http://www.politico.com/news/stories/0609/23790.html
Consumer Financial Protection Agency.
When I was watching the news, his proposal just gave me a sick feeling. You can feel more regulation coming.
Thoughts?
I’m actually so surprised to see any obama supporters on this site.If you are on here you must believe in capitalism and free market(since both lead to prosperity).And do we all not want to be prosperous?
So with his attack on capitalism why would any of us support that,do you not think you will be next?This guy has an agenda against what he feels are the ones who have cheated the poor(aka capitalism).His head is full of years of rev wright BS,and it’s really starting to shine.Also how does someone raised by his grandparents in hawaii really know a thing about a real struggle??I really expected better judgement from self employed people.
I purposly wrote paragraphs for you hoosier,lol.
YOUR expectations are simply that…EXPECTATIONS.
Here’s what I SEE in the NUMBERS…
*Unemployment data TODAY was BETTER than expected…AGAIN!!
*Money flows are LEAVING fixed income and finally MOVING iBACK into stocks were that capital can be tapped by BUSINESS.
*The stock market is UP over 30% for the year. Ford is UP 300% since March. Ford also reported INCREASED sales in May…Not by a huge margin, but an INCREASE is better than DROP.
*BUILDING STARTS were UP at a much higher rate than expected in May.
*CONSUMER SENTIMENT…UP>>>>UP>>>UP for the first time on over a YEAR!!!
Wall St. had a teenaged DRUNKFEST for 8 LONG YEARS. It damn near COLLAPSED the entire BANKING SYSTEM and world economy…Regulation is not only NEEDED…It is absolutely WARRANTED based on BUSINESSES COMPLETE LACK of self regulation and a previous administration that was incapible of running a ice cream stand nevermind federal regulatorary agencies.
Whine all you want about Obama…Here’s what I CARE ABOUT…
I care about what the CONSUMER THINKS is going on. EVERY SINGLE RECESSION this country has ever had turned on the CONSUMER. If they feel things are BETTER or STABILE, they’ll spend MONEY. If they SPEND, we ALL do better. I’m not talking about RECKLESS CREDIT INDUCED spending…I’m talking about the simple BUYING of PRODUCTS…That literally ENDED in 2008. Now we see signs of consumers moving back into at least buying things other than FOOD and staples. When the CONSUMER starts to put a TOE in the water it lifts the water level…Even a SLIGHT improvement can lead to FUTHER improvement. It’s a cascading effect. One event leads directly to others. At some point people WILL REALIZE that HOUSING in this country is a GIGANTIC 50% OFF SALE!!!
When the LIGHT BULB goes off, it will DIRECTLY lead to more sales, car sales, furniture sales and the rest…Because in AMERICA…HOUSING IS THE ECONOMY!!!
Obama is very smart…You can hate his guts, that’s fine…But he is one smart bastard.
Want an example???
JOH HUNTSMAN…Jon Huntsman WAS Gov. of UTAH…He is a REPUBLICAN…He was also considered to be a LEADING Republican challenger for the Presidency in 2012. The problem for Huntsman was he had NO foreign affairs experience. NONE…So Obama offers Huntsman, a REPUBLICAN, and potential CHALLENGER in 2012, something he NEEDS…Huntsman gets offered a chance to be AMBASSADOR TO CHINA!!!
HE ACCEPTS!!
This is a HOME RUN for Huntsman because it gives him REAL WORLD Foreign policy experience with our BIGGEST trading partner. It ALSO takes him out of the running for 2012. He’ll be in CHINA for 4 years…Tough to run a lead up political campaign from Beijing!!
BRILLANT move on Obama’s part. Whether you like him or hate him, strictly looking at it as a STRATEGIC POLITICAL chess move…IT WAS GENIUS.
Now look at IRAN…
Some people here were CRYING about Obama’s speech in Egypt. Saying he was apologizing…NOW look at whats going on in IRAN…
That speech was carried WORLD WIDE…Iranians saw a glimpse of an America that ADMITTED TO THE WORLD that we had overthrown IRAN’S DEMOCRATICALLY ELECTED GOVERMENT and placed the Shah in power.
Now we all KNOW this happened…The WORLD knew it happened, but we’ve never admitted it, or said it was a mistake…even though IT WAS…We just never admitted it PUBLICALLY…Obama did. He has also PUBLICALLY reached out to IRAN…IRANIANS have been suffering under economic sanctions for YEARS…They have 20% unemployment. It looks like the Iranian people have HAD ENOUGH!!
Now IRANIANS are RIOTING in the Streets…It’s OBVIOUS that the PEOPLE of IRAN aren’t buying those election results. Independant reports have said that the REAL RESULTS were 3 to 1 AGAINST the current President.
This could play out in a few ways…BUT…as of NOW…the U.S. is in a NO LOSE situation. Even if the current political powers in IRAN manage to STAY in power…A POWERFUL message has been sent by thier own people.
Like AMERICANS in 2008…IRANIANS are NOT HAPPY with their current leadership.
This is going to get very interesting…HERE and abroad…
Here’s what I SEE in the NUMBERS…
*Unemployment data TODAY was BETTER than expected…AGAIN!!
