Did Capuano vote for TARP? Yes. Did he vote for the current stimuls plan? Yes. TCA | 02.11.09 - 8:46 pm | #
With Paulson promising doom without it, that I can forgive. In it's current form, the relief effort may keep some of the most vulnerable of us out of danger. It may not be the right thing, but I do not nessasarily see it as a bad thing.
As long as he no longer votes to give money to bad bankers or bad borrowers, then I am fine.
scone, you are assuming that EU has more toxic than we do.... i am not comfortable making that statement anymore
fudge juicy airy doodie | 02.11.09 - 8:49 pm | #
I used to play polo out at Mt Vernon farm, both while at UGA and out on the green... I threw a concert out there at the farm in 91 sun splash type thing with Johnny Quest, allgood, blues travelers, and wide spread.... all polo is west side of dc and i am on bay side... really miss athens...
It would seem that devaluation of the US dollar would reduce US labor costs relative to other countries (assuming that nominal wages stay roughly the same). There seems to be a consensus, right or wrong, that eventually the USD will be devalued since it's only feasible to repay our massive debt in worthless/devalued dollars. Under that scenario, why would anyone want to hold US treasuries? I ask this sincerely."
ztexas,
I mean the US labor costs in US itself and in USD are too high. Two people who have needed a divorce lawyer tell me that the cost is $200 and $375. But, I think that medical services and college tuition are highly inflated. I can go on and on. I consider very few professions, if any, that are underpaid. Do you disagree?
INFLATION IN THE US, AT LEAST SINCE 1987, WAS LED MAINLY BY DEBT-INDUCED CONSUMPTION. And the correction is here and has just begun. Deflationary Depression in the US is only few quarters away.
To summarize, my income tax just got raised to pay for the medical care of 14 kids. To a mom "disabled" by back problems for 8 years, yet able to carry a world record pregnancy of eight kids.
Imagine a Robin Hood who marches into Citi and hands out thousands to passersby or unemployed people. Good luck getting convictions. Or even an arrest.
Not pettifogging in my book. It was "just the fact's ma'am".
Time for a national credit card payment strike. It is the only way the public will have any leverage in this FUBAR mess. The banks/cc companies will be swamped, the credit agencies will be bulldozed and we will finally get something going here.
Congress and Obomba aren't going to do it. It's like "looking forward" when DOJ prosecutions should be initiated against the entire Bush admin. We are going to have to do something. Withhold credit card payments- use the payments to pay cash. We can put some liquidity back into the system that way.
Has anyone ever see someone who was getting questioned give lip back. Or even just leave? It seems like there is always some heavy egos on the other side of the table but they are usually sheepish....
scone, you are assuming that EU has more toxic than we do.... i am not comfortable making that statement anymore
fudge juicy airy doodie
.
I don't know that I'm assuming, more of an IF - THEN - ENDIF sequence, in my mind at least. At this point, I'm just spinning scenarios from what I read and trying them on for size. But having watched the RE bubble in Europe for some time, it wouldn't surprise me if it were true -- Subjunctive mood. We shall see.
Bachus wins the pettifogging award, in my book. Capuano made some good points, at least, about some of the shady financial "innovation" of the past decade.
It sure helps to hear someone in DC rant like I do to my TV/PC screen, even if you know the bank guys are just calling him an @sshole in the elevator. How often do you think they get talked to like that at work?
I'd even favor allowing bank examiners to shout and rant each time they find hanky panky or outright robbery - send a cam crew with them for youtube fun.
That portable reactor is what I was talking about, it's pebble-bed technology. I remembered the timeframe right (a miracle considering my memory these days), available in 2013.
If the EU is really looking at $24 trillion in losses, the whole thing is finished. There's just no way to fix it. I was fairly sure of but $24 trillion for the EU alone is a staggering number.
The entire world financial system is done. Gonna have to be replaced with some commodity-backed standard.
.
the realestate bubble in some parts of the EU (Spain, Ireland) and in England completely dwarfs ours on a percentage increase over the last 7 years.
.
Yeah, I know (sigh). The DH and I had thought about retiring back to the Old Country (Yorkshire) but we've been priced out. No way I'm paying 500k for a two up-two down.
Did Capuano vote for TARP? Yes. Did he vote for the current stimuls plan? Yes.
Nothingburger. TCA | 02.11.09 - 8:46 pm | # That's so he can throw another fit in 6 months about the stimulus plan. Our congresspeople are far behind on the learning curve. Will they ever seek advice outside their common circles?
He did touch on why the financial bailouts won't work, "America doesn't trust you anymore... I don't have one single penny in any of your banks".
His other big gripe, to "get our money out on the street" is asking for banks to engage in risk taking to stem the fallout from too much risk taking. TARP funnelled money to the wrong people.
i would think it cool to have case shiller expand to international look at eu MSA's..
i know what my peak to trough and months inventory is, no idea about eu
fudge juicy airy doodie
.
I would expect the Algarve to go down very, very hard.
--
I guess dopes here wouldn't stop telling me what I should and shouldnt do.
These born-and-bred dopes can't make their govt and their corporate leaders, with the power of their votes, to do what they want!
Dopes need to come to terms with their lack of power. They have already proven that they are politically impotent. And being a dope about economics, investments and politics doesn't help. Dopes are in major denial and they resort to attacks and harassment others who are causing them no proven harm of any kind. Actually, it a cowardly behavior, something also very common among dopes.
If the EU is really looking at $24 trillion in losses, the whole thing is finished. There's just no way to fix it. I was fairly sure of but $24 trillion for the EU alone is a staggering number.
The entire world financial system is done. Gonna have to be replaced with some commodity-backed standard.
.
Broward Horne | Homepage | 02.11.09 - 9:02 pm
i value your opinion....scares me that we think the same way...leaves japan and china to carry everyone?
if you were china would you pick eu countries or usa?
His other big gripe, to "get our money out on the street" is asking for banks to engage in risk taking to stem the fallout from too much risk taking. TARP funnelled money to the wrong people. double inverse recession | 02.11.09 - 9:03 pm | #
Agree but remember these guys do not spend their free time reading financal blogs. To him TARP was the banks saying give us money or else we stop lending. congress did and the banks did (stop lending).
"The FBI has opened investigations into more than 500 cases of alleged corporate fraud, including 38 that involve major firms and are "directly related" to the national economic crisis, FBI Deputy Director John Pistole told Congress today."
....
Pistole's comments suggested widespread criminal activity among many of the nation's corporate giants.
"These are significantly large, similar to Enron," Pistole said. The number of firms under scrutiny could eventually top 100, as the investigations widen, he said.
Has anyone ever see someone who was getting questioned give lip back. Or even just leave? It seems like there is always some heavy egos on the other side of the table but they are usually sheepish....
What gives?
Contempt of Congress?
No more bailouts if nasty to Congress?
Afraid to provoke some prosecutor?
I've seen ass kissing to CEO's all my life. They live in the same bubble that Bush created for himself. Controlled access, no hostile crowds, limos hidden in garages, servile restaurant hosts, kowtowing subordinates, private elevators, and on and on. Even stockholder meetings are carefully controlled - can't have the rabble owners disturbing the meeting.
Public humiliation is one effective answer. More of that, please.
The 38 cases linked to the financial crisis have the potential to be as complex as the one involving Enron Corp., which collapsed in 2001, and the number of them could increase into the hundreds, Pistole said. The cases involve companies that everybody knows about, Pistole said without naming them.
Fraud, Insider Trading
The corporate investigations include possible manipulation of financial statements, accounting fraud and insider trading, he said.
The FBI has reassigned some agents from terrorism cases to financial crimes.
Comrade B_R: That guy's fuckin'. great, he's like fuckin' Scarface.
I was thinking of the GodFather (Part I) where he's walking behind the guys at the round table, carrying a baseball bat, and then 'smash, smash, smash'. Probably ruined some appetites.
Jas - thanks for your response. I concur that the cost of many goods and services has risen to unsupportable levels due to the ability of consumers to take on similarly unsupportable levels of debt. Increased access to student loans are one example (with their influence in pushing up tuition rates with more students able to borrow to pay up, when they could not possibly pay current rates out-of-pocket with current wages).
That being said, if compensation for divorce lawyers falls to, for example, half of current rates, it would seem that taxable income falls by half, and the gov't has even further difficulty servicing the already crushing national debt. This leads to either sovereign default, or more likely, devaluation (or so it would seem to me).
really after seeing a released number of 24Tt knowing that they will need japan and china, not knowing what ours are but i m guessing 3-4tt minimum for Citi alone...off sheet... prices needing to come down, dropping employment, i dont see japan and china being able to support the worl financially meaning someting has to collapse in whole... and as we are so intertwined... this will reverberate and expand like a ripple in still waters..
Wall Street hated him, small guys loved him. And he was an only one of a few who didn't give a damn and they knew it. They feared it.
We need a regulator, who won't give a damn about anything but long run market efficiency. We need someone who does have knowledge & capable of saying, you don't like it - go fudge yourself.
Unfortunately, most are much more interested in finger painting rather than taking on responsibility and showing some "cahunes".
I have tried to add people who post here and have a blog to the blog list. If I missed anyone then please let me know. If you want to be deleted from the list, please let me know.
I did not add EHP's link as it was just too ugly.
Komrade Cristina because I want to ask first.
The White House because I am still waiting for our invitation to a ball.
JimPortlandOR(Unrated) writes: Public humiliation is one effective answer. More of that, please.
Five years ago the people who are pontificating from the Congressional bench thought it was a great idea to jam all this bad debt down your throat, make these TBTF entities, change the bankruptcy laws, force Fannie and Freddie to accept more and worse loans.
Who passed the laws that established these entities as legal -- it's funny to hear him say they ought to be illegal. Where was he before the house burned down?
Dude has a lot to answer for, in terms of coming on the bike after giving an apple to a nun. Where was Congress? Aiding and abetting! Where is it now? Aiding and abetting, except the speeches are hostile as they empty the Republic's treasury into the bankers' purses.
I love this rant. I am only sorry that after the "money is fungible everywhere else but not in your bank" that he didn't punctuate with "Gimme a fuckin' break." He wouldn't be a bad mobster, either. (I know: Same difference.)
Barney Frank on Maddow: By this summer we will have new banking regulation legislation comparable in scope to what FDR did in the new deal with the creating of the SEC.
indian realestate bubble is beginning to burst..as US is reaching the end of the RE bust perhaps by 2010, other countries'(UK/OZ/canada/india/china etc) realestate problems are set to intensify...
The Associated General Contractors of America, whose members include Watsonville, California-based Granite and a U.S. subsidiary of Germanys Hochtief AG, adjusted its Web site to allow members to automatically send e-mails to every congressional negotiator and urge them to retain the House- passed $20 billion for school modernization.
OT, but speaking of Internet problems, Verizon has been having some kind of major problems with their routers since 10:30 PM last night. Routes to Alternet, Cenic, and MCI are still down.
All kinds of things mysteriously stop working when things like this happen. Hopefully VZ will fix their problem RSN.
Barney Frank on Maddow: By this summer we will have new banking regulation legislation comparable in scope to what FDR did in the new deal with the creating of the SEC.
Dirk
Frank's a poser. He'll say anything knowing that by this summer very few will remember what he said and even less will care.
Agree but remember these guys do not spend their free time reading financal blogs. TCA | 02.11.09 - 8:46 pm | #
It's been 1.5 years since the Bear Stearns hedge funds collapsed. Every month that went by banking and finance became larger and larger on the national scene. It's these people's job to learn about the world around them. If someone asks you for $700B and you don't dig deep to find answers, you almost deserve to be made a fool. At what point will congress be construed as aiding and abetting?
Dirk(Excellent) writes: Barney Frank on Maddow: By this summer we will have new banking regulation legislation comparable in scope to what FDR did in the new deal with the creating of the SEC.
Except written by the current US Congress. It'll be insolvent at birth, spy on you as a matter of course, and rely on a number of contractors equal to the number of individuals regulated.
take a name ass wipe writes:
"Frank's a poser. He'll say anything knowing that by this summer very few will remember what he said and even less will care."
If someone started a "Barney Frank Watch" blog, they would have a rich vein of contradictions to exploit.
novawrites: \tI have tried to add people who post here and have a blog to the blog list. If I missed anyone then please let me know. If you want to be deleted from the list, please let me know.
I did not add EHP's link as it was just too ugly. nova | Homepage | 02.11.09 - 9:16 pm | #
Hmph? I have not made a web log. You better not be insulting my 'Homepage' image, it's an image that will not be lost to the minds of men. It will live on in the history books.
The 10-year auction tested demand for long-term Treasuries and the results are no better than moderate. The bid-to-cover ratio, 2.21, was a bit lower than usual, but the auction size was a a giant $21 billion. The stop-out rate of 2.818 percent, that is the highest rate accepted at today's auction, was about 1 basis point over expectations. The Treasury faces a surge in issuance and is depending on strong demand from investors. The Treasury auction's $14 billion in 30-year bonds tomorrow.
