The first-time homebuyer tax credit is being used as a downpayment, and Pinto draws a comparison to the horrible default performance of the DAPs (downpayment assistance program) loans.
That's an interesting thesis. I hadn't drawn that correlation in my head.
WASHINGTON — The mortgage market could lose vital support from Fannie Mae and Freddie Mac early next year if the Federal Reserve Board goes forward with plans to stop buying government-sponsored enterprise securities and debt.
The Fed plans to stop purchasing debt and mortgage-backed securities from Fannie, Freddie and the Federal Home Loan banks on March 31, with the likely result of steeper funding costs for the government-sponsored enterprises and higher mortgage rates for consumers.
20lbs of shit meet 1lb bag. I've seen a few rumors that the FDIC will be heavily involved in this bailout...why? Have no idea but since it makes no sense at all then I'm sure it would happen.
Seems everybody is getting larger rearview mirrors these days. How many months ago was it that the commentariat came to the conclusion the FHA would need a taxpayer bailout? 2 years for the prediction, 1 year for the observations, 6 months for the certainty.
Bailouts == taxes. There's no way a recovery can withstand the effective tax rates being imposed by these schemes.
So.. it would appear.. making larger loans to people with no savings who still can't possibly afford to buy a house ends up with large losses and the taxpayer bailing out the agency. Hmm.. failed policy to get the bubble going again ?
~splat
FHA failing at a process for which it wasn't designed?
Hoocoodanode?
OT, I'm guessing from the construction date that the reason why Watergate couldn't catch a bid is due to asbestos and all hazmat remediation that would have to take place on a serious refurb.
Surprised some slumlord didn't bid and make it section 8
Rob Dawg wrote:
Bailouts == taxes. There's no way a recovery can withstand the effective tax rates being imposed by these schemes.
Rob, they won't use taxes to pay for this. at least not "taxes" in the traditional sense of the word!
In which of the other 49 States do you reside? 'Cause it shure ain't Kal-e-forniah.
Freakin' LA City just issued new incentives to forestall "runaway production." That's where the TXV and movies produce elsewhere. Turns out they are concerned the 10.25% sales tax is a hindrance to "the business." Well, duh. Too bad they don't see past their noses that 10.25% is a hindrance to all business.
Hopefully CR will have a story on the CA bond failure yesterday. 2/3rds of the offering to the public went unbid. Rates too low even double tax free.
Let me see if I have this right - about 80% of all home sales are now totally dependent on financing from insolvent government agencies? Clearly a green shoot, no? I guess as long as asset markets perceive unlimited, free government money, the moonshot will continue. I want to be living on a subsistence farm with a lot of ammo before the next crisis hits though.
.....the sad part is, if these different agencies WEREN'T bailed-out, the agency would fail or cease operation, the dumb-ass presidential appointees running the POS Department would be kicked to the curb, and public monies would then be thereby saved. Instead lets backstop the dumbasses running the dysfunctional wing of government. Presidential appointees ought to be (figuratively) shot. They serve NO purpose other than ticking off the career employees who generally do a fine job if left to their own devices and requirements.
The FHA is required by congress to be capitalized with at least 2% of the amount of loans outstanding.
David Stevens the new commissioner of the FHA started out a month ago by saying they wouldn't need a capital infusion, then 3 weeks ago said they probably wouldn't meet the 2% level, and then I guess this is the official release of an audit of the FHA
Yea that was bound to happen....I got a splash ad (probably a week or so ago) when I logged into my account touting the "availability" of those...that's when I knew it would fail.
about 80% of all home sales are now totally dependent on financing from insolvent government agencies? Clearly a green shoot, no?
But they're only insolvent because housing prices have fallen and because of defaults. As soon as people realize how much money their 401k is worth, they'll be able to paydown their mortgages with 401k proceeds and - as they'll be feeling much wealthier - they be bidding up the prices of housing again. It just takes time. We've got to hang in there. The smartest people in our great nation are working on it now and - of course - they are working for our best interests.
"We've looted the corporates.. now to loot that taxpayer ! WOOOOOOT !!"
Next up on the menu: bondholders.
There's a reason bondholders are going short short short. Frankly I don't see whointhehell would get caught dead holding 7-10-30yr notes. Say you have a 3%/30yr. What's it worth in a 6% inflation, 9% expected return world in a few years (if not quarters)? We are talking immediate wealth destruction on par with the housing bubble bursting.
because the only way you do well is take advantage of it
Ahh, well put. The mantra of the world's Smartest Amoral Scum-bags - throughout history. You might not be able to be a Smart Amoral Scum-bag yourself, but there's still hope for your children.
FHA bailout needed? Good thing, as a country, we're running bountiful fiscal surpluses, have a strong currency, and don't depend on foreign financing of our debt, right?
Let's be clear about FHA/VA/fedcash. The entire mortgage market is 100% dependent upon the forbearance of the Federal government. The supposed 20% outside the nationalized mortgage market would fold overnight should the government decide to shift policies. Doesn't matter which ay tthey shift, we are at a minima where more manipulation or less both result in less mortgage activity.
why the snark for Jim the Realtor?
He's always seemed honest to me. I believe him when he says the market is hot. There's probably 4 months of supply where he works. 4 is hot, 6 is balanced, 8 and up is buyer's market. This is an aberration given all the delinquent mortgages, all the houses that should be going to market are not making it there. So there is 4 months of supply trickled out when over 1 or 2 years of worth of sales should be on the market right now. It's a cartel. It won't last forever
"The Federal Reserve has tallied nearly 8,300 store closings announced by retailers so far this year, including more than 1,500 large anchor stores. Last year, the International Council of Shopping Centers, an industry trade association, counted 6,900 such announced closures. The next-highest annual total recorded by the trade association was 7,000 in 2001."
Frankly I don't see whointhehell would get caught dead holding 7-10-30yr notes.
Rob Dawg,
I just don't see higher rates, especially not 9% rates any time soon. Private credit demand is negative. And Bernanke has made sure there is no lack of liquidity.
We are discussing FHA policy. Do you have something to add?
FHA "policy" is the way it is BECAUSE the political system in the US is broken. Policy is supposed to be for the best interests of the public. Which party is doing that now? And why they aren't and how can it be fixed is 100% PURE politics.
I see someone watched the last episode of South Park.
LOL.....actually, I have stomached 30-seconds of ONE of those shows in my entire life........I have a dislike for all cartoons. The Mrs. made me watch Toy Story.
NOTaREALmerican (profile) wrote (in reply to...) on Thu, 10/8/2009 - 11:28 am
FHA "policy" is the way it is BECAUSE the political system in the US is broken. Policy is supposed to be for the best interests of the public. Which party is doing that now? And why they aren't and how can it be fixed is 100% PURE politics.
Please refrain from using the word "pure" in association with real-world politics of any kind. TIA!
comment from another blog...2010 is not looking pretty...
My brother, as a counterintel Pentagon guy, and I spend most of our military career putting out lives at great risk to bring down the Wall during the Cold War era. So I am a patriot but not a nationalist. Because I see that we are well on the path on becoming just like the enemy we fought then. Ironic isn't it.
Instead of taking this victory to stand down we ventured on the path of empirewhich will be our undoing.
The talking heads get us waving the flag through propaganda and we think ourselves patriots. Nothing could be further from the truth. So now returning combat vets are looked upon as potential terrorists. When will the insanity end?
And that a certain representative strong-armed the FASB to lower it's standards really bothers me. I want to see the gov't and financial crooks held accountable which I don't see happening peacefully.
re: govt bonds
believe it or not, things will get better for governments for the next few months
production and trade will be up for all the reasons that it is up at this time every year, and money from that will make it to the government shortly after that
however, all the things the government would like to support are going to face negative seasonal headwinds until March
To my Montana Senators and Congressman this morning.............while they may not give a tinker's dam, I had to do something..............
Dear Senator Baucus, Senator Tester, and Congressman Rehberg:
I am very disappointed in this administration, and in my government generally, for sacrificing the U.S. dollar for a stock market rally. What do you think is more dear to us back home....the U.S. dollar, or some group of 30 stocks?? This market rally is a sham based on TARP and Fed funds, and at the same time, while it is being pumped up for the perception of economic turn around, this government has allowed the U.S. dollar to deteriorate to the point of being akin to a 3rd world currency. The rest of the world is interested in shunning the U.S. dollar as the base currency. There is shame in this, sirs, and it does more to deteriorate our standard of living and our country than any pride in health care plans, or the market rally, or any other "accomplishment" that this government wants to foist upon us as meaningful. Frankly, sir, it is disgusting. Sincerely,
Frankly I don't see whointhehell would get caught dead holding 7-10-30yr notes.
Rob Dawg,
I just don't see higher rates, especially not 9% rates any time soon. Private credit demand is negative. And Bernanke has made sure there is no lack of liquidity.
Rates are going to stay low imo. So is growth.
I'm not diametrically opposite here. Thing is rates are being held low, we all know that. This isn't Japan 1990 and we cannot reasonably expect internal savings rates to prop up those low rates. Holding the beachball underwater doesn't end by slowly rising to the surface. It explodes upwards in a chaotic manner. Anecdote: I want 5.4%+ CA double tax free before I'm interested. Some trade near there. CA tries this evil rip off issue ending yesterday and there's surprise at no bids. You push rates down, you cannot hold them down.
Frankly I don't see whointhehell would get caught dead holding 7-10-30yr notes. Say you have a 3%/30yr. What's it worth in a 6% inflation, 9% expected return world in a few years (if not quarters)?
Neither a borrower nor a lender be. At least there's market consensus on the lender part; lots of individuals figuring it out on the borrower part. The state is always the last to figure it out.
Here's a weird financial dangle to the gold angle...
Evangelicals are good sheeple, and they've been pitched precious metals hard the past 20 years, and lots of good christian soldiers have lots of them.
They are already the only sizable group in the country as far as a voting bloc is concerned, imagine if the dollar went (poof!) and they would be the only sizable economically feasible bloc in the country~
Anyone care to speculate what a capital infusion to the FHA would amount to? They need to maintain 2% of loans outstanding. They get fees for new lending, but loan losses will eat that 2%
since 35% of the population are interested in law making based on religion...and 35% oppose them because we dont want papal rule to come back.
which means 70% of the people have already chosen sides based on non-issues.
which means republicans have to appease their base....and democrats their base........all based on non-issues.
and then come the lobbyist....who will keep pushing for these damn public bailouts of things like Wall street banks(who are still going to distribute around 100 billion in bonuses)....auto industry where union employees have a very nice deal...and management needs to be fired.
housing industry...where supposedly it is ok for the government to fund $730k mortgage...which is like 3 times more expensive than the rest of the nation....(compared to median income to median home price ratio).
rich farmers getting subsidy....US companies sending outsourcing jobs..which in effect is distributing the quality of life enjoyed by americans(which btw is financed by the spending of americans)....
in other words...the people of this company dont matter.....because they are all paying attention to non-issues.
and the lobbyist steer the government for their needs.
tax payers keep subsidizing all kind of things....just because those groups have bought the law makers..
if you want to fix the country, just two things will take care of 80% of problems:
1. keep religion out of politics
2. campaign finance reform
else keep talking and whining...and bitching while Rome burns.
it's not like the managers personally lose anything when the Calpers decides to move into long-dated corporate bonds. probably get a nice kickback as well.
