Quotes of the day...

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<strong><em>"We're in for a fairly ugly correction,"</em></strong>


- Ron Terwilliger, head of Atlanta-based Trammell Crow Residential.





<strong><em>"Some markets will really be in the doldrums for quite a while,"</em></strong>


- David Seiders, chief economist for the National Association of Home Builders.
 
<p>More from David Seiders</p>

<p>"Short-term, it's supply versus demand. It doesn't have anything to do with price," he said. "The home-buying public knows it and they're waiting."</p>

<p>Condo prices appreciated grossly relative to affordability, he said. That lack of affordability brought down the housing market, he added.</p>

<p>"Pricing has a lot further to adjust. The places that have to adjust the most are the ones that rose the most." he said.</p>

<p> </p>
 
<p><a href="http://www.boston.com/realestate/news/articles/2008/02/17/long_views_short_money/">http://www.boston.com/realestate/news/articles/2008/02/17/long_views_short_money/</a></p>

<p>...</p>

<p>said Jodi<strong> </strong>DiLorenzo, a Coldwell Banker agent on Revere Beach. "God isn't making anymore oceans."</p>
 
<p>http://online.wsj.com/article/SB120433378645304553.html?mod=hps_us_pageone</p>

<p> "He knew it was built," the prince says. "My civil list [government allowance] is only $20,000 U.S. per month. You can't build a house for that."</p>
 
<p><a href="http://online.wsj.com/article/SB120541641601433381.html?mod=hps_us_whats_news">http://online.wsj.com/article/SB120541641601433381.html?mod=hps_us_whats_news</a></p>

<p class="times">"I have heard about using taxpayers' monies to buy empty houses, which I think would be a huge mistake," Mr. Bush added.</p>

<p class="times">"That plan doesn't help homeowners. That plan helps lenders. And we want to help homeowners."</p>
 
US Congressional Budget Office

http://www.cbo.gov/ftpdocs/90xx/doc9078/04-11-Housing_with_Letter.pdf



If the objective is to avoid foreclosures and abandonment of properties, intervention might break a downward spiral in which foreclosures put houses on the market, pushing down house prices and producing more foreclosures. Although many analysts believe that house prices remain too high relative to people?s incomes, such a spiral, without intervention, could reduce prices even below their long-run ratio to incomes and production costs.
 
<a href="http://money.cnn.com/2008/04/15/markets/thebuzz/index.htm?postversion=2008041513">It's inflation, stupid !</a>



<em>Fisher said credit problems have made investment banks look like "a Rube Goldberg device designed by a hydrologist on acid, with pipes and conduits that lead every which way and not always toward the goal of sustainable economic growth." (Imagine Ben Bernanke using that metaphor.)



For this reason, he added that "even as we have been cutting the fed funds rate, even as we have been opening the monetary spigot, interest rates for private sector borrowers have not fallen correspondingly, and rates for some borrowers have increased. <strong>The grass is turning brown."</strong>



In other words, the rate cuts have not substantially helped and more big rate reductions might not either. Instead, they may simply lead to a further weakening of the dollar and more inflation</em>
 
Interview with Warren Buffet

http://money.cnn.com/2008/04/11/news/newsmakers/varchaver_buffett.fortune/index.htm



In 2006 you had $330 billion of cash taken out in mortgage refinancings in the United States. That's a hell of a lot - I mean, we talk about having $150 billion of stimulus now, but that was $330 billion of stimulus. And that's just from prime mortgages. That's not from subprime mortgages. So leveraging up was one hell of a stimulus for the economy.
 
[quote author="Anonymous" date=1216195553]Opposition, From Both Parties, Over Bailout Plan

http://www.nytimes.com/2008/07/16/business/16fannie.html?hp




?When I picked up my newspaper yesterday, I thought I woke up in France,? Senator Jim Bunning, Republican of Kentucky, said at the hearing. ?But no, it turns out socialism is alive and well in America.?</blockquote>


Bunning was my hero today. He told the US what it needed to hear, about Bernanke, Greenspan, Fannie, Freddie, and all the rest.
..
<p>

From the CEO of any present day financial institution the day before it collapses:


<i>"We are well capitalized."</i>
 
<em>Bunning was my hero today</em>



He is a bit of a nutter, but I enjoyed watching he and Hank go at it ! I love how he would make a point, then stop and stare at Ben for a few seconds before continuing with his speech.
 
[quote author="awgee" date=1216204264][quote author="Anonymous" date=1216195553]Opposition, From Both Parties, Over Bailout Plan

http://www.nytimes.com/2008/07/16/business/16fannie.html?hp




?When I picked up my newspaper yesterday, I thought I woke up in France,? Senator Jim Bunning, Republican of Kentucky, said at the hearing. ?But no, it turns out socialism is alive and well in America.?</blockquote>


Bunning was my hero today. He told the US what it needed to hear, about Bernanke, Greenspan, Fannie, Freddie, and all the rest.
..
<p>

From the CEO of any present day financial institution the day before it collapses:


<i>"We are well capitalized."</i></blockquote>
What's the over and under for that phrase being used by bank CEOs during this quarter's reporting calender???
 
Winner winner, chicken dinner. Here is a great one from Dylan Ratigan today....he is referring to Kraft taking AIG's place on the DOW.



<strong><em>"They have replaced our high finance......with cheese."</em></strong>
 
Many nuggests from the Fast Money crew today....



<em>Jeff Macke isn?t buying. He thinks the government is just throwing money at the problem. And then they?ll build an escalator to the moon, he exclaims.



What they should have done is suspend the ability of the ratings agencies to downgrade financials. For my money, that?s the better move.



<strong>I weep for the future, for my children and the free market as a whole</strong>, Macke concludes.</em>
 
Wayne Angell, former Federal Reserve Governor, on CNBC today, "The Federal Reserve has an infinite balance sheet."
 
http://www.bloomberg.com/apps/news?pid=20601087&sid=aCNnbO2lMJG4&refer=home



``What amazes me is how they gave people mortgages without good credit,'' said Rosalie Edburg, 89, a retiree in Seattle who kept her savings and checking accounts at WaMu. ``It sounds like their minds were on vacation.''
 
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