dammit! I just got a check from the state of CA. the neighbor and wife both watched as we hoped to see our first IOU.
(I'm a few threads late for this, but I figure its mostly on topic )
I maintain that credit scores are useless and will become even more useless.
Starting to see a lot for ads, especially for apartments, that state "no credit check." Credit checks make no sense especially for services where (1) the company has a CC on file and (2) the company can pre-bill (e.g. cable, cell phone).
Despite my pleadings, my parents are buying a house 2X the size of their existing home but much nicer... house is 1/2 off of bubble and 1/3 off of comps, so they won't be losing too much down the road... they're worrying about all the grandkids running around; i'm trying to get a 3 month old on the title for the $8K tax credit.
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said.
---Somebody like, say, um, I dunno? GOLDMAN SACHS!
great articles, it is going to get uglier before it gets prettier, that is for sure.
i can't help but think that if the govt had nationalized a few of the banks (and Fannie/Freddie for that matter) and had the taxpayers own the mortgages outright, more people would feel obliged to pay their debts in the national interest. but AIG, Fannie, Freddie, Citi, still operate as private companies, and most importantly, their employees are still getting paid as if they work for private companies.
i do believe deep down most people are loyal to their country, and if asked to sacrifice, they would, even if it means paying on an underwater mortgage.
this is where BHO screwed up big time. he had a chance to make a difference, but blew it.
now we have an "us-versus-them" mentality. Goldman is accruing to pay record bonuses, while food stamp usage is at all time highs.
"class warfare" might soon take on a new, literal, meaning.
Who will continue to receive regular, or “normal,” pay warrants?
The State Constitution mandates that education and debt service have priority status, and the Controller will work to ensure there are sufficient funds to continue to make those payments with regular warrants. The State Constitution, federal law and court order also require that State payroll, CalPERS, CalSTRS, In-Home Supportive Services and Medi-Cal providers continue to be paid with regular warrants.
Who will receive registered warrants [IOU's]?
The State in July will issue registered warrants, or IOUs, for all other payments, including those to private businesses, local governments, taxpayers receiving income tax refunds and owners of unclaimed property.
OT, but i was wondering is there anything that shows how request for student loan extensions or people late on student loan pmts relate to the unemployment rate?
The sale, at a price that represents about 25 percent of replacement cost, represents the first San Francisco office building sale in a year.
That statement is false. Typical inane broker nosensical tripe. Construction costs can and do fall. Moreover, land prices get crushed in a real estate bust.
Besides, replacement costs are meaningless in a glut, especially with falling demand. Just look at residential prices in Detroit.
Here's something to consider. My grandfather abandoned numerous commercial properties during the depression. He simply couldn't afford the taxes or the loans. There is nothing new here.
According to previous NYSE rules, any company that carried out program trading -- essentially, large computer-automated trades worth more than $1 million -- had to report the trades to the NYSE, which then made the information publicly available.
But, under new regulations (PDF) published last week, that requirement has been removed.
"The NYSE announced that it will no longer be releasing its weekly program trading data," Taibbi wrote in a blog posting. "This is quiet obviously a move designed to make it even more impossible to track what’s going on in the NYSE and shield, in particular, Goldman Sachs."
Taibbi argues that the move is designed to protect investment banks from bloggers who are exposing the companies’ stock market manipulations. Goldman Sachs is singled out because the investment bank’s share of principal NYSE trading has gone from 27 percent at the end of 2008 to fully 50 percent of trades in recent months.
Blogs such as Zero Hedge have been using NYSE data to argue that Goldman Sachs now has an almost unfettered ability to control stock prices.
Dryfly - I can't speak for Florida, but in most states where any form of abbreviated procedure is available, you waive your right to pursue a deficiency if you don't assert it and go through the long-form foreclosure.
i was wondering is there anything that shows how request for student loan extensions or people late on student loan pmts relate to the unemployment rate?.
they just go back to school and accumulate more debt. that way, the students won't be unemployed or in default. more green shoots
Starting to see a lot for ads, especially for apartments, that state "no credit check."
We tried renting out a house that was slow to sell a few years back, and I don't see how anyone could flat out ignore a credit problem.
One young girl forewarned us her credit stunk because she kept "forgetting" to pay her credit card bill, even though she was surely going to pay her rent. Of course.
The landlord prospect was scary. Thanfkully the house sold soon after.
We'll meet at the other side of the event horizon.
Liz- is that before of after the bottle neck we humans are going to go through?
The last time this happened (about 70000 years ago, when the Tuba Volcano in Java erupted, we were down to less that 10,000 of us, as out Mitocondrial DNA points out).
Inquiring minds want to know.
Well, I tell everybody it is a remote possibility and there's nothing they or I
can do in that event anyway. But I'll look it up again. I am personally very
financially conservative, but even I wouldn't lose sleep over a deficiency judgment.
There's a cool book you'd like 7 Daughters of Eve, I think.
It traces mitochondrial DNA back to 7 women, who, if not Eve,
are the direct ancesstresses of billions.
I personally don't think we were human 70k years ago. I think
there was a language thing that finalized 35-40k years ago which
turned us human. But your point is well taken. Our near-human
ancestors went thru a bottleneck.
adornosghost, I thought it was 5,000 humans. maybe I'm misremembering
You may be right, as some say we were as low as 2000---
Seems that the few who survived, did so in South Africa area, but that is up for debate also.
A couple of thoughts after reading the comments here for a few months.
Many posters are convinced that due to their insight, energy, intelligence, fiscal prudence, etc. they are qualified to offer advice to those less blessed. Absent from many of their posts is any acknowledgment their good fortune might be the result of coincidental factors outside of their control.
The world looks different after a bankruptcy. Unless you or people close to you have actually been through the process, posts about motivation, strategy, etc. of the "sheeple" frequently look silly and/or naive.
I havent spoken with any my buddies over at City Center in a while... I should email them... They always had some good stories.... That thing has been a sh*t show from the beginning....
CRE investors are much more ruthless with regards to defaults than single family homeowers. Seasoned CRE investors understand the dirty little secret of banking. The banks give mulligans! Just look at Trump.
I was about to point out that dependents aren't eligible for the Home Buyer Credit...but in the IRS description I looked at, couldn't find such a rule.
I still doubt it'll fly, but see this for support of your scheme.
CRE investors are much more ruthless with regards to defaults than single family homeowers. Seasoned CRE investors understand the dirty little secret of banking. The banks give mulligans! Just look at Trump.
~~~~
It won't matter ... there won't be any tenants to take the space ...
I personally don't think we were human 70k years ago.
We have been around in our present form for much longer than that, but your point is valid, as our modern tool kit did not fully come together until 40,000 years ago.
We have been anatomically identical for 120, 000 and probably close to 180,000.
There is noise, as even recently we have been coming hiv resistant through the mutation in the CCR5 gene, etc.
It is a arising process.
So far, the most expensive unit under contract is a 3,910-square-foot suite at the Mandarin for $9.4 million, or $2,392 per square foot.M ROTFLOL ! ! !
can we stop calling it "ruthless" default? It's really just a different flavor of the "efficient breach," with the agreed upon damages the return of the property in jingle-mail states.
According to Black's Law Dictionary, efficient breach theory is "the view that a party should be allowed to breach a contract and pay damages, if doing so would be more economically efficient than performing under the contract."
picosec: i'm working off of this However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
I don't know, but you are giving me the incentive to research that.
The news story said something about the low cost paid to farmers for milk was not getting passed along to the consumer. I didn't really catch why that was.
Dairy farming is more than just a job, of course. It's a lifestyle. Well, that and the fact that my g'father turned to dairy farming in his late 40s, dust bowl, hard luck story, yadda yadda yadda, I just have a soft spot for them.
"MGM Mirage said it isn't offering discounts to current buyers, many of whom bought during a special promotion period for "friends and family" of MGM Mirage. A spokesman said it is too early to know how the units are valued in the current market. In Las Vegas, home-sale prices are down more than 30% from a year earlier."
They also burned corn instead of selling it because it made more sense than selling it at those prices [corn prices were so low compared to coal or oil it made no sense to sell corn and buy coal]... meanwhile people a few hundred miles away in big city Hoovervilles were starving.
We have been anatomically identical for 120, 000 and probably close to 180,000.
Except for the introduction of two genes highly correlated with intelligence, whose spread 30,000 years ago roughly tracks the development of sophisticated human society and achievements of culture.
Anyone who thinks deficiency judgements have any value should try collecting a few.I once went through 10,000 auto deficiency judgements at a collection agency to determine their profitability and collectablity.I first looked at total dollars assigned versus total dollars collected over the prior ten years.then I took 250 of them,selected for maximum collectability (Based on such things as the address and job quality) and made a determined effort to collect them.I did collect some $,but not enough for the effort to be profitable.Remember I had a judgement and thus the ability to Garnishee wages and attach bank accounts when located.Most of these people are insolvent,and will file BK if you make it worth their while by pursuing a $150k judgement.THERE IS NO MONEY TO TAKE,get over it.
The IRS guidance says that the $8k can be split among buyers in any way that they agree to (IRS.gov 404 Error Page. This summary doc doesn't mention dependency at all.
Your reference "could" imply a grown son or daughter that isn't a dependent, ... or not.
I think I'll let someone else go first on this one, though.
Well until someone finds some brain tissue frozen or something from 70k
We have many skeletons and brain cases from that time--
It's us! Couldn't tell the difference between one of "Them" and a Goldman Sucks Trader.
(I guess that was not the best analogy)
i live in vegas. two weeks ago, for a lark, a friend and i went to the city center sales office. the office itself cost like 10m. anyhow, the very sweet sales girl all but admitted that existing contracts will be modified to allow for discounts, the amount as yet undecided. it is inevitable.
I have yet to see noticeable, big declines in southern Marin.
I live in Mill Valley, and many more properties are on the market.
Some are moving though---
With regards to debt to GDP ratios, it's important to note that today's debt levels are much much higher than at the start of the GD. What many fail to realize is that the debt to GDP ratio soared during the deflation - GDP plummeted ~ 30%. Prior to the GD deflation, the ratio was not alarmingly high.
Today's debt levels scare me shootless. We'll be lucky with an outcome like Japan.
