CNBC Interview with Bryan Marsal, CEO of Lehman Brothers Holdings
Submitted by
CalculatedRisk on Tue, 07/07/2009 - 3:36pm (152 comments)
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nemo?
Carp fishing on valium
I thought this was an interesting comment - and just sounds like the loan mods.
This guys business is booming (workouts)
best to all
"Extend and pretend" - that's lexicon-worthy.
I got time for sale, two for a dollar.
file before "insure and burn"
I talked to a client who is renting in a strip shopping center. The rent is too
high, she's paying late, but the landlord won't reduce the rent in spite of the fact
the the strip is half empty. Heard the same basic thing 2xs in 2 days.
file before "insure and burn"
Please! Much too crude. We prefer to call it "extracting oxidation equity."
It's amazing we haven't seen more burning, but we haven't. I guess everyone
is waiting for hurricane season.
Interesting.
Someone telling the truth, at least for a minute.
It's too late for anything but cram downs, big fat juicy cramdowns.
More green shoots, Ruby Tuesday's is up 20% today to $8 AH. in march, it was < $1.
liquid accelerant enhancing liquidity?
Let's return to a central theme: that finite resources are being quantified by infinite money.
ralph cramdown change handle?
That's a nice dose of candor. I'd say extend and pretend describes more than loan mods, though.
the landlord won't reduce the rent in spite of the fact the the strip is half empty
Crash n burn.
Past a certain point, it's not worth reducing price regardless of outcome.
Free marketeers don't grasp that yet, at least not at a systemic level.
E and P sounds like a sexual lube for self-pleasuring.
Did anyone catch the comment from Joe Kernan?
Something like "instead of hiring high-priced employees to help unwind Lehman, why don't you just hire a clerk for $100,000?"
What does that say about Wall Street pay scales?
Where I come from, a clerk makes maybe half that....
Yep, right now it's all delay, delay, delay.
Nice to know I'm not alone, and not crazy to think it's not going to solve anything.
sm_landlord: one more point on the thousand point star map of how out of touch 'they' are from the rest
they even refer to 'us' as the "...real economy..."
Shit, that's what we used to say about the world outside the green machine....
I guess if the strip mall gets to the point where it isn't cash flowing the the owner's lender
won't concede anything, and the owner doesn't have money to put in, it doesn't matter any
more, they are facing foreclosure of the mall anyhow.
The biggish mall across the street from me still have full occupancy, but the parking lot
is emptier and emptier. 'Course summer isn't a great time for retailers anyway.
That Brian Marsal guy in the video seems pretty sensible.
Too bad someone didn't hire him to run Lehman before they imploded.
WASHINGTON (Reuters) - U.S. regulators are gearing up campaigns to preserve their consumer protection roles as the Obama administration marshals efforts to create a new agency, but face the political risk of appearing to side with Wall Street at the expense of consumers.
As part of the biggest revamp of financial regulation since the 1930s, the Obama administration has proposed a new Consumer Financial Protection Agency to shield consumers from abusive lending practices. The politically popular plan is a way lawmakers can show they are looking out for average Americans.
---I thought by giving away 13.9 Trillion that they were looking out for the average American...
You know, save Wall St. to save Main St...
//snark off//
Yes, and now that BofA is about to execute an almost $4 billion private sale of bonds backed by CAR LOANS, backstopped by the Federal Reserve, we can extend and pretend, amend, and send in the car keys.
At least when they securitized mortgage loans, they thought they were dealing with appreciating assets. C'mon, people! Car bonds?!? Next they'll be securitizing used bubble gum.
Headed out. Nitey-nite.
if I was a zombie, wouldn't my motto be: "extend and pretend"
'extend' my 'life', and 'pretend' that i'm actually 'alive'
well that's where we are, no doubt, some prefer zombie, I actually prefer extend and pretend.
we're all pretenders now!
At least I'm walking on Sunshine.
And don;t it feel good?
lawyerliz;
"but the landlord won't reduce the rent in spite of the fact the the strip is half empty. Heard the same basic thing 2xs in 2 days."
Wonder if loan covenants are involved? If the LL lowers the rents, he is admitting that the value of the property has fallen, and a lender might be able to call a loan. Another recipe for disaster.