You have been lied to and have not actually looked at the numbers and the “special” way they are trying to make it look like Obama has saved a hundred and fifty thousand jobs. Using the exact same math based on sales would indicate that Dubya saved well over 300 million jobs during his presidency. Please look at this clearly and see exactly how they are determining this prior to making a judgment based on what the main stream media has told you. Look at the math closely as you are being fooled by the Obama administration. They have already given the details on how they falsely determine how many jobs are saved. Then compare that data in it’s exact same form to other presidents.
*Money flows are LEAVING fixed income and finally MOVING iBACK into stocks were that capital can be tapped by BUSINESS.
It doesn’t matter who was president. The economy WILL turn back around. Look at the data on the average length of a recession. Now compare this recession to Carters recession which was far worse and had NO bailout. See how long it took for the no bailout Carter recession to end. This one has taken much longer due to Obama’s continual threats to hurt business and the endless amount of money that we don’t have that we are spending.
Things starting to get better are NOT a result of Obama the magical economist who cast his greatness on the United States and everything got better.
*BUILDING STARTS were UP at a much higher rate than expected in May.
When you can’t go too much lower the only way to go is back up.
Wall St. had a teenaged DRUNKFEST for 8 LONG YEARS. It damn near COLLAPSED the entire BANKING SYSTEM and world economy…Regulation is not only NEEDED…It is absolutely WARRANTED based on BUSINESSES COMPLETE LACK of self regulation and a previous administration that was incapible of running a ice cream stand nevermind federal regulatorary agencies.
Wrong, Wall street did not collapse the banking system. Oil did.
http://www.reiclub.com/forums/index.php/topic,43215.0.html
At some point people WILL REALIZE that HOUSING in this country is a GIGANTIC 50% OFF SALE!!!
The worse it gets the happier I am.
Hooch,
If OIL was responsible WALL STREET would have SOLD OFF on HUGE earnings dissapointments. THAT’S NOT WHAT HAPPENED…The LEHMAN BROTHERS COLLAPSE is what led to the financial meltdown…NOT OIL…Lehman collapsed because their OBLIGATIONS exceeded their ASSETS…Lehman went through EXACTLY what homeowners went through that OVER LEVERAGED themsleves!!! BACKRUPTCY!!!
I guess 70 to 1 leverage held against falling assets (REAL ESTATE) had NOTHING to do with an ASSET BACKED SECURITIES COLLAPSE??? Wall Street fed the housing boom. THEY FINANCED IT!!! It started falling apart in 2005 when oil was $20/barrel. It CONTINUED to fall simple because there were NO MORE GREATER FOOLS. Once the LEMMINGS started heading for the doors at the same time…THE PARTY WAS OVER!!! Once those “party time” ALT ARM’s started RE-ADJUSTING homeowners COULDN’T DO what they were TOLD they’d be ABLE to do…
REFINANCE…THAT is what caused the COLLAPSE…Price appreciation for real estate STOPPED and actually began FALLING…
You can’t REFI a $300,000 home that is now worth $275,000. A $25,000 drop in MOST peoples home value would mean NOTHING to them. But when you were COUNTING on that home being worth $350,000 due to an INSANE housing BUBBLE and now it’s worth $275,000 and your TEASER rate went from ZERO to 6%…YOU ARE SCREWED!!! Your payment goes form $1100/month to $3600/month and the house is now worth LESS than you paid for it!! THAT’S WHAT HAPPENED.
THAT’S WHAT CAUSED THE COLLAPSE HOOCH…NOT OIL.
IDIOTS on Wall Street who created financial instruments that provided funding for HOUSES that were so OVER INFLATED IN VALUE that when the bubble BURST it took WALL STREET BANKS right down the tubes with those house values. Wall Street NEVER expected these people to WALK AWAY from these homes…The WALK AWAYS created entire neighborhoods that were EMPTY…Then the price drop REALLY accellerated. The price spike in OIL was a RUSH by specualtors to dive into ANY asset class that WASN’T DROPPING in value. This was a CLASSIC case of too many speculators wanting to buy a single asset. I remember the BULLSHT stories about CHINA driving oil demand…WHERE the FCK was China demand 6 months after the July price spike when oil was at $35/barrel???
Oil spiked to $147 a barrel in July of 2008…By October of 2008 the price had been cut in HALF…Simply ANOTHER ASSET BUBBLE. By January of 2009 Oil was $35/barrel. Proof that SPECUALTION, the same type of SPECULATION that drove HOUSING to never before seen levels, had done the same for OIL.
The OIL spike hurt the ECONOMY…But that wasn’t what WRECKED WALL STREET. The REAL ESTATE COLLAPSE buried WALL ST. Claiming WALL STREET did NOT create this mess is not only completely wrong, it flies in the face of FACTS.
As far as JOBS numbers go…YOU made the statement about JOB CREATION and attributed it to BUSH…I NEVER said OBAMA created a SINGLE JOB…I am seeing job LOSSES slow, that’s a FACT…Consumer sentiment IS improving, and just today Industrial Production numbers were up 1.2%, an increase not seen since 2004! Those are FACTS…
Yay!.. yet ANOTHER government agency!!! That’s the answer… all that we were missing that could have avoided this mess was ANOTHER government agency!!!
