 years of QE on top of the TARP,
- Also had Many FED Programs, we can't even name them all.
- Term Auction Facility (TAF)
- Commercial Paper Funding Facility (CPFF)
- Discount Window
- Loans to Depository Institutions - Secondary Credit
- Borrowings From The Federal Reserve, Seasonal
- Reserve Bank credit is the sum of securities held outright, repurchase agreements, term auction credit, other loans, net portfolio holdings of Commercial Paper Funding Facility LLC, net portfolio holdings of LLCs funded through the Money Market Investor Funding Facility, net portfolio holdings of Maiden Lane LLC, net portfolio holdings of Maiden Lane II LLC, net portfolio holdings of Maiden Lane III LLC, float, central bank liquidity swaps, and other Federal Reserve assets.
- Term Asset-Backed Securities Loan Facility (TANF)
"The $3.5 trillion of QE, six years of 0% interest rates for Wall Street (why are credit card interest rates still 13%?), and $8 trillion of deficit spending by the Federal government have provided the outward appearance of economic recovery, as the standard of living for most Americans has declined significantly."
- No Doubt much of the Federal Spending is providing unfair advantage to Giant Corporations over the core of the Economy, the Small Businesses, 4.5 Million of them,...
Edit:
Real Estate Investment Trusts; Credit Market Instruments; Liability, Level
2014:Q4: 633.93 Billions of Dollars (+ see more)
Quarterly, End of Period, Not Seasonally Adjusted, REITTCMDODFS,
REITs = $650 Billion or more, looks like a problem.
The new American dream is to buy a 35k car with your 500fico score and park it front of your 1500/month studio apartment!
You have arrived welcome to the dream!
Since the nineties, the president of this country is robert rubin. Effectively a dictator with his puppet presidents below him.
Check out the film, OF BY FOR on itunes (or Amazon prime), here's the trailer.
https://vimeo.com/66750664
Did the Fed, Wall Street, politicians, and people learn their lesson? No. Because we bailed them out with our tax dollars and have silently stood by while they have issued $10 trillion of additional debt to solve a debt problem. "
"...and have stood silently by...".
m
That BBG existing homes sales chart is really choppy. The boxed 2010-2015 is really bizarre, compared to the last move from the '90's
To all hysterical critics of the FED, what do you suggest they do instead? The rich can do nothing, sit it out, the poor meanwhile will starve and die (and probably riot before they die). The poor need jobs. Now almost at any cost, because those jobs are few and far in between as we are competing with China. So they do ZIRP, NIRP whatever, something, anything to at least marginally force the rich to spend. For, if people do not spend there will be even less jobs…and less tax revenue collected for the government to run and distribute around… and it all starts going downhill. The FED is just trying to keep the system at the higher spending point. It does not seem to work very well, but the next option is a direct confiscation and redistribution of assets (to keep those poor jobless souls content). Nobody gives a f* about inequality until it becomes a riot-provoking problem itself. Ugly as it is there is actually logic in what the FED is doing.
You think it's going to end any better WITH the Fed?
m
naw, just more slowly, so we have a few more months before mad max
The Fed shouldn't exist, period. It's not a question of how they should wield power they shouldn't have.
Funny, they forgot to ask ZH readers permission on whether they should exist or not. Counterfeiting – sure, it is a great thing (for TPTB) to be able to do it. Someone is just jealous that FED/TPTB can do it while little people can’t. Too bad. Keynesian baloney sucks? Sure it does. However, the Australian theory requires all the useless eaters to die in order to correct the system, and this is a bit difficult to accomplish.
I guess I am just getting tired of all this anti-FED mental masturbation and wishful thinking of how it should be in an ideal world. This is not an ideal world. Far from it. 80% of people in developed economies are not needed anymore yet they have to be kept alive and content, and this requires taking money from the remaining 20% and distributing it around. ZIRP/NIRP is just easier to do politically than a direct confiscation of assets.
If you are not smart enough to realize that your vaunted Fed is nothing more than a legalized counterfeiting operation, then you are the only one that is hysterical.
