This is a bad omen. If the financial sector was really stabilizing, this sort of intervention to save a relatively small lender would not be neccesary. Obviously, the whole edifice is still pretty shaky.
pavel.chichikov (homepage, profile) wrote on Wed, 7/15/2009 - 12:10 am
So what happens between 210 and 2014? There are still missions to be flown to the space station, no?
There is also a very ambitious program to return to the moon( 2020-1?) and eventually set up a moon base. How will budget constraints over the next decade affect this?
NASA might have to downsize and instead visit the Space Needle and Moon Unit Zappa.
Meanwhile, Russia builds a spaceport in French Guiana.
I think that this problem is likely more about CIT's borrowers than has been stated so far.
Although they certainly must be having problems selling the bundled debt. I was really surprised when Advanta decided to go out of the credit card business - they were a lender to small business. But it was the same set of problems, I expect.
Has anyone seen any numbers on small business loan delinquencies?
Q: why is the USA a Zombieconomy ?
A: The government continues to bail out 'favored' businesses that are losers
As Robert Reich says the 'current economy can't "recover" because it can't go back to where it was before the crash but Obamanomics is doing it's best to try and restore the Big Shitpile and indebting Americans deeper and deeper.....
"Some areas are expected to reach 30-percent vacancy rates ..."..........we'll have retail inventory for decades........
"Love Motels"...........are outlawed in most jurisdictions. Something about not renting a room more than once in a 24-hour period. The street hookers use the "by the hour" rooms for the same purposes.
July 15 (Bloomberg) -- China’s foreign-exchange reserves topped $2 trillion for the first time, highlighting the difficulty the government faces in finding places to invest the world’s largest holdings.
The reserves rose a record $178 billion in the second quarter to $2.132 trillion, the People’s Bank of China said today on its Web site. That compares with a $7.7 billion gain in the previous three months.
WINCHESTER, Tenn. — The spacious home where the newly wed Rhonda and Jason Holt began their family in 2005 was plagued by mysterious illnesses. The Holts’ three babies were ghostlike and listless, with breathing problems that called for respirators, repeated trips to the emergency room and, for the middle child, Anna, the heaviest dose of steroids a toddler can take.
their house, across the road from a cornfield in this town some 70 miles south of Nashville, was contaminated with high levels of methamphetamine left by the previous occupant, who had been dragged from the attic by the police.
With meth lab seizures on the rise nationally for the first time since 2003, similar cases are playing out in several states, drawing attention to the problem of meth contamination, which can permeate drywall, carpets, insulation and air ducts, causing respiratory ailments and other health problems.
“The meth lab home problem is only going to grow,” said Dawn Turner, who started a Web site, Meth Lab Homes after her son lost thousands of dollars when he bought a foreclosed home in Sweetwater, Tenn., that turned out to be contaminated. Because less is known about the history of foreclosed houses, Ms. Turner said, “as foreclosures rise, so will the number of new meth lab home owners.”
Absolutely, Nuke. If CIT were allowed to fail, I would get out of cash and go long. But, if they rescue CIT, then its confirmation that we're in "extend and pretend" mode for the rest of the year.
FDIC didn't care about who would finance farmers and small businesses when the pulled the plug on New Frontier bank in Greely CO. They where generous to give them 30 days to close their accounts. Many still in big trouble finding financing.
Ever since I heard Pres. Bush's presentation at NASA a few years ago, in which he proposed a renewal of lunar and Mars projects, I wondered why. I realize and concede that manned space exploration looks like a waste of scarce budget dollars - and even unmanned programs are being pared down - but I have a hunch that there's something more to it than morale boosting for NASA. Competition? I don't know. Hawking and Zubrin keep on about how we need back-up planets, just in case (so we can screw them up too?).
Neither the moon not Mars can possibly be self-sufficient, in any case, for a very long time. Even just getting to Mars is looking more and more difficult on account of radiation exposure alone. The costs not only in money but in scientific and technical resources, both material and intellectual, are daunting, if not presently unachievable. So what's with these projects?
So, how much will this add to household (read taxpayer) debt? Gawd Bless Amerika - live with no responsibility, borrow 'till you cant', shop 'till you drop, and get your neighbor to pick up the tab. Bad business decisions rewarded. Darwin would be turning in the grave.
The reason this doesn't feel like a depression (well, maybe it does in some places) yet is that we tend to time compress the depression. Most people think the market crashed in 1929 and soup kitchens sprung up the next day. It didn't work out like that. The soup kitchens didn't appear until 1931/32. In 1930, things were looking up. Our 1929 moment was October/November of last year. By 2020/2011 we will know how things turn out.
Hear me out with this. Why is the government only taking stakes in failed companies? Why not take positions in successful companies? No, really. List off all the reasons in your head why this is a bad idea. Now, take your list and tell me why it doesn't apply to failed companies.
Friends of my in-laws in Montreal decide to kick out their tenant and rent to a new tenant at a higher rent. That's a big no-no in Montreal. I'm assuming they told the tenant they were moving in themselves.
A little while later they got a call from the cops. The new tenants were busted for making meth.
End result was:
They didn't get paid for rent.
They had to pay for a chemical cleanup.
The old tenant found out and got a VERY sweet deal on a new rental agreement.
TimmayBen Bair: "Mr Buffett you are going to have to take the three billion dollar loss for Goldman Sachs if we dont get a PPIP funding deal to the boys over at CIT, I know you have a big interest in GE Capital getting 90% of the CIT leftovers, but hey....we're gonna get the PPImP out."
Buffet::"Charlie bust out a shell company and lets get the fucking PPIP off to a good start."
Then you should agree the last war we won was WWII. The last declared war and before the disaster of the UN came into our lives. Check out the UN and the Perry plan for more reasons of world torment. That is some thing to be embarrassed and disgusted about.
josap.........I wondered if you used any "swamp-coolers" (evaporative coolers) to cool. The cost is EXTREMELY less and better for you. My parents use a BIG swamper in addition to their refrig A/C unit in AJ, AZ.
I've added some details from the CIT story. It sounds like the regulators are considering allowing CIT to transfer some assets to their bank - and then pledge those assets to the Fed.
CIT apparently will aggressively pursue brokered accounts too (the FDIC can't be happy)
I don't have a good answer for you. As an engineer, I would like to go to Mars, but I don't see a good reason. The best I can come up with is morale. Wouldn't you prefer to live in a country where every kids wants to grow up to be an astronaut versus a banker or lawyer? That and anciliary scientific discoveries, like Tang.
"Under the plan regulators would allow CIT to transfer assets from its holding company to its bank in Utah; the Federal Reserve would let CIT pledge some of those assets at its discount window and the company would take steps to refinance some of its existing debt."
From the WSJ...
Surprise, surprise, the Fed is getting involved.
Why don't they just take more TARP money? There is plenty available now.
Answer - because they would have to pay that back at par. FDIC guarantees and Fed borrowing can be underpriced today.
iceman (profile) wrote (in reply to...) on Tue, 7/14/2009 - 5:49 pm
reply ignore user
Rob Dawg, can the US government take over the Chinese government?
Can the US government take over the Chinese government?
The Chinese are much stricter with their state owned enterprises. They want stuff in return for the populace, like jobs and public works projects. Lousy communists. Out state owned companies are way more efficient.
Yeah, they've been linking small biz with CIT but according to Bloomberg, it was the usual greed...subprime mortgages and student loans that got 'em in hot water. And greed is good. All unprincipled greed monkeys must rescued by the taxpayer. Boss Bush said so, so sez Boss Obama.
"(CEO Jeffrey) Peek, 62, who joined CIT in 2003 after failing to land the top job at Merrill Lynch & Co., pushed the lender into subprime mortgages and student loans to pump up growth. Now, as investors flee the 101-year-old company’s bonds and shares on concern it may become the year’s biggest financial industry failure, Peek is trying to gain additional government support after receiving more than $2 billion last year." fromBoomberg
pavel.chichikov (homepage, profile) wrote on Wed, 7/15/2009 - 12:46 am
Nuke & Not One Cent:
Ever since I heard Pres. Bush's presentation at NASA a few years ago, in which he proposed a renewal of lunar and Mars projects, I wondered why.
I wondered the same thing for the Mars mission and the Medicare D mission.
Both try to expand 1960s relics of national crusades.
NASA wants something dramatic to replace the space shuttle.
Much like New Kids on the Block and Avril Whatshername, Obama is overexposed. He needs better PR people or he will be performing at the Hot Topic by next spring.
It sounds like the regulators are considering allowing CIT to transfer some assets to their bank - and then pledge those assets to the Fed.
The purpose of Rule 23A was to prevent the FDIC safety net and FRB liquidity facilities from being accessed by non-banking entities. Sigh
After all, 2 years into the crisis, the FDIC is still the only organization with the proper resolution authority.
The FDIC still does not have resolution authority over CIT's commercial lending affiliate, which is where all the trouble lays.
take a look at that mexican cartel link above...it almost sounds like a war is happening down there....
"Since the Saturday arrest, gunmen believed to be working for the cartel have gone on a rampage, attacking police stations, army patrols and hotels in several different cities in Michoacán with grenades and high-caliber weapons like AK-47s and AR-15 semiautomatic rifles. The attacks killed two soldiers and six other federal police agents, and wounded a further 18 agents."
