Nearly 40 percent of Indiana's mortgage brokerages lost their licenses Wednesday because they haven't complied with a new law aimed at raising the standards of the industry in a state with one of the nation's highest foreclosure rates
Casino? Fire sale? Foreclosure? What about the prostitutes and accountants?
OT: Consumer discretionary profits missed estimates by 72 percent, led by larger-than-expected losses at General Motors Corp. and Ford Motor Co. Financial companies earned 60 percent less than analysts estimated. American Express Co., the biggest U.S. credit card company, missed the average estimate by 32 percent on July 22.
European style bathing, is when you get a group of German tourists (wearing socks and sandles) who put towels on on the sun loungers at 8am then go out for half the day leaving all other guests frustrated by the lack of available loungers.
I'm curious if MGM wants to run another casino. Doesn't it just increase competition for their existing properties? Plus they've already bitten off more than they can chew with the City Center.
I wouldn't be the least bit surprised if MGM bites the dust before this cycle ends.
I commend the following podcast to your consideration.
Two brilliant economists (including a former prof of mine) talking about the risk of a Great Depression in light of current market conditions. Sobering.
"Make no mistake about it, we had one of the easiest entrance barriers in the country," Monaco said. He said many of the brokers who have lost their licenses likely already had left the business because of the housing industry downturn.
The low standards likely were among the factors leading to Indiana consistently having one of the 10 highest foreclosure rates in the nation, Monaco said.
Rokita, however, downplayed the brokers' standards role in Indiana's high foreclosure rate.
"I don't think that was a very big piece of that," Rokita said, explaining that talks on the new law began before the subprime mortgage crisis began.
I'm sure they can be used in the up coming disaster movies, this is one market isn't going see better days anytime soon. I wonder if the City within a City will be completed.
jo6pac
Deutsche Bank wants to be engaged in banking, not running a casino,'' said Matthew Clark, a London-based analyst at Keefe, Bruyette & Woods.They've had to decide between selling the Cosmopolitan into a bad market or holding on for better times.''
Elvis | 08.07.08 - 3:37 pm | #
Is European bathing anything like a Turkish bath house? Because, if it is, I'm definitely not going there.
Russian Turkish Baths in NYC
Famous Russian Turkish Baths in New York City's East Village. Learn what a Shivtz is all about. It's better than a fancy day spa at a fraction of the cost.
"This wouldn't have been allowed to happen in the old days when the Mob ran the place. Bugsy would be rolling over in his grave..."
someone i was talkin to this morning said that if we really want to clean this mess up we need to put the mob in charge. They are real good at collecting debts.
CR, you're here in SoCal. Are you seeing what I'm seeing regards our regional love affair with "Vegas?" What I see is a near complete dissolution of every attractive aspect of LV as a destination. Price of gas sure but I also suspect Indian gaming, the high prices in Vegas, crowds, SoCal economy, changing demographics, and most importantly changing consumer tastes. As much as LV has attempted to expand its draw it still remains dependent on SoCal pouring money into the city.
LV IS ALREADY SEEING THE HIGHEST COMMERCIAL VACANCY RATES IN 20 YEARS. Business and Economy - Las Vegas Sun
Unless LV businesses are really nimble this much this early is a heavy portent.
My thesis is that the SoCal echo in LV will be louder than the pop in SoCal.
BTW - per CNBC the Citi loses on ARS is $1.5 billion..
It will take LV 10 years to get out of this mess...But Bob Brinker said LV would do great no matter what...I guess his mansion in Vegas is worth less than he paid
U.S. consumer credit expanded at the fastest rate in seven months in June as Americans turned to their credit cards to keep up spending in the face of rising food and energy costs,
I think the death-blow to the casinos will be when their dreams are dashed in Asia. They're counting on huge earnings growth at their new casinos there.
God forbid we export our recession there (hey, what else are we gonna export to them?).
Wednesday, March 08, 2006 Future Realtor® Job Prospects
"I used to be a Las Vegas Realtor®... Now I'm a Private Party Hostess®." {giggle, giggle} "Wanna invest in some inflationary assets?" {giggle, giggle} "I know, you must be one of those guys that expects a Soft Landing. That's extra, you'll have to talk to my Broker®." {giggle, giggle} "Wanna go back to my place and go over some escrow papers?" {giggle, giggle} "Act now before the price goes up." {giggle, giggle} "There are other interested parties you know. Why just this morning there was a nice young couple that was very interested."
