oops forgot the context
carlyle capital
"As of February 27, 2008, the Companys Liquidity Cushion had increased "
Bear Stearns
Mar 14, 2008 ... "As the year has gone on, that liquidity cushion has been virtually unchanged."
Subflation but if we are going with perfect storm then I want in from my blog:
Wednesday, February 21, 2007
Weather prediction formula:
High Pressure ridge of ARM resets moving in +
Rising Tide of defaults +
Unseasonabe interest rate temperatures +
A deluge of inventory +
Melting demand +
= Perfect Storm
First it was "the writeoffs THIS quarter are the kitchen sink" and then it will be "writeoffs are causing bankers to vomit into the kitchen sink" by years end.
Close second is Triple A (AAA) which I think will become a dirty word. I am putting this thread on my poll tonight.
US debt now being collected in India and Mexico. It is okay for firms to buy debt for cents on the dollar and give your private SS# and other private information to India, Mexico, etc. BUT it is not okay for a US scientist to share scientific information that he or she develop on thier own with these countries. What gives? What is a country if it is not its citizens? How can it be okay to put citizens at risk to collect a buck for a company, but not okay to put citizens at risk where it would make a US firm less competitive. Shouldn't citizens be as important to a nation as firms are?
US debt now being collected in India and Mexico. It is okay for firms to buy debt for cents on the dollar and give your private SS# and other private information to India, Mexico, etc. BUT it is not okay for a US scientist to share scientific information that he or she develop on thier own with these countries. What gives? What is a country if it is not its citizens? How can it be okay to put citizens at risk to collect a buck for a company, but not okay to put citizens at risk where it would make a US firm less competitive. Shouldn't citizens be as important to a nation as firms are?
Let Them Eat Debt | 04.24.08 - 7:26 pm
Making my weekly rounds today, I visited two grocery stores (a national discount chain and WalMart). The discount chain had plenty of rice, and no signs of anything amiss. I even joked with a couple of the employees about the subject. WalMart, OTOH, appeared to have about 1/2 the normal amount of rice on the shelves. I'm assigning blame to the MSM for this behavior.
Wow, all these great responses. nobody could have seen that coming.
If we are all climbing into our Mr. Fusion powered Delorean Time Machines then:
Housing Pustule: It isnt a bubble. Bubbles are cute , they float along on lasy summer breezes. Little children, green lawns. Bubble baths, exotic models, smooth skin. No, this is a housing pustule and it is time we call it that.
The pustule has ruptured.
The puss is oozing.
The festering boil has necrotized.
The canker has ulcerated.
I followed your link at top of this thread to the Bakersfield Bubble blog... Did you notice the blog entry right below the one you refered to?
Hearing date set for David Crisp, Carl Cole
David Crisp, Carl Cole and three former Crisp, Cole & Associates employees accused of fraud in a state regulatory complaint are scheduled to appear in front of an administrative judge in Bakersfield this summer
Re: ANIMAL SPIRITS
The colourful name that KEYNES gave to one of the essential ingredients of economic prosperity: confidence. According to Keynes, animal spirits are a particular sort of confidence, "naive optimism". He meant this in the sense that, for entrepreneurs in particular, "the thought of ultimate loss which often overtakes pioneers, as experience undoubtedly tells us and them, is put aside as a healthy man puts aside the expectation of death". Where these animal spirits come from is something of a mystery. Certainly, attempts by politicians and others to talk up confidence by making optimistic noises about economic prospects have rarely done much good.
Economy, Credit Woes Take Toll
On Builders' Grand Plans
A proposed $7 billion downtown Seattle project has become the latest major urban development to be scotched or delayed because of the credit crisis and a faltering economy.
Seattle's Clise family is pulling a 13-acre property for sale for at least $600 million off the market, at least temporarily. The property was intended to be the catalyst for a project that would have totaled the square footage of as many as five Empire State Buildings, putting it on the scale of London's Canary Wharf or the former World Trade Center in New York.
A legally enforceable arrangement between a bank and a counterparty that creates a single legal obligation covering all included individual contracts. This means that a banks receivable or payable, in the event of the default or insolvency of one of the parties, would be the net sum of all positive and negative fair values of contracts included in the bilateral netting arrangement
The sum of tier 1 plus tier 2 capital. Tier 1 capital consists of common shareholders equity, perpetual preferred shareholders equity with noncumulative dividends, retained earnings, and minority interests in the equity accounts of consolidated subsidiaries. Tier 2 capital consists of subordinated debt, intermediate-term preferred stock, cumulative and long-term preferred stock, and a portion of a banks allowance for loan and lease losses
Anyone know why it takes so long to get this update, e.g, why does the 4th qtr report take 4 months to report?
OCC s Quarterly Report on Bank Derivatives Activities
... Washington, DC 20219. OCCs Quarterly Report on Bank Trading and Derivatives Activities
Fourth Quarter 2007. ... Page 9. Derivatives Notionals by Type of User. ... http://www.occ.treas.gov/ftp/release/2008-36a.pdf - 2008-04-0
pretty much anything said by the ceos of either ambac or mbia in the last two months about the integrity of their respective ratings from moody's and s&p ought to win this contest hands-down.
YTL: A bando is someone living/squatting in an abandoned house. w00t is spelled with zeroes because it came from the gaming community, and they often change spellings like that.
Hi, I'm Paige Davis. Tonight on Defaults and Foreclosures we have two teams of FC'd home debtors who are going to trade spaces and come up with the best way to strip any and all valuable fixed appliances, plumbing...whatever, from the other teams home.
The team with the most cash before the sheriff arrives gets both teams profits while the other team gets to go to jail.
1.\tto accustom to hardship, difficulty, pain, etc.; toughen or harden; habituate (usually fol. by to): inured to cold.
verb (used without object)
2.\tto come into use; take or have effect.
3.\tto become beneficial or advantageous.
As the two thugs drug Ben's wife into the dark alley at knifepoint, he closely monitored the situation.