But then again, maybe that is already self-evident, given your spouting of standard Keynesian Klown aggregate demand baloney.
To all hysterical critics of the FED, what do you suggest they do instead?
In a rational world, they should have done nothing and let the economy correct its imbalances decades ago. Now the economy is magnitudes worse than at any time in Fed history. They can't stop the market from correcting its imbalances, they can only make it worse. I suggest hari-kari. It's the only honorable option left for the Fed.
No, Mr. Treasury Bond, I expect you to die!
Logic is to stop doing what doesn't work, NOT to keep doing it over and over, hoping for a different outcome.
The table was set by Wall Street when Bernake went to ZIRP and Geithner sold debt ad infinum.
1913, 1971, all were important.
Greenspam set it in motion. Glass Steagal was the point of no return.
The obvious flag was when 2007 was treated totally different from 1985
The Federal Reserve PhDs think their more powerful than god with the approaching negative interest rates and QE to infinity.
The FT dares to discuss Peak Ponzi in China:
http://www.ft.com/intl/cms/s/0/cca9d1a2-5da8-11e5-9846-de406ccb37f2.html
(registration required, free and worth every penny :-)
one quote:
"The best-known pyramid scheme in China was a $385m ant-farming business that embroiled 1m rural investors in the north-east before it collapsed in late 2007. Its founder was sentenced to death."
But can 135,000 Chinese wheat farmers be wrong? It seems Chinese Wealth Management Products are entering a phase where "return OF capital" is being questioned... And as for those proud owners of fungus factories, err empty apartment units in ghost cities, well let's not go there. Remember boys and girls, the first one out of the Ponzi wins!
People who slave away at bullshit jobs and pay taxes and bills are well-informed, financially-literate proper customers of the financial system. People who take whatever largesse is thrown at them, regardless of ability to pay are obviously stupid, financially illiterate dupes.
Some people need to look at the real world and think again.
There is not enought collateral. Its over folks.....lets go home.
"The FED can change what things look like, but, the FED can never change what things really are." (James Grant, 2013 - feeding Liesman his own ass for breakfast).
END the fucking FED!
yes there is enough collateral.
real collateral, like the base of exter's pyramid, just needs to be priced properly.
once the repricing happens, those that hold real wealth will be rewarded.
those that hold crap, like dollars and t-bills, will have their asses handed to them, as they should, for they have been the enablers of liars, theives, and terrorists.
Well .............................................. yes!
And all that is left is -- RESET ..
https://youtu.be/YpZZHeVwFPU
https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp (start with the 11 minute teaser)
We know China is not doing well.
Why is China not doing well?
Lack of demand for its exports from the West.
So this is a reflection of the global economy.
Why is demand for its exports low?
Banker’s have achieved excellent market penetration with their product, debt.
Debt – jam today, penury tomorrow.
Debt has a long sting in its tail.
But surely interest payments just circulate within the economy?
a) Those with excess capital invest it and collect interest, dividends and rent.
b) Those with insufficient capital borrow money and pay interest and rent.
The rich don't need loans and the bankers have identified the market for their product, those with insufficient capital.
The debt sits with those least able to afford it and the payments go to those that can consume no more and just spend their money inflating asset bubbles.
Adios, global economy.
Hello inevitability.
The globalists rush to take the profits in the good times but run and hide in the bad.
Where is the profit in sorting out the bad times?
In the bad times national institutions, Governments and Central Banks, get left to sort out the mess loading the costs onto national tax payers.
When things go wrong nationalism rises as each nation is left to fend for itself.
We should know how it works by now, this isn’t the first time.
1920s/2000s - high inequality, high banker pay, low regulation, low taxes for the wealthy, robber barons (CEOs), reckless bankers, globalisation phase
1929/2008 - Wall Street crash
1930s/2010s - Global recession, currency wars, rising nationalism and extremism
1940s/? - Global war
We are nearly there with the Middle East on fire and the two nuclear super-powers at each other’s throats.
Maybe next time we will know better, third time lucky.