LOL! European Style Bathing! With all the fat Americans! We will all be obese by 2035 according to a new study...Maybe they should reconsider until inventories THIN! HAHAHAHAHA
People go to LV to get rich but they end up losing money most of the time. Same with the developers. That town has always had the biggest swings in RE values -- everytime there is a market downturn in the US, LV experiences convulsions. If what we have now is a RE crash of the 1920s proportions, expect utter devastation in LV.
Last time I visisted the strip, there was a Trump tower dedicated to condominiums going up -- anyone know if he sold his units in time?
Perhaps Las Vegas is a sector the Chinese could invest in; I don't think there would be too much of an uproar if the Chinese SWF picked up a couple of these bankrupt developments. Then they could fly their citizens to LV for entertainment purposes and keep the whole operation in house. No need to worry about exposing their citizens to freedom of the press or anything...they'll just go straight from McCarran to the Strip and back. Just like American visitors to Vegas...
A bit OT, but on Indiana brokers, there is a difference between "losing your license," (a regulatory or punitive measure) and "choosing not to renew your license," (good business sense at this time).
"Losing" makes it sound like someone is "paying for their misdeeds."
"Non-renewal" just doesn't have the same vindictive ring to it!
Remove non-present person(s) towels, cast aside, occupy chair(s) at will.
If and when they return, say "Sorry, didn't see your name on these chairs"
Surely DB can team up with Lufthansa for flights from Germany to LV with a great package deal to their new holdings. So long as the dollar is weak that is.
Certainly gambling inclined U.S. residents are not going to keep helping LV casinos make their payroll going forward, not while the PPT is at work and Goldman Sachs doing pump up short down manuevers weekly.
This last batch of casinos in Vegas has just been a disaster. The Cosmopolitan was not supposed to be a 3.5 billion dollar casino, I believe it started out at 1.2 billion, then went to 2.5, now they are at 3.5?
City Center was supposed to be 6 billion, then it ballooned to 9, now they are at 12 and costs I assume could run higher.
syvanen, No Trumps project is not going well. Just laid off 70 employees. You can probably find the info on news.google.com
But Trump won't take a bath this time. He wised up and started licensing his 'brand'. I do not think most of these projects going up with his name belong to him.
i'm 6'4 and 255. sound obese? i am classified as such.
too bad i'm a practicing amateur kick boxer and mixed martial artist and in phenomenal shape. i just happen to be huge.
but i'm one of the obese statistics per the US GOV
just food for thought.
though most of the US is fat. real fat.
i read somewhere recently that we could end the obesity crises if people would just start calling fat people, fat fcks. as in, hey you, you fat fck, quit being so f*cking fat.
Boo hoo. It's totally acceptable for a developer to foreclose on a development. He's not losing his house, and it's just business as usual. Now if some Joe is caught in a 50% decline and has to decide between mortgage and food, he's vilified because he has to foreclose. It's just a "business" decision, right?
A 3.5B project in Las Vegas sounds totally insane to me. No wonder the Euro is tanking! German banks seemed to be already in trouble with sub prime. I never bought the deflationary argument but more and more i can see it. I need to come to this blog to hear the calming reassuring words of CR that this is all more or less a nothing burgar.
I live in Pittsburgh, P.A. where construction of a casino is stalled due to funding and other issued-google Don Barden if you're curious. Our enlightened legislators legalized gambling without a referendum. (In nearby Ohio the people voted "No" on a referendum) We were told gambling revenue would reduce our property taxes.(cough) The social costs of a casino were downplayed. Oh! and the Penguins get a new hockey arena as part of the deal. Good for the tuna!
European style bathing, is when you get a group of German tourists (wearing socks and sandles)
hey, that's mostly the people from the ruhr area.
who put towels on on the sun loungers at 8am then go out for half
yeah, that's german.
Besides, you're moaning about german style towel usage, which certainly has next to nothing to do with "european style bathing", which is something i (inhabitant of the ruhr area in germany [europe]) fail to understand. There are roman / finnish / swedisch / (you name it) styles of bathing, but most of them have nothing in common.
So "european style bathing" possibly just means "a bath was supposed to be there, and nobody ever thought about which kind of bath to build". Which is possibly quite ok, considering that no money was wasted to plan for a bath not going to be built anyway
Foreclosing on a casino is a funny idea. You lost the bet on your loan and instead of the casino taking you, you get to take the casino.
