|
|
|
| |
Bored??
|
|
| |
Check out the new Whyzzat Swagspot, for the latest
in cool, frank, and terribly wearable fashion statements!
|
|
 |
|
 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
| Author |
Message |
redrumloa
Open-Minded
Joined: 02 Apr 2005
Posts: 1681
Location: Florida, Alabama, Florida
|
New Downfall of Rome thread.
Posted: Thu Sep 20, 2007 3:05 pm
|
|
|
Fears of dollar collapse as Saudis take fright
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/19/bcnsaudi119.xml
| Quote: | Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East.
Ben Bernanke has placed the dollar in a dangerous situation, say analysts
"This is a very dangerous situation for the dollar," said Hans Redeker, currency chief at BNP Paribas.
"Saudi Arabia has $800bn (£400bn) in their future generation fund, and the entire region has $3,500bn under management. They face an inflationary threat and do not want to import an interest rate policy set for the recessionary conditions in the United States," he said.
The Saudi central bank said today that it would take "appropriate measures" to halt huge capital inflows into the country, but analysts say this policy is unsustainable and will inevitably lead to the collapse of the dollar peg.
|
-Edit-
Whoops, I see Fluffy already posted this to another thread. Oh well, it is important. |
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
faethor
Open-Minded
Joined: 25 Aug 2005
Posts: 2011
Location: Minneapolis, Minnesota
|
Re: New Downfall of Rome thread.
Posted: Thu Sep 20, 2007 3:09 pm
|
|
|
| redrumloa wrote: | | Quote: | | Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East. |
|
When Iran failed to give us the oil the US and UK staged our first Coup together. Republican Greenspan now admits Iraq was all about oil. Now Saudi is going against us? Simply put we'll have to restore to nukes to get our oil back from under their sand. On the good side we'd attack the country where most of the 9/11 hijackers came from.
_________________
An oligarchy is said to be that in which the few and the wealthy rule, and a democracy that in which the many and the poor are the rulers -- Aristotle. |
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
FluffyMcDeath
Open-Minded
Joined: 17 May 2005
Posts: 1444
Location: Vancouver BC
|
Re: New Downfall of Rome thread.
Posted: Thu Sep 20, 2007 4:17 pm
|
|
|
Might as well throw a chart in here too then ...
This is the Yahoo SAR/USD 1 day
So if you aren't looking at it today you'll have to go to a longer range chart.
But the SAR definitely slipped its peg today. It's been kept at pretty close to 3.75 SAR to the USD for as long as the chart has data, except today. Dropped to 3.74 today and flat after that. |
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
redrumloa
Open-Minded
Joined: 02 Apr 2005
Posts: 1681
Location: Florida, Alabama, Florida
|
Posted: Thu Sep 20, 2007 5:01 pm
|
|
|
Housing and economy doom has reached CBS.
http://www.cbsnews.com/stories/2007/09/20/opinion/main3281247.shtml
| Quote: | | The housing market is in its worst downturn since the Great Depression -- and it's taking the rest of the economy down with it. Most forecasters insist there won't be a recession, although the August job losses forced even optimists to acknowledge that the meltdown is causing serious economic problems. (When it comes to recessions, the professionals seem to be the last to find out: On the eve of the last downturn, in the fall of 2000, all the Blue Chip 50 forecasters predicted solid growth for the following year.) |
|
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
FluffyMcDeath
Open-Minded
Joined: 17 May 2005
Posts: 1444
Location: Vancouver BC
|
Posted: Thu Sep 20, 2007 5:19 pm
|
|
|
i like this line:
| Quote: | | The downturn should not have been a surprise. |
Ding ding ding ding!!! Wakey wakey CBS. It wasn't!! |
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
redrumloa
Open-Minded
Joined: 02 Apr 2005
Posts: 1681
Location: Florida, Alabama, Florida
|
Posted: Thu Sep 20, 2007 5:27 pm
|
|
|
Chilling Testimony from Famous Economist
http://www.whyzzat.com/forums/posting.php?mode=reply&t=2054
| Quote: | Recent readings of the housing market suggest a rebound isn't coming anytime soon.