There's a lot of mania back in the market and housing. And just like Nasdaq 1999 it's not the first bust that does the long term damage. It's the 2nd and 3rd. If we get subsequent busts in the next 12 months it could have very bad long term consequences to a system based on asset growth.
Say it's not so BSR...some cartoons are important art. It is amazing how many ideas get crammed into those shorts. I am of course referring to classic cartoons like Looney Tunes...and early Disney, among others, not most of the crap on now. You do yourself a disservice....but it is a common trait. When my dad had to do his psych profile (spec ops wanted him for awhile, but he didn't see shades of grey)...one of the sessions involved your favorite cartoon character... most of the people in this class, didn't watch cartoons. My dad said Yosemite Sam. PhD had fun with that one, my father bothered her on many levels.
To my Montana Senators and Congressman this morning.
Dear "citizen" Shill
Thank you for your amusing letter. Please be advised that we no longer even offically care what you peasants think. If this bothers you, you can always vote Green! HAHAHAHAHAHAHAHAHA!
no just posting in a joking way about how different various cultures are under the surface. My brother lives in Thailand so I get to see the differences anectdotally.
This isn't the first time we've seen a perfectly reasonable loan product or program blow up when it's expanded far beyond its appropriate market.
That's the minor premise.
The major premise is that, given enough time and political pressure, every loan product or program - in fact every government product or program, period - always gets expanded far beyond its appropriate market.
Those two premises yield one inevitable conclusion, and it's not a good one.
if you want to fix the country, just two things will take care of 80% of problems:
1. keep religion out of politics
2. campaign finance reform
Campaign Finance Reform is a sham. It's just a means to stifle the message of folks that would want to change things. Every time it's implemented, the end result is worse than what we had before.
creditcriminalslovetarp (profile) wrote on Thu, 10/8/2009 - 12:30 pm replyIgnore usercomment from another blog...2010 is not looking pretty...
My brother, as a counterintel Pentagon guy, and I spend most of our military career putting out lives at great risk to bring down the Wall during the Cold War era. So I am a patriot but not a nationalist. Because I see that we are well on the path on becoming just like the enemy we fought then. Ironic isn't it.
TFYSTOC!
I saw last night that in China because of personal income growth, and a 34% decline in chinese exports the chinese are concentrating on the 1.5 billion population to buy the sitting inventories. And that some are saving up to 35% of their PDI, with a country wide avg of a savings rate of 24%.
Granted you could say the wages suck, but that would seem to mean that PDI would be non existent in order to survive, but they are doing it anyway to buy cars and houses. Capitalism sweeps through and low and behold.....
Thank you for your amusing letter. Please be advised that we no longer even offically care what you peasants think. If this bothers you, you can always vote Green! HAHAHAHAHAHAHAHAHA!
The major premise is that, given enough time and political pressure, every loan product or program - in fact every government product or program, period
The earlier examples of this (subprime loans, options ARMs) were not government products or programs.
South Park is pretty ingenious actually. They tear into a lot of issues.
The special olympics episode had one kid using steroids and giving back his medal at the end with Mark McGuire, Barry Bonds and Jeremy Giambi standing behind him on the podium.
The episode about the financial melt-down was so true on so many levels.
Your statement intrigues me, which clues about religion and theology are you privy to? And you must forgive the young, we all go through the tossing the baby with the bathwater stage. Well, some never move past that stage, but I digress.
Thing is rates are being held low, we all know that.
Rob Dawg,
Mortgage rates are being held down for sure. And arguably the Fed's mortgage buying is providing lots of liquidity which is pushing all other rates down too. But that doesn't mean that rates are going to spring back up. Imo, rates are low because they need to be low. We have too much credit in the system compared to present and future output. Too much fraudulent credit! The only way to salvage the system without a violent bust is with low rates for an exteneded period of time.
Anyway, that's my thinking. I've placed my bets accordingly, but I have hedges and am staying close to the exits.
Sam. PhD had fun with that one, my father bothered her on many levels..
similar happened on my psyche profile... we were handed a blank white paper as a group of about 300, and told we would be instructed to draw a picture of anything we wanted, but to draw a stick figure so we could move on. When the docs came out they did and 299 drew stick figures... i something entirely different. When asked why i hadnt drawn a stick figure, i responded nothing about the stick anatomy excited me considering i was entering 8 weeks of male only bonding. She laughed .They concluded i was deep and somewhat wacked but harmless and stamped acceptable...lol
Mortgage rates are being held down for sure. And arguably the Fed's mortgage buying is providing lots of liquidity which is pushing all other rates down too. But that doesn't mean that rates are going to spring back up.
I choose to believe this does mean rates are going to spring back up. From where I sit I hope they just spring back up as the alternatives on either extreme are too horrible to contemplate.
Cinco-X wrote:
t's much easier to discuss when you don't need to be worried about facts and/or understanding
Religion and "facts"?
Feel free to dispute the underlying "mythology" of religion if you like. But then there are facts such as how much the average church goer donates to charity, how they are likely to vote, or the percentage that end up spending time in prison. These require no faith in order to believe.
from BBerg summary:
$30bn = 4.4% reserves => $682bn total assets
projected shortfall = $54bn according to the audtior
but if the FHA is supposed to continue lending with reckless abandon in the name of supporting house prices, what might be tacked on to a capital infusion
About half the statements I hear about religion on day to day business are the rhetorical equivalent
What ELSE would be we clueless people be doing? It's a deity for god-sakes. When you make your deity public-domain it's subject to scorn and ridicule like any other public philosophy. ESPECIALLY if you are using the deity to influence politics. What OTHER defense do the non-religious OR the competing deity's believers have?
I don't think THAT is what most people argue about. I'm MUCH more worried about the dominate deity being obsessed with the fornicatin' harlots than how much his believers donate to church.
Actually, I like the mythology part, more than the theology part. The mythology at least draws upon concepts that have been with us since the beginning. A sure sign or 'fact' if you will of some sort of divine manifestation in the human spirit. It is the theology, the basis for most religions... that drive me crazy. It is the equivalent of the medieval might is right...the history of specific doctrine, how it came to be, how it was decided...I see very little of God in that, just brute force.
I do have an issue with your statement because it was so irredeemable stupid that you should have been embarrassed making it. Look up evangelical ecclesiology and you'll have a start at understanding how stupid your statement was. And no, I'm not an evangelical.
I'm going to give credit to Edward Pinto who estimated the $54bn shortfall. He did his job well. He should be hired to replace David Stevens, current head of FHA.
The idea the FHA needs a rescue is “just plain wrong,” Stevens said in an Oct. 6 letter to the Wall Street Journal. That’s in part because the FHA’s accounting method mean its reserves are enough to cover more than 30 years of projected losses, assuming no revenue from new business, he said.
What Idiot failed to mention, was that the expected losses on a 30yr mortgage are heavily front weighted.
BTW...out of all my paper SLV......hit my target. Now , of course it will skyrocket. I still can't get past the obvious disconnect with most of the ETF's so I'll take the money thank you.
On the subject of losses, for one of you tanta-like bears : If a loan is in default and it's insured, wouldn't the first holder want to have a property sell at any price NOW, to collect the insurance, while they are still able to pay ?
*HA! But are you Smart ENOUGH to make it into the Inner Circle of Smart Amoral Scum-bags? That is your ultimate goal.
*------
not yet....but working on it....and of course as soon as i see the opportunity....it will be nice to hump the population from the top, unlike being humped by the lobbyist right now.
"badger (profile) wrote (in reply to...) on Thu, 10/8/2009 - 9:46 am
reply ignore user
About half the statements I hear about religion on day to day business are the rhetorical equivalent of "You know those black people..."
I was in Los Altos with my wife walking around on the weekend and there happened to be a Classic car exhibit there. Two guys were standing by one car talking about the problems with the car industry. Only after we walked past did it register that the above phrase is how one guy was arguing. It was so unexpectd that my mind took 30 seconds to register what I was hearing.
I think Stevens is saying that the "FHA’s accounting method" is the same one used by the banks to pretend they're solvent, so he does have a point. Now all he needs to do is have the FHA take in usurious ATM and overdraft fees and then it's golden.
We have too much credit in the system compared to present and future output. Too much fraudulent credit! The only way to salvage the system without a violent bust is with low rates for an exteneded period of time.
I'm not following this. We have too much supply of credit which drives the price of credit - the interest rate - down. In order to keep rates down the supply has to stay high. Something's gotta give.
I don't think THAT is what most people argue about. I'm MUCH more worried about the dominate deity being obsessed with the fornicatin' harlots than how much his believers donate to church.
You questioned my use of the word "facts" and I explained it. Do you have an issue with my explanation? My feeling on "fornicatin' harlots" comes straight from the Bible:
"Judge not and ye shall not be judged"
Probably the King James version which has been superseded by various other versions which all say pretty much the same thing, and I can't tell you where that comes from, but it's good words to live by; is THAT a problem for you?
So, what if I told you I did everything that a fellow named* J. C. told me to do, to follow his laws and whatnot, do as he did, etc., despite the fact that all of his teachings were over 2,000 years old?
Or you redact passages with liberal bias. Thank you Conservopedia for tireless efforts.
They should also downplay his... umm.. 'jewish' heritage it doesn't fit the image well and may cause some negative feelings in certain demographics. Plus his family background comes off as extremely working class, it'd be easy to edge him a little more to well educated middle class, for a broader appeal to the base.
~splat
So, what if I told you I did everything that a fellow named* J. C. told me to do, to follow his laws and whatnot, do as he did, etc., despite the fact that all of his teachings were over 2,000 years old?
What if? Do as you like within the law, and BTW, this same fellow said "Give unto Caesar what is Caesar's, and unto God what is God's", so there shouldn't be an issue with the Law getting in the way of your beliefs, at least not here in the US of A-
I think the whole spectrum of politicians are not good....it does not matter if they are democrats or republicans...
hey but who cares....we have more important things to fight about....like abortion and gay rights....who cares if the politicians are raping the future of our childrens...
////I'm not following this. We have too much supply of credit which drives the price of credit - the interest rate - down. In order to keep rates down the supply has to stay high. Something's gotta give. ///
I could be completly wrong, but here is what I see.
We have lots of devalued, illiquid money being held as reserves by lenders. Therefore a decrease in credit avail.
We have a decrease in debt demand. Unless goosed by Fed discounts in housing, cars etc.
