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US losing confidence vote as investors flee
The Telegraph ^
| 3/17/2008
| Ambrose Evans-Pritchard
Posted on 03/16/2008 8:58:36 PM PDT by bruinbirdman
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To: Biblebelter
Better start nailing shut the windows on Wall Street. That huge crane that fell on NYC is a bad omen.
To: bruinbirdman
*BUMP* !
42
posted on
03/16/2008 9:44:23 PM PDT
by
ex-Texan
(Matthew 7: 1 - 6)
To: cherry
"in a real good and normal recession, one can usually make up for losses by picking up "deals"...so where are the deals?"
Go starchy? Rice can go a long way for little cash.
There are no good deals, BTW. The importers and merchants are playing chicken with our economy to try to keep the dollar propped up (for their fat margins from foreign slave labor).
Non-sticky, low-cost Rice:
1. Fill about quarter of a cooking pot with rice (the basic kind that comes in 25 lb. bags)
2. Fry with margarine, oil, or whatever until browned. Add other ingredients to taste (celery salt, worcestershire sauce, or the like). The frying will give it a tiny bit of a nutty taste (or something like that).
3. Add water, until the water is about 1/2 inch to 3/4 inch deeper than the rice (depth depending on your elevation above sea levelabout the length of a clean thumbnail being the rule of thumb).
4. Bring to a light boil, turn the heat down as low as you can get it then cover with a lid.
5. Leave covered and cooking on lowest heat for about 20 - 40 minutes (length of time depending on elevation. Experiment!).
Check it. Add water and simmer longer if necessary. Youll get the hang of it. If its fat, soft and non-sticky, its done.
Try it with veggies and your favorite sauce (soy...whatever) and little or no meat. Or,...
Try it topped with pinto beans (and *small* amounts of spices like chili powder, cumin, jalapeno peppers, black pepper, red pepper, cajun spicewhatever), and a little cheese sauce on top of the beans.
Add home sliced, egg-battered and fried onion rings, hush puppies,...
43
posted on
03/16/2008 9:44:31 PM PDT
by
familyop
(Lowly, worthless male weekend warrior trash has-been with no degree.)
To: WilliamofCarmichael
When I first moved here to the high desert in L.A. County (1996), there were a ton of houses in what they called an "upside down" status. The owners owed more in their mortgage than the homes were worth. This had been going on for about five years at the time.
Our agent told us there were deals to be had, but that if we wanted to buy a home in foreclosure, we had to be prepared to deal with a LOT of red tape, misc paperwork, extra hoops, etc. Plus it would take a lot longer than a conventional purchase. Plus since the good ones had already gone, many were in pretty tough shape. We didn't buy a repo.
Fast forward to today, and I think the prevailing logic is that people currently trying to sell are going to have to start competing with the perceived foreclosure prices. Agents and brokers will push all those notions, of course. It will take a bit of time to sort out. The thing is, pricedropping is only one half of the story. The other half is that the seller still holds the mortgage at the original price.
It's my understanding that the bad subprime loans have been sold so many times, it's kind of tough to even figure out who the mortgage holder *is* in some cases, which will add even more time to the process. (That is, if Steve Kroft's 60 Minutes reporting is to be believed, and I'm not saying that it is.)
Another major difference this time is the sheer number of these foreclosed homes. I'm talking about California, but, of course, this is happening all over.
Here's an article from today's SF Chronicle: Mortgage crisis is creating new 'slumburbs'
So I thought I'd throw my two cents in, from the practical man-on-the-street standpoint. In the long run, what you said is true, I think. There is a lot of back-and-forth in the process.
44
posted on
03/16/2008 9:45:31 PM PDT
by
lainie
("You had your time, you had the power, you've yet to have your finest hour" (Roger Taylor, 1984))
To: Attention Surplus Disorder
RE: "qualifying for loans back then was quite conventional, requiring solid down payments."
That is soooo important! Back then lenders handed out toasters and calendars, we joked that the only way you could get a loan was to not need it.
So I wonder, why bail out lenders who started handing out loans? They lost. Why bail out those who bundled the mortgages on a global scale and exploded the credit bubble. They lost. Look at $2/share Bear Stearns. They lost. Hey! it's capitalism. You takes your chances. I thought all these guys hated "government interference." Now look at 'em crowding around Washington.
And you're correct. The housing prices are still relatively high. But what about next year? I wonder.
45
posted on
03/16/2008 9:45:51 PM PDT
by
WilliamofCarmichael
(If modern America's Man on Horseback is out there, Get on the damn horse already!)
To: bruinbirdman
I wouldn’t want to have debt tied to the prime - get it “fixed” and quickly...
46
posted on
03/16/2008 9:47:34 PM PDT
by
GOPJ
(Obama's Rev shows blacks too can be hateful small minded bigots. Toss white guilt-it's a new day.)
To: cherry
They say that during the great depression when everyone was broke and starving, somehow or another booze was flying off the shelves and they couldn’t make enough of it at any price...of course it was illegal, so that kinda dampened the production of it a little. But still, somebody always finds a way to get rich, no matter how bad it gets.
