Comments for Housing Bubble Bloodbath at http://www.pacificfreepress.com , comment 1 to 29 out of 20 comments http://www.pacificfreepress.com Tue, 02 Dec 2008 15:37:35 +0100 FeedCreator 1.7.3 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-941 I can't see this economy standing up much longer. By the end of this year at the latest a depression worse than the 30s will be upon us. The signs are already there: the housing market collapsing; the stock market beginning to teeter; CEOs and other executives cashing out as fast as they can. The only way to avoid personal catastrophe is to get into hard assets as soon as you can before the Asian super-economies drive up the prices of commodities. The US is in for some bitter, bitter times. I've pulled all my assets out of the market and moved into a very small house that I own out-right. Other than some provisions and a minimal amount of cash, I've converted everything over to gold and silver bars which I keep in several well-dispersed locations. - a guest Thu, 25 Jan 2007 05:59:04 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-940 [[The Federal Reserve and Alan Greenspan are not "accidental" destroyers of the United States; they are deliberate destroyers of the United States. 26]] For what purpose are they destroying the US? - a guest Thu, 25 Jan 2007 05:50:32 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-810 Great article Mike! Apparently a lot of naïve people missed this recent article on artificial equity that has disappeared. Make-Believe Home Equity Flies Away: $300 Billion Has Disappeared in the United States / Jan. 16, 2007 http://www.dailyreckoning.com.au/consumer-spending/2007/01/16/ - a guest Sat, 20 Jan 2007 12:58:39 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-800 Don't you understand? The housing boom was not unintentional. It was intentional. The Federal Reserve and Alan Greenspan are not "accidental" destroyers of the United States; they are deliberate destroyers of the United States. - a guest Sat, 20 Jan 2007 03:19:40 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-770 The housing market downturn will begin to gain downward speed at the end of 2007. The economy is showing signs of a slowdown and the Stock Market is once again reaching overvalued extremes since the 2003 low. If you want to sell then get it done by June 2007. 2008 to 2010 look bad. Beyound 2010 people will wish they never heard of Real Estate ownership and speculation. - a guest Fri, 19 Jan 2007 19:06:09 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-738 exactly right- whenever the government or the road contractors refue to stripe the middle of the road or move the marking so that they intersect in the middle of the road it is the fault of the damn fools who believe their interests are being respected if they crash head on with those in the other direction or drive off the side of the cliff- i say america is NOT one for all and all for one- it is the greed of the 80s that will prevail in the long run in any endeavor -so get your's even if you need to use shaddy or illegal avenues to get it- after all those poor trusting souls are just chumps asking to be taken n'est pas? Let them eat granite.Those who satand alone in the face of the evil crowdsdemanding justice are just those too slow to escape to the foreign welcoming shores. [I pitty the poor fools who believe this as they will surely have no refuge.] - a guest Thu, 18 Jan 2007 14:38:56 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-733 Preachin' to the choir, Brother (or Sister)...Also, Kudos to whomever left the comment not to blame the Fed, or Dubbya, or the Real Estate "industry".... The people who lose their shirts truly have nothing else they can blame besides their inability to pick up on the bubbliness.....They knen full well what prices their local market would command long term.... - a guest Thu, 18 Jan 2007 06:16:15 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-726 I do not feel sorry for any of those fools who bought houses they can't afford just because their friends bought one. They let their desire to compete take over their common senses and they will surely suffer when they have to pay the piper. Many of them can't eat nor heat their homes... is that the glory of owning a McMansion? NOT! - a guest Wed, 17 Jan 2007 18:05:51 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-722 I read articles about the US housing bubble and think to myself "well, it all looks totally engineered to me". UK interest rates rising, people still totally oblivious to the debt they are getting in to,they think that housing is a commodity of investment rather than think of it as a home. The interesting thing to bear in mind is that the housing market bubble appears to be a universal oddity and anyone with an ounce of common sense knows that we are all going to pay the price eventually for such an over priced commodity. - a guest Wed, 17 Jan 2007 16:10:09 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-712 I am not an expert on economics or the real estate market, however, it is obvious to me that the people (consumers) that purchased a house with a creative mortgage loan (i.e. arms that will reset, or interest only loans) during the periods of rapid appreciation only have themselves to blame for their problems if they cannot afford to make payments when they come due. They knew the terms of the loan when they signed the papers. They had to know that at some point they would need to begin making principal payments on their loans. If they were banking on the idea that home prices would contiue to skyrocket forever and ever and they could just refinance then they were taking that risk (gamble) when the took out the loan and purchased the home. Whatever happened to good common sense. Just because you can get a loan from the bank and purchase something you can't really afford, doesn't mean you should. I think the best and most important lesson to be learned here is for the consumer: Don't over extend yourself, try to stay out of debt as much as you can, and don't take a risk without considering the worst case scenario and determining whether or