Bakersfield is NOT 120 miles Northeast of Los Angeles. It is 120 miles NorthWEST. The east coast lack of understanding the real Southern California is this basic. Northeast is Ridgcrest.
For my money I expect the Newhall Ranch hyper-leveraged deal to be the real disaster.
Per square mile, Dubai is the richest property on the globe. Actual citizens are out-numbered 3-1 by all the imported help.
And it's gotta be a wonderful place to take Halliburton off our hands, right?
Hey, I have an idea. All Lehman has to do is hijack a nuclear missile and use it to create an earthquake, causing the current coastal areas to fall into the sea. Then they will own hundreds of miles of oceanfront property.
Problem solved!
"You must not interfere with human history, Kal-El"
"Lehman has purchased stakes in distressed senior bank debt, law firm Ashurst said recently, providing a rare glimpse of insight into the normally secretive world of distressed transactions"
Maybe they will be more lucky with bank debt instead of real estate.
Aren't Lehman the guys who were going go broke this summer?
Lehman Brothers SBF - Small-cap Commercial
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We have confirmed with a number of sources that Lehman Brothers has closed their Small Business Finance (SBF) unit announcing they would cease accepting any new applications on 2008-07-02. The Lake Forest, CA based commercial real estate division laid off 200+ people according to an email sent by one AE. They had 52 sales representatives scattered nationwide according to their web site.
"We are not taking loans, loan requests, or pre-quals any longer but we are still honoring the commitments we have for those of you getting this that have deals in and processing, so those of you that do -- don't worry they'll fund."
Additional confirmation came from brokers and a third-party service provider we contacted who had been doing a considerable amount of business with them.
Information on loan volume for commercial lenders was not readily available. According to a 2008-06-16 supplement to their Second Quarter '08 Earnings Release, Lehman Brothers' commercial mortgage portfolio as of 2008-03-31 was almost $20 billion.
crispy&cole from your earlier comment about the Indy and the SEC...I have the same question and have sent an email....a forward looking statement is a forward looking statement...I suspect a few legal beagles are also on this...
Really really off topic, but does anyone happen to know why the weather channel is valued in the billions of dollars? I think I looked at it once but didn't have the patience to wait until they covered my area.
Uncle Billy Goes to Washington writes:
Really really off topic, but does anyone happen to know why the weather channel is valued in the billions of dollars?
Two words: Storm Stories.
That show alone should be valued in the trillions of dollars. If Ben cuts rates again, perhaps it will.
At a public meeting held Tuesday night in the City Multi-purpose Room, Riverside County Transportation Director Juan Perez confirmed for a group of approximately 40 residents something they already knew: the developers of Audie Murphy Ranch have pulled out of the project due to financial reasons and will not complete the remainder of the road improvements required by the county, leaving realigned Newport Rd. approximately 80 percent complete and unable to be opened in its current state.
Juan indicated that the developers have reported they have invested $20 million to this date in grading, roadwork and utility work and had hoped to recoup some of their money through the sale of Community Facilities District bonds, but with current economic conditions, the land values are no longer there to support bond sales.
In addition, with the housing market downturn and construction slowdown, developers say the project itself has lost value and it is no longer feasible for them to continue with the project at this time...
Dang! Audie Murphy always was short. But a helluva fighter, took out a brigade er sumfin with a tank .50 cal. Looks like Audie Murphy Ranch'll take out a lot more'n a brigade tho.
Please do not compare Dubai with Bakersfield. Have been to both. The former is a booming Middle East hub where millions go on vacations and which is swimming in oil money. Bakersfield, in turn, is as hot as Dubai but has no economy, culture or history to speak of, save for the tomato fields surrounding it. I cannot understand why anyone would want to live there. Dubai, in turn, is a prime destination and home for millions and millions.
SINGAPORE Energy pricing agency Platts has put Lehman Brothers under a temporary review that effectively excludes it from trading benchmark-setting oil contracts, four sources close to the matter said on Monday.
The exact cause of the move was not immediately clear, although the practice of disallowing a market player from trading during Platts' price-setting window is relatively common and can be imposed for a variety of reasons, from credit issues to trade disputes to shipment technicalities.
The Nikkei stock average fell 0.6 percent on Tuesday, with financial shares such as top lender Mitsubishi UFJ Financial Group under selling pressure on credit concerns.
Oil and gas field developer Inpex Holdings Inc was untraded due to a flood of sell orders after a sharp drop in oil prices.
"Insured financial institutions don't fail in the U.S., they go through an orderly unwinding process under the guidance of regulators, and I think that's what we're seeing with IndyMac," Fred Cannon, an analyst at Keefe, Bruyette & Woods, said in an interview on Monday. "We do not expect IndyMac will be the last financial institution to go through this."
Hey, if IMB is no longer "well capitalized" according to regulators and under orders to deliver a new operating plan, how long before a bank run sends them in the tank ? I mean, if the FDIC doesn't think they are safe why should depositors take the risk ?
Emma Anne, try refreshing your screen first. I just watched it about 20 min ago, though with my short-term memory loss and dinner distraction I'd have to review to give a good summary. Something about $250M down the tubes for LEH and a tremendous amount of waste in getting there.
I think you (fucker's) need to wake up to the future of flax and forget about cash, forget who you are, forget your family, friends, your community, the society in which you dwell and go about your mindless business -- like dog's taking pee's The word is flax! Forget about the trillions being lost and manipulated by corrupted humans who desire to drink your cash like vampires (see Cindy McCain, alleged to be preserved in oil).
Flax! It is the future, cash is lost. I suggest you re-invent your future with flax!
Roddy rocks. The only reason (besides the headlines) to read the NYP.
Uncle Billy Goes to Washington- the weather channel was worth so much for two reasons 1) it reaches about 97% of households with cable (much higher than avg. channel). 2) they own weather.com - very profitable internet site and growing quickly.
Nikki-san. You round eyes piss me off. Disrespetful! I supplies you with end of day rally. Now shutti you sushi hole. We only onest market left, barbarian short sellers.
Way way OT - Why is the weather channel worth billions of dollars? Because there are millions of couples in America who compromise on the weather channel rather than fight over Lifetime vs ESPN.
$150 a barrel for oil, who gives a crap, because I can fill those Arab barrels with flax @ maybe 5 times that. Who gives a crap about the barrels, they just represent space -- capacity -- future value -- shit like that, but who cares when you have flax? Flax is worth more than oil, I have futures sitting on The ICE worth more than all the oil in Arizona (see Cindy McCain, alleged to be preserved in oil; see also, vampires).
I get in compromising positions in front of the Weather Channel. Those hurricanes and tornados get women hot and bothered. It's nature's porn.
Elvis | 07.07.08 - 10:18 pm | #
Try the Food Channel when they are doing desserts - chocolate - if you think you can handle it.
Normally, under normal conditions, I don't mix different alcohols and drugs on a Monday -- but this is different tonight, I feel this is the cusp of a new age, new trend, new shit, no doubt. There is a whiff of promise in the air, mixed with a sense of euphoria, maybe the same mixture coalescing into a united heart felt urge, like a collective ughh, and a eghhhh, a grunt for all humanity and the hope that DOW 8000 will be here any day lads, just like we know it can be; Yes We Fucking can! Dow 8K and flax!
This blog is like Groundhog's Day... National City broke, rinse-wash-repeat, Bear Stearns broke, rinse-wash-repeat IndyMacBank broke, rinse-wash-repeat... I have this strange feeling that it will end up... Citibank broke, rinse-wash-repeat, Bank of America broke, rinse-wash-repeat, and finally US Treasury broke... no one left to clean up...
I thank God for the Food Channel since it keeps my wife and daughter from new and innovative ways to redecorate the house a la Trading Spaces, etc.
homedad43 | Homepage | 07.07.08 - 10:30 pm | #
LOL - that was my wife & daughter up until last winter.... there are worser things than 'decorating'... She got engaged. Now it is wedding shows 24X7... they especially love 'Bridezilla'... Decorating looks cheap compared to weddings & we even 'set the budget' under what I was told was 'typical cost' plus told her she can keep the change if goes under budget (as incentive to keep it on budget)...
Fat chance.
Those two should run for congress the way they treat a budget... Uggg.
Don't worry people. We still have alien technology from Roswell in Area 51, We'll just pull it out, kick some ass, and all that was lost will be ours again.
I made a baby to the weather channel. You know, "hot gulfstream airmass will encounter subarctic cold front and spawn winds and rain of violent turbulence; which also may strip you of life and property--stay tuned for tornado watch." Hot, hot, hot. Wow! Headin' fur the cold shower now.
uncle Billy-
you're right, the presence of Blackstone and Bain may imply GE looking to sell or spin-off NBC. GE knows that much of private equity is a scam, so I was pretty surprised they invited PE (especially Blackstone) as consortium partners on such a small deal. If the private equity partners know a quick flip is coming, maybe they provide financing at extra low rates due to the attractive IRR? I dunno, just speculation on my part.
PS -The price was a billion or so less than the selling bankers were hoping for (or so they said).
Back to the topic. How many "McAllister Ranches" are out there? I believe there are thousands. Maybe most aren't as big, but the oversupply of developed land will be the driving factor in keeping land prices down for so long. Anybody buying land now is way too early.
Elvis writes:
I prefer pot luckeddings or BYOBedding. Cheaper and they still can be fun depending on the crowd and the cooks.
Elvis | 07.07.08 - 10:44 pm | #
My son is going to be getting married soon too - sort of have it back asswards though... decided to have the baby first, due w/in a month.
Anyway they are broke - both of them so they might have one of those BYOBeddings. Thing is her family really does believe the saying 'beer is food' so it might be a looooong night.
Personally I'm pulling for a 'Vegas Wedding'... maybe even an Elvis Impersonator for priest, heard they got some of those there.