The Commerce Department reported Wednesday that construction of new homes fell by 2.6 percent in August to the slowest pace in 12 years as troubles. On Tuesday, the National Association of Home Builders reported that its index of builder confidence fell in September to equal the lowest level on record.
Also, foreclosure filings in August more than doubled nationwide from the year-ago period and jumped 36 percent from July, research firm RealtyTrac Inc. said Tuesday.
This is why I think the Fed will be lowering interest rates even further in the next 3 months, putting even more pressure on the dollar and fueling the flames of inflation. Ben Bernanke and the FOMC said yesterday that they do not want the U.S. economy to be impaired and that they will do what is necessary to insure "moderate growth in the economy." Only a rocket scientist could misunderstand what that means for interest rates, the stock market, precious metals and the U.S. dollar.
In other words, interest rates and the dollar will be going down, everything else is Up, Up and Away!!! At least for awhile. |
|
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
redrumloa
Open-Minded
Joined: 02 Apr 2005
Posts: 1681
Location: Florida, Alabama, Florida
|
Posted: Thu Sep 20, 2007 5:39 pm
|
|
|
| FluffyMcDeath wrote: |
i like this line:
| Quote: | | The downturn should not have been a surprise. |
Ding ding ding ding!!! Wakey wakey CBS. It wasn't!! |
No doubt. It is not just residential any longer. It is starting to hit commerical property management companies.
http://finance.yahoo.com/q/bc?s=CBG&t=3m&l=on&z=m&q=l&c=gbe
Give it a few months (or weeks) and this will be reported too. |
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
redrumloa
Open-Minded
Joined: 02 Apr 2005
Posts: 1681
Location: Florida, Alabama, Florida
|
Posted: Fri Sep 21, 2007 6:24 am
|
|
|
Kass: Bernanke Made a Big Mistake
http://tinyurl.com/33rg85
| Quote: | For now, the market appears convinced of the "Bernanke Put," though a small minority believes that yesterday's move was "one and done."
I am not, however, in awe of the Federal Reserve.
From my perch, the Federal Reserve might have made a tactical mistake by freeing its monetary reins. The U.S.'s economic problem lies firmly in the consumer/housing market, and the larger-than-expected rate cut will likely promote more inflation, a downward spiral in the U.S. dollar and, most importantly, will likely raise intermediate and long-dated bond yields.
The latter point is the most important, as this will serve to further cripple the housing market by raising mortgage rates -- especially for those who are facing an imminent reset. |
|
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
FluffyMcDeath
Open-Minded
Joined: 17 May 2005
Posts: 1444
Location: Vancouver BC
|
Posted: Mon Sep 24, 2007 11:06 am
|
|
|
| Interesting though long article on the epic bear to come. |
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
redrumloa
Open-Minded
Joined: 02 Apr 2005
Posts: 1681
Location: Florida, Alabama, Florida
|
Posted: Tue Sep 25, 2007 5:41 am
|
|
|
What was very, very bad just got many multiples worse.
The nation's 2nd largest hombuilder, Lennar (LEN), reported their quarter this morning. Analysts expected a loss of $0.55/share, they actually lost $3.25/share.
http://biz.yahoo.com/rb/070925/lennar_results.html?.v=6
| Quote: | Home builder Lennar Corp (NYSE:LEN - News) posted a quarterly loss on Tuesday weighed down by charges and write-offs in a deteriorating housing market, and said it will cut more jobs in the fourth quarter.
Lennar posted a third-quarter loss of $513.9 million, or $3.25 a share, compared with a year-ago profit of $206.7 million, or $1.30 per share. Revenue fell 44 percent to $2.34 billion.
|
|
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
redrumloa
Open-Minded
Joined: 02 Apr 2005
Posts: 1681
Location: Florida, Alabama, Florida
|
Posted: Tue Sep 25, 2007 6:54 am
|
|
|
Here is a more detailed report.
Lennar Reports Biggest Loss in Its 53-Year History
http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=LEN:US&sid=as8tQyVEb5T8
| Quote: | The slump in revenue resulted from a 41 percent decline in the number of homes delivered in the quarter to 7,636. The average sales price fell 6.3 percent from a year earlier to $296,000 as Lennar offered $46,000 per home in extras. That's 28 percent higher than the $35,900 offered a year earlier.
