FDIC: "Credit quality declined sharply" for Shared National Credits
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CalculatedRisk on Thu, 09/24/2009 - 2:10pm (216 comments)
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I don't get it.
Guess I need to read the post again.
You'll figure it out. Maybe you should read before posting?
I read it and I don't get it.
Summary: Banks were thowing money at everybody, including syndicators and
the loans aren't being paid back.
Collective national insanity.
Oh, and listen to this one, I was supposed to get a closing package today, and it
couldn't be sent because the documents company was maxed out for the day. Sounds like they'd better hire some more help!
"What Joe, and the rest of us, do need is for prudent amounts of capital to actually fund (as opposed to just flipping shares) the smaller companies that are the future of the economy."
That world is over. It is a bit like suggesting to the Politiburo in 1985 that a bit of genuine Socialism could reinvigorate the cultural basis of the Soviet Union.
What Joe needs to do is run screaming from spx 1050 and get some non-dollar exposure yesterday.
Don't worry about the quality. We have this sophisticated mathematical model that after some securitization, all credit will be rated AAA by Moody.
"You'll figure it out. Maybe you should read before posting?"
How much fun is that?
Anyone trying to borrow right now? I'm thinking about it for a rental. I can make money if I get these low rates and a low downpayment. Any desperate banks out there still giving it away?
I missed the first borrowing boom. I promised myself I wouldn't miss the second. I don't trust the markets, sitting on cash, don't trust that, thinking a big borrow would be a nice hedge.
A lot less fun than locking out Nemo's placeholder comments!
Where are you 12th?
Nobody is loaning money in Florida. Each closing is torture.
Or, rather, each attempt to close is torture, since things keep getting put off or
cancelled.
I do get it and it does not matter. Does it matter?
Sept. 24 (Bloomberg) -- Babson Capital Management LLC and GoldenTree Asset Management LP are among investors bargain- hunting in the $650 billion market for collateralized debt obligations linked to corporate debt as credit markets open. .......Stone Tower Management LLC, a New York-based investment firm that took over running the SIV from Ceres Capital Partners LLC after the vehicle could no longer sell commercial paper, is overseeing the auction. They are selling $2.3 billion of residential mortgage-backed securities"
Do you think Wall Street will share the profits on the huge gains that are being realized?? NOT!!
CDO Trading Returns as Wall Street Plans $4.3 Billion Auction - Bloomberg.com
This is just another way of looking at credit (this report comes out once a year). Credit standards have improved sharply, but as we all know there was a period when banks would throw money at anyone - and then syndicate the debt.
There is a really good explanation at the Fed for last year's data (they haven't posted this year yet):
FRB: Press Release--Shared National Credits Program reports large increase in credit volume and significant deterioration in credit quality--October 8, 2008
Obviously I made the chart look like the Fed chart (but added the data from the FDIC press release)
best to all
HollywoodHack wrote:
Though I'm sympathetic to the investment advice on an individual basis (and have taken it in spades), taken to an extreme on a societal basis that advice will allow us to pay for our foreign food rations for a couple years, followed by starvation. We are going to have to go back to producing tradeable stuff.
Yep.
From the S.F. Gate article linked by robrix, a tasty quote:
This is a difficult letter to write / Of course it will never happen to you. Until it does
So the lenders finally shut the barn door.
Who cares. The recession is over
Credit standard improving now means to me refusing to extend what I think of
as a no-brainer loan. One I'd be willing to risk my money on, if I had a half
mill, or quarter mill, just lying around.
I am guessing SNCs do not include assets on the balance sheet of the Fed. Is that true?
We shouldn't mention the special unmentionables.
But where are the horses? Are they comingling with the pigs?
Lenders really haven't got the slightest Idea of what they are doing.
"We are going to have to go back to producing tradeable stuff"
Do you know seven large urban centers passed bylaws last year allowing residents to keep chickens (egg laying kind) in their yard or balcony. People gotta eat. What most probably dont realise is that each chicken lasts about two years and then its soup time...lots sad kids as they ask: Mommy where Cheeky Chicken?
I read that some Cali city passed a law saying you can have only one rooster.
Too much cockadoodledooing in the morning.
liz
i live in the land of make believe
Capital Region housing slump over?
Capital Region housing slump over? -- Page 1 -- Times Union - Albany NY
Capital Region's GDP among fastest growing nationwide
Capital Region's GDP among fastest growing nationwide -- Page 1 -- Times Union - Albany NY
They all think everything will be fine here. it might. And if it is, i'm on ez street. prior to that, if some idiot banker wants to loan me free money, i'm interested. "Shoot, I'll take some green!"
eek!!!
In a hypothetical sort of way, I think it's a good thing to know where food
comes from. But I personally don't want to learn how to wring a chicken's
neck, pull the feathers off or clean out its insides. Nor do I really want to know
how to field dress a moose.
I think we've reached a 2'nd Wile E. Coyote moment. He ran off the ledge finally looked down, fell and landed with a "poof". That was the first one. Now he's sitting there at the "bottom", relieved to have survived. He hasn't looked up yet though. If he did, he'd see the snapped off ledge that's about to crush him. The umbrella won't work.
