By Tom Estep

November 9, 2006 05:45 PM | Link to this

Screw them (the realtors) I have purchased 7 homes and none did squat except collect the commission. They have no shame in picking up that check though. Get a job at McD’s if you need more cash.

By to tom

November 9, 2006 06:02 PM | Link to this

tom,

i hope those 7 were not bot in ‘05. i’d be pissed too, or is that just overall in your lifetime?

pete

By Sean

November 9, 2006 06:40 PM | Link to this

In an “market” it seems that realtors make a lot of money for doing little work.

In a “down” market, like today, a good realtor will get your property sold QUICKLY when there is a large supply. So, it is worth EVERY penny of their commission!

Try selling yourself—see if you can do it as quickly and coordinate things as well!

By bingo

November 9, 2006 09:19 PM | Link to this

Only the real good will survive. Its the way its always been. Put away the Mercedes & Porche convertibles. Life will be O.K. somehow. Move to Canada to sell, its easy and the market is great . Bingo Biglo

By bob

November 10, 2006 08:44 AM | Link to this

The market is flooded with thousands of new realtors that got on the band wagon in the past few years. They were the non serious dabblers that sold to friends and family. I like this scenariou. All of Johnny come latelys will now go back to thier old day jobs and the real brokers can handle things. Also, the days of 6% commissions are over. Sellers are too savy and home prices have risen so much, so fast, that a roll back of the fee is appropriate. You can MLS list your home for a flat $250 online. Do that, and sit back while selling brokers bring you the buyers at 2-3%. You be the listing agent - it’s simple. They no longer control access to MLS. Most of the realtors i have dealt with get too much cash for doing little or nothing. Also, not so smart. Dont really care if they had a slowdown they drove the market up and made a ton of money in the past 5 years. Also,”Sean” there is little to do to get the deal to closing. A chimp could do it. Current survey,title,financing, termite,roof, structural- close. Is that worth 6% of a million dollars. I want some of what you are smokin. Yea lets give an agent $60,000 for a couple days of phone calls and pushing buttons to close a deal.WE ARE NOT THAT STUPUD>

By bob

November 10, 2006 08:45 AM | Link to this

The market is flooded with thousands of new realtors that got on the band wagon in the past few years. They were the non serious dabblers that sold to friends and family. I like this scenariou. All of Johnny come latelys will now go back to thier old day jobs and the real brokers can handle things. Also, the days of 6% commissions are over. Sellers are too savy and home prices have risen so much, so fast, that a roll back of the fee is appropriate. You can MLS list your home for a flat $250 online. Do that, and sit back while selling brokers bring you the buyers at 2-3%. You be the listing agent - it’s simple. They no longer control access to MLS. Most of the realtors i have dealt with get too much cash for doing little or nothing. Also, not so smart. Dont really care if they had a slowdown they drove the market up and made a ton of money in the past 5 years. Also,”Sean” there is little to do to get the deal to closing. A chimp could do it. Current survey,title,financing, termite,roof, structural- close. Is that worth 6% of a million dollars. I want some of what you are smokin. Yea lets give an agent $60,000 for a couple days of phone calls and pushing buttons to close a deal.WE ARE NOT THAT STUPUD>

By not so bad here

November 10, 2006 09:17 AM | Link to this

I did just that. Cost me $350.

The desperate real estate agent salesmen couldn’t get to me fast enough. I told every one of them the deal, my deal or no deal. I said if you bring me a buyer and we agree to terms and it closes, I would give 1.5% commission to the salesperson, no more and no less.

The fact is, the few who told me to go blow, finally were desperate enough that one of them did come back with a buyer.

Bottom line. My house is sold, buyer did get insurance, the desperate saleswoman did the deal on my terms, not hers. House sold for 98% of asking price, as is.

Yes, it is Nov 2006, you are not in a time warp and there is nothing wrong with your computer.

This house sold for $456,000. All I will say is, it is not in a gated community and it is in the northern half of Palm Beach county.

I needed to sell for career reasons and am moving farther south.

The ones who thought they were too good for $6800 missed out, their loss, my gain.

I did make her work for it, and I have to admit it was loads of fun calling for more and more and more, but that is the way I normally do business anyway. It is my way or the highway. I don’t care what the norm is,you will work on my terms or go away.

Many desperate real estate salespeople were more than willing to get walked all over to pay their bills this month.

Z

By what comes around goes around

November 10, 2006 10:17 AM | Link to this

I’m sure for 10 bucks, most of them will take out your garbage and clean behind your refrigerator, too.

