The city's Communist Party boss promised those behind the killings would be executed.
Ethnic clashes have paralyzed Urumqi over the past several days — with minority Uighur and Han Chinese mobs roaming the streets and attacking each other. The violence forced President Hu Jintao to cut short a trip to Italy where he was take part in a Group of Eight summit — an unprecedented move by a Chinese leader.<b>
"Normal at this stage,the big boys have taken their money and run and now the small desperate players are left for Law Enforcement to play with."
Truer words were never spoken. So I guess the secret is just figure out what the big boys are up to and join them. Or join Dmitri Orlov planning for a future in subsistence horticulture. I don't see a middle way.
"So, if you're at Albertson's or Smith's or Wal-Mart and see a man or a woman walking around wearing a holstered firearm, don't panic, they're just exercising their right as a citizen of Nye County, Nevada."
Mortgage fraud is by definition, way down. This is but an echo of the original frauds. What the FBI is really saying is that the kind of mortgage fraud they are interested in is up. Translated: fraud that does not implicate banks is way up. This is the logical consequence from the moral hazard of refusing to even investigate the first type of fraud involving lender complicity.
If anyone is in the position to demand an answer, ask this question: "How many individual complaints has the FBI received concerning Casey Serin?" It's in the thousands. Casey remains free.
Wow, is this what we call choppy trading this morning? I know the range is narrow, but it looks like a freaking mountain range on the charts. What time does the important info of the day get released?
lots of open carry laws pending in state legislatures.
we passed some sort of gun law in Minnesota a few years ago, I forget how it is written (I think it is conceal and carry though, not open carry). but people/places have the right to not allow guns in their establishment.
immediately almost every business in the state put up signs that said "Our business bans guns in this building".
thus, you can walk around with a gun, so long as you don't go into a business or a building or something.
Wow, is this what we call choppy trading this morning? I know the range is narrow, but it looks like a freaking mountain range on the charts. What time does the important info of the day get released?
after hours with Alcoa's earnings release.
to a much lesser extent people might be watching that 10 year Treasury results that happen at noon-1 pm eastern. (I forget)
CR or Ken Cooper... just had trouble connecting to the comments 3 times, gave me a MySql connect error message
that you had exceded your connection limit
....
MS,
Quite what an "officer" was doing in my driveway at that time (truck was facing towards the garage so he had to have gotten out and looked at it specifically) still baffles me.
a wild guess here but is the missus 'hot'?
....
Vonbek77, so you must know Grapevine, a place my brother owns a home and has been paying on the mortgage
since '84 when it was built, problem is is that he was tied up with some partners flipping properties bwt S&Ls
in the 80s and when the music stopped both partners declared BK leaving him holding the bag on a bad deal,
so he says, got a lien on his house for 225K and now it's 400k and he keeps paying the mortgage... he works
abroad for years now and rents it out... the lien holder can't foreclose cause it's homesteaded...
question? - any possibility of him waiting out that lien? he seems to think it will disappear or he can buy it for pennies on
dollar. IMO, I don't think it is smart to pay on a home that seems to be completely illiquid or that he could even give to his kids, no?
Texas has some strange twisty laws...
OT: Commodities down, transports down, financials finally rolling over, dollar down as well. Natgas, inventory and demand predicting sub $35 oil. PPT has its job cut out for them today.
stopped out of USO earlier today......sold 25% of SPY puts (july 86) and also stopped out of RJA, RJI.
bear rally over until some happy news that screws all the quants who jumped in yesterday earlier on the break of the H&S neckline (at least with volume this time).
For more than 35 years, Jerry Wyatt was a loyal customer of Bobby Archer, a Houston-area Chrysler dealer. Mr. Wyatt bought 30 vehicles from the dealer, and neither rebates nor new models ever lured him to shop elsewhere.
I am no fan of the FBI but after 9/11 financial fraud was not Bush admins priority. Not that it ever was. The FBI had to cut to the bone as far as staffing in other task forces to come up with the number of agents Bush wanted assigned to terrorism. Also after a suprisingly large amount of FBI agents found themselves in far away lands....
Plan D should be a study on the fall of Rome and maybe research committee on the "end of days"
.....I've tired of the "cold feet". Already Demos are in-fighting about "how much is too much" in regards to spending more, more, more. I'd suggest another couple MAJOR bailouts, a few more STIM-Paks, and money dropped from choppers. I'm literally quite fed-up with the side-ways stuff and want some UP or DOWN direction. Either defecate or stand up - no reading allowed on this "Stool of Life" - you should already know what you sat down for before you sat down.
.....can you tell it's about time for me to water, weed, feed and clean? LOL.
AP says "The powerful attack that overwhelmed computers at U.S. and South Korean government agencies for days was even broader than realized, also targeting the White House, the Pentagon and the New York Stock Exchange. An early analysis of the malicious software used in the attack found its targets also included the National Security Agency, Homeland Security Department, State Department, the Nasdaq stock market and The Washington Post. It was not immediately clear who might be responsible or what their motives were. The attack was remarkably successful. Some of the affected government Web sites -- such as the Treasury Department, Federal Trade Commission and Secret Service -- were still reporting problems days after it started during the July 4 holiday."
Halo, it wasn't terrorists who gave you Patriot, Gitmo, TSA, Abu Garib; it was the US Federal Government.
and since USG is fully aligned now with the bankers...
Here is what bugs me....I had a bit of a tiff with Martin Wolf, trying to get him to understand that fraud has worked its greedy little fingers the entire way through the food chain of this disaster in excess credit. But he and the establishment refuse to see it. Yet, there is ample evidence that the little people will engage in it on a massive scale.
Somehow, he and others must think that the enablers of this racket somehow were above it all, and it was only exuberant innovation on their part. It just makes me sick that in the end, very little will ever get done in terms of accountability, because the lower level criminality is always much more clear cut. But in the end, the reason this type of thing happens is largely fraudulent, and at best, grey area fraud.
Ad spending expected to fall more than 10 percent in '09
Ad spending for TV, radio, magazines, newspapers, outdoors and the Internet is expected to fall 10.6 percent in the United States this year, to $154 billion, the lowest level in six years, according to ZenithOptimedia, a unit of French advertising conglomerate Publicis Groupe, The Associated Press reports. U.S. ad spending for newspapers is expected to fall most steeply, down 20 percent to $35.2 billion this year as advertisers increasingly migrate to free or lower-cost alternatives online. TV ad revenue is projected to decline 8 percent, to $53.3 billion, and radio by 14.4 percent, to $16.5 billion. ZenithOptimedia said Monday that global ad spending shows signs of reaching bottom as some sectors held up better than expected during the second quarter. But it also slashed its 2009 spending estimate for a second time this year, and now expects a mild recovery next year and a stronger rebound in 2011. As expected, ad spending worldwide fell steeply in finance, automotive and business travel. But sectors such as retail and consumer goods have performed better than projected.
minnirenter...careful renting a condo, because you could be subject to moving again if the "owner" ends up in foreclosure. It's the tricky part of the rental game now in general. You have to be ready to pack back up and find another place since so much of the rental housing, especially SFR, is under severe stress, and renting it out is often a last effort before losing it.
AP says "The powerful attack that overwhelmed computers at U.S. and South Korean government agencies for days was even broader than realized, also targeting the White House, the Pentagon and the New York Stock Exchange. An early analysis of the malicious software used in the attack found its targets also included the National Security Agency, Homeland Security Department, State Department, the Nasdaq stock market and The Washington Post. It was not immediately clear who might be responsible or what their motives were. The attack was remarkably successful. Some of the affected government Web sites -- such as the Treasury Department, Federal Trade Commission and Secret Service -- were still reporting problems days after it started during the July 4 holiday."
Top story at Yahoo Finance right now...
This reeks of a false-flag setup, they can't feed the people yet they have super computers to carry out DOS attacks.....I am skeptical to say the least.
"Halo, it wasn't terrorists who gave you Patriot, Gitmo, TSA, Abu Garib; it was the US Federal Government.
and since USG is fully aligned now with the bankers... "
Yeah, but 9/11 gave GWB, what is the term? Cassius Beli, carte blanche? To enact the whole laundry list of right wing wet dreams. Of course the housing bubble is doing the same for the Federal Reserve if O' is stupid enough to expand Fed powers.
oh, he's stupid enough alright. Has he not proved that already? I wonder what Hillary would have done...would she have had any more balls in standing up to the banksters, or would she have picked a Geithner Summers team and resigned her administration to the same fate?
"The governor is not against condiments. The governor's not against fruits of any kind," said spokesman Aaron McLear. "But he believes we ought to be focused on solving our budget crisis first and foremost."
Assembly bill 606 creates a commission to serve the marketing interests of the blueberry industry. Another bill defines "honey" to mean the natural food product resulting from the harvest of nectar by honey bees, and a third bill adopts regulations establishing definitions and standards for 100-percent pomegranate juice.
"Look, we're pro-condiment, we're pro-fruit, but the focus needs to be on the budget crisis," McLear said.
OT Noise:
Brave New World...
July 8 (Bloomberg) -- Scientists created human sperm from stem cells for the first time in a bid to better understand the causes of male infertility.
The researchers, led by Karim Nayernia from England’s Newcastle University, developed a technique to turn stem cells with male chromosomes from human embryos into reproductive cells, known as germline, and prompt them to divide, they said in a study published in the journal Stem Cells and Development today. The divided cells produced functional sperm, the scientists said.
now back to the regularly scheduled programming...
"This reeks of a false-flag setup, they can't feed the people yet they have super computers to carry out DOS attacks.....I am skeptical to say the least."
Supercomputers for the few and powerful are a lot cheaper than rice for the masses.
" HomeGnome (profile) wrote on Wed, 7/8/2009 - 11:39 am
Halo,
Agreed.
But I believe the US Federal Government response did more harm to America than terrorists could ever hope to."
What makes you so sure that the US Govt.'s response wasn't part of their plan. It's sort of a Belichick move, attacking the other side's strength. Al Quaeda's plans were far reaching, more so than many suspect.
I don't think it would have been any different had McCain, Clinton or whoever else was installed as president. We would have been stuck with the same people...it was pre-ordained IMO. The fed owns the system so it puts in whoever they want. That's the real screwed portion of the process. Many people will realize, very soon, that we are in the Fed presidency.
