Oh, and while we're on the subject of quoting copyrighted material and then saying mean things about named individuals, I have been thinking in the last few days that what this blog really needs for 2008 is an Ombudsman. Or Ombudswoman. Or possibly Ombudspig.
That's right, we need a Trained Journalistic Overlord to whom people can direct their complaints about our writing, and who can, from time to time, much to late to make any difference, write self-serving posts that entirely exculpate us while acting out the pretense that complaints are being addressed.
Obviously it would be an ethical horror if I or CR wrote the Ombudsposts. So I'm looking for a volunteer. All you have to do is be willing to post your email address in the comments so that irritated readers can send their gripes to you instead of us. Then you can write up responses and we can post them if it's a slow day and you probably didn't say anything actionable.
I think Conjure Bag probably would qualify, btw. The Ombuddy doesn't have to be a natural person. No personism here at this blog.
I'd say "let me know what you think," but I don't know why I'd say that. You will anyway.
America has allowed its corporations to run the world at peril of people for far too long.
This is typical of everything about America and mostly it has never been for the greater good, which is what government ought to be about, but to line the pockets of the few that profit from the corporations.
They still raked in the $4 million bucks though, didn't they?
Though his subprime lobbying business had dried up, I'm sure he and Lisa will find some other way to scam the citizens of this country in 2008. Maybe they can lobby against changes to the bankruptcy and foreclosure laws?
Lobby to make sure hedgefund managers and bank execs make a clean get-away? Why, there must be scores of opportunities for someone with their special kind of talent.
The line btw financial opportunism and legal impropiety will ultimately be decided by whom?
Why, by Mr. Market.
Those who merely engaged in a few legal improprieties will get hit with a modest fine, vow to reform, and emerge blushing but steady to face the New Paradigm.
The opportunists will lose their shirts. And it couldn't happen to a worse bunch of thugs.
Mr. Market's in a fouler mood than His Honor lately, and I for one anticipate this situation continuing for some time.
I hasten to add that, being open-minded technologically savvy cynical bloggers, we would also accept applications from any OmbudsBot you'd care to build. Frankly I doubt any of us could tell the difference.
I nominate the DELETE button as ombundsman for the whiny lawyer drivel.
"imagine what that poor anonymous person would feel like if they couldn't refinance their scam mortgage because their mortgage broker posted this information and you discussed it on your site!"
The "Smite" key is a great idea, but it doesn't use up enough of these folks' time.
I had in mind some place they could send long impassioned self-contradictory paranoid narcissistic ramblings under the false impression that someone on the other side would read it. This would use up hours of their valuable time that they could otherwise spend emailing me.
This is a prime case study IMO of the problem with "free market" idealogues.
Yes, the free market is a great idea IN THEORY. However, we will never ever be able to reach a free market.
as soon as we try to open up our markets or deregulate, we get IMMEDIATE abuses of the deregulation causing massive problems. The massive problems CAUSED by partial deregulation are then fixed by increased regulation. (free marketers would of course say that the answer is less regulation... but who at this time would recommend LESS regulation in the mortgage space as example).
Thus, free market economy is doomed to remain a utopian ideal.
examples: the outcome of Californian energy deregulation due to Enron, or mortgage deregulation outcomes due to Countrywide et al, or banking deregulation and the S&L fiasco.
Or this case. firms actively lobbying congress (and paying a boatload) to do FOOLISH things so that they can make a quick buck.
free markets and full deregulation ONLY work if all participants act in a moral/ethical way. Otherwise, the scrupulus will win market share "forcing" the other participants to follow. (look at what Countrywide did and how Fannie/Freddie lost marketshare and thus had to "compete")
Thank you, T-, for bringing the obvious contradictions in the public statements and private actions straight to the fore. It is hilarious to see the two juxtaposed.
"I certainly was not aware of the degree to which many in the industry clearly failed to follow proper underwriting standards -- the standards which they represented they were following to those of us who were lobbying," Mr. Andrews says.
I like to imagine a bunch of industry insiders, like, oh, Mr. Andrews' wife, sitting around in a meeting poring over some Gantt chart, suddenly smacking themselves on the head and saying, "Dammit! We forgot to tell the lobbyist what we're up to! Can someone update the to-do list?"
"...as soon as we try to open up our markets or deregulate, we get IMMEDIATE abuses of the deregulation causing massive problems."
Anyone interested in money solely for money's sake cannot be trusted - greed will win out in the end.
Regulations do not magically appear, they are crafted in response to shady/unethical dealings, and are meant to make such dealings illegal. Regulations do not stifle business, per se, they do, however, stifle criminality under the color of "fair trade" and "open markets".
