Citizens Nationalize Bank

classic.....

Morton's - salting our money away...

Illinois burning
Strategic and now Morton
Bair and Suze move fast

"least costly" - kinda like TARP?

Also, any bank specialists out there, my courier friend said they still don't have the microfish machine fixed and they are still shipping checks with no documentation....Is that legal?

P.S. That haiku works only if "Suze" rhymes with "Cooze." I'm told the ditzy broad pronounces it as if it rhymes with "Floozy," even though she doesn't spell it that way.

I doubt it very much Kristina.

Some overseer might be interested in this, if they weren't already super busy. Wonder what else is breaking down elsewhere.

Dunno, Dawg has Zion's on the brain, like I had BankUn. No more BankUn to kick
around any more!!

Tobacco companies lost their appeal today. Their RICO and Fraud convictions stand. It is now an official and legal fact: they KNEW that smoking was harmful/deadly and covered that up so they could keep selling it. Almost everyone in America and most of the world is affected by this. How many of you have parents with COPD, cancer, etc?

I know that the tobacco companies got some kind of sweet deal with the government so they could stay in business, but now that the appeals are done, its time that tobacco execs and tobacco scientists face the consequences of their actions. Can they be sued personally? Can they be put in prison?

Without clawback of bonuses, some citizens are more equal than others (to paraphrase Orwell).

Tobacco companies should learn from Detroit auto makers mistakes and move out of the US leaving more unemployed.

Bob_in_MA (profile) wrote on Fri, 5/22/2009 - 4:54 pm
Lawyerliz
No Zions yet, dawg.
Are they really in that bad of shape?

Yes but they are both large and "special." They need to be closed but without a buyer they'll continue to stink up the joint.

Maybe all these small Illinois banks are a ruse, and are really cover for an FDIC recon of a future, larger operation (cough CORUS cough).

FFDIC been heard from recently?

In the latest agent Prendergast book, the estimable Agent is quizzed about what a bad investment the purchase
of Manhattan Island was. Not so, he sez. 60 guilders at 5% compounded would be (I forget) X zillion dollars, more
than all of Manhattan is worth today by far.

What this sez is that the whole idea of compound interest doesn't work. In the loooong term, the medium term, and the shortish term. It may work in the extremely short term. That is, the whole idea of compound interest doesn't match up
with the way investments and the world works. People who think they are gonna make that much in compound
interest are just set up for disappointment. Perhaps some religions forbidding compound interest is a crude
recognition of this.

Cram downs might be a crude but effective response to compound interest getting out of hand. Not that that will
be happening any time soon.

All this talk of Illinois reminds me that I need to watch this film again.

nemo-

had the same thought a few minutes ago.....

Ciao
MS

How many total branches are there K?

lawyerliz,
convert glass beads to gold in that era, and then price gold at today's levels

Just got notice today that Farmer's insurance is now my auto policy carrier, they took over 21st century which was originally AIG direct.

