Comments on: Real Homes of Genius: We Celebrate our 100th Real Home of Genius! Reality comes to Malibu California. The Decade of the California Housing Bubble through one 925 square foot California Home.

By: Alex

Alex — Mon, 02 Feb 2009 09:12:58 +0000

what is a RHAG candidate?

By: Alex

Alex — Mon, 02 Feb 2009 09:08:42 +0000

what is a RHOG candidate?

By: Sabin Figaro

Sabin Figaro — Fri, 30 Jan 2009 11:54:27 +0000

@blutown
Nice you got out to a comedy club. I could use a laugh myself about now. It’s like curing a Morphine addiction with Heroin…

By: blutown

blutown — Fri, 30 Jan 2009 04:35:47 +0000

Comrades,
~
I finally realized what this greek tragedy of a crisis looks like to: remember the tsunami in SE Asia when many of the locals went down to waters edge to admire in wonder as the water was drawing out to sea only to be horrifically overcome by the oncoming wave? We are witnessing the financial waters rush out in amazement and if we don’t find higher ground soon (I mean really soon), we are toast. Thank you Dr. HB for sounding the alarm.
~
And I can’t pass up an opportunity to again share the stupidity that is the NAR: “Lower interest rates have had only a modest effect,” Jed Smith, head of quantitative research for the Realtors’ group, told about 300 people attending the event at the Seminole Hard Rock Hotel & Casino. Relaxing high credit standards, that would have a greater effect,” he said. -From the Florida Sun-Sentinel. WOW, if only we could bring back the days of loose money and irresponsible lending! Mr. Smith, I nominate you for the “Real Economist of Genius” Award!

By: Sabin Figaro

Sabin Figaro — Fri, 30 Jan 2009 00:35:15 +0000

Just read this from Bruce Vanderveen (seeking alpha):

The US Dept. of Treasuries OCC’s Quarterly Report (see page 23) shows just how deeply the mega-banks are into derivatives. Bank of America has assets of $1.836 trillion and derivatives of $39.979 trillion, (mostly swaps). With the demise of the Shadow Banking System (non bank financial institutions), trading derivatives is much more difficult. If marked to market, one wonders just how much of a loss would be realized in this $39.979 trillion portfolio. Nobody, who will talk about it anyway, seems to know. It wouldn’t take much to wipe out $1.8 trillion in assets. Not surprisingly, there is a major confidence problem. With a continually slumping housing market, commercial real estate problems accelerating, increasing credit card debt defaults and a deep recession that’s driving foreclosures to record levels, you can only guess. Investors don’t like guessing.

Just one bank–$40T in “Financial Weapons of Mass Destruction”…T and that rhymes with P and that stands for pool—cesspool that is…fortunately it’s only vapor money–not even backed with air.