Laws and regulations regarding usury, insider trading, capital reserves, full disclosure, etc., should never be relaxed or repealed - to do so results in systemic breakdown. Our parents and grandparents understood this (hindsight being 20-20), and tried to protect us from self-victimization by crafting such laws and regulations in the first place. Why do we never ask who, exactly, will benefit from the repeal or relaxation of regulations?
Too bad we don't give full faith and credit to our elders' wisdom. Looks like we'll have to learn the hard way.
Brother, can you spare 5 bucks for a triple venti caramel macchiato? I'm a little down on my luck.
I think all these should be blamed on the planets (specially Pluto, not the dog) . Why blame lobbyists, Wall Street etc when the planets are to blame. The Real Test: Pluto in Capricorn: 2008 to 2024
Pluto, planet of transformation, deconstruction and reconstruction will move into Capricorn, sign of established government and money making enterprises, to stay till 2024.
The last time it was there was from Nov. 8, 1762 to Dec. 1, 1778 during the American Revolutionary War. Pluto actually entered Capricorn at the end of the French and Indian War (1754-1763)
Google Capricorn, Pluto, 2008 for plethora of the same.
Growth in this monetary system can only coming from money being lent. Standards have to drop the more we chase growth over sustainability.
tg | 12.31.07 - 9:28 am | #
This one one Pluto is well written.
Of course the chicken and egg problem. Is the author fitting astrology to the whats happening or vice versa. PLUTO IN CAPRICORN
Once Pluto is firmly entrenched in Capricorn beginning in December 2008, we will begin to really see it at work. This of course will follow the US presidential election in November 2008. Pluto seeks to focus and intensify as well as break down and regenerate. The structures of our world keep societies in order and functioning: churches, governments, buildings - all of these are ruled by Capricorn. But so are bridges and tunnels, and the entire infrastructure upon which we live, particularly in urban areas, are likely to experience a severe breakdown while Pluto travels through Capricorn. Underground transportation, under the domain of the god of the underworld, could become a battleground as Pluto often brings warfare or death in the areas of the sign through which it passes (such as September 11th during Pluto in Sagittarius, where air travel became a conveyance of death and total world transformation).
Those jackasses never spent that kind of money on me when I was in elected office here in CA.; aaahhh the good old days of junkets in Tahoe with Hookers, Barnyard Animals, and Firearms.
"SO who still thinks we are headed for inflation?"
Dustdevil | 12.31.07 - 9:58 am | #
Dont think so, not anytime soon anyway D'devil. Then again I will never sell the hoard of physical P.M.'s I inherited recently so "whatever" as Moon Zappa would say.......
Per the Simpsons, we're all pigs (metaphorically speaking)
Moe: Hey, you can level with me. You got a domestic situation?
Homer: You might say that. My wife's gonna leave me 'cause she thinks I'm a pig.
Moe: Homer...
Homer: What?
Moe: Marge is right. You are a pig. You can ask anyone in this bar.
Barney: You're no more of a pig than I am. [belches]
Homer: Oh, no!
Moe: See? You're a pig. Barney's a pig. Larry's a pig. We're all pigs. Except for one difference: Once in a while, we can crawl out of the slop, hose ourselves off, and act like human beings.
You are aware, I hope, that if CR keeps experimenting with Pig Animation, the next step is the dreaded sound file . . .
Tanta
Its been done ! As you walk past the Federal Reserve Building in downtown Denver, you suddenly hear these "Oink", "Oink" sounds coming up from the metal gratings embedded in the sidewalk. Really !
The existing home sales number came in at +0.4% (as usual from the revised previous month number), and at the same time defaults on privately insured mortgages rose 35% YoY for November...
Waiting somewhat patiently for CR's take on the new data points
First I thought, oh-oh inflaaationnn.
Then I was reading how money was debt and a whole lotta debts being destroyed.
Seriously I don't think that the liquidity injections are going to be nearly enough to match the debt destruction. Plus the banks are hoarding the liquidity (understandably). So it's doing no good in the real world.
Hence. . .DEflation. I understand that percentage point for percentage point that's way worse.
DEflation makes people hesitant to spend money tho, and the Great Amercan cosumer. . . are they really gonna stop spending money? Maybe it will become chic to stop spending money. Like wearing tattered jeans?
Let's hope the Andrews bought lots of investment property.