Citizen Scotto (profile) wrote on Fri, 5/22/2009 - 6:26 pm reply Ignore user Just got notice today that Farmer's insurance is now my auto policy carrier, they took over 21st century which was originally AIG direct.

````````````````````````````

Scotto, don't tell me that! I had AIG direct and was informed in Feb. that my insurance was now with 21st Century. I hate Farmers, I have had three claims with them (all their insureds' fault) and everyone of them was worst that dealing with a teenager!

This is a sad day. My uncle, who died a few years ago, was the president of the Citizens National Bank until he retired in the mid-1980s. This never would have happened on his watch. Very conservative, old fashioned banker. Community oriented. He started at Citizens as a teller after serving in World War II and worked his way up to be the bank president. That sure couldn't happen these days. RIP Citizens National.

norma, that's not good news. I have no data on Farmer's but I'll be researching them now.
Thanks for the heads-up

just catching up on the past week's worth of posts and comments. interesting last night that there was a discussion of "rule of law" and constitutionality regarding the Chrysler/GM BKs. I don't think that anyone mentioned that there is a constitutional dimension to BK: Article I, Section 8, clause 4 empowers Congress "to establish . . . uniform laws on the subject of bankruptcies throughout the United States." While perhaps a little unfair to the secured creditors, the GM/Chrysler BKs technically do adhere to the "rule of law," albeit with Rube Goldberg-esque machinations. But the lack of uniformity is troubling. How exactly are the new equity percentages determined? Blowback abroad is quickly escalating. Some of the people I spoke today are basically done investing in American securities, given the game of Calvinball being played. Perhaps, this is the "selling America" meme that's been simmering in the MSM the past couple of days.

dn ʞɔɐq ʇǝƃ ʇ,uɐɔ puɐ uǝllɐɟ ǝʌɐɥ ı 'dlǝɥ

The real question is - Can any of the larger banks ever really operate without government life support again?

I agree with his assessment of whites and Ivy Leaguers. In both cases, reputation that far exceeds the mediocre reality.

Women, he just doesn't understand at all.

dn ʞɔɐq ʇǝƃ ʇ,uɐɔ puɐ uǝllɐɟ ǝʌɐɥ ı 'dlǝɥ

Did you bring enough to share with the rest of the class?

Sorry to return to an earlier CR post; here's a point I wanted to make about the Gas Cashion:

CR wrote: This is a savings of about $16 billion per month compared to the first 8 months of 2008. That savings will definitely provide a cushion for consumers."

On an intuitive level, this assumption of a forecastable and quantifiable ‘savings’ via Post-Event-Causality has always sat poorly with me. I don’t question the mathematics; I question what we’re to be inferring from the terms savings, as well as consumption expenditures at both the high figure in 2008 and the lower figure in 2009.

Consumers were billed $440 billion in SAAR over an 8-month period in 2008, but consumers most likely did not experience a cash-flow outflow totaling $440 billion over that 8-month period.

The reduction in gasoline prices in 2009 will not equal a monthly ‘savings’ of $16 billion for 8 months that is available in a household account, above and beyond the savings of those households. It is a cost avoidance figure and a mathematical construct. I doubt it will significantly help the cash-budgeting of households.

As for the $440 Billion for the 8 months in 2008...I think its fate will be determined by the recoup rate of cents-on-a-dollar based on the rising 2009-10 default rates on household credit cards. What is real is the figure for 2008 (and 2009) cash flow from the credit card issuers to the gas retailer to the wholesalers and refiners.

I know it 's expected to always treat debt-financed consumer consumption as real-time cash consumption on both ends of the transaction because it’s assumed that households will honor all their debts. Do the events of 2007-09 signal permission to all of us to cease applying such assumptions indiscriminately in 2009 and beyond?

BZ,

I just cannot fool myself to see the world as something it is not. My views on women arise from one simple question-

What can a woman offer me that can be measured and is real?

I can think of only one answer. I do not want anything else from women, and I do not want to play stupid games, haggle or give a damn

"Lucifer, were you sexually abused by a female

I think they were white Ivy League-educated females."

Why does that make me think of this guy?

"In 1989, as fascination with Downey's TV show began to wane, he was involved in an incident in a San Francisco International Airport restroom in which he claimed to have been attacked by neo-Nazis who painted a swastika on his face and attempted to shave his head. Some inconsistencies in Downey's account (e.g., the swastika was painted in reverse, suggesting that Downey had drawn it himself in a mirror), and the failure of the police to find supportive evidence, led many to suspect that the incident was a hoax and a plea for attention."t

