Is the USA the new China? Jim Rogers thinks so and so do I! As the GSE's lever down, getting a mortgage will become extremely difficult.
This will only force home prices to drop furthur. Enjoy the current rally. As this crisis deepens you will be seeing less and less of them. I hope this bailout of the rich disgusts you as much as it disgusts me.
We the taxpayer are the ones that pay for this. Jim Rogers is right: Paulson basically threw this together and is bailing out(no pun intended) before the crap hits the fan and the crisis needs to be dealt with.
Just Pass the buck right Paulson? Wall St. has gotten very good at this as they continue to hide their losses.
11 comments:
Hold on tight folks. Asia is starting to tank tonight. Nikkei is down almost 200 points.
The dollar is weakening against the Yen and Euro.
We could see a reversal tomorrow. A follow through on today however isn't out of the question.
About goddamn time, Jeff!! Lol. Seriously, I love your post title - that's exactly where we're at.
Welcome to the USA - the United Socialists of America. Hard to believe I'm a Republican...
Minton
I am questiioning my Republican status myself after they approved the largest bailout in history.
It goes against everything the party stood for. I don't really like either candidate to tell you the truth!
The futures are up a little bit pre-market but nothing major. Today will probably be much less volatile than yesterday unless some type of shoe drops.
I have some things to do today so I won't have a post up until later.
Good luck ig you are trading!
A little article before I head out.
You gotta love the New York Post and their headlines. They always crack me up
Even the hedge funds are afraid of the market volatility right now:
HEDGE HOGS HUNKER
Hedge funds - the daredevils of Wall Street - are backing away from risk, fearful of getting beaten up by the market's persistent turbulence.
JPMorgan Chase's Highbridge Capital and Phil Falcone's Harbinger Capital are among a growing number of big-name hedge funds that are hunkering down, moving into cash and reducing the use of borrowed money, or "leverage," to inflate returns, sources said.
"Markets are irrational and the best thing to do when markets are irrational is to move into cash, increase liquidity and take down risk," said an official at Harbinger, which manages $21 billion.
"A lot of smart hedge funds are sitting on cash right now, and that's the position we've taken," said an employee at Highbridge, the $28 billion hedge fund shop in which JPMorgan holds a big stake.
The flight to safety reduces the chances of any surprise blowups in the coming months.
But it also kills the likelihood that any new stars will be born; fund managers' nerves are too frayed to make the kind of big, directional bets that could reap big rewards.
http://www.nypost.com/seven/09092008/business/hedge_hogs_hunker_128180.htm
Heads up - Lehman's going down (40% so far)...
WOW
Everytime I am on the road somethignhappens! I got back early.
Unbelievable.
S&P just put Lehman on negative watch. Is this Bear Stearns part two?
Yup! I'm sure that idiot Cramer's gonna be telling everyone to buy... geez.
Man
Gold free falling under $800 an ounce..Oil now under $100 a barrel.
Can you say deflationary collapse? Dropping prices is not good right now.
Total demand destruction...Oh god Cramer is next on CNBC...Its "Bubblevision Time!
Why has Fannie Mae stock gone up 60% so far today? This absolutely baffles me. Unless the short sellers are using mutual fund money to up the price then short selling it back down again. You would think something like this is illegal. Oh- that's right the SEC has been taking a long nap these last few years.
anon
My guess is crazy day traders. Playing a bounce off the collapse.
I saw that on my screen too. Its been volatile though. enter at your own risk.
I also noticed that Sirius is almost under a $1 down 18%. I guess that debt that they have is haunting them.
Hearing rumors swirling about WAMU blowing up at the end of the week. Man this is a crazy market.
Workin on a post at market close
Lol, anon - gotta love naked short selling. It's one of the most illegal things on the street that the SEC doesn't give sh*t about.
Step 1: pound some stock into the floor by selling without a locate.
Step 2: buy it back at a fraction of the price and leave all the stockholders wondering what happened.
It's about time the good ol' boys at FINRA put at end to this practice. Oh wait, I forget, that's not what they're there for!
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