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More tales from the housing bust
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Why is the press misleading the public about housing? The housing market is crashing. There are no "green shoots" or "glimmers of hope"; the market is worn to a stump, it’s kaput. Still, whenever new housing figures are released, they’re crunched and tweaked and spin-dried until they tell a totally different story; a hopeful story about an elusive "light in the tunnel". But there is no light in the tunnel; it’s dark as pitch as far as the eye can see. There’s no sign of a turnaround or a "bottom" in housing at all; not yet, at least. The real estate market is freefalling and it looks like it’s got a long way to go. So why are the media still peddling the same "rose-colored" claptrap that put the country in this pickle to begin with? Here’s an example of media spin which appeared in Bloomberg News on Wednesday:
"US home prices rose 0.7 percent in February from the month before, the Federal Housing Finance Agency said in Washington today, a sign that low interest rates may be moderating declines in real estate values….Housing market data indicates prices are starting to “stabilize,” and households’ available cash should improve through each quarter of 2009 and into 2010." (Bloomberg)
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| What Bernanke should have done is prevented the credit bubble from inflating in the first place. | |
This report is complete gibberish. The only way to get a fix on what’s really happening with housing is to compare prices year over year (yoy) not month to month. Clearly, the journalist decided to spin the story from this angle because it offered the one flimsy sign of hope in a sector that’s been reduced to rubble. But, don’t be fooled, housing isn’t staging a comeback. Not by a long shot.
This is from Marketwatch:
"The Case-Shiller index of 20 major cities fell 2.8 per cent in January, the fastest decline on record. The Case-Shiller index rose more than the Federal Housing Finance Agency (FHFA) index did during the bubble, and it’s fallen faster since the bubble burst….The index was down 19 per cent year-over-year in January."
So, the only reason that housing prices rebounded (slightly) in February was because, one month earlier, they were "declining at the fastest pace on record." That’s not a sign of "green shoots" like the Pollyannas say. It’s a sign of a ferocious ongoing contraction.
The only thing that’s keeping housing from collapsing completely is the Fed’s purchases of Fannie and Freddie mortgage-backed securities. (MBS) Bernanke’s action has pushed interest rates to record lows giving homeowners a chance to refinance rather than default on their loans. Struggling homeowners have been granted a one-time reprieve courtesy of the US taxpayer. That’s great, but the fact that the Fed is subsidizing the industry to the tune of $1.25 trillion is hardly cause for celebration. What Bernanke should have done is prevented the credit bubble from inflating in the first place.
Check out this chart on The Big Picture to see a chilling illustration of a market in capitulation-phase.
As the caption states:
"We are now in uncharted territory — new home starts have never fallen to these levels for as long as the Commerce Department has been tracking this data (since 1959). Note also the magnitude of the drop — it is unprecedented, having easily surpassed the 1982 collapse, the present circumstances have now become slightly worse than the 1973-75 fall."
Housing will continue to deteriorate no matter what the Fed does; the downward momentum is too great to resist. And although the refi-business is booming, new home sales are still flat. Buyers are just too scared or too broke to take advantage of the ultra-low interest rates. (4.80 per cent 30-year fixed) And now that Obama’s foreclosure moratorium is over, delinquencies are stacking up faster than ever before, auguring another wave of foreclosures. This is from DataQuick: "Golden State Mortgage Defaults jump to record High":
"Lenders filed a record number of mortgage default notices against California homeowners during the first three months of this year, the result of the recession and of lenders playing catch-up after a temporary lull in foreclosure activity …
A total of 135,431 default notices were sent out during the January- to-March period. That was up 80.0 percent from 75,230 for the prior quarter and up 19.0 percent from 113,809 in first quarter 2008, according to MDA DataQuick.
And from Bloomberg:
"Fannie Mae and Freddie Mac mortgage delinquencies among the most creditworthy homeowners rose 50 per cent in a month as borrowers said drops in income or too much debt caused them to fall behind, according to data from federal regulators.
The number of so-called prime borrowers at least 60 days behind on mortgages owned or guaranteed by the companies rose to 743,686 in January, from 497,131 in December, and is almost double the total for October, the Federal Housing Finance Agency said in a report to Congress today." (Bloomberg)
- A d v e r t i s e m e n t
So, even top-of-the-line prime borrowers are having trouble making their payments. The debt-virus has now spread to all loan categories. But what about Obama’s mortgage relief program; won’t that help keep people in their homes?
