More and more the Obama administration is looking like the Hoover administration.
On financial reforms: both Hoover and Obama faced broken financial systems. Hoover first proposed a voluntary consortium of banks to loan money to prevent bank failures and then created the Reconstruction Finance Corporation, which was a proto-FDIC, but it didn't really address the underlying problems with the banking system. Obama has benefited from the Bush Adminstration's bank bailout and from the existing FDIC but has also failed to enact real financial reform.
On the stimulus: The Hoover administration's public works projects including the Hoover Dam, and the SF-Oakland Bay bridge were substantial but Hoover was never able to get approval for the larger stimulus he wanted which would have included aid to state and local governments as well as federal money for slum clearance, pensions for the elderly, tax cuts for the poor. The Obama administration also has enacted some large public works projects but about half of what those economists who believe in fiscal policy said was necessary and is on the verge of failing to reform the healthcare system.
Obviously these parallels are imperfect, but when you actually read about Hoover's response to the Great Depression it starts feeling more and more like today. But I'm not worried, there are all these green shoots around.
Chairman G. Woodruff of Nat'l Bank of the Republic in article "Green Lights Ahead" predicts second-half recovery in business. "The red lights, through which our people last year drove, have changed. The curbstone admonitions of the minions of the economic law near an end." (August 5, 1930)
CR - this is an excellent snapshot, but there's a dynamic element as Basel Too and I were discussing the other night. Some of the workout arrangements involve agreement to share future losses on portfolios transferred from the failed bank, between its receiver (so to speak) and FDIC. These are booked, at valuation unknown or at least untested, in the contingent liabilities entry to FDIC's financials.
I'll try to be more constructive and find the links.
Counterpointer
I have done what you're talking about before. To test valuations. Look at what the FDIC is auctioning assets for vs estimated PR value, extrapolate that to the loss sharing agreements.
goto, closed loan sales.
search without entering any info to pull up all sales by most recent first
`
It's not pretty, banks are not the only one with balance sheet only solvency. The problem is that despite technically solvent, they can't use those overmarked assets to fulfill their ongoing role
8
94LG021
Dallas Field Branch 03/31/1994 Bank Charge Off Non-Performing 459 $2,630,540 $97,593 National Collection Services, 1340 12th Ave.
Longview, WA 98632
When the previous list was published, I mentioned that AL didn't have many banks on the list and that I thought there might be an upcoming realization of a bubble in AL due to layoffs in the (non-Detroit) auto industry, and based on my Mom's reports of ridiculously priced home south of B'ham. Here's what may (along with Colonial) may be the tip of the iceberg. Next Bubble to Burst Is Banks’ Big Loan Values: Jonathan Weil - Bloomberg.com
"S&P Cuts Ratings On 4 JPMorgan Issues To AA- From AA >JPM"
Hardly weakness though....normally that would be worth -10%...not now
On a side note, from the "stupid neighbor file".. We had a fire pretty close to our neighborhood two weeks ago....I see that the neighbor has now "procured" tile roofing to place on his house in order to make it more fire-proof...not a bad idea IMO....until you realize that the trusses in these homes are not built to handle that type of load coupled with the weight of one layer of standard roofing material. I give it a month before the whole thing collapses under it's own weight.
MS (profile) wrote on Wed, 8/19/2009 - 11:52 am
On a side note, from the "stupid neighbor file".. We had a fire pretty close to our neighborhood two weeks ago....I see that the neighbor has now "procured" tile roofing to place on his house in order to make it more fire-proof...not a bad idea IMO....until you realize that the trusses in these homes are not built to handle that type of load coupled with the weight of one layer of standard roofing material. I give it a month before the whole thing collapses under it's own weight.
Ciao
MS
MS,
Are you in Cali? If so, the earthquake codes may help save him due to enhanced structure required to meet codes..........save him until there's a earthquake anyway
I've been checking out this data at: FDIC site and don't understand something.
For bank failures prior to 2009, the FDIC has updated estimated losses for each bank as they've learned more. Typically the initial estimates have been low by 10-40%.
But starting in 2009, they don't even publish the Initial Loss Estimate on this table; to the best of my knowledge it is available only on the initial press release.
ms, I think the roofing company wouldn't put the roof on if it couldn't handle it...
oil today, last month it went up on higher reserves #'s, this month it goes up on lower reserve #'s....prop used to keep market green....what a sham the market is...
yes in San Diego. E-quake code isn't going to save him as these homes were built in 1972. Although what will help is that most homes made in that time-frame were built when framing was held to a higher standard.
credit-
I suppose I forgot to mention that this is a DIY job for him......plenty of day laborers working it.
The euro/dollar cross has been moving big this morning, with the euro strengthening - USD/JPY a little bit just now - more of the dollar carry trade than the yen carry trade?
renterinNYC (profile) wrote on Wed, 8/19/2009 - 11:44 am
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"Hoover's response to the Great Depression it starts feeling more and more like today"
one of the more worrisome aspects of the comparison is that those stimulus back then were proposed on a peanut size governmnet instead of on an already over bloated government that begins to be too much of a burden on the private sector.
keynes was talking about the benefits of stimulating counter cyclically in an era of tiny governments, were it was feasible. we are in a whole new ball game as governments now and back then cannot even compare (in terms of the tax burden and downward pressure on growth they already impose).
It seems to me that the starting point for any stimulus has to be "was the economy prior to the down turn sustainable/". The second question has to be "can the private sector demand be higher than it currently is on a a sustainable basis". If the answer to both those questions is yes then the idea of Keynesian stimulus makes sense. If the answer to either of those two questions is no then the ONLY policy that makes sense is to manage the economy down. At that point the difference between left and right really revolves around on thing-does government have a role in alleviating the human suffering caused by the "managing down of the economy" and the pace at which we manage down.
I find it hard to believe that people like Krugman haven't asked themselves those questions or that if they have they conclude that the answer is yes to both. Perhaps picking up up Angry Savers earlier post - they have all been drinking the economic Kool Aid and can't believe that they are all so very wrong. Cognitive dissonance.
Counterpointer, I think it would be interesting to compare actual losses with initial estimates. As an example, we know IndyMac was much higher than the initial estimate.
And these are just estimates for the 2009 bank (earlier banks are better numbers).
Can't help it, my boys are watching Toy Story right now...This is the part where we blow up! while attached to the rocket. Don't worry, Buzz(Timmy and Co.) will save the day.
picosec, yes, I added the initial estimates to this table - and the percent losses.
I don't know why they don't include the initial estimates (it made my task a little more difficult since there were 77 banks to check!). Now I can just update the table as data is released.
The left are the PT's 2's, the right is PT's 1's. The dumbasses of both have problems questioning their own nobility. Only difference is one is motived by meanness the other by guilt.
