What Goes Around Comes Back Around
67NYC Economy Will Crash
Update: Manhattan real estate values are now in freefall. I knew it would come to this. The credit crisis timeline that is located at the bottom of this page has some information on housing decline and one article has stated that the Manhattan housing market could become the ugliest of all.
Bookmark this page for frequent updates from the credit crisis timeline.
I am angry. This hub is written in anger at the financial system and the regulators and the Bush administration that allowed American's to be screwed by toxic loans. If you want to read this hub you will have exposure to strong words. Be warned.
Let's face it folks, NYC screwed California. First it was "little" things, like the Enron vs. California power lawsuit information contained in WTC7. That tower was not hit by a plane, but since Ken Lay, may his soul not rest down in hell, was Bush Liar's major campaign contributor, they found a way to bring the building down. Larry Silverstein, owner of WTC was a New Yorker. He said WTC7 was "pulled". Marvin Bush, the president's youngest brother, was a New Yorker. His contract to control the security cameras at WTC ended on 9/11! See Links below for an explanation of his role.
But the real Screwing of California came with toxic arm loans that the investment banks pawned off onto the world in the form of toxic bonds, thereby allowing Scumtrywide (Countrywide) and other credit banks to continue to screw the California populace with doomed to fail loans.
BTW, the toxic loans were above the former allowable limit of 417 thousand dollars so Fannie and Freddie were not involved in this Alt A loan meltdown that still faces us. That Alt A mess is bigger and more dangerous than the subprime Fannie/Freddie problem. If we just had that problem, the housing crisis would be contained, but it is far from being contained. Resets will increase in late 2009 and into 2011 for Alt A. Prime toxic loans are melting down as well.
But what goes around comes back around. NYC is facing financial disaster with their own decrease in housing prices that is just starting to manifest.. It is just a matter of time before the lack of bonuses on Wall Street will translate to a NYC housing market that must pop. The NYC real estate bubble just has to pop.
Volume of stocks being sold is coming down. That means less money for brokerage firms. There are no deals being done because cash must be offered in place of over the top leverage. So brokerage firms will lose there too.
And then lets talk about the banks. Well the big banks are near insolvency. The links below will show you what houses should be valued at and why banks will be in big trouble. So then, banks, well, spank the banks. Nationalize the bastards, and I mean BAC, C, WF and JPM. They don't deserve to exist as they are formulated.
They defrauded the American people and while they are not located in NYC, they took over investment banks who raped the American people who are located in NYC and or phony lenders who were facilitated by the Bears, and Merrills, and Goldmans of the world. And in the process they became helpless and unable to lend, and they threw their shareholders under the bus!
What Goes Up Must Come Down
Thanks to NYC the economy is screwed. Links to Causes and Results of the Bank Fraud Centered in NYC.
- Schumer Sucks
Chuck Schumer sucks. He wants to take the bad loans on the books of the banks, have a third party estimate their value two years down the road, and give a guarantee to the banks based upon a crystal ball that... - Anti Neocon Hubpages
Marvin Bush worked as security head of WTC and under his watch squibbs were observed, filmed and photographed coming out of all the towers on 9/11. Marvin Bush is the brother of George Bush. I like recipe... - George Bush Legacy
Never has a president of the United States been engaged in as many outright, verifiable lies that have taken down our country in economic power, prestige, honor, and morality as the younger George Bush. So... - If I Were A Bank
I am not speaking for the banks officially. Think of me as a make believe bank as you read on. While this blurb is humor it is also deadly serious. Pay attentiion, you hear? If I were a bank, I would not lend... - California IOU Tax Refunds
Update: See New Must See Videos about our fiscal crisis in California. Update: Judge says state of the state of California is a mess and allows the governator to furlough state employees two Fridays per... - Foreclosures Are The Solution
Coalinga, Ca. 1983 earthquake While I agonize over people losing their homes, what needs to be understood is that the federal government of the United States created a vast, easy money, loose lending ponzi... - Class Warfare
Before I get into the subject I warn you now, do NOT buy a house. I repeat, do not buy a house. Artificially low interest rates are a TRAP. If interest rates increase in the future which often happens when... - The Government of the United States is in Denial Regarding Housing!
Clearly, the government of the United States is in denial and is seeking advice from individuals from the Ivy League schools who are giving bad advice. The bad advice is that government should stabilize...