So I am correct then, that Clownifornia (which is facing a 26BILLION dollar deficit and issuing IOU's and has had its' GO bonds downgraded to BBB) is in fact funding the MJ memorial crapfest?
I am surprised I am shocked by this...
I wonder if they'll have candy crapping unicorns there for the deluded masses...
Might stimulate the economy, though. All that rebuilding.
If New Orleans had gone down this year under Obama instead of several years ago under Bush, they'd use it as an excuse for massive stimulus and probably pile on a couple of extra major public improvement projects besides, pork or otherwise.
"With regards to debt to GDP ratios, it's important to note that today's debt levels are much much higher than at the start of the GD. What many fail to realize is that the debt to GDP ratio soared during the deflation - GDP plummeted ~ 30%. Prior to the GD deflation, the ratio was not alarmingly high."
For those of you wondering what will happen with CA's budget crisis, I'm not sure. I do know that they have done this type of $%&* extensively over the past few decades. Far too many of the people in Sacramento view this as just another episode of brinksmanship and political show.
When I look at charts that show how the debt level came down during /after GD1, I always ask myself whether that happened mainly through default or mainly through loans actually being paid down...Does anyone know the percentages?
State Orders Closure and Liquidation of Watts United Credit Union
(San Francisco, CA) - The California Department of Financial Institutions (DFI) today announced the closure and liquidation of Watts United Credit Union, Los Angeles, citing insolvency.
As of June 30, 2009, Watts United Credit Union had assets of approximately $800,000 and about 1,000 member share accounts.
Immediately following the closure, DFI appointed the National Credit Union Administration (NCUA) as Liquidating Agent.
The NCUA will issue checks to Watts United Credit Union members for verified funds in their share accounts. Credit Union members’ deposits are federally insured up to $250,000 per account by the NCUA National Credit Union Share Insurance Fund (NCUSIF).
The NCUA will announce their acceptance as Liquidating Agent of Watts United Credit Union in a press release, which will be available on their Web site at National Credit Union Administration (NCUA)
Watts United Credit Union was originally chartered in 1966. This is the first state-chartered credit union closed by DFI in 2009.
DFI supervises about 700 state financial institutions. Maintaining the integrity of financial services remains the primary mission of the Department. The DFI is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers’ checks and payment instruments (money orders), and money transmitters. In addition to posting information about licensees, the DFI Web site features consumer information on a variety of financial topics and DFI consumer brochures available in seven languages.
The Department reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.
"When I look at charts that show how the debt level came down during /after GD1, I always ask myself whether that happened mainly through default or mainly through loans actually being paid down...Does anyone know the percentages?"
"LOL ... we are looking at $50 trillion in aggregate debt ...
Adding more government debt will not come close to stimulating the economy ..."
Might, if you built something more productive than what was there before.
In principle, there's nothing wrong with going into debt to build infrastructure and technology that aids the economy down the line. It can work, has worked.
Unfortunately, that's not what we're doing; or at least the parts of the stimulus that serve these purposes are nowhere near as large as they ought to be, to be effective.
"By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation."
"By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation."
I take it you're investing based on BBs speeches rather than whether he succeeds then?
Infrastructure stimulus is all about expensive materials and equipment ....
Labor only gets a small share of it all ...
Shovel brigade conservation corps type 'make work' as the only exception. High labor content low cap utilization.
Can you see today's citizenry with a backpack, shovel and pick out planting trees in the wilderness 'by hand' today? Make 'Biggest Loser' look like a party game.
What are you trying to do with your password and IDs?...Every website has their own unique way of providing it....It is getting totally overboard....
For the non ITs- How are you juggling all of these IDs and passwords required for each website? This is what I call overload....End result.......drop off the radar screen for those that would like to comment....
I am getting close to the point that I will no longer put up with this....I would rather have a "root canal" or plan my budget for the next 10 years....
I am sick and tired of having to jump thru IT hoops, because they have not come up with a better solution....or maybe its time to go back to snail mall for authorization/approval....All I know, is that the current system is not helpful....more of the burden is being placed on the general public....
snark/off
I intend to bring up this subject until some one resolves this problem...
""By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation."
"I live in Mill Valley, and many more properties are on the market."
I concur. I have seen a few sold signs as well. My speculation is the more robust financial means are creating a lag in the eventual decline. So this is my canary for really bad times.
What are you trying to do with your password and IDs?...
not sure what you mean, but I have a simplified system of doing my passwords so I don't forget them.
I have a basic password and then a code that I use to alter the basic password for each website.
For instance (I do not do this):
I could use the password of: pa55w0rd.
Then I could alter it by taking the first and last letter of each website and adding that to the front and back of the password.
so for instance:
at calculatedrisk I would take the c and k and make:
cpa55w0rdk
what I actually do is more complex (the above is somewhat easy to break) but works easily in my mind.
I also have a "throwaway" password for things that aren't important. (like nytimes.com where there is no money/credit card involved)
"We don't need more productivity ... we have a falling capacity utilization rate as it is ..."
That's the wrong take on productivity, the one we've had for 75 years or so. The flip side of productivity is not making more, but making more efficiently. Making renewable energy instead of buying it from overseas, at less cost. Making goods that are better, cheaper, and use fewer raw materials. You can be very comfy on ten dollars an hour in a land where a fine loaf of bread is 75 cents, a visit to the doc is $25 all expenses paid, and your rent is $250/month. And you only need one car, and the cost of fuel is 1 cent a mile.
In other words, increasing wealth. I don't see us getting there until the wolf's at the door and has killed the door guard. Too many fiefdoms in the way. But it's possible.
In a word where you can print usable circuits off on a modified inkjet printer, anything's possible.
Don't get lost in self-righteous gloom and doom and start thinking about bicycle-powered grain grinders like the Appropriate Technology crowd back in the '70s.
My mother had to have a colonoscopy today. It took two weeks for the appointment which is about similar to here in my experience. Biopsies should be available in the next few days, again similar time frame to here.
They decided to do a follow-up CT scan which is being performed tomorrow.
I was very surprised at the speed that everything moved given the stories I had heard about UK health-care.
Dude, an ignore button is no where near as satisfying as casually glancing at the name of the despised, muttering "idiot" under your breath, then moving on to the next post.
An ignore button is only good in a situation where you are tempted to reply to said idiot and waste valuable time in the process.
I guess the point I am making, if you visit 10, 20 or 30 websites, each has their own criteria on min-max enteries, Cap Lower letters, numbers, punctuation....where is this going?
Don't get lost in self-righteous gloom and doom and start thinking about bicycle-powered grain grinders like the Appropriate Technology crowd back in the '70s.
Bob Dobbs is exhorting people to get bicycle powered grain grinders. Were doomed.
I'm in IT and have had some experience in implementing the web-sites you are having issues with.
You won't find one integrated, seamless, standardized way of logging into system because:
1) Every company thinks their way is the best
2) Many companies and/or software engineers do not place a high priority on user-interface design.
3) It is not in any companies interest to design a system that integrates with other's sites. In general companies are interested in pulling eyeballs/money from other companies sites.
Thanks, it looks like it may be early stage cancer unfortunately. Puts today's threads on screwing everyone over in a rather mundane perspective for me today.
Boost in Food-Stamp Funding Percolates Through Economy
The president's stimulus plan has been aimed primarily at the top of the economy, pumping money into banks and car companies and state and city governments. But it also has put more money into the hands of the poorest Americans by boosting monthly food-stamp allocations. Starting in April, a family of four on food stamps received an average of $80 extra.
Ms. Gnome and I have contributed our extra GnomeGrown produce to local homeless shelters.
The managers of said shelters seemed very thankful for our donations.
Not everyone facing homelessness made bad decisions.
Plant a Row.
I have a better solution, I will not sign on the all the websites I access, except my provider and CR...
I am slow, and I have no intention on tracking all the websites I visit..I guess that they have or will silence me....because it is to complicated....They really do not want to hear from their public....
"One way is to put them all in a file and encrypt the file. Winzip or gpg can do the encryption/decryption. "
For my more secure data I have a USB drive that I broke into two partitions. On the smaller main partition all I carry is a shareware software called TrueCrypt. Plug it in, run truecrypt and it allows me to access the second partition which is fully encrypted.
Ok, if GS HQ had been in the WTC, would OBL have become a National Hero (speaking as one who lost 2 childhood friends when they went down I would say no, but just wondering how deep the antipathy towards GS goes)
It appears some rogues now have the ability to program trade in ways that could manipulate markets, inflate prices, distort fundamentals and screw Mom and Pop investors.
Not everyone facing homelessness made bad decisions.
Plant a Row.
And who hasn't made a bad decision somewhere along the line, eh?"
I remember watching "Roger and Me" and thinking that most of the rich people in the video simply did not realize that a good chunk of them would have failed at life if they had been unlucky enough to be born into an on-the-rocks family.
Some people will always succeed no matter what is thrown at them.
Some people will always fail no matter what is given them.
A big chunk in the middle could very easily go either way depending on family circumstances, a bit of good/bad luck etc..
bobn (homepage, profile) wrote (in reply to...) on Mon, 7/6/2009 - 5:33 pm
* reply
* Ignore user
What are you trying to do with your password and IDs?...Every website has their own unique way of providing it...
One way is to put them all in a file and encrypt the file. Winzip or gpg can do the encryption/decryption.
Another solution is to use IronKey.
So, If I understand correctly, I need to pay someone to sort my websites/ids/passwords....
You what this sounds like, the cost savings to companies that put in automated phone systems. I am spending my time doing their job while my prices increase....
Yes, technology has been good for the American consumer....
While not a Luddite, what has High Tech provided the American People....Can not ring up the purchase, because the computer is down.......Just provides another excuse for the incompetence of business and government....
Websites, pshaw! You could try soapboxes at the mall, sandwich boards outside banks, writing dystopian novellas, the occasional mass movement or survivalist enclave, even a banana republic coup to promote your views. Endless possibilities.
bobn (homepage, profile) wrote (in reply to...) on Mon, 7/6/2009 - 5:33 pm
* reply
* Ignore user
What are you trying to do with your password and IDs?...Every website has their own unique way of providing it...
