Call me crazy, but what's the REAL intent behind all this crisis?

Random Ramblings
21

I just wanted to share a post from latimes blog that gave me a clear picture of the argument against the bailout (Tim K. was the poster):

"Of course it’s a bailout! He also probably believes taxpayers are going to “make money” on this too! Newsflash - the only way anyone is going to “make money” is if the underlying assets, HOUSES, appreciate back to bubble levels. That makes about as much sense as saying, sure, you can buy my overpriced $200K house for $800K and you’ll MAKE MONEY when it hits $1million!

The other thing that is really disingenuous is this whole nonsense about the credit markets being frozen. Of course they are! Interbank loans are frozen for good reason - they don’t trust that each other are solvent, and they SHOULDN’T TRUST EACH OTHER RIGHT NOW. Taking the bad loans off the books is not what creates trust - what creates trust is knowing that you’re behaving responsibly and not going to create MORE of these. It means paying off your bad debts, not letting the taxpayer BAIL YOU OUT.

Seriously, do you think that if I, as a deadbeat, just have all my debts swept away that I DESERVE to be trusted? Do you think if I run up a $100K pile of debt, and someone just whisks it away from me that I should suddenly expect someone to loan me even more money? Of course not, but this is EXACTLY what is being proposed by Paulson’s BAILOUT. It’s not a rescue.

If I “rescue” a gambling addict who has maxed it his credit card by giving him more cash - is that really a rescue? It’s a BAILOUT, plain and simple."

22

It has been time to pay up for a while… IT WILL NOT HAPPEN! IF it where to happen, we would take the losses and work our way through it WITHOUT incurring more debt.

The interest on the DEBT SERVICE ALONE (INTEREST ONLY) for the national debt (currently $10+ TRILLION DOLLARS) is over $400 BILLION for this year alone, and people are ready to let the people (both parties) who mismanaged the tax dollars so badly they extracted from us and allow such a travesty (national debt) to occur to come up with a solution to the Wall Street problem would be so laughable if not so tragic.

Where is the outrage on the over $400 Billion LOST FOREVER TO INTEREST (60-65% of the total amount asked for by the $700 Billion PAYOUT) this year alone on the national debt.

Sheep being led to the slaughter amidst the distractions…

Ask the average person WHY we need to do this, and all you will get is regurgitated media-speak.

SOLUTION - a law put in place making it ILLEGAL for the goverment to spend more than it takes in. Any emergency siutation (military, financial, whatever) would require the approval of the electorate in referndom form.

Before you say that is what our elected politicians are for, to do the will of the people, THEY ARE NOT DOING THE WILL OF THE PEOPLE - THE PEOPLE DON’T WANT THIS! As is the case on so many issues…

The POWER needs to be taken from the goverment and returned back to the people.

23

P.S. - It still makes me laugh that those in goverment have the absolute balls to criticize the Wall Street $700 Billion bailout which was accumulated over more than a decade of adding bad debt the govermont legislated they do, when over the past two years alone we’ve lost more on INTEREST ONLY due to the govements mismanagement of our tax dollars. And how do we reward such mismanagement and fraud on the taxpayer? - Allow them to use these management skills to fix a financial crisis on Wall Street? One that seven (7) different Federal Goverment oversight agencies did not detect or enforce… SO LET’S START ANOTHER ONE AT BILLIONS MORE!.. :banghead

What an absolute unmitigated joke (on us that is)…

24

From Investor’s Daily Edge
http://www.investorsdailyedge.com/Article.aspx?Id=1110

Oh, Say, Can You Still See? Part 15: The Crooks Love a Crisis

By Dr. Russell McDougal

You have been robbed blind. I have repeatedly warned that a power grab has been in the works during the present financial chaos. More authority is now being given to the specific entities that caused our present financial and economic problems. Beware.

