I wonder way most Americans have lost faith in the housing market. Clearly, home sales are doomed because of ridiculously stringent appraisals...I mean, anyone can see that.
my parents were thinking about buying a house that's under contingent contract. then they find out the pending contract is basically a shill bid to set a price floor and to stoke competing bids....
yesterday, GM dropped the news that the windown would cost $300M more than it allocated. Today, they're threatening to liquidate if they don't get their timeline. Looks as if they've learned a thing or two from Wall Street.
"the first thing we do, let's kill all the Appraisers.
something like that, clearly they are to blame. "
Taggart: I got it! I got it!
Hedley Lamarr: You do?
Taggart: We'll work up a Number 6 on 'em.
Hedley Lamarr: [frowns] "Number 6"? I'm afraid I'm not familiar with that one.
Taggart: Well, that's where we go a-ridin' into town, a-whompin' and a-whumpin' every livin' thing that moves within an inch of its life. Except the women folks, of course.
Hedley Lamarr: You spare the women?
Taggart: Naw, we rape the shit out of them at the Number Six Dance later on.
Hedley Lamarr: Marvelous!
A delivery person from a vendor of mine just told me she wants to buy a house soon. In the same breath said she hopes Toys R Us will be looking for X-mas help so the kids can get presents this year. Hmmmmm.
Me thinks people just don't understand what's coming.
Yun reminds me of a conversation I had with my daughter when she was seven."Have you done your homework yet?" ,"I don't have any homework tonight daddy", "When is it due?", "Tomorrow".
Just got my yearly social security statement. They happily point out I've paid in over 130K for ss/medicare over the years. Plus 120K from my employer. Too bad I'm also the employer. 250K for nothing.
so far they have taken out 51B. guaranteed that sometime next year they will stop at 150B or so (mostly because BB buys their portfolio) and declare "Victory, we didn't take all the money"
Damn, I overslept. Did I miss the recovery or is there still time to double down my retirement savings on an expanding economy?
Had to actually visit my Fidelity office yesterday. The service broker was nice and when he asked if there was anything more he could do I said "not until the market hits 5860 and I can safely deploy some of my investments out of short term cash equivalents." He didn't batt an eyelash.
@mark d - not exactly sure what you're driving at, but some people... even the delivery drivers of the world ... view a house purchase in this environment as a defensive move. If the st really hits the fan, it will be easier to squat in and defend the house than, say, in a tenament that was once a decent apt complex. Short of mad max, houses offer possible hedge against looming currency collapse. Renting, not so much.
Dawg,In all seriousness talk to me in 6 months.There are a few (VERY few) infill parcels I have been keeping my eye on that may be available at the right price in Sebastopol by then.The "Right Price" is a bit less than the $ spent on the improvements...
Freddie doesn't really "get" $51b. The purchasers who hold their bonds are getting Treasury money because the MBS they bought aren't paying the advertised coupon rate. Excuse me but you get a flow of payments because you put your money at RISK! Got that? Risk. No risk, no return. Of course the Treasury has their reason. If they don't prop up the imputed value of those MBS then mortgage rates would rise and cause banks to suffer and home prices to fall.
We've got too many balls in the air for this not to end badly.
I asked Fidelity how much my brokerage account was federally insured for. They said don't worry, on top of that we have Lloyd's of London coverage for $XXX billion. I said that's worthless junk.
They snickered.
I snickered.
Then I told them I knew better, but if they sell their junk with that line to unsuspecting investors who don't spend all day following the financial news, I might vote for conviction one day in the jury room.
Tom Stone,
I am on that same boat. In my 'hood there are several moribund "project properties" that should go for a song if I get the timing right. I also agree that end-of-year might be one of those windows. The second window would be 10 months from now with a summer '10 capitulation.
Gary Watts, the orange county housing-shill-douche-bag himself, is putting his rental house up for sale. A short sale! Now he's predicting continuing problems. I'm glad to see he pulled his head out of his ass, and I hope he gets a nasty ear infection.
HomeGnome (profile) wrote on Wed, 7/1/2009 - 8:35 am
Dawg,
Don't feed the Trolls.
I just put him in tte time out room (thanks Ken!). I normally just do it quietly but this time I just got fed up enough to announce it in the hopes other people would do it too.
Should we tell him about the college deferrments? Maybe he'll pop a vein.
No, even several horrible war crimes sanctioned or ignored by the chain of command, found in almost every war, is nothing like the systematic program of genocide issued from the top.
Americans tried Germans for war crimes in Nuremberg.
Americans tried Americans for war crimes in Vietnam.
Germans ordered Germans to commit war crimes in WWII.
.......I haven't been in a Huey in a long while and swore I'd never get in another one the last time........I'd be mighty tempted to change my mind though if timmyone would ride along....
Was just thinking about ignore metrics - like how many accounts have a particular ID on ignore? Is that something that matters...and if so, better as a "Hall of Shame/Fame" or a conversation between CR and Ken?