"I favor a strong dollar"
As Hank dropped his drawers in the public pit toilet, a bill fell from his pocket into the raw sewage below. He reached down, pulled the sewage-soaked bill out of the muck, and placed it back into his pocket. As he left, his sidekick Wank said, "man you stink." Hank produced the bill, and said "I favor a strong dollar."
Misean: I had to look up half of that to figure out what you were saying to YTL. Thank god for online dictionaries to define the online gaming references. Between your economics stuff (I like the Austrian school of economics, but am basically a nOOb about it) and gaming references, you present a weird dichotomy of interests.
"W00t!" is an expression of joy meaning "We Own the Other Team!". Gawwwd, you people!!! Even Merriam-Webster had it wrong. The ultimate form of victory...is assured victory. Like Microsoft over Apple. Think about it...
Usage: "Remember when it was still a 2 Dollar Euro?"
Second suggestion: Grim
Usage: Forecasters revised their estimates upwards today, anticipating that the future will only be grim, explaining that reports of widespread catastrophes are grossly overstated.
I like to think I am well read or at least not totally without a pulse, but I have never seen the word "woot" before now. Am I completely deluded about my connection to the world?
How about;
"V shaped recovery"
"Pent up demand"
"Not as bad as feared"
"hippopotomonstrosesquipedaliophobia", which means ironically the fear of long words!
U.S. life insurance companies are huge holders of RMBS, CMOs, CMBS, and asset-backed securities. All the stuff that's been sinking. They tend to buy and hold, not trade.
But so far, there has been barely a ripple in the industry to suggest heavy losses.
Life insurance companies are leveraged, typically with capital equal to 10-15% of assets.
The usual ratings agencies (less Fitch but plus A.M. Best) are supposed to stay abreast of life insurance portfolios and report problems. So far, almost nothing.
So, I'm watching MetLife's earnings report on 5/1 after close.
You know full well that they average year returns and that these piles of shite are still investment grade. Further if you go through their controlling industry stats, they can rate them esssentially AAA if the controlling agency says it's OK.
This tea pot is boiling in the background. I've been watching it for over a year. They've rigged the book accounting SO bad, that until the stove catches fire...well they just whistle past the grave yard.
Credit problems only beginning for regional banks...
"More than 20 regional banks could be in need of new capital, according to a report recently released by Keefe, Bruyette & Woods." Expired
I love it. I've clearly been gone too long, lol. The anti-productivity miracle that is Rockband for PS3 pulled me in SO far that my right shoulder is dead from the drums and my left hand is dead from the plastic guitar. I guess that means I'm back for a week or so. D'oh!
For those interested I offer the latest charts showing combined inbound container traffic into Los Angeles and Long Beach, seasonally and population adjusted.
B. Hyperstagdeflation Mine! I covet it...It's mine mine mine.
C. "The anti-productivity miracle that is Rockband for PS3 pulled me in SO far that my right shoulder is dead from the drums"
Dude, I've never been pwned by a single player video game...accept Masters of Orion...oh and Tie Fighter...but those are like early 90's games.
"For those interested I offer the latest charts showing combined inbound container traffic into Los Angeles and Long Beach, seasonally and population adjusted."
The United States:
"Too Big to Fail, so Party on Until the Lights Go Out"
or
The US Financial System:
"As the worlds economies based thier existence on the US being solvent, it's a tough pickle to be in!"
It's a brave new world. And WHEN economic collapse via a) housing market ATM refiboom collapse, b) stock market collapse, c) negative equity, and either stagflation or hyperstagdeflation manifiests in USA - the great cleasning coming your way...
by jpwillis on Tue Nov 08, 2005 at 10:41:01 PM PDT
I have also dated the word back to the Mayan civilization. Granted, few people know of it and even fewer who can refute my claim with actual facts, lol.
For reasons that are still debated, the Maya centers of the southern lowlands went into decline during the 8th and 9th centuries and were abandoned shortly thereafter. This decline was coupled with a cessation of monumental inscriptions and large-scale architectural construction.[8] Although there is no universally accepted theory to explain this collapse, current theories fall into two categories: non-ecological and ecological.
Large-scale architectural construction? A collapse that is STILL being debated to this day?
That's gotta be hyperstagdeflation!
I'd also like to nominate something for word(s) of the year.
Combine a forever war with a cessation of large-scale architectural construction and I'm fairly sure you get a...
I think "Hoocoodanode" is in very strong running. Today we have the wonders of Brokers Objecting To Broker Price Opinions, yesterday Ambac discovered "Fraud, I Tell You, Fraud With A Capital 'F'" "right here in River City" (no points to Starbuck or UPS, they've been saying the same thing for a while), on Tuesday Target "discovered" that giving credit cards to any breathing person standing in front of a cash register wasn't a good idea (if only Macy's-Federated would make the same "discovery" I could buy clothes in peace).
"Hoocoodanode" seems to be turning into a Mother Lode.
Moody's Begins Downgrading AAA Rated Alt-A RMBS to Junk
"Moodys Investors Service issued more Alt-A downgrades on Thursday morning, this time taking a heavy hand to 32 different Aaa-rated tranches from 10 different Alt-A deals. Many of the downgrades even pushed former Aaas into non-investment grade categories a stunning descent for top-rated Alt-A mortgage bonds that underscores two key points." Moody’s Begins Downgrading AAA-Rated Alt-A RMBS to Junk : HousingWire || financial news for the mortgage market
homeloanership
walkaway
all clear
priced in
"we're helping people build their retirements and college funds for their kids"
over the long run
it's always a good time to buy
buying opportunity of a generation
Geesh, it never ends...
Somewhat Romantically (not romantically, you goons) I have to add "Tanta". Not interested whether that is her real name, just that the word itself now denotes a certain forceful determinism in my mind.
"It's a brave new world. And WHEN economic collapse via a) housing market ATM refiboom collapse, b) stock market collapse, c) negative equity, and either stagflation or hyperstagdeflation manifiests in USA - the great cleasning coming your way..."
