Freddie Mac: Falling Prices "significantly affecting behavior" of Borrowers
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CalculatedRisk on Tue, 05/12/2009 - 3:41pm (200 comments)
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No way... The economic slowdown must be slowing down everyone's keyboard too - you let me get in first?
$100 billion worth of lower house payments over decades. $100 billion + in losses over a couple of years. Can we PLEASE lose the GSE's?
Yogi I left a Linux post on the end of the previous thread...
Walking through Silicon Valley to San Francisco on Redfin tells me that this problem is going to get worse; a lot worse. Subprime will long be forgotten once the higher end starts their own version of jingle mail.
To all: the comments were inaccessible from 2:36 to 3:10 PT this afternoon, the result of a hardware networking failure at our ISP. They've assured me the problem is resolved.
Bad, but bad enough to kill yourself?
--
"Freddie Mac: Falling Prices "significantly affecting behavior" of Borrowers"
These crooks have finally figured out the simple truth. Amazing.
There are no changes in behavior in Gangistan and Dopeland. There are no positive changes in store for America. Only negative changes have a chance.
A system of the Crooks...
Jas
Maybe King of the Road will be a hit again...
Trailers for sale or rent
Rooms to let...fifty cents.
No phone, no pool, no pets
I ain't got no cigarettes
Ah, but..two hours of pushin' broom
Buys an eight by twelve four-bit room
I'm a man of means by no means
King of the road.
Third boxcar, midnight train
Destination...Bangor, Maine.
Old worn out suits and shoes,
I don't pay no union dues,
I smoke old stogies I have found
Short, but not too big around
I'm a man of means by no means
King of the road.
I know every engineer on every train
All of their children, and all of their names
And every handout in every town
And every lock that ain't locked
When no one's around.
I sing,
Trailers for sale or rent
Rooms to let, fifty cents
No phone, no pool, no pets
I ain't got no cigarettes
Ah, but, two hours of pushin' broom
Buys an eight by twelve four-bit room
I'm a man of means by no means
King of the road.
We all better brush up on these skills soon.
All that half-price real estate can't be helping state budget deficits. We have a long way to go before anything gets better. Green shoots my ass.
I still don't get why throwing more money at a debt problem is the choosen solution.
Who would have thought that consumers would modify their behavior based on market conditions or changes in government policy? This is why planned economies never work, and you always wind up with a surplus of things that consumers dont want, and a shortage of things that consumers do want...
I can hear Milton laughing in the background... "After everything that happened in the 20th century, havent you people learned anything?"
didn't the feds have their first negative revenue april in forever?
also, ssa lost three years worth of solvency...
Romer pointing to 1962 to 1967 as an economic optimum is asinine. We were dumping money into Vietnam and building the "Great Society" at the same time. The workforce was being drawn down by the draft, and as somebody else noted women were entering the workforce increasing household incomes. The Kennedy/LBJ economic policies led in large part to the inflation and stagnation of the 70's.
Walking through Silicon Valley to San Francisco on Redfin tells me that this problem is going to get worse; a lot worse. Subprime will long be forgotten once the higher end starts their own version of jingle mail.
Santa Cruz, my seaside tourist/college community includes many second homes purchased as vacation home/investments or even as college students residences/investments. In the latter case, parents from Socal (usually) buy the house as an investment, their college student kid lives in it and manages the roommates and collects the rents. Real estate always goes up, right?
Been a lot of such action since 2004. If primers can walk away from their homes with ease, how hard will it be for them to abandon second homes/income properties?
--
:"Have Americans become deadbeats?"!
That was the questionj from the Bloomberg host from Hong Kong.
Americans have been bred to be lifelong dopes. That is what the Bloomberg guy needs to be told.
Jas
No one saw this coming ... no one !
MSM Press Release ...
I wonder how many have and will walk away long before all the reset and recast take them down? Could wee see this ending before 2012? Then there is the recycle of foreclosers to consider. Still say So Cal will bottom at 1993 levels.
" the result of a hardware networking failure at our ISP"
I'm not buying it, Ken!
These guys all starting changing over to weird-ass operating systems and BOOM, the next thing we know CR is down.
I say there's some blame and correlation here!
Home Prices in U.S. Drop Most on Record in Quarter (Update3) - Bloomberg.com
Home prices in the U.S. dropped the most on record in the first quarter from a year earlier, led by California and Florida, as banks sold foreclosed properties.
The median price fell 14 percent to $169,000, the National Association of Realtors said today. Prices dropped in 134 of 152 metropolitan areas, with the deepest declines in Cape Coral and Ft. Myers, Florida, followed by San Francisco and San Jose.
What, did they expect median home prices to increase when probably 75% of the homes being sold are in the sub $120K FHA range.
TINSTAAFL. How's that for unintended consequences? The tax credit and increased FHA availability lowering median home prices even faster than foreclosure...
--
"Should economists be required to take history classes?"
NO. They should be lined up, with their heads down and asses facing the audience, and laughed at. A guy who grew up in SoCal told me that fart-fires were all the rage in fraternities in SoCal during 1970s. So, we should demand the e-CON-meisters to fart and then light a fire in their ass.
They are the biggest dopes in America. Frikin morons, including Krooks-man, Greenscam and Burn-ass-ke, all bred in a "culture of fraud."
Jas
Speaking of problems in CA - here in Pacific Palisades prices are definitely beginning to crack. I've seen a few homes that are within $150,000 (overpriced, of course) of their Case-Shiller index value (based on earlier sales, no renovations). Even these are not moving. Buyers seem to have the message: it's C-S less 15%, before you make an offer.
Still, a ton of overpriced inventory sitting on the market. We're also beginning to see quite a few short sales. These are homes people bought within the past 3 - 4 years, clearly little/no money down, most owing more than their original purchase price. The home ATM was alive and well here. The smart ones ran up the bill and are now walking away. I do pity those who actually played by the rules and have lost all of their downpayments and lots more.
Seems even Freddie borrowers are getting wise.
"King of the Road" is on my iPod now and acts as the light-hearted segue between Nine Inch Nails and Leonard Cohen.
Falling prices are "significantly affecting behavior by a broader segment of mortgage borrowers."
Tanta, God rest her soul never granted me this point. Response to falling prices is not symmetrical with past behavior regards static or rising prices.
That is some segue Comrade Coinz, but then no one understands the music I listen too either...that new coldplay song with the lyric:
it was a long and cold december when the banks became cathedrals
keeps going over in my head these days.
The government-wall street conglomerate is counting on two groups of people to bail them out:
Home Buyers
Taxpayers
The first group (home buyers) had the option to refuse and it did. Guess now who is going to pay...
