By Get in the Game

January 15, 2008 12:34 PM | Link to this

I thought subprime was not a ‘problem’ and not a ‘contagion.’ (even though it’s across all levels, not just subprime)

Like I keep typing markets runs in cycles, for a reason.

Irrational on the way up = irrational on the way down.

I am sure WCI’s Board wishes they would have taken $22/share.

Oh well, just like Citi was a ‘great buy’ at $41/share and the house builders were ‘undervalued’ in July 2007.

Yep.

PRICE TO EARNINGS for a reason.

Good job to OCWEN for finding a sucker to pay more than $4/share.

By easyasabc

January 15, 2008 12:39 PM | Link to this

Here I am……back to read the craziness that was written while I was gone…..and all the loonies came out…was there a full moon here???????…..I had to laugh at so many blog inputs here…….No, I do not write Hollywood stories……but if I did write one, it would be on this bunch of loonies here…..I do have family in the Hollywood business at high levels at one studio…..and we did talk about the writers strike when we met…..those writers make very good money on the crap that is out there……….Hollywood stars pay real estate commissions of 10-12% to sell their homes…….but I want to tell what is the big story out in California that deals with foreclosures…….homeowners who are about to get foreclosed on, “strip” the house down!….I mean anything and everything……doors, fixtures, hardware, appliances, kitchen & bathroom cabinets, landscape…..anything to make a buck for the owner before the bank takes the property over……even copper pipes are torn out of the home…..copper has value these days……and the houses are “as is” when they go on foreclosure list…..all types of homes I am talking about…..some local towns are considering homes to have doors and windows on them if abandon….they don’t want mountain lions or bears come down from the hills and make a home inside the house……….I see “Borders” is closing up shop at the PBL mall…..that whole mall will be torn down someday…..whatever will be built there, you can bet there will be a “Starbucks” there………so far, I can see you people talked about Nazi’s, Jesus, boys in the hood, sex, crime, and anything else but real estate while I was gone……….I am shocked!…just shocked that Jeff and Linda let some foul & sexist words get printed here while I was gone…especially when they censored my truthful stories and certain invitation before I left……I saw “CW” was back….then disappeared….did he say something that got his posts removed??????…..and it looks like “Madmax” and “Curious” were the only two around to sprew hatred here 24/7…….what else can two realtors do when they are not selling?………..I hear only 450 +/- sales last month……we have over 8,000 realtors here in this county…..do the math of who made money….and how many didn’t……….there are over 25,000 realtors from Ft. Pierce to Miami……within five years and the new tools that will be offered for selling real estate…we will have less than 5,000 within the same area…………Clevlanad mayor is suing local lenders for making his city a foreclosure nightmare…..believe me, Cleveland was the pits before the foreclosures started………..an upper class neighborhood outside of Detriot has upper class homes that were once selling for over $800k….are now selling at $400k……but then again, we are talking about Detriot………peopel are buying in California, especially asians and arabs…..and people are leaving also due to taxes and heading towards Arizona……any surfers here????….I saw some big waves along the Pacific Ocean coastline………Canyon Dr. through Palm Springs was packed with people…….I hear it is really packed during Spring Break……..there were warnings issued for Americans who travel to the Baja region of Mexico…..lots of rapes and robberies on Americans………..Did you know Jim Nabors and the Famous Amos cookie guy, made fudge together up in a house on a mountain in Hawaii?????…….I know Fla. Ren. will verified this story………..Was it “Mary” who was trying to sell and looking for advice?……Mary, please do not listen to people like Steve, Fink, HAHAHA guy or any other idiots who have an IQ of a pencil………we have someone new named “Harry”, who gets on Madmax nerves I see…..And no N.C. Pie boy I see….maybe he was too busy searching for drinking water as he digs wells in Mayberry……….Here is another thing I saw out in CA….old Hollywood stars advertising for reverse mortgage programs….they had James Garner, Robert Wagner and others…..USA paper had a story on the FBI going after all these lenders and realtors and scams with reverse mortgages ……just a matter of time when the locals here get caught…….there is no shame if someone here works as a waiter or a doorman at the Breakers……those guys get good tips……….the women out in California are full of plastic…..I heard one waitress was serving food at a restaurant and one of her implants busted and leaked over the food…..restuarant is geting sued of course by the people who had the meal……that is the only way people make money these days….on lawsuits….juries award people millions of dollars on injustices in life……..I see “RCA” came back and improved his vocabulary with saying some big words……you can’t find words like that on the side of a pudding box……but I do wish that someday we can see the photo of that idiot who posts long list of homes here on a milk carton….very boring, but easy to skip over to the next blog entry…..with all the languages that Madmax knows, he can easily get a job at the U.N. as a translator…..no joke Max, there are so many hot looking babes from various countries walking around there…..you can charm them in so many various languages…..and in return, you will get so many various language rejections from them……….I see our Vegas realtor reporter is gone….I bet she hooked up with Wayne Newton…….New Jersey has the most millionaires in the country….mostly in finance…..DOW is down over 200 points again at this time……money on paper is a bad bet these days…….Recession is here folks…..I have been telling you this for awhile…..and when the Republicans get kicked out of office, Depression will set in when the Bush tax credits get removed……we have many bills to pay, and no money is around….and no money is being made overseas with the trade market…….I beg you people, don’t vote for Hillary…..we had 20 years of two families running this country….we have other people….if Hillary gets in, it will 8 more years of Clintons……then Jeb Bush will run in 2016……I swear, I will pick up and move to Australia if this happens…..We have over 300 million people in this country….and we pick the same people all the time…….Primaries later on this month….expect the return of the guy with the big magnifying glass to look at ballots…..I suspected that was Mike Fink……as we speak….your stocks are sinking….fast!

easyasabc

By Rich R

January 15, 2008 4:35 PM | Link to this

Easy, welcome back.

I haven’t posted much because I really haven’t had much to say.

I’ve been enjoying the nasty bloodbath though.

Welcome back.

btw, I’m with you on this one…..

By easyasabc

January 15, 2008 4:56 PM | Link to this

Where is everyone today???????…..calling your stock broker????……..stocks down 277 points again….see what happens when you take your money out of real estate, go rent and put your profits into worthless paper!……..money is gone…..house is gone….then you are gone!……..Another story I have to tell about…..next big lawsuits happening with the legal field deals with “internet slander”….seems if you put people’s names and call them “schmucks” or a “jerk”….there is no claim….but if you said “Mr. so & so” is a wife beater, and is not……then you and the blog company who prints it, gets sued……but if you said that someone with a character blog named lets say, “Syphillis Gal”, has STD….you cannot get sued…because who is she??????…..she is a blog character, not a real identfying person……unless someone prints her phone number or address, then Syphillis Gal can walk away with a nice bundle…….anyone here can go out and call all the names you want against one another….but where would it get you?????……if people know some people here like they say they do……and the threats they make against them come true….they and the good old Palm Beach Post can get into trouble……anyone can really make threats against anyone today and nothing will happen to them…….except if you said something against our President….then you will have men with suits on, who wear sunglasses, and work for Uncle Sam, picking you up as you walk down to get get your mail or newspaper at the end of your drive………so all you liars out there….I am sorry, I mean all you lawyers out there, “internet slander” is the next big law cases to come after the foreclosure cases are done with…….thought let everyone know that!……..9 month low in stocks…….it is true for the renters out there….as we speak, your real estate sale profits are dropping!……….Recesssion is here folks…..even in the worst of times, owning property was better than owning paper…………sorry for all those mis-spelled words earlier in the day…….I thought our spelling teacher/renter, would be around to correct my spelling……..I think New England Patriots might choke this weekend…….just like “Carolina Gal” does everyday!……see, that is not liable!

easyasabc

By Michael Fink

January 15, 2008 5:14 PM | Link to this

Easy,

Not to get pulled into this argument again, but, historically, stocks have always beaten RE investment over a long period of time. To argue otherwise is just misguided; you and I both know that homes serve more as an inflation hedge then an investment vehicle.