Tons of other issues that make my head spin daily.
What if he was a Mayan from 2,000 years ago, or a Chinese from 2,000 years ago, or an American Indian from 2,000 years ago?
My wife grew up following the beliefs of an Indian from ~3,000 years ago, and it worked out well for her, and she's a very decent person. Good teachings are good teaching, whether they're old or new. Actually, the old teaching have already passes the test of time, whereas the crap being passed off today probably won't be remembered 50 years from now, much less 2000 years.
Well my good friend Jonah and I have a lot in common. What can I say. Always an OT before NT type of guy. I really like the gospels, and some of the books of the Apocrypha...but have a big problem with Paul and the beginning of Christian theology. Like I mentioned last night before my Spinoza bout...the debate between Pelagius and Augustine...is an interesting read and how bumpy the road to modern Christianity is. Most of my Christian friends say I get caught up in the little details and miss the big picture...my big picture is made from little details though.
GOP already campaigned on that issue in the '90's--what happened was that some, maybe even a majority, of the candidates elected partially on that basis (big part of their platforms), decided that what they were doing was just soooo important and ONLY they could do it, so they just stayed on. Voters apparently had forgotten about the promise or didn't care and re-elected some of them anyway. A few really did leave after the set number of terms.
I saw it as just another tactic by GOP to get rid of whatever Dems were in office, because the S.Ct eventually decided imposition of term limits on members of Congress was unconstitutional or something and a constitutional amendment failed to garner enough votes in the H of R (what a surprise!)--that's after all those term limits proponents had been voted in, as part of the "Republican revolution."http://en.wikipedia.org/wiki/Term_limits_in_the_United_States
"
I'm not following this. We have too much supply of credit which drives the price of credit - the interest rate - down. In order to keep rates down the supply has to stay high. Something's gotta give."
there's a pretty strong argument that demand for credit drives everything. If demand doesn't come back (and right now the nbers are showing a continuing drop in demand) that could be sufficient to keep rates down I'm the face of declining supply.
I think we will continue to see government debt markets suck available credit away from private markets.
People in wheelchairs and others using canes were being leaned on by people too weak to stand. Emergency medical technicians on the scene said they treated applicants who were injured during the rush to get inside the venue.
That's what happens when a town full of broke people gets a whiff of free money, said Walter Williams, 51, who came before the sun to get an application and a shot at some federal assistance.
"This morning, I seen the curtain pulled back on the misery," he said. "People fighting over a line. People threatening to shoot each other. Is this what we've come to?"
wait until the mid-term elections start up the cycle...you'll be hearing alot regarding both issues IMO.
Ciao
MS
Not if i am not listening When they start with that speak I will put my hands to my ears and do the LA LA LA LA thing. Been hearing the same shit for 20 years now....enough!
If that's the answer, you've already admitted that the basic flaws in the system can't be fixed.
We have term limits in California for state legislators; hasn't changed much of anything. The same interests get what they want, even more so: all the "old timers" in the capitol are the lobbyists. They have a vast information advantage over the relatively inexperienced legislators.
It may be silly, but it's what many people seem to want. Rocket Ronnie's administration convinced me that what we really need in the US is a titular head of gov't, sort of like the royal family in the UK (who so many Americans seem to practically worship, especially Princess "Di"). Someone who's good at reassuring & encouraging people but who has little power. Reagan would've been great. I thought he was a liar from the first time I watched him give a speech on the television (never saw him live) but many people seem to find him sincere, reassuring, believeable. Maybe if we had that "royal family" (wealthy people in the US could pay 10 billion or so for the privilege, change every ten years/with a audition required of all family members who are going to appear in public), then that would take care of the worship/publicity needs of so many people, and we could elect people who actually want to do something useful in the gov't to do the real work. The UK parliament seems to manage to have more actual issue-oriented discussed than Congress seems to, and some of the repartee & cross talk is fun to listen to--like some of them actually can debate on various topics.
Though I'm sure he's happy with taking out the 52 week low on the DX the bang for taking the buck out back to the woodshed is kinda wimpy today. DX down .75% but dow up only .87%.
This country is throwing people out of their homes while paying other people to move into them. By the way, $15.2 million for 5,000 applicants is $3,000 per person, a whole lot cheaper than the tax credit proposal.
which means 70% of the people have already chosen sides based on non-issues.
Not sure if that's a non-issue or NOT, but assuming it is: THESE 70% are the peasant dumbasses who will ALWAYS vote based on being manipulated by the Smart Amoral Scum-bags that run their respective parties. So, you've only got 30% left. Who are these 30% going to vote FOR? The only choice they've got is the Air-Head Socialist Party and the Christian Fascist Party. Why bother voting?
This is why as recently as 40 years ago, the evangelical and Southern Baptist vote was reliable for the Democratic Party, because they always vote for Republicans.
the tax credit should be deficit neutral. i say we cut another $40B from medicare to pay for it. we'll get the extra benefit of (somewhat) offsetting the inter-generational debt flows.
From October 1993 to November 1994 10-year yields climbed from 5.2% to just over 8.0% over worries concerning the fiscal profligacy of the Clinton Administration. Upon this and the influence of Robert Rubin, Bill Clinton adopted a concerted effort to reduce the deficit. 10-year yields dropped to approximately 4% by November 1998[1].
Clinton political adviser James Carville said at the time that “I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody [1].”
My second favorite quote from Carville (#1 - PA is Pittsburgh and Philadelphia with Alabama in between).
This is why as recently as 40 years ago, the evangelical and Southern Baptist vote was reliable for the Democratic Party, because they always vote for Republicans.
The Southern Democrats party BECAME the southern republican party WHEN "those people" were declared human - in the '60 - by the north democratic party, pissing off the people still fighting the civil war.
Clinton political adviser James Carville said at the time that “I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody [1].”
So what the hell happened then? This is the worst intimidation attempt I've ever seen.
It's like Tony Soprano with a diaper and a pacifier.
Now Dawg, don't do anything rash... Have some Pull up a chair, shoot the breeze...how's the California dreaming?
I swear. I don't mind OT but there are only a few million sites to hash out these recent OT forays into religion and politics while there are only a handful where the core topics of CR are worth a tinker's cup.
Kal-e-forniah is dead. That admission pains me more than anything. I had that summer countdown remember? What we saw yesterday was a consequence.
You guys think the FHA bailout is bad? Wait until you other 49 get the bill for CA.
What is so hard about reviewing a few of the mortgage brokers / flipper forums to observe reality.. For a year i have watched those folks who are still making very large sums of money putting currently bankrupt, students with 100's of outstanding student loan debt etc into fha loans with no money down. Brokers who are constantly conversing on ways to put unqualified folks in homes this last year, you know, the younger folks who only think real estate goes up. Pop over today and see the reality.. It is right there on display for all of us to see. No secrets, yet this crapola just keeps happening.. Please someone tell me that the people in power know this is going on but are supporting this insanity for reasons I can't understand?
You guys think the FHA bailout is bad? Wait until you other 49 get the bill for CA.
Isn't THAT politics? What's the point of talking about the FHA without discussing politics? ALL of this was caused BY politics and will be "fixed" with politics.
As I don my confederate hat....but, but, but I thought we fought for state rights to trump federal superiority and the rape of the South by those Northern devils. Coming from a family who grew up on the wrong side of the tracks with 'those' people and were share croppers until they finally got some land of their own, only to have it taken by an Easterner at auction after missing the property tax deadline by one day. But hey, we were considered red man half breeds anyway. No harm, no foul in the eyes of the town and law.
I hope everyone is on board? Because you know the real number is twice that....Me I haz a 30 year fixed 2% loan, yes I do's. Laughing all the way..........Thank ye Obami!
The public bid period for $1b in short notes from CA (double tax free) ended with a 32% response rate. Bid to cover 0.3 is as bad as Latavia. The danger isn't those yields but what it portends for the costs to the US treasury to cover subsequent offerings.
great way to create job growth would be to abolish automated underwriting, hire competent underwriters and get back the old way of doing it...of course I wouldn't get many bonuses...
I don't get it... The folks standing in these lines own better clothes, have better medical durable equipment (handicapped equipment) than my own mother and drink starbucks coffee..
You know, you can be as skeptical of "paper PMs" as you want. But at the exact moment you wanted to get liquid, you were able to do so, and you did so at a bid/ask spread to bullion of a penny. There is no way you could ever buy and sell real coins or bullion as efficiently, and as liquid and timely. The shipping alone would take days and cost you 2-3%.
With each passing day of owning PM ETFs, I am becoming more of a fan of how they work, and how they have opened up the PM market to any investor with any amount of money. You could dollar cost average in or out of SLV in many increments pretty efficiently, too. Try doing that with bullion or coins.
iShares has done a good job gradually growing trust assets. SLV assets now stand at 276 million ounces.
You can see the popularity of SLV in its average daily trading volume, which recently has been 2.2 million shares a day.
Naaa. We got more Stimili money comin. The Federal Emergency High-Speed Rail Defense Initiative is about to begin. It will be GLORIOUS. A chicken in every pot and a train in every garage!
I don't get it... The folks standing in these lines own better clothes, have better medical durable equipment (handicapped equipment) than my own mother and drink starbucks coffee..
Which makes you wonder why the paper chose to run that picture instead of pictures of people in wheelchairs.
There's not really any news here, but I like the moment in the 7th paragraph where Geithner's "frequent contact" with Wall Street firms becomes Geithner "keeping tabs" on them.
Arnold is aging even quicker than any President after a couple of terms, and i'd imagine that he and Benjamins are wondering why they left their day-jobs?
Hopefully CR will have a story on the CA bond failure yesterday. 2/3rds of the offering to the public went unbid. Rates too low even double tax free. - RD
Shill,
The $ is only going back to where it was a year ago, before the big flight to safety trade as the world financial system was imploding. The reason for the decline of the $ is decades of running an economy that is more and more dependent on consumer spending and not productive investment. Most of the G-7 has the conumser responsible for about 64% of their economy's, we are at 71%, China is down well below 40%. Net exports here were running at over -6% of GDP, but we have proght that down to about -3% of GDP, mostly due to a lower price for oil than a year ago. That is what allowed Consumption to get to be such a high percentage of the economy. We need to move from a chronic trade deficit position to a trade surplus position, just how do you expect to do that with a strong dollar?
Blaming Obama for the decline of the $ is silly. For starters it has to happen, and secondly, its back to levels where it was under Bush. Just a partisan rant as ar as I can tell. There is plenty to swrite to Baccus to compalin about, that UGLY health care bill he is pushing for starters when will force people to buy insurance, but not introduce any real new compitition for starters.
Why on Earth would California want to encourage more "sales" to consumers?
Several reasons. First they are easier to herd. Second, they don't chrage a management fee. Third they still have money.