What is this moment called?
That's a smart move. The key is explaining to your kids what the chickens are for. Helping kids understand where food comes from is important. We have chickens that lay eggs and we get high quality fertilizer for our garden as a side benefit. And having the kids be responsible for feeding them and retrieving the eggs is a good activity.
Wiley gets snagged by a tree branch halfway down, and then it snaps.
October is coming.
Would that be a ponig, or a pigny?
Is interspecies miscegenation illegal.
rosethorn - Aside from collecting food, it also teaches them about hygine..esp good now that N1 if going around. Hopefully H1 and Bird Flu dont X
liz
never field dressed a moose. But i've helped kill 100 chickens for the family. Nice cold fall day. The smell of it all seems healthy despite all the blood and offal. I think we are programmed to like it. Means we are about to eat. Put out some pumpkins. Make it festive.
For squirrels you just kill 'em and eat em. Nothing festive about it.
Wiley snaps?
If Bernanke had ever gone on a prospect 10, maybe he would have heard this song and learned a lesson: YouTube -
@ 12th surely you have to eviserate (sp?) then no?
How are Juvies pet
s?
West Virginia Turducken?
Did anybody watch the Good Wife?
I watched about a minute and switched.
Wasn't there some thread devoted to turduckin quite a while
ago? (or was that Irvine Housing Blog?)
Ouch, I seem to have run out of "Better than expected". I better run to the pharmacy and get me another tube before they close. My stock market hurts.
H1N1 Updates:
1." This means a projected hospitalization incidence of 750000 and a death rate of 45000 deaths"
2. Affluence and incidence are negatively correlated
This thread is going nowhere slow.
Nitey-nite.
pigs are smart as hell and great pets, although they will chase you around a pen and they can easily bite your leg off, so you should be scared. Apparently intelligence tranlates into taste, because bacon tastes so good.
I feel bad eating pork because cows and sheep and chickens and deer are dumb as rocks. And pigs are smart. But i really like ham and bacon.
I recommend cleaning squirrels before eating them. Hell, yeah. It's just not as much fun as a chicken kill. Afterall, you only have stew to look forward to. No one makes "wings" with squirrels.
Pigs are smart but Goldman Sach partners are much smarter.
Wlle E.'s not on the bottom, he's on a ledge that broke his fall
"Anyone could get credit from banks because banks knew they would have ready and willing buyers of syndicated loans even if red lights were blinking when the loans were booked."
+++++++++++++++++++++
What's the difference between a whore servicing a john in the red-light-district, and a bank manager named John servicing a loan in the red-light-district?
Killing chickens isn't my idea of fun. the easy way to get the feathers off is to dip the bird (after it is dead, but not yet gutted) into almost boiling water, the feathers fall right off.
goldman sachs and longpig discussions should come in a bit.
"you can really taste the greed!"
From article about the unexpected.
Article states she was not duped,not naive and not an idiot.
Also states there was enough income to cover the rate for many years at which time the plan was to sell the home before the rate exploded.
If she couldn't afford the exploding rate then she couldn't afford to buy the house. Period end of story.
You plan for the worst and hope for the best and not the other way around.
I'm not snickering, i have empathy but no way in he'll do I want my tax dollars going towards a financial bet gone bad.
And before I get piled on, no I also didn't want my tax dollars going towards bailing out bad bets at the top either.
Josap
if you don't scald the birds, after they have been croaked, it would be like plucking a live bird, which i don't recommend, but you can try. Seems like something Bernake would be drawn to.
no different than buying stock on margin. You can afford it so long as the asset appreciates at a rate higher than the interest on the loan. It's a basic positive feedback mechanism. pro-cyclical for the econ crowd.
I have yet to figure out why these people thoiught they would be earning twice as much before the reset happened. But then most loan docs I have seen only give interest rates not a projected payment amount. And the interest rates are not all in the same place. There is a minimum rate, plus the adj rate tied to libor (or something else) and the increase rate (2+percent) added to the minimum rate and the adj rate.
you really have to look at several different pages to find all the rate changes and additions. And then the loan guy always said "it MIGHT go up, but interest MIGHT go down".
Not much to understand- more bad loans.
josap,
they didn't expect a change in their income. They expected an appreciation in the house. Planned on refinancing at a lower LTV, or selling the house
the amazing thing is that the ideological basis is so uniform in all these cases (and even in some of the snarkier folk here) that the basic failure of all of the above isn't acknowledged.
you would think that even in a place like the DPRK, powerful insiders who keep their real feelings to themselves still privately see through the mythology. but here, no. as UE endlessly climbs an the dollar gears for a 1.60 euro retest, we still refuse to challenge the fundamentalist principles which guide us, or even acknowledge their existence.
who is "AE"
Dollar Euro parity next year.
SF is ground-zero for "The bigger they are, the harder the fall"
Unfortunately, the banks aren't allowing folks to take out HELOC smug loans on their overpriced crapboxes anymore...
