Update: I just put back up the profane AIG picture. There were people from mish's thread that wanted to see it, so i relented. It's back up along with 3 others.

Rule Bending Banking Bastards: The Taxpayer Shithole That is AIG - Home - The Daily Bail

RF, of course, only lost twice their current market cap in their most recent quarter... a true rock of stability on the stormy shoals of Alabama

Canada will soon be as united as the European Union"It's a little-known fact that Canada is still in the process of creating an integrated national labour market.

Premiers put the finishing touches today on amendments to a 15-year interprovincial trade agreement they say will guarantee full labour mobility across the country – but experts warn Canadians to be skeptical of what the changes accomplish.

I would call Canada a "proto-state"...not integrated economically and existence of a secessionist minority state speaking a different language than the rest of the country.  I agree that a lot of those immigrants referenced were wealthy Hong Kongers getting out before the PRC took over.

"Regions is quickly going to be too big to fail."

seeing as how they took a 9 buck loss in the last quarter and were trading at 2.35 yesterday morning, I'd say that the TPTB have already made that call.

The U.S. economy could start to grow again by late 2009 but only with urgent, aggressive action by policy-makers, San Francisco Federal Reserve Bank President Janet Yellen said on Friday.
RPT-Fed's Yellen makes urgent call to halt economy's spiral
| Reuters

Yo Janet, the problem is structural. This job outsourced, service based, consumer spending model, which relies on ever increasing debt is over. The only thing you and these fools are going to do is make the adjustment that must come worse.

"but the people who need to"

that's not quite what is happening - the folks that actually work at places like the FRB understand exactly what's happening - they just can't officially process it, much as the church couldn't process Galileo's heliocentric world because it threatened their livelihood

"damn the monkey must have red bull today or something...."

Here's what happens to the rally monkey next week.

YouTube - Funky Monkey 

All hail FFDIC...

1) McDonough has to count as Atlanta(-ish)

2) The night is young for the other 2 he predicted.

Go on with your bad self FFDIC!

anonymous writes:
was a reason given?

RD objected to comment made by Bush on the thread about stupid things politicians said. He claimed that the comment was out of line because this was an economic and data driven website. Immediately, he was called out as a hypocrite because of his extensive political commentary.
anonymous | 02.06.09 - 5:47 pm | #

Rob Dawg was run out of town by Rent_to_Own?

I didn't realize the Dawg was such a little bitch.

For the record, this bank had a Texas ratio of 280!

you're funny Crispy..or if you prefer, your funny.

Anonymous,
McDonough is a suburb of Atlanta.

Once again, Moody's tellin it like it is!

Report: Some Home Prices to Bottom Out in 2009 - WSJ.com

Late 09 baby, yeh! Funny, the big bad markets are going to tank til 2011, yet, the national average will rise. Me thinks he does not understand the market cap weightings of those big turd regional markets. All the jumbo markets have yet to tank, and yet, prices elsewhere will cover that tank and then some in 2010.

FOOL.

"All the jumbo markets have yet to tank"

not at all - many have been taking big hits, san mateo, santa clara and san diego mid-high had a horrible december

nades writes:
I usta be libertarian.
lawyerliz | 02.06.09 - 6:31 pm | #

LOL! me too... then I realized humans (myself included obvi) are much weaker than I thought.... Well at least 1/3 of the race is....

This is how I explain it to my family

lawyerliz writes:
I liked dawg; in spite of all the repulbicanism. I wish he'd come back.

Perhaps he just got bored.
lawyerliz | 02.06.09 - 6:28 pm | #

Ah, another one those. I wonder how many people say they are leaving and then come back with different monikers?

Hoopajoops, LTD. reminded me of CSC, for example.

Economy In Downward Spiral
reptillian

"must boost demand and create jobs"

But no buy American clause. So demand will go overseas for the most part. Job creation will be 1.9 - 3.9 million out of a $900b plan.

