You know, Ella, I am always endlessly amazed by the phenomenon--displayed on this blog's comment threads over and over again--of the "bears" having such a delightful sense of humor and the "bulls" being so damned humorlessly hostile.
I have a theory about that, but I'm working on another UberNerd post, so I'll let everyone else theorize. Or just rock on, as the fit takes you.
Bears have fun because they can be pleasantly surprised by the sunny patches in the rain, whereas for bulls everything could have had a somewaht better outcome. Bulls, by this quirk of outlook, end up a;ways on the defensive ("what do you mean, it really is the goldilocks economy!").
Snide comments about bulls doesn't take away their [rhymes with shawls].
I bet each one of those hippy freaks singing that immoral song have a 120% LTV, neg-am loan that they extorted from some poor guy like Michael Strauss.
This is the typical glorification of the criminal class that occurred during the so-called Depression: Bonnie and Clyde.
There are victims out there, and they've been trying to help these misfits for long enough. Lawyers, guns, and money are on the way. Put 'em in jail. Bring back debtors' prison.
Hey you, this is a very interest site! I come from germany and my Business is Feuerwerk I will visit these Blog soon again to look all the news. Regards Busch
We don't need neg amortization
We don't need no liar loans
No dark McMansions, empty tract homes
Greenspan leave our puts alone
Hey! Greenspan, leave our puts alone!
All in all you should be feeding squirrels at the mall
All in all you should be feeding squirrels at the mall
Tanta, I initially missed this, I hope you didn't!!!!!!!!!!
'April 6 Bloomberg (Jody Shenn): Fannie Mae and Freddie Mac, the largest packagers of home loans into securities, last quarter had their greatest share of U.S. mortgage-backed bond issuance since 2004, Inside MBS & ABS reported The government-chartered companies accounted for 45.9% of mortgage-securities issuance, or $246.2 billion, up from 39.9% for all of 2006 '
WOW!!!!!!!!!!!!!!!!
central_scrutinizer, you are good. I am properly humbled. Plus, I've got coffee on the keyboard again.
Bailey, is that a matter of the "pie getting higher," to quote some famous nitwit, or the GSEs just getting a bigger piece of the pie after some private-label issuers backed off a little?
You know, Ella, I am always endlessly amazed by the phenomenon--displayed on this blog's comment threads over and over again--of the "bears" having such a delightful sense of humor and the "bulls" being so damned humorlessly hostile.
Oh yeah, that Jas Jain character is a hoot!
My theory is that it's human nature to perceive whatever "side" you're on as being the one that's calm, cool and collected, while the enemy is one one that's beyond reason.
Honestly, tanta, there's obnoxious people in all walks of life--bulls and bears, jets and sharks, Trumps and Rosies, etc. You get the picture.
I say we all take Warren's advice. Enjoy every sandwich.
hey, since you guys are switching things, with halo having gone full circle in a few days and the layout re-architected, I was wondering about the sitename. I like it, don't get me wrong, and RISK is an appropriate term given the subject matter but, "Calculated"? Who in RE has calculated anything except for the fees. Everything else was left to chance.
Anyhow, musings... how 'bout - "Downside Risk". I used to go to a bar by that name occasionally so you may have a copyright issue...
Sub-prime market shows 'stress' - but London house prices surge
Fears that America's sub-prime mortgage crisis will cross the Atlantic were stoked yesterday by a stark warning of the dangers of a housing slowdown and rising interest rates.
The credit rating agency Standard & Poor's said "signs of stress" were emerging in the UK's £15bn sub-prime market, which specialises in lending to borrowers with patchy credit records who cannot get mortgages from mainstream lenders. It said arrears on these risky loans had risen from 17 to 23 per cent and repossession rates had trebled over the past two years as more borrowers struggled to keep up with mortgage payments.
S&P said the future of the UK non-conforming sector would depend on just how sharply house prices cooled and whether interest rates remained at the low levels of the past decade. But it warned conditions were likely to worsen. "Looking forward, we expect a continued slow deterioration in UK non-conforming arrears in the short term, as recent rate rises work their way through," it said.
At least Americans aren't the only idiots on the planet. Something about a credit boom and fiat money must just bring this out in people no mater where they live.
central_scrutinizer, Outstanding work. That tune will be rattling around in my skull for the rest of the day and the tee-shirt I'm wearing -- coffee stained garage project material...
