Silver State unpurchased a CD on me last week right on settlement date...does that mean they just inherited billions from a rich uncle, or does it mean someone...coughFDICcough...said no more brokerage CDs for YOU!?!
WaMu is to big to fail until the removal of the Federal Reserve Act's Rule 10B requested from the FDIC presented in the Housing Bill.
"The exemption in the new law, which was requested by the FDIC without objection by the Fed's Board of Governors, was aimed at making clear that once banks are taken over by the FDIC, capital rules no longer apply because they are effectively owned, operated and in liquidation by the government."
Assume we're SunTrust or Mutual Of Omaha bank and we want the deposits of these troubled banks. Do we show up in D.C. friday morning and put on a dog and pony show? How are the messiah banks getting these deals?
Speaking of Mutual Of Omaha. I'm worried about them. They sent me a letter today telling me that I can get $1M life insurance policy for about $20 a month. No medical examination required, and it covers everything except suicide.
Anon:
I've been screaming about it for the past week. If it happens I demand a huge hat-tip. Maxine Waters promised during Housing Billout debate try to resurrect DAP... I can easily see it being tucked somewhere in an omnibus bill.
$72mm. Podunk nonsense. When do we get WaMu ? We need to shatter the record. This is America after all. This under the radar crap won't even make the last page in the business section.
Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008.
The Green-Miller-Waters-Shays plan would re-authorize and reform non-profit downpayment assistance and secure it as an allowable source for FHA borrowers. The bill seeks to ensure that providers of the downpayment assistance operate in a transparent manner to guard against conflicts of interest. The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers.
It is important that you contact your elected officials in Congress and tell them that you support downpayment assistance and urge them to support H. R. 6694. To reach your elected officials, please call the US Capitol Switchboard at 202.224.3121.
AmeriDream continues to be your trusted advisor, bringing timely and accurate information when you need it most.
Thank you for your continued support and confidence.
Join The Growing List of DPA Supporters:
Congressional Leaders
US Conference of Mayors
The National Association of Counties
The National Home Builders Association
Labor Council for Latin American Advancement
The National Urban League
Association for Homeowners Across America
The 32,000 housing industry professionals, gift recipients and homebuyers who have either written or called Congress to support DPA
"
A small fry, to be sure, but it's starting to become a steadier pace.
Similar to the first flurry of an approaching blizzard turning into a steadier snow.
And for those who just can't wait 'til next Friday, there's always the WCI communities deathwatch. T-minus 72 hours 'til the $125M note comes due.
On August 1, 2008, the FDIC was named as receiver for First Priority Bank, Bradenton, Florida by the State of Florida, Office of Financial Regulation. All insured non-brokered deposits were transferred to the acquiring institutio
Boy, those pigmen tools in Congress moved fast on the attempt to revive DPA's. The ink was barely dry on the bill when they are already trying to mess with it; this has to be some kind of speed record for re-writing legislation.
Unfortunately for the pigmen, Congress is now off until after labor day. At the rate things are deteriorating on the Hill, I'd give this a less than 50% chance of getting to President Bush's desk.
I just wrote my RINO Representative Gary Miller to man up and take his name off of the DAP reauthorization bill. Anyone who thinks these seller funded "grey ethics" DAP's are good for the market is a complete tool. With foreclosure rates three times the average FHA transaction, they cost more than they benefit communities. I can understand Maxine Waters pushing this because she does not know her left hand from her right, but come on Gary Miller (R-etard) should be nowhere near this turd of a bill.
I worked on a company that provides subscription services for small banks and CUs. In March, there was not a discouraging word to be heard. I do hope this doesn't become widespread in the small bank arena. Someone has to pick up the pieces.
I know! This was a tease. Everything is bigger here! BIG honkin SUVs, McManisons with miles of radioactive granite! Super size me! Meals with 3000 calories! We want our bank failures BIG...nearly catastrophic!
We better get with the program here or everyone will get bored soon and all we'll have is GM in BK.
I was looking at the 12.5mm run rate on US vehicle sales. That is before the major leasing outfits said uncle. Going to get worse from here. Already blew through the 01 recession back to 92 levels. Velocity must be scaring the crap out of Ben & Hank. Really tough road ahead on wall st once the Q3 projections get another haircut.
barely, wait until next quarters numbers come in. without any leasing, they are toast. the sales are going to sink like a rock. credit is the lubricant of everything everyone's come to know and expect when purchasing decisions are made. take it away and the straight-up fact is very few can afford most of the goods that people now take for granted.
i'm not sure if this is good or bad. but it's probably necessary to a degree. and i don't subscribe to the 'lower living standards' meme, if what that means is people have to drive cheaper cars, not buy McMansions, a flat screen in every room, 2000 stoves, 200$ sneakers, and eat out every night.
I guess Maxine Waters went through on her promise. Of course CA representatives are going to push for DAP, anything that sells more houses and keeps the market, but more importantly taxes higher is good!
" It was so nice working with AmeriDream. It�s a wonderful organization. In fact, if it wasn�t for AmeriDream, we wouldn�t have been able to get our home. We are so thankful for AmeriDream. There should be more organizations like this. After all, it helps with your American Dream of owning your home. Thanks to AmeriDream, our dream came true."
Just sent the following to my representative, Barbare Lee (Oakland, CA).
While there is probably a time for the DAP, it is not now!
Nearly everyone who received a DAP benefit in the last three years (especially in CA)now is in far greater debt than they ever imagined they could be. If they haven't lost their home already, they are in danger of losing both it and their credit rating (which will affect their ability to rent when they do lose their home).
The same is very likely to apply to those who buy a home in CA using a DAP during the next few years. Home prices are still dropping and if history is followed they are not likely to stabilize for several years. For example, check out:
ipod - I thought you were in the "muddle thru" crowd. Looking at those vehicle sales numbers and the rapid deterioration, muddle through might require firearms...
oh i'm still in the muddle through crowd barely. muddling through doesn't mean that everyone survives though, and US auto manufacturers are going to be part of the carnage along with the IBs and banks. all it does it shift from US to the foreign owned ones though, so net/net not a great loss. and i still think us manufacturing will be stronger due to exports and transport prices drawing the sector closer to home.
so this is a very interesting period of adjustment for everyone. especially people who figure out their gains over the last 20 years are illusory.
No particular comment regarding your question; that said, Brian Pretti's gratis monthly Market Observations are a must read, and <a href="http://www.contraryinvestor.com/mo.htm>his latest concerns a topic similar to what I've been raising for months on this site: long term moving averages in the equity markets. I've been mentioning the 520 week moving average, but BP tops that with a look at the 200 month moving average. Enjoy.
The banks receiving cease-and-desist orders in June were MetroPacific Bank in Irvine, California; Bank Haven in Haven, Kansas; Clarkston State Bank in Clarkston, Michigan; and Hastings State Bank in Hastings, Nebraska
Anonymouse, I actually posted a link to ContraryInvestor.com in the comments last night. Brian's Monthly Observations are always good. I look for it every month the minute it comes out.
Got my 20K (semester) tuition bill today. When does the credit crunch start hitting higher education?
Now. Here in MA MEFA (the MA loan sourcing agency that hooked up my bschool loans) isn't giving out anything this year. Zippo. You know what happens now? All those tier 2 schools that charge as much as the tier 1 but don't have the endowments are going to see their enrollment drop like a rock. It's a scam anyhow. I've taught adjunct for 20 years and can tell you that these schools are no better than a state one.
So watch what happens next as the masses these schools appeal to can't pay the bill for their kids anymore. They either figure out a way to drop the bill, or they fold.
John W writes:
I just wrote my RINO Representative Gary Miller to man up and take his name off of the DAP reauthorization bill. Anyone who thinks these seller funded "grey ethics" DAP's are good for the market is a complete tool.
I'm sure he'll do just that - take his name off per your request - as soon as you pony up the kind of campaign contributions the DAP supporters do...
They either figure out a way to drop the bill, or they fold.
Time to start the universities watch list.
I agree with you that many of the lower tiered private schools are going to get crushed by the evaporation of credit. The irony is that many schools are trying to pass costs this year through higher tuition.
There are a couple of other things that I'm going to enjoy watching over the next several years w/ higher education:
The future of business schools.
