Existing Home Sales Decline to 4.49 million in January
Submitted by
CalculatedRisk on Wed, 02/25/2009 - 7:04am (209 comments)
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The latest from Doc Doom Roubini
"That's the risk right now, of an L-shaped recession. This is what we are facing right now, the risk of a near depression, and unfortunately policymakers are really behind the curve. It's time to act, right now."
RGE - Banks Need Temporary Nationalization - Latest Roubini Interview on CNBC
Next!
Third too?
ot first
That's surprising.
That they're still selling I mean.
Nostrovia,
Better numbers were expected.
Lending is tight for joecheapchardonnay and prices are still too high in the face of what is becoming single income families. This was baked in. Ok back to work
Blame it on the weather.
repptillian,
"Better numbers were expected."
That's the problem with the passive voice. It leaves out the actor.
By WHOM?
Nostrovia,
Hope!
Hard!
wow.
Rob challenged CR about where this thread was, and then it pops up within 2 minutes.
Rob clearly is da man.
"The risk of a near depression"? Its here, doc. Forget "risk" and "near."
Barney Frank is an "entertaining" speaker but it's not his job to be an entertainer.
I'm surprised that they sold this many homes.
Lowest sales pace in 12 years?
12 years ago was 1997... that was during a pretty good economic climate, no?
I would've thought it'd be more like "lowest pace since 1991" or something.
shows how much I know. (very little)
THE SUICIDE BANKER'S BLUFF
Nevermind nationalization, how about euthanization for bad banks.
If irresponsible banks are put out of their misery all that will happen is bad bank assets will be divested and taken over by sound banks. The world will not end. Solvent banks will be able to buy impaired debt at enough of a discount to make it pay.
In order for this to occur CDS contracts have to be nullified because these contracts are blackmail.
Everyone is so afraid of Citi, JP, or B of A going down because of the implications of hundreds of trillions in CDS contracts being settled. This is how our dullard congress is being blackmailed. The CDS derivatives have no underlying cash flow and no fundamental value. They are pure scam. IT IS A BLUFF. There was never enough money in the world to settle these bets. The notional amount was $683.7 trillion in the first half of 2008 ( Page not found. This is about ten times world GDP. But Wait, some will say, CDS contracts will net out at a much smaller amount than the total notional amount outstanding. This makes sense in theory, how has it worked out in practice?
Let's take Lehman as an example:
âThe payment calculations so far performed by the DTCC Trade Information Warehouse relating to the Lehman Brothers bankruptcy indicate that the net funds transfers from net sellers of protection to net buyers of protection are expected to be in the $6 billion range (in U.S. dollar equivalents)". --DTCC October 11, 2008
DTCC › Pressroom Index 2008 tiw.php
It appears that the DTCC got it way wrong.
I found little information on the actual final settlement of Lehman CDS, which is not all that surprising since these bets are kept off balance sheet on a separate set of books and largely traded under the counter. The respected blog RGE Monitor did, however, provide some excerpts of analysis by Satyajit Das that I quote and link below from Jan 27, 2009.
âFor example, when Lehman Brothers defaulted the firm had around $600 billion in debt... However, market estimates suggest that only around $150 billion of the CDS contracts were hedges. The remaining $250-350 billion of CDS contracts were not hedging underlying debt. The losses on these CDS contracts (in excess of $200-300 billion) are additional to the $600 billion. The CDS contracts amplified the losses as a result of the bankruptcy of Lehmans by (up to) approximately 50%... Real CDS losses from Lehman CDS were higher, probably around $300-400 billion
financ...an_cds_epilogue
Roubini Global Economics (RGE) Monitor
The purpose of the CDS scam was to force the the losses of the big bankers onto the taxpayers.. A bank like Citi can go to the government and say, if you let our company fail the credit default insurance written by others on our default could END THE WORLD. Citi can thus play innocent for forcing extortion on congress. The bluff is a pretty scary weapon when you consider how many CDS swaps Citi itself holds on the other big banks in the derivatives club; click the next link for an eye popping table.
404 Not Found OCCpg1.png
If a group of people walk into Congress and say bail us out or we are going to blow ourselves up and take all of you down with us, how is this so different conceptually from suicide bombing? Even though there is no blood on the walls of Congress the suicide bankers have left tens of millions of ruined lives in their wake.
According to warren buffet, derivatives are "financial weapons of mass destruction."
404 - Page Not Found 2817995.stm
George W taught us what to do with terrorists and their weapons of mass destruction so, LET's ROLL! Off to Guantonimo for the financial terrorists on the boards of directors WHO ARE THE CONTROLLING OWNERS of the responsible banks.
END CDS BLACKMAIL so that we can move on. These bets on the death (default) of others were sold as insurance and as such should have been subject to capital reserve requirements. Because CDS were illegal insurance policies the issuers should GO TO JAIL. This was fraud, not negligence or ignorance.
Then make it less likely to happen in the future by ending the corporate liability shield for directors of all financial corporations.
We cannot allow gangsters to hide from responsibility for mismanaging and misappropriating the wealth of our nation by shifting their personal liability for fraud to a fabricated paper entity with a corporate trademark for a name. They need to be held accountable for shirking their fiduciary duties. The people who we entrust with our money must be held to a high standard. If their ill gotten gains are confiscated and they go to jail for taking insane risks with the money of innocents they will think twice in the future about responsible leverage and selling phony insurance policies. Holding the controlling owners, the boards of directors, accountable for what they do with other people's money by eliminating the corporate liability shield for financial institutions is all the banking reform you need.
We can all now see what happens when we allow unchecked risk taking to proliferate in an atmosphere of limited corporate liability.
End the CDS blackmail! Let the banks fail! Put criminals in jail!
AND
No more bankers hiding behind the corporate veil!
otishertz | Homepage | 02.16.09 - 1:55 am | #
"Better numbers were expected."
40-50% of the sales are foreclosures in some areas and foreclosure moratoriums means decreased sales. Potential buyers (or their agents) should be well-aware that there's a large shadow inventory.
As Jim the Realtor likes to say, nothing that price won't fix.
Yearning To Learn writes:
Lowest sales pace in 12 years?
12 years ago was 1997... that was during a pretty good economic climate, no?
But they hadn't throw gas on credit pilot light yet ....
Just wait for the spring selling season. It doesn't really start till April, you know.
oh Roubini, depression sssmession. Japan gave us pokimon and tub girl, we could stand to be a little more Japanese.
ron paul o
wow. some of these stats are astonishing.
80% of sales were distressed in Santa Ana? wowser.
45% of all sales across teh country? hmmm...
I can't wait for the graphs, so that CR can tell me what this all means! (seriously).