“It's almost worth the Great Depression to learn how little our big men know.” - Will Rogers

Obvious question (likely asked before) but if NY is responsible for this banking mess why are the picking on Georgia?

xxxxx writes:
Do y'all think this is the end for "bank nationalizations" for this weekend, or can they keep it up all weekend long?
xxxxx | 02.06.09 - 6:11 pm | #

They are NOT going to nationalize the banks. If you did not own some bank stock going into today, with tight stops set, then I do not know why. Geesh.

an FDIC takeover is like unto a nationalizatio

"They are NOT going to nationalize the banks. If you did not own some bank stock going into today, with tight stops set, then I do not know why. Gees"

They don't need to nationalize to smoke your purchases. Conversion of preferred to common or outright purchase of common will do exactly the same.

Looked at AIG,FRE or FNM lately?

....aint over till someone dances with the ugly girl.

@lawyerliz - I'm sure Eastern's safe! Based in MD! Now if they were in GA...

"there were 2 camps here. "

there's the third camp that sees the whole thing as a sideshow with bernanke and friends playing the drunk, incompetent puppeteers with barely one string per marionette.

can anyone explain the uso/dxo gap today?

are they tied to different near-term month dates, or something?

I hear with all these D.C. meetings going on, that the escort business is booming......or, one might say banging.

The best way to get rid of the Repukes and their even crazier Libertarian allies is to use Firefox and install the Grease Monkey addon with the kill file script.

Dont have to read any more of their discredited ideas and policy failures of the last thirty years.

End Raygunomics and Globalization and Free Trade.

The Stimulus is going to pass
Great victory for all Americans

DailyBail writes:
Update: I just put back up...

eh, I did not see the small TM symbol...oh well

xxxxx writes:
They don't need to nationalize to smoke your purchases. Conversion of preferred to common or outright purchase of common will do exactly the same.

Looked at AIG,FRE or FNM lately?
Pissed Off In California | 02.06.09 - 6:59 pm | #

Thanks for effectively backing me up here. I asked a week or so about this, and from what I could gather, there were 2 camps here. One that view nationalization as essentially wiping out management and shareholder equity, and perhaps running it for a bit but eventually turning assets, deposits, etc. over to another better run bank. The other camp viewed it as the govt. coming in and running the banks. Some had a dim view of this because they could see no reason why the folks that caused the mess should take over the mess.

xxxxx | 02.06.09 - 7:06 pm | #

Buy efts, set tight stops. Even if they take out some of the banks, you will be fine.

Where money supply and speculative/first-on-money-supply crowd believe they "earn" income from casino trading, hyperinflation or collapse is near. Ridicule the real physical economy until it is driven away. Next dust bowls and wheelbarrows of money--money that cannot buy fractionalized foodstuffs.

fudge,
73% of FirstBank'sloans were Construction & Development loans as of the 1st quarter 2008.

Anonymous,
GA had almost no banking regulation under its current governor Sonny Perdue. The area this bank was lending had massive new residental development/subprime loans/subsequent foreclosures. A friend of mine was in that area this week. He said its like a big ghost town now.

Is there a pool on who else is next tonight?

Can I put a fiat SeriesofTubes dollar down on each of FirstCity and Ebank?

"
What happens to SKF if there are massive FDIC bank takeovers? Does their scheme of shorts, put, etc. still work?"

If you mean by work, track 2x the inverse move of the underlying that it tracks then yes it should work fine.

It came out of the Lehman blowup as well as the short-ban on financials fine.

xxxxx writes:
Buy efts, set tight stops. Even if they take out some of the banks, you will be fine.
Anonymous | 02.06.09 - 7:13 pm | #
Anonymous | 02.06.09 - 7:13 pm | #

What happens to SKF if there are massive FDIC bank takeovers? Does their scheme of shorts, put, etc. still work?

That's really beyond my paygrade, but I would assume if the index that it is tied to goes down, that SKF will go up. Maybe someone else could comment.

But I would not be majorly short in this market. All of the talking heads on CNBC this afternoon were talking up that now is the time for getting into financials.

Today was probably a bunch of shorts covering, but you should get on the train no matter which way it is going.

lawyerliz --

I keep forgeting what contango is.

I just remember that contango is the normal one and backwardization is, well, the backwards one.

The best way to get rid of the Repukes and their even crazier Libertarian allies is to use Firefox and install the Grease Monkey addon with the kill file script.

Dont have to read any more of their discredited ideas and policy failures of the last thirty years.

End Raygunomics and Globalization and Free Trade.

