Besides raising the cap on FDIC borrowing, the bill gives the federal insurer a $500 billion credit limit that will sunset at the end of next year

Sure it will.

This process of evil people protecting themselves by lashing their bullshit onto truly vital organs of our economy has to end. Leave the FDIC out of this. Seriously people.

These guys are the economic equivalent of hamas. You can't discipline our banks, we located them in this charming school, you see...

It is good to know the FDIC thinks it has the authority to insure whatever it damn well pleases.

They should just drop the "D" from their acronym.

......Please refresh my memory.......We need PPIP after "Mark2Whatever" for WHAT reason now?

is there any doubt that the dollar is going to become worth less (not worthless) just worth less

so an important investment question becomes which dollar denominated investments will rise in notional (am i using that term right?) value and which will fall behind

time to look again at which sectors (like utilities) are interest rate sensitive?

.....and you wonder why I've consistantly stated I thought it was too late for "visions of optimism" and "the witch is dead" proclamations and festivals..........put another name on it and print and spend some more. Again, they never stop you know.......

"You have to hand it to the govt, though, at least for now they have restored some confidence."

Continuing previous thread - some were asking about banks catching up on Foreclosure filings. Here are numbers for Maricopa County (Phoenix AZ). Numbers are rounded to the nearest hundred...

Apr-09 8700
Mar-09 10100
Feb-09 8300
Jan-09 8400
Dec-08 7800
Nov-08 6500
Oct-08 8500
Sep-08 7400
Aug-08 7300
Jul-08 6400
Jun-08 6900
May-08 6400
Apr-08 6200
Mar-08 5300
Feb-08 5000
Jan-08 5300

Looks like they filed the big spike in March, and we are returning back to the "New Normal" of 8000 + filings per month...

For reference, my numbers suggest that foreclosures were filed against 5.45% of homes in Maricopa County in 2008, and 2.87% of homes were foreclosed.

This oughtta teach Congress not to put in "emergency situation" language into any bills creating executive branch powers. They could put together a bill to remove this, if they thought they could get a veto-proof majority.

YouTube - Tiny bubbles!

Bearly..did you get my note to you, two threads down...said regarding obamas leak policy process... you were right...i was wrong

Man it's just wave after wave of good news, isn't it? Cit only needs $5 billion dollars to keep from sinking, NOT 10! Buy. Bank of America only needs $34 billion, but hell it's not like the government is going to let them go anywhere! Buy. JP Morgan doesn't need any extra capital (just the money already donated and an unlimited credit line at 0% interest from the FDIC)! Buy.

Stock market is a guaranteed investment at this point.

The FDIC credit limit is sort of like the US Treasury borrowing limit... No way is it a real barrier - Might only exist to stop a rogue bureaucrat and even then I doubt it would stop anything... Something happens, congress raises the limit, new program becomes cast in stone, adds to the national debt, creates more inflation, brings us closer to the moment of reckoning....

Cisco reports profits down 24% but sees green shoots. The green shoot weed is everywhere, it's like the dandelion of the economic world.

Barley thanks for the +1

Guess one way BofA is going to raise their 34B? by selling their stake in CCB.

And didn't the Japanese buy Lehman's operations over there?

And notice there has been NO talk of foreign wealth funds bailing out our financial institutions for the past year or so.

Etc.

The Asian investors are getting a lot smarter from what I am seeing, and reversing the American dominance over the world economy.

We need a new American-made bubble, and fast, a commodities bubble won't help because we are a net importer of commodities, if not, you know what happens.

Stagflation.

"We need PPIP after "Mark2Whatever" for WHAT reason now?"

Because this plan will work? Until it did not, THEN they needed mark to make-believe. Remember the projected stress-test scenario. Even the guys with access to the books, thought it was going to turn around, all on it's own this summer.

"The government stress tests on the 19 largest US banks, the results of which are due be announced on Thursday"

What is the over/under that we get disclosure tomorrow?

Oh goodie, just in time for BBBFF - bigger badder bank failure fridays.