From the WTF files:
July 8 (Bloomberg) -- Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale.
How they hell are they getting away with this shit?
Cinco,
Agreed. Al Q knew they had a bunch of Neo Cons (who would over react) as adversaries.
The idea of "terrorism" is to get the opponent to change their way of life, no?
MS...i was wondering aloud, but I do tend to agree with you that no matter who we ended up with. It just goes to show that the bankster and lobbyists are firmly in control and now in collusion with the Fed. SO much for independence day....
its all fraud on one level or another (ok not all but sometimes it feels that way)
how about this
cap and trade
got to have market liquidity, so "specialists" or market makers are "chosen by the gov (fed?) like "primary dealers" or GS's SPL deal with the nyse
so here we go...company A provides special information to cap and trade dealers that they need to buy or sell in the market
and viola big money is made by taking a futures position right before xyz coal fired elec generating co, or abc manufacturing is about to enter the market looking to buy or sell credits
this of course is just what we need...more wealth produced by blood sucking pilot fish
" HomeGnome (profile) wrote on Wed, 7/8/2009 - 11:46 am
Cinco,
Agreed. Al Q knew they had a bunch of Neo Cons (who would over react) as adversaries.
The idea of "terrorism" is to get the opponent to change their way of life, no?"
Wrong! Their plans predated Bush by a year or two; this I can assure you.
Your second remarks is RIGHT on the money.
HomeGnome said "Al Q knew they had a bunch of Neo Cons (who would over react) as adversaries."
That makes no sense as planning for 9/11 started before Bush was elected. Logically, they were emboldened by previous weak response from the American government.
Clinton and Bush both had the same problem, no matter what their response they would be called incorrect by their adversaries.
I was really hoping the Chimp would give a speech about America being the land of freedom and opportunity and a beacon of hope in the world and I was told to go to the mall...
I don't think Liz is online right now, but I would appreciate an opinion on this from anyone familiar with the foreclosure process. The following is a section from a document published by the Minnesota State AG's Office. This document supercedes any lease terms. Here is what they have to say about a lender evicting a renter. I would love a translation to english.
After a contract for deed cancellation or mortgage foreclosure, the new owner of the building can also evict
a tenant; provided that if the tenant leased the property during the contract for deed cancellation period or
mortgage foreclosure redemption period under a lease beginning after the date the mortgage or contract for
deed was signed and prior to the expiration of the time for redemption or termination, the tenant received
proper notice to vacate. The law requires two month’s written notice to vacate no sooner than one month
after the expiration of the contract for deed cancellation period or mortgage foreclosure redemption period
(these terms are defined on page 6); or two month’s written notice to vacate no later than the expiration of the
cancellation or redemption period. This second notice option requires that the tenant be held harmless for
breaching the lease if the mortgage is redeemed or contract reinstated. (154)
"Starwood Hotels & Resorts Worldwide Inc. has agreed to sell the W Hotel in San Francisco to a Hong Kong investment company for $90 million, representing a more than 50 percent drop from peak hospitality property values set two years ago."
I don't think it would have been any different...it was pre-ordained IMO
That seems to be the nature of things.
I watched "Public Enemies" last night, it's an appropriate movie for the current predicament. Dillinger (Depp) gets abandoned by the mob because his violent methods are interfering with the real money to be made in illegal gambling. I couldn't wondering if the suppression of easy, violent crime pushed the criminal element into white-collar crime.
Wrong! Their plans predated Bush by a year or two; this I can assure you.
Your second remarks is RIGHT on the money.
Agreed and the Patriot Act was already in place.. I can not name onetime in my lifetime when I seen a piece of legislation written as fast as that piece of toilet paper. And now it seems the norm...they don't even read the bills...they just pass them at will..this country has gone to the shit, and we can blame our high ranking high paid leaders for it....Funny I see none of them taking pay cuts or job losses.
Yet they preach on TV about sacrifice....practice what you preach.
" shill (profile) wrote on Wed, 7/8/2009 - 11:57 am
.......Funny I see none of them taking pay cuts or job losses.
Yet they preach on TV about sacrifice....practice what you preach."
Actually........a fair number of Republican Senators and CONgressmen got the axe during the last elections cycle- Just sayin'
KABUL (AP) - A Democratic Party strategist who helped Bill Clinton get into the White House is now assisting a former Afghan finance minister in his campaign to unseat President Hamid Karzai in upcoming elections.
James Carville said he joined the team of Ashraf Ghani, also a former World Bank official, so Afghans had a viable choice in the Aug. 20 poll.
Minnirenter, without the definitions on page 6, it's tough.
Seriously, it looks like a pretty standard, though poorly written, statement to the effect that a renter is entitled to two months notice prior to eviction if the renter leased the property after the completion of the foreclosure but before expiration of the period during which the prior owner could redeem the property (i.e., buy it back for cash).
TEGUCIGALPA, Honduras (AP) - The foreign relations minister in Honduras' interim government says he has sent a letter to Barack Obama apologizing for a racial comment he made about the U.S. president.
In a TV interview, Ortez said Obama "is a little black man who doesn't know where Tegucigalpa is located."
shill...you might want to shift it into neutral, idle that puppy a bit and sip on a nice cold home brew. It seems a wee bit premature to go into reverse and put the gate down on your dumpster. Plus, you'll get tired lifting all those bars.
BURN, precious metals are just an asset class. If deflation is a reduction in the cash value of other assets, why would they not decline? In fact they seem to be doing so as we speak.
No not really its a bargain for sure......$that$ $12 trillion and counting is sitting somewhere waiting to tsunami in....and it can happen at any time.... still killing dollars and flipping 10% to 20% in metals...just for insurance purposes........stocks.....I am out...nothing left in that racket.
"Even commodities would decline."
True, if you're of the belief that glod and silver are commodities. Many believe they are money, which increase in value during deflation.
My Jul FAS puts, went in the money at 7.50, what happened? Oh, for this to be another OCT or MAR, I would like that very much. Is it the stall of Stimulus II that is causing the hurt?
"Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind"
......if you put a ribbon and bow around a turd, what does it then become?
""Even commodities would decline."
True, if you're of the belief that glod and silver are commodities. Many believe they are money, which increase in value during deflation. "
To me, gold is a hedge against the decline of the dollar, and nothing more. Buy in over 900, and you're taking a bigger risk than I would. But I'm pretty risk-averse.
"In a deflationary environment, would gold/silver decline too?"
Nobody really knows. Historically, a lot of the time, Gold=Money which meant it would do OK,
Mish seems to think it will do well.
It's ostensibly a commodity, which means the price can drop.
The thing is that unlike other commodities, the price of gold isn't really driven by industrial demand, but by people using it as a store of value, so if people start hoarding, it may do OK.
"if its gonna get as bad as i suspect it is (guess)"...
Well in that case, it wouldn't really matter how a person's investments are doing. So throwing most of it into the stock market (index funds) wouldn't hurt. (minus a few thou for bunker provisions)
So, cash is the best place to be during a period of deflation? Or could something else go wrong and make no place the best place to be?
What could possibly go wrong given the 'difficulty' a desperate gov't would have printing fiat should policy wonks decide to do it [like it never happened before, right? Oh and this time its 'different'].
I fully acknowledge the current deflationary pressures but the last place I would be is 100% cash UNLESS I had very nimble trading fingers and could get out of it pronto. I'm not that nimble so I diversify - equities, cash, T's of various maturities, some corp bonds & 'stuff' [my real estate]. Never been a big one on metals personally only because I believe if you are to go that route take personal delivery and heck my house is as secure as a tent. No metal in my house other than old casting samples [aluminum & zinc - not much risk those will be pinched]. If I had a more secure situation I'd most definitely own metal.
I wonder how quickly that would happen. Probably too quickly to react, I'm sure.
No I think you could react IF you recognized and read the signals right. If not then you're slow boiled like the frog.
Inflation is money supply & velocity... NOT PRICES. Prices are the symptom... money supply & velocity the cause. Look for early warnings the effective money supply & velocity is increasing and you could get out in time easily. My guess [and I'm no different] is that most everyone will miss the warning signs because their bias is too strong - they will discount the signs pointing against their bias and magnify those that confirm their bias. Because I'm no different I try to diversify knowing full well half or more of my portfolio will get crushed... c'est la vie.
"dryfly (profile) wrote on Wed, 7/8/2009 - 12:36 pm
If I had a more secure situation I'd most definitely own metal."
So, if you had a fort and controlled the military, you would own metal. Unless...what?
In other words, if our gold vaults are as empty as some speculate, what would that imply?
Any comparison to year-ago totals must take into account Mint sales of half-, quarter- and tenth-ounce American Eagle bullion coins that have been suspended this year due to a shortage of blanks.
Notice how the U.S. is forcing gold coin buyers to buy one ounce pieces, a denomination that wouldn't work very well for small transactions, especially in an inflationary world.
Silver pieces will be essential for making change.
Somehow, I doubt these frauds were invented the day before yesterday. More likely, they were always present at some level, but the FBI is just now getting around to some juicy prosecutions, given the current mood of the public. A guy could make his career on this.
I wonder what the current E and O insurance rate is, in mortgage banking and RE?
Forget silver or gold; get some lead instead.
.380, 9mm, 7.62*39...
I got a little lead - don't need more. And better yet I got ornery neighbors who like me watch out after each other. I've lived in this neighborhood 25 years and there hasn't been a single break in or burglary in a three block radius... hell some of us have doors that haven't been locked in decades. Not even a bike stolen. Seriously.
LOL... ya that is a bit of a hand tip. That and the estimated 13T exposure the treasury & fed have to the alphabet soup bailouts... and we haven't even discussed the 'entitlements' which sure a shit will get paid out as planned even if part of the plan all along was to pay it out in far less valuable money.
The problem as always is 'when' & 'how much'? Meanwhile deflationary pressures grind on.
If this one were easy even the dumb kids in class would get it right.
So, if the dollar is booted as the reserve currency, that means US inflation goes through the roof as central banks sell their dollars for currency X. Right?
If the fed wants to induce inflation, wouldn't it be amenable to the idea of replacing the USD as a reserve currency? Seems like that would do the trick faster than any sort of QE.
As a saver w/ most of my assets in cash, I'm getting very scared.