Also, you totally neglect the impact of leverage. The stock market has fallen 10% over the past few months. People who are invested in the stock market, in general, lost about 10% (unleveraged), and may have actually made money (short). People make money on both sides of a stock market, it doesn’t matter where it goes, you just have to know where it’s going before it gets there.

Anyway, I digress. Let’s say you were in an index fund, and have lost 10% in the past few months. You have now seen your 100K investment drop in value to 90K.. That sucks, to put it bluntly, and nobody is happy about it.

But what about these people who bought a home a few years ago? They put up 10% of the 500K purchase price, and today, perhaps they could sell their home for 400K.

They have lost 100% of their investment. ALL OF IT. And, in fact, they actually have lost 200%, as they will owe the other 50K to get out of the bad purchase. Leverage, it’s wonderful on the way up, and absoultely devestaing on the way down. Don’t you see, a 10% move in the housing market, for most new buyers, is a 100% change in the value of their investment (10 to 1 leverage, or 10% downpayment, whichever way you want to look at it).

The stock market is down. It will probably continue to go down for the foreseeable future, because, in case you haven’t noticed, the major builders, banks, and pretty much every other business in any way linked to real estate is imploding.

I think it’s just so funny that you point to the stock market as a bad place for your money.. The reason the stock market is bad now is BECAUSE housing got so incredibly overpriced that it threatens the entire credit and banking system. And yet, you advocate buying the asset class that is currently crushing Wall St? Talk about increasing your exposure!

And, one last thing.. Even in the worst of times, property was better then paper? Are you familiar with the S. FL RE market during the great depression? Yes, paper sucked. Not nearly as bad as FL real estate, when it was selling for pennies on the dollar because of the massive speculation (using binder boys, which, in effect, was exactly what the developers were doing recently by allowing the pre-con flipping)..

The simple fact remains, people who have followed you advice over the past few years have lost money on their investments. You continue to gloss this over; but as we figure out more and more every day, the past few years were NOT a good time to buy. Inflation adjusted, those who bought towards the peak will NEVER recoup their investments.

By Curious

January 15, 2008 7:07 PM | Link to this

I do love this quote:

“If you’re an opportunistic buyer with enough cash and credit, it will be one of the best opportunities for acquiring property in our lifetime,” said Jack McCabe, whose McCabe Research & Consulting LLC in Deerfield Beach, Florida, advises hedge funds and other investors on real estate sales.

The rest of the story:

http://www.bloomberg.com/apps/news?pid=20601109&sid=aKTFOoHM.Jww&refer

I also love seeing big-time guys agreeing with what I have previously said here:

“As the U.S. housing slump drags into its third year, sellers will start cutting prices as much as it takes to find buyers, said Marcel Arsenault, a self-described “vulture investor.” Properties will be available to buyers with the financial strength to ride out the slide. Now that a price has been set, all that’s left is the waiting.”

Cheers!

:-)

By Get in the Game

January 15, 2008 11:28 PM | Link to this

Primary House DOES NOT = Investment

Additional house(s) with MONTHLY income stream = Investment

Not to mention less than 25% down…

The words MARGIN CALL ring true…

By Max Gives Fink a Truth Drink

January 15, 2008 11:48 PM | Link to this

There are all sorts of techniques to carry forward a debate. Mike Fink’s technique is amazingly simple: he lies.

Fink says:

“historically, stocks have always beaten RE investment over a long period of time.”

Can we all agree that 17 years is a long period of time?

Mr. Buffer likes to divide stock market history into 17 year cycles to demonstrate what a disaster investing in stocks is at the wrong time.

Hence, we have the Dow Jones Index closing at 874.13 to end 1964. Let’s be brave and round that to 875.

Can anyone guess what the Dow closed at 17 years later, in 1981? You guessed it, 875.

17 years of struggle, strife, blood sweat and tears, and if you were in Dow stocks for the long haul, you didn’t make a dime. Not one red cent in capital gains.

This was not during a depression or world war or anything like that. This was during a time when we got involved in a pointless foreigh war (Viet Nam), which gave way to a time of high oil prices. Sound familiar?

BTW, during the same time, the median house price went from 18,900 to 68,900 — an increase of over 265%.

Yeah, it would be a different world if things were as Fink claims; but they are not and never were. Fink picks up a BS generalization like the one above from some web site run by a psychotic adolescent, and doesn’t question it. There is no truth to 99% of what Fink says.

DO a bit of research, on the internet, folks. Just like the X-files, the truth (NOT “The Truth” from this blog, thank God) is out there.

+++++++++++++++++++

Curious is up to his usual crap, saything the stupidest things he can think of to say in order to get a little attention.

We have already been over how Jack McCabe has been promising to buy his investor Miami real estate “for pennies on the dollar” since 1995 — you can find it in the Washington Post as far back as then. It never happened. It probably never will happen.

For Jack, the game wasn’t buying real estate. It was raising half a BILLION bucks from suckers like Curious. Have they ever seen their money? Not likely.

SO where is the money Jack? Where is the interest on the money, Jack? Where are the taxes on the interest on the money, Jack?

By the way, where is the SEC filing for all this money, Jack? Doesn’t seem like anyone can find it.

The most important question is: where are the SEC, FBI and IRS through all of this? Do they not think half a billion dollars of investor money is worth protecting?

Jack is a “vulture” just as he promised. The problem for his “investors” is, they didn’t realize THEY are the prey.

Then there are the super-featherweights like “Marcel Arsenault.” You can call him “Who?” for short. I don’t think his own mother has heard of him. Naturally, this is what an intellect like Curious deems worth of reporting.

Curious, I know you are putting us on. You can’t be as STUPID as you pretend to be.

Can you?

By Mary

January 16, 2008 6:50 AM | Link to this

I would agree with the article that builders are in survival mode. That’s evident by all the articles detailing their problems, layoffs, financials, etc. There was an article in another paper about a builder who was building homes in the Stuart area that were selling in the 300’s and 400’s. He is now trying to complete the project by offering homes starting at $150k. Given all the news about the credit crunch and what is going on in the financial sector, it looks like we are a long way from seeing the bottom of this market. My realtor was saying how her mothers home was “appraised” at $240,000 and she unloaded it for $145,000 just to get rid of it. Of course she had no mortgage and was able to do that. Not a good time for us sellers.

By Max Can Not Believe What He is Reading

January 16, 2008 10:12 AM | Link to this

Mother Mary - Is that the same “realtor” who can’t get anyone to come to an open house?

Why. WHY, WHY on earth would someone with a paid off house sell it now, at half its perceived value. Can you spell S-T-U-P-I-D?

Either you are a liar or your friend is Curious.

BTW, and I am ABSOLUTELY serious, if you know anymore brain-dead sellers like that, please TELL me. If your realtor has any other senile mothers with houses to sell for no reason, let me know. Since she is licensed I can legally pay her handsome commissions through her broker.

Personally, the way you came out of nowhere, you smell like one of the regular liars with a new name. If what you are saying is true, tell you realtor friend to let you know of any other opportunitites like that.

