Did a little research this AM since up with youngest and the dog.
Local rag has front page, above-the-fold article about local realty board - per them, July 09 pending sales are up 25% yoy above July 08 pending sales.
And in the classifieds was the sheriff foreclosure notices for properties on the block in late 09. So I did a little research...
There are 10 properties on the block in my borough and two adjoining townships.
None of the 10 were purchased later than 3/03. These aren't flippers going under.
In fact, one of the properties belongs to the family of somebody that one of my kids used to go to school with.
These are all suburban/rural properties with values as high as $288K when purchased.
I've seen a lot more properties going on the market via public auction and since the auctioneers operate via a different network than the realtors, I doubt that any data they have is reflected in realty board data. This is especially in regards to average selling price.
I think it is going to take a lot longer than many expect for households to repair their balance sheets, because they have deteriorated so much and there are few catalysts that suggest improvement. I think the govt knows this and is going to decide to print more money to inflate away the debt in the economy. This should cause the dollar to fall and the gold price to rise in the longer term, as the inflationary measures of our government take effect.
2. None of the 10 were purchased later than 3/03. These aren't flippers going under.
It's easy to pin the tale on the donkeys that speculated by buying up a few homes with nothing down, interest only loans or NINJAs or whatever, but the hard cold reality is that healthy numbers of homeowners lived visa vis the First National Bank of Their House, and are now going through painful withdrawals...
Which financial instrument is not propped up by any corporation or government, stands on it's own merit, has worldwide demand and is salable anywhere you might happen to be?
All things considered, there really has not been a very substantial adjustment yet. Numbers are back to about what they were in the mid 1990s. Pretty feeble since this is suppose to be the biggest financial crisis since the Great Depression.
Either it is not that or there is more to come.
I bought some Jun'10 ATM SPY puts when we were at 850. Sucking winds on those
Ditto at 970.
I'm just a retarded bear. At least I did have oil from Mar -> Jul to salve my wounds.
I'm slowly accumulating SEF now. Maybe accumulate some SH starting soon. I can't outright short in my IRA accounts, but I can buy all the inverse ETFs, or go long puts, or write spreads.
I've traveled all over the world, and i've never seen a culture that placed such an emphasis on money, as our does...
The few people with a few pennies that are in the process of trying to save up for a rainy day are probably gonna get screwed one way or another, and they represent a vast minority.
The tipping point socially comes when our money is no longer important, and for far too many folks, their lives will no longer be important.
Freedom is just another word for nothing left to lose.
Which financial instrument is not propped up by any corporation or government, stands on it's own merit, has worldwide demand and is salable anywhere you might happen to be?
The HP 12C?
The tipping point socially comes when our money is no longer important
Which financial instrument is not propped up by any corporation or government, stands on it's own merit, has worldwide demand and is salable anywhere you might happen to be?
We stand on the brink of wholesale changes in most every aspect of our lives, and almost everybody stops learning once they become an adult and get used to the status quo.
Which financial instrument is not propped up by any corporation or government, stands on it's own merit, has worldwide demand and is salable anywhere you might happen to be?
I think JD was trying to say that for many many years money has been the be all and end all goal in and of itself. From the time of "He who dies with the most toys wins" to today "invest in (whatever) to get rich".
People whos selfvalue is tied to the amount of money they have are going to be very unhappy. You are not your money, or your job. You are more than that and a combination of many things.
Juvenal Delinquent (profile) wrote on Fri, 8/28/2009 - 8:40 am
I've traveled all over the world, and i've never seen a culture that placed such an emphasis on money, as our does...
We have always been something of a money-focused society, but the petty, envious, and pecuniary nature that we have been conditioned into within the past half century is pretty repulsive. We are simply at an advanced stage of civilization where the monetary institution has ceased to become an agent of growth and expansion, and instead became an end-in-itself, and fostered a parasitical institution that has now taken over most of the productive economy and commodity trade, and which is gradually imposing a nobility/rentier-class on us. When the casino boss runs the factory it doesn't end well for anybody but the casino.
I was reading a book on French culture prior to a trip to Paris, and one tidbit that still sticks in my mind is the fact that they respond to someone asking their occupation, or even name, as a great faux pas. I paused when I read this, and although I'll never understand the French in any great detail, it got me thinking about how much nicer the world would be if we made that one simple change.
Think: at a dinner party, instead of introducing yourself by your name and entering into the inevitable "what do you do" conversation, we simply started talking about current affairs, politics, etc without feeling the need to qualify everyone present.
I know a great number of people who are highly intelligent but whose life circumstances did not permit them to acquire fancy initials behind their names, and I hate it when I watch another person immediately dismiss their opinions because of it.
Since we left Colorado (where they mandate oxygenated blends at the pumps) and I have switched back over to non-ethanol gas, my mileage is much better and I have had fewer engine problems.
Since we left Colorado (where they mandate oxygenated blends at the pumps) and I have switched back over to non-ethanol gas, my mileage is much better and I have had fewer engine problems.
My primary social group considers it rude to ask your occupation.
In hubby's social group you are what you earn or do, and this is the first question.
I like my social group better as people are see for what they know or for accoplishments outside of their day job. And I do know that some of those people have very well paying day jobs.
noob goldberg (profile) wrote on Fri, 8/28/2009 - 9:02 am
A nation of money-savants, yes.
Think: at a dinner party, instead of introducing yourself by your name and entering into the inevitable "what do you do" conversation, we simply started talking about current affairs, politics, etc without feeling the need to qualify everyone present.
It's much harder to create envy and struggle for dominance without introducing numbers, status, and rankings into the conversation. It's not so much qualifying people (trust is really vetted over time and past performance) as it is quantifying and applying generalizations.
The "where do you live" questions usually immediately follows the "what do you do" question in the social discourse.
Your answer is expected to include the neighborhood, number of BRs/baths, and garage capacity - which leads to the 'what do you drive' question to end the social qualification that enables/disables conversation.
The difference in Ethanol gas from Co front range and states like NE is computer blending. Splash blending is very inaccurate. You may buy gas with 20+ ethanol when this process is used. I have seen cars run on blends up to 20% in Denver and no related engine damage. Altitude does effect gas mileage but far less then years ago since modern computer controls. Ethanol has about 30% less energy the pure gas.
Thats why I sometimes tell people I am a "maintenance man" for the hell of it.
If I get asked this in a dinner party, I usually say I'm a truck driver. If this puts up a barrier between me and the questioner, I probably didn't want to talk to them anyway.
My primary social group considers it rude to ask your occupation.
In hubby's social group you are what you earn or do, and this is the first question.
This difference definitely emerges in multiple social groups that I've traversed. I tend to bore easily with the latter, simply because I spend the entire evening "getting to know people" without actually getting to know them at all.
Your answer is expected to include the neighborhood, number of BRs/baths, and garage capacity - which leads to the 'what do you drive' question to end the social qualification that enables/disables conversation.
As far as I'm concerned, everyone should print business cars with this information already on it. That way, I could choose to read it or ignore it and avoid that wasted 15 minutes of my life
noob - traveling and living in China I was struck by the insouciant and quick enquiries into how much money I made. I would usually fudge and say it was denominated in forex and wasn't really comparable. At least then I didn't have kids. Fair few of my friends had their kneebiters in tears at parks as old women would speculate boy/girl whaddyareckon, then march over and put their hand down the kid's pants to find out.
At least occupation enquiries are less parochial than small-town what school did you go to questions, or even moretrivial what car do you drive questions. And you can make sh!t up, depending on where you want to go. Antarctic ice-core sampler is usually a good one for a broadside on global warming, for instance.
They always ask my daughter "What High School do you go to?" She did understand why until I told her. In No. VA where you live is an excellent way of finding out if you are a Win, Place, or Show in the race.
At least occupation enquiries are less parochial than small-town what school did you go to questions, or even moretrivial what car do you drive questions. And you can make sh!t up, depending on where you want to go. Antarctic ice-core sampler is usually a good one for a broadside on global warming, for instance.
"Homeless, just here for the cheese and crackers" is good when an overly-bubbly person tries to make my acquaintance.
In No. VA where you live is an excellent way of finding out if you are a Win, Place, or Show in the race.
Really? When I was a teen, I didn't need to know the girls high school to be able to arrive at that conclusion.
If you really answer these 'social qualifier' questions honestly, you are met with the blank face and "Oh, that's interesting" response to your answer. That is your cue that you have been dismissed as unworthy.
