Mered California Real Estate Down Again

In the town of little Merced;
The real estate market is so dead;
Can you diiiigggg it yaah;
The bank-owned foreclosures on the market;
All the sharks turned into minnows,
And be Eaten yaaah;;
And then along comes Bernancke, eeey;
He thinks keep lower interest,
Will somehow revive the dead corpse anyway;
But, with the credit crunch and the bownders and the downers;
Don't have much to ssaaay;
Man, I sure did like it a bunch;
Now, my empty cup is real bitter a punch;
ba,ba,ba,ba, Wap do Wahhhhhhh!

(spoof- song- The Association- Along Comes Mary)

The New York Times has a great article on the real estate market in Merced, California, in the center of the collapse of the real estate market. In the ruin of the housing market, what is left of the market is dominated, 75-percent, by bank-owned real estate that is housing that has already been foreclosed and now is on the real estate market. The scam seems to be that you abandon your mortgage, then move into a rental for less than half the price, say from $3,200 to $1,400. Why don't we just freeze the mortgages and give these people a rental payment scheme, until all these ridiculous mortgages are defleated back to reality.

The Al Gore Movie- I Owe My Soul to ...

Yes folks this is the Al Gore movie:



16 tons, and whadda get;
Another day older and deeper in debt;
St. Peter don't ya call me, cause I can't go;
I owe my soul to the company store;

(traditional ballad)

That song is at the end of the 22 minute video. By the way, the Gore family did buy a huge coal mine with semi-slave labor to inspire that song, way before Al Gore became a "greenie."

War and Real estate, from USA to South Ossetia

The countdown is on for World War III, unless someone decides to stop it. That is what Georgia's Saakashvilli's attack on South Ossetia, and Russia means. Note for some background, check out the June 20th 2008 EIR:

"EU leaders have stepped up their challenges to Russian interests... eclipsing the United Nations in places where the UN, or Russia under a UN mandate, has played a role since the 1990s. The result is an aggravation of tensions that threaten to pull Russia's southwest border areas, especially the Caucasus region, into a general escalation of warfare across Eurasia," she wrote.

Under EU Secretary General Javier Solana's direction, the EU set up a diplomatic group which traveled to the autonomous regions of Transdniestria, in Moldova, and South Ossetia and Abkhazia, in Georgia, and arranged visits to Brussels and London, by leaders they were cultivating from these so-called "unrecognized republics." In this effort, the EU group has been working closely with Georgia's fervent "Rose Revolution" leader, President Michael Saakashvili, who himself proclaimed last May: "We are the fighting ground for a new world war."

Will Obama and Mccain give a damn to stop this game, or can we get some one else at this late date to run for President. See what the falling real estate and mortgage markets are doing to leaders' minds and the strategic situation?

The Real Estate Soft Parade is Coming

The Soft Parade has now begun.
Crashing mortgages, everyone;
Bailout attempts to no purpose yet;
But, Barney Frank and Paulson still say,
That we're all set!!

Merrill Lynch writing off 80-percent;
Of their Mortgage Backed Securities;
The rest are waiting for a Federal bailout;
I think this collapse is getting, you know;
A little, bit, brrrrrr, furry!!

Time to Get the Homeowner, Bank Protection;
Listen to LaRouche, known as the Old Greezer;
Need a four-powers agreement now;
For a New Bretton Woods or bust,
Reorganization of the system;;

(spoof music, the Doors, Soft Parade)

Yes, the Geezer is right. We need the Homeowner, Bank Protection Act. We must freeze the mortgage, just have reasonable rental payments. The MBS will have to be written off, it is largely worthless in any case. Look what happened, Merrill Lynch sold off its Mortgage Backed Securites, and CDOs for only 18-cents on the dollar, and that part is just looking for Barney Frank's and Hank Paulson's bailout.