Never mind the SEVEN that ALREADY EXIST, along with ALL the OTHER government subcimttiee’s which were SUPPOSED to be on top of this… they couldn’t even handle Madoff… :rolleyes
Here’s a thought… how about the EXISTING agencies do their job… how come none of these agencies are being held accountable for NOT doing their job effectively… why are none of the heads in government rolling?..
BINGO!!!
How about some ACCOUNTABILITY…
The SEC received NOTICE after NOTICE that Madoff was running a PONZI scheme.
Did anyone look into the papers that were forwarded to the SEC during this time???
It’s mind BOGGLING…Madoff claimed to have traded stock for his clients accounts on days the EXCHANGES WEREN’T EVEN OPEN!!!
He claimed to have purchased options that traded at a QUARTER of the volume his single ORDER claimed to have purchased!!!
This is why we are going to get MORE REGULATION…I’m not saying I agree with it…But it is absolutely GOING to happen. It’s a pendulum.
Past mistakes create future mistakes.
I heard a great explanation on the radio yesterday. There is an agency that will not allow you to sell a toaster that is faulty and will burn down your house. There should also be an agency that won’t allow you to sell a product that will cause you to lose your house to foreclosure either. In other words that is no application for an interest only adjustable ARM 5 year balloon mortgage product.
The democrats & republicans suck,plain and simple.This is why the “change” washinton lie worked so well.He’s a fraud,just like the others,he just makes it sound sweeter.Wake up.
And in the meantime, they are ready to hand over CONTROL over who stays and who goes, IF IN THEIR OPINION they are a risk to the “ecnonomy or financial system”…
From the article - “The Fed would receive enhanced power to regulate, lend to and close down companies OUTSIDE its traditional banking domain, if their failure could endanger the economy or financial system.”
And noone sees how this could easily morph into strong-arming from the Fed, with NO OVERSIGHT for these UNELECTED bodies?..
http://www.washingtontimes.com/news/2009/jun/18/broader-fed-role-provokes-dissent/
It is just baffling how we are watching the politicians blame everything and everyone else, while taking no responsiblilty for themselves, when they are the ones who set-up the framework for it to happen, and then protected their political pals when it came to light what they were doing…
Wall Street fed the housing boom. THEY FINANCED IT!!!
Yes, they financed it with loans that people could barely pay. THEN the price of oil skyrocketed and it all fell apart. This necessary commodity sucked the mortgage money away from those who could barely afford it in the first place.
It started falling apart in 2005 when oil was $20/barrel.
Check your facts as they are incorrect. There were initial possible signs in 2005 and 2006 it was clear. Crude Oil skyrocketed to a record high over $60 in 2005 and kept going up from there.
http://upload.wikimedia.org/wikipedia/commons/8/87/Oil_Prices_1861_2007.svg
http://en.wikipedia.org/wiki/Price_of_petroleum
The prices started to dramatically increase right after we invaded Iraq as the Muslim OPEC countries felt it was an attack on Islam.
http://www.eia.doe.gov/emeu/cabs/AOMC/Overview.html
The value of Exxon Reserves rose by 666 Billion. We all know the politicians pockets are getting lined. Then the supreme court cuts Exxon’s settlement for the Valdez which was unpaid from an original settlement of 5 billion to 2.5 billion to $507 million. A settlement that everyone thought must have been already paid many years ago.
Investors saw the price of oil going up and jumped on the bandwagon, the exact same way they did during the oil embargo in 1973-1974 which further contributed to the economic attack by the Muslims.
Once those “party time” ALT ARM’s started RE-ADJUSTING homeowners COULDN’T DO what they were TOLD they’d be ABLE to do…
People couldn’t pay their ARM’s or what was a much larger impact, their Subprimes.
REFINANCE…THAT is what caused the COLLAPSE…Price appreciation for real estate STOPPED and actually began FALLING…
Lehman Brothers didn’t even collapse until 2008. You need to get your dates in order and once you do you will see the real cause of the economic crisis was OIL. No need to disparately try to stick to your original thoughts. You are wrong and you can admit it. You can’t always be right. Lesson learned, don’t believe what you are being fed by the government media complex.
According to price history OIL was under $35/barrel in early 2005 and $20/barrel in 2004. Even at those levels OIl was DIRT CHEAP.
Oil hurt the economy…NO doubt about that…But it DID NOT cause the stock market crash or the global economic meltdown. That was DIRECTLY caused by a never before seen GLOBAL HOUSING BUBBLE. As that bubble burst the BANKS that held what was fast becoming an asset that couldn’t be sold at any price (real estate) took a direct HIT to their balance sheets. Bank balance sheets MUST contain certain MANDATED levels of CASH…Without those levels they are basically INSOLVENT!!!
The LEHMAN collapse lead DIRECTLY to a HISTORIC meeting in 2008 in Washington where the Fed Chief and Treasury Chairman informed members of the Congressional banking committee that the ENTIRE U.S. banking system was DAYS away from COMPLETE COLLAPSE. This was DIRECTLY tied to the DECISION by treasury to let LEHMAN go bankrupt. This is now freely admitted by Paulson as a HUGE mistake. Letting Lehman go caused a DOMINO EFFECT.