Buy n' sell. Buy n' sell. Yer all about the money Elvis! But I've seen that white bell bottomed sequin suit you wear. You know you wanna do some air karate chops and buy some land. Yeah, buy sum LAND. Yer just tryin' to shoo the flies away from yer boggy swampground with its crittergitter and copper still.
homedad, I would expect that Bernanke would have to go to Congress and have them rubber stamp yet another increase in the debt ceiling because the central bank cannot go "bankrupt."
I also expect that both Fannie and Freddie will be re-organized. They won't be allowed to "go out of business." But, the Fannie and Freddie that emerge from re-organization won't be the same ones we grew to know and love.
I further expect that the November implementation of FASB 140 will be "temporarily" delayed for almost everyone, thus putting the US economy on the slippery slope to the Japan scenario, a long, drawn-out resolution.
Yes, eventually going to congress for a preliminary credit extension. When that is exceeded, the printing press will suffice. Monetize. A True Jubilee but not in the original intent. All debt and all equity--in truth all stored and not-yet-collected value will evaporate. A new beginning. And perhaps, in due course, a new currency, government, and financial ideology. To be an improvement upon our present condition? Not likely.
Do you think the 'reformed' GSE's will be more like FHA or more like 'Countrywide' when they emerge? Or do you think that will depend on who wins the election?
Also how does congress inject $$$ into the Fed? Special bond offerings (similar to our lock box) and then just sort of handed over based on something like a 99 year loan or plain old naked direct cash infusion? If the latter I think a few heads will explode on the right end of the political spectrum.
dryfly,
Trust me, you don't want Jas Jain and Sebastian as your witnesses. Jas will blabber endlessly about how weddings are for born and bred dopes and Sebastian will just want to leave the whole time to gamble, because he knows more than the house.
JP Morgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) is three quarters of the way through the toughest part of its integration of Bear Stearns and has halved that bank's risk-weighted assets, according to Chief Executive Jamie Dimon.
"We've had all the people decisions, we've made all the management teams have been integrated, we've started to move people between the buildings," Dimon said in an interview with Charlie Rose on PBS televised on Monday.
"If you look at what they call risk-weighted assets -- of $220 billion, it's probably half that today. And so we had to get that risk down ... So I think we're 75 percent through the toughest parts of it," he said.
This Statement requires that liabilities and derivatives incurred or obtained by transferors as part of a transfer of financial assets be initially measured at fair value, if practicable. It also requires that servicing assets and other retained interests in the transferred assets be measured by allocating the previous carrying amount between the assets sold, if any, and retained interests, if any, based on their relative fair values at the date of the transfer. FASB: Financial Accounting Standards Board
Uncle Billy Goes to Washington writes: Really really off topic, but does anyone happen to know why the weather channel is valued in the billions of dollars?
Really really off topic answer.
We are talking about a glazed-eye population that is hypnotized by tornados, floods, anything that goes plop, woosh or boom.
The nice thing about weather, from a narrative standpoint, is how it has built-in poles of empathy and heartlessness. You can imagine it happening to you! Even as you enjoy watching it happen to somebody else.
"So I think we're 75 percent through the toughest parts of it," he (Dimon) said.
Later, after the interview, he was heard to say, "Seventy-five percent? I actually was able to say that with a straight face? Scotch with my coffee does make me a better liar."
Elvis writes:
dryfly,
Trust me, you don't want Jas Jain and Sebastian as your witnesses. Jas will blabber endlessly about how weddings are for born and bred dopes and Sebastian will just want to leave the whole time to gamble, because he knows more than the house.
Elvis | 07.07.08 - 11:11 pm | #
Sure - but it would be the best live entertainment in town... I wouldn't miss it. Would YOU?
To understand the real cost of a wedding, just think of the wedding as a brand new car, which you push over a cliff with the engine running, and watch explode on the rocks below. Done it three times.
Anudder Nikkie joke? Me furious! Throwing well choreographed Sipping Tea Naked Dragon jiujitsu tantrum here. Make fun of our Yen? I have yen to do special ninja death move on you. Sewiously pissed here. What...Uh?...did sumfing go plop, whoosh, or boom? Now where was I...
Leftys Liquors writes:
To understand the real cost of a wedding, just think of the wedding as a brand new car, which you push over a cliff with the engine running, and watch explode on the rocks below. Done it three times.
Leftys Liquors | 07.07.08 - 11:20 pm | #
My friends always seem to choose used cars... hmmmmm.
Unfortunately, Dubai (and other cities of the region) are close to a potential war zone and a possible target of Iranian missiles.
Say, you wouldn't know a major wobbling superpower mired in a catastrophic losing war whose fictitious economy and imperial future could be thrown to the wind helping you stop that turrrrible turrrible threat, wouldja?
If so, you really need to read Martin van Creveld and stop spreading such nonsense.
"WoooHooo!! Kern county ghost towns for everyone!"
I'm telling you, that is good, fertile soil. As I've proclaimed before, Bandos will love abandoned houses that have food bearing crops growing through the floorboards. Paradise.
dryfly- "Or do you think that will depend on who wins the election?"
I could cop out and say it's all political, but then it will be. All I'm saying is that I'm certain they will be re-organized, and with the aim of providing more accountability (and accounting) than they did previously. A new paradigm is emerging from the cess pool.
As to the Fed, dryfly, I've forgotten twice the amount of knowledge I ever learned concerning them. I'd look back to Fed history and, if I recall, the government has no equity investment in the Fed. Supposedly, again if memory serves, the banks own the Fed to avoid the appearance of government control, which is a laugh.
Regardless of what happens, I'm now confident that Bernanke will have to go to Congress, and that will be unprecedented.
Finally, I'd like to say one last thing, a kind of whisper in everyone's ear.
Unless you have a roomful of Bloomberg terminals staffed by Versace-clad babes with Wharton degrees and you understand this market totally, you'd best stay the hell out of it, or you're likely to have your bloodied ass handed to you on a platter.
JP Morgan Chase & Co Chief Executive Jamie Dimon said U.S. regulators should investigate whether people betting on Bear Stearns' stock falling deliberately brought down the investment bank.
Once, on Thanksgiving, we decided to forego the traditional Thanksgiving turkey, and instead had bloody ass on a platter. Let me tell you one thing, that was a big mistake. Even though it was Oprah's lipo suctioned ass, it still tasted like run-of-the- mill ass. I would have much preferred a turkey. I hope somebody learns a valuable gastonomical lesson from my travails.
Sorry, but cat's out of the bag. All the king horse and all the kings men...
Every last ditch measure won't bring the lemmings back to the register, back to the structured credit, back to the bloaty RE, back to the gamed equities. WE have seen too much, learned too much, in a very short time. The plunderers must grow another vapid generation before they can sucker punch us again.
Short, short, short, until it flatlines. The golden goose is dead.
mp writes: Unless you have a roomful of Bloomberg terminals staffed by Versace-clad babes with Wharton degrees and you understand this market totally, you'd best stay the hell out of it, or you're likely to have your bloodied ass handed to you on a platter.
mp, you and cb are two good reasons why I never have a browser open without CR's haloscan.
Would you believe there was an unbelievable amount of call buying in financials today? With the BKX hitting new multi-year lows! Extreme call buying is a sign of a topping market!!
As I wrote earlier today, lost in the thousands of noisy comments, if you are inclined to trade the stock markets, then all rallies should be sold (shorted) until either SPX 1175 or SPX 1080.
IndyMac knows bushido. And has a wicked katana sword slash. Really puts the back and shoulders into it. But cutting them all in half all in one day? Quite a day's work. We're talking at least doubletime wages here.
Might I add, SKF hit $173.89 intraday. When SKF was below $105 back in early May, I made repeated forecasts (saved) for SKF to reach $200 before 11/04/08. No mocking, but much disbelief, accompanied this forecast. Let's see how it plays out.
The plunderers must grow another vapid generation before they can sucker punch us again.
Short, short, short, until it flatlines. The golden goose is dead.
Bloddy fingers | 07.07.08 - 11:33 pm | #
Just something to consider - maybe the shorts will be the next 'vapid generation'? That is what got the plunderers in trouble - going to the well too often... nakedly taking risk & when that didn't produce enough to satisfy them... levering up to make the small gains magnify.
Ever think all these 2X shorts (and why not 10X shorts or 100X?) aren't setting themselves up for the same damned mistakes but in reverse?
My guess is in the end the only folks making money are those collecting the fees off the transactions - they want to keep the bet even so as to extract fees from shorts & longs all the way to zero.
I would guess this thing only flatlines once ALL the excess wealth is turned into fees & spent on crap - including many if not most of the gains the shorts made. They won't take the money off the table in time - just keep plowing in and watching gain-loss-gain-loss as this thing all winds down to nothing.
BTW - that IS the end game of Schumpeter's 'creative destruction' - burn the economic forest to the ground so the 'next big thing' really doesn't have much competition when it takes off. It really can't take off with strong entrenched 'interests' crowding it out... be it IT, alt-energy, bio-life sci, whatever.
Not saying it will happen - buy just go back and read the posts from shorts on a big down day. It isn't that different and no more rational than the bulls were a couple years earlier. Tell me there aren't eerie similarities.
McAllister Ranch
Just flew over it on Google Maps after a visit to the developer's site. The developers talks about how close it will be to wonderful things to do in the Sierras. Ha! You have to use a lot of gas to get to those "close in" areas.
Great god almighty! Why didn't they pick a spot in Taft, ButtonWillow, Arvin or Weed Patch or some other garden spot of the valley? Bakersfield is an old railroad, Ag, and Oil town. I think the oil played out long ago but who knows at $150 a barrel and the food commodity boom maybe there is some life left in Bakersfield. Has Bakersfield become a warehouse spot for LA? Not likely that wages in those industries will buy many of those macmasions.
I spent the first 9 years of my life in Fresno and Bakersfield was considered the very end of the alimentary tract of the valley then.
Hot as hell in the summer and cold as hell in the winter. The valley fog/overcast/smog hangs in the air for months during the winter. You can get a terrible longing for the sun in those months and then shortly wish the fog/smog/overcast was back.
