Do watch Motormouth Cramer on this little video: Just walk away

"By the way, I'm not distinguishing anymore between subprime and prime: When your house loses 20% of its value, it's better to just walk away [or sell it], even if you're wealthy. You don't want to lose your credit card, and you don't want to lose your car. Your house is the one thing that's fungible".

Translation: if it loses 20%, it'll lose more.

the more i see that Cramer guy, the more i like him. He might be ADD on steroids.. but he seems to speak more reality than any of the others.

High noise:signal ration though
--
When no-one around you understands
start your own revolution
and cut out the middle man

He got in trouble for suggesting on air people walk away from their mortgages and they made him come on and say, he wasn't telling people to walk away from their mortgages, then went on to qualify it saying HE would. You could see that just before he went on camera he had just been is a major argument and was adrenaline rushing. (Yes, I know he always looks like that, but you could see he was red faced and still angry.)

On another note, this could be it. The Hang Seng is down almost 1,000 points, close to 5%. All of Asia is significantly down. Nikkei is also down almost 5%. Today, all day they were talking about the FEAR that was a tangible presence on the trading floor. This from people who hold a pep rally whenever the market is even slightly down. Fear is a word they are not allowed to use.

FTSE 100 and CAC 40 just went into freefall. Dax off over 2%.