HomeGnome (profile) wrote on Tue, 7/7/2009 - 11:01 pm
WASHINGTON (Reuters) - U.S. regulators are gearing up campaigns to preserve their consumer protection roles as the Obama administration marshals efforts to create a new agency,
Can people call call this new government "consumer protection" agency and say, "My government is defective and I want a refund"?
Who was Lehman again?
From Reuters and @ Ness:
What could possibly go wrong Ness?
Delinquencies rose to 3.01 percent from 2.03 percent on direct auto loans, to 3.70 percent from 2.96 percent on mobile home loans, to 3.47 percent from 2.88 percent on personal loans, and to 1.52 percent from 1.38 percent on recreational vehicle loans.
Feckless;
"Car bonds?!? Next they'll be securitizing used bubble gum. "
Actually, people will probably pay their car loans even if they default on their house. After, you gotta live somewhere!
Car bonds?!? - Hate to remind you that BoA just parked or is parkin' something like 3.8B w/ the Feb. That is the taxpayers are now lending money to pay for das autos.
Extenze....try some for your credit needs. Makes you last longer AND makes you look bigger.
Delinquencies are only important for non-backstopped companies.
Stop talking about it and it will go away.
Story in yesterday's paper locally about a house remodel that mysteriously caught fire halfway through; $600K damages. Did make me wonder if somebody was taking the easy (or less bad) way out of a houseflip gone bad.
All of these signs point the way to a dying Empire...
Bob - I'm actually amazed this has not happend more often...
extend and pretend--sounds like one of those commercials: This is Bob, bob has a pocketful of reasons to be smiling since he started taking whatever that phony stuff is called.
Nobody in their right minds is calling loans, all that does is stimulate jingle mail.
But then I should be in the send category, but I seem to have spotted a small defect in some of my paperwork.
We shall see where that goes.
As for this huge mess that just keeps sprouting more black shoots, que sera, sera.
None of this will matter in twenty years.
Someday this war's gonna end...
The rich have been burning houses and properties for years. There was a local well to do family around here that lost a house and a warehouse in the same week. Both were certified accidents, but claims were paid. I don't think the middle class will start burning things this year, but maybe by next. Of course at the rate we are accelerating into this mess, that might be August.
@ Citizen
Our position has been over-run.
There are IOUs inside the wire.
I give it five years.
Then the USD loses reserve currency status and all of this is a memory of better times...
The consensus around that table is that outrage about compensation is a "knee-jerk populist reaction".
"Populist" these days sure sounds like "Peasants" when these guys say it. The peasants are revolting.
Volker
Some of that funny stuff had real V in it. LOL
They shut them down for drugs.
I thought the new phrase for "peasant" was "consumer."
I liked it a lot better when we were referred to respectfully as "citizens."
This is old news (Yesterday) and perhaps somewhat OT, but no one can kick Goldman in the Sachs the way Denninger can ....
"The bank [Goldman] 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 [US Attorney] said, according to a recording of the hearing made public today. “The copy in Germany is still out there, and we at this time do not know who else has access to it.”
Denninger: "Uhhhhhhhhh.....
Let's see.... so someone who knows how to use this program can use it to manipulate markets can they?
Is that manipulation "in fair ways" if Goldman uses it, but "unfair ways' if someone other than Goldman uses it?"
US Attorney Kicks Own Goal (On Goldman)? - The Market Ticker
Ha, ha, ha, ha, ha!
Whoever (whomever?) posted the Vanity Fair feature about AIG on the previous thread, thanks. Fascinating stuff.
Btw, I'm pretty sure they already tried selling used bubble gum-backed securities over at AIG, in case anybody's thinking business op.
Some good news today is that mortgage rates do seem to be inching down - that's good for the refi business.
Bad news - it's July 7 and I have the heat on here in NH. Granted this isn't the tropics, but it is really unusual. More of the same (rainy, 60s) predicted for the next 2 days. This will have repercussions (produce, home sales, vacation rentals, water & amusement parks, hotels, etc.). There's a 2+ yr. old Microtel here being auctioned in foreclosure this week.
From Wiki:
In case any of you can't find the place for yourselves in all the chaos once TSHTF...
Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street but has its secondary office at 30 Hudson Street, Jersey City, New Jersey.
Outsider
It is 108 here and will be 116 on Saturday. Want to meet in the middle? I would love some of your 60 deg.
Josap and Outsider,
You can't fool Mother Nature...
