Report: Foreclosures Rise Sharply in Q3 (year over year)
Submitted by
CalculatedRisk on Thu, 10/23/2008 - 5:50am (293 comments)
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Uno
emo
FIRST
emo nemo
Going to 1%.
Is there any data that shows foreclosues as a % of all households....going back to at least 1980?
Would be interesting to compare today's foreclosures in relative terms and compared to the last real recession....1980-1982.
REMEMBER LONG TERM.........
pucchi writes:
REMEMBER LONG TERM.........
Long term is for losers
...or loosers for those who can't spell the word
Goldman Sachs (GS 115.06) is planning to lay off 10% of its 32,500 person workforce, The Wall Street Journal reported, citing people familiar with the matter.
whoa, big blowup in waxman's hearing.
thought they might have to get the bailiffs...
pucchi writes:
REMEMBER LONG TERM.........
Long term is for losers
In the long term...we're all dead
U.S. FHFA home price index down 5.9% in past year
Who is this senile old fool testifying before congress?
Magooo!
Anonymous writes:
In the long term...we're all dead
You can't really lose much more than that.
Coinz
Ponzi's godson talking live now...
Technical point: When Realtytrac uses the term "household" in its data--as in its statistics showing the percentage of households in foreclosure--it is actually reporting the percentage of housing units in foreclosure. There is a big difference between households and housing units. A household in foreclosure means a family has lost its home. Not so with housing units. Many are vacant--owned by flippers, realtors, and developers.
I would like to see statistics on the number of households in foreclosure, but doubt there are any until someday, years from now, an academic will analyze the data and discover that a huge portion of the foreclosures during the housing bubble were among flippers, realtors, and developers.
Hoocoodanode
"Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity (myself especially) are in a state of shocked disbelief," Alan Greenspan told Congress on Thursday.
Greenspan shocked at credit system breakdown
| Reuters
DQ News released the CA city chart for September.San Rafael and Tiburon are impressive...
DemoMemo,
That's why efforts to stem the crisis by bailing out homeowners won't arrest price declines. Too much inventory, not enough end users.
Agreed!
I should listen to Greenspan, but I can't. Hate is a very strong emotion, and I like this coffee cup.
Apparently Sir Greenspan is in "a state of shock".
HOOCODANOOD???
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. .... Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights."
Alan Greenspan 1966
Power corrupts. That's why we can't leave the control of the money supply in the hands of a bureaucrat.
"Detroit and Atlanta were the only cities outside California, Florida, Nevada and Arizona to make RealtyTrac's list of the 20 hardest-hit metropolitan areas."
Reason?
Because California, Florida, Nevada, and Arizona are full of legal and illegal Latino immigrants, mostly from Mexico, and they're foreclosing on properties 9 to 1 compared to all other groups. LOOK AT THE LISTINGS! Look at the donation map at NumbersUSA | For Lower Immigration Levels - For Lower Immigration Levels
. People across the country are being kept in the dark about this. It's the #1 issue, hands down, above energy, healthcare, and education, but the government/media complex doesn't want YOU to know about it.
PonziMonetizaCoruptiCaptislm writes:
Ponzi's godson talking live now...
and in true american fashion not taking any responsibility. (just more lies)
MR GREENSPAN I FEEL YOUR PAIN..
hoocoodanode?
"Regardless of the precise mix of factors that explains the decline in interest rates, the associated run-up in housing values has left households with a substantial pool of available home equity. According to data recently developed by Jim Kennedy of the Federal Reserve Board staff, and me, discretionary extraction of home equity accounts for about four-fifths of the rise in home mortgage debt. ... history cautions that extended periods of low concern about credit risk have invariably been followed by reversal, with an attendant fall in the prices of risky assets. Such developments apparently reflect not only market dynamics but also the all-too-evident alternating and infectious bouts of human euphoria and distress and the instability they engender."
Remarks by Chairman Alan Greenspan
Mortgage banking
To the American Bankers Association Annual Convention, Palm Desert, California (via satellite)
September 26, 2005
mortgage banking
OH MY GLOD!
Just wanted to say good morning and ask about the Mathew Padilla post at Mortgage Insider. Bank that hasn't posted profit since 2005 gets $15M investment. Now. Why?
DK:
Because California, Florida, Nevada, and Arizona are full of legal and illegal Latino immigrants, mostly from Mexico, and they're foreclosing on properties 9 to 1 compared to all other groups. LOOK AT THE LISTINGS!
You're a racist and an idiot.
I try to listen to him (Greenspan) but I can't stop my eyes from glazing over
Greenspan just said "All day" mortgages
DK: The numbers I've seen in the past indicate that there were very few illegal immigrants that bought homes (12,000'ish?) and that those that did have a much much lower default rate than others. Instead of hate, can you bring some links/numbers?
Greenspan: We need a "sustainable" sub-prime market.
Why does Greenspan not acknowledge that the housing collapse should be attributed to scary brown people?
And possibly smug Canadians???
When I see Greenspan's face, I only see a big bullseye.
Byzantine_Ruins writes:
DK:
Because California, Florida, Nevada, and Arizona are full of legal and illegal Latino immigrants, mostly from Mexico, and they're foreclosing on properties 9 to 1 compared to all other groups. LOOK AT THE LISTINGS!
You're a racist and an idiot.
That's not a racist comment. It's factual. Racism was when minorities were ripped off to get them in the house in the first place
It was that DAMN SAVINGS GLUT, I say!
Damn Canadians with their oh-so-smug "we've got Saskatchewan" attitude.
karelian writes:
Apparently Sir Greenspan is in "a state of shock".
Cue up the inevitable Casablanca quote.
Whocoodanode indeed. More importantly, WHOSHOULDANOOD?
Don't worry,when Palin takes charge of the Senate she's a gonna eliminate the death and capital gains taxes,which will eliminate the deficit,and stuff.
DK, what's your point?
"voluntary regulation"
That says it all.....
What I find preposterous is that they still claim that it was those "bad lenders" and "bad homeowners that defaulted". How about leverage jackass!
Ciao
MS
Y'know, I'm as softhearted as anybody, but c'mon:
D'ya think anybody's "Notice Of Default" has ever come as a big surprise? All this kind of thing does is bandaid a spurting artery.
Tom Stone writes:
Don't worry,when Palin takes charge of the Senate she's a gonna eliminate the death and capital gains taxes,which will eliminate the deficit,and stuff.
