Dow Crash Coming To Your 401K (2007 to 2022)

[Neurotoxin]

gbers.....


Home Foreclosures hit all-time high

March 6, 2008:

NEW YORK (CNNMoney.com) -- More home owners than ever are losing the battle to make their monthly mortgage payments.

Over 900,000 households are in the foreclosure process, up 71% from a year ago, according to a survey by the Mortgage Bankers Association. That figure represents the highest rate in the report's quarterly, 36-year history.  




gbers....this is the net result of george w bush's policy allowing lenders to go unregulated. bush had hope the housing bust occurred AFTER he left office.

clearly, that did not happen.



NT

[Neurotoxin]

gbers........


U.S. stocks slide, weighed by financial sector

Oil futures push toward $106 a barrel; dollar hits record lows against euro

March 6, 2008
NEW YORK (MarketWatch) -- U.S. stocks thudded lower for a fifth session in six Thursday, pressured by more bleak news from the financial sector, including a default at mortgage lender Thornburg Mortgage Inc. and news that Merrill Lynch & Co. is opting out of the subprime mortgage market.

"The hits just keep on coming," said Robert Pavlik, chief investment officer at Oaktree Asset Management. "Trying to stay optimistic and long-term focused is extremely hard at this point, you don't know what's coming up."

In another triple-digit decline, the Dow Jones Industrial Average  fell 214.00 points.



NT

[War-Horse]

I gotta admit, it must be sweet revenge on all the dumbasses that thought this was just a "Speedbump" in the road.

Those idiots mustve been listening to hannity and limbaugh and bushman..............

Anyone who gave NT hell in this thread is gonna get double the pain if they dont wisen up.

[Bindare_Dundat]

Lord give me strength. 

Some people are STILL not getting it. Just clueless zombies walking around taking jabs at people who have tried to warn them that shit was gonna hit the fan and look, we have McInsane winning the Republican nomination and fellow getbiggers laughing at Ron PAul comments. 

I swear, sometimes I think I'm in the Twilight Zone.

[stormshadow]

I honestly feel like a financial wizard (sarcasm )when I look at what I knew back then compared to what was being written.  People didn't seem to take notice when the Fed (back in August I believe) had to inject MASSIVE amounts of liquidity, and for the first time in history, encouraged banks to use their mortgages as collateral !!

This right there was hard evidence that we had some serious fucking problems on the horizon.  If not for this cash injection (credit/money created out of thin air) and accepting mortgages (JUNK) the entire industry would have melted down as the foreign money was hightailing it out of these investments.  This would have been the end of our economy folks.  The chain reaction combined with our fractional reserve banking would have bankrupt all of our banks (well, by the nature of the system they are inherently bankrupt anyway, but that's a different discussion). 

It's funny to read the articles of all these jackass financial journalists now, and how they are backtracking.  To say they are a day late and a dollar short is giving them far too much credit.

[Bindare_Dundat]

I honestly feel like a financial wizard (sarcasm )when I look at what I knew back then compared to what was being written.  People didn't seem to take notice when the Fed (back in August I believe) had to inject MASSIVE amounts of liquidity, and for the first time in history, encouraged banks to use their mortgages as collateral !!

This right there was hard evidence that we had some serious fucking problems on the horizon.  If not for this cash injection (credit/money created out of thin air) and accepting mortgages (JUNK) the entire industry would have melted down as the foreign money was hightailing it out of these investments.  This would have been the end of our economy folks.  The chain reaction combined with our fractional reserve banking would have bankrupt all of our banks (well, by the nature of the system they are inherently bankrupt anyway, but that's a different discussion). 

It's funny to read the articles of all these jackass financial journalists now, and how they are backtracking.  To say they are a day late and a dollar short is giving them far too much credit.

Stop trying to solve the problem and let people swallow the bad pill. All they did was prolong and worsen the pain.

[Neurotoxin]

U.S. Lost 63,000 Jobs in February



March 7 (Bloomberg) -- The U.S. unexpectedly lost jobs in February for the second consecutive month, reinforcing concern the economy is contracting.