This is a perfect example of the excess that stupid money can bring.
My guess is in the end the only folks making money are those collecting the fees off the transactions - they want to keep the bet even so as to extract fees from shorts & longs all the way to zero.
Sort of like bookies that don't really care what the spread actually is, just as long as there's volume on both sides.
dryfly, I suggest you shortcut the wedding, just tell your kids (and their prospective spouses) to go talk to the county clerk. Just as legal, much cheaper on you, they later get to go thru the same life crap (ie, money losses, house foreclosures, kids, divorces) as if they'd gone thru the church extravaganza.
South Korean shares fell in late morning trade on Tuesday, with the KOSPI sliding to its lowest level in 15 months, as foreign investors continued to dump stocks on concerns over poor economic performance due to troubles faced by the global economy.
My grandfather, who grew up in the Great Depression (and made at that time the table I'm sitting at now) used to be fond of the quote: "The best lack all conviction, and the worst are full of passionate intensity."
OK...now I'm going to go down in my basement, don't worry about me I bought 20 cases of ravioli, I'll be fine.
I'm going to come up in 6 months and I want you people to work it out!! Now don't make me come up shooting!!!
dryfly if you don't like the new in-laws, I encourage spending lots of money on the wedding. I'm quite sure there is an inverse correlation between money spend on weddings (unless it's in Vegas) and the success rate of those weddings.
Nope, as they say the Fat Lady done sungt. It's all over but the crying...and the gnashing of teeth, rending of garment, annointment of ash. All tools have been exhausted. What remains can only be dilution, debasement, depredation, discontent. Discount tent? I likes canvas.
TURNING and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.
Surely some revelation is at hand;
Surely the Second Coming is at hand.
The Second Coming! Hardly are those words out
When a vast image out of Spiritus Mundi
Troubles my sight: somewhere in sands of the desert
A shape with lion body and the head of a man,
A gaze blank and pitiless as the sun,
Is moving its slow thighs, while all about it
Reel shadows of the indignant desert birds.
The darkness drops again; but now I know
That twenty centuries of stony sleep
Were vexed to nightmare by a rocking cradle,
And what rough beast, its hour come round at last,
Slouches towards Bethlehem to be born?
No not a Sheep pie, not a mistake. Orderly unwind. Hafta follow Anglo-Saxons because we unwisely lost the war. Lose war, lose leadership. Lose leadership, lose global monetary and financial death grasp. Oh well! The Hershey bars more than made up for it.
"Yet in this environment, where either there are no bids for most of IMBs mortgage loans and securities or the bid/ask spreads are abnormally wide,"
That's what I keep telling my wife about my JDSU stock. The market's too illiquid. My ask is $1050, my purchase price adjusted for inflation. Bid is only $11 or so, hence, way too illiquid.
Gotta get Bernanke on the hands-free while I drive and talk, gotsta get some liquidity into this market.
Flax and Potash. Those are the ticket to the stars. Just before Tech and PM, but just after AG and debt repudiation. Gonna be alot fewer people in ten years. Start hammering on those plowshares. Goth, Visigoth, Vandals, Turks, Marauding hordes...all about the same. You'll know them by their earrings and tattoos. Oh...and they'll be driving Hummers and selling RE.
We usually don't bring out Yeats until at least 2am. Usually calls for at least 2 scotches. Don't be such a Debbie Downer. May I suggest some
Dylan Thomas:
Do Not Go Gentle Into That Good Night
Do not go gentle into that good night,
Old age should burn and rave at close of day;
Rage, rage against the dying of the light.
This Just In: "Tourism Transport Forum (TTF) general manager Olivia Wirth said the figures amounted to a measly 0.2 per cent growth in the first five months this year, compared with a worldwide growth of five per cent between January and April, recorded by the World Tourism Organisation.
Ms Wirth said it was an alarming trend at a time when Australians holidaying overseas had grown by nearly 11 per cent over the same period.
The figures show that Australian tourism is being outpaced by the world, Ms Wirth said.
She said the industry had a big job ahead of it to turn around the $85 billion industry.
It was hoped World Youth Day next week - which expects to draw 125,000 overseas visitors to Australia - could provide a shot in the arm for the industry in the short term and buoy figures for the second half of the year, she said."
That was fun, maybe more so than waterfsll mountain:
Thats ridiculous. If I have a piece of dreck company worth only $4 billion why should I have to put it on my books as $4 billion? I know that at some point Ill be able to sell it to Leon Black or some other sucker for $12 billion.
Get Debbie Downer sum Valium, and Dylan sum singing lessons. Other than that I lend you Dickenson:
"Tell all the truth,
But tell it slant,
Success in circuit lies,
Too strong for our infirm delight,
the truth's superb surprise,
Like Children to lightening eased
by explanations kind,
So the truth must dawn gradually
Else everyman go blind"
Too bad truth, transparency, incorruptibility, steadfastness, uprightness, accountability, reputation are tired old Victorian terms much to banal for our modern experiments. However, if we had not been as Mae West, "I was snow white, but I drifted", our predicament would not be.
Group of Eight leaders agreed on Tuesday there was a need for stability in oil and food prices, which have soared in recent months, as well as in financial markets, a Japanese government official said.
Most G8 leaders were positive about the outlook for the global economy, despite the uncertainties, the official told reporters.
For sale GOLF CARTS - A GREATE DEAL - won't last almost NEW! golf carts. aPiurchased in 2006 for Thuosans SACRIFICE 4 1000$ each o.b.o. or best offer. ONly 1200 available so ACT FAST!
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CASH only pleeze no CHECKS
May halso have Spare coper wire and some CONCRETE chnuks for sale if interested - MAKE OFFER
* Location: East of Bakersfield, CA
* it's NOT ok to contact this poster with services or other commercial interests
Hollywood could use ghost towns as props.Blow them up,burn them,ect.Squaters would be the victims.You wouldn't need extras.Save on special effects.Banks would pay to have it done and get some product placement. A win for all(except the squaters)!
Anon writes:
hey! It's Me From Europe! Shove it! Buck Owens? The Bakersfield sound? Raisins? Don't talk to me about no culture. We got yer culture right here
New York Federal Reserve President Timothy Geithner is pushing the industry to improve processing in the $62 trillion global market for credit-default swaps after the collapse of Bear Stearns Cos. triggered concern that companies may be unable to meet their obligations. The New York Fed, banks and industry groups agreed last month to create a central clearinghouse that will start with contracts on the U.S. CDX credit indexes.
The attempted bailout continues.
How can anyone guarantee trillions? (Unless it's Zimbabwean currency)Hence it is an 'attempted' bailout.
Can we pleaze, please, talk about the potential fact that Cindy McCain is alleged to have been "preserved" in oil -- now, to be fair, no one has said, what type of oil, be it flax, be it tea tree or what the press is screaming about in regard to Saudi Sour -- it doesn't matter, because the point is, has she been preserved by attempted synthetic means?
KOSPI is the downside leader at minus 4.26% - correct that - minus 4.41%, breaking 1 year support. Do foreign markets have 80B type trading halts? Seoul is half way to our 10% Level 1 suspension.
Don't laugh - it can happen again (has happened once before for DJIA).
Mortgage Lender Implode-O-Meter gets a nice write up in the times.
I like the snarkiness of Pud / Fucked Company (the 'obscene' company refered to by the Times) and all their denial memos better though.
It's just the reincarnation of the CDO,'' said Paul Colonna, who manages more than $100 billion as chief investment officer for fixed income at GE Asset Management in Stamford, Connecticut.The mechanics are the same, but you're getting in at a much different level of valuation.''
``The hope is that by moving illiquid bonds to interested parties, the structured-finance community can look to restart,'' he said.
Unlike most CDOS, Re-Remics don't own debt or credit-default swaps based on the lowest-ranking subprime mortgage-bond classes. They are composed of AAA rated bonds backed by so-called Alt-A mortgages, issued to borrowers with higher credit scores who don't prove their incomes, seek higher debt ratios or buy investment properties.
What happens when you have something that no one wants. You slice and dice and make more of it!
Blogs are the future and the news rags and puppet TV shows are done.
Although CR & Tantra are imperfect, they have brought a very fine product under the mass media radar screen; their collective wisdom, wit and professional steel, along with all the local idiots which banter about all day in a tag-team effort to breath life into cutting edge news, make this a superior place to get yer newz -- does it get any fucking better than this?
To be in recession, while youz guys worry about bank failures we can haz recessionz.
New Zealand may already be in recession, a monthly Treasury report said today.
"The past month has seen the release of data that confirm a sharp slowing of growth in early 2008 and point to further weakness in the June 2008 quarter," the June report said.
"It is possible that the economy has experienced a technical recession (where real GDP declines for two consecutive quarters) in the first half of 2008."
Stagflation, that ugly word combining the ugly combination of economic stagnation and high inflation, is afoot in New Zealand, confirmed by this morning's release of an influential business survey.
The New Zealand Institute of Economic Research (NZIER) has just published its Quarterly Survey of Business Opinion for the June 2008 quarter. Some see its research as strengthening the case for an official interest rate cut later this month.
The perceived risk of North American companies defaulting on their debts hit a fresh 3-month high on Thursday in thin trade ahead of the traditional fourth of July holiday.
The Markit CDX NA IG index traded as wide as 148.82 basis points - a record for this series of the index - after payrolls data showed the US economy had shed jobs for a sixth consecutive month and oil touched a new high above $146 a barrel.
The rising tide of bearish sentiment is sinking all boats as oil futures ratchet higher, the dollar declines, equities take another battering and the credit indices gap higher.
The risks are clearly to the downside, and the extreme headline risk engulfing us at the moment is unlikely to fade anytime soon as we enter the second quarter earnings season.
``A manager from a local company was telling me the other day that all his employees are complaining that every time they need to pay a bill, they have to change their dollars into dong because all their savings are in dollars.''
``We remain bearish on the Vietnamese dong due to the high inflation, the very wide trade deficit and the government's preference for a weaker currency,'' Harr said.