I thought Ca, Fl, Nv, and Az were going to be leading us out of this housing trough since they were the first to decline. If they are still declining is it possible that the housing rebound may be a while off?
"Frikin morons, including Krooks-man, Greenscam and Burn-ass-ke"
I surmise that today was another T-bill selloff day, Jas?
Deflationary depression.
"Have Americans become deadbeats?"-LOL
Chill, we're good for it!
Broward I cast a Linux hex in your direction... hehe...
This just in from the LA Times:
"12:47 PM | May 12, 2009
A Los Angeles Superior Court judge has granted a restraining order prohibiting the city's teachers union from staging a one-day strike Friday.
L.A. schools Supt. Ramon C. Cortines said he was "elated" regarding the decision by Judge James C. Chalfant, which was issued moments ago."
Freddie and Fannie will lose the taxpayers money that will make AIG look like a bake sale.
So does that mean FRE intends to write down principal or forclose before the recognize the actual loss ?
There simply is not going to be capital available to support a sustained recovery for this recession. Gold could go to $1000 but who will have the cash to buy; oil could head to $80 but with unemployment increasing there is not going to be a decrease in supply, thus even with inflationary increases, the economy will be stalled for at least two years and in between, the government will burn cash while unemployment soars -- this will continue to eat away at corporate earnings and what ever dividends are left, will be reduced again and again.
Also see: The trade deficit increased 5.5 percent to $27.6 billion in March from $26.1 billion in February. Imports dipped 1 percent to a seasonally adjusted $151.2 billion -- the lowest level since September 2004. Exports, pushed lower by a large decline in capital goods and services, fell 2.4 percent to $123.6 billion, the lowest level since August 2006.
simply too many moving parts.
--
"I surmise that today was another T-bill selloff day, Jas?"
Not that I noticed, Broward.
If only people here can worry about their finances and not mine. I am doing very well, thank you all. Over all, I had one of the best days because of all the strangles and the falling volatility.
Jas
For you geeks out there - Jared Diamond does a TED talk on why societies collapse, even when they know they are self destructing. It was recorded in 2003.
Jared Diamond on why societies collapse | Video on TED.com
07:45 - "One interesting common thread has to do with - in many cases - the rapidity of collapse after a society reaches its peak... Within a few decades after their peak, they collapse."
11:00 - "How on earth did these societies not see what they were doing? ... Maybe in the next century, people will be asking, 'Why on Earth did these people in the year 2003 not see the obvious things that they were doing and take corrective action?'"
11:50 - "One blueprint for trouble, making collapse likely, is where there's a conflict of interest between the short-term interests of the decision-making elites and the long term interests of society as a whole. Especially if the elites are able to insulate themselves from the consequences of their actions. Where what's good in the short run for the elites is bad for the society as a whole, there's a real risk of the elites doing things that will bring the society down in the long run."
13:00 - "Within the past couple of years, it's been obvious that the elite in the business world correctly perceived that they could advance their short-term interests by doing things that are good for them but bad for society as a whole."
Lies lies lies!! Stop blaming the housing correction on unemployment and "behavior." The correction was going to happen regardless of a bad economy. It was the natural result of a collapsing bubble. Unemployment and buyer behavior might WORSEN the correction, but it's not the root cause. Until those in charge accept that the correction has to happen, we're just going to keep getting in the way.
Greenspan Sees ‘Seeds of a Bottoming’ in U.S. Housing
Greenspan Sees ‘Seeds of a Bottoming’ in U.S. Housing (Update3) - Bloomberg.com
And this is NOT from the Onion either...
Doc Holiday (profile) wrote on Tue, 5/12/2009 - 4:14 pm
There simply is not going to be capital available to support a sustained recovery for this recession.
Shhhh don't tell BB or else this Fed chief assclown will have the printing presses on overdrive and Americans will become a BIGGER version of Argentina or Mexico much sooner !
"I thought Ca, Fl, Nv, and Az were going to be leading us out....."
Geeze - What do you want - blood?. We in NV are up 117% in home sales - first in the nation...
--
"simply too many moving parts."
Basel Too,
Simply too many crooks and dopes, the most importsant of America's products in recent decades. BBAD are intellectuallty barren. Their heads are full of propaganda garbage.
Jas
Rob Dawg - your point about asymetrical behavior in response to falling prices is well taken. What's to keep some SoCal homedebtor paying the mortgage/tax bills (even if he/she can afford to!) when the rest of the 'hood has walked away? This is where the rubber meets the road, IMHO. No way to model what entire subdivisions of people that are way underwater will do once their new reality sets in. Or maybe Fannie and Freddie thought they had a model, but it turns out not to work?
it was a long and cold december when the banks became cathedrals
Don't provoke me.
All the lawns are brown
And the pool is green
I've been for a walk
On a winter's day
I'd be safe and warm
If I'd walk away.
California dreamin'
On such a winter's day
Stopped into a bank
I passed along the way
Well I got down on my knees
And I pretend to pray
You know the banker likes the cold
He knows I'm gonna stay
California dreamin'
On such a winter's day
YouTube -
The only thing those defaulting on their loans might be disappointed about is if they didn't extract every nickel of equity with CASH-BACK_REFI that they could at the peak. Might as well leave a smoking crater if you have to go...
I was reading the NY Times today where they talk about boring banks and mention where bank failures were "largely clustered" in bubble states like CA, AZ & FL, yet only 10 of the 68 banks closed since 2008 were in those states.
Is this what passes for front page journalism for the "nation's newspaper"? For fook's sake, it's 5 minutes of research at the FDIC website.
I'd bitch for a correction but I'd have to get past the firewall and I can't be bothered.
David Segal, SHAME ON YOU!!!
I'd be worried about these escalating loses at FRE & FNM if the fed wasn't buying $1.25 trillion in GSE securities. I'm sure the fed is getting a high enough interest rate to compensate for the risk though.
George W Bush: go shopping to revive economy
Obama: Fight crime to revive economy.
Empty sloganeering mostly for J6P is pretty much defines the all style no substance politics of America today !
How far we have fallen....
Tanta, God rest her soul never granted me this point. Response to falling prices is not symmetrical with past behavior regards static or rising prices.
Hoocoodanode we see 50% 'Negative HPA' in some locations? That will take your typical way over their head home debtor a lifetime to catch up and who has two lifetimes?
:"Have Americans become deadbeats?"!
No, I think most of them are finally waking up and trying to get out from under all that debt. I'm sure they think someone in Washington will eventually bail them out too.