Payrolls fell by 63,000, the biggest drop since March 2003, after a decline of 22,000 in January that was larger than initially estimated, the Labor Department said today in Washington. The jobless rate declined to 4.8 percent, reflecting a shrinking labor force as some people gave up looking for work.

A weakening job market, combined with lower home values, higher fuel bills and stricter lending rules, raises the odds consumer spending will keep slowing. Falling employment is one reason Federal Reserve Chairman Ben S. Bernanke has signaled central bankers are prepared to lower interest rates again.




NT

[Deicide]

gbers..... how in the world could some dope on GB (me)  predict a severe recession back in Nov 07 and no one else in our government knew ?


it amazes me how our government fvcks over the little guy.


if you guys only knew half the truth.



NT



March 7, 2008
WASHINGTON (MarketWatch) -- In the clearest suggestion yet of a recession, U.S. nonfarm payrolls fell by 63,000 in February, the second straight decline, the Labor Department reported Friday.

William Somerset: I just don't think I can continue to live in a place that embraces and nurtures apathy as if it was virtue.
David Mills: You're no different. You're no better.
William Somerset: I didn't say I was different or better. I'm not. Hell, I sympathize; I sympathize completely. Apathy is the solution. I mean, it's easier to lose yourself in drugs than it is to cope with life. It's easier to steal what you want than it is to earn it. It's easier to beat a child than it is to raise it. Hell, love costs: It takes effort and work.

[Bindare_Dundat]

gbers..... how in the world could some dope on GB (me)  predict a severe recession back in Nov 07 and no one else in our government knew ?


it amazes me how our government fvcks over the little guy.


if you guys only knew half the truth.



NT



March 7, 2008
WASHINGTON (MarketWatch) -- In the clearest suggestion yet of a recession, U.S. nonfarm payrolls fell by 63,000 in February, the second straight decline, the Labor Department reported Friday.

I've been hearing that there will be a jump in employment next month based on skewed figures that will bump up the market and then a steep fall again around end of March. Any news on that?

[OzmO]

I've been hearing that there will be a jump in employment next month based on skewed figures that will bump up the market and then a steep fall again around end of March. Any news on that?

Not that i know much about this........but on cnn this morning they said February recorded 63,000 losing jobs.

[War-Horse]

Not that i know much about this........but on cnn this morning they said February recorded 63,000 losing jobs.

LOL.    Its 4-5 posts above you.   I guess nobody wanted to admit the Titanic had hit a berg until it was undeniable and you couldnt fool anyone about it.

This is another fault of the Bush admin that he should answer for.

Stormshadow, that was a good post.   When i started recieving checks for my newer house (that i had just bought) for a 100,000k, I was saying something is fishy cuz i had only been making payments for 2 years and hadnt built up equity yet.

Or so I thought...Everyday i recieved at least 3-5 peices of mail asking me to pull out the equity.   I knew it was crazy, and now home prices are dropping back down and people are bitching about losing equity, and Im telling them:"What you dumbass, you didnt really believe that shit did you?"   You havent lost anything that wasnt yours to begin with.

But the foreclosures on my street are almost 50% of the homes.......Sad,Man.

[OzmO]

LOL.    Its 4-5 posts above you.   I guess nobody wanted to admit the Titanic had hit a berg until it was undeniable and you couldnt fool anyone about it.

This is another fault of the Bush admin that he should answer for.

Stormshadow, that was a good post.   When i started recieving checks for my newer house (that i had just bought) for a 100,000k, I was saying something is fishy cuz i had only been making payments for 2 years and hadnt built up equity yet.

Or so I thought...Everyday i recieved at least 3-5 peices of mail asking me to pull out the equity.   I knew it was crazy, and now home prices are dropping back down and people are bitching about losing equity, and Im telling them:"What you dumbass, you didnt really believe that shit did you?"   You havent lost anything that wasnt yours to begin with.

But the foreclosures on my street are almost 50% of the homes.......Sad,Man.

lol,  yeah, well ADD, what can say i?   


