Happy Times Are Here Again

[pktruckdriver]

Here we go , the american dream taken away.

http://www.msnbc.msn.com/id/25846164

Up 121% seems to be a lot, yep things are going great.

[pktruckdriver]

:jump: :jump: :jump:

[PaceAdvantage]

:jump: :jump: :jump:Seriously, what was the point of replying to your own post with three jump-for-joy emoticons? Are you disappointed nobody replied to your post, so you started talking to yourself?

OK, I'll give you some GOOD economic news that came out today (which, of course, you failed to recognize with a post):

Durable Orders Roar in June

Durable goods orders for June rose 0.8% versus an upwardly revised 0.1% increase for May and the consensus estimate that called for a 0.3% decline. Excluding transportation, orders jumped 2.0%, rebounding nicely from a 0.5% decline in May, and are up 5.9% year-over-year.
Nondefense capital goods orders excluding aircraft -- seen as a proxy for business spending -- increased 1.4% and are up 4.6% year-over-year. Shipments for the period were up 0.5% and unfilled orders increased 0.9%, which followed a 0.9% increase in May.

This is a strong report and an important economic report that indicates a continued increase in business spending despite the macro pressures facing the economy.

This report will be a positive factor Q2 GDP calculations and doesn't alter Briefing.com's assumption that real GDP will be up at least 2.5%.

http://briefing.com/GeneralContent/Investor/Active/ArticlePopup/ArticlePopup.aspx?SiteName=Investor&ArticleId=NS20080725085441HeadlineHits

[pktruckdriver]

:lol: :bang: :sleeping:

[Valuist]

Did anyone catch Kudlow's show on Friday? The guy is such a cheerleading perma bull; he is a joke. He puts up a graphic up comparing home sales from June and May and saying, "look they are up from 6 months ago". No f-ing kidding, Larry. You can never compare June home sales to a December or January sales number because very few people buy homes in Dec and Jan, even in good times. One of his guests informed him that you can really only compare a June 2008 number to a June 2007 number etc. Of course, Larry didn't listen. But the guy that's even worse on Bubblevision is Dennis Kneale. Show Dennis 15 economic indicators and 14 could be negative. But he'll be the first to point out the one positive and overlook the 14.

Come August, there will be a whole new set of mortgage resets, and that will mean more foreclosures. IMO, the economy can't start to turn around until housing bottoms.

[JustRalph]

The housing thing only gets worse. Things are starting to really boil over in some places. I just read about a town that is bulldozing foreclosed houses because even the banks who own the loans don't have the money to come in and take the homes.

I am currently in a phase where I am consulting with attorneys about filing lawsuits against 6 different banks. A minimum, two banks. Predatory lending has devastated the markets where I own two homes. The current guess is 10-15 years to recover. I am not going to wait. Tough decisions ahead.

I also am told by a mortgage banker (yep, there are a few left) that in another year there will be so many people with foreclosures that the mortgage industry is considering wiping slates clean when it comes to credit ratings and reports on people who have a foreclosure on their credit report. The long term problem is that there will be no customers left to serve. Or at least not enough to support more than a few companies unless they come up with some kind of "foreclosure forgiveness" This blew me away. The broker said this kind of stuff is being studied and handed up to the board level for future planning. Governing boards at banks are trying to figure a way out.

The fact that the bill passed today will reward the bad actors, the banks, and allow them to slip away without repercussion is just another symptom of government interfering with the market. We need some more Bank failures and we need some Mortgage executives to go to Jail for very long periods.

Countrywide should have their entire board and executives locked up.

Btw, guess who the first person I am going to sue is..................

[Valuist]

The housing thing only gets worse. Things are starting to really boil over in some places. I just read about a town that is bulldozing foreclosed houses because even the banks who own the loans don't have the money to come in and take the homes.

I am currently in a phase where I am consulting with attorneys about filing lawsuits against 6 different banks. A minimum, two banks. Predatory lending has devastated the markets where I own two homes. The current guess is 10-15 years to recover. I am not going to wait. Tough decisions ahead.