We need a new American-made bubble, and fast, a commodities bubble won't help

We already have one and it's running at full speed. It's the confidence bubble.

ShortCourage , "How do you protest this ongoing robbery (outside of the normal avenues, which are useless)? "

I personnally find that crying, real load in public, helps!!!

other tha that forget it, know body in Washington is listening, E-Mails, phone calls, they just don't care !

[What is the over/under that we get disclosure tomorrow? ]

The disclosure is dribbling out for a couple of weeks and the voters on the NYSE keep voting YEAH! WHat's left to disclose ?

until they're not.

Mom says Patriot Act stripped son of due process :: WRAL.com 

Just saw that. you have to wonder, who's stupider; the Congress that passed that idiot law with their little eyes wide ad doing everything the capos told them, or the capos who are dumb enough to operate like that and prosecute the kid under those statutes, basically just to improve their records / show they can / be giant assholes and ruin this kid's life.

Way to hand the patriotic resistance to your tyranny all the ammunition that could be desired. The defenders of the Republic thank you for showing us what souless jackbooted thugs you are, and what a threat to its historic Liberty our current worship of the capo class has become. Maybe tomorrow you can run out and throw some teens in jail for kiddie porn 'cause they took pictures of their boobies and sent them to their boyfriends. That seems to be about the standard of professional competency in the Federal LE community these days.

Hey, see those guys, robbing the Treasury? Oh no, wait, gotta use imaging millimeter wave to make sure grammy's not hiding any bombs under her saggy tits right now, can't be arsed to stop the bankers, don't you know they run the place?

At yesterday's hearing, someone brought up IMF's assessment. Bernanke had no knowledge of it, so couldn't comment.

Byzantine_Ruins,
Speaking of arresting teens, did you see this on Drudge?
"Mom says Patriot Act stripped son of due process"

Sorry, didn't click on your link, saw the same thing.

Attention, BR!
This is the Thought Police.

Step away from the keyboard and come out with your hands up.

So, are bank robbers now stealing from the USA and can they be prosecuted un treason provisions ?

ResistanceIsFeudal (profile) wrote (in reply to...) on Wed, 5/6/2009 - 6:58 pm

it seems we are headed for a globalized noble/serf model, and notions of a 'consumption currency' fit right into it. effectively it means the abolition of private property or financial assets to any but the operators of the system and perpetual servitude to economic power for the rest of us, able to purchase the necessities of life but unable to make our own financial decisions which might result in savings or investment income - unless you are already in the landed capitalist noble class, of course. I don't know that there IS a way out of it.

They're bankrupt. The way out is they're going to fall dead at your feet in but a moment. The system of global instutions is in the process of collapse. The best thing you can do to resist is hide your resources where they can't get them, point out just as plainly as you can that the Emperor has no clothes, and get ready to operate the day to day mechanisms of your state when the central state lapses.

"Home-schooled, patriotic, church-going teenagers are safe within their homes"..................until they're not.

Individual freedom will remain just an illusion in the U.S. so long as the Patriot Act remains in effect.

My main criticism of Obama is that he is spending all his time "looking forward" when he ought to be cleaning up the leftovers.

We need PPIP after "Mark2Whatever" for WHAT reason now?

Because eventually the failing cash flow from the toxic security will force "whatever" to "reality", and before that happens the government has to be holding the bag.

Maybe, that will make future chinese cars safer?

Ford Volvo Sale Said to Speed Up; Geely Reviews Books (Update2)
Ford Volvo Sale Said to Accelerate; Geely Sees Books (Update2) - Bloomberg.com

By Cathy Chan, Keith Naughton and Ambereen Choudhury

May 7 (Bloomberg) -- Ford Motor Co.’s sale of Volvo is gathering pace, as Geely Holding Group Co., China’s biggest privately owned carmaker, and at least two more bidders review the automaker’s books, three people familiar with the talks said.

Was it Yalt who speculated about the increase being a prerequisite for taking over some of the larger banks?

I remember that conversation but I'm pretty sure I'm not the one that started the speculation.

