On that whole sub-prime thing… some folks are pretty upset about it.
(In P&R due to all the Bernanke bashing.)
Context?
Just Jim Cramer throwing a fit. Water is wet, etc.
Apparently, all you have to do is keep yelling and you’ll be right!
Cramer is a fucking moron. Some think he staged that little display. Let’s see what Helicopter Ben does tomorrow. (If anything.)
He wants Bernanke to bail out his sleazy Wall Street friends. Let the rat bastids go down in flames. Ben can’t do much. If he lowers rates, the $ is toast. If he raises, no one will be able to borrow much money and real estate really is toast. The only semi-safe thing to do is stand pat and drag this all out. We’ll see.
Here’s a nice annotated version that covers most of what you need to know.
If Cramer isn’t a moron then he’s shilling for his buddies. He wants Wall Street welfare and I hope to god he doesn’t get it.
Cramer always cracks me up. This video is a little scary, though – it looks like he’s going to blow a gasket.
If it looked like the current meltdown on the Street was going to lead to “armageddon” (Cramer’s word) off the Street, then we’d have something to worry about. Right now, investors – particularly those who leaned heavily on mortgages and were too stupid to see the mortgage collapse coming TWO FULL YEARS after the housing market bubble started to burst – are the ones who are likely to take a bath. Of course, this is part of the natural cycle, and with all the money that’s been made in the last few years in mortgages, it’s still likely a net positive.
The fed can and should take action if the wider economy is threatened. If it’s just the financial sector then the fed shouldn’t do a damn thing – thin out the herd a little bit.
Doesn’t Capitalism hinge on separating a stupid person from his money? How is this news?
Cool, I’m hoping for a melt down, then I can buy a McMansion for a hundred grand!
You enjoy those property taxes.
On a $100,000 property? That ain’t nuttin.
Thats what I was thinking.
I guess I’m not really up to speed on property taxes. Won’t they increase as the property regains it’s value?
Well sure, but if the property regains it’s value then you’ve made mad appreciation on the home’s value and can sell it for a juicy proft!
Cramer’s not only crazy but, every time that noticed his predictions, also wrong.
People in the industry saw this coming 5 years ago.
Then why did this happen? :)
That said, anyone with common sense could see this coming. No doc loans, interest only loans, low variable rate loans for which many could barely qualify for, etc. It doesn’t take a rocket scientist to see where this was leading.
Stupid rich shill loses big. Entertaining.
Stupid rich shill loses big. Entertaining.
Sean Paul of the Agonist posted a few months ago on the market declines and how much he enjoyed the schadenfreude. To paraphrase his line “the stupid rich always lose their money in a bear.”
So, gloom and doom and screams and people jumping off buildings last Friday when the market had a big loss (proclaimed “The largest drop in xx years!”, which was a bit deceptive because the percentage loss was much lower, the market is at an all time high) yet no big news banners when the market had it’s largest gain in 5 years yesterday. Guess that isn’t as fun to write about. ;)
So, gloom and doom and screams and people jumping off buildings last Friday when the market had a big loss (proclaimed “The largest drop in xx years!”, which was a bit deceptive because the percentage loss was much lower, the market is at an all time high) yet no big news banners when the market had it’s largest gain in 5 years yesterday. Guess that isn’t as fun to write about. ;)
Heh, yeah, I noticed that as well. Nobody writes stories when it goes up.