Capitalists should recognize this crisis as a fault of capitalism and not one of government. The advancement of individuals is a noble thing, but not when wealth is generated on the backs of others and exploitation of finite resources. At this stage it is all about the concentration of power. Yes, it does allow and reward for personal achievement but this is only a side effect. Government has no choice but to feed the beast, we must have continued growth to keep this experiment going.
which will send a reply to any incoming e-mails which contain the words "lawyer" "libel" "journalist troll" or any foul language in it
along the lines:
"Thank you for bringing this important issue to our attention. We take all complaints very seriously (bla blayaddy yadda bla bla oink oink oooink)
There really is no need whatsoever to nominate people dudes. Robyn will soon enough nominate herself and we will be done with this matter. Life will be good again for about one thread.
"SO who still thinks we are headed for inflation?"
Dustdevil | 12.31.07 - 9:58 am | #"
Inflation is already here.
So i think you mean are we heading for less inflation or deflation?
If you look at a globe of the world, rather than only see the USA and think about rising world populations and rising need for commodities then you have pressure on commodities. Gold, Oil Wheat milk up etc etc.
If you think only of the USA where everything is seemingly financed by debt (even though this is not true) then deflation seems possible.
In reality there will be a poorer America with inflation . People will eat less. Consume less. Things will be more expensive. They will have less cash. They will struggle more.
I nominate Morbo, the alien from from Futurama, as the press ombudsalien. He is belligerent, green and has an unpleasant disposition.
And kittens give him gas.
Reading the article about Andrews and it is interesting to note that S&P essentially helped to push back any regulations that may have faced the mortgage industry. Giving Ameriquest and the rest of the crooks leverage like that really helped to screw things up even more than they were.
Forget about protecting the home owner, it is all about payoffs, tickets to Rolling Stones concerts and giving those who have the money exactly what they want.
Kind of interesting how S&P teamed up with the big lenders to kneecap the states that got uppity. One more sign of how coopted the rating agencies were.
When you look at the dollar volume of contributions it took to corrupt the system, it was a really good investment for the players. The industry as a whole contributed maybe, what, 40 million total over 5 years to politicians?
And for a mere 40 million they got billions of dollars in comissions... (and the economy takes a multi trillion doillar hit). Talk about leverage!! Very very cheap price considering what they got for their money.
I am sure this will all be cleared up with the next round of campaign finance reform.
You failed to mention that earlier in the WSJ article, the usual suspects were involved:
Executives at Ameriquest, based in Orange, Calif., acknowledge that the company lobbied heavily against state lending restrictions, but say that other subprime lenders did so as well. In fact, a host of subprime lenders and banking trade groups, including Citigroup Inc., Wells Fargo & Co., Countrywide Financial Corp. and the Mortgage Bankers Association, spent heavily on lobbying and political giving."
And did you read that the primary mode of bribery, er, "lobbying" involved the handing out of Rolling Stones tickets? Tumbling Dice.
...[Ameriquest founder] Roland Arnall continues to enjoy a life of prosperity as the United States ambassador to the Netherlands with an estimated fortune of $l.5 billion.
While admitting no wrongdoing, Ameriquest agreed to pay $325 million to resolve the legal action. [predatory lending]
The profits were huge. At its height, Ameriquest bought the naming rights to the Texas Rangers baseball stadium, sponsored a Rolling Stones summer tour, and Arnall and his wife became the single biggest Republican contributors during the Bush-Cheney campaign in 2004.
Dear CR Ombudspig,
I feel really lonely during the holidays so I want to post several troll messages complaining about Washington lobbyists
well, not really, actually I have a suggestion for Mr and Mrs Andrews, if they are short of business: why don't they now lobby for honest citizens making hundreds of thousands a year who want a tax break on their HELOC or refi fraud?
I was expecting a pig-themed Saturday Rock Blog, but didn't see one. The only youtube I could find was a clip of Simpson's spider-pig, but wasn't sure if that was kosher.
I would like to apply for the job of Trained Journalistic Overlord to whom people can direct their complaints about our writing, and who can, from time to time, much to late to make any difference, write self-serving posts that entirely exculpate us while acting out the pretense that complaints are being addressed.
In my last position, I handled those duties with flair. Ask anyone who was able to read through an entire column without falling asleep.
Given the way lenders have influenced state legislatures, it looks to me like a slam dunk that non-recourse states will morph into recourse as unobtrusively as they can.
However, somebody who knows more than I do can explain something. If I got a mortgage in 2006 in a non-recourse state, and it changes to recourse in 2008, do the 2006 or 2008 rules apply if I mail in my keys?
Those who merely engaged in a few legal improprieties will get hit with a modest fine, vow to reform, and emerge blushing but steady to face the New Paradigm.
The opportunists will lose their shirts. And it couldn't happen to a worse bunch of thugs.