Feckless Ness (homepage, profile) wrote on Tue, 7/7/2009 - 7:15 pm
Whoever (whomever?)
__
Feckless,
"Whoever" is correct because it is the subject of the verb, "posted."
I liked it a lot better when we were referred to respectfully as "citizens."
Be grateful you haven't been downgraded to "a product" yet.
Maybe a house swap would work: I'll trade you my dreary, gray, damp, chilled constant rain showers for your blazing hot, stifling, heart-stopping sauna?
This too shall pass.
broward (homepage, profile) wrote on Tue, 7/7/2009 - 7:21 pm I liked it a lot better when we were referred to respectfully as "citizens."
Be grateful you haven't been downgraded to "a product" yet.
Speak for yourself, Broward:
Samdog, now available in cherry, aged oak, or walnut ...."
Pffft....send phase. They already did the "send in the clown" phase.
Peas or broccoli are your crops, Outsider.
They love that weather...
CR,
are you running low on Hopium?
"They already did the "send in the clown" phase."
That was what they did after Norm Coleman conceded, right?
Josap,
we are just paying for that really nice stretch in June.
There is no average in Phoenix, you either get way hotter than average, or just nice weather below average.
I cringe at the thought of the August electric bill. This will be a stunner. It was 93 degrees this morning at 7:45 on my way in to work.
Of course, I may have to choose to pay my electric bill instead of my mortgage.
This is starting to make a trip to new jersey in two weeks sound like a fine idea.
Someday this war's gonna end...
Man broward I feel like a product, or at least a sub-human. I am one of those people who answer my home telephone, and I don't get any people anymore, just machines calling up to pick my pocket and identity. No letters in the mailbox just bills and ads for products I would never buy in a million years. Neighbors for the most part are robots too. Drive into the garage, shut it before getting out to avoid the awkward neighborly hello. Plugged into ipods, iphones, or blackberries when out and about. What the hell happened to this country?
Samdog: volker available in toast
toast is the new black
Sure Outsider. As long as I know I will be cold for only a week or two, that works for me. However, I must be home before you expect snow. I don't do snow.
Rain, you have rain. I haven't seen rain in months. When it rains here we all go out and stand in it. Looks pretty stupid, but to us it is a luxury.
we're all toast now
"That was what they did after Norm Coleman conceded, right?"
No, that's the "send in the pseudo-clown-who's-only-famous-as-a-John-Candy-straightman" phase.
The clown phase started with Greenspan.
Could be worse, volker,
ya could be Irish ....
What the hell happened to this country?
I think it's television and central air conditioning, in the sunbelt at least.
Keeps you indoors when, in past eras, you would've been outdoors on your porch.
Vonbeck777,
you are seeing the ultimate manifestation of a zero sum mentality in a society that is not piss poor.
Allen, we did have a great June. The piper must always be paid.
The elec bill, that is our extend (with balanced payment option) and pretend (they can''t keep raising the rates). I agree that elec will wipe some of us out faster than the mortgage.
Volker, you've be warning about this for months ...
now you know how Jeremiah felt.
I always thought air conditioning ruined the Fed government. They used to go home for summer due to the heat. They used to go home for harvest in the fall.
Make then work without A/C or heat and see how effective they become. Or how much less they law us to death.
Humans are now commodities. This is the "new" reality.
steelhead,
thank yourself that you are not a power source.. yet.
Humans have been thought of as productivity units for centuries. Nothing new in that.
They just wanted us to feel happy about it for a time. Time is now up.
"now you know how Jeremiah felt. "
The bullfrog? He was a good friend of mine. Drank too much, though. Well comparatively, bullfrogs body mass being rather small and all. But man, could he belch!
Youtube commentary:
Send in the Clowns
I always thought that our representatives should make the median income of the country.
And live in dorms in DC with 'industrial buffet food'; ya know, college style.
But in the end, Hubris will bring them down faster than any of us could or will...
Comrade Misean is Dope:
Did you understand even a word he said ...
of course, who cares if he's bringing some fine wine.
hubris is my favorite sin.
steelhead,
In most of asia and africa that has never be the new reality, just reality.
Most of the world has never enjoyed a standard of living near what the middle class in America has enjoyed since 1950- but then every golden age ends.
Welcome instead to the great leveling, where we no longer control so much of the world's resources, nor the worlds vital confident energies.