"It seems to me that the starting point for any stimulus has to be "was the economy prior to the down turn sustainable/".
right on target! add stiglitz to those that don't make this obvious question. he argues for avoiding layoffs at the local and state levels even though they are absolutely bloated in the areas that had a big housing bubble. those cuts have to be made as soon as possible, those hirings should never had happen to begin with.
Announced right before the move up, "Fed eases margins on low-risk collateral used by banks to obtain loans from its discount window and Term Auction Facility, stressing the changes stem from a multi-year review, and are not a response to the financial crisis".
it would be awesome though if this crisis teaches us to act like Chile's counter cyclical fund at all levels (not only federal, and not only governmental) and save what's considered "bubble related" for a rainy day. kudos to Chile for implementing this scheme by the way!!! (they did it using copper's price)
Looking at the loss levels of these banks makes me draw the inescapable conclusion that our entire financial system is insolvent. Liar, liar, pants on fire!
You can pretty much infer the insolvency. I mean, it's a bit silly to think that it's this thing that only happens to the small to medium banks and then, once you get to the top, this magic fairy immunity dust gets sprinkled and somehow the bigger bets dont go bad as often. If anything, the insolvency is worse at the top. We just used a bigger rug there.
A 200 point move in 15 minutes is entirely reasonable.
Afterall all we had was horrid numbers out of HP last night including the saviour of the world market China as well as the Chinese stock market entering bear market territory as China pulls liquidity.
/snark
I'll just mosey on over to tickerforum to hear the squeals of my short-side compadres.
It is clear that the deflation trend is going global as we saw today in Germany with its PPI sliding a record 7.8% YoY as of July — an even steeper downtrend than the -4.6% pace posted in June. Canada’s CPI also dropped a larger-than-expected 0.3% MoM in July, and that took the YoY trend to -0.9%, which is the most negative trend we have seen in 46 years! Even the core CPI in Canada was flat last month, so this is not “only” an energy price story. Below we highlight the appropriate strategies to deploy in an environment of falling prices. It’s all about income-orientation and capital preservation
"It is clear that the deflation trend is going global as we saw today in Germany with its PPI sliding a record 7.8% YoY as of July — an even steeper downtrend than the -4.6% pace posted in June. Canada’s CPI also dropped a larger-than-expected 0.3% MoM in July, and that took the YoY trend to -0.9%, which is the most negative trend we have seen in 46 years! "
nice, i would like to see an extended period of consumer price deflation but specially asset price deflation.
JimPortlandOR (profile) wrote on Wed, 8/19/2009 - 12:24 pm replyIgnore userTake a name: linky please (want to see the 'appropriate strategies to deploy in....)
Anyone got enough stones to write some SPY 100 calls for this Friday?
The real stones is in sticking to plan which in my case is staying on the sidelines. The temptations are there but nickels in front of steamrollers is for othter people.
"The real stones is in sticking to plan which in my case is staying on the sidelines. The temptations are there but nickels in front of steamrollers is for othter people. "
well said... be a bull, be a bear, but never be a pig.... those are the retail investors that get slaughter during dead cat bounces and the like
Ah yes, nickels are the doomer currency of choice. If the USA hangs on, inflation eats away at the value just as fast as any other coin. But if the USA doesn't hang on, it's no longer illegal to melt them down for their commodity value! Heads, you win; tails, you're just as worse off as everyone else!
Rolls of nickels are great! You can use them as paperweights, exercise with them, knock burglars out cold with them! The possibilities are endless. Everyone should take their quarters and dimes to the bank and exchange them for nickels.
sm_landlord (profile) wrote (in reply to...) on Wed, 8/19/2009 - 9:36 am
reply ignore user
"yep, a friend of mine wanted to collect many and melt them... "
Ask your friend to get in touch with me or Rob Dawg. We need to form a collective to build a small smelter
"Word" is the shortened form of the phrase: "my word is my bond" which was originated by inmates in U.S. prisons.
The longer phrase was shortened to "word is bond" before becoming "word," which is most commonly used. It basically means "truth." Or "to speak the truth."
"Yo, I fu*ked twelve bitches last night."
"Word?" ("You speak the truth?")
"Word." ("I speak the truth.")
sportsfan (profile) wrote on Wed, 8/19/2009 - 11:13 am
Metaphor for our times: heavyweight tile roof collapses building with inadequate framing structure.
More than a grain of truth. The wealth accumulation at the very top is crushing the rest of us.
It's gonna be ten kinds of fun watching that chart regress to the mean. Unless the present socioeconomic regime succeeds in its attempt to overcome history and nature, of course.
energyecon -- Is there any possible way to get the same data set for years prior to 1980, from whatever source(s) were used? This could truly start to look instructive.
A brilliant, must see video clip by Australian socialist John Pilger. It's the best analysis that I have seen of Barack Obama in the context of what current day America is.
Are they better than glod? Should I sell all my glod holding and exchange all my glod bars, that I'm keeping under the bed, for nickels? It's becomes VERY confusing to have TWO doomsday currencies. It's like having two top glods.
sportsfan (profile) wrote on Wed, 8/19/2009 - 11:52 am
What that chart shows so well is that 80% of us never left the mean.
Being a proud member of that 80%, I better get to work while I still have work to do.
Have a good day, folks.
The closer you get to the center of the wheel the less things seem to be moving... So even when the landscape shifts right beneath our feet, you know where the relative stability will be found and where it will not. And what TPTB are truly up against.
Are they better than glod? Should I sell all my glod holding and exchange all my glod bars, that I'm keeping under the bed, for nickels? It's becomes VERY confusing to have TWO doomsday currencies. It's like having two top glods.
I have bags of 40% silver nickles...how many gold bars you have for trade? hahaha!
See that there "Data link" at the bottom of the post? Here it is again, looks to back to 1967 for both nominal and real income: Historical Income Tables - Households
NOTaREALmerican (profile) wrote (in reply to...) on Wed, 8/19/2009 - 9:52 am
Re: Rolls of nickels are great!
Are they better than glod? Should I sell all my glod holding and exchange all my glod bars, that I'm keeping under the bed, for nickels? It's becomes VERY confusing to have TWO doomsday currencies. It's like having two top glods.
You can purchase 91.88% face value nickels for no premium or even cash back if you buy direct with free shipping and a credit card. That's comparable to the best you can expect for glod coins.
energyecon (homepage, profile) wrote (in reply to...) on Wed, 8/19/2009 - 11:56 am
See that there "Data link" at the bottom of the post? Here it is again, looks to back to 1967 for both nominal and real income: Historical Income Tables - Households
Buffett is such a phony. Now that he has secured his own personal piece of the bailout he starts complaining about government spending and printing.
Buffett is the biggest inflation gatherer and tax avoider in the history of man-kind.