On the subject of tobacco...

"In 1996, Downey was diagnosed with lung cancer and had one of his lungs removed. He did a complete about-face on the issue of tobacco use, going from a one-time member of the National Smokers Alliance to a staunch anti-smoking activist. He continued to speak against smoking until his death from lung cancer in 2001.[22] After being diagnosed with lung cancer, he commented, "I had spawned a generation of kids to think it was cool to smoke a cigarette. Kids walked up to me until a matter of weeks ago, they'd have a cigarette in their hand and they'd say, 'Hey, Mort,' or, 'Hey, Mouth, autograph my cigarette.' And I'd do it."[3] He also blamed tobacco companies for lying to consumers about cigarettes."

"The camel's nose is in the bailout tent and kicking it out and cutting the state's losses would involve "wasting" all those billions, while martingaling will be seen as protective of previous taxpayer investments. This is a national balance sheet issue."

So if BK and nationalization are off the table, where will they exist? In that semi-gov, no man's land that was Fannie and Freddie? That did not end up so well.

I see women as entities that leverage rapidly depreciating assets through false advertising and force usorious terms on asset holders.

ʇsıxǝ ʇ,uop sןɐɹǝɯnu uʍop ǝpısdn

Women are like toxic assets, the real money is in commissions and interest as long as the asset has any value. You do not want to be the final bagholder.

Comrade Kristina..
Black and white in a blogger forum contains alot of gray, I saw it and didn't read into anything more than you stated above..

Happy Memorial Day to all! Rosemary chicken and corn a cooking...cheers were almost 1/2 way thru 09....enjoy the grub, family and friends..

Blackhalo (homepage, profile) wrote on Fri, 5/22/2009 - 8:57 pm

So if BK and nationalization are off the table, where will they exist? In that semi-gov, no man's land that was Fannie and Freddie? That did not end up so well.

Look at Japan. "Fixed" by things like, counting equity holdings as core capital and an overnight rate of what, 1% at the height of the late 00s bubble?

Don't think it'll get that far in the USA, tho. FNM, FRE, FHLB, PBGC and 46 or so bankrupt states will make sure they don't get the chance to really put down roots.

love the comment system....best on the web.

nytol,
nostrovia.

BZ,

I simply cannot connect to women on any level other than a physical level, and I like that.

The best part of buying sex is they go away after an hour or two. I do not have to pretend to care about them.

Too big to fail...

http://4.bp.blogspot.com/_djgssszshgM/ShFtSwAVupI/AAAAAAAAA7Q/4DszIIxolwA/s1600-h/deathstar-bailout.JPG

Re homeless - at one time I knew someone who was involved in the Ryder rental truck biz in San Francisco.... They used to leave their trucks unlocked, because the homeless would come and sleep in them at night... If they locked the trucks then the windows would get broken, if they left them unlocked then they only had to clean up the mess the people left behind....

Lucifer, if that is all you want and need, then great, that is your prerogative. So long as everyone is a consenting adult and nobody is harmed, have a great time! You seemed to misconstrue my earlier comments, I hope I've cleared that up. I see nothing wrong with men buying sex if that is what they want to do. I think prostitution should be legal and I have no problems with the sex industry so long as children are not being exploited and everything is concensual...I would much prefer seeing someone such as yourself, who obviously is not looking for anything but sex, to be able to purchase it in a safe manner rather than playing with unsuspecting women's emotions. My personal opinion of sex is that it is just sex. Once upon a time I believed in the fairy tale fed to young females since birth that sex was "magical" and "special" and some white knight was going to show up and carry you off on his white horse. After 42 years on this earth, half of which I've spent in the bar industry and the first few years spent as a "dancer" (Missouri, no stripping) that illusion has been completely shattered. There was never such a liberating moment as the moment I realized all that jealousy, anger, etc was not neccessary, as sex is simply sex and if a man wants to sleep with someone else it means nothing other than he sees something he hasn't had and it makes him horny. I'm a study of psychology, I finally realized how much power there was in simply not giving a damn. My poor husband...He hasn't been the same since...in fact, he lost the war when I conceded that...Keep that in mind for the future dear Lucifer