That burden has passed to the new rising stars of the Bric countries, because they have the desire and the energy (demographics win as usual!).
But then living in a first world museum state has nice benefits.
Someday this war's gonna end...
"It is 108 here and will be 116 on Saturday. Want to meet in the middle? I would love some of your 60 deg."
Our summer out here in San Diego is off to a perfect start. Longer than usual June Gloom turned into low 70s with a mild onshore breeze for the first week of July. Could have done without the 5 minutes right after 1PM one day mid-June when it hailed (!!) for about 5 minutes (a serious what the ___? moment if I've ever seen one), but otherwise, 2009 is shaping up as a perfect weather year. Feels like karmic balance -- the economy is on the express train to hell, but at least the weather around here is even more consistently gorgeous than usual.
God told Jeremiah, "You will go to them; but for their part, they will not listen to you".
I'm used to this. I have three children.
and thank Gawd the good folks of scenic south carolina have Jake Knotts on our side...
YouTube - Senator Jake Knotts on Governor Sanford's State of the State
Tell 'em, Porky Pig!
And as usual, God was right ....
There has never been a golden age of any sort... just random cumulative changes that feed back.
Ya, extend yourself a bonus and pretend you aren't a crook.
Assume Crash Positions (profile) wrote on Tue, 7/7/2009 - 4:37 pm replyIgnore user"
Our summer out here in San Diego is off to a perfect start. Longer than usual June Gloom turned into low 70s with a mild onshore breeze for the first week of July. Could have done without the 5 minutes right after 1PM one day mid-June when it hailed (!!) for about 5 minutes (a serious what the ___? moment if I've ever seen one), but otherwise, 2009 is shaping up as a perfect weather year. Feels like karmic balance -- the economy is on the express train to hell, but at least the weather around here is even more consistently gorgeous than usual.
I hate you.
However I am going to Colorado in a couple of weeks, then I will like everyone again.
"Ya, extend yourself a bonus and pretend you aren't a crook."
then send the appropriate keys
Speak for yourself, Broward:
Samdog, now available in cherry, aged oak, or walnut .
Okay, I spoke without thinking.
My girlfriend often objectifies me and....it's pretty exciting.
Lucifer (profile) wrote on Tue, 7/7/2009 - 7:40 pm
There has never been a golden age of any sort... just random cumulative changes that feed back.
__
I agree with you about the "golden age" thing, more the age of "Corinthian leather," or something.
"My girlfriend often objectifies me and....it's pretty exciting."
I too became a sex object after the age of fifty. 8)
broward,
objectification is good, as long as she does not speak too much.
@Volker - Scary, isn't it?
some types of "objectification" preclude speaking .... :wink"
tell me something I don't know
"I too became a sex object after the age of fifty."
I wouldn't have expected 70 year old widows to be particularly picky...
too quick on the draw sometimes ...
Paris Hilton for President!
Paris Hilton for President!
And Jessica Biel for Secretary of Treasury!
adios, everyone -- gotta do some paperwork ....
Whoever (whomever?) posted the Vanity Fair feature about AIG on the previous thread, thanks. Fascinating stuff.
Fascinating if you believe fairy tales. 100s of Billions and nobody knew what they were doing? I call BS.
The Zombieconomy isn't a buzzword. It's not an event. It's not (really) about banks. It is the state of our economy today.
20th century business is unable to grapple with the challenges of the 21st century. Vast swathes of the economy are paralyzed and crippled: inhabited only by zombie companies. They are the economic living dead: unable to create authentic value.
Think that's hyperbole? Check your bank balance - and think again.
Despite trillions in investment:
1) Wages are deflating.
2) Unemployment continues to grow.
3) Underemployment is growing faster than unemployment.
Zombie corporations are why the numbers above are happening. Those numbers mean: our so-called economy was a house of cards built on McMansions, Hummers, and $5 lattes. Now that the bill for them is coming due, we're discovering just how radically unnovative they were.
Today in the Zombieconomy - Umair Haque - HarvardBusiness.org
I like this guy....he's spot on !
"Welcome instead to the great leveling, where we no longer control so much of the world's resources, nor the worlds vital confident energies."
Yeah they were ours, they were cheap, and we wasted them. Not even good, fun, waste either.