Wasn't the space lab pumped up after the fall of the USSR to help keep Russian scientist busy so they didn't venture off to countries like Iran to develop bad things? If so then it did it's job again at an expensive price for what in return.
My Dad is a physicist. In the 1990's he reviewed grant proposals by Russian scientists for research funding from the State Department, of all places. The idea was to keep Russians working to prevent them from selling their knowledge on the black market. It worked OK, and it didn't cost all that much.
General Motors Corp. said Tuesday that former Chairman and Chief Executive Rick Wagoner will receive an annual salary of $74,030 for his lifetime and annual benefits of $1.6 million for five years.
Twelve bodies with signs of torture found on the side of a remote highway in the state of Michoacan were federal police officers, an official with Mexico's national security council said at a news conference Tuesday.
A few hundred billion here or there won't make much difference.
As long as the school kids don't get free lunches, okay. They need to learn now that there's no such thing as a free lunch. We should give them certificates that tell them their lunch money went to the bailout,...most of them will understand the bullies taking their lunch money.
Will the government ever learn what happens after bailouts?
The banks who survived grow ever more unhappy about the hand that saved them. The concepts of gratitude and appreciation do not apply here.
WSJ J.P. Morgan Chase & Co., freed from the government's strictures after repaying $25 billion in federal money, is back to playing hardball.
The bank's tougher stands include stepping up its opposition to the government's proposed legislation on derivatives and telling the Treasury Department it is fed up with haggling over the value of warrants that the government holds in J.P. Morgan. The bank also is talking tough with clients and taking market share and top performers from competitors.
...
The bank's latest effort to promote its views involves the Obama administration's plan to step up regulation and transparency in the derivatives market. The bank supports a proposal to send standard derivatives contracts through an industrywide clearinghouse that can be monitored by regulators. J.P. Morgan, however, opposes a requirement that the trades should be moved onto an exchange, in part, because it would inhibit the use of customized derivatives that clients require.
J.P. Morgan's strong voice starts at the top. Although he initially supported the Troubled Asset Relief Program, Chief Executive James Dimon bristled when the government added restrictions to banks that received the funds. He was particularly furious when the government banned firms that received TARP funds from hiring foreigners to work in U.S. offices. Over the next few months, Mr. Dimon's indignation grew each time a customer or politician referred to the company as a bailed-out bank, according to people familiar with the matter.
...
Since repaying the funds, J.P. Morgan has taken a tougher stance with the government. Last week, the bank waived its rights to buy warrants that the government received as part of the financial bailout. After the government rejected the bank's offer, the bank opted to allow the Treasury to auction the warrants in the public market.
Elsewhere, J.P. Morgan is taking issue with portions of the White House's financial plan that deals with the regulation of derivatives. The bank's derivatives contracts were valued at roughly $81 trillion at the end of the first quarter, representing 40% of the derivatives held by banks, according to the Office of the Comptroller of the Currency. The bank has played down its potential exposure from the contracts, saying that notional value isn't equivalent to the amount of risk facing the bank.
rarely serious...mostly disillusioned now...Yup welcome to the club
Fool's Goldman
by billmon <<< is is a terrific writer and used to have his own blog call The Whiskey Bar Daily Kos: Fool's Goldman
This takes the Stockholm Syndrome to a whole new level:
WASHINGTON (Reuters) - Democrats and Republicans alike lauded Goldman Sachs on Tuesday after the company, which received taxpayer assistance last year, said its quarterly profit rose and that it was setting aside billions for employees.
"Is there a law in the United States that you can't make profits?" Representative Paul Kanjorski, a senior Democrat on the House Financial Services Committee, asked reporters . . .
Richard Shelby, the top Republican on the Senate Banking Committee, said, "I'm not surprised. Goldman Sachs has a history of being well run and sometimes ahead of the others."
Goldman Sachs profits hailed by lawmakers
Reuters July 14, 2009
"They can rape my ass any time -- or my children's asses, for that matter," another lawmaker added with a chuckle. "After all, that's what we're here for."
Matt Taibbi's head must be exploding.
Kanjorski said he hoped Goldman's profits were a sign of economic recovery and a possible bellwether for other sectors. "I have great hope General Motors has great profits next year," he said.
Rep. Kanjorski doesn't seem to understand that parasites can flourish at the expense of their hosts -- in fact, it usually works that way.
I'm not sure what the deal is or why this is so hard.. The "stimulus" hasn't worked yet and may never work, so they need to shovel billions whenever / wherever they can. CIT is a perfect chance to flow another mountain of new cash.
Rather appropriate that this level of idiocy is emitted by Congress on Bastille Day. This kind of cluelessness on display is what drives the masses to rise up against their aristocratic oppressors.
JPMorgan has now risen to #4 on the list of credit default swaps with $122 billion of notional. There are more CDS written on the risk of a JPM default than any other private company. Heck, there are only three foreign countries with more, Brazil, Turkey, and Italy.
CIT is already a bank holding company, so can't they already access the Fed's discount window?
CIT's core business is through its commercial lending unit, which is not a member bank, and therefore can not access the discount window. Rule 23A prohibited CIT from transferring the assets from the commercial lending unit to the banking unit. The 23A waiver is part of the bailout.
Nemo (homepage, profile) wrote (in reply to...) on Tue, 7/14/2009 - 6:20 pm
reply ignore user
Weird. CIT is already a bank holding company, so can't they already access the Fed's discount window?
Back before the great depression companies with both trading/securities on one side and retail banking on the other side were transferring assets from one side to the other with disastrous affects. Rules were put in place to prevent this. Most of the major banks have gotten 23a exemptions allowing this again over the last year.
CIT is asking to basically do the same thing. Bailout their commercial side by possibly bankrupting their retail banking side and the FDIC is resisting. They want to transfer crappy assets to their retail side and borrow against them back to the commercial side. End result us that both sides could go down and FDIC ends up holding the bag.
Regarding JPMorgan's opposition to derivatives on an exchange....
In their current form, proposals to have a central counterparty on an exchange won't work. The risk gets too big for the central counterparty.
When you look at commodities exchanges, they walk a fine line. They have to have enough volume to get trading activity. They also can't have the exchange pick up too much risk.
funny thing is... the only reason Goldman made all that money (well, two reasons...) is
the money funneled directly to them via AIG. The fact is that the US government paid off all their CDS v AIG even though the contracts had years to run. You NEVER pay off a contingent claim until the contingency arrives - except if you have friends in high places.
They conveniently omitted December from their results by changing their reporting period.
The market is not too impressed: they have performed about the same as JP Morgan, but have significantly beaten Morgan Stanley and the S & P 500.
So are they going to now compete with that other bailed out bank Ally (nee GMAC) for the highest priced CD's? And are the non-bailed out banks going to be excited to see hot money flow to another subsidized competitor?
But given Ally's advertising model, maybe we should go long CR right now.
Oh, regarding the exchange for CDS, if anyone in the industry or regulators are looking for a solution, one of my clients has something quite good, patent pending, venture funded. Feel free to email me (click on the profile link and send me an email).
VANCOUVER, July 14 /CNW/ - Silver Wheaton Corp. ("Silver Wheaton") (TSX, NYSE:SLW - News News) is pleased to announce that, as reported by Goldcorp Inc. ("Goldcorp") in a press release dated July 13, 2009, construction of the first sulphide process line (Line 1) at Goldcorp's world-class gold-silver-lead-zinc Penasquito mine in Zacatecas, Mexico is now complete and commissioning work is advancing on schedule. Production and shipment of first concentrates are still targeted for the second half of 2009.
After a ramp-up period, Penasquito is forecast to produce an average of approximately 30 million ounces of silver annually over an initial 22 year mine life, of which Silver Wheaton is to receive 25% or in excess of seven million ounces of silver annually.
"See Einhorn's Greenlight Capital going bullion not ETFs?"
Makes sense. A good vault service may have less counterparty risk. And as he says, it costs less to pay for storage. But that makes more sense if he plans to hold for a while....
WINCHESTER, Tenn. — The spacious home where the newly wed Rhonda and Jason Holt began their family in 2005 was plagued by mysterious illnesses. The Holts’ three babies were ghostlike and listless, with breathing problems
This is what happens when brothers and sisters get married.
Not a gold bug, but ZeroHedge had a piece up today that makes a pretty good case that gold ETF's don't have to hold physical gold to back their shares and thereby could distort trading in gold commodities markets. That would explain why the fund you reference is taking the action you describe.
volker
a lot of people will not get anything from stimulus, if they owed back state taxes,child support, anything to the federal gov, ie student loans.
the state of georgia and i think new york grabbed that first stimulus check,
volker,
Agree; they can legally do this but my point is that this is just like the Goldman website disclaimer about trading against you if you ran your trades through their system...buyers of gold ETF's need to understand the fine print and know whether they are actually buying gold or just a piece of paper that isn't actually backed by physical. The ETF could be just a promise to exchange paper for gold; and we all know how well that worked out back in 1971.