Steve, are you familiar with the superstition known as "naming calls"?
He Who Must Not Be Named is not, in my book, a "bear." There is a whole other category for people for whom this is all a religion.
Of course it's context-dependent. I'm just always surprised at how angry the "bulls" get around here at the rest of us, in a way that is so often personal. It's that inability to tolerate a statement of a point of view without seeing it as a personal attack that always startles me. There seem to be some people who think this blog's basic purpose is just to piss them off.
Hence my quotes around "bulls" and "bears." Those have lost whatever short-hand descriptive value they ever possessed and have become not much more than insults.
Report: U.S. to file piracy case against China
Bush administration is said to be ready to take dispute over pirated movies, music and software to the WTO.
first paper now this, was there not a saying "don bite the hand that feeds you" in this case "hand which hold all of your debt".
regarding the 10% stock crash in china i heard it was because central bank ordered banks to change their deposits from 9,25% to 9,5% and that till the end of year the central bank plans another hikes to 11,5% doesnot sound good for the world stocks
Glad to put taylorfedrates back into hibernation;-}
Well, now we begin to see the darkside of all of this ponzi style financing of everything. What happens if the money needed to keep the parade going isn't there- in spite of the fed providing liquidity?
Back to the 70's with poor consumer outlooks and surging inflation.
"Back to life, back to reality...."
Name that tune. Better yet:
"This ain't no party, this ain't no disco, this ain't no foolin' around!"
Soundtracks to reality are interesting- anybody remember the genisis of Blue Skies?
OK, Tanta, you've inspired me once again. Sung to the tune of "Nobody Told Me" by John Lennon:
Everybody's borrowing, and no one checks a stub.
Everybodys going bankrupt, and no one really cares.
There's bailout talk in DC, just before elections.
There's always someone building, but nothing's being bought.
Can we squeeze another townhouse, on another vacant lot?
They're bankrolling us from China, so keep spending what you got.
Welcome to another day on Wall Street
Welcome to another day on Wall Street
Welcome to another day on Wall Street
Strange days indeed
Strange days indeed
Everybody's investin', and no one makes a dime.
Blackstone's got an IPO, just in the nick of time.
There's a well-tanned corporate officer, bailing out of Countrywide.
Everybody's loaning, but no one gets paid back.
Everyone wants Bernanke, to cut a little slack.
The carry trade's unwinding, better sell that stock in Sachs.
Welcome to another day on Wall Street
Welcome to another day on Wall Street
Welcome to another day on Wall Street
Strange days indeed
Everybody's trading, but no one wants to buy
The stock market is flying, but nobody understands why
Levereged buyouts over New York, financed through Dubai
Just got back from Toys R Us. They actually had a digital talking RE doll. Big blonde hair, big smile with big teeth and a smart business suit. Mercedes optional. I was sort of against the idea but my daughter grabbed the doll before I could divert her to the Teletubby section.
Luckily, my daughter quickly got bored when she repeatedly pushed the button and found the doll always said just one thing ..Its A Great Time To Buy!
It doesn't cover all aspects of funny money (only CaD)... put highlights just how global this story was and still is.
If the pressure of this liquidity remains strong - it will find an outlet, here or somewhere else (like say London RE or private equity buyouts or Chinese stocks).
The lack of space is making it more difficult for foreign companies to profit from the sheikdom's economic boom, said Nicholas Maclean, managing director of the firm's business in the region. Some U.S. companies have agreed to occupy premises that won't be built for two years, he said.
U.S Companies, funny we have plenty of office space in this neck of the woods..you think these companies know somethng we don't?..Ill answer my own Question....
" Ya get the hell out of Dodge"
I'm happy to have added to the comic relief. In fact, that's probably about all I'm good for.
I will add one data point I saw driving back on 285 after picking up a new PC to replace the dinosaur Celeron circa 1999. According to the Metro Brokers Billboard, the inventory here in the ATL is about to hit 100K. 99,800 (or something close to that) number of homes are for sale. They are going to need to climb up on that billboard and add an extra digit to the LCD since I think it only was built to display 5 digit numbers.
bfatz - Setser has a take on that too... a lot of 'smart money' think the Gulf States will revalue their currency against the USD and do it fairly soon... so the race is on to lock in everything you can in their currency before dollar is 'officially' devalued... you get your money for free doing that.