Screw the Big Banks
Credit Crisis and Wall Street Meltdown.
|
The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis
Price: $16.25
List Price: $26.95 |
|
Crisis in Credit System
Price: $0.99
|
|
Charlie Rose - Jon Hilsenrath / Martin Wolf / Nouriel Roubini / Malaria (October 14 2008)
Price: $24.95
List Price: $24.95 |
|
Credit and Credibility
Price: $1.99
|
Credit Crisis Timeline
- The week in review at Credit Writedowns: 2009-12-04
I will try to make it easier in future for readers to get an overview of the content available on Credit Writedowns by posting a week in review post like this. That way, you can drill down into the bits of the most well-received posts of the week at your leisure over the weekend. Let [...] - 10 hours ago
- Barack Obama gets it
This quote from President Obama comes via Brad DeLong: We’ve got a long- term structural deficit that is primarily being driven by health care costs, and our long-term entitlement programs. All right? So that’s the baseline. Now, if we can’t grow our economy, then it is going to be that much harder for us to reduce the [...] - 13 hours ago
- AmTrust Bank seized by regulators after asset stripping
You kind of knew this was going to happen. Given the fact that AmTrust Financial, the holding company filed bankruptcy (see my story here) after a bit of asset stripping, the FDIC was forced to come in and seize the banking subsidiary which was woefully undercapitalized. The FDIC press release says: AmTrust Bank, Cleveland, Ohio, was closed [...] - 14 hours ago
- FDIC Friday night: Three more bankruptcies in Georgia
Yesterday I wrote how bank bankruptcies are crushing small business and households in Georgia. Today we got three more to bring the total to 23 this year, 29 since the subprime crisis began. The Buckhead Community Bank, Atlanta, Georgia As of November 6, 2009, The Buckhead Community Bank had total assets of approximately $874.0 million and total [...] - 14 hours ago
- Inventories are now rising
The Census Bureau came out this morning with a report on “Manufacturer’s Shipments, Inventories and Orders” for October. The report was bullish as it showed new orders for manufactured goods rising for the sixth time in seven months. But, more importantly, it also showed that manufacturers are adding inventory which means that production is now [...] - 18 hours ago
- Non-financial news from around the web: 2009-12-04
Canada adds 79,000 jobs in November Rachel Uchitel: 9/11 mourner now allegedly linked to Tiger Woods Google Gets Into The DNS Business. Here’s What That Means 15 cities top 15% unemployment – MSN Money 15 Toys NOT To Buy Your Kids This Christmas (PHOTOS) Male and female shopping strategies show evolution at work in the [...] - 19 hours ago
- Unemployment rate recedes as worst of this downturn is over
In the past few weeks I have been alarmed about the growing debate about deficits and taxes, so much so that I have moved to a double dip baseline from one of a multi-year recovery. I find it in total disregard of past economic history that we are moving in this direction so quickly. So, [...] - 20 hours ago
- News from around the web: 2009-12-04
I will be posting on the employment situation report shortly. Despite my bullish comments yesterday and claims that we will be adding jobs next quarter in Jobless claims fall to lowest this year, I wasn’t expecting the unemployment rate to dip or for non-farm payrolls to be any better than a 100,000 loss. The numbers [...] - 22 hours ago
PrintShare it! — Rate it: up down flag this hub
How Do You Feel About Wall Street?
I agree, however I also believe that the ruling class pulls back in times of distress so we will see if we can turn away from fascism for a little while. Certainly the "war on terror", a phony war against people Bush allowed to attack WTC on 9/11, has to be scrapped.
Interesting hub - I guess it's the same everywhere. There are no parties in politics the world over today because there are no ideals - Mammon rules. I haven't read that book TMG but I would like to if I lay my hands on it.
If you were to go for a bird's eye view, the network of the Party of the Rich would encompass the world. Finally it really is all about the money, honey. And I doubt if any Robin Hood can fight it simply because it's grown too powerful!
Thanks for the comments. It is true that money rules these people. They are driven to their own destruction ultimately by greed. A cold shiver should accompany them when they think of what they have caused.
Shaline,
Robin Hood never could, that is why he is a Fairy Tale. I will give my copy to you if you would like.
TMG
The real robin hoods are those who walk away from their overpriced homes. They take from the rich and lower the house prices of the poor. :)
Truth. Great Hub!
So well said, I guess there are some modern day Robin Hoods.
TMG
Ha, they are great American heroes and don't even know it!














TheMoneyGuy says:
10 months ago
I see your upset,
But, you are only scratching at the truth, The Enron Screwing is far bigger than anyone will ever realize, as the system Kenny boy put in place still exists in 29 states yes and California is still one of them. So it goes to show you no one wants to fix the problem, because it makes the rich richer.
Read the Book Free lunch by David Cay Johnston. It gives a very good look at the fact that there is no such thing as Democrat or Republican only the party of the Rich. They use this false conflict to Rob us blind in away that would make the Sheriff of Nottingham blush. Only in this story we are all to chicken shit to step up and be Robin Hood.
TMG