In the last two months, roughly 9,000 mortgage modifications have been worked out under Obama’s Streamlined Modification Program. At the same time delinquencies have increased by roughly 195,000 per month. That means there are 186,000 more delinquencies than modifications per month. Obama’s program is like a re-staging of grunting Sisyphus pushing his boulder up the hill; utter futility.
Many economists believe that "cramdowns" are the only way to slow the rate of foreclosures and stop the precipitous decline in housing prices. Cramdowns allow a judge to modify mortgages by marking down the face-value (the principle) of the loan. When mortgages accurately reflect current market prices, people tend to stay in their homes. But when prices fall sharply and homeowners owe more on their mortgage than their home is worth, (negative equity) they simply stop making their payments and leave.
So far, cramdown legislation has passed the House, but has stalled in the Senate where it looks like it will be defeated. Powerful groups of bond holders have taken their case to Capital Hill where they’re waging a pitch-battle against the Obama plan. At this point, it doesn’t look good for supporters of debt-relief even though cramdowns are desperately needed to stop the hemorrhaging of foreclosures.
The backlog of homes on the market is still in the vicinity of 10 months. But that excludes the vast "shadow inventory" the banks are keeping off the market. Here’s what the SF Gate had to say on the topic:
"Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, according to numerous data sources. And foreclosures, which banks unload at fire-sale prices, are a major factor driving home values down.
"We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market," said Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures. "California probably represents 80,000 of those homes. It could be disastrous if the banks suddenly flooded the market with those distressed properties. You’d have further depreciation and carnage."("Banks aren’t Selling Many Foreclosed Homes" SF Gate)
Inventory has dropped from its peak in 2008, but if the estimates of the shadow inventory are accurate, than the backlog of vacant homes is still about the same. Any recovery in housing will show up first as falling inventory, since the heart of the problem is oversupply.
On Wednesday, the New York Times reported that fewer people are moving because of the troubles in housing. In fact,
"Fewer Americans moved in 2008 than in any year since 1962, according to census data released Wednesday, and immigration from overseas was the lowest in more than a decade….It shows that the U.S. population, often thought of as the most mobile in the developed world, seems to have been stopped dead in its tracks due to a confluence of constraints posed by a tough economic spell." ("As housing Market Dips, more in US are Staying Put", Sam Roberts, New York Times)
Diminished mobility is just another of the unpleasant side-effects of the housing bust.
The problem with housing goes far beyond the supply/demand imbalance. True, buyers are staying away because they know that prices could fall another 15 to 20 per cent, but it’s more than that. The housing crisis has been a shock to the psyche. The dream of home ownership, which is so closely linked to the so-called American dream, has turned into a nightmare. The trauma of watching one’s life savings and retirement vanish in a matter of months has been devastating. It’s not an experience that’s easily forgotten. Naturally, people will be more skeptical in the future about seductive interest rates and other inducements. Keep in mind, that after investors were burned for $7 trillion in the dot.com swindle, tech stocks swooned and the NASDAQ plunged 80 percent over the next year and a half. Housing is headed down that same bumpy path. There probably won’t be an uptick in housing until the market is flat on its back and given up for dead.
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April 27th, 2009 at 9:04 am
Commercial Real Estate cometh
Claudio Reply:
April 27th, 2009 at 10:18 am
Oh no! I almost forgot about that. I wonder when the first wave of figures will come in? Besides the lending sector on housing, what other industries will the Commercial RE bust affect?
Proud to be a Jesus Freak! Reply:
April 28th, 2009 at 3:53 am
I used to work for an international Industrial/Commercial real estate firm and I know who owns our country – foreign investors. There were very few Americans who bought up the big industrial complexes – mostly Asian.
April 27th, 2009 at 9:05 am
this is all that segment needs right now…a plague
homedawg Reply:
April 27th, 2009 at 9:06 am
I mean,Who TF is going house shopping during a pandemic?….that should do it for sure…
April 27th, 2009 at 9:18 am
we’ve got a shitload of empty mcmansions in northwest ark. thinking about moving in to one of em. i doubt bank of america sends people out to check on their foreclosed property.
Joe Sucker Reply:
April 27th, 2009 at 9:34 am
Who cares! Theres a pandemic. The worst threat since 9-11.
Breakin Wind Reply:
April 27th, 2009 at 10:05 am
i love it its goofey basterds like you that blow everthing out of proportion
James Reply:
April 27th, 2009 at 7:53 pm
Look at his name, think he’s being sarcastic.
