Even Wallstreet Knows That The Fed Is Fucking Us!

given2fly78

This whole thing is very scary. And the worst part is, soooo many people have no idea what's going on!

I work in mortgages (but not in an area that has been hit hard by forclosures, short sales, declining market value thank goodness!) and the changes we're seeing are even scarier. The FNMA/FHLC guideline changes are going to affect A paper borrowers and reduce the amount of qualified (REALLY qualified) buyers out there. When they are truly qualified borrowers. I know it's a knee jerk reaction to the market as a whole, but it will hurt the real estate industry even further.

More homes on the market, less qualified buyers (even though they are good borrowers but due to guideline changes, they are not qualified) = more of a hit for the housing market.

We're going to see a change going back to years and years ago. Very few minimal down programs (to make up for property depreciation), people have very little money to work with and can't buy the massive amounts of homes on the market.

Which spills over to inflation, and the control the "big bucks" have on this country. Just look at the cost of oil.....all due to "forecasting".

Start saving money kids! Pay down debt. Spend lightly this Holiday Season. It's not going to be a pretty year.

And what KILLS me is that this was all forseeable. I predict an Enron-esque scandal with one of the bigger lenders coming to light pretty soon.....

given2fly78

This whole thing is very scary. And the worst part is, soooo many people have no idea what's going on!

I work in mortgages (but not in an area that has been hit hard by forclosures, short sales, declining market value thank goodness!) and the changes we're seeing are even scarier. The FNMA/FHLC guideline changes are going to affect A paper borrowers and reduce the amount of qualified (REALLY qualified) buyers out there. When they are truly qualified borrowers. I know it's a knee jerk reaction to the market as a whole, but it will hurt the real estate industry even further.

More homes on the market, less qualified buyers (even though they are good borrowers but due to guideline changes, they are not qualified) = more of a hit for the housing market.

We're going to see a change going back to years and years ago. Very few minimal down programs (to make up for property depreciation), people have very little money to work with and can't buy the massive amounts of homes on the market.

Which spills over to inflation, and the control the "big bucks" have on this country. Just look at the cost of oil.....all due to "forecasting".

Start saving money kids! Pay down debt. Spend lightly this Holiday Season. It's not going to be a pretty year.

And what KILLS me is that this was all forseeable. I predict an Enron-esque scandal with one of the bigger lenders coming to light pretty soon.....

Ebizzie

The thing that bugs me is that the average American, myself included, has no idea what to do. Obviously you want as little debt as possible but what about savings? Is this an issue that, under the proper leadership and guidance, will result in something similar to the great depression, an 8-10 year event or will it be something much, much longer term? Are we the next Argentina? Do we keep our savings in US dollar based equities and securities or is the future scary enough to begin investing those weakened dollars in other currencies before it's too late?

On a side note, the fact that something is very obviously wrong with our economy and Ron Paul is the ONLY candidate to even touch the issue, speaks volumes. The main theme here is that we need to become a creditor nation again. Ron Paul is the ONLY candidate that understands the importance of adding value to the dollar again via a gold standard as well as drastically reducing spending. People can say the guy is a nut job with ludicrous ideas, whatever. As some of you astute posters have pointed out, we're in a ludicrous economic position right now. We need DRASTIC measures taken to end this before it's too late. The fact that no candidate except for Paul even wants to mention the subject of monetary policy all but guarantees that there will be NO MEASURES taken by these other candidates.

Was it just me or was Bernanke's voice wavering when he was answering Dr. Paul? He looked like a little kid trying to challenge his mentor. I enjoyed the way Bernanke, instead of answering Paul's questions, pushed the onus on Congress for telling him what to do.

DriftingByTheStorm

Ebizzie wrote:

Was it just me or was Bernanke's voice wavering when he was answering Dr. Paul? He looked like a little kid trying to challenge his mentor. I enjoyed the way Bernanke, instead of answering Paul's questions, pushed the onus on Congress for telling him what to do.

I would absolutely consider moving some of your savings into other currencies. Put some in funds like a Swiss Franc Index Fund ... emerging market funds, anything... but certainly don't keep it all in the american stock market and your american bank account!


As for Bernankes responses being shakey ... hell yes he was scare-urrreed ... you could see him taking long parched dry gulps of air ...

i think he was so scared because he knew it was coming (not the first time hes been blasted by Paul) ...

and he knew he had to tow the party line ... a line that makes absolutely no sense ... (thats why the CNBC commentator said "Bernanke said things like the average american who buys american goods wont feel the sting of a declining dollar -- a testimony which was inconsitent and left a something to be desired, to say the least. And thats being kind!") ...

when you are put in a position of power, and you have to defend that position using nothing but tricks and lies ... AND the people are starting to catch on to those tricks and lies ... it has to be a bit tough ...