"If only people here can worry about their finances and not mine"
We worry because we need you to keep holding T-bills, Jas.
America needs you to keep holding them.
Do it for the kids!
This is the craziness of the current situation, the real basics of the economy are still heading south, granted a little more slowly, let you have the clowns and sycophants of the administration talking it up like we're out of the woods. We've got CC defaults running like crazy the auto-industry imploding, commercial real estate is just starting to tip downwards. But the worst is over, it's all good from here and anyways the stock market is going up so we must be good ?!?!
I wonder if anyone will call these clowns when in 12 months time we're in a worse situation and their current idiocy looks as stupid and un-informed as the great "subprime is contained" quote.
sigh I'm sounding like Jas
--
BBAD haven't yet figured out thatt Fannie and Freddie are there to help the crooks and not the American People.
BBAD are in denial of the system of the crooks...
America is going down, you dopes, and nothing can stop it, Obama or no Obama.
Jas
A book for Jas:
The rise of Idiot America, though, is essentially a war on expertise. It's not so much antimodernism or the distrust of the intellectual elites that Richard Hofstader teased out of the national DNA, although both of these things are part of it. The rise of Idiot America today reflects — for profit, mainly, but also and more cynically, for political advantage and in the pursuit of power — the breakdown of the consensus that the pursuit of knowledge is a good. It also represents the ascendancy of the notion that the people we should trust the least are the people who know the best what they're talking about. In the new media age, everybody is a historian, or a scientist, or a preacher, or a sage. And if everyone is an expert, then nobody is, and the worst thing you can be in a society where everybody is an expert is, well, an actual expert.
This is how Idiot America engages itself. It decides, en masse, with a million keystrokes and clicks of the remote control, that because there are two sides to every question, they both must be right, or at least not wrong. And the words of an obscure biologist carry no more weight on the subject of biology than do the thunderations of some turkeyneck preacher out of Christ's Own Parking Structure in DeLand, Florida. Less weight, in fact, because our scientist is an "expert" and therefore, an "elitist." Nobody buys his books. Nobody puts him on cable. He's brilliant, surely, but no different from the rest of us, poor fool.
Buzzards fighting over the GGP carrion. Ackman lost...
UPDATE 2-General Growth chooses Farallon group for DIP loan
| Reuters
--
adornosghost,
Thanks. I am bit familiar with the auothor's work, but will order the book.
EXPERTS, ECONOMISTS FIRST AMONG THEM, ARE USED IN BREEDING DOPES.
Jas
Here's another interesting story: "GE seeking stimulus funds for battery venture". They are requesting $100M in federal stimulus money to fund construction of a factory.
Question to the board...why does GE need a handout for $100M??? Couldn't they fund that out of their operating profits? What does this say about the health of the company? Things that make you go, hmmmmm.
from prior thread - when you were doing your Newport real estate tour you should have driven by the Bond King's house in Laguna Beach
Bing Maps
Shadow: Thx. Power to the consumer.
Couldn't they fund that out of their operating profits?
Couldn't they fund that out of their operating prophets?
There, fixed.
significantly affecting borrower behavior.
so that's good for retail, right. fewer mortgage payments means more money for beer, cigarettes, clothing, and iPods. yes!
In a previous thread, broward said:
Ahh, yes, I remember the day I bought into the Linux meme, formatted my hard drive and loaded RedHat 6.0
I used it for a month and then reloaded the image of XP that I still use today.
Not quite a fair comparison. RH 6.0 came out in april of 1999. Windows XP came out 2.5 years later and was probably dangerous until SP1.
I'll have 'fess up that I eventually got a windows box because I couldn't do everything I needed/wanted in Wine (though I'll have to admit I haven't tried on a recent Ubuntu) but my Linux boxes are still generally more reliable.
why does GE need a handout for $100M??? Couldn't they fund that out of their operating profits? What does this say about the health of the company?
Building it in NY state. Lot of votes up there. Hillary, Schumerface and gay Barney and Obamatron already got the check cut.
Can anyone offer insight into when the FHA will choke on its guarantees? President of Ginnie Mae said they were rolling $30-40bn per month through the FHA themselves
why does GE need a handout for $100M??? Couldn't they fund that out of their operating profits? What does this say about the health of the company?
If someone offers you a giant bag of money with barely any strings attached, you'd be a fool not to take it.
I accept J-s as the One True Expert. I give up my vote and my Constitutional rights. But if one thing goes wrong, I shoot him for the next Messiah, no jury trial.
I remember at the height of the election last year, conspiracy nuts were claiming the Bush clan bought lots of land down in Paraguay and Uruguay over natural reservoirs and they controlled local water supplies. People were speculating that they knew something we didn't and the country was in serious trouble. Then Quantum of Solace came out with a similar premise, and everyone stopped talking about it. Well I think Bush senior is still in Houston, W. is in Dallas, don't know where Jeb is these days, but the country is in serious trouble. Wonder if I can buy some land in Paraguay...
Speed,
Thanks for that JD transcript; I posted it on my blog. Incredible, that he brought this up in 2003!
Comrade Alexei, I looked at that NY Times piece and fired off a nastygram to the editor. That was a pathetic article. Disinformation...
RH 6.0 came out in april of 1999. Windows XP came out 2.5 years later
Okay, it may have been Windows 2K.
I was as motivated to leave the MS ship but in the end, i had too many ongoing issues that kept cropping up.
My iPhone isn't bad, although I don't do th same things with it as my laptop.
I thought the FHA and GNMA bonds were explicitly guaranteed by the full faith and credit of the U.S. government. Unlike Fannie and Freddie.
If someone offers you a giant bag of money with barely any strings attached, you'd be a fool not to take it.
Then complain on CNBC because it wasn't more...
America is going down, you dopes, and nothing can stop it, Obama or no Obama.
~~~
Obama is part of the problem, he is making it worse ...
Obama is a bankster client ...
Another take on California Dreamin:
YouTube -
All the eaves are brown
(All the eaves are brown)
And the walls are beige
(And the walls are beige)
I've been for a walk
(I've been for a walk)
Down the flipper's way
(Down the flipper's way)
I am broke and poor now
(broke and poor)
Since I bought in L.A.
(Still avoiding B.K.)
California steaming
(California steaming)
On down the flipper's way
Saw an Open House
I passed along the way
Well, I asked about the sales
(Asked about the sales)
And how's the HOA?