Like Gary Watts, Greg Swann in Phoenix has turned dour. Of course that does no good for the hundreds of people who listend to him in 2004, 2005, 2006, 2007 and 2008 some of whom experienced annual compound returns of more than negative 100%.
See that delete button is troublesome. Does it get recorded in case he denies it?
Legal issues may be involved here, CR.
What if I respond with an attack to someone who gives his name, and then he denies the original comment?
And then sues you for libel, with a subpoeana for my IP?
Hey Rob Dawg, I was looking for your post on possible divisions if California was split up, but couldn't find it. Much obliged if you could provide them again. Thanks!
they only wanted 2.5B, but were offered 9.5B, and took the best bids.
Ghost,
Best bids implies lower prices or higher yields. Seems self defeating to keeping rates low, especially since it increases money supply.
Regardless, I still think people want to shed debt. In aggregate, I think larger gov't borrowing/spending will be at the expense of the private sector this time around.
how is it that AIG pulled that off? Can they when they are insolvent w/o govt backing? That blows my mind..Wall street debt pushers need to be hung....
I'll have the McMargin burger - and supersize it! Is this set to provide "snob" appeal to those moving downmarket?
McDonald’s Angus Adds Higher-Priced Burger in U.S. (Update1)
By Courtney Dentch
July 1 (Bloomberg) -- McDonald’s Corp. will introduce the first new line of hamburgers since 2001 across the U.S. starting tomorrow to broaden its menu beyond the value meals and $1 fries that have attracted customers in the recession.
The three new Angus burgers are one-third of a pound each and priced at about $4, Dan Coudreaut, executive chef for the Oak Brook, Illinois-based company, said in a telephone interview. The burgers will be available nationwide for several months, said Marta Fearon, director of marketing.
McDonald’s more expensive burgers will have to overcome the slowdown in U.S. consumer spending as people eat at home more often, said Tom Forte, an analyst with Telsey Advisory Group in New York. Meals that combine sandwiches, fries and a drink, as well as $1 menu items, have helped drive McDonald’s monthly sales growth. McDonald’s Angus Adds Higher-Priced Burger in U.S. (Update2) - Bloomberg.com
By request for sanityclause my rational break up of California:
PC Pacifica California SF pennisula and environs.
MC Centro California Central Valley, mountains.
AC Alta California Northern counties.
CC Costa California Ventura to Monterey - Tehachapis/Coastal Range.
LA Angeles California All the Miserable urban crap, social problems,
etc. LA, Orange, Riverside, Antelope Valley, San Berdoo.
SC From Sud California San Diego, Imperial and environs.
-------- OR --------------
WC Wacko California. SF pennisula and environs.
CC Centro California. Central Valley, mountains.
PC Pacifica. Northern counties.
Q. [What's your like of separation between Wacko &
Pacifica, and Wacko & Costal?]
A. Marin can go either way... Don't go there!
LA All the Miserable urban crap, social problems, etc. LA, Orange,
Riverside, Antelope Valley, San Berdoo.
SB Coastal California. Ventura to Monterey - Tehachapis/Coastal Range.
Q. I still think Ventura belongs in L.A.
A. (serious for a minute) LA thinks that. They need the good air, landfill sites, growth expansion, etc. If you were to look at aerial photos it would be obvious that there WERE reasons why Vta did not become like Orange County or San Berdoo. You can actually see the border from the air.
In fact linear proximity is the only factor that puts Vta in LA's sphere of influence.
SC Sudo (Pronounced Pseudo) California. San Diego, Imperial and environs.
For all the lighthearted description above; the areas have geographic,
historical, economic justification. We need more Senators, representative
state govt, federal clout, regional solutions, etc.
I know this derived from the concept that city transportation boundaries
are ineffective but the conclusion is inescapable. CA is too big.
Interesting thing in the Texas annexation treaty - Texas has the right to
split into 5 states.
Cool, I can count on your vote? Oh, wait us Coastals don't need nuthin
from you Angelenos or are you a Centro?
Each state would be among the top 20 most populous, largest, richest
states in the union. The idea that the Ventura County Superintendent of
Schools needs more votes to win than Senators from Montana is weird to say
the least. When people refer to LA County Supes as their Lordships
without smiling and they each represent multiple congressional districts
something is wrong with CAs political structure. Transportation is one
symptom of political dysfunction.
"Best bids implies lower prices or higher yields."
sorry, lazy writing on my part, they took the best offer/ask prices technically (they were the bid side), but yes, they bought the loans that offered the highest yield.
so, yes, that would imply higher rates which seems self-defeating.
and you wonder why QE doesn't work?
seriously, though, the concept is to sop up supply so the auctions go better.
really what they are doing is taking the "off-the-run" issues off the market, so there is more money out there for the "on-the-run" auctioned bonds. so basically they are priming the pump for the auctions, to make sure we don't get a failed one.
not that there isn't huge demand for our paper anyway, being that it is backed by the strength of the American economy.
