Financial Armageddon
- Thread starter SGaynor
- Start date
NYSE CEO: Some U.S. circuit breakers to trigger at 2% or 5%
In summary the exit doors will be closed and markets are only allowed to go up.
:rofl:
In summary the exit doors will be closed and markets are only allowed to go up.
:rofl:
Not good when even liberals begin to speak the truth ....
Video: ?The stimulus failed?
HotAir
Video: ?The stimulus failed?
HotAir
..... Sachs confirms ? on MS-NBC, no less ? that the Obama administration and Democrats in Congress had no strategy for long-term growth. The stimulus was a collection of short-term minor stimuli, combined with liberal hobby horses that Democrats had ridden for twenty years. Scarborough tries to defend Keynesianism from the Keynesians, but the failure can?t be separated from the philosophy:.......
<video>
.....Scarborough gets it right when he says it?s all about the debt, and Porkulus just made our debt position even worse. The spending from Democrats over the last three-plus years had also made it worse. We?re approaching a debt level of 100% of GDP, and that portends disaster.
Sachs talks about improvisation in Obama?s Gulf strategy, but improvisation has been the rule all along. No one knows what they?re doing in this White House;....
<video>
.....Scarborough gets it right when he says it?s all about the debt, and Porkulus just made our debt position even worse. The spending from Democrats over the last three-plus years had also made it worse. We?re approaching a debt level of 100% of GDP, and that portends disaster.
Sachs talks about improvisation in Obama?s Gulf strategy, but improvisation has been the rule all along. No one knows what they?re doing in this White House;....
MarkP said:
Hmmm...Obama's been President for about a year and half, right?
Not a Dem, just sayin' there's a lot of blame to go around. No one party is to blame.
Scott, sure, everyone's guilty.
Gross U.S. debt rose from $5629B to $9986B in 8 Bush's years - accumulation of $544B a year.
In the last year and a half this number went up to $13051 - $2T/year, and projected on the same track for another couple of years.
Gross U.S. debt rose from $5629B to $9986B in 8 Bush's years - accumulation of $544B a year.
In the last year and a half this number went up to $13051 - $2T/year, and projected on the same track for another couple of years.
SGaynor said:
Don't disagree on the blame. The "Democrats over the last three-plus years had also made it worse" is referring to the Democrat Congress under Bush/Obama.
Once Democrats controlled both the executive and legislative branches the deficit quadrupled. That doesn't even include the future cost of healthcare changes that will add 100s of billions more.
Appears Europe is "contained"
Here Come The Threats: Europe
Here Come The Threats: Europe
....
Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.
In an extraordinary briefing to trade union chiefs last week, Commission President Jose Manuel Barroso set out an ‘apocalyptic’ vision in which crisis-hit countries in southern Europe could fall victim to military coups or popular uprisings as interest rates soar and public services collapse because their governments run out of money
.....In an extraordinary briefing to trade union chiefs last week, Commission President Jose Manuel Barroso set out an ‘apocalyptic’ vision in which crisis-hit countries in southern Europe could fall victim to military coups or popular uprisings as interest rates soar and public services collapse because their governments run out of money
And by the way, how does a "popular uprising" destroy a representative government? That happens when the government stops representing the governed, doesn't it - and if that has happened you don't have a "democracy" any more, you have a ruling junta, whether you call it that or not........"
Mmmmmm ......
New Home Sales collapse to Record Low in May even as 30 Year Mortgage Rates fall to Record Low
Good example of "No Demand" even though the government says "Banks Need To Lend"
4.69% is not a record low. Interest rates were 3% in the 50's
New Home Sales collapse to Record Low in May even as 30 Year Mortgage Rates fall to Record Low
Good example of "No Demand" even though the government says "Banks Need To Lend"
4.69% is not a record low. Interest rates were 3% in the 50's
MarkP said:
They're blaming the record low (home sales) on the housing credit expiring. But there are a record number of foreclosures and empty homes on the market, especially in Florida, Phoenix and Las Vegas. They need to clear up that glut of homes before new home sales pick back up. And truthfully, no matter what Lenar and KB tell me, I'd rather have an older home in an establised neighborhood than a shitty crackerbox constructed to minimal code.
True on the older home. Last sale/purchase we 'moved up' to a home built in 1985.
