Seems you're overstreching by calling lower sales from here because of more foreclosure resales. Existing home sales have been stable in the last year around 5 million units. That seems like a base forming. And price going down is not a problem, but the reason why sales are stabalizing. Looks like the end is near for housing.
Help me understand here...Summers was canned at Harvard for comments allegedly discriminatory toward women...and now the allegedly leftist Democrats are going to give him a free pass to Treasury?
The question is: who is buying up all of the bank-owned properties in CA?
This article seems to indicate it is not individual investors, but the equivalent of hedge funds: Tiny URL - create a shorter link
If that is the case, then I would expect many of these properties to be re-listed over the next 1-2 years. (I doubt there is a strong rental market for these properties.)
If you graph the NAR sales numbers with the West region (mostly CA) excluded, they look as bad as ever.
President-elect Barack Obama has chosen Christina Romer, a professor at the University of California, Berkeley, as the head of the White House Council of Economic Advisers, a Democratic source told Reuters on Monday
President-elect Barack Obama has chosen Christina Romer, a professor at the University of California, Berkeley, as the head of the White House Council of Economic Advisers, a Democratic source told Reuters on Monday.
Countryide (my mortgage holder), spamming my inbox:
We've reviewed your account. Because you have kept your account current, made consistent payments during the past year, maintained a good loan-to-value ratio, and because your loan and property type meet our lending profile, we invite you to call to see if you qualify to refinance.
Big f'ing footnote:
1. Property valuation used to calculate potential home equity is primarily based on statistical data. In limited instances, property valuation is based on the last known valuation at purchase or refinance. Property valuations are subject to 'soft market' underwriting restrictions which may cap or limit estimated valuations. Equity amount is an estimate only, not an appraisal, and should not be relied on for any purpose other than inquiring about the availability of home equity.
Help me understand here...Summers was canned at Harvard for comments allegedly discriminatory toward women...and now the allegedly leftist Democrats are going to give him a free pass to Treasury?
Wasn't there some sort of general anti-anti-Clintonista purge going on, I read somewhere? (that is to say, Obama people who were rabidly anti-Clinton during the primaries are being quietly replaced?) Maybe that explains some of the changes.
Help me understand here...Summers was canned at Harvard for comments allegedly discriminatory toward women
To get America into the 21st century and toward the 22nd, Obama has decided to mold his economic strategy on the Ferengi model. Women won't be allowed to make profit or wear clothing.
UBS Overvalued Property by $100 Million, Fired Executive Says
UBS Overvalued Property by $100 Million, Fired Executive Says - Bloomberg.com
Richard Trusz, 52, who was managing director and head of valuations at UBS Realty Investors LLC in Hartford, Connecticut, said in court papers that before being fired in August he repeatedly clashed with his bosses over returning fees to clients, including public pension funds in Alaska and Iowa.
Which has been around longer as the "go-to" store of value: gold, or the Federal Reserve and its joined-at-the-hip sycophant sock puppet the U.S. Treasury Department?
"Asked then whether he had made any mistakes during his tenure at Citigroup, [Rubin] offered a tentative response. Ive thought a lot about that, he said. I honestly dont know. In hindsight, there are a lot of things wed do differently. But in the context of the facts as I knew them and my role, Im inclined to think probably not. Besides, he said, it was impossible to get a complete handle on Citigroups vulnerabilities unless you dealt with the trades daily. There is no way you would know what was going on with a risk book unless youre directly involved with the trading arena, he said. We had highly experienced, highly qualified people running the operation...
Yes, it's all those rogue traders who caused this problem.
Goldman Sachs Group Inc. and Citigroup Inc. may lead banks selling bonds guaranteed by the government as soon as this week, starting a wave of issuance that some analysts said will exceed $400 billion.
Like it or not, bailouts of the big guys will continue. Period. If you think that is good you should be buying.
I don't.
this weekends stick save was to preserve a system of payments. If that goes down, it won't matter that you did'nt buy.
Not many of us have the ability to provide our daily 2-3Kcal diet, and to buy it with PM's , you'd exhaust your 'stash' within weeks. It's time for prayer, and buying....or else.
Help me understand here...Summers was canned at Harvard for comments allegedly discriminatory toward women...and now the allegedly leftist Democrats are going to give him a free pass to Treasury?