One way is to put them all in a file and encrypt the file. Winzip or gpg can do the encryption/decryption.
Another solution is to use IronKey.
So, If I understand correctly, I need to pay someone to sort my websites/ids/passwords....
You what this sounds like, the cost savings to companies that put in automated phone systems. I am spending my time doing their job while my prices increase....
Yes, technology has been good for the American consumer....
While not a Luddite, what has High Tech provided the American People....Can not ring up the purchase, because the computer is down.......Just provides another excuse for the incompetence of business and government....
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said.
---Somebody like, say, um, I dunno? GOLDMAN SACHS!
speaking as one who lost 2 childhood friends when they went down
Co-pilot of the 1st tower plane was from my area. You couldn't find a better quality individual. His 2 kids were in my kids' school. Tragic is a complete understatement, at least in my thinking.
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said.
---Somebody like, say, um, I dunno? GOLDMAN SACHS! "
No, no you got it wrong. Goldman Sachs manipulates the market in a fair way. Their competitors would manipulate the market in an unfair way. Apparently there's a distinction that only GS is privy to.
Counterpointer,
Do you ever listen to your self? So what you are saying, is screw me for not fitting in...not taking it in the rear...not complaining that I and everyone else is getting screwed....well, I have a solution to that problem----not do business with the businesses (can't ignore the govt) and put you now on ignore for your solutions to the problem....
When the chimp went in front of the world and told us to go shopping I knew we were doomed.
Had the sympathy of the world in the palm of his hand and threw one in the dirt...
Plant a row is a great program and simple. Better yet is a community garden where those in need can lend a hand in return. The responsible thing to do and build integrity.
"GS will use the new 'uptick rule' to squash the shorts everyday ..."
mmckinl, then just go long and buy dips everyday..
I don't believe that this is about any secret trading program that disadvantages any particular group. It may be about volatility. I'm pretty sure the higher the volatility, the greater the chances that a trader can make money. Here's the way it was explained to me. Consider the case in which prices don't move at all, then no one can make (or lose) money. In the case of high volatility even an initial buy at a high price or an initial short sale at at very low price,i.e. a "badly executed" trade, has a chance to show a profit or allow the trader to break even, or reach a price target.. In this sense, volatility can "bailout " a bad trade. If a bad trade is executed in a slow market, the trade may not show a profit or get back to break again for a much longer period, if at all and may not reach the price target. (But high volatility also requires the trader to control losses by adjusting for higher risk.) I'm making a lot of assumptions about trading costs and about the trader's ability to adjust quickly,or perhaps quicker than other investors, to price changes. I'm not a price theorist or an economist, but I'm pretty sure that good traders with good software make more money in volatile markets. I do.
My explanation may not be correct, but I think my conclusion is.
Planting a row wouldn't work in my area of the country this summer. Cold, rainy weather, constantly. Today was the exception, but tomorrow the highs are only predicted in the 60s again.
Neighbors from a small Maine town, on the first plane, gone. People who supported a local food bank and the community in many ways - how can we forget?
"The president's stimulus plan has been aimed primarily at the top of the economy, pumping money into banks and car companies and state and city governments. But it also has put more money into the hands of the poorest Americans by boosting monthly food-stamp allocations. Starting in April, a family of four on food stamps received an average of $80 extra.
The president's stimulus plan has been aimed primarily at the top of the economy, pumping money into banks and car companies and state and city governments.
In fairness, the author needs to understand the difference between ARRA and TARP.
I went nearly 72 hours without food once.
I knew the pain of hunger very briefly and I will help anyone avoid it.
and I urge all of you to do the same.
A bit OT... Robert McNamara died today. He was at least willing to admit that they fucked up. Do the current generation of sociopaths have even that little decency?
It is said that roaches would survive a nuclear conflagration. But Wall Street is proving similarly resilient to financial Armageddon.
For every firm that has gone under, a new competitor — lured by the juicy fees on advising mergers, trading securities and underwriting stocks and bonds — seems to have sprung up. In the case of Lehman, one failure even begat two entrants.
As in the auto business, where, despite bankruptcies, companies are still geared up to make too many cars, banking overcapacity could sow the seeds of trouble. Ambitious new rivals traditionally bid up pay scales and undercut pricing to win business, slamming profitability for the entire industry.
Wells Fargo is the latest to muscle in. The San Francisco-based bank, which once declared anything east of the Mississippi might as well be in China, plans to beef up the second-tier Wall Street operation it picked up when it rescued Wachovia. John Stumpf, Wells Fargo’s chief executive, boasted on Monday: “We have an enormous opportunity to become one of the top customer-focused investment banks.”
Wrong - farmers get pennies on the dollar for stuff food stamps buy... it all goes to middlemen. Food stamps buy big mostly inner city district congressional votes necessary to pass farm bills. There aren't enough rural congressmen in the house to pass these bills... so throw in food stamps and bring city congressmen along.
The senate is a completely different matter - plenty of 'square state' senators able to jam farm bills through w/out food stamps... not so in the house.
No, no you got it wrong. Goldman Sachs manipulates the market in a fair way. Their competitors would manipulate the market in an unfair way. Apparently there's a distinction that only GS is privy to.
Suppose...I mean just suppose...that you are a big international investor or a SWF (or maybe you are China) and you see behind the scenes GS and Timmay conniving to rig the markets every day and sink your positions with their program trading rituals combined with massive Ben/Timmay stimulus liquidity.
Why wouldn't you do a little espionage to either get their secrets or make them less opaque and more transparent? Doesn't this whole frantic rush to declare the theft of GS trading secrets as some kind of national emergency strike you as a little weird?
Yeah, maybe it is a national emergency. One that will embarrass the hell out of the alliance between GS and the U.S. govt. and make them a little more transparent and less self-serving.
Wells Fargo is the latest to muscle in. The San Francisco-based bank, which once declared anything east of the Mississippi might as well be in China...
As true today as it was then... only opposite. Today it is easy to staff up Wall Street and just as easy to staff up Shanghai, Hong Kong etc.
Many posters are convinced that due to their insight, energy, intelligence, fiscal prudence, etc. they are qualified to offer advice to those less blessed. Absent from many of their posts is any acknowledgment their good fortune might be the result of coincidental factors outside of their control.
If I were China I'd TreasuryBomb the USD and let the chips fall where they may.
How many times would you do business with the Triple A rated thieves who sell empty promises and worthless paper?
A bit OT... Robert McNamara died today. He was at least willing to admit that they fucked up. Do the current generation of sociopaths have even that little decency?
You will have to wait twenty years if RM is any example. He didn't admit his F/U until Nam was over for about 20 years.
July 7 (Bloomberg) -- China said more than 700 people were detained after ethnic rioting in the capital of Xinjiang province killed 156 people. The government blamed overseas Uighur groups for the unrest. A curfew and traffic blockade remained in effect in Urumqi, capital of China’s westernmost province, until 8 a.m., a government press officer, Yang Guoqiang, said in an interview. Three armed guards checked every visitor and bag with metal detectors at the Sheraton Urumqi hotel.
I have another theory that I created from connecting a lot of dots. Writers have kind of been tapping around the edges of it, but nobody has yet put it together into a coherent theory. So, I will call it rich's Political Implosion Theory.
It is that the two-party system in the U.S. is in the process of imploding. The impasses in the NY and CA legislatures...the recent demise of two sitting Republican governors...may be the first steps in the dissolution of the Republican Party as we know it. We might know for sure if the Dodd-Kennedy health care thing just sails through with tepid Republican support, which is actually what I think will happen.
My theory is that as the Republicans implode, a new American party would arise to the left of Obama and aimed mainly at dismantling Wall Street, the Fed, etc. Call it Socialists, although it would probably have a different name and imagery.
Wouldn't that explain a lot? Of course, it would take a decade to happen. In the meantime, Obama would occupy a huge but fragile political center.
If I were China I'd TreasuryBomb the USD and let the chips fall where they may.
They would either have to do a Tienanmen Square job on a national level or accept the end of the Communist Party and all related perks for the apparatchiks if they did that.
If they carpet bomb the USD they also carpet bomb their entire export mfg sector and the 200 million or so jobs it produces.
The nice folks running the CCP might not like us round eyed devils but they understand revolutions and angry public on the streets. Most grew up just before or during the Cultural Revolution. They will do absolutely everything in their power to try and keep that 'energy' employed. Blowing up the dollar would not be helpful.
In fact I'd say the Chinese are more responsible for the dollar holding up than is the US Treasury, Fed, congress or 300 million debt ridden mall crazy consumers over here. The PBoC & SAFE are about all there is holding up the dollar.
My theory is that as the Republicans implode, a new American party would arise to the left of Obama and aimed mainly at dismantling Wall Street, the Fed, etc. Call it Socialists, although it would probably have a different name and imagery.
" can't help but think that if the govt had nationalized a few of the banks (and Fannie/Freddie for that matter) and had the taxpayers own the mortgages outright, more people would feel obliged to pay their debts in the national interest. but AIG, Fannie, Freddie, Citi, still operate as private companies, and most importantly, their employees are still getting paid as if they work for private companies.
i do believe deep down most people are loyal to their country, and if asked to sacrifice, they would, even if it means paying on an underwater mortgage.
this is where BHO screwed up big time. he had a chance to make a difference, but blew it.
now we have an "us-versus-them" mentality. Goldman is accruing to pay record bonuses, while food stamp usage is at all time highs.
"class warfare" might soon take on a new, literal, meaning."
$98. satin shoes for one Obama girl and $108. for another pair of shoes for the other in Russia?......sorry, from the Mrs
When it costs a dairy $1.70 to produce a gallon of milk, they still have to sell that gallon. When I produce a gallon, I can also make ice cream, butter, or other dairy product. Afterwhich, for all the extra not consumed or otherwise used, it feeds the rest of the critters on The Ranch. The dogs and cats drink the milk and the chickens eat the clabber.
I watched it.One last comment,mmckinl. The accusations he makes about liquidity vs. volume have been discussed for a long time. Pit traders have long argued that a sell off resulting from an unexpected geopolitical event or natural disaster that would be very negative for the stock market, would be magnified by computerized trading because "everyone would sell at the same time". First of all that can't happen since every share sold has to be bought by someone else. I think they mean volatility would increase sharply. Yeah, it would get scary, then what? When institutions and other traders are done selling, buyers will start buying because they think the sell off was overdone,no?