@mark d - not exactly sure what you're driving at, but some people... even the delivery drivers of the world ... view a house purchase in this environment as a defensive move. If the st really hits the fan, it will be easier to squat in and defend the house than, say, in a tenament that was once a decent apt complex. Short of mad max, houses offer possible hedge against looming currency collapse. Renting, not so much.
Maybe, just maybe given that the above delivery worker shouldn't be buying a house right now given that she is talking about getting a second job at toys r us to afford Christmas presents. Requiring a second job for the Christmas presents indicates to me that cash in the bank is an issue right now.
"Maybe, just maybe given that the above delivery worker shouldn't be buying a house right now given that she is talking about getting a second job at toys r us to afford Christmas presents. Requiring a second job for the Christmas presents indicates to me that cash in the bank is an issue right now."
Agreed. I guess my POV is that that is the new normal (i.e., cash in the bank a real issue). People should be doing what they can to hunker down for the long-term. I could be overly fatalistic, though.
I was visiting my brother in Boston a few years ago and made it out there for one of their festivals/ brewery tours.
I had a great time and it was packed!
There may be merit to that view. However, in that case, assuming urban/civlized ammenities are non-existent or getting to them onerous/dangerous, buying a few acres in a far flung place with adequate rainfall may be a cheaper hedge in the event that your homestead becomes your own autonomous national entity.
Tom Stone (profile) wrote on Wed, 7/1/2009 - 8:57 am
Dawg,I just wish some of those "Balls In the air" were not mine.
Yes. Somebody is reading between the lines. The Dems in CA Legislature still think we have some left and all they need do is take them. Sorry, fresh out, you took them last year with the previous round of tax hikes.
I have a question about the Challenger lay off data in a previous thread.
It seems to me, based on anectdotal observation, that companies USED to make big announcements when they were laying people off. Hoping for a bump in the stock price - oooh, good for that company for trimming expenses. NOW it seems that companies do layoffs in a stealth manner. Laying off less than 50 at a time, to avoid reporting it to the state and fed.
I can speak for sure that my employer is doing this. As are several others in So. Cal based on talking to friends. And these are large employers.
IMO - the Challenger data does not reflect the current layoff climate since companies have figured out how to avoid reporting layoffs.
I am an American extremely critical of American imperialism.
In Constitutional Law class, when we discussed the case involving publishing of the CIA's budget, in which a citizen was denied that right, (half a page in the textbook) I argued that this one case in a sense renders the whole book worthless.
However, Madoff's crime is not equivalent to American Express cheating cardholders. Americans are no better than anyone else: the worst deliberate killing of civilians in one event has to be Hiroshima. We try to develop the Constitutional democratic process to hold every person to the same standard of law. It's a struggle. We were attacked significantly on 9/11; then we overreacted. Generalizations about 300 million people are just foolish.
IMO - the Challenger data does not reflect the current layoff climate since companies have figured out how to avoid reporting layoffs.
Challenger is like ADP in reverse... while ADP handles payroll services for private firms Challenger handles 'outplacement' [layoffs not necessarily reported or not reported but contracted through their office or at least on 'their radar']. In that respect Challenger never was 100% accurate but was & is an outstanding measure of layoff direction & scale.
Escrow used to be 30 days on average. since most of the homes are short sales and foreclosures these days, the average escrow period is probably twice of that. does not that effect "pending sales" number since average home stays at the pending status longer?
I still see no point in ever using the ignore button.
Moving along, why my Congressclown Caroline Maloney and some other entrenched Democrats has not come out in support of HR 1207 is pathetic, and I just told her office so. Is she a tool of Wall Street?
1 currency now -yogi (profile) wrote on Wed, 7/1/2009 - 9:28 am
Moving along, why my Congressclown Caroline Maloney and some other entrenched Democrats has not come out in support of HR 1207 is pathetic, and I just told her office so. Is she a tool of Wall Street?
Could be worse. You could be in my district where my congresscritter is one of the 7 republicans who hasn't co-sponsored. I'm so ashamed.
We need to starve the financial beast. Given how bad shape the economy is the DJIA should be at 6000 now but people keep bidding it up...anyway....
What are our demands? Here's part of the list:
* All the financial fraudsters are investigated, indicted, and prosecuted. This includes the con artists in CONgress who got "special deals" from Mozilo and his "Friends of Angelo" program (and who are blocking a subpoena to BofA as it would implicate them), it includes those past and current members of Government Sachs, and it includes all those other
financial "professionals" who deceived Americans and others with their sale of toxic exploding mortgage products along with the securities supposedly backed by them.
* Glass-Steagall is restored, in full, and all the firms that can't exist under it are broken up. Period.
I saw something this week I have NEVER SEEN BEFORE in 30 years of moving people...
There is a string of 4 moves where every person in the string of moves is renting out the house they are leaving and renting the house they are buying.
1) Minnesota family transferred to San Diego, rents out home and rents home in Torrey Pines area
2) Torrey Pines family rents house in Ladera Ranch
3) Ladera Ranch family leaves a 4000 sq foot home and rents a 2000 square foot condo in Newport Beach
4) Neport Beach people moving to a rental in Mission Viejo
4 transactions that used to be Sales are now really not recorded anywhere as the people have just turned their homes into rentals!
