Tag Archives: housing bubble

  haaaaaaaa

Federal Reserve Thought Housing Crisis Was Funny in 2006

The transcripts for the Federal Reserve’s 2006 meetings were released this week, and with them comes the news that the people in charge thought that the housing crisis was pretty hilarious at the time, and that the biggest problem facing the economy was inflation. That is to say, that the economy was growing too damn fast! And maybe there was slight cause for concern, things that are too good to be true being not usually true and all that. Even so, Timothy Geithner, then the president of the Federal Reserve Bank of New York and now Secretary of the Treasury, thought in December 2006, mere months before the subprime mortgage crisis hit, that “the fundamentals of the expansion going forward still look good.” Read more on Federal Reserve Thought Housing Crisis Was Funny in 2006…
  because goldman sachs needs a hand!

Congress Giving Millions of Foreclosed Homes To Wall Street Slumlords

Great news, everybody: After deliberately failing to help millions of American families stuck in vulture mortgages, the U.S. government is now giving those foreclosed homes to Wall Street for pennies on the dollar so that Wall Street can then rent the now-vacant foreclosures back to the same people pushed out during the Wall Street-caused housing bubble collapse. Wall Street stands to make an immense profit by becoming, overnight, the “largest improved real-estate owners in the world.” Who says capitalism doesn’t work, with a little help from the government by taking away the property of the working class and giving it to billionaires who pay no taxes? Who says that? Read more on Congress Giving Millions of Foreclosed Homes To Wall Street Slumlords…
  just a 'rough patch' that won't ever end

Study: Americans Poor Now Because They Don’t Have Any Money

A startling new study proves that America’s Middle Class has been utterly, completely wiped out — these are the people all politicians are always talking to, in theory. What happened? Apparently, wages have been declining for thirty or forty years and pensions have vanished and the one asset 90% of middle class people owned is no longer worth anything. (That asset is “their house,” and many have also lost the actual house, in addition to its supposed value before the crash.) Read more on Study: Americans Poor Now Because They Don’t Have Any Money…
  hobo beans

Nation Needs To Replace 6,955,000 Pre-Recession Jobs; 38,000 Created Last Month

At the rate of last month’s dismal job creation, it will take more than 15 years for America to replace the 7 million jobs that vanished in this Great Recession. The awful new job numbers — just 38,000 in May when economists say the country needs at least 244,000 new jobs per month if the United States is to ever climb out of its hole — are the latest sign America is beginning a new brutal phase of the endless crisis. Read more on Nation Needs To Replace 6,955,000 Pre-Recession Jobs; 38,000 Created Last Month…
  our flourishing economy

Nobody’s Making the House Payment, Nobody’s Getting New Mortgages

Despite the complete recovery of the American Economy — what, did you miss it? — a record 14% of households with mortgages are currently delinquent. That’s more than 7 million households. Another survey says 10% of all mortgages are in default, the highest percentage on record. Don’t worry, it gets worse. Read more on Nobody’s Making the House Payment, Nobody’s Getting New Mortgages…
  mittens' world

Mitt Romney’s Ghetto Home To Be Destroyed

The derelict city of Detroit is finally “getting serious” about razing thousands of boarded-up abandoned houses, and the worst ghetto crackhouse of all will soon be bulldozed: the childhood mansion of Mitt “Mittens” Romney. The Romneys and their servants once lived a life of Mormon Aristocracy in the five-bedroom two-story 5,500-square-foot estate in the once-grand neighborhood of Palmer Woods. (Actually, the neighborhood still looks nice beyond the Romney Slum Castle.) Why won’t Mitt Romney pay for the destruction of his awful haunted mansion instead of making Big Government take your tax dollars to knock down this horror-haus? Read more on Mitt Romney’s Ghetto Home To Be Destroyed…
  and mcain vows to make it worse

America Still Has Its Housing/Mortgage Disaster!

Those lousy Greeks/Europeans, how can they spend so much money propping up their failed economy and jobless cretins and mountains of bad debt? Don’t they have capitalist scruples or whatever? Oh yeah, and America’s government-run mortgage hander-outer, Fannie Mae, needs another $8.4 billion to get through next week maybe, things have been sort of tough, what with the $11.5 billion loss just in the first quarter of this year. Read more on America Still Has Its Housing/Mortgage Disaster!…
  today we are all edmund andrews

There’s a 13% Chance You’re Not Making Your House Payment

Remember the Housing Bubble and the gazillion bullshit mortgages that caused the entire global economy to collapse and send us into a terrible World Depression? It’s still going down! The housing crash, that is — one in eight homeowners is now either in default or in foreclosure, a new record! Read more on There’s a 13% Chance You’re Not Making Your House Payment…
  das kapital

Bush/Paulson’s New Communist America Can’t Even Fix Housing Collapse

Turns out we didn’t need “stealth socialist” Barack Obama to pervert capitalist America into a crumbling nationalized economy run in private by a dome-skulled kleptocracy as our nation’s battered military wastes away in the forgotten bummer of a civil war in Afghanistan. WAIT A MINUTE that is exactly what happened in the Soviet Union! And the so-called Republicans did it, because they are Fiscal Socialists! Read more on Bush/Paulson’s New Communist America Can’t Even Fix Housing Collapse…
 

Eliot Spitzer Now Screwing Distressed Homeowners

Disgraced whore-fucker Eliot Spitzer is done with this “help people with their lives” nonsense, now that he doesn’t have to govern New York or shut down prostitution rings while patronizing those same prostitution rings. He is ready to earn ONE BILLION WHORE DIAMONDS by becoming a “vulture” real-estate flipper. Read more on Eliot Spitzer Now Screwing Distressed Homeowners…
 

Old Jazzbo Hippie Claims Cheney Just Invaded Iraq For The Oil

Some little hipster clarinet player from NYU is claiming the Iraq invasion and occupation was all about securing oil supplies for America. Oh and what is that sticking out of Jazzbo Al’s tattered raincoat? A worn paperback of Ayn Rand’s “Atlas Shrugged,” which he actually first read when she was writing it, when he was screwing some gal in Rand’s “inner circle” and writing angry letters to the New York Times about how “parasites who persistently avoid either purpose or reason perish as they should.” That’s right, we’re talking about former Federal Reserve chairman Alan Greenspan! Read more on Old Jazzbo Hippie Claims Cheney Just Invaded Iraq For The Oil…
 

Metro Section: Food, Money and 90s Celebrities

* Free Starbucks tomorrow. [DCFUD] * At $50,000 a year, GW is the nation’s most expensive college. Nine local kids will now attend for free. [Read Express] * RE: DC housing market: “For those of us with decent credit, watching all the posers getting foreclosed is like watching cheap porn in the middle of the night.” [TC The Terrible] * Review of the closing of the DC Independent Film Festival and not meeting Kiefer Sutherland, “there was the adult man chanting ‘kiefer! kiefer!’ during the film festival award proceedings, impatient to skip right past the awards and movie and see kiefer.” [Life Off Balance] * Baked and Wired has best cupcakes in town, according to WP and CakeLove serves some of their cupcakes at room temp now. [Eat Foo] Read more on Metro Section: Food, Money and 90s Celebrities…
 

DC Housing Bubble: Finally Interesting!

Congratulations to Dominic Turano, incoming president of the Washington Area Realtors Board: In the category of “things we’ve done recently that make us feel young,” I present to you… dumm daaah daaaah dum… “Joined the mile high club.” Read more on DC Housing Bubble: Finally Interesting!…