The IAU prospectus on the front page says "The assets of the trust consist primarily of gold held by the custodian on behalf of the trust"...the ZH point was the phrase "primarily of gold". The insinuation is that the word "primarily" is legal weaselese that probably means one share of this could be backed partially by gold, and partially by something else. All I'm saying is that there's risk there other than changes in the price of gold that is likely frequently glossed over.
the reason Goldman Sucks has such profits is because we GAVE them BILLIONS of dollars. YES! GAVE them BILLIONS. Didnt loan them, we GAVE Them BILLIONS and BILLIONS of dollars when we gave them 100 cents of the dollar for their worthless AIG paper.
volker the viking contribute something worthy or STFU assclown !!!
I'm at the point now Where my head is about to be firmly covered in the sand. The more I read about the financial clusterfuck and hear the responses of our bought and paid for representatives, candy coated by well paid tv talking heads, the less real it all seems. For your health and sanity, please put your headphones on and turn the music up, we are all in for a bumpy ride.
One of my classmates actually bought this POS from his broker, neither of whom knew the details of the Chapter 11 BK. Of course, it didn't help that that everyone swore that it wasn't a liquidation. Funny how the new company's name is "Motors Liquidation Company."
SEC, Finra Warn Against Buying Old GM Stock Securities regulators on Tuesday issued a joint alert warning investors against buying or retaining over-the-counter shares of the now-bankrupt General Motors Corp.
The alert, sent out by the Securities and Exchange Commission and the Financial Industry Regulatory Authority, said there is "widespread misunderstanding by investors" that the stock in the bankrupt GM company is related to the "new" General Motors Co. that emerged from bankruptcy last week as a new entity that will belong in part to the U.S. and Canadian governments.
"Motors Liquidation Company and the 'new' GM are separate and distinct," the alert said. "The new GM currently has no publicly traded securities, and none of Motors Liquidation Company's publicly owned stocks or bonds are or will become securities of the new GM." . . .
Finra, the self-regulatory group for the brokerage industry, halted over-the-counter trading in old GM stock under the GMGMQ ticker symbol last Friday. A new ticker symbol - MTLQQ - will be issued for the old stock to avoid having it confused with the new GM, which does not have any publicly traded securities. Over-the-counter trading using that new ticker symbol is slated to resume Wednesday.
Finally! Somebody with money who can kick some butt.
From the article: The AAA ratings given by the agencies “proved to be wildly inaccurate and unreasonably high,” according to the suit, which also said that the methods used by the rating agencies to assess these packages of securities “were seriously flawed in conception and incompetently applied.”
Tim waiting for 2012 (homepage, profile) wrote on Tue, 7/14/2009 - 10:59 pm replyIgnore userwhen in doubt sue...
Calpers Sues Over Ratings of Securities
Saw a law firm commercial tonite saying" if you lost money in the stock market, mutual fund or retirement acct., call us we might be able to retrieve your losses". Class action lawsuits vs. the rating agencies to follow
jp: you take some twenty something Ivy League types who don't know what's between a woman's legs and ask them to rate anything other than a pile of horse shit and this is what you get.
Thanks for the heads up. I just requested my credit card rebate cash from them. I am guessing they won't pay this out if they go under. It was $90.00 already since the last Citi scare when I requested a check. Thanks citi bank suckers.
jp: you really are not very good at this. Stop it, stop now before some family member sees this and calls to ask what it's all about. You won't have a credible story, and more than likely they'll ask you something like, " What were you thinking?"
OT, NYtimes story on landlords who stop making repairs, others just walking away. Many bought rent-stabilized buildings hoping to profit from appreciation. Didn't work out.
So, it;s the 70's show again. Nice pics.
the Blonderengel voice has an impact like I've never heard before. I know it can't be easy to reproduce on a moments notice, so, maybe something from the archives?
The White House on Tuesday released letters from four cabinet secretaries to Arizona Gov. Jan Brewer, a Republican, citing Kyl's comments and outlining transportation, housing, Indian education and other projects in his home state they said would be eliminated if the senator has his way.
volker - searched Duke University Press and came up short. Any links would be greatly appreciated. Hope this isn't too much of a bother. It means a lot to me. Thanks.
For Rob Dawg,
Looks like Cali will lose a Congressional seat after the 2010 census...and Texas will gain. Outmigration the cause, sez LATimes.
The other 49 had better hope we don't break up. I've designed an eight State breakup solution that grabs 73 sets. and those 14 new Senators? 10+ Republican.
it will be in the upcoming issue, this fall I think. Keep asking. It';s a print thing, so you may have to buy a copy.
Next week I meet with the business school dean to discuss putting her theories into practice. As I said to the dean--after meeting with me you will have one of two observations, either she has a good idea or she is a stark raving lunatic.
Nuke,
I agree about Obama exposure. I've been pushing this idea to a NYC columnists for at least 4 months. I could tell from all those news conferences he held in early Jan for his admin appts., one I think was for federal dog catcher, that he has a diva problem.
Once at Sundance Film Festival I was at a showing of a movie about the Beats starring Kiefer Sutherland amongst others also Mrs Kurt Cobain was in the picture... at the Q&A she literally charged the stage and took over for the next 25 minutes... a PR person whispered to me "she needs good rep, and fast!"
note to Hollywood Hack - your comparison of Don Simpson to Wagner was too much...
obviously, you know nothing of what Wagner did in opera... I am hard pressed to think
what Simpson did besides 'large blown out set pieces (& blowing up too)', prodigious amounts
of blow and call girls.
Some thoughts on Bastille Day:
The French have something in their national psychology that we lack: a shared experience of defeating their own government. (We defeated our previous government, but we certainly think of them as a foreign power that we kicked out.) Some joke about the French and war, but I understand it a little better in light of the above. Some also ridicule the French for being Euro-socialists, etc., but we need to rethink this contempt. Briefly, French collectivism is voluntary because they know (or think due to their shared experience) they can change it, but the total state we are accepting or have accepted has a very different meaning psychologically, and it isn't flattering. We've accepted it while knowing (or thinking, due to our shared experience) that it will never be reversed (short of various disaster scenarios). Our national psychology is very much the less admirable in this context, and our condition vastly worse.
"Our national psychology is very much the less admirable in this context"
the same goes with our national attitude towards religion - the French understand that religion is usually part of a mindset which embraces ignorance, oppression, bigotry and social divisions, and hence they aggressively protect the secular public space.
meanwhile, our new "liberal" president continues the W tradition of handing out money to religious interest groups like candy.
"note to Hollywood Hack - your comparison of Don Simpson to Wagner was too much...
obviously, you know nothing of what Wagner did in opera... "
Wagner transcended opera. He created both the genre known as "fantasy" and the entire modern attitude towards entertainment. Tolkein, "Dungeons and Dragons", and the modern action movie all owe their existence entirely to him. The same goes with certain less likable 20th century creations, National Socialism was more or less an offshoot of his ideas as well.
Simpson, of course, wasn't anything close in terms of historical impact, but he did create an entire aesthetic which defined an era and made everything previous seem small and boring. And, of course, it still defines our global culture today, whether we like it or not.
In terms of opera, I have yet to meet anyone my age with a fraction of my knowledge of it. Though that isn't saying much.
Horse hockey. When do the bailouts end? When the treasury market collapses? We cannot, as a nation, continue doing this. The only clients that are at risk are the ones that shouldn’t be borrowing money anyway!!!
Over the past few months, CIT customers such as Eddie Bauer Holdings, Filene's Basement Inc. and Kainos Partners, a franchisee of Dunkin' Donuts stores, filed for bankruptcy protection. And CIT took big losses on those loans, because it didn't pay attention to the basics of credit, and continued to extend loans to companies that could not pay them back. And now they are going hat in hand to the gov-mint a la Bear Stearns, Lehman, GM, Chrysler, AIG, Fannie, Freddie…
HollywoodHack,
Blaming Wagner for National Socialism is like blaming Tolstoy for the progroms. A fallacious argument. Or even blaming Pol Pot for instilling something into the Khmer that wasn't there before.
HH wrote: 'Simpson, of course, wasn't anything close in terms of historical impact, but he did create an entire aesthetic which defined an era and made everything previous seem small and boring. And, of course, it still defines our global culture today,"
......
Don Simpson produced movies:
Flashdance (1983) (producer)
Beverly Hills Cop (1984) (producer)
Thief of Hearts (1984) (producer)
Top Gun (1986) (producer)
Beverly Hills Cop II (1987) (producer)
Days of Thunder (1990) (producer)
The Ref (1994) (executive producer)
Bad Boys (1995) (producer)
Crimson Tide (1995) (producer)
Dangerous Minds (1995) (producer)
The Rock (1996) (producer)
....
up until now I didn't know one could use the word aesthetics in the same sentence with schlock, times have changed. but since obviously you are a product of your environment (Hollywood) where words have little meaning knock yourself out. my idea of aesthetics derives from the teachings of Aristotle. Simpson's movies fail miserably in four of the six elements of drama as espoused in his treatise Poetics; they being mythos. ethos, dianoia, diction (perhaps The Ref & Beverly Hills Cop make the grade), at least he did succeed in melos and opsis. Hey 2 out of 6 ain't bad.
Not only did I read the Poetics but I read them in their orignal Attic Greek.
....
" And, of course, it still defines our global culture today, whether we like it or not." Hack, you really need to get out more! West LA or the Valley don't constitute the world.
