The TARP is not a profit making enterprise. The point is to lose the money and the government has done a poor job of it. We've lost less than $100 billion of the original $700 billion. That's government inefficiency for you: they can't even waste money effectively.
I care if the FDIC borrows from the Treasury. In fact, few things would make my blood boil more, in a year of record bonuses.
Your is misplaced, YSLP, although the accounting trick should be exposed. Your beef is with Congress giving too much latitude to the FDIC to make rules. Let the banks complain about the pre-payment they lobbied for, save your outrage.
The two endeared themselves to the audience with tips. Buffett exhorted students to "marry the right person" and said, "The worst investment you can have is cash."
Gates, meanwhile, said he sees big opportunities in environmentally friendly energy and medicine.
"Capitalism is great," he said.
Gates wore a suit and tie, flashing the inner red lining of his jacket as he walked to his chair. Buffett, who earned a master's degree from Columbia in 1951, wore a sweater with the Columbia insignia.
Students in the audience said they were glad the two were so confident about the economy.
"That probably weighs a lot to a lot of people to hear Buffett say we're out of the crisis," said Andrea Basche, an Earth Institute student at Columbia.
The President said we were getting "early returns of 17%" [I think that's similar to Madoff's early run], and darling E. Warren said last week we'd probably make a profit.
Reputations at risks?!?! LMAO!!! Put Bernie Madoff in charge of the Federal Reserve and Treasury. If your going to run a massive Ponzi (pretty much what the entire US economy has become) at least hire someone with experience!
yogi,
You're using a Jedi Mind trick on me. The FDIC has no authority, period; that's it. Furthermore the FDIC is intentionally bypassing the will of Congress which fails "Chevron Step 0".
District Court is going to slap them down and force them to borrow from the Treasury or collect a special assessment. Bank on that. Their notice for proposed regulation basically said: "Congress gave them these options, which we reject... so we'll go with door #3".
Hah! They can't make a door #3!
FDIC has to follow Congressional Intent! (Supreme Court; I can point to 1984 Chevron case; there's also a 1999 FDA tobacco case, where Sandra Day said something like, "The agency just like the courts has to inspect the will of Congress. If Congress has directed how they should act, then end of story."
Congress made a law which allowed them to collect special assessments!
Bankers didn't like special assessments; so they made a law (via Congress) increasing FDIC borrowing authority!
Therefore FDIC only has 2 options.
Furthermore all definitions of deposits are limited to "deposits held by banks".
Tell me how the FDIC has authority to expand the definition of "deposit" to include "deposits we think you'll have in 2011". There is no authority; that's why the FDIC just ignored my meeping comment!
longwaver wrote:
If your going to run a massive Ponzi (pretty much what the entire US economy has become) at least hire someone with experience!
Did I miss something? Aren't Summers, Geithner, and Bernanke still managing the Ponzi scheme, er, US economy?
They are and they are doing a crappy job.. My house should have doubled in value over the last year and the credit card offers have stopped showing up in the mailbox.
I need at least 20 new credit cards and new HELOC every 6 months if I'm going to do my part to keep the Ponzi afloat.
My )(@*#$ TV is ONLY 50 inches.. It COULD be 60 inches if I had a Platinum card with 0% interest for 12 months... BUT NOO... I'm stuck with this stupid 50 inch. Basterds...
My )(@*#$ TV is ONLY 50 inches.. It COULD be 60 inches if I had a Platinum card with 0% interest for 12 months... BUT NOO... I'm stuck with this stupid 50 inch. Basterds...
Of course people in Congress have principals. When someone pays you to do whatever they say, then legally you are an agent and they are your principal. So the folks in Congress have many principals! Unfortunately the taxpayers at large are not among them.
(pulls string on Sheila Bair talking doll...)
"Nobody has ever lost a cent in an insured FDIC account since 1934, can I haz 3 years of bank insurance pre-payments please?
Hmm... If my bank fails I'm going to ask for my money in 1934 dollars. The dollar has lost ~80% of the value since then so I should get a tidy sum when they do the multiplication!