OT
Survivalists among us may like this story:
Two-meal diet aids in oldest man's longevity
Two-meal diet aids in oldest man's longevity - USATODAY.com
By Sydne George, Great Falls (Mont.) Tribune
GREAT FALLS, Mont. — So what does the world's oldest man eat? The answer is not much, at least not too much.
Walter Breuning, who turned 113 on Monday, eats just two meals a day and has done so for the past 35 years.
"I think you should push back from the table when you're still hungry," Breuning said.
At 5 foot 8, ("I shrunk a little," he admitted) and 125 pounds, Breuning limits himself to a big breakfast and lunch every day and no supper.
"I have weighed the same for about 35 years," Breuning said. "Well, that's the way it should be."
"You get in the habit of not eating at night, and you realize how good you feel. If you could just tell people not to eat so darn much."
His practice of skipping supper began when he first moved to Great Falls from Minneapolis in 1978. He lived in the Yellowstone Apartments at the time and would walk downtown to Schell's in the Johnson Hotel or the Albon Club on the second floor for lunch.
In 1980, the Albon Club moved to the Rainbow Hotel, and the owners asked Breuning to be manager, which he did for 15 years.
"I never started eating supper again," Breuning said.
He gets up at 6:15 a.m. and has a big breakfast every day at 7:30 a.m. Usually it's eggs, toast or pancakes.
"You can order anything you want, just like a restaurant," he said.
"I eat a lot of fruit every day."
Montana Gov. Brian Schweitzer sent Breuning a fruit basket after a recent visit.
"Boy, I tell you that was good fruit. I ate the whole darn thing," Breuning said. "Peaches, pears, everything, it sure was good."
In addition to eating fruit every day, Breuning also takes a baby aspirin.
"Just one baby aspirin," he said, "but everybody gets that for their heart. That's the only pill I ever take, no other medicine."
And he drinks plenty of water.
"I drink water all the time," he said, and just a bit of coffee. "I drink a cup and a half of coffee for breakfast and a cup with lunch."
Breuning said he has been healthy all of his life and believes diet has a lot to do with it.
"If people could cut back on their normal weight, it wouldn't be quite so bad," he commented. "They just eat too much!"
Breuning remembers his family having a cow, pigs, chickens and a big garden when he was growing up, like most people did in those days.
"Everybody was poor years ago," he said. "When we were kids, we ate what was on the table. Crusts of bread or whatever it was. You ate what they put on your plate, and that's all you got," Breuning said.
Breuning recalls his mother being a good cook, though she died when she was 46 after an operation in Minneapolis. His wife was a good cook, too. They met when they worked in Butte for the railroad.
"Everything she made was good," Breuning said. "We used to have lots of card parties, and they would always say what a good cook she was."
While diet has contributed to his longevity, Breuning also believes that working hard was good for him.
"Work doesn't hurt anybody," he said, mentioning that he had two jobs, one working for the Great Northern Railway until he was 66 and the other as manager/secretary for the local Shriner's Club until he was 99.
These days, Breuning keeps busy talking with all of the people who visit the Rainbow Retirement Center interested in meeting the world's oldest man.
Though his vision doesn't allow him to read anymore, Breuning keeps his mind active by listening to the radio.
"My eyes are gone," he said, "but I listen to the radio. I get all my news on KMON."
Breuning started eating out 35 years ago, but said he doesn't anymore.
"Once you get used to not eating in restaurants, you don't want to anymore," he said. Besides, he'd rather eat at home, at the Rainbow Retirement Center.
"They have a lot of good food right here," he said, "and good cooks."
Breuning celebrated his 113th birthday with not one, but two cakes, one chocolate and one vanilla. And for his birthday lunch he got his favorite: liver and onions.
For EHP, from last thread:
Does anyone else connect the growth in gangs, NGOs, lobbyists, multi-national coporations, tax haven, over the last 40 years? The common element would be the weakening of the state.
Lobbyists don't fit -- they're caused by a strengthening of the state. They're best seen as a self-funded extension of the state to act as information collectors assigned to particular industries or policy areas, and able to assess beforehand how possible legislation will be reacted to by their own constituencies. The gov't collects those reactions, and decides the course of least resistance without the hassle of actually making trial laws, running up trial balloons, etc.
Anyhow, your examples of multi-national coporations and tax havens are really examples of cross-border arbitrage, and could work with either weaker or stronger states.
Gangs and NGOs support your argument the best.
EUR/GBP parity will wreak havoc on the UK economy, at least ex-City but even "the City" is on a course for disintegration
Family lore is that is how you handle pigs too. Takes off the hair and makes skin easy to remove. Also been told that scolding dead pig is quite nauseating. It is going to suck if the family is going to need to relearn that "lore".
yeah, that's the wrinkle in dollar shock. the brits and aussies have an even more ridiculously inflated real estate market to consider.
A pig is way too big to scald. Easier to hang it in a big tree and skin it. But you should be very careful to not let the hair touch the meat, taints the taste of the meat.
Yes, I have killed and butchered hogs.
DCRogers,
I disagree. If a lobbyist writes new legislation instead of a government bureaucrat, that is not a strengthening of the state. Exploitation of the state perhaps, but that is not strengthening.