Demand is very low because
1) the economic recovery was purely stimulus and only the public sector benefited
2) unemployment continues to increase as initial claims go sideways
3) people are not confident in the future so are not taking on new debt. Low interest rates are not a factor.
4) take home pay is declining as Obamacare cost increase begins to hit
5) taxes and fees are going up
6) cash-for-clunker / home incentives / government stimulus pulls forward demand but ultimately craters post stimulus demand
7) .....
Demand is very low because
1) the economic recovery was purely stimulus and only the public sector benefited
2) unemployment continues to increase as initial claims go sideways
3) people are not confident in the future so are not taking on new debt. Low interest rates are not a factor.
4) take home pay is declining as Obamacare cost increase begins to hit
5) taxes and fees are going up
6) cash-for-clunker / home incentives / government stimulus pulls forward demand but ultimately craters post stimulus demand
7) .....
Here's a view on mostly the SoCal housing bubble. Good stuff. New post every few days or so.
http://www.doctorhousingbubble.com/
http://www.doctorhousingbubble.com/
We're walking into a refinance but based on the news today...I'm tempted to wait to lock the rate we were quoted with our local bank....
Roverlady said:
Rates will go lower until there is a perception of US default.
Contained!
Greece Bond Spreads increase Sharply
Calculated Risk
.....From the Atlanta Fed:
....The spreads have widened further today: Greece is up sharply to 781 bps today.....
Greek bond spreads (over German bonds) have risen recently, near the highs seen before the European policy package was announced in early May.
Other euro zone countries? bond spreads are also elevated during the same period.
Other euro zone countries? bond spreads are also elevated during the same period.
....The spreads have widened further today: Greece is up sharply to 781 bps today.....
Last year, we went from a 3200 sq ft 1979 house to a 2400 sq ft 1990 house.MarkP said:
The house down the street from us just sold 2 weeks ago; it was for sale when we bought ours.
At that time, they wanted $15K more than our house.
2 weeks ago, it sold for almost $60K less than our house.
We didn't buy an investment, we bought a place to live until we die.
And, with the 50-year guarantee on the new roof we're getting next week, courtesy of last week's hail storm, i probably won't have to worry too much about another roof while we live here.
Reading power meters I see the foreclosure market and new house market every day. In some areas of Vegas houses are still being built just at a lot smaller scale, maybe 10 in a development vs 30-40 at once. Lots of neighborhoods left half built or stopped completely at the plowed dirt stage.
Foreclosures are ravaging some neighborhoods to the tune of 25 houses out 75-100 sitting empty or fore sale on some streets. Seems to me nlv in worse than most parts of our valley. Oh and the bad parts of Vegas, Sanford and son seem to be taking every thing off theses houses..ac units, pool pumps etc. I must see 15-20 mini trucks a day hauling all sorts of shit.
Foreclosures are ravaging some neighborhoods to the tune of 25 houses out 75-100 sitting empty or fore sale on some streets. Seems to me nlv in worse than most parts of our valley. Oh and the bad parts of Vegas, Sanford and son seem to be taking every thing off theses houses..ac units, pool pumps etc. I must see 15-20 mini trucks a day hauling all sorts of shit.
Accurate assessment .....
Bill O?Reilly: Merkel?s Looking at Obama Like ?Do You Know Anything??
Well, yes he does - crony capitalism / corruption !
Bill O?Reilly: Merkel?s Looking at Obama Like ?Do You Know Anything??
The good news: 7 of 8 world leaders at the G8 Conference figured out that Keynesian economics is a bust.
The bad news: Barack Obama wasn?t one of them.
Bill O?Reilly said this about Obama?s disastrous G20 summit:
Merkel?s Looking at Obama Like ?Do You Know Anything??
<video>
Bill O?Reilly:
?Merkel?s looking at Obama? Did you see Merkel look at Obama?? She?s looking at him like, ?Do you know anything??"
The bad news: Barack Obama wasn?t one of them.
Bill O?Reilly said this about Obama?s disastrous G20 summit:
Merkel?s Looking at Obama Like ?Do You Know Anything??
<video>
Bill O?Reilly:
?Merkel?s looking at Obama? Did you see Merkel look at Obama?? She?s looking at him like, ?Do you know anything??"
Well, yes he does - crony capitalism / corruption !