By Mary

January 16, 2008 10:47 AM | Link to this

To Max everyone he disagrees with is a liar, stupid, or referred to by some other derogatory comment. Hereafter, I am putting him on ignore. That means ignoring any of his posts and proceeding to only read or comment on the article or from someone who is capable of writing without attacking or insulting. I would suggest others follow my lead.

By And Max Suggests...

January 16, 2008 10:51 AM | Link to this

..that Mary start being honest about who “she” really is and the reasons for her far-fetched stories.

By CW is where

January 16, 2008 11:25 AM | Link to this

Easyasabc, that’s a good question. Where is CW?

By Evergrene renter

January 16, 2008 11:48 AM | Link to this

I just heard Evergrene and/or WCI laid off 60 employees yesterday. Is that true?

By easyasabc

January 16, 2008 12:38 PM | Link to this

For people like “Mary” who think the builders are losing money….they are not……new homes that they had prices slashed at $50,000, were once sold one or two times over in the past year to buyers who forfeited their deposits of $60,000……builders want so much down when they lay the foundation, then more when the walls go up…then even more money when the roof goes on……and when the northern buyer could not sell their house up north….they had to walk away on what they put down on a deposit here……it was either lose one home or both homes…….northern sellers are asking very high prices for their 80+ year old homes in NY, NJ, and PA and they are not budging to reduce their prices as people in south florida have…….people cannot buy up their either because they also cannot get 100% financing from the lenders and do not even have 5% deposit of the asking price……so the builders here already have the money made from past defaults…..and the builders are also building in other states on cheap land, i.e. kentucky, tennessee & arkanasas……and builders also own large rental communties where monthly rent comes in like people named steve or bille bob who have min. wage jobs with their college school flag hanging in their apartment window…..so there is continuing flow of cash that the builders do tap on………builders have accountants who went to ivy league schools who know how to hide the money in overseas accounts, set up secondary companies, and report to the public of how bad they had it with the housing industry, so they could get govt. tax reductions while still making a large profit …….PEOPLE, WAKE UP, the corporate world are way smarter than you think….these buisness people lie, cheat and steal from you everyday…….now back to “Mary”….she popped it seemed while I was gone…..she might be new, but then again, it could be one of the regulars with a new name……sounds like a realtor to me pushing low prices….these realtors are really desperate these days to make money….they are hurting…..all driving around like mad dogs and approaching little old ladies about selling hteir houses….even some make connections with the local funeral directors……these realtors are competing with the ambulance chasing lawyers these days…..if we compile a list of “dirt bags”, I think we can have a list below, in no certain order…..

• realtors

• lawyers

• tow truck drivers

• politicians

• used car salesmen

• roofer

• mortgage lender

• cable repairmen

• traffic cops who hide in bushes to catch little old ladies who do 5 mph over the limit and are to afraid to patrol gang infested neighborhoods

• carnivale operators

• newspaper real estate reporters

• airport baggage handlers

• restaurant managers

If you can think of other “dirt bags”, add your list of occupations for us……and if you are one of the people I mention above….my condolence to you and your family……………stocks taking a rollercoastal ride toady……DOW is down 12% of its peak……look for more bad lending reports to come out……the “have nots” were way over their heads…..plus the corruption in the lending industry and the credit card expenses that americans have to pay back has screwed this country……..for every $1 a american makes….he/she spends $1.26….not good folks……need to save….and pay off those credit cards……will only be the very rich….and the very poor existing one day…..middle class will be wiped out.

easyasabc

By Eddie Haskell

January 16, 2008 3:46 PM | Link to this

Q: Whats the difference between a realtor, and a used car salesman?

A: The used car salesman has a better reputation.

Max can not be an American citizen. He speaks in three different languages on this blog, although two of them (French, and SPanish) are useless on the global market place.

Nevertheless, anyone who has traveled out of the country knows that real Americans do not speak 3 languages. While I was visitng South Africa, I heard this joke about Americans… If someone who speaks two languages is called ‘bilingual’, and someone who speaks three languages is called ‘trilingual’, what then do you call someone who speaks only one language??..AMERICAN!! haha. I love that joke.

Thus the reason I believe Max must not be American. Besides, what true American would choose to speak French anyway? The language of bitter, chain smoking, deoderant avoiding haters of America.

Which reminds me, the schools down here are doing the kiddies a disservice by making them learn Spanish. Schools should be teaching kids languaes that might do them some good in their careers.

Dump Spanish and French and teach them languages of the global business world. Japanese, German, Mandarin, Korean, etc… SPanish is fine if you plan on running a cleaning or fruit picking buisiness, but come on. French is fine if you plan on opening a restaurant that serves snails, or importing Renault cars, but come on. Give the kids something they can use towards a real career!

By Curious

January 16, 2008 8:58 PM | Link to this

Hey, hey, hey! A big-time winner possibility:

http://online.wsj.com/article/SB120036645057290423.html?mod=todaysusnonsubpageone

What say you?

:-)

By Konnen Sie Dass Glauben?

January 17, 2008 12:31 AM | Link to this

Who on this blog could be so twisted, so sick, that they advocate teaching German and Japanese in American schools?

There could only be two possibilities: “The Truth,” or more likely, the sickest Nazi of them all, Chicago Boy, Curt Cody.

In an America sinking into mediocrity, we still have only one major claim to greatness: We destroyed Germany and Japan. We fire-bombed Dresden. We dropped the only nukes ever deployed in history on Japan.

Now Nazi Chicago Boy would like to reverse the outcome of the great war for world freedom, teaching German and Japanese culture to all young Americans.

NEWS FLASH CURT: YOU are on the wrong side!

Due to circumstances I could not control, I grew up being able to speak German. But I never do except with close friends. Why? You open your mouth in German and that is the end of the party, the end of the business deal, the end of whatever you are trying to do. And rightly so.

These two nations were a cancer on mankind in the WWII era, and they have not done much to convince anyone of their redemption.

I suppose this is America and you can say any stupid thing you want, as above.

But I would sure feel better if I knew the FBI were keeping an eye on Chicago Boy and “The Truth.”

By Konnen Sie Dass Glauben?

January 17, 2008 12:31 AM | Link to this

Who on this blog could be so twisted, so sick, that they advocate teaching German and Japanese in American schools?

There could only be two possibilities: “The Truth,” or more likely, the sickest Nazi of them all, Chicago Boy, Curt Cody.

In an America sinking into mediocrity, we still have only one major claim to greatness: We destroyed Germany and Japan. We fire-bombed Dresden. We dropped the only nukes ever deployed in history on Japan.

Now Nazi Chicago Boy would like to reverse the outcome of the great war for world freedom, teaching German and Japanese culture to all young Americans.

NEWS FLASH CURT: YOU are on the wrong side!

Due to circumstances I could not control, I grew up being able to speak German. But I never do except with close friends. Why? You open your mouth in German and that is the end of the party, the end of the business deal, the end of whatever you are trying to do. And rightly so.

These two nations were a cancer on mankind in the WWII era, and they have not done much to convince anyone of their redemption.

I suppose this is America and you can say any stupid thing you want, as above.

But I would sure feel better if I knew the FBI were keeping an eye on Chicago Boy and “The Truth.”

