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Ben Bernanke FTMFW Quote Of The Day
And the winner is...
- BERNANKE: HOUSING MAY NO LONGER BE VIEWED AS SECURE INVESTMENT
That's right. He just said that. And with that, a Lewis Black moment is coming on...
He also said some other stuff.
- BERNANKE SAYS HOUSING IMPEDING FED EFFORT TO SPUR U.S. ECONOMY
- BERNANKE SAYS HOUSING SECTOR SUFFERS FROM `SERIOUS IMBALANCES'
- BERNANKE SAYS HOUSING IMPEDING FED EFFORT TO SPUR U.S. ECONOMY
- BERNANKE SPEAKS ABOUT HOUSING MARKETS IN ORLANDO, FLORIDA
- BERNANKE: TIGHT MORTGAGE CREDIT WON'T BE EASED QUICKLY, EASILY
As a reminder, shadow inventory is now at a record high. But Cramer just called the housing bottom. For the 7th time. For the masochists among our readers, his complete comments can be found here.
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Housing no longer secure investment due to phucked up monetary policies. Fixed it for ya, Bennie.
Come on pal, tell me something I don't know, it's my (Cramer's) birthday. Surprise me.
Happy birthday:
The Treaty of 1763The Treaty of Paris of Feb. 10, 1763, was signed by Great Britain, France, and Spain. Together with the treaty of Hubertusburg, it terminated the Seven Years War. France lost its possessions on the North American continent by ceding Canada and all its territories east of the Mississippi to Great Britain, and by ceding W Louisiana to its ally, Spain, in compensation for Florida, which Spain yielded to Great Britain. France retained the islands of St. Pierre and Miquelon and recovered Guadeloupe and Martinique in the West Indies from Great Britain, in exchange for which it ceded Grenada and the Grenadines to the English.
In East India the French were permitted to return to their posts, but they were forbidden to maintain troops or build forts in Bengal; India thus virtually passed to Great Britain. In Africa France yielded Senegal to Great Britain. Cuba and the Philippines were restored to Spain. In Europe the French and Spanish returned Minorca to Great Britain, and France withdrew its troops from Germany. From this treaty dated the colonial and maritime supremacy of Great Britain.
Read more: Treaty of Paris: The Treaty of 1763 — Infoplease.com http://www.infoplease.com/ce6/history/A0860242.html#ixzz1m0DVXCsl
Wow, the historical fact of global superpowers exchanging essentially unrealized claims on largely uninhabited land back then makes the current global debt situation seem like a financial war over the fuckin asteroid belt. You think these wackadoos are making claims on comets just to throw the monkey shit around?
Bluestar.......
Wasn't it his predecessor who was pushing option ARMS to buy a house?
Is this system fucked or what?
Funny... I took out a 5/1 ARM in Jan 2003 at 4.75%, there was one reset to ~5.5% in 2008.... the rate currently sits at 2.875%...
It was never an an affordability product....at least to me.... At the time the the ratio of annual income to house price was 2.3 to 1...
Give me a call when the 1 year benchmark rate breaks 2%
For most people... an ARM was the only way they could "get into" buying a house (which, during the boom phase) was seen as a wealth creator because prices kep going up...
It was utterly irresponsible for the chairman of the worlds largest central bank to give a thumbs up to what was obviously a ticking time bomb of an asset bubble (which was worse because it was wholly predicated on DEBT)...
"criminal" is probably a better word than "irresponsible"
But thats what they do at the Fed Reserve. That is Ron Pauls entire argument is that central planning is a FAIL. They artificially intervene in markets by supressing interest rates not allowing the market to WORK and that by supressing rates it causes bubbles to form because you are pushing the rates down artificially so something else gets inflated somewhere else. To think that men can somehow manage a national economy let alone a global economy is the supreme height of arrogance.
Hey flak, we may not use phones (as we know them) by that time!