Lehman failed because they had MORE real estate backed CDO’s than any other bank and used LEVERAGE at a greater rate. As those assets continued to DROP in value, Lehman’s LIQUID assets dropped below levels required by the Feds. As word circulated that Lehamn was having trouble meeting it’s minimum cash limits…THE SELL OFF STARTED…NO ONE would LOAN Lehman a DIME…This also led to a COMPLETE FREEZE of INTERBANK lending. THAT DIRECTLY led to the CRASH of the stock market.
Again…you are FORGETTING what happened here. You CAN NOT refi a home you purchased when it is worth LESS than you paid for it…Did you FORGET what happened in FLORIDA, NEVADA, CALIFORNIA, ARIZONA, and countless other States and even COUNTRIES? People purchased 2, 3, or even 4 PRE-CONSTRUCTION CONDO’S and HOUSES??? These people DID NOT walk away from these properties because of GAS PRICES??? They WALKED because the properties were NOT worth what they paid for them in a HISTORIC HOUSING BUBBLE!!! They BOUGHT AT THE TOP…When there were no more SUCKERS standing inline…The PARTY was OVER!!! These people had literally CAMPED OUT on LAWNS in front of SALES OFFICES so they could be the first in line to get their deposits down. ENTIRE projects SOLD OUT in the amount of time it took to fill out the paper work!!! :shocked :shocked :shocked
TV shows popped up on every network touting the wonders of HOUSE FLIPPING!!! People in EVERY State BORROWED money they COULD NOT repay (unless the home sold) to jump into the FLIPPING BUSINESS. THE BANKS WROTE ALL THE CHECKS!!! EVERY CENT WORTH…When the bubble finallt LET GO…The BANKS were the ONLY player that COULD NOT walk away. The people who PURCHASED these properties used 100% financing to BUY THEM…Sure their credit would get dinged, but they weren’t going to take the REAL BEATING…That BEATING was reserved for the BANKS!!!
THAT level of MANIA could lead to ONLY ONE OUTCOME…A HISTORIC BUBBLE followed DIRECTLY by a historic BURST…When those people WALKED, the BANK got stuck with ASSETS that they loaned more on than they were now WORTH. That’s called being UPSIDE DOWN…
And THAT…NOT OIL PRICES…DIRECTLY lead to the collapse of WALL STREET and the Banking system!! It AMAZES me that you can WATCH a CREDIT INDUCED HOUSING BUBBLE EXPLODE in your face and then blame the inevitable BANKING BUST on OIL???
This is not a THEORY…It’s HISTORIC FACT!!!
“The government media complex” as you call it didn’t tell me ANY of this. I’VE SEEN IT FIRST HAND…I’ve purchased houses THIS YEAR for $85,000 that sold in 2006 for $250,000. I did 85 title searches last week, out of these 85 homes facing upcoming foreclosure, EVERY SINGLE ONE was purchased BEFORE 1999…out of 85…ONLY 2 had ANY equity at ALL in left in them…The AVERAGE mortgage balance on these homes which were purchased PRIOR to 1999 was $300,000!!! That’s on homes that cost UNDER $99,000 in 1998 when they were first purchased. These homes had the EQUITY DRAINED OUT OF THEM by IDIOTS who used their homes as ATM machines. THE BANKS made those equity loans!!! And those same BANKS which LOANED $250,000 on a home that is now worth $90,000 are left holding the BAG. AGAIN…The homeowners ALL walked away. They OWE $285,000 on a home that is now worth $100,000.
The “GOVERMENT MEDIA COMPLEX” didn’t show me this…I SAW it with my own EYES at local City Halls. It’s contained in THOUSANDS of ARCHIVES in Every State in the UNION. I’ve MADE MONEY by BUYING properties that went BUST from BANKS that loaned OUTRAGOUS amounts of money on JUNK.
This is called REALITY…Not some OPEC/MUSLIM/OIL conspiracy theory.
According to price history OIL was under $35/barrel in early 2005 and $20/barrel in 2004. Even at those levels OIl was DIRT CHEAP.
And early 2005 is what? January? January 2005 Oil crude was $38.40 per barrel which adjusted for inflation was $43.00 per barrel.
Prior to September 11 2001 it was $23 per barrel. This $23 per barrel was what the oil sheiks got rich on. September 11 caused the price of oil to drop to $15 per barrel. The real transfer of wealth came when they decided to economically attack us. From that point and on they hammered us hard. Just enough each month for us to feel it but not all out declare nuclear war on the dirty bastards. The same way they did it during the oil embargo when we helped Israel fight off getting attacked from all sides by the Muslims. Piss off the Muslims in any way and they feel Islam is being attacked and they economically attack back.
This is the whole reason for the BS man made Global Warming fraud. Even Newt Gingrich has jumped in and suported this crap in a commercial with Nancy Pelosi the drama queen.
Reduce the World dependence on “carbon based products” and put cap and trade taxes on businesses that use “carbon dioxide (plant food)” and you reduce the power of OPEC. Completely get the world off oil with some bogus global warming fraud and you are economically attacking back without actually saying “we are doing this to you.” You are saying, “for the good of the planet.”
Oil steeply increased shortly after 9/11 and was the starting point of transferal of wealth.
