World stocks tumble on US fears »
Posted by: Fabienne 1 year, 5 months agoFrom the article: "European stocks have joined a global sell-off, after concerns about the US economy and mortgage industry hurt markets in Asia and dented Wall Street. The UK's FTSE tumbled 103.4 points, or 1.7%, to 6,057.8. Earlier, Japan's Nikkei index closed 2.9% lower and New York's Dow Jones index ended down 2%."
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jgbvftComment removed: User banned.
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joeblowe1 year, 5 months ago
I think the reality is the Japanese guy asking, "Why do those stupid American banks BEG people who simply cannot afford them to take out huge mortgages?" And -- that's a very good question. I guess it's the same reason they keep sending me letters practically BEGGING me to borrow money from them at a low rate, so that later the can find some excuse to raise it to 35% or so. Evil Greed - only thing I can figure.
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endofdays1 year, 5 months ago
This is a little off topic, but you bring up a very interesting phenomenon occurring in the housing market right now.
Since the mid 90's an unusually large number of lenders have been offering "sub-prime" loans to higher risk home buyers. The high profit ratios associate with these loans was too tempting for greedy lenders to care much about the increased risk of default. It took much longer than I thought it would've, but the practice has finally begun to haunt. Since the end of '06 more than 2 dozen mortgage brokers specializing in sub-prime loans have tanked - completely disappeared - and it's still very early in the slide (there is still over $1.3 TRILLION owed on sub-prime loans in the US).
It'll be interesting to see how (if at all) this effects the housing market.
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Blackacereturn1 year, 5 months ago
All this and you can still find an American that think this guy is doing a good job! And we get ******ed when they call us stupid Americans. We may not be but what can you say when they point to this as the reason?
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2Labs1 year, 5 months ago
JoeBlow:
Check and I think you will find that "those stupid American Banks" are heavily invested in by the Japanese.
The truth is that this is a buying opportunity. The sub-prime market is just a fraction of the mortgage market which is just a fraction of the overall market. When market players sell one item they usually purchase something else. The key is to find out where the money is going and hitch a ride.
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ningyo1 year, 5 months ago
buying opportunity..i just went long on another 10% of my portfolio--still like asia and china--i think china is finally starting to get the idea of how to participate in the international capitalism thing..meaning the government doesnt run and control everything--will take at least 20-30 years to get re-rooted--but i am staying away from the homebuilding..realty sector--this could be an ugly year for those guys--but the run-up they've had for the last 5 yrs should ease the pain
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joeblowe1 year, 5 months ago
There seems to be a lesson here for anyone who believes that the U.S. economy is no longer important to the world at large. We have a little bit of bad news in just the housing sector and markets all over the world start panic selling? Now THAT'S power.
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NelsonR1 year, 5 months ago
The only primary point to draw from the downfall in the housing market is that our bankers, stock market and other elite made huge profits during this period. Now the time is drawing near that, with many defaults, the government will again be drew in to bail out many, naturally at taxpayers expense.
Folks, almost all these individuals are the greedy, fat, obnoxious Republican conservative hawks. Billions of dollars are there to squander from the pockets of Americans, to promote greed and wars.
The shame of it all, whether legal or illegal, this is considered white collar crime and very few ever see a jail.
America at it's finest.
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NelsonR1 year, 5 months ago
woodenleg - Are you saying there are very few thieves in and out of Government. The normal conservative on these thread are not your typical fatcats who thrive on followers.
I'm sure you are a middleclass American that has a modest income but you are, I'm quite sure, not an elitist, a follower only. You fail to address the bailout of the banks in the 90s by you know who, thats right, Taxpayers.
You fail to comprehend and addres the Billions squandered by the likes of Enron, Haliburton and all others associated with lobbyist within Government. You accept it since your own little world is, your paradise. Taking the corruption for what it is, is acceptable by you. My, what an attitude of ignorance with a shallow thought process.
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woodenleg1 year, 5 months ago
Where oh where did I mention the Republicans!?!?!?
And Enron!?!?!......you're all over the map. The subject was Nelsonr's negativistic post. He sounds suicidal and decidedly irrational. All industry's and all organizations have the vast majority of people who work hard, honest and with integrity. Try to approach this with a little more adultness and recognize that most people are decent and those that aren't should not be the guide on how to approach the others.