Screen based and program trading could have some short term effects, but I don't think it's a conspiracy. And large traders have been pushing the markets around for over 100 years (sometimes with mixed results.. Just ask Lehman or Bear Stearns traders.)
I'd like to see some evidence to support his opinions. I've heard too many conspiracy theories...
You must have made a mistake. Real estate prices only go up in San Francisco.
First.
God DAMN you nemo.
Just the beginning ...
Until the banks are cleaned up we are in for a decade of deflation ...
dammit! I just got a check from the state of CA. the neighbor and wife both watched as we hoped to see our first IOU.
(I'm a few threads late for this, but I figure its mostly on topic )
The Vegas piece at the bottom is even better - hell they want to 'walk away' before they even get there.
Obamageddon is Coming!
4 minute video - Posted July 06, 2009
Obamageddon is Coming! : Information Clearing
House - ICH
Unless and until Obama changes course radically this is our future ...
Just one more reason to never, ever go to Vegas.
dammit! I just got a check from the state of CA. the neighbor and wife both watched as we hoped to see our first IOU.
Frame it - be like Confederate money in a few years... can't wait to see them hung in restaurants & businesses... "Our First IOU".
Fox,
I'd be going to the bank.
and fast!
Carlo from the previous thread.
Florida is recourse. The lenders virtually never ask for deficiencies; they
aren't gonna start now.
One example: The Palm Beach County judge with 40,000 foreclosures.
She can't get thru the foreclosure part. Even if she were willing to sign deficiencies,
this would double her already impossible workload.
Liz,
That 40K foreclosures for ONE judge still creeps me out a bit.
I maintain that credit scores are useless and will become even more useless.
Starting to see a lot for ads, especially for apartments, that state "no credit check." Credit checks make no sense especially for services where (1) the company has a CC on file and (2) the company can pre-bill (e.g. cable, cell phone).
Despite my pleadings, my parents are buying a house 2X the size of their existing home but much nicer... house is 1/2 off of bubble and 1/3 off of comps, so they won't be losing too much down the road... they're worrying about all the grandkids running around; i'm trying to get a 3 month old on the title for the $8K tax credit.
Going to Vegas is fine. It's buying things there that's bad.
She can't get thru the foreclosure part. Even if she were willing to sign deficiencies,
this would double her already impossible workload.
LL - what are the statue of limitations in FL like? Can they claw back later?
From Bloomie:
Goldman Trading-Code Investment Put at Risk by Theft (Update3) - Bloomberg.com
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said.
---Somebody like, say, um, I dunno? GOLDMAN SACHS!
That's what she said in court. And it sounds about right.
From my front row seat at the End of the World.
You know I'm not kidding.
It really is too late for anything but half off cramdowns and that's not gonna
happen. We'll meet at the other side of the event horizon.
Fox,
I'd be going to the bank.
and fast!
If this bounces, I'm framing it
great articles, it is going to get uglier before it gets prettier, that is for sure.
i can't help but think that if the govt had nationalized a few of the banks (and Fannie/Freddie for that matter) and had the taxpayers own the mortgages outright, more people would feel obliged to pay their debts in the national interest. but AIG, Fannie, Freddie, Citi, still operate as private companies, and most importantly, their employees are still getting paid as if they work for private companies.
i do believe deep down most people are loyal to their country, and if asked to sacrifice, they would, even if it means paying on an underwater mortgage.
this is where BHO screwed up big time. he had a chance to make a difference, but blew it.
now we have an "us-versus-them" mentality. Goldman is accruing to pay record bonuses, while food stamp usage is at all time highs.
"class warfare" might soon take on a new, literal, meaning.
Henh, henh, Basel.
Putting a minor's name on a deed is easy; taking if off before they are 18 is
quite a bit harder.
Lots of "one-off" CRE sales at a 40-50% discount. Good thing the REITs hold higher quality assets that are sure to fetch book..... /snark off.
Two threads late but a lot of misperceptions floating around on who does/doesn't get paid by CA IOU's.
Frequently Asked Questions about Registered Warrants (IOUs)
The State Constitution mandates that education and debt service have priority status, and the Controller will work to ensure there are sufficient funds to continue to make those payments with regular warrants. The State Constitution, federal law and court order also require that State payroll, CalPERS, CalSTRS, In-Home Supportive Services and Medi-Cal providers continue to be paid with regular warrants.
The State in July will issue registered warrants, or IOUs, for all other payments, including those to private businesses, local governments, taxpayers receiving income tax refunds and owners of unclaimed property.
Ghost,
They drew First Blood...
I think it is 5 years after the foreclosure (sale? Judgment?), but it happens so
seldom I don't really know for sure.
OT, but i was wondering is there anything that shows how request for student loan extensions or people late on student loan pmts relate to the unemployment rate?
can't wait to see them hung in restaurants & businesses... "Our First IOU".
I actually looked on ebay a few days back, wondering if any were selling. Not yet anyway. I think it would be a fun momento.
The sale, at a price that represents about 25 percent of replacement cost, represents the first San Francisco office building sale in a year.
That statement is false. Typical inane broker nosensical tripe. Construction costs can and do fall. Moreover, land prices get crushed in a real estate bust.
Besides, replacement costs are meaningless in a glut, especially with falling demand. Just look at residential prices in Detroit.
Here's something to consider. My grandfather abandoned numerous commercial properties during the depression. He simply couldn't afford the taxes or the loans. There is nothing new here.
Goldman takes over the NYSE ...
According to previous NYSE rules, any company that carried out program trading -- essentially, large computer-automated trades worth more than $1 million -- had to report the trades to the NYSE, which then made the information publicly available.
But, under new regulations (PDF) published last week, that requirement has been removed.
"The NYSE announced that it will no longer be releasing its weekly program trading data," Taibbi wrote in a blog posting. "This is quiet obviously a move designed to make it even more impossible to track what’s going on in the NYSE and shield, in particular, Goldman Sachs."
Taibbi argues that the move is designed to protect investment banks from bloggers who are exposing the companies’ stock market manipulations. Goldman Sachs is singled out because the investment bank’s share of principal NYSE trading has gone from 27 percent at the end of 2008 to fully 50 percent of trades in recent months.
Blogs such as Zero Hedge have been using NYSE data to argue that Goldman Sachs now has an almost unfettered ability to control stock prices.
Taibbi: New Secrecy Rule Lets Goldman Sachs Control Stock Prices Unmolested by Public Scrutiny | Corporate Accountability and WorkPlace | AlterNet
Dryfly - I can't speak for Florida, but in most states where any form of abbreviated procedure is available, you waive your right to pursue a deficiency if you don't assert it and go through the long-form foreclosure.
I think it is 5 years after the foreclosure (sale? Judgment?), but it happens so
seldom I don't really know for sure.
If I were you - in your position as advocate - I would know that one inside out. It will be actionable eventually.
Ours isn't abbreviated. Only 1 flavor used.
Now if only SF residential real estate would stop defying gravity.
Yeah, it's fallen a little bit, but asking prices are still sky-high.
i was wondering is there anything that shows how request for student loan extensions or people late on student loan pmts relate to the unemployment rate?.
they just go back to school and accumulate more debt. that way, the students won't be unemployed or in default. more green shoots
Starting to see a lot for ads, especially for apartments, that state "no credit check."
We tried renting out a house that was slow to sell a few years back, and I don't see how anyone could flat out ignore a credit problem.
One young girl forewarned us her credit stunk because she kept "forgetting" to pay her credit card bill, even though she was surely going to pay her rent. Of course.
The landlord prospect was scary. Thanfkully the house sold soon after.
We'll meet at the other side of the event horizon.
Liz- is that before of after the bottle neck we humans are going to go through?
The last time this happened (about 70000 years ago, when the Tuba Volcano in Java erupted, we were down to less that 10,000 of us, as out Mitocondrial DNA points out).
Inquiring minds want to know.
Well, I tell everybody it is a remote possibility and there's nothing they or I
can do in that event anyway. But I'll look it up again. I am personally very
financially conservative, but even I wouldn't lose sleep over a deficiency judgment.
adornosghost, I thought it was 5,000 humans. maybe I'm misremembering
Angry Saver
Exactly correct ... RE prices are only supported by the underlying economy ...
Replacement costs are irrelevant in a deflationary credit crises economy ...
On the news tonight that the dairy farmers are having big trouble - don't know if it's just around here or nationwide.
Help Offered For NH Dairy Farmers - Money News Story - WMUR Manchester
"Help offered for NH Dairy Farmers"
"It costs me 20 bucks to produce 100 pounds of milk, but I can only sell that 100 pounds for $12," Glines said.
Ugh.
There's a cool book you'd like 7 Daughters of Eve, I think.
It traces mitochondrial DNA back to 7 women, who, if not Eve,
are the direct ancesstresses of billions.
I personally don't think we were human 70k years ago. I think
there was a language thing that finalized 35-40k years ago which
turned us human. But your point is well taken. Our near-human
ancestors went thru a bottleneck.
Angry Saver
Of course what's coming is the "beggar thy neighbor" pricing that will hit
even the most conservative of CRE and multi family investors ....
didn't they pour milk out on the ground in GDI?
adornosghost, I thought it was 5,000 humans. maybe I'm misremembering
You may be right, as some say we were as low as 2000---
Seems that the few who survived, did so in South Africa area, but that is up for debate also.
A couple of thoughts after reading the comments here for a few months.
Many posters are convinced that due to their insight, energy, intelligence, fiscal prudence, etc. they are qualified to offer advice to those less blessed. Absent from many of their posts is any acknowledgment their good fortune might be the result of coincidental factors outside of their control.
The world looks different after a bankruptcy. Unless you or people close to you have actually been through the process, posts about motivation, strategy, etc. of the "sheeple" frequently look silly and/or naive.
I havent spoken with any my buddies over at City Center in a while... I should email them... They always had some good stories.... That thing has been a sh*t show from the beginning....