"If the fed wants to induce inflation, wouldn't it be amenable to the idea of replacing the USD as a reserve currency?"
The Fed wants wage/price inflation, what you are describing is hyperinflation, Weimer-style, where our currency buys less and less of international goods (like oil).
It also makes our debt more expensive to issue, which is the #1 key strategy of the current Administration. They are counting on the dollar remaining the reserve currency so they can sell cheap debt.
This is crucial to their plans. They are even willing to crash stocks today to do it.
"As a saver w/ most of my assets in cash, I'm getting very scared"
You have plenty of options still right now. You don't wanna wait until it's hard to procure physical gold/silver, or exchange dollar for other currencies.
I wonder what the current E and O insurance rate is, in mortgage banking and RE?
There are two types of E&O for mortgage bankers--one is specifically called E&O and covers routine clerical-type servicing errors like failing to maintain insurance on a property or missing a tax payment, where there'd be liability to the investor. I'm guessing your wondering about professional liability, which is more like malpractice insurance and covers exposure to lawsuits, usually from the borrower. That's easier to get now that everyone's focused on conforming loans--it was predatory allegations against the nonprime lenders that were behind the worst of the claims and that horse has left the barn.
If the fed wants to induce inflation, wouldn't it be amenable to the idea of replacing the USD as a reserve currency? Seems like that would do the trick faster than any sort of QE.
Unfortunately, that kind of inflation won't have a wage component -- it will just be hyperstagflation. Real economy of US undergoes severe deflation causing domestic goods to plummet in price, imported goods soar into the stratosphere as the medium of exchange is debased. You'll be able to afford plenty of the nothing manufactured in America with the Weimar marks they pay you at the job you don't have.
So, if you had a fort and controlled the military, you would own metal. Unless...what?
In other words, if our gold vaults are as empty as some speculate, what would that imply?
I don't even care if the gold vaults were empty - that isn't what backs up a currency or a countries worth. It is the productive power of the economy that backs up the currency - the ability to produce goods & services that sell internationally and return currency, gold or other goods.
Granted - having gold reserves makes clearing TEMPORARY forex imbalances a lot easier... but if temporary imbalances go permanent then even having gold won't save you... the state runs out sooner than they would ever imagine.
If the world had been awake - they would have been more worried about our deficits - especially CAD - than we were. Hoocoodanode it might not work out.
"If the fed wants to induce inflation, wouldn't it be amenable to the idea of replacing the USD as a reserve currency?"
They want it both ways - they want to borrow like it was a reserve currency but want job growth & export like it wasn't. They will have to choose one or the other.
buzzsaw99 (profile) wrote on Wed, 7/8/2009 - 1:03 pm The whole system is a fraud. The FBI only goes after minnows.
My take-away as well. You can tell the important people have finished taking their money away from the table because the 5-0 is here to arrest some suckers, parade them around and call it justice.
Yes, I assumed that-- I was thinking the insurance providers might be getting more skittish, there might be fewer of them, and their own finances might not be so hearty. So if they thought their clients were involved in "grey areas" of the law, they might want to cover their asses by raising premiums, to pay for the extra lawyer time. I mean, look at the way the title business has imploded...
Once inflation hits, though, it all changes. When inflation hits is the question I'd like answered.
Contrary to popular belief, gold has not done that well as an inflation hedge over the last 38 years. Silver has done better in recent high inflationary periods. Gold has done better than silver in deflationary periods.
I prefer to hold more gold than silver, though I think it is prudent to have both.
My take-away as well. You can tell the important people have finished taking their money away from the table because the 5-0 is here to arrest some suckers, parade them around and call it justice.
It's just different fraud now. The flipping rings are gone with the bubble; now it's sellers concealing down payment assistance and scammers pretending they're helping borrowers refi out of potential foreclosures.
SEC kinda missed that whole Madoff thing but they are on the Job...
July 8 (Bloomberg) -- Apple Inc.’s disclosures about Steve Jobs’s health remain under scrutiny by U.S. Securities and Exchange Commission investigators over how his condition went from “relatively simple” to “more complex” in nine days, said a person familiar with the matter.
I hold both Gold and Silver as my main investment ( insurance if you will ) but look around on the site you purchase, sure the price is dropping, but the spot prices are not moving at all, so the price difference is pennies and minimal loss, if you are looking at it through a monetary view.
Duke, sorry had to step out for a doc appointment. Yes I am very familiar with Grapevine, and I don't have a clue what to advise your brother. This market is so weird around here. It looks bad from where I am at, but all the analysts say DFW is doing great, but we live in a lower middle class neighborhood, so I am not seeing what is going on in the 250k+ market. With a homestead, he might want to wait it out, but I would get some professional advice first.
Yes mp. But at least the discussion of USD being rejected as a reserve currency is no longer forbotten.
Dawg, mp & I can testify that USD, forex, pegging & reserve currency status have ALWAYS been on topic here. What is verboten is dumb uninformed shoot-from-the-hip comments regarding same. Just sayin'...
"mp & I can testify that USD, forex, pegging & reserve currency status have ALWAYS been on topic here. What is verboten is dumb uninformed shoot-from-the-hip comments regarding same. Just sayin'..."
"Bald Eagle Chits will be good for government cheese and making Obamacare appointments with the vetting bureaucrat. "
If you are in an HMO you are already vetted by a bureaucrat. Except they're called your health-care business coordinator.
BTW my Mom in the UK had a procedure on this Monday, CT scan scheduled the same day and done on Tuesday. Biopsy results in the next few days. And this was within the government system, not going for private care.
Keep dreaming that Obama is gonna make health-care worse then it already is in the US.
dryfly (profile) wrote on Wed, 7/8/2009 - 1:09 pm Louis, round up the usual suspects.
That might be hard in modern America. I don't think there were many young black males or devout muslims involved in the bubble scams.
Kinda interesting in that I don't think I'm just poking fun to be sharp-tongued. I think this is a situation where we will see very few people take a fall due to the immense social / political pressure against prosecuting a crime when so many people in the entitled majority are guilty. You can end up in a situation where the police ardently "investigate" while cohort after cohort takes money out of the system.
But as usual the stock options charge never got the traction is deserved. I still can't quite wrap my head around the mysterious $20m charge Apple to took so that it could say it didn't back date his options....
Yalt (profile) wrote (in reply to...) on Wed, 7/8/2009 - 1:18 pm I'm starting to wonder how many of you experts have ever looked at a single mortgage fraud case. Do you have any idea what you're talking about?
Yes. Now go run along and put a black man in jail for marijuana possession, your owners are watching.
LOL - not necessarily but at one time this forum had a reputation & expectation that folks would think before commenting on 'deep subjects'. There was always a place for a little snark but not much patience for ill informed or shoot-from-the-hip.
BTW - I'm not so much smart as I am 'sadder but wiser'. I had my ass wiped by B Setser himself on his blog when he was working with Roubini regarding comments I made on CAD & pegging & SAFE USD asset purchases - I then schooled myself on the issues before I commented on them again.
I don't think there were many young black males or devout muslims involved in the bubble scams.
Muslims I'm not sure about but there were "devout" Christians and Jews aplenty. I lost count of the number of times I saw rabbis and preachers and deacons found at the center of these scams...churches seem to be easy places to find naive and impressionable marks or potential co-conspirators who won't ask questions or even suspect foul play until it's too late.
Leib Pinter comes to mind as the worst case--here's a rabbi and author of "Don't Give Up: Rays of Light and Strength for the Hardest Times" that's now doing 8 years in prison for stealing $44 million from Fannie Mae. He ran a mortgage servicer in Brooklyn, and his scam was to fail to notify Fannie when a loan was paid off--he'd keep the payoff for himself and continue remitting monthly payments as if the loan was still in force. Of course, Fannie no longer had a lien on the property, but they didn't know that....
He kept it up for at least ten years before anyone found out.
dryfly (profile) wrote (in reply to...) on Wed, 7/8/2009 - 10:16 am
Yes mp. But at least the discussion of USD being rejected as a reserve currency is no longer forbotten.
Dawg, mp & I can testify that USD, forex, pegging & reserve currency status have ALWAYS been on topic here. What is verboten is dumb uninformed shoot-from-the-hip comments regarding same. Just sayin'...
Snigger. Although you have to admit some of us (raises hand) have been known to have an argument all worked out but introduce it as if it looks like a shoot from the hip comment.
The two interesting things about reserve currency are that you can back test almost all the alternatives. Care to have our world currencies pegged to a basket of oil, copper, wheat over the last two years? Thought not. How about a weighed basket that included the Icelandic Krona? The Ruble? The dollar is like democracy. The worst choice excepting all the others.
That particular form of backtesting is a bit too much like the backtesting lenders did when they decided not to consider the possibility of RE prices declining. We know the dollar hasn't collapsed over the period of the backtest, but that doesn't mean the probability of a collapse is zero.
A similar argument had some insurers writing broad coverage against borrower fraud 5-7 years ago--they'd backtested it and their rates were surely adequate to cover the risk. That they were testing over a completely different period than the one we were entering never crossed their minds.
Surely the idea here is to avert catastrophe going forward in time, not backward.
We are borrowing the stimulus money. More stimulus is equivalent to throwing gasoline on the fire. We can't possible pay the debt back... legitimately. The government will use inflation to cheapen the debt. Unfortunately, this will hurt the poor, the working class, and the elderly on fixed income. Reckless government spending is not an American value. Interesting Finance & Economic articles
Stimulus is a joke of a concept; it doesn't end up with real economic growth in the long term. Even the New Deal failed to increase private investment. It wasn't until 1941 that domestic private investment reached 1929 levels. The fact that the first stimulus has failed to stop the bleeding yet isn't surprising. Our government deficit for the year which is over 20% of GDP (when the omnibus bill, first stimulus, bailouts, and on-budget deficit are summed) is unsustainable and something's gotta give, whether it be the lenders or the interest rates.
It seems to me that the first two of these frauds, involving inflating equity values, couldn’t take place except for the “ur-fraud” that is at the origin of all others, i.e, inflated real estate values due to the banks willingness to extend too much credit, driving up prices to uneconomic values. So the banks continue to have to believe in fictional real estate values, making them vulnerable to just how much fiction to tolerate. If real estate was correctly priced, a foreclosed property could be rented out to cover all, or at least nearly all, of the cost of money. Now banks are forced to continue to lend on overpriced real estate, otherwise they kill their own portfolios. Others have figured that out as well of course, and are feasting on the banks’ flesh. The banks still can't collatoralize their risk.