Strangely that last is wrong. The people buying double tax free CA notes are where CA is also expecting the revenue to pay off those bonds. IMO CA is fatally incorrect in that assumption. CA revenues are collapsing at every level. With property taxes constrained and the increased income and sales taxes having negative results there's no place left to turn.
"With each passing day of owning PM ETFs, I am becoming more of a fan of how they work, and how they have opened up the PM market to any investor with any amount of money"
I would follow what is happening to pm etfs pretty closely IMO. Limits are already being placed on oil and grain etfs due to the above. Dxo closed down and I would expect this to happen to others unfortunately.
My second favorite quote from Carville (#1 - PA is Pittsburgh and Philadelphia with Alabama in between).
You say that like it's a bad thing. FWIW, that area in between was prime recruiting ground for "The Tide" from the early '30s on. Namath was from Beaver Falls, and I believe they still have a 'Bama sports club there, with Auburn toilet paper no less-
"This exposes the FHA more to high risk states like California"
I think he means the TAXPAYER is exposed. More bailouts by risk-averse reasonable people in the non-bubble areas for those that are willing to take extreme risks since they bear no consequences. Pathetic.
The alternative is less consumption, more paying down of debt, and more effort to rebuild a real productive "economy" which ultimately benefits consumers, not profiteers.
Doesn't necessarily mean more cars, but better and more efficient cars. Measuring national economic success in sales numbers is really stupid. "Consumption" means burning value. Production should be aimed at adding value.
We have term limits in California for state legislators; hasn't changed much of anything
That's because of the insanely Gerrymandered districts and a state legislature that's beyond partisan. In true politician style the response to term limits was to build districts where it was almost impossible for someone of the 'other' party to win.
That's a bigger problem for us in CA than term limits.
~splat
Greg Mankiw's Blog: A 70-percent Marginal Tax Rate
Wouldn't that depends on the where the 70% rate was reached? Let's say the 70% rate was at 1 bazillion, that wouldn't be a disincentive for the average poor person (assuming they didn't expect to reach 1 bazillion very soon).
I took profit.....nothing wrong with that. My hard PM's are not for trading....the paper was/is. If/when I use the hard ones I am not worried about shipping them to anyone.....I have them solely for the "oh shit" moment that we all know is coming....may be not next month or year but rest assured it's coming. I also do not want to risk having the paper in an ask only environment...that happens enough in Japan in big blue chip stocks..I can envision the same shit tried here when the next "crisis" appears....the market will be crashed the next time that the system feels pressure to be accountable or it wants another wholesale bailout. Last year was a perfect example of it...not only did it "crash" the space was created for our "recovery"....when it happens again I'll reload the paper.....if not I'm perfectly happy owning the raw.
The FHA is the real estate industry's only hope for prices to remain at these artificially high levels. The FTHB tax credit won't mean much for demand if buyers are forced to come out of pocket with 10-20%. It's a shame that the government is propping up home prices to make first-time home buyers pay more AND are willing to risk the taxpayer's money to do it. Talk about a double-whammy if the FHA requires a bailout soon.
I think you mean "The need for FHA bailout seen".
A failure would be interesting theater to say the least.
That's an interesting thesis. I hadn't drawn that correlation in my head.
Excellent article here, mimics what I have been saying about the GSEs' future once the Fed stops buying. Or IF the Fed stops buying.
Fed Moves Will Shape GSEs' Future - American Banker Article
Fed Moves Will Shape GSEs' Future
American Banker | Thursday, October 8, 2009
By Steven Sloan
WASHINGTON — The mortgage market could lose vital support from Fannie Mae and Freddie Mac early next year if the Federal Reserve Board goes forward with plans to stop buying government-sponsored enterprise securities and debt.
The Fed plans to stop purchasing debt and mortgage-backed securities from Fannie, Freddie and the Federal Home Loan banks on March 31, with the likely result of steeper funding costs for the government-sponsored enterprises and higher mortgage rates for consumers.
Hell, just put it on my tab.
DX is below 76. what now?
This is really not a problem; the Fed always has more money.
20lbs of shit meet 1lb bag. I've seen a few rumors that the FDIC will be heavily involved in this bailout...why? Have no idea but since it makes no sense at all then I'm sure it would happen.
Ciao
MS
Huh. LatinAmericanCupid ad and Dollar to Dinoro ad. Was the FHA outsourced to Mexico?
plus the fact there is no minimum credit score.......
Nemo wrote:
Nemo, didn't you mean that CHINA always has more money?
Seems everybody is getting larger rearview mirrors these days. How many months ago was it that the commentariat came to the conclusion the FHA would need a taxpayer bailout? 2 years for the prediction, 1 year for the observations, 6 months for the certainty.
Bailouts == taxes. There's no way a recovery can withstand the effective tax rates being imposed by these schemes.
This isn't the first time we've seen a perfectly reasonable loan product or program blow up when it's expanded far beyond its appropriate market.
.....the retarded leading the blind........
There's no way a recovery can withstand the effective tax rates being imposed by these schemes
such a simple and obviuos statement that everyone seems to be missing.....
.........or is it the blind leading the retarded..........
Rob Dawg wrote:
Rob, they won't use taxes to pay for this. at least not "taxes" in the traditional sense of the word!
Black Star Ranch wrote:
you're being too hard on the retarded
So.. it would appear.. making larger loans to people with no savings who still can't possibly afford to buy a house ends up with large losses and the taxpayer bailing out the agency. Hmm.. failed policy to get the bubble going again ?
~splat
ghostfaceinvestah wrote:
They'll just extend it to June 30, then Sept. 30...
Plus, 24 - 36 months is reeaally far away. I'm not sure we should even think about this.
FHA needs a bailout?
Hoocoodanode?
But the bubble is going again, for now. I see this wave with ever increasing ups and (especially) downs.
Black Star Ranch wrote:
Or is it the Smart Amoral Scum-bags (who run everything everywhere) continuing the looting operation? All systems running normal.
FHA failing at a process for which it wasn't designed?
Hoocoodanode?
OT, I'm guessing from the construction date that the reason why Watergate couldn't catch a bid is due to asbestos and all hazmat remediation that would have to take place on a serious refurb.
Surprised some slumlord didn't bid and make it section 8
RockyR wrote:
In which of the other 49 States do you reside? 'Cause it shure ain't Kal-e-forniah.
Freakin' LA City just issued new incentives to forestall "runaway production." That's where the TXV and movies produce elsewhere. Turns out they are concerned the 10.25% sales tax is a hindrance to "the business." Well, duh. Too bad they don't see past their noses that 10.25% is a hindrance to all business.
Hopefully CR will have a story on the CA bond failure yesterday. 2/3rds of the offering to the public went unbid. Rates too low even double tax free.
Let me see if I have this right - about 80% of all home sales are now totally dependent on financing from insolvent government agencies? Clearly a green shoot, no? I guess as long as asset markets perceive unlimited, free government money, the moonshot will continue. I want to be living on a subsistence farm with a lot of ammo before the next crisis hits though.
As a CA city government they must be thinking it's too low ? 17.50% enough ? how about 25% ? We've got pensions fund pockets to line !
~splat
"We've looted the corporates.. now to loot that taxpayer ! WOOOOOOT !!"
~splat
.....the sad part is, if these different agencies WEREN'T bailed-out, the agency would fail or cease operation, the dumb-ass presidential appointees running the POS Department would be kicked to the curb, and public monies would then be thereby saved. Instead lets backstop the dumbasses running the dysfunctional wing of government. Presidential appointees ought to be (figuratively) shot. They serve NO purpose other than ticking off the career employees who generally do a fine job if left to their own devices and requirements.
Another bailout? That's GREAT news!
Bailouts are the new growth engine of our eCONomy.
The FHA is required by congress to be capitalized with at least 2% of the amount of loans outstanding.
David Stevens the new commissioner of the FHA started out a month ago by saying they wouldn't need a capital infusion, then 3 weeks ago said they probably wouldn't meet the 2% level, and then I guess this is the official release of an audit of the FHA
BSR--
well said...
dawg-
Yea that was bound to happen....I got a splash ad (probably a week or so ago) when I logged into my account touting the "availability" of those...that's when I knew it would fail.
Ciao
MS
Turbo wrote:
But they're only insolvent because housing prices have fallen and because of defaults. As soon as people realize how much money their 401k is worth, they'll be able to paydown their mortgages with 401k proceeds and - as they'll be feeling much wealthier - they be bidding up the prices of housing again. It just takes time. We've got to hang in there. The smartest people in our great nation are working on it now and - of course - they are working for our best interests.
this was easy to see coming..
Builders jump on hopes tax credit will be extended
Builders jump on hopes tax credit will be extended - MarketWatch
NOTaREALmerican wrote:
OK, Boxer.
Turbo wrote:
Well......if 20% actually get funding elsewhere, I'd be surprised, unless of course that 20% was for the most expensive homes on the market.
splat wrote:
Next up on the menu: bondholders.
There's a reason bondholders are going short short short. Frankly I don't see whointhehell would get caught dead holding 7-10-30yr notes. Say you have a 3%/30yr. What's it worth in a 6% inflation, 9% expected return world in a few years (if not quarters)? We are talking immediate wealth destruction on par with the housing bubble bursting.
And the band loaned on...
we are subsidizing for every damn thing.
while the religious think abortion and Gay right is the real issue.
and the politicians think they work for the lobbyist.
i wish i was fortunate enough to be able to game the system rather than be gamed....because the only way you do well is take advantage of it...
Hey, if Jim the Realtor says the market's hot, you know it's hot.
Buy now, or be priced out forever!
You mean running the FHA like a super-duper mirror fogging mortgage broker is a BAD idea?!?! Sacre bleu!
"Black Star Ranch (profile) wrote on Thu, 10/8/2009 - 9:03 am
reply ignore user
.....the retarded leading the blind........"
I see someone watched the last episode of South Park.
techy246 wrote:
Ahh, well put. The mantra of the world's Smartest Amoral Scum-bags - throughout history. You might not be able to be a Smart Amoral Scum-bag yourself, but there's still hope for your children.
FHA bailout needed? Good thing, as a country, we're running bountiful fiscal surpluses, have a strong currency, and don't depend on foreign financing of our debt, right?
How do you say "We're totally screwed" in Esperanta?
Eric wrote:
Well, as was said yesterday; because a market is hot doesn't mean the person reporting that it IS hot, is doing anything but reporting on it.
Let's be clear about FHA/VA/fedcash. The entire mortgage market is 100% dependent upon the forbearance of the Federal government. The supposed 20% outside the nationalized mortgage market would fold overnight should the government decide to shift policies. Doesn't matter which ay tthey shift, we are at a minima where more manipulation or less both result in less mortgage activity.
We sadly announce the demise of a Unabanker, who whilst bailing out, got tangled up in the credit-lines of his Golden Parachute, and cashed on impact.