You should have asked her to do more. She’d do anything to make the car payment.

By easyasabc

November 10, 2006 11:40 AM | Link to this

I know people who told me great stories and horror stories about realtors.

Most of these realtors still don’t get it. They want all or nothing. I know realtors who will not show any other listing but their own. An injustice to other listings in their office and to both buyers and sellers. If i was going to buy in a certain neighborhood, i would like to see all the houses and a total list of what sold in there in the last six months. Then again, i don’t use a realtor at all when i deal with property. Want to buy or sell, go on your own. The tools are out there for owners to do the same marketing as realtors do. Both sides save money, and let a attorney and the title company do all the work. You save big on the real estate commission.

Many realtors want 6% or more to sell. Many realtors don’t want to show property without a lock box. They want the owners away when showing. Many realtors have not made a sale in the past 10 months. Many realtors have several mortgages on their own property, and be the first out the door when foreclosure comes. Many realtors are going hungry these days, fighting with their mate and working at another job to pay the bills. Many realtors are trading in their lexus, bmw, mercedes for a KIA. Many independent realtors are closing up shop. Many realtors are married to a realtor, what a mess they are in these days. Have you all notice how many less ads in the Palm Beach Post for selling homes? We suppose to have all these homes for sale, but no realtor wants to advertise and they still want a full 6% commisssion.

We have over 12,000 realtors in palm beach county. How many sales was recorded last month? Do the math of how many realtors are making it these days. Only the realtor who wants to eat and know their business and willing to lower their commission rate, will survive here.

The good news that is being reported in many major real estate outlets is that the low point has passed for us. Sales are on the rise, people are moving here, so no need to panic if you want to sell. Within a few months, median price will be higher, you will have enjoyed another nice winter here while buyers are gathering up their money to buy here before the prices really take off. Think California in the late 90’s of what happen there in real estate. We are still at a bargin to buy here. many types of homes, many locations. Just remember, that the price is higher for the better location.

Enjoy the winter here and send post cards to your family and friends up north telling that…. Life is good in Palm Beach.

By Rich R

November 10, 2006 11:44 AM | Link to this

You are dreaming Easy.

Wait for the newest numbers, you will see.

SoFla is still quite a way from the bottom. It will take some insurance reform and other things to occur before you see buyers become very active.

Just have to wait and see.

But I will say, I don’t feel sorry for the Realtor’s at all.

Kinda funny actually.

By IQ Test

November 10, 2006 11:52 AM | Link to this

SleazyAsABC,

You know.. I really hope PbPost archives all these posts for at least 2-3 years so we can laugh at how utterly ridiculous your predictions are.

By to easy

November 10, 2006 12:20 PM | Link to this

Easy,

Do you carefully word your posts just to draw Rich R out? You can always get a rise out of him. Too funny.

As to realtors, I know two. One is still working and one is out. The one that is out used to sell local real estate and now took a job two months ago trying to schlep time shares and that isn’t working. This family refuses to lower their standard of living, so they openly admit are starting to sink. Give up the Lexus SUV $700 payment, no way. Cut their spending, no way. What would their friends think?

The other is still in the biz, but complains alot.

On a sidenote, I will never give 6% and never have.

You are right, all one needs is a good RE attorney and title company. It’s better and much less money. As to marketing, I can talk a starving dog off a meatwagon, so no problem there.

Thank a veteran today.

By To Easy

November 10, 2006 01:10 PM | Link to this

Hey easy, you know all those northerners moving here to buy these million dollar homes that you keep having wet dreams over?

They are starting to hear about the changes to Citizen’s down here. Especially how they won’t insure you if your replacement value is over 1 million. And then there is that pesky homestead requirement to get any insurance in ‘08.

I’m telling you easy, those Northerners are hearing about these problems and they are deciding to not buy. They are better off renting for the season.

Face it easy, we all know that you are a “have not”, and with your obvious limited mental capacity, if you are a “have”, then I will soon be a “have yours” once you go bankrupt with those interest only arms and buy your crack house for a few bucks.

By easyasabc

November 10, 2006 01:30 PM | Link to this

I hope people in the future does remember what i have talked about. It seems some people like “IQ Test”, will always be the “have nots” in life. Always bitter knowing that what i say is the truth. Hey “IQ Test”, i bet you are a woman. Want to know what sleazy is? Look at your mirror! When was your last R.E. sale? How will you pay your next mortgage payment? Need to walk the streets of Dixie soon to pay your bills and keep up with your neighbors lifestyle. Yes “IQ”, i have your number.