There has never been, in US history, a more challenging time to be a financial editor. It is a humbling responsibility. A clear 98 percent of those who attempt to explain what is going on will be dead wrong. Negotiating this mine field is a major challenge. Truth be told, things are happening so quickly that this missive is being sent as close to deadline as possible. The gory details of this historic bailout will be analyzed in the coming weeks.

This long series (link to part 14, 2-20-08) was designed to demonstrate the inherent dishonesty in our money and our markets. Enron was not an anomaly! Enron, Fannie and Freddie, Merrill Lynch, AIG, Bear Stearns, Lehman Brothers remain the status quo though they have been banished or thrashed.

The job of government is to provide honest money and a level playing field in the markets. Oops! There is no Constitutional mandate to bail out reckless crooks.

As long as the Federal Reserve remains in cahoots with the US Treasury, the Puppetry Presidency and the rubber-stamping Congress, nothing will change. So what if you get rid of a few bad apples but not all of them? Morgan Stanley, Goldman Sachs, Bank of America and other Wall Street parasites are more than capable of spoiling the remaining fruit. All entities are corrupt, compromised and emboldened. The beast just gets bigger and bigger.

The problems are systemic. The present bailouts are no surprise to those who have been paying attention (links to Part 7 1-2-08. Part 8 1-9-08 and Part 12 2-6-08). Who exactly is being bailed out and who is getting shafted? Let’s check it out.

I’ll skip to the bottom line for those of you short on time. If you’re playing poker with professionals and you don’t know who the ‘mark’ is… you have a problem. It is the same problem brought upon the American scene in 1913 (Part 2, 11-28-07).

What we are now seeing is a culmination of the multitude of problems portrayed in the first fourteen segments of this series. It simply demands to be addressed. Here are a few historic problems we face:

1. Nationalization of Freddie and Fannie

2. Rescue of money market funds

3. Mortgage bailout to banks to the tune of $700 billion proposed

4. AIG bailout

5. FDIC bailout

6. Foreign holders of US originated toxic entities are being bailed out

7. Wamu taken over by JPMorgan to avoid impacting limited FDIC funds

8. A continuing cascade of failing derivatives

Not bad for starters, and I do mean starters. The Fed and Treasury have just put together a rescue package. There are no assurances this will be the final rescue. It is not hard to tell exactly who is being rescued at whose expense. Let’s take a quick look at some of the more onerous terms of the Bernanke-Paulson “rescue” plan. Variations of the plan have included the following:

• There is a clause that states stock accounts can be attached by failing brokerage accounts. That would be your stocks getting raided.

• Congressional oversight is bypassed with this legislation and Wall Street gets even more power.

• The planned legislation is to be passed without assigning blame. Nice try.

• Paulson’s old firm, Goldman Sachs, is set up to receive whatever valuable assets come from this shake out. Paulson is personally exempt from civil or criminal liability through this presented plan. Hello.

• Fraudulent actions by AIG and other fascist (government connected corporations) entities never see the light of day.

• The remaining institutions like Morgan Stanley, JP Morgan and Goldman Sachs have consolidated power and are free to continue fraudulent actions. The games continue.

Nothing is being reformed! The day of reckoning is merely postponed.

Who are the losers in this scenario?

1. Taxpayers

2. Homeowners… little to no relief here

3. Anyone who holds US Treasuries or the US dollar. Both domestic and foreign holders will get hosed.

4. The US economy has to absorb these excesses

5. Anyone who deals with increased banking and financial fees in the coming decade

Who are the winners?

1. The fraudulent status quo (Fed, White House Puppets, Congress and corporate friends)

2. Irresponsible banks and financial players who brought forth toxic products that caused this mess

3. Hedge funds and derivative traders

This is clearly a proposal where rape victims get repeated exposure. Anything short of a complete house cleaning is insufficient. You cannot depend on the corporate media to tell you what is transpiring. They aren’t just compromised… they are also corrupt.

Do yourself a favor… read back through the initial fourteen segments in this series and see if every bit of this present fiasco wasn’t long ago foreseen. You’ll have a rare understanding of the times. You are looking at central planning, not free markets. Central planning is a failed communist strategy.