The stop-out rate was ~40bp higher than in January, so the yesterday's equity sell-off does not seem to have mattered. So far, so good, it seems.
CR - the trivial pursuits of the so called pettifogging politicians compared to the adoring praise of Bacchus et al. misses the point. At least Capuano expressed a degree of outrage even if it was for the camera. Did you watch Bacchus? I wanted to puke.
The real headline is that the banksters and politicians are screwing over Americans with a sideshow filled with soundbite and video clip opportunities. Sadly they appear to be succeeding.
WMBZ Punishment is one thing, but it does little to amerliorate our own future.
Personally I don't think these off the cuff calls for lynching amount to anything. What's more, I think if you did see them materialize that above all other emotions you would regret it.
Now more than at any time, we must learn. If the present depression did not need to happen, as I believe, then we have room to improve.
As for government action. Step 1 should be determining losses, Step 2 should be determining what is an economically sustainable future, Step 3 should be transitioning the previous economy to the future economy along the critical path. No more losses than necessary, no more gains than feasible.
Mike......significantly expanded the number of Massachusetts citizens eligible for home loans issued by the Federal Housing Administration, Fannie Mae and Freddie Mac.
I'm sure that he serves his district (most of Boston, MA) quite well.
But where was the yelling and screaming three or four years ago? That's when we needed it. Now there's apparently nothing to do but send out BIG checks, after yelling and screaming a bit for the provincials back home.
China will continue to buy US Treasury bonds even though it knows the dollar will depreciate because such investments remain its only option in a perilous world, a senior Chinese banking regulator said on Wednesday.
China has used the dollars it accumulates selling manufactured goods to US consumers to accumulate the worlds largest holding of Treasuries.
However, the increasing US budget deficit and its potential impact on the dollar have raised questions about the future Chinese appetite for US debt.
Luo Ping, a director-general at the China Banking Regulatory Commission, said after a speech in New York on Wednesday that China would continue to buy Treasuries in spite of its misgivings about US finances.
Except for US Treasuries, what can you hold? he asked. Gold? You dont hold Japanese government bonds or UK bonds. US Treasuries are the safe haven. For everyone, including China, it is the only option.
The Associated General Contractors of America, whose members include Watsonville, California-based Granite and a U.S. subsidiary of Germanys Hochtief AG, adjusted its Web site to allow members to automatically send e-mails to every congressional negotiator and urge them to retain the House- passed $20 billion for school modernization.
nova
My brothers company, a large GC also send a memo company wide encouraging the employees to call their congressman orwrite them. They even had a cute little pre-typed letter the workers could send in....
The letter was more about fundingstate projects. We've been told on a few of our jobs that we will not get to bill again cause there is no money...
That lack of funding for schools real pissed us off too....
This dude ranting and raving about CDO's and SIVs is somewhat naive, because the safe places he has parked his dough, like money markets at any mutual fund were investing in this shit and then calling money markets safe -- this isn't just a banking problem, it's a spectrum wide financial services problem. As we saw with The SEC, nothing is regulated and the people grilled today are the smallest tip of the iceberg!
Details are scant. But exams for 18 or so of the biggest banks are set to begin immediately, and the first results could arrive within weeks. They are not expected to be made public for every institution. Regulators were also discussing whether to apply the stress test to small and midsize banks, according to an administration official.
Timmay reads CR....
Hi Timmay.... Do you have a handle? I suggest Timmay!
I'm pretty sure that getting your pin dot photo published in the WSJ can lead is akin to the cover of Time. Mike in Long Island | 02.11.09 - 9:48 pm | #
When I worked for a hedge fund, we used to joke that you didn't want to fuck up so badly that "your grainy picture would appear in the WSJ"
The structural damage from a 7+ earthquake combined with the way vancouver is built, will kill a lot of people. Even if the mortality is low, the structural damage would be devastating.
J Dimon after the Lunch Break today - "Mr Frank, the foie gras was superb. Please take this little token of my appreciation to the chef and buy the Mrs. a little something for Valentine's" (slips a handful of C-Notes)
"Sen. Dodd is vulnerable. His approval has sunk to a new low. More voters disapprove than approve of the job he is doing for the first time in 15 years of polling," says Quinnipiac's Douglas Schwartz. "The mortgage controversy has taken a toll on his approval rating. Most voters are not satisfied with Dodd's explanation." In fact, Mr. Dodd has accomplished something few observers of Nutmeg State politics thought possible. His poll numbers are actually below those of his colleague, Senator Joe Lieberman, a polarizing figure who lost his 2006 Democratic primary and had to win re-election as an independent.
I havent heard it called the nutmeg state since I was in soccer camp at Conn College 20 years ago.... To nutmeg someone is to send the ball between their legs and run aroundthem for you home gamers!
He won't put HIS money in these frigging banks but OPM is just fine and dandy. Bread and circus for a financially illiterate public with their pockets are being picked by both sides.
Slap* Slap* Slap
Citigroup Inc $316,994
United Technologies $265,400
SAC Capital Partners $246,200
American International Group $223,478
Royal Bank of Scotland $218,000
St Paul Travelers Companies $204,100
Bear Stearns $201,000
Goldman Sachs $180,200
Credit Suisse Group $157,050
Morgan Stanley $156,600
Merrill Lynch $131,950
JPMorgan Chase & Co $131,750
Lehman Brothers $122,300
Hartford Financial Services $114,850
KPMG LLP $113,100
General Electric $112,750
UBS AG $110,800
Deloitte Touche Tohmatsu $103,000
The Hartford $94,550
Liberty Mutual Insurance $85,850
You must be familiar with my views on canucks. Ten-4
I like EHP but boy did they annoy me in europe with those damn flags on their bags.... I told one of them once they'd be speaking either russian or japanese if we were'nt their neighbor... didnt go over so well....
S
______________________________________Plunge in exports spurs first trade deficit in 30 years
SCOFFIELD
Globe and Mail Update, with files from the Canadian Press
February 11, 2009 at 10:06 AM EST
Canada has recorded its first trade deficit in more than 30 years, with drops in both exports and imports driving the trade balance to negative $458-million in December.
It's the first trade deficit since March, 1976, as the stagnation in global trade meant exports fell at a faster pace than imports in the month.
The combination of a collapse in commodity prices and a collapse in U.S. demand took a meat cleaver to exports, said Douglas Porter, deputy chief economist at BMO Nesbitt Burns, calling the trade report a watershed in Canadian economics.
nades(Unrated) writes: \tHas anyone ever see someone who was getting questioned give lip back. Or even just leave? It seems like there is always some heavy egos on the other side of the table but they are usually sheepish....
nades | 02.11.09 - 8:58 pm | #
ya know, i always wondered the same thing. i have owrked woth people that have such a quick and vicious wit that they would expose the questioners for the complete frauds and asses that they are...yet no "witness" i have seen has ever donw that. are they really that afraid or awestruck that they cower in front of those boobs?
dr munch writes:
My octuplet rant just ended up on a dead thread.
dr munch, where is your compassion? After all think of the "children" isn't that what good folks do? Or are you a hard hearted meanspirited republican? And surely you are "pro choice"...aren't you?
i really think the congress people today felt good about the tongue lashings they gave the bankers. they really think it "means something" to J6P the Voter. memo to congressholes IT DON"T MEAN SHYTE. It's all kabuki theatre or bukaki or something like that
Can I tell you guys how screwed this country is... This country is like a blister ready to pop... The anger is nothing like I have ever seen before..
Between the octuplets "Suleman no doubt needs help. She has no income, is $50,000 in debt. She also receives $490 a month in food stamps and receives about $600 in disability payments a month for each of the three of her older six children with disabilities. One has ADHD, one had a speech impediment and one has autism, according to NBC's "Dateline" special."
and "Regulator Calls for Lenders to Stop Foreclosures" the threat of every fiscally prudent mortgage holder to stop paying due to Barny Frank's new much more "generous" modification programs..
I tell you .. I am seriously scared..
Do these elected officials not understand what is going on? Do they really think they can modify only struggling homeowners mortgage's without causing a tsunami of non-payments? What will happen when 12 million homeowners all stop paying their mortgage at the same time? ]
EHP believes that canada will pull out of this crisis faster than other western countries. He/ she believes that canadian banks are not lying.
I dont know about lying. But what I do know is that Canadian banks as a whole are more risk sensitive and because of the regulatory nature are better positioned. True they did not have explosive growth and seem somewhat boring. But banks should be boring.
Full disclosure: I have been and am building a long term position in Canadian banks via etfs and direct share purchase.
susieshort(Unrated) writes: \tCan I tell you guys how screwed this country is... This country is like a blister ready to pop susieshort | 02.11.09 - 10:41 pm | #
//Full disclosure: I have been and am building a long term position in Canadian banks via etfs and direct share purchase.
Barley | 02.11.09 - 10:42 pm | #//
Vacant condos create unease in Calgary market. Going Ahead; 'Very few' projects have been cancelled.
BY MARIO TONEGUZZI, CALGARY HERALDFEBRUARY 11, 2009
national housing report says new unsold condominiums are becoming a concern in the Calgary market.
The Altus Group Housing Report said most of the unsold units in Calgary are already completed or under construction and the expected decline in new condo apartment sales this year could lead to a "sizable" increase in the number of completed and vacant units.
"Many buildings in Calgary began construction with less than 50 per cent of the units pre-sold," said the Altus Group Economic Consulting report.
There are indicators of a"much more serious problem for Calgary," said the Altus Group.Those indicators include a high level of condominium starts in 2008 (5,335 units) and a high level of condos under construction. The pace of condo starts has also declined "dramatically" since the end of July, but "very few projects in Calgary have been formally cancelled so far."
Remember, Congress -- and Capuano -- also regulate baseball. "We're all one big team. ... What does [the batter] have to say?' I'm goin' out there for myself.' But I get nowhere unless the team wins. The team. The team."
So what if the feds really go full out on the prosecution end? Will that bring these banks down? Then what?
Seems that might initialize a fast descent into the Hudson.
Joanna
If they commited fraud, insider trading and misappropriation of TARP funds, I guess it might bring those banks down or their high level execs. down. If that initializes a fast descent into the Hudson for those banks, so be it. Graveyards are full of indispensable men and banks.
the CMHC (govt chartered mortgage agency) has already taken $75 Billion of mortgages off the books of banks. multiply times 10, roughly, to equal the size of the US. Moreover, Canada's RE follows the US with about a 1.5 to 2 year time lag. The downturn is just starting in Canada.
Add to that the collapse of commodities markets, esp in industrial metals, minerals, and last but not least, the plunge in oil prices that makes oil sands too expensive to process. Also add the decline of manufacturing, kicked off the by the strong Canadian $ a year ago and now takenover by global depression.
If that initializes a fast descent into the Hudson for those banks, so be it. Igor | 02.11.09 - 11:13 pm | #
I'm not saying they shouldn't be prosecuted and deal with the consequences. I just think we should follow this as closely as the markets, because it could be a wild card in preparing for further development.
Canada is going to be facing rough times, too.
joe shmoe
Completely agree!
O/T - The other night I commented that I was uninterested in the lady who had multiple births...now, I'm not so sure:
"LOS ANGELES (AP) - A big share of the financial burden of raising Nadya Suleman's 14 children could fall on the shoulders of California's taxpayers, compounding the public furor in a state already billions of dollars in the red.
Even before the 33-year-old single, unemployed mother gave birth to octuplets last month, she had been caring for her six other children with the help of $490 a month in food stamps, plus Social Security disability payments for three of the youngsters. The public aid will almost certainly be increased with the new additions to her family."
So, if the State pays for 'em, dont they have a say in ownership, outcome?
Barry Frank is a gay bank slut :Summary: Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannies assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.
Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.http://www.foxnews.com/story/0,2933,432501,00.html
It's tough having everyone think you're an asshole. I didn't buy a house for many years, thinking that prices would go down. Now people look at me like I personally willed the market down. Like I made the Cubs win the world series.
Rep. Kanjorski (2:10) "I was there when the secretary and the chairman of the Federal Reserve came those days and talked to members of Congress about what was going on... Here's the facts. We don't even talk about these things.
"On Thursday, at about 11 o'clock in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to a tune of $550 billion being drawn out in a matter of an hour or two.
"The Treasury opened up its window to help. They pumped $105 billion into the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks.
"They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic and there. And that's what actually happened.
"If they had not done that their estimation was that by two o'clock that afternoon, $5.5 trillion would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed.
"Now we talked at that time about what would have happened if that happened. It would have been the end of our economic system and our political system as we know it."
"Troubled mining group Rio Tinto is today set to unveil a $19.5bn cash injection from Chinese state-owned Chinalco in a deal that has already sparked an angry backlash from some leading UK shareholders.
The deal, which will involve the sale of minority stakes in some of Rios best mining assets and the issue of convertible bonds, marks the biggest ever investment by China in a foreign company"
--
"This leads to either sovereign default, or more likely, devaluation (or so it would seem to me)."
ztexas,
If you say so, but you have no good argument other than higher govt deficits. Have you checked Japan's and Italy's public debt as % of GDP?