The Ladera home was purchased 3-4 years ago for $1.3 million....a similar home on the next street is now listed for under $900K...look up 9 Copius in Ladera Ranch, Ca on Redfin to get an idea of how bad the coming bloodbath will be......
In Yun we trust
Why should a trifle like being unable to sell your current home prevent Americans from the dream of a second home
I love me some green shootz in the morning!
I got Pigged!
But thanks energycon..
In this market, do people still believe they can buy another home before selling their existing home?
I wonder way most Americans have lost faith in the housing market. Clearly, home sales are doomed because of ridiculously stringent appraisals...I mean, anyone can see that.
my parents were thinking about buying a house that's under contingent contract. then they find out the pending contract is basically a shill bid to set a price floor and to stoke competing bids....
yesterday, GM dropped the news that the windown would cost $300M more than it allocated. Today, they're threatening to liquidate if they don't get their timeline. Looks as if they've learned a thing or two from Wall Street.
Oh, they forgot the martial law bit.
Yun is blaming the disconnect beteween pending and existing home sales on the change in apprasial rules
Yun is a Shill. He wants appraiser to be able to lie again, and help bring back the "prices only go up" fallacy.
Niall Ferguson on California: It is a Latin American economy that just happens to be in the U.S
Bwaaahhh!
Has anyone egg'd or TP'd Yun's house yet?
He's really hurting everyone with his lies.
It cant be brought back, Mr. Cruncher. It can't until much more brainwashing takes place. That will take a generation.
Basel, your first case!
Patently actionable. I'd bet you could dream up trebles.
The 2nd derivative worshippers all sporting massive wood for the 2nd 1/2 recovery!
it's them dastardly Appraisers what misled innocent lenders and betrayed the trust of childlike Realtors! Hang 'em all!
OT: everybody's favorite subprime city DESERT DISPATCH: METH, MORONS, AND MURDER IN VICTORVILLE - By Yasha Levine - The eXiled
Let the monetizing continue. Or not monetizing continue. Or...whatever. Must be some auctions next week or something.
Federal Reserve Bank of New York - Permanent Open Market Operations
Operation Date: 07/01/2009
Operation Type: Outright Coupon Purchase
Release Time: 10:16 AM
Close Time: 11:00 AM
Settlement Date: 07/02/2009
Maturity/Call Date Range: 08/15/2019 - 02/15/2026
Total Par Amt Accepted (mlns) : $2,999
Total Par Amt Submitted (mlns) : $9,493
"it's them dastardly Appraisers "
the first thing we do, let's kill all the Appraisers.
something like that, clearly they are to blame.
KCoop: donate button still down. Quick before the 2nd half rally wipes me out.
"the first thing we do, let's kill all the Appraisers.
something like that, clearly they are to blame. "
Taggart: I got it! I got it!
Hedley Lamarr: You do?
Taggart: We'll work up a Number 6 on 'em.
Hedley Lamarr: [frowns] "Number 6"? I'm afraid I'm not familiar with that one.
Taggart: Well, that's where we go a-ridin' into town, a-whompin' and a-whumpin' every livin' thing that moves within an inch of its life. Except the women folks, of course.
Hedley Lamarr: You spare the women?
Taggart: Naw, we rape the shit out of them at the Number Six Dance later on.
Hedley Lamarr: Marvelous!
Has anyone egg'd or TP'd Yun's house yet?
That is just about the most immature response I've read on these boards.
And I wish I had suggested it myself.
Total Par Amt Accepted (mlns) : $2,999
Total Par Amt Submitted (mlns) : $9,493
Ghost,
Can you explain what "submitted" and "accepted" means?
GM needs to learn "servant leadership".
/snark
freddie mac gets another 6B from treasury
FRE Stock Quote - Freddie Mac Stock Quote - FRE Quote - FRE Stock Price
Banks Falling 23% Since May Foreshadow S&P 500 Slump
Banks Falling 24% Since May Foreshadow S&P 500 Slump (Update3) - Bloomberg.com
A delivery person from a vendor of mine just told me she wants to buy a house soon. In the same breath said she hopes Toys R Us will be looking for X-mas help so the kids can get presents this year. Hmmmmm.
Me thinks people just don't understand what's coming.
Yun reminds me of a conversation I had with my daughter when she was seven."Have you done your homework yet?" ,"I don't have any homework tonight daddy", "When is it due?", "Tomorrow".
Just got my yearly social security statement. They happily point out I've paid in over 130K for ss/medicare over the years. Plus 120K from my employer. Too bad I'm also the employer. 250K for nothing.
"freddie mac gets another 6B from treasury"
beat me to it, I was just going to post this:
Yahoo! 404 - Page Not Found
so far they have taken out 51B. guaranteed that sometime next year they will stop at 150B or so (mostly because BB buys their portfolio) and declare "Victory, we didn't take all the money"
Damn, I overslept. Did I miss the recovery or is there still time to double down my retirement savings on an expanding economy?