Techy,
"I wish i was fortunate enough to be able to game the system rather than be gamed....because the only way you do well is take advantage of it... "
claim exempt, open llc in nevada, pay for everything out of llc and write everything off....
Can we all sing koombaya? Were going down but by magic all is well.
why the snark for Jim the Realtor?
He's always seemed honest to me. I believe him when he says the market is hot. There's probably 4 months of supply where he works. 4 is hot, 6 is balanced, 8 and up is buyer's market. This is an aberration given all the delinquent mortgages, all the houses that should be going to market are not making it there. So there is 4 months of supply trickled out when over 1 or 2 years of worth of sales should be on the market right now. It's a cartel. It won't last forever
?????
Profit.
techy246 wrote:
Yawn. We are discussing FHA policy. Do you have something to add?
More pertinent to the last thread:
"The Federal Reserve has tallied nearly 8,300 store closings announced by retailers so far this year, including more than 1,500 large anchor stores. Last year, the International Council of Shopping Centers, an industry trade association, counted 6,900 such announced closures. The next-highest annual total recorded by the trade association was 7,000 in 2001."
Retail Vacancies Hit Multiyear Highs - WSJ.com
poic wrote:
Mandarin. Try to keep up.
go back to basics...go see the foundation of everything rotting and you will see that it all starts with no accountability for politicians.
i will explain in the next post.
poic wrote:
Sic transit Goldman Sachs mundi.
If a stripper in Florida only stands to lose money showing off her birthday suit, where's the upside?
.....No techie, not ALL the "religious" think abortion or gay anything. Wake up!
Frankly I don't see whointhehell would get caught dead holding 7-10-30yr notes.
Rob Dawg,
I just don't see higher rates, especially not 9% rates any time soon. Private credit demand is negative. And Bernanke has made sure there is no lack of liquidity.
Rates are going to stay low imo. So is growth.
You could have just said you have nothing to add and left it at that.
poic wrote:
sing it loud sing it proud...
Rob Dawg wrote:
FHA "policy" is the way it is BECAUSE the political system in the US is broken. Policy is supposed to be for the best interests of the public. Which party is doing that now? And why they aren't and how can it be fixed is 100% PURE politics.
"poic wrote:
How do you say "We're totally screwed" in Esperanta?
Mandarin. Try to keep up"
originally I was gonna ask about Mandarin but since this is global I was tring to use an all inclusive language.
Is IMF a language?
LOL.....actually, I have stomached 30-seconds of ONE of those shows in my entire life........I have a dislike for all cartoons. The Mrs. made me watch Toy Story.
Rob Dawg,
" poic wrote:
How do you say "We're totally screwed" in Esperanta?
Mandarin. Try to keep up. "
You want reach around. It cost extra.
NOTaREALmerican (profile) wrote (in reply to...) on Thu, 10/8/2009 - 11:28 am
FHA "policy" is the way it is BECAUSE the political system in the US is broken. Policy is supposed to be for the best interests of the public. Which party is doing that now? And why they aren't and how can it be fixed is 100% PURE politics.
Please refrain from using the word "pure" in association with real-world politics of any kind. TIA!
comment from another blog...2010 is not looking pretty...
My brother, as a counterintel Pentagon guy, and I spend most of our military career putting out lives at great risk to bring down the Wall during the Cold War era. So I am a patriot but not a nationalist. Because I see that we are well on the path on becoming just like the enemy we fought then. Ironic isn't it.
Instead of taking this victory to stand down we ventured on the path of empirewhich will be our undoing.
The talking heads get us waving the flag through propaganda and we think ourselves patriots. Nothing could be further from the truth. So now returning combat vets are looked upon as potential terrorists. When will the insanity end?
And that a certain representative strong-armed the FASB to lower it's standards really bothers me. I want to see the gov't and financial crooks held accountable which I don't see happening peacefully.
Have a nice day!
re: govt bonds
believe it or not, things will get better for governments for the next few months
production and trade will be up for all the reasons that it is up at this time every year, and money from that will make it to the government shortly after that
however, all the things the government would like to support are going to face negative seasonal headwinds until March
To my Montana Senators and Congressman this morning.............while they may not give a tinker's dam, I had to do something..............
Dear Senator Baucus, Senator Tester, and Congressman Rehberg:
I am very disappointed in this administration, and in my government generally, for sacrificing the U.S. dollar for a stock market rally. What do you think is more dear to us back home....the U.S. dollar, or some group of 30 stocks?? This market rally is a sham based on TARP and Fed funds, and at the same time, while it is being pumped up for the perception of economic turn around, this government has allowed the U.S. dollar to deteriorate to the point of being akin to a 3rd world currency. The rest of the world is interested in shunning the U.S. dollar as the base currency. There is shame in this, sirs, and it does more to deteriorate our standard of living and our country than any pride in health care plans, or the market rally, or any other "accomplishment" that this government wants to foist upon us as meaningful. Frankly, sir, it is disgusting. Sincerely,
ResistanceIsFeudal wrote:
Sorry, I meant to say "pure scummy" politics. I got a bit idealistic there....
"Mandarin. Try to keep up. "
You want reach around. It cost extra."
that's Thai. Mandarin would be "you're gonna lose the package if you keep screwing up. Trust me I know.
Angry Saver wrote:
I'm not diametrically opposite here. Thing is rates are being held low, we all know that. This isn't Japan 1990 and we cannot reasonably expect internal savings rates to prop up those low rates. Holding the beachball underwater doesn't end by slowly rising to the surface. It explodes upwards in a chaotic manner. Anecdote: I want 5.4%+ CA double tax free before I'm interested. Some trade near there. CA tries this evil rip off issue ending yesterday and there's surprise at no bids. You push rates down, you cannot hold them down.
shill- I raise my
to you Sir...Nice...
Neither a borrower nor a lender be. At least there's market consensus on the lender part; lots of individuals figuring it out on the borrower part. The state is always the last to figure it out.
Comrade Misean is Dope wrote:
Ahhhh, Happi ending!
Here's a weird financial dangle to the gold angle...
Evangelicals are good sheeple, and they've been pitched precious metals hard the past 20 years, and lots of good christian soldiers have lots of them.
They are already the only sizable group in the country as far as a voting bloc is concerned, imagine if the dollar went (poof!) and they would be the only sizable economically feasible bloc in the country~
poic wrote:
Lost your "package"? Is THAT how you know? Just curious-
Anyone care to speculate what a capital infusion to the FHA would amount to? They need to maintain 2% of loans outstanding. They get fees for new lending, but loan losses will eat that 2%
ok let me explain:
since 35% of the population are interested in law making based on religion...and 35% oppose them because we dont want papal rule to come back.
which means 70% of the people have already chosen sides based on non-issues.
which means republicans have to appease their base....and democrats their base........all based on non-issues.
and then come the lobbyist....who will keep pushing for these damn public bailouts of things like Wall street banks(who are still going to distribute around 100 billion in bonuses)....auto industry where union employees have a very nice deal...and management needs to be fired.
housing industry...where supposedly it is ok for the government to fund $730k mortgage...which is like 3 times more expensive than the rest of the nation....(compared to median income to median home price ratio).
rich farmers getting subsidy....US companies sending outsourcing jobs..which in effect is distributing the quality of life enjoyed by americans(which btw is financed by the spending of americans)....
in other words...the people of this company dont matter.....because they are all paying attention to non-issues.
and the lobbyist steer the government for their needs.
tax payers keep subsidizing all kind of things....just because those groups have bought the law makers..
if you want to fix the country, just two things will take care of 80% of problems:
1. keep religion out of politics
2. campaign finance reform
else keep talking and whining...and bitching while Rome burns.
it's not like the managers personally lose anything when the Calpers decides to move into long-dated corporate bonds. probably get a nice kickback as well.
There's a lot of mania back in the market and housing. And just like Nasdaq 1999 it's not the first bust that does the long term damage. It's the 2nd and 3rd. If we get subsequent busts in the next 12 months it could have very bad long term consequences to a system based on asset growth.
Say it's not so BSR...some cartoons are important art. It is amazing how many ideas get crammed into those shorts. I am of course referring to classic cartoons like Looney Tunes...and early Disney, among others, not most of the crap on now. You do yourself a disservice....but it is a common trait. When my dad had to do his psych profile (spec ops wanted him for awhile, but he didn't see shades of grey)...one of the sessions involved your favorite cartoon character... most of the people in this class, didn't watch cartoons. My dad said Yosemite Sam. PhD had fun with that one, my father bothered her on many levels.
EvilHenryPaulson wrote:
Ummmm...perpetuating the scam? Yes/No?
shill wrote:
Dear "citizen" Shill
Thank you for your amusing letter. Please be advised that we no longer even offically care what you peasants think. If this bothers you, you can always vote Green! HAHAHAHAHAHAHAHAHA!
Sincerely, "your" Honorable Representative.
Cinco,
no just posting in a joking way about how different various cultures are under the surface. My brother lives in Thailand so I get to see the differences anectdotally.
interesting that GS is red....
This isn't the first time we've seen a perfectly reasonable loan product or program blow up when it's expanded far beyond its appropriate market.
That's the minor premise.
The major premise is that, given enough time and political pressure, every loan product or program - in fact every government product or program, period - always gets expanded far beyond its appropriate market.
Those two premises yield one inevitable conclusion, and it's not a good one.
techy246 wrote:
Campaign Finance Reform is a sham. It's just a means to stifle the message of folks that would want to change things. Every time it's implemented, the end result is worse than what we had before.
I was going to say,"one more dangerous precedent."
I am shocked at the number of people willing to make statements about religion and theology who don't have a clue about either.
creditcriminalslovetarp (profile) wrote on Thu, 10/8/2009 - 12:30 pm replyIgnore usercomment from another blog...2010 is not looking pretty...
My brother, as a counterintel Pentagon guy, and I spend most of our military career putting out lives at great risk to bring down the Wall during the Cold War era. So I am a patriot but not a nationalist. Because I see that we are well on the path on becoming just like the enemy we fought then. Ironic isn't it.
TFYSTOC!
I saw last night that in China because of personal income growth, and a 34% decline in chinese exports the chinese are concentrating on the 1.5 billion population to buy the sitting inventories. And that some are saving up to 35% of their PDI, with a country wide avg of a savings rate of 24%.
Granted you could say the wages suck, but that would seem to mean that PDI would be non existent in order to survive, but they are doing it anyway to buy cars and houses. Capitalism sweeps through and low and behold.....
Hahaha! as expected
Cinco-X wrote:
Campaign Finance Reform that doesn't address the problem of selling politicians like F150 trucks in pointless. Money wins, period end-of-story.
Mook wrote:
The earlier examples of this (subprime loans, options ARMs) were not government products or programs.
South Park is pretty ingenious actually. They tear into a lot of issues.
The special olympics episode had one kid using steroids and giving back his medal at the end with Mark McGuire, Barry Bonds and Jeremy Giambi standing behind him on the podium.