Global banks fail, national tax payers pick up the bill.
Sounds great, we must do this more often.
Remember the days before 2008, before Central Banks had to try and get the world economy going again.
The "wealth creators" were the ones responsible for the boom times.
Where are the “wealth creators” now?
1) Did they all die?
2) When the going got tough did they retire to their luxury yachts waiting for someone else to sort out the mess?
3) Were they abducted by aliens?
Answers on a postcard to:
Our policymakers, BIS, Switzerland
i always liked sheila baird i thought she would have been good for the country . and of course instead we get some one like little timmy that corrupt piece of garbage . so until we get total collapse no hope of any real change
The Titanic is sinking, game over ...as in 1929 .
And then ? Massive unemployment and always the same dishonest "solutions" with a few would-be "miraculous innovations" :
What is new ? the limitation and planned disappearance of payments in cash , there are less ATMs (it is easier for the State to steal money directly from bank accounts or e-money)
The organized robbery of the citizens' savings from their bank accounts by the State with negative interests or any other dishonest means ( as they did in Cyprus this year, deciding that if Cyprus citizens had savings it meant that they did not need the money but their government needed it at once in order to pay for the public expenses ).
Then, as just after 1929, American President Roosevelt's legal method to steal people's physical gold is still possible : he declared that owning physical gold had become illegal and that the American citizens had to give it to the Federal State. The Citizens'Gold confiscation Act ( April 5th, 1933) is still valid .
As they have always done in order to re-launch their agonizing economy or finance , the American international finance tycoons organize conflicts and wars abroad (sometimes conflicts spread and become world wars) far from the USA, secretly financing the elections of dictators, then organizing the resistance against the dictators, selling weapons to both armies, and lending, with huge interests, the money for the reconstruction of the destroyed areas. Today, it is probably the reason for all the American propaganda and every day unbearable American provocations against Eastern and European countries, American missiles surrounding Germany and Germany's neighbours against their people's will . The Europeans worry a lot . The American finance tycoons and their armies have no respect for foreign countries' democracy.
Unless the Americans become suddenly aware of the numerous blood baths and the oncoming world blood bath they are causing and unless the world economies under US influence suddenly change their paradigm, there is no optimistic future for our children .
Rarely do I get more out of the articles here than by reading the comments. This is the case here.
I think most of us here are quite aware of what the problems are that we are facing and writing/reading more fear porn is at this point in time is a waste of time for us.
The more aware people I talk to, or at least the people that seem to me not to have their heads firmly buried are so fed up with all the corruption etc. they would prefer a direct asteroid strike to the continuing stream of shit being forced down their throats.
Good idea. Cross our fingers?
The reason home sales are up but mortgage originations are not is simply the huge number of cash sales. And for the author to ask how new home sales could be down 60% from 2005, while home prices are 15% higher than they were in 2005, answers his own question. This article is throwing around a lot of different dates and rates and levels trying to prove its own thesis of bad money printing. You can do the latter without making stuff up.
My experience in talking about this type of thing with others in the past is that they thought I was a paranoid, mistrusting, FED-hating nutcase the first time around (2008-2009ish). They might have temporarily turned on the financial committees hearings, but were so overwhelmed by the financial terminology that they became trusting citizens again merely deciding that the FED and Treasury had come to the rescue.
Instead of thinking to themselves: "man, I think I'll try to learn what this stuff is all about by educating myself" they tuned out because it was too complicated. Now I've actually heard some of these same people say that new laws (Dodd-Frank) have corrected things so it can't happen again. And in November of 2016 these same people will be voting after determining the candidates through primaries. Gee, I wonder why the same thing happens over and over again?
( btw - you get one candidate who has the balls to identify socialism for the .01-1%, call our country an oligarchy, and announce that "The business model of Wall Street is Fraud". So the Dem National Committee trots out Joe Biden as a backup in case Hillary becomes unelectable. This taking place well before the first primary and ignoring the huge crowds Bernie Sanders draws based on his long-standing record of defending and promoting the disappearing rights of the middle and working class). - {{{ I realize many here do not support Sanders and believe him to be a socialist. But as I said before - there already exists socialism for the .01-1%, so who are we trying to kid? }}}
He also voted against TARP, the Iraq War, and is a critic of the EX/IM Bank as corporate welfare - among other things.