Don't laugh:
the Vice President has not traditionally exercised his powers to be President of the Senate. If the President were to tell the Veep to exercise them, it would piss the Majority Leader off--and the Minority Leader too to the extent that the Minority Leader hopes to someday become Majority Leader. But we could someday have a Constitutional Moment, couldn't we? The Vice President could show up and take the chair, right? And then call on and recognize whomever he or she chose and only whomever he or she chose for just whatever purposes he or she chose--and the Veeps decisions would stick, to the extent that he or she was sustained in rulings by fifty-one senators.
That's not a racist comment. It's factual. Racism was when minorities were ripped off to get them in the house in the first place
LOL. It was all ACORN, I forgot. Right wing Fantasyland, not America. Not flippers and suburbans living beyond their means via MEW, it wuz th' DARKIES.
I'm in shock.
Suffering from Deja-Magoo.
The intellectual edifice collapsed because it was based only on the 20 year data of a period of euphoria. This crisis too will pass.
Oh Mr Magoo, you've done it again!
A bearded financier of academic veneer,
Strolled arm-in-arm with his companion
Engrossed with interest, they promptly stepped off the canyon.
“We’re heading for Doom & Gloom!” cried The Maestro,
“Don’t worry” said Bernanke, waving his magic hankie,
“From you, I’ve learned prestidigitation and obscufacation,
to achieve never-ending levitation”.
Greenpsan looked at him askance,
as he promptly soiled his pants.
Finally accepting the full gravity of the situation.
Wow. My GS puts are flying.
Since we are bagging on Canadians
C-dollar skids to weakest since 2004
CANADA FX DEBT - C-dollar skids to weakest since 2004
| Reuters
yogi writes:
Wow. My GS puts are flying
Excuse me but, what does that mean? GS up or down?
CSPAN Circus!
Because California, Florida, Nevada, and Arizona are full of legal and illegal Latino immigrants, mostly from Mexico, and they're foreclosing on properties 9 to 1 compared to all other groups.
I would think that NV, AZ, FL, and CA have a disproportionate share of retirees as well.
Correlation != Causatio
Foreclosure? I hardly knew her!
One thing you can count on is that when the economy gets tough the racists and bigots come out and start blaming minorities of every kind.
I wasn't joking,I know who makes the voting machines.
Summary of all CSPAN testimony from witnesses:
We didn't have enough power to control everything. Give us more.
John Snow: It was Fannie and Freddie's fault
I think Palin would make more sense than these buffoons
U.S. Commercial Paper Market Slumps for a Sixth-Straight Week
U.S. Commercial Paper Market Slumps for a Sixth Straight Week - Bloomberg.com
The U.S. commercial paper market slumped $61.5 billion to a seasonally adjusted $1.45 trillion for the week ended Oct. 22, the lowest since April 2005, the Fed said today in Washington. Financial commercial paper contracted $45.5 billion to $559.4 billion.
"It's shrinkage!!!" -George Costanza
...history cautions that extended periods of low concern about credit risk have invariably been followed by reversal, with an attendant fall in the prices of risky assets. Such developments apparently reflect not only market dynamics but also the all-too-evident alternating and infectious bouts of human euphoria and distress and the instability they engender.
Whocodanoe?
Alan sure knew
Xerox joining the lay-offs ride as well, after missing estimates: 5%
You are missing what was actually said. The tax roles don't lie. Look at neighborhoods like Colina or Northeast in Oxnard, CA and do the research yourself. It isn't racism, it's observation.
Greenspan: These derivatives are working well.
Greenspan still makes the market go up? Just don't let Bush near a mic now.
Ah haha, Imelda, I just heard that...What a tool he is.
Canadian dollar at 79 cents...last year at this time, the C dollar was flying high, and Canadians were buying RE in upstate NY in big numbers...their spending saved retail during Christmas.
Guess they won't be saving upstate this year.
Hell of a buy right here. Dow up 80 points in 2 min.
Wait - did Greenspan just throw Ayn Rand under the bus?
The rise in Q3 was due to legislative stupidity.
Q4's will be due to the last post.
"Weekly Unemployment Claims: 478,000"
Nostrovia,
What's wrong with Greenspan's mouth and lips? Andrea better get to her gynecolygist. I'm just saying.
Roubini Says `Panic' May Force Market Shutdown
- Bloomberg.com
Hundreds of hedge funds will fail and policy makers may need to shut financial markets for a week or more as the crisis forces investors to dump assets, New York University Professor Nouriel Roubini said.
greenspan Q&A on now
Uh, was there some news just now? Dow just went vertical.
To echo Rich....
Oct. 23 (Bloomberg) -- Long Island house prices fell the most in at least four years in the third quarter as the national housing slump extended its grip on New York City's suburbs.
The median price of a one- to three-family house dropped 6.9 percent to $427,388 from a year ago, New York-based appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said today in a report. The median for all properties, including condominiums, dropped 6.2 percent to $415,000.
GS down 6%
That's nothing - take a look at the ARM, POA and ALT-A reset charts and you can see we will not see the beginning of the end until 2012.
ALT-A: The Risk Abatement Disaster is Coming « Your Mortgage or Your Life…
Out of money and not even half way through...
DOW up 200. Rod Serling needs to be on CNBC
in 2 years, Roubini is gonna be like the older uncle in Napolean Dynamite.
Hitler came to power after Weimar hyperinflation.
Learn the cause of the bubble and bust before discussing effects and actions:
1. Central bank money printing out of thin air.
2. Fractional reserve banking. Guaranteed by gov't.
3. Gov't intervention in markets. Fannie subsidized with low rates, 'forcing' private banks to compete in subprime with phony credit.
Greenspan lobbying for subprime to continue and bailouts?
Hyper-inflation being reflected in equity prices?
Bunch of people think Dow 8k represents "great value".
Paulsen announce that TARP will buy equities?
Wow.... not just a Greenspan "put" but full on "Greenspan standing in the spoos pit buying 'em with both hands" here.
The equities are in retro mode. With Alan G before the mic, they must think it is 2005 all over again....
Wow, look at the market response!
They should prop up Magoo and keep him up there flapping his lips forever.
About foreclosure rates in immigrants:
Immigrants are more susceptible to peer pressure.
For example, when your Mother-in-law from soon to be barbecued land questions why you haven't bought a house when she knows of relatively new immigrants who have bought 2-3 houses in California.
Sir Greespan is "distressed" and "shocked" by how he found a "flaw" in his ideology.
Wow... we're getting into oprah territory of emotional autopsy.
These questions they are throwing Greenspan are so asinine it hurts.
Was it just the Meskins? MCcain was born in Panama and his wife is a druggie...legally MCcain isn't even US Born and can't take office if elected.Does anyone know Palin's REAL ancestry? Gosh this could all be part of some monstrous plot...