Oh, no mhdoc, I am well aware that I am incredibly lucky.. .
As well as all those other good things!
mmckinl,
CRE investors are much more ruthless with regards to defaults than single family homeowers. Seasoned CRE investors understand the dirty little secret of banking. The banks give mulligans! Just look at Trump.
I read that as "bugger thy neighbor" at first...
That and your daily exposure to folks in trouble shows in all your comments
I need ice cream.
Would that help a dairy farmer?
Basel 2:
I was about to point out that dependents aren't eligible for the Home Buyer Credit...but in the IRS description I looked at, couldn't find such a rule.
I still doubt it'll fly, but see this for support of your scheme.
First Time Homebuyer Credit - Dependent? - Intuit Community
A bit late, but anyway. Goldman Sachs and manipulative programmed trading:
ACK! Nothing found for Wordpress 2009 07 05 Wall-street-programmed-trading-bad ! How frustrating! Try the search box in the right column, or go to the Front Page linked above.
Angry Saver
CRE investors are much more ruthless with regards to defaults than single family homeowers. Seasoned CRE investors understand the dirty little secret of banking. The banks give mulligans! Just look at Trump.
~~~~
It won't matter ... there won't be any tenants to take the space ...
Just as your father found out ...
I personally don't think we were human 70k years ago.
We have been around in our present form for much longer than that, but your point is valid, as our modern tool kit did not fully come together until 40,000 years ago.
We have been anatomically identical for 120, 000 and probably close to 180,000.
There is noise, as even recently we have been coming hiv resistant through the mutation in the CCR5 gene, etc.
It is a arising process.
So far, the most expensive unit under contract is a 3,910-square-foot suite at the Mandarin for $9.4 million, or $2,392 per square foot.M ROTFLOL ! ! !
Well, mhdoc, it isn't what I signed up for.
Even relatively non rich people who buy houses. . . . are buying houses.
They are happy, the seller is happy, the mtg company is happy. But if I
want to stay in business, I have to be exposed to all this sadness.
It's like you wanted to be a pediatrician, but now you only see severe heart
attack patients.
Well until someone finds some brain tissue frozen or something from 70k
years ago, we won't know for sure.
...some brain tissue frozen or something... LL
Brainsssssssss ice cream...
What's 9m$ between friends? That buyer will walk!
can we stop calling it "ruthless" default? It's really just a different flavor of the "efficient breach," with the agreed upon damages the return of the property in jingle-mail states.
According to Black's Law Dictionary, efficient breach theory is "the view that a party should be allowed to breach a contract and pay damages, if doing so would be more economically efficient than performing under the contract."
picosec: i'm working off of this
However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
Yummy.
No I was thinking more like butter pecan or chocolate almond vanilla.
If GS is doing HALF the trading, and they still can't keep the price up
consistantly, well, what does that say?
"Our near-human
ancestors went thru a bottleneck."
VESPULA
Black and white the hornet
‘Vespula’ they call her,
Armor black and white
Length two centimeters
Builds a paper nest
Underneath the eaves,
Cellulose digests
Paper cells she leaves
Generates a brood
Behind the window pane,
Carries them their food
Insects she has slain
On our window sill
Her colony expands,
Brings to it her kills
We are in her plans
Seeing through the glass
They hurl themselves at us,
Furious they pass
Savagely they thrust
Armored carapace,
Sharp the poison sting,
Flying in my face
The armor of it rings
Kill us or be killed,
Frighten us away,
Venom they have spilled
Intoxicates their prey
Those who recognize
Themselves in such a fury
See with compound eyes
Inhuman testimony
Pavel
July 6, 2009
didn't they pour milk out on the ground in GDI?
I don't know, but you are giving me the incentive to research that.
The news story said something about the low cost paid to farmers for milk was not getting passed along to the consumer. I didn't really catch why that was.
Dairy farming is more than just a job, of course. It's a lifestyle. Well, that and the fact that my g'father turned to dairy farming in his late 40s, dust bowl, hard luck story, yadda yadda yadda, I just have a soft spot for them.
If GS is doing HALF the trading, and they still can't keep the price up
consistantly, well, what does that say?
They make money shorting stocks as well...
MM
Thanks for the heads up. Fired off an e-mail to Chuck the Schmuck who purports to represent me
What's the difference between a dairy farmer and a convict?
The convict doesn't have to milk the cows
So they must be shorting themselves???
OT Noise Alert:
How much money is L.A. pissing away on Jackson's memorial celebration?
Great poem Pavel.
"MGM Mirage said it isn't offering discounts to current buyers, many of whom bought during a special promotion period for "friends and family" of MGM Mirage. A spokesman said it is too early to know how the units are valued in the current market. In Las Vegas, home-sale prices are down more than 30% from a year earlier."
With friends like this, who needs enemies?
They might break even what with people buying ice cream etc.
Ice cream I really need it. . .
speaking of MJ, I'd love to be able to rack up $400mm in debt before I die!
Now, now, Effective Demand will get on your case.
didn't they pour milk out on the ground in GDI?
They ate their cows one by one.
They also burned corn instead of selling it because it made more sense than selling it at those prices [corn prices were so low compared to coal or oil it made no sense to sell corn and buy coal]... meanwhile people a few hundred miles away in big city Hoovervilles were starving.
We have been anatomically identical for 120, 000 and probably close to 180,000.
Except for the introduction of two genes highly correlated with intelligence, whose spread 30,000 years ago roughly tracks the development of sophisticated human society and achievements of culture.
If CRE is going down, how come even small radio stations are so expensive?
But kermit made a late day surge to send elmo reeling. The surged worked I tell you!
most of MJ's creditors aren't complaining; copyrights are one of the few assets that are worth more to the estate than the creator.
Anyone who thinks deficiency judgements have any value should try collecting a few.I once went through 10,000 auto deficiency judgements at a collection agency to determine their profitability and collectablity.I first looked at total dollars assigned versus total dollars collected over the prior ten years.then I took 250 of them,selected for maximum collectability (Based on such things as the address and job quality) and made a determined effort to collect them.I did collect some $,but not enough for the effort to be profitable.Remember I had a judgement and thus the ability to Garnishee wages and attach bank accounts when located.Most of these people are insolvent,and will file BK if you make it worth their while by pursuing a $150k judgement.THERE IS NO MONEY TO TAKE,get over it.
Basel 2:
The IRS guidance says that the $8k can be split among buyers in any way that they agree to (IRS.gov 404 Error Page. This summary doc doesn't mention dependency at all.
Your reference "could" imply a grown son or daughter that isn't a dependent, ... or not.
I think I'll let someone else go first on this one, though.
So I guess the good taxpayers of Clownifornia are paying for this MJ memorial crapfest?
Well until someone finds some brain tissue frozen or something from 70k
We have many skeletons and brain cases from that time--
It's us! Couldn't tell the difference between one of "Them" and a Goldman Sucks Trader.
(I guess that was not the best analogy)
Thanks Tom; I wuz beginning to sound like a broken record.
And how many ancestors were there before the Javan volcano went off.
TIA. Will check tomorrow.
Nitey-nite doomers.
Edit: my brain case doesn't do my thinking.
I have yet to see noticeable, big declines in southern Marin.
The MJ memorial is one of the most sensible expenses the state has incurred lately since it is not immediately and seriously harmful to most citizens.
I just can't believe the State of California is wasting money on this shit!
"If CRE is going down, how come even small radio stations are so expensive?"
~~~~~
They too will fall in value as ads dry up ...
Nothing, I repeat, nothing will escape deflation ...
Why so much deflation ?
http://4.bp.blogspot.com/_9ZzZquaXrR8/SlFRqh1OFkI/AAAAAAAAENI/M-btT2xlRqM/s1600-h/DebtGDP.gif
If this graph doesn't scare the beejesus out of you then nothing will ...
And again Team Obama is trying to underwrite this debt with tax payer dollars ... it is NOT possible ...
i live in vegas. two weeks ago, for a lark, a friend and i went to the city center sales office. the office itself cost like 10m. anyhow, the very sweet sales girl all but admitted that existing contracts will be modified to allow for discounts, the amount as yet undecided. it is inevitable.
I have yet to see noticeable, big declines in southern Marin.
I live in Mill Valley, and many more properties are on the market.
Some are moving though---
mmckinl,
With regards to debt to GDP ratios, it's important to note that today's debt levels are much much higher than at the start of the GD. What many fail to realize is that the debt to GDP ratio soared during the deflation - GDP plummeted ~ 30%. Prior to the GD deflation, the ratio was not alarmingly high.
Today's debt levels scare me shootless. We'll be lucky with an outcome like Japan.
now all we need is a big earthquake in SF to really make RE prices fall...
Angry Saver
The Japanese outcome is off the table now ...
Team Obama has shot its wad throwing money at insolvent banks ...
Banksters will oversee theirZombies while taking outrageuos bonuses ...
as the country descends into a full blown depression ...
We already see that Goldman is in complete control of the trading exchanges and the government ...
Great tape from Zero Hedge
Themis Trading: "Principal Program Trading Is A Way To Get The Market Go In Your Direction" | zero hedge
And now the NYSE is NOT even reporting trades to the public ....
GS will use the new 'uptick rule' to squash the shorts everyday ...
So I am correct then, that Clownifornia (which is facing a 26BILLION dollar deficit and issuing IOU's and has had its' GO bonds downgraded to BBB) is in fact funding the MJ memorial crapfest?
I am surprised I am shocked by this...
I wonder if they'll have candy crapping unicorns there for the deluded masses...
Might stimulate the economy, though. All that rebuilding.
If New Orleans had gone down this year under Obama instead of several years ago under Bush, they'd use it as an excuse for massive stimulus and probably pile on a couple of extra major public improvement projects besides, pork or otherwise.
Angry Saver
"With regards to debt to GDP ratios, it's important to note that today's debt levels are much much higher than at the start of the GD. What many fail to realize is that the debt to GDP ratio soared during the deflation - GDP plummeted ~ 30%. Prior to the GD deflation, the ratio was not alarmingly high."
~~~~~
Couldn't have said it better myself ....
CUFM?
(That would be, Credit Union Failure Monday).
DFI - Press/Media
[now all we need is a big earthquake in SF to really make RE prices fall...]
