[VOA]

Subprime lending to trigger world’s worst financial crisis since 1929

1. If the news source is correct, we have had a warning.
And should be prepared for the storm.

2. If it doesn't happen, then we owe a thanks to the media for being
a good negative indicator.

3. AND, for anyone that didn't see a problem with subprime loans
coming...
YOU'VE BEEN LIVING ON ANOTHER PLANET, IN A CAVE, OR IN A FREAKIN' COMA
FOR THE PAST TWO YEARS!!!!!

Even The Los Angeles Times was running articles about the looming
subprime implosion a couple of years ago!!!

[FightThePower!]

This is only the beginning of the problem. I laugh at all of the people who think people warning of a problem think the sky is falling. Its a big problem, it isn’t the end of the world, but people need to take this seriously.

[AmericanInTokyo]

They way I look at it, people can sometimes get a little bit too partisan for their britches and cloud their vision.

If it were the Clinton Administration in power right now, either Bill or Hitlery, probably the FR threads would seethe and bubble over with widespread agreement over the premise of this foreboding article.

However with a Republican (some would say a "RINO" but that is a different thread!) firmly at the White House helm, you see a preponderance here of dismissing this kind of projection and prediction.

I can tell you from independently watching things here in Japan, watching the USA, Brit and Asian markets, taking temperatures everywhere, and talking with tons of people, this is an extremely serious global situation the likes we have not seen in many of our lifetimes.

I for one am not particularly optimistic about things right now. We had heard the warnings about such things as these Too-Good-To-Be-True "No Interest Loans" and other packages and products. It is all about the sub-prime borrowers, not a few of them illegal aliens, itinerant, untrustworthy, irresponsible, illiterate and the like, simplistically thinking they could base their payback ability on ever rising domestic U.S. real estate values. Freely and of their own volition, ignorance, greed or whatever they went out on a limb (again, their foolishness) and the mortgage companies and shady financial organizations also going out on a limb (again, their foolishness, too).

Wait till the other shoe drops. It AIN'T going to be pretty. Democrat or Republican in the White House. No difference!!

[VxH]

[3. AND, for anyone that didn't see a problem with subprime loans
coming...
YOU'VE BEEN LIVING ON ANOTHER PLANET, IN A CAVE, OR IN A FREAKIN' COMA
FOR THE PAST TWO YEARS!!!!! ]

 

 

You mean Barney "Fife" Frank?

 

 

 

During the House Financial Services Full Committee Hearing on "Recent Events in the Credit and Mortgage Markets and Possible Implications for U.S. Consumers and the Global Economy",  Chairman Barney Frank left the hearing in order to attend a meeting in support of legislation that would force American employers to hire homosexuals.   That says a lot about Barney's priorities.  

 

Barney "Fife" Frank.

Financial Services Watchdog

 

This watchdog only has one tooth and

Barney's boyfriend makes him keep it in his pocket.

[HamiltonJay]

There are nearly 500 TRILLION dollars of debt out there backed directly or indirectly by sub prime loans. For ever 1 dollar of sub prime mtg debt, the debt it supports is 20 to 30 times that, as theses bundled mortgages were used as collateral to borrow more money to buy more debt securites etc etc..

To give you an idea HOW big this is... the world wide (not just the USA, but world wide production (the value of everything produced on the planet) is about 60-65 Trillion a year. So that means that if the entire worlds production was dedicated just to pay off this debt, it would take 8 years roughly to do so.

This is a scope and scale that few alive today have witnessed..... its going to be ugly folks.

[editor-surveyor]

"3. AND, for anyone that didn't see a problem with subprime loans coming... YOU'VE BEEN LIVING ON ANOTHER PLANET, IN A CAVE, OR IN A FREAKIN' COMA FOR THE PAST TWO YEARS!!!!!"

The sub-prime loan 'problem' was manufactured by media muscle. There was no problem; interest rates were holding low enough that refinancing was working smoothly until the drive-bys started screaming "housing bubble," and the sheep started to believe them. Keep on worshipping the liars.

[The_Media_never_lie]

Even The Los Angeles Times was running articles about the looming subprime implosion a couple of years ago!!!

Yes, and the problem with picking when a bubble is going to burst, is that it can keep on expanding for years and if every early warning is heeded, much money is left on the table.

This could, but probably will not end like 1929.