JimPortlandOR (profile) wrote on Fri, 8/28/2009 - 9:11 am
The "where do you live" questions usually immediately follows the "what do you do" question in the social discourse.
Your answer is expected to include the neighborhood, number of BRs/baths, and garage capacity - which leads to the 'what do you drive' question to end the social qualification that enables/disables conversation.
Academic pedigree has a similar purpose. I was always surprised when folks got the impression I was an elite from my vernacular, appearance and the content of conversations they had overheard, only to be surprised and upset to learn I was merely a mongrel from common stock. I guess some folks never really do get out of high school.
Academic pedigree has a similar purpose. I was always surprised when folks got the impression I was an elite from my vernacular, appearance and the content of conversations they had overheard, only to be surprised and upset to learn I was merely a mongrel from common stock. I guess some folks never really do get out of high school.
I have no diplomas on my wall at work; they're hanging in a back corner of my basement at home. I really get concerned when people try to 'signal' that they're intelligent and should be taken seriously.
A piece of paper is completely unnecessary when it comes to making that determination; a couple pointed questions allows me to make my own decision.
The people I like are interesting and do interesting things. Most have never stopped learning, even if the subject of knowlege is pretty esoteric. I have friends who are carpet layers to planitary geologest and rocket scientist.
The best thing about a really diverse social group is that if you have a question - someone can answer it.
Wonder when we are going to hear from the financial press who "won" the Corus bidding - by this time last week we knew BB&T won Colonial - these early leaks have to be driving the FDIC nuts!
Given the three responses to my initial response, I have a feeling this would be the greatest dinner party I've ever attended, and the bleary-eyed hostess would have to physically remove me somewhere north of 2AM in the midst of cackles and guffaws.
Do you drive a tanker? Haz materials?
I haven't driven in two years now, but the last truck I drove was a tanker with about 3500 gallons of water and 300-600 gallons of concentrated pesticides.
I told a friend of mine that if I ever had an accident you would always be able to find the site because nothing would ever grow there again.
The people I like are interesting and do interesting things. Most have never stopped learning, even if the subject of knowlege is pretty esoteric. I have friends who are carpet layers to planitary geologest and rocket scientist.
The best thing about a really diverse social group is that if you have a question - someone can answer it.
Indeed. I have been equally bored at social gatherings where participants are exclusively construction-types, air traffic controllers, academics, or housewives. But when they're all mixed into a group, those gatherings can be epic.
noob goldberg (profile) wrote on Fri, 8/28/2009 - 9:23 am
I have no diplomas on my wall at work; they're hanging in a back corner of my basement at home. I really get concerned when people try to 'signal' that they're intelligent and should be taken seriously.
A piece of paper is completely unnecessary when it comes to making that determination; a couple pointed questions allows me to make my own decision.
Good policy and I agree. The nicer ones will act as if you're a charity case, a poor soul who unfortunately had the luck to be born to the wrong womb, and why you didn't go Ivy or aren't working for ReallyBigCorp doing high-status occupation X, Y or Z instead of living among the poors. If it were an attractive woman doing the asking, and I'd had a bit to drink, I would be tempted to say -- "You have a great body; you should really sell it to the highest bidder." Except that in many cases it wouldn't be funny - it would be their modus operandi.
a favorite, and true story. I entered an empty elevator filled with really bad fart smell, and no people. On the next floor down, five people entered and all looked at me as if I'd nuked the elevator. I didn't even try to explain.
Most common response: I like to BBQ on the weekend.
Hmm, I'd like to think I could arrive at a more clever answer than that. Like maybe "I like to figure out who will be the first person at this party to get ridiculously drunk. Who's your money on?"
have you ever seen those old candid camera videos where they have an elevator full of people in on the experiment and one rube gets in? they have all the people face one side, the other guy turns the same way, then all of the other people rotate and he rotates as well and various other shenanigans.
Lobbyist - would love to hear your take on the Denver FasTracks light rail project - are the costs worth it - will it get used - will it reduce traffic and pollution - was it an expensive boondoggle?
Grab a bunch of generic deposit slips from a bank, take em' with you and write "This is a hold-up, no funny business" on about every fifth one, on the back. Go back into the bank and stick em' back on the pile.
Good policy and I agree. The nicer ones will act as if you're a charity case, a poor soul who unfortunately had the luck to be born to the wrong womb, and why you didn't go Ivy or aren't working for ReallyBigCorp doing high-status occupation X, Y or Z instead of living among the poors.
The greatest compliment I ever received was from a friend of my wife, whose husband I would entertain while the girls were talking babies, etc. This guy told his wife that he like me, because "noob is a really smart guy but he doesn't make me feel like I'm an idiot when I talk to him." This guy had self-esteem issues, but I ignored them and discussed most any issue under the sun: financial, political, sports, construction, etc etc etc.
It's easy to tell when someone really knows what they're talking about: they are able to reduce a very complex topic into language that even a teenager could understand. Those academics and others who use overly flowery language in a mixed setting are simply hiding their own incompetence.
No speculation on the silver jump today? I know this isnt the ideal website to ask, but any direction to point me in for such a website?
A 3.5% jump in a PM is nothing to really bang the over. It is just all part of the ride that is paper-pushing over at the Comex. If AU or AG start moving up in 30% chunks ala AIG, then you may want to know what is up. Unfortunately, jumping into PM at that moment may just mean you are another sheep getting sheared.
Maybe someone is getting short-squeezed (again) or a mine collapsed. IMO, I don't think the Comex is about the fundamentals, but more about high-stakes poker ala the late 70s.
yep. i've got to buy a UNG hedge one of these days, but it seems every morning it takes a huge dive, probably from people running out of patience with its fundamentals...
Hamburger (profile) wrote on Fri, 8/28/2009 - 9:44 am
Re: Savings Rate -
20% of net monthly income, every month. Is this a bad thing?
In an economy dependent upon consumer spending for 70% of its GDP, and huge sectors reliant on consumer credit lifestyles and our willingness to take on never-ending amounts of debts in order to stay solvent? WHY DO YOU HATE AMERICA?!
One of us will ask one-another, "so, how's it feel to be out of prison after all those years" loud enough that the people next to us can hear...
My Dad would sometimes blurt out "I've never been convicted of a felony in this state." Without, of course, explaining that he'd never even been indicted much less convicted of any felony anywhere.
Japan’s key consumer price index dropped 2.2 percent in July from a year-on-year, marking the fifth straight month of decline, Kyodo reported Aug. 28. Also, household spending in Japan fell 2.0 percent in July year-on-year."
It never seems to call me after I spend the night over there, and when it does call me, it expects me to pay for both of us before we go back to its place...again. Makes me feel like a dope.
My Dad would sometimes blurt out "I've never been convicted of a felony in this state." Without, of course, explaining that he'd never even been indicted much less convicted of any felony anywhere.
One of my most awkward conversations was at a vacation resort where a fellow somehow, in the first minute or two of conversation, told me about his difficulties securing a passport, and then the underlying felony charges that required a pardon in order to get said passport. I have no problems with that type of a story, but it's usually something that's saved until you've talked with a person for...what, at least 5 minutes? His wife was absolutely flabbergasted, and told him "maybe you shouldn't lead with that subject".
I see the FDIC just released the listing of banks with enforcement actions last month - they put 22 more banks on the wall of shame - the interesting one was CIT Bank in Utah - reading between the lines it appears that the FDIC was concerned about affiliate transactions . . . .
As much as I hate "confidence" surveys, and don't put much stock in them myself, can you image the Administration about now? "When are these fools going to start being happy and spending again?? We give them free money for cars and houses and they are still depressed? Time to distribute the free Prozac."
ERCI: Double dip "out of the question" as growth rate measure surges to 38 year high.
There definitely is some 'activity' out there especially in the supply chains as inventory is back filled. But I wonder if it takes into account the last hurdle [final consumers]... my guess is there won't be much 'back filling' there...
yagij (profile) wrote (in reply to...) on Fri, 8/28/2009 - 9:49 am
WHY DO YOU HATE AMERICA?!
It never seems to call me after I spend the night over there, and when it does call me, it expects me to pay for both of us before we go back to its place...again. Makes me feel like a dope.
What do you think we'll make of this interesting time in our lives with 2020 hindsight, Mayans notwithstanding?
The mayans just realized that 12/21/12 is simply going to be the date that we give up our lives of materialistic consumption and enter a lasting utopian age. We won't need a calendar because we'll live forever and have everything we ever could want.