Totally OT,Today I recieved 2 notices from the City of Oakland regarding an alleged Parking Violation which supposedly occurred on october 30th.I can pay $20 each by Saturday,contest them by saturday or owe $200 each on sunday.They conveniently accept visa/Mastercard and I can pay by phone.Since the notices were mailed by the city,no postmarked date.No VIN# on the notices,which is not usual.Oh,and umm,I had to look up the address on google maps,I have driven by there but have never had occasion to stop my vehicle in that neighborhood except at a stop sign,ever.I have had a parking ticket in oakland,a couple of years ago and paid the damn thing promptly.Since I am not willing to be extorted it looks like I will be taking a full day off and appearing in traffic court.Gas and parking will exceed the $40 they want now and they are counting on it.effem.I wonder how many other cities are doing this?
longwaver wrote:
My )(@*#$ TV is ONLY 50 inches.. It COULD be 60 inches if I had a Platinum card with 0% interest for 12 months... BUT NOO... I'm stuck with this stupid 50 inch. Basterds...
[Looks down dejectedly at his pathetic 46" TV]
Dammit.
[Shuffles home]
Chin UP buckaroo!... Just wait for the Ponzi to restart and you'll be camping out in front of Best Buy to grab a 100 inch TV with your latest HELOC check.
The point is to lose the money and the government has done a poor job of it. We've lost less than $100 billion of the original $700 billion.
I think this was the original plan, but now I think the plan is to lose the money from other off-budget guarantees that aren't being so closely tracked.
YSLP: The new laws only add to the FDIC's existing options. Congress told them to look at longer periods (5-8 years?) in determining assessments. The 3-year prepayment in no way precludes further special assessments next week.
My house should have doubled in value over the last year and the credit card offers have stopped showing up in the mailbox.
I need at least 20 new credit cards and new HELOC every 6 months if I'm going to do my part to keep the Ponzi afloat.
Well, your home would have halved in value without the trillion or two that Summers, Bernanke, Geithner, Frank, and Dodd arranged to be poured into home price subsidies in the last 12 months alone. Does that count?
longwaver wrote:
My house should have doubled in value over the last year and the credit card offers have stopped showing up in the mailbox.
I need at least 20 new credit cards and new HELOC every 6 months if I'm going to do my part to keep the Ponzi afloat.
Well, your home would have halved in value without the trillion or two that Summers, Bernanke, Geithner, Frank, and Dodd arranged to be poured into home price subsidies in the last 12 months alone. Does that count?
Well if it had been cut in half, I could afford to live here... Ironic ain't it? Basterds...
Chevron Step 0 is had only been applied once, in FDA v. Brown & Williamson, because Congress had explicitly acted to allow the marketing of tobacco in other laws (which is where the Court found the will of Congress). Otherwise, if tobacco had fallen under the purview of FDA, it would have no choice but to ban it under the Food, Drug, and Cosmetic Act. In B&W, the Supreme Court circumnavigated this inconsistency by creating Chevron Step 0.
So, assuming Step 0 doesn't apply, the question is whether the enabling statute is ambiguous (Step 1); here, i'm assuming the ambiguity is deposits (or perhaps assessments). if so, move to step 2, and ask whether the FDIC's interpretation of the ambiguity is reasonable.
I think this was the original plan, but now I think the plan is to lose the money from other off-budget guarantees that aren't being so closely tracked.
I find this sad, not only that we're even discussing this, but that I actually find myself agreeing with you guys. I have no idea how I'm going to relate this period of life to my children when they're grown.
I suppose I'll comfort myself with the fact that by then they really won't want to hear me prattle on about my younger years anyway.
If you think this is bad, wait until you see the Muni Bond Catastrophe coming to a municipality near you:
One of my advisories just warned subscribers to get out of state-specific GO bonds, and if you must own Munis, buy a national fund that picks bonds with dedicated revenue sources. The in-state tax break is no longer enough to compensate for the risk.
I haven't seen Bond Girl on here in a long time - I wonder what her take would be on this?
if it had been cut in half, I could afford to live here
So half the current "value" is probably what it should cost. Oh well, now back to the nightmare of fake prices supported by colossal payments from the next generation of home buyers and taxpayers.
yogi,
The definition of deposits is limited. Congress sets the definition of deposits. Let me excerpt some. Show me where it says, "5% of your deposit balance as of December 2009 projected 3 years out".