But here's thing about it.  EVERYONE blames the administration when the economy is bad.   Because they share partial responsibility. And it's not going to get better.  It's going to get worse.  It's going to be 1980 all over again.

[War-Horse]

Neurotoxin knows what he's talking about. Under control for most but more should've listen. Including me.

Holy shit I just fell over...

[Neurotoxin]

I've been hearing that there will be a jump in employment next month based on skewed figures that will bump up the market and then a steep fall again around end of March. Any news on that?

# 1) without exception the government employment numbers are usually "worked" to assist the market. that's a given. when the 63,000 job loss number was released today, many of us laughed because the real number is MUCH, MUCH HIGHER. We often refer to the numbers released as "phantom numbers". real unemployment in this country is in the 10-11% range. we're told 4.8- 5.0%. remember, once a person loses his/her unemployment benefits, they are no longer considered unemployed, whether or not they have found a new job.

#2) also, consider the fact that the housing boom created 15 million new jobs. ie, home builders, roofers, carpenters, tile layers, electricions, dry wallers, mortgage brokers, banking employees etc. many of these jobs have been eliminated due to the subsequent housing bust.........but oddly the unemployment rate released by our government remains mostly unchanged. how does that add up ?  do i make myself clear ?

# 4) ever wonder why we see constant downward "revisions" to various numbers released ? that's because the numbers are often "padded" on the original release date, and then basically ignored by the markets when revised lower at a later date. (considered old news)


of course this is all speculation on my part.  



NT



 

[Neurotoxin]

Neurotoxin knows what he's talking about. Under control for most but more should've listen. Including me.

alex23, good to see you finally come around.



NT

[Deicide]

None of this shit matters. Pale Blue Dot Bitches....


                                           

[Neurotoxin]

March 7, 2008
  
NEW YORK (MarketWatch) -- U.S. stocks were hammered Friday, pushing the Dow industrials to their lowest close since Oct. 11, 2006, after February's unemployment report cemented thinking of a recession, and central bank moves to stem the credit crunch failed to offset the damage.
  
"Folks, based on today's employment report, if we are not in a recession, it is a darned good imitation of one; we are in an unprecedented real estate and credit crisis that is whipping its way through the U.S. economy," said Kevin Giddis, managing director, fixed income trading, Morgan Keegan & Co.
 
The Dow Industrials declined 146.70 points to 11,893.69, giving it a weekly loss of 3%. Since the year began, the blue-chip index has lost more than 1,370 points, declining 10% in value.




NT

[Neurotoxin]

gbers......


March 5 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke will  "destroy the U.S. dollar'' by cutting interest rates, investor Marc Faber said.

Bernanke's reduction in the target rate for overnight loans between banks to 3 percent has spurred a rout in U.S. stocks and gains in oil and gold prices, said Faber.





NT

[Bindare_Dundat]

# 1) without exception the government employment numbers are usually "worked" to assist the market. that's a given. when the 63,000 job loss number was released today, many of us laughed because the real number is MUCH, MUCH HIGHER. We often refer to the numbers released as "phantom numbers". real unemployment in this country is in the 10-11% range. we're told 4.8- 5.0%. remember, once a person loses his/her unemployment benefits, they are no longer considered unemployed, whether or not they have found a new job.

#2) also, consider the fact that the housing boom created 15 million new jobs. ie, home builders, roofers, carpenters, tile layers, electricions, dry wallers, mortgage brokers, banking employees etc. many of these jobs have been eliminated due to the subsequent housing bust.........but oddly the unemployment rate released by our government remains mostly unchanged. how does that add up ?  do i make myself clear ?

# 4) ever wonder why we see constant downward "revisions" to various numbers released ? that's because the numbers are often "padded" on the original release date, and then basically ignored by the markets when revised lower at a later date. (considered old news)


of course this is all speculation on my part.  



NT



 

Thanks for answering, I just realized when I wrote that I was thinkng we were still in February,    but the question remains the same. Thanks agian.