Thats what I like about the FBI-Fun Boys Inc,
Always a day late and a dollar short.
Where has this agency been for the last 5 years?
Millions and millions of foreclosures,Millions more coming-Fraud -try the banking system.
The Office of Thrift Supervision in the first criminal organization that the FBI could arrest,
talk about fraud, malfeasance and misfeasance.
The FBI is all talk. What a waste of money spent on this agency.
Thats what I like about the FBI-Fun Boys Inc,
Always a day late and a dollar short.
Where has this agency been for the last 5 years?
Millions and millions of foreclosures,Millions more coming-Fraud -try the banking system.
The Office of Thrift Supervision in the first criminal organization that the FBI could arrest,
talk about fraud, malfeasance and misfeasance.
The FBI is all talk. What a waste of money spent on this agency.
Like it wasn't for the past 5 years?
they just found it.
homeghome nc move over fine is 250. moveover america has map roll mousie to find fines. and i got pigged!
thanks for the advice, time to go into the mortgage fraud business
green shoots!
Quite the bunch of sleuths at the Federal Bureau of Investigation.
Mortgage Freud should be appointed to explain mortgage fraud.
Normal at this stage,the big boys have taken their money and run and now the small desperate players are left for Law Enforcement to play with.
Normal at this stage,the big boys have taken their money and run and now the small desperate players are left for Law Enforcement to play with.
They must have brought Scully and Mulder out of mothballs to uncover this deeply buried collection of truths.
The Mortgage Pig Files®.
Yahoo! 404 - Page Not Found
The city's Communist Party boss promised those behind the killings would be executed.
Ethnic clashes have paralyzed Urumqi over the past several days — with minority Uighur and Han Chinese mobs roaming the streets and attacking each other. The violence forced President Hu Jintao to cut short a trip to Italy where he was take part in a Group of Eight summit — an unprecedented move by a Chinese leader.<b>
This must be bigger than advertised...
What these people need are lobbyists.
Mortgage Fraud "Rampant" and "Escalating"
hoocoodanode?!
in other news smoking causes cancer and banks operate to make money
HEY anyone notice the ICE drop today. Regulation coming?
"Normal at this stage,the big boys have taken their money and run and now the small desperate players are left for Law Enforcement to play with."
Truer words were never spoken. So I guess the secret is just figure out what the big boys are up to and join them. Or join Dmitri Orlov planning for a future in subsistence horticulture. I don't see a middle way.
LOL......nice point, tim.........and....
"So, if you're at Albertson's or Smith's or Wal-Mart and see a man or a woman walking around wearing a holstered firearm, don't panic, they're just exercising their right as a citizen of Nye County, Nevada."
Pahrump Valley Times - Nye County's Largest Newspaper
Circulation
Rear view mirror doesn't look great when you are driving forward.
Mortgage fraud is by definition, way down. This is but an echo of the original frauds. What the FBI is really saying is that the kind of mortgage fraud they are interested in is up. Translated: fraud that does not implicate banks is way up. This is the logical consequence from the moral hazard of refusing to even investigate the first type of fraud involving lender complicity.
If anyone is in the position to demand an answer, ask this question: "How many individual complaints has the FBI received concerning Casey Serin?" It's in the thousands. Casey remains free.
They just figgered this out? Scary. These guys run around with guns.
lots of open carry laws pending in state legislatures.
Even Scenic South Carolina...
"How many individual complaints has the FBI received concerning Casey Serin?" It's in the thousands.
But they all came from one guy in Camarillo.
Wow, is this what we call choppy trading this morning? I know the range is narrow, but it looks like a freaking mountain range on the charts. What time does the important info of the day get released?
As always, nobody cares about rampant fraud on the way up.
There is a large article on AIG by M. Lewis.
Michael Lewis on A.I.G. | vanityfair.com
lots of open carry laws pending in state legislatures.
we passed some sort of gun law in Minnesota a few years ago, I forget how it is written (I think it is conceal and carry though, not open carry). but people/places have the right to not allow guns in their establishment.
immediately almost every business in the state put up signs that said "Our business bans guns in this building".
thus, you can walk around with a gun, so long as you don't go into a business or a building or something.
Wow, is this what we call choppy trading this morning? I know the range is narrow, but it looks like a freaking mountain range on the charts. What time does the important info of the day get released?
after hours with Alcoa's earnings release.
to a much lesser extent people might be watching that 10 year Treasury results that happen at noon-1 pm eastern. (I forget)
What's funny is most of the people making most of the money are not losing their jobs.
Its just the lower class oh and a few minor class people.
Looks like we are going to have a lot of welfare going out the next couple of years.
But hey after the 12 trillion+ in corporate welfare I am sure they can pay for it no problem.
CR or Ken Cooper... just had trouble connecting to the comments 3 times, gave me a MySql connect error message
that you had exceded your connection limit
....
MS,
Quite what an "officer" was doing in my driveway at that time (truck was facing towards the garage so he had to have gotten out and looked at it specifically) still baffles me.
a wild guess here but is the missus 'hot'?
....
Vonbek77, so you must know Grapevine, a place my brother owns a home and has been paying on the mortgage
since '84 when it was built, problem is is that he was tied up with some partners flipping properties bwt S&Ls
in the 80s and when the music stopped both partners declared BK leaving him holding the bag on a bad deal,
so he says, got a lien on his house for 225K and now it's 400k and he keeps paying the mortgage... he works
abroad for years now and rents it out... the lien holder can't foreclose cause it's homesteaded...
question? - any possibility of him waiting out that lien? he seems to think it will disappear or he can buy it for pennies on
dollar. IMO, I don't think it is smart to pay on a home that seems to be completely illiquid or that he could even give to his kids, no?
Texas has some strange twisty laws...
Treasury Works on 'Plan C' To Fend Off Lingering Threats
Treasury Works on 'Plan C' To Fend Off Lingering Threats - washingtonpost.com
Ha! Plan " C "
Go Elmo!
OT: Commodities down, transports down, financials finally rolling over, dollar down as well. Natgas, inventory and demand predicting sub $35 oil. PPT has its job cut out for them today.
stopped out of USO earlier today......sold 25% of SPY puts (july 86) and also stopped out of RJA, RJI.
bear rally over until some happy news that screws all the quants who jumped in yesterday earlier on the break of the H&S neckline (at least with volume this time).
Ciao
MS
I predict at these current levels the 10 year today is going to be bloody.
shill
Plan D should be a study on the fall of Rome and maybe research committee on the "end of days"
Mortgage Refinancing For Underwater Borrowers Now Available
Mortgage Refinancing For Underwater Borrowers Now Available | Blown Mortgage
Surviving Car Dealers Woo Customers Left in the Lurch by Industry Shakeup
Surviving Car Dealers Woo Customers Left in the Lurch by Industry Shakeup - WSJ.com
For more than 35 years, Jerry Wyatt was a loyal customer of Bobby Archer, a Houston-area Chrysler dealer. Mr. Wyatt bought 30 vehicles from the dealer, and neither rebates nor new models ever lured him to shop elsewhere.
a vehicle every 13 months...? amazing...
Jerry Wyatt is a moron.
I am no fan of the FBI but after 9/11 financial fraud was not Bush admins priority. Not that it ever was. The FBI had to cut to the bone as far as staffing in other task forces to come up with the number of agents Bush wanted assigned to terrorism. Also after a suprisingly large amount of FBI agents found themselves in far away lands....
Uh, where is the PPT today? Out of juice?
Plan D should be a study on the fall of Rome and maybe research committee on the "end of days"
.....I've tired of the "cold feet". Already Demos are in-fighting about "how much is too much" in regards to spending more, more, more. I'd suggest another couple MAJOR bailouts, a few more STIM-Paks, and money dropped from choppers. I'm literally quite fed-up with the side-ways stuff and want some UP or DOWN direction. Either defecate or stand up - no reading allowed on this "Stool of Life" - you should already know what you sat down for before you sat down.
.....can you tell it's about time for me to water, weed, feed and clean? LOL.
So who has done America more harm, terrorists or bankers?
thanks for the Milton F/ Donahue interview... boy Phil, really had a head of hair on him,
almost looks like a wig... (that's jealousy on my part)
HomeGnome (profile) wrote on Wed, 7/8/2009 - 8:28 am
So who has done America more harm, terrorists or bankers?
There's an argument to be made that without banker mischief we wouldn't have terrorists. Think the WTC was chosen at random?
God help me, I'm considering SRS again...
"So who has done America more harm, terrorists or bankers? "
Do we get to count the self inflicted harm, Patriot, Gitmo, Abu-Garib, TSA, etc on the Terrorist side of the equation?
YTL
I am starting a search downtown MPLS for a new rental condo. I'm not sure if you follow the market. Any advice?
AP says "The powerful attack that overwhelmed computers at U.S. and South Korean government agencies for days was even broader than realized, also targeting the White House, the Pentagon and the New York Stock Exchange. An early analysis of the malicious software used in the attack found its targets also included the National Security Agency, Homeland Security Department, State Department, the Nasdaq stock market and The Washington Post. It was not immediately clear who might be responsible or what their motives were. The attack was remarkably successful. Some of the affected government Web sites -- such as the Treasury Department, Federal Trade Commission and Secret Service -- were still reporting problems days after it started during the July 4 holiday."
Top story at Yahoo Finance right now...
No Dawg, I don't think it was chosen at random.
Halo, it wasn't terrorists who gave you Patriot, Gitmo, TSA, Abu Garib; it was the US Federal Government.
and since USG is fully aligned now with the bankers...
FAZ looking like it wants to break out...needs more volume though.
Ciao
MS
Any advice?
Put zero down?
Here is what bugs me....I had a bit of a tiff with Martin Wolf, trying to get him to understand that fraud has worked its greedy little fingers the entire way through the food chain of this disaster in excess credit. But he and the establishment refuse to see it. Yet, there is ample evidence that the little people will engage in it on a massive scale.