Cosmopolitan Resort
Sodom and Gomorrah seem to be getting hit pretty hard in this credit crunch.
Is European bathing anything like a Turkish bath house? Because, if it is, I'm definitely not going there.
Nearly 40 percent of Indiana's mortgage brokerages lost their licenses Wednesday because they haven't complied with a new law aimed at raising the standards of the industry in a state with one of the nation's highest foreclosure rates
Business Week Online > File Not Found
Poor people have to take their medicine asap. Rich people just move it to level 3.
Free stack of chips with every new account.
"Waiting for a better market" is a nice example of Tanta's point from the other post.
"We're going to smugly refuse to take any losses, so we'll just wait until they eventually crater us into oblivion."
They rolled the dice and.....they busted. Las Vegas will be the hottest ghost town attraction in the west.
OT -- tough afternoon for the PPT; good effort via futures purchases, but 'no joy.'
C'mon, PPT, get with the program: Greenspan said you gotta keep stock prices high to attract more investors to recapitalize the banks.
No dessert for you tonight.
A bank running a casino makes about as much sense as a casino running a bank... no, wait... they do. Never mind.
Casino? Fire sale? Foreclosure? What about the prostitutes and accountants?
OT: Consumer discretionary profits missed estimates by 72 percent, led by larger-than-expected losses at General Motors Corp. and Ford Motor Co. Financial companies earned 60 percent less than analysts estimated. American Express Co., the biggest U.S. credit card company, missed the average estimate by 32 percent on July 22.
Some of the mortgage securitization guys would probably like a secure job at the tables about now.
On IN mortgage brokers:
The new law also requires background checks on brokers and raised their annual fees to $400 from $100, Rokita said.
"Some businesses said, `I don't even want to invest another $300 in this enterprise,'" he said.
Sounds like Deutsche Bank should have said the same thing about LV hotel construction/development loans.
Elvis
European style bathing, is when you get a group of German tourists (wearing socks and sandles) who put towels on on the sun loungers at 8am then go out for half the day leaving all other guests frustrated by the lack of available loungers.
Or super leathery old people who moan all day...
I get the feeling that the plunge is upcoming.
I'm curious if MGM wants to run another casino. Doesn't it just increase competition for their existing properties? Plus they've already bitten off more than they can chew with the City Center.
I wouldn't be the least bit surprised if MGM bites the dust before this cycle ends.
The page cannot be found
Under "The team" section is Perini Building Company. Is this resort already built and paid for?
This wouldn't have been allowed to happen in the old days when the Mob ran the place. Bugsy would be rolling over in his grave...
I commend the following podcast to your consideration.
Two brilliant economists (including a former prof of mine) talking about the risk of a Great Depression in light of current market conditions. Sobering.
Barro on Disasters
Mot,
Amazing story!!!
"Make no mistake about it, we had one of the easiest entrance barriers in the country," Monaco said. He said many of the brokers who have lost their licenses likely already had left the business because of the housing industry downturn.
The low standards likely were among the factors leading to Indiana consistently having one of the 10 highest foreclosure rates in the nation, Monaco said.
Rokita, however, downplayed the brokers' standards role in Indiana's high foreclosure rate.
"I don't think that was a very big piece of that," Rokita said, explaining that talks on the new law began before the subprime mortgage crisis began.
I don't know much about gambling, but I think this is what they call doubling down...
Is European bathing anything like a Turkish bath house?
Not really. Turkish baths is nude but M & F are seperated facilities.
European baths are mixed.
I'm sure they can be used in the up coming disaster movies, this is one market isn't going see better days anytime soon. I wonder if the City within a City will be completed.
jo6pac
Will this default lower Mr. Eichner's FICO score?
piss off punk
Is this like a fish getting eaten by a bigger fish? Casino gets eaten by a Casino of a higher order...
The Dow is in Puerto Vallarta for the afternoon, cliff diving with the guys.
"Nearly 40 percent of Indiana's mortgage brokerages lost their licenses Wednesday"
This might be really big news if there was money casing deal. But the music has stopped and they aint dancing.
"Earlier this year, Deutsche Bank took control of seven New York office towers after developer Harry Macklowe defaulted..."
Quite the loan department at DB!
The DB investments give new meaning to the phrase 'Mark to market'.