I thought we could get by one week without Rich R. I was thinking his mouth was stuff with pie and couldn’t get away from the dining table. That or he had a BIG FAT waitress on top of him and he could not move.

Thanks to our Vets from all wars, conflicts and their service time.

Time to walk towards the beach with my lady friend. Taking off early to enjoy our beautiful weather.

Life is a beach in Palm Beach.

By Rich R

November 10, 2006 01:31 PM | Link to this

We’ve covered the topic of Boomers from the north being educated, Easy don’t accept it.

I’m only glad he decided to fill his script.

Nice to see you almost normal Easy.

btw, I am back from Costa Rica, and online daily again. Very nice down there, 2 BR, 2 Bath condo on the beach $90K. The suprising thing was the high concentration of New Yorkers down there. I was amazed, but had a great time.

I’m Back…..

By Time Shares in Costa Rica

November 10, 2006 04:25 PM | Link to this

Hey Rich you must be into timeshares in Costa Rica. Yes, tell everyone how realtors are now trying to sell time shares there. Who says you are not a realtor? You are the biggest liar and fake on the face of the earth. Go stuff your face with some more pie. Hey Easy, yes you nailed IQ Test okay. She must be one of those female realtors fighting with her husband who is also not making it with wages. One thing is for sure, I am hearing more and more realtor couples fight in the neighborhood these days. And the one thing they are all fighting about is no money or lack of money or spending habits. Look here boys and girls, cut down on your spending habits if you are not selling any more houses. Stop buying the latest gizmo cell phone, digital camera, and wireless computer. Stop going out for lunch learn how to brown bag it. You can’t afford to go out and get entertainment either. Like the guy said above go out and work for McD’s or start shoveling S#%&. If you realtors all made so much money in the past 5 years, then none of you should be complaining if you are not making money this year. Nothing lasts for ever. That includes the present housing market.

BTW Rich, that trip was a “reward” for real estate brokers who sold a certain amount in time shares. I just heard about this from another realtor the other day. Can’t believe you brought Costa Rico up. Now I know for sure your true identity.

By to rich r

November 10, 2006 06:49 PM | Link to this

maybe you can start blogging on some costa rican paper. you don’t live in the area, so it might be better than the palm beach post.

you keep posting on a paper you no longer live in its area. btw, house just sold two doors down from me, sold at $209 per sq ft. it would mean that my house rose 10% in the last year. fine, not some huge upside down disaster.

By realtors fighting?

November 10, 2006 06:59 PM | Link to this

Realtor husband and wife teams fighting over money and how they are spending more than they’re bringing in ever month? No….I don’t believe it….Oh, wait a minute, I live in Evergrene, sorry, I forgot, that’s half the houses on my street. I thought realtors had a good sense about the housing market. Maybe that’s why so many of them bought on the railroad tracks here.

I hear that the rumbling of trains every night gives them the thought process to think up their next great money making scheme dream.

Oh, these idiots are fun to watch. Ever see their kid’s have a pissy fit in the mall. It must be Evergrene mystique, hahahaha!

PS Driving south on US 1 in Boynton south of Hypoluxo and just north of Boynton Beach Blvd. this morning. On the west side of US 1 literally on the railroad tracks, literally, there is a luxury condo unit going up sitting next to warehouses and crack whores, I cannot believe it.

The people who actually consider looking, gawking, let alone putting down a deposit on a piece of crap like that ought to be taken out to the Palm Beach County public square, given one last cigarette, and shot. People who are that stupid do not need to be taking up our valuable space.

Remember, as many of us have said here before..Just because it is new and luxurious inside DOES NOT make it good, let alone a good investment.

Fools, fools, fools, always forget location, location, location.

“But honey, look at the pretty marble counter tops, it must be a good investment, aaaahhhhhh, I’m going to puke all over William Boose, Tony Masilotti, Tony’s hanger on brother, the Lewis Longman law firm, and Bruce Rendina. Sorry Bruce, what comes around, goes around. You crooks deserve what you get. Screwing the taxpayers of Palm Beach County and putting on that fake smile backfired, you scumbags.

When you all get to hell, fight it out over who gets to sleep with Mark Foley.

Have a nice weekend.

By Foreclosure Rates

November 11, 2006 11:07 AM | Link to this

Foreclosure rates in the nation.

