The math sure looks like it works to me. When the Fed makes low-interest medium-term loans to banks, it is a direct transfer of wealth. And it's outrageous.
The pricing on Freddie Mac's three-month notes was about 90 basis points more than similar-maturity U.S. Treasuries. The spread on the six-month notes was about 92 basis points. Last week the spreads were 61 basis points on the three month notes and 80 basis points on the sixth month.
So the auction went off, but the rates are getting worse. Hmmmm.
I'll bring my own paper and saunter down to the Dallas Fed and run me off 50 sheets of hundreds. I'd run off more but I hear there is a long line forming.
This song makes me miss Tanta and the rock blogging days. (We miss you Tanta.) Nowadays everything is so darn stressful, being right just isn't fun anymore.
I said this weeks ago...if they bail out the shareholders, I will stage a small-scale taxpayer revolt. I will do everything in my power to not pay taxes.
In other words, I'll behave like the uber-rich and corporations...
what i mean by that is, since the gov't clearly wants you to spend, a credible argument could be raised in tax court, that you were just doing what the gov't had wanted you to do....implied or not.
although its much more pedestrian than what i typically listen to, i have been rocking rage against the machine whilst reading CR for the last couple weeks.
O gawd, CR, did you have to ? I was already feeling down, just a little under the weather already and did 3 routine medical appointments - internist, dentist for an evalaution and urologist all confirming that old father time while still considerably at bay still is taking its gentle but exacting toll - and then you play this and remind me of my youth !
Makes me want to get on my crotch rocket and blow off at 110 mph somewhere !
The thing is - this crap is gonna affect us all now isn't it - I don't think I'll be able to escape it, bearish and making money that I am, even in India or the UK will I ?
It might be worth it if we could just get some music - Tranches, I'm trying, bit "Fred is Dead" is a little too didactic. And, can charts be set to its music?
One last time, I'll point out that the 3 or 4 previous Case-Shiller release Tuesdays have been scorching rallies - in some cases >+3% on all indices. I hope tomorrow is a change, because I f***ing hate bear market boner rallies. End comment.
Ambac and its affiliates participate in leveraged lease transactions with
municipalities, utilities and quasi-governmental agencies (collectively
"lessees"), either directly or through various partnerships. Assets underlying
these lease transactions involve equipment used by the lessees to provide basic
public services such as mass transit and utilities. Ambac and its affiliates may
provide one or more of the following financial products in these transactions:
The 2,000 marijuana plants found on the farm along with another 1,800 plants recently found nearby had an estimated street value of $3.8 million, authorities said.
The other field was found on property southwest of Hebron that is owned by the McHenry County Conservation District. Koziol said he does not think the two operations are related.
Such large marijuana-growing operations are becoming more common across the nation, said Joanna Zoltay, a spokeswoman for the Chicago field office of the Drug Enforcement Agency.
"Lately the trend has been what you see in McHenry County," Zoltay said. "They're camping there to protect the plants because the fields are larger. We didn't see that in the past."
Instead of smuggling marijuana across the border, it's cheaper and easier for drug rings to grow their own, Zoltay said.
Reported incidents of mortgage fraud jumped 42 percent nationwide, with Florida reporting the highest number of cases, according to industry data released Monday.
Properties in the Sunshine State accounted for nearly a quarter of all mortgage fraud incidents, the Mortgage Asset Research Institute said. California ranked second, followed by a three-way tie for third among Illinois, Maryland and Michigan.
The report is based on data submitted by MARI subscribers about loans that were originated in the first quarter of THIS year and have since been classified as fraudulent.
Reminds me of report I read about long ago in Alaska, in one of the down price cycles for oil (the driver of AK economy) - the city fathers out in the Matanuska/Susitna Valley hired a consultant regarding how best to support the local economy - the answer was stop busting your pot growers (not a politically acceptable answer even with AK history).
Great video, CR! Even better to hear an unmodified song which just happens to fit the current situation so well, as opposed to something with cheesily altered lyrics.
First
Way too funny
Right down to the description of 'bando pets.
I'd appreciate if you'd take my dog...
Wait a minute Chester, nobody feeds the man...
Too depressing man.
Someday this war's gonna end...
Dealbreaker sez:
Fed Pressures Treasury Not To Wipe Out Fannie Mae Preferreds
In other words, your tax dollars are going to be handed to a private company so they can pay dividends.
I really hope they are joking.
"Take a load for free"....
One of my favorite songs of all time...
stunning!
Thank you!
rt
Hilarious. I like the timing of Crazy Chester/Greenspan.