You mean make the building fall to keep pace with falling prices ?
For those of you wondering what will happen with CA's budget crisis, I'm not sure. I do know that they have done this type of $%&* extensively over the past few decades. Far too many of the people in Sacramento view this as just another episode of brinksmanship and political show.
Angry Saver,
When I look at charts that show how the debt level came down during /after GD1, I always ask myself whether that happened mainly through default or mainly through loans actually being paid down...Does anyone know the percentages?
"Might stimulate the economy, though. All that rebuilding."
~~~~
LOL ... we are looking at $50 trillion in aggregate debt ...
Adding more government debt will not come close to stimulating the economy ...
Until this country de-levers the debt we will be looking at a deflationary spiral ...
State Orders Closure and Liquidation of Watts United Credit Union
(San Francisco, CA) - The California Department of Financial Institutions (DFI) today announced the closure and liquidation of Watts United Credit Union, Los Angeles, citing insolvency.
As of June 30, 2009, Watts United Credit Union had assets of approximately $800,000 and about 1,000 member share accounts.
Immediately following the closure, DFI appointed the National Credit Union Administration (NCUA) as Liquidating Agent.
The NCUA will issue checks to Watts United Credit Union members for verified funds in their share accounts. Credit Union members’ deposits are federally insured up to $250,000 per account by the NCUA National Credit Union Share Insurance Fund (NCUSIF).
The NCUA will announce their acceptance as Liquidating Agent of Watts United Credit Union in a press release, which will be available on their Web site at National Credit Union Administration (NCUA)
Watts United Credit Union was originally chartered in 1966. This is the first state-chartered credit union closed by DFI in 2009.
DFI supervises about 700 state financial institutions. Maintaining the integrity of financial services remains the primary mission of the Department. The DFI is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers’ checks and payment instruments (money orders), and money transmitters. In addition to posting information about licensees, the DFI Web site features consumer information on a variety of financial topics and DFI consumer brochures available in seven languages.
The Department reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.
"When I look at charts that show how the debt level came down during /after GD1, I always ask myself whether that happened mainly through default or mainly through loans actually being paid down...Does anyone know the percentages?"
~~~~~
Massive defaults until WWII ...
devaluation (stealth default) as well
Thanks for the link, mmckini.
"LOL ... we are looking at $50 trillion in aggregate debt ...
Adding more government debt will not come close to stimulating the economy ..."
Might, if you built something more productive than what was there before.
In principle, there's nothing wrong with going into debt to build infrastructure and technology that aids the economy down the line. It can work, has worked.
Unfortunately, that's not what we're doing; or at least the parts of the stimulus that serve these purposes are nowhere near as large as they ought to be, to be effective.
Basel Too
GDP actually picked up until '36 lowering the ratio ....
The War lowered the ratio considerably with the arms buildup ...
"Might, if you built something more productive than what was there before.
In principle, there's nothing wrong with going into debt to build infrastructure and technology that aids the economy down the line."
~~~~~
We don't need more productivity ... we have a falling capacity utilization rate as it is ...
We need to get food in people's bellies, roofs over peoples heads and money into people's pockets ...
People can't spend what they don't have ... Infrastructure stimulus is all about expensive materials and equipment ....
Labor only gets a small share of it all ...
scone;
"If CRE is going down, how come even small radio stations are so expensive? "
I'm hearing that small radio stations are going for up to 70% off of wishing prices.
Radio is basically dying as far as I can tell.
GD1 is irrelevant to what is happening today. We are no longer obliged to redeem our currency for gold. It is backed by nothing.
Hmm, what do I see here?
Operation Date: 07/06/2009
Operation Type: Outright Coupon Purchase
Release Time: 10:15 AM
Close Time: 11:00 AM
Settlement Date: 07/07/2009
Maturity/Call Date Range: 12/31/2013 - 04/30/2016
Total Par Amt Accepted (mlns) : $7,000
Total Par Amt Submitted (mlns) : $18,151
Federal Reserve Bank of New York - Permanent Open Market Operations
And here?
Harley-Davidson, Bank of America Market Debt for Fed’s TALF
Harley-Davidson, Bank of America Market Debt for Fed’s TALF - Bloomberg.com
And most importantly, here?
"By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation."
http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm
"By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation."
I take it you're investing based on BBs speeches rather than whether he succeeds then?
Half off? that makes it seem like CRE is struggling.
Good thing banks (taxpayers) aren't exposed to commercial real estate!
(strike function doesn't work...
Infrastructure stimulus is all about expensive materials and equipment ....
Labor only gets a small share of it all ...
Shovel brigade conservation corps type 'make work' as the only exception. High labor content low cap utilization.
Can you see today's citizenry with a backpack, shovel and pick out planting trees in the wilderness 'by hand' today? Make 'Biggest Loser' look like a party game.
snark/on
Question for the non-ITs
What are you trying to do with your password and IDs?...Every website has their own unique way of providing it....It is getting totally overboard....
For the non ITs- How are you juggling all of these IDs and passwords required for each website? This is what I call overload....End result.......drop off the radar screen for those that would like to comment....
I am getting close to the point that I will no longer put up with this....I would rather have a "root canal" or plan my budget for the next 10 years....
I am sick and tired of having to jump thru IT hoops, because they have not come up with a better solution....or maybe its time to go back to snail mall for authorization/approval....All I know, is that the current system is not helpful....more of the burden is being placed on the general public....
snark/off
I intend to bring up this subject until some one resolves this problem...
I intend to bring up this subject until some one resolves this problem...
Ignore button?
""By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation."
http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm
"
~~~~~
This 'supply side' theory is total crap .... inflation of goods will only drive more people into poverty ...
"I live in Mill Valley, and many more properties are on the market."
I concur. I have seen a few sold signs as well. My speculation is the more robust financial means are creating a lag in the eventual decline. So this is my canary for really bad times.
What are you trying to do with your password and IDs?...
not sure what you mean, but I have a simplified system of doing my passwords so I don't forget them.
I have a basic password and then a code that I use to alter the basic password for each website.
For instance (I do not do this):
I could use the password of: pa55w0rd.
Then I could alter it by taking the first and last letter of each website and adding that to the front and back of the password.
so for instance:
at calculatedrisk I would take the c and k and make:
cpa55w0rdk
what I actually do is more complex (the above is somewhat easy to break) but works easily in my mind.
I also have a "throwaway" password for things that aren't important. (like nytimes.com where there is no money/credit card involved)
"We don't need more productivity ... we have a falling capacity utilization rate as it is ..."
That's the wrong take on productivity, the one we've had for 75 years or so. The flip side of productivity is not making more, but making more efficiently. Making renewable energy instead of buying it from overseas, at less cost. Making goods that are better, cheaper, and use fewer raw materials. You can be very comfy on ten dollars an hour in a land where a fine loaf of bread is 75 cents, a visit to the doc is $25 all expenses paid, and your rent is $250/month. And you only need one car, and the cost of fuel is 1 cent a mile.
In other words, increasing wealth. I don't see us getting there until the wolf's at the door and has killed the door guard. Too many fiefdoms in the way. But it's possible.
"Making goods that are better, cheaper, and use fewer raw materials."
~~~~~
Name one good ...
The fact is we will have to do with less ...
But people shouldn't have to starve while Banksters get tax payer dollars to pay their record bonuses ...
lost-confused: the application of a barcode on your wrist is scheduled for the second half recovery too.
C
Damn. The state owes me $14 -- they said 6 to 8 weeks. at the beginning of June.
Coincidentally, $14 is what a margarita costs in Vegas these days.
problem is that the material gains in productivity are often swallowed up by the IP costs.
In a word where you can print usable circuits off on a modified inkjet printer, anything's possible.
Don't get lost in self-righteous gloom and doom and start thinking about bicycle-powered grain grinders like the Appropriate Technology crowd back in the '70s.
$14 is what a margarita costs in Vegas these days.
Yet another reason to never, ever go to Vegas.
"I take it you're investing based on BBs speeches rather than whether he succeeds then? "
I am investing based on him succeeding - in destroying the USD eventually.
I am not betting on deflation, though, if that is the question.
David Tice was on Bloomberg TV the other day, and I think he has a great strategy - short stocks, long commodities. Great pairs trade.
"You can't beat deflation in a credit-based system."
Robert Prechter
Make Sure You Get This One Right - John Mauldin's Outside the Box - InvestorsInsight.com | Financial Intelligence, Advice & Research / Investment Strategies & Planning for Individual Investors.
For anyone interested in health-care in the UK.
My mother had to have a colonoscopy today. It took two weeks for the appointment which is about similar to here in my experience. Biopsies should be available in the next few days, again similar time frame to here.
They decided to do a follow-up CT scan which is being performed tomorrow.
I was very surprised at the speed that everything moved given the stories I had heard about UK health-care.
Counterpointer (profile) wrote (in reply to...) on Mon, 7/6/2009 - 5:09 pm
* reply
* Ignore user
lost-confused: the application of a barcode on your wrist is scheduled for the second half recovery too.
C
Right now with all the hassal involved with IDs and passwords, I am almost willing to have a barcode in my forehead....
Dude, an ignore button is no where near as satisfying as casually glancing at the name of the despised, muttering "idiot" under your breath, then moving on to the next post.
An ignore button is only good in a situation where you are tempted to reply to said idiot and waste valuable time in the process.
poic
Best wishes to you and your mother ...
GnomeHumor= utter fail.
lost-confused.
set the browser to save the passwords for all the sites that don't store personal information.
I guess the point I am making, if you visit 10, 20 or 30 websites, each has their own criteria on min-max enteries, Cap Lower letters, numbers, punctuation....where is this going?
The situation is getting un manageable...
Don't get lost in self-righteous gloom and doom and start thinking about bicycle-powered grain grinders like the Appropriate Technology crowd back in the '70s.
Bob Dobbs is exhorting people to get bicycle powered grain grinders. Were doomed.
HomeGnome,
"$14 is what a margarita costs in Vegas these days."
You are going to the wrong bars if you're paying $14 for a margarita in LV. That's highway robbery.
Oh, and have you seen this?
lost-confused.