Could've already happened on the Black Market, I don't know... I used to have friends working over there (chem biz) but don't anymore.
Okay... [dryfly putting on his slippers and zips up his cardigan]...
So let's make the most of this bubbly day,
Since we're in it together, might as well say,
Would you be mine?
Could you be mine?
Won't you be my sub-prime banker?
Fine then! I can't believe I read the whole thing. I was perfectly content to lurk, then I read mort_fin's comment. Now you get what you deserve:
I saw a broker with a no-doc loan in her hand,
Askin people if they could break a ten,
She was looking for the place called New Century Financial,
Gonna get herself a new Mercedes-Benz
Arooo, Brokers of LA, Aroooooooo
Arooo, Brokers of LA, Aroooooooo
If you wanna upgrade the kitchen countertops, you better stop bitchin
Another McMansion in foreclosure, Brokers of LA again
Arooo...
Shes a big haired gal, who ran amok in Southern Cal
And lately shes been overheard in Tampa
If she gets you to sign, youll soon be outta time,
Man, Id like to meet her banker.
Arooo...
Now I saw David Learah shilling his new book, all about the Brokers of LA,
Now I saw David Learah shilling his new book, all about the Brokers of LA,
And I saw a broker on CNBC, and she was something to see
Apparently I need to corner the market in inspiration in order to come up with a song lyric, but just as I hit the site the local dj played Ray Charles's "Busted," so I guess Ray and that great band can speak for me. Here's a youtube video: YouTube
- Broadcast Yourself.
Late to the game, but here goes:
To the tune of "Charlie's Medicine" off of Zevon's album "The Envoy."
Fremont dealt in subprime mortgages
Fremont used to sell me loans
Yesterday their banker called to tell me
Theyd been pwned
Some respectable bankers from the Avenue
Shot em through the heart
Fremont didn't feel a thing
Neither of them did
Poor kids
Fremont dealt in subprime mortgages
They sold those expensive ARMs
I gave Fremont all my money
What the hell was I thinking of?
Fremont had to take back mortgages
Fremont got their warranties called
I came to say goodbye
I'm sorry Fremont died
I came to finish paying my bill
I came to finish paying my bill
I came to finish paying my bill
I came to finish paying my bill
Fremont dealt in sub prime mortgages
Fremont used to sell me loans
Yesterday their banker called to tell me
He'd been pwned
Fremont had to take take back mortgages
Fremont got their warranties called
I came to say goodbye
I'm sorry Fremont died
I came to finish paying my bill
I came to finish paying my bill
I came to finish paying my bill
I came to finish paying my bill
In our economic and political times, a little humor goes a long way. Thanks.
You know, Ella, I am always endlessly amazed by the phenomenon--displayed on this blog's comment threads over and over again--of the "bears" having such a delightful sense of humor and the "bulls" being so damned humorlessly hostile.
I have a theory about that, but I'm working on another UberNerd post, so I'll let everyone else theorize. Or just rock on, as the fit takes you.
Thanks Tanta - a little Warren Zevon is always good on a Saturday morning.
The only problem with satire is that, unfortunately, it has some basis in reality......
Bears have fun because they can be pleasantly surprised by the sunny patches in the rain, whereas for bulls everything could have had a somewaht better outcome. Bulls, by this quirk of outlook, end up a;ways on the defensive ("what do you mean, it really is the goldilocks economy!").
http://www.financialsense.com/fsu/editorials/dore/2006/nothingbutair.mp3
Snappy little tune.
Of the 180K new jobs that were created, how many were private sector Vs Government.
Thanks in advance!
Snide comments about bulls doesn't take away their [rhymes with shawls].
I bet each one of those hippy freaks singing that immoral song have a 120% LTV, neg-am loan that they extorted from some poor guy like Michael Strauss.
This is the typical glorification of the criminal class that occurred during the so-called Depression: Bonnie and Clyde.
There are victims out there, and they've been trying to help these misfits for long enough. Lawyers, guns, and money are on the way. Put 'em in jail. Bring back debtors' prison.
Very nice Tanta... very nice. Maybe we should take Warren's queue and be hiding out in Honduras...
