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DEPRESSION - "TOTALLY UNAVOIDABLE"
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GRAPES OF WRATH
User ID: 474822
8/3/2008 10:56 PM
Report abusive post | DEPRESSION - "TOTALLY UNAVOIDABLE"
| Quote |
Latest from Mike Morgan: "Let's talk about what is happening now . . ."
August 4, 2008 - The World's Grandest Ponzi Scheme Unravels
Depression - Totally unavoidable. Bank on it. Well . . . you won't be able to bank on it, but you can bet on it. We are not only headed for a Depression, but a violent Depression that will be far worse than 1929. Some experts believe the United States will fall into the chaos, bedlam and anarchy that tore apart Yugoslovia. I am not going that far, but I know our morals and ethics are not the same as they were in 1929. Moreover, we are a far more violent society and totally dependent upon a well oiled system for delivery of food and basic services.
Bank Failures - Unfortunately for clients and readers, I can't always share as much detail as I would like because of confidentiality concerns. I can tell you this. We will see at least 100 bank failures before the end of the year. What's important about that statement, is it is not another rear-view mirror statement from one of the financial experts on TV or some of the others that write blogs and columns . . . but never venture out into the world of reality. I will share what I am seeing on the ground and hearing from my institutional clients here and abroad.
US Banks - The systems developed by banks and lenders are horribly convoluted or they have farmed the process out to asset managers that often are “totally” incompetent. I thought we might see this start to correct itself, but it is actually getting worse . . . and now banks and lenders are the ones throwing jet fuel on the fire...
100% Loss = Busted Banks - Here's a basic example for a $400,000 mortgage. The property is most likely only worth $250,000 now. A lender will be lucky to clear $125,000 on this property. This is not a typical example. The typical example is a $250,000 mortgage where the property is now worth less than $150,000 and by the time you carve out all the expenses . . . the bank has a zero or negative. The reason for the zero on the lower priced property, is because many of the expenses (i.e. foreclosure process) are the same for a million dollar property as they are for a $100,000 property.
So here is the question for Paulson, Bernanke and Bair. How can any of our banks survive when they are taking 70% -100% hits on mortgages? PB&B will tell you these problem mortgages make up less than 2% of total mortgages. Huh? What? I've got news for them. I have no idea where they are getting their numbers, but you don't even have to go behind enemy lines to see through the numbers they are trying to feed us.
Drive around and count For Sale signs. Now multiply that by a factor of 2-10 depending upon where you live and whether signs are allowed in all neighborhoods. Now double that number for the homes that are moving into the foreclosure process, and then double it again because things are getting worse (quicker), not better.
Admitting Defeat - The lenders I speak with know they are dead. They have no problem admitting it now. They realize their jobs are over, and they are on borrowed time. They are nothing more than liquidators now, and they are doing a lousy job at it.
And it goes on and on...this is a long article and I only cited a fraction. Guess it's a Must Read.
[link to realestateandhousing2.blogspot.com] |
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Anonymous Coward
User ID: 322321
8/3/2008 11:06 PM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
"Economy is strong doom losers ; others are buying cars , boats , houses , etc with their 600 dlls rebate check " |
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Anonymous Coward
User ID: 466677
8/3/2008 11:13 PM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Zetas right again!!!!!!!
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Anonymous Coward
User ID: 472846
8/3/2008 11:45 PM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
"Economy is strong doom losers ; others are buying cars , boats , houses , etc with their 600 dlls rebate check "
those who actually recieved it! |
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Anonymous Coward
User ID: 478386
8/4/2008 12:39 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
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Anonymous Coward
User ID: 476201
8/4/2008 12:57 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
And they laughed when I purchased 300,000 rounds of 7.62 X 39 and 20 crates of 12 gauge ammo. |
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WalkerTalker
User ID: 477875
8/4/2008 1:04 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
This man is a find- I am following him for a while. |
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Anonymous Coward
User ID: 474539
8/4/2008 1:11 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
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Anonymous Coward
User ID: 447638
8/4/2008 1:45 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
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Springsongs
User ID: 226702
8/4/2008 2:25 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Wow. That was a real eye-opener article. I read the whole thing and noted what was said about middle class types going to pawn shops so they could afford FOOD and also noticed this list of closures toward the end...