The Federal Reserve and its fraudulent money are at the core of our present problems. If you celebrate this bailout, you can expect a short party. Various markets are undoubtedly being pushed in the desired direction on a short-term basis. That is a disastrous long-term strategy. The US dollar and our Treasury Bills are in the crosshairs. There is no free lunch.

Who will pay in the end? Bankers, homeowners, taxpayers, the US dollar or US Treasuries? This bailout is primarily about the banks.

Part sixteen will inevitably follow. I hate to think what it will mean as it could be a post mortem.

Be a Resourceful Discerner,

Rusty

P.S. There was no recession or depression in sight at the Ryder Cup last week. The PGA staff could hardly keep up with the demand for souvenirs and food. Maybe we can settle some global disputes through golf matches? Bummer for the war lobby.

P.P.S. To let me know what you thought of today’s article, send an e-mail to: feedback@investorsdailyedge.com

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BTW… they want to do all of this after a grand total of 1-2 weeks of back and forth WITHOUT fully enumerating or debating the details that have grown from a three-page document a week ago annointing a king without oversight to over a 100-pages which have not been published for public scrutiny …

How can ANYONE say this is a good idea… oh yes - WE NEED THIS, RIGHT? Even though on defeat, the percentage drop in the stock market didn’t make the top-ten, and regained most of it back the next day.

26

I am a 17 year banking veteran who is jaded by bank acquisitions and the fact that the banking industry is the most powerful lobby in Washington.

I guess I’m numb to bank failures. In 17 years I experienced 7 take-overs. It is true that the banks that are failing now are bigger than most which failed in the past, but at the same time, the failures of the early 90’s prompted a decision by the FDIC to give failed banks to the largest bidding bank. That decision was also an element of laziness on the part of the regulators who preferred to audit one large bank rather than several small banks. Now, we are seeing the downside of this decision.

So, banks are failing again. FAILURES STEM FROM UNBRIDLED GREED. Remember the days of usury laws? In my state, Connecticut, the only regulated interest rates are private transactions. Individuals borrowing from other individuals. The limit on private transactions is close to 10% (9 and a fraction). I believe this is also a strategy to help the banking industry.

Banks have pushed American’s to the limit. I had this explained to me by someone who is a short-sale expert. He describes the typical short sale homeowner as someone (often a family) who purchased a home in the early 2000’s. They rode the property value increase up the mountain, financing and refinancing their home using the new equity to pay off credit card bills along the way. When the increases in property values diminished, the atm also known as their home ran out of money! Foreclosures and credit card defaults increased. Interest rates, which in some cases were already more than 18% went higher. Of course we know variable mortgage rates went up. Hard working Americans couldn’t keep up. So, in time the banks, through their lobbists influenced legislators to do away with usury laws in the first place, now found themselves in the predicament of having borrowers unable to repay their loans.

While there are several good elements of the proposed legislation, I feel that the most important thing our congress and senate can do is put banking back on track. Usury laws need to be put in place effective immediately. I should not be able to walk up to a cash register at a major department store, open a brochure for a store credit card and be quoted 23% interest BEFORE the lender has knowledge of my existing credit history or financial condition.

Conversely, I believe we have an all to powerful banking lobby who is crying to the government because, due to the banks’ bad judgment, have lost money. So, not only are hardworking Americans struggling to pay their bills (at the threat of Fico which I will address momentarily) the same hardworking Americans somewhere, down the road will pay again when the government (us) make the banks whole again!