WTF are all the Ivy League history/english/poli sci majors going to do now that they can't become investment bankers or analysts?
"Anonymouse writes:
Losses take it into negative territory?
That's correct. It's not an absolute value number, and since the P cannot go below 0, a positive P divided by a negative E = -P/E."
This makes P/E on an index fairly tricky to analyze. If you have half a stock index making $1, and the other half losing $1, the index has zero earnings. But the index value shouldn't be zero, as the companies making money are worth something, and the companies losing money might have some salvage value, or are at least worth $0.
GM wants you to know the not-so-very-new-anymore Chevy Malibu's total sales were up 79 percent in July. The penalty box known as the Chevy Aveo was up 17 percent. The Saturn Aura was up 24 percent. And Cadillac CTS sales were up 38 percent. That's what they put in the bold print right at the top of their July sales press release. However, down in the body you find the real story: overall sales were down 27.7 percent. The auto side's uptick was more than offset by a whopping 41.5 percent drop on the truck side. Something else that's easy to miss is the word "total" in front of some of the sales numbers (like Malibu above). When GM's spinmeisters talk about great "retail" sales of some models, that's a sure sign that fleet sales made up the bulk of the "total" sales mentioned for other models. Just like the numbers other manufacturers show in press releases, these numbers have been adjusted for the number of "sales days;" unadjusted numbers aren't available yet. Rest assured Chris and y'all: we'll share 'em when we have 'em.
"rowen writes:
They either figure out a way to drop the bill, or they fold.
Time to start the universities watch list.
I agree with you that many of the lower tiered private schools are going to get crushed by the evaporation of credit. The irony is that many schools are trying to pass costs this year through higher tuition."
A few posts back, there was commentary on Auction Rate Securities (ARS). ARS were a major funding source for student loans. The ARS market is now toast, so I imagine the loan situation ain't looking too hot.
Lawyerliz writes:
The hub heard on a radio advisor that one should buy a very cheap SUV.
That you can get a SUV for 10 grand or so, which 10k miles, and this trumps even very expensive gas.
That is IF you don't drive much... do a full blown cost of ownership given your anticipated driving habits before you assume whether now cheap SUV gas hog OR efficient little econobox is best economic choice for you (I own one of both - both bought used - use the right tool for the right job... high miles on the econobox, haul heavy things short distance in the big-old-truck).
Just a small gloat. When I refinanced my $7k in student loan debt (spent on room & board over 4 years) back in '05 I got it down to an "effective" 2.73% rate if I allow direct debit from my bank account (done and done).
I'll keep paying minimum interest until they force me higher - that's $20/month. I have been/can continue paying that off by keeping $7k in my HSBC high-yield savings account at roughly prev. 5.25% now 3.25% (thanks Ben). Suckers bought my loans. Too bad I can't default just to stick it to them more (..there's always suicide).
California hints at bottom to housing slump California hints at bottom to housing slump
| Reuters
California's battered homes market may be hitting bottom, suggesting a national housing recovery may follow, veteran banking analyst Charles Peabody said on Friday, citing a rebound in home sales as renters become owners.
Rain in the midwest hits corn prices? I can see the corn fields from my deck. The weathere forecast lists two day's next week with "scattered thunderstorms." Some isolated storms, with dangerous winds, passed through earlier today, missing most places.
This means that rain is possible, but not all that likely.
I am having trouble with this site and other housing blog sites. They are crashing. Sites that are not housing related are not crashing. Anyone have any idea of what is going on?
"total deposits of $227 million. At the time of closing, there were approximately $13 million in uninsured deposits held in approximately 840 accounts that potentially exceeded the insurance limits."
"WTF are all the Ivy League history/english/poli sci majors going to do now that they can't become investment bankers or analysts?"
Hang around freeway off ramps with signs around their necks like:
Will contextualize the benefits of Marxist revolution to the Boston tea party for food.
Will analyze, using femenist theory, why Shakespeare was a misogystic racist for a dollar.
Will analyze the why the actions of Democratic politicians always result in the public good for a bowl of soup. (This guy will also have stupidly have an Obama for president sticker on his sign...thus pissing off the wing nuts, and losing ~50% of drivers.)
Anonymouse: OMG That HUBLOT is AMAZING!!....."I know, I know, "Don't get high on your own supply"....but I would blow off all loans (student & otherwise) & make them bail out Bear Stearns all over again for that King of Bling on my wrist!! Darryl
I just sent this email to my Representative in Congress, Richard Neal (D-MA). (He's a big proponent of fixing AMT and has had some success, so I mention that at the end):
Sir:
I would like to express my opposition to H.R. 6694, which apparently resurrects seller "down-payment assistance" to homebuyers in the guise of charitable contributions.
It is obvious that a DPA mechanism can be abused to artificially inflate the price of real estate transactions, and I believe that it has been abused in the past.
If sellers want to make it easier for people to buy, let them lower the real price.
If the legislation has been written in such a way as to make such transactions completely transparent, and to eliminate all possibility of conflict-of-interest, then perhaps it is acceptable. But I doubt it. I expect the bill to be biased towards developers, homebuilders, and over-leveraged borrowers at the expense of everyone else.
I believe that the real estate crisis has been caused by excessive expansion of credit and overly-loose credit standards. Continuing to encourage sham transactions and irresponsible lending will only drag out the crisis and make it worse.
Furthermore, continuing to prop up the price of housing makes it more difficult for people like myself, a renter, a working person of limited means, to buy a home. I am willing to make the effort and wait to accumulate a small down payment, and I do not believe it is fair to have to bid against people who are literally investing nothing.
I also do not believe it is prudent to buy without making at least a small down payment. A housing policy biased towards 100% financing keeps people like myself in constant financial jeopardy: our choices are to continue renting forever, or to accept imprudent borrowing risks at artificially high prices.
This is an unhealthy system. Please do what you can to correct it.
By the way, although I am nowhere near the income level to be affected by it, I think you have done good work on the Alternative Minimum Tax, and congratulate you on your successes so far. It's difficult to keep people interested in such a dry subject, and it's great that you have been able to keep going.
I suggest this Sunday as an appropriate first anniversary - albeit superficial - for the credit crisis, as 8/03/07 marked the day when one dumb bald guy <a href="http://calculatedrisk.blogspot.com/2007/08/cramer-goes-crazy.html>went apeshit*.
Crashcadia writes:
I am having trouble with this site and other housing blog sites. They are crashing. Sites that are not housing related are not crashing. Anyone have any idea of what is going on?
Nope - but it started affecting me in IE7 when I did a page refresh ~9:30PM. I jumped to Mish's page and same thing. So I rebooted (Vista/Ultimate/IE7) and tried again..whoops, same thing. Firefox works fine as does the haloscan comments page when opened directly in IE. Not sure whats going on..
"As it is we are expecting thinner flows from the West into Asia, over the next few months, lower Middle East exports will only aggravate the situation," a fuel oil trader with an oil major said. Western arbitrage flows into Asia for July were pegged at around 1.83 million tonnes, with August arrivals expected to be about 1.9-2 million tonnes, around a third less than the monthly average in the year to date.
"The tighter flows from the West along with the loss of supplies from Saudi Arabia will keep the market fairly supported," a trader said. Reflecting the tightening fuel oil market, the differential to Dubai crude on Tuesday settled at a discount of around $12-$13 a barrel. This is a drop of nearly 50 percent from crack values seen earlier this month.
"If we continue to see the supply situation into Asia get squeezed, the cracks are going to really firm up, possibly even up to minus $10 or $11," a trader said.
Well, chalk another victory up to M$ HastalaVista and IE7. Such quality software. I use IE7 only kicking and screaming because some site has something I need that only loads in IE. I will generally refuse to visit sites that require IE. Ef 'em.
I just went back over a year on the housing bubble blog, just reading some of the posters that I follow...and bringing forward a topic for the weekend.
when I came back looking for the usual suspects, and witty banter..I felt like I was being watched.
What about deposits over 100 thousand? Did the FDIC say anything about them?
quoting from the PR ...
Customers with accounts in excess of $100,000 should contact the FDIC toll free at 1-800-837-0215 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m. EDT; on Saturday from 8:00 a.m. to 8:00 p.m. EDT; and on Sunday and thereafter from 8:00 a.m. to 6:00 p.m. EDT.