Nokia scientist predicts telepathy phoneNokia Research Center's Dr Leo Kärkkäinen thinks out of the box that he helped to invent
Published by Trevor Davies on November 22, 2011
One day we could be using telepathy to operate our phone, says Dr Leo Kärkkäinen from Media Technologies Laboratory. Our handsets could also become virtual medics, guiding us through daily decisions that affect our health.
http://conversations.nokia.com/2011/11/22/nokia-scientist-predicts-telepathy-phone/
I have a funny feeling that the singularity is not going to be everything it' cracked up to be....
Dr. Engali remarked:
The Bernank's foresight is comparable to the world's finest rear-view mirror.
Awesome- Cramer can't even call his own bottom- made a ton after he called the bond market top a year ago......
Someone must have spiked his water with a truth drug!
Maybe a drop or two.
When he gets a full dose we will hear him say "Gold is money, everything else is credit."
I was hoping he would say "Gold is no longer back the Federal Government or the Treasury, therefore it is no longer a secure investment"
everything is being repriced against gold. housing bottoms when it's an all cash market or someone will give you a few gold coins for your property .
Wait till you see Banks start approving home loans again... better make yourself comfortable... it might be a while...
Time to arrest these F- Tards.
Time to hang these F-Tards. FIFY
Yep. Somebody call a Greek cop.
A machete wielding Zulu Warrior will do in a pinch.
No offense but, don't count on The Big Zero to help us out here.
Bernanke will save it by accepting houses as collateral for repos.
LOL. Just like everything else, one must ask "are we talking about the paper market or the physical market". There will always be a certain "value" to a solid well-insulated stone house on a few isolated acres with a sound fence and trustworthy and well armed neighbors.
Time to reset what everyone considers "valuable" - lol!
LOL- he said it at the Orlando Builders show? BUWAAHAHAHAHHAHAHAH
Timeshare Armageddon!!
Counter Strike:
Terrorist's Win's
ha ha ha, priceless from a clueless turd
You caused the imbalance! .. stunning.
When Bernanke states " Housing sector suffers from Serious Imbalances" I think he may be referring to the 1.3 TRILLION in MBS he holds...LOL
Yeah Tahoe good point: Imagine if the had to make a disclosure every time he made a speech.
I guess Goldman et al are already shorting this.
Housing, another "barberous relic", yeah, according to Ben, the only thing worth anything is a Greek promise.
Yes lets scare old people who paid off their houses, After all scaring them into the stock market is so much SAFER these days....good luck with that Ben.
Wow, I had no idea. Glad he informed us here at Zero Hedge. And what better place to make these comments then in Orlando. Ahh, the honesty of our govt.
Bet Barry is pissed.
And with all due respect Tyler, do you think anyone that frequents here for more than a week ever wants to read or listen to Cramers comments. The man is an outlandish fool and a sham. But ty.
Bernanke and Cramer star in:
Based on a true story....
sounds rather like a documentary to me...
NO theyre not idiots or dumb at all! All planned collapse from the start. Only a real Dumb and Dumberer would believe theyre just bumbling but good hearted repairmen trying to fix something broken.
That's okay because things that BLOW UP houses, (particularly those of non-americans and/or people of the wrong color)
seem to be a great investment......
And with Congress wanting drones over America, just think about the bright future investing in a UAV powered demolition company!!!
Next, Bernanke will borrow the words of Alan Greenspan.
It's laughable for sure, but the consequences yet to come make any aware person stop laughing rather quickly. The bottom was called, ehh? That's damned funny. It has a long way to go, and the commercial market still needs to crash too.
What's going to happen when all of the people drastically under water say "fuck it" and walk?
Permanent housing has always been a (somewhat) durable consumer good, land is the investment, not the dwelling.
yeah... especially the fucking granite countertops, walk in closet (to walk in closet) & sub zero freezer (which, of course, no reasonable person could do without)...
precisely, location, location, and the mineral rights to the property as well.