I also am told by a mortgage banker (yep, there are a few left) that in another year there will be so many people with foreclosures that the mortgage industry is considering wiping slates clean when it comes to credit ratings and reports on people who have a foreclosure on their credit report. The long term problem is that there will be no customers left to serve. Or at least not enough to support more than a few companies unless they come up with some kind of "foreclosure forgiveness" This blew me away. The broker said this kind of stuff is being studied and handed up to the board level for future planning. Governing boards at banks are trying to figure a way out.

The fact that the bill passed today will reward the bad actors, the banks, and allow them to slip away without repercussion is just another symptom of government interfering with the market. We need some more Bank failures and we need some Mortgage executives to go to Jail for very long periods.

Countrywide should have their entire board and executives locked up.

Btw, guess who the first person I am going to sue is..................

I agree we don't need the interference and rewarding all the defaultees will be at the expense of all of us who've been paying our mortgages. I don't think there's any doubt you'll be getting more of those bank failures. The regional banks are in real trouble and even some of the big national banks need additional capital (Bank of America, Wachovia, WaMu and Wells Fargo). If you can figure out which banks will survive, they'll EVENTUALLY be very good investments but that may not be so easy to figure, at least at this point in time.

[PaceAdvantage]

:lol: :bang: :sleeping:What a valuable contribution to the discussion. Thanks so much!

[pktruckdriver]

Hey Bossman


You just don't get it do you, Like JustRalph indicated this is the worse it has ever been and will only get worse not better, as you claim, wake up.


I need not reply anymore than I did, by putting the info to be read, I've done my part, I feel for JustRalph as I do many others who owned many houses as investments, or just plain owned 3-4 houses, and to have the market fall out from under them and they are not to blame, the Government is for allowing it to happen, re-read JustRalph's post, but you could never see that , you must be nice and comfy in your big house on the hill, right.


That too is ok with me, really, I am fine with my paycheck to paycheck way of life, but I am still getting my paycheck , thou it is a whole lot less than it used to be for doing the same work, why is that? And yes I would like to change jobs, but limitations are what they are, now make fun of that too.

I work very hard out here and I am seeing this country slowly fall apart, I really don't care too much if you believe it, it will not change what is happening, unlike the Rapture, for which I hope to go quietly in the night, this will not go away so quietly, it will take much time to recover from, not just a year or so, I wish it was that easy.


Is this better Bossman, your numbers you show are from where ,the Administration, Our current Government, that says everything is fine, we will be ok, right.

I need say no more, symbols will do, for now, thank you.

:( :mad: :rolleyes:

[riskman]

The fact that the bill passed today will reward the bad actors, the banks, and allow them to slip away without repercussion is just another symptom of government interfering with the market. We need some more Bank failures and we need some Mortgage executives to go to Jail for very long periods.

Countrywide should have their entire board and executives locked up.

Btw, guess who the first person I am going to sue is..................



This week, the House of Representatives passed a housing rescue plan that will cost you, your children, and grandchildren at least $300 billion. It will quickly be passed by the Senate and signed into law next week by our esteemed President. George Bush will again show his moral backbone by signing a bill he has said for months that he would veto. It is amazing how free market capitalism is the mantra when prices are going up, but big government socialism is the answer when our multi-million dollar corporations make drastic risk management mistakes in search of obscene profits. We are now on the hook for all the past and future bad decisions of Fannie Mae and Freddie Mac. The Congressional Budget Office estimates that backing these two awful institutions will cost taxpayers $25 billion(Fairy tale). Remember the government estimate for the Iraq War of $50 billion.(Fairy tale) We are at $700 billion and counting. Our politician leaders continue to spend our money with absolutely no plan to pay for these initiatives. At the end of the day, two companies that have lost a combined $13 billion in the last 9 months can now lose billions more without a worry. It is good to see that their CEOs really believe in pay for performance.