Zombie Kung Fu Panda | Homepage | 11.24.08 - 11:17 am | #
That Treasury wench doesn't seem to mind grubby hands all over her.
"More, more!" she panted, patting the bald one on his shining pate, while lasciviously eyeing the next customer. "At least he has some hair to pull," she thought.
"In California, with a jobless rate topping 8% and home prices down more than 40% from their peak and falling, the situation is significantly worse, with 4.15% of prime loans seriously delinquent. That far exceeded peaks of about 2.6% reached in the recessions of the 1980s and 1990s."
"About 7.5% of prime jumbo mortgages -- high-quality home loans too large to be sold to government-backed Fannie Mae and Freddie Mac -- were at least 60 days late or in foreclosure, according to LoanPerformance. That was more than three times the level of a year earlier."
Of course the economic reports on all
levels are terrible, this won't clear
up for a long time. But that won't stop
the stock market from flying up, due to
investor boredom/impatience and the need
for institutional concerns to manipulate the markets for some kind of
gains. Obama plan, media & PPT hype, Mars in line with Jupiter, its all good!
Repost from previous thread
Appreciate any input you have:
MS writes:
I just got a letter from Indymac requesting that I send them a new signed W-9. They "claim" that they don't have right Tax Id. # and want me to sign a new W-9 providing them with it.
Now "normally" I would say no problem however they already have the same information from last year's 1098 (MIS). I smell something a tad fishy...the W-9 they have enclosed "appears" to be ok.
Has anyone else ever rec'd one of these before? I've had mortgages for a long time and have never been asked to verify information that they already have.
Any advice out there?
CR? Tanta? Assembled experts?
Ciao
MS
MS | 11.24.08 - 11:36 am | #
MS writes:
The Indymac Form letter says you have to sign it and return it otherwise they will "be required by law to backup withhold on any reportable payment that we pay to you account until the necessary documents are received".
Does someone have a decent interpretation of what is defined as "backup withholding". I have impounds for property taxes...am I assuming incorrectly that this is something that qualifies as a "backup withhold"
Again normally I wouldn't have a problem signing and returning a W-9 however they already had, and have had this information for several year's and have never rec'd one of these before. This is also the same organization that is trying to offload everyone on to WFC's lap.
ANy idea what this really means?
Ciao
MS
MS | 11.24.08 - 11:51 am | #
I understand what the term backup withhold means literally however something just smells about this to me....
Dapple writes:
The question is: who is buying up all of the bank-owned properties in CA?
Good point and thanks for the link:
Locally in Northern Calif there have been several investment groups buying REO for rental. All cash buyers and bidding againist other investor groups.
At some point the rental market has to be overflowing with these rentals, local ad's for house rentals seem to be at a all time high but I don't have hard data just notice how long the rental company list have grown over the past 6 months.
No matter those that bought REO 6 months ago are lossing money as pricing continue to decline!!!
After being skewered by Congress and lampooned on NBC's "Saturday Night Live," the CEOs of Detroit's three automakers may end up making their return trip to Washington by car as they seek a federal bailout.
The Detroit area's auto industry, whose livelihood depends on the health of Chrysler LLC, Ford Motor Co. and General Motors Corp. spent the weekend e-mailing and discussing how to set up a giant car caravan to seek help from Congress.
Hey there all you big strong men,
Time to serve your Uncle Ben,
Don't give up, you must be bold,
Get out there and short some gold.
The Treasury's stash is almost dry,
Oops, the Buck is going to die.
And its one, two, three who are we working for,
Hey hey we know who to thank,
So give your all to Uncle Hank.
And its five, six, seven, don't you dare be late,
Well, there ain't no time to ask them why,
But the Buck is gonna die.
I addded a subsidiary, the Bank of Lefty. Just call it "Bank". Gotta fill out the TARP forms on the pool table. Its usually dry there. I'm asking for the last 350Bil.
It's not preferable, but all major U.S. financial companies will eventually be under government control because the alternative is so much worse, Hugh Hendry, chief investment officer at hedge fund Eclectica Asset Management, said Friday. "All financials will be owned by the U.S. government in a year," Hendry said. "I bet you."