I think you missed the key point of Wagner's contribution to opera - that of Gesamtkunstwerk.
What a surprise.
nemo- you forgot "quick-pigged"
To small to fail.
That isn't quite fair - CIT plays an important role for many smaller companies, and it is unclear how quickly other would pick up all their business.
best wishes
This is a bad omen. If the financial sector was really stabilizing, this sort of intervention to save a relatively small lender would not be neccesary. Obviously, the whole edifice is still pretty shaky.
I agree CR.
I also agree that a properly trained monkey WRT Moral Hazard is long CIT.
One more try:
pavel.chichikov (homepage, profile) wrote on Wed, 7/15/2009 - 12:10 am
So what happens between 210 and 2014? There are still missions to be flown to the space station, no?
There is also a very ambitious program to return to the moon( 2020-1?) and eventually set up a moon base. How will budget constraints over the next decade affect this?
NASA might have to downsize and instead visit the Space Needle and Moon Unit Zappa.
Meanwhile, Russia builds a spaceport in French Guiana.
There is also the X Prize private space program.
amazing!!!...I long to be rescued from this recurring nightmare...calgon take me away! why be responsible anymore....
Can I say "I said this would happen days ago"?
RE meth houses:
Some states require sellers to disclose problems--even ghosts:
Don't Let Your House Come Back to Haunt You
I think that this problem is likely more about CIT's borrowers than has been stated so far.
Although they certainly must be having problems selling the bundled debt. I was really surprised when Advanta decided to go out of the credit card business - they were a lender to small business. But it was the same set of problems, I expect.
Has anyone seen any numbers on small business loan delinquencies?
Q: why is the USA a Zombieconomy ?
A: The government continues to bail out 'favored' businesses that are losers
As Robert Reich says the 'current economy can't "recover" because it can't go back to where it was before the crash but Obamanomics is doing it's best to try and restore the Big Shitpile and indebting Americans deeper and deeper.....
.....an upcoming "aid" package...........of course.
"Some areas are expected to reach 30-percent vacancy rates ..."..........we'll have retail inventory for decades........
"Love Motels"...........are outlawed in most jurisdictions. Something about not renting a room more than once in a 24-hour period. The street hookers use the "by the hour" rooms for the same purposes.
Maybe CIT could get a bailout from China?
July 15 (Bloomberg) -- China’s foreign-exchange reserves topped $2 trillion for the first time, highlighting the difficulty the government faces in finding places to invest the world’s largest holdings.
The reserves rose a record $178 billion in the second quarter to $2.132 trillion, the People’s Bank of China said today on its Web site. That compares with a $7.7 billion gain in the previous three months.
---Approaching Terminal Velocity...
Repost from previous pigged
OT and sure if anyone posted it before.
NY Times: Meth contaminated Houses
WINCHESTER, Tenn. — The spacious home where the newly wed Rhonda and Jason Holt began their family in 2005 was plagued by mysterious illnesses. The Holts’ three babies were ghostlike and listless, with breathing problems that called for respirators, repeated trips to the emergency room and, for the middle child, Anna, the heaviest dose of steroids a toddler can take.
their house, across the road from a cornfield in this town some 70 miles south of Nashville, was contaminated with high levels of methamphetamine left by the previous occupant, who had been dragged from the attic by the police.
With meth lab seizures on the rise nationally for the first time since 2003, similar cases are playing out in several states, drawing attention to the problem of meth contamination, which can permeate drywall, carpets, insulation and air ducts, causing respiratory ailments and other health problems.
“The meth lab home problem is only going to grow,” said Dawn Turner, who started a Web site, Meth Lab Homes after her son lost thousands of dollars when he bought a foreclosed home in Sweetwater, Tenn., that turned out to be contaminated. Because less is known about the history of foreclosed houses, Ms. Turner said, “as foreclosures rise, so will the number of new meth lab home owners.”
All any firm needs to do is tell the Fed "the world will end" and money drops from the sky.
OK, If I don't get a billion dollars - well my world will end, My life will be sooooo sad.
Where is my billion????
Are there any sharks left to jump? Just hand out the cash and get it all over with.
why be responsible anymore....
Absolutely, Nuke. If CIT were allowed to fail, I would get out of cash and go long. But, if they rescue CIT, then its confirmation that we're in "extend and pretend" mode for the rest of the year.
FDIC didn't care about who would finance farmers and small businesses when the pulled the plug on New Frontier bank in Greely CO. They where generous to give them 30 days to close their accounts. Many still in big trouble finding financing.
To big to fail and to small to give a crap. Nice
Nuke & Not One Cent:
Ever since I heard Pres. Bush's presentation at NASA a few years ago, in which he proposed a renewal of lunar and Mars projects, I wondered why. I realize and concede that manned space exploration looks like a waste of scarce budget dollars - and even unmanned programs are being pared down - but I have a hunch that there's something more to it than morale boosting for NASA. Competition? I don't know. Hawking and Zubrin keep on about how we need back-up planets, just in case (so we can screw them up too?).
Neither the moon not Mars can possibly be self-sufficient, in any case, for a very long time. Even just getting to Mars is looking more and more difficult on account of radiation exposure alone. The costs not only in money but in scientific and technical resources, both material and intellectual, are daunting, if not presently unachievable. So what's with these projects?
So, how much will this add to household (read taxpayer) debt? Gawd Bless Amerika - live with no responsibility, borrow 'till you cant', shop 'till you drop, and get your neighbor to pick up the tab. Bad business decisions rewarded. Darwin would be turning in the grave.
The reason this doesn't feel like a depression (well, maybe it does in some places) yet is that we tend to time compress the depression. Most people think the market crashed in 1929 and soup kitchens sprung up the next day. It didn't work out like that. The soup kitchens didn't appear until 1931/32. In 1930, things were looking up. Our 1929 moment was October/November of last year. By 2020/2011 we will know how things turn out.
Hear me out with this. Why is the government only taking stakes in failed companies? Why not take positions in successful companies? No, really. List off all the reasons in your head why this is a bad idea. Now, take your list and tell me why it doesn't apply to failed companies.
Barfly-
- responsibility is its own reward
that's 60's, 70's and 80's speak
Mexico Police Agents Are Killed in Alleged Retribution by Cartel
Mexico Governor Ensnared in Drug War - WSJ.com
they must have watched that movie with Denzel-out of time-la familia were the kidnappers
Re: meth houses.
Friends of my in-laws in Montreal decide to kick out their tenant and rent to a new tenant at a higher rent. That's a big no-no in Montreal. I'm assuming they told the tenant they were moving in themselves.
A little while later they got a call from the cops. The new tenants were busted for making meth.
End result was:
They didn't get paid for rent.
They had to pay for a chemical cleanup.
The old tenant found out and got a VERY sweet deal on a new rental agreement.
Here's how the discussions are going.
TimmayBen Bair: "Mr Buffett you are going to have to take the three billion dollar loss for Goldman Sachs if we dont get a PPIP funding deal to the boys over at CIT, I know you have a big interest in GE Capital getting 90% of the CIT leftovers, but hey....we're gonna get the PPImP out."
Buffet::"Charlie bust out a shell company and lets get the fucking PPIP off to a good start."
HH
Then you should agree the last war we won was WWII. The last declared war and before the disaster of the UN came into our lives. Check out the UN and the Perry plan for more reasons of world torment. That is some thing to be embarrassed and disgusted about.
josap.........I wondered if you used any "swamp-coolers" (evaporative coolers) to cool. The cost is EXTREMELY less and better for you. My parents use a BIG swamper in addition to their refrig A/C unit in AJ, AZ.
Rob Dawg, can the US government take over the Chinese government?
Were people really booing Obama when he walked out on to the field at the All-Stars game tonight?
So what's with these projects?
A s long as CIT is in trouble for loans and not derivatives why not ?
Many are suffering due to the fraud and greed of the Wall Street Banks ...
We need to take out the TBTF banks ...
Instead we let them buy more banks and brokerages as well ...
I've added some details from the CIT story. It sounds like the regulators are considering allowing CIT to transfer some assets to their bank - and then pledge those assets to the Fed.
CIT apparently will aggressively pursue brokered accounts too (the FDIC can't be happy)
best to all
Pavel:
I don't have a good answer for you. As an engineer, I would like to go to Mars, but I don't see a good reason. The best I can come up with is morale. Wouldn't you prefer to live in a country where every kids wants to grow up to be an astronaut versus a banker or lawyer? That and anciliary scientific discoveries, like Tang.
"Under the plan regulators would allow CIT to transfer assets from its holding company to its bank in Utah; the Federal Reserve would let CIT pledge some of those assets at its discount window and the company would take steps to refinance some of its existing debt."
From the WSJ...
Surprise, surprise, the Fed is getting involved.
Why don't they just take more TARP money? There is plenty available now.
Answer - because they would have to pay that back at par. FDIC guarantees and Fed borrowing can be underpriced today.
Rob Dawg, can the US government take over the Chinese government?
No, absolutely not.
Now ask if the Chinese government can take over the US government and you might get a different answer.
CIT = the Bernanke Put
iceman (profile) wrote (in reply to...) on Tue, 7/14/2009 - 5:49 pm
reply ignore user
Rob Dawg, can the US government take over the Chinese government?