I'll stamp my feet up and down...
Oh well you're correct. Damn... I never read that so I get like bonus points or something.
How many ways are there to spell hoocoodanode?
While recognizing what was being said when I first saw it, I only decided to google it recently.
Did it again today and most results still point back to comments for this blog.
Hoocoodanode is still my pick however.
rich, it is going to be a scary, scary day when those things rightfully get downgraded and folks realize that that annuity/pension ain't coming, after all.
Terrible, what the Fed has wrought, with this credit orgy.
w00t: There was a commenter years ago who use that monicker but he put periods inside the zeros. Don't know how he did that. He always posted antimated photos of "Boobies", the flying kind.
Anyone know what happened to him?
"COUNTERPARTY RISK" is going to enter the everyday lexicon. Here's how: CDS implosions will bring the credit markets to a grinding halt. "Investors" are going to look up and find out the counterparty is missing / unable to deliver.
Somewhat Romantically (not romantically, you goons) I have to add "Tanta". Not interested whether that is her real name, just that the word itself now denotes a certain forceful determinism in my mind.
Tanta-esque
Seriously, this has an outside chance given enough time, since the Ubernerd series is a great resource.
Of course, this could just be wishful thinking from a member of the CR "Clan of the Bear Cave".
Note: I'm not a permabear (another nice entry), I just think most people are idiots.
For months now, I'd successfully resisted Heliben, Bitch-slapped Ben, all sorts of things. Then just now I got a vision of the Chairman, his august profile in full patina, adorned with pointed laurels, standing o'er us in dignity as a massed high school chorus crsecendoes
the wretched refuse of your teeming shores,
Send these, the homeless, tempest tossed to me.
I lift my lamp beside the Golden Door.
And everywhere, bankers are doing just that.
Such moments are necessary to righting one's ship.
I've been saying that one for some time, for what it's worth. I keep thinking that the opposite of that: "Debt is Wealth" sounds like something straight out of 1984, along with "Freedom is Slavery" and so on.
Lots of good suggestions here! Let's hope the word of the year is something like whocoodadnode vs. Super Depression or something.
"JimmyCayned"....to mean, I guess, watching your bank implode while playing bridge/doing lines in the bathroom with a prostitute. OK, it was pot, not coke according to the Journal. But the image is funnier if he's snorting white powder off a toilet cover.
Another idea (shameless plug for my website): "OptionARMageddon"
Please, will someone tell me what "Hoocoodanode" means?
The expression "w00t" did not originally mean "we own the other team." It was being used on Usenet long before multi-player team-based gaming. Some have hypothesized that it is a portmanteau of "woo" and "hoot." The "we own the other team" explanation is only a backronym...
The double zeros instead of "o" is a techie/gamer convention of substituting numbers and ASCII-based type symbols referred to as leet or leetspeak (e.g., "l33t" or "l3375p34k"), which serves little purpose other than to obscure the original text. It has seen its day and I find it often used in parody as much as in seriousness.
As in "n00bs".
And to keep this OT, I'm voting for either "walkaway/jingle mail", "deleveraging," or "unexpectedly" for word of the year.
I believe Hoocoodanode is a derivative of the earlier
Whoodathunkit, which, if memory serves, first showed up in Archie and Mehitabel, a play about a cat and a cockroach.
1st?
"liquidity cushion"
w00t has been around for years now...it'd be like adding pwn.
Hyperstagflation?
$235 million default in Bakersfield, by an OC developer:
Bakersfield Bubble
Rejuberated? (how we're hoping to feel after the election)
(rejuvenated & exuburant)
We're all "Level 3" now?
oops forgot the context
carlyle capital
"As of February 27, 2008, the Companys Liquidity Cushion had increased "
Bear Stearns
Mar 14, 2008 ... "As the year has gone on, that liquidity cushion has been virtually unchanged."
We are OC developers now!
Ben Dover
"Bear-Stearned"
also,
"Systemic Risk" and "Counterparty Risk"
p.s.: "We're all counterparties now"?
"utter chaos"
Not used yet but the year is still young.
Your two nominations sound great, CR.
Please, no 'perfect storm'; the fewer things to conjure up the image of pretty face/mental lightweight George Clooney, the better.
walkaway
It would be funny if that became a late 60's "drop out-tune in" update for the youngsters of today.
As in..."I just walked-away from that overconsumptive lifestyle of my folks! Now I don't buy hardly anything."
Can I cast my 2009 vote? Why wait, right?
I nominate "wheelbarrow"
Either to move money or wordly goods, but likely not both.
As much as I loathe it, I have to concur with "perfect storm."
Viagrate; to artifically pump up
As in "Realtors tried to viagrate the local housing market ahead of dismal 1Q2008 reporting"
I nominate "Uncle Ben's Helicopter Rice"
"lagflation"
The Not so Great, Not Even Pleasant Depression
Subflation but if we are going with perfect storm then I want in from my blog:
Wednesday, February 21, 2007
Weather prediction formula:
High Pressure ridge of ARM resets moving in +
Rising Tide of defaults +
Unseasonabe interest rate temperatures +
A deluge of inventory +
Melting demand +
= Perfect Storm
Oh man it has to be "Kitchen Sink"!
First it was "the writeoffs THIS quarter are the kitchen sink" and then it will be "writeoffs are causing bankers to vomit into the kitchen sink" by years end.
Close second is Triple A (AAA) which I think will become a dirty word. I am putting this thread on my poll tonight.
Depression is so 1930's...True to doublespeak, I vote for
"The Great Relaxation"
I'm not feeling very inventive right now, so I just want to second "walkaway."
I also love "we're all counterparties now."
Phrases for 2008:
......"IfI'dasoldlast_________"....
..."underwater"...."upsidedown"...
"walkaway/don'tpay"
..."whenpricescomeback..."
Beaver
In response to an earlier thread about interesting market relationships.