For quite a while now, people have not been paying attention to location either. In the near future the location's value will become painfully obvious as well. I moved out of a HoA planned development that went from all professionals to all deadbeats within a few short years. Living in a place like that today is a death sentence. No thanks!
Epic Fed Fail.
to the contrary, they're an incredible success at accomplishing their goal - to foreclose on and repossess every last home, farm, ranch, business, etc.
I tried to post the Greek translation of this, but all I got was question marks! So, simply said in English, Bernake is a fucking douche nozzle
Looks like 2009 finally showed up in the rearview mirror by which he navigates.
By design!
Treasuries may no longer be viewed as secured investment.
fixed it for ya.
Indeed. The Great Wealth Grab continues... another slap to the middle class. Shuffle in and pay rent to the banksters. Remember, when paper currency falls apart, only REAL assets will be able to store value. Gold, commodities, REAL ESTATE...
Yep, have to keep the average person from buying Real Estate.
Although, prices are currently down, Real Estate is one of the only true avenues for storage of wealth. Plus Real Estate will go up with inflation, in time. It always has. It was only in the last 4 years that it took a downturn and that was because of all of the subprime loans and forclosures.
The Banks themselves helped to crash Real Estate. The first time ever. As they kept selling Foreclosed houses for 25% less than the market value and then the next Bank did the same.
No, Bernanke does not want individuals to buy Real Estate. He wants to save that for his Hedge Fund Buddies who will buy all of the Forclosures and then Rent them to YOU. They will increase the Rents until you are eventually even kicked out of your Rental Home.
Then the Banks and Hedge Funds will Own and control it all.
I generally agree with this, however, if you tour places like sunbelt Florida, or around Vegas, RE is so massively overbuilt it boggles the mind. There are actual modern-day ghosttowns in places like Lehigh in Florida and around the outskirts of Vegas. I don't think prices in FL will recover until the swamps take back some of these developments.
That being said I am long RE buying rental units.
I wonder if Bernanke finds it difficult to wipe his ass when his head is firmly wedged in between his cheeks.
To show you what an utter fool Cramer is, yesterday in what must have been a poke at Congress and the STOCK bill, CNBC put on a "tweet" contest asking viewers to tell them who in Congress they would most trust to handle their investments. Naturally, many responses were biting and funny. But Cramer, with a straight face, argued for Nancy Pelosi because she is a "very astute" investor. Clueless. Is Cramer is the only guy on Wall Street who hasn't even heard about "Throw Them All Out"? He clearly didn't read it. What a fool.
Some memorable Bernanke quotes;
"We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though."
"It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions."
(When asked directly during a congressional hearing if the Federal Reserve would monetize U.S. government debt) "The Federal Reserve will not monetize the debt."
"One myth that’s out there is that what we’re doing is printing money. We’re not printing money."
"The money supply is not changing in any significant way. What we’re doing is lowering interest rates by buying Treasury securities."
"I wish I'd been omniscient and seen the crisis coming."
"We’ve been very, very clear that we will not allow inflation to rise above 2 percent."
"I don't fully understand movements in the gold price"
The " Bearded" whisker biscuit? This is just too easy! get it? EASY!
The "elephant" in the room is the worldwide labor glut resulting in competitive wages of $25/day and near slave camp dorm living e.g. Foxconn. There can't be a housing recovery because wages/incomes are going to decline rapidly over decades. Domestic peace is being provided by trillion dollar deficit spending in the USA and EU...all to cover up the stark facts of the worldwide labor glut. Bloomberg just did a segment of the large Corporate cash positions and that by yearend Corporates will start spending that cash as the tax policy is clarified. BS!! Why would companies creat jobs in the highest wage, most over regulated countries in the world when there are billions who will work for slave wages???? When will someone tell the truth about housing and the employment???
b
we can't handle the truth!
...not quite yet
once the Pope leads the world in this song via simul-holo-projection ww.con, the spiritual will triumph, forever, over the mundane, and all will be genetically re-engineered to have ears like slewie...
