Quotes For The Week
As long as Mr. Bernanke is the Fed Chairman, gold will be a very good investment.
-Marc Faber, publisher of the Gloom Boom & Doom Report, in a November 16 Bloomberg TV interview
Since 2000, my columns have covered many warnings of major debt accumulation, market meltdowns, and the psychological failings of Wall Street’s greedy, myopic brains. Last June we summarized 20 predictions made between 2000 and 2007 warning of a subprime meltdown coming. Oddly, no one seemed to be listening to all the warnings from leading minds like Buffett, Grantham, Gross, Faber, Shilling, Roubini, Fed governors, and many more. Was that a repeat of 2000 with no one listening?
Suddenly it hit me: It’s just the opposite: Everyone is listening and everybody knew a crash was coming — but we were in a trance, including Washington’s bosses. Bernanke, Bush, Paulson, Greenspan all heard it. So did Wall Street, and Main Street.
Unfortunately America’s collective brain was addicted to the adrenaline rush of gambling in a risky bull. The euphoria is intoxicating. We were caught up in a game of musical chairs, squeezing out every last dollar of return, blind to the catastrophe ahead until caught by surprise. Unfortunately, Wall Street lacked a moral compass and stole trillions from American taxpayers. Today, the only lesson Wall Street has learned is “greed is good.” Now the beginning of the end has become a moral tragedy that is setting the stage for an implosion of Wall Street, capitalism and our economy circa 2012.
Yes, another meltdown is coming; it’s inevitable.
-Paul B. Farrell, in his November 17 MarketWatch column
Various Chinese VIPs have been dealing the U.S. a prolonged public scolding in recent days, as if to say to visiting President Obama and his constituents back home: you may be running the Free World but we’re big and getting bigger – and besides, you are utterly dependent on us for economic growth.
-Gabriella Stern, in a November 17 post on Dow Jones Newswires’ “Randomly Noted” blog
The crisis has not solved anything. On the contrary there is less transparency today than there was before. The government’s balance sheet is expanding, and the abuses that have led to the one cause of the crisis have continued.
I think eventually there will be a big bust and then the whole credit expansion will come to an end. But before that happens, they will print money, and they will grow into very high inflation rate, and the economy will not respond.
The average family will be hurt by that, and then in order to distract the attention of the people, the governments will go to war. People ask me against whom? Well, they will invent an enemy.
-Marc Faber, speaking at an investment conference in Singapore on November 18
I’ve lost track of how many times since late 2005, when the bubble popped, that official forecasters from the housing industry have predicted the market will come back “next year.”
Yeah, housing and the Cubs.
-Mary Umberger, Chicago Tribune real estate columnist, November 23
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November 24th, 2009 at 6:32 am
I don’t think there is a second wave foreclosures coming. That’s kind of a simple way to explain it. Your option arm’s are all mixed in. That option reset business is a bunch of garbage to. Because they
have been around and sell at different times also. The only wave i see is tied to the sales of new houses. First time home buyers have the highest rate of default of any borrower.
Of course that makes sense. So does giving away credit to just about anyone to make a home sale. So the debt based banking system can rise again. The rest is fluff distracting you from how this this debt based system really works.
Of course to that isn’t really working anymore either. Only a half-wit buys in a bad economy with the possibility of job-loss. Much less one that is on the brink of disaster. Not to mention a negative equity market. See it’s what they don’t tell you.
So in October. 3 days before “Black Friday” a miracle happens. Housing sales have gone up the highest in 3 years. Oh National Association of Realtors and Macy’s it really is a wonderful life isn’t it?
Honey thats it. Lets get the credit cards and go on a shopping spree. I know it honey she replies, lets roll the dice. There’s the possibility we may wind up living in a tent. Yep he says and lets get a house from these nice people to. Little Johnny loves the woods, she mused to herself that isn’t a bad idea..
Your not trying to sell me something here are you waffle boy? Mr. Toyota lassos the moon only to find Mrs. Toyota hanging from it. It’s over with. Get real.
November 24th, 2009 at 8:01 am
Thanks for the comment Jimmy.