"Ladies and gentlemen, I'll be brief. The issue here is not whether we broke a few rules, or took a few liberties with our female party guests - we did. But you can't hold a whole fraternity responsible for the behavior of a few, sick twisted individuals. For if you do, then shouldn't we blame the whole fraternity system? And if the whole fraternity system is guilty, then isn't this an indictment of our educational institutions in general? I put it to you, Greg - isn't this an indictment of our entire American society? Well, you can do whatever you want to us, but we're not going to sit here and listen to you badmouth the United States of America. Gentlemen!"
Seriously I don't think that the liquidity injections are going to be nearly enough to match the debt destruction. Plus the banks are hoarding the liquidity (understandably). So it's doing no good in the real world.
I hope Stag Mark will volunteer to be omsbudman. He's got the the true snark feeling. He's got the the true snark feeling. He's got the the true snark feeling. There I've said it three times. (What I tell you three times is true.) And since Tanta is obviously the Queen of the Boojums she could issue a royal command.
I got home last night at 1:00 AM and read through a 300+ post thread- hilarious stuff! It's not unlike reading the earliest "novels" (Pamela, Les Liasons Dangereuses) written as exchanges of letters. Sure it kind of drags from time to time, but it's classic lawyer comedy, with a couple journalists and doctors thrown in. We have our next TV sitcom lined up and ready.
It could be worse. This newsworthy item from the AP wires today:
Dec 31, 4:49 PM EST
Nude couple grapple over dog near shower
BREMERTON, Wash. (AP) -- A 25-year-old woman was arrested for investigation of second-degree assault for getting into an argument with her boyfriend over whether his dog should be in the bathroom while the couple were taking a shower together.
A police report said the man, 26, wanted his dog to join them in the bathroom, but the woman objected on Thursday night.
The woman told her boyfriend that if the dog doesn't stay out, she didn't want to be his girlfriend anymore. He replied that maybe his next girlfriend would appreciate the dog more, and called her a name.
The police report said the woman punched him in the face several times and the man dislocated his shoulder after the naked couple grappled. He told police his girlfriend threw a picture frame, which broke and cut him.
The woman was taken to the Kitsap County Jail in Port Orchard. Bail has been set at $50,000.
Im sorry I couldnt get there foe christmas and I wish I could see you i never see you and I couldnt make it. I will call sometimehope all is well merry xmas, love,
This has been a Public Service Of The Doc Holiday Institutio
See No Evil
Think No Evil
Approve No Evil
What's good for subprime lenders is good for society as is still perfectly clear to any lobbyist paid not to see.
What we're going through now is a merely a slight rough patch. Like Holland in the 1700s when house prices didn't go up for a hundred years.
Oh, and while we're on the subject of quoting copyrighted material and then saying mean things about named individuals, I have been thinking in the last few days that what this blog really needs for 2008 is an Ombudsman. Or Ombudswoman. Or possibly Ombudspig.
That's right, we need a Trained Journalistic Overlord to whom people can direct their complaints about our writing, and who can, from time to time, much to late to make any difference, write self-serving posts that entirely exculpate us while acting out the pretense that complaints are being addressed.
Obviously it would be an ethical horror if I or CR wrote the Ombudsposts. So I'm looking for a volunteer. All you have to do is be willing to post your email address in the comments so that irritated readers can send their gripes to you instead of us. Then you can write up responses and we can post them if it's a slow day and you probably didn't say anything actionable.
I think Conjure Bag probably would qualify, btw. The Ombuddy doesn't have to be a natural person. No personism here at this blog.
I'd say "let me know what you think," but I don't know why I'd say that. You will anyway.
America has allowed its corporations to run the world at peril of people for far too long.
This is typical of everything about America and mostly it has never been for the greater good, which is what government ought to be about, but to line the pockets of the few that profit from the corporations.
They still raked in the $4 million bucks though, didn't they?
Though his subprime lobbying business had dried up, I'm sure he and Lisa will find some other way to scam the citizens of this country in 2008. Maybe they can lobby against changes to the bankruptcy and foreclosure laws?
Lobby to make sure hedgefund managers and bank execs make a clean get-away? Why, there must be scores of opportunities for someone with their special kind of talent.
You're suggesting that money was involved in this, in some way? Oh, my.
The line btw financial opportunism and legal impropiety will ultimately be decided by whom?
The line btw financial opportunism and legal impropiety will ultimately be decided by whom?
Why, by Mr. Market.
Those who merely engaged in a few legal improprieties will get hit with a modest fine, vow to reform, and emerge blushing but steady to face the New Paradigm.
The opportunists will lose their shirts. And it couldn't happen to a worse bunch of thugs.
Mr. Market's in a fouler mood than His Honor lately, and I for one anticipate this situation continuing for some time.
Conjure bag? ombudsman? Aren't they foreigners?
Aren't they foreigners?
Well, sure, but some of our complainers appear to be aliens, so it works out.