That's the problem with printing - where do stop? We should have let the free market run its course. That would have been the fairest and probably most efficient way to fix all our imbedded problems.
Go back and look. I predicted that after the wealthy had secured their bailouts, then money would suddenly disappear. Health reform - nope, no money. Social security - nope, not enough money. You get the picture.
Screw it. If the wealthy get bailed out so should everybody. Let's print our way to a debt jubilee!
Eric, let me know how it works out.
If you make money I'll be sure to call you lucky.
If you lose money I'll mumble something about rocky shores and bears.
You have me confused with someone who has balls.
I used to have those but I had to sell them to cover my SRS position. Now my scream when I look at my portfolio is much higher pitched.
From what I've read , it seems liquidity of ww2 nickels can be a problem. Often times you cannot get the full silver's value out of them, if you need to sell them in a hurry.
40% silver....forty bricks of nickels, would be about $166 worth of nickels for one pound of copper...me thinks.
seems to me the 1 cent versus the nickel plays are a bet of the relative value of copper versus nickel in the future (if you believe copper will be worth more, then go for the 1 cent)... with the fact that copper phone land lines are a thing of the past to be replaced by fiber optic ... not sure is a smart bet.
Just got back from the walkies with the doggies...I had to tell my neighbor what he was about to "unleash" upon his own property. He is now standing around outside "thinking" about this. The day laborers are pissed at me now because I "cost them" a few days work....however I spoke to them in Spanish (they were talking amongst themselves about the white guy taking work from them) and I yelled at them for knowing better about what they were doing but making money from it was ok to them. You should have seen the look on there faces when the figured out this "dumb white guy" can speak and understand spanish.
Anyway...I didn't have the heart to watch that whole thing transpire without saying something. If he still does it then fine... my conscious is clear.
with the fact that copper phone land lines are a thing of the past to be replaced by fiber optic ... not sure is a smart bet.
Arizona Highways Magazine in the mid 1960's had a big issue on the growth and prosperity which would be coming from their copper industry. It was based on the expansion of communications and the need for copper wire, and completely missed the whole fiber optic technology.
It's pretty hard to find a non-Spanish speaking day labor that isn't drunk or an addict, actually. At least in CaLi. The problem is that the Mexican illegals have raised-the-bar so high that the REAL Mericans can’t complete. It might be a genetic thing with the Mexican work ethic, but I’m not sure really.
2X4 without any strapping...my house has it because I added it, along with many other upgrades but the majority of homes here are unsupported-some of them are 2X2 if you can believe that...I certainly didn't until I saw one across the street..
I'm not even going to respond to the other post suffice to say that it makes no difference what color you are...irresponsibility cuts across all races.
Well said MS... my parents are still waiting for anyone to figure out what is causing their roof to leak. Last guy out said squirrels had eaten through the lining covering exhaust vents, and it was all fixed now. But the tropical storm said otherwise. Soggy ceiling in the kitchen again.
This is a long list of banks that are under orders but there is an even longer list that are not under orders....yet. Look out. I'm looking at my home state and the list I know about is at least double what is on this list. It is going to get choppy here folks.
Teenagers and college students, who 25 years ago would have been a prime labor pool for day labor, generally have extracurricular activities or office work that beats day labor. So if they don't have some kind of issue like you mention, they aren't looking for that kind of work period. It's just a demographic thing. It's just a question of relative expectations. Your immigrant labor generally prefers day labor here to slaving on a subsistence farm south of the border. Whereas the local kids can work in an airconditioned office environment. IMO...
MS's story about busting out an "en español" comment to the surprise of the day laborers sounds familiar. It's the best return on investment I got from four years of high school Spanish here in San Diego. They generally do very good work, but it's nice to know when they're griping about the guy who hired them. And even more fun watch their faces after they realize that "el gringo estupido" actually speaks their language.
"It's pretty hard to find a non-Spanish speaking day labor that isn't drunk or an addict, actually. At least in CaLi. The problem is that the Mexican illegals have raised-the-bar so high that the REAL Mericans can’t complete. It might be a genetic thing with the Mexican work ethic, but I’m not sure really."
latinos have their families (extended members too) as the 1st and ultimate priority. they know others depend on how well they do. i am amazed that these guys are capable of saving (remittances) more than a typical middle class american was able to... f*cking unbelievable.
"Your immigrant labor generally prefers day labor here to slaving on a subsistence farm south of the border."
wrong! they would have preferred to stay in the corn farms they were working on back home with their families, but those went bust with USA farm subsidies.
its a genetic thing about people who are willing to risk their lives crossing the border, prepared to leave behind the security and comfort of their social network - to work and provide for their families in a hostile nation.
Come to think of it they share much in common with all the white folks who crossed the ocean and came to America. Regression to the mean applies to populations as well. "Real Americans" are becoming fat and lazy just like the people their ancestors left behind.
"leave behind the security and comfort of their social network - to work and provide for their families in a hostile nation."
leave behind the impossibility of feeding their family members after their farm jobs disappeared... funny enough, the most anti mexicans are those that pushed those farm subsidies that pushed them to come here...
the most anti mexicans are those that pushed those farm subsidies that pushed them to come here...
the most anti mexicans I know are mid skilled to high skilled tradesman that can't find a job or have to bid jobs 50% less than they were pricing jobs 5 years ago
Oh yeah....in case anyone did not add this list up it totals.....$282,114,845,000...that's right $282 Billion Dollars US and that is not ALL of the banks. And howwwww much was there left in the FDIC insurance fund? Assume at lease 1/5th fail.....so....at least $60 Billion US......again ....how much was in that FDIC fund? Maybe some of the pundits and analysts should do the math before they start heralding the end of the "super bad" recession (aka....depression). Guess what? Not as bad...is not good...it is bad. Any rationale human being can assume that with the kind of exposure represented by this list, the FDIC is NOT encouraging banks to lend. And if the banks are not lending....the economy with the exception of government spending...is going no where until asset prices are allowed to drop to a point where price discovery occurs without government intervention....then all the speculation and excuses go away and investors will once again trust the market's strength without the government wheelchair. TARP didn't separate the weak from the strong, it propped the weak up so they could keep taking risk and it clearly showed by actions that if you are a big bank, you can take as much risk as you want and you won't ever fail....but if you are a small bank that actually lends to small business and makes the local economy strong, you are on your own....community banks are strong because they can fail and managers and directors are forced to manage and be responsible for risk...not true in Wall Street banks. Same message as last Fall....what have we learned?....nothing, except that the market can and will fall. Here we go again...same problem...same cast of characters just a old story.
Goldman and Bank of Amerika run the markets along with Geithner, and beagle boy Ben. There is no free markets, only welfare capitalism and socialism for capitalism.