Deutsche Bank wants to be engaged in banking, not running a casino,'' said Matthew Clark, a London-based analyst at Keefe, Bruyette & Woods.They've had to decide between selling the Cosmopolitan into a bad market or holding on for better times.''
Put it all on 23 red.
I've noticed that Puts on casinos have gotten very expensive, despite the rise of more than 50% in the share prices of, say, LVS and WYNN.
I think bearish investors are licking their chops. These stocks will break back through their lows again in the near future.
The casinos have launched major expansions at exactly the wrong time, have tons of debt, and they sell a luxury product to average consumers.
Of course, the bulls will tell you that the rich folks (and especially rich foreigners) will keep earnings strong. Ahem....bullshit!
Elvis | 08.07.08 - 3:37 pm | #
Is European bathing anything like a Turkish bath house? Because, if it is, I'm definitely not going there.
Russian Turkish Baths in NYC
Famous Russian Turkish Baths in New York City's East Village. Learn what a Shivtz is all about. It's better than a fancy day spa at a fraction of the cost.
&bsp;
"This wouldn't have been allowed to happen in the old days when the Mob ran the place. Bugsy would be rolling over in his grave..."
someone i was talkin to this morning said that if we really want to clean this mess up we need to put the mob in charge. They are real good at collecting debts.
m
CR, you're here in SoCal. Are you seeing what I'm seeing regards our regional love affair with "Vegas?" What I see is a near complete dissolution of every attractive aspect of LV as a destination. Price of gas sure but I also suspect Indian gaming, the high prices in Vegas, crowds, SoCal economy, changing demographics, and most importantly changing consumer tastes. As much as LV has attempted to expand its draw it still remains dependent on SoCal pouring money into the city.
LV IS ALREADY SEEING THE HIGHEST COMMERCIAL VACANCY RATES IN 20 YEARS.
Business and Economy - Las Vegas Sun
Unless LV businesses are really nimble this much this early is a heavy portent.
My thesis is that the SoCal echo in LV will be louder than the pop in SoCal.
LV is done!
BTW - per CNBC the Citi loses on ARS is $1.5 billion..
It will take LV 10 years to get out of this mess...But Bob Brinker said LV would do great no matter what...I guess his mansion in Vegas is worth less than he paid
U.S. consumer credit expanded at the fastest rate in seven months in June as Americans turned to their credit cards to keep up spending in the face of rising food and energy costs,
UPDATE 1-U.S. consumer credit rose $14.33 bln in June
| Reuters
Can't take care of tomorrow if you can't take care of today. Bunch of broke fools.
Dont forget Lake LV just went bust.
Weren't these idiots the ones who were choosing paint colors at this trainwreck?
I think the death-blow to the casinos will be when their dreams are dashed in Asia. They're counting on huge earnings growth at their new casinos there.
God forbid we export our recession there (hey, what else are we gonna export to them?).
Blast from my past:
better pic:
000_0019 on Flickr - Photo Sharing!
"C'mon, PPT, get with the program: Greenspan said you gotta keep stock prices high to attract more investors to recapitalize the banks. -jg"
Nice to see someone else caught that. Coming from the architect of the PWG, no less. That FT commentary was shameless and hypocritical.
LOL! European Style Bathing! With all the fat Americans! We will all be obese by 2035 according to a new study...Maybe they should reconsider until inventories THIN! HAHAHAHAHA
If you go to the casino website it appears that POS isn't close to being finished yet. Good luck with that, Deutsche Bank! Vegas is so effed.
didn't realize some are saying LV has a 3.5 year (yes, year) supply of homes on the MLS. Bottom of the below article:
http://www.cpnonline.com/cpn/content_display/regions/southwest/e3i29faacc3d1f770ee264500e092e6fbd1
"someone I was talking to this morning said that if we really want to clean up this mess we need to put the mob in charge"
OK. I'm gonna say it: Could they really have done/will do a worse job than the Federal Reserve?
hmmmm......m, your friend may be into something here.......and no, I'm not being sarcastic. Unfortunately.
People go to LV to get rich but they end up losing money most of the time. Same with the developers. That town has always had the biggest swings in RE values -- everytime there is a market downturn in the US, LV experiences convulsions. If what we have now is a RE crash of the 1920s proportions, expect utter devastation in LV.
Last time I visisted the strip, there was a Trump tower dedicated to condominiums going up -- anyone know if he sold his units in time?