But surely the FDIC's been working overtime on a contingency plan ever since Geithner told Congress we didn't need one.

Wasn't GM supposed to symbolize USA?

GM Will Likely Be Removed From Dow, Index Chief Says (Update1)
GM Faces Exile From Dow as It Mulls 60 Billion Shares (Update2) - Bloomberg.com

By Eric Martin

May 6 (Bloomberg) -- General Motors Corp., facing a bankruptcy or reorganization that would all but wipe out shareholders, will probably be removed from the Dow Jones Industrial Average after almost 74 years, said John Prestbo, the editor and executive director of Dow Jones Indexes

Bears are getting angry and the Bulls are getting fat. But watch out, the instant this rally shows any weakness... short ban.

"Just in time for the new Maunder Minimum. I guess if we are going back to the 70s we have to bring back global cooling and mass starvation models for fun too. Anyone else wish we could have a UFC bout with global warming and cooling supporters going at it...."

I'm of the opinion that minimum sunspot activity is helping to save our fannies right now; as far as I can tell, air and water temps are still rising at the poles. Cooler temps in North America and Northern Europe could be a byproduct of global warming disrupting the deep ocean current that brings warm water north and ships cold water south.

All that said, I'd consider it a fine joke if Mom Earth had one last homeostatic trick up her sleeve: a northern-hemisphere ice age in which glaciers in Northern Europe and down the middle of North America reflected enough sunlight back into space to moderate temperature. Brought about by the breakdown in deep ocean currents in global warming. And, not incidentally, burying the countries that are most prolific in greenhouse gas emission under several hundred feet of ice.

BSR, what do you think the odds are that the Mom thought the patirot Act was a great idea when it passed? My guess is 999:1. Only "crazy lefties" and a few Ron Paul types spoke out against it at the time it was passed, and even when it got renewed the profile of the Mom suggests that she would ahve been all in favor of it. SportsFan I agree, you can't just look forward. To know where you are going you have to know where you have been. Lehey's Truth Commission is the absolute minimum that should be done. Personally I favor indightments of Bush, Cheney, Rummy, Ashcorft, Bybee, Yoo, Teneant etc on charges of Conspiricy to commit torture, among other charges. The Patriot Act should be repealled or at least drastically modified (I'm sure in the 700 pages in the bill there is propably a few paragraphs that are actually useful and not an insult to the Constitution).

" This matter was determined when the TARP vote passed."

Very few Americans see the future that you see.
Perhaps you need new glasses?

It is natural that we should destroy ourselves.

......"And, not incidentally, burying the countries .........under several hundred feet of ice."

....and I thought I was having a bad day when our two cows got out and ate up all their sweet feed this AM - the tack/feed area looked like the aftermath of a drunken herd of cowboys.

How will we fix this failure known as Reaganomics? 30 years a failed economic policy that robbed anybody and everybody who works 40 hours a week.

There is an arrest warrant for Rumsfeld in France.

TXCHICK57,

We could start with burning effigies of Reagan + current supporters of Reaganomics.

It's no accident that the S&P companies' earnings didn't tank the market. They beat reduced expectations, by cutting costs (layoffs reduce a lot of cost). But their sales, revenues and profits are well below year ago levels.

the tack/feed area looked like the aftermath of a drunken herd of cowboys. - BH

Weed = happy cows.

Old school? It is precisely this "old school" that was public policy up to Jan2009.

The real fun in all of this will start when... if ...the 3X leverage ETFs on regional real estate markets get trading. Imagine buying Puts against all those stucco boxes in your favorite foreclosure zones.

Kung.Fu.Panda
interesting. Wonder what act of news gathering scared China?

reptilian
So you're saying if they layoff everyone, profit will beat expectations?

Here's an interesting event; the sports industrial complex takes a hit:

"The National Hockey League is planning a showdown in court over the Phoenix Coyotes' filing for Chapter 11 bankruptcy and the proposed sale of the team to Blackberry boss Jim Balsillie. League spokesman Frank Brown said attorneys for the NHL would appear in federal bankruptcy court in Phoenix on Thursday. He would not say what action the league would take, but commissioner Gary Bettman said Wednesday that whether Coyotes owner Jerry Moyes had the authority to file for bankruptcy "is something we're going to look into."