If only everyone would all just sing along together on the last verse, communism would be erased from earth.
I'm no fan of totalitarianism (which is what communism always ends up being) but dontcha loss-socializing capitalism here?
That's what put the load right on me.
"dontcha mean" I mea
OPFs - Other People's Fuckups
Excellent, hilarious, sad.
Nemo, thanks for the link.
Terrible but not surprising, that The Fed puts its owners, the banks, before the public.
F--- Ben and his fellow schmucks, shysters, and shylocks.
And you put the load right on me
Too true to be funny.
So why am I laughing?
See also Trade of The Day: Buy Freddie Paper With Fed Leverage.
The math sure looks like it works to me. When the Fed makes low-interest medium-term loans to banks, it is a direct transfer of wealth. And it's outrageous.
OT, but has anyone noticed that LEH is down 6.66% today? If that isn't a sign, nothing is.
The pricing on Freddie Mac's three-month notes was about 90 basis points more than similar-maturity U.S. Treasuries. The spread on the six-month notes was about 92 basis points. Last week the spreads were 61 basis points on the three month notes and 80 basis points on the sixth month.
So the auction went off, but the rates are getting worse. Hmmmm.
Still waiting for someone to do that with Freddy's Fat Bottomed Girls.
We are all banks now...
I think I'll excercise the freedom of the press.
I'll bring my own paper and saunter down to the Dallas Fed and run me off 50 sheets of hundreds. I'd run off more but I hear there is a long line forming.
Somebody link 'Bell Bottom Blues' I'm gitin all misty for the 70's.
Smoke on the Water?
This song makes me miss Tanta and the rock blogging days. (We miss you Tanta.) Nowadays everything is so darn stressful, being right just isn't fun anymore.
I don't find this funny...
World according to Kudlow
Stocks down == Obama factor
Funny stuff! Economy wilting more each day and he thinks it's a goldilocks stock market - BUY BUY BUY!
Happy Birthday to Rollie Fingers, Gene Simmons, and FFDIC!
Ridiculous...sicko's
Deny reality seb, just keep on denying.
What is in the video is the past already, the future drops will be even harder to take.
Asset deflation, cost of living inflation.
Ask folks living on fixed incomes how much the drop on wall street lowers their cost of living.
Someday this war's gonna end...
Nemo, thanks for the link.
I said this weeks ago...if they bail out the shareholders, I will stage a small-scale taxpayer revolt. I will do everything in my power to not pay taxes.
In other words, I'll behave like the uber-rich and corporations...
SC, your late
what i mean by that is, since the gov't clearly wants you to spend, a credible argument could be raised in tax court, that you were just doing what the gov't had wanted you to do....implied or not.
just spend!
SC,
Tax avoidance is a patriotic duty.
Expect some meaningful capital flight during the next decade or so. The ultimate tax is a wealth tax.
although its much more pedestrian than what i typically listen to, i have been rocking rage against the machine whilst reading CR for the last couple weeks.
just seems so right.
calm like a bomb, indeed.
Levon Helm, Alan Greenspan. Alan Greenspan, Levon Helm.
I linked to it the other day, but the soon-to-be prophetic "Freddie's Dead" has got to be the companion song for the other GSE.
Here's the Fishbone version:
YouTube - Freddie's Dead
"Everybody's misused him, ripped him off and abused him..."
O gawd, CR, did you have to ? I was already feeling down, just a little under the weather already and did 3 routine medical appointments - internist, dentist for an evalaution and urologist all confirming that old father time while still considerably at bay still is taking its gentle but exacting toll - and then you play this and remind me of my youth !
Makes me want to get on my crotch rocket and blow off at 110 mph somewhere !
The thing is - this crap is gonna affect us all now isn't it - I don't think I'll be able to escape it, bearish and making money that I am, even in India or the UK will I ?
Damn them.. Damn the pushers...
-skk
How many days in the month of August alone has the DJIA closed +/- >200? And yet today it's all over the press front pages?
I smell bear bait
It might be worth it if we could just get some music - Tranches, I'm trying, bit "Fred is Dead" is a little too didactic. And, can charts be set to its music?
A bit OT but I think we have found a use for antique shopping malls.
Story on Yahoo; 'Marijuana found growing in shopping mall'.
Talk about increasing your sales per square foot! Salvation!
CLASSIC, CR, BEST EFFORT EVER, BRAVO!!!!!!! JUST GREAT!
One last time, I'll point out that the 3 or 4 previous Case-Shiller release Tuesdays have been scorching rallies - in some cases >+3% on all indices. I hope tomorrow is a change, because I f***ing hate bear market boner rallies. End comment.