As for cross-border arbitraging, it may be legal but that doesn't mean it cannot weaken (or strengthen) the state, which was the original point -- not whether the state's apparent will was being followd.
Helped an uncle slaughter some hogs many years ago, IIRC he used a 55 gallon drum of boiling water that also had some lye in it... then used a can with the lid off as a scraper to take off the skin and bristles...good times
energycon, that must have been a small hog. Ours were always too big to fit into a drum. Just easier I guess to skin them.
HollywoodHack wrote:
Those who do not hold mainstream neo-classical views are generally dismissed. A hazard of the profession.
Too big to scald?
that is banker talk.
citi is too big to fail
A pig is a pig. Get a bigger cauldron. Scald it. And while you are at it, throw in some bankers. I prefer live bankers but then we don't get too much entertainment here on the farm.
Anybody seen an advance screening of Michael Moore's new movie about crapitalism?
I didn't think the movie was released yet.
Nemo: I don't get it.
Nor did I. We weren't supposed to understand it. I have never seen the phrase shared national credits before - but I think we should have learned it in 3rd grade.
When a lie and a truth can't be distinguished because of deliberate obfuscation, then the "we are being f*cked" warning light and horn are supposed to go off.
Well it's been awhile but they sure seemed big to me, I recall one they didn't try to shoot behind the ear with the .22, instead it was the 12 guage right between the eyes...my uncle said he didn't think that it had penetrated the skull and one of his friends said "Hell, you're going to be picking pellets out of the hams"...he might have had to skin that one come to think of it, which was a trickier exercise than the scalding for sure.
understandable in the context of their apparent vindication (of course, never mind the shrinking middle class 1982-2006). but in the context of their continuing complete failure, the cognitive dissonance gets downright odd.
The minute I heard the phrase "off the books" all my warning bells went off.
Then I got to learn about alot of alphabet soup, all of which ment we were screwed.
If a lobbyist writes new legislation instead of a government bureaucrat, that is not a strengthening of the state.
Why not? Think of it as outsourcing. As long as it is voluntary -- the legislator can choose/select the lobbyists they wish to use -- then use it is, and they play the role of males in classic evolutionary female choice-driven scenarios, each trying to provide more usefully-written laws, the law that will cause the least trouble and the most contributions. What's not to like, and why would I hire a bureaucrat to write me a more troublesome and less contributory effort, at greater cost?
edit: males=lobbyists
Maybe the middle class is the myth. Or is should be if you can only live a middle class life by being in debt up to your eyebrows and then some.
When everyone decided they could belong to, were entitled to and lent to as if they were upper middle class things started down the path to this mess.
American Apocalypse III, the long awaited sequel to Part II, and prequel to IV, has begun.
Read how America disengrates. How credit card default rates hit 100%, and squirrels become scarce.
sample:
The bones were the first thing I noticed. I stood inside the shallow cave and kicked someones skull out into the sunlight. A piece of skin fell off as it bounced along the top of the crusted snow. It was cold outside of the door. Not that a mineshaft was a toasty warm place to live. The cold was probably a good thing. It cut down on the smell. Frozen meat is still meat, just without as much smell.
American Apocalypse
Nova - when do I get the audiobook?
this is quite possibly true - and another parallel with the depression. perhaps the prosperity of the 20s was, like the apparent wealth of the 80s and 90s, the temporary illusion sustained by a variety of factors, while the relative poverty is closer to the natural state of affairs.
Nova - when do I get the audiobook?
Oh, probably never.
We did it at a placed called a "slaughterhouse". Yes, we used vats.
Any chance we can get those righty-tighty kids that showed up as hooker & pimp @ Acorn, to show up at the FDIC and work their magic there?
follow-up: DCRogers,
To be clear, my point wasn't that lobbyists are negative or positive towards society. It is a matter of power, and how that has shifted over recent decades.
Consider Lobbying firm ABC and Associates which solely lobbies for ABC Corp. ABC Corp and its lobbying firm are good honest corporate citizens.
Your Hypothetical Scenario:
- They lobby for fair market access that allows them to compete on an even playing field and deliver good value to the consumer
Alternate scenarios:
- When ABC Corp gets an advantage in the marketplace for some reason outside of innovation or temporary edge in a competitive market. ABC and Assoc won't lobby to hurt ABC Corp for an advantage they got through pure luck. Government has lost the capability and specialty necessary to take the initiative to give ABC Corp's consumers and equal voice.
- Government one day begins giving orders and managing ABC Corp, all in the best interest of ABC Corp and its shareholders. Would you have me believe that ABC Corp became more powerful with the government's interest in them?
- ABC and Associates, completely out of character, tell the president to start punching himself in the face. President complies, out of his own free will. He does this because ABC and Assoc are very popular, know all the key power brokers, employ some convincing people, and can help him get future legislation passed. Is the president, and by proxy state, weaker or stronger relative to an era before ABC and Assoc
6 days ago, they undid the insurance coverage on money market accounts, and now this...
+++++++++++++++++++++++++++++++
(from Reuters)
The U.S. Federal Reserve is studying the idea of borrowing from money market mutual funds as part of eventual steps to withdraw stimulus, the Financial Times reported on Thursday.