A good story, but I wish Cho had explored these big banks' chokehold on state and local governments as well - with high-interest loans - we have allowed them to fatten themselves, and become even more politticaly powerful, at the expense of taxpayers -- those of you who don't want private business run by government, contemplate the for a moment a scenario in which private profiteering banks like chase, goldman and boA call the shots on your tax bills..and your schools..and your roads..and your cops and firefighters.
I would find that really interesting. How do you get a pardon? Who does the pardoning for what type of crimes?
I know someone who can't get a passport and for sure will never get a pardon. Many years ago I worked with a person who had (if I remember corectly) a shoplifting count. She had to get a pardon so her hubby could get a FBI clearance.
I just noticed: did kcoop do something about the links? For some reason it appeared to me they were all being formatted uniformly, and people have been magically better able to improve their linking ability recently.
Which financial instrument is not propped up by any corporation or government, stands on it's own merit, has worldwide demand and is salable anywhere you might happen to be?
At least I'm not dumb like that Hu chick. She seems like she wants to lose her @$* and money when she comes over. I'm amazed she doesn't walk out of their naked every morning.
You might try Kitco Silver for silver news, but you won't get real time commentary there. A 3.5% swing in one day is not unusual for silver. It is a relatively small market and highly volatile.
I wonder if the BLS incorporates the addition of ethanol to the gasoline in determining prices. A gallon of ethanol has only 2/3 the BTU of a gallon of gasoline. WIth ethanol trading around 1.70 gallon with the tax credit that is $1.25. The oil companies have incentive to go to the maximum and smucks that we are we don't notice that our gasoline is actually 3% more expensive.
I saw this earlier. Amazing isn't it? Didn't Obama say something like "we can't go back to the boom and bust cycles of the past", or something to that effect? What a fraud that guy is turning out to be.
I would find that really interesting. How do you get a pardon? Who does the pardoning for what type of crimes?
I know someone who can't get a passport and for sure will never get a pardon. Many years ago I worked with a person who had (if I remember corectly) a shoplifting count. She had to get a pardon so her hubby could get a FBI clearance.
Oh I did find it intensely interesting, and we talked for a good half hour or more. Apparently, if memory serves, it was a minor felony committed at the 18 year old age, which--as a condition of sentencing--was supposed to be automatically pardoned at age 25 or something. I forget the infraction, but of course the courts forgot to apply for the pardon and it couldn't be done in sufficient time for this fellow to leave the country.
At any rate, I know in Canada you can apply for a pardon after waiting 3 or 5 years, depending on the conviction, after any time has been served. There are other restrictions.
According to the report, porn rentals are increasing also:
"Rental income of persons increased $8.7 billion in July, compared with an increase of $5.4 billion in June.
Personal income receipts on assets (personal interest income plus personal dividend income) decreased
$17.3 billion, compared with a decrease of $2.7 billion."
noob goldberg (profile) wrote (in reply to...) on Fri, 8/28/2009 - 9:56 am
The mayans just realized that 12/21/12 is simply going to be the date that we give up our lives of materialistic consumption and enter a lasting utopian age. We won't need a calendar because we'll live forever and have everything we ever could want.
In the case of economic collapse, we would have no choice but to give up our lives of materialistic consumption. Personally I'm still hoping we do it ourselves before that happens but it looks like fate will do it for us if we don't.
ghostfaceinvestah (profile) wrote on Fri, 8/28/2009 - 10:01 am
Leverage Rising on Wall Street at Fastest Pace Since ‘07 Freeze - Bloomberg.com
I saw this earlier. Amazing isn't it? Didn't Obama say something like "we can't go back to the boom and bust cycles of the past", or something to that effect? What a fraud that guy is turning out to be.
Read his words carefully... we are going on to a NEW boom and bust cycle. He never lied.
I've heard that Fate is being considered to be the next CEO at GS.
Oh, you mean George Fate? He's a good guy, I went to Yale with him. Vetted through the Skulls and everything.
In the case of economic collapse, we would have no choice but to give up our lives of materialistic consumption.
I still have a hard time discussing the potential for a serious crisis with friends and relatives. I feel like I'm telling people about Tower 7, or Area 52, or the NWO.
First I am biased to cars that was my business. Second RTD has always had to much tax money (building the sixteenth street mall was not my idea of good public spending) Part of high density living is public transportation that serves a few. Twenty five years I never used used the system. It never went any where I wanted to go and then transportation once I got in the general area. Front Range light rail can be easily avoided with better freeway especially between Ft Collins and Denver, combined with private bus service. I have little need for government. Most of all is the glutenous spending at taxpayer expense.
"I still have a hard time discussing the potential for a serious crisis with friends and relatives. I feel like I'm telling people about Tower 7, or Area 52, or the NWO."
Noob, anticipating and planning for a crisis that may occur more than a few weeks or months in the future is probably not in our original hunter-gatherer program, mental case book, genetic behavioral file. That's not what people do or feel comfortable about.
The report called out the bank’s board of directors for failure “to maintain reasonable control over the activities” of bank founder and former CEO Darrell Pittard, who resigned in January 2008 over health concerns during a broader bank shakeup. Directors told examiners in July 2008 they “believed they were, at times, misled by the bank’s former Chairman and Chief Executive Officer,” regarding certain loan approvals.
Auditors faulted MagnetBank’s underwriting, credit administration, inadequate evaluations of loan participations, failure to quickly react to problem assets and inadequate loan loss reserves. The bank ultimately became capital restrained as its loans soured and losses mounted, auditors said.
A combination of lower loan demand, fewer qualified borrowers and increased bank operating costs led to a drop in total lending by Wisconsin banks in the second quarter of 2009, according to the Wisconsin Bankers Association. The figures were pulled from consolidated Wisconsin bank performance numbers released Thursday by the Federal Deposit Insurance Corp.
Pavel. I have tried talking to family / friends about the financial mess to come. Been doing that for a few years. However, no one wants to listen. The head in the sand approch seems to be the prefered position. I now do not say a word, even when the econonmy is the topic of conversation.
Heh; didn't realize that Mattel got a CPSIA waiver. Our government is clearly in the pockets of big corporations, yet no one cares. So many things are wrong in this country, yet head in the sand is the approach.
Warning people about upcoming financial problems makes you sound shrill and annoying...
@Rob Dawg - I have to disagree with drug prices being unsupported by the government. After all, the feds try very very hard to limit supply - border checks, spraying fields, etc, etc. One of the DEA's "success" metrics is price on the street, is it not?
"Pavel. I have tried talking to family / friends about the financial mess to come. Been doing that for a few years. However, no one wants to listen. The head in the sand approch seems to be the prefered position. I now do not say a word, even when the econonmy is the topic of conversation."
josap, it's normal human behavior, and probably for most of the history of our species conducive to survival, or at least not damaging to it, since for most of our history very few of us were able to accumulate a surplus.
But these days, there are those who can and do anticipate, therefor the freeze-dried spaghetti.
http://www.bizjournals.com/stlouis/stories/2009/08/31/story1.html?q=capital^reserve^loss^loan
By this time last year, the approximately 80 commercial banks chartered in the St. Louis region had rung up $66 million in profits. This year they have recorded $169 million in losses.
josap (profile) wrote on Fri, 8/28/2009 - 10:17 am
Pavel. I have tried talking to family / friends about the financial mess to come. Been doing that for a few years. However, no one wants to listen. The head in the sand approch seems to be the prefered position. I now do not say a word, even when the econonmy is the topic of conversation.
There is a 9000 pound gorilla in the room. Escape is pretty much impossible. Maybe if you don't look at it, it will just go away. What a nice view of the yard! Did you plant those tomatoes? I can't believe how big they are already. Did you hear the news about Jasmine? She's having TWINS!
Anyone tempted to ignore the 2010 Census will have a tough time doing it — especially if they have kids in school. The government has launched Census in Schools, an all-out campaign targeting superintendents, principals, teachers, students and, indirectly, parents, as schools open across the nation this month and next. The message: The Census is coming and here's why everyone should care. The goal is to send posters, teaching guides, maps and lesson plans to every school in the nation, Puerto Rico and U.S. island territories to encourage everyone to participate in the national count. The materials will land in more than 118,000 schools and reach 56 million students. "It's great to reach the children because children are such strong voices in their homes," says Renee Jefferson-Copeland, chief of the Census schools program. "In households that are linguistically isolated, they can express the information to their parents."