Ann Taylor closing 117 stores Eddie Bauer to close more stores Cache - closing 20 to 23 stores this year
Lane Bryant, Fashion Bug, Catherines closing 150 stores
Gap Inc. closing 85 stores
Foot Locker to close 140 stores
Zales, Piercing Pagoda plans to close 105 stores
Home Depot closing 15 stores
Macy's - 9 stores closed
Movie Gallery – plans to close 400 stores
Hollywood Video closed 500+ locations
Pacific Sunwear - 153 Demo stores closing
Pep Boys - 33 stores of auto parts supplier closing
Sprint Nextel - 125 retail locations
Wilsons the Leather Experts – closing 158 stores
Bombay Company - closing all 384 stores
KB Toys closing 356 stores
Dillard's Inc. will close another six stores this year. |
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Springsongs
User ID: 226702
8/4/2008 2:26 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
BTW - I am more of a lower-middle class type and in some ways think that might be good since I am not trying to prop up quite so many expenses as those who got used to propping them up... |
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Anonymous Coward
User ID: 417355
8/4/2008 2:37 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
"Economy is strong doom losers ; others are buying cars , boats , houses , etc with their 600 dlls rebate check "
those who actually recieved it!
Yeah, no shit. I got a letter said, "Yep, you get $600." I have yet to see a cent of that money. Bastards. |
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Irdooomed
User ID: 329170
8/4/2008 2:42 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
You know there is a solution to the housing problem.
The American government must streamline the foreclosure process!
Only by reducing bank overheads, can the market be realistically expected to recover from the housing crisis.
Bank bailouts have failed to stem the problem and there is no more borrowed time.
This action sill make the president at the time extremely unpopular.
Bush won't do this, he doesn't have to.
He'll wait and let the next POTUS get hit with this bullet!
I want to be a microbiologist!
He who fishes with actinides goes over the fish limit. 7 days
What runs around yelling "for Allah" and goes bang, a terrorist with a cobalt bomb!
Now that I have Word 2007, no longer will the denizens of the internet see me as illiterate.
You make it sound like it's a bad thing to be a pervert. |
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Anonymous Coward
User ID: 464984
8/4/2008 5:04 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
You know there is a solution to the housing problem.
The American government must streamline the foreclosure process!
Only by reducing bank overheads, can the market be realistically expected to recover from the housing crisis.
Bank bailouts have failed to stem the problem and there is no more borrowed time.
This action sill make the president at the time extremely unpopular.
Bush won't do this, he doesn't have to.
He'll wait and let the next POTUS get hit with this bullet! Quoting: Irdooomed
Yep, just give the banks the authority to shoot the deadbeats in the freaking head.
Problem solved. |
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sasha
User ID: 478771
8/4/2008 5:46 AM
 | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
yeah , that $600 didnt get me very far either.
Live Life To The Fullest As It May End Most Abruptly. Give The Upmost Respect To All Beings. |
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CSM Hoppendragon
User ID: 478772
8/4/2008 5:49 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Don't y'all be a bunch of cowardly crybaby pussy girly-men. America is strong. We will always prevail.
We The People |
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J3443-ONE
User ID: 433480
8/4/2008 6:24 AM
 | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
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Anonymous Coward
User ID: 341282
8/4/2008 6:48 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
"Economy is strong doom losers ; others are buying cars , boats , houses , etc with their 600 dlls rebate check "
Thank you mr. bush, I bought a 30-foot boat with my rebate check! |
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Bean There
User ID: 473738
8/4/2008 7:12 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Hey ! And the guy is funny.
>The Cleaner - Just like all gangster movies have cleaners to get rid of the dead bodies, we have Paulson. Think about that. We had a typical “old time” gangster boss (Greenspan) totally out of touch with reality, but surrounded by “yes-men” sucking off the money created by his directives. Kind of like the generation of gangsters that moved from a no-drug policy, into cocaine and heroin at the urging of his young lieutenants (Paulson, Steele, Schwartz, Rubin, et al). The old bosses were clueless, and it all ended in collapsed gangster families, bloodshed and now chaos. So now we bring in The Cleaner, Paulson. And he immediately calls in one of his lieutenants, Wilson. These are the guys that belonged to the global fraternity that created and executed the Ponzi scheme. As for the “bail-out.” It’s restricted to friends and family. There is no bail-out for the public or for the pension funds that bought into the Ponzi scheme.< |
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Anonymous Coward
User ID: 463333
8/4/2008 7:17 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Don't y'all be a bunch of cowardly crybaby pussy girly-men. America is strong. We will always prevail.