Sounds like deposits over 100K are subject to the usual rules, which I think means they are subject to the disposition of assets. In other words, you may lose some money here.
It crashed for me too on IE7. It's actually a first time to see the particular error message for me. The site comes up, but an error window box hits the screen saying that the site cannot be read, and only closes that active tab, all the rest of the tabs stay open and active.
"Are you a scared little sissy that needs protection from the closet goblin?"
There's closet goblins? Goddammit, the Super Colander Tin Foil Hat is supposed to glow blue when they're around. Where's my shotgun. I gots some eliminatin' ta do.
WTF are you talking about? crash thingy? Not arguing, not understanding.
you are not following? several of the most intelligent converatsions on the intertubes are being, forced to run slower....its like the future looking more like the past.
Mish's site worked fine, but Naked capitalism has the same error, i.e. the site loads, but after loading a pop up window says Internet explorer cannot open the Internet site naked capitalism. Operation aborted.
So....others had trouble getting to CR using IE? I was told IE couldn't open the site, so I did what I should have done long ago: downloaded Firefox that I now use as my default browser.
To work around the "operation aborted" problem [in Vista, using IE7], click on the red ["Stop"] X in the browser's upper toolbar quickly , before the page completely loads, and there will be no error message and no abortion.
The problem appears to be a product of Sitemeter sites, as viewed through Internet Explorer 7.
cracker, after the industrial commodities and oil bubbles pop, it's difficult to say what will be next. Your candidate is just as good as any other. In fact, it's a good candidate.
Of course, I'll be reamed by every peak oiler here for calling oil a bubble, but such is life.
However, I think it's going to be a while before we see any more bubbles.
Mmm... CR, Russ Winter and Yves crashes after loading most of the page with a "Internet Explored cannot open the Internet http..." "Operation aborted" error message. All 3 pages use haloscan and although I haven't looked for entries in local error logs (on my machine) if I had to guess (gawd I hate to offer up untested hypothesis) it would involve loading haloscan calls from within the page body...
FWIW: The aforementioned pages load fine in FF and Safari on the same MS Vista box. It's weird that all was working fine until I chose to reloaded the page. Initially this lead me to believe that it was blogspot specific. But it also happens on Russ Winters non-blogspot Page. No MS updates have been installed locally this afternoon.
FDIC must be planning more. Talked to a friend who worked for the old RTC closing down banks in the 80s-90s and they were contacted by FDIC this week about coming back to work for them. FDIC only offered to match the old pay grade the person made when they left.
Why would I make up something like that? He sells life insurance policies in a mid-west city, and the companies he sells for still send him new software on floppies!
Mistah Bonzei, I have also been having problems on WaPo's site and wonkette. Using an office computer running IE, haven't tried firefox yet. May do that, as it's very annoying.
Sorry dude prove it. The typical 3.11 workstation was a 16/32 bit piece of shite with at best 24 megs of edo ram.
It had no web browser. A circa 96 browser would cripple such systems. Anything much north of 2001 cannot be run on such systems. And it could never run modern websites as support for that antique were mostly dropped in 1997.
So show me some screens of it running or just leave it as a good joke.
I'm 1200 miles from the box or I'd take some photos. Parents don't own a digital camera (they're waaaay backwards). But as UBvMP noted, it doesn't access the Internets. It doesn't do much of anything. Except somehow it runs insurance company software and can play Mortal Kombat PC version.
It's ether FDIC & Sec have hired some Chinese Red Army hackers, or the traffic to the mentioned web sites is unusually high.
I would suspect the second one. People usually get their wake up calls late into economic hardship. And since the general media provides little answers to what's going on, they (general populous) turned here and similar web sites for info.
It's looks like a small run on the economic blogs, starts slowly and growth exponentially until the public anxiety dies out. Maybe CR should boost bank liquidity - force us to sign in and creates profiles. (i know, bad, bad idea) Only hard core, with above average interest in the subject visitors will remain a year from now.
OT but seeing this is after hours on a Friday nite...
Gopher and Archie... Wheew..We are talking BB (before browsers) here. I recall carefully crafting a search query and mailing it to the server.. Hours (or days) later you would get a reply containg a list of matching files.. You would then ftp it over and hope.... It was like playing I got a secret or working a Yoyo by remote control. lafin
I had a circa 1995 DEC Multia (Intel version) running NT 3.51 until I tossed it about a year ago - yeah it still ran. It had 'thick', 'thin' and 'twisted' along with 'narrow' SCSI. 128MB (although 64MB was faster due to the way memory addresses were allocated - above 64MB was like having no L2 cache). Anyway I cut my teeth on 'windows' with this box having been DEC Alpha workstation based up til then. I hung onto it out of fondness rather than any practical use although it would still surf after a fashion - assuming that the page required no plugins that wouldn't run on NT 3.51...grin
A few months back a friend asked to borrow a notebook so she could run QuickBooks at work - seems she had an accident with her work notebook involving a soda... All I had on hand to spare was a circa 1999 Dell with Millennium (long story - got it as a gift from someone who couldn't bare to toss it and drivers were no longer available, WinXP was outta the question, blah, blah). Believe it or not she used it for a good 3 months (until a few weeks ago) before she got a replacement MAC - she would back up the QB files every nite on a CF card I gave her via the USB port. The PCMCI slot and the floppy were long dead so it talked to the MAC Airport via a USB wireless adaptor (what a PITA it was to get the airport and a windoze box to communicate (MAC uses a 'passcode phrase' instead of the HEX value schema utilized by WEP and WPA was outta the question). Fun stuff.
I can't remember when I saw the earliest versions of opera, but I think the first browser I used was mosaic. Now if I could remember the first web page I ever visited, that would be a flash of lucidity.
I got out of college, and lost my internet account and the only company that offered access was compuserve. I think they offered a version of mosaic when browsing began to take off.
@crashcadia,
Yeah when I try to get on the Dr. Bubble Housing blog site, an 'operation aborted' pops up with this statement...'Microsoft Internet Explorer cannot open the internet site' and I've never had any trouble getting on to this housing bubble site. The suggestion to click on the 'X' didn't work...it just cleared my screen.
Misean...try to go to Dr. Housing Bubble Blog
Maybe your computer is approved for entry into this site.
@Dr. Chaos,
Saying that high traffic to Dr. Bubble blog is causing a problem to get on this internet site doesn't make sense. That blog has minimal activity by bloggers compared to Mish or CR or even NR.
Next theory?
I have the oldest computer at my law office. It is 10 years old and uses
ME, and tho it crashes a bit more than the newer machines (2 years old), it is perfectly useful. I am an extremely late adapter, and didn't read anything on the internet until I discovered the Irvine Housing Blog last Sept/Oct, except Slate. I haven't the faintest idea what any of you are talking about.
I took a computer course in the late 80s and very early 70s. I flunked.I find practically everything interesting.
Except. . .computer talk of any type, and the IRS code. I can make myself read the IRS code if I hafta.
One paragraph of even one of the Dummies Books on anything about computers, code or the internet and how it works and my eyeballs just roll up in my head and I just read the cartoons. By comparison, a description of how toilets work or how to tell an ant from a termite (actually important in doing real estate work) utterly fascinating.
I greatly appreciate all the work everybody has done so I can blather on.
American Banker is reporting that the decision to cover all the deposits of two failed banks last week, including those that exceeded the deposit insurance limit, was driven by the reaction to the IndyMac failure...expect more of these transactions but no guarantees..
American Banker is reporting that the decision to cover all the deposits of two failed banks last week, including those that exceeded the deposit insurance limit, was driven by the reaction to the IndyMac failure...expect more of these transactions but no guarantees..
How long can the FDIC do that? Can it do that for, say, 250 banks? And if it suddenly stops doing it, what will those who came late to the feast have to say?
Aug. 1 (Bloomberg) -- TransCanada Corp., Canada's largest pipeline company, won state approval and a $500 million subsidy to proceed with plans to build an estimated $27 billion pipeline that will carry natural gas from Alaska's Arctic region to U.S. markets.
The Alaska Senate voted today in favor of the proposal by Calgary-based TransCanada, following approval last month by the House. The company will get a state license to begin studies and early work on the pipeline.