I can just envision the headline in a couple of months: "Students take home assignments: Swine Flu Vaccines". This should be patently wrong to anyone with half a brain in school...
Pavel. I have tried talking to family / friends about the financial mess to come. Been doing that for a few years. However, no one wants to listen. The head in the sand approch seems to be the prefered position. I now do not say a word, even when the econonmy is the topic of conversation.
I appreciated Pavel's point as well; planning for something that far in advance is difficult to justify to oneself, let alone to others.
And I have, unfortunately, taken the same route as yourself; I avoid discussing the economy, unless pointedly asked, and even then I tend to evade most conversations about it. This is mostly because even though I have a feeling for the difficulties we face, I have no idea how to tell people to react to them. I can't tell my father to go buy a farm and stock up on guns and ammo, I can't tell my wife that we need to buy a wack of precious metals and store them in a safe at home--I sound pretty crazy when solutions like that are proposed.
And I certainly have no idea where one can hide their money in a market as distorted as this. PM's, commodities, index funds, forex, it's all over the place and very difficult to predict what might end up ahead in the end.
Thanks, the coffee is just now entering the bloodstream, RE: (bank performance numbers).... this systemic collapse is looking very Darwinistic (insert icon here)
No speculation on the silver jump today? I know this isnt the ideal website to ask, but any direction to point me in for such a website?
The silver market is thin, and there is constant demand from both investors and industrial sources. It doesn't take much supply/demand imbalance to push prices up.
We are all waiting for real silver investment speculation to begin and flush out the shorts. It hasn't happened yet. Even the run to $20+ last year wasn't a real big thing.
You know, fuck the Mayans and the calendar they rode in on.
Don't say that. They are real people with rich traditions. They still live in the Yucatan and Guatemala. If you visit Cancun or other places on the Mayan Riviera, they will be serving your food and drinks and making your bed, always with a smile.
They know three languages, Spanish, Mayan and English.
The personal savings rate increases as the negative government savings rate picks up speed to the downside, ie, falls off a cliff or as we like to say gets more bad more fastly. And to whom pray tell is this money that the government is spending and which we call personal savings going to? The unemployed, the furloughed, those who have had their hours and/or wages cut, or to those who resumed their same nominal Wall Street bonuses from the boom years with a GDP that went to hell in a handbasket (an increased bonus to GDP ratio), ie, the upper 2% of the population?
Quite possibly. Some vehicles's computerized fuel management systems aren't able to run at all at altitude, some run less efficiently. It's lack of oxygen. I've even had to replace fuel pumps (in new vehicles), in Suburbans for example, that were perfectly good at 2,000 ft. but wouldn't put out enough oomph at 7,000 ft.
first
Having the fastest fingers with nothing of any substance to add, is sad commentary.
Is this also "better than expected" ?
Bloomberg says it is in line with expectations.
Got
Did a little research this AM since up with youngest and the dog.
Local rag has front page, above-the-fold article about local realty board - per them, July 09 pending sales are up 25% yoy above July 08 pending sales.
And in the classifieds was the sheriff foreclosure notices for properties on the block in late 09. So I did a little research...
In fact, one of the properties belongs to the family of somebody that one of my kids used to go to school with.
I've seen a lot more properties going on the market via public auction and since the auctioneers operate via a different network than the realtors, I doubt that any data they have is reflected in realty board data. This is especially in regards to average selling price.
The savings rate has gone up, but so has the expected number of bank failures
Like matter and anti-matter colliding...
The credit card debt from summer vacation is now officially zero and we're ratcheting down on the spending curve.
Hell, I even bought myself a nice tweed sports jacket at Goodwill last week for $4.50.
Tightwad chic.
Later folks, the kids are awake...
I think it is going to take a lot longer than many expect for households to repair their balance sheets, because they have deteriorated so much and there are few catalysts that suggest improvement. I think the govt knows this and is going to decide to print more money to inflate away the debt in the economy. This should cause the dollar to fall and the gold price to rise in the longer term, as the inflationary measures of our government take effect.
-- link removed by kcoop --
Kcoop -
, sir, courtesy of Mr Turner.
C
2. None of the 10 were purchased later than 3/03. These aren't flippers going under.
It's easy to pin the tale on the donkeys that speculated by buying up a few homes with nothing down, interest only loans or NINJAs or whatever, but the hard cold reality is that healthy numbers of homeowners lived visa vis the First National Bank of Their House, and are now going through painful withdrawals...
Farming the government for profit and higher consumer cost!
freep.com | | Detroit Free Press
Are the changes in both the PCE and the savings rate basically a reflection of the C4C in July?
Which financial instrument is not propped up by any corporation or government, stands on it's own merit, has worldwide demand and is salable anywhere you might happen to be?
Uber kermit.
Can someone explain this to me?
This "personal savings rate" is money put into [for instance] a savings account?
Or simply money not available to spend due to stagnant wages? A net loss of PCE?
All things considered, there really has not been a very substantial adjustment yet. Numbers are back to about what they were in the mid 1990s. Pretty feeble since this is suppose to be the biggest financial crisis since the Great Depression.
Either it is not that or there is more to come.
Are we going to get the wild pumper up day today that all the
news this week has yet to spark?
eric-
interested in your thoughts.
when do you go short?
can a person even go short anymore?
ya damn sure cant go long, except intraday.
i am amazed at the disconnect between $SSEC and $SPX
disclosure: all cash for the last 18 months - no guts, no glory.
bloomberg: Leverage Rising on Wall Street at Fastest Pace Since ‘07 Freeze
when do you go short?
I bought some Jun'10 ATM SPY puts when we were at 850. Sucking winds on those
Ditto at 970.
I'm just a retarded bear. At least I did have oil from Mar -> Jul to salve my wounds.
I'm slowly accumulating SEF now. Maybe accumulate some SH starting soon. I can't outright short in my IRA accounts, but I can buy all the inverse ETFs, or go long puts, or write spreads.
I've traveled all over the world, and i've never seen a culture that placed such an emphasis on money, as our does...
The few people with a few pennies that are in the process of trying to save up for a rainy day are probably gonna get screwed one way or another, and they represent a vast minority.
The tipping point socially comes when our money is no longer important, and for far too many folks, their lives will no longer be important.
Freedom is just another word for nothing left to lose.
Removed doublepost.
Which financial instrument is not propped up by any corporation or government, stands on it's own merit, has worldwide demand and is salable anywhere you might happen to be?
The HP 12C?
The tipping point socially comes when our money is no longer important
I would have never taken you for a Utopian.
Learn something new everyday.
Which financial instrument is not propped up by any corporation or government, stands on it's own merit, has worldwide demand and is salable anywhere you might happen to be?
KIDNEYS
We stand on the brink of wholesale changes in most every aspect of our lives, and almost everybody stops learning once they become an adult and get used to the status quo.
Teaching old dogs new tricks never goes well...
Which financial instrument is not propped up by any corporation or government, stands on it's own merit, has worldwide demand and is salable anywhere you might happen to be?
Drugs.
I think JD was trying to say that for many many years money has been the be all and end all goal in and of itself. From the time of "He who dies with the most toys wins" to today "invest in (whatever) to get rich".
People whos selfvalue is tied to the amount of money they have are going to be very unhappy. You are not your money, or your job. You are more than that and a combination of many things.
Did I get that right?
Rob wins the contest.
Juvenal Delinquent (profile) wrote on Fri, 8/28/2009 - 8:40 am
I've traveled all over the world, and i've never seen a culture that placed such an emphasis on money, as our does...
We have always been something of a money-focused society, but the petty, envious, and pecuniary nature that we have been conditioned into within the past half century is pretty repulsive. We are simply at an advanced stage of civilization where the monetary institution has ceased to become an agent of growth and expansion, and instead became an end-in-itself, and fostered a parasitical institution that has now taken over most of the productive economy and commodity trade, and which is gradually imposing a nobility/rentier-class on us. When the casino boss runs the factory it doesn't end well for anybody but the casino.
A nation of money-savants, yes.
Juvenal Delinquent (profile) wrote (in reply to...) on Fri, 8/28/2009 - 8:53 am
A nation of money-savants, yes.
An entire society knowing the price of everything and the value of nothing?
OT, buy why is silver up 3.5% in the first 30 minutes of trading today?
A nation of money-savants, yes.
I read this as "a nation of monkey-servants"
homedad43,
Doesnt everybody know by now that realtors are liars and cheats?