THE PROBABILITY OF THE US GOVT DEFAULT WILL CRASH THE GLOBAL FINANCIAL SYSTEM WITHIN DAYS, IF NOT HOURS.
Please don't change the subject on me. I am very clear about deflation WITHIN the US in USD, by which I mean one would be able to buy more goods and services with a dollar, within the US, than in 2008.
Devaluation against which currencies? I have said many times that gold is the best and the safest currency, but USD is far superior to Indian Rupee, for example.
Bank of China has emerged as Beijings preferred choice as a potential bidder for the coveted Asian life assurance unit of AIG, which analysts estimate is worth about $20bn, according to people familiar with the matter.
The mainland lender is in active discussions with financial advisers and Chinese policymakers about the merits of joining the auction for assets owned by the stricken US insurance giant
"They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic and there. And that's what actually happened.
Congressional antics are nothing new; Senator Calhoun from KY(?) beat down a fellow senator with his cane back when they were arguing about states rights and slavery. So really, our Congress today is relatively civilized.
Just catching up on the thread and saw yours of 943 re punishment's value and what govt really needs to do.
Yeah, all of those things you state are correct. But...
What's the value of a good aggressive prosecution?
Horrendously naive, I know, but it sends a message to the commoners that this government thing that we have can actually work. It's the whole faith meme at work.
Yeah, naive perhaps but at base level, people actually believe it.
"BOC International Holdings Ltd (BOCI), the investment banking arm of Bank of China (BoC), has agreed to acquire 40% interest in Bank of America and a 35% interest in Citi Group. The deal involves preferred and common shares. Upon closing, BOCI will repay the United States Government 100% of all loans and obligatons."
The closing date is June 10th, 2008. No signifgant managment changes are expected in the short term. This is a news spoof so read with caution"
Somebody file a FOIA to find out if Kanjorski's got facts or an X-file.
Kung Fu Panda
Filed and delivered
So where does the $500 billion outflow number come from? Would you believe: the Sunday New York Post, which on September 21 published a story headlined "Almost Armageddon" featuring this paragraph:
According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening [on Thursday]. The total money-market capitalization was roughly $4 trillion that morning.
Beach Blvd, nice ... I saw that and laughed and I had to use it! I was reaching for the right word lately because of all the nonsense and misdirection.
Had to teach an Old Testament class to some middle school/high school kids and how to get the whole "geez, they're bible stories and how do they relate to me?" thing apart? Geez, the OT is a killer...
This was Sunday right after O's inauguration.
Talked about O's situation and how much is riding on this. But what if leader is imperfect? Does that invalidate everything else they've done?
Abraham - "father of a nation" who was so scared of Pharoah that he had Sarah pretend to be his sister so as to not get killed. And then, he pimped her to Pharoah and wound up leaving Egypt a much wealthier man.
DAvid - leader who had a man sent into combat in order to die so that he could have his wife.
Yeah, we all screw up, but that doesn't invalidate everything that we do. Spitzer did some good things. In this present environment, JFK would have been served up on a skewer for the history with women, too.
Note: it was a hell of a good conversation that morning. Kids aren't used to hearing Abraham and "pimped" in the same sentence.
Had to teach an Old Testament class to some middle school/high school kids and how to get the whole "geez, they're bible stories and how do they relate to me?" thing apart? Geez, the OT is a killer...
This was Sunday right after O's inauguration.
Talked about O's situation and how much is riding on this. But what if leader is imperfect? Does that invalidate everything else they've done?
Abraham - "father of a nation" who was so scared of Pharoah that he had Sarah pretend to be his sister so as to not get killed. And then, he pimped her to Pharoah and wound up leaving Egypt a much wealthier man.
DAvid - leader who had a man sent into combat in order to die so that he could have his wife.
Yeah, we all screw up, but that doesn't invalidate everything that we do. Spitzer did some good things. In this present environment, JFK would have been served up on a skewer for the history with women, too.
Note: it was a hell of a good conversation that morning. Kids aren't used to hearing Abraham and "pimped" in the same sentence.
"This report examines the importance to the U.S. economy of China's investment in U.S. securities, as well as U.S. concerns over the possibility that China might unload a large share of those holdings, the likelihood that this would occur, and the potential implications such action could have for the U.S. economy. The report concludes that a large sell-off of Chinese Treasury securities holdings could negatively affect the U.S. economy, at least in the short-run. As a result, such a move could diminish U.S. demand for Chinese products and thus could lower China's economic growth as well. The issue of China's large holdings of U.S. securities is part of a broader question that has been raised by many economists: What are the implications of the heavy U.S. reliance on foreign investment to maintain healthy economic growth and to finance the budget deficit? "
Empirical data shows a very close inverse correlation between the S&P and the spread on the HY index. While spreads have tightened over the past 3 months, a lot of this has to do with the pricing in of the recently announced Finance Stability Plan, which at this point may only lead to further disappointment. For a sustainable rally, credit spreads, especially for high yield names, have to collapse by a substantial amount which will likely be contingent on many of the postulates of the FSP kicking in. Other credit improvements such as a decline in write downs would be a welcome metric. Of course, to keep things confusing, January was one of the best month in history from a new Investment Grade debt issuance stand point. Zero Hedge
One of my projects involves looking at the raw revenue data from the states, especially because they're compiled relatively quickly. Oddly, SC is usually one of the first states to get their monthly totals in.
Devaluation against which currencies? I have said many times that gold is the best and the safest currency, but USD is far superior to Indian Rupee, for example.
Jas Jain | Homepage | 02.11.09 - 11:29 pm | #
The US dollar is the worst currency, except all the others.
Taken as a whole, this is hardly a model of transparency. To date, the Fed has already committed some $2.5 trillion to rescuing the financial system, yet no one outside the Fed knows exactly how or where this money went. The Fed is subject to almost no political oversight. Yet if the trillions of dollars the Fed has already committed and the trillions more it's about to commit can't be recouped, the federal debt explodes and you and I and other taxpayers are left holding the bag.
In other words, Geithner and Fed Chair Ben Bernanke continue to do pretty much what Hank Paulson and Bernanke did: They hide much of the true costs and risks to taxpayers of repairing the banking system. Those risks and costs should be put on the people who made risky bets on the banks in the first place - namely bank shareholders and creditors. Shareholders of the most troubled banks should be wiped out entirely. Bank creditors- except depositors - should take major hits. And top executives who were responsible should be canned. But Geithner and Bernanke don't want to take these steps for fear of spooking the Street. They think it's safer to put the costs and risks on taxpayers -- especially in ways they can't see.
Basel Too writes:
One of my projects involves looking at the raw revenue data from the states, especially because they're compiled relatively quickly. Oddly, SC is usually one of the first states to get their monthly totals in.
This is what a depression looks like: Do you have data on all the states ? Thats a shocking drop in revenue
Homedad: Moses the lawgiver is considered by Jews to be the greatest leader in our history, yet the fact that he was not allowed to enter the promised land before he died is generally interpreted as related to his killing a slave driver in anger. We don't believe in saints. Joseph Heller's "God Knows", an anachronistic "autobiography" of King David is a brilliant work, by the way.
Nichola Kristof in the NYTimes talking up nationalizing the banks. Suggests Obama sell it by handing out bank shares to every American family...making good on the Bush "ownership society' promises...
Thanks. I'll check that one. Didn't know that Heller took a shot at OT...
I'm Christian - certainly edgy - but I really do relate better to the OT than the NT. Somehow, I find comfort in the reciprocal faithfulness there. The OT really does show the screw-ups more than the NT does.
Herod excepted.
The biblical characters in the OT are so much more lifelike and accessible than the NT.
I understand that Cali is the biggest and baddest, but if we start seeing 20% drops across the country, which I'm sure we will, then we are royally screwed.
WASHINGTON — The White House plan to rescue the nation’s financial system, announced on Tuesday by Timothy F. Geithner, the Treasury secretary, is far bigger than anyone predicted and envisions a far greater government role in markets and banks than at any time since the 1930s.
Administration officials committed to flood the financial system with as much as $2.5 trillion — $350 billion of that coming from the bailout fund and the rest from private investors and the Federal Reserve, making use of its ability to print money
Yes- the taxpayer is placed on the hook, shareholders are inexplicably spared (should be wiped out by now), and worst of all, the basic failed structures are left in place at all levels.
not sure if SC is average. I thought I read somewhere that they have one of the highest state unemployment rates.
SC economists are predicting 15% max unemployment for the year. SC got screwed when it became a boomer retiree hotspot. Too reliant on (1) real estate, (2) tourism, and (3) agriculture. They'll be toast for a while.
JD2B: I'm probably going to work part time for a patent boutique in Alexandria because I want to continue researching all this crap. Thank god, I have a very minimalist lifestyle.
Yea I'm scared of SKF . I think we get a pop for 2 weeks (mark to truth goes bye bye ) Then back lower . Was thinking buying BAC for the pop up and SRS in 2 weeks . Roubini is a few months early IMHO
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)
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pull back on the time scale to 4 hours in the euro and see it nudging against the top of the trend line. also, the price is compressing, like a spring.
Is sad, watching those eight men, who did divise new financial products, and unleashed their poison on our finanacial system, sitting up there with 180Billion of our money, saying they're sorry. It will take years and years for that poison to work its way out, and there will be much suffering to go with it. These men will not be affected.
Mr. Capuano is my congressman -- I think he's a pretty decent guy. Last fall, I wrote him to urge him to vote against the TARP. While he voted for it, it sounds like it was an extremely difficult decision for him. Here's his response to my email, which I received about a month ago:
Thank you for contacting me with your concerns regarding the financial crisis. I sincerely appreciate hearing your views on this critical issue for our nation.
In response to the ongoing crisis, Congress recently passed The Emergency Economic Stabilization Act (EESA) of 2008. The EESA provides up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small businesses, and other companies to access credit. After much reflection and deliberation, I decided that the risk of doing nothing to stabilize the economy was far too great and, in the final analysis, I voted in support of the package. It is by far the most difficult vote I have cast as a Member of Congress.
For me, it came down to balancing the risk of voting yes and trying to save the economy for all Americans while incurring a potential cost to taxpayers versus the risk of voting no and watching the world economy collapse. I took what I thought was a smaller risk for my average constituent.
As I have reported before, many experts believe that this is the biggest economic crisis our nation has faced in decades. They have warned that we will encounter a major decrease in access to credit and that all Americans could be impacted in some way. The ability to obtain a mortgage, car loan, home equity loan or student loan has already been severely restricted. Losses in the stock market are not limited to Wall Street fat cats, but have also impacted private and public pension funds, college savings plans, and many others in recent months. Small businesses have already had difficulty obtaining loans to run or expand their business. Even states and municipalities are struggling to finance roads, schools, hospitals and other projects as the economy worsens.
I supported the EESA package because I was just not willing to risk putting the jobs, pensions and 401(K) plans of hard working Americans on the line while we waited for better legislation. If we waited for the perfect bill, we would never cast a vote.
Although the EESA package could have been much improved, there are a number of important protections in it: limits on executive compensation; help for qualified homeowners facing foreclosure; help for tenants living in foreclosed homes; an increase in the Federal Deposit Insurance Corporation (FDIC) limit of insurance coverage to $250,000; and deadlines on recommendations for additional necessary regulations on the financial industry.
While I am pleased that Treasury has begun to use these funds to make direct capital injections into financial institutions, I have raised concerns that banks should not be allowed to use these funds to pay for mergers, golden parachutes, or additional dividends. As a member of the House Committee on Financial Services, I will continue to be actively engaged in overseeing the implementation of the EESA.
In addition to the credit crisis, the Labor Department reported that another 240,000 jobs were lost in October and the unemployment rate is at a 14-year high. In a separate action last month, the House passed economic stimulus legislation that would provide additional unemployment compensation to help workers impacted by our struggling economy. It is my hope that the Senate will pass this bill when Congress reconvenes.
Thank you again for sharing your opinions with me on this critical issue. I hope you will continue to do so on every issue that is important to you. If my staff or I can be of any further assistance, please do not hesitate to contact my office.
I've been having similar thoughts: move my money out of banks that have taken TARP money because of their poor behavior over the years, and putting it into better behaved banks.
Any thoughts on this? How would I figure out which are the good banks?
Can we start a movement here? If the government won't penalize these banks, let's do it ourselves.
Definitely the video of the day.
WEEEE!
P.S. Proper credit goes to Michael. At least, that is where I first saw it.
Did Capuano vote for TARP? Yes.
Did he vote for the current stimuls plan? Yes.
Nothingburger.
So he's burying his money in the back yard, or in an escort service? I vote for the escort service...
Do you know if the state bailout is part of the final package?
TIA!
"Pettifogging," eh? Had to break out the dictionary for that one. Very apt.
In public, they take them to the woodshed. In private, they take them to the boudoir.
Just jacjin' sonny,Just jackin'.
another day, another call to speak.
nothings changed at all.
you all say too much, but somethings always wrong.
YouTube - Toad The Wet Sprocket - Something's Always Wrong
wont be long, till somethings always wrong.