(How's the HOA)
You know the Builder, he was was cold
(Builder he was cold)
He knows I'm forced to stay
(Knows I'm forced to stay)
California screaming
(California screaming)
On down the flipper's way
All the eaves are brown
(the eaves are brown)
And the walls are beige
(And the walls are beige)
Ive been for a walk
(I've been for a walk)
Down the flipper's way
(Down the flipper's way)
If I had a buyer
(had a buyer)
I could leave today
(I could leave today)
California screaming
(California screaming)
On down the flipper's way
I got a California reaming
On down the flipper's way
California reaming
On down the flipper's way
mmckinl (profile) wrote on Tue, 5/12/2009 - 4:53 pm
Obama is part of the problem, he is making it worse ...Obama is a bankster client ...
The Quiet Coup The Atlantic Online | May 2009 | The Quiet Coup | Simon Johnson was a nice read but ain't going to happen
If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform.
America is going down...these facts don't lie !
1) The projected budget deficit for 2009 is $2 trillion
2) The debt-drowned United States debt is already 350 percent of G.D.P and rising fast i.e. The USA has $53 Trillion in unfunded liabilities
3) The Fed is now holding $10 Trillion of ‘assets’ ( mostly toxic ) transferred from too big to fail banks.
4) Other countries are now buying less of our debt
Federal Reserve Inspector General Unable to Answer Basic Questions on Where the Trillions Went
Rep. Alan Grayson asks Inspector General Coleman of the Federal Reserve some very basic questions of about various Fed programs and activities and gets nowhere. And the worse is that the IG isn't stonewalling, but instead is clearly completely clueless. Watching the video, you get the impression that Coleman can't name a program beyond the TALF.
Federal Reserve Inspector General Unable to Answer Basic Questions on Where the Trillions Went « naked capitalism
What's $9 TRILLION between fiends ?
Apparently the shipping industry is missing the green shoots memo:
Cargo Ships Treading Water Off Singapore, Waiting for Work - NY Times
Ruh roh. Those retail numbers are going to be swell. But I'm sure they'll be "better than expected"
km4
Yep ... and the banksters will loot until we crater ...
WITH OBAMA'S HELP !
Danny writes: Unemployment and buyer behavior might WORSEN the correction...
I think you meant to say "HASTEN" the correction, rather than using the loaded term "WORSEN". Me, I keep hoping the damn thing gets mostly done before the idiots turn any more knobs trying to "HELP" us...
(At least they haven't been able to white-out the surprisingly-appropriate word "correction" yet.)
Wonder if I can buy some land in Paraguay...
I'm getting ready to buy in Ecuador. Prime beachfront runs around $60-80 a sq. meter. You don't want beachfront in Ecuador though, massive faultline off the coast, tsunami waiting to happen. $10 sq meter ocean view maybe 50 ft above sea level, $30 sq meter ocean view on a bluff approx 100 ft. up. Slightly inland, less than $500 a hectare for beautiful, lush green land. Build a decent place for $25- 35 sq ft finished, materials and labor. Before this years out, POOF!, I turn into a ghost.
km4 there is one way out. War is coming. Rome still has its legions and knows what they really are for. I can feel it coming, but I don't know where. Iran, Pakistan....who knows, but when it happens it won't be a small thing this time. It will be big and people will not be thinking about the economy any more.
America is going down, you dopes
Warning, Jas Robinson, warning!
If you get defined as a "terrorist", Uncle Sam gets to keep all your t-bills!
--
Obama is proof positive of the intransigent problem. We have Bush dopes, Obama dopes, Limbaugh dopes. A BBAD likes to be associated with, or feel to be part of, a group of dopes. Dopes reinforce each other here and everywhere.
Jas
A book for Jas:
The rise of Idiot America
From the author's interview on the book's Amazon page:
Question: With the election of President Obama, is Idiot America coming to an end? Or, will there always be a place for idiocy in America?
Charles P. Pierce: Look at the political opposition to President Obama. “Socialist!” “Fascist!” “Coming to get your guns.” Hysteria from the hucksters of Idiot America is still at high-tide. People are killing other people and specifically attributing their action to imaginary oppression stoked by radio talk-show stars and television pundits. That Glenn Beck has achieved the prominence he has makes me wonder if there is a just god in heaven.
So anyone who labels Obama a fascist or a socialist is an idiot? He sounds like a left-wing apologist for Obama. How is Obama NOT a fascist or a socialist?
Of course so was W...
Gavshire Hathaway
China didn't get the memo on increasing their exports ...
Here is an article on the popular topic - Deflation or Inflation.
The historical risk premium table towards the bottom mentions the 2 periods that had significant debt deflation in the US and 1 in Japan. I am trying to understand why this period is any different than those 3?
Any experts like EHP or Rob Dawg (or others) who can educate a bit here?
Pension Pulse: Is Inflation Inevitable?
"learning new things is fun... "
Shadow, you ain't no geez.
You can learn from anyone with an open mind who shares: right/left, young/old, Harvard/hard knocks. Why I hang around this joint.
GE and 100M is not bad when you compare it to the 800M that the FAA just gave to repave Murthas airport in PA, even with all the scrutiny on Murtha...the man is teflon, and the rest of the administration doesnt seem to care even of the appearance of impropriety..... god save us they time news releases during AI
How is Obama NOT a fascist or a socialist?
~~~~
Banksters do not care about fascism or socialism ....
as long as they control the MONEY ...
Here is an article on the popular topic - Deflation or Inflation.
The historical risk premium table towards the bottom mentions the 2 periods that had significant debt deflation in the US and 1 in Japan. I am trying to understand why this period is any different than those 3?
Any experts like EHP or Rob Dawg (or others) who can educate a bit here?
I'm not an expert, but Mish is:
Fiat World Mathematical Model
Yeah my dad has been looking into Costa Rica, but he likes Ecuador too. He is a little bit of a pyramid nut, like his sun, and keeps telling me there is a reason the ancient structures of the world lie between the tropics. Narrow band of life. I think he just wants to get out of the US before things deteriorate anymore.
One of my relatives asked me once how I knew so much - I told them I read everything I can get my hands on, and I remember some of it...
When the Ice Age comes the population of the planet congregates in the tropics...
Bronte says we are not Japan
Bronte Capital: Muddling through – why the American banking system will not turn Japanese – Part II
oh and that 800M is coming from the much needed stimulus fund.....
Vonbek777 (profile) wrote on Tue, 5/12/2009 - 5:01 pm
km4 there is one way out. War is coming.
Yes of course when nothing no cards left to play create bigger war like Obama is in Afghanistan/Pakistan sector.
1) replace a very fine 4 star general General David McKiernan with a tool
2) give Pakistan an $8B IMF loan drive by USA
3) create a bigger war
Vonbek, you are right about the war, and I also can't feel where it is coming from but it will not be small.
keeps telling me there is a reason the ancient structures of the world lie between the tropics. Narrow band of life.