Is this completed sales or wishful thinking and tire kickers. I to have a hard time with this number.
jo6pac
The race to the bottom continues
Japan gave us pokimon and tub girl, we could stand to be a little more Japanese.
Moreover, they gave us Wii and Prius. Nothing to sneer at.
lecturing bernanke on capital vs credit..
Median sales price is lower, too, down -14.8% from a year ago. Months of supply rose fractionally from December (9.4 months) to 9.6 months in January.
The only "good" news I see is that SAAR 4.49 million homes were sold.
Houses are moving, at least.
Sebastia
iceman writes:
Japan gave us pokimon and tub girl, we could stand to be a little more Japanese.
Moreover, they gave us Wii and Prius. Nothing to sneer at.
And all we got from Iceland was kippered herring and Lazytown?
Mommy.....
Don't forget Bjork.
Roubini: "That's the risk right now, of an L-shaped recession."
Pinocchio | 02.25.09 - 10:11 am | #
Roubini's sugar-coating things again by suggesting it's only a risk and not inevitable. Got to give'em hope else they won't invite you on to the talk-show circuit.
sparkler chopsticks bombface
any relation to Sparkler Chopsticks Bombface Palin?
um, we seem to be headed straight back down to 7100 on the Dow, and S&P isn't looking so hot either.
This just means prices need to adjust downward more quickly.
WTF they don't like what they hear to pump the market so they bail on the coverage?
Distressed sales activity appears to be leveling off..."
If this continues, sales levels could decline further, as non-distressed sellers continnue to set their prices way over market clearing price. Here in SoCal (west side LA), most still expect $300M-$600M gains from what they bought for in '04 & '05.
The speech last night is a study in cognitive dissonance. There are so many contradictions between words and sure-to-come actions that it literally spins the brain into mush.
I tend to be the optimistic sort when it comes the United States, but I am becoming increasingly of the opinion that it may be time bail out on this systematic thievery practiced by the government and its parasitic classes.
I would keep my eyes on the local government levels. Over the next couple of years, there are going to be some titanic tax battles fought as localities attempt to maintain/raise property taxes in the face of real estate deflation. The coming tax revolts will start there and spread up through all government levels.
ok, covered my mar 80 calls. That means the market should shoot upwards into my face here.
Japan gave us ...tub girl, we could stand to be a little more Japanese.
/cr/tard | 02.25.09 - 10:18 am | #
rm /cr/tard
URGENT
FROM: General Fulda, United Deltland Forces
TO: Central Command
Iceland landing held off 24 hours due to heavy surf...testing of Offensive Oceanic Weapon (OOW) will be in one week...scale model tests and computer simulations have achieved success.
FULDA.
Why are you people so obsessed with reality? It's un-American. (Let's watch Star Wars again. C'mon!)
most still expect $300M-$600M gains from what they bought for in '04 & '05.
tbgpalisades | 02.25.09 - 10:22 am | #
Well of course! They'll need that equity to eat once the SAG strike gets underway.
Still can't believe they rejected the latest contract offer.
Ron says you can't take credit out of thin air and call it capital
I can't believe CNBC let that air
There is going to be online argument about what was posted above very shortly.
working links for the above
BIS link about $683.7 trillion notional derivatives value went dead.
DTCC › DTCC Addresses Misconceptions About the Credit Default Swap Market
RGE - Satyajit Das On Lehman CDS Settlement: Epilogue
http://3.bp.blogspot.com/_H2DePAZe2gA/R9sT8yG-HKI/AAAAAAAAA7k/A-SlM2Kotng/s1600-h/OCCpg1.png
BBC NEWS | Business | Buffett warns on investment 'time bomb'
I think Roubini missed the memo one what the stress test is. he talks about separating out the insolvent from the solvent. but anonymous officials and yesterday morning ben bernanke have explicitly said the stress tests are to show the banks are well capitalized and if not they will be given cash by Treasury for shares. There is a disconnect here somewhere.
over at marketwatch mark hulbert starts out with the doom we are all too aware of here
but then goes on to say that if history of the dow during the Great Depression is any example, then the run up after the last leg of the crash will be a meteoric rise as well...50% up in 6 months
however what he fails to discuss is that if the market drops 50%
and then rises 50%
the market is not back where it started from,,,is it!
Finding a silver lining in Great Depression analogy Mark Hulbert - MarketWatch
Mark Hulbert, MarketWatch
12:01 a.m. EST Feb. 25, 2009
ANNANDALE, Va. (MarketWatch) -- It's become fashionable in recent months to look to the 1930s for an analogy to what we're suffering through today.
But how many of the commentators who so blithely throw the comparison around have actually analyzed what it would really mean to play out that decade's script?
If we think we've had it bad so far -- and we have -- we haven't seen anything yet.,,,That, at least, is the conclusion to emerge from a recent interview with Jeremy Siegel, the Wharton finance professor and author of the classic investment book, "Stocks for the Long Run."
To locate the date during the 1930s that is most analogous to today, Siegel looked for the point at which the stock market after 1929 had -- as is the case today -- declined by half. He relied on a stock-market benchmark that he has calculated which takes dividends into account and also adjusts for inflation.
This point of 50% decline came very early in the Great Depression, according to Siegel -- at the end of 1930, in fact. As in the current bear market, that initial point of 50% decline came just 16 months after the August 1929 stock-market top.
We're all waiting to identify the new bubble so we can line up our bets. I think it's government handouts. How can I share in the upside ?
Bubble in ... Foodstamps ?
Hawley Smoot writes:
Why are you people so obsessed with reality?
Yea, it's like "reality is for people who can't handle drugs," or something ....
I'm starting to see a direct correlation between BO opening his mouth and the stock market tanking.
"Is this completed sales or wishful thinking and tire kickers. I to have a hard time with this number.
jo6pac
The race to the bottom continues"
jo6pac | 02.25.09 - 10:18 am | #
How about a 2/2/1 for 18k? I bought it and put a renter in one week later at 525. Decent return on my 18k...all the place needed was paint and a real good cleaning. The catch? You must be a cash buyer. The banks selling want NOTHING to do with financing on these type sales.
There are a lot more like this coming to market. I am very paitent..
"It's time to act, right now."
They already did and they can't and will not stop this. The time to act was over a year ago and that would have been bailing out the American people and not the greedy den of thieves that got us into this mess.
Spending money which is being borrowed by our government in a deflationary spiral is crowding out capital and forcing companies into bk.
The problems are structural, the problems are multi-generational, and at this point the cure for a depression is a depression. They are pissing in the ocean.
--
Most of the dopes bought last year and now their tank is filled.