Oil hurt the economy…NO doubt about that…But it DID NOT cause the stock market crash
The rising cost of oil lead to the rising cost of all products in the store that required transportation to get them there. People had less expendable income. Those who were paycheck to paycheck who still got subprime loans could now not afford their mortgage along with the rising gas to get to work and food costs. People started to pull in their money because of having less expendable income and started to spend it on necessities. Most of the stock market with exception of commodities are non necessity products that weren’t being purchased. That caused the stock market to crash. It continued to crash with all of the doom and gloom reports from the media saying that we were in a recession LONG before we actually were in one. As you said, “CONSUMER SENTIMENT” goes down and so does the stock market.
or the global economic meltdown.
The United States stock market crash due to oil had a small part in that. BUT they had HIGHER oil prices as well and the exact same thing happened there. Not the oil producing countries though. They did fine.
The United States was willing to “take blame” for the problem to hide from the Muslim countries the power they had over the World. The World leaders all know the real reason. They already had the counter measures in place, the man made global warming fraud.
That was DIRECTLY caused by a never before seen GLOBAL HOUSING BUBBLE.
You have become a well trained parrot of the government media complex. I wish you would look a little deeper into the situation so you could see the truth. Once you see the truth, resolving the problem is as simple as creating complete energy independence which is what every single penny of the bailout money should have gone to.
The bubble popped because people didn’t have the money to move up in lifestyle anymore. They had to keep their same old house for a while. So the supply of houses for sale that couldn’t be sold increased. The subprimers needed people to buy their houses while they continue to pile on the market lowering the value even more, below the original loan value. Then the ARM"s needed to sell their property. The cost of oil broke the back of the economy, increased the price of goods, popped the bubble, crashed the stock market, and it all fell down.
Now how smart would it be for any government in the world to show OPEC the power they have over civilized society. So they cause mass confusion, blaming it on a ton of different reasons which were all byproducts of the present oil embargo.
Fed Chief and Treasury Chairman informed members of the Congressional banking committee that the ENTIRE U.S. banking system was DAYS away from COMPLETE COLLAPSE.
First of all, the Federal Reserve is a private company. Not part of the government as they have led us to believe over the years. Second, the ENTIRE U.S. banking system was not going to collapse. Compare the small number of banks that collapsed now to the S&L Crisis where over 500 banks collapsed and it caused a recession but not for more than a few months. This DRAMA was a reason and perfect opportunity to get the United States out of debt. A reason to print trillions upon trillions of dollars out of thin air to artificially create hyperinflation. Most of what the Fed printed is completely not accounted for. They are holding it. Once the dollar is weak enough they will magically pull it out of their a** and completely pay off the debt with the new weak dollar. China will get the a** end of the deal. They are fighting that presently by attempting to create a different world currency. A day late and a “dollar” short as it takes years to kick off something like that.
Lehman failed because they had MORE real estate backed CDO’s than any other bank and used LEVERAGE at a greater rate.
You are correct about these facts but they were directly caused by the consumers lack of expendable income.
You CAN NOT refi a home you purchased when it is worth LESS than you paid for it…Did you FORGET what happened in FLORIDA, NEVADA, CALIFORNIA, ARIZONA, and countless other States and even COUNTRIES? People purchased 2, 3, or even 4 PRE-CONSTRUCTION CONDO’S and HOUSES??? These people DID NOT walk away from these properties because of GAS PRICES??? They WALKED because the properties were NOT worth what they paid for them in a HISTORIC HOUSING BUBBLE!!!
You are correct. That is the reason that they “walked”. But you must tie in the reason the bubble burst which was due to significantly less expendable income as a direct result of gas prices, high cost of goods, people not buying as many luxury or wanted items while sticking primarily to needed items. The back of the economy was broken and the deck of cards fell.
People in EVERY State BORROWED money they COULD NOT repay (unless the home sold) to jump into the FLIPPING BUSINESS.
Yes, people were maxed out to their eyeballs, and when oil popped the bubble they were screwed royally.
That BEATING was reserved for the BANKS!!!
MANY, MANY, MANY banks in the country did NOT make these bad loans and were fine. Mostly the small banks, but large ones too, like BB&T for one example. I am NOT saying that the banks did not make risky loans. BUT I am saying that they made loans to people that were on the edge. Where they could barley make their payments. They were house poor. Add the attack from OPEC and they were less than house poor but looking more like street poor.
This whole thing is not nearly as complicated as they like to make it. They have caused mass confusion by passing the blame to the average Joe, to the banks, to the speculators, to Exxon, to OPEC, to Wall Street, to George Bush, to subprimes, to ARM’s, but never to themselves; our loving government.
It AMAZES me that you can WATCH a CREDIT INDUCED HOUSING BUBBLE EXPLODE in your face and then blame the inevitable BANKING BUST on OIL???
It AMAZES me that you can WATCH a CREDIT INDUCED HOUSING BUBBLE EXPLODE in your face and not understand what caused it to explode. If OPEC did not economically attack us in retaliation of what they think is an attack on Islam and a potential theft of oil from Iraq (what they originally thought we were there for) than the housing market would continue to grow, over leveraged people would continue to barely pay for their over leveraged lifestyle, the cost of goods would have slowly increased as it always does, and those who were over leveraged drop out and bankrupt at a gradual pace as usual, etc.