1st paragraph is called 'dollars into dong' scam, also practiced elsewhere.
2nd paragraph, Just replace dong with dollar and can anyone tell the difference.
That clown has no clue. Surprised about this post. On a quality level for this blog it rates to me at a 2, while any other post in the last year scored a 8+.
Anybody who thinks the Hag is a republican is dumber than Tennis 8 during a short rally.
Re: Dimon interview
He's all in favor of another round of stimulous. Wonder why?
10% of a $100 billion is $10bn.
$10bn in checks(for the custies) takes 3 days to clear. For JPM it clears instantaneously, other banks 1 day. LIBOR is at what?(let's call it 3.5% because I can't look it up on my treo) so,
$10,000,000,000 ((.035/365)3)= $3mm(give or take a buck or two)
Other banks (ex BofA) would only get 2 days of float so even if they were JPM's size they'd only get $2mm.
Now imagine 10% of US GDP going thru JPM, that extra day's float adds up to a couple on billion dollars to their bottom line.
That area in Bakerfield has the most favorable smog forming conditions in the country. That has got to be good for something. Maybe it will attrack a nostalgic crowd from LA, looking for the way it was in the good old days.
And I thought real estate only goes up. Go figure.
I asked the reporters to ask Lehman what the mark to market value was on this "asset"... I would love to know
Bakersfield is NOT 120 miles Northeast of Los Angeles. It is 120 miles NorthWEST. The east coast lack of understanding the real Southern California is this basic. Northeast is Ridgcrest.
For my money I expect the Newhall Ranch hyper-leveraged deal to be the real disaster.
This project is so far out of town, it was idiotic to begin with...like I said the other day Lehman was going to gobble up the south valley.
Ghost towns used to arise when the mine played out. Now they are bespoke. Go figure!
just an update indy mac now down 32%
the divy yield looks attractive...149%, just saying...
I wonder if Dubai is one giant bubble. I was watching some show on TV talking about all the building there and it seemed a little bit extreme.
Per square mile, Dubai is the richest property on the globe. Actual citizens are out-numbered 3-1 by all the imported help.
And it's gotta be a wonderful place to take Halliburton off our hands, right?
Hey, I have an idea. All Lehman has to do is hijack a nuclear missile and use it to create an earthquake, causing the current coastal areas to fall into the sea. Then they will own hundreds of miles of oceanfront property.
Problem solved!
"You must not interfere with human history, Kal-El"
crispy,
"This project is so far out of town, it was idiotic to begin with"
This project was in Bakersfield. Luxury golf course based community...in Bakersfield. Oh yeah, I'm buying that.
A fellow tin foil hat wearer up there says the authorities are not fixing the damn up at the lake. And it's failing.
Well that might help.
/sarcasm off
Cheers,
Lehman,others pick up bargains in Spain's frail economy
Lehman,others pick up bargains in Spain's frail economy
| Reuters
"Lehman has purchased stakes in distressed senior bank debt, law firm Ashurst said recently, providing a rare glimpse of insight into the normally secretive world of distressed transactions"
Maybe they will be more lucky with bank debt instead of real estate.
Aren't Lehman the guys who were going go broke this summer?
I have a buisness plan for the sheiks in Dubai-
How about a rotating bridge that pumps gasoline and people from Palm islands all the way to the moon?
We will have the biggest building, owenership in palm islands, rotating buildings, largest refinary and largest aerospace center all in one.
More bad news for Lehman:
Lehman Brothers SBF - Small-cap Commercial
Search
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Web ML
Submit search form
2008-07-07
NEW! Comment on this article
We have confirmed with a number of sources that Lehman Brothers has closed their Small Business Finance (SBF) unit announcing they would cease accepting any new applications on 2008-07-02. The Lake Forest, CA based commercial real estate division laid off 200+ people according to an email sent by one AE. They had 52 sales representatives scattered nationwide according to their web site.
"We are not taking loans, loan requests, or pre-quals any longer but we are still honoring the commitments we have for those of you getting this that have deals in and processing, so those of you that do -- don't worry they'll fund."
Additional confirmation came from brokers and a third-party service provider we contacted who had been doing a considerable amount of business with them.
Information on loan volume for commercial lenders was not readily available. According to a 2008-06-16 supplement to their Second Quarter '08 Earnings Release, Lehman Brothers' commercial mortgage portfolio as of 2008-03-31 was almost $20 billion.
crispy&cole from your earlier comment about the Indy and the SEC...I have the same question and have sent an email....a forward looking statement is a forward looking statement...I suspect a few legal beagles are also on this...
Too Big To Fail is now Too Big To Fail Quietly.
Really really off topic, but does anyone happen to know why the weather channel is valued in the billions of dollars? I think I looked at it once but didn't have the patience to wait until they covered my area.
"A fellow tin foil hat wearer up there says the authorities are not fixing the damn up at the lake. And it's failing."
Somebody should warn the kayakers on the Kern downriver from Isabella.
That is, unless they are into Xtreme Kayaking.
Badump bump.
Uncle Billy Goes to Washington writes:
Really really off topic, but does anyone happen to know why the weather channel is valued in the billions of dollars?
Two words: Storm Stories.
That show alone should be valued in the trillions of dollars. If Ben cuts rates again, perhaps it will.
Kurt Russell stars in... Escape from McAllister Ranch
A Lehman Bros. Production
First! Yeah! Its mine. Finally. Numero Uno.
The only thing wrong with that project was it was well... in Bakersfield...
...........
I was long IndyMac and Lehman, you *&%$# shorties. Take this.
YouTube
- Porky pig swears
Currently smoking dryer lint
"First! Yeah! Its mine. Finally. Numero Uno."
I don't understand how that's funny twice in a row...but it is.
Cheers,
what happened to the percolator?
404 - Error: 404
Scorched Earth? Was someone smoking in bed with ABS?
YouTube
- Broadcast Yourself.
Vintage video of B.Bernanke prior to Fed Appointment.
Barry at TBP posted this... I thought some might like it...
FRB: RSS Feeds
.............................
The Friday Flyer, June 27, 2008 - Article: Audie Murphy developers abandon work on Newport
Audie Murphy developers abandon work on Newport
At a public meeting held Tuesday night in the City Multi-purpose Room, Riverside County Transportation Director Juan Perez confirmed for a group of approximately 40 residents something they already knew: the developers of Audie Murphy Ranch have pulled out of the project due to financial reasons and will not complete the remainder of the road improvements required by the county, leaving realigned Newport Rd. approximately 80 percent complete and unable to be opened in its current state.
Juan indicated that the developers have reported they have invested $20 million to this date in grading, roadwork and utility work and had hoped to recoup some of their money through the sale of Community Facilities District bonds, but with current economic conditions, the land values are no longer there to support bond sales.
In addition, with the housing market downturn and construction slowdown, developers say the project itself has lost value and it is no longer feasible for them to continue with the project at this time...
4822,
Well, that'll help. Riverside is awash in road work BTW.
Oh well, stupid is as stupid does.
Cheers,
Dang! Audie Murphy always was short. But a helluva fighter, took out a brigade er sumfin with a tank .50 cal. Looks like Audie Murphy Ranch'll take out a lot more'n a brigade tho.
Please do not compare Dubai with Bakersfield. Have been to both. The former is a booming Middle East hub where millions go on vacations and which is swimming in oil money. Bakersfield, in turn, is as hot as Dubai but has no economy, culture or history to speak of, save for the tomato fields surrounding it. I cannot understand why anyone would want to live there. Dubai, in turn, is a prime destination and home for millions and millions.
Unfortunately, Dubai (and other cities of the region) are close to a potential war zone and a possible target of Iranian missiles.
hey! It's Me From Europe! Shove it! Buck Owens? The Bakersfield sound? Raisins? Don't talk to me about no culture. We got yer culture right here!
Keep your eye on Cascadia.
It is a 4,700 acre planned community near Tacoma, Wa.
It will take some time before these developers realize the size of the turndown and how we are not imune in the northwest.
Would someone be so good as to summarize the video? It is no longer available.
And while we're at it, I'll dance on their damn grave when Dubai comes crashing down. Talk about unsustainable!
Meanwhile, Buck Owens will live forever on Hee Haw syndication.
And in other bad news for Lehman:
This page is available to GlobePlus subscribers
SINGAPORE Energy pricing agency Platts has put Lehman Brothers under a temporary review that effectively excludes it from trading benchmark-setting oil contracts, four sources close to the matter said on Monday.
The exact cause of the move was not immediately clear, although the practice of disallowing a market player from trading during Platts' price-setting window is relatively common and can be imposed for a variety of reasons, from credit issues to trade disputes to shipment technicalities.
Way OT, but this kid is great; I mis-typed Nikkie, (NIKKEI) and got this;
A CROSBY woman has given the gift of life to someone she will never meet.
Crosby woman's bone marrow donation to girl - Crosby Herald
She did a great thing, but this was my post:
The Nikkei stock average fell 0.6 percent on Tuesday, with financial shares such as top lender Mitsubishi UFJ Financial Group under selling pressure on credit concerns.
Oil and gas field developer Inpex Holdings Inc was untraded due to a flood of sell orders after a sharp drop in oil prices.
"We got yer culture right here!"
BAAHHAHAHAHA
Euphemism contest! top this one on Indymac:
"Insured financial institutions don't fail in the U.S., they go through an orderly unwinding process under the guidance of regulators, and I think that's what we're seeing with IndyMac," Fred Cannon, an analyst at Keefe, Bruyette & Woods, said in an interview on Monday. "We do not expect IndyMac will be the last financial institution to go through this."
Ouch, Tuesday's NIKKEI has in fact dropped below Friday's close on opening. So much for breaking the downtrend.
"orderly undwinding process under the guidance of regulators"
Sounds like dying in a hospice.
Hey, if IMB is no longer "well capitalized" according to regulators and under orders to deliver a new operating plan, how long before a bank run sends them in the tank ? I mean, if the FDIC doesn't think they are safe why should depositors take the risk ?