Now, to FICO: It wasn’t that long ago that our credit worthiness was judged by a banker face to face. There were 3 “C’s” of credit. (I know it increased to 5 “c’s” but they seemed to say the same things.) Credit Character and the Conditions of the loan. You were rewarded for paying off a loan, proving you didn’t need the money! Today, FICO penalizes you for increasing the amount of your debt and penalizes you for paying off debt or closing unused credit lines. FICO IS LIKE A PAIR OF CEMENT SHOES! While that concept of paying off debt before taking out new debt may not be appealing to investors, demonstrating that you can pay off a credit card or a car loan should count for something instead of penalizing people who pay off a credit card with a higher interest rate than someone who continually owes money. FICO is convoluted and sending mixed signals to borrowers for the benefit of Lenders. I can only think of the movie with Jimmy Stewart - It’s A Wonderful Life. Banks and FICO are like the cigar smoking pin-striped suited Mr. Potter as opposed to old-fashioned lending - Jimmy Stewart and the Building and Loan.

27

And now that they have the whole country in a tizzy, they are now adding BILLIONS of spending to this debacle, and has now gone from 3 pages to over a hundred pages in the house to now over 450 pages in the senate and that’s BEFORE the house gets another crack at it…

The lawmakers who think it a bad deal are being bribed with more pork and earmarks, and legislation that would normally have no chance of passing is being added in to “entice” members to vote for it… :bs

So let’s get this right… it’s not a good deal for Americans, but add some pork and now all of a sudden everyone is climbing on board.

Still convinced we NEED it or is everyone beginning to see we are being played… all along with a trojan horse full of pork…

One things for sure… we’ll never see another 3-page piece of legislation again… to easy to digest and puke up… 450+ pages… we can’t even get our mouth around it, so most won’t try…

That’s OK, the average American unforunately will soon tune it out as they know they are not being listened too, and besides isn’t their some new “program” on TV to distract me…

Ugh…

28

As if I wasn’t outraged enough already…now I see they’re adding money for “wooden arrows.” Just another example of the rampant spending with no remorse. A bill that most people thought was too expensive in the first place and now just grew by $150 billion. Absolutely stupid.

29

Does this REALLY surprise you guy’s???

The majority of Americans can’t even tell you how their own mortgages are structured!!!

The dopes in Washington keep getting RE-ELECTED because every State has their own DOPE. Americans look at the collective laws that come out of Washington and shake their heads…BUT…ask them to VOTE OUT THEIR dope??? No way, Ole Billy’s a goog guy!! He got us a bunch of money for that new fish farm we just built. :shocked :banghead

AGAIN…WHINNING about this garbage DOES NOTHING!!!

Play the hand your dealt…

The economy is GOING DOWN THE TUBES. The bailout might keep it from completely BLOWING UP a la 1929, but make NO MISTAKE we are going to have a DEPRESSION here.

Does anyone KNOW what the true meaning of a depression is???

When you understand that the difference between a RECESSION (2 or more quarters of negative GDP) VS a DEPRESSION (a 10% or more DROP in GDP) I’ll let you guy’s argue over what’s coming. I know what I think…

We came VERY CLOSE last week to having “RUNS” on MONEY MARKET ACCOUNTS!!! Do you guy’s have any idea how CRIPPLING that would have been to the banking system. Warren Buffet does…His words from last week…

“Last week we can very close to an event that in financial HISTORY would have made ALL others pale in comparison.”

One way or the other…It doesn’t really matter, our economy is going to experience something that NONE OF US have ever lived through.
I would SERIOUSLY take some time and re-allocate some of your core holdings by opening accounts with companies like MONEX. They sell GOLD, the actual metal. You send them a check, they buy your gold and STORE IT for you in an INSURED, SECURE FACILITY. The insurance covers loss due to Fire, theft, or natural disaster. Right now people are just STUNNED…this is the time to ACT… do not sit there and watch your 401K &savings go down the tubes…because at some point in EVERY BIG ECONOMIC EVENT the MASSES will all head for the doors at the SAME TIME. You can BANK on THIS!!! I’ve spent years studying various BOOMS, BUSTS, and BUBBLES…they all end the same way because…

PEOPLE DO NOT CHANGE!!!

30
The economy is GOING DOWN THE TUBES. The bailout might keep it from completely BLOWING UP a la 1929, but make NO MISTAKE we are going to have a DEPRESSION here.