Had to actually visit my Fidelity office yesterday. The service broker was nice and when he asked if there was anything more he could do I said "not until the market hits 5860 and I can safely deploy some of my investments out of short term cash equivalents." He didn't batt an eyelash.
[freddie mac gets another 6B from treasury]
Why doesn't the treasury just buy s&p futures. Much better multiplier.
Is Freddie staying open at night and burning money in a pit outback.
"Can you explain what "submitted" and "accepted" means? "
they only wanted 2.5B, but were offered 9.5B, and took the best bids.
not that people are lining up to sell to the Fed or anything.
that's another 2.5B of money out of 10yrs and into the system, ready to bid on the next auction, which is in...seven days.
Upcoming Auctions
of course, we are not monetizing the debt (i.e. buying directly at auction).
@mark d - not exactly sure what you're driving at, but some people... even the delivery drivers of the world ... view a house purchase in this environment as a defensive move. If the st really hits the fan, it will be easier to squat in and defend the house than, say, in a tenament that was once a decent apt complex. Short of mad max, houses offer possible hedge against looming currency collapse. Renting, not so much.
[freddie mac gets another 6B from treasury]
Why doesn't the treasury just buy s&p futures. Much better multiplier.
that's the other 6 billion that's not transparent...
Dawg,In all seriousness talk to me in 6 months.There are a few (VERY few) infill parcels I have been keeping my eye on that may be available at the right price in Sebastopol by then.The "Right Price" is a bit less than the $ spent on the improvements...
/Is Freddie staying open at night and burning money in a pit outback. /
MaryAnn,
It's a dark-lord ritual-thing. You wouldn't understand.
--bh
Damn, I overslept. Did I miss the recovery or is there still time to double down my retirement savings on an expanding economy?
Ya the recovery was as short as summer in Minnesota... now where did I put my parka?
Freddie doesn't really "get" $51b. The purchasers who hold their bonds are getting Treasury money because the MBS they bought aren't paying the advertised coupon rate. Excuse me but you get a flow of payments because you put your money at RISK! Got that? Risk. No risk, no return. Of course the Treasury has their reason. If they don't prop up the imputed value of those MBS then mortgage rates would rise and cause banks to suffer and home prices to fall.
We've got too many balls in the air for this not to end badly.
There is no summer in MN, just a small break between freezes.
--bh
Deleted by CR
I asked Fidelity how much my brokerage account was federally insured for. They said don't worry, on top of that we have Lloyd's of London coverage for $XXX billion. I said that's worthless junk.
They snickered.
I snickered.
Then I told them I knew better, but if they sell their junk with that line to unsuspecting investors who don't spend all day following the financial news, I might vote for conviction one day in the jury room.
Tom Stone,
I am on that same boat. In my 'hood there are several moribund "project properties" that should go for a song if I get the timing right. I also agree that end-of-year might be one of those windows. The second window would be 10 months from now with a summer '10 capitulation.
timmyone meet micheal. Enjoy your time together in the time out room.
1800 more jobs should be open soon in LA for American Citizens.
It was always obvious "(South) American Apparel" used illegal labor and hence I never bought their clothes.
I have to wonder if the Reuters writer was on crack when he chose the article title
Probe fingers 1,800 American Apparel workers
| Reuters
Dawg,
Don't feed the Trolls.
timmyone,
Good college kids were in college, rarely, vietnam. And you've been warned. I suggest you go back to your room without dinner, and never come back.
Have a nice day.
--bh
"The purchasers who hold their bonds are getting Treasury money because the MBS they bought aren't paying the advertised coupon rate."
Hmmm, who holds a lot of those bonds? Oh yeah, these guys.
Agency Mortgage-Backed Securities Purchase Program - Federal Reserve Bank of New York
these MBS are, of course, "risk-free" (technically, "credit risk-free"), because the Treasury is backing them up.
but aren't those guys also supporting Treasury by buying Treasury's bonds as well?
so are they in fact insuring themselves?
my head hurts.
Gannett Laying Off 1,000 as Ad Sales Slide: Report
Gannett Laying Off 1,000 as Ad Sales Slide - Companies * US * News * Story - CNBC.com
Gary Watts, the orange county housing-shill-douche-bag himself, is putting his rental house up for sale. A short sale! Now he's predicting continuing problems. I'm glad to see he pulled his head out of his ass, and I hope he gets a nasty ear infection.
HomeGnome (profile) wrote on Wed, 7/1/2009 - 8:35 am
Dawg,
Don't feed the Trolls.
I just put him in tte time out room (thanks Ken!). I normally just do it quietly but this time I just got fed up enough to announce it in the hopes other people would do it too.
but doc, how do you really feel?
Should we tell him about the college deferrments? Maybe he'll pop a vein.
No, even several horrible war crimes sanctioned or ignored by the chain of command, found in almost every war, is nothing like the systematic program of genocide issued from the top.