The Fed would borrow from the funds via reverse repurchase agreements involving some of the huge portfolio of mortgage-backed securities and U.S. Treasuries that it acquired as it fought the financial crisis, the newspaper reported, without citing any sources
Read how America disengrates. How credit card default rates hit 100%, and squirrels become scarce
Yes, but how is it different from CR?
Anybody seen an advance screening of Michael Moore's new movie about crapitalism?
I did.
It was called "Lehman Brothers".
Juvenal Delinquent wrote:
The money market funds I am in are exclusively T-bills. You don't think, they wouldn't, they couldn't?
We are gathered here to remember the dear-departed...
The courier friend of mine said he has been carrying a ton of mortgage papers (for my bank which has a cease and desist) . They cut him down to two days a week but he said from Friday to Tuesday when he picked up they had a couple hundred pounds of paper. I know getting a loan is not that easy so what is really going on here?
DCRogers,
The political power market only remains free and efficient if every interest under the sky has a representation equal to its importance to society. That clearly isn't the case. Some are better connected, some have more money, some have better policy crafters. It's not just a case of what they do, because since that expertise is out-sourced from the government, what they don't do has an equally important impact.
Two key aspects:
- Government loses capability, becomes dependent on lobbyists
- Lobbyists don't pursue good policies of value to voters -- the shareholders of the state -- they pursue what they are funded to pursue, which may or may not coincide.
.
Please try to separate the ideas of advancing good/bad policies, and the power share of governments and lobbyists. That is exactly what my original post discussed
The money market funds I am in are exclusively T-bills. You don't think, they wouldn't, they couldn't?
** dons favorite Ben Bernanke Halloween mask and checks that he's still got ky in the bathroom
Yeehaaw it's gonna be a ky century!!
That bb is a slick individual. Doesn't even attempt to first pass the losses onto the treasury before passing them to j6p
An American remake of a classic graphic novel: B for Beta
Our trusty hero dons his Andrew Jackson mask and hat, and he sets off to fire his warning shot by blowing up the trading center at Wall Street. The 1812 Overture playing in the background.
Yes, but how is it different from CR?
More graphic. More realistic. More...well, just more.
been told that scolding dead pig is quite nauseating.
Nothing worse than dressing down a dead pig.
Well, teaching one calculus. But I digress.
Makes me glad to be a vegetarian.
Who killed a pig and why are we scolding it? Inquiring minds want to know.
We are making purses from their ears I think
No pigs were harmed in the making of this thread. Someone wrote about scolding chickens to make it easier to remove the feathers.
There you go yelling at animals again.
Someone wrote about scolding chickens to make it easier to remove the feathers.
Bad chickens?
In an act of desperation, I have left slices of bacon around the perimeter of my lawn, with pins though each rasher, voodoo lawnonomics
ugh Scald! S-C-A-L-D!
I thought sweet talking them would get them out of those feathers quicker
voodoo eek-o-nomics
Good Flirt; Bad Flirt?
Uhm, what do we do with bad chickens? Scold them? Spank them? Choke them?
"Someone wrote about scolding chickens to make it easier to remove the feathers."
My mother knew another way; get 'em hooked on beer. She said all the feathers would fall out and you wouldn't have to pluck 'em. And they liked it.
Of course then you could scold them, but they didn't care.
Uhm, what do we do with bad chickens? Scold them? Spank them? Choke them?
Hmmmm...I spent most of my youth choking a rooster....
Anyone know of a good web site to order more hopium from, seems like Ebay does not have it.
Wow everyone is silly tonight, that can't be a good sign...Time to stock back up? I will say it was nice working my way through the stockpile of beef, chicken, pork, and staples I had amassed since the meltdown days. It also prompted me to get off my butt and grow a wonderful kitchen garden this year. I think I'll be glad I got the rust off my green thumb and am back in practice now...
The world is going to hell and yourall talking about voodoo and materbation?
I knew I came to the right site.
Wow everyone is silly tonight, that can't be a good sign
Paging mp...paging mp
master...
its hard to type w/one hand.
I'm starting to see the similarities between San Francisco and DC now.
We've both got hookers and blow.
Sf has the phrase "ky weekend"
Dc just created the phrase "ky century" that a lot of tmcfka (the middle class formerly known as) will become intimately familiar with.
My mom used to kill chickens on the farm, back in the day
She'd have to catch them, and then bring it over to a big tree stump, where she'd whack off their pretty-little heads.
She told me that one time, a chicken ran around for almost 2 minutes, sans-head.
OT: Now this woman is talking her book!
Was it used to decide how to bailout Wall Street back then too?
She told me that one time, a chicken ran around for almost 2 minutes, sans-head.
I once spent a week running around Long Beach in a blackout
Yeah he was scary last night. I caught up on threads when I got home from work at 1am. It almost makes me long for Conjure in comparison...
Ebay has plenty of hopium.
audacity hope, great deals on Books, Collectibles on eBay!