This is late, but I enjoy these old computer stories...
And Lynx, of course, was at least among the tools available for browsing - possibly even in DOS, not that I ever bothered.
I can verify that. I'm hazy on the year--though I want to say 1994--but I would connect to the web from a DOS computer on a dialup account that kicked me into a shell that I could run Lynx from.
How does that old Congressional tune go? Happy Days are here again Fa-la-la.
In 1990-91 over 1000 savings and loans were lost. How much money does the FDIC have? Will it be enough?
When will they ask for more? Can pee wee Paulson take the lead and help in any way?
We are now over our head at $10.6 Billion in debt. Can the FDIC put us
over the $12.0 Billion and create a new benchmark?
How many more banks to we have to close this year to beat the 1990-91
score?
Keeping Score: Treasury/Congress plus 1 (zillion)
Taxpayers minus (10.9 billion).
Michael LittleBig
What is that bad lingering smell in the air? Is that Congress coming home for summer break?
o wamu or wack-ovia.
bummer.
This could get confusing. First Priority branches open up a SunTrust, and then who does SunTrust open up as next week?
Will WaMu accept First Priorty checks?
It isn't yet COB for all of the branches of banks with a west coast presence.
Silver State unpurchased a CD on me last week right on settlement date...does that mean they just inherited billions from a rich uncle, or does it mean someone...coughFDICcough...said no more brokerage CDs for YOU!?!
OT: saw something on Housing Wire about a bill in the House to resurrect down-payment assistance programs..... already!?
Question is, will "failure" become "failures"? Not 6 pm yet on here on the Left Coast. Place your bets!
WaMu is to big to fail until the removal of the Federal Reserve Act's Rule 10B requested from the FDIC presented in the Housing Bill.
"The exemption in the new law, which was requested by the FDIC without objection by the Fed's Board of Governors, was aimed at making clear that once banks are taken over by the FDIC, capital rules no longer apply because they are effectively owned, operated and in liquidation by the government."
I guess the webmaster is probably one of the first to get the news.
The cost to the FDIC's Deposit Insurance Fund is estimated to be $72 million.
Assume we're SunTrust or Mutual Of Omaha bank and we want the deposits of these troubled banks. Do we show up in D.C. friday morning and put on a dog and pony show? How are the messiah banks getting these deals?
Speaking of Mutual Of Omaha. I'm worried about them. They sent me a letter today telling me that I can get $1M life insurance policy for about $20 a month. No medical examination required, and it covers everything except suicide.
Ha, Suntrust?
I see they are applying the SuperSIV philosophy yet again.
Anon:
I've been screaming about it for the past week. If it happens I demand a huge hat-tip. Maxine Waters promised during Housing Billout debate try to resurrect DAP... I can easily see it being tucked somewhere in an omnibus bill.
STI? STI??
I'm sure this was a huge let-down for the financial Armegeddon crowd...
total assets of $259 million and total deposits of $227 million.
sssssMACK!
(Asian guy's disembodied head appears, yells...)
"ONE FLAG!"
"I'm sure this was a huge let-down for the financial Armegeddon crowd..."
One brick at a time
$72mm. Podunk nonsense. When do we get WaMu ? We need to shatter the record. This is America after all. This under the radar crap won't even make the last page in the business section.
YLSP:
"Congress to
REAUTHORIZE
Down Payment Assistance
August 1, 2008
Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008.
The Green-Miller-Waters-Shays plan would re-authorize and reform non-profit downpayment assistance and secure it as an allowable source for FHA borrowers. The bill seeks to ensure that providers of the downpayment assistance operate in a transparent manner to guard against conflicts of interest. The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers.
It is important that you contact your elected officials in Congress and tell them that you support downpayment assistance and urge them to support H. R. 6694. To reach your elected officials, please call the US Capitol Switchboard at 202.224.3121.
To learn how you can support it, visit http://www.supporthomeownership.com.
AmeriDream continues to be your trusted advisor, bringing timely and accurate information when you need it most.
Thank you for your continued support and confidence.
Join The Growing List of DPA Supporters:
Congressional Leaders
US Conference of Mayors
The National Association of Counties
The National Home Builders Association
Labor Council for Latin American Advancement
The National Urban League
Association for Homeowners Across America
The 32,000 housing industry professionals, gift recipients and homebuyers who have either written or called Congress to support DPA
"
Shnaps, I would conserve my optimism for later when it's needed.
A small fry, to be sure, but it's starting to become a steadier pace.
Similar to the first flurry of an approaching blizzard turning into a steadier snow.
And for those who just can't wait 'til next Friday, there's always the WCI communities deathwatch. T-minus 72 hours 'til the $125M note comes due.
10 down (since the credit crisis began in the middle of last year), 150+ to go...
Dammit, I was just coming here to post this:
Bank Closing - First Priority Bank, Bradenton, FL
On August 1, 2008, the FDIC was named as receiver for First Priority Bank, Bradenton, Florida by the State of Florida, Office of Financial Regulation. All insured non-brokered deposits were transferred to the acquiring institutio
This is entertaining: the Dead Bank of the Week, every Friday? How long before we get a double-header.
Sign me....
Californian with nachos.
Boy, those pigmen tools in Congress moved fast on the attempt to revive DPA's. The ink was barely dry on the bill when they are already trying to mess with it; this has to be some kind of speed record for re-writing legislation.
Unfortunately for the pigmen, Congress is now off until after labor day. At the rate things are deteriorating on the Hill, I'd give this a less than 50% chance of getting to President Bush's desk.
I just wrote my RINO Representative Gary Miller to man up and take his name off of the DAP reauthorization bill. Anyone who thinks these seller funded "grey ethics" DAP's are good for the market is a complete tool. With foreclosure rates three times the average FHA transaction, they cost more than they benefit communities. I can understand Maxine Waters pushing this because she does not know her left hand from her right, but come on Gary Miller (R-etard) should be nowhere near this turd of a bill.
I worked on a company that provides subscription services for small banks and CUs. In March, there was not a discouraging word to be heard. I do hope this doesn't become widespread in the small bank arena. Someone has to pick up the pieces.
I know! This was a tease. Everything is bigger here! BIG honkin SUVs, McManisons with miles of radioactive granite! Super size me! Meals with 3000 calories! We want our bank failures BIG...nearly catastrophic!
We better get with the program here or everyone will get bored soon and all we'll have is GM in BK.
I was looking at the 12.5mm run rate on US vehicle sales. That is before the major leasing outfits said uncle. Going to get worse from here. Already blew through the 01 recession back to 92 levels. Velocity must be scaring the crap out of Ben & Hank. Really tough road ahead on wall st once the Q3 projections get another haircut.
Can we get a TGIFDIC sticky thready that get's re-topped every Friday?
barely, wait until next quarters numbers come in. without any leasing, they are toast. the sales are going to sink like a rock. credit is the lubricant of everything everyone's come to know and expect when purchasing decisions are made. take it away and the straight-up fact is very few can afford most of the goods that people now take for granted.
i'm not sure if this is good or bad. but it's probably necessary to a degree. and i don't subscribe to the 'lower living standards' meme, if what that means is people have to drive cheaper cars, not buy McMansions, a flat screen in every room, 2000 stoves, 200$ sneakers, and eat out every night.
I guess Maxine Waters went through on her promise. Of course CA representatives are going to push for DAP, anything that sells more houses and keeps the market, but more importantly taxes higher is good!
You read it here in the CR comments first!
Found it slogging through the Congressional Record prior to the Bill vote...
YLSP writes:
Sorry to tell you guys but Maxine Waters has promised to revive the DAPs in a standalone bill...
YLSP | 07.27.08 - 1:43 am |
- Currently Watching Thomas the Trai
" It was so nice working with AmeriDream. It�s a wonderful organization. In fact, if it wasn�t for AmeriDream, we wouldn�t have been able to get our home. We are so thankful for AmeriDream. There should be more organizations like this. After all, it helps with your American Dream of owning your home. Thanks to AmeriDream, our dream came true."
Sandra and Michael C.
New Castle, PA
"They sent me a letter today telling me that I can get $1M life insurance policy for about $20 a month."
Do you get to choose the beneficiary?
Just sent the following to my representative, Barbare Lee (Oakland, CA).