the unpaid balance of money or its equivalent received or held by a bank or savings association in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a commercial, checking, savings, time, or thrift account, or which is evidenced by its certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar name, or a check or draft drawn against a deposit account and certified by the bank or savings association, or a letter of credit or a traveler's check on which the bank or savings association is primarily liable:
trust funds as defined in this Act received or held by such bank or savings association, whether held in the trust department or held or deposited in any other department of such bank or savings association
money received or held by a bank or savings association, or the credit given for money or its equivalent received or held by a bank or savings association, in the usual course of business for a special or specific purpose, regardless of the legal relationship thereby established, including without being limited to, escrow funds, funds held as security for an obligation due to the bank or savings association or others (including funds held as dealers reserves) or for securities loaned by the bank or savings association, funds deposited by a debtor to meet maturing obligations, funds deposited as advance payment on subscriptions to United States Government securities, funds held for distribution or purchase of securities, funds held to meet its acceptances or letters of credit, and withheld taxes:
outstanding draft (including advice or authorization to charge a bank's or a savings association's balance in another bank or savings association), cashier's check, money order, or other officer's check issued in the usual course of business for any purpose, including without being limited to those issued in payment for services, dividends, or purchases
such other obligations of a bank or savings association as the Board of Directors, after consultation with the Comptroller of the Currency, Director of the Office of Thrift Supervision, and the Board of Governors of the Federal Reserve System, shall find and prescribe by regulation to be deposit liabilities by general usage
Houses depreciate in real dollars. Even if every architect was a Frank Lloyd Wright, they'd all depreciate slowly without inflation of the currency float.
Clearly deposits is generally limited to "received or held". Clearly deposits that are assumed to be on the banks in 2010, 2011, or at any time in the future are not "received or held". And clearly the FDIC ignored my public comment pointing this out to them; because it would ruin their plans to run afoul of the law.
TARP was an investment! Some investments make money, others lose money. This was a loser from day 1. A little disingenuous of Timmay and Ben to sell it as a way for the taxpayer to make money. They aren't THAT dumb, right ? RIGHT ?
Houses depreciate in real dollars. Even if every architect was a Frank Lloyd Wright, they'd all depreciate slowly without inflation of the currency float.
Yep... Takes thousands of dollars per year just to keep the house from being worthless. A home you live in is a consumable, not an asset. I consume about 1/40th of my house per year, assuming I continuously feed it with insurances, taxes and trips to Home Depot so that it doesn't die early.
Houses depreciate in real dollars. Even if every architect was a Frank Lloyd Wright, they'd all depreciate slowly without inflation of the currency float.
Well, the structure does anyway. What I am seeing is that the land value is what actually inflated the most. In spite of the crazy construction costs.
noob goldberg wrote:
[Looks down dejectedly at his pathetic 46" TV]
Hey, I'm still using CRTs at home, and I'm in the business.
I'm enjoying some first time home buyer show on HGTV on my 65" screen. The new buyer, a kid in her early 20's with no money, bought a place for an enormous sum of money using 100% financing. The madness goes on, previously supported by the blind greed of private lenders, and now mostly supported by the redistribution goals of govt. Equally damaging.
My real question which I haven't seen answered. Is it a debasement of my Constiutional right to elect members of Congress who make laws on my behalf? I'm pretty sure it is. I'm pretty sure the Supreme Court has held that individuals have the right to vote in Congress to exclusively make the laws (and if they choose to explictely delegate to the FDIC).
I've not seen Congress explicitly vote and tell the FDIC that they have full power to define what deposits are. Even if you slyly call this "prepaid" assessments... its clearly assessments against deposits which have not been put into the banks yet.
Maybe the wheels haven't come off just yet, but I can hear at least a couple of lug nuts banging against the inside of the hubcaps, as the tired vehicle called consumerism, lumbers down the road, in a requiem for a heavy wait.
Didn't Barney Frank guarantee that the taxpayer would not only be protected but make money off of tarp? Is he going to pay the difference? I just know I am going to save a bundle on my new Obama care insurance! The Honesty and the reputations of such fine people. What could go wrong?
Didn't Barney Frank guarantee that the taxpayer would not only be protected but make money off of tarp? Is he going to pay the difference?
I think Barney guaranteed that Fannie and Freddie weren't going to have any problems, as long as they could keep lending. They have problems, and they are still lending, and Barney hasn't paid a dime.
Is it a debasement of my Constiutional right to elect members of Congress who make laws on my behalf?
this question was answered by the Supreme Court in the 1930s, when FDR rolled out the administrative agencies. for the most part, Congress can delegate most of its authorities to any governmental agency that it chooses.