I'm in IT and have had some experience in implementing the web-sites you are having issues with.
You won't find one integrated, seamless, standardized way of logging into system because:
1) Every company thinks their way is the best
2) Many companies and/or software engineers do not place a high priority on user-interface design.
3) It is not in any companies interest to design a system that integrates with other's sites. In general companies are interested in pulling eyeballs/money from other companies sites.
So this is my canary for really bad times.
Mine also- Marin has the highest per capita income in California., with Souther Marin even pricier.
mmckinl,
Thanks, it looks like it may be early stage cancer unfortunately. Puts today's threads on screwing everyone over in a rather mundane perspective for me today.
I should have put this in quotes as I was quoting another poster (Art):
"$14 is what a margarita costs in Vegas these days."
I'll make my margaritas at home, thank you.
With fresh lime juice; not that nuke green sugar mix.
If I'd had a few more Great Lakes Beers on Sat., I think I may just have seen those two...
Best wishes to you and yours, poic!
thanks homegnome (:
lost-confused: if you can't beat 'em, join 'em, why not take it to Glodman's as a solution to their, err, wayward coders?
C
Welcome to Serfdom
Boost in Food-Stamp Funding Percolates Through Economy
The president's stimulus plan has been aimed primarily at the top of the economy, pumping money into banks and car companies and state and city governments. But it also has put more money into the hands of the poorest Americans by boosting monthly food-stamp allocations. Starting in April, a family of four on food stamps received an average of $80 extra.
Boost in Food-Stamp Funding Percolates Through Economy - WSJ.com
Ms. Gnome and I have contributed our extra GnomeGrown produce to local homeless shelters.
The managers of said shelters seemed very thankful for our donations.
Not everyone facing homelessness made bad decisions.
Plant a Row.
more details about 6/7 banks that failed last thursday
Hybrid Securities Doomed Six Banks
What are you trying to do with your password and IDs?...Every website has their own unique way of providing it...
One way is to put them all in a file and encrypt the file. Winzip or gpg can do the encryption/decryption.
Another solution is to use IronKey.
Counterpointer,
I have a better solution, I will not sign on the all the websites I access, except my provider and CR...
I am slow, and I have no intention on tracking all the websites I visit..I guess that they have or will silence me....because it is to complicated....They really do not want to hear from their public....
I'm hearing that small radio stations are going for up to 70% off of wishing prices.
Radio is basically dying as far as I can tell.
CR station? that would be fun. Ken, how much would that cost?
(jk)
Not everyone facing homelessness made bad decisions.
Plant a Row.
And who hasn't made a bad decision somewhere along the line, eh?
Food Banks running out of food ...
food banks running out - Google Search
take your pick ...
True enough, Outsider.
Plant A Row:
Garden Writers Association | Plant a Row for the Hungry
"One way is to put them all in a file and encrypt the file. Winzip or gpg can do the encryption/decryption. "
For my more secure data I have a USB drive that I broke into two partitions. On the smaller main partition all I carry is a shareware software called TrueCrypt. Plug it in, run truecrypt and it allows me to access the second partition which is fully encrypted.
Ok, if GS HQ had been in the WTC, would OBL have become a National Hero (speaking as one who lost 2 childhood friends when they went down I would say no, but just wondering how deep the antipathy towards GS goes)
what I actually do is more complex (the above is somewhat easy to break) but works easily in my mind.
It is absolutely, positively no surprise to me that you got thru med school...
Very bad news for U.S. financial markets.
It appears some rogues now have the ability to program trade in ways that could manipulate markets, inflate prices, distort fundamentals and screw Mom and Pop investors.
They stole Goldman's code.
Goldman Trading-Code Investment Put at Risk by Theft (Update3) - Bloomberg.com
just wondering how deep the antipathy towards GS goes
Kill everyone in that company and let God sort them out.
"
Not everyone facing homelessness made bad decisions.
Plant a Row.
And who hasn't made a bad decision somewhere along the line, eh?"
I remember watching "Roger and Me" and thinking that most of the rich people in the video simply did not realize that a good chunk of them would have failed at life if they had been unlucky enough to be born into an on-the-rocks family.
Some people will always succeed no matter what is thrown at them.
Some people will always fail no matter what is given them.
A big chunk in the middle could very easily go either way depending on family circumstances, a bit of good/bad luck etc..
bobn (homepage, profile) wrote (in reply to...) on Mon, 7/6/2009 - 5:33 pm
* reply
* Ignore user
What are you trying to do with your password and IDs?...Every website has their own unique way of providing it...
One way is to put them all in a file and encrypt the file. Winzip or gpg can do the encryption/decryption.
Another solution is to use IronKey.
So, If I understand correctly, I need to pay someone to sort my websites/ids/passwords....
You what this sounds like, the cost savings to companies that put in automated phone systems. I am spending my time doing their job while my prices increase....
Yes, technology has been good for the American consumer....
While not a Luddite, what has High Tech provided the American People....Can not ring up the purchase, because the computer is down.......Just provides another excuse for the incompetence of business and government....
Websites, pshaw! You could try soapboxes at the mall, sandwich boards outside banks, writing dystopian novellas, the occasional mass movement or survivalist enclave, even a banana republic coup to promote your views. Endless possibilities.
C
bobn (homepage, profile) wrote (in reply to...) on Mon, 7/6/2009 - 5:33 pm
* reply
* Ignore user
What are you trying to do with your password and IDs?...Every website has their own unique way of providing it...
One way is to put them all in a file and encrypt the file. Winzip or gpg can do the encryption/decryption.
Another solution is to use IronKey.
So, If I understand correctly, I need to pay someone to sort my websites/ids/passwords....
You what this sounds like, the cost savings to companies that put in automated phone systems. I am spending my time doing their job while my prices increase....
Yes, technology has been good for the American consumer....
While not a Luddite, what has High Tech provided the American People....Can not ring up the purchase, because the computer is down.......Just provides another excuse for the incompetence of business and government....
@ Rich,
From my post earlier tonight:
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said.
---Somebody like, say, um, I dunno? GOLDMAN SACHS!
speaking as one who lost 2 childhood friends when they went down
Co-pilot of the 1st tower plane was from my area. You couldn't find a better quality individual. His 2 kids were in my kids' school. Tragic is a complete understatement, at least in my thinking.
I think you need some Cheese to go with that whine, lost.
If I understand correctly, I need to pay someone to sort my websites/ids/passwords....
Gee, YOU'RE WELCOME!
fyi, gpg is absolutely free and winzip is pretty close.
Schmuck.
"From my post earlier tonight:
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said.
---Somebody like, say, um, I dunno? GOLDMAN SACHS! "
No, no you got it wrong. Goldman Sachs manipulates the market in a fair way. Their competitors would manipulate the market in an unfair way. Apparently there's a distinction that only GS is privy to.
My mistake, poic
rich - wow, guess we all can put money on how HAL responds to the fraud going rogue meta...
Depends on how you define "rogue" in a criminogenic environment, of course.
C
Counterpointer,
Do you ever listen to your self? So what you are saying, is screw me for not fitting in...not taking it in the rear...not complaining that I and everyone else is getting screwed....well, I have a solution to that problem----not do business with the businesses (can't ignore the govt) and put you now on ignore for your solutions to the problem....
bobn
Probably the head of IT at Goldman Sachs looking for new ideas ...
Now that they have a 'patsy' that can take the blame for their market manipulation ...
A big chunk in the middle could very easily go either way depending on family circumstances, a bit of good/bad luck etc..
Remember that movie Trading Places?
When the chimp went in front of the world and told us to go shopping I knew we were doomed.
Had the sympathy of the world in the palm of his hand and threw one in the dirt...
No, no you got it wrong. Goldman Sachs manipulates the market in a fair way. Their competitors would manipulate the market in an unfair way.
"Sovereign is the investment bank who decides on the exception." --Carl Schmitt
For anyone who wants to see how what family you are born into can affect the rest of your life I recommend.
Seven Up!
Seven Up! (1964) (TV)
It tracks a group of British children from the age of 7 every 7 years up to 49 years of age so far I believe. Very enlightening.
A breadwinner gets a major illness and half the families in this country would fold.
I predict the pig is coming right about . . . now . . .
Edit: Oh well. Timing is always the hard part.
So if I tell lost-confused that I don't listen to myself because I don't talk to myself but I sort of just did anyway and I'm already on ignore...
Oh.
Ommmm.
C
Plant a row is a great program and simple. Better yet is a community garden where those in need can lend a hand in return. The responsible thing to do and build integrity.
"GS will use the new 'uptick rule' to squash the shorts everyday ..."
mmckinl, then just go long and buy dips everyday..
I don't believe that this is about any secret trading program that disadvantages any particular group. It may be about volatility. I'm pretty sure the higher the volatility, the greater the chances that a trader can make money. Here's the way it was explained to me. Consider the case in which prices don't move at all, then no one can make (or lose) money. In the case of high volatility even an initial buy at a high price or an initial short sale at at very low price,i.e. a "badly executed" trade, has a chance to show a profit or allow the trader to break even, or reach a price target.. In this sense, volatility can "bailout " a bad trade. If a bad trade is executed in a slow market, the trade may not show a profit or get back to break again for a much longer period, if at all and may not reach the price target. (But high volatility also requires the trader to control losses by adjusting for higher risk.) I'm making a lot of assumptions about trading costs and about the trader's ability to adjust quickly,or perhaps quicker than other investors, to price changes. I'm not a price theorist or an economist, but I'm pretty sure that good traders with good software make more money in volatile markets. I do.
My explanation may not be correct, but I think my conclusion is.
Planting a row wouldn't work in my area of the country this summer. Cold, rainy weather, constantly. Today was the exception, but tomorrow the highs are only predicted in the 60s again.
Neighbors from a small Maine town, on the first plane, gone. People who supported a local food bank and the community in many ways - how can we forget?
Agreed, Ben.
Help those you can through their time of need.
Outsider,
You could always use polly tunnels or grow peas.
What part of the country are you in, if you're even in-country...
Northeast. The land that global warming forgot...
"The president's stimulus plan has been aimed primarily at the top of the economy, pumping money into banks and car companies and state and city governments. But it also has put more money into the hands of the poorest Americans by boosting monthly food-stamp allocations. Starting in April, a family of four on food stamps received an average of $80 extra.
