Hah!! I am wondering why we are not reading about Indymac going under. It was, like, at 70 cents. FDIC is preserving its money for some more worthy institution?
No fireworks display at Cocoa Beach this year; neither beach nor co-sponsor RonJons was willing to pay. Apparently the barge they shoot the fireworks off of was too expensive. this is a baaaadd indicator!
I love US only holidays. Usually all the juicy news gets pushed aside by "stocks up as losses smaller than feared" types of fluff.
It is scary to watch so called experts waffle as to how to reaccelerate the velocity of money. From US banks illegally closing HELOC lines to TPG Capital balking at increased credit the meme is undeniable; no credit for you.
Good time to remember that all the things that are giving us grief these days -- the Fed, fiat currencies, predatory bankers, intrusive government, etc. -- are all the same evils from which the Founding Fathers sought to protect us. Too many people think that just because those great souls lived hundreds of years ago that we're somehow smarter now, and that the Declaration of Independence, Constitution & Bill of Rights are not entirely applicable to "modern" life. I believe current circumstances prove otherwise.
GE has declined about $14/share since October and ,with 1B shares, has a market cap loss of about $140B.
Are the losses apples and oranges?
The bank's losses are due to mark-to-market declines in financial instruments - GE's share price decline is due ,in a large degree, to investor concerns about the value of loans,leases, and credit card balances on GE's book.
Are these two losses really that different?
The decline in GE's share price shows up on my personnel balance sheet as a loss and reduction in net worth.
I think we will see more of these types of troubles as long-term rates go up as the bond market deals with inflation. Stocks are also going to go down more. Everyone likes to talk about stock for the long run, but between 1966-1981 they went nowhere. Sometimes they go down for long periods.
Lawyerliz- "No fireworks display at Cocoa Beach this year..."
In other Florida real estate news:
Three weeks ago, son of mp learned of a Tampa real estate broker trying to sell his book. He was saying that Florida was fine, and all real estate was "local." Sound familiar?
Yesterday, son of mp learned the broker is moving to Tennessee.
Lawyerliz writes: No fireworks display at Cocoa Beach this year; neither beach nor co-sponsor RonJons was willing to pay. Apparently the barge they shoot the fireworks off of was too expensive.
Maybe if RonJons cut back on its 50,000 billboard advertising campaign it'd have money to sponsor a stupid fireworks display.
Lawyerliz writes:
Anybody know anything bad about Mellon? Supposedly they don't make much money in traditional banking.
Lawyerliz | 07.04.08 - 11:24 am | #
Don't know of anything bad, but if I read John Grisham right, they're probably tied to the mob, and just waiting for another lawyer to show up. Wacky highjinks ensue. Hope you're up for it.
I time traveled into the future and brought back a book which chronicles what happens over the next decade or so.
CHAPTER I
We knew some economic ruin was inevitable. We all thought it would come swiftly. A drop of 800 points in a day, 2000 points in a week. The bear claw would slice through our wealth like a machine gun through melted butter. Yet for those of us who were prepared, it would merely be part of a natural economic cycle. Devastation then renewal. Death then rebirth. In the long run, we who had avoided debt traps and saved wealth would all be fine.
Unfortunately, we were almost as naive as we were wrong. Hidden beneath the surface, nefarious forces were at work which propped up the market far longer than any intelligent person could have reasonably anticipated. Those who kept seeing bottoms bought stocks at what they thought were good prices and lost half their wealth in less than 4 months.
Instead of crashing, the market died a death from a thousand cuts. Slowly but surely, value diminished. 100 points down, 30 points up. Four steps backward, one step forward. Those who were expecting a crash shorted the market. They lost their shirts, skirts, shorts and skorts. The CNBC cheerleaders kept tripping over one another to call a bottom.
"Growth is still positive. I think we avoid a recession altogether!" said one.
"The financials are oversold. Buy WaMu at $13.00, buy Bear Stears at $40.00!" proclaimed another.
Of course, we now know that they were all wrong. We were all wrong. Oil prices sent a systemic shock to the world economy which caused skyrocketing food costs. Global riots occurred. People lost their savings as banks closed their doors, one after the other after the other, relentlessly. Eventually we did suffer a crash, but not before the market had already gone below thresholds even the most pessimistic of bears could not have imagined.
As governments scrambled to obtain larger pieces of an already shrinking pie, war naturally broke out. People starved to death. Life expectancy plummeted as disease ravaged the human population. Then, things god really bad.
American Idol went off the air. Microsoft released Hasta la Vista, baby. Gangs of restless yuppies prowled the highways in their horse drawn SUVs! iPods failed! Blackberries lay dead on the street!
It was a hot sutlry day in LA, the kind where your hair is wet by nine, and your shirt is wet by ten. Then she came into my office. I could see this dame was nothing but trouble by the way she used her body to navigate. She had bad tranches, and worthless CDOs all over her. I suppose the real clue though, was the cigarette she rolled in CDS paper. I put my hand into my pants and held my .38 tight. she told me she was looking for some stiff named Greenspan, owed her some big dough. I told her I never heard of him, but would put out the word for some clams.
she told me she was looking for some stiff named Greenspan, owed her some big dough. I told her I never heard of him, but would put out the word for some clams.
When eventually found, Greenspan said "It ain't me, honest! It was them accountant fellows."
