FIRE BITES
Once again the expert economists failed to gauge the depth of how far and fast existing home sales fell in September-- No small discrepancy this doubling of negative numbers-- Originally reported August numbers were revised downward in a big way-- Wait until canceled contracts get figured into the mix-- What the experts are loathe to mention is that the losses surrounding the hissing leak of the real estate balloon are much graver and more far reaching than, say, recent stock market declines-- Aside from the headliner victims of this financial fiasco, the lenders, the bankers, the mega-builders and their immigrant laborers, the American family looks to be a major loser in this Faustian bargain but unable to muster an advertising account with conglomerate media concerns, their considerable struggle to stay solvent rarely merits attention--
Predictions vary from the lowball White House numbers of 500,000 predicted foreclosures on sub-prime mortgaged houses to a whopping 2,000,000 million indicated by a bi-partisan congressional group-- Estimates predict over a $100/billion in lost wealth from these sub-primers alone-- State and local governments, including fire-bitten California, Florida, Michigan and Ohio, will see their coffers deprived of estimated $900/million in lost property taxes as a result-- Pension funds find themselves suddenly in hock to zillions of worthless sub-prime backed securities-- There is no economic news around the bend sufficiently forceful enough to stem the falling prices of homes people can no longer afford-- Currently 2 million more home loans wait for interest rates to be reset....obviously, upward-- Gasoline onto an already raging fire-- The US dollar doomed!!!-- Pray for strength because no easy life awaits--
Meanwhile Mr. Bush continues his robust mumblings of World War III-- Slip of the tongue, no doubt!!!-- As if that were a solution-- His puppet-master Cheney intoning everywhere that Iran is the impediment to peace in the Middle East is a motion even seconded by the protean Surging General Petraeus-- Israel, back from practicing air routes through Syrian air-space for a potential joint-strike against Iranian nuclear facilities turns the electrical power off in Gaza to drive the population away from its only defenders, Hamas-- Yeah, that'll work-- If the White House and its most loyal of rogue state-allies need a canard to attack Iran, whose GDP is all of 2% of the current Defense budget, why do these cretins fail to see the obvious??--
The fictive WMD's Sadam supposedly had are simply hidden in Iran with all manner of chimeric mushroom clouds-- John McCain and ever-unctious Joe Lieberman will tout this ploy far and wide on the Sunday political shows and pocketed administration frontmen like Michael Gordon, now flying solo after his tandem operative, the useful-idiot Judith Miller, fell from grace due to her scorched but missing-in-action journalistic-integrity, all oxymorons not aside, will festoon the faux discoveries front page on the magisterial NY Times and away we'll go into the wild blue.........yonder!!-- Spineless and lost, the angst-riven demies will goose-step into oblivion and take off their clothes for little bits of AIPAC chocolate-- Whitman heard America singing but the song of manifest destiny embodied by the gargantuan freeway now has one eye on the traffic and the other on the needle resting precariously on the red line of the fuel gauge-- Running on empty...........running hard!!!!--
Immediate repercussions to an attack on Iran may include $300/barrel oil prices but glossy spin can attribute conservation value to such anomalies and assert toil-worn homilies about the Castor-oil of depression making all of us, especially those still capable of oxygen intake, better-off in the long run-- The media, of course, super-bored by the criminality of the mis-adventure in Iraq, mostly ignorant of economic ramifications surrounding the housing market collapse, and fraught with the calcifugous ennui induced by the current abjectly myopic '08 presidential campaign, will be disappointed by the sudden faux war-footing being foisted upon them just as the voyeurism attendant public bathroom sex involving a closet Republican senator with the 'wide-stance' proclivity for undercover cops was getting so interesting-- Despite California aflame and Atlanta athirst, big Winter is on the way--
Predictions vary from the lowball White House numbers of 500,000 predicted foreclosures on sub-prime mortgaged houses to a whopping 2,000,000 million indicated by a bi-partisan congressional group-- Estimates predict over a $100/billion in lost wealth from these sub-primers alone-- State and local governments, including fire-bitten California, Florida, Michigan and Ohio, will see their coffers deprived of estimated $900/million in lost property taxes as a result-- Pension funds find themselves suddenly in hock to zillions of worthless sub-prime backed securities-- There is no economic news around the bend sufficiently forceful enough to stem the falling prices of homes people can no longer afford-- Currently 2 million more home loans wait for interest rates to be reset....obviously, upward-- Gasoline onto an already raging fire-- The US dollar doomed!!!-- Pray for strength because no easy life awaits--
Meanwhile Mr. Bush continues his robust mumblings of World War III-- Slip of the tongue, no doubt!!!-- As if that were a solution-- His puppet-master Cheney intoning everywhere that Iran is the impediment to peace in the Middle East is a motion even seconded by the protean Surging General Petraeus-- Israel, back from practicing air routes through Syrian air-space for a potential joint-strike against Iranian nuclear facilities turns the electrical power off in Gaza to drive the population away from its only defenders, Hamas-- Yeah, that'll work-- If the White House and its most loyal of rogue state-allies need a canard to attack Iran, whose GDP is all of 2% of the current Defense budget, why do these cretins fail to see the obvious??--
The fictive WMD's Sadam supposedly had are simply hidden in Iran with all manner of chimeric mushroom clouds-- John McCain and ever-unctious Joe Lieberman will tout this ploy far and wide on the Sunday political shows and pocketed administration frontmen like Michael Gordon, now flying solo after his tandem operative, the useful-idiot Judith Miller, fell from grace due to her scorched but missing-in-action journalistic-integrity, all oxymorons not aside, will festoon the faux discoveries front page on the magisterial NY Times and away we'll go into the wild blue.........yonder!!-- Spineless and lost, the angst-riven demies will goose-step into oblivion and take off their clothes for little bits of AIPAC chocolate-- Whitman heard America singing but the song of manifest destiny embodied by the gargantuan freeway now has one eye on the traffic and the other on the needle resting precariously on the red line of the fuel gauge-- Running on empty...........running hard!!!!--
Immediate repercussions to an attack on Iran may include $300/barrel oil prices but glossy spin can attribute conservation value to such anomalies and assert toil-worn homilies about the Castor-oil of depression making all of us, especially those still capable of oxygen intake, better-off in the long run-- The media, of course, super-bored by the criminality of the mis-adventure in Iraq, mostly ignorant of economic ramifications surrounding the housing market collapse, and fraught with the calcifugous ennui induced by the current abjectly myopic '08 presidential campaign, will be disappointed by the sudden faux war-footing being foisted upon them just as the voyeurism attendant public bathroom sex involving a closet Republican senator with the 'wide-stance' proclivity for undercover cops was getting so interesting-- Despite California aflame and Atlanta athirst, big Winter is on the way--
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posted by William Clark at 12:29 PM
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