April 27th, 2009 at 9:35 am
The “false reports” from the media is just the media being excited over the little extra time we are seeing between waves of devaluing of home sales.
If you take the bubble out of the mix, we should actually be around 2002 numbers.
Its the people who got stuck coming in at the end of the rally that will suffer the most. The realistic people know that if they want to sell their house they bought in 2005 for $535,000 and put up for sale in 2007 for $725,000 now will end up selling for $319,000 or less.
Of course most realistic people wouldnt by the house for 535 in the first place.
cheesburger Reply:
April 27th, 2009 at 9:59 am
From what I’ve been reading, you are correct. The major ‘losses’ in the housing market are happening in areas that experienced hyper inflated home values due to lax credit restrictions and, aside from some inner city areas in places around the country, like Cleveland, Oh and Baltimore, MD it is mostly affecting the higher end homes. In fact, some sub-urban areas are seeing demand increase for mid-priced homes due to more families downsizing from the $700,000 homes and into the $200,000 homes as you mentioned.
However, I am convinced that had the employment rate not tanked and credit become scarce during the last half of 2008 to present, home values would have continued skyward. This is logical because most families live way beyond their means and, as a result bought homes they cannot afford. It’s simply the American way. The problem occurs when jobs are lost, mortgages simply cannot be paid, forcing folks into foreclosure.
rat Reply:
April 27th, 2009 at 1:06 pm
cheesburger my old cheesburger
You don`t sound so young in the matter of real estate, you have my attention.
Thank you
cheeseburger Reply:
April 27th, 2009 at 8:56 pm
Actually, I’m not that young. Idealistic? Maybe. Young? Unfortunately, no. Thanks for the vote of confidence, though. Stay tuned. We’ll get through this.
cheeseburger Reply:
April 27th, 2009 at 9:30 pm
Actually, you want a savvy real estate secret that could make you money during this poor market? I helped a family member do this, and have done it myself, so it’s not just a ‘theory’.
You know the biggest ‘glitch’ in buying real estate is obtaining financing, right? I found a way around it. I’ll bet even Jones will like this one, because it cuts the greedy bank out of the equation. Here’s what you do:
Find a homeowner of a home you want to buy. Preferably one that has been on the market for awhile. (because these sellers are usually more ‘motivated’ than those with less market time). Offer the seller the option to self-finance using a p2p lending network such as virginmoneyus.com Here’s the beauty of the transaction. One, you can set your OWN terms of the loan. Two, NO bank is there to dictate. Even the interest. Obviously, like any other real estate deal, you must provide incentive for the both parties in order for it to work. In our case, we were able to get a 5% rate. (Most bank rates were 8-10% based on ‘poor credit’ of the buyer and this equated to hundreds of dollars per month SAVINGS in interest per month!). Three, everything under this plan is negotiable. Rate, term, interest, hand-money (deposit), etc.
Of course this does not work in every case for every seller or buyer, but most people wanting to sell a house will consider such a proposal. Many find it attractive because it’s not a ‘one size fits all approach’ like the banks make it. Especially if it’s couched in the right terms and the property has been for sale for a while.
Virgin money was started by some rich dude from England. I forget his name (doesn’t matter), but he’s actually a genius because he found a way to BYPASS the biggest obstacle and profit-hog in most real estate purchases: The Bank! Letting people sell directly to each other! Beautiful.
Without boring you with the details, our loan allowed for our seller to get out from under a crushing asset with pocket money and monthly income instead of losing the thing at say, a tax or foreclosure sale. For about the same costs as a conventional loan Virgin will legitimize the loan so that the contract is 100% legal. We used our own attorney (myself) to handle the paperwork and the closing/recording process and saved a lot of dough. I would recommend using a local attorney (virgin won’t tell you this) because likely the local guy will be more accessible to answer questions and instill confidence in your seller. (FYI: Virgin may dissuade you from this approach because they make more $$ on the paperwork).
In total I think it cost around $1,000 bucks to complete the deal. (not including the hand-money). Every month the mortgage is automatically withdrawn from the bank and deposited into the seller’s account, too. As an added bonus, Virgin also escrowed the taxes and insurance just like a conventional bank would, and they track all interest and principle payments, even providing you with a yearly tax statement, just like a bank would as well!
