Bernanke

American Insanity: How to Buy a Home in Martha’s Vineyard with Zero Money Down

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The absurd new housing bubble created by Banana Ben Bernanke’s cheap money, private equity slumlords and crony foreign oligarchs looking to launder their ill-gotten funds, continues to provide what would be hilarious headlines if only they weren’t so sad.  In the following story, we find that courtesy of the Department of Agriculture (USDA), the struggling folks on Martha’s Vineyard have access to zero money down home loans.  The USDA you ask? Well, it turns out that the “entire island is designated as a rural area eligible for a USDA loan.”  Why do we even have a government at this point?

From CNBC:

The zero down mortgage is back—in Martha’s Vineyard.

Ira Stoll at the Future of Capitalism bloghas come across an article on “Home Buying 101” in the spring of 2013 “Real Estate & Homes” supplement to the Vineyard Gazette. A local mortgage broker by the name of Polly K. Bassett is quoted as touting how.

Bassett, the “co-owner and a broker of Martha’s Vineyard Mortgage Company, L.L.C., said: “We have access to a wide range of programs such as USDA, which is a program where you can put no money down, 100 percent financing, and we also do a 97 percent financing with three percent down….There are a lot of programs out there for people buying their first home.”

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Gallup Poll: Americans Most Negative on the Nation and Economy in 30 Years

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I guess Americans just haven’t heard of a little something called the stock market.  Isn’t that right Bernanke?  Wasn’t the stock market rally you engineered supposed to make everyone feel all nice and confident?  Well the great middle class squeeze continues, as the stock market is for the 1% what food stamps are for the poor.  They are just strategies to keep these groups apathetic and obedient.  The middle class isn’t buying it though, as is evidenced by this recent Gallup Poll conducted January 7-10, 2013.  From Gallup:

PRINCETON, NJ — U.S. President Barack Obama begins his second term at a time when Americans are as negative about the state of the country and its prospects going forward as they have been in more than three decades. Fewer than four in 10 Americans (39%) rate the current status of the U.S. at the positive end of a zero to 10 scale. This is about the same as in 2010, but it is fewer than have said so at any point since 1979. As they usually are, Americans are more upbeat in their predictions of where the U.S. will be in five years (48% positive), but this is also lower than at any time since 1979.

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My Inaugural Podcast: Jackson Hole and Gold

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So I finally decided to record a podcast.  It is something I have contemplated for a while and I finally got around to it.  The reason why I did it today is probably a combination of the boredom in the markets but also tomorrow’s Jackson Hole spectacle.  Viewer feedback would be really helpful as I … Read more