Time to stop this idiocy. I simply do not have it in me for another chapter of this — in 2008, Democrats will take over everything. They will clean up the mess and then when it is cleaned up somewhat, the GOP will get in again to mess it up again.

Jesus H. Christ! ENOUGH!

You younger folks — do not let this happen again. Do not stop being involved in politics when Dems get in. Keep THEIR feet to the fire too — and DO NOT VOTE FOR GOPERS AGAIN — EVER.

In the land of no control in growth… Phoenix area now have subdivisions nearly abandoned in the outskirts…. creating problems with West Nile due to pools not being cared for, crime and vandalism.

But they still build more…

Bizarre!

there are around 50K homes on the market with new builders offering huge incentives to go new even buying the old home at a discount.

We obviously need to stop wasting resources that way and somehow help people to utilize their wealth more productively. That’s a huge economic system reform.

Of course, this current credit crunch crisis has to be gotten through too.

We need a lot of restructuring and changes and switching from Republicans to Democratic leadership is one of the first.

The change in the credit industry follows the huge government and public debt spending as night follows day.

Energy, health care, world trade and the list just goes on and on if only the public will get up to speed and help us speed things up by getting rid of the Bush administration, like yesterday.

Biodun @ 21

Analysts say that the worst of foreclosures are yet to come, when most adjustable mortgage rates jump way up around the fall. As for sub-prime mortages? Well, sadly, the American Dream is not for everyone.

I saw a friend who is a Realtor over the weekend and he said the normal office listing of REOs (Real Estate Owned) properties — which mean forclosures, primarily — was normally a two – three page listing, at most. Currently, his own office listing is at 25 pages and the mortgage lender called last Friday to say that there were 10 more pages for a total of 35 pages of REOs.

So what happens when the Realtors can’t handle more?

He said many of these properties will eventually be offloaded for 50-60 percent of the home value when it was foreclosed.

Who will have money to buy them, even at 50 cents on the dollar?

How many can the Realtors manage to handle and for how long before that causes a problem? What would be the consequence to realtors if they can’t dump ‘em over time?

…

The de-regulation of the Mortgage lending system in the Reagan era is ONCE AGAIN coming home to roost. …

Why do all these problems seem to stem from previous Republican administrations?

I think this following point can’t be made enough. So let’s repeat it and project the propaganda, even though it is simply the truth.

The US is at the tail end of a very long reign of Republicans.

From 8 years of Reagan, and one year of Poppy Bush to 8 years of centrist Clintonism tempered by a Republican Congress to 8 years of Bush and 6 years of a Republican Congress.

This is the end result of the Republican Party getting its way for the last 2 decades.

-GSD

Yes. Have you ever noticed that the economy seems to prosper under Democrats and tank under Republicans? For as long as I can remember, anyway. I’m sure there are exceptions, but that has been the overall trend.

I believe I was watching the German News and they indicated that Walmart is so huge that it is one of the key indicators as to the health of the US economy…

http://www.nytimes.com/2007/08…..uPY2nx9wcQ

Most likely not…so here ya go.

It’s amazing, just one day before the events of 9/11, Congress and the media were beginning to ramp up their coverage on a report that the Defense Department ‘misplaced’ 2.3 Trillion dollars of taxpayers money. Six years later.. an estimated 40 cents of every dollar spent on the war on terror goes to secretive sub ‘machine gun’ contractors and outsourced intelligence agencies with absolutely no oversight. Worse yet, we are now publicly arming the enemies of our enemies…again. Prepare for the impending ‘blowback’.

Read the full article..and watch Rummey testifying 1 day before the day that changed everything
http://newssophisticate.blogsp…..ld-on.html

I worked in risk management for 5 years in subprime credit cards till Feb 2005, when I had to quit or go crazy. Our execs laughed at our customers’ financial ineptitude, all while cleaning out their pockets. Subbies typically load up their cards to their credit lines in about 5 months or less, then start getting whacked with overlimit fees (in addition to the absurd interest rates). So, one of the bank’s new strategies — that helped drive me out the door — was to e.g., book 100,000 new accounts with a line of $1,000. Now, in less than 6 months you bundle them up into a block of “securitized debt” and sell this nominal 100 million dollar puppy in the financial markets. It will have a risk-adjusted future value that buyers will bid on. We no longer own the debt, so now we go out and book another 100,000 accounts.

Lather, rinse, repeat. Lather, rinse, repeat …

And this credit card “securitized debt” is one component of the “Asset Backed Commercial Paper” (ABCP) that we’re all reading about in the news these days. Funny thing: No one wants to buy it any more. The market for it has seized up. And this is why even some money market funds, traditional pillars of stability, are being looked at askance these days. Turns out that some MMFs are customers for ABCP.

Biodun @ 30

And let’s remember the $1.3 trillion that we owe China–the amount of US treasury bonds sitting in the vaults in the People’s Bank of China. We’ve been spending a substantial amount of this loan on the useless war in Iraq.

Maybe we could just turn over our “asset” [the war in Iraq] to China and they’d wipe out our debt????

The asset China wants is Taiwan. I’ll bet we give it to them within the year.

there’s only one thing that surprises me and that is that it’s taken so long for inflation to begin

It began years ago. Why do you think they took food and energy out of the inflation reports? The government has just decided that when milk goes to $4/gal, it isn’t inflation.

The other thing that’s been masking inflation is the relocation of jobs to China (and elsewhere). WalMart can keep prices low because they don’t have to pay American wages any more.

And let’s remember the $1.3 trillion that we owe China–the amount of US treasury bonds sitting in the vaults in the People’s Bank of China. We’ve been spending a substantial amount of this loan on the useless war in Iraq.

Maybe we could just turn over our “asset” [the war in Iraq] to China and they’d wipe out our debt????