Orders Slump
New orders in the fiscal third quarter ended Aug. 31 plunged 48 percent to 5,804. The biggest decline was 53 percent in the company's central region of Arizona, Colorado and Texas.
The value of the company's backlog, or homes under contract and not yet sold, slumped 61 percent to $2.2 billion from a year earlier. Lennar's cancellation rate was 32 percent, up from 29 percent in the second quarter.
Lennar's charges included $242.5 million in write offs of options on land it doesn't plan to buy, $114.6 million in writedowns on property, and a $138.7 million charge on investments in entities it doesn't include in its operations.
The company's gross margin on home sales excluding land valuation writedowns was 14 percent, compared with 19.5 percent last year. |
|
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
ilwrath
Just Moved In
Joined: 01 Apr 2005
Posts: 26
Location: Detroit, MI
|
Posted: Tue Sep 25, 2007 12:29 pm
|
|
|
At least speaking for Detroit, it's about time the rate of new homes built slowed down! They should have cut back a few years ago! I have kept watching in wonder around here as sub after sub of new and expensive homes went up as the population of the area continued to decrease and get poorer.
The glut of housing around here is going to further the ghetto around Detroit. The only remaining question is where will it be. Inner-city is already almost empty. Contrary to our states best efforts, I can't see ANYONE moving back there in the short term. Will the high fuel costs force the outer subs to fall because there are no nearby jobs, or will the ghetto simply expand deeper into the subs closest to the inner-city? That's pretty much all that's left to be determined. |
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
redrumloa
Open-Minded
Joined: 02 Apr 2005
Posts: 1681
Location: Florida, Alabama, Florida
|
Posted: Wed Sep 26, 2007 4:41 pm
|
|
|
Scary stuff.
http://biz.yahoo.com/ap/070926/home_prices_recession.html?.v=2
| Quote: | Home prices fell less than 3 percent during the economic downturn of the early 1990s and rose through the 2001 recession, but have already dropped 3.2 percent over the past year, according to a closely watched housing market index created by Shiller.
"This time, we're in a bigger boom, and we face the possibility of a bigger decline," Shiller told lawmakers last week. "It's not just an issue of a recession coming up, it's an issue of a drag on the economy, which might extend over many years."
Record energy prices are exacerbating recession worries as the U.S. heads into the coldest season of the year in most parts of the country. |
and
| Quote: | "It' going to be a distressingly long time before we get back to normal," said University of California, Los Angeles economist Edward Leamer, who predicts a 20 percent price slide over three or four years in once red-hot real estate markets like California, Nevada and Florida.
Since the magnitude of this housing boom was unprecedented, economists are uncertain about how severe the downturn will be, says Susan Wachter, a real estate and finance professor at the University of Pennsylvania's Wharton School of Business. She rates the odds of recession in the next year at one in three.
"We are in uncharted territory," she adds, noting that a recession would further slow recovery in the battered housing market. |
The code words and careful explantations are getting much harder to candy coat. |
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
redrumloa
Open-Minded
Joined: 02 Apr 2005
Posts: 1681
Location: Florida, Alabama, Florida
|
Posted: Wed Sep 26, 2007 5:01 pm
|
|
|
Looking to buy a Condo in South Florida? You can pick up a brand new luxury condo for 50% off at auction. No, really!
http://youtube.com/watch?v=tkuW8bCjC6c
Strangely, even at these "fire sale" prices only 20 sold. 50% off isn't cheap enough. |
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
| Author |
Message |
Glaucus
Open-Minded
Joined: 12 Apr 2005
Posts: 1203
Location: Winnipeg, Canada
|
Posted: Wed Sep 26, 2007 7:10 pm
|
|
|
I heard that many Canadians are buying up US property at bargain basement prices. It's the perfect investment. The dollar is low as are the housing prices. Sooner or later both of those will rebound - but all you need is one of them to recover to make money.
So Red, how much for your house?
- Mike
_________________
“In Kazakhstan we say, ‘God, man, horse, dog, then woman, then rat, then small krutzouli.’” - Borat Sagdiyev |
|
| Back to top |
|
|
|
|
|
|
|
|
|
| |
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
|
|
|
|
|
|
|
Forums Home
Search
Memberlist
Usergroups
Register
Profile
P.M.
Log in