Hmmm, the current wealth of the world lies outside of the tropics,...coincidence?
This era is seeing the creation of a new hybrid brand of fascism, which is new, because this is a global version, which has never been tried on consumers before ... this is sort of like a cross between nazism and obamaism with a large dose of bushism that gets spun out into walmartism and smithfield pigism. The final solution is squirrelism, an undefined form of government that resembles what we have now.
"If someone offers you a giant bag of money with barely any strings attached, you'd be a fool not to take it."
"Then complain on CNBC because it wasn't more... "
Then make sure your pal won't accept when you pretend to want to pay it back.
The world obviously needs more volleyball:
Other Beach Volleyball Pictures - Nora Tobin Volleyball Pictures - Zimbio
Goodnight!
Greenspan Sees ‘Seeds of a Bottoming’ in U.S. Housing-
The herd has picked it's target glen: "metaphors of spring"
As far as T-bills go, I will continue to hold'em as long as I think real interest rates will continue down. It won't be that way forever, but, for the immediate future, inventories from afar that are already here and goods produced in America will continue to fall in my opinion. And, since this portion of my holdings will go to buy real goods/assets, it makes sense for me. Jas's mileage may vary.
The inflation we have to worry about won't spring from America. It will spring from the goods we purchase in other currencies, first. It won't take hold for awhile though, methinks. For instance, I expect oil to stumble soon, probably around July.
(If anyone gives a poop)
When the house across the street is for rent, for much less than your monthly principal, interest and tax payment, what's the economically smart thing to do? You might even buy a lower cost comparable, then default on the white elephant. Makes sense?
green shoots are actually low hanging fruit.
"Greenspan Sees ‘Seeds of a Bottoming’ in U.S. Housing-"
~~~~~
Quoting Greenspan is proof of the collusion between
the government , banksters and the MSM ...
--
Regarding Obama, Bernanke, etc., at the topin America:
Only the CROOKS survive!
Dopes are in the middle and at the bottom. America is comprised of Gangistan and Dopeland.
Jas
--
Regarding Obama, Bernanke, etc., at the topin America:
Only the CROOKS survive!
Dopes are in the middle and at the bottom. America is comprised of Gangistan and Dopeland.
Jas
ehp: as long as housing keeps increasing, FHA won't have to worry about the guarantees.
i need a
I think this is the real danger of all the Fed printing - if we get to a point where we are required to pay for oil in something other than dollars, we are really screwed....
Hong Konger,
I'm not sure I follow your logic. Real yields soared during the deflation that occured during the great depression. Real yields fell during the inflation of the 1970s.
I'm sitting in treasuries, but for the opposite reasons you are. Although in typical wimpy fashion, I did move some $$$ to TIPs over the past year.
Danny writes: Unemployment and buyer behavior might WORSEN the correction...
DCRogers writes: I think you meant to say "HASTEN" the correction, rather than using the loaded term "WORSEN". Me, I keep hoping the damn thing gets mostly done before the idiots turn any more knobs trying to "HELP" us...
Well, I sort of meant "hasten" but I also meant "DEEPEN". You're right I shouldn't use the word "worsen" though. This is a good and necessary thing. But rising unemployment (i.e., lower incomes) will deepen the correction.
"Social Security reduced the Treasury's need to borrow from the public by $2 trillion [over the past 20 years]," said Van de Water, a former acting deputy commissioner for policy at the Social Security Administration.
The White House budget office estimates that Social Security will take in less in payroll taxes than it must pay out in benefits for 2009 through 2011. The system then is expected to start running a small cash surplus for a few years before once again taking in fewer taxes than it pays out in benefits.
One of the many challenges that is sinking the boat we live on.
BSR,
Maybe, novel concept here, maybe the federal govt should just fund medicare/healthcare, ss, and dsefense..and get out of all other business......
Jas Bond, secret agent 006.937 @ the Big House in Tehachapi
Oh....and btw, the SS Trust Fund has been used and is currently at $00.00 (zero)
Gavshire Hathaway
China didn't get the memo on increasing their exports ...
:: ::
As for 'green shoots' I know where they are and most Americans don't want them - they don't want ANY of it unless they really like 'work'. Messy pay attention and squeeze out value 'work'.
"if we get to a point where we are required to pay for oil in something other than dollars ...."
The naval blockaid begins ...
Naval blockade?
New episode of "Life after People" on Discovery channel at 7pm ET....
Block aid is for Newport Beach...
The White House budget office estimates that Social Security will take in less in payroll taxes than it must pay out in benefits for 2009 through 2011. The system then is expected to start running a small cash surplus for a few years before once again taking in fewer taxes than it pays out in benefits.
:: ::
BSR - got a link for that SS rant? My understanding is it is negative ONLY with Medicare thrown in... two different programs mind you but 'related' in the public's eye.
And even if it is negative already - not necessarily a problem UNTIL the deflation wave is over [then it turns into the mother of all problems].
...wasn't it finally released that the last $4 a gallon gas crunch last year was caused by speculation from firms such as Goldman Sachs? Wonder if they're up for the same game THIS year?
Naval blockade?
~~~~
That too ...
"I told them I read everything I can get my hands on, and I remember some of it... "
An open mind can't recall as much as some idiots, but knows how to tap open sources.
give me a minute, dryfly........it was CNNMoney from just a couple days ago....
Black Star Ranch
We are past peak oil ...
the economic crisis has deferred and closed even more supply ...
we will have another spike ...
the hedgers will just make the spike worse ...
and the resulting crash worse ...
Here it is, DryFly........
Recession puts Social Security in spotlight - May. 11, 2009
"Experts expect the trustees' short-run projections for both programs to be worse than they were a year ago."
......as reported today, of all days!
Angry-
/slaps head/
I meant real rates up. Thanks for catching that.
"Experts expect the trustees' short-run projections for both programs to be worse than they were a year ago."
......as reported today, of all days!
~~~~
As they ramp up Afghanistan ...
The war on J6Pk continues ...
Oh my. Apparently homebuilders and the NAR are coming up with schemes to recreate subprime. The latest iteration? FHA lending combined with an advance on the $8,000 first time homebuilder credit. If borrowers haven't saved enough for the 3% downpayment, NOT A PROBLEM! Uncle Sam will cover it.
Minyanville: Subprime Lending Is Back with a Vengeance -- Seeking Alpha
This makes me want to hurl. Did we not learn our lesson with subprime? WTF are our leaders thinking? (nm, don't answer that)
WTF are our leaders thinking?