Did Capuano vote for TARP? Yes.
Did he vote for the current stimuls plan? Yes.
TCA | 02.11.09 - 8:46 pm | #
With Paulson promising doom without it, that I can forgive.
In it's current form, the relief effort may keep some of the most vulnerable of us out of danger. It may not be the right thing, but I do not nessasarily see it as a bad thing.
As long as he no longer votes to give money to bad bankers or bad borrowers, then I am fine.
fudge juicy airy doodie writes:
previous thread response
scone, you are assuming that EU has more toxic than we do.... i am not comfortable making that statement anymore
fudge juicy airy doodie | 02.11.09 - 8:49 pm | #
from last thread:
One Hot Chick,
I used to play polo out at Mt Vernon farm, both while at UGA and out on the green... I threw a concert out there at the farm in 91 sun splash type thing with Johnny Quest, allgood, blues travelers, and wide spread.... all polo is west side of dc and i am on bay side... really miss athens...
her name was Katherine BTW...stole my heart
EU more toxic? It's really hard to say because all metrics have been distorted to the point of being useless.
LOL. He's my Congressman. Go, Mike!
--
from the previous thread...
It would seem that devaluation of the US dollar would reduce US labor costs relative to other countries (assuming that nominal wages stay roughly the same). There seems to be a consensus, right or wrong, that eventually the USD will be devalued since it's only feasible to repay our massive debt in worthless/devalued dollars. Under that scenario, why would anyone want to hold US treasuries? I ask this sincerely."
ztexas,
I mean the US labor costs in US itself and in USD are too high. Two people who have needed a divorce lawyer tell me that the cost is $200 and $375. But, I think that medical services and college tuition are highly inflated. I can go on and on. I consider very few professions, if any, that are underpaid. Do you disagree?
INFLATION IN THE US, AT LEAST SINCE 1987, WAS LED MAINLY BY DEBT-INDUCED CONSUMPTION. And the correction is here and has just begun. Deflationary Depression in the US is only few quarters away.
Sincerely,
Jas
My octuplet rant just ended up on a dead thread.
To summarize, my income tax just got raised to pay for the medical care of 14 kids. To a mom "disabled" by back problems for 8 years, yet able to carry a world record pregnancy of eight kids.
Screw this state.
Fungible! WAHHOOO ! ! !
Other great line "I dont really have a question I was just told I could use the 5 minutes"
Good stuff.....
..........................
If this video does go viral, there will be a real bank run.
Markel writes:
LOL. He's my Congressman. Go, Mike!
Markel | 02.11.09 - 8:53 pm | # Are you the bank robber he was talking about.
faraday,
seems they have made an honest attempt to mark it..
where we, well, we still hide and fingers in the dikes..or in fdic case fingers in the dykes
I mean the US labor costs in US itself and in USD are too high.
You need to stop ranting and curl up with some good books. Elizabeth Warren has one.
I'm starting to see bank robbers as more heroic every day... aim for the nationals.
In public, they take them to the woodshed. In private, they take them to the boudoir.
scone | 02.11.09 - 8:49 pm | #
He may be better than most.
Lawyers/Law Firms$327,497Real Estate$323,875Insurance$177,075Transportation Unions$174,950Public Sector Unions$142,450Building Trade Unions$142,250Lobbyists$132,843Securities & Investment$131,350Industrial Unions$125,250Commercial Banks$111,006Air Transport$86,900Civil Servants/Public Officials$76,340Health Professionals$74,850Hospitals/Nursing Homes$72,100General Contractors$67,550Retired$66,287Business Services$66,204Accountants$60,050Misc Unions$59,250Pharmaceuticals/Health Products$58,950
Imagine a Robin Hood who marches into Citi and hands out thousands to passersby or unemployed people. Good luck getting convictions. Or even an arrest.
Not pettifogging in my book. It was "just the fact's ma'am".
Time for a national credit card payment strike. It is the only way the public will have any leverage in this FUBAR mess. The banks/cc companies will be swamped, the credit agencies will be bulldozed and we will finally get something going here.
Congress and Obomba aren't going to do it. It's like "looking forward" when DOJ prosecutions should be initiated against the entire Bush admin. We are going to have to do something. Withhold credit card payments- use the payments to pay cash. We can put some liquidity back into the system that way.
Buzz Meeks
Has anyone ever see someone who was getting questioned give lip back. Or even just leave? It seems like there is always some heavy egos on the other side of the table but they are usually sheepish....
What gives?
scone, you are assuming that EU has more toxic than we do.... i am not comfortable making that statement anymore
fudge juicy airy doodie
.
I don't know that I'm assuming, more of an IF - THEN - ENDIF sequence, in my mind at least. At this point, I'm just spinning scenarios from what I read and trying them on for size. But having watched the RE bubble in Europe for some time, it wouldn't surprise me if it were true -- Subjunctive mood. We shall see.
Pontification does little. Prosecutions would do a lot more to fix the mess. We hear little about prosecutions.
Put him in charge of the SEC ...
Sad...
"it's all because of derivatives, cds, etc:
... It's like blaming nuclear energy for Chernobil / Long Island accidents.
Pathetic.
mr. Senator .. please .. resign!
Who gets to grill Congress ?
yeah, put a guy capable only of pointing fingers for a SEC, he'll do a lot of .... pointing fingers.
scone | fjad,
the realestate bubble in some parts of the EU (Spain, Ireland) and in England completely dwarfs ours on a percentage increase over the last 7 years.
now how much hanky panky they've played with their books? no idea.....
Bachus wins the pettifogging award, in my book. Capuano made some good points, at least, about some of the shady financial "innovation" of the past decade.
Fellows, do not forget Feb. 17. FRONTLINE, INSIDE MELTDOWN. Mark it on your calendar.
I'm starting to see bank robbers as more heroic every day... aim for the nationals.
FaradayShieldedHeadgearBrigade | 02.11.09 - 8:56 pm | #
Willy Sutton would no longer agree I think. Just ones and zeros and the zeros seem to be winning at the banks.
Robin Hood or Robbin' Hood? (lol)
It sure helps to hear someone in DC rant like I do to my TV/PC screen, even if you know the bank guys are just calling him an @sshole in the elevator. How often do you think they get talked to like that at work?
I'd even favor allowing bank examiners to shout and rant each time they find hanky panky or outright robbery - send a cam crew with them for youtube fun.
Fellows do not forget Feb. 17. FRONTLINE, INSIDE MELTDOWN. Mark it on your calendar.
from the previous thread...
That portable reactor is what I was talking about, it's pebble-bed technology. I remembered the timeframe right (a miracle considering my memory these days), available in 2013.
If the EU is really looking at $24 trillion in losses, the whole thing is finished. There's just no way to fix it. I was fairly sure of but $24 trillion for the EU alone is a staggering number.
The entire world financial system is done. Gonna have to be replaced with some commodity-backed standard.
.
ades writes:
scone | fjad,
the realestate bubble in some parts of the EU (Spain, Ireland) and in England completely dwarfs ours on a percentage increase over the last 7 years.
.
Yeah, I know (sigh). The DH and I had thought about retiring back to the Old Country (Yorkshire) but we've been priced out. No way I'm paying 500k for a two up-two down.
ades/scone;
i would think it cool to have case shiller expand to international look at eu MSA's..
i know what my peak to trough and months inventory is, no idea about eu
Did Capuano vote for TARP? Yes.
Did he vote for the current stimuls plan? Yes.
Nothingburger.
TCA | 02.11.09 - 8:46 pm | #
That's so he can throw another fit in 6 months about the stimulus plan. Our congresspeople are far behind on the learning curve. Will they ever seek advice outside their common circles?
He did touch on why the financial bailouts won't work, "America doesn't trust you anymore... I don't have one single penny in any of your banks".
His other big gripe, to "get our money out on the street" is asking for banks to engage in risk taking to stem the fallout from too much risk taking. TARP funnelled money to the wrong people.
yeah, put a guy capable only of pointing fingers for a SEC, he'll do a lot of .... pointing fingers.
Comrade de Chaos
~~~~
I like my chances better with him than Obama's pick Mary Shapiro ... another insider ...
Maybe all Americans should withdraw money from these douchebags?
ades writes:
Has anyone ever see someone who was getting questioned give lip back.
mostly I suspect its cold silence listening....Capuano is a man of the people. A man of the people only listens when money is talking to him.
i would think it cool to have case shiller expand to international look at eu MSA's..
i know what my peak to trough and months inventory is, no idea about eu
fudge juicy airy doodie
.
I would expect the Algarve to go down very, very hard.
--
I guess dopes here wouldn't stop telling me what I should and shouldnt do.
These born-and-bred dopes can't make their govt and their corporate leaders, with the power of their votes, to do what they want!
Dopes need to come to terms with their lack of power. They have already proven that they are politically impotent. And being a dope about economics, investments and politics doesn't help. Dopes are in major denial and they resort to attacks and harassment others who are causing them no proven harm of any kind. Actually, it a cowardly behavior, something also very common among dopes.
Jas
"I like my chances better with him than Obama's pick Mary Shapiro ... another insider ..."
no one would do a better job then E. Spitzer, however we were just too happy to press his career into Oblivion.
If the EU is really looking at $24 trillion in losses, the whole thing is finished. There's just no way to fix it. I was fairly sure of but $24 trillion for the EU alone is a staggering number.
The entire world financial system is done. Gonna have to be replaced with some commodity-backed standard.
.
Broward Horne | Homepage | 02.11.09 - 9:02 pm
i value your opinion....scares me that we think the same way...leaves japan and china to carry everyone?
if you were china would you pick eu countries or usa?
His other big gripe, to "get our money out on the street" is asking for banks to engage in risk taking to stem the fallout from too much risk taking. TARP funnelled money to the wrong people.
double inverse recession | 02.11.09 - 9:03 pm | #
Agree but remember these guys do not spend their free time reading financal blogs. To him TARP was the banks saying give us money or else we stop lending. congress did and the banks did (stop lending).
It's just a lot of hot air from a congresscritter.
I want to skip ahead to the part where we line up the bankers against the wall and shoot them.
"I like my chances better with him than Obama's pick Mary Shapiro ... another insider ..."
maybe being insider is a drawback, however being stupid is even worse.
(Don't trust me look at our former Pr. )
I did pull my money out of WAMU as a protest. I just hope Washington Federal is as solid as they claim to be.
From Denninger
"The FBI has opened investigations into more than 500 cases of alleged corporate fraud, including 38 that involve major firms and are "directly related" to the national economic crisis, FBI Deputy Director John Pistole told Congress today."
....
Pistole's comments suggested widespread criminal activity among many of the nation's corporate giants.
"These are significantly large, similar to Enron," Pistole said. The number of firms under scrutiny could eventually top 100, as the investigations widen, he said.
Where's the clip of Ken Lewis saying: "we've never had this much money to lend" ? They need a bailout, my a$$.
o one would do a better job then E. Spitzer, however we were just too happy to press his career into Oblivion.
Comrade de Chaos
~~~~
Great idea! Bring him back. He'll be real fired up after what they did to him and his family ...
If I was China, I'd pick India and Russia. Wait, that already happened didn't it?
Has anyone ever see someone who was getting questioned give lip back. Or even just leave? It seems like there is always some heavy egos on the other side of the table but they are usually sheepish....
What gives?
Contempt of Congress?
No more bailouts if nasty to Congress?
Afraid to provoke some prosecutor?
I've seen ass kissing to CEO's all my life. They live in the same bubble that Bush created for himself. Controlled access, no hostile crowds, limos hidden in garages, servile restaurant hosts, kowtowing subordinates, private elevators, and on and on. Even stockholder meetings are carefully controlled - can't have the rabble owners disturbing the meeting.
Public humiliation is one effective answer. More of that, please.
"If the EU is really looking at $24 trillion in losses, the whole thing is finished."
yes, finished & dead would be good. So we could form new institutions + few survivors, who would not drag economy forever with their bad loans.
3rd time charmer.
Fellows do not forget Feb. 17. FRONTLINE, INSIDE MELTDOWN. Mark it on your calendar.
The 38 cases linked to the financial crisis have the potential to be as complex as the one involving Enron Corp., which collapsed in 2001, and the number of them could increase into the hundreds, Pistole said. The cases involve companies that everybody knows about, Pistole said without naming them.
Fraud, Insider Trading
The corporate investigations include possible manipulation of financial statements, accounting fraud and insider trading, he said.
The FBI has reassigned some agents from terrorism cases to financial crimes.
That guy's fuckin'. great, he's like fuckin' Scarface.
Then at the end he's like, "let's fix it all with more debt."
Oh well. He's halfway there. He's angry enough.
Comrade B_R: That guy's fuckin'. great, he's like fuckin' Scarface.
I was thinking of the GodFather (Part I) where he's walking behind the guys at the round table, carrying a baseball bat, and then 'smash, smash, smash'. Probably ruined some appetites.
Capuano "only" took $24.7k from those maggots:
OpenSecrets |
Congressmen Hear from TARP Recipients Who Funded Their Campaigns - Capital Eye
Hardly Mr. Clean, Client 10 maybe...
