Gonna Be Alright

by REIT Wrecks on July 29, 2008

No, but it’s different this time, really. And by finger printing (see below) those crooked mortgage brokers, we’ll make sure it doesn’t happen again!

With the Fed’s bailout of Bear Stearns, the Treasury’s blank check rescue of Fannie Mae & Freddie Mac, Merrill Lynch having just sold its “super senior” ABS CDO assets at only .22 cents on the dollar, and almost half a trillion dollars of cumulative writedowns booked thus far, the good news is just around the corner. The market will soon take off like a poodle in a jet pack and everything will be just fine. is there any room under your mattress?

Here’s a little reality check from Centex Homes, courtesy of the 8-K they filed with the SEC when they reported earnings today:

> Market conditions worsened in the quarter

> Foreclosures are rising

> Employment is weakening

> Consumer confidence is waning

> Mortgage qualification standards are tightening

> Traffic and sales have diminished

Thank goodness our tax dollars are hard at work, because somebody’s going to have to pay for all this. Remember, “they” is u$, as in you and me:

Disclosure: There are kooks still a lot of people who support worship Ron Paul.


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