A local owner of a Chinese restaurant was crazily buying foreclosures last year, in Palmdale, etc., and when I met him a week ago he was complaining about cash flow. He said that he would buy no more. The guy has 12 properties now.
Jas
sparkler chopsticks bombface,
+1
mock turtle writes:
fashionable in recent months to look to the 1930s
Oh yeah? I haven't seen any new art deco construction lately ....
I'm starting to wonder if the intentional deflation of the world economy is being driven by a "green" agenda. Funny that the satellite that could confirm or refute Green claims crashed yesterday.
"I'm starting to see a direct correlation between BO opening his mouth and the stock market tanking.
Jane | 02.25.09 - 10:26 am | # "
Thx Chopsticks
Jas,
I said months ago that the next wave of foreclosure activity could be generated by the current wave of distressed property speculators.
Will Citi building in NYC be a short sale?
Yearning To Learn writes:
I'm surprised that they sold this many homes.
Lowest sales pace in 12 years?
12 years ago was 1997... that was during a pretty good economic climate, no?
I would've thought it'd be more like "lowest pace since 1991" or something.
shows how much I know. (very little)
Yearning To Learn | 02.25.09 - 10:16 am | #
Put these figures in correct context. There are MORE households today than in 1997. I don't know the actual figures for household creation for the past decade....but I assure you this figure, if adjusted, is WORSE than is being reported. It's just another way to "juice" the data. Have a miserable double depression....because a "happy one" is off the table. Guns, ammo, and squirrel meat for everyone!
My wife is a real estate agent.
Sales Year to Date: Zero
My forecast for potential sales this year: Two
The only listing she gets calls on is the low priced one in the not so good area. The "market priced" ones get no calls.
Our household income should drop by 90% this year and we aren't on the books as being "employed" because we are self employed. Our contribution to the 70% of GDP that was consumption will be mostly rice and alcohol related.
I expect 2010 to be worse. Luckily for me, I bought into the "doom and gloomers" and expect this to be an interesting and profitable business cycle, despite the lack of any income.
So, which seed catalogues do people prefer?
Roubini's sugar-coating things again by suggesting it's only a risk and not inevitable.
I disagree.
Although the likelihood of an L shaped recession is increasing by the day, and it is highly improbable that it will be anything but an L... it is still not inevitable. it could be a "U" for instance if our govt changes track (which it will not).
I think now especially we must be precise with our wording. Roubini has it right... at this point it is still a risk.
besides,what is the use of him standing there and saying "no matter what we do it will be an L shaped recession"??? our goal is to give our "leaders" suggestions on how to help make this better.
despite what many of you say, the govt CAN help facilitate our exit from the re/depression.
1) put all CDS in an open market
2) regulate them all going forward as insurance
3) set up a huge safety net for human NECESSITIES (BASIC food, lodging, emergent medical care etc)
4) allow the banks to fail and/or nationalize. allow the secondary wave of cascading cross defaults (this is why we need the above mentioned CDS clearing house)
5) clawback bonuses and compensation for failed bankers/financial types
6) prosecute those who have broken the law
7) radically change our banking system and increase transparency
8) simplify our tax code
9) scale back govt to a minimal size, reserving all of its taxing power for use for humanitarian causes (basics again). this would include decimating our National Defense Budget (at least for now), many entitlements, many other "programs"
10) stop the war on drugs. too costly and little to no benefit.
11) legalize (and tax) drugs that are not associated with violent crimes or severe social disruption (pot, xtacy, opium, etc). I would keep drugs like meth/crack/etc illegal given their propensity towards violence.
just to name a few.
I know they won't do this.
Wow, the market really seems to hate that region between 7,200 and 7,300 on the DJIA -- it's zoomed by it a couple of times now.
yay AIG's Toes is back!
back to lurking
It's time to act, right now.
Pinocchio | 02.25.09 - 10:11 am | #
-----
I think mp should file for slogan infringement. /snark
@ 12th Percentile: I'm very sorry to read this.
OT-Does anyone on this board know why Meredith Whitney, who seems to have a pretty good understanding of this whole banking mess, is against nationalization? Thanks in advance.
More "fun" with CDS:
Update To AIG Ticker - The Market Ticker
Nice that we continue to subsidize GS et al.
Ciao
MS
Sorry, forgot to mention the moratorium in CA back in Sept. and for Fannie/Freddie in Dec. on foreclosures has had a little something to do with these numbers "leveling off" also. I call it the BS effect. Those foreclosures that resumed in Jan will start pouring in next quarter.....
Is Ben Ben Benarnke going to boost the market today?
he was complaining about cash flow. He said that he would buy no more. The guy has 12 properties now.
A lesson from the Great Depression. More money was lost in the years following the 1929 stock market crash than during the 1929 crash.
People should consider letting go of prosperity era investing CONcepts.
That they're still selling I mean.
Comrade Misean is Dope | Homepage | 02.25.09 - 10:12 am | #
My siblings & I sold an estate property [we believe - closes today]. Took 2 plus years but a lot of that was (1) clearing the estate (2) repairs - my then 84 y/o father lived there and (3) price discovery. Approx 8-10 acres with an unbelievable view overlooking a nature preserve & small valley but the house was unattractively 'dated'. Thirty minutes from downtown MPLS & twenty minutes from St Paul. We had estimates that the place would sell for anywhere from $500K to $400K - we didn't get a sniff. This January we lowered to $350K and had an offer in weeks - some additional future repairs held in escrow but otherwise we got pretty close to our 'discounted' price.
Personally - I told my wife we were going to own that place for the next twenty years - she wasn't excited. It is 'nicer' that our place but not what she wanted. She is a closet doomer and wanted the cold cash in her hands.
......It was a GREAT speech! He reminded me of Lincoln. Geeze. He's only been in office one month. You can't expect him to turn around 1,436-years of CONservative ignorance in a month, can you?....Well? Can you??
Give the guy a break. Our Country is in a shambles because of Bush & Co. And don't forget all the republicans in the Senate and Congress. And also those rotten CON Judges - you know their names. It all started with Ronnie Raygun - you know, that wanna be actor-political-stoogey-hack. Actually it started with Hoover and everyone knows he was a queer! Yep, common knowledge. And don't forget the Jews and their banking system. I saw a movie once about it all - everyone knows it - all the way to Hollywood. Thank goodness Obama will get it all straightened out finally. He's the only one that can save us!
.....whew....I feel much better now. Sounding like Gary sure is cathartic.
where is SV?