... i feel for the guy ... he's just one big puppet ... and he doesn't have much of a leg to stand on...

"the average american, whom gets paid in dollars and buys mostly american goods" ...

WHAT MOSTLY AMERICAN GOODS?

Do you buy all american?
And are those all american goods really made with all-american inputs?

We hardly make anything anymore.
Almost all of it is imported.

Bernankes testimony was a farce and a slam in the face of your "average" american.

DriftingByTheStorm

DriftingByTheStorm wrote:

still no clip of Jim today,
save for this oil related segment ...

... i hope someone gets the whole piece up, because i think seeing real billionaires talking about this shit may bring some people around to see that this nearing catastrophe is very much real.
(yikes)


but here is one from earlier this week on bloomberg ...
does this guy sound off the mark or are you scared yet?

here is the full interview with Jim ... just recently went up.

???

RolandTD20Kdrummer

I posted a thread months ago on how they may being trying to tank the dollar to form the North American Union.

Bernake is not that hopelessly retarded. I'm beginning wonder what his real motives are.

DriftingByTheStorm

RolandTD20Kdrummer wrote:

I posted a thread months ago on how they may being trying to tank the dollar to form the North American Union.

Bernake is not that hopelessly retarded. I'm beginning wonder what his real motives are.

Yes.
Yes.
and Yes.

It certainly would be in the bankers' best interests to eliminate exchange rates and variable dollar (or peso or loonie) values by conglomerating the money supply.

Not to mention the loss of soverignty that ensues.

You are certainly right about Bernankes intelligence.
This is the Bush trademark. Act stupid, talk like a kid, and make them think you are harmless. They will never suspect they are being duped by an "idiot".

Jokes on you if you fall for it.

:(

RolandTD20Kdrummer

Here's a book for ya Drifting... co-authored by the man himself.

http://www.mises.org/store/Case-for-Gold-The-P386C0.aspx?AFID=1

DriftingByTheStorm

RolandTD20Kdrummer wrote:

Here's a book for ya Drifting... co-authored by the man himself.

http://www.mises.org/store/Case-for-Gold-The-P386C0.aspx?AFID=1

Yeah thats on my list.

I'm going to finish Creature From Jekyll Island, which has a good section on the gold standard itself and then maybe move to that ...

... although i did just buy The Secret History of the American Empire: Economic Hit Men, Jackals, and the Truth about Global Corruption, the other book by John Perkins (Confessions of an Economic Hitman) which i am hot to read as well.

DriftingByTheStorm

The DOW just closed down 240 points at 12740.

The Federal Reserve put 8 billion MORE dollars in the system this morning AND loosened the discount windows again!

More housing numbers are coming out mid-week, predictions are for Citibank to lay off 45 THOUSAND employees later this quarter and is trading under $30 as of today ...

The NYSE floor analyst for CNBC said today that the "folks down here in the trenches" are talking more and more about "the whole enchilada" as applies to Fed involvement in the housing market ... he said that most of them are talking "BAILOUT".

I'm going to save you all the fearmongering, because at this point, the MSM is doing a plenty good job by itself.

Shit is REALLY FUCKED UP out there on wallstreet, and you folks shouldn't be trying to pretend like this is some weird blip on the radar.

This is FUBAR, folks.

FUBAR.

soulsinging

DriftingByTheStorm wrote:

The DOW just closed down 240 points at 12740.

The Federal Reserve put 8 billion MORE dollars in the system this morning AND loosened the discount windows again!

More housing numbers are coming out mid-week, predictions are for Citibank to lay off 45 THOUSAND employees later this quarter and is trading under $30 as of today ...

The NYSE floor analyst for CNBC said today that the "folks down here in the trenches" are talking more and more about "the whole enchilada" as applies to Fed involvement in the housing market ... he said that most of them are talking "BAILOUT".

I'm going to save you all the fearmongering, because at this point, the MSM is doing a plenty good job by itself.

Shit is REALLY FUCKED UP out there on wallstreet, and you folks shouldn't be trying to pretend like this is some weird blip on the radar.

This is FUBAR, folks.

FUBAR.

good thing i don't live out there on wall street! things look ok in my neighborhood in lakeview... buildings still standing and 7-11 still selling me smokes. we're good!