Jas Jain | Homepage | 02.11.09 - 8:54 pm | #
Jas - thanks for your response. I concur that the cost of many goods and services has risen to unsupportable levels due to the ability of consumers to take on similarly unsupportable levels of debt. Increased access to student loans are one example (with their influence in pushing up tuition rates with more students able to borrow to pay up, when they could not possibly pay current rates out-of-pocket with current wages).
That being said, if compensation for divorce lawyers falls to, for example, half of current rates, it would seem that taxable income falls by half, and the gov't has even further difficulty servicing the already crushing national debt. This leads to either sovereign default, or more likely, devaluation (or so it would seem to me).
cash in the mattress, now that's what I call sideline money...
really after seeing a released number of 24Tt knowing that they will need japan and china, not knowing what ours are but i m guessing 3-4tt minimum for Citi alone...off sheet... prices needing to come down, dropping employment, i dont see japan and china being able to support the worl financially meaning someting has to collapse in whole... and as we are so intertwined... this will reverberate and expand like a ripple in still waters..
"Bring him back."
Wall Street hated him, small guys loved him. And he was an only one of a few who didn't give a damn and they knew it. They feared it.
We need a regulator, who won't give a damn about anything but long run market efficiency. We need someone who does have knowledge & capable of saying, you don't like it - go fudge yourself.
Unfortunately, most are much more interested in finger painting rather than taking on responsibility and showing some "cahunes".
I have tried to add people who post here and have a blog to the blog list. If I missed anyone then please let me know. If you want to be deleted from the list, please let me know.
I did not add EHP's link as it was just too ugly.
Komrade Cristina because I want to ask first.
The White House because I am still waiting for our invitation to a ball.
jim, thats was deniro as capone in untouchables
good night & good luck yo all.
i need a drink
this will reverberate and expand like a ripple in still waters..
fudge juicy airy doodie
~~~~
more like water circling the drain ... we are past the event horizon ...
JimPortlandOR(Unrated) writes:
Public humiliation is one effective answer. More of that, please.
Five years ago the people who are pontificating from the Congressional bench thought it was a great idea to jam all this bad debt down your throat, make these TBTF entities, change the bankruptcy laws, force Fannie and Freddie to accept more and worse loans.
Who passed the laws that established these entities as legal -- it's funny to hear him say they ought to be illegal. Where was he before the house burned down?
Dude has a lot to answer for, in terms of coming on the bike after giving an apple to a nun. Where was Congress? Aiding and abetting! Where is it now? Aiding and abetting, except the speeches are hostile as they empty the Republic's treasury into the bankers' purses.
leaves japan and china to carry everyone?
Chinese and Indians have to stimulate internal demand. I don't see any way around it. They could do that by cutting their average workweek.
But then real estate prices have to fall by the amount that pay decreased, to maintain consumer spending.
The real problem is real estate. It's far overvalued in relation to all other products and services.
$24 trillion is a gigantic number, especially for just the EU.
It's Ladies Night, I guess I'll take a shower and go play pool. Holy cow, I can not wrap my mind around $24 trillion. That's Gigantor.
.
I love this rant. I am only sorry that after the "money is fungible everywhere else but not in your bank" that he didn't punctuate with "Gimme a fuckin' break."
He wouldn't be a bad mobster, either. (I know: Same difference.)
CRBot
Command:
10
20
fudge juicy airy doodie: thanks for the correction. It was so vivid that I only recall my shock at the brutality, and likely effectiveness.
Barney Frank on Maddow: By this summer we will have new banking regulation legislation comparable in scope to what FDR did in the new deal with the creating of the SEC.
Reposting from previous thread :
Werner writes:
And before I forget it :
Congressman Michael E. Capuano for president !
(Hope you know what he said.)
Werner | 02.11.09 - 8:35 pm | #
indian realestate bubble is beginning to burst..as US is reaching the end of the RE bust perhaps by 2010, other countries'(UK/OZ/canada/india/china etc) realestate problems are set to intensify...
Al Jazeera English - News
for werner
The Associated General Contractors of America, whose members include Watsonville, California-based Granite and a U.S. subsidiary of Germanys Hochtief AG, adjusted its Web site to allow members to automatically send e-mails to every congressional negotiator and urge them to retain the House- passed $20 billion for school modernization.
scone, its Downey amd Merril ya gotta worry about.
OT, but speaking of Internet problems, Verizon has been having some kind of major problems with their routers since 10:30 PM last night. Routes to Alternet, Cenic, and MCI are still down.
All kinds of things mysteriously stop working when things like this happen. Hopefully VZ will fix their problem RSN.
Barney Frank on Maddow: By this summer we will have new banking regulation legislation comparable in scope to what FDR did in the new deal with the creating of the SEC.
Dirk
Frank's a poser. He'll say anything knowing that by this summer very few will remember what he said and even less will care.
crap
CRBot
command-screen all comments for "born and bred dopes"
Command-if "born and bred dopes"
Command- replace with BLAH, BLAH, BLAH
Agree but remember these guys do not spend their free time reading financal blogs.
TCA | 02.11.09 - 8:46 pm | #
It's been 1.5 years since the Bear Stearns hedge funds collapsed. Every month that went by banking and finance became larger and larger on the national scene. It's these people's job to learn about the world around them. If someone asks you for $700B and you don't dig deep to find answers, you almost deserve to be made a fool. At what point will congress be construed as aiding and abetting?
Dirk(Excellent) writes:
Barney Frank on Maddow: By this summer we will have new banking regulation legislation comparable in scope to what FDR did in the new deal with the creating of the SEC.
Except written by the current US Congress. It'll be insolvent at birth, spy on you as a matter of course, and rely on a number of contractors equal to the number of individuals regulated.
broward...watch the hustlers..it is a recession, they are tempermental about calling rails now
take a name ass wipe writes:
"Frank's a poser. He'll say anything knowing that by this summer very few will remember what he said and even less will care."
If someone started a "Barney Frank Watch" blog, they would have a rich vein of contradictions to exploit.
Just sayi
fudge juicy airy doodie:
"Command:
10
20"
What the hell kind of programming language is that? How old do you think I am, anyway?
If you were trying for basic, I will simply reply, "BAD SYNTAX OR COMMAND" and leave it be.
CRBot..lol...thought maybe 40's now thinking in todays world..11
Franks top donors last cycle:
Securities & Investment $224,000
Real Estate $219,851
Insurance $199,548
Lawyers/Law Firms $185,728
Commercial Banks $114,700
novawrites:
\tI have tried to add people who post here and have a blog to the blog list. If I missed anyone then please let me know. If you want to be deleted from the list, please let me know.
I did not add EHP's link as it was just too ugly.
nova | Homepage | 02.11.09 - 9:16 pm | #
Hmph? I have not made a web log. You better not be insulting my 'Homepage' image, it's an image that will not be lost to the minds of men. It will live on in the history books.
Well, Toad the wet sprocket...nice.
Soundgarten?
YouTube -
Nostrovia,
If I saw Barry Frank on fire I would not even stop to piss on him . What a worthless POS
10yr Auction Results from Bloomberg:
The 10-year auction tested demand for long-term Treasuries and the results are no better than moderate. The bid-to-cover ratio, 2.21, was a bit lower than usual, but the auction size was a a giant $21 billion. The stop-out rate of 2.818 percent, that is the highest rate accepted at today's auction, was about 1 basis point over expectations. The Treasury faces a surge in issuance and is depending on strong demand from investors. The Treasury auction's $14 billion in 30-year bonds tomorrow.
The stop-out rate was ~40bp higher than in January, so the yesterday's equity sell-off does not seem to have mattered. So far, so good, it seems.
EvilHenryPaulson
Ah, yeah. He is ugly.
ova,
"Ah, yeah. He is ugly."
He has a mother who posts here...little respect.
Nostrovia,
TARPED Bankers are renaming their bonuses in order to keep giving them.
I found this link at Congress Matters blog.
Bailed-Out Firms Distributing Cash Rewards: "Please Do Not Call It A Bonus"
The corporatists/fascist bankers need to hang and the supply side lie needs to be exposed for the failure it is.
Comrade Misean is Dope
Yeah, that is def a face only a Mom could love
EvilHenryPaulson
Ah, yeah. He is ugly.
nova
.
He has smelled something...
ova,
The face is the mirror of the mind, and eyes without speaking confess the secrets of the heart -- St Jerome
You think I'm funny?
YouTube -
Nostrovia,
Why now provide some stimulus/recovery funds to the venture capital industry? Just an idea.
BobbyG's Binge Thinking: What now?
I mean "not" not "now". Put the wine glass down, BG.
The face is the mirror of the mind, and eyes without speaking confess the secrets of the heart -- St Jerome
and
The road to Hell is paved with skulls of priests. -- St John Bosco
or bankers -- me
Toad the wet sprocket being called up before 10pm...I like it.
nova writes:
Comrade Misean is Dope
Yeah, that is def a face only a Mom could love
nova | Homepage | 02.11.09 - 9:34 pm
I dunno. He's worth what $500 million. There's more than a few people who could pretend really, really well for that kind of financial motivation.
Mike in Long Island | 02.11.09 - 9:38 pm
I bet a lot of them look real good as blondes.
CR - the trivial pursuits of the so called pettifogging politicians compared to the adoring praise of Bacchus et al. misses the point. At least Capuano expressed a degree of outrage even if it was for the camera. Did you watch Bacchus? I wanted to puke.
The real headline is that the banksters and politicians are screwing over Americans with a sideshow filled with soundbite and video clip opportunities. Sadly they appear to be succeeding.
Mike in Long Island,
Barney Fudd perhaps?
Nostrovia,
Misean,
That's a visual that needs to be erased from my memory at all costs. Now where'd I leave that bottle of tequila...
The Economist old cover of Paulson made him look evil Premium content | Economist.com
WMBZ
Punishment is one thing, but it does little to amerliorate our own future.
Personally I don't think these off the cuff calls for lynching amount to anything. What's more, I think if you did see them materialize that above all other emotions you would regret it.
Now more than at any time, we must learn. If the present depression did not need to happen, as I believe, then we have room to improve.
As for government action. Step 1 should be determining losses, Step 2 should be determining what is an economically sustainable future, Step 3 should be transitioning the previous economy to the future economy along the critical path. No more losses than necessary, no more gains than feasible.
So when will a earthquake wipe vancouver from the face of this earth?
Well enough doom time to take my smoke med and go out for a drink at the local watering hole
Credit enema is coming,
Paulson before and after WSJ portraits
ova | Homepage | 02.11.09 - 9:16 pm | #
Missed one!
From the Hon. Mike Capuano's website:
Mike......significantly expanded the number of Massachusetts citizens eligible for home loans issued by the Federal Housing Administration, Fannie Mae and Freddie Mac.
I'm sure that he serves his district (most of Boston, MA) quite well.
But where was the yelling and screaming three or four years ago? That's when we needed it. Now there's apparently nothing to do but send out BIG checks, after yelling and screaming a bit for the provincials back home.
What's more, I think if you did see them materialize that above all other emotions you would regret it.
EvilHenryPaulson | Homepage | 02.11.09 - 9:43 pm | #
Have no doubt in your mind, do not fool yourself, I have the rope ready.
Ireland to take control of banks, while plans for Fortis are rebuffed - The New York Times
ireland to take control of their banks
EvilHenryPaulson writes:
Credit enema is coming,
Paulson before and after WSJ portraits
EvilHenryPaulson | Homepage | 02.11.09 - 9:44 pm
I'm pretty sure that getting your pin dot photo published in the WSJ can lead is akin to the cover of Time.
credit enema - I am so stealing your line about Barney Frank.
ova,
what is your list for? where is it?
Missed one!
citizen energyecon
Got it.
Missed Info writes:
nova,
what is your list for? where is it?
Well you're certainly living up to your handle...
I believe that one major impact of this financial crisis will manifest itself in a few years.
How can most western countries pay their retirees any of the promised obligations, especially since-
1] They have a "baby boom" cohort entering the post 62 age group.
2] The generation after them has much less well paid jobs.
3] All the RE wealth and private pension funds will evaporate in a few years.
4] New jobs might be hard to create
and
5] with the exception of the USA, most countries do not integrate their immigrant population well.
In case you think I am picking on whites, I believe that Japan and Korea will face the same problem.
lucifer writes:
So when will a earthquake wipe vancouver from the face of this earth?
USGS.gov SoCal quake simulation (WMP video)
(takes a minute or so to load)
that was incredibly beautiful. that guy's a MFing hero. he had some of his concepts screwed up but the anger was sweet.
here's jim rogers saying some similar shit. he goes off.
"Video: Gentle Jim Rogers Brings The Asian Pain in Bloomberg Public Beatdown of Treasury Knob Geithner."
Page Not Found - The Daily Bail
Ouch.
China will continue to buy US Treasury bonds even though it knows the dollar will depreciate because such investments remain its only option in a perilous world, a senior Chinese banking regulator said on Wednesday.
China has used the dollars it accumulates selling manufactured goods to US consumers to accumulate the worlds largest holding of Treasuries.