You’re a doom and gloomer FDJake! What’s worse is that I know that you’re completely wrong. I say EXPERT after EXPERT yesterday on CNBC saying that the market had bottomed and that we’ll have 2 quarters of mild recession followed by a recovery in early 09.

Seriously, where do these guys come from? They should at least wear their giant shoes and big red nose if they’re going to spew these silly prognostications. At least, then the general public would know that they were clowns.

It seems to me like only a couple of months ago that the EXPERTS were saying that the market had bottomed and that there would be a recovery in the 2nd half of THIS YEAR! It also seems like only two weeks ago, Paulson was saying that the underpinnings of the economy were strong. Don’t they know that this country is upside down and out of money? Don’t they know that we’re going to be crushed by entitlements at EXACTLY the time the baby boomers will be retiring (voluntarily or otherwise)? Don’t they know that EVERY TIME a country goes to fiat currency, it ends in a collapse? Don’t they know that the consumer is tapped out and buried in consumer debt, with a McMansion that they can’t afford?

GAME OVER!

Mike

31

FDJake - am I surprised… no… not WHINING about it either… doing my part in hoping to light a fire under people’s butt to roast these people with phone calls.

How can any of us take them seriously, now the “bailout” is being remarketed as an “investment”… the govermont is not going to keep these assets… watch them sell them back to the banks dow the road at firesale prices (with increased interest rates), whereby the banks will have… 1) gotten rid of bad assets of their books with the bailout and… 2) have the taxpayers take the hit on the loss as opposed to the banks, while the banks buy back the assets which will now be “cleansed”. Either that or the govermont will still sell the assets at a loss, as they will be billed as a “drag” on the economy, and it would be better to liquidate and move on, which is what should have happened here, but NOT at taxpayer expense. All this does is cede more of our economy over to the govermont… Marx must be smiling in his grave…

The fact that they had the balls to add over $150+ billion (an increaese to the bill of 22% of which there will be no debate) in “sweeteners” in spending to the bill (that’s BEFORE the House gets their shot, and they have alot more members), is a complete mismanagement of the taxpayer funds, shows what a sham this is… they are billing this now as an “investment”, but adding all this addtional spending, there will never be a chance to put this thing in the black.

Mike, I disagree, this isn’t the Game Over moment yet. Unfortunately, they have too much capacity to increase taxes (expecially considering this is supposed to be a Democrat year, and to my recollection they have NEVER been in power and not tried to raise taxes) to make this a death by thousand cuts (or in this case trillions). Remember when top marginal tax rates were in the 60-70% range? They’ve got lots of income they are already eyeing. The laughable thing about that is they are worried about credit being frozen and no money being spent, what do they think will happen when they tax the “rich” into oblivion…

If I were prone to conspiracies, I think a very strong argument can be made that we are being destroyed and taken over from within… IF I were prone to conspiracies :bobble

IF Obama gets in, I can already hear a Bill Clinton opine - “it was much worse than we thought, we can’t give the 95% ( :bs ) of Americans tax reduction that we promised, but instead we are going to have to raise taxes to pay for eveything”.

I personally would be willing to give up to 5% of my income, IF the money went directly to the National Debt, but the trade-off would be a law written that congress (yes, they are the ones with the purse strings, NOT the President, and who’s been in control of congress since 2006?) that they could not spend more than they take in, only in case of national emergency (military, financial, etc.) could this be set aside ONLY upon approval of the tax payers via referemdom.

32

Didn’t mean to imply YOU were whinning…Your points are all excellent.
I was referring to the majority of people crying about situations THEY helped create.

33

it will be interesting to see if the House passes this tomorrow

34

FDJake, others, I fully agree, and stand by my earlier statements on the boards… DEEEPression. IF this bill doesn’t pass tomorrow, protect your families. Heck, even if it does. Did anybody hear about the run on the bank in India? What do you think is happening there?

Everything is cyclical. I may not be an expert REI, but I can read and comprehend… layoffs have been happening for several weeks now, but have been quietly overshadowed by the bill and the election. Why aren’t the layoffs in the news? FEAR in the markets… in small town USA and in your neighborhoods. What happens when ppl hear of layoffs? THEY DON"T BUY.