Word is that short-fund just blowed up.
Word is that short-fund just blowed up.
WTF, I'm confused. Were they shorting shorts?
whats a short fund?
I think Paulson is worse than Greenspan--one had accomplices, the other has subordinates.
WTF, I'm confused. Were they shorting shorts?
To be precise, they were cross-default swapped with funds which were shorting shorts that shorted other shorts. We packaged some securities in companies invested in companies which had cross default swaps with such funds into the hoopajoop. Thankfully, with their collapse and divestment from the market, we enjoyed even greater hoopajoop gains than if they had stayed profitable!
A Hedge fund with a ton of shorts? Too many redemptions, has to raise cash, sells short positions?
The innverse of what we've seen going on?
Is Greenspan going to use English today? Boy what a prune face. Andrea Mitchell must really be a gold digger to marry that.
whats a short fund?
Hedge fund that shorts the market. If they blew up, their borker will cover all their positions at market, causing a huge buy.
Word is that short-fund just blowed up.
Word is wrong. You would have to be a complete idiot to run a short fund and blow up in this environment.
Gov't intervention in markets. Fannie subsidized with low rates, 'forcing' private banks to compete in subprime with phony credit.
You forgot the bit about Fannie and Freddie holding a gun to the head of outfits like New Century Financial, "forcing" them to issue no-income, no-doc $500K loans to janitors to buy McMansions in Vegas subdivisions. And then turning around and forcing affluent consumers to extract godawful amounts of equity to pay for their daughter's sweet 16 party.
Hoopajoops LTD,
Exactly.
their borker
Pegging the unintentional comedy meter.
a short fund?
rydex has a few, i've done well on the reverse dow and such last couple of years. had been doing well on the reverse dollar, but almost low on that now.
Rydex Inverse Dow 2x Strategy C (RYCZX) - Google Finance
safe_as_apartments writes:
Word is that short-fund just blowed up.
safe_as_apartments | 10.23.08 - 10:54 am | #
Anymore details?
JP writes:
Word is that short-fund just blowed up.
Word is wrong. You would have to be a complete idiot to run a short fund and blow up in this environment
I don't know. Maybe they've sold off much of everything else and now tapping short funds
CHINA HAS DECOUPLED - LMFAO:
China: all bets are off
The economic miracle has been halted in its tracks
Michael Sheridan in Hong Kong
FROM Hong Kong to Shanghai, shuttered factories and laid-off workers tell a tale of how the world credit crisis may end the Chinese export miracle and pose the greatest threat to economic reforms since they began in 1979.
Bankruptcies and unemployment are climbing, while political pressure is mounting from the left on policymakers. Some officials are openly challenging the export-driven model that led China to stack up foreign reserves of $1,800 billion (£1,060 billion). There has been little effort to cover up the distress, perhaps because of rivalries between factions of the Communist party.
China Central Television, for example, recently broadcast a report prepared for the cabinet saying that 67,000 companies have gone bankrupt in the first half of the year and 20m workers have lost their jobs.
China: all bets are off - Times Online
Greenspan says he doesn't really understand what happened.
That's going to make one short book:
"Greenspan Shrugged"
To be precise, they were cross-default swapped with funds which were shorting shorts that shorted other shorts. We packaged some securities in companies invested in companies which had cross default swaps with such funds into the hoopajoop. Thankfully, with their collapse and divestment from the market, we enjoyed even greater hoopajoop gains than if they had stayed profitable!
Damn it, I thought you were being facetious. And I thought that reading legal code was a pain in the ass.
Damn. I wish Tanta was there schooling John Snow's a$s.
andrea mitchell is his second mitchell.
he married joan mitchell first. then dated barbara walters oddly enough. quite a hotty this man.
Alan greenspa - Wikipedia, the free encyclopedia
I had my car towed to a repair shop for a new fuel pump. The tow was $65 plus $4.00/ mile. I crabbed about it, the teenage kid, says, "fuel costs", I say "its coming down", he says, "not diesel", I say " come inside and look at my screens" he says, " you're costing me money,whatdaya wanna do?", I say "does that come with lubricant?"
You would have to be a complete idiot to run a short fund and blow up in this environment
There's plenty of idiots around.
With a 20% snapback rally, it's amazing how quickly a 10:1 levered short fund could go tits up.
Can someone please translate what Hoopajoops LTD just said?
thanks.
Hoopajoops LTD- I think I'm in trouble. You're starting to make sense to me
cds ... 10 times the size...
hucudanode
"Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity (myself especially) are in a state of shocked disbelief," Alan Greenspan told Congress on Thursday.
You mean, maybe those ""anti-capitalist"" ""Marxist"" ""anti-American"" whingers---those seditious monsters who believed that the interests of these fine people leading these fine financial institutions was to steal as much as they could for their own paycheck---were right all along?
Hey Greenie, you just witnessed your life-long squeeze---Ayn Rand---get raped.
At least McNamara was sorry about the Vietnam war when he hit 90.
You can return your medal now.
I don't see the humor. Will China stop buying Treasuries? Will your ipod go to $1000
Imelda. Read point 1 and 2 again.
She claims, "She's angry, too."
I told Maloney we want to see Elijah Cummings style anger.
With a 20% snapback rally, it's amazing how quickly a 10:1 levered short fund could go tits up.
C'mon people, time for a quiz. Which is more likely: The market is up today because
(a) a 20% snapback rally blew up a short fund, or
(b) the market dropped 6% yesterday, bringing in some buyers.
--
How many people think that Greenspan is an evildoer? He didn't see "the once in hundred years event," yeah right. John Chambers of Cisco used "hundred year flood" analogy in 2001 when things went in reverse from 50-60% intermediate-term and 30-50% long-term growth forecst in December 2000.
Crooks or ignoramuses among the top leaders?
Jas
rebear writes:
Can someone please translate what Hoopajoops LTD just said?
Semper nonummy cotidieque duo in, tale laudem volumus at his. Quo at omnium utroque mentitum, ad urbanitas abhorreant vel. Et nec zzril aliquyam, ut per putent tamquam lobortis. Dicat graeci discere vim ea, eam ex amet errem qualisque. Magna malis persequeris an est, nihil utamur ea eam, harum legimus constituam mea ea. Id ridens nostrum eam, vix cu amet novum pertinax.
