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DrStool

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Nacholly!

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Wall Street Definitions

 

Phrase: valuation basis

 

Common Use: "Company XYZ looks attractive on a valuation basis"

 

Definition: I bought this POS stock 50% higher than it is trading now and I just doubled down in an attempt to just break even on a 25% move to the upside, thus, I am out pumping the stock.

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I thought you've said that there is a major overbuilding in Florida. Do hurricanes help to solve that?

685820[/snapback]

 

 

Sigh...

 

The point of my post is that if there's no insurance, there's no market. That's one of the problems now. There's virtually no insurance. After the next big one, whether Ike, or some other storm, there will be no insurance. No insurance no market.

 

If they change the building code, the way we do out in California after every major earthquake, to require that all houses be able to withstand 150 mph sustained winds, it won't be that hard to get insurance.

 

A pro po of nothing, who are the big ready-mix suppliers in Florida?

685821[/snapback]

 

 

There won't be a market because there won't be any insurers. Or let me put it this way. The only insurer right now is the State itself. The major insurers are long gone. The sham companies set up by the state cannot pay for a major storm. No insurance no mortgages. No mortgages, all that will be left will be seller financing. Think prices are down now? Just wait.

 

The building codes are already the toughest in the world, but 90% of the housing was built before the post Andrew codes. In addition to the fact that building to Cat 5 standards isn't feasible in the first place, no major insurers are willing to take the risk to re-enter the market.

 

So, bottom line, even if the next storm completely wipes out the oversupply, it simply will not matter. Only the incredibly wealthy and their servants will be able to be housed. The rest of the state will become an uninhabitable, ungovernable, lawless slum, just like the slums of Brazil.

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Don Coxe did a great job analyzing the orchestrated move in commodities, the dollar, and financials.

686018[/snapback]

Tater,

Are you saying it is time well spent listening to his latest audio? :unsure:

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sell everything GTFO now

686019[/snapback]

succinct and to the point.

 

Let's hope you will be as right as you were in May 2006 when you made exactly same post.

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GMAC Mrotgouge Unit to Pole-Axe 5,000 Employees, Bulldoze 200 Offices

 

GMAC is 51 percent controlled by Cerberus Capital Management LP, with the rest held by former parent General Motors Corp. GM last month reported the third-biggest loss in its 100-year history on plunging sales of pickups and sport-utility vehicles, and GMAC remains the primary source of funds for the automaker's dealers.

 

Sean Egan, president of Egan-Jones Ratings Co., a Haverford, Pennsylvania- based credit-rating company, has a junk rating on GMAC debt, and estimates the company may need to raise at least $10 billion to avoid collapsing in the next two quarters. With the mrotgouge unit struggling to originate loans and the auto-finance unit losing money, he doesn't expect them to stay solvent.

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An open letter about Sarah Palin came my way so I'll share it here. The author, tho' quoted extensively elsewhere, asked that her name not be posted publicly on websites, so I've removed it from the piece. And since it rather lengthy, I put it in political stool for your viewing pleasure. Sister Sarah

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Looks like this thing is going to visit New Jersey AND Ireland.

 

http://www.nhc.noaa.gov/refresh/graphics_a...l?5day#contents

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"Most homeowners will continue to lose money."

 

Home price declines are already approaching those in the Great Depression, when they plunged 30% during the 1930s. With prices already down almost 20%, it's not a stretch to think we might exceed that drop this time around.

 

There are about 10 million homeowners whose debt is higher than their home value, which has broad implications for how Americans feel about their wealth and spending habits.

 

The current hopeful consensus -- that house prices will bottom soon and then begin to recover -- is most likely a dream. Housing markets don't usually have "V-shaped" recoveries. And even if house prices stabilize in nominal terms, after adjusting for inflation, most homeowners will continue to lose money.

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