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Originally Posted by powerclown
The modern day version of socialism/communism espoused from the left is more a form of swashbuckling political protest and expression of class envy than an insightful endorsement of an effective form of governance imo. Can anyone seriously believe that Chavez's Venezuela is a society on the rise? If I were a Venezuelan, I'd buy all the gold and precious stones I could get my hands on and leave the country ASAP. The USS Chavez is on borrowed time and headed straight for disaster. And guess who they'll be asking for help once they sink?
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...hey powerclown...take a peek at the CIA Factbook numbers I <a href="http://www.tfproject.org/tfp/showpost.php?p=2288410&postcount=13">posted</a> on this thread that compare France to the US. The numbers clearly show that it is the US that is operating an unsustainable economic and monetary "system"...not Venezuela, and not France.... and you're going to go live through what is going to happen next, with me providing commentary, as we "unwind" into crisis, if you continue to participate, or even lurk around here.
Today, it's mortgage liquidity:
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http://www.brokeruniverse.com/hearing/
What We're Hearing
By Paul Muolo
.....In the 20-plus years that I've been covering residential finance I haven't seen a financial meltdown this swift since the S&L crisis of the mid-to-late 1980s. One subprime executive who closed his shop a few months ago told me, "This is a liquidity crunch the likes I have never seen." Meanwhile, the mudslide is rolling downhill from Wall Street to mortgage bankers, to loan brokers, and then the consumer. .....
http://online.wsj.com/article/SB118643226865289581.html
How Credit Got So Easy
And Why It's Tightening
By GREG IP and JON E. HILSENRATH
August 7, 2007; Page A1
<center>Subprime Loan Origination:<p><img src="http://online.wsj.com/media/info-Creditchrtbk0708-less.gif"><p><br><img src="http://www.nowandfutures.com/download/mew_gdp_1976-2006.jpg"></center>
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Consider the last two charts displayed in the preceding quote box....and tell us where the liquidity will come from to replace the funds that flowed to "buyers" who drove up housing prices, enabling years of free mortgage equity extractions from "serial re-fies" that were spent "rolling up" existing auto and credit card debt into instant new, higher debt mortgages....since housing prices could only go up.... the "MEW" produced "clean slates" that allowed newly zeroed credit card balances to be run up again, and the trading in of the two year old SUV, and the new debt disappeared in the annual "refi...."
Here's the first phase....the tip of the iceberg of the "BUST" of the superior US capitalistic economy, the one that drives the hubris and arrogance that I see emanating from your posted opinions....:
Quote:
http://online.wsj.com/public/resourc...&ps=false&a=up
Lenders that Have Closed Shop,
Been Acquired or Stopped Loans
More than 80 mostly subprime mortgage lenders -- those that make home loans to the riskiest borrowers with questionable credit -- have closed shop since the end of last year as clients defaulted on payments and banks cut off the funding required to make the loans. The trend accelerated early this year, and by the spring it seemed companies both large and small were stopping new loan activity, closing shop, declaring bankruptcy or being sold off every other day or two.
<b>Date Announced ↑ Company Name Home State Loans Originated (bil. of $, 2005) Outcome </b>
08/07/07 Impac Mortgage Holdings Inc. California 3.3 ..........Stopped funding loans
08/07/07 HomeBanc Corp. ........Georgia ................6.4 ............ Stopped loans
08/06/07 Aegis Mortgage Corp. Texas ................N/A ............ Stopped loans
08/06/07 American Home Mortgage New York ....... 45.3 ........... Bankrupt
08/06/07 National City Home Equity Ohio .... N/A ............ Stopped loans
08/04/07 NovaStar Financial Inc. Missouri ....... 9.3 ................Stopped loans
Read the rest of the names on the list....there are 80 more mortgage lenders....failed, in the last 9 months....
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....and don't forget about these other signs of an economy "out of order", each one the sign of a potential catastrophe that was not mitigated, even with the advantage of the ongoing unprecedented speculative bubble in residential real estate in the US:
.....the decline of the dollar vs. the euro:
<center><img src="http://ichart.finance.yahoo.com/5y?usdeur=x"><p> .... and the dollar vs. gold: <p><img src="http://www.the-privateer.com/chart/gold-pf.gif"><p> ...and the US Trade Deficit:<br><img src="http://www.epi.org/images/intlpic20070213.gif"></center>
....odds are that the US currency purchasing power will decline to a point, conceivably as suddenly as the mortgage market has imploded...where we in the US will be begging Chavez to lend us some oil, as we appeal to France for help in refinancing our trade debt.....and I didn't even mention the negative impact of the jump in US treasury debt....from $5.7 trillion in )Oct., 2000, to $8.8 trillion, today....