While there is probably a time for the DAP, it is not now!
Nearly everyone who received a DAP benefit in the last three years (especially in CA)now is in far greater debt than they ever imagined they could be. If they haven't lost their home already, they are in danger of losing both it and their credit rating (which will affect their ability to rent when they do lose their home).
The same is very likely to apply to those who buy a home in CA using a DAP during the next few years. Home prices are still dropping and if history is followed they are not likely to stabilize for several years. For example, check out:
LACaseShiller3PriceReal.jpg (image)
for the story of Los Angeles home prices after the bust in the early 1990's.
The in the current market, allowing a DAP to be used to qualify for a home purchase will be doing a disservice to the homebuyer.
ipod - I thought you were in the "muddle thru" crowd. Looking at those vehicle sales numbers and the rapid deterioration, muddle through might require firearms...
Since this thread has gone OT...
Here are the current PE Ratios (as of EOB today) from the Wall Street Journals Market Data Center (using TTM earnings):
Dow = -139.25
Nasdaq = 28.05
Russell 2000 = nil
S&P 500 == 23.78
Hmmmm first time Ive seen a negative number. Is that good? And I wonder if nil indicates an undervalued market?
What are buy-the-dips investors thinking right now?
oh i'm still in the muddle through crowd barely. muddling through doesn't mean that everyone survives though, and US auto manufacturers are going to be part of the carnage along with the IBs and banks. all it does it shift from US to the foreign owned ones though, so net/net not a great loss. and i still think us manufacturing will be stronger due to exports and transport prices drawing the sector closer to home.
so this is a very interesting period of adjustment for everyone. especially people who figure out their gains over the last 20 years are illusory.
credit is the lubricant of everything everyone's come to know and expect when purchasing decisions are made.
Got my 20K (semester) tuition bill today. When does the credit crunch start hitting higher education?
How can you have a pe negative number.
If there are no profits, isn't it zero?
Losses take it into negative territory?
The hub heard on a radio advisor that one should buy a very cheap SUV.
That you can get a SUV for 10 grand or so, which 10k miles, and this trumps even very expensive gas.
Hmmm, sounds like a plan. Not that I am in the market for a car.
ShortCourage,
No particular comment regarding your question; that said, Brian Pretti's gratis monthly Market Observations are a must read, and <a href="http://www.contraryinvestor.com/mo.htm>his latest concerns a topic similar to what I've been raising for months on this site: long term moving averages in the equity markets. I've been mentioning the 520 week moving average, but BP tops that with a look at the 200 month moving average. Enjoy.
I'm not sure what it means. I would expect zero or negative earnings to result in an infinte PE ratio...which is what I figured the "NIL" indicated...
Future Friday guests:
The banks receiving cease-and-desist orders in June were MetroPacific Bank in Irvine, California; Bank Haven in Haven, Kansas; Clarkston State Bank in Clarkston, Michigan; and Hastings State Bank in Hastings, Nebraska
FT.com / In depth - FDIC warns four US banks over liquidity
Anonymouse, I actually posted a link to ContraryInvestor.com in the comments last night. Brian's Monthly Observations are always good. I look for it every month the minute it comes out.
MetroPacific in California was also told to stop issuing credit for speculative construction and land development purposes.
Losses take it into negative territory?
That's correct. It's not an absolute value number, and since the P cannot go below 0, a positive P divided by a negative E = -P/E.
I just heard Larry Kudlow declare that there's a slight contraction in the US economy.
Excuse me for a moment while my head explodes.
Go long sign making companies, all these new bank branches are gonna need new signage, boith short term and long.
.
Oh, I just knew there would be one!
NOW it's Friday!
I just heard Larry Kudlow declare that there's a slight contraction in the US economy.
Yep this morning, he finally admitted that we're in a recession and that the deflator is bogus.
Got my 20K (semester) tuition bill today. When does the credit crunch start hitting higher education?
Now. Here in MA MEFA (the MA loan sourcing agency that hooked up my bschool loans) isn't giving out anything this year. Zippo. You know what happens now? All those tier 2 schools that charge as much as the tier 1 but don't have the endowments are going to see their enrollment drop like a rock. It's a scam anyhow. I've taught adjunct for 20 years and can tell you that these schools are no better than a state one.
So watch what happens next as the masses these schools appeal to can't pay the bill for their kids anymore. They either figure out a way to drop the bill, or they fold.
Whew ... I'm with donna... been waiting for that failure announcement.. now I can take my kids to the drive in.
See you after dusk.
Corn, soybeans decline on Midwest rain forecast
Corn, soybeans decline on Midwest rain forecast
These banks are all Cornholiod, they will be ASSimilated.
These are warm-ups. Pre season games. Time to get the drill down pat. They are worth following, however, because you might pick up some 'tells'.
Meh...I remember when a couple hundred mil meant something. Six branches? Please.... Sheila can handle this from her Blackberry at the car wash.
John W writes:
I just wrote my RINO Representative Gary Miller to man up and take his name off of the DAP reauthorization bill. Anyone who thinks these seller funded "grey ethics" DAP's are good for the market is a complete tool.
I'm sure he'll do just that - take his name off per your request - as soon as you pony up the kind of campaign contributions the DAP supporters do...
They either figure out a way to drop the bill, or they fold.
Time to start the universities watch list.
I agree with you that many of the lower tiered private schools are going to get crushed by the evaporation of credit. The irony is that many schools are trying to pass costs this year through higher tuition.
There are a couple of other things that I'm going to enjoy watching over the next several years w/ higher education:
"Anonymouse writes:
Losses take it into negative territory?
That's correct. It's not an absolute value number, and since the P cannot go below 0, a positive P divided by a negative E = -P/E."
This makes P/E on an index fairly tricky to analyze. If you have half a stock index making $1, and the other half losing $1, the index has zero earnings. But the index value shouldn't be zero, as the companies making money are worth something, and the companies losing money might have some salvage value, or are at least worth $0.
Um, this site is crashing in IE but ok in Firefox.
Very good car site. Even has "Deathwatch" for automobile makers.
Disclosure: I own 2 cars and a truck.
Sample:
New Car Reviews, Ratings & Pricing, Auto News for New Models
GM wants you to know the not-so-very-new-anymore Chevy Malibu's total sales were up 79 percent in July. The penalty box known as the Chevy Aveo was up 17 percent. The Saturn Aura was up 24 percent. And Cadillac CTS sales were up 38 percent. That's what they put in the bold print right at the top of their July sales press release. However, down in the body you find the real story: overall sales were down 27.7 percent. The auto side's uptick was more than offset by a whopping 41.5 percent drop on the truck side. Something else that's easy to miss is the word "total" in front of some of the sales numbers (like Malibu above). When GM's spinmeisters talk about great "retail" sales of some models, that's a sure sign that fleet sales made up the bulk of the "total" sales mentioned for other models. Just like the numbers other manufacturers show in press releases, these numbers have been adjusted for the number of "sales days;" unadjusted numbers aren't available yet. Rest assured Chris and y'all: we'll share 'em when we have 'em.
Rats, thats me with the car post!
CSC: thats what I thought too..
this is nto a bank failure, this is more like oily bank flatulence. Just a small side effect from bloated
*pppffrrtt", pardon me.
off balance sheet bullsh*t
"rowen writes:
They either figure out a way to drop the bill, or they fold.
Time to start the universities watch list.
I agree with you that many of the lower tiered private schools are going to get crushed by the evaporation of credit. The irony is that many schools are trying to pass costs this year through higher tuition."
A few posts back, there was commentary on Auction Rate Securities (ARS). ARS were a major funding source for student loans. The ARS market is now toast, so I imagine the loan situation ain't looking too hot.
Lawyerliz writes:
The hub heard on a radio advisor that one should buy a very cheap SUV.
That you can get a SUV for 10 grand or so, which 10k miles, and this trumps even very expensive gas.
That is IF you don't drive much... do a full blown cost of ownership given your anticipated driving habits before you assume whether now cheap SUV gas hog OR efficient little econobox is best economic choice for you (I own one of both - both bought used - use the right tool for the right job... high miles on the econobox, haul heavy things short distance in the big-old-truck).
