The Darkest Storm is About to Descend - You Can't Imagine the Carnage

Quote from Wayne Gibbous:

07-22-08 08:17 PM

Let me tell you something. You think you know that things will get bad with the banks, right?

I mean, there's been doom & gloom all over the news, and predictions of bank failures by the hundreds, right?

You are all prepared, right? Nothing will shock you?

Things are 100x worse than what anyone has publicly been saying...



Props for this, BuyLo! Dead on.

Wish I was short... :cool:
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You are a gracious gentleman. I tip my hat to you.


(Wish I was short, too)
 
Home Prices Seem Far From Bottom

By VIKAS BAJAJ
Published: October 15, 2008

The American housing market, where the global economic crisis began, is far from hitting bottom.

Home prices across much of the country are likely to fall through late 2009, economists say, and in some markets the trend could last even longer depending on the severity of the anticipated recession.

In hard-hit areas like California, Florida and Arizona, the grim calculus is the same: More and more homes are going up for sale, but fewer and fewer people are willing or able to buy them.

Adding to the worries nationwide are rising unemployment, falling wages and escalating mortgage rates — all of which will reduce the already diminished pool of would-be buyers.

“The No. 1 thing that drives housing values is incomes,” said Todd Sinai, an associate professor of real estate at the Wharton School at the University of Pennsylvania. “When incomes fall, demand for housing falls.”

http://www.nytimes.com/2008/10/16/business/economy/16housing.html?_r=1&oref=slogin
 
Quote from ByLoSellHi:

My only question at this point is how bad is this going to get. I am confident it won't stop at Lehman.

Now that the fed has sent a loud message that the bailing out might have begun and ended with Bear Stearns, what shall unfold over the next several months?
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BiLoSellHi and I and others,

for years now,

have been decrying the abuses that the Bush II Administration has allowed, whether directly, tacitly or through association or through negligence...

We are seeing all of their deconstruction of the United States of America as we have known it and for what?

to give the wealthy a tax credit by taxing all others including destabilizing the municipalities to the extent that we are now discussing billion dollar rescue packages for the cities?

to enrich boone pickens and his kind at the expense of everyone else?

to make those racist, biggoted, constituents feel good at the expense of other decent, well intentioned fellow citizens of other persuasions?

what has happened here?

whether or not we rebound, we are being sold out and betrayed by our leaders to an extent that the word treason doesn't do justice, nor does it seem that Congress will roast the feet(s) of those who presided over major corporate collapses, as if there's no one to hold accountable...

what a mess....

and we were wondering how much worse it could be?

we have yet to see..
 
And to think...we gave congress to the democrats we thought would save us all from this evil!!!! Nancy! Harry! Barney!! Hillary!!! Usama!!!! WTF?

The next go around will be better, and if it is not, we can (will) blame Bush.




:cool:
 
limitdown.
Get off the far left web sites and learn what really happened. On second thought. Don't bother your mind is already made up. Hope you enjoy what you have asked for.
 
I'm waiting for when all these left of center do/ know nothings are scrambling for their next meal in the trash cans. At least when they try to steal from us it won't be through the legal system, they will have to do it to our face
 
W have not hit bottom yet.

Unemployment is rising, housing foreclosures are rising, homes for sale (open market) are building in inventory, office space is anemic and getting weaker, and economic pain is hitting suppliers and retailers now.

Realizing that the equity markets are 'forward looking,' they don't look so far into the future that they throw all common sense to the wind.

We are not near the bottom yet. The economic trends have to at least[/] stop deteriorating before there can be hope for equity markets turning up on any sustained basis.
 
Quote from ByLoSellHi:

Let me tell you something. You think you know that things will get bad with the banks, right?

I mean, there's been doom & gloom all over the news, and predictions of bank failures by the hundreds, right?

You are all prepared, right? Nothing will shock you?

Things are 100x worse than what anyone has publicly been saying.

How do I know this? It's not insider information. It's not a national secret. It's not privileged, nor confidential information.

I have two very friends that work for two different law firms, and they have been taken out of their regular practice areas and reassigned to the foreclosures department.

Most of you have ZERO clue as to how many PROPERTIES (not just residential homes, but commercial, retail, office and industrial) are being foreclosed upon.

They are both telling me that their firms can't hire paralegals or attorneys fast enough to handle the onslaught, and that the senior most partners at their firms view this as unprecedented.

It's so bad, and these people are anything but lazy, that they are considering quitting their jobs. They both refer to it as a black hole. They have told me stories of people just quitting on the spot, in the middle of the day, as a frequent occurrence.

If you have access to any database that lists foreclosed properties, you would be stunned at the broad array of properties - everything from single lots to factories to shopping malls - that are being foreclosed on right now.

Everything I'm telling you is public record. Once banks file foreclosure proceedings, it's all public record.

So, if you have any doubts that we are headed for an absolute crisis, or that properties from the tens of thousands to the hundreds of millions, from New York to Boston to Cleveland to California to the Hamptons to Mercer Island are being foreclosed upon in record numbers - just go check out the public records - whether in your immediate area, or on a national level.

No one can understand the size and scope of this crisis until they actually view the reams and reams of foreclosure listings, and see that no price point, location, category, size or shape is immune.

You will come back to this thread, if you do this, and be able to do nothing but say "wow, you're right."

A tidal wave is about to hit. It's 60 feet high, just off shore, and building in velocity and height at a rapid clip.
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nice call :p
 
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