I don't know whether to laugh or throw something everytime I see a realtor commercial on TV.
We have elmo on the Dow, repeat
...
C
Are the big dogs back from the Hamptons and selling the rallies?
whack
There. Damn thing was stuck on an algo from from 2007. Fix it for you >; )
another take on idiot savant?
Nice futures jam job this morning. The CME guys should be proud: Kermit lasted all of 31 minutes.
Ah, Elmo! Just a little dance to shake out the weak longs, and tempt the bears to put their hands on the stove again, and then....
ZOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOM!
And Monday will be EOM window dressing. Nummies.
A nation of money-savants, yes.
I was reading a book on French culture prior to a trip to Paris, and one tidbit that still sticks in my mind is the fact that they respond to someone asking their occupation, or even name, as a great faux pas. I paused when I read this, and although I'll never understand the French in any great detail, it got me thinking about how much nicer the world would be if we made that one simple change.
Think: at a dinner party, instead of introducing yourself by your name and entering into the inevitable "what do you do" conversation, we simply started talking about current affairs, politics, etc without feeling the need to qualify everyone present.
I know a great number of people who are highly intelligent but whose life circumstances did not permit them to acquire fancy initials behind their names, and I hate it when I watch another person immediately dismiss their opinions because of it.
Made the same mistake, at 950, 970, 1030. Mine aren't quite as far out though--Oct. expiry.
Insanity is doing the same thing over and over and expecting a different result.
Since we left Colorado (where they mandate oxygenated blends at the pumps) and I have switched back over to non-ethanol gas, my mileage is much better and I have had fewer engine problems.
Since we left Colorado (where they mandate oxygenated blends at the pumps) and I have switched back over to non-ethanol gas, my mileage is much better and I have had fewer engine problems.
Would altitude have anything to do with it?
Assume Crash Positions - nice to see you again. Looks like the
summer crowd is lining up...
C
Looking at the Dow sell off at the open, appears to be on declining volume...just sayin'
too vulnerable to negative regulatory capture
My primary social group considers it rude to ask your occupation.
In hubby's social group you are what you earn or do, and this is the first question.
I like my social group better as people are see for what they know or for accoplishments outside of their day job. And I do know that some of those people have very well paying day jobs.
with today's engines, I doubt it - pretty much a fact that mileage goes down with blended gas.
Thats why I sometimes tell people I am a "maintenance man" for the hell of it.
When I tell people I meet that ask what I do for a living, I tell them i'm retired, and they always say "but, you are so young!"
If work is so good for us, how come they have pay us to do it?
noob goldberg (profile) wrote on Fri, 8/28/2009 - 9:02 am
A nation of money-savants, yes.
Think: at a dinner party, instead of introducing yourself by your name and entering into the inevitable "what do you do" conversation, we simply started talking about current affairs, politics, etc without feeling the need to qualify everyone present.
It's much harder to create envy and struggle for dominance without introducing numbers, status, and rankings into the conversation. It's not so much qualifying people (trust is really vetted over time and past performance) as it is quantifying and applying generalizations.
No speculation on the silver jump today? I know this isnt the ideal website to ask, but any direction to point me in for such a website?
Looking more for investing than a metals website, which will always cheer metals without more objective analysis.
I tell people that I rent houses.
The "where do you live" questions usually immediately follows the "what do you do" question in the social discourse.
Your answer is expected to include the neighborhood, number of BRs/baths, and garage capacity - which leads to the 'what do you drive' question to end the social qualification that enables/disables conversation.
Generalizations applied to individuals are usually in error.
When I go to a ballgame or hockey with friends, we have a running joke going...
One of us will ask one-another, "so, how's it feel to be out of prison after all those years" loud enough that the people next to us can hear...
Words are quite powerful.
Terry,
The difference in Ethanol gas from Co front range and states like NE is computer blending. Splash blending is very inaccurate. You may buy gas with 20+ ethanol when this process is used. I have seen cars run on blends up to 20% in Denver and no related engine damage. Altitude does effect gas mileage but far less then years ago since modern computer controls. Ethanol has about 30% less energy the pure gas.
Thats why I sometimes tell people I am a "maintenance man" for the hell of it.
If I get asked this in a dinner party, I usually say I'm a truck driver. If this puts up a barrier between me and the questioner, I probably didn't want to talk to them anyway.
My primary social group considers it rude to ask your occupation.
In hubby's social group you are what you earn or do, and this is the first question.
This difference definitely emerges in multiple social groups that I've traversed. I tend to bore easily with the latter, simply because I spend the entire evening "getting to know people" without actually getting to know them at all.
Your answer is expected to include the neighborhood, number of BRs/baths, and garage capacity - which leads to the 'what do you drive' question to end the social qualification that enables/disables conversation.
As far as I'm concerned, everyone should print business cars with this information already on it. That way, I could choose to read it or ignore it and avoid that wasted 15 minutes of my life
noob - traveling and living in China I was struck by the insouciant and quick enquiries into how much money I made. I would usually fudge and say it was denominated in forex and wasn't really comparable. At least then I didn't have kids. Fair few of my friends had their kneebiters in tears at parks as old women would speculate boy/girl whaddyareckon, then march over and put their hand down the kid's pants to find out.
At least occupation enquiries are less parochial than small-town what school did you go to questions, or even moretrivial what car do you drive questions. And you can make sh!t up, depending on where you want to go. Antarctic ice-core sampler is usually a good one for a broadside on global warming, for instance.
C
OT: Saw this on MW.
The sentiment index rose to 65.7 in late August from 63.2 earlier in the month, which was the lowest reading since March.
Is sentiment tracked during the month? Or is this just more BS?
They always ask my daughter "What High School do you go to?" She did understand why until I told her. In No. VA where you live is an excellent way of finding out if you are a Win, Place, or Show in the race.
When I am told I am to young to be retired, my line is late model with extremely high mileage!
When meeting new folks, I always first ask, "what do you like to do?"
At least occupation enquiries are less parochial than small-town what school did you go to questions, or even moretrivial what car do you drive questions. And you can make sh!t up, depending on where you want to go. Antarctic ice-core sampler is usually a good one for a broadside on global warming, for instance.
"Homeless, just here for the cheese and crackers" is good when an overly-bubbly person tries to make my acquaintance.
In No. VA where you live is an excellent way of finding out if you are a Win, Place, or Show in the race.
Really? When I was a teen, I didn't need to know the girls high school to be able to arrive at that conclusion.
If you really answer these 'social qualifier' questions honestly, you are met with the blank face and "Oh, that's interesting" response to your answer. That is your cue that you have been dismissed as unworthy.
JimPortlandOR (profile) wrote on Fri, 8/28/2009 - 9:11 am
The "where do you live" questions usually immediately follows the "what do you do" question in the social discourse.
Your answer is expected to include the neighborhood, number of BRs/baths, and garage capacity - which leads to the 'what do you drive' question to end the social qualification that enables/disables conversation.
Academic pedigree has a similar purpose. I was always surprised when folks got the impression I was an elite from my vernacular, appearance and the content of conversations they had overheard, only to be surprised and upset to learn I was merely a mongrel from common stock. I guess some folks never really do get out of high school.
When meeting new folks, I always first ask, "what do you like to do?"
If you asked me that, and I immediately responded with "farm animals", how do you anticipate the conversation would progress?
noob - my favorite is "twins".
C
noob goldberg: farm animals
Oh, that's interesting.
When meeting new folks, I always first ask, "what do you like to do?"
If you asked me that, and I immediately responded with "farm animals", how do you anticipate the conversation would progress?
I would ask if you had something against cats.
I'd have to segue into Elizabeth The Great.
Academic pedigree has a similar purpose. I was always surprised when folks got the impression I was an elite from my vernacular, appearance and the content of conversations they had overheard, only to be surprised and upset to learn I was merely a mongrel from common stock. I guess some folks never really do get out of high school.
I have no diplomas on my wall at work; they're hanging in a back corner of my basement at home. I really get concerned when people try to 'signal' that they're intelligent and should be taken seriously.
A piece of paper is completely unnecessary when it comes to making that determination; a couple pointed questions allows me to make my own decision.
Guess I prefere to be unworthy.
The people I like are interesting and do interesting things. Most have never stopped learning, even if the subject of knowlege is pretty esoteric. I have friends who are carpet layers to planitary geologest and rocket scientist.
The best thing about a really diverse social group is that if you have a question - someone can answer it.
noob,
Do you drive a tanker? Haz materials?