That is fun: SKF down 20%, that just helps build back pressure and sort like a trap in a sewer line, we should be seeing the toilet back up and sewer gas in about a day, maybe at the close.
I agree. With all the Fed funding they are basically foster childeren. Only Citi and AIg have been legally adopted. Soon banking will be about as sexy as the Dairy Industry... but less fu
OK, I just dumped my UYG. Quick 40% gain since Friday.
If SKF goes much farther down I'll be tempted...
How long until the wheels fall off this rally? I got the feeling this morning that Mr. Market was less than enthused by the Citi bailout. I wouldn't be surprised to see a selloff into the close.
Also, the impact of the most recent wave of the credit crisis is just beginning to impact home sales. I expect sales in November and December to be lower than in 2007. -CR
Probably so. I still think we are in a sales volume bottoming process that will finally clearly turn up in March-May 2009. Some of the folks that need to sell will give in and put their houses on the market and take their lumps in the Spring. So, I'm predicting sales bottom in March-April 2009, with a corresponding inventory increase and prices dropping a bit more than expected.
"We're all measuring something on a year-to-year basis that this year almost isn't fair," said Marshal Cohen, senior analyst with consumer behavior research firm NPD Group. "To really assess how the holiday has fared, we're going to have to wait until January numbers start coming in."
Typically, retailers count November and December when calculating holiday results. Those two months traditionally account for about 20 percent of total retail sales. But over the years, their proportion has eroded.
In 1994, November and December made up 20.69 percent of annual retail sales, according to the National Retail Federation, an industry advocacy group. Last year, they amounted to 19.59 percent -- not a huge decline, but one that seems likely to continue as gift cards become increasingly popular.
A survey by the group ranked gift cards the most-coveted present of the season, and sales are expected to reach $26.3 billion this holiday. Retailers love them because they provide incentive for consumers to spend more than they would if they were paying with their own money -- or even with someone else's cash, according to a consumer psychology study by Rebecca White at the University of Waterloo in Ontario, Canada.
"The current economic downturn is causing anxiety among consumers about whether a gift card purchased today will be redeemable tomorrow given the recent surge in bankruptcies by retailers," Kwame Kuadey, GiftCardRescue's CEO and founder, said in a statement. "This policy is to reassure our customers that their gift card losses from bankruptcy will be covered."
1st?
slow moving crowd today
I'm not even awake yet
I think everyone ran off to the stock market. It's like the local circus in this town.
Bat signal!
I reloaded on shorts today: EEV, TWM and QID. If the market goes any higher, I might get some SRS, too.
Man, I never thought I'd see SRS this low again!
I should point out that Case-Shiller is due out tomorrow (last Tuesday of every month).
I suspect it will show prices down, but nothing like how far the medians have plunged as the reo sales are strongly biased in the low end.
That's some serious inventory building.
"Bat signal!"
Batman seems to have three ears.
Strike price of 10.61? Pirates are everywhere...
Heh.. just put in an order for some Jun SPY 55 puts.....
Fido routed my order to....
wait for it....
Citigroup Global Markets, Inc.
It will be interesting to see how the halt in foreclosures per Fannie and Freddie will effect these numbers.
Knock 50% of the top for one of these months and even the NAR will have trouble spinning that number....
Rich-you don't think the market and mm's will extend this on low volume thru wed.?
You junior miners call is right on...
SSRI..
It makes me sick that we can bail out greed yet can't have a national health care plan...These pigmen are doing in daylight...Thieves...
Time to break out the bottle, gas and rag....
Seems you're overstreching by calling lower sales from here because of more foreclosure resales. Existing home sales have been stable in the last year around 5 million units. That seems like a base forming. And price going down is not a problem, but the reason why sales are stabalizing. Looks like the end is near for housing.
It's always good for the stock market when the largest bank on the fasce of the planet needs a bail out once a month.
Nostrovia,
David is that you?
......
Misean
Help me understand here...Summers was canned at Harvard for comments allegedly discriminatory toward women...and now the allegedly leftist Democrats are going to give him a free pass to Treasury?
Fed Pledges Top $7.4 Trillion to Ease Frozen Credit (Update1)
- Bloomberg.com
Alls I want is a pony...