Eos elitr decore an, mei nobis appareat contentiones an. Qui homero virtute democritum at, ut ancillae indoctum dissentiet mel. An eam saepe tritani menandri, vel eu kasd perfecto prodesset. Kasd consequuntur ut vel. Mea ex assum aperiri aliquid, eam omnis corpora ullamcorper an. Esse offendit platonem ut his, per eu minim partem labitur.
Goldman Sachs reported planning to decimate workforce amid financial slump
Why down 5%? This should be good news. Looks like I f$cked up.
Greenspan is getting all the dirt he's built up over the years thrown in his face.
back in the 19th century didn't these 100 year events happen every 20 years or so?
The real problem with financials is that all these government back-room guys want to emulate Greenspan and become TV SuperSTARS. Like pubescent teenagers confronting their first female, they can't resist twiddling the knobs.
jas
ummm, crooks and plutocrats?
Lets go back to the frequencies of these events: 1873, 1930, ????, 2008...
I'd say its closer to once every 50 years. Someone familiar in history might have to buy me a clue...
Is Snow not drunk?
jus sayin .. that was all spanish to me.
C'mon people, time for a quiz. Which is more likely: The market is up today because
(a) a 20% snapback rally blew up a short fund, or
(b) the market dropped 6% yesterday, bringing in some buyers.
I absolutely agree that the correct answer is most probably (b). But one shouldn't dismiss out-of-hand the possibility of any fund blowing up, given the violent swings and the leverage employed.
-20% at even 5:1 is a wipeout.
yogi, snow is not on snow.
Anyway. 99% will never understand what caused this fiat bubble. So I will just short the market until gov't stops interfering.
oooh, Mica is up. he caused the ruckus!
This guy will find a way to blame Fannie.
[quote]
One thing you can count on is that when the economy gets tough the racists and bigots come out and start blaming minorities of every kind.[/quote]
Down 20%: blame the brown people
Down 50%: blame the Chinese
Down 80%: blame the Jews
Who is this moron talking right now? John Mica? Speaking of highjacking hearings...
I hope they tow Snows car.
Wind him up and let him attack a Democrat.
mica is on snow, or more likely meth.
hilarious.
Obama received more in four years from Fannie and Freddy than anyone else in 20 years? Tow and boot his car too.
[Word is that short-fund just blowed up.
safe_as_apartments ]
What were they short ? SSO TWM & SRS?
Mica bought that toupee on credit from a crack dealer.
Called him Bernanke.
Wow, Greenspan, Cox and Snow are, um, a bit embarrassed by Mica, methinks.
Dey tuk ar jabs!
The whole "he recieved money from" line is getting tiresome. The money was contributed by employees of F and F not the instituion itself. I suppose employees that work for any corporation should not be allowed to donate to campaigns now? That would make for some broke ass campaigns. The only ones eligible to contribute would be the unemployed.
I say tow and strip all their cars.
I'll go with option b....
The only reason a short fund is being liquidated is that it's hedge, long positions, are too far underwater.
This is just the boyz playing games trying to suck in "value investors"...nothing more.
Ciao
MS
He has not looked at polls lately, and believes the Republicans still have a viable party.
Uh, was there some news just now? Dow just went vertical
Oh, yes, there's excellent news...
my fricking #3 meal at McDonald's costs 7.7% more this morning.
ron paul is not on this committee i think. dang.
--
"ummm, crooks and plutocrats?"
serf alan greenspend,
Is there a difference in today's morally bankrupt America?
We must face the real issues of behavior and morality in America of recent years. That is my area of expertise.
These evildoers were lying and doing bad things for their personal gain, i.e., holding on to the power for Bush and Greenspan prior to the 2004 selection necessitated the housing bubble!.
It is the immorality, Stupid!
Jas
Is there any data that shows foreclosues as a % of all households
Well here is an indicator - 1 in 6 US households are now under water.
Comrade Kristina- That might not be such a bad idea
Broward Horne, yeah, but have you checked out towing costs this morning?
Anonymous writes: In the long term...we're all dead
Ministry of Truth writes: You can't really lose much more than that.
"Now some of you may encounter the Devil's Bargain,
If you get that far.
Any old soul is worth saving,
At least to a priest,
But not every soul is worth buying.
So you can take the offer as a compliment.
He tries the easy ones first.
You know like money,
All the money there is.
But who wants to be the richest guy in some cemetary?
Money won't buy.
Not much left to spend it on, eh gramps?" - W. S. Burroughs
Jas Jain writes:
"ummm, crooks and plutocrats?"
serf alan greenspend,
Is there a difference in today's morally bankrupt America?
~~~~~~
technically no. plutocrats never go to jail. beheaded perhaps in severe downturns, but that is more historic data.
make sure the last check you write bounces.
barfly writes:
Comrade Kristina- That might not be such a bad idea
I agree to an extent, we do need campaign finance reform. It should be some form of public financing with equal airtime provided for ads. Obama is not against that idea at all, he's mentioned it as a problem many times. When he got the nomination he also pushed the DNC to stop taking PAC money as well.
Is there any data that shows foreclosues as a % of all households
There are about 110M households and 73M OO homes in the USA, IIRC.
Why is it everytime any representative of my state of Florida speaks, I cringe?
Now Mica is saying Fannie and Freddie were issuing no-doc, no-income loans, which made it hard for Lehman to compete without doing the same.
Genius!
Here we go.
I was wondering how long before the "well they're doing it to" defense would kick in...
Sir Greespan is "distressed" and "shocked" by how he found a "flaw" in his ideology
Wow, that's just swesome.
How much money is that worth to a CALPERS retiree? 50 cents?
Oh, wait, no, my McDonald's meal costs 7.7% more today...
54 cents!
gosh, always picking on CDS, what's wrong with the other highly leveraged derivatives, like ABS, MBS, CDO, CDO squared, blah, blah...
"Asleep at the switch!"
go cummings!
Ah haha, Cox is sweating...
"Obama is not against that idea (campaign finance reform) at all, he's mentioned it as a problem many times."
I'd like to think the Left just watched the plutocrats buy themselves one president after another, so they just fired up the credit-card processing on the internet and bought themselves one...
Can i get streaming video of the hearing?
There are about 110M households and 73M OO homes in the USA, IIRC.
PeakVT
And, I predicted that 1.7M for 2008...so we are well on our way
1929'er,
The people decided to become their own lobbyists basically. Over 3 million individual donors, I am one of those "lobbyists"...
He stuck it to the raters yesterdays.
"Obama is not against that idea at all"
Really ? I seem to recall he was willing to go the whole way on public financing until he decided that it was in his interest to go exclusively with private donations. That is the definition of a weasel.
We need regulation of the politicians more than anyone else.