Last week at a closed-door fundraiser in Texas, where he thought it was safe to tell the truth, President Bush summed up the financial crisis in his usual blunt manner. "There’s no question about it, Wall Street got drunk, that’s one of the reasons I asked you to turn off the TV cameras. It got drunk and now it’s got a hangover." So, the man who spoke these words last week will buy a drunkard $325 billion of Jack Daniels by signing the bailout bill. A little hair of the dog that bit you is good for a hangover.


The implicit guarantee from the Fed is quickly becoming explicit, as those institutions deemed "too big to fail" are bailed out at taxpayer expense. Wall Street made a killing during the housing bubble, reaping record profits. Now that the bubble has burst, these same firms are trying to dump their losses on the taxpayers. This approach requires more money creation, and therefore debasement of all dollars in circulation.


In free markets, both success and failure are options. If government interventions prevent businesses, like Bear Stearns, from failing, then it is not truly a free market. As painful as it might be for Wall Street, banks, even big ones, must be allowed to fail.

[pktruckdriver]

Yeah What He Said :2: :ThmbUp:


You know Bossman , some people get it, they really do, I need not put it in

a big letter, just a few symbols wiil do it. I need not be put in the post of the

day or week spot, I made my point, ask'm they'll tell you, they see it.


I you better believe that I am not relishing this doom either, no Sir, not one


bit as this is my country and I only want the best for it, but look and see the

mess we are in, and you say everything will be ok, , maybe, but only for the

ones who can afford it, otherwise it may get pretty tough for the others.

People like me who work my ass off each day, yet I am not going hungry,

nope, I will eat well enough, but the fun things, may be harder to do now,

like deep sea fishing, or trips to Alaska to fish, or 1-3 weeks to the track.


Somebody want to hire an over the road truck driver and re-train me to do

something else and pay me 6 figures too, well send me a PM right away.

I will be waiting, but not holding my breath, and if things turn around, great

I will be the first to say I was wrong things weren't as bad as I thought, but....

[skate]

Welppers, i didnt read the Bill on housing, but from what i've heard, it sounds as though the housing bubbly is just about over.


And and and, one point (in the bill) that makes the Loan guy pay-up, seems to be a very good move by the-fuzzy-guys "Congress", yiks!

:) it's very simple

[wonatthewire1]

This week, the House of Representatives passed a housing rescue plan that will cost you, your children, and grandchildren at least $300 billion. It will quickly be passed by the Senate and signed into law next week by our esteemed President. George Bush will again show his moral backbone by signing a bill he has said for months that he would veto. It is amazing how free market capitalism is the mantra when prices are going up, but big government socialism is the answer when our multi-million dollar corporations make drastic risk management mistakes in search of obscene profits. We are now on the hook for all the past and future bad decisions of Fannie Mae and Freddie Mac. The Congressional Budget Office estimates that backing these two awful institutions will cost taxpayers $25 billion(Fairy tale). Remember the government estimate for the Iraq War of $50 billion.(Fairy tale) We are at $700 billion and counting. Our politician leaders continue to spend our money with absolutely no plan to pay for these initiatives. At the end of the day, two companies that have lost a combined $13 billion in the last 9 months can now lose billions more without a worry. It is good to see that their CEOs really believe in pay for performance.

Last week at a closed-door fundraiser in Texas, where he thought it was safe to tell the truth, President Bush summed up the financial crisis in his usual blunt manner. "There’s no question about it, Wall Street got drunk, that’s one of the reasons I asked you to turn off the TV cameras. It got drunk and now it’s got a hangover." So, the man who spoke these words last week will buy a drunkard $325 billion of Jack Daniels by signing the bailout bill. A little hair of the dog that bit you is good for a hangover.


The implicit guarantee from the Fed is quickly becoming explicit, as those institutions deemed "too big to fail" are bailed out at taxpayer expense. Wall Street made a killing during the housing bubble, reaping record profits. Now that the bubble has burst, these same firms are trying to dump their losses on the taxpayers. This approach requires more money creation, and therefore debasement of all dollars in circulation.