...and mickey, of course...
'I Got Mine' FRANK STOKES (1928)
Breaking news : housing was NEVER a safe investment.
It certainly was for the folks flipping them in the early 2000's. The place I bought was a huge profit for the previous owners. They paid 279K and got 384K. In the house I sold before that one, I paid 70K less than I sold it for a year later. I'd say that was pretty safe at the time.
Not disagreeing, but I have to ask what did you trade up for? If you have the money for an investment property seperate from your domicile, slainte, you profit. However if you live in your investment, you would sell at a profit only to trade over for a like property, unless you buy in front of the wave in a different / uninflated market, which is highly speculative in itself.
I took it and paid off debt and bought a vehicle. The sale of the house was part of a divorce, so it ended up thankfully not being taxable.
i'm gonna call that the badPennyTM chart!
i predict benzelbub's next move will be to endorse rPaul4prez!
wtf~~let's roll, BiCheZ!
Someone say Bad Penny?
How did I become an indentured servant to this corrupt, bullshit system run by morons and psychopaths??!!
How did I become an indentured servant to this corrupt, bullshit system run by morons and psychopaths??!!
You chose that outcome, that's how. What will you choose now?
Your fiscal job is always the same, to work around whatever the system does and find ways to use it to your advantage.
Or, you can sit around and claim you are a victim.
Either way, you are right.
joey_bishop_is_yer_fodder?
I also hear that Cramer IS a bottom
And he squeals like a pig.
http://www.youtube.com/watch?v=9gLN3QoN-q8
Brilliant! And how many millions are underwater? Who caused the housing bubble with cheap money? The Federal Reserve created the housng bubble with easy money now the fed announces it could be a bad investment. How about we start throwing some of these Federal reserve people in jail for their engineered Ponzi schemes.
Lets not forget the 'enforcement arm of the FED'...the IRS. All those folks who think they are getting 'relief' will shit their pants when they find out the 'relief' is taxable. Would you sign up for a $20k principal adjustment? Better not unless you are ready to cough up the tax benny.
In the end, it's words that kill. Slewie do me a favor and buy some gbp/usd after the stop hunt Sunday.
nth time dept: slewie doesn't trade fx, killer
sun = poker game/bike/bong/BiCheZ
see? you're invited!
i wanna smoke sum whatever that is!
cU sundae, Y/C and no excuses that you're gonna be filming inSingapore, again!
Welcome to the party, Ben Shalom.
And in related news, water is wet, and trees are made of wood.
I thought Simon was a little prick! He has moved up a notch on the trading " TOTUM POLE". I see why he is an expat! In a good way Simon!
Well, so much much for the American Dream eh Benny?
Whoops. Next up is the elimination of mortgage interest on your taxes. Life under Chalky Soetero sure is interesting isn't it?
http://vegasxau.blogspot.com
Already priced in.
But Cramer just called the housing bottom. For the 7th time.
Priceless!
Fuck him and his den of lying, conniving, vermin assclown thieves.
Cramer should be sleeping with the fishes at the bottom of the Hudson.
Cramer could be replaced by Vince from Sham!WOW and who would know the difference? Now THAT'S deflation.
Housing won't reach a bottom until shills like Cramer are discredited once and for all and the American people (other than ZH readers) get familiar with reality. Then we can begin to rebuild.
Cramer is a douchbag. I wish the little worm would put me on his show so I could ask him a few questions like...Who's going to buy the millions of homes in shadow inventory? How is the next generation going to qualify for homes when they are strapped with so much college debt? What about the millions of baby boomers that will be looking to dump their properties over the next few years? How come every sale is a one and done with no move up sales? How many people can come up with 25% down in order to qualify under todays terms? Where is the next round of money going to come from? ECT...ECT..ECT Let me give you an easy formula to use if you want to know when we really hit bottom... Median Household income = Housing prices... Pretty simple if you think about it and with unemployment at a uncensored 16% and underemployment reaching 25% the bottom is a long way down.