Somehow, he and others must think that the enablers of this racket somehow were above it all, and it was only exuberant innovation on their part. It just makes me sick that in the end, very little will ever get done in terms of accountability, because the lower level criminality is always much more clear cut. But in the end, the reason this type of thing happens is largely fraudulent, and at best, grey area fraud.
ot-more green shoots
Ad spending expected to fall more than 10 percent in '09
Ad spending for TV, radio, magazines, newspapers, outdoors and the Internet is expected to fall 10.6 percent in the United States this year, to $154 billion, the lowest level in six years, according to ZenithOptimedia, a unit of French advertising conglomerate Publicis Groupe, The Associated Press reports. U.S. ad spending for newspapers is expected to fall most steeply, down 20 percent to $35.2 billion this year as advertisers increasingly migrate to free or lower-cost alternatives online. TV ad revenue is projected to decline 8 percent, to $53.3 billion, and radio by 14.4 percent, to $16.5 billion. ZenithOptimedia said Monday that global ad spending shows signs of reaching bottom as some sectors held up better than expected during the second quarter. But it also slashed its 2009 spending estimate for a second time this year, and now expects a mild recovery next year and a stronger rebound in 2011. As expected, ad spending worldwide fell steeply in finance, automotive and business travel. But sectors such as retail and consumer goods have performed better than projected.
Panda
Google/ Wiki up "4th Generation Warfare" or "William Lind"
The wars of the future aren't necessarily going to be waged with guns and bombs...
Any advice?
Wait for the curtain call, more drops coming.
Please don't wake up the PPT. I'm having a lovely day!
I just need to hang on until 12:30. After that you can invoke the voodoo that you do
Look at the volatility indexes. Wow.
minnirenter...careful renting a condo, because you could be subject to moving again if the "owner" ends up in foreclosure. It's the tricky part of the rental game now in general. You have to be ready to pack back up and find another place since so much of the rental housing, especially SFR, is under severe stress, and renting it out is often a last effort before losing it.
My pleasure Duke of ...
I loved it, hadn't seen it before
" Blackhalo (homepage, profile) wrote on Wed, 7/8/2009 - 11:27 am
Uh, where is the PPT today? Out of juice?"
The market won't open for a few more hours-
AP says "The powerful attack that overwhelmed computers at U.S. and South Korean government agencies for days was even broader than realized, also targeting the White House, the Pentagon and the New York Stock Exchange. An early analysis of the malicious software used in the attack found its targets also included the National Security Agency, Homeland Security Department, State Department, the Nasdaq stock market and The Washington Post. It was not immediately clear who might be responsible or what their motives were. The attack was remarkably successful. Some of the affected government Web sites -- such as the Treasury Department, Federal Trade Commission and Secret Service -- were still reporting problems days after it started during the July 4 holiday."
Top story at Yahoo Finance right now...
This reeks of a false-flag setup, they can't feed the people yet they have super computers to carry out DOS attacks.....I am skeptical to say the least.
right before market close...by alcoa
JS123 said: "God help me, I'm considering SRS again..."
I feel your trepidation.
I bought SDS in one account yesterday, and SPY puts in another.
Sebastian
Look at the volatility indexes. Wow.
Thats what happens when you have GS Vs the World!
sounds like the script to "Live Free or Die Hard."
"Halo, it wasn't terrorists who gave you Patriot, Gitmo, TSA, Abu Garib; it was the US Federal Government.
and since USG is fully aligned now with the bankers... "
Yeah, but 9/11 gave GWB, what is the term? Cassius Beli, carte blanche? To enact the whole laundry list of right wing wet dreams. Of course the housing bubble is doing the same for the Federal Reserve if O' is stupid enough to expand Fed powers.
they can't feed the people yet they have super computers to carry out DOS attacks
No. They probably have several botnets to handle that. Cheap to get up and running and oh, so powerful.
oh, he's stupid enough alright. Has he not proved that already? I wonder what Hillary would have done...would she have had any more balls in standing up to the banksters, or would she have picked a Geithner Summers team and resigned her administration to the same fate?
Halo,
Agreed.
But I believe the US Federal Government response did more harm to America than terrorists could ever hope to.
This is exceeding ridiculous:
Budget Battle Devolves Into Food Fight - cbs13.com
"The governor is not against condiments. The governor's not against fruits of any kind," said spokesman Aaron McLear. "But he believes we ought to be focused on solving our budget crisis first and foremost."
Assembly bill 606 creates a commission to serve the marketing interests of the blueberry industry. Another bill defines "honey" to mean the natural food product resulting from the harvest of nectar by honey bees, and a third bill adopts regulations establishing definitions and standards for 100-percent pomegranate juice.
"Look, we're pro-condiment, we're pro-fruit, but the focus needs to be on the budget crisis," McLear said.
OT Noise:
Brave New World...
July 8 (Bloomberg) -- Scientists created human sperm from stem cells for the first time in a bid to better understand the causes of male infertility.
The researchers, led by Karim Nayernia from England’s Newcastle University, developed a technique to turn stem cells with male chromosomes from human embryos into reproductive cells, known as germline, and prompt them to divide, they said in a study published in the journal Stem Cells and Development today. The divided cells produced functional sperm, the scientists said.
now back to the regularly scheduled programming...
HomeGnome wrote on Wed, 7/8/2009 - 8:28 am
So who has done America more harm, terrorists or bankers?
bankstas R terrorists
"This reeks of a false-flag setup, they can't feed the people yet they have super computers to carry out DOS attacks.....I am skeptical to say the least."
Supercomputers for the few and powerful are a lot cheaper than rice for the masses.
Agreed the US preaches Terrorist terrorist terrorist, I think at the next Congressional meetings we should all show up with mirrors.
" HomeGnome (profile) wrote on Wed, 7/8/2009 - 11:39 am
Halo,
Agreed.
But I believe the US Federal Government response did more harm to America than terrorists could ever hope to."
What makes you so sure that the US Govt.'s response wasn't part of their plan. It's sort of a Belichick move, attacking the other side's strength. Al Quaeda's plans were far reaching, more so than many suspect.
Ok back to the Bond scandal of last month
Everything suggests that the American bonds seized at Chiasso are real
ASIA-ITALY Everything suggests that the American bonds seized at Chiasso are real - Asia News
" Al Quaeda's plans were far reaching, more so than many suspect."
Ding, ding, ding! We have a winner!
GDD-
I don't think it would have been any different had McCain, Clinton or whoever else was installed as president. We would have been stuck with the same people...it was pre-ordained IMO. The fed owns the system so it puts in whoever they want. That's the real screwed portion of the process. Many people will realize, very soon, that we are in the Fed presidency.
Ciao
MS
From the WTF files:
July 8 (Bloomberg) -- Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale.
How they hell are they getting away with this shit?
Cinco,
Agreed. Al Q knew they had a bunch of Neo Cons (who would over react) as adversaries.
The idea of "terrorism" is to get the opponent to change their way of life, no?
gnome, shill,
The whole govt is undergoing a massive cyberattack and the FBI is using resources on this ex GS guy? That smells to me.
MS...i was wondering aloud, but I do tend to agree with you that no matter who we ended up with. It just goes to show that the bankster and lobbyists are firmly in control and now in collusion with the Fed. SO much for independence day....
Shill, that article quotes Hal Turner.
Are you interested in a PPP I've got going with the NYC MTA? They're looking to privatize the bridges on the East River...
its all fraud on one level or another (ok not all but sometimes it feels that way)
how about this
cap and trade
got to have market liquidity, so "specialists" or market makers are "chosen by the gov (fed?) like "primary dealers" or GS's SPL deal with the nyse
so here we go...company A provides special information to cap and trade dealers that they need to buy or sell in the market
and viola big money is made by taking a futures position right before xyz coal fired elec generating co, or abc manufacturing is about to enter the market looking to buy or sell credits
this of course is just what we need...more wealth produced by blood sucking pilot fish
Thanks for the link, Shill.
Like the mirror idea too.
"Everything suggests that the American bonds seized at Chiasso are real"
Has Alex Jones weighed in on it yet? Seems right up his alley...
" HomeGnome (profile) wrote on Wed, 7/8/2009 - 11:46 am
Cinco,
Agreed. Al Q knew they had a bunch of Neo Cons (who would over react) as adversaries.
The idea of "terrorism" is to get the opponent to change their way of life, no?"
Wrong! Their plans predated Bush by a year or two; this I can assure you.
Your second remarks is RIGHT on the money.
HomeGnome said "Al Q knew they had a bunch of Neo Cons (who would over react) as adversaries."
That makes no sense as planning for 9/11 started before Bush was elected. Logically, they were emboldened by previous weak response from the American government.
Clinton and Bush both had the same problem, no matter what their response they would be called incorrect by their adversaries.
I was really hoping the Chimp would give a speech about America being the land of freedom and opportunity and a beacon of hope in the world and I was told to go to the mall...
GDD9000
I don't think Liz is online right now, but I would appreciate an opinion on this from anyone familiar with the foreclosure process. The following is a section from a document published by the Minnesota State AG's Office. This document supercedes any lease terms. Here is what they have to say about a lender evicting a renter. I would love a translation to english.
After a contract for deed cancellation or mortgage foreclosure, the new owner of the building can also evict
a tenant; provided that if the tenant leased the property during the contract for deed cancellation period or
mortgage foreclosure redemption period under a lease beginning after the date the mortgage or contract for
deed was signed and prior to the expiration of the time for redemption or termination, the tenant received
proper notice to vacate. The law requires two month’s written notice to vacate no sooner than one month
after the expiration of the contract for deed cancellation period or mortgage foreclosure redemption period
(these terms are defined on page 6); or two month’s written notice to vacate no later than the expiration of the
cancellation or redemption period. This second notice option requires that the tenant be held harmless for
breaching the lease if the mortgage is redeemed or contract reinstated. (154)
CR
Another 1/2 Off Sale
"Starwood Hotels & Resorts Worldwide Inc. has agreed to sell the W Hotel in San Francisco to a Hong Kong investment company for $90 million, representing a more than 50 percent drop from peak hospitality property values set two years ago."
W Hotel sold to Hong Kong company
I don't think it would have been any different...it was pre-ordained IMO
That seems to be the nature of things.