We The People Quoting: CSM Hoppendragon 478772
we the sheeple. LOL |
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Bean There
User ID: 473738
8/4/2008 7:48 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Quoting :
>Pawning for Potatoes - I have a few clients and readers are in the pawn shop and/or jewelry business. There emails are great - Behind Enemy Lines - information. Let me share a few with you, because people are now selling what’s left just to put a meal on the table:
1 - 3/4 kt round diamond ring, vs1, color G, 14kt gold setting with 8 diamonds.....lady needed $200 because her water got shut off
2 - I had a guy come in with his wife. She was crying because they were selling her engagement ring. It was all they had left. He walked out crying and I wanted to shut the shop down for the day. Its getting gut wrenching.
3 - The BMW 7 Series people are showing up with goods.
4 - Today a financial planner with sterling candlesticks. This is crazy.
5 - This week we had our busiest week in the history of our company. All three locations. My cousin in California has six shops and he has doubled the size of his staff since the first of the year. Where does it end.
6 - The people coming in lately are not what we saw a year ago. I have to say more than half of my business is white collar and when you consider dollar value it is 80% or more. You have been right on the money Mike.
7 - July was a record month and a very tough month emotionally. I have been doing this for 30 years. I never seen so many people coming in just to pay for food. What do they do next?< |
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GraftedPromise U$ofA
User ID: 478820
8/4/2008 8:55 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
BTW - I am more of a lower-middle class type and in some ways think that might be good since I am not trying to prop up quite so many expenses as those who got used to propping them up... Quoting: Springsongs 226702
Yes! It's going to be interesting when the economy is no longer supported by the consumerism of the past.
Heard on the radio how people could save money by NOT buying their favorite latte and making their own coffee; packing lunch and NOT going out to eat. Just wait till they discover how much more is NOT necessary. The service sector of this economy is going to TANK! And that will be bad news, bad news as we have outsourced the manufacturing. |
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getaclue
User ID: 464271
8/4/2008 9:04 AM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Who the hell said this?? LOL!! |
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Anonymous Coward
User ID: 436505
8/4/2008 2:24 PM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Quoting :
>Pawning for Potatoes - I have a few clients and readers are in the pawn shop and/or jewelry business. There emails are great - Behind Enemy Lines - information. Let me share a few with you, because people are now selling what’s left just to put a meal on the table:
1 - 3/4 kt round diamond ring, vs1, color G, 14kt gold setting with 8 diamonds.....lady needed $200 because her water got shut off
2 - I had a guy come in with his wife. She was crying because they were selling her engagement ring. It was all they had left. He walked out crying and I wanted to shut the shop down for the day. Its getting gut wrenching.
3 - The BMW 7 Series people are showing up with goods.
4 - Today a financial planner with sterling candlesticks. This is crazy.
5 - This week we had our busiest week in the history of our company. All three locations. My cousin in California has six shops and he has doubled the size of his staff since the first of the year. Where does it end.
6 - The people coming in lately are not what we saw a year ago. I have to say more than half of my business is white collar and when you consider dollar value it is 80% or more. You have been right on the money Mike.
7 - July was a record month and a very tough month emotionally. I have been doing this for 30 years. I never seen so many people coming in just to pay for food. What do they do next?< Quoting: Bean There 473738
WOW! |
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Omega 
Total Unequivocal Bad Fuckin' News
User ID: 340280
8/4/2008 2:27 PM
 | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Quoting :
>Pawning for Potatoes - I have a few clients and readers are in the pawn shop and/or jewelry business. There emails are great - Behind Enemy Lines - information. Let me share a few with you, because people are now selling what’s left just to put a meal on the table:
1 - 3/4 kt round diamond ring, vs1, color G, 14kt gold setting with 8 diamonds.....lady needed $200 because her water got shut off
2 - I had a guy come in with his wife. She was crying because they were selling her engagement ring. It was all they had left. He walked out crying and I wanted to shut the shop down for the day. Its getting gut wrenching.
3 - The BMW 7 Series people are showing up with goods.
4 - Today a financial planner with sterling candlesticks. This is crazy.
5 - This week we had our busiest week in the history of our company. All three locations. My cousin in California has six shops and he has doubled the size of his staff since the first of the year. Where does it end.
6 - The people coming in lately are not what we saw a year ago. I have to say more than half of my business is white collar and when you consider dollar value it is 80% or more. You have been right on the money Mike.
7 - July was a record month and a very tough month emotionally. I have been doing this for 30 years. I never seen so many people coming in just to pay for food. What do they do next?<
WOW! Quoting: Anonymous Coward 436505
Yeah if true that is a BIG connect the dot.
Yahoo IM omega375hh |
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Kanigo2
User ID: 442313
8/4/2008 2:29 PM
 | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
I have read this before.
Researching the great depression.
Alt+F4 Allows GodLikeProductions User to Check Current score in Thread Dialog.