The news coming out of the auto sector - people can’t buy cars, no financing – can’ t squelch that.

I truly believe that the 4% guestimate of what the lending meltdown % is is UNDER Estimated. Think about this for a moment. If you’re a kid, and you get into trouble, you only tell PART of the story when you get busted. HELLOO

What do you think the banks are doing? Telling the full story? What is the reason the banks aren’t lending to each other? THEY THINK THE OTHER IS LYING.

Anybody remember the Boston Tea Party? Middle Americans are already complaining and defensive about having to bail out wall street/the banks/ the wealthy. You think civil unrest is impossible in the
U. S. in 2008? Just wait to see how this mess unfolds.

People, please, ask yourselves, how long can I keep a roof over my head with my current cash flow/savings? How long can I feed my family with what we have on hand? Buy as much dry grocery as you can - pasta, beans, rice, dry cereal to hold your family. You may not like to eat that stuff, but it will keep you alive, and store in the pantry long term.

Protect your families and your homes. Did anyone see what happened in the Southeastern section of this country? Imagine that on a national level. $7 gasoline. We don’t have high inflation yet! They ran out of gas because of the hurricane cutting them off. What do you think will happen when milk is $7.00/gal and bread is $10 a loaf?

I am frightened to think of what lies ahead for the U.S.

Warren Buffet bought stakes, with options, in GE and Goldman. I don’t have to be a genius to follow someone who has made billions keeping his cool and doing the OPPOSITE of what the majority is doing.

Buffett was able to do what he did because he squirreled money away and invested when others were partying and scoffing him.

What other country will be stepping in to buy up the U.S. and take us out of this mess? IF we’re lucky, Bill, Warren, and Oprah MIGHT bail out this country. Don’t laugh, our “official national language” can change from being English real Quick. Welcome to the United States of Dubai or the United Arab Emirates U.S division.

We have a negative savings rate. NEGATIVE. People are barely living paycheck to paycheck. What will you do if your paycheck ends in 2 weeks? How long can you survive? What will you do for money? Have any other skills to fall back on?

Expect the best, but Prepare for the worst. We are not far from it.

35

These things take on a life of their own. That is THE ONLY reason I’m backing this bailout bill. If this is allowed to unravel on it’s own it will be a disaster.

Think about this for one moment…

A few years ago even the MENTION of a real estate bust was met with OUTRAGE… People called you UN-AMERICAN, they took time to explain how I didn’t know what I was talking about, that things had changed. Remember…this was the MAJORITY of PEOPLE.

So using Contrarian Theory, wouldn’t it stand to reason that if Congress is getting calls at 100 to 1 NOT TO PASS this bill…THOSE IN THE MAJORITY COULD BE WRONG??? AGAIN!!!

Folks…doing the EXACT OPPOSITE of what everyone else is doing has made me a LOT of money over the years.
In almost every case the MAJORITY OPINION is WRONG…
I’m not saying this to argue about the right or wrong of this bill. I’m simply noticing a COMMON, RE-OCCURING THEME.

36

I remember in the late 90’s someone telling me “I don’t see any reason why the stock market could ever go down again”.
:rolleyes

What will be the next bubble that they glom onto?

37

FDJake, if that’s true, following the contrarian thinking… if a majority of congress and “experts” are for it, then we should definitely be against it.

I Agree…

38

so, the billion dollar question–is this crisis a good time to start buying real estate?

39

You can’t go by what the Senate did…Those good ole boy’s were ALL sat down and in very precise and straight forward terms were all TOLD…YOU DON’T PASS THIS BILL…This economy is going to get SO BAD…NOT A SINGLE ONE OF YOU WILL BE BACK HERE for your next term!!! Believe me…that is the ONLY reason this passed. What people DO NOT understand is the medicine principle…Yea, the medicine SUCKS…BUT…the MALARIA is a LOT WORSE!!!