Here's one that tells you everything you need to know.
No con game going on here:
Yen vs. S&P 500
Perfect storm is too black swan. It's Hoocoodanode's doppelganger, but I guess that's the point.
Don't kill me:
Walkaways
here this should make you less angry:
YouTube - Walk Away Renee - The left Banke
"Yun"derful.
"Ben"dover.
Uncle Ben's Perverted Prices
BTW, I'm fond of "Banana Republicans"
"Ruthless bloggers."
Or how about
Bottom-callers
Hoocoodanode would get my vote
"two buck upchuck" for phrase of the year
Ruthless Default.
"We're all investors now"
(even those of us who merely pay taxes)
How about "subprime food riots?"
Level 3 (aka mark to myth).
Countryfried.
Pink Ponies.
US debt now being collected in India and Mexico. It is okay for firms to buy debt for cents on the dollar and give your private SS# and other private information to India, Mexico, etc. BUT it is not okay for a US scientist to share scientific information that he or she develop on thier own with these countries. What gives? What is a country if it is not its citizens? How can it be okay to put citizens at risk to collect a buck for a company, but not okay to put citizens at risk where it would make a US firm less competitive. Shouldn't citizens be as important to a nation as firms are?
BTW, this whole thread is a joke.
Everybody knows that "downclimb" has no equal.
Nothing other word even comes close.
alas...I know I am getting old as I'd never read nor heard "woot" until you posted it here. Don't much mind either.
"The Loan Ranger and Tanta"
But for nomination for future...I suggest "jinglemail"
Word = INTERVENTION
How about this obvious one:
"Mozilloed"
Your home is foreclosed, your CFC stock tanks...and then someone ambushes you and spraypaints your face a horrible shade of Orange.
I can haz bailout!!
Let Them Eat Debt writes:
From Cubicles in India Come Pleas for U.S. Debtors to Pay - NY Times
US debt now being collected in India and Mexico. It is okay for firms to buy debt for cents on the dollar and give your private SS# and other private information to India, Mexico, etc. BUT it is not okay for a US scientist to share scientific information that he or she develop on thier own with these countries. What gives? What is a country if it is not its citizens? How can it be okay to put citizens at risk to collect a buck for a company, but not okay to put citizens at risk where it would make a US firm less competitive. Shouldn't citizens be as important to a nation as firms are?
Let Them Eat Debt | 04.24.08 - 7:26 pm
Jingle mail
Can I haz some rice?
(apologies to Milton)
"Paradise Foreclosed"
Hoocoodanode.. fur sur
Microsoft Profit Drops; Forecast May Miss Estimates (Update4) - Bloomberg.com
How 'bout:
"It's priced in"
"The bottom was put in"
"The market is a discounting mechanism"
Hope
It's already being used by:
Obama in his speeches and the "Audacity of Hope"
Paulson with "Hope Now"
And it's what we are all going to need...
Bandos!
homedebtor
Can I haz some rice?
Making my weekly rounds today, I visited two grocery stores (a national discount chain and WalMart). The discount chain had plenty of rice, and no signs of anything amiss. I even joked with a couple of the employees about the subject. WalMart, OTOH, appeared to have about 1/2 the normal amount of rice on the shelves. I'm assigning blame to the MSM for this behavior.
Hoocoodanode is my personal fave.
Alternatives include
walkaway
Alt-A
short sale
squatter
black swa
deleverage
Of course Merriam-Webster chose w00t.
2004 called...
sustainabubble
Hope Now: I got the t-shirt, but lost the house.
Bricolage
"Debtrimental"
T-Shirt Logo Idea:
"Just Because the FED gave Jamie Dimon BSC on a plate, it does not make him Yoda!"
"Dude, where's my job?"
Coming to theaters near you.
Hoocoodanode first appeared by bacon like way last year.
Still good though.
Kinda liking something along the lines of
Hyperstagdeflation.
Cheers,
humbuggery, laggard, dawdler, dilly-dallier, lingerer, loiterer, poke, procrastinator, straggler, tarrier
Sorry one more T-shirt:
Front: "Hope Now"
Back: " No, seriously start hoping!"
Bailout
Closely related "whocouldaknown" is "unexpectedly."
as in: Citibank unexpectedly lost $7 billion dollars for the 3rd straight quarter. Whocouldaknown?
I was there, at the core of the Bricolage moment with Tanta....what a thrill!
BANDO!!!
"Bridge-to-Nowhere Loan"
Contraction.
Person of the year:
Ben Btfsplk Bernanke... of lil abner fame
Wow, all these great responses. nobody could have seen that coming.
If we are all climbing into our Mr. Fusion powered Delorean Time Machines then:
Housing Pustule: It isnt a bubble. Bubbles are cute , they float along on lasy summer breezes. Little children, green lawns. Bubble baths, exotic models, smooth skin. No, this is a housing pustule and it is time we call it that.
The pustule has ruptured.
The puss is oozing.
The festering boil has necrotized.
The canker has ulcerated.
Speaking of hope, I liked the phrase, uttered in all seriousness: hope is a crappy hedge.
(Unless you get the Fed discount window to back you up, of course...
alt triple a
For word of the year-to-come I nominate:
homeower
One letter makes all the difference...
-partialobs
crispy&cole,
I followed your link at top of this thread to the Bakersfield Bubble blog... Did you notice the blog entry right below the one you refered to?
Hearing date set for David Crisp, Carl Cole
David Crisp, Carl Cole and three former Crisp, Cole & Associates employees accused of fraud in a state regulatory complaint are scheduled to appear in front of an administrative judge in Bakersfield this summer
Is this just a coincidence? Who are you, dude???
"Is this the soup line or the unemployment line"
Fedspeak has replaced Newspeak. AAA has replaced doubleplusgood in the uneconomy.