"THE competition to claim the title of the worlds worst-run bank has seldom been more intense, but Bradford & Bingley, a British mortgage lender, must fancy its chances."
Funny story, I went and looked at a house yesterday. It is a bank REO. The drug addicts that lived there trashed everything, even burned down the garage and guest house. There is a lot of dry rot and the roof needs a lot of work. The house is maybe 25 minutes from any shopping and schools. Walking around the back yard there is pools of fresh oil seeping up to the surface. Not just a few, but all over the place. Where the yard drops off there is oil running down the rocks and hillside. A buried pipeline runs through the yard.
I am really amazed there were no bank failures this weekend. Almost none of the 200 projected failures have occurred & we're 1/2way through '08. Kicking the can down the road.
FDIC should be pressing now so they have enough staff to perform some reasonably orderly shutdown & asset transfer operations. How will they handle 10 failures on a given weekend ? 2H recovery should be fun to watch.
I told her I never heard of him, but would put out the word for some clams. continued...
It was foot leather and shanks ponies for me. My little runabout being repossessed by a rough fellow with no sense of humor and fists I mistook for country hams. Walking down the street the guards watching the fresh fruits and vegetables gave me the hairy eyeball looking for that telltale hungry look that means trouble and hungry kids at home. The late model Harleys chained in front of the pawn shop were thicker than a payday steak before beef was banned. If I was gonna find this Greenspan fella before some former relitter ventilated him so bad you could see inflation through the holes I had better get on the case. Case-Shiller that is. Those guys knew the territory and where all the bodies were buried. ...
American Idol went off the air. Microsoft released Hasta la Vista, baby. Gangs of restless yuppies prowled the highways in their horse drawn SUVs! iPods failed! Blackberries lay dead on the street!
-sdtfs
Whoa bro. Easy now. Lets not get crazy. In the future, we don't lose American Idol. It wasn't a freaking apocalyptic future I witnessed during my time traveling expedition. Sure, over a billion people died, nukes went off in India and Pakistan, starvation and disease were prevalent. But, all the malaise occurs in third world countries. No biggie. American Idol is still alive and well 10 years in the future, although it is merely America's 3rd favorite television program.
Regretfully, ipods do start failing in unprecedented numbers due to battery issues. Apple responds by releasing the next version and the people respond by buying more ipods so they can continue listening to old Misfits records while softly bobbing their heads.
It turns out that while the U.S. was almost entirely responsible for the global catastrophe, its citizens remained largely insulated from the resultant destruction. Military power projects especially well in times of global anarchy. One rogue nation - namely the Former People's Republic of China did attempt to invade with their 100 million man army, but we sank most of the ships and shot down most of the planes carrying those soldiers. The ones that were not blown up simply ran out of gas and limply drifted to our shores. Upon arrival, the emaciated soldiers immediately defected and became our new source of cheap labor.
Rob and Lefty, your parodic skills are awesome. One hat tip apiece.
Also:
Walking around the back yard there is pools of fresh oil seeping up to the surface. Not just a few, but all over the place. Where the yard drops off there is oil running down the rocks and hillside. A buried pipeline runs through the yard.
Are you sure it's a pipeline? I'm thinking of the story of Jed Clampett--black gold. Texas tea.
TO THE CITIZENS OF THE UNITES STATES OF AMERICA FROM HER SOVEREIGN MAJESTY, QUEEN ELIZABETH II
In light of your failure in recent years to nominate competent candidates for President of the USA and thus to govern yourselves, we hereby give notice of the revocation of your independence, effective immediately. Her Sovereign Majesty Queen Elizabeth II will resume monarchial duties over all states, commonwealths, and territories (except Kansas, which she does not fancy).
Your new prime minister, Gordon Brown, will appoint a Governor for America without the need for further elections.
Congress and the Senate will be disbanded.
A questionnaire will be circulated next year to see if any of you noticed.
8 months to 10 months, I would say. I defend foreclosures, if there is some reason for it, and I have clients who haven't paid in well over a year. The plaintiffs attys aren't even showing up for the summary judgment hearings, so if the owner or an atty show up, the hearing just gets reset. . . for a month or more later.
Lawyerliz , you wrote that you took money out of a Cape Coral bank. My mother has a small savings account there. I figured that with FDIC insurance, I needn't worry. Is there something that you know about this bank that I don't, but should know about?
Well the tenant could show up, but I doubt that he could do anything. The judge could feel sorry for him if the plaintiff's attys didn't show and just refuse to rule. Or not. Dade County judges are pretty whimsical.
I was referring to BankUnited, which is based in Miami, I believe. It has branches all over. All over Fla, at least. Supposedly you are safe if you are under 100 grand.
I have a trust account. It's not my money. so far as I know, if BankU gets taken over, all moneys over 100grand evaporate. I don't think trust accounts are an exception, and if anybody knows differently I'd like to know; I've enquired a bit about this and got no answer. Thing is, if I ever have another real estate transaction, the amount in there will go way over 100 grand, and IF the bank goes under in the short time before I disburse, I'm stuck.
I say supposedly, because there is a great deal of skepticism on this board about whether FDIC will have anywhere near enough money if there is a systemic melt down, which I regard more and more likely all the time. Think bank holidays during the depression, only worse.
I've opened another escrow account at Mellon, which seems at the moment more solid, Grisham novels notwithstanding. Mellon isn't everywhere, and they charge fees.