Drug users never take over their dealer.
"Were people really booing Obama when he walked out on to the field at the All-Stars game tonight? "
Sounded like it to me.
Can the US government take over the Chinese government?
The Chinese are much stricter with their state owned enterprises. They want stuff in return for the populace, like jobs and public works projects. Lousy communists. Out state owned companies are way more efficient.
Or were they just saying "OOOOOOOOOO", kind of like how Red Sox fans say "YOOOOUUUUUKKKK" for Youkilis.
"Rob Dawg, can the US government take over the Chinese government?"
It would not be hungry an hour later.
At least if everything is at the bank level it will be easier for the FDIC to sell them in a "facilitated sale" in six months.
After all, 2 years into the crisis, the FDIC is still the only organization with the proper resolution authority.
Ever wonder why, instead of pushing TARP, Paulsen didn't push for Treasury to have emergency resolution authority?
Yeah, they've been linking small biz with CIT but according to Bloomberg, it was the usual greed...subprime mortgages and student loans that got 'em in hot water. And greed is good. All unprincipled greed monkeys must rescued by the taxpayer. Boss Bush said so, so sez Boss Obama.
"(CEO Jeffrey) Peek, 62, who joined CIT in 2003 after failing to land the top job at Merrill Lynch & Co., pushed the lender into subprime mortgages and student loans to pump up growth. Now, as investors flee the 101-year-old company’s bonds and shares on concern it may become the year’s biggest financial industry failure, Peek is trying to gain additional government support after receiving more than $2 billion last year." fromBoomberg
they were yelling
O
UHH
pavel.chichikov (homepage, profile) wrote on Wed, 7/15/2009 - 12:46 am
Nuke & Not One Cent:
Ever since I heard Pres. Bush's presentation at NASA a few years ago, in which he proposed a renewal of lunar and Mars projects, I wondered why.
I wondered the same thing for the Mars mission and the Medicare D mission.
Both try to expand 1960s relics of national crusades.
NASA wants something dramatic to replace the space shuttle.
Who knows ,,,,with more Obamanomics and these bullshit bailouts perhaps we'll see more of this....
YouTube - DEVIL'S REJECTS ROB ZOMBIE - MIDNIGHT RIDER ALLMAN BROTHERS
note: check out shot at 0:57 of Mrs Rob Zombie
volker predict second stimulus
cash to people, like last time
for xmas, for the chirldren
Much like New Kids on the Block and Avril Whatshername, Obama is overexposed. He needs better PR people or he will be performing at the Hot Topic by next spring.
"Wouldn't you prefer to live in a country where every kids wants to grow up to be an astronaut versus a banker or lawyer?"
Nuke, certainly. Or a poet, a composer, a fine art painter. etc. I think space exploration is very exciting, intriguing and important.
It sounds like the regulators are considering allowing CIT to transfer some assets to their bank - and then pledge those assets to the Fed.
The purpose of Rule 23A was to prevent the FDIC safety net and FRB liquidity facilities from being accessed by non-banking entities. Sigh
After all, 2 years into the crisis, the FDIC is still the only organization with the proper resolution authority.
The FDIC still does not have resolution authority over CIT's commercial lending affiliate, which is where all the trouble lays.
BSR, swamp coolers work great when it is really dry. During monsoon or when it gets over 110 - not so much.
It does cost a great deal less to use. We, unfortunatly, don't have a dual system.
"NASA wants something dramatic to replace the space shuttle."
Of course. But why the top-level boost in the middle of a difficult war?
take a look at that mexican cartel link above...it almost sounds like a war is happening down there....
"Since the Saturday arrest, gunmen believed to be working for the cartel have gone on a rampage, attacking police stations, army patrols and hotels in several different cities in Michoacán with grenades and high-caliber weapons like AK-47s and AR-15 semiautomatic rifles. The attacks killed two soldiers and six other federal police agents, and wounded a further 18 agents."
Wasn't the space lab pumped up after the fall of the USSR to help keep Russian scientist busy so they didn't venture off to countries like Iran to develop bad things? If so then it did it's job again at an expensive price for what in return.
"The FDIC still does not have resolution authority over CIT's commercial lending affiliate"
Yeah, that's my point, at least if the assets are in the bank the FDIC can use it's bank resolution authority.
Paulsen, instead of looking for free cash, should have been looking for the authority to wrap up non-bank lenders. FIRREA gives them a blueprint.
But of course we know why he didn't...
R U serious....just sounds like war?
aaaahhhh yes, the bankrupt bailing out the bankrupt again.
Ben Dover:
My Dad is a physicist. In the 1990's he reviewed grant proposals by Russian scientists for research funding from the State Department, of all places. The idea was to keep Russians working to prevent them from selling their knowledge on the black market. It worked OK, and it didn't cost all that much.
Km4
rarely serious...mostly disillusioned now...
more painful news to read
Ousted GM CEO Is Given Salary, Benefits Deal
Ousted GM CEO Is Given Salary, Benefits Deal - WSJ.com
General Motors Corp. said Tuesday that former Chairman and Chief Executive Rick Wagoner will receive an annual salary of $74,030 for his lifetime and annual benefits of $1.6 million for five years.
Even worse:
Twelve bodies with signs of torture found on the side of a remote highway in the state of Michoacan were federal police officers, an official with Mexico's national security council said at a news conference Tuesday.
Mexican state awash in recent violence - CNN.com
CIT would be a main street Lehman if it failed. Bail Bail Bail... A few hundred billion here or there won't make much difference.
nuke posted that above...
Avril Whatshername - I'm With You
If you want to get real news about the drug wars in Mexico, the M3 report is the place to go: M3 Report
@ creditcriminalslovetarp (profile) wrote on Tue, 7/14/2009 - 6:05 pm
Km4
rarely serious...mostly disillusioned now...
Yup welcome to the club
BTW 90% of Mexican cartel's assault weapons originate from the United States.
"CIT Aid Package almost complete"
N1 is OUTTA CONTROL!
No, let me rephrase...we have lost control.
A few hundred billion here or there won't make much difference.
As long as the school kids don't get free lunches, okay. They need to learn now that there's no such thing as a free lunch. We should give them certificates that tell them their lunch money went to the bailout,...most of them will understand the bullies taking their lunch money.
We get the drugs and they get the guns. Seems like a fair trade to me. I am joking, but with a heavy heart.
pavel.chichikov (homepage, profile) wrote on Wed, 7/15/2009 - 1:00 am
Of course. But why the top-level boost in the middle of a difficult war?
Why start a second war when the first is unfinished?
Why expand Medicare when the existing version already is going bankrupt?
The annual NASA budget is about 2 weeks of Medicare spending.
NASA is cheap entertainment by Washington standards.
Will the government ever learn what happens after bailouts?
The banks who survived grow ever more unhappy about the hand that saved them. The concepts of gratitude and appreciation do not apply here.
WSJ
J.P. Morgan Chase & Co., freed from the government's strictures after repaying $25 billion in federal money, is back to playing hardball.
The bank's tougher stands include stepping up its opposition to the government's proposed legislation on derivatives and telling the Treasury Department it is fed up with haggling over the value of warrants that the government holds in J.P. Morgan. The bank also is talking tough with clients and taking market share and top performers from competitors.
...
The bank's latest effort to promote its views involves the Obama administration's plan to step up regulation and transparency in the derivatives market. The bank supports a proposal to send standard derivatives contracts through an industrywide clearinghouse that can be monitored by regulators. J.P. Morgan, however, opposes a requirement that the trades should be moved onto an exchange, in part, because it would inhibit the use of customized derivatives that clients require.
J.P. Morgan's strong voice starts at the top. Although he initially supported the Troubled Asset Relief Program, Chief Executive James Dimon bristled when the government added restrictions to banks that received the funds. He was particularly furious when the government banned firms that received TARP funds from hiring foreigners to work in U.S. offices. Over the next few months, Mr. Dimon's indignation grew each time a customer or politician referred to the company as a bailed-out bank, according to people familiar with the matter.
...
Since repaying the funds, J.P. Morgan has taken a tougher stance with the government. Last week, the bank waived its rights to buy warrants that the government received as part of the financial bailout. After the government rejected the bank's offer, the bank opted to allow the Treasury to auction the warrants in the public market.
Elsewhere, J.P. Morgan is taking issue with portions of the White House's financial plan that deals with the regulation of derivatives. The bank's derivatives contracts were valued at roughly $81 trillion at the end of the first quarter, representing 40% of the derivatives held by banks, according to the Office of the Comptroller of the Currency. The bank has played down its potential exposure from the contracts, saying that notional value isn't equivalent to the amount of risk facing the bank.
NWA FK Da Federales
-not for the faint of heart,-FLY this means Yu.
rarely serious...mostly disillusioned now...Yup welcome to the club
Fool's Goldman
by billmon <<< is is a terrific writer and used to have his own blog call The Whiskey Bar
Daily Kos: Fool's Goldman
This takes the Stockholm Syndrome to a whole new level:
WASHINGTON (Reuters) - Democrats and Republicans alike lauded Goldman Sachs on Tuesday after the company, which received taxpayer assistance last year, said its quarterly profit rose and that it was setting aside billions for employees.