Wait! Does that mean we are witnessing what could potentially be the beginning to a mark to market accounting rule???
How about commercial real estate, uncle Ben? Is that safe? Of course it's not but all banks, pension funds and insurers are keeping real estate on their books as if prices were stuck in 2007!
Uncle Ben, how about gold that barbaric relic? Is gold a good investment?
Between Ben and Warren who was trash talking gold earlier today, I don't know who to go after first when the time comes.
BREAKING!!! Speculation out of China: North Korean leader Kim Jong-Un has been assassinated!!!
Or not.
I'm not too familiar with the US property market, trying to get my head around it and how these comments influence mkts. But from my limited understanding there is about 13tr outstanding mortgage debt.. MBS's are backed by mortgage cash flows as collateral. So in essence if the mortgage sector is fucked then the collateral for these securities is junk. If said collateral is junk then the Fed may step in again and start purchasing securities and this is the basis behind PIMCO's MBS position?
Yes
hi
don't forget about fanny&freddie!
i've been trying to negotiate a deal to trade the ECB for them, straight across, for greece
i always liked superMario better than donkeyKong, but this is fuking ridiculous!
as long as [money = debt] we goto ground @ zombienomics
or, do you see an alternative?
property? market? the FED purchasing MBS "securities"?
sometimes, when "noobies" appear, they are trolls. so, they ask an "innocent" question and get a: yes! the MSM news they are gargling is exactly what is really going on! this "dramatic story" should consume us all!
actually, some of us are turning blue trying to remind people that maybe we'd be better off just telling these shitheads that they've done quite enough, already, thank you, and if we never get another "program", again, from these criminals, it will be TOO SOON!
and i'm real sorry, but the fact that these asswipes are still in charge does not hafta mean they can toss another $13 Tril salad all over the fuking floor!
so, altho both you moronic douch-nozzles are "reasonable" and "innocent" what you may be trying to do here, is NOT
please be advised, and welcome!
Greenspan proclaimed U.S. surreal estate delightfully fucked in 2005 when he peered through his Hubble Goggles and discovered ... FROTH! The wonderful froth expanded to a breathtaking BUBBLE in three short years. Life was GOOD! But alas the surreal estate bubble busted and deflated like a French silicone tit. Life was ungood! We were headed for the Brink!
Bernanke believed the residual Frothiness could be reflated to full-blown BUBBLICIOUSNESS by directing a concentrated stream of THIN AIR DOLLARS and LIQUID MANURE FERTILIZER at it via HIGH PRESSURE DOUCHNOZZLES. His first attempt failed to reflate the bubble (Boo!), but it did get him on the cover of Time Magazine as Man Of The Year (Yay!). He saved us from falling off the Brink!!!
The time is right to prime the pumps, lube the douchnozels, and have another hose party. Bill Gross is on board. We'll save the insolvent pension funds, save the insolvent banks, fuck the populace, and make the cover of TIME Magazine again. Yay!
Just because Slewie and Tippy don't like it doesn't mean it can't or won't be done.
no, mr_T, the time is NOT right to prime the pumps, lube the douchnozels, and have another hose party
if it could work, i would be willing to try it
but it won't work
as you know, it is just another "wealth transfer" which makes everything more riculously impossibly impossible
to a hammer everything looks like a nail
this is not a nail
b/c slewie doesn't like it means simply that slewie will fight against it
you go back to sleep, ok?
that is all
ahhhh, so now ben has made it public that the fed doesnt believe housing is a safe investment, yet he will turn around and buy up lots of unsound mortgage backed paper with dollars-before elections????!!!!!--- and it will be in the form of qe3?!?!?!? ha ha haha!!!!!! this gets funnier by the day. keep smokin the hopium qe-ers!!!!!!!! keep believing benny is gonna print!!!!
man, did ben just f-ck bill gross hard!!!!
dearBill:
thank you for putting your clients' assets at risk in everybody's fave broken market. and by borrowing almost $ 100 Bil to get "return" on this dogshit, you have trnasferred their paper "wealth" directly into loving bankster hands via your "paper" losses. now, we shall monetize your losses and pay ourselves!
just kidding, bro! L0L!!! just hang in there and we'll get to that program as soon as rPaul gives the ok. that was the deal, remember?
see ya!