Hey you, this is a very interest site! I come from germany and my Business is Feuerwerk I will visit these Blog soon again to look all the news. Regards Busch
OK Tanta, can I play too?
Sung to the tune of "The Wall", by Pink Floyd
We don't need neg amortization
We don't need no liar loans
No dark McMansions, empty tract homes
Greenspan leave our puts alone
Hey! Greenspan, leave our puts alone!
All in all you should be feeding squirrels at the mall
All in all you should be feeding squirrels at the mall
Of the 180K new jobs that were created, how many were private sector Vs Government.
Thanks in advance!
REBear
23k
Employment Situation Summary
Tanta, I initially missed this, I hope you didn't!!!!!!!!!!
'April 6 Bloomberg (Jody Shenn): Fannie Mae and Freddie Mac, the largest packagers of home loans into securities, last quarter had their greatest share of U.S. mortgage-backed bond issuance since 2004, Inside MBS & ABS reported The government-chartered companies accounted for 45.9% of mortgage-securities issuance, or $246.2 billion, up from 39.9% for all of 2006 '
WOW!!!!!!!!!!!!!!!!
central_scrutinizer, you are good. I am properly humbled. Plus, I've got coffee on the keyboard again.
Bailey, is that a matter of the "pie getting higher," to quote some famous nitwit, or the GSEs just getting a bigger piece of the pie after some private-label issuers backed off a little?
Hilarious, Tanta.
You know, Ella, I am always endlessly amazed by the phenomenon--displayed on this blog's comment threads over and over again--of the "bears" having such a delightful sense of humor and the "bulls" being so damned humorlessly hostile.
Oh yeah, that Jas Jain character is a hoot!
My theory is that it's human nature to perceive whatever "side" you're on as being the one that's calm, cool and collected, while the enemy is one one that's beyond reason.
Honestly, tanta, there's obnoxious people in all walks of life--bulls and bears, jets and sharks, Trumps and Rosies, etc. You get the picture.
I say we all take Warren's advice. Enjoy every sandwich.
I saw an indicted mortgage banker drinking a pina colada at the Trader Vic's in Dubai, and his hair was PERFECT!
hey, since you guys are switching things, with halo having gone full circle in a few days and the layout re-architected, I was wondering about the sitename. I like it, don't get me wrong, and RISK is an appropriate term given the subject matter but, "Calculated"? Who in RE has calculated anything except for the fees. Everything else was left to chance.
Anyhow, musings... how 'bout - "Downside Risk". I used to go to a bar by that name occasionally so you may have a copyright issue...
Sub-prime market shows 'stress' - but London house prices surge
Fears that America's sub-prime mortgage crisis will cross the Atlantic were stoked yesterday by a stark warning of the dangers of a housing slowdown and rising interest rates.
The credit rating agency Standard & Poor's said "signs of stress" were emerging in the UK's £15bn sub-prime market, which specialises in lending to borrowers with patchy credit records who cannot get mortgages from mainstream lenders. It said arrears on these risky loans had risen from 17 to 23 per cent and repossession rates had trebled over the past two years as more borrowers struggled to keep up with mortgage payments.
S&P said the future of the UK non-conforming sector would depend on just how sharply house prices cooled and whether interest rates remained at the low levels of the past decade. But it warned conditions were likely to worsen. "Looking forward, we expect a continued slow deterioration in UK non-conforming arrears in the short term, as recent rate rises work their way through," it said.
Sub-prime market shows 'stress' - but London house prices surge -
Business News, Business - The Independent
At least Americans aren't the only idiots on the planet. Something about a credit boom and fiat money must just bring this out in people no mater where they live.
central_scrutinizer, Outstanding work. That tune will be rattling around in my skull for the rest of the day and the tee-shirt I'm wearing -- coffee stained garage project material...
Steve, are you familiar with the superstition known as "naming calls"?
He Who Must Not Be Named is not, in my book, a "bear." There is a whole other category for people for whom this is all a religion.
Of course it's context-dependent. I'm just always surprised at how angry the "bulls" get around here at the rest of us, in a way that is so often personal. It's that inability to tolerate a statement of a point of view without seeing it as a personal attack that always startles me. There seem to be some people who think this blog's basic purpose is just to piss them off.