And while we're at it, I'll dance on their damn grave when Dubai comes crashing down
Dubai is the place Saudis go to party, and the one place where the Arab world welcomes, er, intercourse with the rest of the world.
$150 oil, should it stick, is going to transfer a LOT of wealth to that corner of the world. Think Las Vegas times, dunno, a million (?)
"Do golf carts get good gas mileage? Maybe we should start mass producing them?" -- Some VP at GM or the Three-Headed Dog
Looks like I picked the wrong week to quit sniffing glue.
I enjoyed the gestalt nature of this futuristic video, it reminded me of a dream I had (last night).
Roddy Boyd: Wunderbra, where can I get more of these videos?
Is "stuffing the shredders with real estate files before the Fed auditors arrive" a euphemism?
Emma Anne, try refreshing your screen first. I just watched it about 20 min ago, though with my short-term memory loss and dinner distraction I'd have to review to give a good summary. Something about $250M down the tubes for LEH and a tremendous amount of waste in getting there.
OK, with $150 oil the Sauds are going to clear ~60x Las Vegas's net revenue ($6.6B) every year.
Nikki-san is in free fall, Well, whatever 2% down over two hours should be.
I think you (fucker's) need to wake up to the future of flax and forget about cash, forget who you are, forget your family, friends, your community, the society in which you dwell and go about your mindless business -- like dog's taking pee's The word is flax! Forget about the trillions being lost and manipulated by corrupted humans who desire to drink your cash like vampires (see Cindy McCain, alleged to be preserved in oil).
Flax! It is the future, cash is lost. I suggest you re-invent your future with flax!
Iwantfuckingflax@flax.flaxnet
Roddy rocks. The only reason (besides the headlines) to read the NYP.
Uncle Billy Goes to Washington- the weather channel was worth so much for two reasons 1) it reaches about 97% of households with cable (much higher than avg. channel). 2) they own weather.com - very profitable internet site and growing quickly.
@$150 oil, should it stick, is going to transfer a LOT of wealth to that corner of the world.
And with an average of 6 kids per woman in SA (statistic from Twilight in the Desert), they are going to need every bit.
Follow up to mp from last thread.
BB has $800 Bn on the hook but only $600 Bn available. Who's he gonna call?
I'll bite since I'm trying to put this together...
His buddy at the treasury in order to order more notes for the balance sheet.
But does that mean that the ultimate source of the notes is foreigner lenders via deficit spending, or just off of the printing press?
Muchas gracia.
Nikki-san. You round eyes piss me off. Disrespetful! I supplies you with end of day rally. Now shutti you sushi hole. We only onest market left, barbarian short sellers.
You wanna a Christmas Bonus with that?
Do you think it is just coincidence that Lehman and lemming sounds so much alike?
rcyran: that's what it says in the time magazine article, but I want to know why it really went for that much. There are rumors of a quick flip.
Don't think I've laughed this much at a series of threads in a while.
Way way OT - Why is the weather channel worth billions of dollars? Because there are millions of couples in America who compromise on the weather channel rather than fight over Lifetime vs ESPN.
Anonymous is the Meredith Whitney of CR.
Because there are millions of couples in America who compromise on the weather channel rather than fight over Lifetime vs ESPN.
Anonymous
I get in compromising positions in front of the Weather Channel. Those hurricanes and tornados get women hot and bothered. It's nature's porn.
$150 a barrel for oil, who gives a crap, because I can fill those Arab barrels with flax @ maybe 5 times that. Who gives a crap about the barrels, they just represent space -- capacity -- future value -- shit like that, but who cares when you have flax? Flax is worth more than oil, I have futures sitting on The ICE worth more than all the oil in Arizona (see Cindy McCain, alleged to be preserved in oil; see also, vampires).
But does that mean that the ultimate source of the notes is foreigner lenders via deficit spending, or just off of the printing press?
If they get to that point their answer will be 'yes'.
I get in compromising positions in front of the Weather Channel. Those hurricanes and tornados get women hot and bothered. It's nature's porn.
Elvis | 07.07.08 - 10:18 pm | #
Try the Food Channel when they are doing desserts - chocolate - if you think you can handle it.
Try the Food Channel when they are doing desserts - chocolate - if you think you can handle it.
dryfly | 07.07.08 - 10:26 pm | #
I thank God for the Food Channel since it keeps my wife and daughter from new and innovative ways to redecorate the house a la Trading Spaces, etc.
Normally, under normal conditions, I don't mix different alcohols and drugs on a Monday -- but this is different tonight, I feel this is the cusp of a new age, new trend, new shit, no doubt. There is a whiff of promise in the air, mixed with a sense of euphoria, maybe the same mixture coalescing into a united heart felt urge, like a collective ughh, and a eghhhh, a grunt for all humanity and the hope that DOW 8000 will be here any day lads, just like we know it can be; Yes We Fucking can! Dow 8K and flax!
Try the Food Channel when they are doing desserts - chocolate - if you think you can handle it. -- dryfly
Intersting use of the word "doing." Sounds like actual porn to me.
I especially love the cream filled ones.
Conjure says, "I want my damned pony but, if I can't have a pony, used golf cart will do."
This blog is like Groundhog's Day... National City broke, rinse-wash-repeat, Bear Stearns broke, rinse-wash-repeat IndyMacBank broke, rinse-wash-repeat... I have this strange feeling that it will end up... Citibank broke, rinse-wash-repeat, Bank of America broke, rinse-wash-repeat, and finally US Treasury broke... no one left to clean up...
I thank God for the Food Channel since it keeps my wife and daughter from new and innovative ways to redecorate the house a la Trading Spaces, etc.
homedad43 | Homepage | 07.07.08 - 10:30 pm | #
LOL - that was my wife & daughter up until last winter.... there are worser things than 'decorating'... She got engaged. Now it is wedding shows 24X7... they especially love 'Bridezilla'... Decorating looks cheap compared to weddings & we even 'set the budget' under what I was told was 'typical cost' plus told her she can keep the change if goes under budget (as incentive to keep it on budget)...
Fat chance.
Those two should run for congress the way they treat a budget... Uggg.
Don't worry people. We still have alien technology from Roswell in Area 51, We'll just pull it out, kick some ass, and all that was lost will be ours again.
I made a baby to the weather channel. You know, "hot gulfstream airmass will encounter subarctic cold front and spawn winds and rain of violent turbulence; which also may strip you of life and property--stay tuned for tornado watch." Hot, hot, hot. Wow! Headin' fur the cold shower now.
According to Elliot Spitzer, weddings are a lot like high priced hookers. Lots of fun, but expensive, and they usually end up in problems.
"I made a baby to the weather channel."
It takes two to make a baby. One doesn't count.
I prefer pot luckeddings or BYOBedding. Cheaper and they still can be fun depending on the crowd and the cooks.
There's where I went wrong. Shoudda done sum homework...but I thought Elvis records were enough.
dryfly, Thankfully, once the wedding is over you won't spend anymore money on your kids.
uncle Billy-
you're right, the presence of Blackstone and Bain may imply GE looking to sell or spin-off NBC. GE knows that much of private equity is a scam, so I was pretty surprised they invited PE (especially Blackstone) as consortium partners on such a small deal. If the private equity partners know a quick flip is coming, maybe they provide financing at extra low rates due to the attractive IRR? I dunno, just speculation on my part.
PS -The price was a billion or so less than the selling bankers were hoping for (or so they said).
Elvis, the kids not the problem then, its the grandkids!
Back to the topic. How many "McAllister Ranches" are out there? I believe there are thousands. Maybe most aren't as big, but the oversupply of developed land will be the driving factor in keeping land prices down for so long. Anybody buying land now is way too early.
homedad43- "Follow up to mp from last thread.
BB has $800 Bn on the hook but only $600 Bn available. Who's he gonna call?"
Congress.
Elvis writes:
I prefer pot luckeddings or BYOBedding. Cheaper and they still can be fun depending on the crowd and the cooks.
Elvis | 07.07.08 - 10:44 pm | #
My son is going to be getting married soon too - sort of have it back asswards though... decided to have the baby first, due w/in a month.
Anyway they are broke - both of them so they might have one of those BYOBeddings. Thing is her family really does believe the saying 'beer is food' so it might be a looooong night.
Personally I'm pulling for a 'Vegas Wedding'... maybe even an Elvis Impersonator for priest, heard they got some of those there.
And Calpers was so early in their Newhall Ranch, it is embarrassing. Somebody should sue them over that debacle.
Buy n' sell. Buy n' sell. Yer all about the money Elvis! But I've seen that white bell bottomed sequin suit you wear. You know you wanna do some air karate chops and buy some land. Yeah, buy sum LAND. Yer just tryin' to shoo the flies away from yer boggy swampground with its crittergitter and copper still.
"BB has $800 Bn on the hook but only $600 Bn available. Who's he gonna call?" - homedad
Congress.
mp | 07.07.08 - 10:53 pm | #
Is that in area code 911?
dryfly,
I'll perform the ceremony as long as Jas Jain and Sebastian can be the witnesses.
Elvis writes:
dryfly,
I'll perform the ceremony as long as Jas Jain and Sebastian can be the witnesses.
Elvis | 07.07.08 - 10:58 pm | #
I'd open my wallet for that ceremony... and then afterward we paint the town.
homedad43 elaboration:
homedad, I would expect that Bernanke would have to go to Congress and have them rubber stamp yet another increase in the debt ceiling because the central bank cannot go "bankrupt."
I also expect that both Fannie and Freddie will be re-organized. They won't be allowed to "go out of business." But, the Fannie and Freddie that emerge from re-organization won't be the same ones we grew to know and love.
I further expect that the November implementation of FASB 140 will be "temporarily" delayed for almost everyone, thus putting the US economy on the slippery slope to the Japan scenario, a long, drawn-out resolution.
"I don't know what it's going to take to clean it up."
While I'm sure nature can take care of this ghastly wart all by herself, Lehman executives are still welcome to jump from their office windows.