So much to learn.
pigged, so I'm reposting my comment here...
More and more the Obama administration is looking like the Hoover administration.
On financial reforms: both Hoover and Obama faced broken financial systems. Hoover first proposed a voluntary consortium of banks to loan money to prevent bank failures and then created the Reconstruction Finance Corporation, which was a proto-FDIC, but it didn't really address the underlying problems with the banking system. Obama has benefited from the Bush Adminstration's bank bailout and from the existing FDIC but has also failed to enact real financial reform.
On the stimulus: The Hoover administration's public works projects including the Hoover Dam, and the SF-Oakland Bay bridge were substantial but Hoover was never able to get approval for the larger stimulus he wanted which would have included aid to state and local governments as well as federal money for slum clearance, pensions for the elderly, tax cuts for the poor. The Obama administration also has enacted some large public works projects but about half of what those economists who believe in fiscal policy said was necessary and is on the verge of failing to reform the healthcare system.
Obviously these parallels are imperfect, but when you actually read about Hoover's response to the Great Depression it starts feeling more and more like today. But I'm not worried, there are all these green shoots around.
Chairman G. Woodruff of Nat'l Bank of the Republic in article "Green Lights Ahead" predicts second-half recovery in business. "The red lights, through which our people last year drove, have changed. The curbstone admonitions of the minions of the economic law near an end." (August 5, 1930)
So many banks, so little time and money
no BFF this week......they will take the week off.
Ciao
MS
MS: now THAT would be a real black swan
CR - this is an excellent snapshot, but there's a dynamic element as Basel Too and I were discussing the other night. Some of the workout arrangements involve agreement to share future losses on portfolios transferred from the failed bank, between its receiver (so to speak) and FDIC. These are booked, at valuation unknown or at least untested, in the contingent liabilities entry to FDIC's financials.
I'll try to be more constructive and find the links.
C
So many banks, to many defaults.
I think the BFF poll for this week is kinda weak.
Why are you riding my idea, Doc Holiday ?
The Greenback Effect
OP-ED CONTRIBUTOR; The Greenback Effect - NY Times
And voila, FDIC contingent liabilities from CFO report:
FDIC: Chief Financial Officer's (CFO) Report to the Board
C
Counterpointer
I have done what you're talking about before. To test valuations. Look at what the FDIC is auctioning assets for vs estimated PR value, extrapolate that to the loss sharing agreements.
goto, closed loan sales.
search without entering any info to pull up all sales by most recent first
`
It's not pretty, banks are not the only one with balance sheet only solvency. The problem is that despite technically solvent, they can't use those overmarked assets to fulfill their ongoing role
Economist Robert Shiller: US Housing Market Could Be Facing Another Bubble
Surprisingly
ish from CNBC.
Sale ID Site Name Date Sold Loan Type Quality No. of Loans Book Value Sales Price Winning Bidder Address
4
93F06.1
Dallas Field Branch 03/15/1994 RE\Commercial Non-Performing 16 $2,224,355 $277,057 Southwest Federated-Dallas 7502 Greenville Ave. Suite 500
Dallas, TX 75231
5
93F06.2
Dallas Field Branch 03/15/1994 RE\Commercial Non-Performing 11 $1,002,701 $151,607 Southwest Federated-Dallas 7502 Greenville Ave. Suite 500
Dallas, TX 75231
8
94LG021
Dallas Field Branch 03/31/1994 Bank Charge Off Non-Performing 459 $2,630,540 $97,593 National Collection Services, 1340 12th Ave.
Longview, WA 98632
When the previous list was published, I mentioned that AL didn't have many banks on the list and that I thought there might be an upcoming realization of a bubble in AL due to layoffs in the (non-Detroit) auto industry, and based on my Mom's reports of ridiculously priced home south of B'ham. Here's what may (along with Colonial) may be the tip of the iceberg.
Next Bubble to Burst Is Banks’ Big Loan Values: Jonathan Weil - Bloomberg.com
The losses are barbell distributed. 90% loss can be the mode depending on the batch
negative externalities, contingent liabilities, pretend and extend....
We don't need any steenking honesty or transparency.
Just put your nose in the asscrack of the wildebeast ahead of you in the herd, and follow!
Market, you are go for throttle up.
the contingent liabilities also include FDIC's share of the C/BAC exceptional rescues, which they incur even before there's a resolution.
tim-
This would explain JPM's weakness:
"S&P Cuts Ratings On 4 JPMorgan Issues To AA- From AA >JPM"
Hardly weakness though....normally that would be worth -10%...not now
On a side note, from the "stupid neighbor file".. We had a fire pretty close to our neighborhood two weeks ago....I see that the neighbor has now "procured" tile roofing to place on his house in order to make it more fire-proof...not a bad idea IMO....until you realize that the trusses in these homes are not built to handle that type of load coupled with the weight of one layer of standard roofing material. I give it a month before the whole thing collapses under it's own weight.
Ciao
MS
EHP - so all that goodwill's being freely marketed and sold, eh?
C
Jeez Eric, you weren't kidding, just checked the ticker...
Who just slammed the buy button? Bubble Ben and Turbo Timmay to the rescue? Or was there some piece of news that just hit the wire?
MS (profile) wrote on Wed, 8/19/2009 - 11:52 am
On a side note, from the "stupid neighbor file".. We had a fire pretty close to our neighborhood two weeks ago....I see that the neighbor has now "procured" tile roofing to place on his house in order to make it more fire-proof...not a bad idea IMO....until you realize that the trusses in these homes are not built to handle that type of load coupled with the weight of one layer of standard roofing material. I give it a month before the whole thing collapses under it's own weight.
Ciao
MS
MS,
Are you in Cali? If so, the earthquake codes may help save him due to enhanced structure required to meet codes..........save him until there's a earthquake anyway
I've been checking out this data at: FDIC site and don't understand something.
For bank failures prior to 2009, the FDIC has updated estimated losses for each bank as they've learned more. Typically the initial estimates have been low by 10-40%.
But starting in 2009, they don't even publish the Initial Loss Estimate on this table; to the best of my knowledge it is available only on the initial press release.
I added "est. loses" column= $36.39B
Jeez Eric, you weren't kidding, just checked the ticker...
That, and some very dark humor.
To the Moon! Or Mars!
GS is manning the mission control boards.
@km4:
Many, many thanks for the Atlantic link, last thread. An excellent summation and a fine read. Longish.
http://www.theatlantic.com/doc/print/200905/imf-advice
Gavshire Hathaway (profile) wrote on Wed, 8/19/2009 - 11:55 am
Who just slammed the buy button? Bubble Ben and Turbo Timmay to the rescue? Or was there some piece of news that just hit the wire?