DCRogers,
you get my drift? If I want to get some legislation passed should I talk to a congressman or a lobbyist. If I want to raise money to invest in the next generation of national transportation networks, would the government or a tax haven using MNC based in that country have the spare cash for that.
I was talking about power or capability, not intent or consent
So for tomorrow's equity action, do we expect a rebound, or a RIM shot?
There is a place called Fort MacArthur in San Pedro, and they had these huge 18 inch coastal guns, that were put in around the time of WW!.
So, Pearl Harbor happens, and the powers that be decide they need to test the guns, so they fire off a few shots towards the ocean, and the concussion broke about 100,000 windows in Long Beach and the surrounding areas.
Whoops...
Shot hits the rim, leaving a long rebound. Anyway, the futures look plenty elmo to me.
And you expect us to believe anything has changed?
Long Beach, CA or Long Beach, NY?
LB, Ca.
You speak for nova now?
Was that during the "Battle of Los Angeles" JD?
Yea they shot the sky full that starry night.
damninteresting
I think they missed.
Having animals around is proven to reduce stress. I have a chicken and a monkey at home.
In a capitalist system, capital ought to represent productive assets (like factories, wells and mines, farms) and to a lesser degree those assets that support the productive assets (transportation vehicles, supply chains, houses, schools, etc.), and money should represent the goods being produced by the asset structure.
In the past two or three decades in the US, capital has gradually shifted to represent, more and more, loans against the capital assets, while money has come to represent potential production of goods.
So, now when we exchange dollars we are exchanging tiny shares of what we can potentially produce in the future, rather than what we are producing.
And, since loans must be repaid out of future production, capital today is an illusion, since it represents not actual productive assets but claims against future production.
This time shift of value from present into the future has been a subtle one, but as we can now see, I think, a catastrophic one. We are collectively sitting at the table playing cards, but with no stack of chips in front of us anymore.
I just finished off a boneless pork chop wrapped in bacon.. that's a double pig!
And it was DELICIOUS!
From Liz up thread...
No - two roosters equals nonstop cockfights until one prevails [or none - they both die]...
It was indeed...
They were shooting at nothing, so they didn't miss~
ha
I'm right with you. I'm just a schmo who has to look up puts and calls every time someone mentions them here, but I'm a well read schmo. I've never heard of them either.
"Criticized'????"Qualified"!!!!!
Onliest "shared national" anything I know about is the shared national debt----what is it now, 80K apiece?
De Nilests
++++++++++++++++++++++++
AP - CAIRO, Ill. - The sheriff of cash-strapped Alexander County in deep southern Illinois says his crime-fighting efforts won't be deterred by the fact that he's recently lost three-quarters of his staff and five patrol cars.
David Barkett's job got a bit tougher Tuesday when his department surrendered the patrol cars to First National Bank in Cairo (KAYR'-oh) because of nonpayment.
That left Barkett's force with just one county-owned car. But he got some help Tuesday when he met with federal and state officials in Springfield and brought back a government-surplus 2004 Ford SUV to keep.
100 point gain. To the moon!!!
> Having animals around is proven to reduce stress.
I have two1/2kids/ am SE construction/Healthcare (don't ask).
After a 12 pack of good beer there is nomore stress. See? Guaranteed.
In a capitalist system, capital ought to represent reproductive assets and to a lesser degree those assets that support the reproductive assets and money should represent the goods being purchased by the asset structure.
Reproductive assets? I suppose I could live in an economy based on this.
...but perhaps you meant "productive assets".
"So for tomorrow's equity action, do we expect a rebound, or a RIM shot? "
My guess is that very few would want to be long the dollar on a BFF and into the weekend.
Anyone else?
Well, that'll just wind up like what we have now... one oligarchy will end up with control of all the reproductive assets AND all the money.
one oligarchy will end up with control of all the reproductive assets AND all the money.
Blame me.
I divorced her last year.
Early #1 Premium has the +/- at 7...
*** BREAKING ***
Kanye interrupted the Chairman of the Joint Chiefs Admiral Micheal Mullen just to let everyone know that Colin Powell was better..
*thanks for the BFF poll kcoop....
Had something interesting happen in the supermarket today...
My cart was about 1/ 2 full, and I left it in an aisle for just a few minutes, and when I came back it was gone~
I walked over to a checker and said, "this is going to sound crazy, but somebody made off with my shopping cart"
She told me that lately, people have been leaving shopping carts full of food in the store, and then they split. She got on the phone to somebody and said "hey, put all the stuff back in the shopping cart, this time it's somebody's"
But with the proper breeding techniques and a ratio of, say, ten females to each male...
nikkei down 2.5%
I like it. I think it has legs.
Must have been a disappointing holiday.
This story about FDIC influences my bet for BFF, because it's becoming increasingly clear that FDIC is broke and that Timmy is firing blanks -- hence, I would imagine the rate of bank closures will slow down, because FDIC doesn't want the kitty to look weaker every week, as 2009 ends.
For some reason, this charade continues to remind me of Don Vito:
YouTube -
Re: "So for tomorrow's equity action, do we expect a rebound, or a RIM shot?"
Yah have to realize that this game of shoot the moon is being run by hedge fund-types, so kinda makes sense that it's time to run it down and make some dough heading south.