By Jack McCabe

January 17, 2008 8:34 AM | Link to this

To set the record straight: I am advising hedge funds, investment banks, and individual high net worth investors on property acquisitions. I do not have a fund; I am not involved with collecting or supervising anyone’s money. All transactions occur directly between buyers and sellers, including capital flow. I advise and consult buyers for which I receive advisory fees. The Max character on this website apparently thrives on misinforming readers; the posts I’ve read are propaganda or outright lies. This individual has some obvious mental disorders as well. Regarding his posts about me, they have been absolutely incorrect and show a complete lack of knowledge of what I do. I’m sure his ridiculous statements and obvious personal issues are well known to regular readers. I recommend this individual seeks help before his antisocial behavior and seemingly vindictive and vengeful emotions places him in long term incarceration. Wait…on second thought… Jack

By The Washington Post on Jack McCabe

January 17, 2008 10:04 AM | Link to this

This is part of a Washington Post article McCabe was eager to offer information for, printed June 4, 2005:

==> McCabe is putting together limited-liability companies (LLCs) for small groups of up to 25 investors to buy new units, some of which are at the pre-construction stage today. The LLCs have varying minimum share requirements — anywhere from $30,000 to $50,000 at the low end to $1 million at the top. Their acquisition strategies and financing will depend upon the specific opportunities available, but will include holding and managing properties for extended periods, or shorter-term ownership followed by profitable resales when the market begins to recover. The LLCs expect to buy for all cash or use financing to increase leverage.

“We think there will be very attractive opportunities” beginning in the first quarter of 2006, he says. <==

All cash. HMMMM. I guess the Washington Post is as insane as me. Or maybe Jack McCabe is as insane as Jack McCabe, because he probably provided that information to the Washington Post.

Now, in fairness to Mr. McCabe, the real Jack McCabe can just call Jeff and give him a story.

Just the same, the stories from major news organizations are out there, and I did not write them.

Your Muckraking Moose, Max

By RCA

January 17, 2008 10:11 AM | Link to this

MAXI AND EASY

PAY ME TRICKS!

Americans pay for housing boom’s excess By MADLEN READ and JOE BEL BRUNO, AP Business Writers Wed Jan 16, 4:37 PM ET

The bill for America’s excessive borrowing during the housing boom has arrived, and more people are having trouble paying it.

JPMorgan Chase & Co. and Wells Fargo & Co., two of the nation’s biggest banks, on Wednesday joined a growing chorus warning that the subprime mortgage mess is just the start of a sweeping lending crisis. And some fear that consumers falling behind on all kinds of loan payments could tip the economy’s scale toward recession.

Strapped consumers are having a tough time making payments on credit cards, home-equity loans, and even for their cars. This has caused three of the top five U.S. commercial banks that have already reported damaging fourth-quarter results to set aside some $12.5 billion to cover future loan losses — and that number will likely grow as the year wears on.

Problems in the subprime mortgage market are rapidly spilling over into other areas of the economy. No matter what the experts call it — a recession, slowdown or even the makings of a depression — it’s clear banks are under mounting pressure to be more cautious about lending.

“If consumption growth stagnates, the odds of a recession are incredibly high,” said Andrew Bernard, director of the Center for International Business at the Tuck School of Business at Dartmouth. “All the pieces of household financial health are starting to be shakier, especially at the low end.”

He and others are paying close attention to what top U.S. banks say about their customers’ payment habits. Many view this as an early indicator about where the overall economy is headed, but there are other signs that are troublesome.

The stock market has had its worst start to the year in three decades, with investors rattled by signs from the Labor Department that unemployment is on the rise and retail sales are on the decline. Further, the Commerce Department reported Wednesday that higher costs for energy and food in 2007 pushed inflation for the year up by the largest amount in 17 years.

There was no sign of a turnaround in the last few months of the year. The Federal Reserve reported that the economy grew at a slower pace in late November and December as credit problems intensified and consumers tightened their spending.

To some, it appears that the Fed came to its rate-cutting decision in August a bit too late. Others point to the falling dollar and surging oil prices, factors that usually prevent the central bank from easing its monetary policy.

While debate persists about the Fed’s timing and the extent of the slowdown, bank executives — who have scrambled to prepare for another tumble in home prices and higher unemployment in 2008, feel academic definitions are beside the point.

“We’re not predicting a recession — it’s not our job — but we’re prepared,” JPMorgan Chase CEO Jamie Dimon told analysts after the nation’s third-largest bank wrote down $1.3 billion and said profit dropped 34 percent.

His financial institution didn’t do all that bad. Rival Citigroup Inc. fared the worst during the fourth quarter, losing $9.83 billion after writing down the value of its portfolio of mortgage and mortgage-backed products by $18.1 billion.

Wells Fargo, a more traditional bank that avoided last year’s trading woes, saw its profit fall 38 percent due to troubles with home equity loan and mortgage defaults.

JPMorgan is girding for home prices to decline further in 2008 by 5 percent to 10 percent; Citigroup’s estimate of 7 percent falls within that range, too.

“The banks are the infrastructure for everything, the heartbeat of the market,” said Chris Johnson, president of Johnson Research Group. “They need to be fixed before the market, and economy, can move forward with confidence. They need to get all their dirty laundry out there.”

Banks and card companies like American Express Co. — which warned last week that it would add $440 million to loan loss provisions — said in the regions where home prices are declining, card default rates are rising faster. The same goes for auto loans, subprime mortgages and home equity loans in these areas, which include Florida, Michigan and California.

A big reason for the rise in credit card default rates is that they are returning to more usual levels following a change in bankruptcy law that sent rates lower for a time. But the fact that more losses are being seen in the weaker parts of the country shows the increase is economically driven as well.

Analysts believe this means one thing: Consumers will be the ones paying for years of lax lending standards by U.S. financial institutions. Many will become more restrictive about who gets credit in a bid to stem future losses — and that could curb consumer spending, which accounts for more than two-thirds of the economy.

“We’ve pushed the envelope,” Johnson said. “Along with the joy of a market that goes as high as ours is the agony of when it starts to correct itself.”

By RCA

January 17, 2008 10:11 AM | Link to this

MAXI AND EASY

PAY ME TRICKS!

Americans pay for housing boom’s excess By MADLEN READ and JOE BEL BRUNO, AP Business Writers Wed Jan 16, 4:37 PM ET

The bill for America’s excessive borrowing during the housing boom has arrived, and more people are having trouble paying it.

JPMorgan Chase & Co. and Wells Fargo & Co., two of the nation’s biggest banks, on Wednesday joined a growing chorus warning that the subprime mortgage mess is just the start of a sweeping lending crisis. And some fear that consumers falling behind on all kinds of loan payments could tip the economy’s scale toward recession.

Strapped consumers are having a tough time making payments on credit cards, home-equity loans, and even for their cars. This has caused three of the top five U.S. commercial banks that have already reported damaging fourth-quarter results to set aside some $12.5 billion to cover future loan losses — and that number will likely grow as the year wears on.

Problems in the subprime mortgage market are rapidly spilling over into other areas of the economy. No matter what the experts call it — a recession, slowdown or even the makings of a depression — it’s clear banks are under mounting pressure to be more cautious about lending.

“If consumption growth stagnates, the odds of a recession are incredibly high,” said Andrew Bernard, director of the Center for International Business at the Tuck School of Business at Dartmouth. “All the pieces of household financial health are starting to be shakier, especially at the low end.”

He and others are paying close attention to what top U.S. banks say about their customers’ payment habits. Many view this as an early indicator about where the overall economy is headed, but there are other signs that are troublesome.

