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The Darkest Storm is About to Descend - You Can't Imagine the Carnage
- Thread starter ByLoSellHi
- Start date
Quote from ByLoSellHi:
I know. This is where one really does have to have balls, and an inherent belief that regulators such as central banks will do the right thing, or at least not compound the problems, during times of crisis, in order to summon the nerve to enter a position.
My problem now lies in lack of faith in our central bank.
The Fed is irrelevant at this point: lowering interest rates have done nothing to improve credit conditions and inflation is still creeping up. Nor can they really raise interest rates on an economy that may be headed into an inflation. Btw, the tax refunds are already spent and everything that the Treasury/Congress has done is avoid a major panic but little to heal the economy.
Basically, this one is going to cook on low heat...
Quote from ByLoSellHi:
My problem now lies in lack of faith in our central bank.
Can't stand outside the office building selling pencils in a tin cup anymore...they don't use pencils....
can't collect enough bottles, because $.05 just doesn't add up to much, and when it does, the $1 (USD) doesn't add up to much either....
can't flip distress houses like the pundits and A&E tv show, because there aren't any mortgages, or jobs for the mortgage holders to have, or demand for houses...
can't go to B School because the student loan crisis can't even make it to the back page let alone section B in the news cycle...
can't expect the regulators to regulate and uphold some sense of structure because overly simplistic 10-gallon HAT gave away the budget money, mumbling something about sending the country into debt just to give out fare tax breaks (to the wealthy)....
can't expect trickle down to work, when some multi-$100,000,000,000 hired 60 minutes to sell his mansion in Greenwich, CT (this last sunday) and package the segment as news....
can't expect to get to a job, when you find one, 2 counties away, because you can't even fill up the gas tank, just to take the interview (CNN news article regarding the public rantings of a Pennsylvania man's experiences recently)...
can't expect Civil Service jobs to last much longer because of declining tax revenues, calls for smaller state, local and federal government budgets...
and all you're worried about is the Central Bank?
I guess there are broader views to this mess, and we still have simpleton Bob to thank and his crew....
http://www.bloomberg.com/apps/news?pid=20601109&sid=ahcwMXBNz.Wg&refer=home
A little food for thought for those buying into the theory we're easily going to dwarf 1974, 1980/82 and 1990/91:
A little food for thought for those buying into the theory we're easily going to dwarf 1974, 1980/82 and 1990/91:
Hudson City Bancorp Inc. Chief Executive Officer Ron Hermance, who built the company into the largest U.S. savings and loan amid a worldwide credit crunch, said the current crisis isn't the worst he's seen.
The subprime-induced slowdown has been amplified by 24-hour media coverage and the reach of the Internet, Hermance said in an interview. Delinquencies aren't ``anywhere near'' the level that fueled the savings and loan collapse of the early 1990s, he said.
Back then, ``Wall Street had real problems, and confidence was one of them,'' Hermance said yesterday. ``If you weren't unemployed, you knew somebody that was.''
Quote from makloda:
http://www.bloomberg.com/apps/news?pid=20601109&sid=ahcwMXBNz.Wg&refer=home
A little food for thought for those buying into the theory we're easily going to dwarf 1974, 1980/82 and 1990/91:
other than simple secretary, janitor and college intern, wonder if he's hiring,
especially in jobs that afford a family's wage?
basically useless words, when those of us educated ones see others on the streets (outside our workplaces) with that forelawn face that says, just got surplused, fired, downsized, off-shored, side lined, put of vacation (not just took a vacation),
or whatever other conservative, feel good term is in vogue
the biggest question really is,
didn't these guys know they were throwing a poorly balanced system out of whack when they
1) threw the tax and tax refund system out of whack
2) intentionally addicted the American people on fradulent mortgages and no-documentation loans
3) kept playing stupid whilest oil, fuel and energy prices kept doubling and tripling and quadrupling
if this gets worse, the consumer side the economy gonna get bloody
http://online.wsj.com/article/SB121789414527011921.html
"Investors are growing wary of bonds backed by credit-card payments, jamming up another debt market and making it tougher for Americans to tap what has been one of the easiest places to get credit."
http://online.wsj.com/article/SB121789414527011921.html
"Investors are growing wary of bonds backed by credit-card payments, jamming up another debt market and making it tougher for Americans to tap what has been one of the easiest places to get credit."
Quote from makloda:
http://www.bloomberg.com/apps/news?pid=20601109&sid=ahcwMXBNz.Wg&refer=home
A little food for thought for those buying into the theory we're easily going to dwarf 1974, 1980/82 and 1990/91:
"...Hermance, 61, has more than quadrupled the stock price at Paramus, New Jersey-based Hudson City since taking over as CEO in 2002. Earlier this year, Hudson City surpassed Washington Mutual Inc. as the nation's biggest S&L by market value. It boosted profit as the world's largest financial institutions reported more than $480 billion of writedowns and credit losses tied to subprime mortgages. ..."
Looks like a new shorting candidate. Lets see if we can get Hudson City back to 2002 prices.
Quote from makloda:
Not sure if you're aware of it, but people were fired and demoted to janitors before. It's nothing new. Happened in 1990 just as it happens today.
and those were the fortunate, connected ones, able to remain employed, and have some sembalance of dignity and purpose...
even then, their wages were no where near what they were to cover their family's load....
the American consumer has had it!, ka-put,
done in by their own gum-mint...