We might benefit from re-assessing how to view all consumer debt and expenditures given the critical role they play not just on the domestic economy, but the global one as well. David "Rosey" Rosenberg, the great private-sector economist, formerly of Merrill, is on Bloomberg video and I like how he keeps driving analytical emphasis away from other comforting & familiar measures, and towards the consumer and the dilemma of their balance sheets.

Bloomberg News

When we get quality data on household debt levels by household income (in deciles), I think the magnitude of this issue will become more clearer. Right now, we have Bill Gates' household debt averaged in with data from Joe 6-packs. The 'average' debt per household or per-capita data is about as useful as knowing the average temp on planet earth 24/7/365 is about 53-degrees (56?), a mathematically correct and virtually useles datum for the people living on this spinning rock who need to plan their day and travel.

I'm simply puzzled by Luci.

Other than sex, why don't you just regard us as female men? Some of whom
you will like, and some you won't.

You seem to find me & K interesting to talk to; what if you didn't know what sex we are.

Prolly a lot of posters have handles that don't reveal what sex they are.

Sometimes I think Luci is snarking and the rest of the time I don't.

Maybe Luci is a girl and doesn't like it?

Except that most prostitutes were abused children, who are repeating the abuse.

Luci's mom didn't love him maybe?

EHP, once again you make my point.
The effect of the consumer stimulus checks on the larger economy was not accurately anticipated partially because too many people mixed apples-n-oranges, e.g. they mixed the layman definition of savings with the Govt datatician's warped definition of savings.

We have a choice; we can eschew that.
I belive most professionals doing proprietary data-collecting and analysis (like Rosey) do just that...they're not obligated to use distorted govt data or definitions or concepts...simply for the sake of not bucking the crowd.

Lucifer,

Just curious. Have you tried men? You might even save money.

CR and all: The sale of 21st century insurance (formerly AIG ) to Farmer's Group is a done deal.

Here is a copy of the notice on their website: https://www.21st.com/cg/media/message.pdf

I received a copy of that letter in the mail today.

credit criminal and fried, thanks for getting it. It wasn't meant to be inflammatory,,,Like I said, I like the guy, he's about the most well read person I've met in this podunk town. He was staying at another patrons house for awhile (desperate, 50 something southern belle with rich parents), she is quite possibly the most annoying person I've ever met (bless her heart she doesn't mean to be or even realize she is) he finally moved out proclaiming he'd rather be homeless again...That's been the joke for awhile about her, even a homeless dude would rather be homeless than listen to her 24/7....She thought she was really sacrificing by letting the maid go...ironically enough, her parents made their fortune in real estate. That was her "job" until the bottom fell out...

"You might even save money."

Or make some...

"The sale of 21st century insurance (formerly AIG ) to Farmer's Group is a done deal."

Well I am sure that GS will appreciate the proceeds. Must be far easier than going back to congress for more.

So, why did this bank fail? Macomb is a college town (Western Illinois University), with a population of 18,000. I doubt if there was any mad real estate speculation here--here's a site giving a median price of $155,000
Macomb, IL Real Estate on Yahoo! Real Estate - Houses for Sale & more

Lucifer, I always wondered why some men didn't just get breast implants and stay home and admire themselves? It seems like it would be win/win. (that is joking) Conversely, when asked whether my breasts were "real" or "fake" I offered this "Tits are like tomatoes, you can buy real pretty ones at the store but nothing tastes like homegrown"...take it for what it's worth, I'm in a whimsical mood. I find it hard to believe that you've never found a woman that was interesting and pleasant to talk to. If that is the case, you need to hand around more interesting women. My husband and I are best friends, we enjoy similiar hobbies and I'm comfortable enough in my own attractiveness/body to even enjoy going to strip clubs with him. Interestingly enough, as a bartender I enjoy going to strip clubs because men DON'T bother me while I'm there. They have naked women to bother...Again win/win...for me! Besides most of them are bi/les and pay more attention to me than they do the men.

God Liz, I think you might be my soul sister. People so bore me...so incurious...

Make up you mind.. Geithner!

Geithner Calls for ‘Very Substantial’ Change in Wall Street Pay
Geithner Calls for ‘Very Substantial’ Change in Wall Street Pay - Bloomberg.com

By Rich Miller

May 22 (Bloomberg) -- Treasury Secretary Timothy Geithner called for an overhaul of compensation practices at financial companies and said the Obama administration’s plan to help realign pay with performance will be rolled out by mid-June.