I have a bit of cash and a bit of gold, just in case. And my house is paid off. But in the case of a systemic meltdown, all bets are off.
I've prepared for a little disaster, but not for The Big One. I question whether the Big One can even be prepared for.
BankU used to trade in the 20s, but is now a penny stock. I used to know one of the honchos and he is a jerk squared. I talked to someone who knows some of the board of directors in May and he said they thought BankU would recover. But what do they know? That was in May, and things have got much worse.
barely, I hope not for that whiney little girl, McCain, who pouts and sends out a dozen attack dogs if anyone happens to mention that getting shot down doesn't qualify one to be the President.
Thanks, Lawyerliz. I'm the Tenant in Possession, and it's a bit inconvenient to be bound by the terms of the lease while I wait for the foreclosure shoe to drop.
MOSCOW The Russian government sought Thursday to make Bank of New York Mellon liable under United States racketeering laws for $22.5 billion in damages arising from a money laundering scandal that helped undermine the Russian economy in the late 1990s.
barely writes:
I am really amazed there were no bank failures this weekend. Almost none of the 200 projected failures have occurred & we're 1/2way through '08.
Typically when a company in an industry gets overextended, the other companies in the industry circle the company like buzzards scoping the victim to determine whether to buy it on the cheap or merely pick over the carcass after it dies.
The problem this time around is too few buzzards especially the big ones who would normally be likely acquirers. I think the FDIC cannot find suitable acquirers of these troubled companies so instead are letting these zombie companies stumble aimlessly longer.
Notable companies TGP has owned or invested in over the years include Continental Airlines, Ryanair, Ducati Motorcycles, Burger King, Del Monte, Punch Taverns, Neiman Marcus, Alltell Wireless, Univision, MGM, Lenovo and Seagate.
TGP is the one who bought into WaMu and they are the ones burning cash faster than a Texas whore in heat!
Re: WAMU also announced yesterday that it would close a deal to accept a $7 billion dollar capital injection investment from Private Equity Firm, TGP; which, although it could serve to give WAMU the boost it needs, may further dilute shareholders value in the company.
TGP is also on the hook to provide full disclosure to FDIC and there is a conflict of interest in regard to TGP being private and taking on a public bank, thus TGP has not provided full disclosure and this deal may implode yet! TGP looks to be run by retards!
Lawyerliz (and others),
I had similar questions. I called the FDIC and spoke first to an information specialist and then a trust expert there who is an attorney and answered all of my questions about guardianships and trusts.
Re: Russia Presses U.S. Bank Over Money Laundering
Right on Comrades, those Red Bastards need to be shut down for pretending to be Americans. I assume they were also evading taxes in Bermuda with that other bastard.
Re: Dennis P. Lockhart took office March 1, 2007, as the 14th president and chief executive officer of the Federal Reserve Bank of Atlanta. In this role, Lockhart is responsible for all the Bank's activities, including monetary policy, bank supervision and regulation, and payment services.
Before joining the Atlanta Fed, he served as a member of the board of directors of several companies, including CapitalSource Inc., a REIT/finance company; Tri-Valley Corp., an independent oil, gas and mining exploration firm; and Greenfield Holdings Credit Ltd., a joint venture agribusiness finance subsidiary of DuPont Corp. and Bunge Corp.
We are a limited liability company formed under the laws of Bermuda. We are registered with the Registrar of Companies in Bermuda under registration number EC20791.
barely writes:
"I am really amazed there were no bank failures this weekend."
I've been waiting too, but in light of how many banks are similarly impaired, playing the same game of hide-the-CRE-salami, can the FDIC start closing one bank per week, say, in a region with 10 known, troubled banks, where everyone will realize the remaining 9 banks will be next?
"then suddenly close 20 or so in a Friday afternoon massacre"
I would like FFDIC to comment about the prospects for something like that actually happening. I know they staffed up but I would imagine quite a few senior FDIC leadership types need to be available to preside over the decision making. I doubt they have enough, unless they start doing battlefield promotions of outsourced analysts to a decision making authority level.
Total money market mutual fund assets rose by $896 million to $3.456 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds rose by $2.50 billion in the latest week to $1.210 trillion.
McCain getting shot down isn't the issue, it was his naval career en toto that's at issue.
Never should've Q'd for flight school, middling pilot at best who splashed more than one jet, when made a commander ,despite no solid track record, he was quickly washed out of career track.
The man has never had a straight job in his life(the closest he got was pressing flesh on behalf of his FIL as a professional Vietnam Vet/POW until that house seat opened) isn't respected amongst his peers or employees, the only thing he knows about a checkbook is where's he's supposed to endorse and has changed management so often you'd think he owned Lucent.
I remember how stern and staid Bradford and Bingley were when I started saving with them in 197x... - very "BUILDING" SOCIETY. One had passbooks - the general tenor was save with us and not only do you get good rates we'll also look upon you favorably when you want to borrow.. I still remember their TV ads and jingles.
As I moved around the country(UK) I searched out for B&B; one time they even required an affidavit before I could withdraw money because I hadn't been near the account for 4 years !
Then they demutualized and I and 10,000's of other got paid off in a special dividend and shares -12?) years later it comes to this.
That was part and parcel of moving on from the old ways - I freely participated in that ( and AM better off for the massive changes in MY financial expertise and the financial industry of course ) - one should never deny that either.