I went down I-95 at about 95 in a car where the lug nuts were shearing off. We pulled over and only one was left on tire. We shrugged, got a room, and got drunker.
I used to think we were further along in the death spiral. Our recent adventure in trying to buy a home and looking at home prices is changing my mind.
I think houses and how people see them depend on their economic and social rankings. Mullets are still popular in some places and I bet in 2011 there will be people who think their doublewide is worth what they have out in equity. If they do realize - it will be quickly followed by looking for someone to blame. That will be pandered to by cynical manipulative assholes who will use them again to enrich themselves
FDR only threatened to stack the Supreme Court. That was sufficient. "If you have a big enough bazooka, you may not have to use it." -someone unimportant.
Semi On Topic: Spot gold in the night session is 1102. Expect 1105 tomorrow and then down she goes to 1045. Maybe 2 days, maybe 8 days; dudn't matter if you're short. Time to move the stops down; no sense in accepting any risk whatsoever.
On this blog, the one eyed man is the enemy. Very kewl. Very normal. Very tragic. Very American. The joke here is Hoocudanode. The bigger joke is who's sayin' it and what was said in the past. Liars are a very forgiving bunch. The markets don't tolerate liars. The great examples now are the RE market, the Debt market, and the USGov'ts funding behavior. Liars all! Severely compromised and probably dead all, and deservedly so. Of course, theyr'e not bankrupt because the liars who are the CPA's and accountants have zero integrity.
When gold reaches 1045, it will be the last great opportunity to be part of the Great Doubling. Ah, but this advice is free, and it's on the internet. Hog Huey. Platitudes are plentiful. The blind are packing bandoliers full of it.
Notice that HP Loancraft is nowhere to be seen, after having woven a tale of financial macabre and horror to the hoi polloiticals, like stealing candy from a baby, or in this case 535 of them.
Rajesh - FDR did attempt to stack the court - not just threaten - however, sm_landlord is still wrong: FDR failed to stack it. He did get to appoint enough that it shifted somewhat.
"“Counterparties to derivative contracts effectively get a super-senior claim to each other’s assets,” says Craig Pirrong, a finance professor at the University of Houston. For example, in 2008 Goldman Sachs extended credit to CIT, a troubled American lender, but in the form of a “total return swap”, a type of derivative, rather than a conventional loan. Now that CIT has filed for bankruptcy, close-out netting puts Goldman up the queue for repayment."
The taxpayers received preferred stock (if memory serves) and will be wiped out. Heads they win - tails they break even.
FDR's plan was 100% within the authority of the Constitution, which lets Congress set the number of Federal Judges, including Supreme. John Adams actually did pack the courts with Federalists just before midnight when the Party had lost both houses.
So am I . . . and now that they've taken away my analog signal, I'm really pissed off that the left and right sides of the picture are cut off . . . especially when the bottom right corner would otherwise be showing me how much time is left in the 4th quarter.
Congress hasn't delegated authority to FDIC to define "deposits". Deposits is clearly defined in the FDI Act.
yogi,
I don't understand what their reserves has to do with definition of deposits. FDIC doesn't have to restore their reserves until 2015. Prepayment of assessments has nothing to do with them hitting their reserve goals.
Prepayment of assessments has everything to do with DIF liquidity.
So seeing that Congress didn't delegate; as a voter I think I am able to have standing in court... if the FDIC bypasses the will of Congress than they basically are able to debase my vote. What's the point of voting folks to make the laws if Federal agencies don't have to follow the law?
The bill was introduced in Congress to change the number of judges but was killed once the Court began giving favorable rulings. I don't think failed is the correct characterization of events.
however, sm_landlord is still wrong: FDR failed to stack it. He did get to appoint enough that it shifted somewhat.
OK, so I took a little rhetorical license. He did manage to shred significant parts of the constitution, however. the states rights part has been missing for some time. And I guess you can't blame FDR alone for the damage done by the extension of the commerce clause to toilets.
and now that they've taken away my analog signal, I'm really pissed off that the left and right sides of the picture are cut off . . .
Something else is wrong. You might want to purchase a third-party convertor box. Overscan is not a part of the new standard, you should see the whole picture, including the overscan area.