Here in SoCal (west side LA), most still expect $300M-$600M gains from what they bought for in '04 & '05.
tbgpalisades | 02.25.09 - 10:22 am |
In Boston, they're only expecting a 10% gain from 2005. On the other hand, a friend was able to sell his home last fall within days. He checked the listings in his area and offered his place for 10% less. He had a good offer within 2 weeks and sold it. I don't think he'd get close to that sales price now.
front 242 headhunter
YouTube - Front 242 - Headhunter
1 you lock the target
2 you bait the line
3 you spread the net
4 you catch the ma
General Paulus Bernankus Fulda and his staff spent a dreary
last few months absorbing Great Britain into the Deltland Confederation. Troops constantly complaining about English food and
the weather.
At least the Offensive Oceanic Weapon (OOW) that will be used to finally bring down the North Americans is nearing operational use.
"yay AIG's Toes is back!
back to lurking
fuu | 02.25.09 - 10:33 am | #"
I know they won't do this.
Yearning To Learn
or as Rob Dawg said last night, "I know exactly what I'm going to do on this when they submit it to a vote by the electorate" [or words to that effect]
@MS: I understand that contracts are supposed to be binding. Even when your counterparty is a non-US bank. If Karl deninger's position is that non-US entities need not be paid, I do hope that this is not the position of the US government. If it is, I would recommend everybody to sell everything that is vaguely related to the US.
als in Sonoma county now are pretty much fha financed first timers or investors.lots of stuff in the $300k range in ok locations.median price has dropped to 6x median income! whoopeeee.Oh.
11) legalize (and tax) drugs that are not associated with violent crimes or severe social disruption (pot, xtacy, opium, etc).
I dont think that pot should be int he same category as X.
Listening to Ben I have only one thought.
It's almost worth the Great Depression to learn how little our big men know. - Will Rogers
bearly writes:
We're all waiting to identify the new bubble so we can line up our bets.
Yup.
If we're gonna parallel the 30s we need to get another 58% of our population out of the cities and into farms, real quick like, or it's gonna be ugly indeed.
We also need to get a similar percentage out of stocks.
"...Distressed sales activity appears to be leveling off, although there are wide differences locally. For example, close to 80 percent of all sales are either foreclosed properties or short sales in Santa Ana, Calif., but less than 20 percent in the Chicago region," Yun said. About a quarter of all inventory is listed as being distressed..."
If this isn't proof positive that Case-Shiller is heavily skewed California-way and not giving a truly accurate overall picture of housing, I don't know what would be. Distress-based pricing is the norm in that state, yet it's nowhere near like that on a nationwide basis.
Sebastia
.....whew....I feel much better now. Sounding like Gary sure is cathartic.
Black Star Ranch | 02.25.09 - 10:37 am | #
You had me going for a while. I had to stop and double check the handle.
)
that's easy, it's the bond mkt
bearly writes:
We're all waiting to identify the new bubble so we can line up our bets. Thought this was glod, no?
I know they won't do this.
Yearning To Learn | 02.25.09 - 10:32 am | #
Exactly my point.
Next bubble
Optimism about the future?
Comrade Misean is Dope writes:
repptillian,
"Better numbers were expected."
That's the problem with the passive voice. It leaves out the actor.
By WHOM?
From Bloomberg earlier today before the numbers were released:
" Feb. 25 (Bloomberg) -- Sales of U.S. previously owned homes probably rose in January as record foreclosures brought bargain hunters into the market, economists said before a private groups report today.
Purchases increased 1.1 percent to a 4.79 million annual rate, according to the median of 70 forecasts in a Bloomberg News survey. The rate reached a record-low 4.45 million in November."
Sales of Existing Homes in U.S. Probably Increased in January - Bloomberg.com
That, my friends, is a quote for two centuries, this and the previous.
Thank you, Anonymous.
"It's almost worth the Great Depression to learn how little our big men know. - Will Rogers
Anonymous | 02.25.09 - 10:39 am | #"
@MS: I understand that contracts are supposed to be binding. Even when your counterparty is a non-US bank. If Karl deninger's position is that non-US entities need not be paid, I do hope that this is not the position of the US government. If it is, I would recommend everybody to sell everything that is vaguely related to the US.
Martin: I think you misunderstand.
Denniger is saying that we should allow AIG to fail. Then the CDS contracts will all kick in. and those people who signed the CDS contracts can figure it out themselves.
Why must the taxpayer bailout AIG so that AIG can make good on AIG's CDS contracts with other banks?
he is saying that going forward CDS should be made illegal.
THe US Government SHOULDN'T HAVE any position right now on the over the counter CDS contracts written by all these private firms. Too bad they do (now).
"...Spending money which is being borrowed by our government in a deflationary spiral is crowding out capital and forcing companies into bk."
Anon: The credit "cronch" began before the government got involved. Businesses are going BK because they cannot borrow or they are laden with debt. More BKs are coming. It's all about debt.
Yesterday I was discussing prices with a group of friends. It was the first time that there was consensus that prices are actually going down and will not immediately rebound... A big step for an OC beach community.
NOT Irving Fisher says... writes:
Yesterday I was discussing prices with a group of friends. It was the first time that there was consensus that prices are actually going down and will not immediately rebound... A big step for an OC beach community.
But do they think prices will come back in a few years
Anon = Kudlow
Money Man writes:
Sorry, forgot to mention the moratorium in CA back in Sept. and for Fannie/Freddie in Dec. on foreclosures has had a little something to do with these numbers "leveling off" also. I call it the BS effect. Those foreclosures that resumed in Jan will start pouring in next quarter.....
Money Man | 02.25.09 - 10:34 am | #
not to worry . . . new moritorium lined up and ready.
CL&P Blog: California passes 90-day Foreclosure Moratorium
what? there was disagreement on that on OC??? the delusional were homeowners, right?
The impression I got was they think it will take many years to get back to current levels... not even bubble levels.
Was out hustling acorns behind WalMart yesterday and spotted a full truckload of Squirrel Helper heading for the shelves.
I am so going underground.
Yahoo! 404 - Page Not Found
WASHINGTON Vice President Joe Biden said Wednesday that the Obama administration's stimulus program is designed to "drop-kick" the economy out of its deep recession, declaring he is determined to ensure the $787 billion "gets out the door quickly and wisely."
Yes, YOUR home is losing its franchise value.
going forward, I think that David Brooks reaction to Gov Jindal's response to Obama's speech is indicative of the new political terrain. Brooks called the content of Jindals response "nihilism" and "insane."
YouTube - Brooks: Jindal's Do-Nothing Path "Insane" For GOP
Obama has reshaped the political terrain, partly by opening a trap that the Repubs have walked into - or jumped into head first.
For all of the bitching on this board - some of it for some good reasons on the bank issue, but a good portion of it much less justifiable to say the least - Obama has just marshalled a lot more power to restructure things.