Uh,,....you do know that the Federal Reserve and IRS is a Central plank in the Communist Manifesto and was implemented in 1913, right?
If you think Bernie Sanders wants to End the Fed much less audit the Fed, you need to bone up on your understanding of Bernie Sanders.
Bernie Sanders is NOT what we need............
GET A CLUE !!!!!!!!! [moron]
Sir - You are incorrect.
Bernie Sanders was one of the very primary movers behind the FED audit. And you quite obviously did not watch him mercilessly grill Greenspan, Bernanke, and Yellen. Too bad you didn't know these things and think you know anything about him.
And that was very meanspirited to call me a moron. lol
Now Ive heard it all.
What the fuck happened to Zero hedge?
Anyone who believes Sanders will hold the Fed to account is a fucking numb nut loser leftist faggot. [dimwit - Central Banking is a plank of the Communist Manifesto]
I voted for Ron Paul so Im pretty smart.
Audit and than end the Federal Reserve. That is all.
so Im pretty smart.
“If complete and utter chaos was lightning, then you'd be the sort to stand on a hilltop in a thunderstorm wearing wet copper armour and shouting 'All gods are bastards!”hey fuckwit - you've amply demonstrated that you don't know a fucking thing about Sanders that wasn't filtered through the anus of some right wing imbecile who stopped thinking at the word "socialist" and just adoooores Israel and hates all the eeeeevil moooslims who, to a man, just want to drink the blood of innocent Jewish babies.
You know what, fuck you. You're gonna vote for some more of the same Bush-Obama MIC/Wall Street/Israel dick-sucking kleptocrat who hates you.
Now Ive heard it all.
What the fuck happened to Zero hedge?
Anyone who believes Sanders will hold the Fed to account is a fucking numb nut loser leftist faggot. [dimwit - Central Banking is a plank of the Communist Manifesto]
I voted for Ron Paul so Im pretty smart.
Audit and than end the Federal Reserve. That is all.
CLUE 1: https://www.youtube.com/watch?v=869POIyGm2E
CLUE 2: https://www.youtube.com/watch?v=B2Nk25C6mes
CLUE HELL: pick any off the page https://www.youtube.com/results?search_query=bernie+sanders+grilling+fed...
“There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that 'my ignorance is just as good as your knowledge.” Isaac Asimov
LOOOOOOOOOLASURUSREX !!!!
I am supposed to believe a socialist [COMMUNIST] ????
WHERE HAS BERNIE SANDERS BEEN ON THE ISSUE OF THE FEDERAL RESERVE FOR THE ENTIRETY OF HIS POLITICAL CAREER????
Silent.
That you believe WORDS that come from politicians lips distinguishes you as a fucking moron.
No wonder there is a cult of ignorance,..people like you are fucking dumb !!!
There has been one and only one champion to Audit and than End the Federal Reserve over the last 30 years.
His name is Ron Paul...and...
Sanders is no Ron Paul.
Congressman Ron Paul (R-TX) and Senator Bernie Sanders (I-VT) are spearheading an effort to drag the veil of secrecy off of the Federal Reserve. They were both interviewed on Southern California Public Radio this Monday.
Transcript: http://www.ronpaul.com/2009-10-08/ron-paul-and-bernie-sanders-audit-the-...
"That you believe WORDS that come from politicians lips distinguishes you as a fucking moron."
...he dumped his unvaluable valuables / S.King
I wish I could shove your post and this transcript up dumbfuck lordbyroniv's ass.
u blow ur daddys cock with that mouth?
On this particular issue you are PROFOUNDLY ill-informed and parrot the utterances of others who are also clueless.