My idea is buying properties using this system NOW while the property values are crazy low and hang on to them until the fear subsides and the market re-bounds. Sometimes you can find properties for 10,000 or less! Real bargains to be had out there right now depending upon your area. Once the banks start lending again in a few years these properties will be able to be turned over or re-mortgaged for a nice profit simply because folks will be able to borrow again.
See, they are leading us to believe that this housing crisis is because there are no buyer’s for all these foreclosed properties. This is deceiving, because there are many potential buyers out there. What’s lacking is financing to move the properties. My system bypasses all that and let’s the parties set the terms! Try getting your local banker to do this for you! And your welcome, in advance.
Mack Reply:
April 28th, 2009 at 12:00 am
Thanks for the info, cheeseburger. It will come in handy sometime, I’m sure.
April 27th, 2009 at 9:50 am
Thats what happens when you buy too much house. I’m a poor low wage earner, I still own a 3 bedroom house with a two car garage sitting on about a half an acher. I pay about 220 dollars a month on a 15 year note. Funny thing is I don’t even live there anymore, I live in the city where I rent a one bedroom apartment for 300 dollars a month.
Andy Reply:
April 27th, 2009 at 11:22 am
where do you live ?, i pay 1300 for a 2 bedroom apt, in the northern virginia area
Lex Pakistan Reply:
April 27th, 2009 at 11:56 am
Nebraska-gods county. No lie
sandy Reply:
April 28th, 2009 at 8:07 am
Yea and thats a steal cuz I live right there with you ANDY… NoVA is crazy expensive livin other than NYC
April 27th, 2009 at 9:58 am
Empty houses.
People on the street.
Gov’t giving out BILLIONS to banks who hold the mortgages.
Gov’t should be giving the money to the banks(if at all) to pay off or reduce the defaulted mortgages to keep the people in the homes.
What else is going to happen to the property? Sit there and rot?
The Fed Reserve has to be stopped. The dollar needs to start fresh. Re-value all homes to current inflation value and get people back under some shelter. Whether they can pay for it or not.
I rent. Can’t afford to buy a house without a steady job. I would LOVE to pay cash for a great foreclosed home. There are TONS of houses in my area with 3+ acres of land, decent houses needing little work, and they’re going for $50k to $150k. That property was “worth” double and triple that a year ago. Foreclosure prices are what all homes should be worth now. All current mortgages should be restructured to those values. THAT will free up American cash. Screw the banks and their “profits.”
exorcist Reply:
April 27th, 2009 at 12:09 pm
Where is this that houses are going for $50 to $150??
Michael(FL) Reply:
April 27th, 2009 at 2:38 pm
$50K to $150K
“K” “thousand”
$50,000 to $150,000
Pacman Reply:
April 28th, 2009 at 2:51 am
Go to http://www.larouchepac.com participate in tomorrows
International Web Cast : starting at 1:00pm EST
join the movement ……there are Solutions to this war.
don’t u ever give up!!!!!!
April 27th, 2009 at 9:59 am
e
April 27th, 2009 at 10:00 am
Well things could be worse. Imagine for example if there was a Pandemic…………….
Lex Pakistan Reply:
April 27th, 2009 at 10:21 am
Yeah this is totally over the top. Why sit in your mansion and watch a bad movie, when you can run the world and star in one.
April 27th, 2009 at 10:03 am
Since the mortgage has probably been sold and resold…IF the lender cannot come up with the ORIGINAL paperwork….the debt is considered void.
It makes no sense to throw people out of their homes, even if they can become squatters in their own homes, that is a better solution than just throwing them out in the streets.
The gov should just pass a bill that lets people stay in their homes and return to their homes, and the homes are paid for 100%! I would rather have my tax dollars being spent this way than any other way, and its better for the places where people live too.
Lex Pakistan Reply:
April 27th, 2009 at 10:25 am
Or better yet, give property tax relife to those who can pay their mortage!!!! Fucking commies!
Lex Pakistan Reply:
April 27th, 2009 at 10:26 am
relief
April 27th, 2009 at 10:07 am
Gee Why would the Government lie about “housing coming back”? They want us be buy more houses so we can go further into debt and they can have us by the balls. The media is owned by the bankster related groups who pump their lies because they will go if the banks do. Why not wait till the banks collapse where we can get the houses at true fire sales prices. The banks have been pumping up housing prices for two decades at least and forcing us to pay prices well beyond our income and forcing us to work (married couples to both work two jobs) to work us into full slavery and not have to do much whip cracking to get away with it. Now it will soon be our turn to get prices well under our income and stick it to these bankster parasites. I think by the end of this year I will be be able to buy a house less than 2 years old for two months of my self employed income. I cannot wait. My strap on and is ready for you crooked banksters. I will not use vasoline. I hope you like the way it feels. I will use the 8000 dollars also seeing this will be my first house. I have never bought a house yet because the incomes have not even been remotely in line with house prices.
