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What Goes Around Comes Back Around

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By bgamall


NYC 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

Unfortunately, you bought on the way up, and he didn't warn you to sell your worthless stock when it all came down.
Unfortunately, you bought on the way up, and he didn't warn you to sell your worthless stock when it all came down.

Screw the Big Banks


Credit Crisis and Wall Street Meltdown.

The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis
Price: $16.20
List Price: $26.95
Crisis in Credit System Crisis in Credit System
Price: $0.99
60 Minutes - Wall Street's Shadow Market (October 5, 2008) 60 Minutes - Wall Street's Shadow Market (October 5, 2008)
Price: $17.95
List Price: $17.95
Credit and Credibility Credit and Credibility
Price: $1.99

Credit Crisis Timeline

  • The year in review at Credit Writedowns – Crony Capitalism

    The year in review at Credit Writedowns – Crony Capitalism is a post from: Credit Writedowns The year in review at Credit Writedowns – Crony Capitalism is a post from: Credit Writedowns Before the Christmas break, I wrote a post to tie together my thoughts on why I have found the Obama economic program so unsatisfying despite some obvious success in stabilizing the economy. This first part framed the status quo as [...] - 5 hours ago

  • Double dip recession and the perverse math of GDP reporting

    Double dip recession and the perverse math of GDP reporting is a post from: Credit Writedowns Double dip recession and the perverse math of GDP reporting is a post from: Credit Writedowns Remember when I said the following: GDP as reported From my view point point, the interesting bit about GDP is NOT inflation (i.e. real vs. nominal GDP), but rather the fact that the number which is reported is a first derivative.  It [...] - 9 hours ago

  • Violence in Iran erupts

    Violence in Iran erupts is a post from: Credit Writedowns Violence in Iran erupts is a post from: Credit Writedowns Below are two videos and an article recounting the recent social unrest in Iran. Also see Biggest protests in months take place in Iran from the FT Share and Enjoy: Readers who viewed this page, also viewedViolence erupts in IcelandDouble dip recession and the perverse math of GDP reportingBaltics: [...] - 9 hours ago

  • News from around the web: 2009-12-27

    News from around the web: 2009-12-27 is a post from: Credit Writedowns News from around the web: 2009-12-27 is a post from: Credit Writedowns FT.com / Columnists / Clive Crook – The real missed opportunity in Obama’s first year “Top Ten Reasons to Kill the Senate Health Care Bill” – Yves Smith Extinction Countdown: Man convicted for killing and eating China’s last Indochinese tiger FT.com / Europe – Sarkozy cool on [...] - 10 hours ago

  • The week in review at Credit Writedowns: 2009-12-26

    The week in review at Credit Writedowns: 2009-12-26 is a post from: Credit Writedowns The week in review at Credit Writedowns: 2009-12-26 is a post from: Credit Writedowns Most Read Video: Goldman and Morgan Stanley were this close to bankruptcy Think outside the box: ten outrageous predictions for 2010 Moving away from stimulus happy talk to focus on malinvestment Bernanke doesn’t understand the basic economics of central banking The Age of Deleveraging Richard Bernstein: Ten predictions [...] - 31 hours ago

  • News from around the web: 2009-12-26

    News from around the web: 2009-12-26 is a post from: Credit Writedowns News from around the web: 2009-12-26 is a post from: Credit Writedowns If you recall, I posted a link on Yemen four days ago asking if Yemen was the next Afghanistan. Given the recent terrorist attempt in the U.S., expect Yemen to become more important and the permanent war state in the U.S. to turn some [...] - 32 hours ago

  • It’s a wonderful life

    It’s a wonderful life is a post from: Credit Writedowns It’s a wonderful life is a post from: Credit Writedowns I hope you all have had a lovely and relaxing holiday. On this day of giving, I want to give you thanks for reading my blog and making it such a rewarding experience to write. This year I missed one of the holiday favorites on television [...] - 2 days ago

  • Financial News: 2009-12-24

    Financial News: 2009-12-24 is a post from: Credit Writedowns Financial News: 2009-12-24 is a post from: Credit Writedowns oftwominds: "Monetary Policy" Transfers Your Children’s Future Earnings to the Financial Elite When the Changes Could Take Effect – WSJ.com Firms Warn of Cuts to Benefits – WSJ.com FT.com – Greek parliament approves budget cuts Economist’s View: Unemployment and Excess Capacity Banks That Bundled Bad Debt Also Bet [...] - 4 days ago

How Do You Feel About Wall Street?

RSS for comments on this Hub

TheMoneyGuy profile image

TheMoneyGuy  says:
11 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

bgamall profile image

bgamall  says:
11 months ago

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.

Shalini Kagal profile image

Shalini Kagal  says:
11 months ago

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!

bgamall profile image

bgamall  says:
11 months ago

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.

TheMoneyGuy profile image

TheMoneyGuy  says:
11 months ago

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

bgamall profile image

bgamall  says:
11 months ago

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. :)

Tom Cornett profile image

Tom Cornett  says:
11 months ago

Truth. Great Hub!

TheMoneyGuy profile image

TheMoneyGuy  says:
11 months ago

So well said, I guess there are some modern day Robin Hoods.

TMG

bgamall profile image

bgamall  says:
11 months ago

Ha, they are great American heroes and don't even know it!

christalluna1124 profile image

christalluna1124  says:
2 weeks ago

Wonderful and very informative article and you are so right. Know what i find amazing...Bush Jr, Mr. Big B_lls invaded Iraq. Eight years later we still in a war that we had no business in from the beginning. But now he lives with secret service out the wazoo and the last three attacks have been on Texas. Keep up the great work, I'll be reading.

Regards, christal

bgamall profile image

bgamall  says:
2 weeks ago

Thanks Christal for your support.

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