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The Edge Of The Cliff
This weekend may be the beginning of the end of the false sense of security in the stock market.
http://news.yahoo.com/s/ap/20080906/ap_on_bi_ge/mortgage_giants_crisis
So far the FED, the investment bankers and the billionaires have managed to keep the market artificially inflated by pumping huge sums into it each time it faltered.
Monday will be the greatest test yet of the resolve of those entities to hold the last remaining indicator of our economy's health at these inflated levels.
With 7,000 homes per day being foreclosed, over 9% of homeowners either in default or behind on their payments, 6.1% unemployment and $10 billion dollars a month going to Iraq, we may be near critical mass of incompetence for the Bush administration.
But, keep your chins up! I'm sure Sarah Palin is praying for us!





Comments (9)
I recommend she study for the ministry and pray full time.
Good to see you, Chuck!
September 6, 2008 10:20 AM | Reply | Permalink
Apparently the Feds are ready to take over Fannie Mae and Freddie Mac.
September 6, 2008 11:35 AM | Reply | Permalink
Folks, I recommend the following blog for day-to-day coverage of the unfolding financial clusterf--k....
http://theautomaticearth.blogspot.com/
Scary times.
Not the time you want to have Phil Gramm's buddy in the White House.
The flip side: if Obama wins, he'll have to deal with the fallout, and probably get tagged with some blame by GOP drones and the lazy media.
If you'll notice, Obama has been alluding to "tough choices ahead" and so on a little bit in speeches.
September 6, 2008 4:06 PM | Reply | Permalink
drudgereport.com
MSNBC drops Keith Olbermann and Chris Matthews from anchor chair... David Gregory will anchor news coverage of the coming debates and election night.... Developing...
Have a good evening!
September 7, 2008 9:44 PM | Reply | Permalink
Chuck,
So how much money did you personally make as a real estate agent fleecing everyday mom's and dad's?
How many years did you run a real estate company?
I'm sure the 5-10%/year appreciation in home values from 2002-2007 wasn't a problem for you when you were charging families 6% on every home you sold, but now it's Bush's fault..
I get a laugh out of the NAR and agents like yourself. Get a real estate license in 30 days and charge 6% on every house. You like to point the finger at Bush, the blame should be laid at the feet of the lenders and the NAR.
You are one of a kind...
September 7, 2008 9:53 PM | Reply | Permalink
You're one of a kind too, Lt., An arrogant, pretentious jerk.
I spent my real estate career trying to help poor families get what you were probably given by your parents. You don't know anything about me or my business and being the self-centered egotist that you are you won't believe that I NEVER took advantage of a single buyer or seller.
I helped the customers that the realtors you speak about wouldn't. And MANY, MANY times I took little or no commission.
There was a line in the movie "Smokey And The Bandit" which fits how I feel about you after reading this typical BS from you: "Do the letters F.O. mean anything to you?"
If you are going continue to attempt to belittle me without knowing a f&*(ing thing about me then you can spew your crap elsewhere.
As for the futures being up, wait a little while. The crash is coming. The stock market is the last indicator you and those like you have managed to keep artificially inflated.
I have nothing further to say to you. Go to hell!
September 13, 2008 11:21 AM | Reply | Permalink
This video is a perfect example of how brokers such as yourself contributed to the problem that has led to the Fannie/Freddie debacle.
http://www.youtube.com/watch?v=Ubsd-tWYmZw&feature=related
September 7, 2008 10:32 PM | Reply | Permalink
Dow Futures +261
Naz Futures +40
September 7, 2008 10:54 PM | Reply | Permalink
Time to cut and run, the surge was a total failure.......
F.O yourself
BAGHDAD — At first, I didn’t recognize the place.On Karada Mariam, a street that runs over the Tigris River toward the Green Zone, the Serwan and the Zamboor, two kebab places blown up by suicide bombers in 2006, were crammed with customers. Farther up the street was Pizza Napoli, the Italian place shut down in 2006; it, too, was open for business. And I’d forgotten altogether about Abu Nashwan’s Wine Shop, boarded up when the black-suited militiamen of the Mahdi Army had threatened to kill its owners. There it was, flung open to the world.
Two years ago, when I last stayed in Baghdad, Karada Mariam was like the whole of the city: shuttered, shattered, broken and dead.
Abu Nawas Park — I didn’t recognize that, either. By the time I had left the country in August 2006, the two-mile stretch of riverside park was a grim, spooky, deserted place, a symbol for the dying city that Baghdad had become.
These days, the same park is filled with people: families with children, women in jeans, women walking alone. Even the nighttime, when Iraqis used to cower inside their homes, no longer scares them. I can hear their laughter wafting from the park. At sundown the other day, I had to weave my way through perhaps 2,000 people. It was an astonishing, beautiful scene — impossible, incomprehensible, only months ago.
When I left Baghdad two years ago, the nation’s social fabric seemed too shredded to ever come together again. The very worst had lost its power to shock. To return now is to be jarred in the oddest way possible: by the normal, by the pleasant, even by hope. The questions are jarring, too. Is it really different now? Is this something like peace or victory? And, if so, for whom: the Americans or the Iraqis?
There are plenty of reasons why this peace may only amount to a cease-fire, fragile and reversible. The “surge” of American troops is over. The Iraqis are moving to take their country back, yet they wonder what might happen when the Americans’ restraining presence is gone. The Awakening, a poetic name for paying former Sunni insurgents not to kill Americans or Iraqis, could fall apart, just as the Shiite Mahdi Army could reanimate itself as quickly as it disappeared. Politics in Iraq remains frozen in sectarian stalemate; the country’s leaders cannot even agree to set a date for provincial elections, which might hand power to groups that never had it before. The mountain of oil money, piled ever higher by record oil prices, may become another reason to spill blood.
But if this is not peace, it is not war, either — at least not the war I knew. When I left Iraq in the summer of 2006, after living three and a half years here following the collapse of Saddam Hussein’s regime, I believed that evil had triumphed, and that it would be many years before it might be stopped. Iraq, filled with so many people living so close together, nurturing dark and unknowable grievances, seemed destined for a ghastly unraveling.
And now, in the late summer of 2008, comes the calm. Violence has dropped by as much as 90 percent. A handful of the five million Iraqis who fled their homes — one-sixth of all Iraqis — are beginning to return. The mornings, once punctuated by the sounds of exploding bombs, are still. Is it possible that the rage, the thirst for revenge, the sectarian furies, have begun to fade? That Iraqis have been exhausted and frightened by what they have seen?
http://www.nytimes.com/2008/09/21/weekinreview/21filkins.html?_r=1&ref=world&pagewanted=all&oref=slogin
September 21, 2008 11:24 AM | Reply | Permalink
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