"Is there a law in the United States that you can't make profits?" Representative Paul Kanjorski, a senior Democrat on the House Financial Services Committee, asked reporters . . .
Richard Shelby, the top Republican on the Senate Banking Committee, said, "I'm not surprised. Goldman Sachs has a history of being well run and sometimes ahead of the others."
Goldman Sachs profits hailed by lawmakers
Reuters July 14, 2009
"They can rape my ass any time -- or my children's asses, for that matter," another lawmaker added with a chuckle. "After all, that's what we're here for."
Matt Taibbi's head must be exploding.
Kanjorski said he hoped Goldman's profits were a sign of economic recovery and a possible bellwether for other sectors. "I have great hope General Motors has great profits next year," he said.
Rep. Kanjorski doesn't seem to understand that parasites can flourish at the expense of their hosts -- in fact, it usually works that way.
Weird. CIT is already a bank holding company, so can't they already access the Fed's discount window?
Don't worry Nuke.
I am sure it is coming soon to a neighborhood near you.
Congress is well paid by Wall St.
It's very telling that Goldman just flaunts this and nobody does a thing.
And on Bastille Day, of all days.
So, they ARE firing management, right? Maybe a little something to send a message?
Nemo:
I'm not sure what the deal is or why this is so hard.. The "stimulus" hasn't worked yet and may never work, so they need to shovel billions whenever / wherever they can. CIT is a perfect chance to flow another mountain of new cash.
km4 - a nice pair of quotes
The S&L-bubble 1989 FIRREA reform created the OTS which enabled the 2000s housing bubble.
$81 TRILLION.
Damn.
Rather appropriate that this level of idiocy is emitted by Congress on Bastille Day. This kind of cluelessness on display is what drives the masses to rise up against their aristocratic oppressors.
JPMorgan has now risen to #4 on the list of credit default swaps with $122 billion of notional. There are more CDS written on the risk of a JPM default than any other private company. Heck, there are only three foreign countries with more, Brazil, Turkey, and Italy.
CIT is already a bank holding company, so can't they already access the Fed's discount window?
CIT's core business is through its commercial lending unit, which is not a member bank, and therefore can not access the discount window. Rule 23A prohibited CIT from transferring the assets from the commercial lending unit to the banking unit. The 23A waiver is part of the bailout.
Nemo (homepage, profile) wrote (in reply to...) on Tue, 7/14/2009 - 6:20 pm
reply ignore user
Weird. CIT is already a bank holding company, so can't they already access the Fed's discount window?
Back before the great depression companies with both trading/securities on one side and retail banking on the other side were transferring assets from one side to the other with disastrous affects. Rules were put in place to prevent this. Most of the major banks have gotten 23a exemptions allowing this again over the last year.
CIT is asking to basically do the same thing. Bailout their commercial side by possibly bankrupting their retail banking side and the FDIC is resisting. They want to transfer crappy assets to their retail side and borrow against them back to the commercial side. End result us that both sides could go down and FDIC ends up holding the bag.
Regarding JPMorgan's opposition to derivatives on an exchange....
In their current form, proposals to have a central counterparty on an exchange won't work. The risk gets too big for the central counterparty.
When you look at commodities exchanges, they walk a fine line. They have to have enough volume to get trading activity. They also can't have the exchange pick up too much risk.
funny thing is... the only reason Goldman made all that money (well, two reasons...) is
The market is not too impressed: they have performed about the same as JP Morgan, but have significantly beaten Morgan Stanley and the S & P 500.
We are so screwed.
credit to by cynic on Dkos
Getting worse slower.
The statement for our time.
Nationalizing ALL the banks would have been much less painfull, for Main Street at least.
Nemo,
I think you mean both sides do go down and FDIC ends up holding the bag.
Why would any sane person shift brokered deposits to this walking pile of horse manure?
In their current form, proposals to have a central counterparty on an exchange won't work. The risk gets too big for the central counterparty.
Increase margin requirements?
hey, fAILURE - speeka de español?
Los Cuates de Sinaloa - Negro y Azul
So are they going to now compete with that other bailed out bank Ally (nee GMAC) for the highest priced CD's? And are the non-bailed out banks going to be excited to see hot money flow to another subsidized competitor?
But given Ally's advertising model, maybe we should go long CR right now.
I think our pony died. There is no more pony to look for, no matter how high the pile of crap. No matter how the pile keeps growing.
Artificial pony poo.
Oh, regarding the exchange for CDS, if anyone in the industry or regulators are looking for a solution, one of my clients has something quite good, patent pending, venture funded. Feel free to email me (click on the profile link and send me an email).
MrM,
Are we entering an era of zastoi?
"That isn't quite fair"
CR is a Socialist
Hey everyone gather around barack hoover obama throwing out the first pitch.
Are we entering an era of zastoi?
Yes, with cynicism and propaganda permeating the social life
I am also thinking of "verkhi ne mogut, nizy ne khotyat"
Mein Gott there is a Viagra advert at the bottom of this post as I first read it.
We are, well, you know...
Now, I'm going back up to the top of the comments to fully enjoy the experience.
"Artificial pony poo. "
Unfortunately, the poo is all too real...
It's over kids....hats off to George Orwell.
"It's over kids....hats off to George Orwell."
Not yet. If that were true, this board would be gone.
It's bad enough my government continues to pick winners. But, why do they always pick me to be a loser?
Gotsta love LeAnn Rimes - Nothin Better To Do
Why isn't the rest of the world not giving us the finger, yet? I mean, come on! This is ridiculous!!!
"hats off to George Orwell."
Orwell, the visionary and still Calvinball champion
pavel.chichikov (homepage, profile) wrote on Tue, 7/14/2009 - 6:47 pm
"It's over kids....hats off to George Orwell."
Not yet. If that were true, this board would be gone.
Why would that happen? I've always supporter our leader and he has always been our leader.
Any glodbugs up? See Einhorn's Greenlight Capital going bullion not ETFs?
Bloomberg.com
Maybe he doesn't have a server based close enough inside the exchanges to make money in the new normal...
C
any silver wheats on?
<< TSX: SLW NYSE: SLW >>
VANCOUVER, July 14 /CNW/ - Silver Wheaton Corp. ("Silver Wheaton") (TSX, NYSE:SLW - News News) is pleased to announce that, as reported by Goldcorp Inc. ("Goldcorp") in a press release dated July 13, 2009, construction of the first sulphide process line (Line 1) at Goldcorp's world-class gold-silver-lead-zinc Penasquito mine in Zacatecas, Mexico is now complete and commissioning work is advancing on schedule. Production and shipment of first concentrates are still targeted for the second half of 2009.
After a ramp-up period, Penasquito is forecast to produce an average of approximately 30 million ounces of silver annually over an initial 22 year mine life, of which Silver Wheaton is to receive 25% or in excess of seven million ounces of silver annually.
-I aint got no linky, ht NYUgrad via Bill Cara's Community
GM's Wagner didn't rape a fat hog like Clinton clown Franklin Reigns did at Fanny Mae. He even got caught cooking the books.
Ousted Fannie Mae execs' pay packages due review | The San Diego Union-Tribune
"See Einhorn's Greenlight Capital going bullion not ETFs?"
Makes sense. A good vault service may have less counterparty risk. And as he says, it costs less to pay for storage. But that makes more sense if he plans to hold for a while....
"any silver wheats on?"
I've been buying on dips. It's been pretty strong, so I don't have a lot of it.
No big move today, we'll see about tomorrow. It will probably open higher, SLW is up 1.4% in AH.
Who or What is actually CIT??
"Obviously, the whole edifice is still pretty shaky."
We are so screwed.
This is what happens when brothers and sisters get married.
I forgot, when, why, and how...
forgot, when, why, and how...
"Who or What is actually CIT??"
A bank which serves the little people.
Not a gold bug, but ZeroHedge had a piece up today that makes a pretty good case that gold ETF's don't have to hold physical gold to back their shares and thereby could distort trading in gold commodities markets. That would explain why the fund you reference is taking the action you describe.
Kung Fu: that's because there is no law.
Was, is,CTI making loans?
Will they make loans, or just build reserves?
CTI marches on, the cliff is not there.
volker
a lot of people will not get anything from stimulus, if they owed back state taxes,child support, anything to the federal gov, ie student loans.
the state of georgia and i think new york grabbed that first stimulus check,
Are you serious? The ETFs were supposedly backed with physical? Deliverable physical?
I sh!t you not, I am surprised.
Good thing I passed on that building in Dubai. I'm clearly not cut out for this.
http://www.nj.com/newsflash/index.ssf?/base/business-23/1247478469108620.xml&storylist=business
C
maybe a run on gold deliveries?
Could be interesting.
If you look at their financial statements, they own physical.
they also a have a physical count twice a year: the one at year-end is a full count of every bar and the other is a spot count during the year.
Copies of the reports from recent inventory counts are on their website.
GLD is a derivative of gold.
certain other NAV ETF's
via the jesse
jesse's recent post WRT A Blood Fortune
Strike Three
108ignores10 +1 r
Poic,
If you're out there in cyberspace, check out the homepage!
gabyjan: I'm getting a pony, and a big ass shitload of money for the chirlden.