The episode about the financial melt-down was so true on so many levels.
badger wrote:
All us clueless people can do is judge the deity's based on how they are presented in public. What ELSE would we judge them on?
Why the heck do the world markets celebrate US dollar devaluation? The US markets, sure, but the European and Asian markets? Huh?
badger wrote:
Why!? It's much easier to discuss when you don't need to be worried about facts and/or understanding. You just make it up as you go-
Cinco-X wrote:
Religion and "facts"?
Your statement intrigues me, which clues about religion and theology are you privy to? And you must forgive the young, we all go through the tossing the baby with the bathwater stage. Well, some never move past that stage, but I digress.
"Campaign Finance Reform is a sham. "
My plan is to shoot them after they take the oath of office. It would work quite well actually, and have that added Darwinian award thingy...
About half the statements I hear about religion on day to day business are the rhetorical equivalent of "You know those black people..."
Or you redact passages with liberal bias. Thank you Conservopedia for tireless efforts.
"The earlier examples of this (subprime loans, options ARMs) were not government products or programs."
3.5% FHA on 500 level ficos and DAP are the government equivalents.
Btw my iPhone tried to autocorrect fico to Rico just now.
Thing is rates are being held low, we all know that.
Rob Dawg,
Mortgage rates are being held down for sure. And arguably the Fed's mortgage buying is providing lots of liquidity which is pushing all other rates down too. But that doesn't mean that rates are going to spring back up. Imo, rates are low because they need to be low. We have too much credit in the system compared to present and future output. Too much fraudulent credit! The only way to salvage the system without a violent bust is with low rates for an exteneded period of time.
Anyway, that's my thinking. I've placed my bets accordingly, but I have hedges and am staying close to the exits.
Sam. PhD had fun with that one, my father bothered her on many levels..
similar happened on my psyche profile... we were handed a blank white paper as a group of about 300, and told we would be instructed to draw a picture of anything we wanted, but to draw a stick figure so we could move on. When the docs came out they did and 299 drew stick figures... i something entirely different. When asked why i hadnt drawn a stick figure, i responded nothing about the stick anatomy excited me considering i was entering 8 weeks of male only bonding. She laughed .They concluded i was deep and somewhat wacked but harmless and stamped acceptable...lol
Angry Saver wrote:
I choose to believe this does mean rates are going to spring back up. From where I sit I hope they just spring back up as the alternatives on either extreme are too horrible to contemplate.
badger (profile) wrote (in reply to...) on Thu, 10/8/2009 - 11:46 am
About half the statements I hear about religion on day to day business are the rhetorical equivalent of "You know those black people..."
Religion brings out much of the worst in people, but also some of the best. Pecuniary social darwinist materialism, not so much.
NOTaREALmerican wrote:
Feel free to dispute the underlying "mythology" of religion if you like. But then there are facts such as how much the average church goer donates to charity, how they are likely to vote, or the percentage that end up spending time in prison. These require no faith in order to believe.
from BBerg summary:
$30bn = 4.4% reserves => $682bn total assets
projected shortfall = $54bn according to the audtior
but if the FHA is supposed to continue lending with reckless abandon in the name of supporting house prices, what might be tacked on to a capital infusion
Here's some free advice from Chuck Prince:
YouTube - Carrie Lucas - I Got To Keep Dancing 1977
Have a great day!
badger wrote:
What ELSE would be we clueless people be doing? It's a deity for god-sakes. When you make your deity public-domain it's subject to scorn and ridicule like any other public philosophy. ESPECIALLY if you are using the deity to influence politics. What OTHER defense do the non-religious OR the competing deity's believers have?
poic wrote:
Hmmm....has the iPhone become sentient, and will it now try and destroy the other carriers it views as its enemies?
i said "KEEP RELIGION OUT OF POLITICS"
we need to focus on real issues....does anyone has problem with that?
or else lets keep fighting till eternity while the politicians keep screwing us.
OK by me....i am an Amoral scum-bag....just waiting for the opportunity.
If i practice hard enough....i myself can pretend that the Bible is the real thing and win elections.....but i am not so smart yet....working on it.
More dollar squalor:
Last trade 75.787 Change -0.707 (-0.91%)
EHP-
Whatever the bondholder's at GS, JPM and C want it to be. $200b sounds about right to me.
Ciao
MS
Cinco-X wrote:
I don't think THAT is what most people argue about. I'm MUCH more worried about the dominate deity being obsessed with the fornicatin' harlots than how much his believers donate to church.
ResistanceIsFeudal wrote:
I'd suggest that while your "Pecuniary social darwinist materialism" might not bring out the best, it can certainly bring out the worst.
Actually, I like the mythology part, more than the theology part. The mythology at least draws upon concepts that have been with us since the beginning. A sure sign or 'fact' if you will of some sort of divine manifestation in the human spirit. It is the theology, the basis for most religions... that drive me crazy. It is the equivalent of the medieval might is right...the history of specific doctrine, how it came to be, how it was decided...I see very little of God in that, just brute force.
I do have an issue with your statement because it was so irredeemable stupid that you should have been embarrassed making it. Look up evangelical ecclesiology and you'll have a start at understanding how stupid your statement was. And no, I'm not an evangelical.
techy246 wrote:
HA! But are you Smart ENOUGH to make it into the Inner Circle of Smart Amoral Scum-bags? That is your ultimate goal.
I have no problem with Religion itself......its nice to see some one living in peace in the midst of all the turmoil
but please keep it out of politics....
I'm going to give credit to Edward Pinto who estimated the $54bn shortfall. He did his job well. He should be hired to replace David Stevens, current head of FHA.
What Idiot failed to mention, was that the expected losses on a 30yr mortgage are heavily front weighted.
All us clueless people can do is judge the deity's based on how they are presented in public. What ELSE would we judge them on?
So given this we cluelss should judge a race based on how they are presented in public?
I say give the religon and the diety the respect you would give a race..... and not penalize based on some public displays of ignorance... deal?
BTW...out of all my paper SLV......hit my target. Now , of course it will skyrocket. I still can't get past the obvious disconnect with most of the ETF's so I'll take the money thank you.
Ciao
MS
On the subject of losses, for one of you tanta-like bears : If a loan is in default and it's insured, wouldn't the first holder want to have a property sell at any price NOW, to collect the insurance, while they are still able to pay ?
*HA! But are you Smart ENOUGH to make it into the Inner Circle of Smart Amoral Scum-bags? That is your ultimate goal.
*------
not yet....but working on it....and of course as soon as i see the opportunity....it will be nice to hump the population from the top, unlike being humped by the lobbyist right now.
"badger (profile) wrote (in reply to...) on Thu, 10/8/2009 - 9:46 am
reply ignore user
About half the statements I hear about religion on day to day business are the rhetorical equivalent of "You know those black people..."
I was in Los Altos with my wife walking around on the weekend and there happened to be a Classic car exhibit there. Two guys were standing by one car talking about the problems with the car industry. Only after we walked past did it register that the above phrase is how one guy was arguing. It was so unexpectd that my mind took 30 seconds to register what I was hearing.
BTW...out of all my paper SLV......hit my target. Now , of course it will skyrocket.
MS,
Even if it does skyrocket it's ok. As far as I can tell, nobody ever went broke selling at a profit.
Cinco-X (profile) wrote (in reply to...) on Thu, 10/8/2009 - 11:55 am
I'd suggest that while your "Pecuniary social darwinist materialism" might not bring out the best, it can certainly bring out the worst.
I got somewhat careless with my sentence structure. But "pecuniary social darwinist materialism", now there is a potent word salad!
Definitely
I think Stevens is saying that the "FHA’s accounting method" is the same one used by the banks to pretend they're solvent, so he does have a point. Now all he needs to do is have the FHA take in usurious ATM and overdraft fees and then it's golden.
I'm not following this. We have too much supply of credit which drives the price of credit - the interest rate - down. In order to keep rates down the supply has to stay high. Something's gotta give.
E Thomas St. wrote:
That's my new favourite website, thanks!
I think it may well be the greatest repository of satire on the Internet.
Two terms, perhaps 3 at absolute most, then it's time to leave. The alternative is this scum just stick around ripping us off forever.
~splat
NOTaREALmerican wrote:
You questioned my use of the word "facts" and I explained it. Do you have an issue with my explanation? My feeling on "fornicatin' harlots" comes straight from the Bible:
"Judge not and ye shall not be judged"
Probably the King James version which has been superseded by various other versions which all say pretty much the same thing, and I can't tell you where that comes from, but it's good words to live by; is THAT a problem for you?
+1 Well said and so very true.
Vonbek777 wrote:
You like it, others don't. Faith and grace are things that come from within, and you can't mandate them. To each his own-
Do not question me ! God himself told me to say it.
~splat
AS-
Not doing enough of that lately though. I want out before the massive selling in them occurs. It will....
Ciao
MS
So, what if I told you I did everything that a fellow named* J. C. told me to do, to follow his laws and whatnot, do as he did, etc., despite the fact that all of his teachings were over 2,000 years old?
They should also downplay his... umm.. 'jewish' heritage it doesn't fit the image well and may cause some negative feelings in certain demographics. Plus his family background comes off as extremely working class, it'd be easy to edge him a little more to well educated middle class, for a broader appeal to the base.
~splat
JP --
Already done. Before you were born, in fact.
Want something scary?
"Lawmakers will also consult economists on how to create jobs, Pelosi, a California Democrat, told reporters in Washington."
From Bloomerg
Trying to decipher what is scarier the consulting or Pelosi.
Juvenal Delinquent wrote:
What if? Do as you like within the law, and BTW, this same fellow said "Give unto Caesar what is Caesar's, and unto God what is God's", so there shouldn't be an issue with the Law getting in the way of your beliefs, at least not here in the US of A-
One definition of insanity is doing the same thing over and over while expecting different results.
Just to keep things more clear...
I think the whole spectrum of politicians are not good....it does not matter if they are democrats or republicans...
hey but who cares....we have more important things to fight about....like abortion and gay rights....who cares if the politicians are raping the future of our childrens...
What if he was a Mayan from 2,000 years ago, or a Chinese from 2,000 years ago, or an American Indian from 2,000 years ago?
It's all a bit silly, this hero worship.
shill wrote:
You wouldn't want 'em talkin' to businessmen who actually create jobs, would you? THOSE folks have important work to do
I don't have real-time commodity quotes at work. Is
over $1060 yet?
////I'm not following this. We have too much supply of credit which drives the price of credit - the interest rate - down. In order to keep rates down the supply has to stay high. Something's gotta give. ///
I could be completly wrong, but here is what I see.
We have lots of devalued, illiquid money being held as reserves by lenders. Therefore a decrease in credit avail.
We have a decrease in debt demand. Unless goosed by Fed discounts in housing, cars etc.
Tons of other issues that make my head spin daily.