Rather sad - but I wouldn't have it any other way.
Not to belabor the point, I think why McCai turns it into the POW question is that if McCain released his military file it would not paint a pretty picture, chock full of quotes from his superiors dogging him.
You will all have to live offplanet to be middle class.
Of course with that level of genengineering you can live forever.
But that requires massive resources.
Who owns the moon?
Or Mars?
Stop worrying about oil and look beyond this decades disasters.
Energy=food. Solar space power, combined with high energy here will make radical transformations over the next three decades. It sure won't depend on cheap hydrocarbons from unstable places.
@lawyerliz, What you might be able to do is something I had to do when I was a city administrator here in Illinois. I had the bank pledge T-Bills as security for those parts of our city monies that were over the FDIC limits.
TPG has at least one other boondoggle on it's hands as they along with the Apollo Group (which has the Linens and Things albatross around it's neck right now too) took Harrah's private in 2007. That would be Harrah's of PIK fame just a few posts down the board.
At least with the banks and publicly traded companies there is some visibility of the problems at hand, if you can wade through the accounting and leveraging trickery. When private equity is involved you seem to be reduced to your proverbial box of chocolates--you never know what your going to get.
...I had better get on the case. Case-Shiller that is. Those guys knew the territory and where all the bodies were buried. ... continued...
I was in luck. The Santa Monica subway was running for once and my transit pass was good for Tuesdays. 85 peso-dollars in the turnstile and the usual third degree by a bored bureaucrat who passed me through despite obviously believing my trip was not of critical public benefit and I was on the platform. That and my using the other $15 from a solid $100 Bushie coin to buy her some lubricant in the form of a chocolate bar that is.
Cliches haven't been a dime a dozen since before President Jenna took over from President Chelsea in an election that had late night talk show hosts dusting off old jokes but if they were a dime a dozen then the downtown fortress of Case and Shiller really was an ivory tower. Take away the razor wire and machine turrets and the the old building could have been a Bank of America branch from the glory days before CEO Mozillo's reign of terror. Shiller looked the same. We had worked together before at the RTC II. He was the brains, identifying which neighborhood next to bulldoze maximizing the supply imbalance. Me, I was the muscle. Not everyone agreed with the RTC and actually tried to stay in their homes. That was then, this was now and we had an international criminal on the loose. He offered me tea. When my ugly puss betrayed my need to dilute and pickle the red cells in my bloodstream which were threatening to bring me dangerously close to sobriety he just smiled and led me to the vault. It really was a former bank. Obviously delighted at my reaction Shiller stood aside and let me see everything... (to be continued?)
Firstest?
Hah!! I am wondering why we are not reading about Indymac going under. It was, like, at 70 cents. FDIC is preserving its money for some more worthy institution?
No fireworks display at Cocoa Beach this year; neither beach nor co-sponsor RonJons was willing to pay. Apparently the barge they shoot the fireworks off of was too expensive. this is a baaaadd indicator!
Happy 4th everybody.
What was that phrase -- "ruthless default"?
I love US only holidays. Usually all the juicy news gets pushed aside by "stocks up as losses smaller than feared" types of fluff.
It is scary to watch so called experts waffle as to how to reaccelerate the velocity of money. From US banks illegally closing HELOC lines to TPG Capital balking at increased credit the meme is undeniable; no credit for you.
HAPPY FOURTH OF JULY EVERYONE!!!
Good time to remember that all the things that are giving us grief these days -- the Fed, fiat currencies, predatory bankers, intrusive government, etc. -- are all the same evils from which the Founding Fathers sought to protect us. Too many people think that just because those great souls lived hundreds of years ago that we're somehow smarter now, and that the Declaration of Independence, Constitution & Bill of Rights are not entirely applicable to "modern" life. I believe current circumstances prove otherwise.
Keep up the good fight!
Dec 23, 2013 is the 100th anniversary of the Federal Reserve Act.
Will the Fed be around to celebrate? Unfortunately yes.
EU banks need $141B in new capital.
GE has declined about $14/share since October and ,with 1B shares, has a market cap loss of about $140B.
Are the losses apples and oranges?
The bank's losses are due to mark-to-market declines in financial instruments - GE's share price decline is due ,in a large degree, to investor concerns about the value of loans,leases, and credit card balances on GE's book.
Are these two losses really that different?
The decline in GE's share price shows up on my personnel balance sheet as a loss and reduction in net worth.
It sure FEELS like an actual loss.
Jim
Rob Dawg writes:
Will the Fed be around to celebrate? Unfortunately yes.
CORRECTED - Fed's Bullard says bank's credibility on line
CORRECTED - Fed's Bullard says bank's credibility on line
| Reuters
Correction: GE has 10B shares outstanding not 1B. The result is correct but I typoed the input.
Jim
The markets are up and going down around the world. I guess it's a good thing we're closed today.
jo6pac
The race to the bottom continues.
Happy 4
I think we will see more of these types of troubles as long-term rates go up as the bond market deals with inflation. Stocks are also going to go down more. Everyone likes to talk about stock for the long run, but between 1966-1981 they went nowhere. Sometimes they go down for long periods.
Lawyerliz- "No fireworks display at Cocoa Beach this year..."