Word = confidence
Re: ANIMAL SPIRITS
The colourful name that KEYNES gave to one of the essential ingredients of economic prosperity: confidence. According to Keynes, animal spirits are a particular sort of confidence, "naive optimism". He meant this in the sense that, for entrepreneurs in particular, "the thought of ultimate loss which often overtakes pioneers, as experience undoubtedly tells us and them, is put aside as a healthy man puts aside the expectation of death". Where these animal spirits come from is something of a mystery. Certainly, attempts by politicians and others to talk up confidence by making optimistic noises about economic prospects have rarely done much good.
LMAO!!!
Short - I have been blogging for years with a take off on their name. I am from Bakersfield and I am the owner of the bakersfieldbubble site.
I am not those two clowns. Search my blog and you will read the stories on these guys.
Ive heard this one a few times.
Better than the worst expected
Crispy as in burnt to a "Crisp".
Jingle Mail
Homepwner
"Bernanked" - getting ripped off right in front of your eyes
Man you so got Bernanked by that used car dealer.
underwater
jingle mail
and probably, but for later this year:
1929-style-krach
JJL writes:
Sorry one more T-shirt:
Front: "Hope Now"
Back: " No, seriously start hoping!"
JJL | Homepage | 04.24.08 - 7:40 pm | #
I like Front: Hope Now
Back: Hop Out of Tow
Got it C&C, I wondered where you got your handle...
"Goldilocks depression"
"Depression-Lite"
Word: GNFV
gross negative fair value (GNFV) and represents a measurement of the exposure the bank poses
to its counterparties.
"All your MBS are belong to us."
From the WSJ ($$):
Economy, Credit Woes Take Toll
On Builders' Grand Plans
A proposed $7 billion downtown Seattle project has become the latest major urban development to be scotched or delayed because of the credit crisis and a faltering economy.
Seattle's Clise family is pulling a 13-acre property for sale for at least $600 million off the market, at least temporarily. The property was intended to be the catalyst for a project that would have totaled the square footage of as many as five Empire State Buildings, putting it on the scale of London's Canary Wharf or the former World Trade Center in New York.
Economy, Credit Woes Foil Cities' Big Projects - WSJ.com
"Not-so-struggling homeowners"
"Uncle Ben's Rice"
Word: Bilateral Netting:
A legally enforceable arrangement between a bank and a counterparty that creates a single legal obligation covering all included individual contracts. This means that a banks receivable or payable, in the event of the default or insolvency of one of the parties, would be the net sum of all positive and negative fair values of contracts included in the bilateral netting arrangement
Total Risk-Based Capital:
The sum of tier 1 plus tier 2 capital. Tier 1 capital consists of common shareholders equity, perpetual preferred shareholders equity with noncumulative dividends, retained earnings, and minority interests in the equity accounts of consolidated subsidiaries. Tier 2 capital consists of subordinated debt, intermediate-term preferred stock, cumulative and long-term preferred stock, and a portion of a banks allowance for loan and lease losses
Home copper mining in 2 easy lessons.
"Hillary Who?"
Oh, and that poor poor Tan One, taking a 90% pay cut to just $8.7 Mil last year. The injustice!
OT:
Anyone know why it takes so long to get this update, e.g, why does the 4th qtr report take 4 months to report?
OCC s Quarterly Report on Bank Derivatives Activities
... Washington, DC 20219. OCCs Quarterly Report on Bank Trading and Derivatives Activities
Fourth Quarter 2007. ... Page 9. Derivatives Notionals by Type of User. ...
http://www.occ.treas.gov/ftp/release/2008-36a.pdf - 2008-04-0
pretty much anything said by the ceos of either ambac or mbia in the last two months about the integrity of their respective ratings from moody's and s&p ought to win this contest hands-down.
help for those of us who are uncool
what is "bando?"
all I get is it's some sort of martial art, or a nickname for a gun from the 1800's.
also, why is w00t spelled with 2 zeroes?
and lastly:
did you notice how many of the words apply to our little economy?
they were:
3: conundrum
4: quixotic
5: blamestorm
6: sardoodledom (very a propos)
7: apathetic
8: Pecksniffian
9: hypocrite
10: Charlatan.
only #1 (woot) and #2 (facebook) don't apply!
Surprisingly
As in, "Surprisingly, consumers didn't spend as much as expected."
my fave word that I made up:
clatastrophuk.
combo of catastrophe and clusterf*k.
as in:
this economy is a clatastrophuk.
How about "Would you prefer that with Sand or Vaseline?"
Nothingburgers on the house!
beleaguered
used often before naming any one of a number of banks
adjective 1 under siege. 2 in difficulties; harassed
YTL: A bando is someone living/squatting in an abandoned house. w00t is spelled with zeroes because it came from the gaming community, and they often change spellings like that.
"Rediculous", with its Ace Greenberg meaning.
Another bottom bite's the dust.
pwnd ower
Bundle o' C's -- Answer to how much x costs.
Bag o' C's -- 2 weeks later.
Dunno man, I'm eating dirt --- two weeks later.
Cheers,
BANKSTER!!!
Got ammo?
Cheers,
Welcome to my new restaurant (food stamps accepted)
The 12th House of Nothingburgers
Self serve, you agree to pay for what you eat. No doc required. HELOCs for dessert.
"History doesn't repeat itself, but it rhymes." Mark Twain
"If past history was all there was to the game, the richest people would be librarians." Warren Buffett
With that said:
S&P 500 Close April 4th 2001: 1,103
S&P 500 Close May 21st 2001: 1,312
S&P 500 Close September 5th, 2001: 1,131
Patience short sellers, patience.
Bernankerolling....
Homedebtor
thanks waitinginOC!
I figured the w00t thing was a gamer thing.. just didn't know why it had 0 instead of o.
th0se rascally gamers! they're s0 k00ky!
a few years ago it took me forever to figure out what pwned was...
my fave gamer reference;
LeeRoy Jenkins!
and
all your bases are belong to us.
Nominations:
Default
&
Foreclosure
YTL,
z0MFG! n00b!
U need ganking.
FTW!