I’m sure the Post is disappointed that Palm Beach didn’t make the top 3 in the nation.

By Mike Fink

November 11, 2006 11:19 AM | Link to this

Wow, that’s a pretty bad stat, although not unexpected. Kind of wondering how Broward got that high; there are other areas thatI would have thought would be higher (AZ and Las Vegas, for example).

People need to understand, I am not “gleeful” about people being foreclosed upon/losing their homes. That’s not my goal on this blog. I want people to understand how housing pricing works, what is “normal” for housing appreciation, and most importantly, that “Housing does NOT always go up”!

When you only hear one side (RE agents) it seems like only an idiot would not buy down here; and pay full price. That’s just stupid; and has been for the past 3-4 years. We are moving in the right direction, but we still have a few years before buying makes sense. As soon as the fundamentals return to normal ratios, then you can be assured that buying is a good idea. Yes, the price may continue to drop (overcorrect), but you will always be OK if you do not overpay for the home on a relative scale.

By My experience

November 11, 2006 11:36 AM | Link to this

I’m presently trying to sell my house and I did use the Flat Fee $250 service to list my home on the MLS. Initially, It worked out pretty well and even had a contract that fell through.

After approximately 2 months of little or no activity, I started to do some research on recent home sales in my area. I was astonished to see that there were several homes that just had sold that were not comparable to mine but had sold for a higher price than what I was asking for.

I came to the conclusion that many reators are pushing their own listings and the homes with the highest commisions eventhough they were doing a disservice to their clients.

Unfortunately, I had to turn to a realtor. I did interview several realtors and I did find a realtor that I felt was honest and has integrity.

So far, I’ve been happy with my realtor and his efforts.

By to mike fink

November 11, 2006 12:24 PM | Link to this

what kind of experience do you have? what makes you the real estate expert? so far i have seen very little of your posts make any sense.

By Mike Fink

November 11, 2006 01:11 PM | Link to this

I don’t work in RE, if that’s what your asking. I have a background in economics, but certainly not enough to be an “expert” on the RE market. I also have never claimed to be an expert; just an oberserver who knows how to read; and how market trends work.

If you would like to tell me what does not make sense I will be happy to clarify it.

By to mike fink

November 11, 2006 04:59 PM | Link to this

your comments show your real lack of understanding the real estate market, its trends, and what effects it. your rant on interest rates and housing prices was so off.

i wanted to know, have you ever lived any place other than palm beach county? how many real estate cycles have you been through? how many homes have you bought and sold?

By to mike fink

November 11, 2006 05:15 PM | Link to this

Your theories are just that, theories. Assumptions based in some textbook that you read while attending some half-baked college. The real world works completely differently.

If you knew anything, you would know we are in a different time, than any other in the housing market. Never has the inventory been so high, rates so low, economy pretty good, and more people owning more than one property, global markets bleeding into each other, weather concerns and south florida factor. BTW real estate is local, not national. All bets are off. You cannot compare the current market to any other, at any other time. Find me a time in south florida when this exsisted before.

no trends, just speculation.

your response about market trends, and your take on them, is saying i am an expert. an expert at watching and predicting trends.

By TANC

November 11, 2006 05:35 PM | Link to this

I’m selling my house on my own, just put it on the market now in Palm City, I’m using the flat fee MLS and offering a 4% commission to real estate agents who bring a buyer. I work in mortgage lending so I work with a bunch of realtors. This way I don’t have to anger someone by listing with one person.

4% should motivate them. No marketing expenses, no splitting a commission with a listing agent.

I’ll let you know how it goes…

By to TANC

November 11, 2006 08:19 PM | Link to this

TANC,

If you are using the flat fee MLS, you are crazy to offer 4%. The person who wrote about 1.5% was right, My co-worker is doing 2% and getting plenty of activity down in NPB around the Anchorage area. These realtors will bite at anything right now, like I said, he’s doing 2%, seems fair to me, and they have a few people showing. The 1.5% guy is right on the money. They are desperate and will do it your way. They have to pay their bills and there are plenty of agents doing anything to get a check, no matter what the amount. The joke about cleaning the kitchen or whatever it was is closer to reality than we all think.

Houses are selling under the radar screen. I have new neighbors moving in this weekend on a spec house that sold for $550,000 and a lot just got cleared last week on our same street, and the builders sign is out front starting new construction. From the stakes, it looks like a large home. This is in Jupiter Farms, but then again, there is buying going on out here.

Good for me, we’ll see.