I watched "Public Enemies" last night, it's an appropriate movie for the current predicament. Dillinger (Depp) gets abandoned by the mob because his violent methods are interfering with the real money to be made in illegal gambling. I couldn't wondering if the suppression of easy, violent crime pushed the criminal element into white-collar crime.
Would Mozilo have been a bank robber in 1935?
Google in kimchi? -
Google Layoffs, Deep Cuts Underway
Wrong! Their plans predated Bush by a year or two; this I can assure you.
Your second remarks is RIGHT on the money.
Agreed and the Patriot Act was already in place.. I can not name onetime in my lifetime when I seen a piece of legislation written as fast as that piece of toilet paper. And now it seems the norm...they don't even read the bills...they just pass them at will..this country has gone to the shit, and we can blame our high ranking high paid leaders for it....Funny I see none of them taking pay cuts or job losses.
Yet they preach on TV about sacrifice....practice what you preach.
Seems the Project for a New American Century got their modern day Pearl Harbor right on schedule.
" shill (profile) wrote on Wed, 7/8/2009 - 11:57 am
.......Funny I see none of them taking pay cuts or job losses.
Yet they preach on TV about sacrifice....practice what you preach."
Actually........a fair number of Republican Senators and CONgressmen got the axe during the last elections cycle- Just sayin'
" HomeGnome (profile) wrote on Wed, 7/8/2009 - 11:52 am
I was really hoping the Chimp would give a speech about America"
Who is the chimp? Perhaps you could add that to the glossary-
It ain't easy being green...
Can I haz Snp 600 pleez
Cinco,
GWB, Shrub.
The guy everyone (including MSM) was making fun of prior to Sept 2001.
BTW, did you guys see this about 'the worst landlord ever'?
Gary: Landlord of the Flies
KABUL (AP) - A Democratic Party strategist who helped Bill Clinton get into the White House is now assisting a former Afghan finance minister in his campaign to unseat President Hamid Karzai in upcoming elections.
James Carville said he joined the team of Ashraf Ghani, also a former World Bank official, so Afghans had a viable choice in the Aug. 20 poll.
My Way
......Never figured that in being President or Governator, classes in Early Childhood Development might be a godsend.
AND,........I have ALWAYS thought James Carville was a snake.
S&P Increases 2005-07 Subprime and Alt-A Loss Assumptions
Research Recap » Blog Archive » S&P Increases 2005-07 Subprime and Alt-A Loss Assumptions
"It's the opium stupid"
"James Carville said he joined the team of Ashraf Ghani, also a former World Bank official, so Afghans had a viable choice in the Aug. 20 poll."
Maybe the worst sleaze in Washington, except possibly for his wife.
Verizon DSL (res.) seems to be having problems. At least in the DC area.
Wow! Gold off -$20..Christmas in July....backing up the truck.
Minnirenter, without the definitions on page 6, it's tough.
Seriously, it looks like a pretty standard, though poorly written, statement to the effect that a renter is entitled to two months notice prior to eviction if the renter leased the property after the completion of the foreclosure but before expiration of the period during which the prior owner could redeem the property (i.e., buy it back for cash).
maybe someone could help a noob out here: In a deflationary environment, would gold/silver decline too?
tia
TEGUCIGALPA, Honduras (AP) - The foreign relations minister in Honduras' interim government says he has sent a letter to Barack Obama apologizing for a racial comment he made about the U.S. president.
In a TV interview, Ortez said Obama "is a little black man who doesn't know where Tegucigalpa is located."
Foreign relations minister?
shill...you might want to shift it into neutral, idle that puppy a bit and sip on a nice cold home brew. It seems a wee bit premature to go into reverse and put the gate down on your dumpster. Plus, you'll get tired lifting all those bars.
maybe someone could help a noob out here: In a deflationary environment, would gold/silver decline too?
tia
Most likely.
Even commodities would decline.
The key is to guesstimate at relative declines.
It's likely that the most leveraged assets would decline the most.
BURN, precious metals are just an asset class. If deflation is a reduction in the cash value of other assets, why would they not decline? In fact they seem to be doing so as we speak.
WHooooooaaaaaaaa
CRB breaking down - Right here - right NOW.
Burn
yes gold and silver could quite likely decline as prices across the board deflate
but
i suspect that PMs (precious metals) would likely decrease less than the price of commodities in general and less as well than consumer goods
keep in mind what im saying is very speculative as im not so smart and as a country we are off the map on this crisis
long term if you are a saver as i am ,then our problem is inflation...after we get thru several years of deflation
do i sense a whiff of deflationary bias developing in the CR-hoocoodanode community? Hmm.
No not really its a bargain for sure......$that$ $12 trillion and counting is sitting somewhere waiting to tsunami in....and it can happen at any time.... still killing dollars and flipping 10% to 20% in metals...just for insurance purposes........stocks.....I am out...nothing left in that racket.
"Even commodities would decline."
True, if you're of the belief that glod and silver are commodities. Many believe they are money, which increase in value during deflation.
My Jul FAS puts, went in the money at 7.50, what happened? Oh, for this to be another OCT or MAR, I would like that very much. Is it the stall of Stimulus II that is causing the hurt?
Why is CRVIX not spiking?
"Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind"
......if you put a ribbon and bow around a turd, what does it then become?
Morgan Stanley Plans to Turn Downgraded Loan CDO Into AAA Bonds - Bloomberg.com
MS, GS, and others, the re-securitization is all the rage now.
It's a turd in a tiffany box though. But I can guarantee you some fool falls for it. No shortage. Bastard in a basket! Bastard in a basket!
Many believe they are money, which increase in value during deflation.
"value" is different than nominal.
The value of precious metals in a deflationary environment is that I believe they will still be convertible to cash at some level.
Other assets, e.g. jet skis, may not be convertible at all.
Once inflation hits, though, it all changes. When inflation hits is the question I'd like answered.
Deflation monster unleashed
YouTube - The Return of Godzilla
See previews of Ben and Timmy's efforts on taming the beast here....it doesn't look good....
So, cash is the best place to be during a period of deflation? Or could something else go wrong and make no place the best place to be?
hey, if i'm investing OPM, then 2% up front will get me to fall for it. wink, wink
Posted that upthread, BSR
You musta been with Milkshake and Belle...
.......you're right, Home...thnx......
""Even commodities would decline."
True, if you're of the belief that glod and silver are commodities. Many believe they are money, which increase in value during deflation. "
To me, gold is a hedge against the decline of the dollar, and nothing more. Buy in over 900, and you're taking a bigger risk than I would. But I'm pretty risk-averse.
Jesus christ are we witnessing the great return of elmo?
there can be deflation + devaluation, which makes CPI calculations all funky. check out the UK.
Timmay needs to get the Goldman secret sauce back online.
Still amazed that they are able to pull this shit off after everything that has gone wrong.
WHERE, oh WHERE are the 'regulators'?
WHERE, oh WHERE are the 'regulators'?
WHERE, oh WHERE are the perp walks?
"So, cash is the best place to be during a period of deflation?"
if its gonna get as bad as i suspect it is (guess)
maybe the best place to be is a tropical island in the south pacific surrounded by coconuts, breadfruit trees and waters teaming with fish
ok yes i like certificates of deposit and cash and land i own outright and a big garden small farm)
im long on manure and a large rotto-tiller
"In a deflationary environment, would gold/silver decline too?"
Nobody really knows. Historically, a lot of the time, Gold=Money which meant it would do OK,
Mish seems to think it will do well.
It's ostensibly a commodity, which means the price can drop.
The thing is that unlike other commodities, the price of gold isn't really driven by industrial demand, but by people using it as a store of value, so if people start hoarding, it may do OK.
Bernanke and Geithner confront The Beast.
http://miscellany.lolthulhu.com/wp-content/uploads/2007/11/cleveland-do_not_want.jpg
"Jesus christ are we witnessing the great return of elmo? "
I hope so. But what happened to spook the financials, the folks here are usually the first to point it out.
Jesus christ are we witnessing the great return of elmo?
Did he ever leave. I think he was lurking in the shadows laughing at all the Kermit Fans
OT
where are the regulators?
Here's the regulators with their apt named song chasing the devil
YouTube - the regulators - i chase the devil @ this is ska 2008 (D)
hint:they are slow
Maybe GS has had a flaky internet connection over the past few days and this is what happens when the market is allowed to set prices...
VIX up over 5% today so far.
I'd say that cash is the least-risk, most predictable place to be during deflation.
Your return in a few other areas could be higher.
And you can't guarantee that deflation will not turn into inflation.
"if its gonna get as bad as i suspect it is (guess)"...
Well in that case, it wouldn't really matter how a person's investments are doing. So throwing most of it into the stock market (index funds) wouldn't hurt. (minus a few thou for bunker provisions)
"And you can't guarantee that deflation will not turn into inflation. "
I wonder how quickly that would happen. Probably too quickly to react, I'm sure.
So, cash is the best place to be during a period of deflation? Or could something else go wrong and make no place the best place to be?
What could possibly go wrong given the 'difficulty' a desperate gov't would have printing fiat should policy wonks decide to do it [like it never happened before, right? Oh and this time its 'different'].
I fully acknowledge the current deflationary pressures but the last place I would be is 100% cash UNLESS I had very nimble trading fingers and could get out of it pronto. I'm not that nimble so I diversify - equities, cash, T's of various maturities, some corp bonds & 'stuff' [my real estate]. Never been a big one on metals personally only because I believe if you are to go that route take personal delivery and heck my house is as secure as a tent. No metal in my house other than old casting samples [aluminum & zinc - not much risk those will be pinched]. If I had a more secure situation I'd most definitely own metal.
YMMV.
Forget silver or gold; get some lead instead.
.380, 9mm, 7.62*39...
I don't know its all so dam confusing these days
Sales of Silver, Gold Coins Surge
Surge in Gold, Silver Coin Sales - WSJ.com
I wonder how quickly that would happen. Probably too quickly to react, I'm sure.
No I think you could react IF you recognized and read the signals right. If not then you're slow boiled like the frog.
Inflation is money supply & velocity... NOT PRICES. Prices are the symptom... money supply & velocity the cause. Look for early warnings the effective money supply & velocity is increasing and you could get out in time easily. My guess [and I'm no different] is that most everyone will miss the warning signs because their bias is too strong - they will discount the signs pointing against their bias and magnify those that confirm their bias. Because I'm no different I try to diversify knowing full well half or more of my portfolio will get crushed... c'est la vie.
