patrick.net

Don't panic ? I was writing this in previous thread

HSBC and NEW both give BIG bad news.

http://tinyurl.com/29g6sb

I have a savings account with HSBC Online. It’s FDIC insured … but now has me worried a little bit.

... and ...

Bill Fleckenstein (MSN Investor) warned about the coming problems in home loans at least 2 (maybe 3) years ago. That’s where I learned about secondary MBS, stated income loans and assorted information.

Couple of years ago he mentioned NEW as a compelling short idea. It has been going downhill since then. Although I did not trade NEW, I made some money on TOL on its way down. He was the first one to give information that saved me from buying a home. So I owe him a lot.

If CFC/TOL etc go up tomorrow, I think I will admit to PPT’s existence.

We have savings with HSBC at 6% online but less then $ 100K.
I hope the money is safe. it is our 50 % down payment when we buy our discounted Mc mansion...

www.nyc-123.com

Dude stop plugging nyc-123 - this is the second time that link has showed up.

Maybe the meltdown simply isn’t coming to the BA, and you mentioned some of the reasons for that.

Remember, my 8-ball said no crash in the Bay Area.

* Not advice of any kind

But a soft-landing can be major disappointment or even major hardship for more than a few people with toxic loans.

Also, a soft-landing means plenty of time to pick and choose for buyers.

palo alto renter,

Face Reality is right. The Bay Area is immune to any alleged housing "crash" (which is now so obvious that even spokesmen for the Fed, NAR, and GSEs are on record confirming it). Every 400sft studio in Nob Hill/Marina/PH/SOMA[insert favorite "it's different here" neighborhood] is worth $10 meellion dollars (pinky to lips).

The historic relationship between rents, incomes and carrying costs has been forever severed. The perennial shortage of land there means future first-time buyers will be priced out forever. Renters, and those born in future generations, will be will be unable to afford a $10 million starter home in 5 years. They will live in tent cities, and used Hondas. This asset bubble is unlike any before it in history, because it will never slow down, or pop. The gains are permanent. It's a new paradigm, and anyone who doesn't buy, now, will be priced out...

Do I really need to finish this?

Do you read patrick.net while at the loo?

:roll:

They will live in tent cities, and used Hondas.

http://patrick.net/wp/?p=390#comments

@Peter P,

Thanks for the plug! Too bad we didn't get any other takers.

Thanks for the plug! Too bad we didn’t get any other takers.

Are you talking about the Sci-fi thread? I got hooked watching Firefly and I wanted more. It is not fair that the series lasted only one week for me. :(

Agreed (on both counts) :-( .

Peter P,

What about Futurama? There's 4 and a half seasons worth.

What about Futurama? There’s 4 and a half seasons worth.

Perhaps I will get into that. It is going to take a while.

My wife likes Heroes better though.

Do you guys watch House? I thought it is a series about selling homes but it is not. :)

It has excellent dialogs. The protagonist (sort of) is one of my favorite characters.

My boyfriend likes House. I appreciate Hugh Laurie acting but the series doesn't do much for me. I like the Office much better.

Have you seen Arrest Development? That's very good viewing for bubbleheads.

My boyfriend likes House. I appreciate Hugh Laurie acting but the series doesn’t do much for me. I like the Office much better.

Hugh Laurie is amazing.

I have not seen Arrest Development.

I like sci-fi stories and pathologically mean characters. :)

"pathologically mean characters."

That would describe about 50% of the Bluth family. It's one reason why the show didn't take off more, the main characters were too pathologically mean.

That would describe about 50% of the Bluth family. It’s one reason why the show didn’t take off more, the main characters were too pathologically mean.

But House is mean and lovable at the same time.

Do give it a try, I have a feeling you'll really like it.

Okay, Arrested Development, right?

RE: Don't Panic

Boredom is the biggest threat. Slow motion train wreck is too... slow. Where is my remote?

I kind of miss the big price run-up two years ago. At least it was exciting. I doubt that is coming back now. And we are stuck with this slow motion market. I think someone better be dancing.

Yeah, Arrested Development. There's lots of lovableness mixed in with the pathological meanness, and the script is absolutely hilarious.

We could talk about food some more.

How 'bout curry?

There are so many different kinds of curry:

1. Indian
2. Japanese
3. Chinese
4. Vietnamese
5. Thai
6. Caribbean
...

From them, perhaps we can have some insight of cultural exchanges in history.

I hold the belief that food drives cultures. :)

I'm not very knowledgable about other curries, but Chinese "curry" is pretty weak and never mixed with dairy products or coconut milk. Still makes for a good meat and potato dish though.

Why don't you try the new Dr Who? There are three series out there now!

I'd say Battlestar Galactica and Dr. Who are very good, but rather different from Firefly.

I wish I had HBO so I could watch Rome.

I must admit I am disappointed that the Bay Area has not nose dived already, however, I think it will be hit - who are the specuvestors in AZ, TX etc - most likely the CA lot, who will find their main residencies are more vulnerable when their flips go sour and turn into alligators. Or that's what I think anyway!

I have seen some houses sold for less than asking in the last few months, for significant amounts (if we were anywhere else) but a small percentage against the sale prices in this area!

Yeah - I loved Firefly!

Face,

I live in SCAL and have never lived in the Bay area (though visit family there fairly often). Why are you questioning my knowledge when I'm agreeing with you? I already said it was immune to any non-existent "crash" --what more do you want?

Yeah - I loved Firefly!

Looks like those who love Firefly love it very much.

It is my all-time favorite sci-fi show. Sorry Cap'n Kirk. :)

HARM :

You forgot that in BA everyone buys with 20% down and has a FRM. So the meltdown in Subprime lenders will have no effect. If a financial need arises, people either just demand and get a raise, or sell some of their stock options and get new ones granted to replace them.

Otherwise, plan to grow some gray hair while waiting for the BA meltdown.

Again, you are correct. Overextended borrowers do not age or grow gray hair. Aging is an affliction reserved for JBRs.

Aging is an affliction reserved for JBRs.

No wonder I have gray hair. I should have bought with a Voodoo loan. I knew it!

I’m not very knowledgable about other curries, but Chinese “curry” is pretty weak and never mixed with dairy products or coconut milk. Still makes for a good meat and potato dish though.

Japanese curry is very good with seafood, 'specially shellfishes.

I don't remember it too well now, but I remember I loved Blake 7 when I was a kid and was so upset when that was cancelled.

I don’t remember it too well now, but I remember I loved Blake 7 when I was a kid and was so upset when that was canceled.

I did not even know about Firefly until they talked about it on this blog last year. Then the show suddenly arrived from Netflix...