[Bindare_Dundat]

gbers......bush now says the iraq war is HELPING the US economy. this fvcker belongs in a padded cell.



Bush Dismisses Iraq Recession: The War Has ‘Nothing To Do With The Economy’

This morning on NBC’s Today Show, President Bush denied that the there’s any link between the faltering U.S. economy and $10 billion a month being spent on the Iraq war. In fact, according to Bush, the war is actually helping the economy:





NT

Please, this man NEEDS to be thrown into a courtroom with public hearings, NOW!

[Deicide]

gbers......


March 5 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke will  "destroy the U.S. dollar'' by cutting interest rates, investor Marc Faber said.

Bernanke's reduction in the target rate for overnight loans between banks to 3 percent has spurred a rout in U.S. stocks and gains in oil and gold prices, said Faber.





NT

Pale Blue Dot

[Neurotoxin]

gbers....


U.S. Lost 63,000 Jobs in February



March 7 (Bloomberg) -- The U.S. unexpectedly lost jobs in February for the second consecutive month, reinforcing concern the economy is contracting.

Payrolls fell by 63,000, the biggest drop since March 2003, after a decline of 22,000 in January that was larger than initially estimated, the Labor Department said today in Washington. The jobless rate declined to 4.8 percent, reflecting a shrinking labor force as some people gave up looking for work.

A weakening job market, combined with lower home values, higher fuel bills and stricter lending rules, raises the odds consumer spending will keep slowing. Falling employment is one reason Federal Reserve Chairman Ben S. Bernanke has signaled central bankers are prepared to lower interest rates again.




NT

gbers....


think about this:

the unemployment rate dropped by 0.1%. How can it drop if we lost 63,000 jobs? Basically, because the unemployment rate is estimated from a survey called the household survey. They literally call hundreds of thousands of homes and ask if anyone is working or looking for work. If you are NOT looking for work, then you are NOT counted as unemployed. This month the household survey showed a drop of 255,000 jobs (quite the difference from the headline 63,000 number released.); but an even larger number of people, 450,000, are not looking for a job, presumably because they do not expect to find one.

So, even though fewer people are working, the data shows the unemployment rate falling. Go figure.

in addition, all the unemployed who have run out of unemployment benefits are NO LONGER counted as unemployed.




NT

[War-Horse]

Its possible that alot of people gave up looking because wages in the help wanted section of ANY PAPER in America are still paying $10 hr and the household bills are  $1500 Mortgage
                            $600 Car
                            $300 Utilities
                            $300 creditcard 
                            $400 Food
                            And more.

Notice this is not just for Un-skilled workers.....these are for supposed Careers.

[Neurotoxin]

NYTimes March 8, 2008
If history is a reliable guide, the recession of 2008 is now unavoidable.


The dismal jobs report released Friday showed overall employment to be lower than it was three months ago. Every time such a slump has occurred since the early 1970s, a recession has followed — or already been under way.

And if the good times have really ended, they were never that good to begin with. Most American households are still not earning as much annually as they did in 1999, once inflation is taken into account. Since the Census Bureau began keeping records in the 1960s, a prolonged expansion has never ended without household income having set a new record.



NT

[windsor88]

Its possible that alot of people gave up looking because wages in the help wanted section of ANY PAPER in America are still paying $10 hr and the household bills are  $1500 Mortgage
                            $600 Car
                            $300 Utilities
                            $300 creditcard 
                            $400 Food
                            And more.

Notice this is not just for Un-skilled workers.....these are for supposed Careers.

Exactly.  Even though I have a job I look every once in a while to see if anything better is out there.  I am in the I.T. field and the only places hiring are those temp agencies.  Even those have went down.  Plus,  the companies that are hiring want you to have a minimum bachelors sometimes masters, up to date certifications, 10 years experience, and knowledge of every type of software under the sun.  All of that just to live paycheck to paycheck.  I just hope I don't lose my job.  If so I will have to resort to illegal activities just to live.   If I go to prison..well..who gives a fuck.  At least I wont have any bills.  Thanks George W. !!!