I hasten to add that, being open-minded technologically savvy cynical bloggers, we would also accept applications from any OmbudsBot you'd care to build. Frankly I doubt any of us could tell the difference.
Tanta:
I nominate the DELETE button as ombundsman for the whiny lawyer drivel.
"imagine what that poor anonymous person would feel like if they couldn't refinance their scam mortgage because their mortgage broker posted this information and you discussed it on your site!"
(ombundsman's response: DELETE)
I would imagine a long firewall would keep the undocumentation thingy at bay.
The "Smite" Key on the Computer would be a good idea, too.
(annoying AOL tune)
"you've been smoten"
The "Smite" key is a great idea, but it doesn't use up enough of these folks' time.
I had in mind some place they could send long impassioned self-contradictory paranoid narcissistic ramblings under the false impression that someone on the other side would read it. This would use up hours of their valuable time that they could otherwise spend emailing me.
I nominate my son for ombudsman. He's only ten years old but it's ok, he knows everything.
back to topic:
This is a prime case study IMO of the problem with "free market" idealogues.
Yes, the free market is a great idea IN THEORY. However, we will never ever be able to reach a free market.
as soon as we try to open up our markets or deregulate, we get IMMEDIATE abuses of the deregulation causing massive problems. The massive problems CAUSED by partial deregulation are then fixed by increased regulation. (free marketers would of course say that the answer is less regulation... but who at this time would recommend LESS regulation in the mortgage space as example).
Thus, free market economy is doomed to remain a utopian ideal.
examples: the outcome of Californian energy deregulation due to Enron, or mortgage deregulation outcomes due to Countrywide et al, or banking deregulation and the S&L fiasco.
Or this case. firms actively lobbying congress (and paying a boatload) to do FOOLISH things so that they can make a quick buck.
free markets and full deregulation ONLY work if all participants act in a moral/ethical way. Otherwise, the scrupulus will win market share "forcing" the other participants to follow. (look at what Countrywide did and how Fannie/Freddie lost marketshare and thus had to "compete")
Hilarious, tg!
Thank you, T-, for bringing the obvious contradictions in the public statements and private actions straight to the fore. It is hilarious to see the two juxtaposed.
And people believe we actually live in a democracy?
Ha ha ha ...
... ha
sigh
"I certainly was not aware of the degree to which many in the industry clearly failed to follow proper underwriting standards -- the standards which they represented they were following to those of us who were lobbying," Mr. Andrews says.
Plausible deniability??? Hardly.
Scam! Scam! Scam!
Wow, shoul've gotten into tobacco instead. It may be hazardous to your health but it looks cool.
I like to imagine a bunch of industry insiders, like, oh, Mr. Andrews' wife, sitting around in a meeting poring over some Gantt chart, suddenly smacking themselves on the head and saying, "Dammit! We forgot to tell the lobbyist what we're up to! Can someone update the to-do list?"
Lobbyists are scum who pander to scum.
"...as soon as we try to open up our markets or deregulate, we get IMMEDIATE abuses of the deregulation causing massive problems."
Anyone interested in money solely for money's sake cannot be trusted - greed will win out in the end.
Regulations do not magically appear, they are crafted in response to shady/unethical dealings, and are meant to make such dealings illegal. Regulations do not stifle business, per se, they do, however, stifle criminality under the color of "fair trade" and "open markets".
Laws and regulations regarding usury, insider trading, capital reserves, full disclosure, etc., should never be relaxed or repealed - to do so results in systemic breakdown. Our parents and grandparents understood this (hindsight being 20-20), and tried to protect us from self-victimization by crafting such laws and regulations in the first place. Why do we never ask who, exactly, will benefit from the repeal or relaxation of regulations?
Too bad we don't give full faith and credit to our elders' wisdom. Looks like we'll have to learn the hard way.
Brother, can you spare 5 bucks for a triple venti caramel macchiato? I'm a little down on my luck.
Allow myself to introduce... myself!
throws hat into ring
"Too bad we don't give full faith and credit to our elders' wisdom."
Growth in this monetary system can only coming from money being lent. Standards have to drop the more we chase growth over sustainability.
I think all these should be blamed on the planets (specially Pluto, not the dog) . Why blame lobbyists, Wall Street etc when the planets are to blame.
The Real Test: Pluto in Capricorn: 2008 to 2024
Pluto, planet of transformation, deconstruction and reconstruction will move into Capricorn, sign of established government and money making enterprises, to stay till 2024.
The last time it was there was from Nov. 8, 1762 to Dec. 1, 1778 during the American Revolutionary War. Pluto actually entered Capricorn at the end of the French and Indian War (1754-1763)
Google Capricorn, Pluto, 2008 for plethora of the same.
sbarrkum
I nominate Dana Perino as Ombudsbot.