The administration is implementing a commission to cut the budget 5% in 2011, excepting the DOD and the VA. Also talk of using the remaining TARP money to pay down debt. Energy prices look to be the true psuedo recovery killer in tandem with continued job losses.
Job losses and no sector of job creation. Here is the continued threat to the entire economy. Pres Obama announced a 'jobs summit' for next month. More talk and extend and pretend. 2010 will be here soon enough with more of the Kabuki theatre to entertain us and change little but who we blame.
Buffet and Gates talk at Columbia today and say the worst is behind us. Great to hear if slightly myopic. BG's money quote:
"U.S. government ownership of American International Group Inc worries him because it has devalued the giant insurer."
I can't even begin to criticize the level of disinformation that statement represents.
Really seems as if this reformation of the economy and our future has largely been completed. Lower standard of living. Less options for opportunity for us and our children. Less rights and more obligation centralized on national debt payments. The "Long Emergency" is looking to be pretty accurate. Just another day in our great republic.
FDR's S. Ct, with a majority of old rich white men appointed for life, was one of the most activist in history, striking down one New Deal program after another. There must be a Constitutional check on an over-reaching Judicial branch, and FDR used legal methods, unlike Andrew Jackson, who ignored their order.
...District Court is going to slap them down and force them to borrow from the Treasury or collect a special assessment. Bank on that. Their notice for proposed regulation basically said: "Congress gave them these options, which we reject... so we'll go with door #3".
I'll give you an A for effort and for having the fortitude to actually apply rational thought and legal principles. If only someone with standing would sue.
Unfortunately, we no longer live in a republic where the rule of law prevails, or even has much of a chance. Was it legal to include auto companies in the TARP bailout, when the language of the bill specifically said that only financial companies could apply? Treasury turned that into toilet paper real fast. Was the TARP even constitutional to begin with?
And as far as debasing constitutional rights, we've now got lobbyists writing legislation, and the chamber of commerce exercising a de facto veto over health care and financial reform bills. I'd say that debases our rights pretty good. One man, one vote has become one pigman, many votes.
There is nothing wrong with a lower standard of living, especially when we've been living beyond our means. Thrift is an old-fashioned value that will make a comeback. We will also remember the things that really matter; rather than the things Madison Avenue teaches us to want.
By ADAM GOLDMAN, Associated Press Writer Adam Goldman, Associated Press Writer – 4 mins ago
NEW YORK – Federal prosecutors took steps Thursday to seize four U.S. mosques and a Fifth Avenue skyscraper owned by a nonprofit Muslim organization long suspected of being secretly controlled by the Iranian government.
When asked for comment about alleged Catholic Church ties to the IRA and why their churches were never seized Cardinal Maloney, NY said "Jeebus laddies. Do you know how many FBI agents graduated from Boston University?"
Since no one has posted the Fed Appeal to the FOIA lawsuit I'm going to sniff around PACER tonight and find it myself... the motion should have been filed November 6 and put into PACER. I'm shocked that Zerohedge hasn't done so myself.
Although John Marshall was a politician with no judicial experience before Adams made him Chief Judge at the last minute, and then Marshall assumed for his own Court the authority to decide whether the President had Constitutional power to do so, the reasoning in Marbury V. Madison has stood the test of time, so far.
I'm not thrilled with life tenure for judges who refuse to answer questions about their political views, then decide Bush v. Gore 5-4 along party lines, but independence is crucial. An occasional threat to pack, whatever the motive, is fair game. FDR was re-elected, by the way...
This HGTV channel is a fascinating window into "normal" society. This episode is about a professional SF couple looking for a country cottage for occasional weekend use in Napa Valley. Their budget for this occasional little getaway? $1.5-$2 million. That's right. I haven't got to the paying part yet, but I am almost certain that they will be using mostly other people's money.
Thrift is an old-fashioned value that will make a comeback. We will also remember the things that really matter; rather than the things Madison Avenue teaches us to want.
Nonsense. This doesn't end with neighborhood cookouts and a great spiritual awakening.
We're going to be struggling to heat our homes while being forced to buy new light bulbs that supposedly cool the planet. This ends in dead lawns that can't be watered by law while nearby country clubs look like freaking Augusta for the ruling oligarchy. This ends in wild crime tearing the country apart, as those who are still above water become targets for those who don't feel the 'hope' that our Dear Leader promised.