So let me get this straight, the building is real? Not an ETF?
C
"I'm clearly not cut out for this."
Have you thought about taking up tatting?
If you are one of the brokers who are authorized to exchange "creation baskets", you can redeem shares for bullion or exchange bullion for shares.
Read the Prospectus or SAI.
they are on the SEC's EDGAR website.
volker,
Agree; they can legally do this but my point is that this is just like the Goldman website disclaimer about trading against you if you ran your trades through their system...buyers of gold ETF's need to understand the fine print and know whether they are actually buying gold or just a piece of paper that isn't actually backed by physical. The ETF could be just a promise to exchange paper for gold; and we all know how well that worked out back in 1971.
"If you are one of the brokers who are authorized to exchange "creation baskets"..."
Like you got that kind of money.
Let's get Physical...
YouTube - Olivia Newton-John - Physical
so what am i getting when i'm buying case-shiller UP (symbol:UMM) and case-shiller DOWN (symbol:DMM)?
MacroMarkets to use market maker on US homes plan
| Reuters
"...they can legally do this..."
The law is a thing that unscrupulous men use,
I'm going to say you're getting screwed, Basel.
HG: but will basel get kissed?
The IAU prospectus on the front page says "The assets of the trust consist primarily of gold held by the custodian on behalf of the trust"...the ZH point was the phrase "primarily of gold". The insinuation is that the word "primarily" is legal weaselese that probably means one share of this could be backed partially by gold, and partially by something else. All I'm saying is that there's risk there other than changes in the price of gold that is likely frequently glossed over.
the reason Goldman Sucks has such profits is because we GAVE them BILLIONS of dollars. YES! GAVE them BILLIONS. Didnt loan them, we GAVE Them BILLIONS and BILLIONS of dollars when we gave them 100 cents of the dollar for their worthless AIG paper.
TOTAL FUCKING GIVE AWAY.
by dark daze
what's yer fucking point, panda?
a big ass shitload of money for the chirlden.
"...we gave them 100 cents of the dollar for their worthless AIG paper."
km4: same question, what's yer fucking point?
My point: you buy a gold etf, maybe you get used cars when you cash in the shares.
barfly: yer mistaken
panda: how's that working out for ya?
HomeGnome, for you and the Mrs. cook eat FRET —
Food pron.
volker the viking contribute something worthy or STFU assclown !!!
I'm at the point now Where my head is about to be firmly covered in the sand. The more I read about the financial clusterfuck and hear the responses of our bought and paid for representatives, candy coated by well paid tv talking heads, the less real it all seems. For your health and sanity, please put your headphones on and turn the music up, we are all in for a bumpy ride.
by Vaughner
like my old man said, "Son, I may not always be right, but, by God, I'm never wrong".
It was a meth house.
The marrying relatives issue is a totally different geneological exploration not related to this news account!
Thanks Lothar!
Somebody missed their 10:30 meds....
C
well since you paid for it, you do the push ups, I won't. the DI can discharge my sorry ass before I participate in this bullshit drill.
Assclown?
Surely you can do better than that...
Seriously, I'll STFU now.
C: I thought you liked me.
HomeGnome if you're looking for 'bonding' ( esp with volker the viking ) on a message board you must be very lonely
km4: well, if you want me to STFU, then you can kiss my ever growing ass
The good foodies will take over for the bad foodies in good time, HG!
No more BK of McD's, but lots of "watch us slaughter the pig" BBQ joints coming online in the South soon enough.
You got your 'cue varietals all over SC, after all!
Tomato or vinegar, or do we dare with mayonnaise LOL
One of my classmates actually bought this POS from his broker, neither of whom knew the details of the Chapter 11 BK. Of course, it didn't help that that everyone swore that it wasn't a liquidation. Funny how the new company's name is "Motors Liquidation Company."
SEC, Finra Warn Against Buying Old GM Stock
Securities regulators on Tuesday issued a joint alert warning investors against buying or retaining over-the-counter shares of the now-bankrupt General Motors Corp.
The alert, sent out by the Securities and Exchange Commission and the Financial Industry Regulatory Authority, said there is "widespread misunderstanding by investors" that the stock in the bankrupt GM company is related to the "new" General Motors Co. that emerged from bankruptcy last week as a new entity that will belong in part to the U.S. and Canadian governments.
"Motors Liquidation Company and the 'new' GM are separate and distinct," the alert said. "The new GM currently has no publicly traded securities, and none of Motors Liquidation Company's publicly owned stocks or bonds are or will become securities of the new GM." . . .
Finra, the self-regulatory group for the brokerage industry, halted over-the-counter trading in old GM stock under the GMGMQ ticker symbol last Friday. A new ticker symbol - MTLQQ - will be issued for the old stock to avoid having it confused with the new GM, which does not have any publicly traded securities. Over-the-counter trading using that new ticker symbol is slated to resume Wednesday.
km4: you're not very good at this
volker the viking ....well... yeah... OK... if your tripe makes you feel better!
...contribute something worthy...
Delta Goodrem - In This Life
Why did everyone turn mean all of a sudden?
Can't we just politely agree to disagree?
NW
Not if we're talking about BBQ.
tripe?
did Dr. Leaky find your femur in Olduvai?
Mustard based is the best BBQ, Lothar.
NorkaWest: whatever do you mean?
It's the green pant suit I just can't stop thinking about it...
we all have our hang ups
most of mine are hung up
Ok dear, that's better, say ahhhhh. Good.
C
see!? that Counterpointer person is good at this
HomeGnome: You are a heathen.
There is no mustard-based Q sauce in the world worth putting on meat.
Fight! Fight!
ok everyone...breathe deep..
YouTube - Buddha
peace is here....
OMFG someone contact Deepcapture Overnight Alert - we've all been ruthlessly (or was it strategically) defaulted into the comment mean zone!
Haayyelp, hayyelp...
C
peace? are you shittin me?
I'm just a damn Yankee.
Cut me a break!
(Holds ears)
Ommmm. Shantih, shantih.
C
hep me, hep me
do what he say, do what he say
Won't someone help that poor man?
I wouldn't shit you Volker.
You're my favorite turd.
HG: try again, you HLS people are weak.
Well, if you can't beat them, join them.
Your mothers were hamsters and your fathers smelled of elderberries.
when in doubt sue...
Calpers Sues Over Ratings of Securities
Calpers Sues Over Ratings Of Securities - NY Times
thinking that they might need some money
prolly cause you don have yer uniforms workin for you here
someone send these guys below this link-I guarantee they will stay awake...
Calculated Risk
ND missile crew discharged after falling asleep
Yahoo! 404 - Page Not Found
Calpers Sues Over Ratings of Securities
Cali might be threatening its above-junk status...
creditcriminal: lighten up, Jules, it's North Da fucking kota, fer chrissakes. Who wouldn't nod off?
OK - enough screwing around -
Entheogenic - Ground Luminosity
Finally! Somebody with money who can kick some butt.
From the article: The AAA ratings given by the agencies “proved to be wildly inaccurate and unreasonably high,” according to the suit, which also said that the methods used by the rating agencies to assess these packages of securities “were seriously flawed in conception and incompetently applied.”
Calpers Sues Over Ratings Of Securities - NY Times
volker-I'm so light that I was asked to play lead part in kite runner...
Tim waiting for 2012 (homepage, profile) wrote on Tue, 7/14/2009 - 10:59 pm replyIgnore userwhen in doubt sue...
Calpers Sues Over Ratings of Securities
Saw a law firm commercial tonite saying" if you lost money in the stock market, mutual fund or retirement acct., call us we might be able to retrieve your losses". Class action lawsuits vs. the rating agencies to follow
AL 4 NL 3
Top of the 9th...
jp: you take some twenty something Ivy League types who don't know what's between a woman's legs and ask them to rate anything other than a pile of horse shit and this is what you get.
I watched 'Slumdog Millionaire" last night.
If you ever thought about moving to India, I highly recommend this film.
nobody is watching
I know. It's sad.
baseball ain't been the same since Hard Luck Harvey Haddix
jp: you take some twenty something Ivy League types who don't know what's between a woman's legs
C'mon. When you were 20, you knew that (and probably not a whole lot else.)
The ND missile crew should be told what their pension is invested in THEN read CR.
Should keep them up. Plenty to talk about.
C
jp: nope, yer wrong
and you will continue to be wrong until such time you discover the basic truth
wild hair tonight, volker?
I bought some more last week. Haven't sold any in quite awhile. Still targeting $20.
Still the best way to leverage silver, and position for the possibility of a silver squeeze.
wild? not quite
and you will continue to be wrong until such time you discover the basic truth
Fine. I agree you didn't know.
rich: if yer not takin delivery, yer screwed
and yer not gonna get kissed
Thanks for the heads up. I just requested my credit card rebate cash from them. I am guessing they won't pay this out if they go under. It was $90.00 already since the last Citi scare when I requested a check. Thanks citi bank suckers.
I got my mean face on tonight.
jp: you're not very good at this either
there's only two things in the world
jp: you're not very good at this either
Was it the elderberries that gave me away?
weak
if Blonderengel is in the mood, put her on, will ya? I'd love to hear her latest. TIA.
And one of them would be not finishing commen
or continuing without context I guess would be the other.