Growth in this monetary system can only coming from money being lent. Standards have to drop the more we chase growth over sustainability.
tg | 12.31.07 - 9:28 am | #
Unchecked growth is cancer.
I'll volunteer to be the Ombudsman.
Of course since I regard Eyore as an unbridled optimist, I will not be responsible for the effects of my response to complainers.
This one one Pluto is well written.
Of course the chicken and egg problem. Is the author fitting astrology to the whats happening or vice versa.
PLUTO IN CAPRICORN
Once Pluto is firmly entrenched in Capricorn beginning in December 2008, we will begin to really see it at work. This of course will follow the US presidential election in November 2008. Pluto seeks to focus and intensify as well as break down and regenerate. The structures of our world keep societies in order and functioning: churches, governments, buildings - all of these are ruled by Capricorn. But so are bridges and tunnels, and the entire infrastructure upon which we live, particularly in urban areas, are likely to experience a severe breakdown while Pluto travels through Capricorn. Underground transportation, under the domain of the god of the underworld, could become a battleground as Pluto often brings warfare or death in the areas of the sign through which it passes (such as September 11th during Pluto in Sagittarius, where air travel became a conveyance of death and total world transformation).
Nice...
No personism here at this blog.
as I scanned across the posts this morning, at first glance I thought that read 'no peronism'
Which led to this vision of a pig belting out market/political/financial oriented songs from a balcony at the Treasury.
don't cry for me hedge fund traders...
RayOnTheFarm, have I told you lately how happy you make me?
You are aware, I hope, that if CR keeps experimenting with Pig Animation, the next step is the dreaded sound file . . .
Anyone for regime change on Pluto?
SO who still thinks we are headed for inflation?
Those jackasses never spent that kind of money on me when I was in elected office here in CA.; aaahhh the good old days of junkets in Tahoe with Hookers, Barnyard Animals, and Firearms.
"SO who still thinks we are headed for inflation?"
Dustdevil | 12.31.07 - 9:58 am | #
Dont think so, not anytime soon anyway D'devil. Then again I will never sell the hoard of physical P.M.'s I inherited recently so "whatever" as Moon Zappa would say.......
America post 2000: The Age of Shamelessness.
Another reason to not bailout the lenders:
Lender Lobbying Blitz Abetted Mortgage Mess - WSJ.com
Per the Simpsons, we're all pigs (metaphorically speaking)
Moe: Hey, you can level with me. You got a domestic situation?
Homer: You might say that. My wife's gonna leave me 'cause she thinks I'm a pig.
Moe: Homer...
Homer: What?
Moe: Marge is right. You are a pig. You can ask anyone in this bar.
Barney: You're no more of a pig than I am. [belches]
Homer: Oh, no!
Moe: See? You're a pig. Barney's a pig. Larry's a pig. We're all pigs. Except for one difference: Once in a while, we can crawl out of the slop, hose ourselves off, and act like human beings.
You are aware, I hope, that if CR keeps experimenting with Pig Animation, the next step is the dreaded sound file . . .
Tanta
Its been done ! As you walk past the Federal Reserve Building in downtown Denver, you suddenly hear these "Oink", "Oink" sounds coming up from the metal gratings embedded in the sidewalk. Really !
-K
oops! sorry to post the same article as is already posted. I read it halfway, posted it, and went back to read the rest. Then it looked real familiar.
"SO who still thinks we are headed for inflation?"
2008 is an election year. A lot of babies to kiss and promises of tax $$$$$ to shower the electorate. I wouldn't count inflation out, yet.
The existing home sales number came in at +0.4% (as usual from the revised previous month number), and at the same time defaults on privately insured mortgages rose 35% YoY for November...
Waiting somewhat patiently for CR's take on the new data points
AND a Happy New Year to all in 2008!
why dont we all take a look at exactly WHO Lisa donated to:
Campaign Finance - Money, Political Finance, Campaign Contributions
Happy New year,
John Galt$
First I thought, oh-oh inflaaationnn.
Then I was reading how money was debt and a whole lotta debts being destroyed.
Seriously I don't think that the liquidity injections are going to be nearly enough to match the debt destruction. Plus the banks are hoarding the liquidity (understandably). So it's doing no good in the real world.
Hence. . .DEflation. I understand that percentage point for percentage point that's way worse.
DEflation makes people hesitant to spend money tho, and the Great Amercan cosumer. . . are they really gonna stop spending money? Maybe it will become chic to stop spending money. Like wearing tattered jeans?
sk, i lived blocks from there in 05. Shockingly, the smell of bacon was pervasive during those heady times!
