Archive for March 2nd, 2012

Everybody Knows…

by lizard

There is a quote from zerohedge that popped up on my twitter feed that sums up the Euro-mess quite succinctly:

Everybody knows that everyone in Europe is lying about everything.

To illustrate this point, check out this video of an Irish journalist rendering Klaus, a European Central Banker, speechless:

Back at home, Mike Whitney describes why a strategic backlog of foreclosures is being kept off the market:

The reason that housing prices have dipped only 33.6 percent in the United States instead of 60 percent as they have in Ireland, is because the big banks have been keeping inventory off the market. If the millions of homes–that are presently headed for foreclosure–were suddenly dumped onto the market, prices would plunge and the biggest banks in the country would be declared insolvent. That’s why the banks have slowed the flow of foreclosures. According to Amherst Securities Group’s Laurie Goodman, “….2.8 million borrowers haven’t made a payment in over a year. Add that to the over 450,000 real estate owned (REO) units and you have approximately 3.2 million that are in the shadows. We are liquidating about 90,000 homes a month. That’s about 36 months of overhang; a really shocking number.”

What more to say? How about a song instead.

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