"I'm sure they can be used in the up coming disaster movies"
Good plan. Hollywood does well during economic downturns, right?
Perhaps Las Vegas is a sector the Chinese could invest in; I don't think there would be too much of an uproar if the Chinese SWF picked up a couple of these bankrupt developments. Then they could fly their citizens to LV for entertainment purposes and keep the whole operation in house. No need to worry about exposing their citizens to freedom of the press or anything...they'll just go straight from McCarran to the Strip and back. Just like American visitors to Vegas...
A bit OT, but on Indiana brokers, there is a difference between "losing your license," (a regulatory or punitive measure) and "choosing not to renew your license," (good business sense at this time).
"Losing" makes it sound like someone is "paying for their misdeeds."
"Non-renewal" just doesn't have the same vindictive ring to it!
If you check out the "European-style bathing," you'll probably find that Commercial Real Estate Prices are not the only things that are sagging.
Isn't Trump overdue for another BK?
andy in nz at 3:46
Proper resort etiquette:
Remove non-present person(s) towels, cast aside, occupy chair(s) at will.
If and when they return, say "Sorry, didn't see your name on these chairs"
Surely DB can team up with Lufthansa for flights from Germany to LV with a great package deal to their new holdings. So long as the dollar is weak that is.
Certainly gambling inclined U.S. residents are not going to keep helping LV casinos make their payroll going forward, not while the PPT is at work and Goldman Sachs doing pump up short down manuevers weekly.
This last batch of casinos in Vegas has just been a disaster. The Cosmopolitan was not supposed to be a 3.5 billion dollar casino, I believe it started out at 1.2 billion, then went to 2.5, now they are at 3.5?
City Center was supposed to be 6 billion, then it ballooned to 9, now they are at 12 and costs I assume could run higher.
Talk about a disaster.
syvanen, No Trumps project is not going well. Just laid off 70 employees. You can probably find the info on news.google.com
But Trump won't take a bath this time. He wised up and started licensing his 'brand'. I do not think most of these projects going up with his name belong to him.
PS OT
on the "fat obese thing"
i'm 6'4 and 255. sound obese? i am classified as such.
too bad i'm a practicing amateur kick boxer and mixed martial artist and in phenomenal shape. i just happen to be huge.
but i'm one of the obese statistics per the US GOV
just food for thought.
though most of the US is fat. real fat.
i read somewhere recently that we could end the obesity crises if people would just start calling fat people, fat fcks. as in, hey you, you fat fck, quit being so f*cking fat.
made me laugh. maybe its true
I'm shocked! shocked! to find real estate in this establishment!
dc,
admit it, your fat
sbarrkum:
I thought they closed all the "baths" in NYC because of....well, you know, AIDs.
Boo hoo. It's totally acceptable for a developer to foreclose on a development. He's not losing his house, and it's just business as usual. Now if some Joe is caught in a 50% decline and has to decide between mortgage and food, he's vilified because he has to foreclose. It's just a "business" decision, right?
A 3.5B project in Las Vegas sounds totally insane to me. No wonder the Euro is tanking! German banks seemed to be already in trouble with sub prime. I never bought the deflationary argument but more and more i can see it. I need to come to this blog to hear the calming reassuring words of CR that this is all more or less a nothing burgar.
I live in Pittsburgh, P.A. where construction of a casino is stalled due to funding and other issued-google Don Barden if you're curious. Our enlightened legislators legalized gambling without a referendum. (In nearby Ohio the people voted "No" on a referendum) We were told gambling revenue would reduce our property taxes.(cough) The social costs of a casino were downplayed. Oh! and the Penguins get a new hockey arena as part of the deal. Good for the tuna!
Regarding what andy in nz wrote:
hey, that's mostly the people from the ruhr area.
yeah, that's german.
Besides, you're moaning about german style towel usage, which certainly has next to nothing to do with "european style bathing", which is something i (inhabitant of the ruhr area in germany [europe]) fail to understand. There are roman / finnish / swedisch / (you name it) styles of bathing, but most of them have nothing in common.
So "european style bathing" possibly just means "a bath was supposed to be there, and nobody ever thought about which kind of bath to build". Which is possibly quite ok, considering that no money was wasted to plan for a bath not going to be built anyway
Back to on-topic: global decoupling is dead.
Regards, Uwe