I don't understand; my DSL stock is not participating in today's financial rally for some reason. Can anybody explain?
Why report on actual economic data? Everything relies on government action. Is anything else even relevant anymore?
The question is: who is buying up all of the bank-owned properties in CA?
This article seems to indicate it is not individual investors, but the equivalent of hedge funds: Tiny URL - create a shorter link
If that is the case, then I would expect many of these properties to be re-listed over the next 1-2 years. (I doubt there is a strong rental market for these properties.)
If you graph the NAR sales numbers with the West region (mostly CA) excluded, they look as bad as ever.
Is it chess rook pattern or what?
Does anyone know how to transfer your liquid assets to Somali Pirates? I need a safer place than the US.
Does anyone know how to transfer your liquid assets to Somali Pirates? I need a safer place than the US.
First transfer your assets to Nigeria. They have some helpful people will take care of moving it across to Somalia.
Obama taps Berkeley professor as senior economist
Obama taps Berkeley professor as senior economist
| Reuters
President-elect Barack Obama has chosen Christina Romer, a professor at the University of California, Berkeley, as the head of the White House Council of Economic Advisers, a Democratic source told Reuters on Monday
Only $7.4T? Pissing in the wind.
$100T is the new large.
Nostrovia,
President-elect Barack Obama has chosen Christina Romer, a professor at the University of California, Berkeley, as the head of the White House Council of Economic Advisers, a Democratic source told Reuters on Monday.
Obama taps Berkeley professor as senior economist
| Reuters
Yancey Ward,
Proshares is working on a Pirate ETF. I believe the Symbol will be YARR.
President-elect Barack Obama has chosen Christina Romer
Whoa, what happened to Goolsbee?
Countryide (my mortgage holder), spamming my inbox:
We've reviewed your account. Because you have kept your account current, made consistent payments during the past year, maintained a good loan-to-value ratio, and because your loan and property type meet our lending profile, we invite you to call to see if you qualify to refinance.
Big f'ing footnote:
1. Property valuation used to calculate potential home equity is primarily based on statistical data. In limited instances, property valuation is based on the last known valuation at purchase or refinance.
Property valuations are subject to 'soft market' underwriting restrictions which may cap or limit estimated valuations. Equity amount is an estimate only, not an appraisal, and should not be relied on for any purpose other than inquiring about the availability of home equity.
"Does anyone know how to transfer your liquid assets to Somali Pirates?"
Invest into Somali & Pirates 500 index fund.
Help me understand here...Summers was canned at Harvard for comments allegedly discriminatory toward women...and now the allegedly leftist Democrats are going to give him a free pass to Treasury?
He will only be bailing out males.
Whoa, what happened to Goolsbee?
Wasn't there some sort of general anti-anti-Clintonista purge going on, I read somewhere? (that is to say, Obama people who were rabidly anti-Clinton during the primaries are being quietly replaced?) Maybe that explains some of the changes.
Like it or not, bailouts of the big guys will continue. Period. If you think that is good you should be buying.
I don't.
Help me understand here...Summers was canned at Harvard for comments allegedly discriminatory toward women
To get America into the 21st century and toward the 22nd, Obama has decided to mold his economic strategy on the Ferengi model. Women won't be allowed to make profit or wear clothing.
UBS Overvalued Property by $100 Million, Fired Executive Says
UBS Overvalued Property by $100 Million, Fired Executive Says - Bloomberg.com
Richard Trusz, 52, who was managing director and head of valuations at UBS Realty Investors LLC in Hartford, Connecticut, said in court papers that before being fired in August he repeatedly clashed with his bosses over returning fees to clients, including public pension funds in Alaska and Iowa.
Huang Guangyu, China's richest man, disappears amid corruption investigation - Times Online
uh oh warren....
Full disclosure on derivatives positions, por favor
Just ask yourself this one single question:
Which has been around longer as the "go-to" store of value: gold, or the Federal Reserve and its joined-at-the-hip sycophant sock puppet the U.S. Treasury Department?
So, any over/under on when BofA's bad assets are backstopped?
Any news on the Cox et al uber-summit on shorting and market manipulation?
I can't find anything.....
Miserable excuse for an excuse by Rubin:
"Asked then whether he had made any mistakes during his tenure at Citigroup, [Rubin] offered a tentative response. Ive thought a lot about that, he said. I honestly dont know. In hindsight, there are a lot of things wed do differently. But in the context of the facts as I knew them and my role, Im inclined to think probably not. Besides, he said, it was impossible to get a complete handle on Citigroups vulnerabilities unless you dealt with the trades daily. There is no way you would know what was going on with a risk book unless youre directly involved with the trading arena, he said. We had highly experienced, highly qualified people running the operation...
Yes, it's all those rogue traders who caused this problem.
Goldman May Lead FDIC-Backed Bond Sales After Ruling
Goldman May Lead FDIC-Backed Bond Sales After Ruling (Update1) - Bloomberg.com
Goldman Sachs Group Inc. and Citigroup Inc. may lead banks selling bonds guaranteed by the government as soon as this week, starting a wave of issuance that some analysts said will exceed $400 billion.
Like it or not, bailouts of the big guys will continue. Period. If you think that is good you should be buying.
I don't.
this weekends stick save was to preserve a system of payments. If that goes down, it won't matter that you did'nt buy.
Not many of us have the ability to provide our daily 2-3Kcal diet, and to buy it with PM's , you'd exhaust your 'stash' within weeks. It's time for prayer, and buying....or else.
Might as well hire Rick Rubin.
Also, it's not just the NYT but journalism in general that's become useless.
Help me understand here...Summers was canned at Harvard for comments allegedly discriminatory toward women...and now the allegedly leftist Democrats are going to give him a free pass to Treasury?
Zombie Kung Fu Panda | Homepage | 11.24.08 - 11:17 am | #
That Treasury wench doesn't seem to mind grubby hands all over her.
"More, more!" she panted, patting the bald one on his shining pate, while lasciviously eyeing the next customer. "At least he has some hair to pull," she thought.
I mean, hey, CR does chart pron...
From the LATimes:
Even Prime Borrowers are going Delinquent
"In California, with a jobless rate topping 8% and home prices down more than 40% from their peak and falling, the situation is significantly worse, with 4.15% of prime loans seriously delinquent. That far exceeded peaks of about 2.6% reached in the recessions of the 1980s and 1990s."
"About 7.5% of prime jumbo mortgages -- high-quality home loans too large to be sold to government-backed Fannie Mae and Freddie Mac -- were at least 60 days late or in foreclosure, according to LoanPerformance. That was more than three times the level of a year earlier."
Yikes!
Wonder how bad the retail sales will be on Black Friday?
This whole housing thing seems to becominig a problem.
Nostrovia,
Of course the economic reports on all
levels are terrible, this won't clear
up for a long time. But that won't stop
the stock market from flying up, due to
investor boredom/impatience and the need
for institutional concerns to manipulate the markets for some kind of
gains. Obama plan, media & PPT hype, Mars in line with Jupiter, its all good!
This whole housing thing seems to becominig a problem.
Nostrovia,
Comrade Misean is Dope | 11.24.08 - 11:37 am | #
Nah, it's only a Flesh Wound
Ministry of Truth writes:
Goldman May Lead FDIC-Backed Bond Sales After Ruling
Am I correct in reading this to mean banks can issue bonds in pretty much whatever amount they choose and these bonds will be backed by the US Gov't?
Does this seem like a good thing to anyone?
Misean, it's contained to subprime...no worries...
Europe is on a tear into the close...
Proshares is working on a Pirate ETF. I believe the Symbol will be YARR.
YLSP | 11.24.08 - 11:25 am | #
LOL.
How is the mark to market rule repealed? W, Cox, Hank say it is repealed then it is? Congress involved at all?
How ya feelin' about that Ford???
"Yikes!"
sm_landlord | Homepage | 11.24.08 - 11:36 am | #
I pulled an entire street of high end homes and checked taxes on all of them.
If delinquent taxes are indications of coming defaults/already defaulted but not foreclosed,it is about to get even uglier...
Chris
Somali pirates, in takeover negotiations with NYSE, seek to launch Dhow Jones index.
"Am I correct in reading this to mean banks can issue bonds in pretty much whatever amount they choose and these bonds will be backed by the US Gov't?
Does this seem like a good thing to anyone?"
We're all treasuries now.
Comrade Kristina,
Nostrovia,
Gold $833
How stupid, you can't eat it.
Somali pirates, in takeover negotiations with NYSE, seek to launch Dhow Jones index.
And a related product, the Davy Jones index.
One peg leg good.
Two legs bad.
"How ya feelin' about that Ford???"
Yeah Shiti didn't have to take the corporate jet to DC and beg.
Nostrovia,
In the interest of being financially prudent, Obama to announce massive tax hikes.
OnTheRun writes:
In the interest of being financially prudent, Obama to announce massive tax hikes.
Not for a couple of years I'm guessing.
Repost from previous thread
Appreciate any input you have:
MS writes:
I just got a letter from Indymac requesting that I send them a new signed W-9. They "claim" that they don't have right Tax Id. # and want me to sign a new W-9 providing them with it.
Now "normally" I would say no problem however they already have the same information from last year's 1098 (MIS). I smell something a tad fishy...the W-9 they have enclosed "appears" to be ok.
Has anyone else ever rec'd one of these before? I've had mortgages for a long time and have never been asked to verify information that they already have.
Any advice out there?
CR? Tanta? Assembled experts?
Ciao
MS
MS | 11.24.08 - 11:36 am | #
MS writes:
The Indymac Form letter says you have to sign it and return it otherwise they will "be required by law to backup withhold on any reportable payment that we pay to you account until the necessary documents are received".
Does someone have a decent interpretation of what is defined as "backup withholding". I have impounds for property taxes...am I assuming incorrectly that this is something that qualifies as a "backup withhold"
Again normally I wouldn't have a problem signing and returning a W-9 however they already had, and have had this information for several year's and have never rec'd one of these before. This is also the same organization that is trying to offload everyone on to WFC's lap.
ANy idea what this really means?
Ciao
MS
MS | 11.24.08 - 11:51 am | #
I understand what the term backup withhold means literally however something just smells about this to me....
Ciao
MS
Eric,
"And a related product, the Davy Jones index."
Oh come now. We aren't anywhere near the bottom.
Nostrovia,
Gold $833
How stupid, you can't eat it.
lol I love the disgruntled, should have bought low.....hahahah! " Told you so"
MS,
Not much help, but since Wachovia ate World, I've been asked every year to provide mortgage insurance.
Nostrovia,
Dapple writes:
The question is: who is buying up all of the bank-owned properties in CA?
Good point and thanks for the link:
Locally in Northern Calif there have been several investment groups buying REO for rental. All cash buyers and bidding againist other investor groups.
At some point the rental market has to be overflowing with these rentals, local ad's for house rentals seem to be at a all time high but I don't have hard data just notice how long the rental company list have grown over the past 6 months.
No matter those that bought REO 6 months ago are lossing money as pricing continue to decline!!!
DX down about 2%, will it be short dollar long equities for oh say the next three days?
A little holiday pep up going into "Bleak Friday?"
Time to lite the candles. Obama live.
Somali Pirates planning car pool to Washington
The article requested is no longer available.
After being skewered by Congress and lampooned on NBC's "Saturday Night Live," the CEOs of Detroit's three automakers may end up making their return trip to Washington by car as they seek a federal bailout.
The Detroit area's auto industry, whose livelihood depends on the health of Chrysler LLC, Ford Motor Co. and General Motors Corp. spent the weekend e-mailing and discussing how to set up a giant car caravan to seek help from Congress.
OT
any suggestions for Citi/Mets ballpark?
"Ponzi Park" "TARP Field" "BaseballNow Park" "Bazooka Field" These are weak I know...
BREAKING: Tiger Woods dropped Buick. Now he can drive his Bentley. Lexus or Mercedes should pick him up if he ever plays again.
It was that or give up his G-5
Leftys Liquors and Lubricants writes:
Time to lite the candles. Obama live.
+1 hilarious.
omg SKF is Smoked!
Zimmy
SRs is not faring much better. TLL is doing the worst.
UYG seems to be doing ok
Thanks for the tip whoever that was on Friday.
Something from Jesse:
Hey there all you big strong men,
Time to serve your Uncle Ben,
Don't give up, you must be bold,
Get out there and short some gold.
The Treasury's stash is almost dry,
Oops, the Buck is going to die.
And its one, two, three who are we working for,
Hey hey we know who to thank,
So give your all to Uncle Hank.
And its five, six, seven, don't you dare be late,
Well, there ain't no time to ask them why,
But the Buck is gonna die.
I addded a subsidiary, the Bank of Lefty. Just call it "Bank". Gotta fill out the TARP forms on the pool table. Its usually dry there. I'm asking for the last 350Bil.
It's not preferable, but all major U.S. financial companies will eventually be under government control because the alternative is so much worse, Hugh Hendry, chief investment officer at hedge fund Eclectica Asset Management, said Friday. "All financials will be owned by the U.S. government in a year," Hendry said. "I bet you."
All US Financials Will be Nationalized in a Year: Manager - CNBC
That is fun: SKF down 20%, that just helps build back pressure and sort like a trap in a sewer line, we should be seeing the toilet back up and sewer gas in about a day, maybe at the close.
ULTRASHORT FINANCIAL down ..ROTFLMAO!
Lawn Grass
I agree. With all the Fed funding they are basically foster childeren. Only Citi and AIg have been legally adopted. Soon banking will be about as sexy as the Dairy Industry... but less fu
OK, I just dumped my UYG. Quick 40% gain since Friday.
If SKF goes much farther down I'll be tempted...
How long until the wheels fall off this rally? I got the feeling this morning that Mr. Market was less than enthused by the Citi bailout. I wouldn't be surprised to see a selloff into the close.
GS
I want to see SKF below $120 again.
creating and "saving" 2.5mm jobs -- seems he added a word
"creating and "saving" 2.5mm jobs -- seems he added a word"
--guithner
That little word is important if he doesn't want to look like an idiot.
guithner
He said create agai
"saving" sounds like consultant speak to me starting with all the jobs that will be saved at GM, F and Cerberus - that's a million right there
rally on low volume thru next monday..
get ready for national media to hype shops were crowded news..more than expected
Also, the impact of the most recent wave of the credit crisis is just beginning to impact home sales. I expect sales in November and December to be lower than in 2007. -CR
Probably so. I still think we are in a sales volume bottoming process that will finally clearly turn up in March-May 2009. Some of the folks that need to sell will give in and put their houses on the market and take their lumps in the Spring. So, I'm predicting sales bottom in March-April 2009, with a corresponding inventory increase and prices dropping a bit more than expected.
Shoppers Back in Force After Halt for Holiday
Thursday, December 27, 2007
Shoppers Back in Force After Halt for Holiday
"We're all measuring something on a year-to-year basis that this year almost isn't fair," said Marshal Cohen, senior analyst with consumer behavior research firm NPD Group. "To really assess how the holiday has fared, we're going to have to wait until January numbers start coming in."
Typically, retailers count November and December when calculating holiday results. Those two months traditionally account for about 20 percent of total retail sales. But over the years, their proportion has eroded.
In 1994, November and December made up 20.69 percent of annual retail sales, according to the National Retail Federation, an industry advocacy group. Last year, they amounted to 19.59 percent -- not a huge decline, but one that seems likely to continue as gift cards become increasingly popular.
A survey by the group ranked gift cards the most-coveted present of the season, and sales are expected to reach $26.3 billion this holiday. Retailers love them because they provide incentive for consumers to spend more than they would if they were paying with their own money -- or even with someone else's cash, according to a consumer psychology study by Rebecca White at the University of Waterloo in Ontario, Canada.
GiftCardRescue protects you against failed companies
GiftCardRescue protects you against failed companies | Webware - CNET
"The current economic downturn is causing anxiety among consumers about whether a gift card purchased today will be redeemable tomorrow given the recent surge in bankruptcies by retailers," Kwame Kuadey, GiftCardRescue's CEO and founder, said in a statement. "This policy is to reassure our customers that their gift card losses from bankruptcy will be covered."
Here's the exact quote from Obama's speech:
"creating and saving 2.5 million jobs"
Text Of Obama's Economic Team Announcement - Forbes.com
Is it truly a 'shadow inventory' when sellers understand that the only buyers are seeking outright bargain prices?
Would Macy's or Sear's decide to only sell items at the lowest possible pricing? Why would anyone who didn't NEED to sell a home be in this market?
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