In other Florida real estate news:
Three weeks ago, son of mp learned of a Tampa real estate broker trying to sell his book. He was saying that Florida was fine, and all real estate was "local." Sound familiar?
Yesterday, son of mp learned the broker is moving to Tennessee.
He still hasn't sold his book.
Conjure says, "Har, har, har, pass the rum!"
Lawyerliz writes: No fireworks display at Cocoa Beach this year; neither beach nor co-sponsor RonJons was willing to pay. Apparently the barge they shoot the fireworks off of was too expensive.
Maybe if RonJons cut back on its 50,000 billboard advertising campaign it'd have money to sponsor a stupid fireworks display.
I'm not kidding.
Lawyerliz writes:
Anybody know anything bad about Mellon? Supposedly they don't make much money in traditional banking.
Lawyerliz | 07.04.08 - 11:24 am | #
Don't know of anything bad, but if I read John Grisham right, they're probably tied to the mob, and just waiting for another lawyer to show up. Wacky highjinks ensue. Hope you're up for it.
I time traveled into the future and brought back a book which chronicles what happens over the next decade or so.
CHAPTER I
We knew some economic ruin was inevitable. We all thought it would come swiftly. A drop of 800 points in a day, 2000 points in a week. The bear claw would slice through our wealth like a machine gun through melted butter. Yet for those of us who were prepared, it would merely be part of a natural economic cycle. Devastation then renewal. Death then rebirth. In the long run, we who had avoided debt traps and saved wealth would all be fine.
Unfortunately, we were almost as naive as we were wrong. Hidden beneath the surface, nefarious forces were at work which propped up the market far longer than any intelligent person could have reasonably anticipated. Those who kept seeing bottoms bought stocks at what they thought were good prices and lost half their wealth in less than 4 months.
Instead of crashing, the market died a death from a thousand cuts. Slowly but surely, value diminished. 100 points down, 30 points up. Four steps backward, one step forward. Those who were expecting a crash shorted the market. They lost their shirts, skirts, shorts and skorts. The CNBC cheerleaders kept tripping over one another to call a bottom.
"Growth is still positive. I think we avoid a recession altogether!" said one.
"The financials are oversold. Buy WaMu at $13.00, buy Bear Stears at $40.00!" proclaimed another.
Of course, we now know that they were all wrong. We were all wrong. Oil prices sent a systemic shock to the world economy which caused skyrocketing food costs. Global riots occurred. People lost their savings as banks closed their doors, one after the other after the other, relentlessly. Eventually we did suffer a crash, but not before the market had already gone below thresholds even the most pessimistic of bears could not have imagined.
As governments scrambled to obtain larger pieces of an already shrinking pie, war naturally broke out. People starved to death. Life expectancy plummeted as disease ravaged the human population. Then, things god really bad.
Then, things god really bad.
Typo?
Char, there's always tomorrow:
YouTube
- Annie The Musical - Tomorrow
Conjure says, "Argh! Pass the rum."
Then, things god really bad.
American Idol went off the air. Microsoft released Hasta la Vista, baby. Gangs of restless yuppies prowled the highways in their horse drawn SUVs! iPods failed! Blackberries lay dead on the street!
NO No NO, start with:
It was a hot sutlry day in LA, the kind where your hair is wet by nine, and your shirt is wet by ten. Then she came into my office. I could see this dame was nothing but trouble by the way she used her body to navigate. She had bad tranches, and worthless CDOs all over her. I suppose the real clue though, was the cigarette she rolled in CDS paper. I put my hand into my pants and held my .38 tight. she told me she was looking for some stiff named Greenspan, owed her some big dough. I told her I never heard of him, but would put out the word for some clams.
she told me she was looking for some stiff named Greenspan, owed her some big dough. I told her I never heard of him, but would put out the word for some clams.
When eventually found, Greenspan said "It ain't me, honest! It was them accountant fellows."
The Economist take on the B&B debacle.
"THE competition to claim the title of the worlds worst-run bank has seldom been more intense, but Bradford & Bingley, a British mortgage lender, must fancy its chances."
Premium content | Economist.com
Hope this article is outside the subscription wall.
JIm
What you think about nationalizing FNM & FRE?
http://finance.yahoo.com/tech-ticker/article/32320/Radical-Cure-for-Housing-'Cancer'-Nationalize-Fannie-Freddie?tickers=FNM,FRE,WFC,WB,BAC,WM
Not much!
These posts are contributing to my Economic Anxiety Disorder.
Where's Greenspan's "great conundrum" when we need it ?
Funny story, I went and looked at a house yesterday. It is a bank REO. The drug addicts that lived there trashed everything, even burned down the garage and guest house. There is a lot of dry rot and the roof needs a lot of work. The house is maybe 25 minutes from any shopping and schools. Walking around the back yard there is pools of fresh oil seeping up to the surface. Not just a few, but all over the place. Where the yard drops off there is oil running down the rocks and hillside. A buried pipeline runs through the yard.
Price for this wonderous property? 1.2 million.
I am really amazed there were no bank failures this weekend. Almost none of the 200 projected failures have occurred & we're 1/2way through '08. Kicking the can down the road.
FDIC should be pressing now so they have enough staff to perform some reasonably orderly shutdown & asset transfer operations. How will they handle 10 failures on a given weekend ? 2H recovery should be fun to watch.
I told her I never heard of him, but would put out the word for some clams. continued...
