WarrenJ Posted August 17, 2009 Report Share Posted August 17, 2009 Peter Schiff, in this video, is literally laughed at in 2006 when he predicted exactly what eventually occurred in our economy. Who would you listen to in the future? http://www.youtube.com/watch?v=zdVP_sgCETo Peter Schiff is at http://www.europac.net . DISCLAIMER: Yes, I subscribe to his services. You should also. --W There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises Link to comment Share on other sites More sharing options...
Cadillac Jim Posted August 17, 2009 Report Share Posted August 17, 2009 I heard that the same thing happened in the car business. People were buying cars with trad-ins that had negative equity, and negative equity was increasing. Most states have laws that in repossessions, including "voluntary repossessions" or returns by mutual consent when you can't make the payments, the lender cannot require cash or debt if he takes possession of the car itself. That means that the lender eats the negative equity. This is exactly what happened with the real estate lenders -- lots of defaults with a crash in real estate value with lenders being stuck with negative equity. In both cases, the negative equity was dwarfed by the principal and the burden of protecting an asset that could not be sold without taking an even greater loss. That's why used-car values crashed in December 2008 and January 2009 to about 1/3 their values in September 2008. It's also why GMAC and other car lending agencies were all bankrupted in September and no car loans were available anywhere. Even Toyota and Honda went to Tokyo in January for a bailout, or so I heard (reference, anyone?). -- Click Here for CaddyInfo page on "How To" Read Your OBD Codes-- Click Here for my personal page to download my OBD code list as an Excel file, plus other Cadillac data -- See my CaddyInfo car blogs: 2011 CTS-V, 1997 ETC Yes, I was Jims_97_ETC before I changed cars. Link to comment Share on other sites More sharing options...
BodybyFisher Posted August 17, 2009 Report Share Posted August 17, 2009 He was right on, and they laughed at him throughout.... The worst is yet to come, wait till the commercial banks need to deal with their commercial portfolios Pre-1995 - DTC codes OBD1 >> 1996 and newer - DTC codes OBD2 >> https://www.obd-codes.com/trouble_codes/gm/obd_codes.htm How to check for codes Caddyinfo How To Technical Archive >> http://www.caddyinfo.com/wordpress/cadillac-how-to-faq/ Cadillac History & Specifications Year by Year http://www.motorera.com/cadillac/index.htm Link to comment Share on other sites More sharing options...
Texas Jim Posted August 17, 2009 Report Share Posted August 17, 2009 He was right on, and they laughed at him throughout.... The worst is yet to come, wait till the commercial banks need to deal with their commercial portfolios I don't even want to "THINK" about that. I have been telling my wife for the last two years, about the commercial paper that is fixing to cause massive problems. I was in the real estate business from 1981 till 1989. I bought old houses...fixed them up and then sold them. I still kinda keep up on things. Link to comment Share on other sites More sharing options...
WarrenJ Posted August 18, 2009 Author Report Share Posted August 18, 2009 He was right on, and they laughed at him throughout.... The worst is yet to come, wait till the commercial banks need to deal with their commercial portfolios Early 2011 comes the Alt-ARMS. We get rolled again. Oh, the pain! You can thank the likes of Sens. Dodd, Kennedy, Schummer et al. Rebublican Senators are also at fault. The repeal of Glass-Steagle and the implementation of the CRA began all the problems we suffer today. The banks did what they did at the point of a government gun. Anyone who points a finger of blame at the banks is missing the mark. It was YOUR GOVERNMENT (and its politicians) that created this crisis. Sadly, the worst (as BbF said) is yet to come. Duck and Cover! Regards, Warren There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises Link to comment Share on other sites More sharing options...
MAC Posted August 18, 2009 Report Share Posted August 18, 2009 WOW! Peter nailed it! Link to comment Share on other sites More sharing options...
WarrenJ Posted August 18, 2009 Author Report Share Posted August 18, 2009 Just 'cause people need to have fun, I offer you this: http://coyoteprime-runningcauseicantfly.bl...il-economy.html "General, I'm Runnin' cause I can't fly" Regards, Warren There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises Link to comment Share on other sites More sharing options...
BodybyFisher Posted August 18, 2009 Report Share Posted August 18, 2009 He was right on, and they laughed at him throughout.... The worst is yet to come, wait till the commercial banks need to deal with their commercial portfolios Early 2011 comes the Alt-ARMS. We get rolled again. Oh, the pain! You can thank the likes of Sens. Dodd, Kennedy, Schummer et al. Rebublican Senators are also at fault. The repeal of Glass-Steagle and the implementation of the CRA began all the problems we suffer today. The banks did what they did at the point of a government gun. Anyone who points a finger of blame at the banks is missing the mark. It was YOUR GOVERNMENT (and its politicians) that created this crisis. Sadly, the worst (as BbF said) is yet to come. Duck and Cover! Regards, Warren I am so glad that you recognize that the banks are not at fault. This was related to the polititians lowering credit standards and extorting the banks to lend to consumers who had questionable or no credit and VERY poor planning by the Fed keeping the rates too low too long when the risks didn't warrant low rates http://stefanmikarlsson.blogspot.com/2006/...es-we-kept.html Pre-1995 - DTC codes OBD1 >> 1996 and newer - DTC codes OBD2 >> https://www.obd-codes.com/trouble_codes/gm/obd_codes.htm How to check for codes Caddyinfo How To Technical Archive >> http://www.caddyinfo.com/wordpress/cadillac-how-to-faq/ Cadillac History & Specifications Year by Year http://www.motorera.com/cadillac/index.htm Link to comment Share on other sites More sharing options...
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