Here we go again. Housing Bubble, Part II

Rumors are flying, although I haven't seen much on the net (yet). Apparently, there is going to be ANOTHER housing crash. I'm really not sure why few have picked up on this one yet - ok, ok, the extent of my looking for info was a Digg search. If it is not on Digg, no one knows about it.

There is another questionable mortgage product, like the ARM's that caused the first bubble crash, that is coming due for adjustment in January. I actually do not even know what this product is because the person who told me didn't want to explain it all, (He works for one of the financial institutions that is to blame for much of this, and he feels a certain sense of shame.) but it sounds like maybe the first round of inadvisable 5/1 ARM's are ready to adjust for the first time. The timing makes sense. It was about 5 years ago that the ridiculous run on real estate started, and I know that the 5/1 - the rate is locked for the first 5 years and adjusts annually after that - always looked more attractive to me then the 2/1 or straight ARM. The idea, of course, is that a 5 year fixed period gives one plenty of time to refinance into a 15 or 30 year fixed mortgage. The problem - hindsight being 20/20 - is when the mortgage market tanks and you can't refinance, or you can't afford the fixed rate because you have no job, or you are upside down on the 5/1 so no one will finance enough to cover the balance, you are screwed.

Well, the first round of people who landed in that crappy boat are now facing the adjustment of their rate. And they are still upside down and unemployed. Here we go again.

What's another trillion between bankers. And republicans. Thanks GOP, we really love getting raped by you guys.

Black Friday - Let's show the retailers how Sh$tty the economy really is!!

It is the grand national celebration of capitalism, that leads to the celebration of the birth of Jesus. I won't wax too poetic about absurd this annual ritual truly is, however I will say that it is a great day to show Bush and his genius cronies what a wonderful job they have done with the national pocketbook.

Examples: Lady in line at Best Buy this morning - "I'm not going to buy anything, I'm just here to try and win some of the giveaways." She was there at 3:00AM.

Wired magazine (highly recommended to anyone living in the 21st century) "...in this recession (depression?)..."

But there is a good side to all this. If history is any guide, in 6 to 18 months the economy is going to rebound nicely. Check the history books on all the other recessions and depressions that were handed to the democrats. This one might surprise people. If you've been thinking about starting a business, this is the time to do it. Ask the truly rich. Not that idiot in a McMansion at the end of the block, I'm talking about Buffett and Gates. Do you think they are net sellers right now? Not a chance. Sure, they are liquidating crappy assets, but they are new buyers. You should be too.

More Wired "(this type of economy) is the crucible in which great companies are forged." Anybody got a good idea? Drop me a line. I'm in.

Digg is the best site on the web

Troll through the first page, and you'll know what I'm talking about. Just today:

"I regret saying some things I shouldn't have said, like 'Dead or Alive' and 'Bring 'em on.' " Uh, how about the 1,000 other retarded comments you made?! (politicalticker.blogs.cnn.com)

Guess who said that? Truly, that apology speech (or implicated apology or whatever it was) should have been when the "Mission Accomplished" banner was rolled out. The mission to make GW Bush realize that he has made an ass of himself for almost a decade has finally been accomplished. Unfortunately, it doesn't help the fact that he made America look like a bunch of asses too. Of course, we brought much of that on ourselves by RE-electing that moron.

Speaking in Arabic, al-Zawahri uses the term "abeed al-beit," which literally translates as "house slaves." But al-Qaida supplied English subtitles of his speech that included the translation as "house negroes."(msnbc.msn.com)

Wait! What?!? You mean all that crap about how al-qaida is just dying for an Obama presidency isn't true? The republicans lied to America?!? Never! I refuse to believe it! Tom DeLay never took a bribe! By the way, if you are interested, I've got a couple bridges running from an obscure island in New York over to the mainland that you may want. The island is called Manhattan. You may not have heard of it.

And finally,

A South Texas grand jury has indicted Vice President Dick Cheney and former Attorney General Alberto Gonzales on charges related to the alleged abuse of prisoners in Willacy County's federal detention centers.(chron.com)

Ok, so the indictment is a joke. But so was the Clinton indictment. So, let those of us who relish in watching scumbags sweat have some fun now. I'd sure like to see how Cheney does in a Texas prison. lol That would be funny.

The new pres on 60 Minutes

I like this guy more by the day. College football playoffs, and he is serious about it. Finally, someone who understands how to make America a better place. But seriously, I'm glad that someone is going to take the reigns on that one. And all that other stuff he said was good too.

President-Elect Obama really did have a good outing on 60 Minutes. He sounds like he is going to work with both sides of the aisle, and he seems to have a good grasp of reality ("The American people don't want to hear lots of speeches." So true). And if history is to be our guide the economy should improve rapidly, just because he is a democrat. Yes, all you money-grubbing republicans - the economy has ALWAYS tended to suck when you guys take over. If you don't believe me, check out the interest rates under Reagan. Or which party was in power to usher in the Great Depression - and which party got us out.

Not that the world economy can get much worse. This morning on the news they reported that the price of oil FELL in response to a threat from OPEC to cut production. Ummmm....wonder if the problem is on the demand side? Ya think.

Finally, the best part or the interview, for me, was that we have actually elected someone who is capable of speaking in complete, intelligent sentences - without a teleprompter or notes. Seriously, I had a giant grin on my face for the first ten minutes of the interview, just thinking that we have a president able to communicate...presidentially. It's been a long time since old Bill was out there making Americans look bright and energetic. I'm tired of watching Alfred E. Newman make us look like whatever it is that he makes us look like.

And, on top of all that, college football will soon have a true champion.

Warning! I'm drunk...

Well, maybe not DRUNK, but I've had a couple.

President-elect Obama has a true chance to help fix the problems that have been created by the morons who have been running the show for almost a decade. (Even in the last couple Clinton years, the GOP dominated congress had him so distracted by BJ's, that they began screwing everything up before the Florida Supreme Court appointed Gomer Pyle to the White House)

To all the miserable, toothless, tobacco mouthed rednecks: Don't ya think that the Secret Service can handle a bunch of idiots with white hoods and shotguns? I mean seriously. The KKK? Just watch the movie Deliverance and you'll see what I'm talking about. That is the fine bunch of folks that the KKK is made of today. I think the Federal Government might have a couple guys that can deal with them. (I just wish the reader could hear the sarcasm. It is meant to be quite thick.)