It was foot leather and shanks ponies for me. My little runabout being repossessed by a rough fellow with no sense of humor and fists I mistook for country hams. Walking down the street the guards watching the fresh fruits and vegetables gave me the hairy eyeball looking for that telltale hungry look that means trouble and hungry kids at home. The late model Harleys chained in front of the pawn shop were thicker than a payday steak before beef was banned. If I was gonna find this Greenspan fella before some former relitter ventilated him so bad you could see inflation through the holes I had better get on the case. Case-Shiller that is. Those guys knew the territory and where all the bodies were buried. ...
Indymac? Indymac anyone?
Would be good practice for the FDIC newbies.
Lawyerliz, how long is a simple foreclosure taking in your neck of the woods?
It looks like eight months here in Pinellas County.
Then, things got really bad.
American Idol went off the air. Microsoft released Hasta la Vista, baby. Gangs of restless yuppies prowled the highways in their horse drawn SUVs! iPods failed! Blackberries lay dead on the street!
-sdtfs
Whoa bro. Easy now. Lets not get crazy. In the future, we don't lose American Idol. It wasn't a freaking apocalyptic future I witnessed during my time traveling expedition. Sure, over a billion people died, nukes went off in India and Pakistan, starvation and disease were prevalent. But, all the malaise occurs in third world countries. No biggie. American Idol is still alive and well 10 years in the future, although it is merely America's 3rd favorite television program.
Regretfully, ipods do start failing in unprecedented numbers due to battery issues. Apple responds by releasing the next version and the people respond by buying more ipods so they can continue listening to old Misfits records while softly bobbing their heads.
It turns out that while the U.S. was almost entirely responsible for the global catastrophe, its citizens remained largely insulated from the resultant destruction. Military power projects especially well in times of global anarchy. One rogue nation - namely the Former People's Republic of China did attempt to invade with their 100 million man army, but we sank most of the ships and shot down most of the planes carrying those soldiers. The ones that were not blown up simply ran out of gas and limply drifted to our shores. Upon arrival, the emaciated soldiers immediately defected and became our new source of cheap labor.
Rob and Lefty, your parodic skills are awesome. One hat tip apiece.
Also:
Walking around the back yard there is pools of fresh oil seeping up to the surface. Not just a few, but all over the place. Where the yard drops off there is oil running down the rocks and hillside. A buried pipeline runs through the yard.
Are you sure it's a pipeline? I'm thinking of the story of Jed Clampett--black gold. Texas tea.
The oil runs down the mountain in seams and through the properties. Of course someone else owns it and has their pipeline through the yard.
ROB DAWG
You win for longest run on sentence.
TO THE CITIZENS OF THE UNITES STATES OF AMERICA FROM HER SOVEREIGN MAJESTY, QUEEN ELIZABETH II
In light of your failure in recent years to nominate competent candidates for President of the USA and thus to govern yourselves, we hereby give notice of the revocation of your independence, effective immediately. Her Sovereign Majesty Queen Elizabeth II will resume monarchial duties over all states, commonwealths, and territories (except Kansas, which she does not fancy).
Your new prime minister, Gordon Brown, will appoint a Governor for America without the need for further elections.
Congress and the Senate will be disbanded.
A questionnaire will be circulated next year to see if any of you noticed.
John Cleese.
8 months to 10 months, I would say. I defend foreclosures, if there is some reason for it, and I have clients who haven't paid in well over a year. The plaintiffs attys aren't even showing up for the summary judgment hearings, so if the owner or an atty show up, the hearing just gets reset. . . for a month or more later.
China did attempt to invade with their 100 million man army
100 million sounds so small. It's got to be atleast a billion.
Speaking about elections... Who do you enlightened folks believe The honorable Revs Wright, Jackson, Farrakhan and Sharpton will be voting for ?
Lawyerliz , you wrote that you took money out of a Cape Coral bank. My mother has a small savings account there. I figured that with FDIC insurance, I needn't worry. Is there something that you know about this bank that I don't, but should know about?
Lawyerliz said: "so if the owner or an atty show up, the hearing just gets reset"
What about a Tenant in Possession - no standing?
Credit Mutuel makes firm offer for Citibank in Germany
Yahoo! 404 - Page Not Found
Citibank is in trouble...big time.
Well the tenant could show up, but I doubt that he could do anything. The judge could feel sorry for him if the plaintiff's attys didn't show and just refuse to rule. Or not. Dade County judges are pretty whimsical.
I was referring to BankUnited, which is based in Miami, I believe. It has branches all over. All over Fla, at least. Supposedly you are safe if you are under 100 grand.
I have a trust account. It's not my money. so far as I know, if BankU gets taken over, all moneys over 100grand evaporate. I don't think trust accounts are an exception, and if anybody knows differently I'd like to know; I've enquired a bit about this and got no answer. Thing is, if I ever have another real estate transaction, the amount in there will go way over 100 grand, and IF the bank goes under in the short time before I disburse, I'm stuck.
I say supposedly, because there is a great deal of skepticism on this board about whether FDIC will have anywhere near enough money if there is a systemic melt down, which I regard more and more likely all the time. Think bank holidays during the depression, only worse.
I've opened another escrow account at Mellon, which seems at the moment more solid, Grisham novels notwithstanding. Mellon isn't everywhere, and they charge fees.