“I don’t think we can go back to the way it was,” Geithner said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” to be aired tonight and over the weekend. “We’re going to need to see very, very substantial change.”

Geithner Says Government Shouldn’t Set Caps on Pay (Update2)
Geithner Says Government Shouldn’t Set Caps on Pay (Update2) - Bloomberg.com

By Rebecca Christie and Timothy R. Homan

May 18 (Bloomberg) -- Treasury Secretary Timothy Geithner ruled out setting specific limits for compensation as the Obama administration considers proposals to better align executives’ pay with companies’ long-term performance.

“I don’t think our government should set caps on compensation,” he said in answering questions at an event at the National Press Club today in Washington. “What I think we need to do is make sure we put in place some broad constraints on the incentives compensation systems create.”

liz and pasttense, college towns and military towns. PC would have been under minus Tyndall and Naval Coastal Systems,. They are freaking out now about the loss of the F15 program...

Why should I care?

//You think flirting a little is irrational? I don't. Maybe Luci is one of those people
that don't recognize normal social cues and therefore always gets burned and doesn't know
why.//

Avl Dao,
Savings is an account within GDP. It doesn't matter if you perfectly hedge an outstanding debt with a new investment, or if you pay off that outstanding debt. They are both investments. If you don't know where the terms come from, sure they can be misleading. They exist for a purpose though.

One problem with debt : income/net worth/or other measures of serviceability, is that neoclassical economics dominates through nepotism and it does not allow for debts not to be repaid and the topic as such receives less attention. I'm sure there are some data series that break down the household debt better. Census will probably have something. FRB (?) does it by age/marriage status/race/region and some others I think which you could infer debt to incomes from. They probably do have debt by income quintile, I just can't look for the link right now.

IT doesn't matter at this point though, it's too widespread

I like variety..

//Lucifer, I always wondered why some men didn't just get breast implants and stay home and admire themselves?//

Why do men hit on a 42 year old woman bartender.. are they that desperate.

//Conversely, when asked whether my breasts were "real" or "fake" I offered this "Tits are like tomatoes, you can buy real pretty ones at the store but nothing tastes like homegrown"...take it for what it's worth, I'm in a whimsical mood.//

I prefer to remain free..

//I find it hard to believe that you've never found a woman that was interesting and pleasant to talk to. If that is the case, you need to hand around more interesting women.//

Complementing Rosey Rosenberg's emphasis that the realities and dynamics of the households’ balance sheet is going to take greater primacy over other economic datum, is John Mauldin's recent post on, to paraphrase, why the new economic "Physics" on a Deleveraging Planet (ours) has transformed Unemployment from its traditional role as a Lagging Indicator (as it is on non-deleveraging planets) to a Leading Indicator.

I like how more folks are not accepting all the dismal definitions and precepts of that dismal science, economics, and instead are challenging and substituting more rigorous and dynamic and tested concepts and analysis, from other fields, to address the new economic “physics” of Debt Unwind and Deleveraging.

Sorry EHP, it (the distribution of debt across HHs) does matter and debt is not too widespread to be tacitly accepted as avaeraged data rather than median data across key deciles.

Lucifer,

I don't know about anyone else but you are becoming a bit of an arse at this point.

I doubt if there was any mad real estate speculation here--here's a site giving a median price of $155,000

The price of corn only goes up.

Lucifer (profile) wrote on Fri, 5/22/2009 - 9:14 pm reply Ignore user Why do men hit on a 42 year old woman bartender.. are they that desperate
No, I'm just really that freaking hot...and intelligent and unavailable...Seriously, you have to know that not being available is an aphrodesiac?

I have seen the wedding pictures.. and that is all I will say on that.

//No, I'm just really that freaking hot//

Liz, some men truly don't find strip clubs entertaining. One of my ex fiances was such a case. He truly found them to be objectionable and unsettling. When I worked at one (even as a bartender) he wouldn't come in for any reason....I think it was his religious upbringing, although he was truly just an all around good guy. I probably should have married him but we would have bored each other to death eventually at that time.

Lucifer,

I'm not saying I agree with him, but those approaches aren't mutually exclusive. I'm sure he's just saying that we should not put limits on the compensation for executives managing companies that are legitimately performing well. Not exactly sure how he is going to align compensation with "long-term performance," however. Maybe a portion of their earnings can be tied up, but people usually want to get paid in something they can use.