"dryfly (profile) wrote on Wed, 7/8/2009 - 12:36 pm
If I had a more secure situation I'd most definitely own metal."
So, if you had a fort and controlled the military, you would own metal. Unless...what?
In other words, if our gold vaults are as empty as some speculate, what would that imply?
Forget silver or gold; get some lead instead.
You don't need that much lead.
It's the true philosopher's stone.
For a small amount of lead, you can get more lead.... and gold... and silver.
"Jesus christ are we witnessing the great return of elmo?"
I expect a huge bounce after the 10 year auction. This is pure manipulation in order to generate demand for our debt.
Upcoming Auctions
Might be tomorrow, though, since we have 30s to auction tomorrow as well.
The whole thing really stinks of manipulation though.
shill, from the article you linked:
Any comparison to year-ago totals must take into account Mint sales of half-, quarter- and tenth-ounce American Eagle bullion coins that have been suspended this year due to a shortage of blanks.
Notice how the U.S. is forcing gold coin buyers to buy one ounce pieces, a denomination that wouldn't work very well for small transactions, especially in an inflationary world.
Silver pieces will be essential for making change.
Somehow, I doubt these frauds were invented the day before yesterday. More likely, they were always present at some level, but the FBI is just now getting around to some juicy prosecutions, given the current mood of the public. A guy could make his career on this.
I wonder what the current E and O insurance rate is, in mortgage banking and RE?
Look for early warnings the effective money supply & velocity is increasing . . .
Does a $1,700,000,000,000 budget deficit count?
Forget silver or gold; get some lead instead.
.380, 9mm, 7.62*39...
I got a little lead - don't need more. And better yet I got ornery neighbors who like me watch out after each other. I've lived in this neighborhood 25 years and there hasn't been a single break in or burglary in a three block radius... hell some of us have doors that haven't been locked in decades. Not even a bike stolen. Seriously.
Yahoo! 404 - Page Not Found
NYSE can't stop ze hackers!
A surprising development - that's a major power aligning with BRIC. If OPEC/Japan/Germany falls in line, dollar will die a sooner death.
France joins China, India and Russia in calling for a new reserve standard
globeandmail.com
I wonder what Hillary would have done...
Yes sportsfan that's where Grams get put on the check out counter
Heck with hilary..I wonder what Ron Paul would have done? Let the attack begin....
Does a $1,700,000,000,000 budget deficit count?
LOL... ya that is a bit of a hand tip. That and the estimated 13T exposure the treasury & fed have to the alphabet soup bailouts... and we haven't even discussed the 'entitlements' which sure a shit will get paid out as planned even if part of the plan all along was to pay it out in far less valuable money.
The problem as always is 'when' & 'how much'? Meanwhile deflationary pressures grind on.
If this one were easy even the dumb kids in class would get it right.
creditcriminalslovetarp (profile) wrote on Wed, 7/8/2009 - 9:50 am
Heck with hilary..I wonder what Ron Paul would have done? Let the attack begin....
That's the thing. We know exactly what Ron Paul would have done. That's why GS didn't elect him.
Verizon DSL having problems in Raleigh-Durham ... causing lots of sites to be inaccessible.
shill, the ubiquitous credit card swiper replaced by the ubiquitous gram scale?
"Heck with hilary..I wonder what Ron Paul would have done? Let the attack begin...."
What a wonderful world it would be.
So, if the dollar is booted as the reserve currency, that means US inflation goes through the roof as central banks sell their dollars for currency X. Right?
If the fed wants to induce inflation, wouldn't it be amenable to the idea of replacing the USD as a reserve currency? Seems like that would do the trick faster than any sort of QE.
As a saver w/ most of my assets in cash, I'm getting very scared.
A surprising development
Not that surprising.
dryfly, I do expect to receive a Social Security check if I live long enough to qualify. I just don't expect it to buy anything.
"If the fed wants to induce inflation, wouldn't it be amenable to the idea of replacing the USD as a reserve currency?"
The Fed wants wage/price inflation, what you are describing is hyperinflation, Weimer-style, where our currency buys less and less of international goods (like oil).
It also makes our debt more expensive to issue, which is the #1 key strategy of the current Administration. They are counting on the dollar remaining the reserve currency so they can sell cheap debt.
This is crucial to their plans. They are even willing to crash stocks today to do it.
"As a saver w/ most of my assets in cash, I'm getting very scared"
You have plenty of options still right now. You don't wanna wait until it's hard to procure physical gold/silver, or exchange dollar for other currencies.
If the fed wants to induce inflation, wouldn't it be amenable to the idea of replacing the USD as a reserve currency?
It would seem so at first blush 'cause they could blame the furriners for the problem.
But the impact of the wave might be at tsunami level in which case the whole island would be at risk.
Tough call.
Off to do my time as a minion. Have a good day, folks.
I wonder what the current E and O insurance rate is, in mortgage banking and RE?
There are two types of E&O for mortgage bankers--one is specifically called E&O and covers routine clerical-type servicing errors like failing to maintain insurance on a property or missing a tax payment, where there'd be liability to the investor. I'm guessing your wondering about professional liability, which is more like malpractice insurance and covers exposure to lawsuits, usually from the borrower. That's easier to get now that everyone's focused on conforming loans--it was predatory allegations against the nonprime lenders that were behind the worst of the claims and that horse has left the barn.
Neither of these covers fraud, by the way.
BURN (profile) wrote on Wed, 7/8/2009 - 12:53 pm
If the fed wants to induce inflation, wouldn't it be amenable to the idea of replacing the USD as a reserve currency? Seems like that would do the trick faster than any sort of QE.
Unfortunately, that kind of inflation won't have a wage component -- it will just be hyperstagflation. Real economy of US undergoes severe deflation causing domestic goods to plummet in price, imported goods soar into the stratosphere as the medium of exchange is debased. You'll be able to afford plenty of the nothing manufactured in America with the Weimar marks they pay you at the job you don't have.
Anyway, on mortgage fraud, it was rampant in 2008, but has gotten less so as large lenders use more sophisticated tools like Data Verify and the like.
It is still an ongoing battle.
So, if you had a fort and controlled the military, you would own metal. Unless...what?
In other words, if our gold vaults are as empty as some speculate, what would that imply?
I don't even care if the gold vaults were empty - that isn't what backs up a currency or a countries worth. It is the productive power of the economy that backs up the currency - the ability to produce goods & services that sell internationally and return currency, gold or other goods.
Granted - having gold reserves makes clearing TEMPORARY forex imbalances a lot easier... but if temporary imbalances go permanent then even having gold won't save you... the state runs out sooner than they would ever imagine.
If the world had been awake - they would have been more worried about our deficits - especially CAD - than we were. Hoocoodanode it might not work out.
The whole system is a fraud. The FBI only goes after minnows.
And these are the people Obama wants to keep in their homes...
"If the fed wants to induce inflation, wouldn't it be amenable to the idea of replacing the USD as a reserve currency?"
They want it both ways - they want to borrow like it was a reserve currency but want job growth & export like it wasn't. They will have to choose one or the other.
buzzsaw99 (profile) wrote on Wed, 7/8/2009 - 1:03 pm
The whole system is a fraud. The FBI only goes after minnows.
My take-away as well. You can tell the important people have finished taking their money away from the table because the 5-0 is here to arrest some suckers, parade them around and call it justice.
Neither of these covers fraud, by the way. - Y
Yes, I assumed that-- I was thinking the insurance providers might be getting more skittish, there might be fewer of them, and their own finances might not be so hearty. So if they thought their clients were involved in "grey areas" of the law, they might want to cover their asses by raising premiums, to pay for the extra lawyer time. I mean, look at the way the title business has imploded...
"The whole system is a fraud."
Yes.
I see everyone is hung up on gold this morning. That much doesn't change.
Once inflation hits, though, it all changes. When inflation hits is the question I'd like answered.
Contrary to popular belief, gold has not done that well as an inflation hedge over the last 38 years. Silver has done better in recent high inflationary periods. Gold has done better than silver in deflationary periods.
I prefer to hold more gold than silver, though I think it is prudent to have both.
buzz-so that would be Fishermen Bagging the Innocent
a heavy buying bounce there....whoa...
Yep, the FBI will find a few mom and pops, send them to jail for $400,000.00 of fraud.
The big fish are too big to jail / fail. Seems like standard practice to me.
@buzzsaw99,
My sentiments exactly.
My take-away as well. You can tell the important people have finished taking their money away from the table because the 5-0 is here to arrest some suckers, parade them around and call it justice.
Louis, round up the usual suspects.
The big fish are too big to jail / fail.
So you're defining Casey Serin as a big fish?
That should annoy Dawg to no end.
It's just different fraud now. The flipping rings are gone with the bubble; now it's sellers concealing down payment assistance and scammers pretending they're helping borrowers refi out of potential foreclosures.
SEC kinda missed that whole Madoff thing but they are on the Job...
July 8 (Bloomberg) -- Apple Inc.’s disclosures about Steve Jobs’s health remain under scrutiny by U.S. Securities and Exchange Commission investigators over how his condition went from “relatively simple” to “more complex” in nine days, said a person familiar with the matter.
What a joke our country has become.
Yes mp. But at least the discussion of USD being rejected as a reserve currency is no longer forbotten.
--bh
sportsfan (profile) wrote on Wed, 7/8/2009 - 9:55 am
dryfly, I do expect to receive a Social Security check if I live long enough to qualify. I just don't expect it to buy anything.
Bald Eagle Chits will be good for government cheese and making Obamacare appointments with the vetting bureaucrat.
I hold both Gold and Silver as my main investment ( insurance if you will ) but look around on the site you purchase, sure the price is dropping, but the spot prices are not moving at all, so the price difference is pennies and minimal loss, if you are looking at it through a monetary view.
Insurance...
It is additional fraud trying to cover up past fraud.
The whole lie about the lie thing.
Shill,
I hope you have some lead to keep your silver and gold...
$US will lose its status as the sole reserve currency.
You can take that to the bank.
The government cheese of the 70's was some NASTY stuff that's for sure...