I have a bit of cash and a bit of gold, just in case. And my house is paid off. But in the case of a systemic meltdown, all bets are off.
I've prepared for a little disaster, but not for The Big One. I question whether the Big One can even be prepared for.
BankU used to trade in the 20s, but is now a penny stock. I used to know one of the honchos and he is a jerk squared. I talked to someone who knows some of the board of directors in May and he said they thought BankU would recover. But what do they know? That was in May, and things have got much worse.
Sorry to go on so long.
barely, I hope not for that whiney little girl, McCain, who pouts and sends out a dozen attack dogs if anyone happens to mention that getting shot down doesn't qualify one to be the President.
Hey now,
This is the TGP that just injected $7 Billion into WaMu's veins aint it?
This is bad, because that means they are preparing for WaMu to die IMHO
Thanks, Lawyerliz. I'm the Tenant in Possession, and it's a bit inconvenient to be bound by the terms of the lease while I wait for the foreclosure shoe to drop.
barely,
"Speaking about elections... Who do you enlightened folks believe The honorable Revs Wright, Jackson, Farrakhan and Sharpton will be voting for ?"
I suspect the same candidate my wife and I will vote for.
Jim
...will be voting for ?
Cheney's cousin?
Russia Presses U.S. Bank Over Money Laundering
Russia Presses U.S. Bank Over Money Laundering - NY Times
MOSCOW The Russian government sought Thursday to make Bank of New York Mellon liable under United States racketeering laws for $22.5 billion in damages arising from a money laundering scandal that helped undermine the Russian economy in the late 1990s.
barely writes:
I am really amazed there were no bank failures this weekend. Almost none of the 200 projected failures have occurred & we're 1/2way through '08.
Typically when a company in an industry gets overextended, the other companies in the industry circle the company like buzzards scoping the victim to determine whether to buy it on the cheap or merely pick over the carcass after it dies.
The problem this time around is too few buzzards especially the big ones who would normally be likely acquirers. I think the FDIC cannot find suitable acquirers of these troubled companies so instead are letting these zombie companies stumble aimlessly longer.
Yah
Notable companies TGP has owned or invested in over the years include Continental Airlines, Ryanair, Ducati Motorcycles, Burger King, Del Monte, Punch Taverns, Neiman Marcus, Alltell Wireless, Univision, MGM, Lenovo and Seagate.
TGP is the one who bought into WaMu and they are the ones burning cash faster than a Texas whore in heat!
Re: WAMU also announced yesterday that it would close a deal to accept a $7 billion dollar capital injection investment from Private Equity Firm, TGP; which, although it could serve to give WAMU the boost it needs, may further dilute shareholders value in the company.
TGP is also on the hook to provide full disclosure to FDIC and there is a conflict of interest in regard to TGP being private and taking on a public bank, thus TGP has not provided full disclosure and this deal may implode yet! TGP looks to be run by retards!
Lawyerliz (and others),
I had similar questions. I called the FDIC and spoke first to an information specialist and then a trust expert there who is an attorney and answered all of my questions about guardianships and trusts.
Re: Russia Presses U.S. Bank Over Money Laundering
Right on Comrades, those Red Bastards need to be shut down for pretending to be Americans. I assume they were also evading taxes in Bermuda with that other bastard.
Re: Dennis P. Lockhart took office March 1, 2007, as the 14th president and chief executive officer of the Federal Reserve Bank of Atlanta. In this role, Lockhart is responsible for all the Bank's activities, including monetary policy, bank supervision and regulation, and payment services.
Before joining the Atlanta Fed, he served as a member of the board of directors of several companies, including CapitalSource Inc., a REIT/finance company; Tri-Valley Corp., an independent oil, gas and mining exploration firm; and Greenfield Holdings Credit Ltd., a joint venture agribusiness finance subsidiary of DuPont Corp. and Bunge Corp.
Greenfield Holdings Credit Ltd
AKA: BUNGE LIMITED
http://freeadvice.brand.edgar- on...TM5iWSCVNXMi7g7
History and Development of the Company
We are a limited liability company formed under the laws of Bermuda. We are registered with the Registrar of Companies in Bermuda under registration number EC20791.
First Scotch now Bourbon. Time to visit Lefty's
404 | MiamiHerald.com
Cringely has a good relevant piece today.
I, Cringely . The Pulpit . Independence Day | PBS
barely writes:
"I am really amazed there were no bank failures this weekend."
I've been waiting too, but in light of how many banks are similarly impaired, playing the same game of hide-the-CRE-salami, can the FDIC start closing one bank per week, say, in a region with 10 known, troubled banks, where everyone will realize the remaining 9 banks will be next?
The absence of piecemeal closures over the last few months, in the worst environment since the GD, and these charts here Financial Sense Online Market WrapUp with Frank Barbera 07.01.2008 tell me something else is going on.
It won't surprise me if they avoid closures even longer and then suddenly close 20 or so in a Friday afternoon massacre.
Enjoy the 4th holiday. Maybe there's another one coming up soon. The newly declared Bank Holiday.
"then suddenly close 20 or so in a Friday afternoon massacre"
I would like FFDIC to comment about the prospects for something like that actually happening. I know they staffed up but I would imagine quite a few senior FDIC leadership types need to be available to preside over the decision making. I doubt they have enough, unless they start doing battlefield promotions of outsourced analysts to a decision making authority level.