Cheers,
Tonight on Discovery Home:
Hi, I'm Paige Davis. Tonight on Defaults and Foreclosures we have two teams of FC'd home debtors who are going to trade spaces and come up with the best way to strip any and all valuable fixed appliances, plumbing...whatever, from the other teams home.
The team with the most cash before the sheriff arrives gets both teams profits while the other team gets to go to jail.
Let's meet tonight's teams...
Cheers,
Inure:
1.\tto accustom to hardship, difficulty, pain, etc.; toughen or harden; habituate (usually fol. by to): inured to cold.
verb (used without object)
2.\tto come into use; take or have effect.
3.\tto become beneficial or advantageous.
PPT
"Closely Monitor"
As the two thugs drug Ben's wife into the dark alley at knifepoint, he closely monitored the situation.
"I favor a strong dollar"
As Hank dropped his drawers in the public pit toilet, a bill fell from his pocket into the raw sewage below. He reached down, pulled the sewage-soaked bill out of the muck, and placed it back into his pocket. As he left, his sidekick Wank said, "man you stink." Hank produced the bill, and said "I favor a strong dollar."
Misean: I had to look up half of that to figure out what you were saying to YTL. Thank god for online dictionaries to define the online gaming references. Between your economics stuff (I like the Austrian school of economics, but am basically a nOOb about it) and gaming references, you present a weird dichotomy of interests.
I like this one:
"shallow recession"
WaitingInOC,
And to think gaming chat would serve me well on an econ/housing blog...
hoocoodanode!
Cheers,
"run on the bank"
"W00t!" is an expression of joy meaning "We Own the Other Team!". Gawwwd, you people!!! Even Merriam-Webster had it wrong. The ultimate form of victory...is assured victory. Like Microsoft over Apple. Think about it...
counterpartymistrust
w,
A bank HAS the runs...
TVEconExpert: Blah Blah BofA Blah Blah. Another $7B in write downs Blah! Imperious BLAH!
Interviewer: So BofA has the runs?
TVEconExpert: (Clears throat imperiously)...erm..Yes.
Cheers,
CNBS!
Japan 2.0
or
Weimar Republic: American Editio
u4yeah4,
"W00t!" is an expression of joy meaning "We Own the Other Team!".
pwnage? Who says "we own..."
"Like Microsoft over Apple."
Who cheers that?
Cheers,
About the project in Seattle and the CLise Family:
The Seattle Times: Local News: Grand plan would take downtown north
April 2006
Oh and,
Writedown,
or,
Shit sandwich
2nd choice
dollared
like dullard only different
dullard
Main Entry:
dull·ard
noun
Date:
15th century
a stupid or unimaginative person--
dollared
main entry
noun, 21st century
so stupid that you forgot to exchange your savings out of dollar denominated investments
Double Plus Ungood
2 Dollar Euro
Usage: "Remember when it was still a 2 Dollar Euro?"
Second suggestion: Grim
Usage: Forecasters revised their estimates upwards today, anticipating that the future will only be grim, explaining that reports of widespread catastrophes are grossly overstated.
I vote for...
"Goldilocks Depression"
President for life Bush...
o contest, "meltdown"
Repeating an earlier contribution...
counterparty
Malaclypse writes:
Double Plus Ungood,
There is no such thing Malaclypse. You are obviously in need of some debriefing. After tonight's minute of hate against, please wait for an escort.
That is all.
Everything is double plus good.
Cheers,
woot? woot ? wooot ?
huh?
I like to think I am well read or at least not totally without a pulse, but I have never seen the word "woot" before now. Am I completely deluded about my connection to the world?
You spelled it wrong.
Try w00t!
n00b!
Cheers,
bottom
Lubricated.
Residential copper mining
Greasy Hair Sheila Bair
Granite countertop quarries
dr strangemoney,
OK...
I like this one
http://i191.photobucket.com/albums/z151/jensjuice3/kimkardashianass.jpg
Cheers,
This thread is irresistable!
How about;
"V shaped recovery"
"Pent up demand"
"Not as bad as feared"
"hippopotomonstrosesquipedaliophobia", which means ironically the fear of long words!
or how bout this:
MLEC
master liquidity enhancement conduit
the newest replacement for viagra
At least I got chikken...
I have never seen the word "woot" before now. Am I completely deluded about my connection to the world
Totally, have you been living in a jar? Have you not heard of woot.com? i go there every day. and it is spelled, technically, w00t!
FFDIC writes:
Greasy Hair Sheila Bair
Hmmm...TMI? Esp....if you think phonetically...bair --- bear...EWWWWWWW!
w00t!
Cheers,
Hyperstagdeflation made me laugh!!
decleverage: when they repo your boob job.
OT
There is a mystery I just don't get.
U.S. life insurance companies are huge holders of RMBS, CMOs, CMBS, and asset-backed securities. All the stuff that's been sinking. They tend to buy and hold, not trade.
But so far, there has been barely a ripple in the industry to suggest heavy losses.
Life insurance companies are leveraged, typically with capital equal to 10-15% of assets.
The usual ratings agencies (less Fitch but plus A.M. Best) are supposed to stay abreast of life insurance portfolios and report problems. So far, almost nothing.
So, I'm watching MetLife's earnings report on 5/1 after close.
Here's the assets MET reported as of 12/31:
RMBS $56.5 billion
CMBS $38.3 billion
Asset-backed: $11.0 billion
The total of all 3 equals about 35% of all fixed maturity assets.
72.5% of all fixed maturity assets were rated AAA, AA or A.
20.2% was rated Baa.
Also, MET reported $35.5 billion of direct commercial mortgage loans of which 44% were office and 21% were retail.
As a public company, don't they have to mark portfolio assets to market?
rich,
On a serious note.
You know full well that they average year returns and that these piles of shite are still investment grade. Further if you go through their controlling industry stats, they can rate them esssentially AAA if the controlling agency says it's OK.