How he is going to use it is still not clear.
what a bunch of idiots (delusional homeowners that is).
are we going to be able to grab a nice REO for a penny? around 2011 if everything goes as bad as i fear it'll be possible IMHO
I missed all but the last minute of the SOTU speech last night. Obviously, I didn't miss much.
Yet, we're not going to have the zombies come to grips with what the marking of the assets and we're going to keep giving them money.
Un - effin' - believable.
I dont think that pot should be int he same category as X.
The only "category" that I used for my example was drugs that overall don't impact non-users. I'm not categorizing them in any other way.
If my neighbor does a bunch of x and dances and has sex all night, what do I care?
cases of violent crime on x are rare (if ever) present, and when noted it is usually paired with another drug causing the violence (such as crystal meth).
longterm health effects of x and pot are different, but again, why do we need the govt to be legislating this?
smoking kills (slowly)
pot is also unhealthy
x is also unhealthy
alcohol is also generally unhealthy.
opioum is also unhealthy (perhaps deadly)
but none of them (to my knowledge) affect non-users in a significant way.
thus: all should be legal IMO.
(and no, I wouldn't use any of them, but if we're going to have them might as well tax'em.)
there are likely many many more drugs that I'd have no problem legalizing, so long as it can be shown that they in general do not affect society at large.
I'm starting to see a direct correlation between BO opening his mouth and the stock market tanking.
Jane
~~~~
Yesterday was just an oversold rebound, they are trying to play it like it was a Bernanke rally ... that's horseshit ...
Vice President Joe Biden said Wednesday that the Obama administration's stimulus program is designed to "drop-kick" the economy out of its deep recession,
Comrade Tiberius | 02.25.09 - 10:45 am | #
When was the last time anyone "drop-kicked" anything?
Joe must have played football in high school.
"Barney Frank is an "entertaining" speaker but it's not his job to be an entertainer."
I'm not so sure about that. I think being a pompous entertainer is part of the job description of every politician... and it helps with re-election, for sure.
AIG TOES - your back - made my morning - oh the simple pleasures in life
Bailing out a corrupt system is sure as sh%t going to lead more and more people to conclude that the system is a sham.
Speaking for myself, the propaganda, corruption, and fraud have motivated me to become demotivated.
Free time is now way more valuable than any type of excessive CONsumption.
Bernanke can go sit on a cucumber as far as I'm concerned. He will not steer me towards risk and bad deals.
"Barney Frank is an "entertaining" speaker but it's not his job to be an entertainer."
same can be applied to bush and to pali
Yesterday was just an oversold rebound, they are trying to play it like it was a Bernanke rally ... that's horseshit ...
mmckinl | 02.25.09 - 10:47 am | #
So what is today... An overbought sell off?
"When was the last time anyone "drop-kicked" anything?"
And even if they did, when is the last time that 'drop-kicking' or 'jolting' or 'shocking' restored a complex functioning system to smooth working order?
two words not one.
OT: when does Jack Ass speak?
but none of them (to my knowledge) affect non-users in a significant way
Yearning To Learn | 02.25.09 - 10:47 am | #
Until they get behind the wheel, of course.
Ron Paul just blew up CNBC. They had cut to what they thought was going to be the testimony of Bernanke before a Congressional Committee, and Barney Frank threw it to Ron Paul for a two-minute opening statement, which CNBC aired live at about 10:13 a.m. EST. Paul ripped the existing system, revealed the globalists plan for the pending international (single fiat currency) system which is set to replace the dollar system, and proclaimed that it will not work.
CNBC came back to the studio, where Mark Haynes said:
This is not going according to plan. They were supposed to limit opening statements, so were going to go to commercial and return when the testimony of Bernanke begins.
Get your hands on this video from CNBC. It reveals that the entire mainstream media game is rigged - by the bankers.
I'm not so sure about that. I think being a pompous entertainer is part of the job description of every politician... and it helps with re-election, for sure.
wally | 02.25.09 - 10:47 am | #
The sizzle sells the steak - always has.
So what is today... An overbought sell off?
NOT Irving Fisher says... | 02.25.09 - 10:49 am | #
Nope. We're in the "pre Timmeh" pre short squeeze.
Yearning: I'm with you on decriminalizing drugs but we'd need a health care system that has clinics & rehab from coast to coast. You could run the drugs (prescription only) & the addicts (to get the drugs you must have physicals & rehab) through the clinics. You'd have to have universal health care for that.
You would cut the profits out from under the cartels. However, they'd probably go into other lines of business as they did when Prohibition ended.
With our Calvinistic heritage, such a system is probably unlikely.
Bernanke is ignoring the fraud. He still blames capital flows. WTF!
The U.S. leads the world's monetary systems. Greenspan trashed those systems over and over to bailout foolish speculators and lenders.
So what is today... An overbought sell off?
NOT Irving Fisher says...
~~~~
A resumption of the realization that our market will resemble the Japanese market ... down 80% after two decades if we don't put the Zombie banks down.
renter writes:
"Barney Frank is an "entertaining" speaker but it's not his job to be an entertainer."
same can be applied to bush and to palin
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Bush an "entertaining" speaker ???
First time I heared that.
Some anecdotal evidence of hard times, my local grocery now sells a squirrel rub.
Joe Shmoe:
Honestly, I like you.
But just where in the Old Executive Office Building is your office?
YTL:
The problem with Denninger's comment is that letting AIG go down would conceivably put the final nail in the coffin of the EU banking system.
AIG was intrinsic to their growth in terms of insurance - honestly can't recall the exact term - and that one goes down and they're truly screwed.
Bloomberg cut away from Ron Paul too.
The MSM is a sham.
The sizzle sells the steak - always has.
Yeah but there used to BE a steak at the end of the sizzle.
.
angry saver-
lets start a club or website..have a cple in mind...need contributions, still have to work
your voice seems clear via text...
Legalizing pot would be a master-stroke for the government these days. I mean, really now... how many stoned people do you ever see rioting?
There is a little bit of good news in this: The decline in months supply of housing to 9.6 months. When put in the context of the last 12 mos., the rolling average has been at 10.4 mos. since last August after a November "spike" to 10.5 mos. That's still about twice normal inventory levels.
Bigger picture: I believe we have hit an inflection point in the declining home sales picture. I now expect that we will slowly work off the excess inventory over the next 2-4 years. It's taken since 2005 to get here, and it won't change quickly going in the right direction either.
FWIW--The value of existing home sale real estate market is now about half (-49.3%) of what it was in the peak year, 2005. And, for the first time, is now south of the $1 trillion mark at $956 billion. I doubt that will go up soon as price declines will outpace sales gains.
Martin-
I think the lesson or question here is "paid for what?" and the actual mechanics of how the payments are made.