"Waiting for go dough"
frankly, I expect some serious Put buying tomorrow, raising concerns into a soft open on Monday..
Selling could last until Tues/Wed...also, too
lets play, find me a cheap put on GE or PTRY.
Oh great, now I have to watch a 10 part video to help understand how FDIC and Treasury will remain afloat....
YouTube - Part 1: Baroness Greenfield- The Neuroscience of Creativity
Listening to Rahm Emanuel talking on PBS, it sounds like Iran as it exists, isn't long for the world...
Don't worry all is well
http://2.bp.blogspot.com/_H2DePAZe2gA/Srr3PcsQY7I/AAAAAAAAJ0k/aN5766VsEm0/s1600-h/baghdadben.JPG
Argh; I hate stupid Windows installers.
My C: partition is full; no problem as I have a data partition and an EXE/Install partition. However a number of programs will not install unless they put data on the C:!
Comon, its way beyond the year 2000! Don't just assume everyone wants to keep a bloated windows partition...
JD,
There used to be a small grocery chain in Atlanta called Harry's Farmers Market. Harry's had great food, so it was always packed. On the weekends, if you let go of your cart while looking at something, your cart was likely to disappear. Not taken by store employees, but by other shoppers who were too stupid to figure out the groceries in that cart were not theirs. Never had this happen at a regular grocery store, so maybe junk food really isn't so bad for you after all.
Juvenal Delinquent wrote:
They'll thank you for it - nothing better than pig to another pig [knew a guy who raised hogs in confinement - there was a surprising amount of cannibalism in those pens]
I can't read or hear the name Rahm Emanuel without thinking of the movie Emanuel and The Story of O.
"Argh; I hate stupid Windows installers."
Sturgeon's Law is understated for software.
I have been working on installing Pro Tools on the box in my music room for a large part of two days now.
dryfly or mp if you are around.
Here's some things you may be interested in - wondering if these are priced right?
craigslist | Page Not Found
craigslist | Page Not Found
A Clausing Vertical Mill and a Bridgeport J head milling machine
$1450 and $950 asking prices.
Got a crush on Rahm?
Re: "So for tomorrow's equity action, do we expect a rebound, or a RIM shot?"
If Asia is an indication, RIM shot.
Mike in Long Island,
I am older. The rooster no longer crows 3 times a day.
looking for a Rim Shot?
Lenny "Nails" Dykstra captured by a Japanese film crew pawning the World Series Ring... note comment number 13.
Nails Dykstra
It is always sad when the rooster slows down...
CK,
This is so true.
Is it just me or did all the credit card offers go away that used to flood the mail box. Not even Capitol One sends me offers anymore
No sm_landlord. But I do think he should change his name back to whatever it was before (surely no mom would have named a child this) so that people don't think he's a pron star.
Got offered a Black Visa credit-card @ 13.24% interest and just $495 a year, a few weeks ago, and that's been it for a few months.
Mike in LI - prices are too high for those... at least in this market. Machines like that go to scrap at auction... I don't know what is a reasonable price but I'd guess less than $500.
I haven't seen a credit card offer in the mail for months. fewer catologes, junk mail in general.
Did get the hard bound, super edition of Cabella's though.
I got a pre-approveded AMEX gold CC offer a couple of days ago. Other than that CCs seem to have stopped sending them.
JD,
If I spray painted my cards black nobody would ever know. Then I would get admiring and envious stares from the lesser people at 7-11 when I bought a half smoke.
I got the same offer. I forgot who it was - pretty sure it was someone on here - anyway they suggested stuffing the prepaid mailer with crap and dropping it in the mailbox.
I was so amused that they thought I'd pay $500 + 13% interest for a "black" card that I filled the envelope with pennies and dropped it in the mail.
Thanks dryfly.
This craigslist | Page Not Found on the other hand has me wondering where I could park it.
anyway they suggested stuffing the prepaid mailer with crap and dropping it in the mailbox.
I never liked that idea. Some minimum wage slave whose life probably already sucks would end up opening it.
OT totally.
I have a tenant who is a wine distributer. He keeps my in nice wine.
I am one happy camper.
I don't do snail mail - the spousal unit does that and dumps anything relevant on my desk... I never saw them at the peak... BUT I just asked her and says 'yes' they are still sending cards but nowhere near as many nor terms as crazy.
Did get the hard bound, super edition of Cabella's though.
I got my order from them today. Canvas pants with a little John Deere logo on the pocket. Designer baby!
Yea, nova. I buy too much camping stuff.
but they have good stuff and do stand behind all of it.
Mike in Long Island wrote:
I could have some fun with that - and all the vets in my neighborhood would be having 'flashbacks'...
This M35A2 KAISER JEEP on the other hand has me wondering where I could park it.
Very nice for the commute. Tailgate a Prius in that.
Interesting - you make the same mistake I do all the time. It's really "Cabelas" not "Cabellas". Apparently enough people make that mistake that they redirect cabellas.com to cabelas.com.
I just got some boots on sale there for the wife - they similar to an Uggs model but cost only $20. She was quite pleased.