~~~~
Anything to bail out the banksters ...
don't cha know ...
...The FedGov has to get investors out of equities and into Treasuries one more time when the next TIC report shows foreign purchase of debt decreasing again in March. By now, they've seen the figures - usually out by the 15th-16th - notice any "nervous tics" out there? Maybe that's why Geithner is going to China in near future.....
MBS's are GOLD baby...give em' some time...It's a Win Win...NO lose situation for the taxpayer. They are just facing some rough waters right now.....cough, cough...OK..... now back to you Timmmayyyyyy
In other news, the Dept of the Interior released data from a multi billion dollar 4 year study concluding that water is, under all circumstances, wet.
Black Star Ranch (profile) wrote on Tue, 5/12/2009 - 5:34 pm
Here it is, DryFly........
Recession puts Social Security in spotlight - May. 11, 2009...
"Experts expect the trustees' short-run projections for both programs to be worse than they were a year ago."
......as reported today, of all days!
It's... it's almost... It's almost as if financial engineering is no substitute for real engineering.
"$100 billion worth of lower house payments over decades. $100 billion + in losses over a couple of years. Can we PLEASE lose the GSE's?"
Who would the banks sell their MBS too then? No one else is buying.
"Unlike Fannie and Freddie."
Uh-huh...
--
Yogi,
"An open mind" for the propaganda garbage? That is what dopes mostly open their minds for. And that is how they are kept to be dopes-for-life. Breeding dopes has been the greatest success for America's ruling elite led by Goverment Sucks.
Jas
"Did we not learn our lesson with subprime?"
Nope. More debt zombies are need to feed to grinders. All citizens must join in the new bankruptcy wave. Get on the fail train.
km4,
1) replace a very fine 4 star general General David McKiernan with a tool
There are some in military circles who would question that statement...I am not going to talk inside baseball here, but he was fired for a reason. Lt. Gen. Stanley McChrystal is the right choice for the changing mission as well. He is a good guy. Just saying, many of us who watch the senior military circuits, saw this coming two years ago. Can't believe it took this long.
Ecuador?
Anybody here familiar with the term political risk?
Obama now taking on Cheerios?.......He might think he's had some tough fights before - having to tangle with a bunch of 10-year olds backing their breakfast cereal might be a bigger bite than he's used to!
BTW, General Mills isn't being chastised for the health claims, just the "way" they're saying it.
(A Drudge Report)
"And even if it is negative already - not necessarily a problem UNTIL the deflation wave is over [then it turns into the mother of all problems]."
Not if they 86 COLA.
In other news, the Dept of the Interior released data from a multi billion dollar 4 year study
concluding that water is, under all circumstances, wet."
~~~
That the study that Cheney commissioned Haliburton to do ...?
Anybody here familiar with the term political risk?
No, but I do remember something about a "Shining Path", is that close?
--
"It's... it's almost... It's almost as if financial engineering is no substitute for real engineering."
Finance does not lend isself to innovation, or engineering. Financial engineering is a cover for fraud.
A trained engineer and a born-and-bred finance guy (family is full of accountants and financiers),
Jas
Angry-
Btw, I have a feeling we're at nominal:real equilibrium right now. But, it won't be for long. My suspicion is we'll take another slow decline down for the next 6-9 months or so, then, we'll find some of the best deals (in the paper and real worlds) and, then we'll slowly crawl back to equilibrium i/r/t rates, then, we have to start dealing with push inflation. I'm flexible though, it could take awhile for this to play out and I'm not worried about missing anything in any case.
With that being said, there's some deals out there even now. The problem is, distressed assets are in "finagle" mode currently. That is, they're spending big bucks on lawyers trying to figure out a way to forestall the inevitable so the offers are complex and convoluted. We haven't really seen the deluge yet.
"Anybody here familiar with the term political risk? "
I've heard that parts of Argentina are nice as well.
But the political risk still look pretty awful.
They have populist governments that could do almost anything you could think of, and some things you couldn't.
Oh, wait...
gavshire:
i posted my anecdote about 3 weeks ago =)
if done correctly, the homeowner can walkaway with about $5K even AFTER the 3% downpayment, paid for by the US Government.
meanwhile, all the FHA traffic is dropping median home values, which is going to lower the C-S, which is going to lower the value of the RMBS...
(A Drudge Report)
~~~~
Yeah ... there's a guy to listen to ... Not ...
Comrade Alexei Mikhailovich,
There are these nice little European enclaves in Ecuador. Now if all hell breaks out, then you better get to your yacht or plane asap, but otherwise, life goes on despite the political flavor of the week.
I am not going to talk inside baseball here, but he was fired for a reason. Lt. Gen. Stanley McChrystal is the right choice for the changing mission as well.
Inside baseball, please!!
--
Dopes learning lessons from mistakes, or from history? It is simply not done. Dopes are very protective of their dopiness.
Jas
"That the study that Cheney commissioned Haliburton to do ...?"
Naw, it was a rider to an appropriations bill. Some phd student's parents were well connected.
"Now if all hell breaks out, then you better get to your yacht or plane asap, but otherwise, life goes on despite the political flavor of the week."
So you need to keep your escape system fueled and ready. So you need a pilot or captain, plus a mechanic on staff. That's starting to sound expensive. Isn't there a country some place that isn't teetering on the edge of anarchy all the time?
"The inflation we have to worry about won't spring from America. It will spring from the goods we purchase in other currencies, first."
~50% of imported goods are oil and it is on a bit of a tear lately. Nicely excluded from CPI, I believe.
Uruguay has great beaches and little political risk(but relatively pricey), as does Chile(though Chile has much greater seismic risk.)
You know who's dragging the market down now?
That silent group of around 30% that own their home free and clear, and bought long ago for a lot less money. Mostly older folks obviously, and who cares if their house that got up to $500k is now only worth $250k (and not selling), when they paid $38,500 back in 1966?
There ain't enough sword-swallowers in the circus to buy em' all...
Vonbek777
You're in military or ex military so you know the subject better than I but Lt. Gen. Stanley McChrystal our New Afghan commander is the guy fingered in Tillman coverup ( fragged by Americans troops ) and as former head of Special Operations oversaw Task Force 6-26 — part of Special Operations — which operated a base at Baghdad International Airport, just a few miles from the infamous Abu Ghraib prison.
Yeah this looks like a really fine choice for expanded sicko war and this time USA has to reckon with Russia, China, India interest in the Afghanistan/Pakistian threatre.
With the US in continued deep recession Obama is really biting off much more then he chew !
Naw, it was a rider to an appropriations bill. Some phd student's parents were well connected.