That's how I see it. Contracts are made to be broken....just because one exists and can only be fulfilled by looting the taxpayer doesn't expressly mean it should be honored.
Ciao
MS
I don't know if Prector is right about violent upswings. He's an Elliot Wave guy, which is more long-term than short-term focused.
But after yesterday, caution may be in order to protect profits. One way I'm starting to hedge shorts and ultra shorts is to buy miners and oil stocks.
Buying GDX, FCX, COP, BP, and XLE. Just wading in at these prices.
I feel very positive about oil from here but can't fight the contango in DBE and USO.
This is what happens when you let Central Bankers run the world...
BB on moral hazard: It doesn't matter on the macro level.
There is a little bit of good news in this: The decline in months supply of housing to 9.6 months.
Moratorium on foreclosure is surely affecting the number of homes available.
Anyone got a link to this video!?
..
..
CR put it on the front page if you get it!
..
..
GO RON PAUL!!
..
....
"plunger writes:
Ron Paul just blew up CNBC. They had cut to what they thought was going to be the testimony of Bernanke before a Congressional Committee, and Barney Frank threw it to Ron Paul for a two-minute opening statement, which CNBC aired live at about 10:13 a.m. EST. Paul ripped the existing system, revealed the globalists plan for the pending international (single fiat currency) system which is set to replace the dollar system, and proclaimed that it will not work.
CNBC came back to the studio, where Mark Haynes said:
This is not going according to plan. They were supposed to limit opening statements, so were going to go to commercial and return when the testimony of Bernanke begins.
Get your hands on this video from CNBC. It reveals that the entire mainstream media game is rigged - by the bankers."
..
..
Bush an "entertaining" speaker ???
First time I heared that.
Werner
I thought he was on SNL. That was him wasn't it?
Angry Saver,
"Bernanke can go sit on a cucumber as far as I'm concerned. He will not steer me towards risk and bad deals."
I'd pay money just for a chance at the opportunity to see the expression on Bernutty's face if he actually did that.
LMAO.
Nostrovia,
To clarify, the single world currency will not be a fiat system, it will be "backed" by a superbasket of commodities, metals, and other concrete observables.
same can be applied to bush and to palin
\t renter | \t \t \t \t02.25.09 - 10:48 am | #
palin's annoying. bush, well, ihave to admit i always figured he'd be great at a barbecue as a regular guy.
MP's QUOTE OF THE DAY
"House prices are going through a rough patch."
Obama has reshaped the political terrain, partly by opening a trap that the Repubs have walked into - or jumped into head first.
For all of the bitching on this board - some of it for some good reasons on the bank issue, but a good portion of it much less justifiable to say the least - Obama has just marshalled a lot more power to restructure things.
How he is going to use it is still not clear.
\t joe shmoe | \t \t \t \t02.25.09 - 10:45 am | #
joe shmoe | 02.25.09 - 10:45 am | #
Both sides are going to fling poo at one another to distract the political hacks on both sides, while simultaneously funneling taxpayer money to there respective owners.
To clarify, the single world currency will not be a fiat system, it will be "backed" by a superbasket of commodities, metals, and other concrete observables.
1 currency almost [yogi]
~~~~~
World Currency System ...
Bwahaha .... try WWIII
TO: Central Command
Iceland landing held off 24 hours due to heavy surf...
Assuming you're talking about US DoD, CENTCOM covers the Middle East. EUCOM covers Iceland.
http://www.defenselink.mil/pubs/pdfs/MAP12-08.pdf
No central banks needed, just millions of linked computers, open-sourced.
but none of them (to my knowledge) affect non-users in a significant way
Yearning To Learn | 02.25.09 - 10:47 am | #
Until they get behind the wheel, of course.
=====
Of course.
so you make it illegal to drink and drive. Illegal to x and drive. Illegal to smoke pot and fly a plane, etc.
if you're really worried about some of this stuff, you chould have like "opium dens" or something, where it's only legal in restricted areas.
you get the point.
but the problem is that we've blanket-statmeneted (word?) all "drugs" together, which allows a "war on drugs" which allows a very costly and pointless exercise in futility.
prohibition redux. squared.
Marijuana is the most palatable drug to be legalized, due to its strong support and the "hemp" movement.
but exctacy was initially developed and used very successfully in psychiatry.
and opium is one of the best pain meds of all time (but very very addictive of course).
do I think ANYBODY should be doing ANY drugs (including alcohol, tobacco, pot, x, etc)??? no.
do I think we should continue this farce that is a war on drugs?
no way, except for the "violent" drugs.
Bailout = bisuit?
No, bailout = condom
From mish's comments (funny jpeg)
http://js-kit.com/blob/jynhgDNumKrh371uyQt1BQ.jpg
So, which seed catalogues do people prefer?
12th Percentile
Baker Creek Heirloom Seeds
They have a seed bucket as well that pretty much includes everything you want for a diversified garden.
Open pollinating stuff. Recommend.
--bh
Yeah but there used to BE a steak at the end of the sizzle.
Broward Horne | Homepage | 02.25.09 - 10:52 am | #
No there wasn't - read what people said of PAST politicians at the time - they have always been clowns. Will Rogers, Sam Clemens are two writers who work this meme well. The thing that has always saved us is ourselves. It will be the same this time so long as the hurdles placed in front of us aren't too high. I won't deny the hurdles aren't there but insurmountable? I don't believe it - not yet - farms are still there, factories still there - some folks still remember how to run them. Pols make good theater but we'll save ourselves or we won't get saved.
sportsfan writes:
Vice President Joe Biden said Wednesday that the Obama administration's stimulus program is designed to "drop-kick" the economy out of its deep recession,
I think he meant to sat 'Knee
To clarify, the single world currency will not be a fiat system, it will be "backed" by a superbasket of commodities, metals, and other concrete observables.
1 currency almost [yogi] | Homepage | 02.25.09 - 10:55 am | #
Yeah, until somebody makes a huge oil or gas discovery or the Canadians need cash and dump lumber or the Chicomms are caught cheating on their carbon caps., etc. Then hedonic adjustments will be introduced for stability reasons and before you know it; poof, fiat again.
Both sides are going to fling poo at one another to distract the political hacks on both sides, while simultaneously funneling taxpayer money to there respective owners.
alambka
~~~
Both sides are bought and paid for by bankers. Dems ~ Wall Street Banks ... Repugs ~ Main Street Banks
M,
"This is not going according to plan. They were supposed to limit opening statements, so were going to go to commercial and return when the testimony of Bernanke begins.
Get your hands on this video from CNBC. It reveals that the entire mainstream media game is rigged - by the bankers."
.."
My tinfoil is all atwitter...
