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05:44 PM on 03/04/2008
Interestingly, you won't see the unabomber klatch even mention articles like the fact that HSBC and European banks are now starting to topple even worse than any US bank or facts such as the latest National City property value survey, which is historically and consistently much more accurate than the NutCase-"Schill"er dumbdex, showed an interesting turn:

https://www.nationalcity.com/main/micro-site/economics/commentary-analysis/pages/housing-valuation-analysis.asp?WT.vanity=HouseValuation
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ErnestineBass
No longer a cog in The Machine.
06:43 PM on 03/04/2008
Congratulations, asshat.
You spelled unabomber correctly.
07:26 PM on 03/04/2008
And once again, ernesttalksoutofhisass manages to ignore anything in reality that doesn't match his tinfoil hat paranoia. Well done!
07:31 PM on 03/04/2008
This guy is terminally stupid ...
07:27 PM on 03/04/2008
You and National City are the only two in the nation that see this housing market as stabilizing. Here are some other figures :

NAHB on Housing: "Deepest, most rapid downswing since the Great Depression"
From MarketWatch: Rapid deterioration ...

Housing is in its "deepest, most rapid downswing since the Great Depression," the chief economist for the National Association of Home Builders said Wednesday, and the downward momentum on housing prices appears to be accelerating.

The NAHB's latest forecast calls for new-home sales to drop 22% this year, bringing sales 55% under the peak reached in late 2005. Housing starts are predicted to tumble 31% in 2008, putting starts 60% off their high of three years ago.

"More and more of the country is now involved in the contraction, where six months ago it was not as widespread," said David Seiders, the NAHB's chief economist, on a conference call with reporters. "Housing is in a major contraction mode and will be another major, heavy weight on the economy in the first quarter."
.
Vacant homes for sale in the U.S. now number about 2 million, Seiders said, an increase of 800,000 from 2005.
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PierreLeClerke
05:05 PM on 03/04/2008
This president can begin to effect and reverse the devastating impact his administrations policies have reeked on this economy (the American consumer)TODAY.
1. Immediately release 10% of the S.P.R. (Strategic Petroleum Reserve) at $45. per barrel to domestic refiners only. This will lower the price of gas at the pump by at least $1.00 per gallon. It will reduce the price of all heating and electricity costs nationwide as well as force the entire crude market to come down to earth. Every product we touch travels to market, every increase, or decrease in the price of crude has a direct impact on all costs of goods. (Accounting 101)This single act will immediately free funds already in the hands of the American consumer and make them available to spend on consumer goods. Demand fuels economies, not supply. A supply side economy, is and always will be a false economy.
2. Immediately offer a $5,000 to $10,000 Government paid direct rebate to all persons and companies purchasing domestically manufactured vehicles getting over 50 miles per gallon minimum. The low end of the direct rebate would be for gas and or hybrid vehicles and the high end $10,000 will be for fully electric and fully non carbon emitting alternative fuel vehicles only.This action alone will bring more investment into the automotive manufacturing sector than has ever been seen before. Demand will increase at historical rates, and manufacturing jobs returned.
3. Immediately offer a $5,000 to $10,000 direct rebate to all persons and companies purchasing and installing domestically manufactured or privately manufactured Alternative energy systems in homes and buildings that reduce the unit consumption of total energy use buy 50% or more. The low end would be for 50% percent energy reductions and the high rate would be for systems achieving over 75% reductions in overall unit energy consumption. This action will immediately create enormous investment into the alternative energy sector and create manufacturing jobs at historical levels.
These are three simple yet Earth changing steps. It's time to move towards a vibrant Green economy.
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06:30 PM on 03/04/2008
PierreeLeClerke for President sounds about right. I don't know who the hell he is, but I would vote for him. And health care?

Peace
07:09 AM on 03/05/2008
Will he investigate WH corruption? If so, I'm on board.
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JessWonderin
08:36 PM on 03/04/2008
gee, we sell the $45 a barrel oil to the International Oil Corporations and right away they drop our gas and stop charging us "market price" . . .