SHELTER FROM THE STORM - BOB DYLAN
~~benZelbub
Forgot to say this yesterday, what a nice version Slewie. Thanks for posting the link.
uR welkom, Jena (b/c you are a gold mine)
all i do on yutoob is play stuff, but even from my luddite operation, i can see fightClubTM dynamics around mrZimmerman's toons with people using codes to hide what they are, so the copyright lawyers don't take em down. again!
finding this, late last nite, was a "there is no subtitute for luck" moment4slewie!
Been investing in real estate and other things for 40 years. There are no safe investments. Who told people there were safe investments? What, you think you are going to get something for nothing? The better the opportunity for profit, the more risk in the investment.
Funny how Bernanke is derided over and over for being an idiot until he says something people want to agree with. Conundrum! I know, we'll say he's right for once despite himself. But, but...if he can be right once, he can be right twice. What to do, what to do.
I just bought another piece of real estate. I sold my short bond position yesterday (lucky call) for a profit. That wasn't a safe investment either. Both plays were tiny tweaks in my ongoing attempt to keep my money working. Money not working slowly disappears.
Hedge. Diversify. Pick your risk area. But above all, choose and do. A lot of fortunes are made during depressions. Sitting on the sideline ensures you will lose.
deleted double post
Right on time, Ben. Right on time.
For generations prior to the existence of a powerful central bank we had a system. The system was you let contractions occur, it's painful but they were typically over in a matter of months. Some people took risks like contractions never occur and they were penalized. Forclosures penalized homeowners who treated their house like a highly leveraged speculative investment by loosing their home and any principal they may have had in it. Banks were penalized for not making the loan on terms that protected the bank. Now were trying to prevent the contraction and it's like trying to keep a soap bubble from poping, it can't be done. The law of consequences says if you fix the housing mrket you will do so at the expense of creating a problem elsewhere. When there's too much credit it has to contract, it cannot go on forever.
gee, thanks for the insight Ben.
what, are you trying to be edgy now, hip, a little more "with it"?
what's next, TSA pat downs and groping don't actually keep us safe?
how about US treasury bonds Ben, they may no longer be viewed as a secure investment either huh?
whatda ya think...
Ben?
Negative interest rates coming soon.
No secure investment can be allowed to remain. Only consumption and debt allowed.
Maybe we can just fast-forward to the next advanced civilization. This one's done.
*Bernanke says he lost his meds...
Ps. The chart should say "butt" underwater.
Ben is 4 years behind the curve. Central bank of the US&A!
Is it really the 7th time he has called the bottom? Honest question. If so how can he still have a show?
I wonder how many people watched him and bought a house based on his recommendation.
He's JUST A FSKING ENTERTAINER, that's all he is. Read the disclaimer ...
Oh wait, wasn't on the screen long enough for ya?
Never mind.
Listening to Craper is in the same league as listening to any waiter for financial advice.
Lessee - dats ah ... 25 percent is the usual tip. No?
Comeseeusagain, sir.
And have a Great Day.
Yas, suh.
It will no longer be an investment because the government is going to end up owning it all.
``I see a little bit of the foreclosure crisis in everything, don't you know.''
http://ml-implode.com/staticnews/2012-02-09_ForeclosingonOscarMandelmans...
Can't imagine what it must be like to have that much power and influence over the lives of millions (if not billions) of people, and to be able to just say or do anything you want knowing full well you'll never be held accountable. "Oh, that was last year when I said that. This year.....".
There can be no secure investments because ownership is a crime in a society that forces consumption and debt for all.