However, the increasing US budget deficit and its potential impact on the dollar have raised questions about the future Chinese appetite for US debt.
Luo Ping, a director-general at the China Banking Regulatory Commission, said after a speech in New York on Wednesday that China would continue to buy Treasuries in spite of its misgivings about US finances.
Except for US Treasuries, what can you hold? he asked. Gold? You dont hold Japanese government bonds or UK bonds. US Treasuries are the safe haven. For everyone, including China, it is the only option.
what is your list for? where is it?
Missed Info
See the url. It will lead you to "the place."
night
Tim,
The PNW has had equally massive, but infrequent earthquakes in the past.
The Associated General Contractors of America, whose members include Watsonville, California-based Granite and a U.S. subsidiary of Germanys Hochtief AG, adjusted its Web site to allow members to automatically send e-mails to every congressional negotiator and urge them to retain the House- passed $20 billion for school modernization.
nova
My brothers company, a large GC also send a memo company wide encouraging the employees to call their congressman orwrite them. They even had a cute little pre-typed letter the workers could send in....
The letter was more about fundingstate projects. We've been told on a few of our jobs that we will not get to bill again cause there is no money...
That lack of funding for schools real pissed us off too....
..........
The PNW is gonna get pnwed?
Sacre bleu!
Nostrovia,
Luc...-> writes
The PNW has had equally massive, but infrequent earthquakes in the past.
but where's the video animation?
Tim sweet link. Diego makes it out a live.... Misean you'd better run for the hills bro.... LA looked fugly in that simulation....
.........
Nemo writes:
Definitely the video of the day
Nemo - no voting for yourself. Shameless.
That said, how many congress critter will work for $1.00 while the US is under water?
Article about banks' stress test appt.
Appartenly it started Wednesday (today!):
Bank Test May Expand U.S. Regulators' Role - NY Times
Part of the San Andreas Fault?
//but where's the video animation?
Tim | 02.11.09 - 9:56 pm | #//
The PNW has mag 8+ earthquakes every couple of hundred years.
This dude ranting and raving about CDO's and SIVs is somewhat naive, because the safe places he has parked his dough, like money markets at any mutual fund were investing in this shit and then calling money markets safe -- this isn't just a banking problem, it's a spectrum wide financial services problem. As we saw with The SEC, nothing is regulated and the people grilled today are the smallest tip of the iceberg!
Details are scant. But exams for 18 or so of the biggest banks are set to begin immediately, and the first results could arrive within weeks. They are not expected to be made public for every institution. Regulators were also discussing whether to apply the stress test to small and midsize banks, according to an administration official.
Timmay reads CR....
Hi Timmay.... Do you have a handle? I suggest Timmay!
...........
Here's a real time animiation but it takes forever to load
http://urbanearth.usgs.gov/wp-content/themes/usgs/images/scec-shakeout-simulation-rt.wmv
I'm pretty sure that getting your pin dot photo published in the WSJ can lead is akin to the cover of Time.
Mike in Long Island | 02.11.09 - 9:48 pm | #
When I worked for a hedge fund, we used to joke that you didn't want to fuck up so badly that "your grainy picture would appear in the WSJ"
OT (???): I think Dodd is being subjected to some close FBI scrutiny.
Lesson learned today on Capital Hill...
Never under estimate the powers of large group of uninformed voters
ades,
Dawg's in real deep doo...so to speak.
Me, meh...it is the San Fernando Valley after all.
Nostrovia,
luc...-> writes:
Part of the San Andreas Fault?
we are all part of the San Andreas Fault... it's just a matter of time
The real risk for vancouver is tsunamis. Imagine richmond and false creek after a tsunami.
My new bumper sticker:
Wherever a Democrat or a Republican has a plan, a Libertarian has a smile.
Obama/Bush 2008
ren @9:32
"Bailed-Out Firms Distributing Cash Rewards: "Please Do Not Call It A Bonus""
People to Congress: You're either with us or against us in this fight.
luc...-> writes:
The real risk for vancouver is tsunamis.
The real risk for Van is no snow at Whistler for the Olympics next year
The structural damage from a 7+ earthquake combined with the way vancouver is built, will kill a lot of people. Even if the mortality is low, the structural damage would be devastating.
It would have to be abandoned (as a city).
Late to the party but I have to say...
Congressman Mike Capuano, fukn-a-right!!!
Comrade Misean is Dope writes:
Well, Toad the wet sprocket...nice.
Soundgarten?
dont make me Candelbox that...
I READ IT ALL DAY !!!!
bANK fAILURE(idiot jackass) writes:
drink, knurd.
J Dimon after the Lunch Break today - "Mr Frank, the foie gras was superb. Please take this little token of my appreciation to the chef and buy the Mrs. a little something for Valentine's" (slips a handful of C-Notes)
ades,
"Timmay reads CR....
Hi Timmay.... Do you have a handle? I suggest Timmay!"
YouTube - Timmy (South Park): The Hits
Nostrovia,
I said, Capuano's my rep. If I pointed to something that would educate him, he'd probably read it. I just don't know where to start.
OT (???): I think Dodd is being subjected to some close FBI scrutiny.
denriddy | 02.11.09 - 10:01 pm | #
Nice article here
"Sen. Dodd is vulnerable. His approval has sunk to a new low. More voters disapprove than approve of the job he is doing for the first time in 15 years of polling," says Quinnipiac's Douglas Schwartz. "The mortgage controversy has taken a toll on his approval rating. Most voters are not satisfied with Dodd's explanation." In fact, Mr. Dodd has accomplished something few observers of Nutmeg State politics thought possible. His poll numbers are actually below those of his colleague, Senator Joe Lieberman, a polarizing figure who lost his 2006 Democratic primary and had to win re-election as an independent.
LOL! I dont watch much southpark but that was a hoot.....
..........
lucifer whats your obsession with an earthquake in the Couve? Just curious...
.........
I havent heard it called the nutmeg state since I was in soccer camp at Conn College 20 years ago.... To nutmeg someone is to send the ball between their legs and run aroundthem for you home gamers!
He won't put HIS money in these frigging banks but OPM is just fine and dandy. Bread and circus for a financially illiterate public with their pockets are being picked by both sides.
Slap* Slap* Slap
Capuano should give back his fungible shlobby money to the banksters since he's so outraged.
It will achieve a level of depopulation/ destruction (in a large city) only otherwise possible with tactical nuclear weapons.
You must be familiar with my views on canucks.
//lucifer whats your obsession with an earthquake in the Couve? Just curious...//
Luc...-> writes
You must be familiar with my views on canucks.
is a canuck a type of squirrel?
Dodd Chmn. of the banking cmmte. Donors lists from last cycle:
Securities & Investment $224,000
Real Estate $219,851
Insurance $199,548
Lawyers/Law Firms $185,728
Commercial Banks $114,700
Top Donors:
Citigroup Inc $316,994
United Technologies $265,400
SAC Capital Partners $246,200
American International Group $223,478
Royal Bank of Scotland $218,000
St Paul Travelers Companies $204,100
Bear Stearns $201,000
Goldman Sachs $180,200
Credit Suisse Group $157,050
Morgan Stanley $156,600
Merrill Lynch $131,950
JPMorgan Chase & Co $131,750
Lehman Brothers $122,300
Hartford Financial Services $114,850
KPMG LLP $113,100
General Electric $112,750
UBS AG $110,800
Deloitte Touche Tohmatsu $103,000
The Hartford $94,550
Liberty Mutual Insurance $85,850
Candlebox...
YouTube - Candlebox ~ Surrendering W/Lyrics
This one is cool.
Nostrovia,
The compensation limit should apply to the titty bar operator that receives govi support.
- Bloomberg.com
You must be familiar with my views on canucks. Ten-4
I like EHP but boy did they annoy me in europe with those damn flags on their bags.... I told one of them once they'd be speaking either russian or japanese if we were'nt their neighbor... didnt go over so well....
.........
In conclusion, if I was to take a % of these folks' comp, I would put up w/ the in-your-face questions from some the critters
Commentary: Bonus by another name is bogus - CNN.com
Bonus by another name is bogus
S
______________________________________Plunge in exports spurs first trade deficit in 30 years
SCOFFIELD
Globe and Mail Update, with files from the Canadian Press
February 11, 2009 at 10:06 AM EST
Canada has recorded its first trade deficit in more than 30 years, with drops in both exports and imports driving the trade balance to negative $458-million in December.
It's the first trade deficit since March, 1976, as the stagnation in global trade meant exports fell at a faster pace than imports in the month.
The combination of a collapse in commodity prices and a collapse in U.S. demand took a meat cleaver to exports, said Douglas Porter, deputy chief economist at BMO Nesbitt Burns, calling the trade report a watershed in Canadian economics.
The combination of a collapse in commodity prices and a collapse in U.S. demand took a meat cleaver to exports,
cars
take a name ass wipe - Nice list.
So let me understand democracy correctly. People vote you in office, but to get in office you have folks who pay you money.
ades,
EHP believes that canada will pull out of this crisis faster than other western countries. He/ she believes that canadian banks are not lying.
EHP also thinks that the canadian version of social security (federal / provincial) is adequately capitalized..
Capone would have been better than Capuano
Let's go Duke!
But the victim is still moving.. must repeat till victim bleeds to death.
//Tim writes:
The combination of a collapse in commodity prices and a collapse in U.S. demand took a meat cleaver to exports,//
Well OK, pilgrim.
YouTube - But Pilgrim...!
Nostrovia,
luc...-> writes:
But the victim is still moving.. must repeat till victim bleeds to death.
as I said it's roadkill - forward / reverse - lift carefully off of hot pavement let cool and serve
nades(Unrated) writes:
\tHas anyone ever see someone who was getting questioned give lip back. Or even just leave? It seems like there is always some heavy egos on the other side of the table but they are usually sheepish....
nades | 02.11.09 - 8:58 pm | #
ya know, i always wondered the same thing. i have owrked woth people that have such a quick and vicious wit that they would expose the questioners for the complete frauds and asses that they are...yet no "witness" i have seen has ever donw that. are they really that afraid or awestruck that they cower in front of those boobs?
CR,
I saw that 'Pettifogging' reference in the FT article also... I bet you had to look it up also
wow, a few jack and cokes and i can't spell worth a dam
I finally got to watch this clip.
Sounds like he could start a protest bank run, if everyone followed his lead in getting their money out of their banks.
http://216.157.72.247/wp-content/uploads/2009/02/breakleg.gif
New Yorker cartoon + wiseguys +CDO's
AB, a little public head splitting today would have been sweet.
dr munch writes:
My octuplet rant just ended up on a dead thread.
dr munch, where is your compassion? After all think of the "children" isn't that what good folks do? Or are you a hard hearted meanspirited republican? And surely you are "pro choice"...aren't you?
i really think the congress people today felt good about the tongue lashings they gave the bankers. they really think it "means something" to J6P the Voter. memo to congressholes IT DON"T MEAN SHYTE. It's all kabuki theatre or bukaki or something like that
If this is followed up by some serious perp walking, then I'm a believer, not before. The FBI evidently is on the case. We shall see.
Can I tell you guys how screwed this country is... This country is like a blister ready to pop... The anger is nothing like I have ever seen before..
Between the octuplets "Suleman no doubt needs help. She has no income, is $50,000 in debt. She also receives $490 a month in food stamps and receives about $600 in disability payments a month for each of the three of her older six children with disabilities. One has ADHD, one had a speech impediment and one has autism, according to NBC's "Dateline" special."
and "Regulator Calls for Lenders to Stop Foreclosures" the threat of every fiscally prudent mortgage holder to stop paying due to Barny Frank's new much more "generous" modification programs..
I tell you .. I am seriously scared..
Do these elected officials not understand what is going on? Do they really think they can modify only struggling homeowners mortgage's without causing a tsunami of non-payments? What will happen when 12 million homeowners all stop paying their mortgage at the same time? ]
Why can't they just hang them on the spot there or shoot them?
lucifer writes:
nades,
EHP believes that canada will pull out of this crisis faster than other western countries. He/ she believes that canadian banks are not lying.
I dont know about lying. But what I do know is that Canadian banks as a whole are more risk sensitive and because of the regulatory nature are better positioned. True they did not have explosive growth and seem somewhat boring. But banks should be boring.
Full disclosure: I have been and am building a long term position in Canadian banks via etfs and direct share purchase.
susieshort(Unrated) writes:
\tCan I tell you guys how screwed this country is... This country is like a blister ready to pop
susieshort | 02.11.09 - 10:41 pm | #
like a blister in the sun?
Best of luck! You are going to need it.
//Full disclosure: I have been and am building a long term position in Canadian banks via etfs and direct share purchase.
Barley | 02.11.09 - 10:42 pm | #//
susieshort,
"What will happen when 12 million homeowners all stop paying their mortgage at the same time?"
Oh...must have missed something. I rather thought they had already.
Nostrovia,
lucifer writes:
Best of luck!
Thanks for that.
The canuck disaster is self-inflicted. That is why it wil be fun to watch them hanging themselves.