Congressmen getting angry.
Cummings on Cox's recent revelation that regulation might be a good thing: "that's real, real nice." ROFL!
He good.
1929er--yup--it's that fire with fire thing--republicans never expected dems to collect so much fire.
Local public radio DJ today was discussing foreclosures in San Diego county and referred to RealtyTrac as "Reality Trac"...!
Capitulation writes:
"Obama is not against that idea at all"
Really ? I seem to recall he was willing to go the whole way on public financing until he decided that it was in his interest to go exclusively with private donations. That is the definition of a weasel.
Wrong. Turn off FOX news and seek facts
jeez, google cspan streaming
C-SPAN Live Stream - C-SPAN
rebear: go to
C-SPAN Live Stream - C-SPAN
Get used to it Cox.
thanks
Cuyahoga County (Cleveland Ohio) the epic center of the housing foreclosure where it all started has taken great pride in its foreclosure mill operation. This court takes great pride in foreclosing mortgages for any lender that has business before the court. This Court operates with Magistrates under the authority of a Judge. There have been few can changes which are window dressing such as the mediation aspect which is the newest example. Am Trust Bank who sold my home of 7 years at foreclosure auction in 2008 had no problem in the Common Pleas Court. This bank awarded foreclosure even though this bank violated state and federal appraisal laws and changed my mortgage loan purpose in order to prevent my refinance under federal regulations among a list of other infractions. This same bank threatened a frivolous lawsuit against me for fighting my foreclosure.
Ohio Senators Sherrod Brown who sits on the Senate banking committee and George Voinovich never responded to my inquires. These two arrogant public servants have voted for billions of dollars to keep the wealthy and the powerful healthy, but nothing for the citizens that suffer under the Banks who operate with absolute impunity since there are no federal lending laws to curb the appetite for money and power.
The motivation for slowing foreclosures as I read is to give the Bank and the borrower a chance to come to a financial agreement. There are no federal laws that can make a Bank negotiate. During the 5 years in dealing with my bank, they refused to address the issues. They kept saying they were worried about their reputation. The governments either state or local I have come to believe by the homeowner in their house is not for compassionate reasons, but purely for economic reasons, real estate taxes, property upkeep etc. The Banks through tax writes offs and new government programs look at foreclosures as the cost of doing business in reaping the billions of dollars through their mortgage operations.
This financial rape of the borrower that occurred was also blamed for the rape. The banks that did the rapes certainly must enjoyed the rapes based on their billions of dollars in profits. The federal government blessed the Bank rapes with trillions of dollars in recent legislation.
The Bankers may have killed the Golden Goose, but the Congress bought it back to life.
Michael LittleBig
10-23-08
1929'er,
The people decided to become their own lobbyists basically. Over 3 million individual donors, I am one of those "lobbyists"...
I think we are in agreement on the process if not the target (and we may well be neighbors altho I don't see many bars these days - glass of wine at Capt Andersons is about my limit).
Broward Horne, yeah, but have you checked out towing costs this morning?
Don't EVEN ask me that. I paid out $495 for parking "too long" in a park-n-ride which had ZERO NOTICE about a time limit.
I'm just "supposed to know".
God damn it.
Now you got me mad all over again.
souder-
my voters are angry, mr. cox, why haven't you found any scapegoats for our looting?
?????
Erm....I don't do politics....So I'm a bit confused here.
Obviously Fannie and Freddie, with ~1/2 of all mortgages, had a hand in the bubble.
So have the rebooblikud wing nuts started blaming all of it on the two?
Honestly, politics just pisses me off and I have better things to do then listen to people saying:
Rah rah! My team!
Rah rah! Right or wrong!
Now, when it comes to football or baseball...well, that's different.
Nostrovia,
Cox "mortal danger"
roflmao
Cox will leave the hearings in a chauffered driven limo, and go to his Club for a light lunch, where his sweating brow will be wiped by hedge fund lobbists.
Wow 1929'er, sounds like we ARE neighbors. Better hurry for that glass of wine though, doesn't Capt. Andersons shut down at the end of this month for the winter?
Too late Souder, you voted, you have no more cred.
Dr chaos,
The Ayn Rand ideal hasn't even been seen yet, and it will hit with full force quite soon. Tax revolts, bankrupt pensions, increased black and grey market activity, means tested entitlements or entitlements revocation. Someone here said it best, this is a generational war between boomers, and their kids, and the kids will tell the oldies to f*&k off.
Its happening right in front of you, the amoral apathy of people under 35 is going to blow you away.
Comrade Kristina writes:
The whole "he recieved money from" line is getting tiresome. The money was contributed by employees of F and F not the instituion itself. I suppose employees that work for any corporation should not be allowed to donate to campaigns now?
A bribe is a bribe. People donate money to politicians expecting to get a return on it. There should at least be this simple rule: a politician can only accept contributions from his constituents. FNM employees in Washington, DC should not be donating money to an Illinois senator.
Broward Horne writes:
I paid out $495 for parking "too long" in a park-n-ride which had ZERO NOTICE about a time limit.
What. The. Heck?!
yay kucinich!
my dream ticket is co presidents ron paul dennis kucinich.
Broward Horne, become a Leftys Regular. We got a club, secret handshake, and 10% member discount on lubes.
Really ? I seem to recall he was willing to go the whole way on public financing until he decided that it was in his interest to go exclusively with private donations. That is the definition of a weasel.
Anonymous writes:
Capitulation writes:
"Obama is not against that idea at all"
Really ? I seem to recall he was willing to go the whole way on public financing until he decided that it was in his interest to go exclusively with private donations. That is the definition of a weasel.
Wrong. Turn off FOX news and seek facts
Anonymous | 10.23.08 - 11:32 am | #
Actually I saw this same thing on CNN
Spu's @ 911
emergency up move coming
Corey, I donated to a congressional race in Minnesota because I HATE the incumbant, I live in Florida, am I expecting something in return? How will that race affect me in Florida other than the personal satisfaction of seeing Bachmann lose in a landslide and slink off into her cave?
I supported Kucinich in 2004. He won't give the old man a pass.
s0mebody writes:
Congressmen getting angry.
s0mebody | 10.23.08 - 11:31 am | #
Paper tigers.
Go Dennis!
Speaking of govt priorities, I came thru Customs in Atlanta the other day carrying a Cuban cigar purchased in London as a gift. got sidelined to "agricultural inspection" by "passport control", whereupon the customs officer said "he sent you over for ONE cigar? - get outta here." Your govt can wreck $3 trillion in assets, but rest easy - they are on top of the Cuban cigar crisis.