April 27th, 2009 at 10:08 am
i lve in kansas and the economy is still good here house prices havent fallen much. but were i live people here are conservative so we dont over spend. so move here we sill have a good job maket and economy atleast for now
April 27th, 2009 at 10:11 am
Carla H – That’s what Many of Us have been saying Carla. Why is our government borrowing Money from the same people who created this dilema to begin with, and giving it to THEM ?
If you want to restart the economy? The (Money/What a Joke) must go into the consumers hands first, then to the banks as deposits.
If the Banks get it first? What good does that do in a deflationary economy with NO Jobs?
Why do you think they call it9The US Dollar), Helicopter money?
April 27th, 2009 at 10:13 am
My house in west Michigan has been on the market for 20 months. I have noticed an uptick in calls on it over the last 2 months. I even showed it for the first time in over year yesterday. I can believe that there are “glimmers of hope” in the housing market. Of course, Michigan has been at the bottom of the barrel for almost 4 years in the housing market. It may be one of the first states to recover.
Note: I don’t include East Michigan (Detroit, Flint) as a part of the state any longer. It has been given to Arab-Muslims as temporary Palestinian state.
Xpert Reply:
April 27th, 2009 at 12:25 pm
Maybe it has to do with what Cheeseburger wrote:
“In fact, some sub-urban areas are seeing demand increase for mid-priced homes due to more families downsizing from the $700,000 homes and into the $200,000 homes…”
April 27th, 2009 at 10:56 am
“This report is complete gibberish. The only way to get a fix on what’s really happening with housing is…”
Even when the mortgage is paid, noone owns a house. They rent it from the government – with dingy, green paper and place holders in a computer.
Rather than paying banks more than the price of the homes, the bailout might have gone to the People.
Also, the alleged Christians or Constitutionalists in office could have given the People the right to own private property, free and clear of all fees, tributes, and legal encumbrances.
April 27th, 2009 at 11:01 am
‘fellow patriots’: Doesn’t it bother you that while you are busy organizing an assault against your government there are people like ‘deathbyrevolt’ who seem to take pleasure in being a violent homosexual? I mean, how does the ‘movement’ appear when guys like death take a detour to show how they enjoy raping men along the way? Or women, what does it matter? This behavior pleasures them! I’m guessing this is the type of guy who, under the color of America’s military doing its ‘duty’, raped and tortured prisoner’s at places like Abu Ghraib prison in Iraq? I know senseless acts like this occurred during Vietnam, also. Nevertheless, it’s vile, disgusting and it should not be tolerated by those finding it repulsive.
In short, remember this. In every large group there are deviants like deathbyrevolt and New World Odor. As YOU crucify the police and our ‘overseers’ for very similar behavior on these blogs, remember that these types of sycophants are plentiful within your very own ranks, and they are desperately hoping for an excuse to get their chance to ’spread their wings’ during your ‘revolution.’
cheeseburger Reply:
April 27th, 2009 at 11:04 am
“…Be careful when peering into the abyss, for the abyss is also peering into you…” Nietzsche
4w578i Reply:
April 27th, 2009 at 11:18 am
DBR’s coarse expression was obviously a figure of speech, much like the threats of assault, which you just advertised, publically.
We should seek order, rather than revolution, for the lowminded are attracted to the fervor, rather than the purpose.
deathbyrevolt Reply:
April 27th, 2009 at 11:24 am
Dear Cheeseburger(liberal loon bag). No fudge packers here. The comment about getting out my strap on is just a description of what the bankers have been doing to many of you for years forcing you to pay through nose at prices well beyond what you actually make or barely what you make as income with non left over to really save any money(buying a house). You cheeseburger liberal loon bag must be part of the disinformation group or are really stupid and need to stop taking everything people say so literally. You need to learn about more advanced communication skills it makes for more entertainment when talking to people.
cheeseburger Reply:
April 27th, 2009 at 11:39 am
I base my assumptions not on your ONE post, but on the thousands of times people like you have used such overtly violent homosexual fantasies against those you see as your ‘opponents’ in government, academia and business. (or any that disagree, for that matter.) If you take the time to read these blogs you will see what I am saying resonates soundly. I do not intend to have ANY effect on sickos like you, but would like others to be cautioned, clearly seeing the depths of depravity here.