Secure investment = less spending = Ponzifail
This is the argument of the Secret Fuckhead Bankster Committee to Treasury for negative interest rates. Cash can't be secure either.
Nothing can be secure. Until we end this.
BERNANKE SAID growing troubles in the market for risky mortgages thus far doesn't appear to be spreading to the overall economy
BERNANKE SAID impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained
NO worries! Its all again contained to sub-prime Im sure.
When we all BOIL this massive heap of EXCREMENT down, what do we end up with? Jack Shit!
I want to know what the little red dot on the top right represents. Is it the sun setting on the US economy?
'Housing' was NEVER a 'secure investment' to begin with, you own nothing and even when a deed is paid off, youre still listed as the 'tennant'. If you actually OWN something outright, then how can you be taxed on it? Miss tax payments on your 'property' and see what happens.
Very interesting comment... I'm not sure how it works in America (I live in Canada) but if you build your own house from scratch without using debt (thus you'd 'own' it), through what means would you be taxed on it? Obviously one's ownership would (should?) be different than if it was mortgaged as per usual, no?
SheepDog-One,
i believe in most countries state (govt) will still collect the annual property tax even though one FULLY owns it (no mortgage, 100% cash, from heritage etc) but that tax amount will be relatively small, less than 1% pa.
First of all, a house is a dwelling place... "a man's home is his castle"!
Such investment thought is a more remote idea. One doesn't sell out the one he's dwelling with ease normally!
Just my 2cents
"Allodial title" from wikipedia "constitutes ownership of real property (land, buildings and fixtures) that is independent of any superior landlord,"
In the US and most other places you cannot get Allodial title to land except in a few rare cases. In the US you are a tenant no matter how much you may think otherwise.
AG 1 Farmland is however...
AG 1 Farmland is however...
re: Mr. Bernanke's remark...
Hilarious...
Harry Browne said the same thing in:
New Profits from the Monetary Crisis
Published in 1981..!!
Real Estate Vs. Stocks
It is--in the short term. U.S. real estate sale prices increased more than 56% from the beginning of 1999 to the end of 2004, as tracked by the Office of Federal Housing Enterprise Oversight, part of the U.S. Department of Housing and Urban Development. The S&P 500 index dipped nearly 6% during that same period.
http://www.forbes.com/2005/05/27/cx_sc_0527home.html
This is simply reverse psychology, meant to drive the lemmings back into stock market.
The broke, unemployed, bankrupt lemmings will buy stocks with what? Food stamps?
sheepdog-
don't give them any ideas...
No no nooo - not called Food Stamps any longer. A "negative stigma", so now called SNAP. Supplemental Nutrition Assistance Program. So much nicer sounding. And instead of paper stamps, you get a very nice EBT (Electronic Benefit Transfer) debit card. Just swipe it like any other debit card. Stocks are not yet on the EBT approved list. But maybe someday soon everyone beyond the current 48M SNAP beneficiaries will have an EBT card for all purchases.... Make that pesky cash currency obsolete.
It's SOOOOO NICEEEE to have the benefits of an EBT Debit Card with MONTHLY REFILL from the generous govt of the United States of America!
What a powerful card that can buy one a lot of stuffs, i wish i can Snap one of that magical card (then carry on my sweet dream).
Hopefully it will stay permanently and be expanded ever (superpower charged!).
wow amazing...around 48,000,000 are living on the generous card
hey Ben, as long as your spreading insightful pearls of wisdom (you obviously have sources that the rest of us just don't have access to) maybe you could clue the rest of us in on what is really, really important right now...
is Kim Jung Un dead or not?
thanks Ben,
mf
Ben is still not sure about General Franco.
When it bottoms, it won't bottom: R/E bottomed last time in 1992. Foreclosures topped out in 1995. Think we might just have abit more inventory this time?
Because he is liar, I think it's time to buy houses.
Right>?!!? Buyers' market, you hairlipped douche. If you have the cash, do it.