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Borissio1 year, 5 months ago
Fact - My 401 and 457 weent sky rocket in the last 3 years.I am middle class recent immigrant, and if my future is being secured by "greedy, fat, obnoxious Republican conservative hawks"---Thank you Capitalism and God bless America
Yours truly Boris
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airglide1 year, 5 months ago
NelsonR. I didn't realize that you had to be a republican to be greedy. Look at Hillary. She turned a thousand into a hundred thousand in the stock market in a year and half. She would have written another book about it but she couldn't remember how she did it.
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NelsonR1 year, 5 months ago
gumballrally427 - Nice to hear you have a job. Never said in my post Republicans did not. Read whatever you want to perceive out of my post. Me thinks, you just do not like someone defaming a Republican. You would think by now with your leader Georgie, you would be attuned to Georgie Bashing on blogs.
By the way, are you working on any contracts for Haliburton relocating to Quatar? America has no extradition treaty with them. Cheney's (Another Republican) old no bid company sure has a way to avoid the obvious criminal penalties. Its O.K. though with you. You are Republican.
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NelsonR1 year, 5 months ago
airglide - Have to correct your premise, Did I ever say all Republicans or for that matter did I say all Democrats. Thats the trouble with MOST Republicans they read within a post and take from it what they want to hear.
If you ever observed some of my earlier posts on other threads, Hillary is not my ideal or a considered candidate for electing.
Absolutely, the Democrats have thieves too but I go by the majority within a party to describe it. Republican conservatives are the righteous within America that say one thing and do another. Wars are their primary focus in leading the worlds nations. Simple isn't it. Please do not read something into a post that is not there.
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gumballrally4271 year, 5 months ago
"Folks, almost all these individuals are the greedy, fat, obnoxious Republican conservative hawks. Billions of dollars are there to squander from the pockets of Americans, to promote greed and wars."
You're right, not ALL Republicans ... And you're done a great job of summarizing the Republican agenda: wars. It really is simple; but then so are you.
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WCFIELDS1 year, 5 months ago
Half-bright folks "handling" stocks etc. running around like a bunch of chickens with their heads cut off.
"Money Managers", My Ass!
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assian1 year, 5 months ago
F.Y.I It seems that investing in the stock market is just about as sure thing as Vegas gambling.........complete with FREE drinks!!
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WCFIELDS1 year, 5 months ago
I, myself, have been forcasting this since 1902. Now here it is! I told you so!
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WCFIELDS1 year, 5 months ago
Sound of Reason. I assume you are from Zimbabwe or some such similar place. Nice over there, isn't it? Please stop sending your brothers and sisters to the U.S.A.
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woodenleg1 year, 5 months ago
Good luck. Bon voyage. Don't let the door hit you in the ass on the way out.
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NotVulgarName1 year, 5 months ago
LOL.. perhaps there can be a hat passed around to help you with that activity..
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Blackacereturn1 year, 5 months ago
I am giving the market 2 months before the bottom fall out.
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deathray1 year, 5 months ago
There's a lot of liquidity left to prop up US stock prices, at least in the near term...
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NelsonR1 year, 5 months ago
America is running 6.5 percent on average trade imbalance with China. What do you conservatives and yes Democrats think the outcome will be. More debt and our grandchildren inheriting what our spending represents.
China has always been unfair with their trade policies and now, finally I am hearing that Congress is concerned. Why does it take the Congress so long, our leaders, to see what is going on? Are the corporate elite so entrenched they dictate all within America? This Administration is so outdated and corrupt it will take generations of respectable and concerned leadership to rectify. Does anyone have a way to impeach this Republican administration? Yet those within, think they are omnipotent with America's best interest being led by their idol and soverign, Georgie.
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NelsonR1 year, 5 months ago
Mcarpentry - I see you follow me around from post to post and have fun hitting the bad button. I never hear you post your comments. One time I actually saw you post a one liner so I returned the favor. You must get educated so you can enjoy posting and making your feelings known. I think you have a speech problem. Can I assist you or give you a doctors name to visit for therapy. Glad to assist anytime.
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mcarpentry1 year, 5 months ago
NelsonR, I follow the same line up you do and just because I don't post all the time gives you no reason to personally attack me. If you have a problem then send me a message privately were we can discuss it. As far as an education grow up first and then we can discuss subjects like rational adults. (see I can attack too). I have more of an education than you ever will.
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Amazing11 year, 5 months ago
I'm just glad to have my chickens and my own well. The stock market will crash and our money will become worthless. It is only a matter of time. In the history of the world, no fiat currency has ever not failed. Our currency is backed by absolutely nothing. The collapse may not happen this year, but it will happen.