And, yes I’m a liberal. No, not ashamed of that. Liberal philosophy of health care for all and modest worker protections coupled with societal safety-nets get’s my attention over right-wing militant hatred and lacking corporate oversight any day. Placing the pendulum of societies control center squarely on business as right-wing philosophy would have it, leaves little say for the people, which is why most feel powerless today, not to mention evidence shows it clearly leads to ‘profits above people’:)
deathbyrevolt Reply:
April 27th, 2009 at 12:01 pm
Like most liberal loon bags. You lack certain mental facalties to see the entire picture. You function on emotion and theoretical world not in the real world. We wonder why the Democrats are so out to lunch. Do not get me wrong the Republicans have many issues also. Communicating with liberal loon bags is like talking to a wall. They function totally on the theoretical world not the real world. Their emotions hide the truth. Go drink you koolaid and Bill Oreilly would say. I do not like Bill but in this case it is appropiate
Lex Pakistan Reply:
April 27th, 2009 at 12:11 pm
Not unlike you, some people have a tendancy to give a bad name to being a liberal,or being a consevative. Those names use to actually stand for something, and i think a lot of people see that. However in practice it just seems to be a homoginized pile of shit. We need new independant parties, smart people rise up. I NEED HELP!!!
cheeseburger Reply:
April 27th, 2009 at 1:03 pm
makes my point. thanks
April 27th, 2009 at 11:10 am
Instead of giving some one a reasonable rent,the Banksters would rather tear down a 200,000 dollar house and put up a fence so no one could cut through to shorter thier walk.
Pacman Reply:
April 28th, 2009 at 2:52 am
Go to http://www.larouchepac.com participate in tomorrows
International Web Cast : starting at 1:00pm EST
join the movement ……there are Solutions to this war.
April 27th, 2009 at 11:16 am
…I would also go a step further and say to those who are buying into Xela Jones’ ‘baffle em with bullshit’ scheme to capitalize and profit from our current national crisis:
The fact that violent homosexual revenge is constantly mentioned AND tolerated on this blog leads me to believe that those behind organizing this ‘movement’ are no different. Nazi officer’s promoted such behavior during Hitler’s reign in Europe. I would caution those fence-sitter’s to be careful hitching your wagon to such a vile, repulsive group of homosexual deviants. As the leader of this band of misfits, Xela Jones should be actively barring this type of talk on his blog by either outright censoring it or at least prefacing the comments with his outrage.
4w578i Reply:
April 27th, 2009 at 1:17 pm
While it’s best to be morally irreproachable in any situation, answering the housing issue with the homo issue is itself baffling.
There’s no need to shift the blame or the topic. There are plenty of appropriate venues, which would appreciate your contributions.
cheeseburger Reply:
April 27th, 2009 at 3:54 pm
My point exactly. Thanks. These people spoil a good debate by bringing up their latent homosexual fantasies. Maybe it’s because they have nothing otherwise intelligent to contribute.
I on the other hand strongly disagree with DBR’s argument in its entirety. He states, “You lack certain mental facalties to see the entire picture. You function on emotion and theoretical world not in the real world. We wonder why the Democrats are so out to lunch.” Let me ask you, sir. Does ’seeing the entire picture’ also relate to 8 years of right-wing rule, and its devastating effects for common, working-class folks? I’m lost when you people so blatantly forget how, when your own views get translated into the quintessential right-wing, religious-backed administrations such as ‘W’, screwed up our country becomes in the aftermath.
Let’s start with the environment. You people like to bury your heads in the sand on this subject. As long as the huge corporations are banging out gigundo profits, not much else matters, let alone sustainablility or the impact on the environment. I could picture a future earth devoid of most animal and plant life, but still I would bet their would be hard-core ‘drill, baby, drill’ chants from the neocons along with continued denial. Total silence on alternative fuels for 8 fucking years. Like the holocaust deniers in Europe, you neocons will be denying our excesses have damaged this planet right up until you take your last polluted fucking breath.
