U.S. crude oil prices rose more than $9 a barrel to a record $137.70 a barrel, the biggest gain in dollar terms in the history of the market, on bullish forecasts from big investment banks like Morgan Stanley — which said Friday oil could hit $150 a barrel by early July. Morgan Stanley, the same losers that had a total fourth quarter writedown of approximately $9.4 billion (2007) on subprime issues! What right do they have to speculate on oil, when the net result is an immediate jump in gasoline prices for every man, woman, and child in the United States? Morgan Stanley – the same self serving subprime losers that are attempting to make a profit on the backs of everyone and anyone they have yet to touch.
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It is interesting to note that some investment banks that lost money – millions or billions – on subprime are now involved with oil, futures trading, index trading, and high oil prices. Are the making up for loses by adding pain for Americans? You decide. On the mortgage issue, nearly 1 in 10 U.S. homeowners faced foreclosure or fell behind in their mortgage payments in the first three months of the year, according to a report released Thursday, a figure that offers a look into the toll caused by the collapse of the housing market.
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Should the government investigate current conditions? Will a free economy poison itself, and the rest of the world, as it did with subprime mortgages? Are banks and institutional investors trying to recap $385 Billion dollars (USD) in collaterized debt obligation losses? These questions and many more are being discussed at Crazy Speculators (www.crazyspeculators.com) and we think it is important. The truth is some of the major players that ruined subprime and Alt-A are the same major players driving up everything from oil and gasoline to cotton and corn.
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More than a fifth of subprime homeowners in the UK have fallen behind with their mortgage repayments. In the United States we have another looming problem as gasoline continues to cost more. Subprime borrowers in the US are falling behind. Costs are escalating. In the past few days HSBC and UBS came forward with forecasts of more subprime problems ahead. Let’s take a look at subprime and Alt-A in total. A report on Housing Wire says “The number of troubled Alt-A borrowers in the 2007 vintage rose an eye-popping 26.5 percent from March to April alone, nearly reaching 17 percent of loan volume.”
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Irony strikes again as opportunists are taking advantage of other opportunists. Squatters are taking possession of foreclosed homes. Invoking their rights as ‘tenants’ nobody is willing to come forth to dispute the fact, and banks (the other opportunists) as actually paying squatters to leave. The situation seems ironic to me. California has seen the problem more than other states, although Ohio sent some reports. Banks did not pay the original owners to leave. In fact, after some banks like Countrywide and HSBC added additional charges during bankruptcy they compounded the problem for homeowners. Of course many owners just gave up, without bankruptcy. I can imagine the response if the bank asked the former owner to verify that the current squatter is not a tenant.
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