Intellectualism... another philosopy. Intellectuals may have their uses but they have their limitations as do the rest of us, and can be wrong as can the rest of us. Clay feet aren't exclusive to non-intellectuals. Neither intellectualism nor intellectuals can solve problems without using common sense. http://www.urbandictionary.com/define.php?term=navel-gazing
What you describes seems pretty accurate. I wonder if television never had been invented and people over the past decades would have been any smarter if they had had to read to get "news". However, that doesn't matter now, it is what it is.
Re voting: I received a letter from the newly-elected county clerk saying I had to fill out the attached form in order to "renew" my voter registration. Ha ha. My "voting problem" has spontaneously disappeared. Also doesn't matter; my vote would have been None Of The Above.
My cunt sister in law haas not paid her mortgage since 2008. [she couldnt afford the place after she kicked out my idiot cuckold brother.]
She has been receiving letters and going to court for years.
Still has yet to be kicked out.
I pay my rent every month like a sucker for fear I will not have a roof over my head.
FUCK THIS COUNTRY.
I am also a sucker, to whit :
" Dear Mr. ______. Enclosed you will find your Promissory Notes for the National Defense/Direct Student Loans you received while attending _______ College. According to government regulations, we are returning your notes since you have repaid your loans.
I want to thank you on behalf of the ______ community for honoring your loan obligations ".
It went one to say that the monies repaid are used to make loans to present students and I have helped them due to my responsible attitude.
I AM ONE, IN FACT, ONE OF THE SUCKERS !!! This dated October 5, 1984.
Plainitiff has no standing as in many cases. Good on her! There must be a reason the lying banksters can't make a valid claim! Oh, right, forgery and fraud.
SEE Lender Processing systems v DOJ.....IF YOU DARE. D0c-X and Linda Green! AND that was just ONE company.
We are leaving HHI today. Traveling to Boca Ratan, Fl. Staying at a realtors home for the week. Scouting mission to look at homes. I keep telling Mrs. Atomizer to wait a few weeks longer. We'll be able to buy on a white elephant sale.
Remind her about the $1.7m we bought in Marco Island for $263,000. The $745,000 in Ft Myers, we bought for $260,000. Both have accelerated in investment return. (rental property).
Not familiar with east coast of Florida. Always been the Gulf of Mexico side preferred. Hence the need to investigate.
My exact words to my wife... Just fucking wait a bit longer before buying someone else's boat anchor.
I often look at the real estate in towns where I've lived in and towns I'd like to live in. I've noticed how very high the prices are on the listings...I keep browsing...and then hit the foreclosures (I'm talking about going page by page through Trulia). A town I lived in has about 35% for sale and then the remainding 65% are foreclosure listings.
So, I just checked out my theory of foreclosure percentages by looking up Boca Ratan, Fl. 36% of the listings are foreclosures. There are 4,054 listings/271 pages. When you get to page 174 the forclosure listings begin.
http://www.trulia.com/for_sale/Boca_Raton,FL
It seems to me that real estate prices are stuck on high and the rest are foreclosures.
Naturally you do not get a clear title with a foreclosure home. Sure, you paid for title insurance, right? You PAID for the insurance LESS the exclusions. READ those exclusions.
No, you don't hear or read about it but people are being kicked out of homes where the former owner sued for quiet title and got their homes back. Hence the title companies do not cover you in that event. Again, read your exclusions.
Insurance, of course, is a racket. Take premiums, don't pay claims.
Most foreclosures are illegal. Judges are being forced to swallow the truth after much confrontation of that same truth. They hate it when their owners, the banks, tell the judges they fucked up by not stealing the home.
NM Court of Appeals
Phoenix Funding, LLC v Aurora Loan Services, LLC and Mortgage Electronic Registration Systems, Inc.
Phoenix WON! Look it up and see what happened.
http://stopforeclosurefraud.com/wp-content/uploads/2015/08/PHOENIX-FUNDI...
Clear analysis. The accelerated repetition of the destructive cycle in such a short timeframe is remarkable. But why not? It worked out well for them the first time.
BO and the chinese president have come to an understanding, all is well.
But this time PM's suppression will be impossible.
Epic doom porn here.