This ends in a regression of society, not a mass enlightenment. Americans are spoiled, ignorant narcissists for the most part. Once they can no longer maintain their fake image, they'll start the blame game, the rioting, and the persecutions.
Or maybe I'm wrong.... and it'll all just result in more 'quality time' with the family.
President Palin today, in a televised speech, asked America "If we destroyed most of the world we might be able to regain our status as a superpower and all the wealth that that goes with it. So I ask you my fellow citizens; should we do it?
Dial 1-999-123-3456 if you vote yes
Dial 1-202-123-3456 if you vote no
After the votes were tallied, it was 87% in favor, 10% undecided, 3% were unaware that there was an outside world.
I've been mulling over in my head whether to share this here or not and I've decided to go ahead and see what folks here think.
My great aunt recently passed away. She was practically a mother to my mom since my grandmother died when my mom was pretty young (under 10). For a long time - 20 yrs or so - my aunts only child had nothing to do with her. My mom and dad helped her out in many ways - food shopping, dr visits, heating repairs, house painting, etc.
Seven years ago my aunt deeded the house she lived in to my sister - wanting to purposely keep the house out of her sons hands. There was a life estate - so she could live there as long as she wanted but it belonged to my sister - no liens or encumberances. Around this time my aunt granted power of attorney to my mother who continued to do what she had done all along, making sure bills were paid, food shopping, etc.
Well the son who ignored her for 20 plus years showed up out of the blue about 1 year ago. By then my aunt's health was failing. She wanted no part of a nursing home so after a fall we arranged to have a live in home health aide. Somewhere along the way she signed papers that granted power of attorney to her son. We suspect a new will was written at this time as well.
Anyway as I said earlier, she recently passed after 91 years of a full and rich life. My sister is conflicted - she's thinking about selling the house to give some of the proceeds to the son who ignored his mother for 20 plus years though she loves the house and would like to perhaps live there. My mom who is given towards avoiding conflict feels the same way and would give her cousin some money to make him go away. Myself and my dad feel like telling him to f*ck off since we are of the opinion that anything less than 100% won't be enough for him. Like I said - the house is in my sisters name no matter what will he had his mother sign I don't think it matters - we are confirming with attorneys this week.
Thrift is not learned when you are showered with money. I did not say we weren't going to struggle. But losing things is not the end of the world, maybe the world as we know it. We will be less comfortable; feel less secure; and work harder and longer. But I was taught to appreciate the value of work; and I think it is a valuable lesson that many other people will unwillingly learn.
Rioting is only a problem if you chose the wrong neighborhood to live in.
Time to show my ignorant skirt, but when was the last time there were mass ethnic majority riots in any major city? Besides THOSE PEOPLE rioting when they were upset, what would make THESE PEOPLE do anything that begins to resemble "rioting"?
central scrutinizer,
No. I'm really serious that I believe any voter has standing to sue. I haven't found any case that convinces me otherwise.
I elected Representatives to make law. Congress created an FDI Act law. The law was modified to allow special assessments. The law was modified to allow greater Treasury loan. FDIC ignored the will of Congress; who represent the will ove the people. Again I say; just because its the Federal Agency that inherently debases my constitutional right to vote for elected officials; doesn't mean I lack standing. The FDIC was fully aware of the two legal options Congress gave it. They chose to go outside of one they have Congressional authority for.
Again; just because the debasement occurs after I have voted; doesn't mean my Constitutional right hasn't been infringed. Every qualified voter has standing to sue against agency action on these grounds.
We're going to be struggling to heat our homes while being forced to buy new light bulbs that supposedly cool the planet. This ends in dead lawns that can't be watered by law while nearby country clubs look like freaking Augusta for the ruling oligarchy. This ends in wild crime tearing the country apart, as those who are still above water become targets for those who don't feel the 'hope' that our Dear Leader promised.
On a minor point, it's not too early to start hoarding real light bulbs. They will be like gold or cigarettes before too long. I recommend the Feit 130V maintenance packs - they last as long as the fluorescent bulbs, cost one tenth as much, and use much less power than your typical garbage Philips or GE lamps.