When meeting new folks, I always first ask, "what do you like to do?"
The neighbor's teen daughter.
Bad Jim. Bad Jim. LOL
Or, son (YMMV)
Wonder when we are going to hear from the financial press who "won" the Corus bidding - by this time last week we knew BB&T won Colonial - these early leaks have to be driving the FDIC nuts!
Consumer confidence - who's right?
lower:
Consumer Mood Hits Four-Month Low in August - Economy * US * News * Story - CNBC.com
higher-
The article requested is no longer available.
noob - my favorite is "twins".
Given the three responses to my initial response, I have a feeling this would be the greatest dinner party I've ever attended, and the bleary-eyed hostess would have to physically remove me somewhere north of 2AM in the midst of cackles and guffaws.
Do you drive a tanker? Haz materials?
I haven't driven in two years now, but the last truck I drove was a tanker with about 3500 gallons of water and 300-600 gallons of concentrated pesticides.
I told a friend of mine that if I ever had an accident you would always be able to find the site because nothing would ever grow there again.
Appropriate headline you'll never see:
Consumer sentiment is in the shitter.
When ask people you've never met, "what do you like to do?"
You'd be surprised how often folks don't have an immediate answer for you. Funny that.
The people I like are interesting and do interesting things. Most have never stopped learning, even if the subject of knowlege is pretty esoteric. I have friends who are carpet layers to planitary geologest and rocket scientist.
The best thing about a really diverse social group is that if you have a question - someone can answer it.
Indeed. I have been equally bored at social gatherings where participants are exclusively construction-types, air traffic controllers, academics, or housewives. But when they're all mixed into a group, those gatherings can be epic.
When ask people you've never met, "what do you like to do?"
Most common response: I like to BBQ on the weekend.
I always say: "oh, that's interesting" to that response.
Planet layer to a carpetary geologist sounds pretty interesting.
C
Here's a fun one to try out...
As a pretty full elevator's doors open up, walk in and face everybody for the duration of your ride, instead of looking in the direction of the door.
As a pretty full elevator's doors open up, walk in with a face indicating someone cut a foul fart.
As a pretty full elevator's doors open up, walk in and face everybody, instead of looking in the direction of the door.
Oh, you're an evil bastard. On a long cabin ride, I wonder if it would force everyone to turn around out of pure awkwardness.
Here's another: when my wife once wanted to order at McDonalds and I didn't want anything, I went through the drivethru backwards.
To their credit, no one seemed to bat an eye.
noob goldberg (profile) wrote on Fri, 8/28/2009 - 9:23 am
I have no diplomas on my wall at work; they're hanging in a back corner of my basement at home. I really get concerned when people try to 'signal' that they're intelligent and should be taken seriously.
A piece of paper is completely unnecessary when it comes to making that determination; a couple pointed questions allows me to make my own decision.
Good policy and I agree. The nicer ones will act as if you're a charity case, a poor soul who unfortunately had the luck to be born to the wrong womb, and why you didn't go Ivy or aren't working for ReallyBigCorp doing high-status occupation X, Y or Z instead of living among the poors. If it were an attractive woman doing the asking, and I'd had a bit to drink, I would be tempted to say -- "You have a great body; you should really sell it to the highest bidder." Except that in many cases it wouldn't be funny - it would be their modus operandi.
JimPortlandOR (profile) wrote on Fri, 8/28/2009 - 9:32 am
As a pretty full elevator's doors open up, walk in with a face indicating someone cut a foul fart.
Or inflict one and remove all doubt.
a favorite, and true story. I entered an empty elevator filled with really bad fart smell, and no people. On the next floor down, five people entered and all looked at me as if I'd nuked the elevator. I didn't even try to explain.
"On a long cabin ride, I wonder if it would force everyone to turn around out of pure awkwardness."
Give it a whirl, you'd be amazed how amazed people's looks will be.
Most common response: I like to BBQ on the weekend.
Hmm, I'd like to think I could arrive at a more clever answer than that. Like maybe "I like to figure out who will be the first person at this party to get ridiculously drunk. Who's your money on?"
have you ever seen those old candid camera videos where they have an elevator full of people in on the experiment and one rube gets in? they have all the people face one side, the other guy turns the same way, then all of the other people rotate and he rotates as well and various other shenanigans.
Lobbyist - would love to hear your take on the Denver FasTracks light rail project - are the costs worth it - will it get used - will it reduce traffic and pollution - was it an expensive boondoggle?
As a pretty full elevator's doors open up, walk in and face everybody, instead of looking in the direction of the door.
I like to face the same way as everyone but then pretend someone just grabbed my ass
(don't try this)
Grab a bunch of generic deposit slips from a bank, take em' with you and write "This is a hold-up, no funny business" on about every fifth one, on the back. Go back into the bank and stick em' back on the pile.
Juvenal Delinquent (profile) wrote on Fri, 8/28/2009 - 10:40 am replyIgnore user(don't try this)
I like super gluing a quarter in front of the main doors. The security people find it amusing
nova (homepage, profile) wrote on Fri, 8/28/2009 - 9:40 am
I like to face the same way as everyone but then pretend someone just grabbed my ass
I'll have to try that one.
the market is open, and that means UNG is down, and my long position is losing money.
i swear, i am an investing genius - i pick the only commodity that is actually driven by fundamentals.
Good policy and I agree. The nicer ones will act as if you're a charity case, a poor soul who unfortunately had the luck to be born to the wrong womb, and why you didn't go Ivy or aren't working for ReallyBigCorp doing high-status occupation X, Y or Z instead of living among the poors.
The greatest compliment I ever received was from a friend of my wife, whose husband I would entertain while the girls were talking babies, etc. This guy told his wife that he like me, because "noob is a really smart guy but he doesn't make me feel like I'm an idiot when I talk to him." This guy had self-esteem issues, but I ignored them and discussed most any issue under the sun: financial, political, sports, construction, etc etc etc.
It's easy to tell when someone really knows what they're talking about: they are able to reduce a very complex topic into language that even a teenager could understand. Those academics and others who use overly flowery language in a mixed setting are simply hiding their own incompetence.
No speculation on the silver jump today? I know this isnt the ideal website to ask, but any direction to point me in for such a website?
A 3.5% jump in a PM is nothing to really bang the
over. It is just all part of the ride that is paper-pushing over at the Comex. If AU or AG start moving up in 30% chunks ala AIG, then you may want to know what is up. Unfortunately, jumping into PM at that moment may just mean you are another sheep getting sheared.
Maybe someone is getting short-squeezed (again) or a mine collapsed. IMO, I don't think the Comex is about the fundamentals, but more about high-stakes poker ala the late 70s.
yagij,
Thanks. I was asking from the point of view of wondering if I should get out now, then buy back in soon when it dips.
Re: Savings Rate -
20% of net monthly income, every month. Is this a bad thing?
What do you think we'll make of this interesting time in our lives with 2020 hindsight, Mayans notwithstanding?
20% savings rate is anti American.
You not only should spend every dime, but max out your credit cards too.
Hopefully what will be intersting is what we learned. Maybe how we reprioritized for the better?
yep. i've got to buy a UNG hedge one of these days, but it seems every morning it takes a huge dive, probably from people running out of patience with its fundamentals...
Thanks. I was asking from the point of view of wondering if I should get out now, then buy back in soon when it dips.
What was your entry point? How long have you been positioned?
FD: I'm long PM as a currency hedge.
Hamburger (profile) wrote on Fri, 8/28/2009 - 9:44 am
Re: Savings Rate -
20% of net monthly income, every month. Is this a bad thing?
In an economy dependent upon consumer spending for 70% of its GDP, and huge sectors reliant on consumer credit lifestyles and our willingness to take on never-ending amounts of debts in order to stay solvent? WHY DO YOU HATE AMERICA?!
One of us will ask one-another, "so, how's it feel to be out of prison after all those years" loud enough that the people next to us can hear...
My Dad would sometimes blurt out "I've never been convicted of a felony in this state." Without, of course, explaining that he'd never even been indicted much less convicted of any felony anywhere.
What do you think we'll make of this interesting time in our lives with 2020 hindsight?
A major step toward complete control of public policy by the financial oligarchs that put the country firmly in the court of pseudo-democracy.
" August 28, 2009
Japan’s key consumer price index dropped 2.2 percent in July from a year-on-year, marking the fifth straight month of decline, Kyodo reported Aug. 28. Also, household spending in Japan fell 2.0 percent in July year-on-year."