NATIONAL HOME EQUITY MORTGAGE ASSOCIATION POLITICAL ACTION COMMITTEE
CLAY JR. FOR CONGRESS - DEMOCRAT
CITIZENS FOR HOPE RESPONSIBILITY INDEPENDENCE AND SERVICE PAC (CHRIS PAC)
NARRAGANSETT BAY PAC
to name a few...plus connect the politions to the committee...
Let's hope the Andrews bought lots of investment property.
Capitalists should recognize this crisis as a fault of capitalism and not one of government. The advancement of individuals is a noble thing, but not when wealth is generated on the backs of others and exploitation of finite resources. At this stage it is all about the concentration of power. Yes, it does allow and reward for personal achievement but this is only a side effect. Government has no choice but to feed the beast, we must have continued growth to keep this experiment going.
I vote for OmbudsPig
ombudspig@calculatedrisk.oink
which will send a reply to any incoming e-mails which contain the words "lawyer" "libel" "journalist troll" or any foul language in it
along the lines:
"Thank you for bringing this important issue to our attention. We take all complaints very seriously (bla blayaddy yadda bla bla oink oink oooink)
Yours truly,
Da' Pig
There really is no need whatsoever to nominate people dudes. Robyn will soon enough nominate herself and we will be done with this matter. Life will be good again for about one thread.
"SO who still thinks we are headed for inflation?"
Dustdevil | 12.31.07 - 9:58 am | #"
Inflation is already here.
So i think you mean are we heading for less inflation or deflation?
If you look at a globe of the world, rather than only see the USA and think about rising world populations and rising need for commodities then you have pressure on commodities. Gold, Oil Wheat milk up etc etc.
If you think only of the USA where everything is seemingly financed by debt (even though this is not true) then deflation seems possible.
In reality there will be a poorer America with inflation . People will eat less. Consume less. Things will be more expensive. They will have less cash. They will struggle more.
I nominate Morbo, the alien from from Futurama, as the press ombudsalien. He is belligerent, green and has an unpleasant disposition.
And kittens give him gas.
Reading the article about Andrews and it is interesting to note that S&P essentially helped to push back any regulations that may have faced the mortgage industry. Giving Ameriquest and the rest of the crooks leverage like that really helped to screw things up even more than they were.
Forget about protecting the home owner, it is all about payoffs, tickets to Rolling Stones concerts and giving those who have the money exactly what they want.
Oh, let me. Let me. I want to be ombudsarcasm. I have to take meds twice a day to control chronic snide but it only works so well.
Tanta IS Evita and Peronism lives.
And pigs deserve better than they're getting on this site.
The CR Ombudspig is ready to receive complaints, compliments, and recipes that don't contain pork, bacon or ham at:
ombudspig@gmail.com
And pigs deserve better than they're getting on this site.
What I tell the pigs who think they're being defamed is usually, "You know we're only doing this because we love you."
Otherwise the pigs can go email the Ombudspointless and see if he/she/it cares.
Kind of interesting how S&P teamed up with the big lenders to kneecap the states that got uppity. One more sign of how coopted the rating agencies were.
When you look at the dollar volume of contributions it took to corrupt the system, it was a really good investment for the players. The industry as a whole contributed maybe, what, 40 million total over 5 years to politicians?
And for a mere 40 million they got billions of dollars in comissions... (and the economy takes a multi trillion doillar hit). Talk about leverage!! Very very cheap price considering what they got for their money.
I am sure this will all be cleared up with the next round of campaign finance reform.
You failed to mention that earlier in the WSJ article, the usual suspects were involved:
Executives at Ameriquest, based in Orange, Calif., acknowledge that the company lobbied heavily against state lending restrictions, but say that other subprime lenders did so as well. In fact, a host of subprime lenders and banking trade groups, including Citigroup Inc., Wells Fargo & Co., Countrywide Financial Corp. and the Mortgage Bankers Association, spent heavily on lobbying and political giving."
And did you read that the primary mode of bribery, er, "lobbying" involved the handing out of Rolling Stones tickets? Tumbling Dice.
Ameriquest? Ameriquest? Haven't I heard that name before ...?
Ameriquest in Shambles; Wealthy Founder Serves as U.S. Ambassador
...[Ameriquest founder] Roland Arnall continues to enjoy a life of prosperity as the United States ambassador to the Netherlands with an estimated fortune of $l.5 billion.
While admitting no wrongdoing, Ameriquest agreed to pay $325 million to resolve the legal action. [predatory lending]
The profits were huge. At its height, Ameriquest bought the naming rights to the Texas Rangers baseball stadium, sponsored a Rolling Stones summer tour, and Arnall and his wife became the single biggest Republican contributors during the Bush-Cheney campaign in 2004.