The shock forcing virtually every over leveraged person to drop out at the same time caused the problem. The shock was created by oil.
This is not a THEORY…It’s HISTORIC FACT!!!
You should not base your “HISTORIC FACTS” on what the government media complex tells you what happened. It’s all smoke and mirrors.
I’ve purchased houses THIS YEAR for $85,000 that sold in 2006 for $250,000.
And so have I thanks to OPEC.
I did 85 title searches last week, out of these 85 homes facing upcoming foreclosure, EVERY SINGLE ONE was purchased BEFORE 1999…out of 85…ONLY 2 had ANY equity at ALL in left in them…
I’m lucky if I can find ONE that has equity. I’m stuck with short sales around here. Yes, people were overleveraged. Over leveraged people do not fare well when commodities that are absolutely necessary go through the roof. They did not fare well during the 73-74 Oil Embargo either.
These homes had the EQUITY DRAINED OUT OF THEM by IDIOTS who used their homes as ATM machines.
Yes, the idiots did this and they suffered the consequences when gas and the cost of goods went up since the took it to the point where they were house poor and paycheck to paycheck.
THE BANKS made those equity loans!!! And those same BANKS which LOANED $250,000 on a home that is now worth $90,000 are left holding the BAG.
Yes, they sure did make those loans. I don’t pass blame on peoples stupidity or the banks to the Muslims. I am just pointing out cause and effect.
AGAIN…The homeowners ALL walked away. They OWE $285,000 on a home that is now worth $100,000.
AGAIN… The homeowners all walked away because they could no longer afford the property due to no expendable income. Both themselves and the banks put them in a paycheck to paycheck situation. OPEC gave the final blow.
I’ve MADE MONEY by BUYING properties that went BUST from BANKS that loaned OUTRAGOUS amounts of money on JUNK.
And so has everyone here who is not a newbie! I would like to shake the hand of a sheik and tell them to keep up the good work. But I am an American and those who attack our country, physically, technologically or economically are the enemy in my eyes.
You continue to go on as one of the governments helpers as you are doing a good thing for this country. We don’t want OPEC to know the real story until we have been able to break free from their chains via the global warming and it’s cap and trade fraud. These frauds are actually good for our country and the World as well. The truth will come out when we are free that carbon dioxide is nothing more than plant food that has absolutely no impact on the climate.
But I strongly suggest that we keep using the “clean coal” carbon terminology. We do not need to hurt our own natural resources in an attempt to get away from the “unclean oil” carbon.
Future will show this information that I have provided you as being true. It will be at that point where you fully understand that you are talking to someone who has economic intelligence far above anyone you have met. If I am still around here at that time I will STILL be 2 steps ahead of the game. I predict the future based on historical events and am remarkably accurate. I use this information to invest in new ventures that I expect will succeed based on my predictions of the political atmosphere. I own a number of companies at any given point in time that I buy and sell when the time is right. I would say that I am more of an entrepreneur than an investor but both are very similar in many ways.
For example, with my writings on hyper inflation; once I have confirmed without a doubt that hyper inflation is on it’s way, I will thoroughly research each country that has gone through it. We know that many manufacturers will profit tremendously from the initial states throughout most of the period of hyper inflation. Towards the end all will lose. I will find out in each country what manufacturing industries succeeded and which ones failed. I will cross reference the countries and trends will become visible. Certain industries will succeed in all countries. I will then buy a manufacturing plant or two that I have found will succeed and I will sell it at it’s prime just before the final stages of hyper inflation. That is down and dirty investing/entrepreneurship taken to a whole new level. The level that our nations billionaires play at.
The SCAREST part of your entire post???
Your CLAIM that you have “economic intelligence FAR ABOVE anyone I have met.”
YEA…OK…And NEWT GINGRICH is attacking ARABS through GLOBAL WARMING!!! :shocked :shocked :shocked
You’ve got SOMETHING FAR ABOVE anything I’ve ever seen before…But I wouldn’t label it I N T E L L I G E N C E !!!
Your OIL theory is RIDDLED with HOLES.
First and foremost…DUBAI…which is an ARAB, OIL RICH COUNTRY…Is CURRENTLY experiencing a DISASTEROUS REAL ESTATE COLLAPSE caused by the BUST in the oil markets. So your telling US that the OIL SHEIKS & OPEC intentionally SCREWED themselves inorder to spite the U.S.??? Dubai’s real estate collapse makes FLORIDA look like a HEALTHY MARKET!!! But what do I know…I’m just looking at the REAL WORLD and not FANTASY CONSPIRACY WORLD!!!
When you look at the OIL spike for what it TRUELY was, just ANOTHER ASSET BUBBLE…It’s OBVIOUS that OPEC and the ARABS got HURT when that BUBBLE BURST. DUBAI…Is PROOF. No better way to SCREW us AMERICANS than to create a REAL ESTATE COLLAPSE IN DUBAI. What a BRILLANT STRATEGY!!! :rolleyes
Do you actually READ your posts prior to hitting SAVE?