Just a small gloat. When I refinanced my $7k in student loan debt (spent on room & board over 4 years) back in '05 I got it down to an "effective" 2.73% rate if I allow direct debit from my bank account (done and done).
I'll keep paying minimum interest until they force me higher - that's $20/month. I have been/can continue paying that off by keeping $7k in my HSBC high-yield savings account at roughly prev. 5.25% now 3.25% (thanks Ben). Suckers bought my loans. Too bad I can't default just to stick it to them more (..there's always suicide).
rowen wrote: WTF are all the Ivy League history/english/poli sci majors going to do now that they can't become investment bankers or analysts?
They go to medical school, it's a common occurrence when the economy slows.
Thank god, I was getting worried.
California hints at bottom to housing slump
California hints at bottom to housing slump
| Reuters
California's battered homes market may be hitting bottom, suggesting a national housing recovery may follow, veteran banking analyst Charles Peabody said on Friday, citing a rebound in home sales as renters become owners.
No biggies this week...We know they're out there...
WTF are all the Ivy League history/english/poli sci majors going to do now that they can't become investment bankers or analysts?
Demand for Federal Reserve board members and assistants will skyrocket, to help in "managing" the New Economy.
Silly rabbit.
WTF are all the Ivy League history/english/poli sci majors going to do now that they can't become investment bankers or analysts?
SEC short police or FDIC blog police... perhaps they could manage the short and blog police...
Rain in the midwest hits corn prices? I can see the corn fields from my deck. The weathere forecast lists two day's next week with "scattered thunderstorms." Some isolated storms, with dangerous winds, passed through earlier today, missing most places.
This means that rain is possible, but not all that likely.
That's the summer pattern, BillD - random storm cells; eventually everybody gets wet.
It's gonna be a great year for corn.
Cramer says the bottom is in for financials. And housing.
Yep this morning, he finally admitted that we're in a recession and that the deflator is bogus.
Did Kudlow have to do that to make his supply side equations work under the current conditions?
They got new neat feature. It let's public to check if the account of interest is fully insured.
http://www4.fdic.gov/dip/index.asp
Managing the lines to IndyMac was not fun after all.
I am having trouble with this site and other housing blog sites. They are crashing. Sites that are not housing related are not crashing. Anyone have any idea of what is going on?
That KUDLOW quote made me throw up in my mouth just a little.....Is it time to change the thesis or is Larry just trying to get into heaven?
"total deposits of $227 million. At the time of closing, there were approximately $13 million in uninsured deposits held in approximately 840 accounts that potentially exceeded the insurance limits."
swissluxury.com
<a href="http://www.gearfuse.com/be-the-king-of-bling-with-the-hublot-million-dollar-watch/>Pwnd
So about 6% of the depositors are so ridiculously rich, they just don't give a damn about their possible losses?
Let's set up, "is you account under 100K wake up service".
More evidence of the destructive policies of republicanism.
"WTF are all the Ivy League history/english/poli sci majors going to do now that they can't become investment bankers or analysts?"
Hang around freeway off ramps with signs around their necks like:
Will contextualize the benefits of Marxist revolution to the Boston tea party for food.
Will analyze, using femenist theory, why Shakespeare was a misogystic racist for a dollar.
Will analyze the why the actions of Democratic politicians always result in the public good for a bowl of soup. (This guy will also have stupidly have an Obama for president sticker on his sign...thus pissing off the wing nuts, and losing ~50% of drivers.)
Cheers,
Uncle Billy,
Welcome back
Anonymouse: OMG That HUBLOT is AMAZING!!....."I know, I know, "Don't get high on your own supply"....but I would blow off all loans (student & otherwise) & make them bail out Bear Stearns all over again for that King of Bling on my wrist!! Darryl
I just sent this email to my Representative in Congress, Richard Neal (D-MA). (He's a big proponent of fixing AMT and has had some success, so I mention that at the end):
Sir:
I would like to express my opposition to H.R. 6694, which apparently resurrects seller "down-payment assistance" to homebuyers in the guise of charitable contributions.
It is obvious that a DPA mechanism can be abused to artificially inflate the price of real estate transactions, and I believe that it has been abused in the past.
If sellers want to make it easier for people to buy, let them lower the real price.
If the legislation has been written in such a way as to make such transactions completely transparent, and to eliminate all possibility of conflict-of-interest, then perhaps it is acceptable. But I doubt it. I expect the bill to be biased towards developers, homebuilders, and over-leveraged borrowers at the expense of everyone else.
I believe that the real estate crisis has been caused by excessive expansion of credit and overly-loose credit standards. Continuing to encourage sham transactions and irresponsible lending will only drag out the crisis and make it worse.
Furthermore, continuing to prop up the price of housing makes it more difficult for people like myself, a renter, a working person of limited means, to buy a home. I am willing to make the effort and wait to accumulate a small down payment, and I do not believe it is fair to have to bid against people who are literally investing nothing.
I also do not believe it is prudent to buy without making at least a small down payment. A housing policy biased towards 100% financing keeps people like myself in constant financial jeopardy: our choices are to continue renting forever, or to accept imprudent borrowing risks at artificially high prices.
This is an unhealthy system. Please do what you can to correct it.
By the way, although I am nowhere near the income level to be affected by it, I think you have done good work on the Alternative Minimum Tax, and congratulate you on your successes so far. It's difficult to keep people interested in such a dry subject, and it's great that you have been able to keep going.
Thank you very much for your attention.
Sincerely,
OT -
I suggest this Sunday as an appropriate first anniversary - albeit superficial - for the credit crisis, as 8/03/07 marked the day when one dumb bald guy <a href="http://calculatedrisk.blogspot.com/2007/08/cramer-goes-crazy.html>went apeshit*.
*God the time goes by fast.
hey CR, your in the same crash thingy as Mish...
tin foil on/
"feels like the US is going all china on the intertubes"
tin foil off/
things I wonder about..
Wow, ml-implode also affected
I'm getting bored of these small fish.
Why Prices Won't Stop Falling
Blogger: Blog not found
Big Picture in it, Russ Winters in it.
this feels big brother'ish.
hat tip.
tin foil
Mish seems to be operational, Black Swan is sounding off. I only read him and Gaudia Ray, and Hoz on the HBB
cracker,
WTF are you talking about? crash thingy? Not arguing, not understanding.
Cheers,
Crashcadia writes:
I am having trouble with this site and other housing blog sites. They are crashing. Sites that are not housing related are not crashing. Anyone have any idea of what is going on?
Nope - but it started affecting me in IE7 when I did a page refresh ~9:30PM. I jumped to Mish's page and same thing. So I rebooted (Vista/Ultimate/IE7) and tried again..whoops, same thing. Firefox works fine as does the haloscan comments page when opened directly in IE. Not sure whats going on..
On Fuel Oil:
Saudi Arabia to keep fuel oil exports on ice after summer
"As it is we are expecting thinner flows from the West into Asia, over the next few months, lower Middle East exports will only aggravate the situation," a fuel oil trader with an oil major said. Western arbitrage flows into Asia for July were pegged at around 1.83 million tonnes, with August arrivals expected to be about 1.9-2 million tonnes, around a third less than the monthly average in the year to date.
"The tighter flows from the West along with the loss of supplies from Saudi Arabia will keep the market fairly supported," a trader said. Reflecting the tightening fuel oil market, the differential to Dubai crude on Tuesday settled at a discount of around $12-$13 a barrel. This is a drop of nearly 50 percent from crack values seen earlier this month.
"If we continue to see the supply situation into Asia get squeezed, the cracks are going to really firm up, possibly even up to minus $10 or $11," a trader said.
Mistah Bonzai,
Well, chalk another victory up to M$ HastalaVista and IE7. Such quality software. I use IE7 only kicking and screaming because some site has something I need that only loads in IE. I will generally refuse to visit sites that require IE. Ef 'em.
Cheers,
I just went back over a year on the housing bubble blog, just reading some of the posters that I follow...and bringing forward a topic for the weekend.
when I came back looking for the usual suspects, and witty banter..I felt like I was being watched.
then the crash thingy started....I read a lot...
The GOP is convinced we're all scared little sissies that need to be protected.
Are you a scared little sissy that needs protection from the closet goblin?
In case anyone didn't notice, there's a difference between this bank failure and the ones last week.