For comic relief.
mp:
Thank you for the exposition.
G'night. Busy day with kids tomorrow.
Yes, eventually going to congress for a preliminary credit extension. When that is exceeded, the printing press will suffice. Monetize. A True Jubilee but not in the original intent. All debt and all equity--in truth all stored and not-yet-collected value will evaporate. A new beginning. And perhaps, in due course, a new currency, government, and financial ideology. To be an improvement upon our present condition? Not likely.
"Those hurricanes and tornados get women hot and bothered. It's nature's porn."
Yessss. Hurricanes make me wet.
mp - sounds plausible.
Do you think the 'reformed' GSE's will be more like FHA or more like 'Countrywide' when they emerge? Or do you think that will depend on who wins the election?
Also how does congress inject $$$ into the Fed? Special bond offerings (similar to our lock box) and then just sort of handed over based on something like a 99 year loan or plain old naked direct cash infusion? If the latter I think a few heads will explode on the right end of the political spectrum.
Your thoughts.
dryfly,
Trust me, you don't want Jas Jain and Sebastian as your witnesses. Jas will blabber endlessly about how weddings are for born and bred dopes and Sebastian will just want to leave the whole time to gamble, because he knows more than the house.
sue,
I don't dare touch that one.
JP Morgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) is three quarters of the way through the toughest part of its integration of Bear Stearns and has halved that bank's risk-weighted assets, according to Chief Executive Jamie Dimon.
"We've had all the people decisions, we've made all the management teams have been integrated, we've started to move people between the buildings," Dimon said in an interview with Charlie Rose on PBS televised on Monday.
"If you look at what they call risk-weighted assets -- of $220 billion, it's probably half that today. And so we had to get that risk down ... So I think we're 75 percent through the toughest parts of it," he said.
JP Morgan 75% done with tough Bear integration
| Reuters
Otay
Elvis writes:
dryfly, Thankfully, once the wedding is over you won't spend anymore money on your kids.
Elvis | 07.07.08 - 10:49 pm | #
heh heh.
only in some cases - in others, they'll suck the life out of you indefinitely.
If the Neikki is @ 13,120, is that in Yen? Does that mean it's worth $131.20
Your thoughts.
Short Bucky!
FASB 140
This Statement requires that liabilities and derivatives incurred or obtained by transferors as part of a transfer of financial assets be initially measured at fair value, if practicable. It also requires that servicing assets and other retained interests in the transferred assets be measured by allocating the previous carrying amount between the assets sold, if any, and retained interests, if any, based on their relative fair values at the date of the transfer.
FASB: Financial Accounting Standards Board
Bed time reading.
Uncle Billy Goes to Washington writes:
Really really off topic, but does anyone happen to know why the weather channel is valued in the billions of dollars?
Really really off topic answer.
We are talking about a glazed-eye population that is hypnotized by tornados, floods, anything that goes plop, woosh or boom.
The nice thing about weather, from a narrative standpoint, is how it has built-in poles of empathy and heartlessness. You can imagine it happening to you! Even as you enjoy watching it happen to somebody else.
Kind of like economic news.
"So I think we're 75 percent through the toughest parts of it," he (Dimon) said.
Later, after the interview, he was heard to say, "Seventy-five percent? I actually was able to say that with a straight face? Scotch with my coffee does make me a better liar."
Elvis writes:
dryfly,
Trust me, you don't want Jas Jain and Sebastian as your witnesses. Jas will blabber endlessly about how weddings are for born and bred dopes and Sebastian will just want to leave the whole time to gamble, because he knows more than the house.
Elvis | 07.07.08 - 11:11 pm | #
Sure - but it would be the best live entertainment in town... I wouldn't miss it. Would YOU?
heh heh.
only in some cases - in others, they'll suck the life out of you indefinitely.
Yankee | 07.07.08 - 11:14 pm | #
Part of the reason my wife & I live in a tiny house (a dump). They can only suck so much...
Those folks in Mini-McMansions have no idea what's coming their way & soon... call it 'Generations'.
To understand the real cost of a wedding, just think of the wedding as a brand new car, which you push over a cliff with the engine running, and watch explode on the rocks below. Done it three times.
Leftys,
That is funny, but littering.
Anudder Nikkie joke? Me furious! Throwing well choreographed Sipping Tea Naked Dragon jiujitsu tantrum here. Make fun of our Yen? I have yen to do special ninja death move on you. Sewiously pissed here. What...Uh?...did sumfing go plop, whoosh, or boom? Now where was I...
dryfly = smart dude
charge them rent to pitch a tent !
Leftys Liquors writes:
To understand the real cost of a wedding, just think of the wedding as a brand new car, which you push over a cliff with the engine running, and watch explode on the rocks below. Done it three times.
Leftys Liquors | 07.07.08 - 11:20 pm | #
My friends always seem to choose used cars... hmmmmm.
Lefty
Don't they tie cans to the tail pipe, and one of the loops accidentally gets caught on your leg, as you go screaming over the edge?
I have two (young) sons. Miles to go before i sleep.
Aren't they Samuris?
WoooHooo!! Kern county ghost towns for everyone!
4822 writes:
Unfortunately, Dubai (and other cities of the region) are close to a potential war zone and a possible target of Iranian missiles.
Say, you wouldn't know a major wobbling superpower mired in a catastrophic losing war whose fictitious economy and imperial future could be thrown to the wind helping you stop that turrrrible turrrible threat, wouldja?
If so, you really need to read Martin van Creveld and stop spreading such nonsense.
"WoooHooo!! Kern county ghost towns for everyone!"
I'm telling you, that is good, fertile soil. As I've proclaimed before, Bandos will love abandoned houses that have food bearing crops growing through the floorboards. Paradise.
dryfly- "Or do you think that will depend on who wins the election?"
I could cop out and say it's all political, but then it will be. All I'm saying is that I'm certain they will be re-organized, and with the aim of providing more accountability (and accounting) than they did previously. A new paradigm is emerging from the cess pool.
As to the Fed, dryfly, I've forgotten twice the amount of knowledge I ever learned concerning them. I'd look back to Fed history and, if I recall, the government has no equity investment in the Fed. Supposedly, again if memory serves, the banks own the Fed to avoid the appearance of government control, which is a laugh.
Regardless of what happens, I'm now confident that Bernanke will have to go to Congress, and that will be unprecedented.
Finally, I'd like to say one last thing, a kind of whisper in everyone's ear.
Unless you have a roomful of Bloomberg terminals staffed by Versace-clad babes with Wharton degrees and you understand this market totally, you'd best stay the hell out of it, or you're likely to have your bloodied ass handed to you on a platter.
JP Morgan Chase & Co Chief Executive Jamie Dimon said U.S. regulators should investigate whether people betting on Bear Stearns' stock falling deliberately brought down the investment bank.
SEC should investigate Bear collapse: JP Morgan CEO
| Reuters
Otay
All they need is malt liquor which they can distill from rat carcasses.
"or you're likely to have your bloodied ass handed to you on a platter."
Bull market in Tampons.
you'd best stay the hell out of it, or you're likely to have your bloodied ass handed to you on a platter
I sure had a helluva time getting into it, it took 3 weeks before my tight stops weren't triggered after every time I got in.
but looking at the volatility of the Jan-May period, yeah, there's was some major mojo jerking the markets around.
Once, on Thanksgiving, we decided to forego the traditional Thanksgiving turkey, and instead had bloody ass on a platter. Let me tell you one thing, that was a big mistake. Even though it was Oprah's lipo suctioned ass, it still tasted like run-of-the- mill ass. I would have much preferred a turkey. I hope somebody learns a valuable gastonomical lesson from my travails.
Sorry, but cat's out of the bag. All the king horse and all the kings men...
Every last ditch measure won't bring the lemmings back to the register, back to the structured credit, back to the bloaty RE, back to the gamed equities. WE have seen too much, learned too much, in a very short time. The plunderers must grow another vapid generation before they can sucker punch us again.
Short, short, short, until it flatlines. The golden goose is dead.
JP Morgan Chase & Co Chief Executive Jamie Dimon said U.S. policy makers should be prepared to implement another round of fiscal stimulus.
U.S. should be ready for more stimulus: JP Morgan CEO
| Reuters
Bet his thieving ass would like that. Short Bucky!
I really think "stimulus" is code for "short us."
But, watch out when they say "short us," because that is code for "the toothless roosterman is on the run."
mp - wise words.
Got out of my gold short today.
All cash now. (not a dime in USD)
Is anyone else highly amused by the IMB headline from the Mortgage Insider?
Indymac halts lending, cuts staff in half
Now as much as I agree this is the proper thing to do with mortgage people, isn't that just a bit harsh?
mp: "Unless you have a roomful of Bloomberg terminals staffed by Versace-clad babes with Wharton degrees ..."
Isn't that Conjure Bag's personal ad?
IT,
All cash is cool. However, all Forever stamps is cooler.
mp writes: Unless you have a roomful of Bloomberg terminals staffed by Versace-clad babes with Wharton degrees and you understand this market totally, you'd best stay the hell out of it, or you're likely to have your bloodied ass handed to you on a platter.
mp, you and cb are two good reasons why I never have a browser open without CR's haloscan.
Would you believe there was an unbelievable amount of call buying in financials today? With the BKX hitting new multi-year lows! Extreme call buying is a sign of a topping market!!
As I wrote earlier today, lost in the thousands of noisy comments, if you are inclined to trade the stock markets, then all rallies should be sold (shorted) until either SPX 1175 or SPX 1080.
Indymac halts lending, cuts staff in half
Now as much as I agree this is the proper thing to do with mortgage people, isn't that just a bit harsh?
lunatic fringe
Depends it it horizontal or vertical.
JP Morgan Chase & Co Chief Executive Jamie Dimon said U.S. policy makers should be prepared to implement another round of fiscal stimulus.
People are already starting to say:
"Wow it's so much better when the IRS hands out money rather than collects it! Why didn't we think of this years ago?"