The wheels are really wobbly.
barely writes:
"I would imagine quite a few senior FDIC leadership types need to be available to preside over the decision making..."
It would be a busy weekend, but they have "conundrums".
mkt has at least 7% to fall (still):
VWNFX: Performance for VANGUARD WINDSOR II FUND - Yahoo! Finance
Total money market mutual fund assets rose by $896 million to $3.456 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds rose by $2.50 billion in the latest week to $1.210 trillion.
McCain getting shot down isn't the issue, it was his naval career en toto that's at issue.
Never should've Q'd for flight school, middling pilot at best who splashed more than one jet, when made a commander ,despite no solid track record, he was quickly washed out of career track.
The man has never had a straight job in his life(the closest he got was pressing flesh on behalf of his FIL as a professional Vietnam Vet/POW until that house seat opened) isn't respected amongst his peers or employees, the only thing he knows about a checkbook is where's he's supposed to endorse and has changed management so often you'd think he owned Lucent.
mkt has at least 7% to fall (still):
I hope so. It's getting scary.
I remember how stern and staid Bradford and Bingley were when I started saving with them in 197x... - very "BUILDING" SOCIETY. One had passbooks - the general tenor was save with us and not only do you get good rates we'll also look upon you favorably when you want to borrow.. I still remember their TV ads and jingles.
As I moved around the country(UK) I searched out for B&B; one time they even required an affidavit before I could withdraw money because I hadn't been near the account for 4 years !
Then they demutualized and I and 10,000's of other got paid off in a special dividend and shares -12?) years later it comes to this.
That was part and parcel of moving on from the old ways - I freely participated in that ( and AM better off for the massive changes in MY financial expertise and the financial industry of course ) - one should never deny that either.
Rather sad - but I wouldn't have it any other way.
The management are total wankers of course.
-K
Alec I think you made a mistake. Try this link and please stay there:
Daily Kos: State of the Nation
Not to belabor the point, I think why McCai turns it into the POW question is that if McCain released his military file it would not paint a pretty picture, chock full of quotes from his superiors dogging him.
YMMV
Dude, they are POLITICIANS. All of them.
Cmon Lefty Liquors and Hittites, you had me rolling.
Finish your stories.
You too, Rob Dawg!
Here's a fitting song...
"When the Helicopter Comes" on Rough Trade Shops: Country (album, cd) by A+ (artist) - Music, Playlists, Songs, Ringtones, and Lyrics, - nuTsie.com
YouTube
- Blade Runner theatrical trailer
This is the future.
You will all have to live offplanet to be middle class.
Of course with that level of genengineering you can live forever.
But that requires massive resources.
Who owns the moon?
Or Mars?
Stop worrying about oil and look beyond this decades disasters.
Energy=food. Solar space power, combined with high energy here will make radical transformations over the next three decades. It sure won't depend on cheap hydrocarbons from unstable places.
That change will be very interesting to watch.
Someday this war's gonna end...
Alec writes:
Not to belabor the point,..
Too late. Plenty of place that are not this place where you will find an audience.
@lawyerliz, What you might be able to do is something I had to do when I was a city administrator here in Illinois. I had the bank pledge T-Bills as security for those parts of our city monies that were over the FDIC limits.
TPG has at least one other boondoggle on it's hands as they along with the Apollo Group (which has the Linens and Things albatross around it's neck right now too) took Harrah's private in 2007. That would be Harrah's of PIK fame just a few posts down the board.
At least with the banks and publicly traded companies there is some visibility of the problems at hand, if you can wade through the accounting and leveraging trickery. When private equity is involved you seem to be reduced to your proverbial box of chocolates--you never know what your going to get.
...I had better get on the case. Case-Shiller that is. Those guys knew the territory and where all the bodies were buried. ... continued...
I was in luck. The Santa Monica subway was running for once and my transit pass was good for Tuesdays. 85 peso-dollars in the turnstile and the usual third degree by a bored bureaucrat who passed me through despite obviously believing my trip was not of critical public benefit and I was on the platform. That and my using the other $15 from a solid $100 Bushie coin to buy her some lubricant in the form of a chocolate bar that is.
Cliches haven't been a dime a dozen since before President Jenna took over from President Chelsea in an election that had late night talk show hosts dusting off old jokes but if they were a dime a dozen then the downtown fortress of Case and Shiller really was an ivory tower. Take away the razor wire and machine turrets and the the old building could have been a Bank of America branch from the glory days before CEO Mozillo's reign of terror. Shiller looked the same. We had worked together before at the RTC II. He was the brains, identifying which neighborhood next to bulldoze maximizing the supply imbalance. Me, I was the muscle. Not everyone agreed with the RTC and actually tried to stay in their homes. That was then, this was now and we had an international criminal on the loose. He offered me tea. When my ugly puss betrayed my need to dilute and pickle the red cells in my bloodstream which were threatening to bring me dangerously close to sobriety he just smiled and led me to the vault. It really was a former bank. Obviously delighted at my reaction Shiller stood aside and let me see everything... (to be continued?)
waw, one knows that a comunnity is starting to grow, when one starts to see fanfictions appearing
w wrote:
Alec I think you made a mistake. Try this link and please stay there: Daily Kos: State of the Nation
Bingo! May I also suggest for resident Maserati Marxists and Lamborghini Liberals: MoveOn.org: Democracy in Action.