I forsee a future where middle class doesn't vacation by plane once or twice a year, doesn't have three cars, a 2200-sqare-foot house for two or three or them, and so on. Doesn't buy as many clothes, doesn't eat out much, doesn't swap last year's iPod for a new one on a whim... etc.;, etc.... and is this the bloody end of civilization as we know it? I don't think so. I think it will be fine; I think it will be amazing what kind of modest luxuries we can afford when industry starts trying to sell to a population that doesn't have someone else's money to burn.
Like 1955, but with the Internet and telecom.. Not so bad.
Bob: it will be much like the male sex drive--a looooooooooooooooooooooooooooong slow desent into oblivion.
Tell them I was called outta town on business.
After a while, the world just keep spinning, and we just keep on making small rocks outta big rocks.
Bailouts lead to more bailouts.
Who's next?
Place your bets.
The man says "Fail in an orderly fashion..." That should terrify the rest of wall street. There is more sewage starting up in the bilges.
Someday this war's gonna end...
Okay, someone had to do it.
The Pretender. Of course.
http://www.youtube.com/watch?v=xhp96VWLEqA&feature=related
Citizen: there will be the quick and the dead
and the dead don't matter
Automated Funds Now Dominate Stock Market
(or: you lowly investor vs Goldman Sachs)
WSJ Error Page - WSJ.com
Thanks for the metaphor. But I don't think so. I have faith in the basic values that this country was founded on: rage and disorder. We will not do it Japanese, and will not end up with a Japanese-style-only-worse resolution.
We'll have something else. It could be good; it needn't be bad. Though it might be.
Some columnist pointed out that the backlash from NAFTA and globalization in part brought us militias in the early '90s. Then we had a nice boom of sorts, and they went away -- economic well-being was the driver.
As in the early 90s, so now, soon -- squared. Or at least doubled-down. And if we're lucky, we as a society will get real and make the right kind of changes. If we're lucky.
Scrooge: how much more evidence do you knuckleheads need
Bob: later we'll ask 'how's that going?'
Frontline - Breaking the Bank
Some columnist pointed out that the backlash from NAFTA and globalization in part brought us militias in the early '90s....As in the early 90s, so now, soon -- squared.
In that case, I'm understocked on ammo.
@volker the viking
+1
What I like is that he obliquely called Joe K an idiot.
I like that no firesale giveaway. He is a tough negotiator compared to the rest of wall street.
There is more shoes to drop- the man has implied that there will be clawbacks from some of those derivatives.
Wall Street is definitely going to be miserable this summer.
I wonder how much GS is on the hook for these cash clawbacks.
Someday this war's gonna end...
"Bob: later we'll ask 'how's that going?' "
Maybe, but I think there's too much orgiastic end-of-the-world wallowing going on around here. Like people would be disappointed if things didn't fall apart by then.
Remember that it's not just economic or political constructs that have homeostasis; people do, too, especially the mass of people who identify as Americans, or Canadians, or whatever. If you don't succeed in splitting them, they will tend to support stable solutions that allow reasonable life to go on. And the more it goes on, the more reasonable they will make it.
We don't have to dream how we want it to be. Many of us have seen it. Whatever goes away, the dream won't. And that's powerful.
"I have the heat on here in NH. Granted this isn't the tropics, but it is really unusual. More of the same (rainy, 60s) predicted for the next 2 days."
The other day here in DC we were 15 degrees F. off the normal high, 73 and not 88. We are at the same latitude as Palermo. Getting back to almost normal in the 80s, but we have not used air con in the bedroom for two nights - unusual in July.
"...and the dead don't matter"
You'd be surprised how much influence they have.
"But I don't think so. I have faith in the basic values that this country was founded on: rage and disorder. We will not do it Japanese, and will not end up with a Japanese-style-only-worse resolution.
We'll have something else. It could be good; it needn't be bad. Though it might be. "
IT MOVES
The traffic light is turning green -
The traffic that it stopped
Stretched along the street of time,
The changing is abrupt
No one can expect to see
What they had never seen,
Human life is short enough
And change is slow to happen
But then the unexpected clicks
Inside the mechanism,
The candle burns away the wick,
The demon out of prison
And then the stars come out by day
The sun comes up at night,
Save what sanity you may
When black turns into white
Who can stuff the stars inside
The pockets of the sky?
Who can make the sun decide
To tell a foolish lie?