Dear CR Ombudspig,
I feel really lonely during the holidays so I want to post several troll messages complaining about Washington lobbyists
well, not really, actually I have a suggestion for Mr and Mrs Andrews, if they are short of business: why don't they now lobby for honest citizens making hundreds of thousands a year who want a tax break on their HELOC or refi fraud?
Happy 2008! Oink oink oink
I was expecting a pig-themed Saturday Rock Blog, but didn't see one. The only youtube I could find was a clip of Simpson's spider-pig, but wasn't sure if that was kosher.
I would like to apply for the job of Trained Journalistic Overlord to whom people can direct their complaints about our writing, and who can, from time to time, much to late to make any difference, write self-serving posts that entirely exculpate us while acting out the pretense that complaints are being addressed.
In my last position, I handled those duties with flair. Ask anyone who was able to read through an entire column without falling asleep.
Given the way lenders have influenced state legislatures, it looks to me like a slam dunk that non-recourse states will morph into recourse as unobtrusively as they can.
However, somebody who knows more than I do can explain something. If I got a mortgage in 2006 in a non-recourse state, and it changes to recourse in 2008, do the 2006 or 2008 rules apply if I mail in my keys?
Those who merely engaged in a few legal improprieties will get hit with a modest fine, vow to reform, and emerge blushing but steady to face the New Paradigm.
The opportunists will lose their shirts. And it couldn't happen to a worse bunch of thugs.
"Ladies and gentlemen, I'll be brief. The issue here is not whether we broke a few rules, or took a few liberties with our female party guests - we did. But you can't hold a whole fraternity responsible for the behavior of a few, sick twisted individuals. For if you do, then shouldn't we blame the whole fraternity system? And if the whole fraternity system is guilty, then isn't this an indictment of our educational institutions in general? I put it to you, Greg - isn't this an indictment of our entire American society? Well, you can do whatever you want to us, but we're not going to sit here and listen to you badmouth the United States of America. Gentlemen!"
I volunteer to be the Ombudsperson.
If anyone has any complaining, snarky, sanctimonious, et cetera comments - please direct them to me.
Seriously I don't think that the liquidity injections are going to be nearly enough to match the debt destruction. Plus the banks are hoarding the liquidity (understandably). So it's doing no good in the real world.
Umm, which liquidity injections? The Fed and ECB haven't yet done any net injections. See Hussman at December 24, 2007 - Vanishing Act: Are the Fed and the ECB Misleading Investors About "Liquidity"?
Oops, not quite true. The Fed has added about 30 Billion since August - still a drop in the bucket compared to what is being destroyed.
"why dont we all take a look at exactly WHO Lisa donated to" - anonymous
Can you really buy these peoples souls for $2000? I hope Lisa put her 4 million into a lousy hedge fund.
I hope Stag Mark will volunteer to be omsbudman. He's got the the true snark feeling. He's got the the true snark feeling. He's got the the true snark feeling. There I've said it three times. (What I tell you three times is true.) And since Tanta is obviously the Queen of the Boojums she could issue a royal command.
I got home last night at 1:00 AM and read through a 300+ post thread- hilarious stuff! It's not unlike reading the earliest "novels" (Pamela, Les Liasons Dangereuses) written as exchanges of letters. Sure it kind of drags from time to time, but it's classic lawyer comedy, with a couple journalists and doctors thrown in. We have our next TV sitcom lined up and ready.
It could be worse. This newsworthy item from the AP wires today:
Dec 31, 4:49 PM EST
Nude couple grapple over dog near shower
BREMERTON, Wash. (AP) -- A 25-year-old woman was arrested for investigation of second-degree assault for getting into an argument with her boyfriend over whether his dog should be in the bathroom while the couple were taking a shower together.
A police report said the man, 26, wanted his dog to join them in the bathroom, but the woman objected on Thursday night.
The woman told her boyfriend that if the dog doesn't stay out, she didn't want to be his girlfriend anymore. He replied that maybe his next girlfriend would appreciate the dog more, and called her a name.
The police report said the woman punched him in the face several times and the man dislocated his shoulder after the naked couple grappled. He told police his girlfriend threw a picture frame, which broke and cut him.
The woman was taken to the Kitsap County Jail in Port Orchard. Bail has been set at $50,000.
Mom
Im sorry I couldnt get there foe christmas and I wish I could see you i never see you and I couldnt make it. I will call sometimehope all is well merry xmas, love,
This has been a Public Service Of The Doc Holiday Institutio
I absolutely love casino gambling over the Internet. I especially enjoy the various 5-reel video slot machines.