Noticed the credits were for Omid. Is that the name of a Saudi that might be saddled with some common and preferreds ?
Nice reflection of what usually happens when the owners of a country let the management run amok.
Hey, I'm sorry as hell, but I don't like the sound of this shit, and i'm not taking about The Band (better with Dylan of course):
The following is an excerpt from a 10-Q SEC Filing, filed by AMBAC FINANCIAL GROUP INC on 8/11/2008
AMBAC FINANCIAL GROUP INC - ABK Quarterly Report (10-Q) Item 2. Management's Discussion and Analysis of Financial ...
Ambac and its affiliates participate in leveraged lease transactions with
municipalities, utilities and quasi-governmental agencies (collectively
"lessees"), either directly or through various partnerships. Assets underlying
these lease transactions involve equipment used by the lessees to provide basic
public services such as mass transit and utilities. Ambac and its affiliates may
provide one or more of the following financial products in these transactions:
As upset as you are, please try to keep it clean. This is a family site, sort of.
The 2,000 marijuana plants found on the farm along with another 1,800 plants recently found nearby had an estimated street value of $3.8 million, authorities said.
The other field was found on property southwest of Hebron that is owned by the McHenry County Conservation District. Koziol said he does not think the two operations are related.
Such large marijuana-growing operations are becoming more common across the nation, said Joanna Zoltay, a spokeswoman for the Chicago field office of the Drug Enforcement Agency.
"Lately the trend has been what you see in McHenry County," Zoltay said. "They're camping there to protect the plants because the fields are larger. We didn't see that in the past."
Instead of smuggling marijuana across the border, it's cheaper and easier for drug rings to grow their own, Zoltay said.
Yessssss!!!
Reported incidents of mortgage fraud jumped 42 percent nationwide, with Florida reporting the highest number of cases, according to industry data released Monday.
Properties in the Sunshine State accounted for nearly a quarter of all mortgage fraud incidents, the Mortgage Asset Research Institute said. California ranked second, followed by a three-way tie for third among Illinois, Maryland and Michigan.
The report is based on data submitted by MARI subscribers about loans that were originated in the first quarter of THIS year and have since been classified as fraudulent.
Florida tops 1Q mortgage fraud list
Fraud on the way up and fraud on the way down.
As upset as you are, please try to keep it clean. This is a family site, sort of.
rich
LOL ! OK, Yamaha FZ1000 motorbike a better way of saying it?
2010 Yamaha FZ1 Home, information, info
But you knew that
-skk
The biggest cash crop in the U.S and you think Monsanto didn't tinker with the genetics?
Go MON GO!
song is kind of - slow...
DINOSAURS must DIE!
Where is anybody closing any loans in Florida? A percentage of practically zero is practically zero.
I suppose that nobody here even knows how to be honest, theoretically they don't have the concept. . .
LOL ! OK, Yamaha FZ1000 motorbike a better way of saying it?
-skk
1983 Suzuki GS1100ES is my poison of choice. Can't wait till I'm recovered enough to ride.
Reminds me of report I read about long ago in Alaska, in one of the down price cycles for oil (the driver of AK economy) - the city fathers out in the Matanuska/Susitna Valley hired a consultant regarding how best to support the local economy - the answer was stop busting your pot growers (not a politically acceptable answer even with AK history).
I don't wanna die, I just want to ride my motorcyyyyy...
Just for fun: A look at the housing numbers, with Lawrence Yun, National Association of Realtors senior forecast economist
Video - CNBC.com
40%++ plus homes sold are distressed
he continues to defend SS...
what if, instead of distressed homeowners losing to foreclosure, they use there SS contributiion to pay there mortgage?
there,their,they're ...Weva
Please can someone do a vid to Freddie's dead
Please, I'll write the first comment, I'll give ya some preferred stock anything
Freddie's Dead
???
Freddie's Dead
This may be better;
YouTube - Pink Floyd The Wall Movie (1982) Goodbye Blue Sky (animated scene) (((Stereo)))
This brings back old memories.
Was in a Harley dealership this PM and saw their newest ad sign.
"Screw It, Let's Ride."
The verbiage in front was good, but I'm too tired to remember what it was.
Great video, CR! Even better to hear an unmodified song which just happens to fit the current situation so well, as opposed to something with cheesily altered lyrics.
Great find !
This guy ripped me off!
I wrote the following article on my blog on July 29,2008.
Trendocracy: Take A Load Off Fannie!