The traffic that was stopped will move,
The passengers and drivers,
And everything we knew is proved
The innocence of liars
Pavel
July 7, 2009
"If you don't succeed in splitting them, they will tend to support stable solutions that allow reasonable life to go on. And the more it goes on, the more reasonable they will make it."
Of course. Bien sur.
This guy is full of crap. First, he thought Lehman was too big to fail... and they weren't. Second, he's pushing the same "liquidity, not solvency" bullshit all the other Wall Streeters tout. He thought Lehman should have gotten a bailout. And what he's doing now, sorting out claims and who owes who, is what I thought bankruptcy was for.
"This guy is full of crap. "
I don't think too many of us are ready for the truth, anyway. "The innocence of liars."
steelhead,
In most of asia and africa that has never be the new reality, just reality.
I guess that's why my wife ( who grew up in China during the Cultural Revolution) says you have no idea what poor really is when we discuss the plight of the middle class in the US. But her childhood does give her much gratitude for what she has now versus the ones of her generation who didn't make it to the West
Bob: Can I call you Bob? You're putting way too much thought into this. Are you an engineer?
"I guess that's why my wife ( who grew up in China during the Cultural Revolution) says you have no idea what poor really is...."
Yep. And those are the people who are supporting our retail economy.
your wife is right, you don't know
posted a top ten list after the pig on the last thread
There is no poor in America by world standards.
550 employees. $500K salary per year - for 3 years. $500K bonus, each year? That is $550 million per year and $1.65B over 3 years. They are only trying to recover a fraction of $12 Billion. Why Bother? Christ, they are overpaid.
Could I get the address of where to "SEND"?
WASHINGTON (AP) - Utah Sen. Orrin Hatch is calling on the Justice Department to investigate college football's Bowl Championship Series for what he views as violations of antitrust laws.
This is what passes for leadership in America these days.
Worrying about college football while the country rots from the inside out...
It looks like the pressure from CONgress on the CFTC may be behind the sudden drop in the oil price.
If the CFTC limits trading in oil futures, no surprise if the price drops for a while since we have excess supply.
In a related observation, I am now getting one call per day from promoters trying to sell me positions in oil and gas wells. Since I am a small fish, I'm guessing that the big fish have told the promoters where to take their pitches. Can you spell d-i-s-t-r-i-b-u-t-i-o-n, boyz and grrlz?
Carp fishing on valium
OK, I'll take the bait, and coopt that statement.
Then the USD loses reserve currency status and all of this is a memory of better times...
Honestly read USD as LSD and it still makes sense.
The prender by Jackson Browne .....
YouTube - Jackson Browne - The Pretender
"Don't eat the brown FRN's!"
HomeGnome (profile) wrote (in reply to...) on Tue, 7/7/2009 - 5:46 pm
reply ignore user
"Don't eat the brown FRN's!"
careful, afterwards you'll get all sleepy and feel like yuaning.
OK, Time for an oldie but goodie:
YouTube - The Tubes doing White Punks On Dope
Rampage - had a race for the house line
Spent my cash on every toy I could find
Spent time in every zip in L.A.
Sharking loans, I don't care what the feds say
We're loan pimps on coke
Pumping deals from the boiler room
Lock you in when you hand me the rope
Must re up, though I know you've no need
Loan pimps on coke
Loan pimps on coke
Other dudes are buying in the ghetto
But you won't, cuz I'm selling you a jumbo
We're loan pimps on coke
Fan & Fred moved to Anaheim
Toss the keys when you run out of hope
You can't clean up, though you know you should
Loan pimps on coke
Loan pimps on coke
I go crazy 'cause my take's so filthy rich
Have to score when I get that sweet loan shark itch
Sounds real classy, living in a chateau
So levered, all the other marks will never know
We're loan pimps on coke
Fan & Fred buy from Countrywide
Lock you in when you hand me the rope
Can't come clean, though I know I should
Loan pimps on coke
Loan pimps on coke
Heard this today and thought of California:
Aimee Mann "Red Vines"
They're all still on their honeymoon
just read the dialogue balloon
everyone loves you--why should they not?
