The following excerpts are taken from http://bit.ly/HqE3g
We are at a point now where the pension funds will soon have to admit just how bad things are. Once that snowball starts to unravel, things will get very ugly. The three pension funds that objected to the Chrysler deal were just the tip of the iceberg. The real problem for pension funds will come in the next round of stock losses and commercial real estate losses. They will also be clobbered by the deals they struck with the residential home builders . . . both single family and multi-family. This may start to unravel over the next six months, but more likely this tsunami will not crush the markets for 12-24 months.
Obama has done an excellent job at dragging things out so he can continue to pump money into the pockets of the Wall Street Gang.
One more note. The garbage we saw with Chrysler and GM is not over. As this mess unravels, our country will begin to feel the effects of the excesses we have enjoyed over the last three decades. By the way, you’ve gotta laugh when you listen to the guys at Ford. They really think they will come out smelling like a rose . . . even though they are up against two competitors with government money, and two competitors that are in the process of dumping billions of debt. The boys and girls at Ford may have something up their sleeves, but it’s not going to be easy competing with two companies that have huge pension, debt and labor advantages. As we have seen, this might take time to unravel, since we have companies like Goldman Sachs pumping Ford stock into as many fiduciary accounts as they can.
The numbers today were not really a surprise. No matter what the numbers were, you could be sure the media was going to put a positive spin on them. And to hear some of the bobbleheads on CNBC, you really want to gag. I can no longer watch more than just a few seconds of buffoons like Steve Liesman, the Kahuna, Mark or even Becky and Erin. This stuff should be rated PN for Pure Nonsense.
In any event, the ObamaRamaLama has been a success, and the Banksters like Goldman Sachs have managed to suck out hundreds of billions of dollars during this steroid and crack induced high. At $100 million a day PLUS, in trading profits for Goldman Sachs alone, you can see just how dire things will be when the Banksters decide to pull the plug. And it will happen. Mike Morgan's Blog [Open in new window]
The same holds true for Capital One and many of our banks that are still sitting on piles of junk credit card debt and mortgages. We have outdone ourselves this time. While you are home watching Reality TV, the Banksters and your elected officials are loading up the wagons with your dollars . . . and raiding, raping and plundering your pension funds.
Cash for Clunkers is just another example of another ObamaRamaLama set up to help Banksters and the bankrupt companies we just bailed out in Detroit. When is it going to stop? Do you realize that many of the people jumping at buying new cars, cannot afford the new payments? But the banks have been ordered by Obama to "bend the rules" just like they did during the creation of the housing bubble. What's next?
I can tell you. Next we will be offering you money to buy TVs, boats, motorcycles and lots of other toys and baubles we do not need. I keep saying, Wake Up America . . . but it is already too late.
I believe they can keep the ruse going a bit longer. But we are nearing a very critical point, where the masses will eventually rise up and take back what the Banksters and Pranksters in Washington have stolen. You can bet it will be ugly.
You see, you can't possibly tell people that things are getting better, simply because the unemployment number went down, unless you are prepared to tell them it went down because there are more and more people that have given up looking for a job AND there are more and more people that have exhausted their benefits AND there are more and more people taking jobs paying far less than what they were earning . . . or what they need to be earning to pay their mortgages and put food on the table.
I see it and hear it everyday on the real estate side of our business. Spend a day with me, and I guarantee I will have you crying before lunch. You will see REALITY, and it will NOT be a group of nasty housewives pulling each other's hair, or a group of preppy spoiled brat teenagers in NYC. I will show you reality.
Foreclosures - The banks are sitting on them. I have people that have not paid a mortgage payment in three years. I have properties we are working with, where the banks have been trying to evict the occupants for two years . . . and these are NOT even the former owners. These are squatters. We get foreclosed houses that need $50,000 worth of repairs on a $150,000 house. We see houses that need to be torn down, even though the bank is stuck with a $300,000 mortgage and the lot is maybe worth $20,000 . . . and it will cost $25,000 to tear the house down.
Obama is the biggest phony we have ever seen as President. This man is not just bad, he is downright evil. The man has no clue what is going on, and is surrounded by an army of greedy bastards that are only thinking about how to enrich the Banksters that own them.
Foreclosure Help - Another Really Dumb Program
Yet another bill is being mangled through Congress to help foreclosed homeowners rent their homes from the lender. I have three words for this one having any meaningful effect . . .
Not a chance. This is not only a plan doomed for failure, but it is another example of a buffoonish ObamaRamaLama that will further fuel the financial crisis by forcing banks to lose more money, instead of cutting their losses and facing the consequences
Too Late - It is too late to unwind the foreclosures, just like it is too late to unwind the banks that need to be shut down. Just take a hard look at Corus Banks. The FDIC can't unwind it, because it would cost billions of billions of dollars that they don't have . . . and they don't even understand how to unwind this one. The same holds true for Fifth Third Bank. They have property on their books that is worth less than zero, yet they carry this crap on the books at fairy tale prices, just so they can continue to pay out huge salaries and bonuses. Shut these banks down now.
Consequences - First Bush hired the biggest criminal to ever walk the planet, Hank Paulson, and then Obama kissed this man's ass till his butt was sore. The only one going to pay the consequences for the crimes of the Banksters, will be you, your children and your grandchildren. A year ago I said this . . .
"We have a choice now. We can go into the Depression with our heads high and come out standing up. Or we can give King Henry what he wants, and go into the Depression with our heads bowed down to him, and come out of the Depression - naked, bloodied, on our knees - begging King Henry and his friends for scraps of food."
Obviously, the country chose the latter. Unfortunately, there is now absolutely nothing you can do about it, unless you are prepared to go out and round up the banksters. Then line them up and shoot them. That's the only way you can stop evil at this level. If you don't, it will continue on and on and on.
Unemployment Reality - It's not 9.4%. It's more like 20% when you consider the independent contractors like attorneys, real estate agents, contractors, etc., that are not on payrolls. We didn't have this kind of problem 25 years ago. And it's not getting better. When you have 500,000 new jobless claims a week, tell me how that is good? When you have millions of people falling out of the system, and now relying on Welfare and Food Stamps, tell me how that is good.
For crying out loud America . . . Wake Up.
Fairy Tales and Sugar Plums - That is what the Bush, and now the Obama Administrations are feeding you. It doesn't matter whether you or they are Democrats or Republicans, because the boys and girls in Washington are owned by Goldman Sachs and the Banksters on Wall Street. Your fairy tale will end in a nightmare, but your nightmare will be reality.
If you truly believe Obama is not going to raise taxes, ask yourself who is going to pay for the trillions of dollars Washington has squandered . . . and Wall Street Banksters have sucked up. Either taxes go up by a whopping 50% for everyone, or we cut out 50% of the services you depend upon, like Medicare, Social Security, the Military, Defense, Airports, Trains, Roads, etc.
Wake up America . . . we are headed for a Depression that will make The Great Depression look like a rehearsal.
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