The stock market has had its worst start to the year in three decades, with investors rattled by signs from the Labor Department that unemployment is on the rise and retail sales are on the decline. Further, the Commerce Department reported Wednesday that higher costs for energy and food in 2007 pushed inflation for the year up by the largest amount in 17 years.

There was no sign of a turnaround in the last few months of the year. The Federal Reserve reported that the economy grew at a slower pace in late November and December as credit problems intensified and consumers tightened their spending.

To some, it appears that the Fed came to its rate-cutting decision in August a bit too late. Others point to the falling dollar and surging oil prices, factors that usually prevent the central bank from easing its monetary policy.

While debate persists about the Fed’s timing and the extent of the slowdown, bank executives — who have scrambled to prepare for another tumble in home prices and higher unemployment in 2008, feel academic definitions are beside the point.

“We’re not predicting a recession — it’s not our job — but we’re prepared,” JPMorgan Chase CEO Jamie Dimon told analysts after the nation’s third-largest bank wrote down $1.3 billion and said profit dropped 34 percent.

His financial institution didn’t do all that bad. Rival Citigroup Inc. fared the worst during the fourth quarter, losing $9.83 billion after writing down the value of its portfolio of mortgage and mortgage-backed products by $18.1 billion.

Wells Fargo, a more traditional bank that avoided last year’s trading woes, saw its profit fall 38 percent due to troubles with home equity loan and mortgage defaults.

JPMorgan is girding for home prices to decline further in 2008 by 5 percent to 10 percent; Citigroup’s estimate of 7 percent falls within that range, too.

“The banks are the infrastructure for everything, the heartbeat of the market,” said Chris Johnson, president of Johnson Research Group. “They need to be fixed before the market, and economy, can move forward with confidence. They need to get all their dirty laundry out there.”

Banks and card companies like American Express Co. — which warned last week that it would add $440 million to loan loss provisions — said in the regions where home prices are declining, card default rates are rising faster. The same goes for auto loans, subprime mortgages and home equity loans in these areas, which include Florida, Michigan and California.

A big reason for the rise in credit card default rates is that they are returning to more usual levels following a change in bankruptcy law that sent rates lower for a time. But the fact that more losses are being seen in the weaker parts of the country shows the increase is economically driven as well.

Analysts believe this means one thing: Consumers will be the ones paying for years of lax lending standards by U.S. financial institutions. Many will become more restrictive about who gets credit in a bid to stem future losses — and that could curb consumer spending, which accounts for more than two-thirds of the economy.

“We’ve pushed the envelope,” Johnson said. “Along with the joy of a market that goes as high as ours is the agony of when it starts to correct itself.”

By RCA

January 17, 2008 10:11 AM | Link to this

MAXI AND EASY

PAY ME TRICKS!

Americans pay for housing boom’s excess By MADLEN READ and JOE BEL BRUNO, AP Business Writers Wed Jan 16, 4:37 PM ET

The bill for America’s excessive borrowing during the housing boom has arrived, and more people are having trouble paying it.

JPMorgan Chase & Co. and Wells Fargo & Co., two of the nation’s biggest banks, on Wednesday joined a growing chorus warning that the subprime mortgage mess is just the start of a sweeping lending crisis. And some fear that consumers falling behind on all kinds of loan payments could tip the economy’s scale toward recession.

Strapped consumers are having a tough time making payments on credit cards, home-equity loans, and even for their cars. This has caused three of the top five U.S. commercial banks that have already reported damaging fourth-quarter results to set aside some $12.5 billion to cover future loan losses — and that number will likely grow as the year wears on.

Problems in the subprime mortgage market are rapidly spilling over into other areas of the economy. No matter what the experts call it — a recession, slowdown or even the makings of a depression — it’s clear banks are under mounting pressure to be more cautious about lending.

“If consumption growth stagnates, the odds of a recession are incredibly high,” said Andrew Bernard, director of the Center for International Business at the Tuck School of Business at Dartmouth. “All the pieces of household financial health are starting to be shakier, especially at the low end.”

He and others are paying close attention to what top U.S. banks say about their customers’ payment habits. Many view this as an early indicator about where the overall economy is headed, but there are other signs that are troublesome.

The stock market has had its worst start to the year in three decades, with investors rattled by signs from the Labor Department that unemployment is on the rise and retail sales are on the decline. Further, the Commerce Department reported Wednesday that higher costs for energy and food in 2007 pushed inflation for the year up by the largest amount in 17 years.

There was no sign of a turnaround in the last few months of the year. The Federal Reserve reported that the economy grew at a slower pace in late November and December as credit problems intensified and consumers tightened their spending.

To some, it appears that the Fed came to its rate-cutting decision in August a bit too late. Others point to the falling dollar and surging oil prices, factors that usually prevent the central bank from easing its monetary policy.

While debate persists about the Fed’s timing and the extent of the slowdown, bank executives — who have scrambled to prepare for another tumble in home prices and higher unemployment in 2008, feel academic definitions are beside the point.

“We’re not predicting a recession — it’s not our job — but we’re prepared,” JPMorgan Chase CEO Jamie Dimon told analysts after the nation’s third-largest bank wrote down $1.3 billion and said profit dropped 34 percent.

His financial institution didn’t do all that bad. Rival Citigroup Inc. fared the worst during the fourth quarter, losing $9.83 billion after writing down the value of its portfolio of mortgage and mortgage-backed products by $18.1 billion.

Wells Fargo, a more traditional bank that avoided last year’s trading woes, saw its profit fall 38 percent due to troubles with home equity loan and mortgage defaults.

JPMorgan is girding for home prices to decline further in 2008 by 5 percent to 10 percent; Citigroup’s estimate of 7 percent falls within that range, too.

“The banks are the infrastructure for everything, the heartbeat of the market,” said Chris Johnson, president of Johnson Research Group. “They need to be fixed before the market, and economy, can move forward with confidence. They need to get all their dirty laundry out there.”

Banks and card companies like American Express Co. — which warned last week that it would add $440 million to loan loss provisions — said in the regions where home prices are declining, card default rates are rising faster. The same goes for auto loans, subprime mortgages and home equity loans in these areas, which include Florida, Michigan and California.

A big reason for the rise in credit card default rates is that they are returning to more usual levels following a change in bankruptcy law that sent rates lower for a time. But the fact that more losses are being seen in the weaker parts of the country shows the increase is economically driven as well.

Analysts believe this means one thing: Consumers will be the ones paying for years of lax lending standards by U.S. financial institutions. Many will become more restrictive about who gets credit in a bid to stem future losses — and that could curb consumer spending, which accounts for more than two-thirds of the economy.

“We’ve pushed the envelope,” Johnson said. “Along with the joy of a market that goes as high as ours is the agony of when it starts to correct itself.”

By easyasabc

January 17, 2008 10:12 AM | Link to this

I believe we need some humor here……too many of you are on a hate spree…..what happen when I was gone????…..Linda erased my proposal of marriage to her, and her and Jeff leaves all this hate crap on…..it is time to “Make You Laugh”…..

Jesus and Satan were having an on-going argument about who was better on the computer. They had been going at it for days, and frankly God the Father was tired of hearing all the bickering.

Finally fed up, God the Father said, ‘THAT’S IT! I have had enough. I am going to set up a test that will run for two hours, and from those results, I will judge who does the better job.’

So Satan and Jesus sat down at the keyboards and typed away.

They moused.

They faxed.

They e-mailed.

They e-mailed with attachments.

They downloaded.

They did spreadsheets!

They wrote reports.

They created labels and cards.

They created charts and graphs.