Americans tried Germans for war crimes in Nuremberg.
Americans tried Americans for war crimes in Vietnam.
Germans ordered Germans to commit war crimes in WWII.
I get Godwin, but I'm referring to numbers here.
Fair enough, Dawg.
[Excuse me but you get a flow of payments because you put your money at RISK]
Taxpayer gets the risk, bondholder gets guaranteed return & principal stays whole.
.......I haven't been in a Huey in a long while and swore I'd never get in another one the last time........I'd be mighty tempted to change my mind though if timmyone would ride along....
Americans tried Americans for war crimes in Vietnam.
Convenient jurisdiction...that's why Kissinger didn't end his days at the wrong end of a noose.
Was just thinking about ignore metrics - like how many accounts have a particular ID on ignore? Is that something that matters...and if so, better as a "Hall of Shame/Fame" or a conversation between CR and Ken?
Hey all, don't respond to certain posters. Just contact Ken (use feedback upper left for Ken) or email me ... and the problem will be solved.
best wishes
GS trading desk probably made a killing on AIG this morning. Two 20% moves today. feels like fall 2008
Like Gary Watts, Greg Swann in Phoenix has turned dour. Of course that does no good for the hundreds of people who listend to him in 2004, 2005, 2006, 2007 and 2008 some of whom experienced annual compound returns of more than negative 100%.
Hey, from the U.K.
July 1 (Bloomberg) -- Job losses at British banks reeling from the global financial crisis surpassed 55,000 with financial firms forecasting further cuts.
U.K. Bank Job Cuts Surpass 55,000; More Are Forecast (Update1) - Bloomberg.com
Stand in awe of my cut and paste skillz...
See that delete button is troublesome. Does it get recorded in case he denies it?
Legal issues may be involved here, CR.
What if I respond with an attack to someone who gives his name, and then he denies the original comment?
And then sues you for libel, with a subpoeana for my IP?
The summary on Yahoo Finance is a sight to behold...up 1500%! Green shootz!
erm...oh that was a 20:1 reverse...
AIG: Summary for AMER INTL GROUP NEW- Yahoo! Finance
Hey Rob Dawg, I was looking for your post on possible divisions if California was split up, but couldn't find it. Much obliged if you could provide them again. Thanks!
they only wanted 2.5B, but were offered 9.5B, and took the best bids.
Ghost,
Best bids implies lower prices or higher yields. Seems self defeating to keeping rates low, especially since it increases money supply.
Regardless, I still think people want to shed debt. In aggregate, I think larger gov't borrowing/spending will be at the expense of the private sector this time around.
Ahh, just one click and there is no more timmyone. Thanks again, Ken.
energy,
how is it that AIG pulled that off? Can they when they are insolvent w/o govt backing? That blows my mind..Wall street debt pushers need to be hung....
tick tick tick tick tick...
what's up with aig?
Hey Timmy, shill here, good Irish bostonian...come on down ill show you a few clicks...big mouth.
I'll have the McMargin burger - and supersize it! Is this set to provide "snob" appeal to those moving downmarket?
McDonald’s Angus Adds Higher-Priced Burger in U.S. (Update1)
By Courtney Dentch
July 1 (Bloomberg) -- McDonald’s Corp. will introduce the first new line of hamburgers since 2001 across the U.S. starting tomorrow to broaden its menu beyond the value meals and $1 fries that have attracted customers in the recession.
The three new Angus burgers are one-third of a pound each and priced at about $4, Dan Coudreaut, executive chef for the Oak Brook, Illinois-based company, said in a telephone interview. The burgers will be available nationwide for several months, said Marta Fearon, director of marketing.
McDonald’s more expensive burgers will have to overcome the slowdown in U.S. consumer spending as people eat at home more often, said Tom Forte, an analyst with Telsey Advisory Group in New York. Meals that combine sandwiches, fries and a drink, as well as $1 menu items, have helped drive McDonald’s monthly sales growth.
McDonald’s Angus Adds Higher-Priced Burger in U.S. (Update2) - Bloomberg.com
By request for sanityclause my rational break up of California:
PC Pacifica California SF pennisula and environs.
MC Centro California Central Valley, mountains.
AC Alta California Northern counties.
CC Costa California Ventura to Monterey - Tehachapis/Coastal Range.
LA Angeles California All the Miserable urban crap, social problems,
etc. LA, Orange, Riverside, Antelope Valley, San Berdoo.
SC From Sud California San Diego, Imperial and environs.
-------- OR --------------
WC Wacko California. SF pennisula and environs.
CC Centro California. Central Valley, mountains.
PC Pacifica. Northern counties.
Q. [What's your like of separation between Wacko &
Pacifica, and Wacko & Costal?]
A. Marin can go either way... Don't go there!
LA All the Miserable urban crap, social problems, etc. LA, Orange,
Riverside, Antelope Valley, San Berdoo.
SB Coastal California. Ventura to Monterey - Tehachapis/Coastal Range.
