Here’s are some quotes I came across that you all might find interesting. It just goes to show you that you really can’t trust the so called “Experts” or “Leaders”. They really have no clue. Either they are all in on some sort of conspiracy or they are as dumb and ignorant as 80% of the general public. Maybe they are just like the rest of us, going through our day, just going through the motions, saying what they think everyone wants to hear, just so they can get through the day and go home and relax. It’s funny, all of the statements that were said back in the 30′s are the same things I have heard today. What is it they say,” those who don’t learn from the past are doomed to repeat it!.”
As for the 700 Billion dollar bailout, we have all heard the arguments for and against it, but there is no use even wasting your breath. It’s going to happen, maybe when you read this it has already passe. As soon as you heard it on the news, just assume that it has already happened. All of the debate that Congress and the Senate were having is just for show. That was just to get you prepared for the inevitable.

OK, now that they’ve dumped all of their bad paper on to the American taxpayer, now what? The experts say that the banking system can go on as usual. Oh Yeah?! As usual? I don’t think so! The only way the financial system was working in the first place was when they were repackaging these mortgage products and loans and handing out easy credit to anyone that had a pulse. You think it’s going to be business as usual? You think people can adjust to placing 20% down payments on a loan with collateral over night? I don’t think so. So basically what they have done has placed all of their losses on to you. Thanks!

And now that it will be more difficult to access credit in the future, what kind of an effect will that have on our economy, if not the worlds? Where are we going to get all of the money needed to continue with over indulgent life styles. No credit? No home equity, because you own more on the home than it’s worth? Can’t buy that plasma TV? No need to make it in China, he is out of a job. Can’t go on vacation? No need to have these locals hanging around to serve you. Can’t go out to dinner? No need to stay open anymore. And the list goes on and one.

Enjoy the quotes from the last real credit crisis. I am sure you will find some very familiar. Should I have included any quotes from The President, George  W. Bush, Secretary of the Treasury, Hank Paulson or Federal Reserve Chairman, Ben Bernanke? Or are they just too obvious? I think they are just too obvious. Just last week they were before Congress saying the economy is strong and on path and the housing crisis is contained. If it wasn’t so serious, this would be comical.

“Stock prices have reached what looks like a permanently high plateau.”
Irving Fisher
Oct. 17, 1929

“Home sales are coming down from the mountain peak, but they will level out at a high plateau…”
“…a plateau that is higher than previous peaks in the housing cycle.”
Davi Lereah, Chief Economist
National Association of Realtors
Dec. 20, 2005

“There will be no interruption of our permanent prosperity.”
Myron E. Forbes
Jan. 12, 1928

“It’s impossible for prices to go down this year.”
Gary Watts
Orange County Association of Realtors
Feb. 13, 2006

“In most of the cities and towns of this country, this Wall Street panic will have no effect.”
Paul Block
President of the Block Newspapers
Nov. 15, 1929

“There is no national housing market, so there can’t be a national house-price bubble.”
Michael Youngblood
Friedman Billings Ramsey & Co
May 15, 2006

“I have no fear of another comparable decline.”
Arther W. Loasby
President Equitable Trust Company
October 25, 1929

“I don’t worry about new home sales,”
James Glassman
Economist JP Morgan Chase
Feb. 27, 2003

“This crash is not going to have much effect on business.”
Arthur Reynolds
Chairman Continental Illinois Bank of Chicago
Oct. 24, 1929

“we may see a blip up in foreclosures and delinquencies.”
Leslie Appleton – Young
Chief Economist California Association of Realtors
Dec. 15, 2005

“…despite its severity, we believe that the lump in stock prices will prove an intermediate movement….”
“…and not the precursor of a business depression…”
Harvard Economic Society
November 2, 1929

“We’re now in the middle innings of the current economic expansion, and the next economic recession is not yet in sight.”
Daid Seiders
Chief Economist National Association of Home Builders
Jan. 2006

“Buying of sound, seasoned issues now will not be regretted”
E.A.Pearce
Market Letter New York Herald Tribune
Oct. 30, 1929

“I think investors will have a good reason to come out here and buy again.”
Jeromith Sutton
NAR Investment Advisor
2006

“Financial storm definitely passed.”
Bernard Baruch to Winston Churchill
Nov. 15, 1929

“There is no bubble to burst,”
Jim Folkman
Vice President Home Builders Association of Central New Mexico
Sep. 23, 2005

“…a serious depression seems improbable.”
Harvard Economics Society
Nov. 10, 1929

“The idea that we’re going to see a collapse in the housing market seem to me improbable.”
John Snow
Secretary of the Treasury
Sep. 20, 2005

“For the immediate future, at least, the outlook is bright.”
Irving Fisher
Ph.D. in Economics
1930

“…housing activity will remain healthy for some time to come.”
David Lereah, Chief Economist
National Association of Realtors
Oct. 28, 2005

“The end of the decline of the Stock Market will probably not be long, only a few more days at the most.”
Irving Fisher, Professor of Economics
Yale University
Nov.14, 1929

“I’d say this is another-very important signal that the economic soft-patch we were all worried about is pretty much confined to March.”
David Seiders, Chief Economist
National Association of Homebuilders
May 17, 2005

“While the crash only took place six months ago, I am convinced we have now passed through the worst.”
Herbert Hoover
May 1, 1930

” I’m calling it a soft landing”
Leslie Appleton- Young
Chief Economist California Association of Realtors
Dec. 6, 2005

“I’m sorry I ever made that comment.”
Leslie Appleton- Young
Chief Economist California Association of Realtors
July 21, 2006

“Housing is still the best investment, without question”
Stan Sieron, President
Illinois Association of Realtors
July 29, 2006

I guess history never repeats, right!? This is gonna get bad. The federal reserve was supposedly set up to stop anything like this from happening again. They were supposed to keep credit in in check, but what did they do? Now we have a credit bubble twice the size than we did during the great depression and it’s not just the U.S., the whole world was drunk on free easy credit. Well, somebody is gonna have to pay for your new plasma tv and your big empty house. What did you think, it was free!?