By it's a secret

November 11, 2006 08:38 PM | Link to this

Hey Mike Fink,

You’re moving there. I have a question.

If Tony Masiloti and Bill Boose lived together in Evergrene and the priests in Delray Beach moved in next door, and Mark Foley had a field day diddling the central American lawn care workers.

We do know one fact. The Catholic church would look the other way at it all as long as they had a halfway decent take on the collection plate. so, my question at that point;

Would that be considered hell?

By TANC

November 11, 2006 08:48 PM | Link to this

Well, I very well may be crazy to offer 4% but I want to move this house soon. I’m in the business (mortgage) and realtors I speak to who I know are professional and worth their weight, say that since there are so many listings and so few buyers right now it is an ungodly amount of time and effort to sift thru the MLS to find homes for buyers. So, many will just show listings from their office (of which there are many).

I spoke to several realtors I trust and they have said tht with so much inventory you need to make your home stand out from others in the realtor’s minds. What better way to do that than offer 4% and price aggressively. If a realtor has huge inventory at 6% or less commission that they probably have to split plus spend money advertising, etc. how do you think 4% with no expenses and no split looks?

The feedback I’ve received so far (only a few days) is that does the trick.

We’ll see what happens. Perhaps I am crazy, but if I sell quickly and for a net cash I’m happy with then that’s okay by me.

I built my house 7 years ago in Palm City and will walk away with over $250,000 on my intial investment of about $80,000 so if I end up with $240,000,,,OH WELL.

An appraiser I respect said he believes that market prices on Jan 1, 2008 will be at least 10 percent lower than right now, and right now my home value is 15% lower than its peak. That’s a 25% decline from the top. Doesn’t hurt me, but I’m gettin while the gettins good if you know what I mean.

By RealtyTrac

November 12, 2006 11:55 AM | Link to this

I was flipping channels this morning and I came across the Real Estate Insiders. They said something that caught my attention.

They mentioned that RealtyTrac who reports these foreclosure rates are the ones that puts these homes on the market to sell. They gave a comparision like saying a gasoline company such as Amoco stating they are running out of gas. Implying it would create a negative atmosphere.

They also stated that yes foreclosures were obviously up but thats after historical lows. How much of this is true and how credible are the Real Estate Insiders?

By TANC

November 12, 2006 01:49 PM | Link to this

Not sure about RealtyTrac but I wouldn’t be surprised. Remember statistics can be easily manipulated to make them support just about whatever it is you want them to support. So it is right and proper to look to the source for credibility.

In the case of The Real Estate Insiders, the show has the Pres/CEO of Keyes Realtors as a major contributor along with mortgage folks and builders. The individuals they have are good and credible people but again, look at the source.

This link shows the scariest details I’ve ever seen…

http://www.ipre.com/trendg/images/palsld.PNG

Graph of For Sale and Solds from Illustrated Properties in Palm Beach Cty.

Yikes!

By ex-realtor

November 13, 2006 09:10 AM | Link to this

i’d say hell would be trying to save your networth while losing thousands every month making the payments on two townhouses my brother bought last year that still have no tenants. The real hell would the part about his wife’s constant bit#$%ng about the fact that he appears to be not the real estate mogul he thought he was.

Thanksgiving dinner at my home this year is going to be interesting. My goal is not to be alone with him for 5 minutes to allow him the opportunity to ask to borrow any money, yikes.

• dreading the holidays with donald trump

By NC has the flu?

November 13, 2006 08:49 PM | Link to this

I heard on the news tonite that the flu coming this winter has its first victims. The first area of the country to get the flu this winter they said is in North Carolina.

I think the Center for Disease Control may have it wrong. Those pockets of people in NC don’t have the flu, they’re just gott all stuffed up and their head’s starting aching when they realized they all got schnookered by paying way too much for their dream lots they bought with mountain views and scent of pies baking in the neighbor’s oven.

I think the NC infomercial guy’s on the local radio here peddling those lots should call the CDC and tell them they got it wrong.

By 180 easy payments

November 13, 2006 10:51 PM | Link to this

WSJ reported not too long ago the typical person who buys a vacant lot with plans to use for later in retirement or possibly build a vacation home, finances the land purchase with a mortgage of 10, 15, 20 years.

Seems like most an alligator to me, but maybe in NC or GA it would be black bear. Remember the Yogi Bear cartoons when you were a kid. That fat, wasted bear ate more than any alligator.

By postman

November 13, 2006 11:50 PM | Link to this

hey easy! havent forgot about you!