This week: SunTrust Bank Acquires the Insured Deposits of First Priority Bank, Bradenton, Florida
Last week: Mutual of Omaha Bank Acquires All Deposits of First National Bank of Nevada and First Heritage Bank, N.A.
I'm thinking Suntrust didn't want all the deposits ?
same txchick from the HBB?
havent read her in some time.
What about deposits over 100 thousand? Did the FDIC say anything about them?
chick bought long side of CFC and BSC...on the utter meltdown momments...sharp lady..
What about deposits over 100 thousand? Did the FDIC say anything about them?
quoting from the PR ...
Customers with accounts in excess of $100,000 should contact the FDIC toll free at 1-800-837-0215 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m. EDT; on Saturday from 8:00 a.m. to 8:00 p.m. EDT; and on Sunday and thereafter from 8:00 a.m. to 6:00 p.m. EDT.
Sounds like deposits over 100K are subject to the usual rules, which I think means they are subject to the disposition of assets. In other words, you may lose some money here.
last tin-foil.
Yahoo today was having major problems in the time delay.stock price thingy...
I always check against another platform.....bad stuff out there people.
"Are you a scared little sissy that needs protection from the closet goblin?"
hat tip chick
aked caps in it.
ok that really was the last one.
It crashed for me too on IE7. It's actually a first time to see the particular error message for me. The site comes up, but an error window box hits the screen saying that the site cannot be read, and only closes that active tab, all the rest of the tabs stay open and active.
Very weird.
I had to open up CR using firefox.
I'll check other sites.
Txchick57,
"Are you a scared little sissy that needs protection from the closet goblin?"
There's closet goblins? Goddammit, the Super Colander Tin Foil Hat is supposed to glow blue when they're around. Where's my shotgun. I gots some eliminatin' ta do.
Cheers,
Misean writes:
cracker,
WTF are you talking about? crash thingy? Not arguing, not understanding.
you are not following? several of the most intelligent converatsions on the intertubes are being, forced to run slower....its like the future looking more like the past.
cheers,
voz
What about deposits over 100 thousand?
zactly jim, no mopes have a hunerd G's. dog.
cracker,
I ain't having a problem with Firefox at all. And I don't have HastalaVista which makes everything run slower. So maybe it's a M$ thing.
Cheers,
The GOP will take care of you when you're wearing adult diapers. The democrats will do nothing.
Mish's site worked fine, but Naked capitalism has the same error, i.e. the site loads, but after loading a pop up window says Internet explorer cannot open the Internet site naked capitalism
. Operation aborted.
And then it shuts down the tab.
As to the error message in IE7, I believe it is happening because of an ad that might be common to all those sites.
If you stop the display after the initial page fill but before the ads are displayed then everything works just fine.
What do I do with this voucher for a toaster?
The non performing assets were 212% of the equity+loss reserves. Inevitable.
So....others had trouble getting to CR using IE? I was told IE couldn't open the site, so I did what I should have done long ago: downloaded Firefox that I now use as my default browser.
They probably read Tanta's thread "ding dong the DAP is dead." And realized what they did ...
Seems to be this:
"Opening page res://c:windowssystem32xpsp3res.dll/dnserror.htm...
Of course give the quality of M$ software that means the ... has more info that M$ decided not to display, and it likely won't be in a log file.
Checking...
Cheers,
VennData writes:
What do I do with this voucher for a toaster?
Just take it to the Fed Discount Window for the full MSRP in US Treasuries
To work around the "operation aborted" problem [in Vista, using IE7], click on the red ["Stop"] X in the browser's upper toolbar quickly , before the page completely loads, and there will be no error message and no abortion.
The problem appears to be a product of Sitemeter sites, as viewed through Internet Explorer 7.
Ray,
I'm almost positive that SunTrust couldn't handle much more than insured accounts considering CRE is the sword of damocles hanging over them.
TECHNOLOGY TREADMILL IN ACTION.
update now or be misinformed forever.
hat tip deflation and money.
or as misean writes it M$
"What do I do with this voucher for a toaster?"
Have you any idea how many people are killed every year by toasters?
Had to do the stop thing to get here.
Well this appears to be an IE problem..not the servers you are connecting to.
Haven't parsed enough yet, and I'm tired of parsing M$ problems this week.
But have a look:
Opening page res://c:windows system32xpsp3res.dll/ dnserror.htm - Google Search
Cheers,
P.S. note, that this:
Opening page res://c:windows system32xpsp3res.dll/ dnserror.htm
Is what IE is trying to load as the error appears.
Cheers,
IE, like its parent, sucks. No doubt about it.
Opening page res://c:windows system32xpsp3res.dll/ dnserror.htm
xpsp3res is something to do with service pack 3.....
Ah...halo scan is using as comment out. Let me try again
Opening page res://c:\windows\system32\xpsp3res.dll/ dnserror.htm
mp writes:
"What do I do with this voucher for a toaster?"
Have you any idea how many people are killed every year by toasters?
just tell me what the next bubble is, or rather, have conjure tell me.
does it have anything to do with "alternative urban transportation and infrastructure?"
confession: long wesport innovations.
ArtElectric,
Yes, although some googling reveals a few such errors in sp2.
But if you updated to IE7 on XP recently, you installed xp sp 3.
Cheers,
Just install Firefox and use it. It blowes IE outa the water anyway.
mumbles-Why do people use that M$ piece of shite web browser anyway-mummble..
Cheers,
Misean, what is this IE you speak of?
(says the Firefox user...)
Firefox, Opera, etc. should find IE users each in their own time.
The epiphany is much sweeter that way.
MaxedOut Mama is also a good one to watch on Mish's. Tough chicks are hot.
Oh, and no problems with Safari. Who still uses IE? Should I fire up my C64 and meet you on the BBS?
My father still uses his 1991 Dell w/ Win. 3.1 (1337)
cracker, after the industrial commodities and oil bubbles pop, it's difficult to say what will be next. Your candidate is just as good as any other. In fact, it's a good candidate.
Of course, I'll be reamed by every peak oiler here for calling oil a bubble, but such is life.
However, I think it's going to be a while before we see any more bubbles.
CSC...Safari confirmed no problems.
Cheers,
Anonymouse writes:
My father still uses his 1991 Dell w/ Win. 3.1 (1337)
That is Uber1337. I hope he at least has a 1200 baud modem. Those 300 bauds just wont cut it.
Mmm... CR, Russ Winter and Yves crashes after loading most of the page with a "Internet Explored cannot open the Internet http..." "Operation aborted" error message. All 3 pages use haloscan and although I haven't looked for entries in local error logs (on my machine) if I had to guess (gawd I hate to offer up untested hypothesis) it would involve loading haloscan calls from within the page body...
FWIW: The aforementioned pages load fine in FF and Safari on the same MS Vista box. It's weird that all was working fine until I chose to reloaded the page. Initially this lead me to believe that it was blogspot specific. But it also happens on Russ Winters non-blogspot Page. No MS updates have been installed locally this afternoon.
Anonymouse,
"My father still uses his 1991 Dell w/ Win. 3.1 (1337)"
OK...beer...nose...monitor cleaning...But I call no fing way.
Cheers,
FDIC must be planning more. Talked to a friend who worked for the old RTC closing down banks in the 80s-90s and they were contacted by FDIC this week about coming back to work for them. FDIC only offered to match the old pay grade the person made when they left.
Why would I make up something like that? He sells life insurance policies in a mid-west city, and the companies he sells for still send him new software on floppies!
Mistah Bonzei, I have also been having problems on WaPo's site and wonkette. Using an office computer running IE, haven't tried firefox yet. May do that, as it's very annoying.
Four more banks teetering.
FT.com / In depth - FDIC warns four US banks over liquidity
One is in the town I where I was born. Haven't heard of any panic....yet.
The Hastings, NE bank just got a capital infusion, as I read it, of about 6.6 million very recently. Apparently not enough.
(waving at Gads)
Hiya Gads.
"C64 and meet you on the BBS"
Whoa... the days of bbs and fidonet.
Seem like CR runs at between 10 and 200 bawds most days.
Anonymouse,
"Why would I make up something like that?"
Sorry dude prove it. The typical 3.11 workstation was a 16/32 bit piece of shite with at best 24 megs of edo ram.