Remember, this is the country where people said nothing while we handed out half-million dollar loans over and over again to people with no income.
Switching the IRS into reverse mode almost seems innocent by comparison, doesn't it?
IndyMac knows bushido. And has a wicked katana sword slash. Really puts the back and shoulders into it. But cutting them all in half all in one day? Quite a day's work. We're talking at least doubletime wages here.
When cooking laid off workers, I preferred them boned, not split.
The same way I prefer my women.
Maruyaki! Rotisserie
Might I add, SKF hit $173.89 intraday. When SKF was below $105 back in early May, I made repeated forecasts (saved) for SKF to reach $200 before 11/04/08. No mocking, but much disbelief, accompanied this forecast. Let's see how it plays out.
Today I felt a disturbance in The Force, like thousands of bankers were terminated.
If somebody yells fire in a crowded movie theater and most are trampled to death, do the rest get to watch the end of the film?
"If somebody yells fire in a crowded movie theater and most are trampled to death, do the rest get to watch the end of the film?"
Sorry, no, because those remaining will end up becoming bloody goo on the floor and their seats will be smashed into splinters.
And, yes, there was a disturbance in The Force. Conjure felt it.
If somebody yells fire in a crowded movie theater and most are trampled to death, do the rest get to watch the end of the film?
Well, you know that somebody doesn't work on Wall Street. The part about yelling fire while in the theater is the sign of a real amateur.
I heard that on Wall Street cocaine flows like rivers and money is so easy that people use it for CDOs.
The plunderers must grow another vapid generation before they can sucker punch us again.
Short, short, short, until it flatlines. The golden goose is dead.
Bloddy fingers | 07.07.08 - 11:33 pm | #
Just something to consider - maybe the shorts will be the next 'vapid generation'? That is what got the plunderers in trouble - going to the well too often... nakedly taking risk & when that didn't produce enough to satisfy them... levering up to make the small gains magnify.
Ever think all these 2X shorts (and why not 10X shorts or 100X?) aren't setting themselves up for the same damned mistakes but in reverse?
My guess is in the end the only folks making money are those collecting the fees off the transactions - they want to keep the bet even so as to extract fees from shorts & longs all the way to zero.
I would guess this thing only flatlines once ALL the excess wealth is turned into fees & spent on crap - including many if not most of the gains the shorts made. They won't take the money off the table in time - just keep plowing in and watching gain-loss-gain-loss as this thing all winds down to nothing.
BTW - that IS the end game of Schumpeter's 'creative destruction' - burn the economic forest to the ground so the 'next big thing' really doesn't have much competition when it takes off. It really can't take off with strong entrenched 'interests' crowding it out... be it IT, alt-energy, bio-life sci, whatever.
Not saying it will happen - buy just go back and read the posts from shorts on a big down day. It isn't that different and no more rational than the bulls were a couple years earlier. Tell me there aren't eerie similarities.
With that cheery thought, G'dnite All.
McAllister Ranch
Just flew over it on Google Maps after a visit to the developer's site. The developers talks about how close it will be to wonderful things to do in the Sierras. Ha! You have to use a lot of gas to get to those "close in" areas.
Great god almighty! Why didn't they pick a spot in Taft, ButtonWillow, Arvin or Weed Patch or some other garden spot of the valley? Bakersfield is an old railroad, Ag, and Oil town. I think the oil played out long ago but who knows at $150 a barrel and the food commodity boom maybe there is some life left in Bakersfield. Has Bakersfield become a warehouse spot for LA? Not likely that wages in those industries will buy many of those macmasions.
I spent the first 9 years of my life in Fresno and Bakersfield was considered the very end of the alimentary tract of the valley then.
Hot as hell in the summer and cold as hell in the winter. The valley fog/overcast/smog hangs in the air for months during the winter. You can get a terrible longing for the sun in those months and then shortly wish the fog/smog/overcast was back.
This is a perfect example of the excess that stupid money can bring.
Shorts worship Tattoo and bulls worship Satan. Otherwise they are the same.
My guess is in the end the only folks making money are those collecting the fees off the transactions - they want to keep the bet even so as to extract fees from shorts & longs all the way to zero.
Sort of like bookies that don't really care what the spread actually is, just as long as there's volume on both sides.
dryfly, I suggest you shortcut the wedding, just tell your kids (and their prospective spouses) to go talk to the county clerk. Just as legal, much cheaper on you, they later get to go thru the same life crap (ie, money losses, house foreclosures, kids, divorces) as if they'd gone thru the church extravaganza.
Did anyone hear about what Lehman Bros. SBF today?
The Mortgage Lender Implode-O-Meter News Pick-ups: Imploded: Lehman Brothers SBF
This is a perfect example of the excess that stupid money can bring.
dilbert dogbert
I like to use the example of 17 day old malt liquor.
"Indymac halts lending, cuts staff in half
Now as much as I agree this is the proper thing to do with mortgage people, isn't that just a bit harsh?"
LOL
South Korea's foreign exchange authorities sold an estimated $1 billion-$1.5 billion on Tuesday morning to prop up the won
Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor
South Korean shares fell in late morning trade on Tuesday, with the KOSPI sliding to its lowest level in 15 months, as foreign investors continued to dump stocks on concerns over poor economic performance due to troubles faced by the global economy.
Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor
Chop, Chop, Chop............
Dry,
My grandfather, who grew up in the Great Depression (and made at that time the table I'm sitting at now) used to be fond of the quote: "The best lack all conviction, and the worst are full of passionate intensity."
Are you there my Brother? I have your emsil to sell 45000 shares, but is it short or Long?? You asshole wake up and get you cell
OK...now I'm going to go down in my basement, don't worry about me I bought 20 cases of ravioli, I'll be fine.
I'm going to come up in 6 months and I want you people to work it out!! Now don't make me come up shooting!!!
Thank You!
Re: alien technology from Roswell in Area 51
10;40
I'm going short on that in Spain in a few minutes, but then long in Londo
dryfly if you don't like the new in-laws, I encourage spending lots of money on the wedding. I'm quite sure there is an inverse correlation between money spend on weddings (unless it's in Vegas) and the success rate of those weddings.
Weddings are like crack whores. Fun for a few minutes, but, then, haunting.
mp wrote:
I'm now confident that Bernanke will have to go to Congress
i think so also
dimon is on charlie rose now
part 1 of a 2 parter
OT but funny as hell
Want some torture with your peanuts? - Aviation Security - Washington Times
Since it is late here in Bogata, I must go to sleep. Fair thee well.
Re: Indymac halts lending, cuts staff in half
I say keep chopping them into derivatives, don't stop at an obvious point!
Nikkei down 330? Dai ship-pai!
Nope, as they say the Fat Lady done sungt. It's all over but the crying...and the gnashing of teeth, rending of garment, annointment of ash. All tools have been exhausted. What remains can only be dilution, debasement, depredation, discontent. Discount tent? I likes canvas.
ah only 290 ye
Elvis - was the FARC episode a fake????
Man-moth
William Butler Yeats
The Second Coming
TURNING and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.
Surely some revelation is at hand;
Surely the Second Coming is at hand.
The Second Coming! Hardly are those words out
When a vast image out of Spiritus Mundi
Troubles my sight: somewhere in sands of the desert
A shape with lion body and the head of a man,
A gaze blank and pitiless as the sun,
Is moving its slow thighs, while all about it
Reel shadows of the indignant desert birds.
The darkness drops again; but now I know
That twenty centuries of stony sleep
Were vexed to nightmare by a rocking cradle,
And what rough beast, its hour come round at last,
Slouches towards Bethlehem to be born?
No not a Sheep pie, not a mistake. Orderly unwind. Hafta follow Anglo-Saxons because we unwisely lost the war. Lose war, lose leadership. Lose leadership, lose global monetary and financial death grasp. Oh well! The Hershey bars more than made up for it.
Flax has gone to $50,000K per gram in India and they say that London is eager to obtain futures before NYSE opens, I thought so, those fuckers.
About time for Benny to come out and do something really stupid.
Thanks for finding and posting that, Exit. Eerily appropriate for these times.
"Yet in this environment, where either there are no bids for most of IMBs mortgage loans and securities or the bid/ask spreads are abnormally wide,"
That's what I keep telling my wife about my JDSU stock. The market's too illiquid. My ask is $1050, my purchase price adjusted for inflation. Bid is only $11 or so, hence, way too illiquid.
Gotta get Bernanke on the hands-free while I drive and talk, gotsta get some liquidity into this market.
Flax and Potash. Those are the ticket to the stars. Just before Tech and PM, but just after AG and debt repudiation. Gonna be alot fewer people in ten years. Start hammering on those plowshares. Goth, Visigoth, Vandals, Turks, Marauding hordes...all about the same. You'll know them by their earrings and tattoos. Oh...and they'll be driving Hummers and selling RE.
I gotta stock the shelves for that 300 billion liquor order from Congress next week.
PS; We also sell liquidity.
Lefty, I'll take a half pint of liquidity, please!
Exit,
We usually don't bring out Yeats until at least 2am. Usually calls for at least 2 scotches. Don't be such a Debbie Downer. May I suggest some
Dylan Thomas:
Do Not Go Gentle Into That Good Night
Do not go gentle into that good night,
Old age should burn and rave at close of day;
Rage, rage against the dying of the light.
Something tells me the Bakersfield craigslist is going to have a few "almost new" golf carts for sale.
That and "almost new" copper wiring.
And "almost new" chunks of concrete.
This Just In: "Tourism Transport Forum (TTF) general manager Olivia Wirth said the figures amounted to a measly 0.2 per cent growth in the first five months this year, compared with a worldwide growth of five per cent between January and April, recorded by the World Tourism Organisation.
Ms Wirth said it was an alarming trend at a time when Australians holidaying overseas had grown by nearly 11 per cent over the same period.
The figures show that Australian tourism is being outpaced by the world, Ms Wirth said.
She said the industry had a big job ahead of it to turn around the $85 billion industry.