Q. I still think Ventura belongs in L.A.
A. (serious for a minute) LA thinks that. They need the good air, landfill sites, growth expansion, etc. If you were to look at aerial photos it would be obvious that there WERE reasons why Vta did not become like Orange County or San Berdoo. You can actually see the border from the air.
In fact linear proximity is the only factor that puts Vta in LA's sphere of influence.
SC Sudo (Pronounced Pseudo) California. San Diego, Imperial and environs.
For all the lighthearted description above; the areas have geographic,
historical, economic justification. We need more Senators, representative
state govt, federal clout, regional solutions, etc.
I know this derived from the concept that city transportation boundaries
are ineffective but the conclusion is inescapable. CA is too big.
Interesting thing in the Texas annexation treaty - Texas has the right to
split into 5 states.
Cool, I can count on your vote? Oh, wait us Coastals don't need nuthin
from you Angelenos or are you a Centro?
Each state would be among the top 20 most populous, largest, richest
states in the union. The idea that the Ventura County Superintendent of
Schools needs more votes to win than Senators from Montana is weird to say
the least. When people refer to LA County Supes as their Lordships
without smiling and they each represent multiple congressional districts
something is wrong with CAs political structure. Transportation is one
symptom of political dysfunction.
"Best bids implies lower prices or higher yields."
sorry, lazy writing on my part, they took the best offer/ask prices technically (they were the bid side), but yes, they bought the loans that offered the highest yield.
so, yes, that would imply higher rates which seems self-defeating.
and you wonder why QE doesn't work?
seriously, though, the concept is to sop up supply so the auctions go better.
really what they are doing is taking the "off-the-run" issues off the market, so there is more money out there for the "on-the-run" auctioned bonds. so basically they are priming the pump for the auctions, to make sure we don't get a failed one.
not that there isn't huge demand for our paper anyway, being that it is backed by the strength of the American economy.
Dr. Munch,
Have you paid in the 40 quarters yet? If so you hit max SS benefits and the rest goes to under payers and no pays.
@mark d - not exactly sure what you're driving at, but some people... even the delivery drivers of the world ... view a house purchase in this environment as a defensive move. If the st really hits the fan, it will be easier to squat in and defend the house than, say, in a tenament that was once a decent apt complex. Short of mad max, houses offer possible hedge against looming currency collapse. Renting, not so much.
Maybe, just maybe given that the above delivery worker shouldn't be buying a house right now given that she is talking about getting a second job at toys r us to afford Christmas presents. Requiring a second job for the Christmas presents indicates to me that cash in the bank is an issue right now.
had to log in just to clean my screen of timmy1's hate ... he got my first (and hopefully last) ignore.
@ Shill and OT/Noise Alert
You ever make it to the Harpoon Brewery?
My suggestion for the board and for the love of Gnomes the world over:
Don't feed the trolls.
"Maybe, just maybe given that the above delivery worker shouldn't be buying a house right now given that she is talking about getting a second job at toys r us to afford Christmas presents. Requiring a second job for the Christmas presents indicates to me that cash in the bank is an issue right now."
Agreed. I guess my POV is that that is the new normal (i.e., cash in the bank a real issue). People should be doing what they can to hunker down for the long-term. I could be overly fatalistic, though.
I think that's a smart move by McDonald's. They have the lowest end of the food spectrum already. Why not go after the "Working Poorer"?
Dawg,I just wish some of those "Balls In the air" were not mine.
And I agree with you on timing,there will be some sweet deals soon.
I'm confident I'll be means tested out of social security, and prolly medicare too. Sucks to work hard.
You ever make it to the Harpoon Brewery?
Of course...use to be my second home hahaha!
Sucks to work hard.
Sucks worse not to.
MacSkwerl !!!
I was visiting my brother in Boston a few years ago and made it out there for one of their festivals/ brewery tours.
I had a great time and it was packed!
Time to see if I can pick up some road kill,I want to be in practice when those sweet deals ripen.
RockyR,
There may be merit to that view. However, in that case, assuming urban/civlized ammenities are non-existent or getting to them onerous/dangerous, buying a few acres in a far flung place with adequate rainfall may be a cheaper hedge in the event that your homestead becomes your own autonomous national entity.
--bh
Audit the FED!
Mr. Sunshine? Ron Paul Wins Support to Audit Fed Reserve
tick tick tick tick tick
Thanks Dawg. Good stuff, though I would be in "all the miserable urban crap" as you so eloquently call it. ;-
Tom Stone (profile) wrote on Wed, 7/1/2009 - 8:57 am
Dawg,I just wish some of those "Balls In the air" were not mine.
Yes. Somebody is reading between the lines. The Dems in CA Legislature still think we have some left and all they need do is take them. Sorry, fresh out, you took them last year with the previous round of tax hikes.
I have a question about the Challenger lay off data in a previous thread.
It seems to me, based on anectdotal observation, that companies USED to make big announcements when they were laying people off. Hoping for a bump in the stock price - oooh, good for that company for trimming expenses. NOW it seems that companies do layoffs in a stealth manner. Laying off less than 50 at a time, to avoid reporting it to the state and fed.