It kinda reminds me of back in the days when people hunted whales for fuel. They slaughtered so many whales , due to their own greed, that some species suffered near extinction.

Looks like what we may be doing to snowbirds here in Fl.

The possibly extinct snowbirdus floridicus. (Wyle E Coyote like reference)

By easyasabc

November 14, 2006 10:41 AM | Link to this

Several real estate notes here.

Singer Island residents looking for a construction halt on any more new condo projects. Reasons are traffic and enviromental issues.

Opera Towers is being canceled in West Palm Beach. Developer looking at rising construction costs as the reason to cancel. The real reason was that its design just sucks! Yes, thats right….it just sucked!

Several large townhomes/retail/office projects will be built along Federal Hwy. from Boca to West Palm Bch. Price range for townhomes starts from $600K to $2 million.

My friend told me that she knows a Palm Beach realtor who had to gave up both her Jaguar and Hummer because she cannot hack anymore in the real estate business. She is driving a KIA now, and her house is up for sale. The other agents in her office claim she has not made a sale in a year, and she lacks the skills to sell. They also say she is up to her neck in legal matters. She got dragged in some type of nonsense mess that will cost her big time. I will find out later what her problem was all about.

Another realtor note, many of the realtors are making sales here, they are just not reporting their income to the IRS. SHAME ON THEM! Everyone has to pay taxes, even businessmen who rob, cheat and steal everyday from people, even they have to pay taxes. Maybe the FEDS should stick around here and start investigating our local realtors and brokers. We are going to need more jail space when all is said and done here on dis-honest politicians, greedy developers, crooked lawyers and tax cheating realtors.

RCA/Postman….no one cares what you say anymore. Go back and eat your pudding.

On a foreclosure note, the owners name remains on the property until title changes hands from the bank to the new owners. Many banks are holding foreclosure property for now and not selling them. Can you guess why?

I do believe there are realtors who really need to survive, will jump on those 2% commissions. Some realtors are greedy and want a full 6%. Then again, those realtors are driving around in their used KIA’s these days.

You people at the Post are lazy, come on and do some newspaper work. Oh yes, today is tuesday…jeff is cutting Cerabino’s lawn and linda is getting her hair done.

easyasabc

By SARATOGA RESULTS

November 14, 2006 08:37 PM | Link to this

TONIGHTS RESULTS FROM SARATOGA 7TH RACE.

RUSSKIE BUILDER-WIN

CANDY STRIP NURSE-PLACE

RAFT W/O A PADDLE-SHOW

SLUTTY SUSIE-4TH

MIA BINGO DAGO-LAST

ONCE AGAIN, ALL RIDERS DISQUALIFIED DUE TO INCOMPETENCY

By postman

November 15, 2006 12:42 AM | Link to this

hey easy, you are just a loser. you keep thinking i am someone name rca. i only post to get in your head. and i accomplish my goal every single time. all i do is post the truth. when you get my name out of your mouth, you may end up living a more meaningful life. WHAT IS YOUR INSURANCE BILL THIS YEAR? chickenhawks like you can only pay state farm or citizens or pray for no cat 5 when you cant pay your insurance bill. easy is a great name for a loser. talk about something we dont know already. maybe you are an elephant. other set of losers.
Roaring 20’s Comparison

* Florida is once again ground zero on housing bubble bursting.
* The Fed admits it kept interest rates too low too long. See Confessions by the Fed.
* Credit derivatives are soaring.
* According to the International Swaps and Derivatives Association’s (ISDA) Mid-Year 2006 Market Survey, the notional value of credit derivatives outstanding grew 52 percent during the first six months of 2006 to $26 trillion. (see Economic Conditions and Emerging Risks in Banking)
* FDIC-insured institutions also reported a 13 percent increase in credit derivatives holdings, to $6.5 trillion, during the first half of 2006. (see Economic Conditions and Emerging Risks in Banking)
* Margin rules were relaxed.
* US credit quality is in 25-year retreat toward junk
* The US, Great Britain, Japan, China continue to be seduced by cheap money.
* Japan, China and other countries have interventionist monetary policies designed solely to help their exports and keep the US consumer borrowing binge going.
* Greenspan and the Fed simply refused to let the dotcom bubble play out. Instead we saw "Keynesian Folly" that did nothing but create an even bigger bubble in housing, putting off the inevitable one last time.
* The administration is telling everyone how great things are even as we slide into recession.

PEACE OUT, EASYB**