Hence my quotes around "bulls" and "bears." Those have lost whatever short-hand descriptive value they ever possessed and have become not much more than insults.
http://money.cnn.com/2007/04/07/news/international/trade_china/index.htm?postversion=2007040710
Report: U.S. to file piracy case against China
Bush administration is said to be ready to take dispute over pirated movies, music and software to the WTO.
Best post ever!
Just kidding but humor allows me to keep my sanity
Great song too!
Cheers!
first paper now this, was there not a saying "don bite the hand that feeds you" in this case "hand which hold all of your debt".
regarding the 10% stock crash in china i heard it was because central bank ordered banks to change their deposits from 9,25% to 9,5% and that till the end of year the central bank plans another hikes to 11,5% doesnot sound good for the world stocks
Glad to put taylorfedrates back into hibernation;-}
Well, now we begin to see the darkside of all of this ponzi style financing of everything. What happens if the money needed to keep the parade going isn't there- in spite of the fed providing liquidity?
Back to the 70's with poor consumer outlooks and surging inflation.
"Back to life, back to reality...."
Name that tune. Better yet:
"This ain't no party, this ain't no disco, this ain't no foolin' around!"
Soundtracks to reality are interesting- anybody remember the genisis of Blue Skies?
Actually perma bear status is a straddle for me.
If, as a perma bear I am right I get bragging rights.
If I am wrong, I stay employed.
Can't lose.
maybe i can add some more humor
global warming for dummies... /
immobilienblasen: global warming for dummies... /
Roland the jobless subprime broker salutes you!
Roland the jobless subprime broker salutes you!
I'm guessing there is a story behind line...
Very clever, Tanta. Maybe we should be talk about the 2007 Calculated Risk Tour and take this show on the road.
OK, Tanta, you've inspired me once again. Sung to the tune of "Nobody Told Me" by John Lennon:
Everybody's borrowing, and no one checks a stub.
Everybodys going bankrupt, and no one really cares.
There's bailout talk in DC, just before elections.
There's always someone building, but nothing's being bought.
Can we squeeze another townhouse, on another vacant lot?
They're bankrolling us from China, so keep spending what you got.
Welcome to another day on Wall Street
Welcome to another day on Wall Street
Welcome to another day on Wall Street
Strange days indeed
Strange days indeed
Everybody's investin', and no one makes a dime.
Blackstone's got an IPO, just in the nick of time.
There's a well-tanned corporate officer, bailing out of Countrywide.
Everybody's loaning, but no one gets paid back.
Everyone wants Bernanke, to cut a little slack.
The carry trade's unwinding, better sell that stock in Sachs.
Welcome to another day on Wall Street
Welcome to another day on Wall Street
Welcome to another day on Wall Street
Strange days indeed
Everybody's trading, but no one wants to buy
The stock market is flying, but nobody understands why
Levereged buyouts over New York, financed through Dubai
Welcome to another day on Wall Street
Just got back from Toys R Us. They actually had a digital talking RE doll. Big blonde hair, big smile with big teeth and a smart business suit. Mercedes optional. I was sort of against the idea but my daughter grabbed the doll before I could divert her to the Teletubby section.
Luckily, my daughter quickly got bored when she repeatedly pushed the button and found the doll always said just one thing ..Its A Great Time To Buy!
Well, now we begin to see the darkside of all of this ponzi style financing of everything.
Allen - its way more than just the fed... read one of Setser's recent threads (before they go behind his pay firewall)...
The income balance -- the new driver of the US current account deficit?
It doesn't cover all aspects of funny money (only CaD)... put highlights just how global this story was and still is.
If the pressure of this liquidity remains strong - it will find an outlet, here or somewhere else (like say London RE or private equity buyouts or Chinese stocks).
In many respects BB is just along for the ride...
Another good one Tanta!
Gone too soon Warren, gone to soon.
OT:Dubai Running Out of Office Space as Boom Draws Firms
Dubai Running Out of Office Space as Boom Draws Firms (Update1) - Bloomberg.com
The lack of space is making it more difficult for foreign companies to profit from the sheikdom's economic boom, said Nicholas Maclean, managing director of the firm's business in the region. Some U.S. companies have agreed to occupy premises that won't be built for two years, he said.
U.S Companies, funny we have plenty of office space in this neck of the woods..you think these companies know somethng we don't?..Ill answer my own Question....