The Stimulus is going to pass
Great victory for all Americans

Hot Chick, figured it was created or ended up supporting the ghost town of vinyl siding.... shame i really liked mcDonough...loved the people! schools were great, northern henry County started getting some flight from Clayton and Fulton, but that was nixed and limited to high Northern area...

Guess you cant go home again...

except when its time to go back to Athens...

If you know a link to BOD i'd appreciate it...
Thx

bgates - also, keep in mind that DXO is an ETN and not an ETF. So there is risk if DB goes down. LEH had a bunch of treasury ETFs that I believe got transferred to Barclay's when they went down. But there is real institutional risk in addition to the actual trading risk.

DXO is an ETN. ETN's can zero out if the company selling them goes under. They are notes/debt of the company.

I would stick to ETFs, they do not have the same issue.

The bill would easily pass if it were not laden with extra pet project spending. Keep it on target and the votes are there.

Vitter the whoremonger rocking the boat. ABC report has him scared

solidarity,

I see you added an !! to the end of your 3rd troll. I guess third time is the charm?

and numero ocho goes to California!

"we trimmed the fat, fried the bacon and milked the sacred cow"

Sen. Ben Nelson (D) NE.

What a freaking clown. Nebraska? Is that a state?

Did people just forget that it isn't just what you say, but how you say it? Why not ask questions, assert facts and cite sources? Instead, we are subjected to:

"Repukes"
"End Raygunomics"

Brilliant. I'm certainly convinced by that stunning display of logic.

I'm all for a bit of invective but at least have some style. Here's an example:

"John Montagu, Earl of Sandwich: "Egad sir, I do not know whether you will die on the gallows or of the pox." John Wilkes: "That will depend, my Lord, on whether I embrace your principles or your mistress."

i think we should just cut taxes and increase defense spending... Ive heard tax cuts pay for themselves

sigh.. weve been failed..... can we resurrect Eisenhower and put him in charge?... maybe obama can channel him

my money would be on Stockbridge GA bank... Eagles landing construction/edge of Henry County, sister to McDonough GA.... same effect, same outcome...

bank down ! "California Bank and Trust, San Diego, CA, Acquires All of the Deposits of Alliance Bank, Culver City, CA "
RayOnTheFarm | Homepage | 02.06.09 - 7:34 pm | #

They can't seize a California bank.  We're on furlough.

One of these things is bad? Backwardization I guess.

It's not bad it just means there's a supply pinch going on and everyone expects that it's temporary.

WEll, that's my mostly ignorant read. I still expect the markets eventually will reach a rational decision.

...

Yeah, I'm good for laughs that way.

churhill at party

Woman: Why Sir you are drunk..

WC: YEs Ma'am i am but tomorrow i will be sober when I awake..

You , you will still be ugly...

They can't seize a California bank. We're on furlough.
Mongo, CFO, Fubar & Wass LLC

What the f%ck they seize? Arnold's IOU's?

mr sparkle - explain today's dxo/uso divergence please

Cascade Grain Products LLC, which recently began operations of a large corn ethanol processing plant near Clatskanie

Yep, expect to see a lot more BK from investors rushing into the ethanol craze from last summer.

i think gold backwardized circa early '02. sign of massive secular trend in that case.

So that's 3 so far today???

I assume you are counting failed banks, not annoyed posters.

We're at 2, no?

fudge,
If you're asking about the old C&S that was based in Atlanta, I think that NationsBank ate it, then BAC ate NationsBank, all back in the days of the rampant bank mergers.

I think you might be disappointed with Athens now too. The Atlanta suburbs have sprawled out that far. But the good news is that the 40 Watt Club is still there.

Solidarity,

not all GOP'ers are neocon, like not all dems are ignorant KOSer's financed by leech Lord Soros...

we only try to find where we as individuals should be wrt federal involvment...

no appologoes needed, you're young

LL--just being silly.