Problem is not really "supply" but the refinery capacity as well - in the last 10 years we have had a dramatic reduction in refinery capacity - 3 I know of personally here in "environmental/regulation hell" California, none from environmental reasons, and none because the oil company was hurting for cash/capital to maintain them - it was "Economics 101" (another class you should take) that when you reduce production and supply, it reduces your need to "Dump" product (gasoline) on the market (notice how all those "Independent Dealers and Jobbers no longer exist?) - you are aware that this refinery shortage has IRAN importing billions in GASOLINE - even with unlimited reserves and surely no EPA to stop any refinery development . . .
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PierreLeClerke
10:29 PM on 03/04/2008
I urge you to educate yourself. Get the weekly Energy Information Agency inventory report. Go to the gov. web site and see for yourself. Gasoline inventories are at a 15 year high. Domestic consumption is down over 12% in January and decreasing on a steady trend.
If the problem was refining capacity, inventories would be lower not higher than ever.

Basic logic at work. Do your research. The truth is a sword that cuts to the bone of the cancer of deception.
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Stretchumall
05:02 PM on 03/04/2008
I just heard a report that citicorp is down 7%, any body know if this is true?

Got Rope?
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09:16 PM on 03/04/2008
More likely based upon the report that the Emerits say it will 13.2 billion more at a minimum to keep Citicorp afloat. And no one is volunteering anything a this time.
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PierreLeClerke
05:00 PM on 03/04/2008
The Arrogance of Entitlement

I am struck by the comments that portray the current gas and oil prices as anything other that a massive market manipulation by the few cartels including OPEC and the five sisters (Exxon/Mobile, Connoco/Phillips, Shell, British Petroleum, and Chevron) These are the major players along with Gazprom that control this energy market. These entities all have front companies that trade the products up on the open market. Big buyer blocks that essentially by from themselves and force the price ever higher. Everyone else is along for the ride. The cost of extraction and actual production of the best light sweet crude is $22.00 per barrel including royalties at the most. That puts the cost of goods at an average of 20%. This market is bid up by straws that the Oil Cartels control. The mark up is 500%. Very nice margins yes. This group of cartels have brought us the war in Iraq and believe that they must continue to keep the Middle East burning to justify the price of crude. If they wanted full production in Iraq, they would and could pump 10 million barrels a day, the level Saddam was trying to attain, but this would have flooded the market and brought down the price. The cartel said no to Saddam, and sent in the unwitting mercenaries, (U.S. military) to control and suppress the Iraq oil production. This war was at the heart of the Chaney energy policy. Nothing to do with TERRORISM. Mission Accomplished! This unrestrained price fixing is at the root of the soon to be global recession. Everything you touch every day is affected by the price of energy. Nothing you eat or own magically arrives at your doorstep without the cost of manufacturing and transportation built in.
Never before in the history of the human condition has a single cartel been able to shift the balance of wealth and power into their pockets and away from the vast majority. Every move this group makes is centered around furtherance of their insatiable appetite for more. The wholly owned subsidiaries; The U.S. Executive branch and the majority of Congress as well as the Main Stream Media, continue to provide policy and propaganda in support of this unpresidented Power grab. The Present inventories of crude and refined gasoline are at historic highs. The S.P.R. is at it's highest level in history. Domestic consumption is down over 12% year over year. Not one of the fundamentals that could support the theory of this being a supply and demand price are in line. It simply defies logic. So you must ask yourselves, what is it I don't know? Please educate yourselves America. Go to the Energy Information Agency web site and get their weekly inventory, production, and consumption report. I urge you not to take the word of any fool that attempts to blame this on anyone other than the Powerful forces of Oil.
On the bright side, When the thieves have finally killed the goose that laid the golden egg ( the consumer) They will hold it's lifeless body by the broken neck in their bloody hands and ask, what happened? Greed is always short sighted! Join OPERATION RESTORE TRUST
08:07 PM on 03/04/2008
According to Greg Palast's research Venezuela has 1.3 trillion barrels of heavy oil which at the current price ( which makes it economic to recover) makes Chavez the controller of 5 times the Saudi's reserves. Also Chavez was reported to have made a deal to sell the US all the oil it wanted at contract price of $50/barrel.
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JessWonderin
08:43 PM on 03/04/2008
Actually, the Chinese just made a deal with him - even with the problem of heavy metals and sulfur, the oil refines well into power plant and bitumens (road building) uses. George Bungler has alienated South America to the point that nationalizing oil assets is becoming the rally cry of the South American nationalists . . . way to go George.
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04:26 PM on 03/04/2008
There is a white elephant in the room, namely the recession. How can anyone ignore it, pretend its not there? Its big, and its not going to go away anytime soon. This lying thing Bush and cheney continue to pull on the american people is getting old and boring. Time for impeachment.
04:44 PM on 03/04/2008
The Big Boys ignored the recession up to this point because they were making money hand over fist.

