Pre Fed Meeting Jitters
Chuck Ponzi September 17th, 2007
Try to guess what I’m thinking about today. Tomorrow is the Fed’s first meeting after the credit crunch began in earnest.
Northern Rock’s bank run continued with gathering steam today.
Etrade warned today. Choice quote:
“It is not a subprime thing, the very small portion of subprime loans we have is performing well within expectations,” R. Jarrett Lilien, E-Trade’s president and chief operating officer, said in an interview with The Associated Press. “Really what is going on right now is your second mortgages, home equity lines of credit, and installment loans. That’s really the issue where the market is deteriorating.”
Meanwhile, the market was down, while Gold was rallying.
This video captures my personal feelings quite well. Pay particular attention to the lyrics.
I’m pretty sure there will be a cut. Not huge but perhaps 0.5% to help out the big banks.
There seems to be lots of avenues for attack in the bailout buisness. Dodd and company are trying to raise the cap rates and FHA caps. So, we get more bad debt at the GSE that will fall on us.
Its going to be a gosh darn big mess.
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Well the fed slashed rates and sounds like China & SA are bailing on the dollar.
8$ oil here we come. Of course that isn’t inflation.
Oye vey.
The country is broke in so many ways. Watching the Jenna marches. They went from looking for civil rights to protecting criminals.
Bailouts… illegals…. uhg.
THis country is going to burn.
What disturbs me is the tone I’m picking up from other housing bubble blogs. Conspiracy Freak buzzwords like “Coming New World Order”, “Sheeple”, “Coming Serfdom”, “Weimar Republic”, “International Bankers”, and even Christanese terms like “COMING ONE WORLD GOVERNMENT!” and “COMING ONE-WORLD ECONOMIC SYSTEM!” (Waiting for the first “666! DON’T TAKE THE MARK!” to show up; when it does, it’ll probably be on Housing Panic.)
It’s like listening to Art Bell at 3 Ayem or getting Witnessed to by a Left Behind fanboy.
My old college dorm roomie flaked after last November’s election, emailing me (in 24-point boldface) “THE COMING ONE-WORLD GOVERNMENT IS HERE!” followed by an incoherent rant about the UN and how he was studying his Bible 24/7 — probably Daniel, Revelation, and the Nuclear War chapter of Ezekiel; I know the symptoms of Left Behind Fever from my Hal Lindsay days.
If the world doesn’t end horribly by next year or two, a LOT of bloggers are going to be very disappointed. Seems appropriate that one of the housing bubble blogs is called “Housing Armageddon”.
My comments were more like we will have substantial unrest and potential long term consequences from deflation.
Probably should be more specific than burn.
I’m urked that the FED decided to bail out wall street and produce more inflationary policy.
I think this spits in the face of the majority of Americans, will do little for the FB and will eventually cause more resentment.
Overall we have a bunch of things that should change.
The Jenna marches were a bunch of attention grabbing whores. Anytime a white person gets attacked the “racism” defense shields go up. It is crap and I really don’t want to take it anymore.
Anyhow. No predictions of the world ending.
Bailouts, illegals, reverse racism and double standards… all nasty.
Aww man you suck….well at least one person took my song to heart off of Housing Panic when I posted this months back.