I think the Onion should do a story on how Geithner has blown all the remaining TARP money on face cream.

Luci LOOKED at the wedding pics. . .

Knowing ahead of time they were wedding pics.

hahahahahahahahahahah.

Bond Girl,

Name one financial institution that has over 10 billion of deposits that has not disgraced itself.

Lucifer, you seriously need to find a sense of humor. Nobody, at least not me or liz is attacking you...My comments about my "hotness" are tongue in cheek...Men have found me attractive forever, I frankly never got that. Which is possibly another reason they find me attractive, I don't act like stuck up bitch...I can discuss politics, finance, football, basketball, billiards, car racing, psychology, history etc as well...I'm not trying to latch onto anyone as I'm happily married to a guy that after eight years I still find sexy (a record for me, I usually get bored with them after four)

Avl Dao (profile) wrote on Fri, 5/22/2009 - 7:16 pm
...John Mauldin's recent post on, to paraphrase, why the new economic "Physics" on a Deleveraging Planet (ours) has transformed Unemployment from its traditional role as a Lagging Indicator (as it is on non-deleveraging planets) to a Leading Indicator.

Well said. Capitulation Summer is going to be because of unemployment reducing the cash flow to small businesses with no commensurate reduction in their costs. It will be real interesting to see how many of those small businesses we floated on personal credit cards in the final months.

ok here is something outrageous:

I have never been to a strip club. (not sure my wife believes me, but it's true)

Also I have never smoked weed. (again true)

proceed with psychoanalysis

"I don't know about anyone else but you are becoming a bit of an arse at this point. "

Just now?!? Where have you been for the last 6 months nova?

The small businesses which were hanging on are now beginning to question how
long they can continue to do so. The weak (I was gonna say sisters) are long gone by
now.

I know several who are paying for their business out of savings.

No no you have to tell us what you HAVE done.

I personally have never seen cocaine, except on tv.

And I didn't know what bong water was until Tanta mentioned it.

I would smoke weed occasionally if it were legal.

but they still believe in the "american dream" of reaching the top 1% to piss on the other 99%.

//I know several who are paying for their business out of savings.//

Dryfly,

Seeing more heavy equipment at the online auctions. Also saw an entire publishing plant. Some cool stuff out there

Your iq is much higher than mine. I'm the dumb one in the family.

But I remember things, and like putting the pieces together in the wrong way.

"Farm land hasn't blown up yet but it will - in a couple years. It will be Farm_Crisis_v2.0. "

Return of Farm Aid concert telethons is coming back.

dryfly (profile) wrote (in reply to...) on Fri, 5/22/2009 - 7:29 pm

Farm land hasn't blown up yet but it will - in a couple years. It will be Farm_Crisis_v2.0.

Why will it take a couple years? Are the cash crop farmers still able to get credit sufficient to keep going that long?

LOL Liz, you are the curious one though. I doubt my IQ is higher as well, at least applied practically. I'm somewhere around 150 last I tested but that is heavily weighted in reading comp/spelling/grammar. I fall off in math. Math just annoys me even though if I apply myself it is easy, I simply don't wish to do it...

Have we had a case in which bank X on the failure list is merged/taken-over by bank Y, which later itself becomes an entry on the list? If so, how short has been the gap between X and Y? B of A, we're all waiting

Oh, no, I'm nowhere near that.

@Kristina - I have no religious hang-ups about strip clubs. Moral ones, either. But, I don't like them. It's all tease for nothing. The women are usually unappealing. They stink (the clubs, not the women. Although, depending on the club, the women can stink as well. I digress).

Of course, I am happily married. Thoroughly commited... In the asylum sense of the word.

Vonbeck, great post, although I don't see it as a "battle of the sexes", just a playful back and forth on a Bank Failure Friday. I agee, Lucifer has some serious problems with females for whatever reason. I tend to enjoy more male than female company but that is probably due to my not having kids and my love for mostly male sports/pasttimes....

With money running away from the dollar, treasuries, and us equities all at the same time... A flight to safety? To commodities ye shall run.

I honestly think that part of the problem ... as it exists right now, at this moment in time ... is that the traders and hedgies are stuck. They don't know where they can blow another bubble to feast upon. Even though there's ALL THIS LIQUIDITY sloshing around the system - compliments of Ben and Timmy (in reality you, me, and the American taxpaying public) - it's a case of being all dressed up with no place to go.