In free markets, both success and failure are options. If government interventions prevent businesses, like Bear Stearns, from failing, then it is not truly a free market. As painful as it might be for Wall Street, banks, even big ones, must be allowed to fail.


Thanks for the info Riskman - and to think, you didn't even include all the money that we, our kids and grandkids are going to owe for the Eyerack adventure and you've got a second big score in the making!

...worst govt we've ever had....and they keep grabbing enough power day by day - soon invading another bank account of ours! :eek:

[jonnielu]

This week, the House of Representatives passed a housing rescue plan that will cost you, your children, and grandchildren at least $300 billion. It will quickly be passed by the Senate and signed into law next week by our esteemed President. George Bush will again show his moral backbone by signing a bill he has said for months that he would veto. It is amazing how free market capitalism is the mantra when prices are going up, but big government socialism is the answer when our multi-million dollar corporations make drastic risk management mistakes in search of obscene profits. We are now on the hook for all the past and future bad decisions of Fannie Mae and Freddie Mac. The Congressional Budget Office estimates that backing these two awful institutions will cost taxpayers $25 billion(Fairy tale). Remember the government estimate for the Iraq War of $50 billion.(Fairy tale) We are at $700 billion and counting. Our politician leaders continue to spend our money with absolutely no plan to pay for these initiatives. At the end of the day, two companies that have lost a combined $13 billion in the last 9 months can now lose billions more without a worry. It is good to see that their CEOs really believe in pay for performance.

Last week at a closed-door fundraiser in Texas, where he thought it was safe to tell the truth, President Bush summed up the financial crisis in his usual blunt manner. "There’s no question about it, Wall Street got drunk, that’s one of the reasons I asked you to turn off the TV cameras. It got drunk and now it’s got a hangover." So, the man who spoke these words last week will buy a drunkard $325 billion of Jack Daniels by signing the bailout bill. A little hair of the dog that bit you is good for a hangover.


The implicit guarantee from the Fed is quickly becoming explicit, as those institutions deemed "too big to fail" are bailed out at taxpayer expense. Wall Street made a killing during the housing bubble, reaping record profits. Now that the bubble has burst, these same firms are trying to dump their losses on the taxpayers. This approach requires more money creation, and therefore debasement of all dollars in circulation.


In free markets, both success and failure are options. If government interventions prevent businesses, like Bear Stearns, from failing, then it is not truly a free market. As painful as it might be for Wall Street, banks, even big ones, must be allowed to fail.

You are always on the hook, you have been on the hook for quite some time already, and you will remain on the hook until you take yourself off of it.

Banks can't fail in this country, since the federal reserve act, banks create money by borrowing it on your credit, only you can fail.

jdl

[JustRalph]

You just don't get it do you, Like JustRalph indicated this is the worse it has ever been and will only get worse not better, as you claim, wake up.

I say it is bad in the housing industry due to Criminal acts perpetrated by banks and consumers. Widespread fraud by all involved.

This includes

Real Estate Agents
Banks/Lenders
Consumers
Appraisers who are getting off scot free (http://ask.yahoo.com/20060712.html)

I don't buy a recession, in the technical sense. But I see problems that remind me of Jimmy Carter. Especially in the employment arena.

Regional differences are huge. My wife's restaurant is up 25% in walk in sales over the last 12 months. This is in Charlotte. She is one of only 5 stores in the company (50 stores) that is up in sales. All regions that are not getting hit as hard as the rest of the country.




We will all end up paying for it. But the Banks are being bailed out. Homeowners won't be bailed out.

[PaceAdvantage]

You just don't get it do you, Like JustRalph indicated this is the worse it has ever been and will only get worse not better, as you claim, wake up.Not once have I claimed anything. I have never claimed things will get better, nor have I claimed they will get worse.

I simply post facts, and my opinion that we are not in a recession yet. I have never claimed times are good.

You keep putting words into my mouth that aren't there...keep having fun running with the herd and try not to get run over.