Boost in Food-Stamp Funding Percolates Through Economy - WSJ.com
~~~~~
$80 a month for a family of four equals 22cents a meal ...
Have an extra slice of that cheap white bread !
Food stamps are locked in sales for farmers.
traderwalt (profile) wrote on Mon, 7/6/2009 - 5:57 pm
Read this and watch the video
Themis Trading: "Principal Program Trading Is A Way To Get The Market Go In Your Direction" | zero hedge
The president's stimulus plan has been aimed primarily at the top of the economy, pumping money into banks and car companies and state and city governments.
In fairness, the author needs to understand the difference between ARRA and TARP.
how can we forget?
It's tough.
Lobbyist Ben Dover (profile) wrote on Mon, 7/6/2009 - 6:03 pm
Food stamps are locked in sales for farmers.
~~~~
For Big Ag you mean ...
Most of that money goes for processing, packaging and profit ...
I went nearly 72 hours without food once.
I knew the pain of hunger very briefly and I will help anyone avoid it.
and I urge all of you to do the same.
In fairness, the author needs to understand the difference between ARRA and TARP.
I don't know that difference, but AARP is right around the corner for me...
A bit OT... Robert McNamara died today. He was at least willing to admit that they fucked up. Do the current generation of sociopaths have even that little decency?
All part of wealth redistribution. Lobbyist make sure they get theirs. The real problem is the enabling and not real help.
ARRA = stimulus
TARP = bank + auto bailout
Lucifer--Do the current generation of sociopaths have even that little decency?
Are you talking Red or Blue Neo-Cons?
Like Roaches, Wall St. Survives
It is said that roaches would survive a nuclear conflagration. But Wall Street is proving similarly resilient to financial Armageddon.
For every firm that has gone under, a new competitor — lured by the juicy fees on advising mergers, trading securities and underwriting stocks and bonds — seems to have sprung up. In the case of Lehman, one failure even begat two entrants.
As in the auto business, where, despite bankruptcies, companies are still geared up to make too many cars, banking overcapacity could sow the seeds of trouble. Ambitious new rivals traditionally bid up pay scales and undercut pricing to win business, slamming profitability for the entire industry.
Wells Fargo is the latest to muscle in. The San Francisco-based bank, which once declared anything east of the Mississippi might as well be in China, plans to beef up the second-tier Wall Street operation it picked up when it rescued Wachovia. John Stumpf, Wells Fargo’s chief executive, boasted on Monday: “We have an enormous opportunity to become one of the top customer-focused investment banks.”
BREAKINGVIEWS.COM; Dimon Guesses Right on Warrant Pricing - NY Times
HomeGnome,
the red ones are are just a bit worser than the blue ones.. though it depends on the phases of the moon.
Like Roaches, Wall St. Survives
Couldn't be 13.9 trillion in tax payer subsidies could it ?
I'm still amazed that Clownifornia and LA are dropping so much dough on a MJ memorial gimmick.
From way up thread...
$14 is what a margarita costs in Vegas these days.
Yet another reason to never, ever go to Vegas.
Funny thing is I know some folks who swear a couple margarita's in vegas cost them thousands...
"I'm still amazed that Clownifornia and LA are dropping so much dough on a MJ memorial gimmick."
~~~~
Takes money to control throngs of idiots ...
And ...
It is a great diversion from what's really going on ....
this is the circus part of bread and circus ...
Yeah, I understand the circus, mmckini.
Just still hard to comprehend that it is actually going on though.
People are Smart.
HomeGnome
Yeah, I understand the circus, mmckini.
Just still hard to comprehend that it is actually going on though.
People are Smart.
~~~~~
People have been brainwashed by the Corporate Media ...
Hungry stomachs and shut off utilities have a way of focusing the mind ...
Food stamps are locked in sales for farmers.
Wrong - farmers get pennies on the dollar for stuff food stamps buy... it all goes to middlemen. Food stamps buy big mostly inner city district congressional votes necessary to pass farm bills. There aren't enough rural congressmen in the house to pass these bills... so throw in food stamps and bring city congressmen along.
The senate is a completely different matter - plenty of 'square state' senators able to jam farm bills through w/out food stamps... not so in the house.
Suppose...I mean just suppose...that you are a big international investor or a SWF (or maybe you are China) and you see behind the scenes GS and Timmay conniving to rig the markets every day and sink your positions with their program trading rituals combined with massive Ben/Timmay stimulus liquidity.
Why wouldn't you do a little espionage to either get their secrets or make them less opaque and more transparent? Doesn't this whole frantic rush to declare the theft of GS trading secrets as some kind of national emergency strike you as a little weird?
Yeah, maybe it is a national emergency. One that will embarrass the hell out of the alliance between GS and the U.S. govt. and make them a little more transparent and less self-serving.
Wells Fargo is the latest to muscle in. The San Francisco-based bank, which once declared anything east of the Mississippi might as well be in China...
As true today as it was then... only opposite. Today it is easy to staff up Wall Street and just as easy to staff up Shanghai, Hong Kong etc.
Minor detail
Many posters are convinced that due to their insight, energy, intelligence, fiscal prudence, etc. they are qualified to offer advice to those less blessed. Absent from many of their posts is any acknowledgment their good fortune might be the result of coincidental factors outside of their control.
Rich,
If I were China I'd TreasuryBomb the USD and let the chips fall where they may.
How many times would you do business with the Triple A rated thieves who sell empty promises and worthless paper?
A bit OT... Robert McNamara died today. He was at least willing to admit that they fucked up. Do the current generation of sociopaths have even that little decency?
You will have to wait twenty years if RM is any example. He didn't admit his F/U until Nam was over for about 20 years.
These muslims are not very smart.. they should stick to starting wars with someone who has a residual amount of decency left.
China Says Hundreds Detained as Violence Kills 156 (Update3)
China Says Hundreds Detained as Violence Kills 156 (Update3) - Bloomberg.com
By Bloomberg News
July 7 (Bloomberg) -- China said more than 700 people were detained after ethnic rioting in the capital of Xinjiang province killed 156 people. The government blamed overseas Uighur groups for the unrest. A curfew and traffic blockade remained in effect in Urumqi, capital of China’s westernmost province, until 8 a.m., a government press officer, Yang Guoqiang, said in an interview. Three armed guards checked every visitor and bag with metal detectors at the Sheraton Urumqi hotel.
I have another theory that I created from connecting a lot of dots. Writers have kind of been tapping around the edges of it, but nobody has yet put it together into a coherent theory. So, I will call it rich's Political Implosion Theory.
It is that the two-party system in the U.S. is in the process of imploding. The impasses in the NY and CA legislatures...the recent demise of two sitting Republican governors...may be the first steps in the dissolution of the Republican Party as we know it. We might know for sure if the Dodd-Kennedy health care thing just sails through with tepid Republican support, which is actually what I think will happen.
My theory is that as the Republicans implode, a new American party would arise to the left of Obama and aimed mainly at dismantling Wall Street, the Fed, etc. Call it Socialists, although it would probably have a different name and imagery.
Wouldn't that explain a lot? Of course, it would take a decade to happen. In the meantime, Obama would occupy a huge but fragile political center.
If I were China I'd TreasuryBomb the USD and let the chips fall where they may.
They would either have to do a Tienanmen Square job on a national level or accept the end of the Communist Party and all related perks for the apparatchiks if they did that.
If they carpet bomb the USD they also carpet bomb their entire export mfg sector and the 200 million or so jobs it produces.
The nice folks running the CCP might not like us round eyed devils but they understand revolutions and angry public on the streets. Most grew up just before or during the Cultural Revolution. They will do absolutely everything in their power to try and keep that 'energy' employed. Blowing up the dollar would not be helpful.
In fact I'd say the Chinese are more responsible for the dollar holding up than is the US Treasury, Fed, congress or 300 million debt ridden mall crazy consumers over here. The PBoC & SAFE are about all there is holding up the dollar.
My theory is that as the Republicans implode, a new American party would arise to the left of Obama and aimed mainly at dismantling Wall Street, the Fed, etc. Call it Socialists, although it would probably have a different name and imagery.
From Rich's keyboard to God's screen.
" can't help but think that if the govt had nationalized a few of the banks (and Fannie/Freddie for that matter) and had the taxpayers own the mortgages outright, more people would feel obliged to pay their debts in the national interest. but AIG, Fannie, Freddie, Citi, still operate as private companies, and most importantly, their employees are still getting paid as if they work for private companies.
i do believe deep down most people are loyal to their country, and if asked to sacrifice, they would, even if it means paying on an underwater mortgage.
this is where BHO screwed up big time. he had a chance to make a difference, but blew it.
now we have an "us-versus-them" mentality. Goldman is accruing to pay record bonuses, while food stamp usage is at all time highs.
"class warfare" might soon take on a new, literal, meaning."
Well said, ghostface..
$98. satin shoes for one Obama girl and $108. for another pair of shoes for the other in Russia?......sorry, from the Mrs
When it costs a dairy $1.70 to produce a gallon of milk, they still have to sell that gallon. When I produce a gallon, I can also make ice cream, butter, or other dairy product. Afterwhich, for all the extra not consumed or otherwise used, it feeds the rest of the critters on The Ranch. The dogs and cats drink the milk and the chickens eat the clabber.
"Read this and watch the video"
I watched it.One last comment,mmckinl. The accusations he makes about liquidity vs. volume have been discussed for a long time. Pit traders have long argued that a sell off resulting from an unexpected geopolitical event or natural disaster that would be very negative for the stock market, would be magnified by computerized trading because "everyone would sell at the same time". First of all that can't happen since every share sold has to be bought by someone else. I think they mean volatility would increase sharply. Yeah, it would get scary, then what? When institutions and other traders are done selling, buyers will start buying because they think the sell off was overdone,no?
Screen based and program trading could have some short term effects, but I don't think it's a conspiracy. And large traders have been pushing the markets around for over 100 years (sometimes with mixed results.. Just ask Lehman or Bear Stearns traders.)
I'd like to see some evidence to support his opinions. I've heard too many conspiracy theories...