" Ya get the hell out of Dodge"
I'm happy to have added to the comic relief. In fact, that's probably about all I'm good for.
I will add one data point I saw driving back on 285 after picking up a new PC to replace the dinosaur Celeron circa 1999. According to the Metro Brokers Billboard, the inventory here in the ATL is about to hit 100K. 99,800 (or something close to that) number of homes are for sale. They are going to need to climb up on that billboard and add an extra digit to the LCD since I think it only was built to display 5 digit numbers.
bfatz - Setser has a take on that too... a lot of 'smart money' think the Gulf States will revalue their currency against the USD and do it fairly soon... so the race is on to lock in everything you can in their currency before dollar is 'officially' devalued... you get your money for free doing that.
Could've already happened on the Black Market, I don't know... I used to have friends working over there (chem biz) but don't anymore.
Setser's Take
OK, I'm in ...
Flowery prose from the fed chair
and stucco castles everywhere
Risky loans that we all share
I looked at homes that way
But now they want to stop the fun
take the bowl away from everyone
So many resets yet to come
There's no way I can pay
Looked at my house from both sides now,
Priced up then down and still somehow,
I had a mortgage, I recall
But I never had a house, at all
Okay... [dryfly putting on his slippers and zips up his cardigan]...
So let's make the most of this bubbly day,
Since we're in it together, might as well say,
Would you be mine?
Could you be mine?
Won't you be my sub-prime banker?
I went home with a waitress
the way I always do
how was I to know?
she was a mortgage broker too
Now I'm buying condos in Nebraska
financed by that hag
send granite countertops and money
15% is in the bag
Back in February I had the temerity to post Elizabeth Bishop's For M.B.S., buried in Nova Scotia, and we've tried limericks, but songwriting? You're braver than we are.
Fine then! I can't believe I read the whole thing. I was perfectly content to lurk, then I read mort_fin's comment. Now you get what you deserve:
I saw a broker with a no-doc loan in her hand,
Askin people if they could break a ten,
She was looking for the place called New Century Financial,
Gonna get herself a new Mercedes-Benz
Arooo, Brokers of LA, Aroooooooo
Arooo, Brokers of LA, Aroooooooo
If you wanna upgrade the kitchen countertops, you better stop bitchin
Another McMansion in foreclosure, Brokers of LA again
Arooo...
Shes a big haired gal, who ran amok in Southern Cal
And lately shes been overheard in Tampa
If she gets you to sign, youll soon be outta time,
Man, Id like to meet her banker.
Arooo...
Now I saw David Learah shilling his new book, all about the Brokers of LA,
Now I saw David Learah shilling his new book, all about the Brokers of LA,
And I saw a broker on CNBC, and she was something to see
Arooo
ratfink: "I can't believe I read the whole thing."
OK, for you guys who still have all your own hair, here's the allusion ... YouTube - Alka Seltzer Ad
Apparently I need to corner the market in inspiration in order to come up with a song lyric, but just as I hit the site the local dj played Ray Charles's "Busted," so I guess Ray and that great band can speak for me. Here's a youtube video:
YouTube
- Broadcast Yourself.
Late to the game, but here goes:
To the tune of "Charlie's Medicine" off of Zevon's album "The Envoy."
Fremont dealt in subprime mortgages
Fremont used to sell me loans
Yesterday their banker called to tell me
Theyd been pwned
Some respectable bankers from the Avenue
Shot em through the heart
Fremont didn't feel a thing
Neither of them did
Poor kids
Fremont dealt in subprime mortgages
They sold those expensive ARMs
I gave Fremont all my money
What the hell was I thinking of?
Fremont had to take back mortgages
Fremont got their warranties called
I came to say goodbye
I'm sorry Fremont died
I came to finish paying my bill
I came to finish paying my bill
I came to finish paying my bill
I came to finish paying my bill
Fremont dealt in sub prime mortgages
Fremont used to sell me loans
Yesterday their banker called to tell me
He'd been pwned
Fremont had to take take back mortgages
Fremont got their warranties called
I came to say goodbye
I'm sorry Fremont died
I came to finish paying my bill
I came to finish paying my bill
I came to finish paying my bill
I came to finish paying my bill
Excellent.!!!