They did some genealogy reports

They did every job known to man.

Jesus worked with heavenly efficiency and Satan was faster than hell.

Then, ten minutes before their time was up, lightning suddenly flashed across the sky, thunder rolled, rain poured, and, of course, the power went off.

Satan stared at his blank screen and screamed every curse word known in the underworld.

Jesus just sighed.

Finally the electricity came back on, and each of them restarted their computers.

Satan started searching frantically, screaming: ‘It’s gone! It’s all GONE! I lost everything when the power went out!’

Meanwhile, Jesus quietly started printing out all of his files from the past two hours of work.

Satan observed this and became irate. ‘Wait!’ he screamed. ‘That’s not fair! He cheated! How come he has all his work and I don’t have any?’

God the Father just shrugged and said,

‘JESUS SAVES!’

By I'm out

January 17, 2008 10:12 AM | Link to this

Long time reader, occassional poster, I am now outta here. This blog has fallen to junk status. There is zero useful information from it, from the posters on both sides of the discussion, to the Palm Beach Post writers themselves who list the topics.

Thsi blog has turned into nothing more than a junior high schoolyard fight. The Palm Beach Post has lost control of this blog. It has been hijacked by little people with mental issues. How pointless that grown men have nothing better to do than squabble about nothing, thinking they are something. There used to be posters on both sides of the debate that were intelligent, brought their points to us in a well mannered and thought out way, but not anymore. I see nobody here anymore who has enough intelligence and business sense that any of us should listen to about real estate, let alone on how to tie one’s own shoes.

Good day. So long. Farewell. Good riddance.

By The Washington Post on Jack McCabe

January 17, 2008 10:17 AM | Link to this

This is part of a Washington Post article McCabe was eager to offer information for, printed June 4, 2005:

==> McCabe is putting together limited-liability companies (LLCs) for small groups of up to 25 investors to buy new units, some of which are at the pre-construction stage today. The LLCs have varying minimum share requirements — anywhere from $30,000 to $50,000 at the low end to $1 million at the top. Their acquisition strategies and financing will depend upon the specific opportunities available, but will include holding and managing properties for extended periods, or shorter-term ownership followed by profitable resales when the market begins to recover. The LLCs expect to buy for all cash or use financing to increase leverage.

“We think there will be very attractive opportunities” beginning in the first quarter of 2006, he says. <==

All cash. HMMMM. I guess the Washington Post is as insane as me. Or maybe Jack McCabe is as insane as Jack McCabe, because he probably provided that information to the Washington Post.

Now, in fairness to Mr. McCabe, the real Jack McCabe can just call Jeff and give him a story.

Just the same, the stories from major news organizations are out there, and I did not write them.

Your Muckraking Moose, Max

By I'm out

January 17, 2008 10:24 AM | Link to this

Long time reader, occassional poster, I am now outta here. This blog has fallen to junk status. There is zero useful information from it, from the posters on both sides of the discussion, to the Palm Beach Post writers themselves who list the topics.

Thsi blog has turned into nothing more than a junior high schoolyard fight. The Palm Beach Post has lost control of this blog. It has been hijacked by little people with mental issues. How pointless that grown men have nothing better to do than squabble about nothing, thinking they are something. There used to be posters on both sides of the debate that were intelligent, brought their points to us in a well mannered and thought out way, but not anymore. I see nobody here anymore who has enough intelligence and business sense that any of us should listen to about real estate, let alone on how to tie one’s own shoes.

Good day. So long. Farewell. Good riddance.

By And Max Adds

January 17, 2008 10:29 AM | Link to this

The rhetoric above from “Jack McCabe” is all over the internet, as to what he does. But it is interesting nonetheless. For example:

“I advise and consult buyers for which I receive advisory fees.”

That is, as it turns out, a restatement of real estate activity requiring a real estate license in the State of Florida.

Guess what Mr. McCabe doesn’t have. He is going all over the place admitting his guilt in a felony. Yes, a felony.

Try finding Mr. McCabe’s license for yourself, on myfloridalicense.com

So anyone out there who wants a lark can report Mr. McCabe to the Florida Real Estate Commission, and copy any real article that quotes him explaining what he does for a living.

Sorry folks, I neither wrote FS 475 nor told Jack McCabe what stupid things to say.

By easyasabc

January 17, 2008 10:29 AM | Link to this

More humor…..

A minister decided to have a visual demostration on his Sunday sermon….The minister had four worms…one worm was put into a jar of alcohol…one worm was put in a jar cigarette smoke…one worm put in a jar of chocolate syrup…and one worm was put in a jar of good clean soil….

At the end of the sermon, the Minister showed the jars….only the worm in the soil was still alive….he asked the people in church “what does this mean?”…….

Maxine stood up in the back of the church and said…”As long you drink, smoke and eat chocolate, you won’t have worms!”

That pretty much ended the service….

By Mary

January 17, 2008 10:40 AM | Link to this

To By I’m Out. I couldn’t agree with you more. I use to enjoy reading the articles and various posts including the different opinions people had and rarely posted myself. Now it’s evolved to childish putdowns, insults and threats which was why I suggested everyone ignore this Max character and focus on the way it use to be. If it doesn’t change for the better soon, I’ll be joining you on the sidelines.

By easyasabc

January 17, 2008 10:41 AM | Link to this

Father O’Malley had a rough day….he did five last rite services….three funerals….visted the elderly at the old folks home….did a marriage encounter meeting…..saw the sick at the hospital….talked with the AA group…..and helped at an accident scene on the highway going back to the Rectory…..Father O’Malley was very tired and he was ready to go to bed when the door bell rang at 1 AM… a man was at his door with a dead dog…he asked Father O’Malley if he could help him bury his dead dog and say some words…..Father O’Malley was very tired and told the man to see either the Minister or the Rabbi down the street and see if they can help the man and his dead dog……..the man said he would, but before he left, he asked the Father O’Malley ….”What is the proper donation to make to help bury a dead dog????….Would $10,000 be O.K. ????”

Father O’Malley looked at the man and said…”Jesus, why didn’t you tell me that the dog was Catholic!”

By easyasabc

January 17, 2008 10:50 AM | Link to this

From now on, anyone leaving this blog, this state or this earth….must sing this song to make it official…..(Side note….I thought Julie Andrews was really hot looking back in the 60’s)

There’s a sad sort of clanging From the clock in the hall And the bells in the steeple, too And up in the nursery An absurd little bird Is popping out to say coo-coo (Coo-coo, coo-coo)

Regretfully they tell us coo-coo But firmly they compel us to say goodnight coo-coo

To you

So long, farewell Auf Wiedersehen, goodnight

I hate to go and leave this pretty sight

So long, farewell Auf Wiedersehen, adieu

Adieu, adieu To you and you and you

So long, farewell Au revoir, Auf Weidersehen

I’d like to stay And taste my first champagne

yes?

no!

So long, farewell Auf Weidersehen, goodbye

I leave and heave A sigh and say goodbye Goodbye

I’m glad to go I cannot tell a lie

I flit, I float I fleetly flee, I fly

The sun has gone To bed and so must I

So long, farewell Auf Weidersehen, goodbye

Goodbye Goodbye Goodbye

Goodbye

By easyasabc

January 17, 2008 11:06 AM | Link to this

Father Murphy and Sister Mary were visitng the reservations out in the New Mexico desert.

They had a long day and had many miles to go back to their church which was on the other side of the state.