Caution - wearing tin foil super colander hat today with lovely copper wire trim (drat, overpaid for it)
Okay so lets summarise the past few months. Current administration wanted to unwind the long commodities short financials trade in order to bring oil down before the election and bring financial stocks up. So they blew up all the hedgies, who then had to sell everything to unwind, which brought down the stock market with them, which unleashed wild printing of money, which will ultimately reflate the commodities, after the banks have all gone bust and / or been nationalised. Is that about the gist of it?
Mineweb - MINING FINANCE / INVESTMENT - BMO`s Coxe predicts gold and commodity stocks will reach new peaks during next global recovery
Dennis should be called Don Quixote Kucinich. Doesn't he try bring an impeachment bill to the floor of congress every week?
Oh my, Dennis is slaying greeny with his own words.
Congressmen getting angry.
Paper tigers.
asl hearts lenin | 10.23.08 - 11:41 am | #
better than zombie cheerleaders.
my zombies are better.
Zombies Take Manhattan - Gothamist
Gee, what happended to all that advice to Japan about clearing bad assets off the books... we will follow Japan exactly, because it is the path of least resistence for politicians
Caution - wearing tin foil super colander hat today with lovely copper wire trim (drat, overpaid for it)
The tin foil hat brigade has had a good record of late. Wear it with pride.
What a worm.
Squirm, you filthy worm!!
Go, Kucinich!!!
I think Greenspan just pooped in his Depends.
Comrade Misean: because talking about Fannie and Freddie let's them blame the big-government librul socialists, and especially programs to assist lower-income and minority borrowers. i.e. poor brown people.
But really - I don't know why they fail to see the value of actually investigating the actual causes of this crisis. F & F are part of the story, but hardly the main cause.
I think Americans actually want genuine investigation and effective legislation to prevent such disasters in future (and punish fraudsters in the present).
Bottom Dweller writes:
Dennis should be called Don Quixote Kucinich. Doesn't he try bring an impeachment bill to the floor of congress every week?
Bottom Dweller
History will be very kind to Kucinich
greenspan liar! wait, chronic. he new and wrote about the crisis long before.
sterlingerl,
"Caution - wearing tin foil super colander hat today with lovely copper wire trim (drat, overpaid for it)
Okay so lets summarise the past few months. Current administration wanted to unwind the long commodities short financials trade in order to bring oil down before the election and bring financial stocks up. So they blew up all the hedgies, who then had to sell everything to unwind, which brought down the stock market with them, which unleashed wild printing of money, which will ultimately reflate the commodities, after the banks have all gone bust and / or been nationalised. Is that about the gist of it?"
OOOOO....I like it. Gonna mull over that one for a bit.
Nostrovia,
Modernity and the Future will be rightly vicious to that worm, Greenspan.
Comrade Kristina writes:
Corey, I donated to a congressional race in Minnesota because I HATE the incumbant, I live in Florida, am I expecting something in return? How will that race affect me in Florida other than the personal satisfaction of seeing Bachmann lose in a landslide and slink off into her cave?
Hmm. I understand the point, and would probably act similarly to help expel certain incumbents that I intensely dislike. But I submit that donations of this nature are a very small minority. Fundamentally, a Senator is in office to represent the constituents in his district, and he should receive votes and money only from them, from his employers. Anything else creates a conflict of interest.
Snow needs to be bitch-slapped. I'll volunteer.
Oh there's Chris Cox. Waaaaaaaay too much coastal cruising for that guy.
Kucinich: Tilting at windbags.
Corey, her opponent recieved 800K in donations after her ignorant remarks on "Hardball" last Friday...Is that a small amount of contributions? The netroots raised almost a million dollars in two days online to beat her.
The Senate is a national body and has tremendous power over a large number of national issues. Would you say that a 10% minority group with 0 or 1 Senators should not be able to contribute to a particular candidate, just to get one voice?
--
CrooksÂ’ agents manning every important financial institution. Calpers went from 50% in Scams to 80% in Scams by 2000. Whose interests were the managers looking after?
Jas
-x-x-x-x-x-x-x-x-
Calpers suffers $40bn asset hit
By Deborah Brewster
Published: October 22 2008 23:38 | Last updated: October 22 2008 23:38
Calpers, the largest state pension fund in the US, lost 20 per cent of its assets, or close to $40bn, between July 1 and October 20 this year as a result of failing financial markets.
The fundÂ’s assets fell to $192bn, well below their height of more than $250bn three years ago.
Pat Macht, a spokeswoman for the fund, said the Calpers board, which met this week, would not call on the state government to lift contributions next year.
State contributions are based mainly on the return in the fiscal year to June. In that year the fund lost 2.6 per cent, its first loss since 2002, but this was not sufficient to require extra contributions.
However, Ms Macht said that if the fundÂ’s return in the year to June 2009 were poor, then it might ask for an increase of 2 to 4 per cent in contributions from the state government. This would take effect from 2010.
...
jail?? You would have to lock up half the country. Americans, all of them, are born and bred dopes.
Imelda Blahnik,
"F & F are part of the story, but hardly the main cause."
Hmmm...I would say they were a rather large cog in the wheel. But hardly soley responsible. On the flip side, blindly defending F&F is fairly silly, just because reboozeacrats are shouldering them with all the blame.
Nostrovia,
a Senator is in office to represent the constituents in his district, and he should receive votes and money only from them
One Senator or Representative is not enough to get anything done, especially if their party is in the minority or doesn't have a veto-proof majority. Donating to congressional races elsewhere can be a way of trying to give one's party the power to make legislation one desires.
If one desires that kind of thing.
Snow talking about excessive risk and leverage - LMFAO!!!!!!!!!!!!!!!!!!
Cerberus?????????????
We need an international system to monitor the banking system.
Uncle Billy, Adenoid writes:
Kucinich: Tilting at windbags.
LOL
So true. Just more day theater at the capitol building.
Hey...I'm first in line to bitch slap Snow.
snow-
it was too complicated, nobody could figure out highly leveraged derivative looting.
greenspan-
we can't regulate because of forecasting, and nobody can forecast.
Jas,
ERISA commeth.
Nostrovia,
Comrade Misean:
blindly defending F&F is fairly silly
Agreed.
The "netroots" financing has other advantages - when 8 or 10 percent of credit cards default, the govt will pay that slice of the campaign cost.
EHP, Bond Girl, CC, and all other friends.
Good Morning.
Does anyone see a DOW closing below 8150 today ?