Moyes' attorney, Thomas Salerno, said any challenge by the NHL would have no merit. "They are mistaken," Salerno told The Associated Press.

Balsillie, co-CEO of Blackberry maker Research In Motion, said his $212.5 million offer is contingent on moving the team to southern Ontario.

The NHL says it removed Moyes from all positions of authority with the team after the league was caught by surprise by the bankruptcy filing on Tuesday.

A successful bankruptcy filing could allow the Coyotes to avoid the $750 million penalty for breaking its 30-year lease with Glendale."

NHL management are incompetent...they want to force the team to stay in a place where no one's interested in the product and prevent a move to a city that wants a team. This seems like a notable BK case as we'll see what standing these pro sports leagues have in court to enforce their wishes.

The idea that you can now trade on the housing decline gives me a smack that the decline is at the bottom...

Dont overlook the huge increase in the federal budget, which more than offsets the decline in GDP over the last 18 months... not to mention all the other stimulus/tarpy stuff... The real unknown is where is the tipping point for the fed, at which the printing of money causes unknown or unintended consequences... Until that happens, things will probably actually look pretty good this summer...

The accuracy of a prediction decreases with the length of time from the prediction.

"there is no way of accurately predicting the future."

All the fresh cash flooding the system should take the pressure off the foreclosures to some extent also...

And for all those who have walked away from a mortgage, or who are thinking about it - the last time we had big inflation real estate was the place to be... So if you abandon your mortgage and damage your credit rating, you will either not be able to participate in another real estate boom, or you will pay a lot more in interest if can actually get another mortgage... Same thing with going into bk - this would be a very bad time to be doing that since you will damage your credit for several years into the future... Also if you dump credit card debt in a bk you will probably never be able to get another credit card without a cosigner - I know of someone who is in that boat...

Reagan ended the cold war and the Berlin wall came down - that should count for something...

Want to see failed policies? Just take a look at any country who has tried socialism... Read some of Tom Sowell's books - he's an expert on it...

"So you're saying if they layoff everyone, profit will beat expectations?"

Wasn't there an Onion story about that a few years back? I can't find it on their website, but I remember a CEO calling a press conference, announcing the dismissal of all his employees, as he'd been thinking that if laying off 5% of his staff meant a 25% boost to the stock price imagine what laying off 100% would do, and then stating that as his last official act he was firing himself, turning out the lights and walking out the door.

Stress Test Table: Morgan Stanley Needs $1.5 Billion

They're bankrupt. The way out is they're going to fall dead at your feet in but a moment. The system of global instutions is in the process of collapse.

I fully endorse your reply and have in fact taken the limited steps in my purview and means which are along these lines. But what worries me is the fact that it seems the banks/goverment-stopped financial coterie of TBTF used taxpayer present and future earnings to buy or acquire real assets (homes), significant interests in real manufacturing capability and consolidated further its finance operations under an almost fully govermental umbrella. They are thus in the perfect position to devalue the paper issuances while continuing to accumulate more and more assets through defaults, margin calls and calling in loans, effectively keeping the whole thing propped up on the superstructure of CDS and other paper, circulating borrowed money from one hand (private banking) to the other (government) through various "conduits" and the gullible public, for long enough to ride out the deflation, and end up owning or controlling significant physical assets for pennies on the dollar before re-inflating the money system after we're at our breaking point, then selling us back the crap which they stole or on which we defaulted after inflation is well under way, then "saving" us all with jobs, toys, and fresh "new" consumer credit. Also, we won't see failure at the Federal level, but we are already seeing it at the local and municipal levels, we just haven't gotten over the shock quite yet. I'm not disagreeing so much as wondering out loud how long the dead can be re-animated and what the likelihood is that they could actually gain a major foothold into the productive capacity of the citizenry for decades to come.

oho sez i...