Volume jump on the price run-up as well. Somebody is serious; about what, I don't have a clue-
ms, I think the roofing company wouldn't put the roof on if it couldn't handle it...
oil today, last month it went up on higher reserves #'s, this month it goes up on lower reserve #'s....prop used to keep market green....what a sham the market is...
cinco-
yes in San Diego. E-quake code isn't going to save him as these homes were built in 1972. Although what will help is that most homes made in that time-frame were built when framing was held to a higher standard.
credit-
I suppose I forgot to mention that this is a DIY job for him......plenty of day laborers working it.
I have my bag of popcorn in any case.
Ciao
MS
OMFG, Rocket Rocket USA... ride'em kermit!
YouTube - Suicide - Rocket U.S.A.
C
The euro/dollar cross has been moving big this morning, with the euro strengthening - USD/JPY a little bit just now - more of the dollar carry trade than the yen carry trade?
Metaphor for our times: heavyweight tile roof collapses building with inadequate framing structure.
MS (profile) wrote on Wed, 8/19/2009 - 11:59 am
I have my bag of popcorn in any case.
Ciao
MS
Time elapse camera too? Don't bogart, please- we need more doom porn.
renterinNYC (profile) wrote on Wed, 8/19/2009 - 11:44 am
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"Hoover's response to the Great Depression it starts feeling more and more like today"
one of the more worrisome aspects of the comparison is that those stimulus back then were proposed on a peanut size governmnet instead of on an already over bloated government that begins to be too much of a burden on the private sector.
keynes was talking about the benefits of stimulating counter cyclically in an era of tiny governments, were it was feasible. we are in a whole new ball game as governments now and back then cannot even compare (in terms of the tax burden and downward pressure on growth they already impose).
It seems to me that the starting point for any stimulus has to be "was the economy prior to the down turn sustainable/". The second question has to be "can the private sector demand be higher than it currently is on a a sustainable basis". If the answer to both those questions is yes then the idea of Keynesian stimulus makes sense. If the answer to either of those two questions is no then the ONLY policy that makes sense is to manage the economy down. At that point the difference between left and right really revolves around on thing-does government have a role in alleviating the human suffering caused by the "managing down of the economy" and the pace at which we manage down.
I find it hard to believe that people like Krugman haven't asked themselves those questions or that if they have they conclude that the answer is yes to both. Perhaps picking up up Angry Savers earlier post - they have all been drinking the economic Kool Aid and can't believe that they are all so very wrong. Cognitive dissonance.
Counterpointer, I think it would be interesting to compare actual losses with initial estimates. As an example, we know IndyMac was much higher than the initial estimate.
And these are just estimates for the 2009 bank (earlier banks are better numbers).
best wishes
Perhaps the current market upswing has something to do with the "New Discount Window and Payment System Risk Collateral Margins" announcement?
The Federal Reserve Bank Discount Window & Payment System Risk Website
"Volume jump on the price run-up as well. Somebody is serious; about what, I don't have a clue- "
that's been the pattern for awhile now
Can't help it, my boys are watching Toy Story right now...This is the part where we blow up! while attached to the rocket. Don't worry, Buzz(Timmy and Co.) will save the day.
picosec, yes, I added the initial estimates to this table - and the percent losses.
I don't know why they don't include the initial estimates (it made my task a little more difficult since there were 77 banks to check!). Now I can just update the table as data is released.
best wishes
that 30 yr pomo this morning was a blast
To infinity and beyond!
Re: Cognitive dissonance
Krugman is a good example of the smart dumbasses.
Re: between left and right
The left are the PT's 2's, the right is PT's 1's. The dumbasses of both have problems questioning their own nobility. Only difference is one is motived by meanness the other by guilt.
Looks like Timmay just hit the "buy" button.
Maybe tomorrow's jobs numbers, uh "accidentally" leaked out?
Market ramps on news that tax revenues are forecast to double due to UBS fessing up 4000 names.
CR - You shoulda asked...I did that lookup a couple of weeks ago.
BUT...where are you finding the updates (if any)?
"It seems to me that the starting point for any stimulus has to be "was the economy prior to the down turn sustainable/".
right on target! add stiglitz to those that don't make this obvious question. he argues for avoiding layoffs at the local and state levels even though they are absolutely bloated in the areas that had a big housing bubble. those cuts have to be made as soon as possible, those hirings should never had happen to begin with.
Announced right before the move up, "Fed eases margins on low-risk collateral used by banks to obtain loans from its discount window and Term Auction Facility, stressing the changes stem from a multi-year review, and are not a response to the financial crisis".
Makes some sense now I guess.
Pimco Says Dollar to Weaken as Reserve Status Erodes
Pimco Says Dollar to Weaken as Reserve Status Erodes (Update4) - Bloomberg.com
Metaphor for our times: heavyweight tile roof collapses building with inadequate framing structure.
More than a grain of truth. The wealth accumulation at the very top is crushing the rest of us.
cf energyecon's chart today:
energyecon: Distribution of Real Income Growth since 1980
Excluding WaMu (whose losses to the FDIC were zero), the average loss was 25.6% of assets.
Should be assume a similar loss provision for upcoming failures? Maybe.
Do "solvent" banks have a similar gap between book value of assets and actual value? See Mish's Global Economic Trend Analysis: Emails from a Bank Owner regarding FDIC and Under-Capitalized Banks
it would be awesome though if this crisis teaches us to act like Chile's counter cyclical fund at all levels (not only federal, and not only governmental) and save what's considered "bubble related" for a rainy day. kudos to Chile for implementing this scheme by the way!!! (they did it using copper's price)
Looking at the loss levels of these banks makes me draw the inescapable conclusion that our entire financial system is insolvent. Liar, liar, pants on fire!
You can pretty much infer the insolvency. I mean, it's a bit silly to think that it's this thing that only happens to the small to medium banks and then, once you get to the top, this magic fairy immunity dust gets sprinkled and somehow the bigger bets dont go bad as often. If anything, the insolvency is worse at the top. We just used a bigger rug there.
A 200 point move in 15 minutes is entirely reasonable.
Afterall all we had was horrid numbers out of HP last night including the saviour of the world market China as well as the Chinese stock market entering bear market territory as China pulls liquidity.
/snark
I'll just mosey on over to tickerforum to hear the squeals of my short-side compadres.
Oh, poic, you can do that here. It's like looking outside and seeing the creek (burn) flowing uphill.
I repeat...Initial Loss Estimate is just that, an estimate.
Estimates made on banks seized in 2008 have been revised and changed from -5% to +40%. Many are probably subject to further revision.
reverse toilet action here. the waste is sucked from the sewer into the bathroom.