Soil-Lent Green is people.
It's not savings -- it's just pent-up demand
WHY DO YOU HATE AMERICA?!
It never seems to call me after I spend the night over there, and when it does call me, it expects me to pay for both of us before we go back to its place...again. Makes me feel like a dope.
ERCI: Double dip "out of the question" as growth rate measure surges to 38 year high.
- NY Times
Well, lookee here, VIX still spiking hard, but 10-year yields tightening sharply in synch with Dow downjag.
C
It's almost 11am. Green is on it's way. At least for a bit.
Natural gas storage added another 54 BCF in yesterday's report from the EIA, FYI...
Weekly Natural Gas Storage Report
My Dad would sometimes blurt out "I've never been convicted of a felony in this state." Without, of course, explaining that he'd never even been indicted much less convicted of any felony anywhere.
One of my most awkward conversations was at a vacation resort where a fellow somehow, in the first minute or two of conversation, told me about his difficulties securing a passport, and then the underlying felony charges that required a pardon in order to get said passport. I have no problems with that type of a story, but it's usually something that's saved until you've talked with a person for...what, at least 5 minutes? His wife was absolutely flabbergasted, and told him "maybe you shouldn't lead with that subject".
yadij,
In around 12, now at 14.4
I see the FDIC just released the listing of banks with enforcement actions last month - they put 22 more banks on the wall of shame - the interesting one was CIT Bank in Utah - reading between the lines it appears that the FDIC was concerned about affiliate transactions . . . .
josap
as a rentor or as a rentee? and do their ears perk up?
Consumer confidence down in August.
Consumer Mood Hits Four-Month Low in August - Economy * US * News * Story - CNBC.com
As much as I hate "confidence" surveys, and don't put much stock in them myself, can you image the Administration about now? "When are these fools going to start being happy and spending again?? We give them free money for cars and houses and they are still depressed? Time to distribute the free Prozac."
that NYT ECRI forecast/article is a true WTF
ERCI: Double dip "out of the question" as growth rate measure surges to 38 year high.
There definitely is some 'activity' out there especially in the supply chains as inventory is back filled. But I wonder if it takes into account the last hurdle [final consumers]... my guess is there won't be much 'back filling' there...
terry
you have link for that please?
yagij (profile) wrote (in reply to...) on Fri, 8/28/2009 - 9:49 am
WHY DO YOU HATE AMERICA?!
It never seems to call me after I spend the night over there, and when it does call me, it expects me to pay for both of us before we go back to its place...again. Makes me feel like a dope.
Yet you keep going back to it...
What do you think we'll make of this interesting time in our lives with 2020 hindsight, Mayans notwithstanding?
The mayans just realized that 12/21/12 is simply going to be the date that we give up our lives of materialistic consumption and enter a lasting utopian age. We won't need a calendar because we'll live forever and have everything we ever could want.
energycon-
thanks for the link; i realize the fundamentals for natty suck - i was VERY early to the party.
Sure Gaby - FDIC: Enforcement Decisions and Orders - Recent Orders and Decisions
Well I was going to apologize for being OT but sheesh, just look at this tangled thread.
Washpost on how "too big to fail" banks are getting even bigger:
Banks 'Too Big to Fail' Grow Even Bigger - CBS News
A good story, but I wish Cho had explored these big banks' chokehold on state and local governments as well - with high-interest loans - we have allowed them to fatten themselves, and become even more politticaly powerful, at the expense of taxpayers -- those of you who don't want private business run by government, contemplate the for a moment a scenario in which private profiteering banks like chase, goldman and boA call the shots on your tax bills..and your schools..and your roads..and your cops and firefighters.
I would find that really interesting. How do you get a pardon? Who does the pardoning for what type of crimes?
I know someone who can't get a passport and for sure will never get a pardon. Many years ago I worked with a person who had (if I remember corectly) a shoplifting count. She had to get a pardon so her hubby could get a FBI clearance.
I just noticed: did kcoop do something about the links? For some reason it appeared to me they were all being formatted uniformly, and people have been magically better able to improve their linking ability recently.
Which financial instrument is not propped up by any corporation or government, stands on it's own merit, has worldwide demand and is salable anywhere you might happen to be?
Tarts ?
Yet you keep going back to it...
At least I'm not dumb like that Hu chick. She seems like she wants to lose her @$* and money when she comes over. I'm amazed she doesn't walk out of their naked every morning.
@M,
You might try Kitco Silver
for silver news, but you won't get real time commentary there. A 3.5% swing in one day is not unusual for silver. It is a relatively small market and highly volatile.
They assume that I am a leasing agent at some apartment complex.
No ears perking, That position would be below their social climbing ladder. That way they leave me alone.
I wonder if the BLS incorporates the addition of ethanol to the gasoline in determining prices. A gallon of ethanol has only 2/3 the BTU of a gallon of gasoline. WIth ethanol trading around 1.70 gallon with the tax credit that is $1.25. The oil companies have incentive to go to the maximum and smucks that we are we don't notice that our gasoline is actually 3% more expensive.
You know, fuck the Mayans and the calendar they rode in on.
They couldn't even anticipate our calendar enough to make it a palindrome and really wow us...
And besides, I just got a #10 can of Mountain House (the best freeze-dried out there) spaghetti, and it says it's good until 2034~
So plan accordingly.
Leverage Rising on Wall Street at Fastest Pace Since ‘07 Freeze
I saw this earlier. Amazing isn't it? Didn't Obama say something like "we can't go back to the boom and bust cycles of the past", or something to that effect? What a fraud that guy is turning out to be.
I would find that really interesting. How do you get a pardon? Who does the pardoning for what type of crimes?
I know someone who can't get a passport and for sure will never get a pardon. Many years ago I worked with a person who had (if I remember corectly) a shoplifting count. She had to get a pardon so her hubby could get a FBI clearance.
Oh I did find it intensely interesting, and we talked for a good half hour or more. Apparently, if memory serves, it was a minor felony committed at the 18 year old age, which--as a condition of sentencing--was supposed to be automatically pardoned at age 25 or something. I forget the infraction, but of course the courts forgot to apply for the pardon and it couldn't be done in sufficient time for this fellow to leave the country.
At any rate, I know in Canada you can apply for a pardon after waiting 3 or 5 years, depending on the conviction, after any time has been served. There are other restrictions.
According to the report, porn rentals are increasing also:
"Rental income of persons increased $8.7 billion in July, compared with an increase of $5.4 billion in June.
Personal income receipts on assets (personal interest income plus personal dividend income) decreased
$17.3 billion, compared with a decrease of $2.7 billion."
noob goldberg (profile) wrote (in reply to...) on Fri, 8/28/2009 - 9:56 am
The mayans just realized that 12/21/12 is simply going to be the date that we give up our lives of materialistic consumption and enter a lasting utopian age. We won't need a calendar because we'll live forever and have everything we ever could want.
In the case of economic collapse, we would have no choice but to give up our lives of materialistic consumption. Personally I'm still hoping we do it ourselves before that happens but it looks like fate will do it for us if we don't.
I've heard that Fate is being considered to be the next CEO at GS.
ghostfaceinvestah (profile) wrote on Fri, 8/28/2009 - 10:01 am
Leverage Rising on Wall Street at Fastest Pace Since ‘07 Freeze - Bloomberg.com
I saw this earlier. Amazing isn't it? Didn't Obama say something like "we can't go back to the boom and bust cycles of the past", or something to that effect? What a fraud that guy is turning out to be.
Read his words carefully... we are going on to a NEW boom and bust cycle. He never lied.
I've heard that Fate is being considered to be the next CEO at GS.
Oh, you mean George Fate? He's a good guy, I went to Yale with him. Vetted through the Skulls and everything.
In the case of economic collapse, we would have no choice but to give up our lives of materialistic consumption.
I still have a hard time discussing the potential for a serious crisis with friends and relatives. I feel like I'm telling people about Tower 7, or Area 52, or the NWO.
My 11am
is missing in action.
"And besides, I just got a #10 can of Mountain House (the best freeze-dried out there) spaghetti, and it says it's good until 2034~"
Even freeze-dried, eating 25 year old spaghetti might result in a personal armageddon.
'Tower 7,'
?
JimPortlandOR (profile) wrote on Fri, 8/28/2009 - 10:05 am
I've heard that Fate is being considered to be the next CEO at GS.