And If OIL price manipulation was THAT SIMPLE…Oil would STILL be $147/barrel…If all it takes is a few SHEIKS to decide what OIL costs…WHY would they let it go to $35 like it did in January and DESTROY the ARAB worlds own PRIZE… Dubai???
The other part of your arguement that doesn’t hold water is WHY people walked away from their homes.
People DID NOT walk away because they didn’t have DISPOSABLE INCOME or they couldn’t MOVE UP as you claim.
They WALKED because they purchased their homes with ARM, SUB PRIME and INTEREST ONLY mortgages. Once their RATES RESET and the VALUE of their homes DROPPED, They COULD NOT refi a home that they owed $300,000 on that was now worth $200,000 or LOWER…GAS prices had NOTHING to do with that decision. These people WALKED because they were looking at paying a 30 YEAR MORTGAGE on a home that was worth 1/3 LESS than they OWED on it while their PAYMENT had DOUBLED or TRIPLED!!! THAT…Is why they WALKED!!
So your theory on the OIL SHEIKS goes out the WINDOW. Unless their plan INCLUDED F*CKING THEMSELVES OUT OF BILLION$ and causing the worst REAL ESTATE BUST they have ever seen IN THEIR OWN BACK YARD.
http://www.youtube.com/watch?v=sk9Sbpnkd-4
Keep telling everyone how SMART you are… And stay with the conspiracy theories like the FED is PRIVATE and NOT controlled by the Goverment even though the GOVERMENT appoints it’s head and regional leaders. GLOBAL WARMING is BULLSHT even though photos from the last 80 YEARS show Glaciers which have been reduced by more than 70% and the salt levels in the OCEAN are dropping due to this. But it’s REALLY Newt Gingrich’s way of ATTACKING the ARABS. :shocked :shocked Just ignore the facts.
It’s hysterical reading this BULLSHT. :biggrin :biggrin :biggrin
I recall that in the late 70s, Lee Iococa came to Washington with hat in hand seeking federal assistance to keep Chrysler from going into Chapter 7. As I recall, he got a $5 billion bailout from the Carter administration.
Dave,
That wasn’t a LOAN…It was a well planned PLOT, by the PRIVATELY HELD Federal Reserve, to over throw the ARAB countries by giving money to Chrysler. See…Chrysler didn’t actually use that money to SAVE it’s business…
If you and I weren’t “WELL TRAINED PARROTS OF THE GOVERMENT MEDIA COMPLEX” we’d know this sh*t. Here’s what REALLY happened with that " CARTER LOAN MONEY"
Chrysler purchased BILLIONS of space heaters and placed them on the polar ice caps. This started the MELTING which directly lead to the GLOBAL WARMING THEORIES (again…If we weren’t GOVERMENT parrots we’d know this sh*t))
Once they got PHOTOGRAPHIC EVIDENCE of the Glaciers melting. Chrysler DELIBERATELY decided to DESTROY themselves through BANKRUPTCY…The MELTING took DECADES…But by 2009 it was far enough along for Chrysler to FINALLY complete it’s PLANNED B A N K R U P T C Y!!!This way the EVIDENCE of the SPACE HEATER PURCHASES could be destroyed in the GOVERMENT BACKED BANKRUPTCY PROCEEDINGS!
Once Chrysler gets through backruptcy…The NEW PLAN is for them to actually develope DRILL BITS…NOT CARS…They’ll LOOK like cars…But in reality they’ll all be equipped with giant drill bits in the bumpers. Goverment operatives will buy these cars with CASH FOR CLUNKERS MONEY and use the cars to DRILL from the USA straight through the earth to the UNDERSIDE of the ARAB/OPEC oil reserves. The FIAT tie in with Chrylser will allow the USA to start DRILLING in ITALY (MUCH closer to the ARAB OIL!!) By drilling in from BEHIND, the US will DRAIN the ARAB’s oil and then build the cars we REALLY want without all that pesky EPA/GLOBAL warming bullsh*t. The first NEW AGE car to come out will be…
The 2014 Ford, 16 cylinder, Turbo Charged, 8 passenger, Eliminator 4X4 SUV. EPA estimated mileage…
3 MPG!!!
WOOOOO HOOOOOO We’ll show those A-RABS who’s BOSS!!!
And you guy’s all thought the U.S. car industry was on it’s ass…
It was all a…S E T U P :banana :bouncemulti :elephant
WHY would they let it go to $35 like it did in January and DESTROY the ARAB worlds own PRIZE… Dubai???
It’s interesting that you think that Dubai’s economy is primarily driven by oil. The FACT is that it only represents 5% of their economy. Instead of “GUESSING” what caused their economic downturn why don’t you look up what actually did. Their economy is based on tourism so I think you will be able to figure it out with that little bit of information.
Then compare that to the countries that actually have a large portion of their economy based around oil.
I recall that in the late 70s, Lee Iococa came to Washington with hat in hand seeking federal assistance to keep Chrysler from going into Chapter 7. As I recall, he got a $5 billion bailout from the Carter administration.
You are right. In 1979 they sort of got a bailout. The recession was in 1980 but that is close enough I guess to potentially call it a bailout but it wasn’t exactly the same as today. First of all it was authorization for Chrysler to obtain “private” financing of “1.5 billion” and another 2 billion in “commitments or concessions” that would be cosigned by the American people in case they didn’t pay. They paid it back in 1983.