Warren Buffet finally wakes up to the printing problem:
Greenback Emissions
Breakfast with Dave
August 19, 2009
WHILE YOU WERE SLEEPING
It is clear that the deflation trend is going global as we saw today in Germany with its PPI sliding a record 7.8% YoY as of July — an even steeper downtrend than the -4.6% pace posted in June. Canada’s CPI also dropped a larger-than-expected 0.3% MoM in July, and that took the YoY trend to -0.9%, which is the most negative trend we have seen in 46 years! Even the core CPI in Canada was flat last month, so this is not “only” an energy price story. Below we highlight the appropriate strategies to deploy in an environment of falling prices. It’s all about income-orientation and capital preservation
Whatever the news was at 11:45, it rippled wide - TNX spiked, and TLT plunged.
Obvious, really...
C
/reverse toilet action here. the waste is sucked from the sewer into the bathroom. /
Beware the economic sh*t demon, arrr!
--bh
"Warren Buffet finally wakes up to the printing problem:
Greenback Emissions"
this way got sleepy at the wheel, main shareholder of aig, ge, what the f*ck was he thinking?
picosec, I'm using the same source as you - and I didn't find any updates.
I suspect they won't say until the end of the year.
best wishes
"Blind Optimism"
TNX spiked
Jas can BUY NOW.... or be priced out forever!
Take a name: linky please (want to see the 'appropriate strategies to deploy in....)
"It is clear that the deflation trend is going global as we saw today in Germany with its PPI sliding a record 7.8% YoY as of July — an even steeper downtrend than the -4.6% pace posted in June. Canada’s CPI also dropped a larger-than-expected 0.3% MoM in July, and that took the YoY trend to -0.9%, which is the most negative trend we have seen in 46 years! "
nice, i would like to see an extended period of consumer price deflation but specially asset price deflation.
Counterpointer wrote;
"Whatever the news was at 11:45, it rippled wide - TNX spiked, and TLT plunged. "
Silly person: No news is required, just a small adjustment in the IV drip fed to the trader's desks.
Carry on.
Re: "Blind Optimism"
Plus the peasants and pension funds buying in at the 75% mark.
nice, i would like to see an extended period of consumer price deflation but specially asset price deflation.
As a recent entry into the renter crowd, I say "Word!"
Anyone got enough stones to write some SPY 100 calls for this Friday?
Burnside,
but the English can be so much more animated on TF (:
JimPortlandOR (profile) wrote on Wed, 8/19/2009 - 12:24 pm replyIgnore userTake a name: linky please (want to see the 'appropriate strategies to deploy in....)
Best I can do
https://ems.gluskinsheff.net/Login.aspx?ReturnUrl=%2fArticles%2fBreakfast_with_Dave_081909.pdf
. . . as the Mitfords would say, shrieks and floods.
I say "Word!"... which means?
"Anyone got enough stones to write some SPY 100 calls for this Friday? "
Go for it, Eric!
Eric (profile) wrote on Wed, 8/19/2009 - 9:28 am
Anyone got enough stones to write some SPY 100 calls for this Friday?
The real stones is in sticking to plan which in my case is staying on the sidelines. The temptations are there but nickels in front of steamrollers is for othter people.
There was a rumor of a second stimulus package making the rounds.
It's like a bunch of addicts fighting over a baggie found in the street.
oil>high gas prices will turn green shoots into yellow weeds fast....3.15 in bay area and climbing after today..
poic-is it near paseo padre blvd? maybe I'll go look for a baggie....
"The real stones is in sticking to plan which in my case is staying on the sidelines. The temptations are there but nickels in front of steamrollers is for othter people. "
well said... be a bull, be a bear, but never be a pig.... those are the retail investors that get slaughter during dead cat bounces and the like
"nickels in front of steamrollers is for othter people. "
Besides, if they were real nickels, someone would have already jumped in front of the steamroller to pick them up!
"Besides, if they were real nickels, someone would have already jumped in front of the steamroller to pick them up! "
yep, a friend of mine wanted to collect many and melt them...
told me "it's a nickel! don't give it away... it's worth more than what the FED claims.... by the way... what if..."
Hey if they were Jefferson Wartime Nickels more people would jump in front of that steamroller to pick them up
"yep, a friend of mine wanted to collect many and melt them... "
Ask your friend to get in touch with me or Rob Dawg. We need to form a collective to build a small smelter.
renterinNY:
for your edification:
U.S. Base Metal Coin Melt Value Calculator - Coinflation.com
fixed it, anyhoo...
a dollar's worth of nickles is worth 92 cents
Ok, rippled in the tiny well which the trading frogs look out from, and think what they see overhead is the world...
And VIXy took a dive at the same time. Actually VIXy quote and daily chart don't match today. Scrwey.
C
Psychiatric Help - 5 cents.
http://en.wikipedia.org/wiki/File:Lucy_and_the_psychiatric_help_booth.jpg
Ah yes, nickels are the doomer currency of choice. If the USA hangs on, inflation eats away at the value just as fast as any other coin. But if the USA doesn't hang on, it's no longer illegal to melt them down for their commodity value! Heads, you win; tails, you're just as worse off as everyone else!
Rolls of nickels are great! You can use them as paperweights, exercise with them, knock burglars out cold with them! The possibilities are endless. Everyone should take their quarters and dimes to the bank and exchange them for nickels.
sm_landlord (profile) wrote (in reply to...) on Wed, 8/19/2009 - 9:36 am
reply ignore user
"yep, a friend of mine wanted to collect many and melt them... "
Ask your friend to get in touch with me or Rob Dawg. We need to form a collective to build a small smelter
Maybe at Ormond Beach on the old Halco property.
Nickel melt value calculator.
"Word" is the shortened form of the phrase: "my word is my bond" which was originated by inmates in U.S. prisons.
The longer phrase was shortened to "word is bond" before becoming "word," which is most commonly used. It basically means "truth." Or "to speak the truth."
"Yo, I fu*ked twelve bitches last night."
"Word?" ("You speak the truth?")
"Word." ("I speak the truth.")
Urban Dictionary: Word
Chicago Dude: knock burglars out cold with them!
A roll of quarters is a better 'equalizer'. LOL
Much higher return on copper cents:
1909-1982 Lincoln Copper Penny Melt Value - Coinflation.com
But only if one avoids the federal fine and prison time
Some bankster will have tried this - they enjoy taking risks.
sportsfan (profile) wrote on Wed, 8/19/2009 - 11:13 am
Metaphor for our times: heavyweight tile roof collapses building with inadequate framing structure.
More than a grain of truth. The wealth accumulation at the very top is crushing the rest of us.