I find those conversations end up be a variation of you need to give me more money.
Funny I could careless about either one. Maybe it's just me.
back to economics..
Thirty-year bonds sold at lowest yield since March--this line is interesting....what happened in march again
1:11pTen-year yields rise to 3.21% after auction
1:10pIndirect bidders buy 34.5% of 30-year bond sale
1:09pBidders offer $2.37 for each $1 of 30-yr debt sold
1:09pThirty-year bonds sold at lowest yield since Marcc
1:09pTreasury sells $12 bln in 30-yr debt at 4.009%
not quite Noob...currently at 1056.xx..wait a few minutes though....
Ciao
MS
Juvenal Delinquent wrote:
My wife grew up following the beliefs of an Indian from ~3,000 years ago, and it worked out well for her, and she's a very decent person. Good teachings are good teaching, whether they're old or new. Actually, the old teaching have already passes the test of time, whereas the crap being passed off today probably won't be remembered 50 years from now, much less 2000 years.
Well my good friend Jonah and I have a lot in common. What can I say.
Always an OT before NT type of guy. I really like the gospels, and some of the books of the Apocrypha...but have a big problem with Paul and the beginning of Christian theology. Like I mentioned last night before my Spinoza bout...the debate between Pelagius and Augustine...is an interesting read and how bumpy the road to modern Christianity is. Most of my Christian friends say I get caught up in the little details and miss the big picture...my big picture is made from little details though.
Hard term limits
GOP already campaigned on that issue in the '90's--what happened was that some, maybe even a majority, of the candidates elected partially on that basis (big part of their platforms), decided that what they were doing was just soooo important and ONLY they could do it, so they just stayed on. Voters apparently had forgotten about the promise or didn't care and re-elected some of them anyway. A few really did leave after the set number of terms.
I saw it as just another tactic by GOP to get rid of whatever Dems were in office, because the S.Ct eventually decided imposition of term limits on members of Congress was unconstitutional or something and a constitutional amendment failed to garner enough votes in the H of R (what a surprise!)--that's after all those term limits proponents had been voted in, as part of the "Republican revolution."http://en.wikipedia.org/wiki/Term_limits_in_the_United_States
shill-
wait until the mid-term elections start up the cycle...you'll be hearing alot regarding both issues IMO.
Ciao
MS
To live one's life based upon a very short passage of time from many thousands of years ago is cheating oneself.
"
I'm not following this. We have too much supply of credit which drives the price of credit - the interest rate - down. In order to keep rates down the supply has to stay high. Something's gotta give."
there's a pretty strong argument that demand for credit drives everything. If demand doesn't come back (and right now the nbers are showing a continuing drop in demand) that could be sufficient to keep rates down I'm the face of declining supply.
I think we will continue to see government debt markets suck available credit away from private markets.
Haha, I just had a 'wonderful' Freudian Slip moment over at the NYT website. There was a headline that seemed to read:
Treasury Hails Millstone in Home Loan Modifications
Here's the 'real' article; somehow my eyes read the thruth through all the lies....
People in wheelchairs and others using canes were being leaned on by people too weak to stand. Emergency medical technicians on the scene said they treated applicants who were injured during the rush to get inside the venue.
That's what happens when a town full of broke people gets a whiff of free money, said Walter Williams, 51, who came before the sun to get an application and a shot at some federal assistance.
"This morning, I seen the curtain pulled back on the misery," he said. "People fighting over a line. People threatening to shoot each other. Is this what we've come to?"
Detnews.com | This article is no longer available online | detnews.com | The Detroit News...
the pigmen are scum....lets celebrate the $ down, dow up...while america burns...
Juvenal Delinquent wrote:
An opinion, not a fact-
Not if i am not listening
When they start with that speak I will put my hands to my ears and do the LA LA LA LA thing. Been hearing the same shit for 20 years now....enough!
MS wrote:
Thanks MS. I'm more interested in the soft commodities, but
is just on fire the past few days.
they took down link...I love google cache...
Chaos at Cobo: Detroiters turn out for federal help | detnews.com | The Detroit News
splat wrote:
If that's the answer, you've already admitted that the basic flaws in the system can't be fixed.
We have term limits in California for state legislators; hasn't changed much of anything. The same interests get what they want, even more so: all the "old timers" in the capitol are the lobbyists. They have a vast information advantage over the relatively inexperienced legislators.
It may be silly, but it's what many people seem to want. Rocket Ronnie's administration convinced me that what we really need in the US is a titular head of gov't, sort of like the royal family in the UK (who so many Americans seem to practically worship, especially Princess "Di"). Someone who's good at reassuring & encouraging people but who has little power. Reagan would've been great. I thought he was a liar from the first time I watched him give a speech on the television (never saw him live) but many people seem to find him sincere, reassuring, believeable. Maybe if we had that "royal family" (wealthy people in the US could pay 10 billion or so for the privilege, change every ten years/with a audition required of all family members who are going to appear in public), then that would take care of the worship/publicity needs of so many people, and we could elect people who actually want to do something useful in the gov't to do the real work. The UK parliament seems to manage to have more actual issue-oriented discussed than Congress seems to, and some of the repartee & cross talk is fun to listen to--like some of them actually can debate on various topics.
Ahhh, I see now. We need to focus our politics on religion and keep our government out of the economy.
Here CR pig me!
Housing Slump Erased $3.4 trillion of Wealth in 2008
Research Recap » Blog Archive » Housing Slump Erased $3.4 trillion of Wealth in 2008
Cinco-X wrote:
It is when it INFLUENCES public policy and I can't argue with YOUR deity.
Now Dawg, don't do anything rash... Have some
Pull up a chair, shoot the breeze...how's the California dreaming?
Ben is losing his touch.
Though I'm sure he's happy with taking out the 52 week low on the DX the bang for taking the buck out back to the woodshed is kinda wimpy today. DX down .75% but dow up only .87%.
Green Shoots: Budget Deficit Hit Record $1.4 Trillion in 2009
The article requested is no longer available.
Perhaps, but at the prices CA was willing to pay on their bond issue they didn't get many lenders.
black dog... look at the transports...hmmmm
H&S forming?
This country is throwing people out of their homes while paying other people to move into them. By the way, $15.2 million for 5,000 applicants is $3,000 per person, a whole lot cheaper than the tax credit proposal.
still got ways to go to get to 72 that we got last summer.
Has anyone been calling congress to oppose extension of the homebuyer tax credit??
techy246 wrote:
Not sure if that's a non-issue or NOT, but assuming it is: THESE 70% are the peasant dumbasses who will ALWAYS vote based on being manipulated by the Smart Amoral Scum-bags that run their respective parties. So, you've only got 30% left. Who are these 30% going to vote FOR? The only choice they've got is the Air-Head Socialist Party and the Christian Fascist Party. Why bother voting?
M wrote:
Yeah, somebody sent a letter. It's being worked on by their best people now.
M-called yesterday...
This is why as recently as 40 years ago, the evangelical and Southern Baptist vote was reliable for the Democratic Party, because they always vote for Republicans.
the tax credit should be deficit neutral. i say we cut another $40B from medicare to pay for it. we'll get the extra benefit of (somewhat) offsetting the inter-generational debt flows.
I miss the good old days. From wiki:
From October 1993 to November 1994 10-year yields climbed from 5.2% to just over 8.0% over worries concerning the fiscal profligacy of the Clinton Administration. Upon this and the influence of Robert Rubin, Bill Clinton adopted a concerted effort to reduce the deficit. 10-year yields dropped to approximately 4% by November 1998[1].
Clinton political adviser James Carville said at the time that “I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody [1].”
My second favorite quote from Carville (#1 - PA is Pittsburgh and Philadelphia with Alabama in between).
badger wrote:
The Southern Democrats party BECAME the southern republican party WHEN "those people" were declared human - in the '60 - by the north democratic party, pissing off the people still fighting the civil war.
Dixiecrat - Wikipedia, the free encyclopedia
Life would be a lot easier if that were the case, wouldn't it?
The old Mason-Dixon Line ran north-south geographically, the new Mason-Dixon Line runs north-south financially.
black dog wrote:
So what the hell happened then? This is the worst intimidation attempt I've ever seen.
It's like Tony Soprano with a diaper and a pacifier.
Ding ding ding! We have a winner.
Vonbek777 wrote:
I swear. I don't mind OT but there are only a few million sites to hash out these recent OT forays into religion and politics while there are only a handful where the core topics of CR are worth a tinker's cup.
Kal-e-forniah is dead. That admission pains me more than anything. I had that summer countdown remember? What we saw yesterday was a consequence.
You guys think the FHA bailout is bad? Wait until you other 49 get the bill for CA.
RockyR wrote:
Way upthread.
I grow weary of this blame the Asian creditors meme.
America has over 300 billionaires. Isn't this s'pos'd to be an informed forum.
Math is hard.
creditcriminals,
Thanks. I feel better not being alone in at least trying to do something.
What is so hard about reviewing a few of the mortgage brokers / flipper forums to observe reality.. For a year i have watched those folks who are still making very large sums of money putting currently bankrupt, students with 100's of outstanding student loan debt etc into fha loans with no money down. Brokers who are constantly conversing on ways to put unqualified folks in homes this last year, you know, the younger folks who only think real estate goes up. Pop over today and see the reality.. It is right there on display for all of us to see. No secrets, yet this crapola just keeps happening.. Please someone tell me that the people in power know this is going on but are supporting this insanity for reasons I can't understand?
Rob Dawg wrote:
Isn't THAT politics? What's the point of talking about the FHA without discussing politics? ALL of this was caused BY politics and will be "fixed" with politics.
As I don my confederate hat....but, but, but I thought we fought for state rights to trump federal superiority and the rape of the South by those Northern devils. Coming from a family who grew up on the wrong side of the tracks with 'those' people and were share croppers until they finally got some land of their own, only to have it taken by an Easterner at auction after missing the property tax deadline by one day. But hey, we were considered red man half breeds anyway. No harm, no foul in the eyes of the town and law.
What horrible thing happened in Cali yesterday?
triplec
TPTB know.
Our economy is baised on debt. Without increasing debt it collapses.
M,
anyone with a kid should call...I could live in a trailer down in baja next to perfect reef break...I live and work for my kid...nothing else...
Crabtree was signed.
do you mean the chaos in detroit?
Crabtree?
No. Our economy, and all economies, are based upon trade.
Its the monetary system that is based upon debt. That's different.
Treasury: 500,000 mortgages modifications started
I hope everyone is on board? Because you know the real number is twice that....Me I haz a 30 year fixed 2% loan, yes I do's. Laughing all the way..........Thank ye Obami!
triplec,
someone with a $300.00 credit limit on a secured credit card and no other credit can be over 700 Fica..
this is telling is it not....
lawyerliz wrote:
The public bid period for $1b in short notes from CA (double tax free) ended with a 32% response rate. Bid to cover 0.3 is as bad as Latavia. The danger isn't those yields but what it portends for the costs to the US treasury to cover subsequent offerings.