It was hoped World Youth Day next week - which expects to draw 125,000 overseas visitors to Australia - could provide a shot in the arm for the industry in the short term and buoy figures for the second half of the year, she said."
FAS 157 is worse than Al Qaeda says Schwarzman
FAS 157 is worse than Al Qaeda - Stephen Schwarzman's News Groper Blog - These Blogs Are Not Real
Fuck you bitch!
I see Debbie hit the scotch early, maybe bad sake...
That was fun, maybe more so than waterfsll mountain:
Thats ridiculous. If I have a piece of dreck company worth only $4 billion why should I have to put it on my books as $4 billion? I know that at some point Ill be able to sell it to Leon Black or some other sucker for $12 billion.
Get Debbie Downer sum Valium, and Dylan sum singing lessons. Other than that I lend you Dickenson:
"Tell all the truth,
But tell it slant,
Success in circuit lies,
Too strong for our infirm delight,
the truth's superb surprise,
Like Children to lightening eased
by explanations kind,
So the truth must dawn gradually
Else everyman go blind"
Too bad truth, transparency, incorruptibility, steadfastness, uprightness, accountability, reputation are tired old Victorian terms much to banal for our modern experiments. However, if we had not been as Mae West, "I was snow white, but I drifted", our predicament would not be.
Group of Eight leaders agreed on Tuesday there was a need for stability in oil and food prices, which have soared in recent months, as well as in financial markets, a Japanese government official said.
Most G8 leaders were positive about the outlook for the global economy, despite the uncertainties, the official told reporters.
Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor
Fiddling while Rome burns. Most worthless bunch of pecker heads on the planet, but hey what the hell lunch was great.
OT -- tough times for descendants of Vikings; Denmark is in recession:
Europe recession fears intensify as Denmark contracts
Ah, found it:
Reply to: sale-97741849l@craigslist.org
Date: 2008-07-06, 4:20PM PDT
For sale GOLF CARTS - A GREATE DEAL - won't last almost NEW! golf carts. aPiurchased in 2006 for Thuosans SACRIFICE 4 1000$ each o.b.o. or best offer. ONly 1200 available so ACT FAST!
4 wheels and battery tsested WORKS GREAT
Contact email fro pictures..
Reply to this add o rcall "Leeman" at 661-DUMb-LEH
CASH only pleeze no CHECKS
May halso have Spare coper wire and some CONCRETE chnuks for sale if interested - MAKE OFFER
* Location: East of Bakersfield, CA
* it's NOT ok to contact this poster with services or other commercial interests
PostingID: 977418491
Hang Seng -750
...scotch anyone?
"On Wednesday, the FDIC's economic inclusion advisory committee will focus on encouraging mortgage credit availability to lower-income households"
Impossible to make this shit up.
Hollywood could use ghost towns as props.Blow them up,burn them,ect.Squaters would be the victims.You wouldn't need extras.Save on special effects.Banks would pay to have it done and get some product placement. A win for all(except the squaters)!
Frickin FDIC. I can barely contain my laughter.
Dylan is the closest thing we have to God (fuck the right wing): YouTube -
So which one of these three is Lehman?
YouTube - The Good, The Bad and the Ugly - Duel
(The Good, The Bad and the Ugly Duel)
Anon writes:
hey! It's Me From Europe! Shove it! Buck Owens? The Bakersfield sound? Raisins? Don't talk to me about no culture. We got yer culture right here
Merle Haggard, 'nuff said.
Merle Haggard represents redneck republicanism and you have blood on you saddle
NYSE Euronext Liffe to Guarantee Credit-Default Swaps
NYSE Euronext Liffe to Guarantee Credit-Default Swaps (Update3) - Bloomberg.com
New York Federal Reserve President Timothy Geithner is pushing the industry to improve processing in the $62 trillion global market for credit-default swaps after the collapse of Bear Stearns Cos. triggered concern that companies may be unable to meet their obligations. The New York Fed, banks and industry groups agreed last month to create a central clearinghouse that will start with contracts on the U.S. CDX credit indexes.
The attempted bailout continues.
How can anyone guarantee trillions? (Unless it's Zimbabwean currency)Hence it is an 'attempted' bailout.
Can we pleaze, please, talk about the potential fact that Cindy McCain is alleged to have been "preserved" in oil -- now, to be fair, no one has said, what type of oil, be it flax, be it tea tree or what the press is screaming about in regard to Saudi Sour -- it doesn't matter, because the point is, has she been preserved by attempted synthetic means?
KOSPI is the downside leader at minus 4.26% - correct that - minus 4.41%, breaking 1 year support. Do foreign markets have 80B type trading halts? Seoul is half way to our 10% Level 1 suspension.
Don't laugh - it can happen again (has happened once before for DJIA).
Mortgage Lender Implode-O-Meter gets a nice write up in the times.
I like the snarkiness of Pud / Fucked Company (the 'obscene' company refered to by the Times) and all their denial memos better though.
Loan Pains Turned Site Into a Hit - NY Times
Toxic CDOs Given Up for Dead Coming to Life With Pension Funds
Toxic CDOs Given Up for Dead Coming to Life With Pension Funds - Bloomberg.com
It's just the reincarnation of the CDO,'' said Paul Colonna, who manages more than $100 billion as chief investment officer for fixed income at GE Asset Management in Stamford, Connecticut.The mechanics are the same, but you're getting in at a much different level of valuation.''
``The hope is that by moving illiquid bonds to interested parties, the structured-finance community can look to restart,'' he said.
Unlike most CDOS, Re-Remics don't own debt or credit-default swaps based on the lowest-ranking subprime mortgage-bond classes. They are composed of AAA rated bonds backed by so-called Alt-A mortgages, issued to borrowers with higher credit scores who don't prove their incomes, seek higher debt ratios or buy investment properties.
What happens when you have something that no one wants. You slice and dice and make more of it!
Blogs are the future and the news rags and puppet TV shows are done.
Although CR & Tantra are imperfect, they have brought a very fine product under the mass media radar screen; their collective wisdom, wit and professional steel, along with all the local idiots which banter about all day in a tag-team effort to breath life into cutting edge news, make this a superior place to get yer newz -- does it get any fucking better than this?
Nope. No better than mashed potatoes and a gravy boat admiral!
Hilarious, Re-REMICs; thanks, BB.
Any fiduciary that buys that junk should be sued from moment one.
First....
To be in recession, while youz guys worry about bank failures we can haz recessionz.
New Zealand may already be in recession, a monthly Treasury report said today.
"The past month has seen the release of data that confirm a sharp slowing of growth in early 2008 and point to further weakness in the June 2008 quarter," the June report said.
"It is possible that the economy has experienced a technical recession (where real GDP declines for two consecutive quarters) in the first half of 2008."
NZ may already be in recession: Treasury - Business - NZ Herald News
and stagflation at the same time! Beat that!
Stagflation, that ugly word combining the ugly combination of economic stagnation and high inflation, is afoot in New Zealand, confirmed by this morning's release of an influential business survey.
The New Zealand Institute of Economic Research (NZIER) has just published its Quarterly Survey of Business Opinion for the June 2008 quarter. Some see its research as strengthening the case for an official interest rate cut later this month.
Interest rate cut more likely after gloomy survey - Business - NZ Herald News
The perceived risk of North American companies defaulting on their debts hit a fresh 3-month high on Thursday in thin trade ahead of the traditional fourth of July holiday.
The Markit CDX NA IG index traded as wide as 148.82 basis points - a record for this series of the index - after payrolls data showed the US economy had shed jobs for a sixth consecutive month and oil touched a new high above $146 a barrel.
The rising tide of bearish sentiment is sinking all boats as oil futures ratchet higher, the dollar declines, equities take another battering and the credit indices gap higher.
The risks are clearly to the downside, and the extreme headline risk engulfing us at the moment is unlikely to fade anytime soon as we enter the second quarter earnings season.
Vietnam Dong Black Market Rate Gains, Narrowing Gap
Vietnam Dong Black Market Rate Gains, Narrowing Gap (Update2) - Bloomberg.com
``A manager from a local company was telling me the other day that all his employees are complaining that every time they need to pay a bill, they have to change their dollars into dong because all their savings are in dollars.''
``We remain bearish on the Vietnamese dong due to the high inflation, the very wide trade deficit and the government's preference for a weaker currency,'' Harr said.
1st paragraph is called 'dollars into dong' scam, also practiced elsewhere.
2nd paragraph, Just replace dong with dollar and can anyone tell the difference.
Let the wisecracks begin.
First....
Lol
That clown has no clue. Surprised about this post. On a quality level for this blog it rates to me at a 2, while any other post in the last year scored a 8+.
"Merle Haggard represents redneck republicanism and you have blood on you saddle"
Bull market in Tampons
"You slice and dice and make more of it!"
Dilution is the solution to pollution. That's Bakersfield oil field talk, must work in banking to.
How safe will Gold be when the Government realises it's value!........... The polititions will want it and make it against the law to own.
If it is worth something then the people should not be allowed to own it, the government should take it....it's for there own good.
Anybody who thinks the Hag is a republican is dumber than Tennis 8 during a short rally.
Re: Dimon interview
He's all in favor of another round of stimulous. Wonder why?
10% of a $100 billion is $10bn.
$10bn in checks(for the custies) takes 3 days to clear. For JPM it clears instantaneously, other banks 1 day. LIBOR is at what?(let's call it 3.5% because I can't look it up on my treo) so,
$10,000,000,000 ((.035/365)3)= $3mm(give or take a buck or two)
Other banks (ex BofA) would only get 2 days of float so even if they were JPM's size they'd only get $2mm.
Now imagine 10% of US GDP going thru JPM, that extra day's float adds up to a couple on billion dollars to their bottom line.
That area in Bakerfield has the most favorable smog forming conditions in the country. That has got to be good for something. Maybe it will attrack a nostalgic crowd from LA, looking for the way it was in the good old days.
Time to dust off the longboats. Not sure where they should point them, though.