It's gonna be ten kinds of fun watching that chart regress to the mean. Unless the present socioeconomic regime succeeds in its attempt to overcome history and nature, of course.
sm_landlord (profile) wrote (in reply to...) on Wed, 8/19/2009 - 12:36 pm
"yep, a friend of mine wanted to collect many and melt them... "
Ask your friend to get in touch with me or Rob Dawg. We need to form a collective to build a small smelter.
sm_landord thank you! you give me hope, as long as americans remain this entrepreneurial, we will do ok
btw, NICKELs: Change you can Believe in...
energyecon -- Is there any possible way to get the same data set for years prior to 1980, from whatever source(s) were used? This could truly start to look instructive.
A brilliant, must see video clip by Australian socialist John Pilger. It's the best analysis that I have seen of Barack Obama in the context of what current day America is.
John Pilger Obama Is A Corporate Marketing Creation
Re: Rolls of nickels are great!
Are they better than glod? Should I sell all my glod holding and exchange all my glod bars, that I'm keeping under the bed, for nickels? It's becomes VERY confusing to have TWO doomsday currencies. It's like having two top glods.
It's gonna be ten kinds of fun watching that chart regress to the mean.
What that chart shows so well is that 80% of us never left the mean.
Being a proud member of that 80%, I better get to work while I still have work to do.
Have a good day, folks.
renterinNYC (profile) wrote on Wed, 8/19/2009 - 9:48 am
NICKELs: Change you can Believe in...
Quote_of_the_day!
1909-1982 Cent (95% copper) * 180.63%
1946-2009 Nickel 91.88%
1982-2009 Cent (97.5% zinc) * 46.69%
1965-2009 Dime 16.04%
1965-2009 Quarter 16.04%
sportsfan (profile) wrote on Wed, 8/19/2009 - 11:52 am
What that chart shows so well is that 80% of us never left the mean.
Being a proud member of that 80%, I better get to work while I still have work to do.
Have a good day, folks.
The closer you get to the center of the wheel the less things seem to be moving... So even when the landscape shifts right beneath our feet, you know where the relative stability will be found and where it will not. And what TPTB are truly up against.
$0.0180633 is the melt value for the 1909-1982 copper cent on August 18, 2009.
what's wrong with cents 1983 on?
Re: Rolls of nickels are great!
Are they better than glod? Should I sell all my glod holding and exchange all my glod bars, that I'm keeping under the bed, for nickels? It's becomes VERY confusing to have TWO doomsday currencies. It's like having two top glods.
I have bags of 40% silver nickles...how many gold bars you have for trade?
hahaha!
See that there "Data link" at the bottom of the post? Here it is again, looks to back to 1967 for both nominal and real income:
Historical Income Tables - Households
Eric, let me know how it works out.
If you make money I'll be sure to call you lucky.
If you lose money I'll mumble something about rocky shores and bears.
1982-2009 Cent (97.5% zinc) * 46.69%
sorry, got it
NOTaREALmerican (profile) wrote (in reply to...) on Wed, 8/19/2009 - 9:52 am
Re: Rolls of nickels are great!
Are they better than glod? Should I sell all my glod holding and exchange all my glod bars, that I'm keeping under the bed, for nickels? It's becomes VERY confusing to have TWO doomsday currencies. It's like having two top glods.
You can purchase 91.88% face value nickels for no premium or even cash back if you buy direct with free shipping and a credit card. That's comparable to the best you can expect for glod coins.
If you are going to go copper, perhaps you want a 1 lb copper bar:
http://cgi.ebay.com/999-FINE-1LB-COPPER-BULLION-BAR_W0QQitemZ260451025273QQcmdZViewItemQQptZCoins_Bullion?hash=item3ca4174179&_trksid=p4634.c0.m14.l1262
energyecon (homepage, profile) wrote (in reply to...) on Wed, 8/19/2009 - 11:56 am
See that there "Data link" at the bottom of the post? Here it is again, looks to back to 1967 for both nominal and real income:
Historical Income Tables - Households
No, but I do now... thanks
United States Circulating Coinage Intrinsic Value Table
good site for the current conversation
Eric, let me know how it works out.
If you make money I'll be sure to call you lucky.
If you lose money I'll mumble something about rocky shores and bears.
You have me confused with someone who has balls.
I'll punch up the labeling on the post - appreciate the feedback
Buffett is such a phony. Now that he has secured his own personal piece of the bailout he starts complaining about government spending and printing.
Buffett is the biggest inflation gatherer and tax avoider in the history of man-kind.
That's the problem with printing - where do stop? We should have let the free market run its course. That would have been the fairest and probably most efficient way to fix all our imbedded problems.
Go back and look. I predicted that after the wealthy had secured their bailouts, then money would suddenly disappear. Health reform - nope, no money. Social security - nope, not enough money. You get the picture.
Screw it. If the wealthy get bailed out so should everybody. Let's print our way to a debt jubilee!
Who was saying JPM looked weak? Lots of buying on weakness but look at the block trades vs the total money flow:
Money Flows: Buying on Weakness - Markets Data Center - WSJ.com
@shill,
Why do silver war nickels sell under silver spot value? Is it because of the cost of recovery?
https://www.apmex.com/Product/13023/100_Face_Value_Wartime_Nickels_35_Silver.aspx
Eric, let me know how it works out.
If you make money I'll be sure to call you lucky.
If you lose money I'll mumble something about rocky shores and bears.
You have me confused with someone who has balls.
I used to have those but I had to sell them to cover my SRS position. Now my scream when I look at my portfolio is much higher pitched.
From what I've read , it seems liquidity of ww2 nickels can be a problem. Often times you cannot get the full silver's value out of them, if you need to sell them in a hurry.
40% silver....forty bricks of nickels, would be about $166 worth of nickels for one pound of copper...me thinks.
Become a modern day alchemist.
Turn lead into silver or gold or whatever...
@energycon, take a gander at Hartford, same chart. Ahem.
edit: should have said - I looked at Hartford, too. Then other financials, insurers. Thanks, e. I have a new reference.
Na, I like to turn my lead into bullets, smothered in brass
HIG, HSBC and even GS all look a bit soft on the block trades, no?
seems to me the 1 cent versus the nickel plays are a bet of the relative value of copper versus nickel in the future (if you believe copper will be worth more, then go for the 1 cent)... with the fact that copper phone land lines are a thing of the past to be replaced by fiber optic ... not sure is a smart bet.
Seems to be riding on the USD/JPY cross at the moment...
Re: Turn lead into silver or gold or whatever...
Doesn't it take a nuclure reactor to do that?
Maybe I could get some Stimulus money and put one in the back yard.
Just got back from the walkies with the doggies...I had to tell my neighbor what he was about to "unleash" upon his own property. He is now standing around outside "thinking" about this. The day laborers are pissed at me now because I "cost them" a few days work....however I spoke to them in Spanish (they were talking amongst themselves about the white guy taking work from them) and I yelled at them for knowing better about what they were doing but making money from it was ok to them. You should have seen the look on there faces when the figured out this "dumb white guy" can speak and understand spanish.