//as I said it's roadkill - forward / reverse - lift carefully off of hot pavement let cool and serve
Tim | 02.11.09 - 10:30 pm | #//
Definitely the video of the day.
Thieves lecturing thieves in front of the marks.
(darn. must. not. feed. the. trools.)
Barley,
Troll...
Not sure about trools.
This thing just cracks me the EF! up.
YouTube - Boxxy is a troll
Nostrovia,
S
Vacant condos create unease in Calgary market. Going Ahead; 'Very few' projects have been cancelled.
BY MARIO TONEGUZZI, CALGARY HERALDFEBRUARY 11, 2009
national housing report says new unsold condominiums are becoming a concern in the Calgary market.
The Altus Group Housing Report said most of the unsold units in Calgary are already completed or under construction and the expected decline in new condo apartment sales this year could lead to a "sizable" increase in the number of completed and vacant units.
"Many buildings in Calgary began construction with less than 50 per cent of the units pre-sold," said the Altus Group Economic Consulting report.
There are indicators of a"much more serious problem for Calgary," said the Altus Group.Those indicators include a high level of condominium starts in 2008 (5,335 units) and a high level of condos under construction. The pace of condo starts has also declined "dramatically" since the end of July, but "very few projects in Calgary have been formally cancelled so far."
If this is followed up by some serious perp walking, then I'm a believer, not before. The FBI evidently is on the case. We shall see.
scone
Just finished watching the senate judiciary cmmtee. on mort. fraud/white collar crime. I hate to say it but, it sounds like they may be serious.
C-SPAN Video Player - Senate Judiciary Hearing on Fraud Enforcement
Very effective posturing. The one second delay between the audio and video really brings out Capuano's posturing.
What will happen when 12 million homeowners all stop paying their mortgage at the same time?
House prices go down?
I hate to say it but, it sounds like they may be serious.
Igor | 02.11.09 - 10:57 pm | #
So what if the feds really go full out on the prosecution end? Will that bring these banks down? Then what?
Seems that might initialize a fast descent into the Hudson.
Mike in Long Island,
Thanks again for that tunage last night.
YouTube - Diablo Rojo (Rodrigo y Gabriela)
Getting stuff on my iTouch...
Nostrovia,
Wow. That was the best impression of Joe Pesci in "Goodfellows" I've ever heard.
Remember, Congress -- and Capuano -- also regulate baseball
. "We're all one big team. ... What does [the batter] have to say?' I'm goin' out there for myself.' But I get nowhere unless the team wins. The team. The team."
hmmmm, asia looking mighty weak
So what if the feds really go full out on the prosecution end? Will that bring these banks down? Then what?
Seems that might initialize a fast descent into the Hudson.
Joanna
If they commited fraud, insider trading and misappropriation of TARP funds, I guess it might bring those banks down or their high level execs. down. If that initializes a fast descent into the Hudson for those banks, so be it. Graveyards are full of indispensable men and banks.
"We are in a seriously... a serious negative economic situation"
Barney Frank
How about "we're here, we're in a depression, get used to it."
re canada
the CMHC (govt chartered mortgage agency) has already taken $75 Billion of mortgages off the books of banks. multiply times 10, roughly, to equal the size of the US. Moreover, Canada's RE follows the US with about a 1.5 to 2 year time lag. The downturn is just starting in Canada.
Add to that the collapse of commodities markets, esp in industrial metals, minerals, and last but not least, the plunge in oil prices that makes oil sands too expensive to process. Also add the decline of manufacturing, kicked off the by the strong Canadian $ a year ago and now takenover by global depression.
Canada is going to be facing rough times, too.
yogi,
Glod, I'm going to regret this...
""We are in a seriously... a serious negative economic situation"
Barney Frank
How about "we're here, we're in a depression, get used to it.""
Here?
YouTube - Squeal Like A Pig (Deliverance)
Nostrovia,
If that initializes a fast descent into the Hudson for those banks, so be it.
Igor | 02.11.09 - 11:13 pm | #
I'm not saying they shouldn't be prosecuted and deal with the consequences. I just think we should follow this as closely as the markets, because it could be a wild card in preparing for further development.
Canada is going to be facing rough times, too.
joe shmoe
Completely agree!
O/T - The other night I commented that I was uninterested in the lady who had multiple births...now, I'm not so sure:
"LOS ANGELES (AP) - A big share of the financial burden of raising Nadya Suleman's 14 children could fall on the shoulders of California's taxpayers, compounding the public furor in a state already billions of dollars in the red.
Even before the 33-year-old single, unemployed mother gave birth to octuplets last month, she had been caring for her six other children with the help of $490 a month in food stamps, plus Social Security disability payments for three of the youngsters. The public aid will almost certainly be increased with the new additions to her family."
So, if the State pays for 'em, dont they have a say in ownership, outcome?
Barry Frank is a gay bank slut :Summary: Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannies assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.
Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.http://www.foxnews.com/story/0,2933,432501,00.html
It's tough having everyone think you're an asshole. I didn't buy a house for many years, thinking that prices would go down. Now people look at me like I personally willed the market down. Like I made the Cubs win the world series.
This video is much more significant than Capuano's: Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"
:
Rep. Kanjorski (2:10) "I was there when the secretary and the chairman of the Federal Reserve came those days and talked to members of Congress about what was going on... Here's the facts. We don't even talk about these things.
"On Thursday, at about 11 o'clock in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to a tune of $550 billion being drawn out in a matter of an hour or two.
"The Treasury opened up its window to help. They pumped $105 billion into the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks.
"They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic and there. And that's what actually happened.
"If they had not done that their estimation was that by two o'clock that afternoon, $5.5 trillion would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed.
"Now we talked at that time about what would have happened if that happened. It would have been the end of our economic system and our political system as we know it."
China - Lets go shopping!
"Troubled mining group Rio Tinto is today set to unveil a $19.5bn cash injection from Chinese state-owned Chinalco in a deal that has already sparked an angry backlash from some leading UK shareholders.
The deal, which will involve the sale of minority stakes in some of Rios best mining assets and the issue of convertible bonds, marks the biggest ever investment by China in a foreign company"
--
"This leads to either sovereign default, or more likely, devaluation (or so it would seem to me)."
ztexas,
If you say so, but you have no good argument other than higher govt deficits. Have you checked Japan's and Italy's public debt as % of GDP?
THE PROBABILITY OF THE US GOVT DEFAULT WILL CRASH THE GLOBAL FINANCIAL SYSTEM WITHIN DAYS, IF NOT HOURS.
Please don't change the subject on me. I am very clear about deflation WITHIN the US in USD, by which I mean one would be able to buy more goods and services with a dollar, within the US, than in 2008.
Devaluation against which currencies? I have said many times that gold is the best and the safest currency, but USD is far superior to Indian Rupee, for example.
Sincerely,
Jas
China - More shopping!!
Bank of China has emerged as Beijings preferred choice as a potential bidder for the coveted Asian life assurance unit of AIG, which analysts estimate is worth about $20bn, according to people familiar with the matter.
The mainland lender is in active discussions with financial advisers and Chinese policymakers about the merits of joining the auction for assets owned by the stricken US insurance giant
I don't get who caused the electronic bank run . How do you move 5.5 trillion dollars with the USA fed involved ?
"They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic and there. And that's what actually happened.
Stratonovich calculus | 02.11.09 - 11:26 pm | #
Except that's not actually what happened.
Makes for a great movie plot though.
I also don't understand this "electronic bank run" idea. Where was the money going?
Where's Elvis?
Congressional antics are nothing new; Senator Calhoun from KY(?) beat down a fellow senator with his cane back when they were arguing about states rights and slavery. So really, our Congress today is relatively civilized.
Hey Evil HP:
Just catching up on the thread and saw yours of 943 re punishment's value and what govt really needs to do.
Yeah, all of those things you state are correct. But...
What's the value of a good aggressive prosecution?
Horrendously naive, I know, but it sends a message to the commoners that this government thing that we have can actually work. It's the whole faith meme at work.
Yeah, naive perhaps but at base level, people actually believe it.
China - Even more shopping!!!:
"BOC International Holdings Ltd (BOCI), the investment banking arm of Bank of China (BoC), has agreed to acquire 40% interest in Bank of America and a 35% interest in Citi Group. The deal involves preferred and common shares. Upon closing, BOCI will repay the United States Government 100% of all loans and obligatons."
The closing date is June 10th, 2008. No signifgant managment changes are expected in the short term. This is a news spoof so read with caution"
homedad43,
I think Spitzer's prosecutions were worthwhile, even if they were selective and he was breaking the law himself re the red light district.
Somebody file a FOIA to find out if Kanjorski's got facts or an X-file.
Barley,
I think your post bot is acting up...
Nostrovia,
I think your post bot is acting up...
Nostrovia,
Comrade Misean is Dope
ee gads weird
Barley:
Ah shit.
China really bought large minority stakes in BoA and Citi?
Okay, I just read the last line.
LOL.
In public, they take them to the woodshed. In private, they take them to the boudoir.
scone | 02.11.09 - 8:49 pm | #
Scone - very nice. Dry with a touch of erudition and not at all like Barley's practical joke.
Just try not to ruin the site, mkay?
Somebody file a FOIA to find out if Kanjorski's got facts or an X-file.
Kung Fu Panda
Filed and delivered
So where does the $500 billion outflow number come from? Would you believe: the Sunday New York Post, which on September 21 published a story headlined "Almost Armageddon" featuring this paragraph:
According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening [on Thursday]. The total money-market capitalization was roughly $4 trillion that morning.
I have always associated 'pettifogging' with many negative conotations. But if that is what it is then bring on more. I like this guy.
Beach Blvd, nice ... I saw that and laughed and I had to use it! I was reaching for the right word lately because of all the nonsense and misdirection.
best wishes.
Hey Misean - check out Iggy going nuts here:
YouTube - the Stooges Iggy pop I wanna be your dog
C
The face is the mirror of the mind, and eyes without speaking confess the secrets of the heart -- St Jerome
EvilHenryPaulson
Do we have a literate crowd here or what ???
Anyone notice how one of the interrogators promounced Jamie Dimon's last as DEMON?
Kung Fu Panda:
Okay, this is going to be weird.
Had to teach an Old Testament class to some middle school/high school kids and how to get the whole "geez, they're bible stories and how do they relate to me?" thing apart? Geez, the OT is a killer...
This was Sunday right after O's inauguration.
Talked about O's situation and how much is riding on this. But what if leader is imperfect? Does that invalidate everything else they've done?
Abraham - "father of a nation" who was so scared of Pharoah that he had Sarah pretend to be his sister so as to not get killed. And then, he pimped her to Pharoah and wound up leaving Egypt a much wealthier man.
DAvid - leader who had a man sent into combat in order to die so that he could have his wife.
Yeah, we all screw up, but that doesn't invalidate everything that we do. Spitzer did some good things. In this present environment, JFK would have been served up on a skewer for the history with women, too.
Note: it was a hell of a good conversation that morning. Kids aren't used to hearing Abraham and "pimped" in the same sentence.
Kung Fu Panda:
Okay, this is going to be weird.
Had to teach an Old Testament class to some middle school/high school kids and how to get the whole "geez, they're bible stories and how do they relate to me?" thing apart? Geez, the OT is a killer...
This was Sunday right after O's inauguration.
Talked about O's situation and how much is riding on this. But what if leader is imperfect? Does that invalidate everything else they've done?
Abraham - "father of a nation" who was so scared of Pharoah that he had Sarah pretend to be his sister so as to not get killed. And then, he pimped her to Pharoah and wound up leaving Egypt a much wealthier man.
DAvid - leader who had a man sent into combat in order to die so that he could have his wife.
Yeah, we all screw up, but that doesn't invalidate everything that we do. Spitzer did some good things. In this present environment, JFK would have been served up on a skewer for the history with women, too.
Note: it was a hell of a good conversation that morning. Kids aren't used to hearing Abraham and "pimped" in the same sentence.
something is gonna go down in currencies tonight! 3am ET. look at EUR and CHF getting ready to burst.
here
http://www.wikileaks.com/leak/crs/RL34314.txt
"This report examines the importance to the U.S. economy of China's investment in U.S. securities, as well as U.S. concerns over the possibility that China might unload a large share of those holdings, the likelihood that this would occur, and the potential implications such action could have for the U.S. economy. The report concludes that a large sell-off of Chinese Treasury securities holdings could negatively affect the U.S. economy, at least in the short-run. As a result, such a move could diminish U.S. demand for Chinese products and thus could lower China's economic growth as well. The issue of China's large holdings of U.S. securities is part of a broader question that has been raised by many economists: What are the implications of the heavy U.S. reliance on foreign investment to maintain healthy economic growth and to finance the budget deficit? "
C,
Dammit! I was winding down my strolls through the intertubes for the night...gotta resist going off...on...tangents...
Nostrovia,
pettifogging, that's my new word of the day - afterall, I work for lawyers...