While we liberals aren’t ’seeing the real world’, let’s take a quick peek at the neocon fix for making us ‘more secure’ after 9/11. Now you are busy crying and whining about the piss-poor economy, let’s take a look at how much of our hard-earned money was spent ’securing’ America during your neocon heyday. We ignored common-sense Mexican border security because select corporations were using cheap immigrant labor to put thousands of Texan’s, Californian’s and Arizonian citizens out of work! It was ok, though because neocon soccer moms ‘felt safer’. We invested a trillion dollars defeating a country full of camel jockey’s who happened to have something your neocon corporations saw as a money grab: oil. Looking back it’s actually very comical if you think about it. Bush stole their oil and his buddies sold it back to all you SUV drivin’ rednecks for 4 bucks a gallon! Your were robbed, financed with your very own tax dollars!
Maybe I am ‘not living in the real world’ as you suggest. But, how do you feel about your very own neocons using a fabricated war as excuse to trample all over your civil liberties? Feel safer now? Sure, you got your bloodletting and revenge on sum towel heads, but at what cost? Your own fucking freedom, guy. And you say I am living in a fog? Hilarious.
Right wing religious groups feasted on the orgy of bloodletting in Iraq. Groups like the 700 club were ecstatic that we were again carrying out their 5 thousand year war of religious hatred. While Bush was busy ‘praying’ to Jesus in public, he was secretly using hand-picked federal attorneys to figure out how to bypass Congress and our civil rights AND lying to us about the truth in Iraq! Forgetting for a moment how he tortured prisoners, what is the state of our civil rights now? Apparently now police can simply lock you up for anything they like. All courtesy of the neocon agenda that was supposed to ensure soccer moms could drive bigger and bigger cars, and ‘FEEL’ safer doing it!
I cringe every time you people talk about ‘trickle’ down economics. As if a rich corporation would do ANYTHING contrary to their bottom line, including paying reasonable wages and benefits. As they systematically hijacked our economy you people stood on the sidelines cheering them on. Don’t complain to me about the economy, now. Idiot neocons are responsible because they voted against their own self-interests, just as corporations took whatever political power you willingly gave them, now you complain that they have infected our system of government.
The pendulum of American politics should oscillate, pitting the will of the people against the needs of the rich corporations. This is what our two party system represented historically. Since Ronald Reagan this pendulum has been in favor of the large corporations at the EXPENSE of working-class people. Most voters are duped into thinking that what’s good for corporate America is good for most citizens. Simply not true. Corporations are designed to act ONLY in their own self-interests. Even if this means sending all our jobs to China, India and Pakistan. Until this changes, we will all be ‘out to lunch.’
This is the main reason for our flogged economy. A nation cannot sustain itself forever when incomes fall, jobs re-locate and costs hyper-inflate. This is the issue at the heart of the housing crisis. Unemployed liberals and necons alike are suffering this hard-learned lesson, and our housing prices will not re-bound until American’s go back to work making the products we consume every day. It’s not much different than a toilet. You can only flush what’s being pumped into the tank. In our economy, as we ‘flush’ more money overseas via our purchases, who’s ‘pumping’ more into the consumer’s ‘tank’??
cheeseburger Reply:
April 27th, 2009 at 4:06 pm
…it just occurred to me that if McCain had won the last election, most of you neocon morons would simply put your pitchforks and pea-shooters back in the shed and continue bleating: rah, rah, rah! You’re simply pissed off because a black democrat is now in office. A fucking liberal. Boo!
Granted he isn’t doing much to help the working-class, at least he is trying to make a show of it. I’m sure McCain would’ve kept us on the same shitty path Bush had us going down. With no alternative energy talk, plenty of foreign resource-hijacking packaged as ‘making us safer’, and more privatization of every fucking thing from prisons to social security. If you idiots had your way we would all be living in tents and making minimum fucking wage while the Haliburton’s and KBR’s of the world take the lions share of profits.
Fuck you, pal. We did it your bass-akwards, neocon way long enough for me and look at where we are today. Up shit’s creek without a paddle. What’s gonna save you now? Seeds, scythes and water filters? Gimme a fucking break. You’re the ones living in la la land.
gunga_din Reply:
April 27th, 2009 at 9:55 pm
funny. seeds, scythes and water filters? The working class in this country got torn apart by Bush for the better part of a decade. What direction is left from here? I can’t see anything but UP! UP, UP and AWAY!
fuck off cheez whiz. crazy bastard. (like the toilet thing, though.)