~~~~~
Hmmm ... four years ago ... Republicans were in charge I recollect ...
"Now if all hell breaks out, then you better get to your yacht or plane asap,
but otherwise, life goes on despite the political flavor of the week."
~~~~
That's every country ...
I will say this and leave it at that.....McKiernan was a big believer in the killing them with kindness theory. Bring western enlightenment to the poor huddled masses. Didn't work in Iraq either. McChrystal is a special ops guy who actually ran missions that killed the cells in Iraq and fingerprinted Iran in the process. Do you know a one-star female was appointed to teach the Afghan police force.....where do women rank in the Afghan hierarchy again? Think that was going to go over well....
"It's... it's almost... It's almost as if financial engineering is no substitute for real engineering."
That's funny. Did any of you see that presentation by Merton over at MIT? At the end, he was pitching an idea for swaps based on country specific productivity metrics or somesuch nonsense. I dubbed them "comparative advantage swaps" (I hope some marketing department on the Street picks it up). The graphs he produced were pretty.
In all seriousness, what, other than having sex with an infant caught on videotape, would be good enough to discredit a person like Alan Greenspan? What I ask, if not this? How much pain do we need to endure before we realize and point the finger at who led us down the path? I mean, honestly, is no one to blame for this other than Bernie Madoff? It's absurd that we have to listen to the claptrap over and over.
Hong Konger,
My best guess is that we are in a low or no inflation environment for years to come.
Unless the world shuns the dollar, I doubt the feds will allow a GD type deflation to take hold. Fighting deflation and igniting high inflation and.or hyperinflation are miles apart in my view.
I could be wrong though.
Vonbek777
Afghanistan is a lost cause ...
Bush screwed the pooch in both Iraq and Afghanistan ...
--
Merrill's Rosenberg: Goodbye, Thank You, Yes It's Just A Sucker's Rally
Merrill's Rosenberg: Goodbye, Thank You, Yes It's Just A Sucker's Rally
Henry Blodget|May. 9, 2009, 9:06 AM
"The best case is that this is a bear market rally. All of this has not precluded an elastic band bounce from an egregiously oversold low in the S&P 500, and perhaps we will even test the 200-day moving average of 960 (as the 10-year note yield and NASDAQ just did). But we still do not believe what we are seeing fits the hallmark of a new bull market. In our view, the best case is that this is a bear market rally, but one that clearly has more legs than its predecessors this cycle. "
THE BEST ECONOMIST IN AMERICA IS LEAVING AMERICA TO RETURN BACK TO CANADA. It says something about how popular rogue economists are among BBAD and crooks.
Jas
The policies from the congress since the 1960's have a lot to do with the current meltdown, especially the policies which created the subprime era....
angry saver, youve got to be specific when you talk inflation/deflation. Despite deflating assets, we are still seeing huge increases in medical care costs, education costs, and many other items that end up in the typical household budget. Cable? Yup. Food, yup. It went way up, and hasnt budged, and its next will be up again when the commodity cycle restarts (for real, not like now.) These price increases eat at the cost of living, and then there is no relief on the downside, save for assets which we still cant afford. It's an ugly thing happening to this country.
would be good enough to discredit a person like Alan Greenspan?
~~~
Nothing ... The MSM will go to the perps every time ...
BECAUSE !
NO ONE SAW THIS COMING ! ... NOBODY ... NOT ONE PERSON ANYWHERE!
Shadow:
Nice quote of Hendrix on Seattle in a Linux post. "I ain't never goin' back"
Did you know that MS's Paul Allen wanted to name the Exp (Frank Gehry) Museum in his honor, but the estate, controlled by Jimi's step-sister (who had met him once when she was 5) refused permission. She does let the recordings come out, in dribs and drabs, for profit. The litigation over posthumous rights to the music was obscene.
mmckinl, so you're saying Ive gotta get him on videotape murdering someone? Funny, think of how many people he financially murdered. Ha. Ha. ha.....ha...
km4,
Abu Ghraib is one person's fault, and that is Donald Rumsfeld. Several generals voiced opposition, Rumsfeld refused to listen. It was the belief of many that that prison should have been bulldozed for the sake of the Iraqi people, didn't happen and Rumsfeld is the reason why. McChrystal didn't have anything to do with it. Tillman is a different matter. That whole affair was mishandled, but the blame begins with some jackass civilian aides in the White House and then over at the Pentagon. It didn't begin at the commander level believe me.
I'm glad Obama is all about budget transparency...
U.S. Aid to IMF to Be Recalculated
The Obama administration has pledged a $108 billion contribution to the IMF, as part of a $500 billion global boost to IMF resources. The White House has argued that this is a necessary contribution to global financial stability and would send a signal that there is enough money to help prevent struggling countries from becoming further enmeshed in economic crises. Congressional approval would put pressure on European nations, China, Brazil and others to increase their lending to the IMF....
The U.S. wouldn't provide a lump sum, but would essentially make a line of credit available to the IMF, which the fund could draw on when it needed to make loans to other countries. In theory, the U.S. would hope to get the money back. So the White House argued that the budgetary impact should be calculated at zero.
Even banks can't get away with calculating the cost of a line of credit at zero.
--
GDD9000,
Dopes don't know that CPI includes sickness-care and "education," two areas where crooks and dopes meet each other everyday. THERE IS CPI DEFLATION DESPITE SICKNESS-CARE AND "EDUCATION." Education in America is a codeword for brainwashing and training economic slaves, i.e., doping.
Jas
The policies from the congress since the 1960's have a lot to do with the current meltdown,
especially the policies which created the subprime era...."
~~~~
LOL ... Everybody knows it was Reaganomics ... lower taxes, trade a production economy
for a financial bazaar ... a three card monty ... FIRE ... finance, insurance and real estate ...
--
"Abu Ghraib is one person's fault.."
And that person was operating solo? Without permission from evildoer G.W. Bush??
BBAD need to come to terms with the Era of the Evidoers under Bush, Greenspan and Bernanke.
Jas
Vonbek777 what a bullshit answer.
Gen. David D. McKiernan spoke truth to power about Afghanistan and got fired for it just like former generals in Iraq did for not agreeing with Bush.
Same old shit but this time America economies is in the toilet and these facts don't lie !
1) The projected budget deficit for 2009 is $2 trillion
2) The debt-drowned United States debt is already 350 percent of G.D.P and rising fast i.e. The USA has $53 Trillion in unfunded liabilities
3) The Fed is now holding $10 Trillion of ‘assets’ ( mostly toxic ) transferred from too big to fail banks.
4) Other countries are now buying less of our debt
"Yogi,
"An open mind" for the propaganda garbage? ..."
