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!