This tea pot is boiling in the background. I've been watching it for over a year. They've rigged the book accounting SO bad, that until the stove catches fire...well they just whistle past the grave yard.
Cheers,
Sardonic,
TY!
"kidbuck writes:
decleverage: when they repo your boob job."
Dirty Scottsdale revenge time....
w00t!
Cheers,
Credit problems only beginning for regional banks...
"More than 20 regional banks could be in need of new capital, according to a report recently released by Keefe, Bruyette & Woods."
Expired
Goldilocks Depression?
Hyperstagdeflation?
I love it. I've clearly been gone too long, lol. The anti-productivity miracle that is Rockband for PS3 pulled me in SO far that my right shoulder is dead from the drums and my left hand is dead from the plastic guitar. I guess that means I'm back for a week or so. D'oh!
For those interested I offer the latest charts showing combined inbound container traffic into Los Angeles and Long Beach, seasonally and population adjusted.
US Consumer Tapped Out
counterparty: it's always someone else's fault!
depression: can't take prozac for this type.
Stagflationary Mark,
A. Dude! Good to read from you!
B. Hyperstagdeflation Mine! I covet it...It's mine mine mine.
C. "The anti-productivity miracle that is Rockband for PS3 pulled me in SO far that my right shoulder is dead from the drums"
Dude, I've never been pwned by a single player video game...accept Masters of Orion...oh and Tie Fighter...but those are like early 90's games.
"For those interested I offer the latest charts showing combined inbound container traffic into Los Angeles and Long Beach, seasonally and population adjusted."
MORE DATA GOOD!
Cheers,
Cheers,
Misean | 04.24.08 - 9:35 pm | #
I almost didn't make it back to CR...
Chris
Cobra,
??????
Cheers,
Pergraniteel
The United States:
"Too Big to Fail, so Party on Until the Lights Go Out"
or
The US Financial System:
"As the worlds economies based thier existence on the US being solvent, it's a tough pickle to be in!"
Greasy Hair Sheila Bair
So, following the standard Cockney rhyming convention, we should henceforth refer to her simply as...
"Greasy"
"other than temporary" to describe losses that might lead to more losses.
"tsunami" to describe everything else
Rethink.
The credit rating agencies said they are going to "rethink" how they rate mbs.
Rich,
call me kooky, but one would think that insurance companies are long term investors, so most things held were level 3 before level 3 was cool.
Me personally, I couldn't imagine a public insurance company except someone who only dealt with auto.
Cheers,
Misean | 04.24.08 - 10:01 pm | #
The pic you linked
.
Chris
Time for blog music with Dire Straits:
Walk of life
YouTube -
Why worry
YouTube - Dire Straits - Why Worry
A big mess deserves multiple expressions including Hoocoodanode.
BTW - Thanks for the continued, relevant OT posts.
Word of the last eight years, "W" is "Worst"
Emperors Club
Misean,
Rockband IS multiplayer. It is a band after all!
As for hyperstagdeflation, there are no original thoughts.
Daily Kos: Is Bush to blame for the Riots in Europe? (POLL)
It's a brave new world. And WHEN economic collapse via a) housing market ATM refiboom collapse, b) stock market collapse, c) negative equity, and either stagflation or hyperstagdeflation manifiests in USA - the great cleasning coming your way...
by jpwillis on Tue Nov 08, 2005 at 10:41:01 PM PDT
I have also dated the word back to the Mayan civilization. Granted, few people know of it and even fewer who can refute my claim with actual facts, lol.
Mayan Civilization
For reasons that are still debated, the Maya centers of the southern lowlands went into decline during the 8th and 9th centuries and were abandoned shortly thereafter. This decline was coupled with a cessation of monumental inscriptions and large-scale architectural construction.[8] Although there is no universally accepted theory to explain this collapse, current theories fall into two categories: non-ecological and ecological.
Large-scale architectural construction? A collapse that is STILL being debated to this day?
That's gotta be hyperstagdeflation!
I'd also like to nominate something for word(s) of the year.
Combine a forever war with a cessation of large-scale architectural construction and I'm fairly sure you get a...
Quagmayan!
I think "Hoocoodanode" is in very strong running. Today we have the wonders of Brokers Objecting To Broker Price Opinions, yesterday Ambac discovered "Fraud, I Tell You, Fraud With A Capital 'F'" "right here in River City" (no points to Starbuck or UPS, they've been saying the same thing for a while), on Tuesday Target "discovered" that giving credit cards to any breathing person standing in front of a cash register wasn't a good idea (if only Macy's-Federated would make the same "discovery" I could buy clothes in peace).
"Hoocoodanode" seems to be turning into a Mother Lode.
All I know is at the start of next hockey season I want the game jersey of my team with the name on the back...
Whocoodanode
and the number... 08
Just sayin'.
Moody's Begins Downgrading AAA Rated Alt-A RMBS to Junk
"Moodys Investors Service issued more Alt-A downgrades on Thursday morning, this time taking a heavy hand to 32 different Aaa-rated tranches from 10 different Alt-A deals. Many of the downgrades even pushed former Aaas into non-investment grade categories a stunning descent for top-rated Alt-A mortgage bonds that underscores two key points."
Moody’s Begins Downgrading AAA-Rated Alt-A RMBS to Junk : HousingWire || financial news for the mortgage market
HYPERSTAG NATION
Spitzered
Eliot Spitzer - Wikipedia, the free encyclopedia
Cobra,
The pic you linked
.
Ahh
Cheers,
homeloanership
walkaway
all clear
priced in
"we're helping people build their retirements and college funds for their kids"
over the long run
it's always a good time to buy
buying opportunity of a generation
Geesh, it never ends...
Somewhat Romantically (not romantically, you goons) I have to add "Tanta". Not interested whether that is her real name, just that the word itself now denotes a certain forceful determinism in my mind.
Good for you, T. And thanks CR!
Stagmark.
Rockband IS multiplayer. It is a band after all!
Don't tell me that...I have work to do...