Trade is based on debt. By nations, companies, individuals.
great way to create job growth would be to abolish automated underwriting, hire competent underwriters and get back the old way of doing it...of course I wouldn't get many bonuses...
Football joke.
Each 'trade' is an individual transaction. The conditions vary.
Edit: don't confuse debt and trust.
I don't get it... The folks standing in these lines own better clothes, have better medical durable equipment (handicapped equipment) than my own mother and drink starbucks coffee..
Residents Get Chance At Stimulus Money -- Detroit MI
Residents Get Chance At Stimulus Money - Detroit Local News Story - WDIV Detroit
Lead problems?
Berrien County (Benton Harbor, MI) gets 2 million to zap lead from homes
http://www.heraldpalladium.com/articles/2009/10/06/local_news/889700.txt
We are all Latvian Feedom Fighters now.
oh, my dawg, oh, my.
I wondered what anybody would buy those things.
I am relieved in a horrible sort of way that they didn't.
RIP California.
At first I thought Juvie spelled something wrong.
But--Not!
MS,
You know, you can be as skeptical of "paper PMs" as you want. But at the exact moment you wanted to get liquid, you were able to do so, and you did so at a bid/ask spread to bullion of a penny. There is no way you could ever buy and sell real coins or bullion as efficiently, and as liquid and timely. The shipping alone would take days and cost you 2-3%.
With each passing day of owning PM ETFs, I am becoming more of a fan of how they work, and how they have opened up the PM market to any investor with any amount of money. You could dollar cost average in or out of SLV in many increments pretty efficiently, too. Try doing that with bullion or coins.
iShares has done a good job gradually growing trust assets. SLV assets now stand at 276 million ounces.
You can see the popularity of SLV in its average daily trading volume, which recently has been 2.2 million shares a day.
A year ago, it was 440,000.
Rumors of the Golden State's demise are greatly exaggerated, except for the money part.
The people going in the bankruptcy law firm were always dressed better
than my clients who were buying houses, and doing business of various
kinds.
lawyerliz wrote:
Naaa. We got more Stimili money comin. The Federal Emergency High-Speed Rail Defense Initiative is about to begin. It will be GLORIOUS. A chicken in every pot and a train in every garage!
Off to lunch.
I don't want no steeking train in my garage. Got so much junk the cars don't fit in
there anyway.
dude, serfs up-hang ten.
Wow! Dollar and ten-year really moving. There has to be an inflection point somewhere...
The old Mason-Dixon Line ran north-south geographically, the new Mason-Dixon Line runs north-south financially.
actually the line runs east west except along the del border......
but fiscal seperation could be recognized...
NOTaREALmerican wrote:
Too funny. There is nowhere near enough money to build rail in America. It would take trillions.
And come from Canada.
Our economic system is by and large based on our monetary system.
If the debt goes the monetary system goes. If the monetary system goes enough of our economic system goes to hurt everyone.
We are a global economy now. Trade is via credit which is based on our monetary system.
Of course we can always separate the two with all the consequences (both good and bad) that arise.
I bought my teensy amount of glod and silber for peace of mind, not to
make money. Of course I have made a little money. . .
dont you believe it wrote:
Trillions? That's less than the cost of the hunt for the Weapons of Mass Delusions.
Besides, we'll just borrow it.
triplec wrote:
Which makes you wonder why the paper chose to run that picture instead of pictures of people in wheelchairs.
There's not really any news here, but I like the moment in the 7th paragraph where Geithner's "frequent contact" with Wall Street firms becomes Geithner "keeping tabs" on them.
Leap of faith, that.
Wall Street on Geithner's Speed Dial - WSJ.com
Why on Earth would California want to encourage more "sales" to consumers?
1 currency now -yogi wrote:
And the alternative would be?
Arnold is aging even quicker than any President after a couple of terms, and i'd imagine that he and Benjamins are wondering why they left their day-jobs?
Hopefully CR will have a story on the CA bond failure yesterday. 2/3rds of the offering to the public went unbid. Rates too low even double tax free. - RD
Maybe Rio bonds are safer than L.A.
FWIW:
reuters Roubini says housing market hasn't bottomed
Rob Dawg wrote:
The reason is obvious after viewing Jim the Realtor: Everyone is busy buying head over heels in SanDiego.
Shill,
The $ is only going back to where it was a year ago, before the big flight to safety trade as the world financial system was imploding. The reason for the decline of the $ is decades of running an economy that is more and more dependent on consumer spending and not productive investment. Most of the G-7 has the conumser responsible for about 64% of their economy's, we are at 71%, China is down well below 40%. Net exports here were running at over -6% of GDP, but we have proght that down to about -3% of GDP, mostly due to a lower price for oil than a year ago. That is what allowed Consumption to get to be such a high percentage of the economy. We need to move from a chronic trade deficit position to a trade surplus position, just how do you expect to do that with a strong dollar?
Blaming Obama for the decline of the $ is silly. For starters it has to happen, and secondly, its back to levels where it was under Bush. Just a partisan rant as ar as I can tell. There is plenty to swrite to Baccus to compalin about, that UGLY health care bill he is pushing for starters when will force people to buy insurance, but not introduce any real new compitition for starters.
Please do not tell the people in Tijuana-adjacent the news, the market is jumping beans there.
Rob Dawg wrote:
He's not listening; you must've pissed him off-
1 currency now -yogi wrote:
Several reasons. First they are easier to herd. Second, they don't chrage a management fee. Third they still have money.
Strangely that last is wrong. The people buying double tax free CA notes are where CA is also expecting the revenue to pay off those bonds. IMO CA is fatally incorrect in that assumption. CA revenues are collapsing at every level. With property taxes constrained and the increased income and sales taxes having negative results there's no place left to turn.
Rob Dawg wrote:
Any numbers or links handy?
"With each passing day of owning PM ETFs, I am becoming more of a fan of how they work, and how they have opened up the PM market to any investor with any amount of money"
I would follow what is happening to pm etfs pretty closely IMO. Limits are already being placed on oil and grain etfs due to the above. Dxo closed down and I would expect this to happen to others unfortunately.
Is anyone else having trouble with some of the emoticons? I can't get the little devil to work.
black dog wrote:
You say that like it's a bad thing. FWIW, that area in between was prime recruiting ground for "The Tide" from the early '30s on. Namath was from Beaver Falls, and I believe they still have a 'Bama sports club there, with Auburn toilet paper no less-
"This exposes the FHA more to high risk states like California"
I think he means the TAXPAYER is exposed. More bailouts by risk-averse reasonable people in the non-bubble areas for those that are willing to take extreme risks since they bear no consequences. Pathetic.
Las Vegas odds on cause of GD2
Latvia/Sweden: 5-1
California: 5-2
USA: even-money
Europe: 3-1
Russia: 7-1
Field: 12-1
RoUbini still sees a (possible) U. Huh?
if you do it manually it works scone
Is
over $1060 yet?
AS of 14:18, bid/ask 1053.60/1054.60
Real time quotes available at kitco.com
The alternative is less consumption, more paying down of debt, and more effort to rebuild a real productive "economy" which ultimately benefits consumers, not profiteers.
Doesn't necessarily mean more cars, but better and more efficient cars. Measuring national economic success in sales numbers is really stupid. "Consumption" means burning value. Production should be aimed at adding value.
Odds on cause of GD2...
QE monetization: even (devalued) money
If the state govt. could set property taxes where they wanted.. I expect there'd be very few employed people left in the state.
~splat
Talk about creating disincentives for someone at the proverty level to go out and try to increase their income: Greg Mankiw's Blog: A 70-percent Marginal Tax Rate
JP wrote:
No, end of fiscal year has everyone holding counsel. Sorry.
Anyone have a link handy to the graph of FHA/conventional loans as percent of total? I know it's really changed in the last 2 years.
Why does it take 5 working days to get paid when you sell a computer blip disguised as a 3-Letter-Monte?
merchants of fear wrote:
Well, if it was a 'U' in 64pt. type, he might be right
1 currency now -yogi wrote:
This is crazy talk man! CRAZY talk! Where's the bling opportunity for the peasants in THAT?!
Bob Dobbs wrote:
That's because of the insanely Gerrymandered districts and a state legislature that's beyond partisan. In true politician style the response to term limits was to build districts where it was almost impossible for someone of the 'other' party to win.
That's a bigger problem for us in CA than term limits.
~splat
Juvenal Delinquent wrote:
Otherwise short selling wouldn't work
Seriously!
i don't guess the radio adverts for CA bonds here in dallas didn't work. hoocoodanode?
NOTaREALmerican (profile) wrote (in reply to...) on Thu, 10/8/2009 - 1:24 pm
1 currency now -yogi wrote:
Production should be aimed at adding value.
This is crazy talk man! CRAZY talk! Where's the bling opportunity for the peasants in THAT?!
That ain't workin' - That's the way you do it. Money for nothing and chicks for free!
if you do it manually it works scone - V
Testing >) testing )>) testing
Huh. The only way I can do it is to type in : plus 'evil' plus : all by hand. Interesting.
Terry wrote:
Wouldn't that depends on the where the 70% rate was reached? Let's say the 70% rate was at 1 bazillion, that wouldn't be a disincentive for the average poor person (assuming they didn't expect to reach 1 bazillion very soon).
California hikes yield, cuts debt sale to $4.1 bln - MarketWatch
"Hopefully CR will have a story on the CA bond failure yesterday. 2/3rds of the offering to the public went unbid"
Bad news are verboten now. Mr. Sh1t refuses to go through the fan yet again. He is on strike.
rich-
I took profit.....nothing wrong with that. My hard PM's are not for trading....the paper was/is. If/when I use the hard ones I am not worried about shipping them to anyone.....I have them solely for the "oh shit" moment that we all know is coming....may be not next month or year but rest assured it's coming. I also do not want to risk having the paper in an ask only environment...that happens enough in Japan in big blue chip stocks..I can envision the same shit tried here when the next "crisis" appears....the market will be crashed the next time that the system feels pressure to be accountable or it wants another wholesale bailout. Last year was a perfect example of it...not only did it "crash" the space was created for our "recovery"....when it happens again I'll reload the paper.....if not I'm perfectly happy owning the raw.
Ciao
MS
FHA mortgage cap:
1995 $153,000
2008 $362,000
2009 $729,500
Thanks FHA for helping make housing affordable to poor folk!
The FHA is the real estate industry's only hope for prices to remain at these artificially high levels. The FTHB tax credit won't mean much for demand if buyers are forced to come out of pocket with 10-20%. It's a shame that the government is propping up home prices to make first-time home buyers pay more AND are willing to risk the taxpayer's money to do it. Talk about a double-whammy if the FHA requires a bailout soon.
House Hearing on FHA Capital Reserves