There was a fierce storm, and they were unable to see the road in front of them. Sister Mary suggested they needed to stop at the next motel to get two rooms for the night.

A motel was seen, Father Murphy pulled over. The motel clerk said there was only one room left with one double size bed.

The priest asked how far is the next motel, and it was 200 miles away!

As being responsible adults, the priest and the nun agreed it was too dangerous to go on further, and would get the room for the night.

The nun took her shower and went to bed, and then the priest took his shower and soon followed.

Father Murphy turned off the light and said “Good night Sister Mary”….and she said “Good night Father”

after a few minutes, Sister Mary said she was cold……Father Murphy got up and got a blanket and put it on Sister Mary….

well, Sister Mary still complained a few more times about being cold….and Father Murphy got up each time and put several more blankets on the bed for her…..

Sister Mary then said to Father…”I am still cold, why don’t we do what the married people do?????”…..

Father Murphy said to Sister Mary……”O.K……you get up and get your own damn blanket!”

By Nuttiest Things Said by Bloggers

January 17, 2008 11:17 AM | Link to this

Before I start, a technical correction is necessary. Mary writes to her supposed cohorts:

“If it doesn’t change for the better soon, I’ll be joining you on the sidelines.”

What Mary SHOULD have said was: ” I’ll be joining you on the breadlines.”

++++++++++++++++++

Now, I have to make the case to “easyasabc” that there is plenty of comedy to be found right here on the blog. To wit, and as a public service, Max now presents:

MOST OUTLANDISH THINGS SAID BY BLOGGERS

These are all not only authentic, but represent arguements psychotic bloggers repeatedly tried to press.

“Max is a Swedish woman.”

OK, folks, just call me Pia from now on.

+++++++++++++++++++

“We should be teaching German and Japanese in our public schools.”

Right, you nut case. Heil Haskell.

+++++++++++++++++++

Now, I have my doubts about Curious. He seems to think he has some type of reverse-psychology thing, or argument via exaggeration, going on. I have trouble believing ANYONE is really as crazy as he sounds. Nonetheless, there it is, coming close on the heels of his bragging that he could find renters by asking for half the rent.

A true nut job, no matter how you slice it.

+++++++++++++++++++

I would suggest to RCA that he escape this horror by committing suicide now — but it is tough to kill yourself by jumping out of a basement window.

+++++++++++++++++++

Finally, the most OUTRAGEOUS

That’s right, folks. If you suspect your landlord may be letting the house go for foreclosure, why pay him the rent you contracted to? After all, who is going to catch you?

This is #1 because it is the direct product of a sick mind— a direct call for you to transgress both the law and every ethical principle you ever defined yourself by.

In fairness to the Bloggers here, folks from all sides rose up in protest, and Fink’s appearances have been few and far between since then.

IT TAKES ALL KINDS, FOLKS!

By easyasabc

January 17, 2008 11:40 AM | Link to this

One last note for the day……

This stuff about Germany and Japan……Germany was a rising industrial nation in Europe before Hitler came around……sure, we bombed the crap out of their cities…we fire bombed little nazi kids in the streets….we could not do that stuff today with CNN, ABC, NBC and CBS around……their cities and towns were wiped out….it was American money, and the Marshall Plan that re-built Germany…..Germany has a great banking industry, a major power today in the economic world…they gave us high priced autos for pricks like doctors and lawyers to drive around in…..showed us that expressways were a fast way to get around…..gave us a few great tennis players….they had a few notable Olympics….show us what a good time is all about at Oktoberfest…..Germans make great glassware and china…..and make pretty good clocks with birds that pop out of them…….as for the Japs…yeah, we nuked them twice….and they forgave us…..they also re-built their economy with U.S.A. help….they made billions from the Korean and Vietnam war through economic trade ……showed us that there was more than chop suey to eat….made economic gas saving cars for the middle class….started large banks on their own, so our country can borrow credit from their country…..introduced karaoke, sushi bars, Godzilla and Tiger Woods to us………..the war ended over 60 years ago……..these people are our friends…….do I trust them???…No……but it is still a good idea to learn from them…..know their language….and their financial thinking……..who knows….maybe “Farsi” would be taught in schools in 30 years from now….and Baghdad would be the capital of financial institution…..I think Dubai is not to far away from now…….there could be direct business flights from JFK airport to the future G.W. Bush airport in Baghdad someday……

I talked too much already today…..waiting for my Madcow medication from France…….I hope I did not offend Rich R. from not buying his stuff from Mayberryland.

BTW, did anyone buy or sell lately?????….stocks down over 100 points already…..look for a bottom of 10,500 to 11,500…..Recession is here….Depression soon to follow whoever is president.

Please look up the education, crime reports and health care in both Germany and Japan…..they are far better off than we are…..if they come here and want to buy your real estate…let them…..money is money.

easyasabc

By Rich R

January 17, 2008 11:59 AM | Link to this

Easy,

I don’t recall offering to sell you anything.

To answer your question, I just closed a 24.6+/- acre farm in Wake County. Was in foreclosure and I was able to pick it up for about 55% of value.

Good deal, all cash, no carrying costs, taxes very low for farm land.

Let the rezoning begin again.

By RCA

January 17, 2008 1:56 PM | Link to this

400,000 T0 125,000

WATCH YOUR STOCK FALL.

BETTER YET, DONT QUOTE ME.

JUST WATCH CNBC OR CRAMER BEGGING FOR HELP.

BUSH WANTS TO GIVE YOUR MONEY TO THE RICH THAT WILL NEVER TRICKLE DOWN TO YOU, JUST LIKE REAGAN WHO WAS LOSING HIS MIND ANYWAY.

JUST PAY ME IN EUROS OR CANADIAN DOLLARS FOOL.

I AM NOT MAKING YOU PAY FOR HIGH GAS AND FOOD OR FORCED YOU TO BUY A HOME THINKING YOU WERE GOING TO MAKE 75% PROFIT WITHIN A YEAR.

I REMEMBER THIS DAY LIKE IT WAS IN OCTOBER 2005. PRICES NEVER FALL?

PLEASE, SOUTH FLORIDA WILL BE THE NEW ATLANTIS VERY SOON, ST LUCIE IS WAY UNDERWATER ALREADY AND CAPE CORAL PRICES ARE UNDER 100,000.

NOW THE STATE HAS KICKED OUT ALLSTATE. MAY CRIST WILL KICK OUT ALL INSURANCE COMPANIES AND THEN YOU CAN SELF INSURE YOURSELF AND INSURE YOURSELF WITH YOUR OWN MONEY OR JUST LOSE IT ALL IN A HURRICANE.

MAYBE I CAN RUN A ROOFING BUSINESS OR SOMETHING.

NO, I GOT MONEY AND YOU DONT.

HA, HA, HA!

By RCA

January 17, 2008 1:56 PM | Link to this

400,000 T0 125,000

WATCH YOUR STOCK FALL.

BETTER YET, DONT QUOTE ME.

JUST WATCH CNBC OR CRAMER BEGGING FOR HELP.

BUSH WANTS TO GIVE YOUR MONEY TO THE RICH THAT WILL NEVER TRICKLE DOWN TO YOU, JUST LIKE REAGAN WHO WAS LOSING HIS MIND ANYWAY.

JUST PAY ME IN EUROS OR CANADIAN DOLLARS FOOL.

I AM NOT MAKING YOU PAY FOR HIGH GAS AND FOOD OR FORCED YOU TO BUY A HOME THINKING YOU WERE GOING TO MAKE 75% PROFIT WITHIN A YEAR.