"It's a brave new world. And WHEN economic collapse via a) housing market ATM refiboom collapse, b) stock market collapse, c) negative equity, and either stagflation or hyperstagdeflation manifiests in USA - the great cleasning coming your way..."
I'll stamp my feet up and down...
Oh well you're correct. Damn... I never read that so I get like bonus points or something.
Cheers,
I think my favorite will always be:
Debt is not wealth.
Who penned that one?
Hoocoodanode
I'll vote for it. But I'm certain bacon first posted it around Oct. of last year.
And I don't want to research it.
Cheers,
Doze were the daze.
What's a quadrillion?
America: The Sequel
Misean,
I'll stamp my feet up and down...
You can somewhat hedge inflation if you "forever stamp" your feet up and down. Hey, just sayin'.
Stag Mark,
"ou can somewhat hedge inflation if you "forever stamp" your feet up and down."
But can I get "Smoke on the Water" down?
Cheers,
Decider House Rules.
Concentrated adverse exposure.
Misean,
But can I get "Smoke on the Water" down?
Deep Purple?
Deep in the red?
Deep underwater?
Yeah, I think that works.
Power Bottom
As in:
"I know I've called a bottom about 10 times already, but this one's the power bottom."
peak debt
Money Honey
Greenslime
Cramer: They Know Nothing! Nothing!
Nouriel Roubini: Doctor Doom
"unanticipated"
Sen. Craig: All Billionaires Left Behind
Ted Haggard: Meth Cave Economics
"$4 a gallon gas? First I've heard of that." W
Preserving Disorder.
My nomination the "r" word
w00t? what the hell is this, 1999?>
How many ways are there to spell hoocoodanode?
While recognizing what was being said when I first saw it, I only decided to google it recently.
Did it again today and most results still point back to comments for this blog.
Hoocoodanode is still my pick however.
rich, it is going to be a scary, scary day when those things rightfully get downgraded and folks realize that that annuity/pension ain't coming, after all.
Terrible, what the Fed has wrought, with this credit orgy.
F-, thanks for the link to the downgrades.
When we remake the world, post-Armageddon, we must stick with a simpler rating system. All this Baa/Ba3/A1/Aaa is ridiculous.
There cannot be a sound analytical basis for such fine gradations, given how much judgment and discretion goes into a rating.
"Redemptions Halted"
"Better than expected"
w00t: There was a commenter years ago who use that monicker but he put periods inside the zeros. Don't know how he did that. He always posted antimated photos of "Boobies", the flying kind.
Anyone know what happened to him?
Notional.
"Don't haircut me Bro"
Writedown, writeoff, Wright Model B
"COUNTERPARTY RISK" is going to enter the everyday lexicon. Here's how: CDS implosions will bring the credit markets to a grinding halt. "Investors" are going to look up and find out the counterparty is missing / unable to deliver.
Somewhat Romantically (not romantically, you goons) I have to add "Tanta". Not interested whether that is her real name, just that the word itself now denotes a certain forceful determinism in my mind.
Tanta-esque
Seriously, this has an outside chance given enough time, since the Ubernerd series is a great resource.
Of course, this could just be wishful thinking from a member of the CR "Clan of the Bear Cave".
Note: I'm not a permabear (another nice entry), I just think most people are idiots.
"Robust"
what about ... too little too late
Faith-based economy
did anyone use
"Variable Rate" or "Adjustable Rate"?
Ben Bernanke: The Colossus of New York.
For months now, I'd successfully resisted Heliben, Bitch-slapped Ben, all sorts of things. Then just now I got a vision of the Chairman, his august profile in full patina, adorned with pointed laurels, standing o'er us in dignity as a massed high school chorus crsecendoes
the wretched refuse of your teeming shores,
Send these, the homeless, tempest tossed to me.
I lift my lamp beside the Golden Door.
And everywhere, bankers are doing just that.
Such moments are necessary to righting one's ship.
I see debt people
"I think my favorite will always be:
Debt is not wealth.
Who penned that one?"
I've been saying that one for some time, for what it's worth. I keep thinking that the opposite of that: "Debt is Wealth" sounds like something straight out of 1984, along with "Freedom is Slavery" and so on.
Lots of good suggestions here! Let's hope the word of the year is something like whocoodadnode vs. Super Depression or something.
Nothingburger!
"Bando"
If you get down to letters, would it be a fight between U, V and L for the shape of the recovery expected?
Perfect storm should go the way of predicated; every time I see someone use either word I cringe.
"JimmyCayned"....to mean, I guess, watching your bank implode while playing bridge/doing lines in the bathroom with a prostitute. OK, it was pot, not coke according to the Journal. But the image is funnier if he's snorting white powder off a toilet cover.
Another idea (shameless plug for my website): "OptionARMageddon"
Please, will someone tell me what "Hoocoodanode" means?
Nothing certain, just hope, faith is next...
"2nd Half Recovery"
The expression "w00t" did not originally mean "we own the other team." It was being used on Usenet long before multi-player team-based gaming. Some have hypothesized that it is a portmanteau of "woo" and "hoot." The "we own the other team" explanation is only a backronym...
The double zeros instead of "o" is a techie/gamer convention of substituting numbers and ASCII-based type symbols referred to as leet or leetspeak (e.g., "l33t" or "l3375p34k"), which serves little purpose other than to obscure the original text. It has seen its day and I find it often used in parody as much as in seriousness.
As in "n00bs".
And to keep this OT, I'm voting for either "walkaway/jingle mail", "deleveraging," or "unexpectedly" for word of the year.
Oh I get it: hoocoodanode...Who could have known. (Full disclosure: My IQ is two SDs below the mean.)
I vote for "Hoocoodanode"
hoocoodanode for sure,
but honorable mention for Effluent.
I believe Hoocoodanode is a derivative of the earlier
Whoodathunkit, which, if memory serves, first showed up in Archie and Mehitabel, a play about a cat and a cockroach.