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Hold on to your 401k's, boys and girls, Monday's gonna be another day to remember on Wall Street.
Sure looks like some of the pigmen are gonna get theirs...spectacularly. It's now dawning on Wall Street, Main Street, and Pennsylvania Avenue that they can't keep the fraud going much longer.
Colorado may be a long way from the epicenter on Wall Street, but don't be surprised to see the earth move here, too.
Colorado's largest mortgage lender is making it easier for homebuyers to borrow money.
Wells Fargo Home Mortgage on Saturday upgraded the status of the Denver metropolitan area's real-estate market from "distressed" to "stable."
"The fundamentals in the Denver market are changing," said Greg Osborne, regional vice president of the mortgage company. "Inventory is being worked down, and as a result, prices are stabilizing."
There were 24,648 homes on the market last month, a 20 percent drop from August 2007's 30,827 homes, according to data released last week.
You got that right. Only massive intervention by the Fed and central banks is propping up the dollar in this, coincidentally an election year. When this intervention inevitably fails and the dominoes start falling, inflation will start soaring, oil will come charging back and the dollar will resume plunging. People don't have a clue what's coming. After this huge artificial over-correction now is a good time to invest in commodities - gold, silver, oil, food, alt. energy. Google Paul Mladjanovic. He's right on the money on all of this.
I actually know some folks over at Wells Fargo. I don't what they're smoking, but it must be some really primo mind-altering stuff.
I do think we are at the brink of the "next leg down" that I have been predicting. Kunstler is beside himself with glee. Unfortunately, he is busily blaming the Republican Party solely for the whole economic mess we are in. They certainly have culpability, but it's a big tent that they can share with Democrats, Independents, and the American public in general. The latter I blame most of all because we got--from both political parties--EXACTLY the government, fiscal, and financial policies that we asked for. We actually managed to convince ourselves--and our leadership--of the idea (which, if those "leaders" were true leaders, they would have rejected) that there really IS a free lunch, that debts don't have to be repaid, and a promise to pay really isn't a promise. Now we all get pay the price for that folly--and it will be horrifically expensive and painful.
As for Colorado--pining to live in paradise, dreaming of that vacation on "Colorado.com", and building legions of mountain condos, trophy homes and other superfluous crap just became pretty damned irrelevant in the main scheme of things. When you have a big chunk of an economy--like Colorado does--based on that bull****, the end of the big drunken debt and consumption party is going to leave a big gaping hole--one large enough to swallow the fortunes of a lot of people. It happend once before in Colorado--back when the state developed itself on the massively government subsidized purchase of silver. That came to an end--quite ingloriously--in 1893. It took Colorado about a half-century to recover from that. If anything, the economic nonsense that is ending now is, if anything, more pernicious than that. A half-century may not be long enough.
Being correct in foreseeing a disaster that will impact all of us is not something he is likely to be joyful over. And I sure wish I had some of that silver right now...
"...Lehman Brother’s Chief Executive Richard Fuld. According to regulatory filings, the fall of Lehman’s stock has turned Fuld’s $740 million holdings as of Jan. 31, is now worth $2.5 million."
Oh cry me a river, buddy. What EVER will you do with a meager $2.5M??
Jazz wrote:
Unfortunately, he is busily blaming the Republican Party solely for the whole economic mess we are in. They certainly have culpability, but it's a big tent that they can share with Democrats, Independents, and the American public in general. The latter I blame most of all because we got--from both political parties--EXACTLY the government, fiscal, and financial policies that we asked for.
Great point. Last time I checked, there were 562 of them dithering inside the beltway, and I think we can blame every single one of them.
Witness the creative destruction of economic cycles...an absolutely magnificent demonstration of that today. Dow down over 500 points at the close, S&P down 4.7% in a day to close below 1200. The laws of mathematics do apply to the pigmen, after all.
The good news for the bankers is that, after crapping their pants when they see their balance sheets after the triple-play of the Lehman collapse, the AIG death spiral, and Merrill Lynch pimping itself out to BoA with four-alarm urgency, is that they can now trade their soiled Fruit of the Looms for taxpayer-backed treasuries at the Fed's discount window. Their bad bets...and we the taxpayers get a piece of that action. Lucky us.
I'll be shocked if WaMu the whale survives the month now. And hundreds, if not thousands, of other banks could follow. Particularly those regional and local banks in places like...Denver...where their bad bets on commercial and residential real estate added to the explosive unwinding of superleveraged financial toxic waste sites like Lehman and AIG make for a swift kick while they're already down and coughing blood.
Anyone want to bet whether Helicopter Ben Bernanke lowers rates tomorrow in order to rob Grandma of the last few cents out of her savings to help the weeping pigmen?
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Pity the poor Pigmen...