You Obamamaniacs and Mcainians are really starting to sound retarded. You want to blame someone, turn to the retard next to you on the bus, at work, in line at the store etc.
But NOOO, one of these candidates, the one you support, has the answer, has the vision.
Both parties are empty suits, sad, shallow, spent rods.
"public financing until he decided that it was in his interest to go exclusively with private donations. That is the definition of a weasel."
No, that is the definition of one who can move with the current wisdom. McPalin cannot change his tune to meet the current tempo. He is an old, old guy with no sense of contemporaneous thought.
And Palin has no thought in her head at all.
She should go to church more often. Then go home and study the constitution. Neither would hurt her in the least.
mica's was back for a brief comic walk on.
waxman stumbling for a truth.
Does anyone see a DOW closing below 8150 today ?
From your lips to God's ears.
That would be schweet.
Waxman: you (Cox et al) were hired to anticipate potential risks and do something about them. Now you say you were unable to anticipate potential risks and do anything about them. In other words, hoocoodanode. In fact, some people cooda-and-didanode. You are morons.
(well, not in so many words)
"Both parties are empty suits, sad, shallow, spent rods."
I fear you are right, er, correct. Politics attracts all the worst people.
Both parties are empty suits, sad, shallow, spent rods.
Conjure's Bodyguard | 10.23.08 - 11:56 am | #
Sad, but true. So, to me, I have to go with the one who has lied the least. Sorry state of affairs.
"Conjure's Bodyguard writes:
Dr chaos,
The Ayn Rand ideal hasn't even been seen yet, and it will hit with full force quite soon. Tax revolts, bankrupt pensions, increased black and grey market activity, means tested entitlements or entitlements revocation. Someone here said it best, this is a generational war between boomers, and their kids, and the kids will tell the oldies to f*&k off."
It's not so black and white. If retired Boomer Mom and Boomer Dad suddenly don't have what it takes to get along, they'll become the responsibility of their deep-in-debt GenX children. And who wants that.
I don't discount what you say, but those well-off elder boomers and war babies who I know are seriously subsidizing their children now. There isn't complete resentment up from the younger generation.
Politics attracts all the worst people, and occasionaly some very good ones.
Of course, without good institutions it's all for naught.
APP.com | Monmouth and Ocean counties | Asbury Park Press
GM to stop matching 401k contributions Nov 1.
Cox is a sad figure, who did nothing while in office.
Looking forward to Nov.15 when you clowns get a little help from the G20.
1929er writes:
"Both parties are empty suits, sad, shallow, spent rods."
I fear you are right, er, correct. Politics attracts all the worst people.
1929er | 10.23.08 - 12:00 pm | #
and the best people. having been there done that, it's nasty, trite and unpleasant. we need to reward those that do good.
campaign finance reform should be the first priority.
Palin related to JB at 1156...please don't bring relatives into this,,
--
"You Obamamaniacs and Mcainians are really starting to sound retarded."
Conjure's Bodyguard,
Anyone who would for for these two agents of the Crooks is not only a "retard" but also morally-challenged!
We got too many immoral people is top power spots, both in economics and politics.
We need a system change. No, the current system is too broke to be fixed. We do junk cars after they are not worth fixing, don't we?
Jas
Here in Santa Cruz, I'm finally starting to see REOs presure prices on the low end a little more. Saw a REO 2 BR SFR come on the market in the low 400s -- cheap for here, even though it's small. And it's not next to a drug house or falling off its foundations.
Haven't seen a liveable home in that price range here in, well, five years.
Everytime Snow speaks it really pisses me off, he and Cerberus are the poster child for a big part of this mess
Cox did EXACTLY what he was supposed to do while in office, which WAS NOTHING
Whatev writes:
Both parties are empty suits, sad, shallow, spent rods.
Conjure's Bodyguard | 10.23.08 - 11:56 am | #
Sad, but true. So, to me, I have to go with the one who has lied the least. Sorry state of affairs.
Agree, but go about it in a different way:
The system sucks, but until we change the rules, we need to play it with all the energy we've got.
I'll step down from my soapbox now (I need to burn it for heat).
Conjure's Bodyguard writes:
.... Someone here said it best, this is a generational war between boomers, and their kids, and the kids will tell the oldies to f*&k off.
Its happening right in front of you, the amoral apathy of people under 35 is going to blow you away.
Conjure's Bodyguard | 10.23.08 - 11:39 am | #
As someone under 35, I object to this. The Boomers ran up tremendous debt, took everything and stuck us with the bill. It strikes me as perfectly moral to say no, you can pay for your own excesses.
campaign finance reform should be the first priority.
serf alan greenspend | Homepage | 10.23.08 - 12:03 pm | #
Rather than give that money for campaigning, I would rather give the money to increase politicians salaries. Maybe then we could attract the best people to do the job.
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Los Angeles, California
The system will remain broken until such time the people get up off their collective asses and MAKE the politicians do what is right. So long as we have an apathetic electorate, we will have apathetic leaders.
the fakepaychxx insert is really getting annoying
sanity clause writes:
As someone under 35, I object to this. The Boomers ran up tremendous debt, took everything and stuck us with the bill. It strikes me as perfectly moral to say no, you can pay for your own excesses.
Strongly agree.
This REO was mentioned on LA Land, LA Times:
17800 HIGHACRES Ave, Palmdale, CA 93591 | MLS# F1787334
Zoom out on the aerials and look at the area. I'm calling the bottom when REOs in this neighborhood sell for $30k.
Lets go back to the frequencies of these events: [depressions] 1873, 1930, ????, 2008...
1819, 1837, 1873, 1893, 1929 ..... 2008 (maybe)
So 5 in 130 years or so: on average every 26 years but it's not regular.
Word is wrong. You would have to be a complete idiot to run a short fund and blow up in this environment.
No: if they were shorting Lehman or Wamu and hedging by selling CDS they could have been blown up by their hedge. Lehman and Wamu bonds came in far below expectations, so the losses on the hedge could have been several times the gains on the stock.
having also been there and done that, as an operative not an elected, I'll just stick with "Politics attracts the worst people." I'll never undo some of the things I saw (and did), but there's a tragic clarity to decades of observations.
--
"Haven't seen a liveable home in that price range here in, well, five years."
Bob Dobbs,
PPSF for Resale SFH is DOWN 40% in Santa Cruz Co. from the peak a couple of years ago. I think that prices are back to where they were 5 years ago.
Jas
Palin related to JB at 1156...please don't bring relatives into this
I had to reread that several times. I thought you were saying that JB is related to Palin.
Need more coffee.
