[Mark Holmes]

That’s good advice as well… I guess it all depends on your financial situation.

[Mark Holmes]

Sell it now. It will probably be 20 years before you can get what you are asking again.

[Mark Holmes]

Sell it now. It will probably be 20 years before you can get what you are asking again.

[Mark Holmes]

Sell it now. It will probably be 20 years before you can get what you are asking again.

[Mark Holmes]

Yeah, that makes me very nervous. I’ve been reading Doug Noland’s bulletins for years, and while he has always been very, very bearish, this is new territory for him as far as I can recall. I don’t believe he has ever said the credit bubble has popped. What makes me even more nervous is scanning both web and mainstream media today and seeing some really dire predictions. Monday and Tuesday should be interesting… and will Bernanke weigh in at some point? I’m guessing probably not, at least until there has been a market drop over 10%. Realistically, he probably should let this correction run its course. But while I’ve felt for quite a while that we were overdue for a correction at some point, this is a harbinger of something much worse. Watching the news…

[Mark Holmes]

Yeah, that makes me very nervous. I’ve been reading Doug Noland’s bulletins for years, and while he has always been very, very bearish, this is new territory for him as far as I can recall. I don’t believe he has ever said the credit bubble has popped. What makes me even more nervous is scanning both web and mainstream media today and seeing some really dire predictions. Monday and Tuesday should be interesting… and will Bernanke weigh in at some point? I’m guessing probably not, at least until there has been a market drop over 10%. Realistically, he probably should let this correction run its course. But while I’ve felt for quite a while that we were overdue for a correction at some point, this is a harbinger of something much worse. Watching the news…

[Mark Holmes]

Yeah, that makes me very nervous. I’ve been reading Doug Noland’s bulletins for years, and while he has always been very, very bearish, this is new territory for him as far as I can recall. I don’t believe he has ever said the credit bubble has popped. What makes me even more nervous is scanning both web and mainstream media today and seeing some really dire predictions. Monday and Tuesday should be interesting… and will Bernanke weigh in at some point? I’m guessing probably not, at least until there has been a market drop over 10%. Realistically, he probably should let this correction run its course. But while I’ve felt for quite a while that we were overdue for a correction at some point, this is a harbinger of something much worse. Watching the news…

[Mark Holmes]

jg, I suppose you can call him Osama all you like, it just means I won’t take any posts you make too seriously, as your use of slurs indicate at best a lack of maturity and at worst a lack of intelligence. I’m sure many people would feel the same.

[Mark Holmes]

I have to comment on one thing. All of you intentionally mis-spelling Barack Obama’s name as Osama should really get out of your chair, walk to the bathroom, look in the mirror and ask yourself if it’s right to be part of a smear campaign that tries to associate a good man with the terrorist behind an attack that just six years ago was responsible for the horrendous deaths of thousands of other Americans. How do you think those people would feel about this? Not only have we not caught and brought to justice the man behind those attacks, but now it’s considered acceptable political fodder to use that name to confuse voters and malign an American whose only crime is to have a name that sounds a little different than ours. It’s ignorant, racist and xenophobic. If you want to criticize Obama and his supporters, at least try to find an adult, educated way to do so, but name-calling of this sort is just juvenile.

[Mark Holmes]

Yes, ditto ditto ditto. Thanks Rich. My partner and I look at 2009 – 2010 as our probable purchase of a house. It’s good to know the hows and whys of this insanity.

[Mark Holmes]

Yes, I agree. As someone who has wanted this insanity to stop years ago (have wanted to stop renting and buy starting in 2003) it’s very frustrating. Now that prices were allowed to reach these levels due to complete abandonment of regulation of the lending industry, there is now no good outcome. Even when (not if) prices reach normal levels here in San Diego, I’m afraid the job situation could be very ugly. What can you do….

[Mark Holmes]

Oh, and this from the article is a little disturbing:

“Wall Street, of course, was happy to help refashion mortgages from arcane and illiquid securities into ubiquitous and frequently traded ones. Its reward is that it now dominates the market. While commercial banks and savings banks had long been the biggest lenders to home buyers, by 2006, Wall Street had a commanding share — 60 percent — of the mortgage financing market, Federal Reserve data show.”

This is increasingly looking like the crash of the housing market is going to crash the stock market. Not good.

[Mark Holmes]

Astounding. That this many educated, well-informed people would even be arguing the validity of global warming science is incredibly sad. For me, the point is simple. If the global scientists conclusions are wrong, and we heed their advice to reduce CO2 emissions, the worst thing that will have happened is that we have cleaner air and perhaps fund a new green industry. But if we listen to the naysayers (whom I might add are dwindling in number) and ignore what is going on, the results could be catastrophic for at least our children. So for me, it becomes a moral dilemma. What do you think is the right thing to do?

[Mark Holmes]

Yeah, I saw that episode, grimaced when I heard them say they were given 50k for their down (no rich relatives giving my partner and I down payments) and choked and sputtered when I heard them say they chose interest-only to make their tiny payments of $625/mo. It’s as if the whole country has lost its mind…

[Mark Holmes]

My favorite quote:

“Hennigan finally realized that the company he was fruitlessly calling didn’t actually hold the second mortgage on the house. It was just a middleman, collecting the mortgage payments for a fee. The loans had been repackaged and sold to Wall Street investors as mortgage-backed securities. They were someone else’s problem.”

[Author]

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