Stocks have had a nice little run up since March, but the steam is all outta that engine.
Bonds? Climbed to the summit, planted the flag, and are on their way back down to base camp.
And currencies have got to be radioactive right now, what with all the central bank intervention across the developed world.
That leaves commodities, I guess ... but IMO there just isn't the demand-side story there was 18 months ago to make Commodity Bubble II a reality.

So where do the piranhas turn? Real estate? (Ha, I crack myself up.)

I don't think they can figure it out. So I have no confidence that a detached onlooker like me can. Which is why I'm not long, not short ... still just sitting in cash.

Liz, some men truly don't find strip clubs entertaining

Waste of time and money.

Current GF is great, most are a waste of time, I put no effort into them anymore.
She kicked me out because we were getting "too familiar" so I suppose I'll wander back to Boise for a month or two.

Jeebus, not another Farm Aid. Maybe Melloncamp will be on oxygen and Willi's bus will breakdown.

Should have a Mart-Aid for all the people in the sticks who have to work at one

BR,

Don't tell me you started breaking wind in bed?

Obviously, IndyMac and FreddieMac were not enough..

PennyMac, Led by Kurland, Files $750 Million Initial Offering
PennyMac, Led by Kurland, Files $750 Million Initial Offering - Bloomberg.com

By Rick Green

May 22 (Bloomberg) -- PennyMac Mortgage Investment Trust, the investment firm led by former Countrywide Financial Corp. President Stanford Kurland, filed to raise $750 million from an initial public stock sale.

PennyMac plans to invest “in residential mortgage loans and mortgage-related assets,” many of them with borrowers who have fallen behind on payments, according to a prospectus filed with the Securities and Exchange Commission today. The firm aims to profit by modifying loans so borrowers can meet the new terms and stay in their homes, the filing said.

I always tipped with joints in strip joints...way back in the day

Did the renters' foreclosure protection get covered on this blog? I may have missed it. Renters are now protected thru their leases and for an additional 90 days following that.

Maybe it's old news.

Well, Lucifer you are seeing trophy wife syndrome at the highest level......I don't get any of that with my wife. But I spent a year writing letters back and forth explaining who I was, what I wanted out of life, and she did the same. Neither of us have egos with each other, we just feel lucky we found each other, and made it out of our respective hells in one piece. Manipulation is a big no no for me. It is for her too. We both insisted on honesty from day one, even when it was painful. Now I am not saying we haven't had our share of white lies, but on the big issues, truth has always come first. Our children are a blessing too. We waited till we had been married 8 years, before kids. Most of the families we socialize with didn't. It made a big difference for us. Children haven't drawn us apart.

Where outsider?

Yah, Mook. I think you're right. But, I think the inflation trade is coming in vogue now. Who wants to play chicken with the USG?

That said, and in the interest of full disclosure, I'm playing the stock market casino right now. I'm up, I'm down, all around... Right now, who cares? It's fun. I'm learning. I'm also net short right now. Closed the longs on Wed. Small money, the stuff that matters is "under the mattress".

Exhibit A = Ben Bernanke

//IQ tests do not typically measure your grasp of specific subject matters, correct? That is more of an aptitude versus intelligence thing.//

Hahahahahahaha, Broward.

She wants to grow old with cats.

//She's a typical woman in some ways.//

I'm not Black either. Just in case anyone was wondering.

dryfly (profile) wrote on Fri, 5/22/2009 - 7:50 pm
corn is still over $4... that won't burn cash fast at all [farmers with little debt will still make money - farmers with a lot of debt will lose money but slowly]. Corn will have to go below $3 for it to happen faster than 'years'.

I'm not a charitst but tell me this doesn't look like the mother of all head and shoulders foundations.
Corn (C, CBOT): Monthly Price Chart

I'm also thinking today's farmers are more dependent on credit.

I know it is true (for years) and that is why I buy sex. I do not deserve that crap in my life.. let them parasitize some other guy.

//Lucifer's problem is the what he believes to be true is, in fact, true, but he doesn't believe it//

Aren't online IQ tests total bunk? According to the ones I took, I should be studying particle physics. According to the real one I took as a kid, I should be a mid-level IS manager. Wait a minute...

I wasn't wondering, nova. But, I am wondering if you have seen anything interesting lately.

Dad made me play the trombone

