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Old 10-14-2010, 02:12 PM
 
Location: San Diego California
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charles hugh smith-The Coming Collapse of the Real Estate Market

Some people are saying that foreclosuregate could cause major disruptions in the foreclosure market and be a bigger blow to the financial markets than the collapse of Lehman. Are we looking at the next step in the real estate linked banking collapse?
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Old 10-14-2010, 02:41 PM
 
Location: Near a river
16,042 posts, read 20,090,161 times
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Quote:
Originally Posted by jimhcom View Post
charles hugh smith-The Coming Collapse of the Real Estate Market

Some people are saying that foreclosuregate could cause major disruptions in the foreclosure market and be a bigger blow to the financial markets than the collapse of Lehman. Are we looking at the next step in the real estate linked banking collapse?
Off topic, but just wait till Student-Loan-Gate kicks in. Talk about black swans.

Real estate, no question.
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Old 10-15-2010, 08:25 AM
 
Location: San Diego California
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NewsNow: Loading story...

It is funny how that "moral hazard" thing keeps raising it's ugly head. This article makes a good point about how the banks are now taking the tack that we should forget about the rule of law and just trust them to do the right thing because the are "the banks". You could not make this stuff up. The world just becomes more surreal day after day.
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Old 10-15-2010, 12:44 PM
 
Location: Business ethics is an oxymoron.
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-Exactly. Which is why Ben "Dover" Bernanke can say out of one side of his butt cheeks that 1) "The Recession is over" and 2) "But we still need to keep pouring money into it" out of the other and meanwhile no one even questions the contradiction. We're so used to getting grifted and the Voice Of Authority telling us "Don't believe your lying eyes. Believe us instead" that we just shrug our shoulders, roll our eyes and utter a disingenous "whatever. If you say so" and just move on with our lives.

As for the latest Black Swan, I doubt it will amount to much in light of what's already happened. The Feds will just do what they keep on doing: bailing out and bailing out. They are determined to keep this thing going at all costs and to hell with how much is spent or what the long term consequences will be. If it weren't for all this "stimulus", which as we all know only further enriched those who created this mess at the expense of the taxpayers, I cannot think of a single fundamental reason why the DOW would be a single point above 4500.

But we know that's how it works: Wall Street does NOT take losses. Only the profits. Taxes and losses? That's what the folks in the 35k-70k per annum salaries are there for.

The late Leona Helmsley was absolutely dead on spot 100% accurate. She just said it two decades too early. Now, she's probably down there in Purgatory looking up at us all and saying "I told you so".
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