6/17/09 12pm - 22 banks Downgraded - Mortgage Applications plunge - Stock Market Update

[thegoodtwin1]

Lou, you are full of crap...it was the Dimicrats, and Carter back in 1977, who pushed lenders to lend 2 the poor. It's so typical of a leftist 2 blame Bush. Get over it, it was Barney Frank, Reid, & other Dimicrats who threatened the lenders & FANNIE MAE 2 allow unqualified people to buy houses. The lenders knew darn well they would not pay it back. So get a life, it's Obama who's destroying the economy by allowing Geitner to give taxpayer money to his rich wall street asshole friends.

[hume12345]

@ thegoodtwin1, idiot.

[pshinspections]

I trade the index futures. I make money up or down, as long as there is volume. Don't get me wrong, I would rather the DOW recover, but being a realist, I'm not betting anything on a recovery of the US markets.

[codematrix]

Read the following:

rinf[.]com/alt-news/usa-news/t­he-american-empire-is-bankrupt­/5827

[.] = .

[attitude928]

Good stuff Lou. I'm also shorting the U.S. now. I would be careful with the Gold & Silver for the short term. NG had a recent run because Marc Faber said it was worth 15 in this past week's Barron's roundtable. The other Junior mining stocks are down, but ultimately will go up as the dollar goes to pot & we get pre-deflation inflation from all the round the clock dollar printing presses.

[codematrix]

I agree. I sold my gold and silver about a week ago. There is a large short position in gold mainly held by 2 US banks. I think gold wil go down to $850. I'm putting my money in commonities (i.e. Grains, Old, etc).

[nejihyuga17]

lou you are 100% correct. this cannot sustain much longer. only the most iggnorant of people can look at the news and honestly believe things will get better. you cannot pay back money with more borrowed money it just doesnt work that way

[2012tim]

Of coarse , nothing to do with the banks wanting to increase there C.R.A numbers so the could expand there holdings into markets that were off limits till the passing of Gramm/Leach/Bliley in 99. Do some research . The banks bought ripoff fly by night mortgage companies to increase there cra #'s so they could sell the bundled crap and make huge profits . Big Bank Greed did this and the Govt. helped .

[abedanger]

I thought the poor was the majority Lou...?

[econbustsoon]

We should not be loaning to people who cannot pay it back. This is what started the whole "no income verification" loans. Then this way of lending was made availible to everyone. Then they bundle these loans as triple A credit default swaps. What I am saying is that this is how the crisis started and now we are repeating it again.

[pshinspections]

Lou, it was the minority groups who lobbied govt to force lenders to give them mortgages slewed to their minority status. This mortgage bank bailout is because of welfare to minorities.

[ChromeClapper]

so only minorites are defaulting on loans?

[econbustsoon]

Now everyone is going to default do to the rise in unemployment. 2010, 2011, 2012 are going to increase on mortgage defaults. Also all loans that reset will cause problems.