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House Price Crash Forum


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Everything posted by self

  1. Yeah I heard that they were shorting the very same crap that they were selling to investors. Pretty criminal if you ask me. That is why they made a profit in 2007-early 2008 and why every other bank and investment bank at that same time got screwed.
  2. It seems to me that King is the only one who is saying we can't afford any more spending. Regardless of his ability of seeing the crash or contributing to it in any way, I say this is a good thing. It's true, we can't afford it. I don't even want to imagine what the Olympic Games in 2012 will look like. It's only Brown that thinks we can spend our way out of this. Earth to Brown, to solve a debt problem, you don't take on MORE DEBT YOU DUMB ******!!!
  3. Do we even have a deficit plan? I thought Brown's plan was to "invest" our way out of recession. I.E spend MORE money.
  4. TBH, they're talking shit again. Lies, lies, lies. What a ******ing surprise. If the frikkin Governor of the BOE can't see a bubble, we're all ******ed.
  5. Because Brown has bet the house on being correct. Therefore he can lean on the media here to make it look like everything is rosy. However, those pesky foreigners can see right through him and they know he's talking BS.
  6. So is today where he will say if he's going to continue with QE?
  7. I've got video but no audio on bloomberg website.
  8. Well PMQ's is on Daily Politics Show which will be on iplayer later I guess. He didn't really kick off in PMQ's though, just asked people to shut up.
  9. Cameron owned Brown in PMQ's. Cameron was repeating some news piece about what Darling and Cooper had said and Brown look pissed off as hell. Great moment.
  10. I don't mind saying that I am one of those unemployed. I left uni after one year because my course was crap. Been looking for a job for almost a year now. Most of my mates think they will easily get a job when they finish uni. Little do they know it's EXPERIENCE employers are looking for NOT qualifications. I'm looking into doing a computer course which will hopefully help me to get some sort of job in I.T. Good luck to all those looking for a job at the moment.
  11. I think I read sometime last year that European banks (including ours) were £12 trillion in debt. The story was then pulled from Bloomberg a few hours later.
  12. LONDON (MarketWatch) -- British retailers saw a second consecutive month of falling retail sales volumes in June, the Confederation of British Industry said Wednesday in its monthly distributive trades survey. The survey found 31% of retailers said sales in the first two weeks of June rose from levels seen in the same period a year ago, while 48% said they declined, for a balance of -17. That matched the May reading. The survey found retailers expect a further decline in sales in July, producing a balance of -21. http://www.marketwatch.com/story/june-brit...-sales-fell-cbi So... Those green shoots are working out well ain't they?
  13. And over on the BBC website: OECD says recession "near bottom". Nice to see some non Liebore bias there.
  14. We're screwed. I can't see any other outcome now. Gov is ******ed, banks are ******ed. I would suggest people to seriously start thinking about what they are going to do.
  15. http://www.marketwatch.com/story/sp-downgr...-mbs?siteid=rss SAN FRANCISCO (MarketWatch) - Standard & Poor's Ratings Services said Tuesday that it downgraded several securities backed by large, higher-quality mortgages, a sign the housing crisis has spread well beyond its subprime origins. S&P said it lowered ratings on 102 classes from 33 U.S. prime jumbo residential mortgage-backed securities that were issued from 1998 to 2004. The rating agency also affirmed ratings on 669 classes from 32 of the downgraded deals, as well as 34 other deals. "The downgrades reflect our opinion that projected credit support for the affected classes is insufficient to maintain the previous ratings, given our current projected losses," S&P said in a statement. The financial crisis was sparked by rising delinquencies and foreclosures among less creditworthy home buyers who took out so-called subprime mortgages. However, these defaults triggered a broad, global financial crisis and a punishing recession. Unemployment has soared, which has fueled a second wave of mortgage defaults that's affected all types of home loans. Prime mortgages are only offered to the most creditworthy borrowers, while jumbo mortgages are larger home loans that still conform to the standards of government-owned finance giants Fannie Mae (FNM 0.64, +0.01, +1.17%) and Freddie Mac (FRE 0.71, +0.01, +1.43%) . Prime mortgages were originally thought to be less vulnerable to housing cycles. Home loans offered before 2005 -- when the lending binge really took off -- were also considered more solid. But the rapid increase in unemployment has undermined these assumptions. Two important things to take away here: 1.) These were Prime mortgages (supposedly the highest quality). Jumbo also refers to the high loan amount. 2.) S&P are downgrading stuff written in 1998. That's pre-bubble. Pretty scary. Comments?
  16. I very much doubt they will keep it going until the next election. My personal prediction is that TSHTF around September/October time. But remember Brown knows HE CAN'T GET THIS WRONG. It's the ultimate bet. He desperately needs things to get better but time is running out.
  17. "We have put an enormous amount of liquidity into the system," Kansas City Federal Reserve Bank President Thomas Hoenig told CNBC in an interview on Friday. Right. How does he explain this then? http://www.tickerforum.org/cgi-ticker/akcs-www?post=99639 Karl Denninger also caught the Fed draining liquidity at the very same time we were being told it was a liquidity crisis in September last year.
  18. If I remember correctly, the stress tests were based on 9% unemployment rate BY THE END OF THE YEAR!!
  19. But but but, I thought the recession was over???
  20. No. And that is very bad news. If Bernanke can't lower the yield, any recovery of the housing market is finished.
  21. TNX (10 year U.S treasury) yield down today too. Interestingly not by a lot though. Bad situation.
  22. Definitely a good time to get out IMO, this market is going a lot lower.
  23. Interesting article. However, IMO there are two sides. There's the crappy loans our banks actually made and also the crappy loans they bought from American banks. Does anyone know the total losses our banks had from Subprime? It would be interesting to compare the subprime data to the potential losses from ALT A and Option ARMS.
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