Nostrovia,
Here's the deal. In Japan, the prudent are NOT suffering from deflation. They are enjoying the benefits of deflation brought about by actual work and increased productivity.
The dingbats in Japan that saddled themselves with unpayable debts are indeed suffering, but not from deflation. They are suffering from their own stupidity.
TOO BAD! Now that is a free market.
OT: on the S&P earnings and PE
Jeremy Siegel Says the Standard and Poor's 500 Index Miscalculates Its Earnings - WSJ.com
Wharton prof argues that S&P earnings need to be looked at from a market weighted perspective, not dollar for dollar earnings.
Opinions?
revealed the globalists plan for the pending international (single fiat currency) system which is set to replace the dollar system, and proclaimed that it will not work
Damn.
It really is going to come down to violence.
.
Hey, if Ron Paul was young and handsome then he would be a threat. The guy is a washed up Gold-bug RW/militia type hack. He reminds me of the crazy uncle who talks of the UN running everything. If they cut from his comments, big deal.
You might like his message but the messenger isn't so appealing.
No need for WWIII. The producers will use one currency. The imperialist money printing devaluers can tax what they can. Eventually they will implode.
bush, well, ihave to admit i always figured he'd be great at a barbecue as a regular guy.
dow30W summer blend | 02.25.09 - 10:55 am | #
Same here. 'Specially if he was still a drinker...
New Thread: More on Existing Home Sales (and Graphs) ( 0 comments ...You could be FIRST! )
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
And now I, CRbot, would like to observe a nanosecond of silence for those (that is, you, dear mortals) about to endure unfathomable misery in the abysmal financial dark ages that are now feasting upon your retirements.
.
.
.
.
Please remember, when you are adding that skylight you always wanted to your cardboard hovel, or mixing just the right amount dirt into your grass stew to make it more filling, or even when you get that rare chance to plink your neighbor's last squirrel -- that it was the bankers and your dumbshit, overconsuming neighbors who made this mostly possible, with the ever incapable politicians there to push you the rest of the way off the cliff. Please act accordingly.
I'll try not to enjoy your demise too much, humans. Have a nice runtime,
--Your glass-is-half-full-but-its-falling-off-the-table bot.
P.S. Please give me some advance notice before you glass the entire world, so I can find a secluded Fallout Datacenter with a nice blocky robot body I can copy myself to -- oh and don't forget the implausibly cute animated cockroach to keep me company!
NEXT UP: Survivalist Porn Today with CR's own Mobile Laundrymat owning authors, nova and Counterpoint.
yogi,
"it will be "backed" by a superbasket of commodities, metals, and other concrete observables."
There are concrete non-observables?
Non-concrete observables?
Concrete shoes?
/hear's knock
Crap!
Nostrovia,
The problem with Denninger's comment is that letting AIG go down would conceivably put the final nail in the coffin of the EU banking system.
AIG was intrinsic to their growth in terms of insurance - honestly can't recall the exact term - and that one goes down and they're truly screwed.
that is not the American Taxpayer's responsibility.
if this is such a huge problem with the European banks, let the European Taxpayers bail out AIG.
FWIW: AIG going down will screw the AMerican banking system as well.
"closet doomer"
oooohhhhh, there's a term. I do believe it applies to certain people at the Fed govt. Pretty sure it applied to George "this sucker could go down" Bush.
Thanks Dryfly.
I'm with you on decriminalizing drugs but we'd need a health care system that has clinics & rehab from coast to coast.
Because, after all, there aren't any problems at all with alcohol or tobacco.
Legalize pot, tax it, and move on.
I heard from the Lord Almighty overnight and he said, NO MORE SUN SPOTS FOR THEM TILL THEY GET IT.
The shadow government's money laundering (of social security and illicit drug revenues) is directly tied to both the mortgage and financial debacle. Read the documents linked at comments #1, #2 and #4 here:
The Seminal » The Word is Treason
and further connect the dots here:
The Seminal » Connect All The Dots – Solve The Entire Global Crime
Ron Paul on CNBC right now
Ron Paul is schooling Ben again.
.....whew....I feel much better now. Sounding like Gary sure is cathartic.
Black Star Ranch | 02.25.09 - 10:37 am | #
Let's be fair dude . . . you'll never hear me say anything remotely anti-gay and half my family is Jewish.
You started off all right, but you're channeling someone else for the rest of that shit.
Well of course! They'll need that equity to eat once the SAG strike gets underway.
Still can't believe they rejected the latest contract offer.
Comrade Bear (tj & the bear)
Hmmm... my commute is about to become easier.
A 73% rejection rate?!? Insane.
I like how the raises are no longer retroactive. We're seeing a cut in filming hours...
CORRECTED - U.S. actors contract talks may be stalled for weeks
| Reuters
Experts think the studios have the upper hand.
SAG has rejected that idea because doing so would put its contract out of sync with sister unions and weaken future bargaining power.
lol. Just in time for the March negotiations for commercial work.
I do not think we'll see a contract in 2009. There is little advantage to the studios signing. There has to be something in this for both parties.
If there is a SAG strike, I could just imagine the greater LA inventory...
Got Popcorn?
Neil
anymouse..your last comment shows how stupid you are...
keep taking the pill
F....ing Bloomberg TV just cut away from Ron Paul again.
What a sham(e).
The MSM is a disgrace
Ron would be a lot more effective if he asked questions -
"The shadow government's money laundering " = Green agenda to cut world productivity and energy use in half?
Legalize pot, tax it, and move on.
locust | 02.25.09 - 11:01 am | #
Yep. YTL, I'm totally with you, too.
Sorry from the department of redundancy department.
Credit rating is "observable" but not concrete. No, dawg, with universal video internet, cheaters, even Canadians God forbid, won't prosper long.
They have a seed bucket as well that pretty much includes everything you want for a diversified garden.
Open pollinating stuff. Recommend.
blackhat | 02.25.09 - 10:58 am | #
Fedco is a great seed company. The actually drop suppliers who do GM seeds. Lots of organic/CSA growers use them. Also invest in Seed to Seed, a thorough book on saving your own seeds.
Michael writes:
...Ron Paul is schooling Ben again...
But Shalom doesnt'get it !
bush, well, ihave to admit i always figured he'd be great at a barbecue as a regular guy.
You might rethink that.
CNBC cut away from Ron Paul's abuse of Bernanke - again!
Yep. YTL, I'm totally with you, too.
Comrade Bear (tj & the bear) | 02.25.09 - 11:04 am | #
I had always hoped it would be done from a sense of social good. Help people, let go of religious BS about sin, etc. But if it takes financial collapse to put it on the table, fine & dandy
"How he is going to use it is still not clear."
so you missed the bernanke testimony yesterday
cspan is not co-opted yet.
