Posted by: doggings | August 11, 2008

Crunch Time!

So the full horror of the economic meltdown to come is finally dawning on everyone, and those who have been predicting, nay shouting as loudly as they can for as long as its been clear to them, have finally stopped being “nuttered off” by the know-it-alls with vested interests in it not being so.

theres some truly scary stuff started being talked about now, and whats really scary is that it’s only just started being talked about honestly, now, after all this time, of being so obvious, to so many..

like this, chilling piece from  www.marketoracle.co.uk/Article5766.html

We’ve got about $70 billion in subprime and Alt-A securities in our portfolio. Freddie Mac is even more at risk, with nearly $150 billion. And that’s not even our primary concern. Our primary concern is the surging foreclosure rate in “prime,”supposedly “high-quality,” “safe” mortgages, which represent the bulk of the paper we hold or guarantee.

and this www.marketoracle.co.uk/Article1906.html ..the comments at the end of this one are truly thought provoking

It gets worse. I just put out an alert to subscribers that your retirement funds, pension funds, and so on, are all into – guess what? MBS, CDOs, (mortgage derivatives) and are in the same boat as the MMFs, and everyone else who played with this toxic mess that is only about $2 to $5 trillion…. The list goes on and on. You need to check out your pension funds and MMFs.

Now, I have only written so far about the $2 to $5 trillion of mortgage derivatives in trouble. I can’t cover all the other areas of pending trillions of losses and make this article less than book size.

and..

I want to comment on the UST market and stocks, but first another thing about how bad this credit crisis is. It is NOT over. The commercial paper market (short term credit for companies like 30 to 90 days) is swapped between banks and companies and institutions to cover short term funding needs. The market in the US alone is $2trillon. $50 billion has to roll over each week.  ….Well, in the last two weeks, a backlog of $90 trillion has accumulated and NOT rolled over.

This is the next set of dominoes to fall. The EU is having similar trouble, and one German banker said there is the making of a serious German banking crisis – because short term paper is not rolling over. So what does everyone do now? The system is collapsing right before our eyes.

& on a lighter note this funny blog post

dinner party revenge of the frustrated first time buyer..

‘You bought a BTL last November? You f***ing dimwit!’

‘You paid £200K for a 2 bedder in central Manchester? You daft c**t!’

‘Seen these Haliwide monthly figures – I bet you’re well gutted!’

‘ Resetting your NR Together mortgage – I think not, pal!!

‘Tell you what, I’ll give you half what you paid for it!’

‘Rental income won’t cover, and its value collapsing as well? Well, could be worse. You’ve got still your health…’

‘They overvalued it?  mate! They saw you f**king coming, didn’t they!!’

‘No, I can’t lend you a fiver. You’re sub-prime, mate’. 🙂

‘Living in your car? Still, it’s a VW estate, isn’t it? Plenty of room…’

‘Property, eh? Up and down like a bride’s nightie. Me? I’m renting, quids in!!’

‘Chin up, they say there’ll be an upturn in 2019…’

and scroll further down the page on the last link for Kirsty Allsop eating her property-hyping hat. 🙂

You know it’s really not funny at all, but quite how people ever thought this way of life was sustainable in any long term fashion has always puzzled me. Banks are not there to give us money and a life that we can’t afford.

Their prime purpose has always been to take as much of our money from us as they can manage, by enslaving us into their system, and then extracting their pound of flesh later on once we’re imprisoned.

Well get your knives out and prepare to get sawing, because now, they want it back, and someones gotta pay..

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