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jordan111 year, 5 months ago
It's been a buyers' market for several years now, sherlock.>>>>
No it hasn't. It's been a sellers market, with sky high prices. Those who bought high, will lose. Silly man.
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Macondo1 year, 5 months ago
At this critical moment in the international economy with the "domino effect", we may still stay playing the game utilizing a "poker face."
The idea is: we will self proclaim as the most patriotic people in the world, and then blame the economical chaos on every other government/country (excepted our government.)
Then we pledge patriotic allegiance to the beloved Bush-Cheney conjoined twins.
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ballbuster21 year, 5 months ago
hasn't it been pretty obvious for the past few years the american dream is gone. why would a person/young couple want to buy a house with a 30-40 year morgage and they have no idea how long their employment will last???? the good jobs are going everywhere but to america. way to go babyboom generation!!
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royal-m1 year, 5 months ago
That's because everything is all about risk now, cutthroat stock deals, predatory lending practices etc etc. Stock markets jumping double digits every time someone farts because its all about instant speculation. I dont want to be stock market speculator but how do I make any investments these days without it ????
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evelyna1 year, 5 months ago
I heard something different. I heard the banks lend money at sub rates even to borrowers who would qualify for a lower loan.
They resell the loans(debts) to foreign investors. Now that people are defaulting on the loans the foreign market is getting upset.
I say too bad for them.
Where is the government that is suppose to protect people from this?
I know my credit card payments went up 50% in a year. All this does is make people not afford to pay.
I think the government is involved in this debt conspiracy.
All yahoo does is advertise credit cards and such.
Pretty sad when the economy of this country is based on putting all of us in debt so foreign investors can purchase the debt and add a few interest points.
This is unethical and will not last. People will not be able to afford payments and just default.
They were not happy making a few dollars they want to rape the public.
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jovial1 year, 5 months ago
Yes that was the story, but I heard from a lender at Wells Fargo that there is a small clause in some of those loans that were sold off. The clause says that if the loan defaults in the early part of the loan then the foreign investor doesn't take the loss. Get ready to see major mortgage companies to be in big trouble.
We need a leader to grab these big companies by the reins and bring back our manufacturing. Let us become producers instead of consumers. I fear it's too late.
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Harddrive1 year, 5 months ago
LOTS OF PEOPLE DON'T REALISE THAT WITHOUT AMERICAN ECONOMY THE WORLD IS USELESS. AMERICA IS THE HEART AND SOUL OF THE WORLD MARKET. THAT'S THE REAL REASON WHY ISLAMIST TERRORIST WANTS TO WIPE US OUT OF OUR EXISTANCE. EUROPEAN AND UN KNOWS IT SPECIALLY UN WE GIVE THEM A FREE RIDE FREE MONEY,FREE LAND AND BUILDING AND STILL THEY ALWAYS SAY WE ARE THE BAD GUYS. THIS PEOPLE NEED TO GROW UP.
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skeek1 year, 5 months ago
The US economy survives simply because of the US dollar. It holds reserve currency status.
The US economy survives simply because foreign central banks continue to hold US dollars. Note precisely which banks hold the most US dollars.
Yes, China is the US economy's #1 banker. In simple terms, China owns the US. So much for that 'heart and soul,' huh?
As the US dollar devalues, and there's nothing that says otherwise, then foreign central banks will continue, (yes, they're doing it as we speak), to offload US currency holdings, driving the US dollar into oblivion.
Once the US dollar loses currency reserve status and is superseded by its successor, the Euro, (the European economy is almost on par with America's) then the 'heart and soul' of the world market will have found a new home.
As for whatever you give the UN, it has never been free and has come at enormous expense to the rest of the world. The UN, should consider residence elsewhere rather than be subjected to this BS.
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skeek1 year, 5 months ago
The writing for this, along with what's happening in the property market, was on the wall 2-3 years ago. It's also just the tip of the iceberg and there's much, much more to come. Greenspan should have been punching interest rates through the ceiling. Instead he just saw out his time with one thing in mind - don't start a panic. Besides, the US, being the fiat economy that it is (no gold reserve), can always print more money. Just pray that the world doesn't give up on the US dollar. Oops, too late.
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skeek1 year, 5 months ago
jordan11
A buyers market is coming up.
Libssuck
It's been a buyers' market for several years now, sherlock.
======
My dear Watson, it has in fact been a SELLERS' market.
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Fabienne
Multichannel audio specialist and futurist Fabienne Serriere is a Franco-American hardware, software and embedded interaction designer. She believes in a gorgeous technologically morphable future. Her ...
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