GS wants to take over nature's job, but doesn't quite meet the qualifications.
Terry,
First I am biased to cars that was my business. Second RTD has always had to much tax money (building the sixteenth street mall was not my idea of good public spending) Part of high density living is public transportation that serves a few. Twenty five years I never used used the system. It never went any where I wanted to go and then transportation once I got in the general area. Front Range light rail can be easily avoided with better freeway especially between Ft Collins and Denver, combined with private bus service. I have little need for government. Most of all is the glutenous spending at taxpayer expense.
"I still have a hard time discussing the potential for a serious crisis with friends and relatives. I feel like I'm telling people about Tower 7, or Area 52, or the NWO."
Noob, anticipating and planning for a crisis that may occur more than a few weeks or months in the future is probably not in our original hunter-gatherer program, mental case book, genetic behavioral file. That's not what people do or feel comfortable about.
'Tower 7,'
Sorry, tower 7 of the World Trade center. Another "controlled demolition' conspiracy theory.
Although, considering it housed all of the SEC's investigative files, probably a more believable theory given the present company
pavel.chichikov (homepage, profile) wrote on Fri, 8/28/2009 - 10:10 am
"And besides, I just got a #10 can of Mountain House (the best freeze-dried out there) spaghetti, and it says it's good until 2034~"
Even freeze-dried, eating 25 year old spaghetti might result in a personal armageddon.
On the positive side, it won't cause a systemic IMplosion...
Exciting BFF Previews: FDIC report details demise of MagnetBank - Triangle Business Journal:
The report called out the bank’s board of directors for failure “to maintain reasonable control over the activities” of bank founder and former CEO Darrell Pittard, who resigned in January 2008 over health concerns during a broader bank shakeup. Directors told examiners in July 2008 they “believed they were, at times, misled by the bank’s former Chairman and Chief Executive Officer,” regarding certain loan approvals.
Auditors faulted MagnetBank’s underwriting, credit administration, inadequate evaluations of loan participations, failure to quickly react to problem assets and inadequate loan loss reserves. The bank ultimately became capital restrained as its loans soured and losses mounted, auditors said.
More BFF: One in five Wisconsin banks in the red - The Business Journal of Milwaukee:
A combination of lower loan demand, fewer qualified borrowers and increased bank operating costs led to a drop in total lending by Wisconsin banks in the second quarter of 2009, according to the Wisconsin Bankers Association. The figures were pulled from consolidated Wisconsin bank performance numbers released Thursday by the Federal Deposit Insurance Corp.
Doc Holiday,
Those reports are all over the FDIC IG site.
Pavel. I have tried talking to family / friends about the financial mess to come. Been doing that for a few years. However, no one wants to listen. The head in the sand approch seems to be the prefered position. I now do not say a word, even when the econonmy is the topic of conversation.
Heh; didn't realize that Mattel got a CPSIA waiver. Our government is clearly in the pockets of big corporations, yet no one cares. So many things are wrong in this country, yet head in the sand is the approach.
Warning people about upcoming financial problems makes you sound shrill and annoying...
@Rob Dawg - I have to disagree with drug prices being unsupported by the government. After all, the feds try very very hard to limit supply - border checks, spraying fields, etc, etc. One of the DEA's "success" metrics is price on the street, is it not?
"Pavel. I have tried talking to family / friends about the financial mess to come. Been doing that for a few years. However, no one wants to listen. The head in the sand approch seems to be the prefered position. I now do not say a word, even when the econonmy is the topic of conversation."
josap, it's normal human behavior, and probably for most of the history of our species conducive to survival, or at least not damaging to it, since for most of our history very few of us were able to accumulate a surplus.
But these days, there are those who can and do anticipate, therefor the freeze-dried spaghetti.
Killer stuff:
http://www.bizjournals.com/stlouis/stories/2009/08/31/story1.html?q=capital^reserve^loss^loan
By this time last year, the approximately 80 commercial banks chartered in the St. Louis region had rung up $66 million in profits. This year they have recorded $169 million in losses.
josap (profile) wrote on Fri, 8/28/2009 - 10:17 am
Pavel. I have tried talking to family / friends about the financial mess to come. Been doing that for a few years. However, no one wants to listen. The head in the sand approch seems to be the prefered position. I now do not say a word, even when the econonmy is the topic of conversation.
There is a 9000 pound gorilla in the room. Escape is pretty much impossible. Maybe if you don't look at it, it will just go away. What a nice view of the yard! Did you plant those tomatoes? I can't believe how big they are already. Did you hear the news about Jasmine? She's having TWINS!
terry thank you.
USA Today: Students Take Home Assignments, Census Kits
Anyone tempted to ignore the 2010 Census will have a tough time doing it — especially if they have kids in school. The government has launched Census in Schools, an all-out campaign targeting superintendents, principals, teachers, students and, indirectly, parents, as schools open across the nation this month and next. The message: The Census is coming and here's why everyone should care. The goal is to send posters, teaching guides, maps and lesson plans to every school in the nation, Puerto Rico and U.S. island territories to encourage everyone to participate in the national count. The materials will land in more than 118,000 schools and reach 56 million students. "It's great to reach the children because children are such strong voices in their homes," says Renee Jefferson-Copeland, chief of the Census schools program. "In households that are linguistically isolated, they can express the information to their parents."
I can just envision the headline in a couple of months: "Students take home assignments: Swine Flu Vaccines". This should be patently wrong to anyone with half a brain in school...
Pavel. I have tried talking to family / friends about the financial mess to come. Been doing that for a few years. However, no one wants to listen. The head in the sand approch seems to be the prefered position. I now do not say a word, even when the econonmy is the topic of conversation.
I appreciated Pavel's point as well; planning for something that far in advance is difficult to justify to oneself, let alone to others.
And I have, unfortunately, taken the same route as yourself; I avoid discussing the economy, unless pointedly asked, and even then I tend to evade most conversations about it. This is mostly because even though I have a feeling for the difficulties we face, I have no idea how to tell people to react to them. I can't tell my father to go buy a farm and stock up on guns and ammo, I can't tell my wife that we need to buy a wack of precious metals and store them in a safe at home--I sound pretty crazy when solutions like that are proposed.
And I certainly have no idea where one can hide their money in a market as distorted as this. PM's, commodities, index funds, forex, it's all over the place and very difficult to predict what might end up ahead in the end.
YLSP,
Thanks, the coffee is just now entering the bloodstream, RE: (bank performance numbers).... this systemic collapse is looking very Darwinistic (insert icon here)
The silver market is thin, and there is constant demand from both investors and industrial sources. It doesn't take much supply/demand imbalance to push prices up.
We are all waiting for real silver investment speculation to begin and flush out the shorts. It hasn't happened yet. Even the run to $20+ last year wasn't a real big thing.
Don't say that. They are real people with rich traditions. They still live in the Yucatan and Guatemala. If you visit Cancun or other places on the Mayan Riviera, they will be serving your food and drinks and making your bed, always with a smile.
They know three languages, Spanish, Mayan and English.
How many do you know?
The personal savings rate increases as the negative government savings rate picks up speed to the downside, ie, falls off a cliff or as we like to say gets more bad more fastly. And to whom pray tell is this money that the government is spending and which we call personal savings going to? The unemployed, the furloughed, those who have had their hours and/or wages cut, or to those who resumed their same nominal Wall Street bonuses from the boom years with a GDP that went to hell in a handbasket (an increased bonus to GDP ratio), ie, the upper 2% of the population?
Actually, i'm a short-term user of freeze-dried foods. That can has 9 meals in it, and is my favorite in the MH line of tasty stuff, when backpacking.
But, if something weird were to happen, they are nice to have on hand as well, dual purpose.
noob
area 52?
"According to the report, porn rentals are increasing also"
People still "rent" porn? I must be confused this morning. Here I am thinking it's the 21st century.
area 52?
Would you believe a super-secret building under Groom Lake?
Or maybe just a typo?
FDIC site.... Just amazing the crash in Net income for Commercial banks, which seems related to Nonperforming assets to assets
Net income (losses) have doubled for commercial banks in California since last December
Would altitude have anything to do with it?
Quite possibly. Some vehicles's computerized fuel management systems aren't able to run at all at altitude, some run less efficiently. It's lack of oxygen. I've even had to replace fuel pumps (in new vehicles), in Suburbans for example, that were perfectly good at 2,000 ft. but wouldn't put out enough oomph at 7,000 ft.