OT-time to bring out the green shoots talk by feds...
1:11pCould see some declines in core inflation, Evans
1:10pTreasury sells 10-year notes at 3.365%
1:08pRecession is bottoming out: Fed's Evans
1:07pEconomy closer to turning point, Fed's Evans says
1:06pTen-yr yield drops to 3.33%, lowest since May
I agree 100% mp.
And the transition is going to be hell for us and others as well.
Guess I should get a roto tiller.
Bald Eagle Chits will be good for government cheese and making Obamacare appointments with the vetting bureaucrat.
Don't leave out the bingo halls & casinos - they'll be good there too, at least for some tokens at the nickle slots.
Duke, sorry had to step out for a doc appointment. Yes I am very familiar with Grapevine, and I don't have a clue what to advise your brother. This market is so weird around here. It looks bad from where I am at, but all the analysts say DFW is doing great, but we live in a lower middle class neighborhood, so I am not seeing what is going on in the 250k+ market. With a homestead, he might want to wait it out, but I would get some professional advice first.
$US will lose its status as the sole reserve currency.
You can take that to the bank.
Yes, and when that happens, gold, as a past and future international reserve currency, should increase dramatically in USD terms.
Foreign goods, especially oil, will become more expensive. Though, Saudi Arabia may lobby to keep oil payments in USD for their own self defense.
I can make my own cheese. Just need to buy a goat. The yard is not big enough for a cow. (cows are more work anyway)
Vonbek 777-
When referring to "250k", is that US Dollars of California IOU scrip?
"Guess I should get a roto tiller."
Think bigger than that.
"a heavy buying bounce there....whoa... "
Someone woke up the PPT, or the bot-net attack has abated and Timmy's green button has started working again.
Yes mp. But at least the discussion of USD being rejected as a reserve currency is no longer forbotten.
Dawg, mp & I can testify that USD, forex, pegging & reserve currency status have ALWAYS been on topic here. What is verboten is dumb uninformed shoot-from-the-hip comments regarding same. Just sayin'...
In Texas, so as far as I know we are still using dollars, but I know a lot of shops around here are taking pesos with a bad exchange rate to boot.
---gold, as a past and future international reserve currency, should increase dramatically in USD terms.---
Right before the USG outlaws private ownership of same...
"mp & I can testify that USD, forex, pegging & reserve currency status have ALWAYS been on topic here. What is verboten is dumb uninformed shoot-from-the-hip comments regarding same. Just sayin'..."
Yes, dammit, yes.
"Bald Eagle Chits will be good for government cheese and making Obamacare appointments with the vetting bureaucrat. "
If you are in an HMO you are already vetted by a bureaucrat. Except they're called your health-care business coordinator.
BTW my Mom in the UK had a procedure on this Monday, CT scan scheduled the same day and done on Tuesday. Biopsy results in the next few days. And this was within the government system, not going for private care.
Keep dreaming that Obama is gonna make health-care worse then it already is in the US.
dryfly (profile) wrote on Wed, 7/8/2009 - 1:09 pm
Louis, round up the usual suspects.
That might be hard in modern America. I don't think there were many young black males or devout muslims involved in the bubble scams.
Kinda interesting in that I don't think I'm just poking fun to be sharp-tongued. I think this is a situation where we will see very few people take a fall due to the immense social / political pressure against prosecuting a crime when so many people in the entitled majority are guilty. You can end up in a situation where the police ardently "investigate" while cohort after cohort takes money out of the system.
Be interesting to see how this plays out.
dryfly,
Dont forget decoupling
/bang
--bh
The whole system is a fraud. The FBI only goes after minnows.
I'm starting to wonder how many of you experts have ever looked at a single mortgage fraud case. Do you have any idea what you're talking about?
$US will lose its status as the sole reserve currency.
You can take that to the bank.
From mp's keyboard to God's screen... I just wish he'd hurry up with it...
dumb uninformed shoot-from-the-hip comments
You talking to me, Dryfly?
gnome-
But as usual the stock options charge never got the traction is deserved. I still can't quite wrap my head around the mysterious $20m charge Apple to took so that it could say it didn't back date his options....
Ciao
MS
"From mp's keyboard to God's screen... I just wish he'd hurry up with it..."
Huh?
Yalt (profile) wrote (in reply to...) on Wed, 7/8/2009 - 1:18 pm
I'm starting to wonder how many of you experts have ever looked at a single mortgage fraud case. Do you have any idea what you're talking about?
Yes. Now go run along and put a black man in jail for marijuana possession, your owners are watching.
You talking to me, Dryfly?
LOL - not necessarily but at one time this forum had a reputation & expectation that folks would think before commenting on 'deep subjects'. There was always a place for a little snark but not much patience for ill informed or shoot-from-the-hip.
BTW - I'm not so much smart as I am 'sadder but wiser'. I had my ass wiped by B Setser himself on his blog when he was working with Roubini regarding comments I made on CAD & pegging & SAFE USD asset purchases - I then schooled myself on the issues before I commented on them again.
"From mp's keyboard to God's screen... I just wish he'd hurry up with it..."
Huh?
Ever heard the saying "From your lips to God's ears!" when someone says something and you agree [and wish it would happen]?
Keyboard = lips
God's screen = God's ears
I don't think there were many young black males or devout muslims involved in the bubble scams.
Muslims I'm not sure about but there were "devout" Christians and Jews aplenty. I lost count of the number of times I saw rabbis and preachers and deacons found at the center of these scams...churches seem to be easy places to find naive and impressionable marks or potential co-conspirators who won't ask questions or even suspect foul play until it's too late.
Leib Pinter comes to mind as the worst case--here's a rabbi and author of "Don't Give Up: Rays of Light and Strength for the Hardest Times" that's now doing 8 years in prison for stealing $44 million from Fannie Mae. He ran a mortgage servicer in Brooklyn, and his scam was to fail to notify Fannie when a loan was paid off--he'd keep the payoff for himself and continue remitting monthly payments as if the loan was still in force. Of course, Fannie no longer had a lien on the property, but they didn't know that....
He kept it up for at least ten years before anyone found out.
Dryfly, Conjure and I were talking the other night about the speed with which this thing is playing out.
Had McCain been elected, the economy would have been headed into the abyss by now and Americans would be getting the message and demanding change.
Unfortunately, it appears we're going to have more band-aids and delay the inevitable.
Again.
dryfly (profile) wrote (in reply to...) on Wed, 7/8/2009 - 10:16 am
Yes mp. But at least the discussion of USD being rejected as a reserve currency is no longer forbotten.
Dawg, mp & I can testify that USD, forex, pegging & reserve currency status have ALWAYS been on topic here. What is verboten is dumb uninformed shoot-from-the-hip comments regarding same. Just sayin'...
Snigger. Although you have to admit some of us (raises hand) have been known to have an argument all worked out but introduce it as if it looks like a shoot from the hip comment.
The two interesting things about reserve currency are that you can back test almost all the alternatives. Care to have our world currencies pegged to a basket of oil, copper, wheat over the last two years? Thought not. How about a weighed basket that included the Icelandic Krona? The Ruble? The dollar is like democracy. The worst choice excepting all the others.
Dawg, no offense intended, but sometimes you sound like O'Reilly.
You're setting up too many strawmen and I have too little time to knock them down.
You've got your point of view, I've got mine.
That particular form of backtesting is a bit too much like the backtesting lenders did when they decided not to consider the possibility of RE prices declining. We know the dollar hasn't collapsed over the period of the backtest, but that doesn't mean the probability of a collapse is zero.
A similar argument had some insurers writing broad coverage against borrower fraud 5-7 years ago--they'd backtested it and their rates were surely adequate to cover the risk. That they were testing over a completely different period than the one we were entering never crossed their minds.
Surely the idea here is to avert catastrophe going forward in time, not backward.
this co called 'recovery' is artificial
We are borrowing the stimulus money. More stimulus is equivalent to throwing gasoline on the fire. We can't possible pay the debt back... legitimately. The government will use inflation to cheapen the debt. Unfortunately, this will hurt the poor, the working class, and the elderly on fixed income. Reckless government spending is not an American value. Interesting Finance & Economic articles
Stimulus is a joke of a concept; it doesn't end up with real economic growth in the long term. Even the New Deal failed to increase private investment. It wasn't until 1941 that domestic private investment reached 1929 levels. The fact that the first stimulus has failed to stop the bleeding yet isn't surprising. Our government deficit for the year which is over 20% of GDP (when the omnibus bill, first stimulus, bailouts, and on-budget deficit are summed) is unsustainable and something's gotta give, whether it be the lenders or the interest rates.
hat tip to Interesting Finance & Economic articles
It seems to me that the first two of these frauds, involving inflating equity values, couldn’t take place except for the “ur-fraud” that is at the origin of all others, i.e, inflated real estate values due to the banks willingness to extend too much credit, driving up prices to uneconomic values. So the banks continue to have to believe in fictional real estate values, making them vulnerable to just how much fiction to tolerate. If real estate was correctly priced, a foreclosed property could be rented out to cover all, or at least nearly all, of the cost of money. Now banks are forced to continue to lend on overpriced real estate, otherwise they kill their own portfolios. Others have figured that out as well of course, and are feasting on the banks’ flesh. The banks still can't collatoralize their risk.
" Bob Dobbs (homepage, profile) wrote (in reply to...) on Wed, 7/8/2009 - 12:07 pm
"James Carville .......Maybe the worst sleaze in Washington, except possibly for his wife."
Admit it; they deserve each other
Thats what I like about the FBI-Fun Boys Inc,
Always a day late and a dollar short.
Where has this agency been for the last 5 years?
Millions and millions of foreclosures,Millions more coming-Fraud -try the banking system.
The Office of Thrift Supervision in the first criminal organization that the FBI could arrest,
talk about fraud, malfeasance and misfeasance.
The FBI is all talk. What a waste of money spent on this agency.
Thats what I like about the FBI-Fun Boys Inc,
Always a day late and a dollar short.
Where has this agency been for the last 5 years?
Millions and millions of foreclosures,Millions more coming-Fraud -try the banking system.
The Office of Thrift Supervision in the first criminal organization that the FBI could arrest,
talk about fraud, malfeasance and misfeasance.
The FBI is all talk. What a waste of money spent on this agency.