Re: DXO

The PowerShares DB Crude Oil Double Long Exchange Traded Note (Symbol: DXO), PowerShares DB Crude Oil Long Exchange Traded Note (Symbol: OLO), PowerShares DB Crude Oil Short Exchange Traded Note (Symbol: SZO) and PowerShares DB Crude Oil Double Short Exchange Traded Note (Symbol: DTO) (collectively, the "PowerShares DB Crude Oil ETNs") are the first United States exchange traded products that provide investors with a cost-effective and convenient way to take a long, short or leveraged view on the performance of an oil-based commodity index.
All of the PowerShares DB Crude Oil ETNs are based on a total return version of the Deutsche Bank Liquid Commodity Index-Oil (the "Index") which is designed to reflect the performance of certain crude oil futures contracts plus the returns from investing in 3 month United States Treasury bills. The Long and Double Long ETNs are based on the Optimum Yield™ version of the Index and the Short and Double Short ETNs are based on the standard version of the Index. The Optimum Yield™ version of the index attempts to minimize the negative effects of contango and maximize the positive effects of backwardation by applying flexible roll rules to pick a new futures contract when a contract expires. The standard version of the index, which does not attempt to minimize the negative effects of contango and maximize the positive effects of backwardation, uses static roll rules that dictate that an expiring futures contract must be replaced with a contract having a pre-defined expiration date.

@Tehachapi - So here's is the benchmark for DXO: Deutsche Bank Liquid Commodity Index - Optimum Yield Oil Excess Return. The index is a rules-based index composed of futures contracts on Light Sweet Crude Oil (WTI) and is intended to reflect the performance of crude oil.

This benchmark is supposed to be tracked by DBO. If you visit the chart link that I put up above you can see the spread in the NYMEX futures contracts in the near term and out to a year.

But keep in mind that these ultra funds suffer from major tracking errors because of illiquidity, expenses and what-not so there are often days where it definitely does not meet the goal of 2x intraday % of the benchmark. Digging through the prospectus for DXO is umm... interesting.

"Our recession/depression is at fault for Canada?
lawyerliz | 02.06.09 - 7:48 pm | # "

Of course, all the highly paid immigrants are getting pushed out of the US into Canada. In Canada they get paid horribly (3/5 a white persons wage according to someone on this blog), plus they take away jobs from the racist European White Canadians inciting riots and further economic hardship.

Ahh just joking (:

Anonymi yelling at each other. You could at least call yourselves one & two, so we know you are not yelling at yourself.
lawyerliz | 02.06.09 - 7:22 pm | #

Thing 1 and Thing 2!

The tax code is simply a system to keep worthless parasites employed in the accouting and legal world

Actually a lot of our accounting and legal rules are pretty much designed to keep parasites employed

I'm not the anonymous coward, he(she) is
Anonymous | 02.06.09 - 7:25 pm | #

Have you tried using the pronoun that combines she/he/it?

If you're asking about the old C&S that was based in Atlanta, I think that NationsBank ate it, then BAC ate NationsBank, all back in the days of the rampant bank mergers.
One Hot Chick | 02.06.09 - 7:45 pm | #

NationsBank ate BofA, but kept the BofA name.

BofA was a California bank: big; kinda dim, but basically honest; half generation behind in technology, but smug about being cutting edge.

NationsBank was/is a great white shark pretending to be Shamu the Seaworld whale.

NationsBank and BofA did a merger of "equals", but the Tar Heels were the most equal.  The Californians discovered that they were out on their asses.

Please don't confuse Mr. Gianni's bank with current instution, even if they share the same name.

BTW Canada spent many years at a national unemployment substantially higher than the US. I don't believe they went under 10% till the mid 90s.

It might make it easier for people to deal with high unemployment there.

Sparkle: If globalization continues to unwind (ie: shipping down drastically), what would be the driver for higher oil prices?

"I barely get backtango and conwardization."

Thank you.

Was just about to let loose on a poster who's grown too big for the britches in this thread when that beauty came along.

Humor is the best antidote for a foul temper.

thx Mongo.. I'm 42 and it seems like eons ago... what was that like 2 years after they allowed baks to operate beyond state lines

Sparkle: If globalization continues to unwind (ie: shipping down drastically), what would be the driver for higher oil prices?

What time frame?

Short term: Many sources aren't profitable at current prices.
Mid-Longer term: Countries ceasing to export at all.

All the storage bins are full of oil?
lawyerliz | 02.06.09 - 7:58 pm | #

Are you talking about the Amex Salad oil scandal?

What was the song?

I've been from Tuscon to tocomcari, tehachipi to tomacah...ive driven every kind of rig thats ever been made ..weed, whites and wine thats it... string music