It had no web browser. A circa 96 browser would cripple such systems. Anything much north of 2001 cannot be run on such systems. And it could never run modern websites as support for that antique were mostly dropped in 1997.
So show me some screens of it running or just leave it as a good joke.
Cheers,
Mise, who said anything about the mouse pc having internet access?
Plus I have vague memories of the early 90's and some web looking gopher / opera thing that ran on windows
I'm 1200 miles from the box or I'd take some photos. Parents don't own a digital camera (they're waaaay backwards). But as UBvMP noted, it doesn't access the Internets. It doesn't do much of anything. Except somehow it runs insurance company software and can play Mortal Kombat PC version.
It's ether FDIC & Sec have hired some Chinese Red Army hackers, or the traffic to the mentioned web sites is unusually high.
I would suspect the second one. People usually get their wake up calls late into economic hardship. And since the general media provides little answers to what's going on, they (general populous) turned here and similar web sites for info.
It's looks like a small run on the economic blogs, starts slowly and growth exponentially until the public anxiety dies out. Maybe CR should boost bank liquidity - force us to sign in and creates profiles. (i know, bad, bad idea) Only hard core, with above average interest in the subject visitors will remain a year from now.
Uncle Billy Vs. Mt. Pelerin,
"Plus I have vague memories of the early 90's and some web looking gopher / opera thing that ran on windows"
Well you had lynx and mozilla. But aside lynx mozilla's code in ff and IE has become so complex such system cold not run it.
Cheers,
Anonymouse,
Love to see it...cuz I can't hardly remember winblowz 3.11.
Weird.
Cheers,
FDIC issued a "PROMPT CORRECTIVE ACTION DIRECTIVE" against First Priority Bank on 25 June 2008.
http://www.fdic.gov/bank/individual/enforcement/2008-06-27.pdf
Either it went south real fast after that notice, or the folks running the bank could not find the necessary Tier-1.
First Priority forgot theirs.
OT but seeing this is after hours on a Friday nite...
Gopher and Archie... Wheew..We are talking BB (before browsers) here. I recall carefully crafting a search query and mailing it to the server.. Hours (or days) later you would get a reply containg a list of matching files.. You would then ftp it over and hope.... It was like playing I got a secret or working a Yoyo by remote control. lafin
I had a circa 1995 DEC Multia (Intel version) running NT 3.51 until I tossed it about a year ago - yeah it still ran. It had 'thick', 'thin' and 'twisted' along with 'narrow' SCSI. 128MB (although 64MB was faster due to the way memory addresses were allocated - above 64MB was like having no L2 cache). Anyway I cut my teeth on 'windows' with this box having been DEC Alpha workstation based up til then. I hung onto it out of fondness rather than any practical use although it would still surf after a fashion - assuming that the page required no plugins that wouldn't run on NT 3.51...grin
A few months back a friend asked to borrow a notebook so she could run QuickBooks at work - seems she had an accident with her work notebook involving a soda... All I had on hand to spare was a circa 1999 Dell with Millennium (long story - got it as a gift from someone who couldn't bare to toss it and drivers were no longer available, WinXP was outta the question, blah, blah). Believe it or not she used it for a good 3 months (until a few weeks ago) before she got a replacement MAC - she would back up the QB files every nite on a CF card I gave her via the USB port. The PCMCI slot and the floppy were long dead so it talked to the MAC Airport via a USB wireless adaptor (what a PITA it was to get the airport and a windoze box to communicate (MAC uses a 'passcode phrase' instead of the HEX value schema utilized by WEP and WPA was outta the question). Fun stuff.
FDIC Enforcement Decisions and Orders
FDIC: Enforcement Decisions and Orders - Recent Orders and Decisions
Mistah,
Forgot about archie.
I can't remember when I saw the earliest versions of opera, but I think the first browser I used was mosaic. Now if I could remember the first web page I ever visited, that would be a flash of lucidity.
I got out of college, and lost my internet account and the only company that offered access was compuserve. I think they offered a version of mosaic when browsing began to take off.
First !
Priority !
And see what claiming got them? A place in the middlin' middle.
Browser Mosaic... First web site was AltaVista (ok, I wasn't on the net that early). I did a BBC before (my brother's friend ran WWIV).
I Loved NT 3.51. Last version of windows that ran excellent. Windows 3.11 couldn't handle large Word files dependably (my thesis in particular).
Surfing on Sparc's on a dedicated university line! We're talking pre "Ultrasparc."
But man, that Sun Sparc 670 server was rockin back in its day!
Got Popcorn?
Neil
@crashcadia,
Yeah when I try to get on the Dr. Bubble Housing blog site, an 'operation aborted' pops up with this statement...'Microsoft Internet Explorer cannot open the internet site' and I've never had any trouble getting on to this housing bubble site. The suggestion to click on the 'X' didn't work...it just cleared my screen.
Misean...try to go to Dr. Housing Bubble Blog
Maybe your computer is approved for entry into this site.
@Dr. Chaos,
Saying that high traffic to Dr. Bubble blog is causing a problem to get on this internet site doesn't make sense. That blog has minimal activity by bloggers compared to Mish or CR or even NR.
Next theory?
Failure is such a harsh word.
Can't we call them solvency-challenged?
I hate the word "challenged".
I have the oldest computer at my law office. It is 10 years old and uses
ME, and tho it crashes a bit more than the newer machines (2 years old), it is perfectly useful. I am an extremely late adapter, and didn't read anything on the internet until I discovered the Irvine Housing Blog last Sept/Oct, except Slate. I haven't the faintest idea what any of you are talking about.
I took a computer course in the late 80s and very early 70s. I flunked.I find practically everything interesting.
Except. . .computer talk of any type, and the IRS code. I can make myself read the IRS code if I hafta.
One paragraph of even one of the Dummies Books on anything about computers, code or the internet and how it works and my eyeballs just roll up in my head and I just read the cartoons. By comparison, a description of how toilets work or how to tell an ant from a termite (actually important in doing real estate work) utterly fascinating.
I greatly appreciate all the work everybody has done so I can blather on.
American Banker is reporting that the decision to cover all the deposits of two failed banks last week, including those that exceeded the deposit insurance limit, was driven by the reaction to the IndyMac failure...expect more of these transactions but no guarantees..
American Banker is reporting that the decision to cover all the deposits of two failed banks last week, including those that exceeded the deposit insurance limit, was driven by the reaction to the IndyMac failure...expect more of these transactions but no guarantees..
How long can the FDIC do that? Can it do that for, say, 250 banks? And if it suddenly stops doing it, what will those who came late to the feast have to say?
OT - but likely candidate for Federal support as energy infrastructure project of scale
TransCanada Gets Alaska Nod for Pipeline, Subsidy (Update2)
By Tony Hopfinger and Ian McKinnon
Aug. 1 (Bloomberg) -- TransCanada Corp., Canada's largest pipeline company, won state approval and a $500 million subsidy to proceed with plans to build an estimated $27 billion pipeline that will carry natural gas from Alaska's Arctic region to U.S. markets.
The Alaska Senate voted today in favor of the proposal by Calgary-based TransCanada, following approval last month by the House. The company will get a state license to begin studies and early work on the pipeline.
{snip}
This is late, but I enjoy these old computer stories...
And Lynx, of course, was at least among the tools available for browsing - possibly even in DOS, not that I ever bothered.
I can verify that. I'm hazy on the year--though I want to say 1994--but I would connect to the web from a DOS computer on a dialup account that kicked me into a shell that I could run Lynx from.
And I thought it was amazing!
How does that old Congressional tune go? Happy Days are here again Fa-la-la.
In 1990-91 over 1000 savings and loans were lost. How much money does the FDIC have? Will it be enough?
When will they ask for more? Can pee wee Paulson take the lead and help in any way?
We are now over our head at $10.6 Billion in debt. Can the FDIC put us
over the $12.0 Billion and create a new benchmark?
How many more banks to we have to close this year to beat the 1990-91
score?
Keeping Score: Treasury/Congress plus 1 (zillion)
Taxpayers minus (10.9 billion).
Michael LittleBig
What is that bad lingering smell in the air? Is that Congress coming home for summer break?
ww, FDIC wants skilled people for the pay from 80s?