Anyway...I didn't have the heart to watch that whole thing transpire without saying something. If he still does it then fine... my conscious is clear.
Ciao
MS
MS....what happened? original story?
Good job standing up to them and thre scumbag american who hired them.
We need to take a stand against illegal immigration and it starts with our wallets and holding our neigbors accountable.
MS...what type of truss system?
Copper pennies are better used to edge square foot garden containers.
Doesn't it take a nuclure reactor to do that?
Nope just black rocks.
NumbersUSA | For Lower Immigration Levels - For Lower Immigration Levels
americans are going work the media and amnesty people want you to think they wont
with the fact that copper phone land lines are a thing of the past to be replaced by fiber optic ... not sure is a smart bet.
Arizona Highways Magazine in the mid 1960's had a big issue on the growth and prosperity which would be coming from their copper industry. It was based on the expansion of communications and the need for copper wire, and completely missed the whole fiber optic technology.
Geez I don't know whether to be sad or relieved that I sold off 95% of everything last week
west sac girl..relieved...casinos usually leave that smoky burnt aroma on ya...
We are the fox caught in the trap chewing his own foot off to get away.
Re: day laborers.
It's pretty hard to find a non-Spanish speaking day labor that isn't drunk or an addict, actually. At least in CaLi. The problem is that the Mexican illegals have raised-the-bar so high that the REAL Mericans can’t complete. It might be a genetic thing with the Mexican work ethic, but I’m not sure really.
BSR-
2X4 without any strapping...my house has it because I added it, along with many other upgrades but the majority of homes here are unsupported-some of them are 2X2 if you can believe that...I certainly didn't until I saw one across the street..
I'm not even going to respond to the other post suffice to say that it makes no difference what color you are...irresponsibility cuts across all races.
Ciao
MS
you're right...... 2X4 trusses won't handle the weight of tile.
Well said MS... my parents are still waiting for anyone to figure out what is causing their roof to leak. Last guy out said squirrels had eaten through the lining covering exhaust vents, and it was all fixed now. But the tropical storm said otherwise. Soggy ceiling in the kitchen again.
and here I always associated them with schmarmy guys in polyester leisure suits trying to ply me with cheap drinks and downright awful buffet dinners
On the other hand, I think I need to watch Casino again to remind me of the evils of playing wall street and hopium addiction.
picosec, I'm using the same source as you - and I didn't find any updates.
The only updates I've found were for 2008 seizures. It's just the current number vs the est in the initial announcement at time of seizure.
This is a long list of banks that are under orders but there is an even longer list that are not under orders....yet. Look out. I'm looking at my home state and the list I know about is at least double what is on this list. It is going to get choppy here folks.
Teenagers and college students, who 25 years ago would have been a prime labor pool for day labor, generally have extracurricular activities or office work that beats day labor. So if they don't have some kind of issue like you mention, they aren't looking for that kind of work period. It's just a demographic thing. It's just a question of relative expectations. Your immigrant labor generally prefers day labor here to slaving on a subsistence farm south of the border. Whereas the local kids can work in an airconditioned office environment. IMO...
west sac,
if you need that I'll take you to Harlows or Mo Mos and we'll both save money....
MS's story about busting out an "en español" comment to the surprise of the day laborers sounds familiar. It's the best return on investment I got from four years of high school Spanish here in San Diego. They generally do very good work, but it's nice to know when they're griping about the guy who hired them. And even more fun watch their faces after they realize that "el gringo estupido" actually speaks their language.
"It's pretty hard to find a non-Spanish speaking day labor that isn't drunk or an addict, actually. At least in CaLi. The problem is that the Mexican illegals have raised-the-bar so high that the REAL Mericans can’t complete. It might be a genetic thing with the Mexican work ethic, but I’m not sure really."
latinos have their families (extended members too) as the 1st and ultimate priority. they know others depend on how well they do. i am amazed that these guys are capable of saving (remittances) more than a typical middle class american was able to... f*cking unbelievable.
"Your immigrant labor generally prefers day labor here to slaving on a subsistence farm south of the border."
wrong! they would have preferred to stay in the corn farms they were working on back home with their families, but those went bust with USA farm subsidies.
"And even more fun watch their faces after they realize that "el gringo estupido" actually speaks their language. "
lol, at stanford univ. if you talk to them in spanish they give you double food for lunch and a smile for the same price
its a genetic thing about people who are willing to risk their lives crossing the border, prepared to leave behind the security and comfort of their social network - to work and provide for their families in a hostile nation.
Come to think of it they share much in common with all the white folks who crossed the ocean and came to America. Regression to the mean applies to populations as well. "Real Americans" are becoming fat and lazy just like the people their ancestors left behind.
"leave behind the security and comfort of their social network - to work and provide for their families in a hostile nation."
leave behind the impossibility of feeding their family members after their farm jobs disappeared... funny enough, the most anti mexicans are those that pushed those farm subsidies that pushed them to come here...
the most anti mexicans are those that pushed those farm subsidies that pushed them to come here...
the most anti mexicans I know are mid skilled to high skilled tradesman that can't find a job or have to bid jobs 50% less than they were pricing jobs 5 years ago
Oh yeah....in case anyone did not add this list up it totals.....$282,114,845,000...that's right $282 Billion Dollars US and that is not ALL of the banks. And howwwww much was there left in the FDIC insurance fund? Assume at lease 1/5th fail.....so....at least $60 Billion US......again ....how much was in that FDIC fund? Maybe some of the pundits and analysts should do the math before they start heralding the end of the "super bad" recession (aka....depression). Guess what? Not as bad...is not good...it is bad. Any rationale human being can assume that with the kind of exposure represented by this list, the FDIC is NOT encouraging banks to lend. And if the banks are not lending....the economy with the exception of government spending...is going no where until asset prices are allowed to drop to a point where price discovery occurs without government intervention....then all the speculation and excuses go away and investors will once again trust the market's strength without the government wheelchair. TARP didn't separate the weak from the strong, it propped the weak up so they could keep taking risk and it clearly showed by actions that if you are a big bank, you can take as much risk as you want and you won't ever fail....but if you are a small bank that actually lends to small business and makes the local economy strong, you are on your own....community banks are strong because they can fail and managers and directors are forced to manage and be responsible for risk...not true in Wall Street banks. Same message as last Fall....what have we learned?....nothing, except that the market can and will fall. Here we go again...same problem...same cast of characters just a old story.
Goldman and Bank of Amerika run the markets along with Geithner, and beagle boy Ben. There is no free markets, only welfare capitalism and socialism for capitalism.
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
why does the market keep going up even though the fundamentals aren't that great? Every day, week, month the market keeps going higher.