Now that their Ponzi scheme has collapsed they come crying for bailouts and the privately owned and operated Federal reserve has more than been happy to lend as much as they want. In fact the Reserves the Member Banks hold at the Fed is a Negative 160 Billion dollars ! That is , not only have they lost their initial deposit but twice as much !
04:24 PM on 03/04/2008
Not too much different than saying the beatings will continue until morale improves.
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ErnestineBass
No longer a cog in The Machine.
04:32 PM on 03/04/2008
LOL!! So true...
04:00 PM on 03/04/2008
McCain's Straight Talk Express crashes: Integrity is major Casuality.
McCain has come out for private accounts.
(Wall St. Journal Bob Davis 3/3/08)
The advent of a social security private account mechanism will allow the financial types to take a fee out of each person's social security transactions. They will invent new and better accounts and trade the public's assets ad infinitum in a manner quite similar to getting their hands on the mortgage industry.
After they take their cut and their fees out of all social security transactions it will also inevitably occur that they will have hyped certain assets or account types and thus a large percentage of Americans will lose significant chunks of their retirement monies. They will certainly lose money with the steady drip of financial fees but security will also be a victim as asset values will be hyped and then suffer reversals.
This outcome is written in stone. The presumed selling point value of private accounts is premised on the stock market always increasing in value. At it's base, this assumption has the same premise as the defunct premise that housing values would never suffer reversals. The so created private accounts will hugely decrease at various times as will the total (national) asset value under management and the security feature now embodied in social security.
If McCain has a shred of integrity he will not trade aging and elderly American's retirement monies and security to attract the Wall Street votes and financial backing.
He stands for nothing if he perseveres in calling for privatized social security accounts.
cognitorex

Labels: integrity, MCain, private accounts, privatization, sell out, social security, straight talk express
03:48 PM on 03/04/2008
Federal Reserve Bank is the biggest problem in the US economy. Most of our debt is to the Federal Reserve Bank, which is a privately held bank. According to our constitution no private entity is allowed to print US currency. We (tax payers) pay billions of dollars a year just in interest to the FRB (8,500,000 a day). Go to Google video and watch America: Freedom to Fascism - Director's Authorized Version. Here’s the link (http://video.google.com/videoplay?docid=-1656880303867390173) I hope everyone sees this. We are becoming a ‘slave’ country to what the banks have created. We need to somehow break free from the bonds of ‘slavery’. This credit system is wiping the middle class as we know it.
03:24 PM on 03/04/2008
Warren Buffet sees a recession, but Bush and the Republicans do not. They will probably be in denial of the recession all the way up to and past the election of 08, after which they will suddenly detect recession and blame it on the Democrats.
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03:39 PM on 03/04/2008
So true! And four years later they'll try to sell us another Republican president, blaming the recession on Democrats!
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ErnestineBass
No longer a cog in The Machine.
04:34 PM on 03/04/2008
They did it to Carter in 1980...
03:09 PM on 03/04/2008
Is there help for a person who bought a home he/she can't afford, made his/her payments but whose home just didn't appreciate as hoped? Also, what people who bought Pontiacs and Mazdas that they now don't have much resale value, is there some help out there for that?

http://strictlyanecdotal.com/2008/03/04/if-the-candidates-are-the-panderers.aspx
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drkazmd65
Mom Taught me - Question Everything - Thanks Mom!
01:39 PM on 03/04/2008
Mr. Bernanke states the obvious,... again,...

I think anybody living in this country and NOT living under a rock (or buffered by their family fortune) has already figured that one out Ben.