"GLP has some batty shit, but yours takes the fucking biscuit "-Disputed-
Hurray for Anarchy! This is the happiest moment of my life. |
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Anonymous Coward
User ID: 258359
8/4/2008 2:52 PM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Unfortunately, I think this has to happen...total and utter collapse before things can change for the better. As a society we have so little foresight, live for today..and screw tomorrow, live for yourself, and screw the other guy. Whether we like it or not, we live in a global society and we're just going to have to deal with that as a humanity who inhabits this planet. We as individuals, and as a whole can no longer take action that doesn't effect everything and everybody. This is our next big step into our evolution. Learn to live together or die. |
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Anonymous Coward
User ID: 428255
8/4/2008 2:56 PM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Unfortunately, I think this has to happen...total and utter collapse before things can change for the better. As a society we have so little foresight, live for today..and screw tomorrow, live for yourself, and screw the other guy. Whether we like it or not, we live in a global society and we're just going to have to deal with that as a humanity who inhabits this planet. We as individuals, and as a whole can no longer take action that doesn't effect everything and everybody. This is our next big step into our evolution. Learn to live together or die. Quoting: Anonymous Coward 258359
Agree. We desparately need cleansing. Money system is on of today`s cancers and even if it`s painful, we must cure it (But there are many other cancers aswell, of course. Political system, technology at some point etc. We need a really serious doom, not only financial). |
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Anonymous Coward
User ID: 436505
8/4/2008 3:02 PM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Quoting :
>Pawning for Potatoes - I have a few clients and readers are in the pawn shop and/or jewelry business. There emails are great - Behind Enemy Lines - information. Let me share a few with you, because people are now selling what’s left just to put a meal on the table:
1 - 3/4 kt round diamond ring, vs1, color G, 14kt gold setting with 8 diamonds.....lady needed $200 because her water got shut off
2 - I had a guy come in with his wife. She was crying because they were selling her engagement ring. It was all they had left. He walked out crying and I wanted to shut the shop down for the day. Its getting gut wrenching.
3 - The BMW 7 Series people are showing up with goods.
4 - Today a financial planner with sterling candlesticks. This is crazy.
5 - This week we had our busiest week in the history of our company. All three locations. My cousin in California has six shops and he has doubled the size of his staff since the first of the year. Where does it end.
6 - The people coming in lately are not what we saw a year ago. I have to say more than half of my business is white collar and when you consider dollar value it is 80% or more. You have been right on the money Mike.
7 - July was a record month and a very tough month emotionally. I have been doing this for 30 years. I never seen so many people coming in just to pay for food. What do they do next?<
WOW!
Yeah if true that is a BIG connect the dot. Quoting: Omega
Perhaps a thread should be started to anyone in the Pawn shop business to give us heads up in their area of the country...or any other business that would speak volumes to us since the teevee sure won't! |
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Anonymous Coward
User ID: 357626
8/4/2008 3:29 PM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
"Economy is strong doom losers ; others are buying cars , boats , houses , etc with their 600 dlls rebate check "
Thank you mr. bush, I bought a 30-foot boat with my rebate check!
Must have been a piece of crap to get a 30ft boat for $600. Sounds like a money pit to me. Let me know in 5 years how much you lose on that deal. |
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Anonymous Coward
User ID: 357626
8/4/2008 3:30 PM | | Re: DEPRESSION - "TOTALLY UNAVOIDABLE" | Quote |
Quoting :
>Pawning for Potatoes - I have a few clients and readers are in the pawn shop and/or jewelry business. There emails are great - Behind Enemy Lines - information. Let me share a few with you, because people are now selling what’s left just to put a meal on the table:
1 - 3/4 kt round diamond ring, vs1, color G, 14kt gold setting with 8 diamonds.....lady needed $200 because her water got shut off
2 - I had a guy come in with his wife. She was crying because they were selling her engagement ring. It was all they had left. He walked out crying and I wanted to shut the shop down for the day. Its getting gut wrenching.
3 - The BMW 7 Series people are showing up with goods.
4 - Today a financial planner with sterling candlesticks. This is crazy.
5 - This week we had our busiest week in the history of our company. All three locations. My cousin in California has six shops and he has doubled the size of his staff since the first of the year. Where does it end.
6 - The people coming in lately are not what we saw a year ago. I have to say more than half of my business is white collar and when you consider dollar value it is 80% or more. You have been right on the money Mike.
7 - July was a record month and a very tough month emotionally. I have been doing this for 30 years. I never seen so many people coming in just to pay for food. What do they do next?< Quoting: Bean There 473738 |
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