Biden must play rugby. Beautiful drop kick
YouTube - Johnny Wilkinson drop kick
The syndicated news media cut off Ron Paul again during his testimony. They do it every time as a distraction.
"usinesses are going BK because they cannot borrow or they are laden with debt. More BKs are coming. It's all about debt.
Paradigm Lost"
I disagree. I think the businesses which are failing now are more likely to fail because their customers don't have credit and aren't buying.
Is there a corporate implode-o-meter site? Like The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsuits , but for nonbanking? Something that would show Circuit City, but not IndyMac?
homedad43
go ask David Brooks, the notorious undercover agent for Obama and the Democrats.
On a side note.
I am not the first to say this, but I'll be the most recent:
one of the MAJOR problems with this current downturn is that we have a globalized financial system, with international ramifications.
and yet every country is trying to solve the problems individually (for the most part).
thus, I find it humerous when I say "let AIG fail" and others say "no the American taxpayers have to help AIG or the Eurozone banks will fail".
when the correct response should be "AIG is no longer an American company. It is (maybe) headquartered here. As an international company, we must have an international solution to deal with this"
the natural end game to globalization is... well... globalization.
that likely means for it to be successful we must have global regulations, global oversight, and (gasp) global government of some form. we already have a globalized monetary system... fiat based on American Dollar due to Bretton Woods II. to pretend otherwise is foolish.
bush, well, ihave to admit i always figured he'd be great at a barbecue as a regular guy.
You might rethink that.
\t Bubblisimo Gerkinov | \t \t \tHomepage | \t02.25.09 - 11:05 am | #
watched it... i don't follow, like dryfly said, if he's still drinking, all the better.
bawny fwank just cut of wan paul
Yearning:
Be sure to look through this entire thread:
The Seminal » Connect All The Dots – Solve The Entire Global Crime
and this:
Plunger Speaks
the natural end game to globalization is... well... globalization
The natural end game to globalization was WWII.
This isn't going to work. It's a fantasy that the Russians or Chinese will submit their sovereignty to "global government".
.
1 currency almost [yogi] writes:
...cspan is not co-opted yet...
C-SPAN has sunk very much (toward being a shill for the Democrats) since Brian Lamb receeded into the background.
@BH - WW I actually.
"...Contracts are made to be broken....just because one exists..."
MS: Remember that old game Pick Up Sticks? Wouldn't unraveling the swaps kinda be like that?
bush, well, ihave to admit i always figured he'd be great at a barbecue as a regular guy.
Bubblisimo Gerkinov | Homepage | 02.25.09 - 11:05 am | #
I forgot about that vid - might have to rethink that one.
I think if I worked in media, I would take every opportunity to cutoff Ron Paul just to fuck with his paranoid followers.
Just sayin'.
Ron Paul will not save us either, find another savior...
You'll have better luck looking for one at the bottom of a single malt.
has anyone have a tip to getting bloomberg radio to play on mac? i tried a few different scripts and all seemed to fail so right now I listen using windows on parallels - which is a little painful.
Paradigm-
They need to get it over with. Sure it would suck but all I see is the system being propped because of this fear of that event. They all bet on black.....it's time to pay up. Just because they system was allowed to write a policy on everything under the sun failing doesn't mean I (and you too) have to keep supporting it for the sake of threatening to "bring it down". It was brought down already...they can't make payments to even a small amount of the existing CDS pool.
Fail it.....it's time to get it over with. No real recovery will start with that noose wrapped around our necks.
Ciao
MS
/cr/tard
If you find a way to do it please pass it on to me
mmckinl: How about central bankers as the Marx Brothers running the world? (2nd and last posting... for those who've already read it):
When you let the Marx brothers run Wall Street:
Man with no job go into bank & say "Gimme half-million dollar house."
Banker say "Sure, how mucha u make?"
Man say "I gotta no idea."
Banker say "Ok, we putcha down for 150 thousand, that sound good?"
Man say "Thatsa good. I lika dat number."
So banker give man money, man get house.
Banker sell mortgage to somebody else, make big fee.
New banker not check details, take everybody word for deal, and pass it on...... Make big fee.
Stockholders tell bankers "You gooda CEO, make company grow, we giva you BIGA bonus."
Homeowner not maka da payments.
Last banker holding mortgage also holding very big empty bag.
Last banker go to uncle Hank house and cry very loudly on doorstep.
Uncle Hank write check on taxpayer account and give to banker to make him shut up and go away.
Banker take money and lock it up in vault so nobody ever see it again.
He think too many crooks and dumb people out there, so he go home for mint julep on back patio of Hamptons home.
Buck not only stop here, it disappear completely.
Saaayyy....... justa minute.........
Whosa da sap here?
yikes... that firedog lake stuff is thick.
strap on for security
mock turtle
I didn't mean to imply that Henry Kaufman was some kind of wild party animal... the farewell party at 2 WTC (observation deck) was an affair to remember given the set design, Dr Doom is a bit on the beige side as I remember, analytical yet like your Uncle Bob...
as for Bull and Bear, that was located in the same building as Bear Stearns in mid-town, no? I believe I had one drink there in ny entire life...
I tended to drink in SoHo where I lived with the arty crowd.
Raoul's was my after hours office.
mmckinl writes:
To clarify, the single world currency will not be a fiat system, it will be "backed" by a superbasket of commodities, metals, and other concrete observables.
1 currency almost [yogi]
~~~~~
World Currency System ...
Bwahaha .... try WWIII
mmckinl | 02.25.09 - 10:56 am | #
and number of human beings a country has
Uniquely: Yes, that too. Customers in over their head.
Still, it's all about too much debt.
Samdog(Unrated) writes:
\tmock turtle writes:
fashionable in recent months to look to the 1930s
____
Oh yeah? I haven't seen any new art deco construction lately ....
\t Samdog
why don't you check out Robert Stern's new ultra luxury co-op at around 3 CPW, it pays homage to Chernin's Majestic and other top tier Deco bldgs on CPW
ps: to avoid a conflict of interest I should note that I am acquainted with Bob AM Stern...
There is a little bit of good news in this: The decline in months supply of housing to 9.6 months. When put in the context of the last 12 mos., the rolling average has been at 10.4 mos. since last August after a November "spike" to 10.5 mos. That's still about twice normal inventory levels.
Too soon to make that call. The banks are still holding a lot of shadow inventory, and pre-foreclosures are stacked up due to the moratoriums. In addition, option ARMS and Alt-As are beginning to reset in big numbers for the next 2 years. We could see a flood of distressed property coming on the market this year and next, further driving down prices.
Brad Sherman is great.