I REMEMBER THIS DAY LIKE IT WAS IN OCTOBER 2005. PRICES NEVER FALL?

PLEASE, SOUTH FLORIDA WILL BE THE NEW ATLANTIS VERY SOON, ST LUCIE IS WAY UNDERWATER ALREADY AND CAPE CORAL PRICES ARE UNDER 100,000.

NOW THE STATE HAS KICKED OUT ALLSTATE. MAY CRIST WILL KICK OUT ALL INSURANCE COMPANIES AND THEN YOU CAN SELF INSURE YOURSELF AND INSURE YOURSELF WITH YOUR OWN MONEY OR JUST LOSE IT ALL IN A HURRICANE.

MAYBE I CAN RUN A ROOFING BUSINESS OR SOMETHING.

NO, I GOT MONEY AND YOU DONT.

HA, HA, HA!

By RCA

January 17, 2008 1:56 PM | Link to this

400,000 T0 125,000

WATCH YOUR STOCK FALL.

BETTER YET, DONT QUOTE ME.

JUST WATCH CNBC OR CRAMER BEGGING FOR HELP.

BUSH WANTS TO GIVE YOUR MONEY TO THE RICH THAT WILL NEVER TRICKLE DOWN TO YOU, JUST LIKE REAGAN WHO WAS LOSING HIS MIND ANYWAY.

JUST PAY ME IN EUROS OR CANADIAN DOLLARS FOOL.

I AM NOT MAKING YOU PAY FOR HIGH GAS AND FOOD OR FORCED YOU TO BUY A HOME THINKING YOU WERE GOING TO MAKE 75% PROFIT WITHIN A YEAR.

I REMEMBER THIS DAY LIKE IT WAS IN OCTOBER 2005. PRICES NEVER FALL?

PLEASE, SOUTH FLORIDA WILL BE THE NEW ATLANTIS VERY SOON, ST LUCIE IS WAY UNDERWATER ALREADY AND CAPE CORAL PRICES ARE UNDER 100,000.

NOW THE STATE HAS KICKED OUT ALLSTATE. MAY CRIST WILL KICK OUT ALL INSURANCE COMPANIES AND THEN YOU CAN SELF INSURE YOURSELF AND INSURE YOURSELF WITH YOUR OWN MONEY OR JUST LOSE IT ALL IN A HURRICANE.

MAYBE I CAN RUN A ROOFING BUSINESS OR SOMETHING.

NO, I GOT MONEY AND YOU DONT.

HA, HA, HA!

By Max Says Thanks, Fink

January 17, 2008 2:41 PM | Link to this

Gee Fink, if I didn’t know from you that stocks always out perform real estate in the long run, I’d be worried.

Let this be just the beginning of the lesson to the wise asses who think stocks outperform real estate.

It’s not even a matter of outperform. If you bought a house, your kids will probably sleep warm and dry tonight.

If you bought stocks, you are f—-ed.

Maybe little weasles like Fink will now learn the difference. If the theoretical value of your house goes down 20% while you live in it, that’s not a problem. If your stocks go down 20% — 0r 40 — or 60 — that’s a disaster.

Once again Fink, end of year 1964, Dow closes at: 875.

Seventeen years later, 1981, Dow closes at: 875.

Maybe you can use your stock certificates if you can’t afford toilet paper.

By Max Says Who Does RCA Think He is Kidding

January 17, 2008 2:59 PM | Link to this

RCA - YOU are broke even comparedc to Mike FINK!!!!

What is this now, your 5th “career” you started since being on this blog?

I would hate to have to depend on the “money” you have, RCA.

And by the way — tubes went out 40 years ago!

By easyasabc

January 17, 2008 3:22 PM | Link to this

Looks like RCA got his computer back at the asylum……don’t believe RCA’s talk about him investing in Euros or canadian dollars….they don’t even want him cross into their borders……RCA might get a few bills at the money exchange rate counter at the airport…..if RCA is a roofer, that would explain his head problem….too many second story falls…..hey RCA, do you get those big boxes of pudding cups at Costco?????…..stocks down over 200 points……I think Fink is using that paper now in the men’s room…..Bernenke has no clue of where this economy is going….he is just here for the ride until a new president takes over…..note about Fink with rent and foreclosures…..landlords who are foreclosed, their renters have sometimes less than 30 days to get out…..and if renters do find out that their landlord will get foreclosed on, they will never pay rent…..it will take months for the sheriff to evict them with all that paper work…..banks can evict renters on foreclosed property in a matter of days………….big auction going on Atlanta this weekend on property…..all types of homes…all prices…..all types of neighborhoods…..I wonder if our old friend Tonya and her husband the sheriff, will get in on any of that??????……anyone see that Atlanta couple on “Flip this House”….she is an ex-model/street walker….and he is some ex-pimp….they buy and try to sell houses in the ghetto areas…..her with her Starbucks coffee in her hand as she walks around in her $500 pair of jeans…..him with his angry looks to Hillbille contractors who screw up on repairs……and that one city inspector always giving them fines for not having permits for construction……then they have “investors”, who are usually jewsih guys who don’t know what to do with their money…..they hook up up with the woman and her husband…..she must have dirty pictures on them for blackmail……..their houses never sell, and sometimes have work stop on it all together……..one show had the husband sending the wife’s friend out to look for made-up plumbing fixture, just to have her out of his way for the day………..with new home construction down, it should help existing house sales out there………one last thing, about a week or so, I saw some federal govt. housing guy in california, on one of the news channels having a housing chart that dealt with prices and growth……I swear to God, that he had the years of 1880’s on it ……I heard from people telling me that realtors don’t even want to go back six months of sale prices……we just have too many stupid people in this country…….no wonder the arabs want to destroy us…..with all that land that Rich R. is buying up in NC, I wonder if he is barb-wiring his land collection????…..don’t want people like Fink as squatters on your land…..maybe Rich R. has ranch gate with a big “R” at the top of it…..I bet he has a pig outside of his barn……or was that Carolina Gal in the slop??????…….with the rate this economy going, I would suggest for Rich R. on dividing the land up for trailer parks!

easyasabc

By RCA

January 17, 2008 8:27 PM | Link to this

I SAID PAY ME IN EUROS

The sad, sorry truth eluded to in this article is something that most Americans are loath to admit, because it strikes far too close to home.

For the better part of almost 2 generations, Americans as a government, and as individuals have been like a dry drunk suddenly given ownership of a whiskey distillery. Everyday Americans are drunk on credit, mortgaged up to their eyeballs, and bombarded every hour of every day in every conceivable medium with the notion that the only solution is more credit.

Why should the American government be any different?

For seven years, American people and American freedom have been the victim of not only a set of robber barons, but also to a laissez-faire policy which allowed huge financial institutions to engage in irresponsible lending. This crisis is only the latest of many acts of fiscal malfeasance perpetrated upon a public far too hung over from a seemingly unending binge of credit to understand that it is their own pockets being picked by the same bankers who brought about the subprime lending crisis.

In a feat of back alley corruption unequaled since the run up to the Great Depression, poor drunken America and her people who can least afford it are being rolled once more. All of this while the policeman on the beat charged with their protection looks the other way, winks slyly, and then takes his cut to see nothing and walk away into the fog. One day very soon, the American nation and its bright shiny new president are going to awake to a hangover that just may make everyone around the world stagger. And the irony of it is, that when it happens, those Americans least able to afford it will be told that it is they who must foot the bill for the aspirin to cure America’s latest rich man’s headache.