You got me where the deals are this time around. Maybe it will be realesate by the end of the year.
47
posted on
03/16/2008 9:49:35 PM PDT
by
mamelukesabre
(Quantum materiae materietur marmota monax si marmota monax materiam possit materiari?)
To: WilliamofCarmichael
Why bail out those who bundled the mortgages on a global scale and exploded the credit bubble. They lost.
Because the consequences of not bailing them out are far worse.
48
posted on
03/16/2008 9:49:53 PM PDT
by
durasell
(!)
To: Moonman62
"As of last Friday, US treasuries looked extremely popular to me, and I bet theyll be even more popular on Monday."If someone is dumping treasuries wholesale, interest rates would have to go up.
Now, ChiComs might not be buying U.S. treasuries, but they ain't dumping.
If Uncle Sam had a problem unloading new debt (AEP, "Asian, Mid East and European investors stood aside at last week's auction of 10-year US Treasury notes."), interest rates would have to go up.
Everything I see at Bloomberg is down http://www.bloomberg.com/markets/rates/index.html
I think smart money is taking profits in euros and pounds and sending it to safety (U.S.A.).
yitbos
49
posted on
03/16/2008 9:52:43 PM PDT
by
bruinbirdman
("Those who control language control minds." - Ayn Rand)
To: lainie
Thank you for the extra detail. This is not a normal bear market -- at least the recovery is likely to require some real doing. Opportunity galore for some very clever people, I guess. We got anyone that smart? :)
50
posted on
03/16/2008 9:53:55 PM PDT
by
WilliamofCarmichael
(If modern America's Man on Horseback is out there, Get on the damn horse already!)
To: dr_lew
"McCain didnt even know Congress had banned lightbulbs!"And our president did not know that gas prices were reaching $4.00 a gallon.
51
posted on
03/16/2008 9:54:18 PM PDT
by
yorkie
(The FEW. The PROUD. The MARINES. Semper Fi)
To: WilliamofCarmichael
Well...smart, and liquid. Snapping up real estate, good deal or no, requires a bit of moolah. :-)
But at the same time, we have the dollar falling and fuel rising. So I don’t know what to make of the big picture yet.
52
posted on
03/16/2008 9:58:27 PM PDT
by
lainie
("You had your time, you had the power, you've yet to have your finest hour" (Roger Taylor, 1984))
To: yorkie
I say not a comparable datum. McCain is a Senator, and he had no knowledge of an act he had participated in. As for the gas prices, they hit 343.9 here in Chicagoland, where they’re traditionally high, and have dipped to 339.9. Tomorrow? Who knows! But that’s just it ...
53
posted on
03/16/2008 9:59:15 PM PDT
by
dr_lew
To: coloradan
Me neither which is why I bought two Ruger LCPs last week as well as a re-supply of shotgun shells.
54
posted on
03/16/2008 10:00:06 PM PDT
by
crghill
(Postmillenial, theonomic, presuppositional, covenantal Calvinist! Let reconstruction begin!)
To: cherry
Yes, it ain't over yet.
This recovery is perhaps made more difficult because of global factors, I don't know. I do know that it ain't over yet and it will likely get worse.
I've seen many cycles since the end of W.W.II. We all survived. Today we have for the first time trillionaire enemies, Middle East fanatics and the Chi-coms. We had enough sense not to build the Soviet economy.
55
posted on
03/16/2008 10:01:59 PM PDT
by
WilliamofCarmichael
(If modern America's Man on Horseback is out there, Get on the damn horse already!)
To: NormsRevenge
Ben does look pained. And I bet he's pounded his fist more than once this weekend and shouted, "WILL SOMEONE PLEASE PUT A MUZZLE ON THAT GUY!?"
GREENSPAN: FINANCIAL MESS WORST SINCE WWII...
56
posted on
03/16/2008 10:02:24 PM PDT
by
lainie
("You had your time, you had the power, you've yet to have your finest hour" (Roger Taylor, 1984))
To: WilliamofCarmichael
No, we only built a soviet-style economy here. That’s the problem!
57
posted on
03/16/2008 10:04:02 PM PDT
by
hedgetrimmer
(I'm a billionaire! Thanks WTO and the "free trade" system!--Hu Jintao top 10 worst dictators)
To: WilliamofCarmichael
The rate was about 16% but the cost of a house that would go for $400,000 today was $70,000.
58
posted on
03/16/2008 10:05:15 PM PDT
by
CaptainK
(...please make it stop. Shake a can of pennies at it.)
To: WilliamofCarmichael
Today we have for the first time trillionaire enemies ...You raise a point. I had been wondering what machinations might be at work that have escaped public notice. I have to wonder if this isn't a case of someone flying too close to the sun.
59
posted on
03/16/2008 10:06:11 PM PDT
by
dr_lew
To: bruinbirdman
ping for later read - the Fed.
60
posted on
03/16/2008 10:11:45 PM PDT
by
WOSG
(William F Buckley: A great conservative, may he rest in peace.)
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