I haven't received the catalog yet though.
If you spend at least $1,000.00 Cabela's will send you a very nice hard bound catologe.
don't ask me to spell after 2
yep is does redirect if you misspell it, i like that.
I haven't received the catalog yet though.
Me either. But I am a "Bargain Cave" shopper. I probably only qualify for flyers.
Here's some things you may be interested in - wondering if these are priced right?
Mike, the machines aren't of interest to me, but if you're interested, here's what to consider.
The Clausing looks like a Model 8520 and is over-priced.
The Bridgeport looks like it may be a good deal. You can determine the year by getting the serial number (on the knee directly above the x-axis dial) and checking the serial number list.
Usually, you check to make sure the machine was lubricated with oil, not grease. You also check the spindle and head to make sure it's quiet, with no grinding or rattling sounds. Check the spindle taper for dings, galling, etc. Check the ways to make sure the flaking is in good condition. Check the condition of the lead screws by checking the backlash at both extremes of travel as well as in the middle. Any differences are a tell on the condition of the lead screws. Make sure everything is there and nothing is broken. Some clear rattle in the head is OK. It would probably mean that the vari-drive needs new plastic bushings.
Otherwise, that's pretty much it.
The machines are easily rigged with a 4,000 pound forklift, which you can easily rent.
EHP, if you're still around, I wasn't ignoring you -- had to make dinner! (Cutting up vegetables for good roasted vegetable soup takes time -- yum.)
Just collated all your comments, and I'll get back to you...
I actually don't drive to work. I walk to the train, train to the subway and walk to work about 1hr 20 mins door to door.
If I had that I would probably drive to work once in a while just for giggles. I can see it now - the Belt Pkwy backed up for miles - pull onto the shoulder and bomb along - the cops would probably think you were responding to something and give you an escort.
Last year I got a really nice tent, heater, water heater etc. That more than qualified me.
We camp several times a year for a week+ at a time. I like to be comfortable.
Don't worry Mike, once you buy something from Cabela's you will receive some sort of catalog from them at least once a week for the rest of your life.
The BF buys from them alot, so most of our mail consists of Cabela's catalogs.
Which he keeps.
Soon he will need a separate house to store all of his Cabela's catalogs that he can't manage to part with.
mp, good thing you are here, people were being silly.
Thanks mp.
I am onboard with the notion that there will be forced liquidations that will result in incredible opportunities. I am trying to educate myself as much as possible. Sadly my grandfather who was a machinist at Grumman would have been a great resource but he passed sometime ago.
Be well.
josap,
Nowdays, my idea of camping is a hotel room with plants on a balcony.
CK,
I did send out the mp signal. A light against the sky with a hand puppet doing menancing shadows.
He's obviously planning ahead for when the supply chain breaks down. Those catalogs will be put to good use as fire starter and more importantly toilet paper.
I was looking at small 1 man machine shops. The local community college has classes. That and a welding class. The problem is space and the knowledge that it involves a great deal of skill to do that kind of thing right.
Look at proxibid.com A lot of cool stuff on auction
We got Cabelas all around us - was just there last week getting parts for the boat trailer - picked up a catalog myself.
Back in the day Cabelas had only one 'outlet'... at their headquarters in Sydney NE - near Colorado & Wyoming... out on I 80. It was quite the place to get discounts. Few made the trek out there unless they were already heading west - say to Yellowstone/Tetons or Wind River.
Then during the farm crisis [mid-80s] a big New Holland factory closed in Kearney [also on I 80 but farther east]... they converted that into a mega-store... plus it was close enough to entice us 'easterners' [like from Iowa & Minnesota] to make the trip - they sold TONS of stuff... a lot of it to me.
That store was the one that convinced them they could go brick and mortar & brother have they since then... I think it will kill them. They've over done it. IMHO.
There is a Cabelas in Phx. We went there to look around, Left $600.00 later.
We need adult supervision.
O H Chick wrote:
LOL!!! Testify!
Welding is an excellent skill. Son of mp is an excellent welder.
He says start with torch welding. That will make stick welding easier.
Mike, if you want to learn more, go to lathes.co.uk
Lots of good information there.
BOOM
Godot.
He says start with torch welding. That will make stick welding easier.
Okay. I will look for that.
Oh, so he's planning ahead. Thanks for the male viewpoint on that. And here I was thinking that he had some bizarre obsessive-compulsive disorder.
Thank you mp.
I learned to weld with electric arc. First project was a rebar structure for a 70' long block wall with 4x4 foundation.
Most of my experience is with soldering, not welding, though.
One of these days I should try gas again and see if I can still do it. I have two gas rigs in storage.
Only did a little bit of welding. Like to brais (sp) copper for fun.
I'm no good at machining or welding - have done some of both but not good at it. Ironically I've worked with & supervised both for YEARS in the past but I had two rules:
The guys loved it - really funny - but for years I couldn't buy a beer in the blue collar bars - my money was no good.
I like doing all the guy stuff. Welding, plumbing, rebuilding carbs, concrete. The guys always tried to take the stuff away. they were always trying to be helpfull. Not.