I'm not sure but is the author of this article trying to indicate that there is a problem?
After reading 41% of you want a Northern border wall and being Canadian I think that is good if you build one.
All our government up here has to do is get out of NATO, disband our version of the CIA, divorce Homeland Security, duty and tax all imports to the hilt, keep our water, electricity and natural resources to ourselves and manufacture our own products. No one will complain as the winters are cold here, we will have jobs for our own looking after ourselves and we don't have to worry about illegal aliens as there will be a nice wall to prevent them from escaping.
See what the wonderful politicians and nation haters have accomplished. Then you can have all the wars you want in the middle east and we will watch it on television without worryng about whether to be part of the murder brigade or not.
What's happening with all those folks from south Asia that were pouring into Canada a few decades ago for cheap jobs? Have jobs recovered any for native Canadians since then? I bet they haven't.
Oops... probably I shoudn't have asked.
Housing bubble burst yet? Sorry, another faux pas.
Can someone put a firehose on Jim Quinn's Burning Platform blog...
"Virtually every new car owner you see driving that fancy BMW, Lexus, or Volvo is underwater on their auto loan"
um, I wrote a check for my lexus (is converitible)! sorry, lloyd, that's $55k you won't be stealing from my ira or getting bailed into my tbtf bank... (in all seriousness that was part of my rationaile - if everything wife'I have saved/built is about to get stolen from us via inflation, bail-ins, securities fraud, taxes, etc may as well enjoy some of it in mean time).
Cherry picker, I agree with you : " All our government up here has to do is get out of NATO, disband our version of the CIA, divorce Homeland Security, duty and tax all imports to the hilt, keep our water, electricity and natural resources to ourselves and manufacture our own products. ..Then you can have all the wars you want in the middle east and we will watch it on television without worryng about whether to be part of the murder brigade or not."
But as for ourselves, as governed by the totalitarian EU whose representatives are non elected people, chosen by the international finance tycoons ( our elected presidents deprived of any power by the supranational non elected entity, US- OTAN driven European Union), we are just powerless slaves . However we won the referendum ( 52 % ) against the content of the Maastricht- Lisbon European Constitution, but they do not take it into account, submitting us to the ignominous treaty . Democracy ?
Let's just put another band-aid on there. Just right over the other ones. Moar band-aids!
But absolutely no addressing the wound underneath that's now so big it's unstitchable. Nothing to see here... Don't mind the blood thats soaked all the way through that everyone can clearly see now.
I hear constantly that wall street hasn't learned it's lessons. They have. Many of them no nothing but subprime. The lesson from 2008 was do what it takes to make the money and when it all goes south, you'll get more in the form of bailouts. The system is set and will not change until it has to change. Bring on the reset. Keep stacking.
I hear constantly that wall street hasn't learned it's lessons. They have. Many of them no nothing but subprime. The lesson from 2008 was do what it takes to make the money and when it all goes south, you'll get more in the form of bailouts. The system is set and will not change until it has to change. Bring on the reset. Keep stacking.
i envision a NEW AMERICAN REPO-INDUSTRY to take back all the bling bought by the illiterate dindu nuffins who took on toxic credit
To expand on the Titanic analogy: there aren't enough lifeboats, and it's Eskimos and illegal aliens first!
More appropriate would be not "game over" but "insert coin to continue".
Quote: Once the Wall Street machine runs out of people with the financial means to purchase a home or buy a new vehicle, they turn their sights on peddling their debt products to financially illiterate dupes.
The subprime debacle that blew up the world in 2008 was created by the Federal Reserve, working on behalf of their Wall Street owners.
As I read about this a few years ago, the administration of Jimmy Carter required by law, the "Community Reinvestment Act", that lending institutions lend to subprime borrowers. The administration of Bill Clinton subsequently instituted stiff penalties upon lending institution that refused to lend to subprime borrowers. Since the loans were guaranteed before the 2008 financial crisis by the United States federal government with its triple-A credit rating, the subprime loans were packaged with any number of other loan investment instruments as triple-A.