And,... lowering the prime interest rate isn't going to do anything to help out the typical stressed homeowner.

We need some real plans, some real leadership, and the acceptance that no actual solution to the problem is going to be quick, easy, painless, pretty or popular.
01:44 PM on 03/04/2008
We need to Nationalize the privately owned and operated Federal Reserve ... then start printing credit money ...

It has become all too clear that the Fed is putting the interests of its' Members and Owners ahead of the United States of America.
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drkazmd65
Mom Taught me - Question Everything - Thanks Mom!
02:00 PM on 03/04/2008
That would be a good start mmckinl,

But I hope that the President and/or Congress that actively push through this sort of needed change wear their Kevlar round the clock AND have some damed loyal bodyguards. 'Cause the money men/women are going to fight it by any means necessary up to and including 'eliminating' the upstart(s) that push this through.

Problem is - I don't think that any of our political 'leaders' have the stones to try and do it. Most of them are part of the problem power structure to begin with.
05:57 PM on 03/04/2008
Correct, however Liberty would be better served if you use a phrase like " Return the power of printing money to the Congress" because the Corporate propagandists have associated the term Nationalize with some pretty nefarious men.
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mrcontinental
Expat Extraordinaire.
12:49 PM on 03/04/2008
"One of the suggestions Bernanke made was for mortgage and other financial companies to reduce the amount of the loan to provide relief to a struggling owner. "Principal reductions that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure," Bernanke said."

Bennie better watch out before he finds himself out of a job. Helping the consumer is VERBOTEN for a FED chairman.
01:20 PM on 03/04/2008
Bernanke is pushing on a string, may find himself at the end of a rope.

Lowering interest rates won't unfreeze the credit markets. Bernanke and Paulson have come up with nothing but non starters. All their so called plans have only confused and bewildered the banks, the consumers and the markets.

How many different plans have we seen for disposing of securitized debt and home loan relief. Four or five for each, none of the plans have worked , all have made the situation worse, not better.
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mcostello
It's just math
01:39 PM on 03/04/2008
The equation is pretty simple:
To give these people "debt relief" is to reward their risky investments. I took a lesser house in a lesser neighborhood for my family, and I am not being rewarded for being cautious and reasonable.
The market was bound to go down, and now these loans will go down also.
The only reason this is in the news is because "business" or the stock market could be hurt. The consumer is not on the mind of these clowns.
01:48 PM on 03/04/2008
At this point confusion is their best weapon.

What is really going on is a massive bailout that increasingly looks like its failing to take hold. Of course it will be the tax payer , their families and future generations that will shoulder the burden for this mess.

We need to Nationalize the privately owned and operated Federal Reserve ... then start printing credit money ...

It has become all too clear that the Fed is putting the interests of its' Members and Owners ahead of the United States of America.
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mrcontinental
Expat Extraordinaire.
03:39 PM on 03/04/2008
But image is everything.

If they attempt to us the lost equity defense then EVERYONES loan should come down regardless of current financial situation, which is why there is no way on earth that this will fly.

But cutting the principal WILL help consumers and there is no way around that. It's just Bennie doing his tap dance, but to even suggest pipedreams like this could get him put on the street.
11:56 AM on 03/04/2008
The beatings will continue until moral improves.
01:27 PM on 03/04/2008
Morale doesn't pay the bills ... the beatings will continue until the excesses are exhausted.

With Bernanke trying to save his owners, the members of the Federal Reserve, the beatings will only stop when they have either weathered the storm or bankrupted the United States. In either case, the tax payer and their families will pay the price through depreciating dollars, more national debt and higher interest rates.
03:43 PM on 03/04/2008
I was thinking morale in a sense of American citizens standing for their futures being stolen from them and being leased back to them with a minimum monthly payment and adjustable APR. Morale in the sense of what decades of watching mindless hypnotic television programs has taken from nearly every man woman and child from coast to coast, that kind of morale. You know the morale that has courage and enthusiasm not to mention discipline and doesn't transform into spineless organisms upon command. The beatings don't have to continue unless you want them to. That's the point. We do not get beaten unless we want allow it to happen. So the beatings will continue until morale improves.