Bernank, the hairlipped douche, responded, "wood eye, wood eye!"
FUCK YOU BEN BERNANKE! FUCK THE FEDERAL RESERVE BANK! FUCK YOU BITCHES! FUCKIN' NO SHIT. BRILLIANT ASS ECONO NAZI PIECE OF SHIT. FUCK.
From the horses mouth:
http://www.nahb.org/generic.aspx?genericContentID=175526 28:45 ish....
Text of the speech at the Orlando Builders show:
http://www.reuters.com/article/2012/02/10/us-text-bernankes-idUSTRE8191H...
Why is the Chairman of the Federal Reserve giving a speech in Orlando to homebuilders attending a Convention?
From the Orlando speech. Surprised he did not close with the Keynes quote "In the long run we are all dead".
Conclusion In sum, the economic recovery has been disappointing in part because U.S. housing markets remain out of balance. Many local markets have an overhang of empty and foreclosed homes, and many potentially creditworthy homebuyers cannot obtain mortgages. The weak housing market also impairs homeowners' financial health and diminishes the quality and stability of neighborhoods and communities. For these reasons, and because the troubled housing market depresses construction activity and employment, we need to continue to develop and implement policies that will help the housing sector get back on its feet. No single solution will be sufficient. But sustained efforts to address the many interlocking factors holding back the housing market will pay dividends in the long run.
Is it just me, or did it seem like Bernanke wanted to crack up laughing at a couple points. When he stated that "housing may not be seen as a safe investment", he looked like he was about to laugh.
Also note that bernanke knows that they will make more money renting units... Are we sure this wasn't just a huge slow motion land (everything) grab?
Bankers' Hide-Away:
http://www.youtube.com/watch?v=VadvMP-5JX0&feature=fvwp&NR=1
Ben Bernanke, prescient seer of our economic future, predicts housing may no longer be viewed as a secure investment! With forward looking analytic genius like this helming the flagship of the international economic system,I swear we may never again encounter a patch of stormy weather.
This guy is either the greatest clown that ever lived, or incomprehensibly evil.
The tragic & criminal failure of these incompetent & grossly negligent criminal stooges is unfathomable.
Benny really IS 4 years behind the curve ... yet his policies still wreak havoc on billions of people today.
The chaos in Greece is the "canary in the coal mine" ... do you think Benny gives a shit ?!!
incomprehensively evil...... you don't become the Fed mouthpiece as being only a clown, imo
Okay, I'm a dumb-ass. What does "FTMFW" mean? I've been racking my little brain, someone help?!?!?!
http://www.urbandictionary.com
Thank you Jena!
For The Mother Fucking Win.
Thanks! ( I wonder why the 'reply' button doesn't work...hmmmmm)
Aren't Fannie and Freddie built on the premise that housing in the USA is a secure investment?
No one clearly estimates the operating and maintenance cost of these things (houses) but like cars they depreciate, and like gold, they need watching. the housing industry will revive when the cost of production goes down, when the inventory of 200K value homes, (by example) can be replaced by 100K homes. That would be like watching gold rot, or new BMWs suddenly selling for half price. So the charade must be maintained, the technology (which will provide really affordable housing IF THEY WANTED TOO) were allowed to move forward, but technology has always been at the mercy of corporate america. this is how Bill Gates destroyed the personal computer, only to be replaced by the handheld because he couldn't control that.
I built my own home - took me about 3 years before we could move in, 5 years before it was pretty much done, after 30 years it is more maintenance than construction...
No mortgage.
Built my own two-car garage (two years) and metal shop, then a wood shop (two years) and storage building (one year). No mortgages.
And they were not built for investments - they were built to live and work in. There is just a huge, fundamental flaw, so big that most people don't see it - that a house is an 'investment'. As long as that is the belief system, the 'housing market' will always be fucked. A house is a place to live in while you go about your life.
well, good!
but if you taken out a small construction loan, you would not have needed to tear down the garage to build the woodshop & storage! L0L!!!