Hah! Rep Tierney just used the phrase one-finger salute (and got a laugh).
You would have to be a complete idiot to run a short fund and blow up in this environment.
Saw Buffet on tv at a Women's conference - his investment philosophy struck me as astute (although not all that helpful): he claims he invests in companies that even an idiot can run, because eventually one will.
Could have been talking about American.
NAZ is now negative....I think this rally will fade.
New Thread!
Greenspan replied to Kucinich's questions that he himself didn't take out an adjustable rate mortgage because he felt they were too risky.
1929er writes:
having also been there and done that, as an operative not an elected, I'll just stick with "Politics attracts the worst people." I'll never undo some of the things I saw (and did), but there's a tragic clarity to decades of observations.
1929er | 10.23.08 - 12:10 pm | #
similar experiences, but i'm probably more of a socieopath or just confused moral compass, but happy with my actions, not with what i saw.
in my fantasy world we would have jury system of leaders, randomly selected based on skillz, screened and voted on by the public. the heck with clawing their way up the system.
Thought this was interesting so I'm reposting from the previous thread:
Greenspan replied to Kucinich's questions that he himself didn't take out an adjustable rate mortgage because he felt they were too risky.
Hey Eric you retard. fakepaycheckstubs.com
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Hey eric you retard. fakepaycheckstubs.com
Either stop spamming this site or 5 million bulk emails will go out tomorrow with your URL attached. Poof goes your URL. One warning only.
serf alan greenspend writes:
in my fantasy world we would have jury system of leaders, randomly selected based on skillz, screened and voted on by the public. the heck with clawing their way up the system.
hmm. randomness would be a sight better (and probably no worse) than the current system. we're getting pwned by gresham's law...
canucklehead writes:
Hey eric you retard.
One warning only.
Very cool.
Hey cunuck.....blow me
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eric, its as free as herpes. Apparently you have never had a domain disappear. Would you like to experience it? Keep talking...
hey bitchboy.....stop blowing smoke!!! ehh
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dow and sp both down in red for now
There is a big difference between households and housing units. A household in foreclosure means a family has lost its home. Not so with housing units. Many are vacant--owned by flippers, realtors, and developers.
I would like to see statistics on the number of households in foreclosure, but doubt there are any until someday, years from now, an academic will analyze the data and discover that a huge portion of the foreclosures during the housing bubble were among flippers, realtors, and developers.
DemoMemo | 10.23.08 - 10:21 am
Brilliant.
Financial propaganda --published by the USG "regulators"-- does not properly differentiate the value or volume or "risk" class of mortgages outstanding. By "properly" I mean discrimination generally that allows even the most apolitical investor to evaluate, then realize, the cost of money spent to acquire a so-called equity position in whole loan or securitized pools or derivative "insurance" to hedge interest rate volatility (applicable to HH mortgage payment) which determines yield of one or more of such financial instruments.
Macroeconomic series data such as CR publishes accepts, tacitly, as fact, the only valuable, incident credit risks as a class are owner-occupied UNITS. So we see the assertion that 31% of HH are mortgage-free and accept as fact the remainder, in toto, are owner-occupied units. Many interested parties do not examine with any rigor complementary market constituency and implications.
The number of housing units (housing stock) necessarily comprises unsold stock (new* spec. inventory), mortgaged stock (new unoccupied built inventory), new mortgaged and rented** mortgaged stock, existing unoccupied stock (seasonal), existing unoccupied stock (vacant), mortgaged and rented existing stock.
The "owner-occupied" segment of the credit market --primary and secondary combined-- in fact cannot account for the total estimated liabilities and "assets" of financing business, including appreciation, fraud throughout the supply chain, or deliquency rates resulting in foreclosure rates and definitive orders. In short, the story of "investment" and "speculative" property mortgators in relation --and in absolute terms-- to "distressed" owner-occupied martgators is not told. To be sure, some of the latter count among the former, so compounding the actuarial and political conflicts inherent in enforcing implied so-called personal benefits of loss mitigation and foreclosure prevention cited in the Bailout bill a/k/a EESA. Those citations engross provisions of the HOPE for Homeowners Act engrossed by H.R. 3221.
To my knowledge, no federal agency has published an survey of housing unit AND mortgator population other than US census, "The American Housing Survey and Non-Traditional Mortgage Products," AHS 2006 (published 2007). National statistical survey of housing units and characteristics was discontinued after publication of AHS 2005 (published 2006).
Pertinent data links are here
(I noticed today some new docs.)
Take your racist xenophobia elsewhere, dk. You are clueless.
Sanity Clause:
As someone under 35, I object to this. The Boomers ran up tremendous debt, took everything and stuck us with the bill. It strikes me as perfectly moral to say no, you can pay for your own excesses.
I agree. Selfish, self-enchanted and on-track to find out how little I care about their comfort in old age, given the country they saddled me with.
eric writes:
dont you dare threaten me with free advertising!!!
Dude, you are spamming the /b/-tards of the financial world. Do you REALLY want to keep picking a fight?
Why generalize about an entire so-called "generation"? The baby boomers I knew/know: some fought the USDA & Forest Service to stop the helicopter spraying of Agent Orange (contaminated w/TCDD, one of the more deadly compounds) by the Forest Service & state & county highway employees (roadside spraying)--their watersheds & kids got sprayed. Thanks to their efforts the manufacturers of Agent Orange eventually pulled it from the market (before EPA actually suspended registration). And it was boomers who got exposed to it in heavy quantities in Vietnam who had to come home & fight WWII age politicians & other baby boomers (corporate, in politics) to get the many illnesses, etc., that is produced by exposure to Agent Orange recognized by the VA.
It was those who were their parents' age who let the VA hospitals fall into even worse conditions than they're in now. Many Vietnam vets--baby boomers, fought to make it a little easier for other vets to get compensation for that & PTSD (another hard battle). Those were baby boomers, just like that sadistic greedy jerk Bush is at the old edge of the baby boomers-& yes, he's definitely one who has taken great pleasure apparently, in running up huge debts, etc. But he's made sure his own kids won't suffer, hasn't he?
Most of the babyboomers I know did everything to make their kids' lives good--& that includes more "stuff" etc., than they many of them had, growing up. Not all, but quite a few.
It is no different than racist statements to condemn an entire huge number of people born between X date & Y date as selfish & greedy. Maybe some were, maybe some weren't.
Certainly some of their children grew up to be over-entitled spoiled brats. But not all.
The rise in forclosure and default activities has been witnessed for a long period. Slow down, though temporary, is a good sign that will keep the people in homes.
Lisa
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