Friday, September 12, 2008

Now is a great time to buy

Another day. Another record number of foreclosures.

NEW YORK ( -- Foreclosures hit another record high in August: 304,000 homes were in default and 91,000 families lost their houses.

91,000 families lost their homes? Excuse me? Why the hell can't the MSM ever acknowledge that a home "owner" with a mortgage doesn't own jack shit. These 91,000 families were simply renters. Except instead of renting a house from a landlord, they were renting money from a bank. And just like a landlord kicks out his tenants when they fail to pay rent, the lender kicked out these tenants when they failed to pay rent.

Great line here:

Foreclosure filings of all kinds, including notices of defaults, notices of auctions and bank repossessions, grew 12% in August over July, and 27% compared with August 2007. The 27% jump over last August represents a more modest year-over-year increase than in previous months.

So now a 27% year over year increase in foreclosures is seen as "modest". Does anyone in the MSM have any clue about anything these days? Gas goes up 25% year over year and you'd think Armageddon was just around the corner. But foreclosures go up 27% and it's ho-hum, just a modest increase. It's a little like saying 2 nights ago I drank 20 beers and damn near died of alcohol posioning. But last night I learned my lesson and toned it down a little by drinking a modest 18 beers.

And finally we have the winner of the MOST OBVIOUS STATEMENT OF THE YEAR AWARD from a Fannie Mae economist. No really, this is not an onion article, this is an actual CNN Money piece of "journalism".

Fannie Mae (FNM, Fortune 500) chief economist Doug Duncan isn't surprised by the swelling numbers. "It's been my view for a long time that foreclosures won't peak until the last three months of 2008," he said. And now that the nation in a recessionary economy, with job losses exceeding 400,000 a month, Duncan speculates that the foreclosure crisis may be drawn out even longer.

Really? You mean when the economy goes into the shitter, you speculate the rate of foreclosure might just increase? I speculate you are a moron Mr. Duncan. This is the head economist at Fannie Mae folks. The same Fannie Mae that will cost you, me and everyone else $300B at minimum because of idiots like Douggie over here having absolutely no clue about a damn thing.

No comments: