San Jose to Request $14 Billion from TARP
Submitted by
CalculatedRisk on Sat, 11/15/2008 - 7:53am (823 comments)
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this is getting stupid
Ken, the CR companion is fantastic. Thanks very much.
"when the people find they can vote themselves money, that will herald the end of the republic."
Benjamin Frankli
This sucker's goin' down.
so where does this end? where is all the money actually coming from?
Is this a joke? IF this is serious, the term Chuck Reed is an A$$wipe kind of sticks in my head.
Longtime readers here are no doubt aware of my vocal objections to urban patterns. I'm glad the unsustainable nature of big, dense cities is being laid bare for all to see. I can think of nothing more wasteful and personally insulting than to have my resources pledged to being poured into a cesspool like San Jose. Get back to me when they stop subsidizing the ghost trolley.
free lunches consisting of bailout pie....
the demand for baiout pie is unsustainable.
I'm no gold bug, but I have about 7-8% of my worth in gold, "insurance" for when the world falls down, or when hyperinflation kicks in. My policy must be with AIG.
And when will this rapid deflation turn hyper-inflationary?
It's a bit breathtaking that San Jose is asking for twice what the CA State Government was angling for recently.
Anonymous writes:
so where does this end? where is all the money actually coming from?
Good question ... how exactly is the US govt. financing TARP and other TARP like initiatives?
I hope Charlotte NC is begging. Since Wachovia went tits up we are hurting.. I hope there is a voice of reason in Washington which will turns these cities away.
"how exactly is the US govt. financing TARP and other TARP like initiatives?"
Issuing Treasury Bonds. Jas just bought some more. What does he know that I don't?
Is China holding any of San Jose bonds? If not, no deal says the Fed
So many other cities are worse off, SJ should be embarrassed by the mayor's request. The worst parts of SJ are nicer and safer than the best parts of Detroit, B-more, Philly or any larger NJ city.
Where do I apply for my $1 billion?
It is interesting to note that one of the anagrams for, "San Jose Mayor Chuck Reed" is "Money Carjackers Used Ho"
Coincidence - I prefer to think not.
For a full list of anagrams for the fine "San Jose Mayor Chuck Reed" please go here to see some
What about Jefferson County Alabama?
Where's the free BBQ'ed Mortgage Pig Bailout with a slice of Bailout pie followed by a pint of Bailout Bitter Ale for the Southern landed gentry?
Landed gentry? he he
Take a look at some municipal debt offerings in California to see just what kind of risk is being priced in:
Stone & Youngberg - Inventory
And remember, double tax free.
Paulson has already said he's not going there.
They do not want to go down the path of implicitly backing municipal finance.
"how exactly is the US govt. financing TARP and other TARP like initiatives?"
Issuing Treasury Bonds.
Is that it?
I guess it sounds like a naive question, but is it not something more creative than that?
if you visit San Jose you now get a free toaster!
.
We're all San Joseans now.
Paulson has already said he's not going there.
That was last week.
Charloot needs money for the nascar hall of fame so count on them to come begging for tarp cash.
What a fool...... He won't be elected for another term.......
Paulson has said he was going to do lots of stuff.
That was last week.
Anonymous | 11.15.08 - 11:22 am | #
That was this week, actually.
Re: Deflation vs. Hyperinflation
Paul Krugman makes an interesting point in his NYT blog that so long as the central bank is viewed as credible and responsible, it is difficult for it to turn deflation into inflation (Japan is a good example of this problem).
So, the best choice for the Treasury position for Obama may well be Dubya himself - who else is better positioned to fight the image of credibility and responsibility?!
It's nice to see that in tough times, the true American spirit rises to the top, which can be summed up in two words: where's mine!
Is he saying retiree health care obligations were unfunded because of the credit crunch?
On the plus side, this has now become so ludicrous that ignoring all requests will seem reasonable.
I wonder if Paulson has a TARP add on that excludes comments from mayors of bankrupt municipalities?
if you don't ask for a little Tarp then you are a chump, says kashkari
,
San Jose has intiated the Domino effect. Every city will have the welcome mat out for TARP
Senorito On-Topico writes:
this is getting stupid
this is stupid, hillarious, and inevitable.
having blank checks (with money behind them) lead to requests for part of the action from anyone sentient.
why not ask? they might say yes...
Do you know the way to TARP? Don't forget we might have to bailout foreign banks, not simply everybody here.
Did it ever occur to knee-jerk critics that Mayor Reed is no dummy, and there may be legitimate, regionwide benefits being sought here? From the San Jose/Silicon Valley Business Journal: "San Jose... wants the money primarily to help pay for rapid transit extension..."
cleetis writes:
Charloot needs money for the nascar hall of fame so count on them to come begging for tarp cash.
LOL your right. who in the hell is going to come here for that? What a waste. Building looks nice, but still a waste.
This strikes me as the Dumbest Idea Ever by municipalities.
Most cannot go very long without borrowing in the credit markets. I know it is hard for a local government to ignore any potential source of money, but it is not in their interest in the long run to project an image of weakness.
No way, Jose. You are not a bank. You are a CDO.
..
MONORAIL, MONORAIL... MONORAIL !!!
...
why not ask? they might say yes...
Right ... it's not like any conditions need to be met. Much easier than getting money from the IMF/WB et al.
Does this mean we'll be renaming the municipality; "Joe the City?"
but most knee jerk critics are not blinded by bias when it comes to free lunches for silicon valley type guys.
Get back to me when they stop subsidizing the ghost trolley.
No doubt. And amazing how hard it is to find good data. The light rail budget in Sacramento is 80% subsidized by the state, and government workers who ride get another subsidy paid for by their agency on top. The agency I'm familiar with gives a 75% discount, which means those riders only 5% of the actual cost! There are also fee caps etc that distort the picture more.
The state of California subsidizes Sacramento public transit by between $100 million and $140 million per year.
Classic negotiating tactic, ask for 14 Billion and then he ends up getting "only" a couple billion. Well played sir
I remember the good ole' days when money represented earned labor. Now, its a Las Vegas style crap shoot. And Paulson heads the casino.
I can't even believe the proposition to sell bonds for the rapid transit from Southbay to NoCal passed. I couldn't think of anything more expensive and less useful,
In the voter information guide it said there would be no tax increase to fund it. They didn't mention the future tax increases, when all the debt on the bonds had to be payed.
I wonder if there's any way to repeal that decision, if CA just can't afford it. If no one buys the bonds, or the State has to pay outrageous interest, can we just scrap the idea?
Let that goddamn liberal communist enclave of San Jose burn. I hope all of california falls in the pacific.
goddamn liberals.
ok, When do the Municipalities start filing to become bank holding companies?
I haven't seen any of these municipalities which are requesting bailout funds proposing how they'll pay the money back.
Yeah - I know, I know....
It's different in Silly Con Valley!
Bwahahahahahahahahahahaha!
We have to pay all those navel gazing former gov't employees who retired at 50 100K a year their pensions. Look at all the valuable service they provided.
Knurd!
Nostrovia,
how are ANY of the TARP recipients going to pay the money back? who would dare ask them to?
If you dole it, they will come.
What's a republic?
Max,
Deep drill down data for VTA here:
http://www.ntdprogram.gov/ntdprogram/pubs/profiles/2007/agency_profiles/9013.pdf
It ain't pretty and even at that it is a lie as to the real costs of the ghost trolley as much of the sunk overhead costs are disproportionally assigned to bus modes.
a republic of bail, will become a republic of fail...
Where's the money coming from? US Tsy doing $500b plus this quarter. ROW doing about the same. About $1T of AAA coming on market. Who's on the other side of the trade? The same folks who saw the long bond go 16% negative on Friday? The same folks who drew down just $12b of the $150b TAF auction earlier in the week?
Market sentiment, anyone? Hmm?
Ghesh, maybe spraying liquidity at collapsing final demand might not be the answer after all.
CC
If you were the Chinese wouldn't you set up a program to bailout American cities? Bankrupt Country Relief Program?
rps writes:
San Jose has intiated the Domino effect. Every city will have the welcome mat out for TARP
rps | 11.15.08 - 11:26 am | #
Not only that, but one thing that's finally sunk in to these municipalites is that financial resources are indeed finite. The line will form comicly fast now as no one wants to be late to the party before the liquor runs out.
Just more unpatriotic negativity from liberals who question the party, and REAL Americans.
If you were the Chinese wouldn't you set up a program to bailout American cities? Bankrupt Country Relief Program? - YLSP
You know how this ends right? "We'll trade you 'debt' for... oh say Formosa?"
You goddamn liberals won't be happy until you've completely bankrupted this country.
Aren't we missing something? No banks seized by the FDIC last night. Perhaps they held off as a courtesy to our 19 friends meeting in D.C. this weekend, not to duly alarm them? Or did all the bankrupt banks get covered by TARP?
Dawg - for several years I've called this the Seventh Fleet Put.
CC
CR - got an email from and old alumni yesterday....Universities are considering TARP to offset declining enrollments because student credit is difficult to obtain...
O/T for C&C
CHICAGO, Oct 24 (Reuters) - Sanderson Farm Inc (SAFM.O: Quote, Profile, Research, Stock Buzz), the fourth largest U.S. chicken producer, said Friday its exports of chicken to Russia and eastern Europe have slowed as those countries were having trouble securing credit to make such purchases.
UPDATE 1-Sanderson says chicken sales slowing to Russia
| Reuters
If you were the Chinese wouldn't you set up a program to bailout American cities?
Unless they're going to bail us out with yuan, they're not going to be much help. They've already spent all their dollars on treasuries and MBS, and they're are going to be taking in a lot less now that the retail economy is tanking.
The question is, what will it take to convince someone who's holding cash to spend it on treasuries? That's an interesting question.
Do you know the way to TARP, Jose?
Nostrovia,
where is the money coming from? this maybe a bit wonkish for some, but concise.
Who will finance America's deficit?
Asia Times Online :: Asian news and current affairs
banks no longer fail, instead they get bailed or are allowed to stew quietly in the juices of their own insolvency.
Old McPaulson had a TARP, e-i-e-i-o.
And with that tarp he bailed out friends, e-i-e-i-o. Here a bank there a bank everyone's a bank....
Silicon Guy writes:
Did it ever occur to knee-jerk critics that Mayor Reed is no dummy, and there may be legitimate, regionwide benefits being sought here?"
Sorry, we tried that after Katrina. Didn't work.
Thanks Barley!
It ain't pretty and even at that it is a lie as to the real costs of the ghost trolley as much of the sunk overhead costs are disproportionally assigned to bus modes.
Yeah, the bureaucrats that run these mass transit agencies must keep the public in the dark about the true costs. They're also highly defensive when their budgets are threatened. Check out this quote from the Sac RT boss. The cutback resulted in a 25-50 cent increase!
We did everything we could to avoid cutting service and increasing fares. Although service reductions were avoided, RT was forced to raise fares. RT could not absorb an $18.3 million raid by the state of California without asking our riders to pay more, Mike Wiley, General Manager/CEO, stated.
Rob Dawg,
We won't be in any position to trade Formosa. We won't be able to afford to keep our deep sea fleet afloat.
Nostrovia,
Big fires in LA today...California is going to need to increase their TARP request
The people who don't think they are Too Big to Fail are the ones who are just simply going to quietly survive and evolve to meet the future.
The dinosaurs are howling, the small mammals are evolving.
Aren't we missing something? No banks seized by the FDIC last night.
Bank seizures ended when Sheila recognized there were too many to handle. Her policy is to backdoor sales and mergers. You, as a member of the unwashed little people, are not supposed to notice. If you notice, you are not supposed to question. Get with the program or she'll declare this blog a bank and shutter it.
What's a republic?
JMPortlandOR,
You are right -- The cities of San Jose, Detroit, Phillie, etc, can't possibly repay any TARP loans. The "loans" would be defacto grants.
On the other hand, the Obama Administration is virtually committed to another round of "economic stimulus " checks, and it would make sense to send the checks to State and local governments instead of us consumers. Most state and local governments have pro-cyclical spending habits, and in particular they have been cutting back on public works construction and repair. If the Federal Government is going to be shovelling out billions to fight the recession, this is one of the more effective places to throw money at.
me.me.me.me!me!me!ME!ME!ME!METOO!METOO!METOO!
Congress needs to shut down TARP and rethink. Noone has authorized the disbursement of the other $350B yet as far as I know.
we burn forests to prevent forest fires, so why not burn vacant residences/malls/offices foreclosures/abandonments to prevent oversupply?
We won't be in any position to trade Formosa. We won't be able to afford to keep our deep sea fleet afloat.
Nostrovia,
Comrade Misean is Dope
~~~~~~~~~~
a good time to become or invest in pirating, aaaarrr!
crispy,
"Big fires in LA today...California is going to need to increase their TARP request"
LA: Can we have a TARP to cover the fires.
TARP: Maybe. But if financial troubles continue, you won't actually LIGHT fires to get more, will you?
LA: What?! Arsonize the thought.
Nostrovia,
On the other hand, the Obama Administration is virtually committed to another round of "economic stimulus " checks, and it would make sense to send the checks to State and local governments instead of us consumers.
Makes sense to them perhaps. We really really need to go back to the most basic of economic principles, government spending is ultimately counterproductive. It's like drinking seawater. Man oh man the mistakes this administration is going to make with its on the job training period. My wallet is weeping.
Deep drill down data for VTA here:
Wow, that data is bad. Bus costs are $1/mile/passenger! You can hire a limo for less.
Idea! Let's outsource the Pacific Fleet to a condominium of China, Japan and S. Korea. (With some TARP funds thrown in for lubrication).
""Comrade Misean is Dope writes:
Rob Dawg,
We won't be in any position to trade Formosa. We won't be able to afford to keep our deep sea fleet afloat.
Nostrovia,
Comrade Misean is Dope ""
Just think of it as selling on option, we may not own it but we can sell it for something, think Louisiana Purchase.
Thanks to those upthread who helped explain where the money is coming from ... I now know enough to start doing my homework.
sAG,
"a good time to become or invest in pirating, aaaarrr!"
There's always piratin' to be done...ARRR!
Clear the debris.
Nostrovia,
The Oakland Raiders did not sell out last week,and the game was blacked out locally.Is it time for the "Bank of Al Davis"? we need to keep the morale of the public up!
A totally unscientific poll, but possibly useful to gauge uncertainty in SillyCon Valley...San Jose Mercury News - "How confident are you working in the Silicon Valley tech job market?"
Total votes: 67
Very confident. 9% (6 votes)
Fairly confident. 18% (12 votes)
Confident. 27% (18 votes)
Not confident. 45% (30 votes)
I don't work in the tech market. 1% (1 vote)
Is he saying retiree health care obligations were unfunded because of the credit crunch?
On the plus side, this has now become so ludicrous that ignoring all requests will seem reasonable.
Bob_in_MA
I've got this sneaking feeling that when demands on TARP overwhelm the system (soon), that "retirement health care obligations" are going to go poof! and we will see these pensioners go on Medicare instead. Wouldn't surprise me that the "deal" that gets struck with the automakers involve ditching their "Cadillac" retirement AND current workers health policies.
Misean - zip up, you're exposing your privateers.
CC
" wmbz writes:
Let that goddamn liberal communist enclave of San Jose burn. I hope all of california falls in the pacific.
goddamn liberals."
Why don't you FUCK yourself, Con asshole propagandist tool. Seditious hubris is all you bring to America.
Some era of accountability you fascist fucks ushered in, init?
I have yet to see ONE SINGLE "CONSERVATIVE" voter apologize to the country, it's still blame and bile. Amirite, dawgs?
San Jose to Request $14 Billion from TARP
I'm still waiting on the bailout package for people with no mortgages, no auto loans, no student loans, no credit card debt, no unpaid taxes, no liens, no judgments, no outstanding parking tickets, and have returned at least half of the tools they borrowed from the guy next door.
By the middle of next week, perhaps? Anyone have Paulson's cell number?
I have yet to see ONE SINGLE "CONSERVATIVE" voter apologize to the country, it's still blame and bile. Amirite, dawgs?
Rob Paul. Tom McClintock. You error is in mistaking Republicans for Conservatives.
All I got out of that comment was that George Bush and Henry Paulson were "damn liberals."
Can we now, officially, rename TARP, TROUGH. I'll let someone else tell us what the new acronym represents.
You're looking a little blue in the face there PeakVT. At some point (another $100B or so), you'll have to give up and stop holding your breath.
BART to San Jose was a stupid idea for public transit. BART is really expensive to build, and San Jose isn't dense enough to justify it.
Also, I think his 2% figure includes Silicon Valley, which is mostly not San Jose.
Who's Rob Paul?
Morocco Bama,
He's just this guy, you know?
rob paul is the 5th beatle
Who's Rob Paul?
Morocco Bama
Originally a typo that I decide to leave in for humor value. My bad apparently.
"I'm still waiting on the bailout package for people with no mortgages"
You have no leverage over the financial system, no gun to the head of the US economy, no ransom play to the effect of "bail us out or the whole system fails".
As a non-consumer, non-borrower, and and a saver, you are irrelevant to the global Ponzi scheme, and hence, have no leverage to demand a bailout.
Maybe some fresh-baked apple pie would make you feel better?
Soooooo-eeeeeeeee....sooooooo-eeeeeee.
why hasn't the pentagon gotten into this tarp thing can't think of a more deserving bunch of people
for several years I've called this the Seventh Fleet Put.
Nice.
/frantically checks patent office for filing.
No Prob, Dawg. I figured he was related to Ron Dawg.
Who's Rob Paul?
It's not a who, it's a what. What you do to pay Peter.
"I'm still waiting on the bailout package for people with no mortgages"
PeakVT, you are the bailout package. Didn't you get the memo?
"BART to San Jose was a stupid idea for public transit. "
So is a bullet train through the California Central Valley...I still think we should have held out for a monorail.
"gooddamn liberals"
Ya, the Bushie conservatives have proven much more adept at shoveling taxpayer money to their constituants.
OT - aww, poor john paulson, housing woes just like the proletariat -
Hedge-Fund Guru Paulson Cuts House Price Once More
NYC House Built by Bailey, of Circus Fame, Goes on Sale - WSJ.com
I think Rob Paul is a guy in silicon valley settting up municipalities as bank holding companies to enjoy getting tarped and featherbed by liberals such as Bush and Paulson for light wind powered rail, hey it worked for Columbus on the open water.
the deterioration continues.
Im now blocking myself with the super ken CR Companion.
MrM, Mr Krugman thinks the problem in Zimbabwe is that the Central bank in Harare has a credibility problem.
It has nothing to do with the actual inflation of the money supply.
Similarly, the inflation in house prices in Florida was not caused by cheap money and credit from the fractional reserve banks and FED. But, but, but, but the FED had credibility back then.
Ooops. Must have been the lack of regulation then. The lack of regulation in hosuing caused the bubble.
The global financial bubble was caused by subprime in California.
So next time we must regulate better. Especially housing. But what about that hyperbolical spike in rice and wheat? Ah, must regulate everything. We can create new policy everyday. Regulate 6 billion people. Just call me after breakfast. I make it up every day. New policy every day. Just call me. I have policy.
Let's see. I don't understand the cause here. Well, we're all japanese now. ZIRP. Face it. We have to do as Japan now. No other choice. Just do it!
Nobel
kristina,
If you are lurking, I am in same area and see no news on mill closure - is that a direct report from the mill or employees?
Mistakes are inevitable. There is no way of learning without them. But this morning it occurred to me that although we may see plenty of hysteria, what we really ought to worry about is hysteresis, that the system may settle into a new and unforeseeable state.
Who's Rob Paul?
It's not a who, it's a what. What you do to pay Peter.
Apparatchik Zackattack
Someone got it!
C.R. per my stints in public office in S.J. (e.g. Board of Educ., City Council), I can say that Chuck is a stand-up guy so it must be bad. Of course the first rule of fractional- reserve financing is that EVERYONE not make claims at-once or we all go belly-up atleast on paper anyway.
Since Norm got his name on the airport I suppose Ron Diridon will get his BART station even if it takes another 35 years to finish.
I am not the sharpest tool in the shed, however, I suspect that the only way to resolve our problems:
1)Mortgage holder turn over the property to the owner.
2)The mortgage holder write off the difference between the debt and whatever the market price at that time on their balance sheet. (If the mortgage wants to hold the mortgage in anticipation of increased value, so be it.)
3) Mortgage holder offer a rental agreement in alignment to current rental rates in the local neighborhood for the size and amenities of the current property. If the former home owners will accept a rental rate from the MH, then stay and pay the rent. If not, relocate.
Benefits:
The Mortgage Holder knows and accept is losses. He now has a tenant. (He is now a landlord as opposed to a vacant depreciating building subject to vandalism.)
The former home owner now has freed up his/her income from the difference between owning and renting.
The American public has more freed monthly cash to save and purchase.
This is the best that it gets as far as a solution to our current situation.
This whole thing is getty a little silly now.
Cities are asking for help.
Come on!
I think at this point Comrade Paulson should ask everyone/everything that needs help to email in a detailed (3-page report, anyone) on why they need help.
Then they will be assigned a number based on a matrix that assigns points for different catagories based on that need, i.e. size of debt, chance they will go BK anyway, chance of actually being profitable in the future, what this entity is, etc.
After that, when it is all complete, he can go out with the list online and you can check where you are, if you will get any, how much you will get, and when you can expect it.
For example:
Joe the Plumber is 1,897,765th on the list for his mortgage and HELOC at $234,986.23, right after Sue the Seamstress and her mortgage bailout.
They can expect their checks when He77 freezes over.
See, that was so easy.
Let's get working on this!
"Paul Krugman makes an interesting point in his NYT blog that so long as the central bank is viewed as credible and responsible..."
It is an interesting question: when can they stop deflation and swing it to inflation, if they can? Just as Paulson is Wall-Street-biased, Krugman is Central-Bbank-biased. He believes the government can lead the economy around by the nose if it just does the right stuff. Bernanke belives that, too. I don't.
"Ah, must regulate everything."
I've seen how that works. But even given immensely powerful new algorithms and the machines to feed them and run them, still...perhaps long-range weather forecasting would be easier, and we haven't yet tried to actually control the weather.
weepstah,
"Morocco Bama,
He's just this guy, you know?"
No, that's Zaphod Beeblebrox.
Rob Paul is just to pay John.
Nostrovia,
bg: "Paulson has already said he's not going there. They do not want to go down the path of implicitly backing municipal finance."
I hear tell that there will be a new sheriff in town come January.
Crap, A bit late on that last post apparently.
Nostrovia,
They tried cloud seeding to affect hurricanes. Late 70s early 80s?
Didn't work.
Weather is where chaos theory came from.
Henry Paulson = Rape Holy Nuns
Federal Reserve = Fees Ever Larder
Troubled Assets = Abutted Losers
Quantitative Easing = Quite A Save Tainting
I am very very very very afraid of OBAMA.
America has made the biggest mistake in its history ?
You have no leverage over the financial system, no gun to the head of the US economy, no ransom play to the effect of "bail us out or the whole system fails".
As a non-consumer, non-borrower, and and a saver, you are irrelevant to the global Ponzi scheme, and hence, have no leverage to demand a bailout.
Except to go to a bank, withdraw his money in cash, and stick it in a safe or drawer. That's the real "fuck you" savers have, and it would be absolutely devestating.
"Who is Rob Paul?"
Sounds like a line from a novel.
"Paulson Shrugged"
I still want to know the details on the baby bulls being stuffed into the trailers from 2 threads back.
I am not so sure, barring running the presses, they can inflate.
You see, everything in this country is overpriced because of credit.
Heck, I collect baseball cards, and I would love to purchase the Holy Grail, a 1952 Topps Mickey Mantle. However, no piece of cardboard is worth $250,000 in pristine condition.
Heck, even if it hasn't been graded by a legit 3rd party, you are still looking at $15,000 for an excellent condition card.
Nutso, I tell 'ya.
Same goes for art.
I may be out of my scope of knowledge, but as far as I can tell, no work of art is worth $50-$100 million.
Get real. These nonsense has only one way to go, down, which means deflation.
Anonymous: The only solution is a Debt Jubilee. Ctrl+Alt+Delete.
I'm talking about The Republic.
OCDan,
"They can expect their checks when He77 freezes over."
According to Dante, the Ninth circle is frozen. But The Nine still got the money.
Nostrovia,
Re: Anon @ 12:13
Yeah... but what about this...
4) Mortgage holder and Owner both lose 70% of any investments they've made because said investments were based on MBS.
When a cramdown occurs, there has to be some counter party who is losing big-time.... no? I thought this might've been discussed some before in the olden days of CR...
lawyerliz writes:
I still want to know the details on the baby bulls being stuffed into the trailers from 2 threads back.
I'm afraid I can't re-veal their fate.
Daaaawwwwwgggg.
The east coast has its own version of disability scandals associated with mass transit...
"New York Attorney General Andrew Cuomo, who is heading one of the probes, said that since 2000, about $250 million has been paid to LIRR retirees seeking disability benefits; it is not known how many are legitimately injured. The revelations come after the LIRR has earned national awards for worker safety in recent years."
Story On LIRR disability scam
It gets better. Apparently there was a NYS law passed that allowed "disabled" people free access to State Parks - including golf courses!!
"New York residents who are legally classified as disabled played more than 41,000 rounds of free golf at state courses on Long Island in the past year, state records show. That represents 69 percent of the statewide total of free rounds played."
Holy shiznit I need some of that action!!
Disabled? No worries free golf for you!
Daaaawwwwwgggg.
lawyerliz
Are you Angus at me? [ducks]
all-
i stepped away from the last thread...RE: the poor baby cows...
yes, the farmers found unattended trailers at the auction site, and put the male baby cows in the trailers.
abandoned applies, i guess.
on topic, and in a bizarre twist, i lived in san jose for 20 years before moving to wisconsin. this news does not surprise me in the least.
the outrage here is, san jose has probably the biggest/most affluent tax base in the country. detroit, ok i can see the need...san jose?
jeebus h krist.
Calves in trailer = It Ran Veal Slicer
For those of you interested, please research the LA subway project.
As far as I know one of the tunneling machines that went off course is still burrowing it's way to the c3enter of the planet.
Nostrovia,
Now I see why Paulson characterized the $700B pool as "small" in his interviews yesterday. TARP will need $10T before this is over.
Ok, dawg, you asked for it:
Does a radioactive cat have 18 half lives?
We'll see more of this in CA before the state declares bankruptcy. I hope no one here bought CA state bonds last month.
However cities like S.J. are at the head of the line noting they have been a liberal-democratic enclave for sometime now.
I'm old enough to remember when 700 Bil. was alot of money.
I'm old enough to remember when 700 Bil. was alot of money.
Way back in 2007?
PeakVT - the moral right of the author has been asserted.
Dawg - you don't believe in bovinity before marriage do you?
CC
OCDan that must make my Mays rookie worth atleast 50 grand, especially noting he was the greatest player of all time.
Rob Dawg, your first post in this thread is excellent. It seems that most, if not all, CA cities are in big trouble. Out of control spending, no discipline in pay scales, so much waste. The well is dry. $14B for San Jose - unbelievable!
lawyerliz,
"Does a radioactive cat have 18 half lives?"
Yes, but each one gets longer and longer and longer...until it comes time to just hit it with a shot gun blast and put it in the stew pot.
Nostrovia,
Rob Dawg
Explain to me why San Jose is failing because it is a dense city?
Most of their problems are the same as Vallejo's too much spending.
hater writes:
I am very very very very afraid of OBAMA.
I'm running a sale on NPPR's (Negro Proof Panic Rooms) $999.99 installed. To appease my conservative Republican customers, I use non-union labor only, consisting of the cheapest I don't give a fuck illegals I can find. Hurry. Sale ends January 21st, 2012.(Unless Obama is re-elected)
Hoopajoop-remember to do it in small quantities over a couple weeks..
less visible to the powers to be in today's world makes dollars and sense...
it feels good too.....especially when you spread on the bed and roll around naked with your gfriend in it..
shower afterwards as it seems to hold dirt, sweat and shock well....
Cooked on one of those radioactive former scrap pots.
Why are we sure photons are not Catholic?
Does a radioactive cat have 18 half lives?
lawyerliz
I am "uncertain" and afraid to look in the box to find out.
Dawg - you don't believe in bovinity before marriage do you?
Sheep lie. That's all I'm gonna say on that matter.
eweeeeee.
Premier Obama is going to force his will on everyone. Watch the gay population skyrocket. And we're going to have to support every one of those gay welfare cases.
Time to turn up the heat on our elected officials.We need an agreed upon top three messages list to send to them and everyone we know. Spread it like a Fed bailout.
Top Three Messages to spread...
BayAryan you are correct this is where the notion of Collective Bargaining went haywire per the Brown Act. Suppose this is the legacy the liberals will have to own-up to someday since this was one of their babys in looking after the interests of organized-labor. However I will keep "Getting to Yes" on my bookshelf since bartering skills via my victory garden my Dad was so kind to build 30 years ago may come in handy sooner than later.
I say bail out Dionne Warwick and San Jose!
"As a non-consumer, non-borrower, and and a saver, you are irrelevant to the global Ponzi scheme, and hence, have no leverage to demand a bailout."
I don't need a bail out, I also don't intend on paying for it either. I'll sit at home on my ass, consume about as much as I have, cut my income other then from cah only sources to zero and watch these suckers squrm. It's a great time to be a bum.
wmbz writes:
Premier Obama is going to force his will on everyone. Watch the gay population skyrocket. And we're going to have to support every one of those gay welfare cases.
He has never spoke out in defense of Gay Marriage nor did he ever say marriage should be strickly for hetero couples. He is boldly leaving it up to the indv states
wmbz writes:
Premier Obama is going to force his will on everyone. Watch the gay population skyrocket.
I agree. Now that Obama has been elected, I no longer want to lay down with women.
I'm sure I saw this idea here first; is it time for corporate sponsorship for cities?
For example, "Citibank New York, it never sleeps?" Sort of overlaps.
But then the sponsoring corporation nearly goes bust and gets a TARP.
TARP laundering if you will.
ll,
"Cooked on one of those radioactive former scrap pots."
No, you need to use radioactive granite counter tops for the best flavor.
Rob Dawg,
"I am "uncertain" and afraid to look in the box to find out."
Uncertainty only works until it doesn't.
Nostrovia,
I am broke. I will become a bank. Problem solved.
Is Ken censoring our nonsense? Too bad for him.
If that gay thing happens..single men should move to San francisco..
Thier are boatloads of women here already looking for a hetero male..
it's going to be like a grizzly in an alaskan river full of coho salmon now..
I picked the wrong time to move in with gfriend...
Some context from someone who works in San Jose:
The BART line would be built along an existing rail ROW. The cost to simply upgrade that ROW to passenger rail standards (and run modern European EMU/DMU equipment) is 10-100 times cheaper than converting it to BART 1960s technology -- not to mention the completely unnecessary cost of digging a $2 billion tunnel so that San Jose can pretend to be a "real" city.
The voters just rejected a sales tax measure to help pay for this $10 billion white elephant, so now the city is scrambling to find other sources. Most likely, they will cannibalize the bus and paratransit system in order to write their blank check to Bechtel for the San Jose version of the Big Dig.
Premier Obama WILL declare martial law and armed gay men will have police powers. Corporations will be outlawed. This is no joke people.
Hanky P's Mom was right to point out that Paulson's proclivities, pro or con, are about to superseded by a new Administration in January.
I don't think San Jose and other municipalities and states really think they will get in under TARP, nor do I think the auto industry and other industries really think they will get in.
Rather than take these requests for TARP money literally, I think they should be taken metaphorically.
First, they are SOS messages signaling imending doom. As another poster said, bond issuers typically do not announce that they are headed for a major cash shortfall, as San Jose just did. That is a May Day flare. I think the crisis is real. They are all about to go bankrupt, some a little sooner, some a little later.
Second, this is political jockeying to get seats at the table for negotiating the national bankrupcty deal and national economic stimulus deal. Rather than taking it literally as a genuine request fro TARP money, I think this is political discourse playing off the injustice and corrupt use of TARP: If the country has money for larding the banks' vaults, then it has got to have money for municipal services, etc.
The truth is that Paulson has run to the end of his TARP. Congress will not agree to release the second installment of funds. Paulson has copped to his own public humiliation. His days in office are numbered. He is an abject failure. And what he's done the past couple of months is now going to be the subject of investigation.
This all sets up the next stage.
My problems are now solved:
Mong Hoi, Mutual Trust. Hang Seng Bank Ltd Sai Wan Ho Branch 171 Shaukiwan Road Hong Kong. Good Day, May I Apologise for intruding into your privacy. My Name is Mr.Mong Hoi a citizen of Hong Kong working for the Hang Seng Bank Ltd. I have a Business proposition for you involving a huge sum of money (Twenty Four Million US Dollars). I want to move the funds out of my Bank but will need your help. Please reply me back at:mrmonghoiproject@yahoo.com.hk Warm Regards Mr. Mong Hoi
I'm sure I saw this idea here first; is it time for corporate sponsorship for cities?
Xerox Oxnard! A natural.
Montgomery Burns, Alabama.
Victoria Secret Falls.
Sam Adams, Massachusetts.
Diamond Walnuts Creek, California.
Hong kongers going Nigerian?
"armed gay men will have police powers."
Al least that will keep them off the welfare rolls, which was your last bit of trollish dribble.
Comrade Misean is Dope writes:
We have to pay all those navel gazing former gov't employees who retired at 50 100K a year their pensions. Look at all the valuable service they provided.
BINGO!!
Cali is SO SCREWED on employee pensions & Benes. Kind of like GM.
Benefits for retirees squeezing the state - Los Angeles Times
And when those armed gay men with police power take over your town, you will no longer be able to attend church. Churches will be demolished and slave labor (YOU) will build mosques where that church stood.
Ok, I'll inflict the answer:
Because they have no mass!
Don't feed trolls.
Rob Dawg
Good point. Mt View would become Googleville, Beaverton, OR will become Nike Town, Redmond will become Windows Vista, you know the deal
"We really really need to go back to the most basic of economic principles, government spending is ultimately counterproductive. It's like drinking seawater. Man oh man the mistakes this administration is going to make with its on the job training period. My wallet is weeping."
You have some good points, Rob Dawg. In my inside-the-Beltway opinion, we are about to see a doubling-up of Keynsian countercyclical spending and/or tax cuts, with trillion-dollar Federal deficits. I weep not only for my wallet but for the US Treasury, which might finally break under the debt load.
Country Fried Calabasas...Oh Crap!
I need a Quntumly uncertain cat right now.
Knurd!
Nostrovia,
I think the armed gay men thing was a . . .joke!!
Dogs and cats. . .living together. . .
Hong kongers going Nigerian?
What?
This is no joke liz. It's already happening. Premier Obama wrote his equivelant of Mein Kampf.
Folks, there's a fox guarding the hen house. There will be no eggs for the population when this is over. There will be no-one laying the eggs.
It's game over. We gave complete control to the banksters. The founders knew this would happen one day.
Debt Jubilee. Ctrl+Alt+Delete
You never got one of those Nigerian solicitations, Tim?
Well, considering that San Jose is full of illegal aliens, it's no wonder that they need $14 billion. They're probably packed 20-30 to a house.
For those of you who have no clue about how bad illegal immigration is in California, there are areas around San Jose that are more authentic than Mexico itself- no joke. There are areas of LA that are now indistinguishable from Tijuana. Check out the youtube videos. My Mother visited us in Northern CA, and we went grocery shopping at Food4Less. My Mom, who frequents Mexico for vacations, said that there were more Mexicans in Food4Less than she saw in Mexico!
I'm not trying to be racist...I don't mind Mexico, their culture, their people, or their language, but this definitely represents a huge problem...no civilization or culture has ever survived such an influx. Don't try to compare it to the other waves of immigrants, because those folks assimilated, learned English, and raised their children to value the USA. There is absolutely no indication that this is happening with Mexican immigrants. Just look at food labels sometime...
LIZ
I see...
Comrade Peronista
There is no such thing as inflation in house prices. Inflation refers to broad increase in pricess across all goods and services.
Increase in one asset class (.com, houses, tulips) may be a bubble not necessarily sign of inflatio
Oh, noooo, DK is baaaaackkk.
I'm going to fix lunch, while we still have pasta and electricity and meat sauce and stuff.
Visiting my daughter recently at SDSU; the tunnel/subsequent station there recently completed per the Trolley is a home-run. I cant speak to pop. density, etc..., however this is an example of where increased ridership is a result of increased capacity. Like they say when folks freak they still buy T.P., need to get to the doctors office, etc...
Fewer cars on the road will always be a winner, consumers have already spoken just ask Ken Waggoner.
I think TARP could be in place forever. Send out trillions to anybody who needs cash,
DK ... meet Ken and his Merry Plugin.
DK is exactly right. It is the large population of hispanic gays that are all a part of Premier Obamas plan. Just like Mao's cultural revolution.
Why should you care, if you are not gay?
Why should gays not suffer the same problems as the rest of us?
wmbz writes:
Premier Obama is going to force his will on everyone. Watch the gay population skyrocket. And we're going to have to support every one of those gay welfare cases.
wmbz | 11.15.08 - 12:36 pm | #
MrM, thank you for explaining that to me. Can you explain it to Krugman?
" NervousRex writes:
DK ... meet Ken and his Merry Plugin.
NervousRex | 11.15.08 - 12:50 pm | # "
Please elaborate.
The illegal immigrants are behind this global fiancial meltdown.
For cities in a world of hurt, check out San Diego. After massive payments and city cutbacks to pay more funds into its underfunded plan, the deficit has grown from $1.5B to $2.7B in three years. Why? "[B]ecause of a decrease in the system's assumed rate of return on investments, a longer retiree life expectancy and public safety pay increases."
Quoth the mayor: "We don't exist to fund employee pensions".
He wishes.
Can you explain it to Krugman?
Actually, I would not mind an opportunity to have a chat with Krugman. He may have his share of biases, but he is surely smart and articulate
Anonymous writes:
Why should you care, if you are not gay?
Why should gays not suffer the same problems as the rest of us?
I'm not gay but they are going to attempt to force their lifestyle on us. Gays will not suffer. They will be highly paid with police powers under the messiah.
DK=I'm not trying to be racist...I don't mind Mexico...
So what do you propose as the "final solution", Hitler?
Oh, and for those of you watching the fires. The flamefront has jumped the I-5 and is now in Newhall, land owned by... wait for it. CalPERS.
Pavel Chichikov writes:
"Ah, must regulate everything."
I've seen how that works. But even given immensely powerful new algorithms and the machines to feed them and run them, still...perhaps long-range weather forecasting would be easier, and we haven't yet tried to actually control the weather.
Pavel Chichikov | 11.15.08 - 12:16 pm | #
Everyone uses the word regulation in this context, but it has powerful political implications that lock up any discussion.
We (non-moneychangers) should try to find a consensus on a few well placed laws. I don't know what they should be, but I bet the worst offenders do. Don't we have ways of extracting this information?
joe shmoe:"This all sets up the next stage."
I concur. Until Obama and his team set up shop, it makes sense to Stop Worrying and Learn to Love the Bailout...because come January, it won't be the Bush-Paulson-Bernanke-Bair bailout, it will be the Obama-???-Bernanke-Bair bailout.
It will be reverse racism... If you are a God fearing, country loving, heterosexual patriot, you will be destroyed.
You people need a fast history lesson:
he groups that primarily benefited from Italian Fascist social policy were the middle and lower-middle classes who filled the jobs in the vastly expanding government the government expanding from about 500,000 to a million jobs in 1930 alone.
... "once Mussolini acquired a firmer hold of power... laissez-faire was progressively abandoned in favour of government intervention, free trade was replaced by protection[ism] and economic objectives were increasingly couched in exhortations and military terminology." De Stefani was forced to resign in 1925 because his policy of free trade was opposed by many Italian business leaders, who favored protectionism and subsidies to insulate domestic business from international competition. In 1926, Mussolini gave an impassioned speech demanding monetary policies to halt inflation and stabilize the Italian currency (the lira). He also took the final step of officially banning any kind of strike action. From 1927 to 1929, under the leadership of the new Finance Minister Alberto Beneduce, the Italian economy experienced a period of deflation, driven by the government's monetary policies.
In 1929, Italy was hit hard by the Great Depression. The Italian economy, having just emerged from a period of monetary stabilization, was not ready for this shock. Prices fell and production slowed. Unemployment rose from 300,787 in 1929 to 1,018,953 in 1933. Trying to handle the crisis, the Fascist government nationalized the holdings of large banks which had accrued significant industrial securities. The government also issued new securities to provide a source of credit for the banks and began enlisting the help of various cartels (consorzi) that had been created by Italian business leaders since 1922. The government offered recognition and support to these organizations in exchange for promises that they would manipulate prices in accordance with government priorities. A number of mixed entities were formed, called instituti or enti nazionali, whose purpose it was to bring together representatives of the government and of the major businesses.
In 1925 there was a great increase in speculation and short runs against the lira.
The lira continued to decline into 1926. It can be argued that this was not a bad thing for Italy - cheaper and more competitive exports, dearer imports. Politically however the declining lira was disliked; Mussolini apparently saw it as "a virility issue", the decline was an attack on his prestige. In the Pesaro Speech of August 18, 1926, he began the "Battle for the Lira". Mussolini made a number of strong pronouncements and set his position of returning the lira to its 1922 level, "Quota 90." This policy was implemented through an extended deflation of the economy; the country rejoined the gold standard, money supply was reduced and interest rates raised. This produced a sharp recession, which Mussolini took up as a sign of his assertion of power over "troublesome elements" - a slap to both capitalist speculators and trade unions.
The Quota 90 (Italian: Quota novanta) was a controversial revaluation of the lira undertaken by Mussolini, announced on August 18, 1926 at a speech in Pesaro, pegging the exchange rate to 92.46 lira against the Pound sterling (19 lira against the US Dollar) by December 1927, which had been the prevailing market rate when Mussolini took power in 1922.
The Quota has been described as the "most controversial measure undertaken by [Mussolini's] government before 1929," despite the general consensus that some revaluation was necessary among Italian bankers and industrialists. Minister of Finance Giuseppe Volpiwho preferred a rate of 120 or 125 against the poundconsidered the quota a drastic overvaluation. Many historians regard the Quota as motivated by Mussolini's desire to "exert his will" rather than economic rationality, as a "political decision", or as a "proof of force" against industrialists. In response to requests from Volpi and industrialists to reconsider the Quota, Mussolini threatened even lower rates.
An August 8, 1926 letter from Mussolini to Volpi claimed that "the fate of the regime is tied to the lira."
The revaluation led to a massive increase in mergers in 1928 and 1929, beginning a process of industrial consolidation which culminated in 1932 with .88% of corporations controlling 51.7% of corporate capital.
The Quota was accompanied by industrial and agricultural wage reductions in 1927, which overcompensated for the reduction in prices, decreasing the real wage and thus the purchasing power of most Italians; unemployment also rose, especially in the agricultural South.
Noland as usual has some good stuff :
The Treasury, Fed, and the marketplace now appreciate that the system faces a multi-Trillion dollar de-leveraging problem - not to mention the issue of new Credit creation necessary to avert economic collapse. The focus has, rightly, turned away from the issue of impaired securities markets to a primary focus on stimulating lending. The hope now is that the economy will receive a much bigger bang for $700 billion bucks if it is used to recapitalize the financial system rather than to acquire securities from distressed sellers. With the securitization markets now essentially lost causes, the last hope rests with a recapitalized and, supposedly, resurgent banking system. The expectation is that $700 billion of additional capital can be multiplied into the Trillions of new loans vital to bolstering the economy going forward. Its not Paulsons fault if it doesnt work.
"Anonymous writes:
Why should you care, if you are not gay?
Why should gays not suffer the same problems as the rest of us?"
One answer...semen volumizer. Gay men consume the stuff like chicklets. The majority of the gay population are sex addicts, and the minority of the population argues that marriage will change the gay culture. Marriage is an instrument invented for the sole purpose of promoting the survival of our species- it's not a matter of 'acceptance', or no more bathhouses, or no more public sex. Gay marriage does not offer survival of our species, for obvious reasons. Gays should take what they can get in civil unions, and deal with it. They can call it marriage if they want, but it's not the same as what people do who can reproduce as a couple, sperm and egg.
Exactly DK. The secret goal is a world run by gay communists, for gay communists.
The advice, as always, is "don't feed the trolls". If my kids can learn it, the rest of us can, too. In other words, don't bother replying to trollish postings, otherwise you are encouraging them to post more.
Actually DK is pointing out obvious..
$71.00 per day to house prisoner in Calif.
This is low end and 04 survey results
http://www.cdcr.ca.gov/Divisions_Boards/CSA/FSO/Docs/1997_jps_annual_rep_appendix_c.pdf
over 1/3 of 180,000 prisoners are illegal aliens..
71x365x60000-low estimate = 1554900000
I think thats 1.5 billion right there .. lets not forget all the other shit on top of that...
disclaimer-lifetime californian..
who wants army on the border asap....
until I can get medical, welfare, food stamps etc by moving to Puerto Vallarta..then the heck with our flailed policy....
Obama voted for the bailout...and he's the President with zero executive experience whatsoever. He served in the Senate for 42 months, 21 of which he spent campaigning. This just goes to show you that President is just a puppet show. Obama is now attending the Federal Executive Institute in Charlottesville, VA, to get his training on how to be a President, what not to say, ever, and what to do for the next 4-8 years (basically listen to the masters- Biden is privy, so was Cheney, Gore was an outsider and went off on his own).
Banks aren't lending. How to bypass the intermediaries and get the B-52 money to the masses? Tarp the insurers. Burn things to the ground. Issue coverage checks. Supply decreased, demand increased. Jobs provided for local contractors, builders. Furniture, rugs, kitch from Asia. Central bank to main street dilemma solved. Agressive jamming of money supply, deflation damped. Maybe inflation maintained.
this could be interesting for monday -
Hedge funds brace for D-Day
Saturday is the last day for thousands of investors to notify hundreds of hedge funds if they want their money back by year's end.
Hedge funds brace for D-Day
AIG 150 Billion USD. Who are the counterparties to AIG?
"The expectation is that $700 billion of additional capital can be multiplied into the Trillions of new loans"
You can't force people to lend, invest, borrow, or spend. you can encourage them, and make it relatively more attractive, but you can't make them lend, invest, borrow, or spend when they don't feel it's in their best interest...like now.
industrial consolidatio
" NervousRex,
"DK ... meet Ken and his Merry Plugin.
NervousRex | 11.15.08 - 12:50 pm | # "
Please elaborate."
Given the plugin of Ken's you won't get a response.
Bwahahahahahahahahahahahahahaha!
Nostrovia,
GiezCubed,
3 ideas of mine
1) Institute a retroactive covenant for all debt that reduces the principal amount according to deflation. Maybe the amount reduced by deflation is subject to restoration with inflation over the lifetime of the debt. This is a knock out clause that prevents a deflationary spiral that turns responsible debt into unpayable debt. If needed to win approval, include a lender hyperinflation safety valve on debt that increases the principal when inflation goes above 10%.
2) No underwriting of assets(/debt) above their lowest inductively based valuation in the previous 50 years (eg house price to income for mortgages, chance of negative cash flow given a x% drop in revenue for corporate paper, etc). Government should be willing to fulfill the role of borrower of last resort, but not chase asset valuations on the way down. Set the safety level, let private parties underwrite the marginal amount above, and then defend that leveraged safety level with conviction.
3) For any government loan, get super senior status (BK options without actual BK). Get fair equity participation, borrower does not get to benefit from any price increase until the government is paid off.
(~4) Sort out the boundaries of regulation, action, and monitoring between SEC/OTS/FDIC/PBGC/(whatever the insurance regulator is)/...
(~5) More shareholders rights to correct the misdirected incentive packages of executives
The emphasis should be on accelerating defaults that were always destined to default. Let the price certainty develop, and be prepared to smooth the transition between fantasy-land and reality so multiple national banks/insurers don't have to declare bankruptcy immediately.
side note: On CR's chart of residential investment as % of GDP, the 50 year mean was 2.35%. I would argue that overstates the natural level -- the past 50 years had a demographic boom, and culture shifts (more parents not living with children in old age, divorce). Inductively you could reason based on average lifetime of a house (to replace existing housing stock + population growth), that the 2% level would be inline with expectations.
The government has to bail out the muni's and states. What good is the federal government if they can't come to the aid of the population?
The backlash when services and jobs are cut will be extreme and the blame will flow to DC. Unless this is the firebrand they want to have happen to crash the system and impose unenforceable martial law. I'm not sure what can be done at this juncture to ensure our country maintains it's present structure.
For years I've laughed at the NWO nuts about their conspiracy theories of UN troops poised to swoop into our country and impose martial law. Now I'm only nervously chuckling.
We need to get back to our religious roots in this country..... fast.
excellent, thanks:
"the Seventh Fleet Put."
Comrade Counterpointer | 11.15.08 - 11:42 am
excellent, thanks:
you ... have no leverage to demand a bailout.
Maybe some fresh-baked apple pie would make you feel better?"
Hank Paulson's Mom | Homepage | 11.15.08 - 12:06 pm
great link
serf Alan Greenspend | Homepage | 11.15.08 - 11:43 am
Pavel Chichikov | 11.15.08 - 12:11 pm
Thanks, as always, for introducing us to Wulfstan
Enjoyed the radioactive cat exchanges.
signing off for the day.
FEI offers on-campus gym facilities as well as a volleyball court and swimming pool for further extracurricular activity. (FEI Website)
The current faculty director of the Leadership for a Democratic Society is Dr. Peter Ronayne.
Thanks cd...the blind fools on these threads fail to understand that there are 3 million men in Federal prisons RIGHT THIS MOMENT. That's 1 in 100 men in prison, right now. At least 25% of all of those prisoners are ILLEGAL ALIENS. Illegal aliens are foreign nationals who are in this country illegally. You try going to a foreign country without a passport or visa. IT AIN'T HAPPENING. The morons here can just keep ignoring the facts and hoard their piles of cash.
Re: We need to get back to our religious roots in this country..... fast
Burn the witches!
AIG 150 Billion. No discussion.
GM 15 Billion. No way.
It smells funny.
Comrade Peronista,
"AIG 150 Billion USD. Who are the counterparties to AIG?"
Goldmansky Sucks...Duh!
Nostrovia,
"How to bypass the intermediaries and get the B-52 money to the masses?"
The population at large wont start spending profusely again until they feel "it's over", they don't have to worry about their jobs, they don't have to worry about saving for a rainy day or a big-ticket item, and they don't have to worry about retirement.
DK,
Those 3 million gay men set to be released from federal prisons will be trained in the latest domestic paramilitary techniques and will be used as a national civilian police force to indoctrinate our children.
With 3 million in prison, and all the armed forces abroad, the remaining indigenous population can assume whatever job market is left. And unemployment is at 6%? Not counting the perennially dispirited? We have a lot more un- and under-employment than the statistics allege.
" wmbz writes:
Exactly DK. The secret goal is a world run by gay communists, for gay communists.
wmbz | 11.15.08 - 12:59 pm | # "
I'm not sure if you're joking, but I'm not. The gay mafia is in full force and they will resort to domestic terrorism to get their way. They have already targeted the Mormon Church. Through the media outlets that they control, they have great sympathy for Islamic terrorism, here and abroad. The gay mafia is powerful and rich, enough so to get a liberal puppet elected President. The Bible predicts an uprising against Christians, and this is it folks. Get your guns while you still can.
Joke? Who's joking? This is REAL.
Suddenly the filter idea is not seeming that bad.
EHP, nicely done! you even covered for a hyperinflation response. if only you were the real HP, sigh.
With Gay communists, at least May Day Parades will be more colorful and less militaristic. Sure there'll be a lot more well tailored uniforms, but a lot fewer weapons. Fewer mortars, more mortar/pestle cake knife crowds.
Blah Blah Blah, Illegal Aliens...Blah, Blah Blah!
InSane wants illegals. Shrubboy wants illegals. Dumborats want illegals.
WTF are you guys discussing really?
I'd rather talk to a quantumlly challenged cat (though a quantumlly challenged squirell would be awesome) than converse with you clowns.
The only one I forgive is cd, cuz he's funny at times.
Nostrovia,
Bond Girl said: "Suddenly the filter idea is not seeming that bad."
It's easy - just do it.
I'm thinkin' it's time for another Markit cliff diving post. Once it became clear Paulson wasn't going to buy mortgage securities over market they gave up another 50%. Scanning the listed indices it looks like they are all at new lows, AAs at $0.07.
I am expecting a lot more foreclosures very soon as the last hope just vanished...
Greasemonkey+Killfile or self-control, people. Please.
Ken is DK. Fiendishly clever to drive us all to his device. bwahahahaha
Ken, Would you add a feature where my comments will only be displayed on my select list's computers? Please.
Comrade Misean is Dope writes:
Blah Blah Blah, Illegal Aliens...Blah, Blah Blah!
You will be FORCED to partake in the gay lifestyle. You will not be able to attend church. Your children will be taken from you. You'll be forced build mosques.
My faith is shredded.
I'm questioning the ovinity of dawg.
CC
Ben Frank'll Tank Bernanke,
"With Gay communists, at least May Day Parades will be more colorful and less militaristic."
Well until the Sado-Massies hit the street.
But they usually use melee weapons.
Nostrovia,
Comrade Misean has driven me into Ken's scheme. Thanks Misean. My first block.
serf Alan Greenspend,
Basic idea with point 1 was to risk the tail risk (or hedge the upside/downside) to prevent positive feedback pandemics.
It can alternatively be handled with massive spending, and while that has more or less had a 'good' outcome for Japan I think it does not appreciate the long term costs to paying off the debt (once private credit growth starts, government interest rates will rise quickly and then it is the world's biggest option-arm)
So the first things they should try in this iteration of deflation are legislative action, especially as it is more politically palatable
" Ben Frank'll Tank Bernanke writes:
With 3 million in prison, and all the armed forces abroad, the remaining indigenous population can assume whatever job market is left. And unemployment is at 6%? Not counting the perennially dispirited? We have a lot more un- and under-employment than the statistics allege.
Ben Frank'll Tank Bernanke | 11.15.08 - 1:08 pm | # "
Good point...the 3 million in prison should count as 2 unemployed each, because it costs roughly two average working salaries to keep them in prison. Just add 6 million to unemployment, minus 2 million who are illegal aliens and should be deported immediately. The US marshal dragged away this guy across the street who was a 290 register sex offender illegal alien absconder (twice). His
"wife" purchased their house on stated income (she was a dental hygienist, and the house was 500k), and he bragged about having 400k in cash, etc. The guy was bad news, and he had 2 little kids. I never saw him work except for maintaining yard, and he was visited by strange people in a white van every other month (probably drug runs).
My faith is shredded.
I'm questioning the ovinity of dawg.
Here, have some special kool-aid. Your worries are over.
NervousRex: meet my way to fuck Ken and his Merry Plugin.
"Burn the witches!
Anonymous | 11.15.08 - 1:05 pm | # "
Wow, you are a moron indeed.
Ken can take his plug, and put it into where the sun don't shine.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Repetition is the branding iron of knowledge.
illegalAlien=gay=communist
They are taking over this country. Obama is already rewriting the constitution that conservatives have worked so hard to protect.
Repetition is the branding iron of knowledge.
DK | 11.15.08 - 1:24 pm | #
Your only clever contribution. Good imagery.
At least there are a few brave, informed souls who frequent these threads. The rest of you deluded fools can rot in your cesspools of insanity.
My quantumlly questionable squirrel just rolled the dice.
How's that possible?
If I look and he's dead and there's snake eyes, is that a bad thing?
Knurd!
Nostrovia,
wow, i'm liking ken's filter a lot. banning irritating trolls is fun. i still see some posts for a split second on refresh, before they are put in the memory hole. too bad it doesn't have ip addie capture...
" ANON writes:
Repetition is the branding iron of knowledge.
DK | 11.15.08 - 1:24 pm | #
Your only clever contribution. Good imagery.
ANON | 11.15.08 - 1:26 pm | # "
It's the most intelligent contribution ever to the threads of this blog. Say it ain't so.
Ban this asshole...
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Illegal aliens. Illegal aliens. Illegal aliens. Illegal aliens.
Repetition is the branding iron of knowledge.
DK,
"Repetition is the branding iron of knowledge."
No it's the way the MSM does propoganda.
Propogandist.
Nostrovia,
It ain't so.
Take that...
...and that!
Blocker not working morons?
sAG,
"too bad it doesn't have ip addie capture..."
Now I would love that. Some DDOS attacks and hacks would be so sweet.
Nostrovia,
Evil Henry
Is it the world's biggest Option ARM?
First, there's no option, is there? Payments on the national debt must be made (or it defaults). No easy option, anyway.
Second, once a treasury bill is sold the interest rate on it is fixed for its duration.
It is true that the increasing debt will tend to drive up yield on new issues and thus make future borrowing more expensive (i.e., that would be the tendency of that one factor, isolated from all other factors, some which can be countervailing: witness the current continuation of low rates). But the debt issued today bears a fixed rate of payment for its duration. Right?
Does the Option ARM comparison really fit?
From Naked Capitalism, long article:
"Credit Crisis Fallout: Investors Leery of Buying Government Debt As Calendar Grows"
"For any government looking to raise money in the capital markets in the next few months, there was an ominous development in Germany this week.
A German 10-year bond auction failed something more or less unheard of until this year as cash-strapped banks and investors snubbed the government offering.
It is a clear sign of straitened times when a benchmark bond in one of the most liquid markets in the world cannot attract enough bids to reach its target amount.
it aint just murican bonds under pressure.
DK.... not nice. Stay on message.
well, there does seem to be a loophole, which DK and iterations have revealed.
anyway we can flag a troll that's above and beyond any value for CR to ban his ip?
We are all Ken Cooper now.
Look, we are only 1/3rd the way through the sub-primes, which are not negative equity. The ship is going down, and it's clear by the Paulson's actions that it cannot be stopped except for a few life rafts for his pals.
I'm a little late to the party today, but has anyone noticed that some banks are offering wacky rates on CDs and savings accounts? I see some CDs at 4%apy for 6months. I think what's happening is competition for private funding is being financed by the TARP equity injections. Banks spend an extra 2grand per 100,000 of deposits. And they have billions now.
Thoughts?
Ken,
Love the plug in dude. I've got IP's if you need a server to expand it.
Would be an AMP stack..Idon't do winblowz, well except for my game machine at home.
Nostrovia,
I love how fast this thread has degraded, as it continues to prove my point.
Ayn Rand is having a party where ever she is right now, as this country tears itself apart in a fury of "where is mine".
My faith is in recession.
I'm questioning the ovinity of dawg.
CC
" serf Alan Greenspend writes:
well, there does seem to be a loophole, which DK and iterations have revealed.
anyway we can flag a troll that's above and beyond any value for CR to ban his ip?
serf Alan Greenspend | Homepage | 11.15.08 - 1:32 pm | # "
You see, I'm an engineer, and your little tricks are no match for my skills and keen intellect. IP blocking is also easy to get around, so don't bother trying. Rather that call me names, like the liberals that you are, perhaps you should try engaging in a thoughtful argument in support of illegal immigration and/or gay marriage. Then we will see both perspectives.
"Senorito On-Topico writes:
I love how fast this thread has degraded, as it continues to prove my point."
What's that...that we need a Fairness Doctrine on the thread? Bring it on pal. I'm just offsetting your insignificant and blind rantings with facts and numbers.
Thoughts?
gerald | 11.15.08 - 1:33 pm | #
The banks are trying to lure the public back into their establishments. Many people pulled excess cash out over the last few months. The banks would like to lock it back into the banking system. You see the stories about the safe manufacturers doing record business?
starve the trolls and come back when their dessicated virtual bodies have been scattered by the wind.
quality discussion here is too valuable to give up. it will return. be disciplined and patient. it pays off.
see you all later.
Thoughts?
gerald | 11.15.08 - 1:33 pm
Any bank advertising rates for CD's that are way to high to believe is a bank in trouble.
people don't realize they're all poorer.
" gerald writes:
I'm a little late to the party today, but has anyone noticed that some banks are offering wacky rates on CDs and savings accounts? I see some CDs at 4%apy for 6months. I think what's happening is competition for private funding is being financed by the TARP equity injections. Banks spend an extra 2grand per 100,000 of deposits. And they have billions now.
Thoughts?
gerald | 11.15.08 - 1:33 pm | # "
Yeah, it's bait to get your deposits so that they can fail and the FDIC socializes the losses. SIMPLE as that.
DK,
You win. CR is being shut down. Now go find another liberal blog to enlighten.
kthxbai
I just can't use the CR companion. I'd miss all the delicious nuttiness.
Skyrocketing gays sounds rather pretty, if a bit dangerous. Heh.
joe shmoe,
I must confess my knowledge of mortgage flavours has slipped. I just used the term 'option arm' to represent a mortgage with an initial low fixed rate, followed by a ballooning floating rate.
You mentioned the debt being fixed rate. Well the government is continually rolling over that debt, and on a short term basis. Without issuing a new bond, the old one cannot be paid -- thus in aggregate it is a floating rate loan with regular rate resets on segments of the principal. The maturity schedule is heavy on the short end right now, probably over 70% of the total national debt matures within the next 5 years.
I'm not even concerned with the increased issuance of treasuries driving up the rate in the short term. Basically the way it works is $1 less is lent to the private market, so the government/public offers to borrow and spend $1 to keep the money supply stable.
Last thread, from PeakVT, repost
From the schadenfreude files: Content Not Found | vanityfair.com broke.html
But based on the bad news coming out of shopping-mall owner General Growth Properties [GGP], it is no wonder Friedman is feeling crankier than usual. Thats because the authors wife, Ann (née Bucksbaum), is an heir to the General Growth fortune. In the past year, the couplewho live in an 11,400-square-foot mansion in Bethesda, Marylandhave watched helplessly as General Growth stock has fallen 99 percent, from a high of $51 to a recent 35 cents a share. The assorted Bucksbaum family trusts, once worth a combined $3.6 billion, are now worth less than $25 million.
Ha-ha! /nelson
PeakVT | 11.15.08 - 9:36 am |
Yeah, they're FDIC so you wonder are they going for broke. Citi had 4% for a while then it went to 3.5 HSBC is at 4 for 6mo but then it goes back down for 12. Weird.
" joe shmoe writes:
starve the trolls and come back when their dessicated virtual bodies have been scattered by the wind.
quality discussion here is too valuable to give up. it will return. be disciplined and patient. it pays off.
see you all later.
joe shmoe | 11.15.08 - 1:39 pm | # "
Later joe, you blind fool with nothing interesting to add to the discussion. The 1st Amendment was made for controversial and unpopular opinions. I can see that there are plenty of fascist undertones lurking here.
The banks are trying to lure the public back into their establishments. Many people pulled excess cash out over the last few months. The banks would like to lock it back into the banking system. You see the stories about the safe manufacturers doing record business?
ANON | 11.15.08 - 1:38 pm
Every deposit is booked as a liability. If they loan it back out (which they will do as funds are pooled for this purpose) they book the loan as an asset.
This is done to the extent their reserves requirements are met up to the leverage permitted by regulation.
If they just need to entice dollars into their ledgers, then they truly are facing some difficult realities concerning reserves, loan loss ratios, and God knows what.
"Yeah, they're FDIC so you wonder are they going for broke. Citi had 4% for a while then it went to 3.5 HSBC is at 4 for 6mo but then it goes back down for 12. Weird."
It's all about short-term funding needs. Everyone needs to get past end of year funding requirements.
"The assorted Bucksbaum family trusts, once worth a combined $3.6 billion, are now worth less than $25 million."
It never occurred to them to, I don't know, sell some?
Evil Henry
just caught your reply before taking the afternoon off. thanks. I agree the roll over of debt acts like a floating rate.
Which thread was the filter link on?
I miss my time in prison. The hispanic males were a little unkind to my butt but I actually enjoyed it at the end. Now if I could find a girlfriend now that I'm out I would be happy. I just can't stop thinking about those hispanics...
Bond time peeps.
I'll review it afters.
Knurd!
Nostrovia,
"Pissed Off In California"- curious name. Are you ignorant or blind to the illegal immigration problem in California?
D3K3 writes:
I miss my time in prison. The hispanic males were a little unkind to my butt but I actually enjoyed it at the end. Now if I could find a girlfriend now that I'm out I would be happy. I just can't stop thinking about those hispanics...
D3K3 | 11.15.08 - 1:44 pm | #
I crack me up.
DK check out this site xnxx.com, Come back with your report ASAP