Eh voila.
barfly: thanks for asking, she fell while walking into a clinic the other day...
in the meantime...
Entheogenic - Pagan Dream Machine
I totally ♥ Blonderengel
barfly: you totally love the concept of blonderengel
Entheogenic - Pagan Dream Machine
Bah. Try the Skip Town Savings and Loan.
maybe that's it
jp's not real swift
PS. Thanks for the link to stumble audio! Didn't know about them...
volker your out of control tonite....must of drank some jas juice...
jp's a dumb ass
And volker's in a baaaaaaad mood.
creditcriminal: volker you're out of control tonight...
there I fixed it.
C'mon volker. Go with dumb ass instead of the edit. This way we can be dumb ass and fat ass.
must of drank some jas juice...
Disturbing visual.
Take it back.
nite guys
jp: you really are not very good at this. Stop it, stop now before some family member sees this and calls to ask what it's all about. You won't have a credible story, and more than likely they'll ask you something like, " What were you thinking?"
OT, NYtimes story on landlords who stop making repairs, others just walking away. Many bought rent-stabilized buildings hoping to profit from appreciation. Didn't work out.
So, it;s the 70's show again. Nice pics.
As Landlords Struggle Financially, Their Apartments Fall Into Disrepair - NY Times
So what set you off tonight? Like you care about whether your family sees this and calls to ask what it's all about?
the Blonderengel voice has an impact like I've never heard before. I know it can't be easy to reproduce on a moments notice, so, maybe something from the archives?
For Rob Dawg,
Looks like Cali will lose a Congressional seat after the 2010 census...and Texas will gain. Outmigration the cause, sez LATimes.
California could lose a House seat after 2010 census - Los Angeles Times
volkers pissed because of this...
White House turns up heat on Arizona senator
Yahoo! 404 - Page Not Found
The White House on Tuesday released letters from four cabinet secretaries to Arizona Gov. Jan Brewer, a Republican, citing Kyl's comments and outlining transportation, housing, Indian education and other projects in his home state they said would be eliminated if the senator has his way.
barfly: blonderengel is published all over the world. Her work in poetry is bordering on an entirely new genre. Two complete works and an anthology.
Her work as a writing center administrator is gaining acceptance throughout the Southeastern United States.
She is a tenured professor, teaching at the university level in her third language.
Check out the next Public Culture, published by Duke University Press. Title: From Producer to Consumer to Prod-user.
"The S&L-bubble 1989 FIRREA reform created the OTS which enabled the 2000s housing bubble"
Please, blaming the housing bubble on the OTS? that is a reach.
volker - searched Duke University Press and came up short. Any links would be greatly appreciated. Hope this isn't too much of a bother. It means a lot to me. Thanks.
fried (profile) wrote on Tue, 7/14/2009 - 8:43 pm
For Rob Dawg,
Looks like Cali will lose a Congressional seat after the 2010 census...and Texas will gain. Outmigration the cause, sez LATimes.
The other 49 had better hope we don't break up. I've designed an eight State breakup solution that grabs 73 sets. and those 14 new Senators? 10+ Republican.
it will be in the upcoming issue, this fall I think. Keep asking. It';s a print thing, so you may have to buy a copy.
Next week I meet with the business school dean to discuss putting her theories into practice. As I said to the dean--after meeting with me you will have one of two observations, either she has a good idea or she is a stark raving lunatic.
Stay tuned.
Nuke,
I agree about Obama exposure. I've been pushing this idea to a NYC columnists for at least 4 months. I could tell from all those news conferences he held in early Jan for his admin appts., one I think was for federal dog catcher, that he has a diva problem.
Once at Sundance Film Festival I was at a showing of a movie about the Beats starring Kiefer Sutherland amongst others also Mrs Kurt Cobain was in the picture... at the Q&A she literally charged the stage and took over for the next 25 minutes... a PR person whispered to me "she needs good rep, and fast!"
note to Hollywood Hack - your comparison of Don Simpson to Wagner was too much...
obviously, you know nothing of what Wagner did in opera... I am hard pressed to think
what Simpson did besides 'large blown out set pieces (& blowing up too)', prodigious amounts
of blow and call girls.
Entheogenic -Twilight Eyes
she is totally stark raving sane, and I await any further news with baited breath.
the border conspiracy
thank you so much. Now I may be able to live.
Some thoughts on Bastille Day:
The French have something in their national psychology that we lack: a shared experience of defeating their own government. (We defeated our previous government, but we certainly think of them as a foreign power that we kicked out.) Some joke about the French and war, but I understand it a little better in light of the above. Some also ridicule the French for being Euro-socialists, etc., but we need to rethink this contempt. Briefly, French collectivism is voluntary because they know (or think due to their shared experience) they can change it, but the total state we are accepting or have accepted has a very different meaning psychologically, and it isn't flattering. We've accepted it while knowing (or thinking, due to our shared experience) that it will never be reversed (short of various disaster scenarios). Our national psychology is very much the less admirable in this context, and our condition vastly worse.
"Our national psychology is very much the less admirable in this context"
the same goes with our national attitude towards religion - the French understand that religion is usually part of a mindset which embraces ignorance, oppression, bigotry and social divisions, and hence they aggressively protect the secular public space.
meanwhile, our new "liberal" president continues the W tradition of handing out money to religious interest groups like candy.
handing out money to religiousinterest groups like candy.
You can replace "religious" with "special" and be even more accurate, HH.
Thank you, Volker.
Entheogenic - Spontaneous Illumination
"note to Hollywood Hack - your comparison of Don Simpson to Wagner was too much...
obviously, you know nothing of what Wagner did in opera... "
Wagner transcended opera. He created both the genre known as "fantasy" and the entire modern attitude towards entertainment. Tolkein, "Dungeons and Dragons", and the modern action movie all owe their existence entirely to him. The same goes with certain less likable 20th century creations, National Socialism was more or less an offshoot of his ideas as well.
Simpson, of course, wasn't anything close in terms of historical impact, but he did create an entire aesthetic which defined an era and made everything previous seem small and boring. And, of course, it still defines our global culture today, whether we like it or not.
In terms of opera, I have yet to meet anyone my age with a fraction of my knowledge of it. Though that isn't saying much.
no argument there. the explicit violation of the 1st bother me more, however.
Heck, what amendment hasn't been explicitly violated lately?
what amendment hasn't been explicitly violated lately?
An amendment is not an orifice!
3, 11, 14, 17-25, 27
the rest are basically a joke
HH has the winning lotto numbers.
CR == dead tonight.
Later.
if our lives were lived according to the strict dictates of the constitution, we'd still be living in the eighteenth century.
barfly,
Cite specifics when you make a claim like that.
Well, I gotta give Obama credit for saying unemployment would continue to rise.
Doubt if Bush would have said that.
Oh, sure. Pin me down. Hey, it stands to reason.
the whole point of the 9th and 10th is to remove "strict dictates" from the equation
The amendments came later.
Horse hockey. When do the bailouts end? When the treasury market collapses? We cannot, as a nation, continue doing this. The only clients that are at risk are the ones that shouldn’t be borrowing money anyway!!!
Over the past few months, CIT customers such as Eddie Bauer Holdings, Filene's Basement Inc. and Kainos Partners, a franchisee of Dunkin' Donuts stores, filed for bankruptcy protection. And CIT took big losses on those loans, because it didn't pay attention to the basics of credit, and continued to extend loans to companies that could not pay them back. And now they are going hat in hand to the gov-mint a la Bear Stearns, Lehman, GM, Chrysler, AIG, Fannie, Freddie…
HollywoodHack,
Blaming Wagner for National Socialism is like blaming Tolstoy for the progroms. A fallacious argument. Or even blaming Pol Pot for instilling something into the Khmer that wasn't there before.
HH wrote: 'Simpson, of course, wasn't anything close in terms of historical impact, but he did create an entire aesthetic which defined an era and made everything previous seem small and boring. And, of course, it still defines our global culture today,"
......
Don Simpson produced movies:
Flashdance (1983) (producer)
Beverly Hills Cop (1984) (producer)
Thief of Hearts (1984) (producer)
Top Gun (1986) (producer)
Beverly Hills Cop II (1987) (producer)
Days of Thunder (1990) (producer)
The Ref (1994) (executive producer)
Bad Boys (1995) (producer)
Crimson Tide (1995) (producer)
Dangerous Minds (1995) (producer)
The Rock (1996) (producer)
....
up until now I didn't know one could use the word aesthetics in the same sentence with schlock, times have changed. but since obviously you are a product of your environment (Hollywood) where words have little meaning knock yourself out. my idea of aesthetics derives from the teachings of Aristotle. Simpson's movies fail miserably in four of the six elements of drama as espoused in his treatise Poetics; they being mythos. ethos, dianoia, diction (perhaps The Ref & Beverly Hills Cop make the grade), at least he did succeed in melos and opsis. Hey 2 out of 6 ain't bad.
Not only did I read the Poetics but I read them in their orignal Attic Greek.
....
" And, of course, it still defines our global culture today, whether we like it or not." Hack, you really need to get out more! West LA or the Valley don't constitute the world.
I think you missed the key point of Wagner's contribution to opera - that of Gesamtkunstwerk.