I wouldn’t go as far as comparing 1.5 billion in a “cosigned loan” to the trillions in bailout today.
Where do you think the MONEY came from to develope a basically WORTHLESS piece of SAND, into a real estate BOOM TOWN???
That MONEY didn’t come from TOURISM…It came from OIL!!!
DUBAI was BUILT with OIL MONEY…YOUR THEORY sets up this time frame…Just as DUBAI starts building and financing these HISTORIC, never before seen projects like PALM TREE SHAPED ISLANDS created out of NOTHING, and INDOOR SKI RESORTS in the desert…OPEC decided to DUMP the price of OIL from $147/barrel to $35/barrel and WATCH their entire DUBAI investment go down the drain??? Saudi Arabia also decided to hit themselves so hard with $35 oil that the country is about to run it’s FIRST EVER DEFICIT!!!
Your theory is BULLS*T. If the ARABS had the level of controll over OIL prices that YOU think they do…Oil would NEVER break $100/barrel, nevermind $35.
OPEC is RIDDLED with Countries that ROUTINELY CHEAT on quotas and sell their oil on the black market. Too many GREEDY countries with ruling families that RELY on that OIL INCOME to keep them in power…REGARDLESS of the market prices.
Keep up with the conspiracy theories…It’s the FUNNIEST READING on this site!!!
Where do you think the MONEY came from to develope a basically WORTHLESS piece of SAND, into a real estate BOOM TOWN???
Once a oil based economy, always an oil based economy, HUH. That’s an interesting comment you made here. Even when the economy is supported by no more than 5% oil. This is backwards logic and I ask you to stop. Did you get this craziness from the government media complex as well OR do libs base their beliefs on what they “think” rather than what is “factual”?
That MONEY didn’t come from TOURISM…It came from OIL!!!
Sorry Charley, their economy runs on tourism TODAY. We are not still in the 1970’s.
Just as DUBAI starts building and financing these HISTORIC, never before seen projects like PALM TREE SHAPED ISLANDS created out of NOTHING, and INDOOR SKI RESORTS in the desert…
Where have you been, they didn’t “JUST” start building these.
Saudi Arabia also decided to hit themselves so hard with $35 oil that the country is about to run it’s FIRST EVER DEFICIT!!!
“About to”. Nice Saudi PR. The fact is that these oil sheiks became super rich on $20 dollar barrels of oil. I hate to be the one to break it to you but they weren’t starving back then.
OPEC is RIDDLED with Countries that ROUTINELY CHEAT on quotas and sell their oil on the black market. Too many GREEDY countries with ruling families that RELY on that OIL INCOME to keep them in power…REGARDLESS of the market prices.
This is a complete lie. A bold faced lie. A nice conspiracy that is. LOL.
“THIS IS A COMPLETE LIE”
Oh really???
You can IGNORE the FACTS all you want…That’s the a CLASSIC DUBYA Republican method. The only PROBLEM with doing that is…
You end up LOOKING just ike DUBYA!!! Someone who’s in way over their head!!
Notice a few interesting items in this article…
First…The LEHMAN COLLAPSE is mentioned as a TRIGGER for the ECONOMIC CRASH and the end of the oil bubble. Now, where did I read that same statement just recently??? I remember…I MADE IT, in a post HERE…Because it’s an acknowledged FACT!
Second…The article mentions SPECULATORS that created an OIL BUBBLE in the summer of 2008. There’s NO MENTION of pissed off ARABS intentionally raising oil prices to PUNISH the U.S. for an invasion. (that must have been in a secret memo you got) I guess by December of 2008 they weren’t MAD anymore because at that point “THEY” decided to let OIL drop to $32/barrel!!!
Third…The article mentions how lower OIL prices can destabilize goverments who’s economies are based on OIL revenues. This blows some BIG holes in YOUR oil theory…I guess the ARABS DECIDED to drop OIL PRICES to $32/barrel to SCREW themselves and create problems for their goverments??? The article AGAIN mentions Saudi Arabia’s looming BUDGET DEFICIT. I’m sure that OIL dropping from $147/barrel to $32 was all PLANNED OUT so they could do a little BELT TIGHTENING over there!!! The fact that falling oil prices have KILLED ARAB banks which used those OIL REVENUES to FINANCE Dubai’s real estate BOOM is just another FACT that you choose to ignore. OIL MONEY FINANCED THE DUBAI real estate boom…NOT “tourism.” Something must be BUILT BEFORE the tourists get there. That takes FUNDING…That FUNDING came from OIL. Just having to EXPLAIN this to you in mind boogling.
Finally…OPEC admits to being HAPPY with 80% complicance on QUOTAS…
80%!!! That means they have 20% NON COMPLIANCE or CHEATING and even THEY admit this…BUT NOT YOU…You know MORE…You have “more financial intelligence than anyone I have ever met.” Yea…You keep telling yourself that.
Your OIL theory is a JOKE!
You’re the CONSPIRACY EXPERT Hooch…When FACTS get put in your face that take a little SHINE off all that SUPERIOR FINANCIAL INTELLIGENCE you claim to have…You just claim it’s all a LIE!!