How do you propose to teach people to see through propaganda? Jas re-education camps? I'll take my chances with the Constitution, even under Scalia's limited construction of individual rights and liberty.
Goat Herder Boy was sitting with his Grandfather, Old Goat Herder, when he asked him "What was America Grandpa?"
Grandpa Goat Herder paused, got a little misty eyed, and said "I was just a wee lad when it all went away." He sighed "What I remember best was toilet paper and ice cream."
Goat Herder Boy was puzzled and asked Grandfather to explain which he did. Goat Herder Boy sat for a bit and thought about the joys of toilet paper and ice cream and then he said "Grandpa Old Goat Herder, your parents were really stupid."
--
"Afghanistan is a lost cause ... "
Vonbek777,
Pretty soon the world would conclude that America "is a lost cause..."!
Jas
Obama is smarter tool ( than Bush ) but at the end of the day a tool for gangster capitalism !
angry saver-
I'm inclined to agree. But, my 'puter is puking and I need to reboot (or something) so I'll have to rejoin the discussion later.
Vonbek777
Face it ...
This country can not afford more war ...
We can't afford the wars we have now ...
Nor the 800+ military bases on foreign soil ...
It's money down a rat hole that only causes mistrust and hatred ...
while i disagree with scalia from a normative perspective, i don't disagree with him from a legal perspective...
Anybody going re-education camping this summer?
--
"How do you propose to teach people..."
Yogi,
I am not conceited enough to even try. I leave proposing solutions and teaching to BBAD and crooks. BBAD are dopes-for-life and crooks would counter every attempt successfully.
Jas
GDD9000,
Regarding inflation vs. deflation, I'm seeing deflation for the first time ever. I'm a penny pincher too. On a recent trip to Walmart, I bought 10 pair of socks for $4.00. I bought 12 disposable razor blades for $2.27. I even bought a flat screen TV recently (finally) - the price was 1/3 of what my brother in law paid just three years ago. As for larger expenditures, auto prices are down, and house prices are still free-falling. Medical is tougher for me to handicap, but as a former business owner, the rate of increase on the monthly premiums has definitely slowed. College is bummer as it is frightfully expensive and I haven't seen or heard of any deflation there - yet.
Personally, I think people are tapped out and saturated with debt. As such, I think demand suffers going forward against a back drop of global over-capacity. That doesn't look like an inflationary future to me. And I never bought into that nonsense that deflation was bad either. That's bunk. Bogus credit will die, but real capital will do just fine.
I admit I could be wrong.
I was looking at the notice of trustee sales in today's paper in Boise, Idaho. There are several where the "owners" have not made a payment in 20+ months, one in fact did not even make one payment.
Tillman's parents want general's record reviewed
Yahoo! 404 - Page Not Found
WASHINGTON – The parents of slain Army Ranger and NFL star Pat Tillman voiced concerns Tuesday that the general who played a role in mischaracterizing his death could be put in charge of military operations in Afghanistan.
In a brief interview with The Associated Press, Pat Tillman Sr. accused Lt. Gen. Stanley McChrystal of covering up the circumstances of the 2004 slaying.
"I do believe that guy participated in a falsified homicide investigation," Pat Tillman Sr. said.
Separately, Mary Tillman called it "imperative" that McChrystal's record be carefully considered before he is confirmed.
Bravo....let's see if Obama actually calls for a thorough investigation or just smooth talks !
Briefing.com: Treasury Budget
The best green shoots money can buy.
km4,
You are entitled to your opinion. You like McKiernan, that's fine. My answer is bullshit for you, okay. I don't agree. I trust special forces more than Pentagon brass. Speaking 'truth' and getting results are two different things. Strange thing about the army is that very few generals escape the claws of the pentagon. There are very few career field officers who make it to the upper levels. What is your opinion of General Odierno if I may ask?
Vonbek777 not going to debate McKiernan vs McChrystal but I see you glossed over my post right above
Tillman's parents want general's record reviewed
Yahoo! 404 - Page Not Found
"Without permission from evildoer G.W. Bush?"
We don't assume that Presidents have divine omniscience. He should be held responsible, whether he gave permission for crimes or not. But the punishment depends on that fact. The President has a duty to control the military, but can't supervise every prison.
The system broke down at Abu Ghraib, just as it does in controlled academic experiments simulating prison power relationships. Some of the guards are now on the other end. Americans supported or kept quiet about the war in the usual war fever proportions, about 98%. We can't all go to jail.
People who are under water would be stupid to stay and pay. Let the gubbermint pay for everything.
km4,
I didn't gloss over your post, I didn't think you wanted to debate...seemed to me you were immovable in your support for McKiernan, I like McChrystal...mentioned TIllman went all the way to the top, so if McChrystal goes down, a lot more are going down too...if you would like a debate we can. What specifically would you like to talk about?
Tanta, God rest her soul never granted me this point.
She never said that falling prices wouldn't affect behavior. It's obvious that falling prices make it harder to refinance or sell the property when a borrower's getting into trouble, and that falling collateral values would increase loss severity. She made both points frequently herself, as she ridiculed lenders that hadn't bothered to consider the possibility of prices ever falling.
What she said was that there was no evidence that people were simply walking away en masse simply because they were underwater, as opposed to defaulting because they were no longer able to pay.
I've read the filing and I still see no evidence of that. If you do, can you point to it?
Vonbek777 it's arrogant but not very smart jingoists like you that will be the undoing of America.
km4,
Seriously, I am not trying to be offensive, and definitely not trying to piss you off. I asked you about General Odierno for a reason. I am also not arrogant about this. If you have read any of my posts, my father was in the army for 37 years, just retired last year. I personally know General Odierno and General McKiernan...met McCrystal once a long time ago. I like McKiernan personally, but I think his philosophy in Iraq was seriously flawed and he took that to Afghanistan. Why have I offended you so much?
km4,MCchrystal's correspondence with his superiors has been published on the web (Raw Story?) and is worth reading for its own sake.As far as Mckiernan,he is not able to comprehend the cultural differences of the Iraqi and Afghan peoples.His appointments and actions have made it clear that he is not suited to THIS command which requires a great deal of political savvy.As far as the USA embarking on an expanded war...where will the troops and equipment come from? The US army and Marine Corps of 2009 are not the same as they were in 2001 from either a personnel or materiel standpoint.They are worn out.
Tom Stone,
Agreed on the worn out Army and Marine Corp. If we have a new war, real war, it will be with a draft and an industrial build up too. You can't ask these soldiers who have served three or more tours already to go back to war somewhere else.