April 27th, 2009 at 11:18 am
Viva La Obama! For he seeks to imprison violent homosexual deviants in America versus accepting them into his ideological fold!
April 27th, 2009 at 11:22 am
I am just curious about something.
I have been watching TV adds by the National Association of Realtors for two years now on TV.
They always say the same thing, THIS IS A GREAT TIME TO BUY.
I have to say, with all the data and figures.
This is very obviously FRAUD and decieveing business practices. They are lying on National TV so you will buty a house and in 6 months it will be worth less than you paid for it.
It is FRAUD and Fraudulent Advertising.
I am shocked that you can lie on national TV and nothing happens.
I guess if you got the money you can run anything.
It’s a great time to buy a house, but the car industry is offering to make your payments for 12 months if you buy a new car and lose your job.
I wonder if the National Assoiciation of Realtors will offer to make your house payment for a year.
OF COURSE NOT. They just want to decieve you into buying so theiving Realtors can have a job and stay relavant.
FRAUD is obviously allowed by the FCC. But if Jamet Jacksons boob flops oput, OH MY GOD.
Anyone who buys a home now is a fool.
April 27th, 2009 at 11:44 am
I honestly think we had them by the balls before TAARP funding.
If they had not gotten the funding everything would have collapsed as they orchestrated.
But at least they would have lost everything too.
Instead we gave them the last meal to keep them alive while we suffer.
We would be farther ahead on recovery right now too if we had been successful. We technically won.
But they abused their powers and forced it through with threats and behind door negotiations.
Now they still have their money and still manipulating the markets.
Every time government gets involved with markets, it is no longer a free market and will fail by human error.
April 27th, 2009 at 12:06 pm
The fed and the banks are now the same entity. The banks run the fed and the fed owns the banks. Allowing the banks to fail could have saved capitalism. But now the fed will be setting its sites on health care, agriculture, and energy. The writing is on the wall.
With all citizens forced to capitulate and become completely dependent on government for survival, the model will be set for the world. Once all nations are completely dependent upon the nwo for their survival, the stage will be set for the final battles. There’s not much work to be done to have a single world dictator rule over the world.
April 27th, 2009 at 12:18 pm
I happen to KNOW this report is inaccurate. Why? Well, because the Taxing Entity TELLS me my house is worth more this year than last year! Ha Ha Ha,, Im so sick of the BS.. Tho, to be fair, I am in the Longview area of East Tx & I am still seeing new builds. Commercial buildings still going up & I suppose homes, too, tho I dont drive in the neighborhoods to see if there is much new construction.
but, I dont live in that county. I am about 10 minutes North of the Longview Mall, in another county. The population of this county is about 40,000. Less than most towns. I see ZERO growth in that town, yet, property values continue to increase.
I think people should be able to just tell the taxing AWWthoriteee”Fine, you say my place is worth $125,000.00,, Great, hand me $120,000.00 & Ill walk away”.
April 27th, 2009 at 12:30 pm
As long as the unemployment numbers keep rising and the wages of those that still fortunate to have a job remain flat, there will be no sustained increase in housing values. A person must now actually qualify for a mortgage loan, and there are fewer and fewer each month that can qualify.
I am interested in who is buying these homes? Investors with deep pockets? Friends of bankers using the “cash for trash” approach? Or actual working Americans.
April 27th, 2009 at 12:33 pm
I’d kick her in the nuts!!
April 27th, 2009 at 1:14 pm
Things will continue to fall if we keep going down the Keynsian road. Let the market function and stop intervening!
http://www.theaustrianswereright.com
April 27th, 2009 at 3:06 pm
Squatters revolution!
sandy Reply:
April 28th, 2009 at 8:19 am
I’ve been telling everyone to squat… they dont check the houses that often… and if they do catch you ..move on to the next…. there are thousands out there… houses that is
April 27th, 2009 at 3:51 pm
Defend Your Freedom on THE BATTLEGROUNDS!
http://www.warnthepeople.org/t.....ounds.html
April 28th, 2009 at 3:07 am
Go to http://www.larouchepac.com participate in tomorrows
International Web Cast : starting at 1:00pm EST
join the movement ……there are Solutions to this war.
HBPA (the Homeowners and Bank Protection Act) introduced July 29, 2007 could have prevented all of this. you need to ask why you have never hear of it. as you all know there is corruption in the congress. So time to clean it up I would say. its never too late. Lyndon LaRouche is an inspiration.
The fight is on boy and girls. Please join