Empirical data shows a very close inverse correlation between the S&P and the spread on the HY index. While spreads have tightened over the past 3 months, a lot of this has to do with the pricing in of the recently announced Finance Stability Plan, which at this point may only lead to further disappointment. For a sustainable rally, credit spreads, especially for high yield names, have to collapse by a substantial amount which will likely be contingent on many of the postulates of the FSP kicking in. Other credit improvements such as a decline in write downs would be a welcome metric. Of course, to keep things confusing, January was one of the best month in history from a new Investment Grade debt issuance stand point.
Zero Hedge
homedad43,
Yep it was weird. Like it all flashed back or something.
I got the weirdest sense of deja vu all over again reading it.
Nostrovia,
Otishertz:
Thanks for the chart, but what precisely am I looking at? If anything, the swings are diminishing further along the dateline.
Missing something?
"What are the implications of the heavy U.S. reliance on foreign investment to maintain healthy economic growth and to finance the budget deficit?"
We are mortgaging our economy to others.
"As long as he no longer votes to give money to bad bankers or bad borrowers, then I am fine."
don't worry, there will be no more voting.
Yeah, damned haloscan.
Or my PC. Punch "publish" and it periodically registers twice.
Did I say that when I punch publish it periodically registers twice?
lucifer, do you own notcanada.net? It bears a resemblance to your thoughts on canucks.
One of my projects involves looking at the raw revenue data from the states, especially because they're compiled relatively quickly. Oddly, SC is usually one of the first states to get their monthly totals in.
This is what a depression looks like:
http://www.bcb.sc.gov/webfiles/BCB_BEA/Monthly%20Revenue/General_Fund_tables_January_2009.pdf
Devaluation against which currencies? I have said many times that gold is the best and the safest currency, but USD is far superior to Indian Rupee, for example.
Jas Jain | Homepage | 02.11.09 - 11:29 pm | #
The US dollar is the worst currency, except all the others.
"FaradayShieldedHeadgearBrigade writes:
If this video does go viral, there will be a real bank run."
That thought also crossed my mind.
Geithner's Plan: It's Not Transparent and It's Still a Bailout
Robert Reich's Blog | Talking Points Memo | Geithner's Plan: It's Not Transparent and It's Still a Bailout
Taken as a whole, this is hardly a model of transparency. To date, the Fed has already committed some $2.5 trillion to rescuing the financial system, yet no one outside the Fed knows exactly how or where this money went. The Fed is subject to almost no political oversight. Yet if the trillions of dollars the Fed has already committed and the trillions more it's about to commit can't be recouped, the federal debt explodes and you and I and other taxpayers are left holding the bag.
In other words, Geithner and Fed Chair Ben Bernanke continue to do pretty much what Hank Paulson and Bernanke did: They hide much of the true costs and risks to taxpayers of repairing the banking system. Those risks and costs should be put on the people who made risky bets on the banks in the first place - namely bank shareholders and creditors. Shareholders of the most troubled banks should be wiped out entirely. Bank creditors- except depositors - should take major hits. And top executives who were responsible should be canned. But Geithner and Bernanke don't want to take these steps for fear of spooking the Street. They think it's safer to put the costs and risks on taxpayers -- especially in ways they can't see.
Basel Too writes:
One of my projects involves looking at the raw revenue data from the states, especially because they're compiled relatively quickly. Oddly, SC is usually one of the first states to get their monthly totals in.
This is what a depression looks like: Do you have data on all the states ? Thats a shocking drop in revenue
Basel Too:
I guess that they'd better push the Bingo.
You know that it's bad when the big revenue leader in % is Bingo.
We are so screwed.
Basel Too:
I guess that they'd better push the Bingo.
You know that it's bad when the big revenue leader in % is Bingo.
We are so screwed.
Homedad ur posting bot is drinking agai
Damn, it happened again.
This is what a digital stutter is like.
Homedad:
Moses the lawgiver is considered by Jews to be the greatest leader in our history, yet the fact that he was not allowed to enter the promised land before he died is generally interpreted as related to his killing a slave driver in anger. We don't believe in saints. Joseph Heller's "God Knows", an anachronistic "autobiography" of King David is a brilliant work, by the way.
Credit Enema -
But I'm the one who drank the beer...
"Barney Frank on Maddow"
shiver
credit enima:
Many of the states don't post records online, so I've got to file FOIA requests every freaking month.
Which state are you looking for?
That sounds like a bad ass job basel, Do you work for a public or private entity?
What is your background?
That would be Michael Capuano (D-Harvard Endowment)
I think I've found the bottom.
Sure the source is a bit shabby, but, it has that prophetic feel to it.
http://www.johnnyburrito.com/images/dinero/1_may_14_2003.jpg
homedad43,
Contact high. Computers can be fairly sensitive. I suggest a large hammer and a swift beating.
Nostrovia,
Nichola Kristof in the NYTimes talking up nationalizing the banks. Suggests Obama sell it by handing out bank shares to every American family...making good on the Bush "ownership society' promises...
OP-ED COLUMNIST; Escaping The Bust Bowl - NY Times
I'm in Virginia but ,I'm sure SC is probably average for the US . Everyone is hurting that had a drunk housing market ....
Yogi:
Thanks. I'll check that one. Didn't know that Heller took a shot at OT...
I'm Christian - certainly edgy - but I really do relate better to the OT than the NT. Somehow, I find comfort in the reciprocal faithfulness there. The OT really does show the screw-ups more than the NT does.
Herod excepted.
The biblical characters in the OT are so much more lifelike and accessible than the NT.
JD2B:
I'm a 3L like you! But this is for my work at a DC think tankie.
Credit enima:
VA's data is actually online, but they're slow as hell in posting it.
Secretary of Finance
I understand that Cali is the biggest and baddest, but if we start seeing 20% drops across the country, which I'm sure we will, then we are royally screwed.
WASHINGTON — The White House plan to rescue the nation’s financial system, announced on Tuesday by Timothy F. Geithner, the Treasury secretary, is far bigger than anyone predicted and envisions a far greater government role in markets and banks than at any time since the 1930s.
Administration officials committed to flood the financial system with as much as $2.5 trillion — $350 billion of that coming from the bailout fund and the rest from private investors and the Federal Reserve, making use of its ability to print money
Bailout Plan: $2.5 Trillion and a Strong U.S. Hand - NY Times
"Suggests Obama sell it by handing out bank shares to every American family"
The quicker families would sell their shares as soon as they arrived in the mail.
The slower families would, ah, use them in physical form.
I found the bottom here:
YouTube - SI Swimsuit 2007 Julie Henderson
Misean:
My father was one of the earliest data guys and learned on the second Univac ever built.
He really did tell stories of a good swift kick or slamming down a keyboard to get the keys working again.
Next time, I'll just dump a lager on it and save the effort.
Anonymous | 02.12.09 - 12:09 am | #
Yes- the taxpayer is placed on the hook, shareholders are inexplicably spared (should be wiped out by now), and worst of all, the basic failed structures are left in place at all levels.
I'm touched:
YouTube - SI Swimsuit 2008: Jackie Moon and Heidi Klum
You dc kids get all the cool stuff. What are you doing after grad? I was hoping to go state side for the 10yr plan and get out of jail (debt) free.
Roubini's thang just went up on forbes.com:
Nationalize Insolvent Banks - Forbes.com
that didn't sound right. I mean, his Nationalize the Banks thing, er column, oh nevermind.
After the GD1, people ran from the stock market and equated it with gambling - where have I heard that before? - and that's on the way here, now.
It might possibly drive the finance/banking sector even lower as people just dump it.
Buy SKF.
ot sure if SC is average. I thought I read somewhere that they have one of the highest state unemployment rates.
Anonymous | 02.12.09 - 12:23 am |
Ppif!
Now THIS is a bottom:
YouTube - Kim Kardashian In A Bikini - Is She Letting Herself Go?
Nytol.
hd43,
Unplug it before hand. Safety first!
Nostrovia,
PIL - Rise
YouTube - PIL - Rise
anger is an energy
Alo:
Just took in the Forbes article on Roubini.
I hope that no one actually goes long SKF since that might stand a chance of being vaporized.
I think...
not sure if SC is average. I thought I read somewhere that they have one of the highest state unemployment rates.
SC economists are predicting 15% max unemployment for the year. SC got screwed when it became a boomer retiree hotspot. Too reliant on (1) real estate, (2) tourism, and (3) agriculture. They'll be toast for a while.
JD2B: I'm probably going to work part time for a patent boutique in Alexandria because I want to continue researching all this crap. Thank god, I have a very minimalist lifestyle.
Yea I'm scared of SKF . I think we get a pop for 2 weeks (mark to truth goes bye bye ) Then back lower . Was thinking buying BAC for the pop up and SRS in 2 weeks . Roubini is a few months early IMHO
New Thread: Stress Test: Almost 100 Regulators at Citigroup ( 2 comments )
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homedad,
Roubini is pushing nationalization and wiping out common and preferred. How would this hurt a long SKF position?
Interesting color, Basel Too. Wow, 15%!!! I actually know some boomer parents of a buddy who moved down there to retire.
It would be good at this late hour to utilize the internets to generate names for our new national banks.
I will do the first. JP Morgan Chase's new name will be as follows:
First National Bank of Jive Talkin' Choirboy.
Mike Capuano is an American hero.
Thanks for the chart, but what precisely am I looking at? If anything, the swings are diminishing further along the dateline.
Missing something?
homedad43 | Homepage | 02.12.09 - 12:01 am | #
pull back on the time scale to 4 hours in the euro and see it nudging against the top of the trend line. also, the price is compressing, like a spring.
"Almost all mortgages with less than 20% down on homes purchased between 2005 and 2007, in almost all states, should be abandoned."
Suzieshort, how's your math?
by the way, which of these assholes flew to the hearing on commercial flights? Was the question asked?
Is sad, watching those eight men, who did divise new financial products, and unleashed their poison on our finanacial system, sitting up there with 180Billion of our money, saying they're sorry. It will take years and years for that poison to work its way out, and there will be much suffering to go with it. These men will not be affected.
Mr. Capuano is my congressman -- I think he's a pretty decent guy. Last fall, I wrote him to urge him to vote against the TARP. While he voted for it, it sounds like it was an extremely difficult decision for him. Here's his response to my email, which I received about a month ago:
Thank you for contacting me with your concerns regarding the financial crisis. I sincerely appreciate hearing your views on this critical issue for our nation.
In response to the ongoing crisis, Congress recently passed The Emergency Economic Stabilization Act (EESA) of 2008. The EESA provides up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small businesses, and other companies to access credit. After much reflection and deliberation, I decided that the risk of doing nothing to stabilize the economy was far too great and, in the final analysis, I voted in support of the package. It is by far the most difficult vote I have cast as a Member of Congress.
For me, it came down to balancing the risk of voting yes and trying to save the economy for all Americans while incurring a potential cost to taxpayers versus the risk of voting no and watching the world economy collapse. I took what I thought was a smaller risk for my average constituent.
As I have reported before, many experts believe that this is the biggest economic crisis our nation has faced in decades. They have warned that we will encounter a major decrease in access to credit and that all Americans could be impacted in some way. The ability to obtain a mortgage, car loan, home equity loan or student loan has already been severely restricted. Losses in the stock market are not limited to Wall Street fat cats, but have also impacted private and public pension funds, college savings plans, and many others in recent months. Small businesses have already had difficulty obtaining loans to run or expand their business. Even states and municipalities are struggling to finance roads, schools, hospitals and other projects as the economy worsens.
I supported the EESA package because I was just not willing to risk putting the jobs, pensions and 401(K) plans of hard working Americans on the line while we waited for better legislation. If we waited for the perfect bill, we would never cast a vote.
Although the EESA package could have been much improved, there are a number of important protections in it: limits on executive compensation; help for qualified homeowners facing foreclosure; help for tenants living in foreclosed homes; an increase in the Federal Deposit Insurance Corporation (FDIC) limit of insurance coverage to $250,000; and deadlines on recommendations for additional necessary regulations on the financial industry.
While I am pleased that Treasury has begun to use these funds to make direct capital injections into financial institutions, I have raised concerns that banks should not be allowed to use these funds to pay for mergers, golden parachutes, or additional dividends. As a member of the House Committee on Financial Services, I will continue to be actively engaged in overseeing the implementation of the EESA.
In addition to the credit crisis, the Labor Department reported that another 240,000 jobs were lost in October and the unemployment rate is at a 14-year high. In a separate action last month, the House passed economic stimulus legislation that would provide additional unemployment compensation to help workers impacted by our struggling economy. It is my hope that the Senate will pass this bill when Congress reconvenes.
Thank you again for sharing your opinions with me on this critical issue. I hope you will continue to do so on every issue that is important to you. If my staff or I can be of any further assistance, please do not hesitate to contact my office.
Sincerely,
Michael E. Capuano
Member of Congress
I've been having similar thoughts: move my money out of banks that have taken TARP money because of their poor behavior over the years, and putting it into better behaved banks.
Any thoughts on this? How would I figure out which are the good banks?
Can we start a movement here? If the government won't penalize these banks, let's do it ourselves.