And I'm the only one who knows
that Disneyland's about to close
I don't suppose you'd give it a shot
knowing all that you've got
are cigarettes and Red Vines
just close your eyes, cause, baby--
you never do know
and I'll be on the sidelines,
with my hands tied,
watching the show
Well, it's always fun and games until
it's clear you haven't got the skill
in keeping the gag from going too far
So you're running 'round the parking lot
til every lightning bug is caught
punching some pinholes in the lid of a jar
while we wait in the car
With cigarettes and Red Vines
just close your eyes, cause, baby--
you never do know
and I'll be on the sidelines,
with my hands tied,
watching the show
And tell me, would it kill you
would it really spoil everything
if you didn't blame yourself
do you know what I mean?
Cigarettes and Red Vines
just close your eyes, cause, baby--
you never do know
and I'll be on the sidelines,
with my hands tied,
watching the show
watching the show
There's a one-syllable term for this, even simpler than extend and pretend.
Pump and dump.
Late in, bit like a reunion here - ACP, Misean. Almost 400 visitors. VIXy heading back up, big ass double digit downs with some of the S&Ps.
/cue Jaws music.
C
Lehman Bros Holdings problem is that the decedent financed every cowboy developer in every bubblicious market in the country who wanted to be the next Toll Brothers.
To quote Brian Henneman, "they got what they wanted, but lost what they had".
Going back to the T. Boone Pickens thing about the windmills :
He'd hoped to build his own transmission lines but he said there were technical problems.
Bulloney. Even the dummies in Texas knew that it was a stalking horse for a land grab so he could sell water to the metroplex. He was demanding rights of way across other peoples land by legislative order, not by paying cold hard cash.
Just like his car industry on NatGas scheme, another guy talking his book.
Get in on the ground floor of the shale drilling boom, right?
Did a lot of rednecks in Ft. Worth take the drillers to the cleaners or what?
Hey we aren't all rednecks in Fort Worth, rich, now Burleson, that is another matter.
Go forth and read a tale of doom, social collapse, and love...
American Apocalypse II - Chapter 11
A video to go with it....
Max was sitting on the porch, eating peanuts and sitting in the old rocking chair that everyone liked. I sat down next to him and propped my boots up on the railing. He rocked, and I sat for about 5 minutes before he said anything.
"You know. I don't really like farming."
"Yep. I don't either."
"But you got to do what you got to do."
"Isn't that a Mans got to do what a Mans got to do?"
He flicked a peanut shell at me. "I got my lines. You get your own."
site: American Apocalypse
Question for you uber nerdes here, can a company in the China file for bankruptcy?
Musical interlude for the evening:
"I'm Broke" as performed by Black Joe Lewis & The Honeybears.
YouTube - Black Joe Lewis & The Honeybears - I'm Broke: Closed-Captioned/Clean Version
"Sugarfoot" is another good tune - but the first song seemed more fitting given the thread topic
YouTube -
"Get in on the ground floor of the shale drilling boom, right?"
Geez rich, how did you know? Are they calling you too?
And not just in FW.
I asked one of them who they planned to sell the gas to. His answer was ethanol cookers. Another doomed wank.
Even if many of the extend and pretend mortgages still go bad, it might still be worth it given the cost of foreclosure in legal costs and the loss of value in the collateral. Example, if the occupant stops paying the electrical bills, the sump will not operate and the basement will flood in many areas. If occupants are willing and able to pay their renegotiated mortgage in a negative equity situation, it might be the best option.
Porked Again!
Total credit exposure with derivatives, as a % of risk based capital, 1Q 2009
http://3.bp.blogspot.com/_ReItExu3j_U/SlPfTLoJgJI/AAAAAAAAAe4/qPtpENom74I/s1600-h/credit-risk.gif
Speaking of resource rights, I am about to lose mine to Chesapeake. I didn't take kindly to being threatened and intimidated not to mention low-balled, so I told them to go to hell and I would never do business with them even if hell froze over for the principle of the matter. Tried to come back with second party offers, but I just get unreasonable when people try to strong-arm me. Anyway good ole state of Texas says I can't be like that, so they get the rights anyway. Love this free country we have!
I don't think the middle class will start burning things this year, but maybe by next. Of course at the rate we are accelerating into this mess, that might be August. - V777
If it happens en masse the insurance companies can't pay - they are as illiquid as the banks.
dryfly,
If this swine flu ever gets a nasty bite, I am waiting to see what happens on the insurance front as well. So much leverage, so little slack, everyone is just one step away from boom!