not you can handle it, if the answer is no, you are only asking for disaster at some point when your luck turns, and when you get it you have only yourself to blame, not the Fed, the government, or even President Bush. I get tired of people that think everything is somebody elses fault and won't step up to the plate and except responsibility for their own choices. Just because you can do something doesn't mean you should. - a guest Wed, 17 Jan 2007 08:15:49 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-706 You guys kill me. End of the world, are you drunk. This equity bubble will stall, prices shrink nationally 10%, even 20%. WHo cares. On the average, that doesnt do anything to average bob who owns the average house. Its the coasts that get hurt on that kind of drop, where the average house is quite a bit above the national average. But in the end, its the average that counts. SO again, who cares. A bunch of realtors, and mortgage brokers wont be able to pay there mortgages. Screw them, Every one else will suffer thru, and this will be a localized problem just like texas in the 80's. Stop worrying. P.S. if you really believe in the end of the world, currency crisis and all, then you better own realestate as we would shurly enter a period of hyperinflation. Look it up. - a guest Wed, 17 Jan 2007 06:27:31 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-705 I agree: "a guest" is most likely a "realtor" or something similar...Just a huge Ponzi scheme...cheeeeep money, greedy "realtors", predatory mortgage companies, greedy hopeful buyers (be they flippers or otherwise)....People got suckered BADLY on this one..... ;D - a guest Wed, 17 Jan 2007 06:08:05 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-700 ... a 1000-sqft house, 2.7 acres of wooded land, 24/7 access to a scenic, navigable river and affable, well-armed neighbors. It did for me, and no I'm not saying where :P - a guest Tue, 16 Jan 2007 23:38:46 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-688 And when this collapse happens, the elite who have adequately protected their assets, will re-patriate those assets and purchase the desirable properties. They will then thusly increase thier ownership of our country. (Currently the top 10% own 70% of the assets) - a guest Tue, 16 Jan 2007 19:15:32 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-677 Yeah, your numbers are off for the $129k mortgage. The only way anyone is paying $2000 on a $129k mortgage is if they're paying an outrageous (more than 10%) interest rate on a 15 year term. Good article, but needs some basic fact checking - a guest Tue, 16 Jan 2007 15:29:43 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-676 You say; “It’s all bleak, bleak, bleak.” But I say; “Cheap money is not to blame.” We, collectively the 300 million consumers, owe more than $28.2 trillion, only about $9.5 trillion of that is home mortgage debt. To try to solve the problems you enumerate by increasing the cost of borrowing would be sheer folly. But you are correct in pointing the finger at the Fed; but more importantly, at the irresponsible actions of lenders. The Fed did not create all the surplus money by “printing” it or by pumping reserves into the banking system. Charted here is the growth in total non-financial debt (money lent to the productive sector of the economy by the financial sector) and the cumulative holdings of the Monetary Authority (the Fed) since the Fed was created. http://webpages.charter.net/prologue/images/Without_A_Printing_Press.gif The Fed does have culpability in the growth of money through its support of chicanery in the financial markets. As you note; “The housing bubble is actually an extension of the stock market bubble; Greenspan’s earlier swindle which cost American investors $7 trillion in retirement and life-savings. Both equity balloons can be attributed to the shabby and exploitative monetary policies of the Federal Reserve.” But low interest rates should not be blamed; I suggest the failure had more to do with failure to properly manage “margin requirements” as provided in Securities and Exchange Act of 1934. (The Fed was given that specific responsibility in the 1934 Act.) An earlier Fed chief, William McChesney Martin chose to accept that responsibility when confronted with a disorderly market in 1968. Margins of 100% were set for those stocks where trading had become “irrationally exuberant.” Indeed, when the entire market seemed inclined to such exuberance, Martin raised margin requirements to 80% for all trading. When Greenspan faced an overly exuberant market, he placed the entire national economy at risk. As you noted, his swindle cost American investors dearly. I’m not suggesting the Fed be asked to manage “margin requirements” for the housing market; I really think all FOMC members should be banished to the moon or to some more distant realm. As to down payments on housing (margin requirements), I think that it is unrealistic to expect responsible action from lending institutions. They have been right up to their ears in creating that $28 trillion of lendable money, most of which was created artificially. We have a Congress that we elected; or do we? TGoodwin - a guest Tue, 16 Jan 2007 15:18:54 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-667 can this happen in perth - a guest Tue, 16 Jan 2007 07:59:26 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-666 you couldn't buy a 2 week a year timeshare in this state for that much. good luck getting a house with a roof, or a condo bigger than 200 square feet with that. - a guest Tue, 16 Jan 2007 07:54:58 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-665 Excellent article..all we need to realise is that afterall household income has to bear the brunt of Feds' mischiefs,let us all pray we work hard and pay for our foolish choices..once again thanks for the deep introspection of housing circus - a guest Tue, 16 Jan 2007 07:39:34 +0100 http://www.pacificfreepress.com/news/1/677-housing-bubble-bloodbath.html#comment-664 Real estate never goes down! Happy happy joy joy! :D ;D :D ;D :D ;D :D ;D :D ;D >:( - a guest Tue, 16 Jan 2007 06:29:43 +0100