aaahhhhhh, see I knew you were one of US!!! (recovering trombone players)

Rob Dawg,
are you still here...been trying to catch you all day. What is happening in Cali...bloomberg had story that cuts in children's health care, state parks, education were on the table.
Is it quiet over the weekend, or is there news? Geithner said no to TARP money, and Gibbs says the Obama admin doesn't want to bail out states...think that will hold or will they have to back the muni market in Cali bonds?
NY is working on following Cali down this road...with tax revenues reported to be cut in half in April, any real spending cuts are still not on the table here.

I wasn't wondering, nova. But, I am wondering if you have seen anything interesting lately.

Just some nice low cut blouses at work

Let them try..

//bloomberg had story that cuts in children's health care, state parks, education were on the table.//

I am growing old, but not with cats. Husband is allergic, my cat days are over. I got a dog with a mean bark, tho, and the news says there is a significant uptick in break-ins in the entire area lately - sometimes credit cards are taken and used at grocery stores, maybe the drug thieves are being elbowed out by the hungry thieves.

FDIC Bank Failures: By the Numbers

There are hypoallegenic catz.

But they are prolly really expensive.

Fried - I asked Rob that same question this morning. Doesn't seem to be a specific answer yet, except that there's an eery silence.

"Am I the only one who sees that Lucifer is acting like a jerk and as a result is getting all the attention from the ladies."

No. Feeding trolls is a bad idea. It only encourages them.

The thing is, Luci isn't quite a troll.

Outsider,
I enjoy BFF as much as anybody, but the state failures are what really matter at this point, imho. It's hard to even get a fix on the deficit number in Cali...I've seen 21b up to 25 b mentioned. Patterson, the NY gov. tried to offer a budget with some modest cuts, but got blasted by the unions...he then threw it open and asked the unions for suggestions on where to cut...he got not a singe suggestion, he claims.
You're in New Hampshire, aren't you? What kind of shape is your state in?

On the math tip Vonbeck, it isn't that I can't, it's that I don't want to. I had a math major that worked for me at a bar once, he thought he would get cute with me one night (he was navy, going to school to work on something nuclear). He gave me an algebra problem and thought he had me stumped. I scribbled a few lines on an order book and gave him the answer. Couldn't explain how I did it, but the answer was correct. That's why it annoys me, I have my own way of doing it and it's not the "book" way.

I did math up to differential equations. I found all of it pretty hard.

don't remember any of it except trig. I loved trig.

Somebody should study you and figure out how you are doing it.

New methods of solving problems are more interesting and important than learning
something that somebody else had figured out.

Mook,
many thanks for your posts tonight. Let me throw this question at you...Geithner said no to Cali re TARP, and Gibbs is saying the admin will not bail out the states...are they getting nervous about financing the national debt? Ya think?

I'm also thinking today's farmers are more dependent on credit.

:: ::

Some are - younger farmers mostly... that is all they know. Older farmers not so much if at all - they only borrow for 'working capital' - seeds, chems - not land or heavy machinery. Their buddies who drank the credit koolaid were wiped out in the 80s - saw it happen. If they dodged that bullet then and learned those lessons - it won't be soon forgotten.

BTW I do NOT believe long term charts when it comes to consumable commodities like corn, bean, wheat, etc. Market psychology does NOT play as big a role as fundamental supply/demand. Before we see corn go to $3 or below we will need three events (1) bankruptcy of a lot of ethanol operations - in progress (2) worldwide bumper crops and (3) year over year hold over - crop inventory world wide is still very low.

But increasingly the farms are being turned over to the young and many are starting off too big, too much leverage. There will be tears - that I believe.

It will take years for all three & subsequent cash flow drain to attack equity before we see a repeat of 'Farm Aid'...

Also over shorter time periods [less than a season market cycle] charts probably work real well. I always here the wonks at on Iowa State public radio talking about bean & corn technicals... but it is usually over week or month time frames.

EvilHenryPaulsen: Debt by quintile? Do you trust the FTC?

http://www.ftc.gov/bcp/workshops/debtcollection/presentations/hampel.pdf 

The graphs don't talk about their scale, but it seems that the top quintile has the most debt, both in terms of leverage (debt to income) and in terms of absolute amount.

I don't have a reason to distrust the FTC =)
thanks for the link but I found what I wanted at Link here