It’s a GREAT time to be buying real estate!!!

The only problem is you better have teir 1 credit or a PILE of cash in the bank (preferably BOTH)

Here’s what I see coming and this is EXACTLY how I’m positioning myself.

First…BIG, BAD, DEEP Recession/Depression…and I mean GLOBAL!!
No one gets out of here untouched.

Next…The stock market is going to take a dive because EARNINGS FORECASTS have been factoring in a light recession that we’d be out of by NOW! :banghead Remember those forecasts last winter???

Housing goes from BAD to WORSE, and here’s why…This bailout gets the crap off the banks books, BUT…it DOES NOT change the SENTIMENT regarding lending. This is a dog chasing it’s tail. Buyers can’t get credit so business slows (see current auto sales numbers for proof) Business slows because buyers DO NOT want CREDIT!!! These people are UP TO THEIR EYEBALLS. They are being SQUEEZED and it doesn’t feel like it used to, when having your credit cards maxed out didn’t matter. Back then YOU STILL HAD A JOB!!!

Jobs…anyone see those rosy numbers this morning…OH, it’s gonna get a LOT worse my friends. Again…the dog chasing it’s tail.

So what to do…

PROTECT WHAT YOU HAVE!!! NUMBER ONE!!!
GOLD is hard to beat in times of upheaval. People like stuff that has had VALUE for THOUSANDS OF YEARS!!!

Make sure you bank accounts are in decent old fashioned LOCAL banks.
CREDIT UNIONS are like GOLD here. They lend money to MEMBERS and those members usually have DIRECT DEPOSIT and AUTOMATIC WITHDRAWALS making their payments.

Now for the FUN part!!!

The deals in REAL ESTATE over the next year will be UNBELIEVABLE.
There are ALWAYS people who MUST SELL. IF you have CASH you are going to be able to NAME YOUR PRICE!!!
I just purchased 5 acres of land with a HOUSE ON IT, that the town had appraised at $250K…My price???

$50,000 CASH…SOLD. The house needs to be demo’d. NO BANK would touch it…I went in did the demo ($3000) and sold the lot to a builder (with a client for the lot) for $125,000. All in 3 weeks!!!
GOD HOW I LOVE THIS COUNTRY!! :beer

Spoke with a woman today that has a home her uncle left her…NO HEAT in the upstairs bedrooms (old house) TRANSLATION???
NOT A BANK ON THIS PLANET WILL GIVE ANYONE A MORTGAGE ON IT!!!
Worth $200K (with heat upstairs) Signed a P&S 1/2 hour ago for $50,000 CASH…NO BANK involved, NO MORTGAGE…As much as I HATE it, looks like I’ll be a residential landlord again. POOOO…Already got that bad taste in my mouth :banghead But what are you gonna do?? I’ll put up with the IDIOTS for a few years and sell this DUMP in 2015 For 6 times what it cost me…

I LOVE BUYING LAND during these disasters…NO TENANTS, NO UPKEEP, NO UTILITY PAYMENTS, NO SNOW SHOLVING, NO INSURANCE.
and you can STEAL this stuff when people need cash…ESPECIALLY RAW LAND…I can see a few more SELF STORAGE WAREHOUSES being build with the 2015 home sale proceeds!!! And people ask me…

I can’t understand HOW YOU MAKE ANY MONEY IN COMMERCIAL REAL ESTATE…Prices for it are so high!!! DUHHHHH, NO SH*T, they ARE high when your buying a fully built out property. They PLUMMET when you STEAL the land and do the construction of the metal building yourself.

You should all be VERY EXCITED!!! Most of you are entering your FRESHMAN YEAR of the REAL world of REAL ESTATE!!! It’s called…

BUST UNIVERSITY…

MILLIONAIRES will graduate from it in about 10 years IF THEY CAN HACK the lessons taught!!!

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I’ll be sitting in the front row of class, provided the schoolhouse roof doesn’t crash down on our heads :cool