I can speak for sure that my employer is doing this. As are several others in So. Cal based on talking to friends. And these are large employers.
IMO - the Challenger data does not reflect the current layoff climate since companies have figured out how to avoid reporting layoffs.
Way off topic...but very interesting none the less
US Per Capita Health Spending 2.5 Times OECD Average
Research Recap » Blog Archive » US Per Capita Health Spending 2.5 Times OECD Average
Yalt:
I am an American extremely critical of American imperialism.
In Constitutional Law class, when we discussed the case involving publishing of the CIA's budget, in which a citizen was denied that right, (half a page in the textbook) I argued that this one case in a sense renders the whole book worthless.
However, Madoff's crime is not equivalent to American Express cheating cardholders. Americans are no better than anyone else: the worst deliberate killing of civilians in one event has to be Hiroshima. We try to develop the Constitutional democratic process to hold every person to the same standard of law. It's a struggle. We were attacked significantly on 9/11; then we overreacted. Generalizations about 300 million people are just foolish.
Gasoline Futures Tumble as Stockpiles Increase, Demand Slides
Gasoline Tumbles, Profit Margins Slide 12% as Inventories Climb - Bloomberg.com
--Don't feed the Trolls--
Wow, i may finally have to use the ignore button for the first time.
IMO - the Challenger data does not reflect the current layoff climate since companies have figured out how to avoid reporting layoffs.
Challenger is like ADP in reverse... while ADP handles payroll services for private firms Challenger handles 'outplacement' [layoffs not necessarily reported or not reported but contracted through their office or at least on 'their radar']. In that respect Challenger never was 100% accurate but was & is an outstanding measure of layoff direction & scale.
Question for you all, What it in your garage?
http://jsmineset.com/wp-content/uploads/2009/06/clip-image00116.jpg
The Wall Street Journal says the California Association of Realtors misreported San Diego home sales in April and May:
"For May, the group reported an 89% increase in sales in San Diego; that will be slashed to about 6.5%."
Green shoots.
"Wow, i may finally have to use the ignore button for the first time."
I used it for my first time as well. Was it as good for you as it was for me?
I can only imagine what the individual on the other side of those ravings must look like. I imagine large quantities of drool.
Escrow used to be 30 days on average. since most of the homes are short sales and foreclosures these days, the average escrow period is probably twice of that. does not that effect "pending sales" number since average home stays at the pending status longer?
@ Cliffo
They were only off 82.5%!
WOW!
I still see no point in ever using the ignore button.
Moving along, why my Congressclown Caroline Maloney and some other entrenched Democrats has not come out in support of HR 1207 is pathetic, and I just told her office so. Is she a tool of Wall Street?
Ford June U.S. sales down 11% to 148,153 units
Volvo June U.S. sales down 0.6% to 7,042 units
1 currency now -yogi (profile) wrote on Wed, 7/1/2009 - 9:28 am
Moving along, why my Congressclown Caroline Maloney and some other entrenched Democrats has not come out in support of HR 1207 is pathetic, and I just told her office so. Is she a tool of Wall Street?
Could be worse. You could be in my district where my congresscritter is one of the 7 republicans who hasn't co-sponsored. I'm so ashamed.
Uhoh looks like someone looked in their portfolio and found out they really aren't up 1500% on their aig investment.
PIGGED, just as i was enjoying my post ignore cigarette. sigh...
We need to starve the financial beast. Given how bad shape the economy is the DJIA should be at 6000 now but people keep bidding it up...anyway....
What are our demands? Here's part of the list:
* All the financial fraudsters are investigated, indicted, and prosecuted. This includes the con artists in CONgress who got "special deals" from Mozilo and his "Friends of Angelo" program (and who are blocking a subpoena to BofA as it would implicate them), it includes those past and current members of Government Sachs, and it includes all those other
financial "professionals" who deceived Americans and others with their sale of toxic exploding mortgage products along with the securities supposedly backed by them.
* Glass-Steagall is restored, in full, and all the firms that can't exist under it are broken up. Period.
good articles: Interesting Finance & Economic articles
I saw something this week I have NEVER SEEN BEFORE in 30 years of moving people...
There is a string of 4 moves where every person in the string of moves is renting out the house they are leaving and renting the house they are buying.
1) Minnesota family transferred to San Diego, rents out home and rents home in Torrey Pines area
2) Torrey Pines family rents house in Ladera Ranch
3) Ladera Ranch family leaves a 4000 sq foot home and rents a 2000 square foot condo in Newport Beach
4) Neport Beach people moving to a rental in Mission Viejo
4 transactions that used to be Sales are now really not recorded anywhere as the people have just turned their homes into rentals!
The Ladera home was purchased 3-4 years ago for $1.3 million....a similar home on the next street is now listed for under $900K...look up 9 Copius in Ladera Ranch, Ca on Redfin to get an idea of how bad the coming bloodbath will be......