The "switch" came in the case West Coast Hotel Co. v. Parrish.[1] Roberts joined Chief Justice Hughes, and Justices Louis Brandeis, Benjamin N. Cardozo, and Harlan Fiske Stone in upholding a Washington State minimum wage law. The decision was handed down less than two months after President Franklin Delano Roosevelt announced his court-reform bill. Conventional history has painted Roberts's vote as a strategic, politically-motivated shift to defeat Roosevelt's proposed legislation, but the historical record lends weight to assertions that Roberts's decision happened much earlier.[6] [Ahem]
...
The "switch", together with the retirement of Justice Willis Van Devanter at the end of the 1937 spring term, is often viewed as having contributed to the demise of Roosevelt's bill by undermining the necessity of its passage.
And if you believe judges who say they pay no attention to political pressure in applying "natural law", then you have no problem accepting Bush v Gore as a work of scholarly jurisprudence, coincidentally along party lines...
Americans are spoiled, ignorant narcissists for the most part. Once they can no longer maintain their fake image, they'll start the blame game, the rioting, and the persecutions.
Those are rather strong words coming from someone from the sub-continent, though I suppose you may be speaking from informed experience.
I do agree: a new great-awakening is hardly the basis for enlightenment. I remain hopeful that a reality check - reduced standards of living - will serve as a wakeup call for the population regarding exactly which side their bread is buttered on.
@patientrenter - I like to say it's for my health, but that's just convenient cover, and normally it is just one or two. At 42, I went for my first checkup in 5 years, and the good doctor was taken aback by my (good) pulse and BP, and wanted an EKG to confirm...I dunno if it's the mileage (I'm a runner) or the wine, and I don't care, the numbers are great, including bloodwork, so I'm sticking to the French diet and the wine...and the occasional cigar.
Rajesh wrote:
"We will also remember the things that really matter; rather than the things Madison Avenue teaches us to want."
As an ardent anti-consumerist I agree. Transitioning from a service/consumer based economy to a debt ridden/highly taxed reality of high unemployment and little economic growth is not the type of mandated standard of living reduction I had hoped to see. Making a decision to consume less, save more and think of environmental impacts of my lifestyle is better if it is self driven rather then just a new way of life because of economic realities. More net negatives than positives in our future of sustainable living. 2 billion people live on peanuts a day and have minimal carbon footprints, call me selfish but I never wanted to take up their lifestyle to support the top few percent of wealth holders.
But as we've already seen, taxpayers and tax income has little to do with government money now.
Broward, doesn't all the money spent by govt now end up coming eventually from future taxpayers, or from savers (through inflation)? What am I missing?
Great Aunt...OT for sure.
Answer: Ethics...what you do when nobody's watching.
Stay in the house. Get a small mortgage. Gift money to the son in small quantities for a reasonable period of time.
You don't have money in your family. So, you're stuck in the dilemma. If the son is not mentally well, your sister should share by extracting money, finding a cheap apartment for the man, and setting up strict money gifts. The man sounds like he has real, mental issues. That's again an ethics issue. If not you, then who? If not now, then when?
Story: I know a man whose brother literally disappeared for 10 years and returned for a visit 5 years thereafer. That man recognized the brother had real mental issues. The men now each own the family house, free and clear, and the one long gone now lives in the family home. His bro says, "How can I turn him out and sell the home? He is his parent's child."
And another, in my own biz. I make stuff for the govt, and some of it is used in very risky situations. If it isn't the best, it increases the risk to the users. The spec's don't require "best", just "good". The subcontractor said, when independent tests came back within spec, but not "best", "Hey, it's in spec." It's a matter of ethics. (I told 'em, if they don't raise their quality to "best", they can do it over again and eat the loss.) It's all about who you are. The mirror will tell you.
It's all about ethics.
The law was modified to allow special assessments.
In addition to already wide discretion. How is a 3-year prepayment not a form of "special" assessment? Again, if the DIF goes over 1.5%, the banks have a case. The FDIC is a voluntary system. Any bank can opt out for future deposits.
Thrift is not learned when you are showered with money.
I don't expect those who find this subject interesting to make up the bulk of the rioters. Some will adjust just fine.
But there will be more than enough adults throwing tantrums to make things dark. By the time you add up the backward baseball hats, the talk radio parrots, the debt-blingin psuedo gangstas, and the rest of the one-person parades that charge through society, there are more than enough raging egos to burn down a city. And once they start, the 'free TV' crowd will turn that mob into a mass movement of brainwashed vigilantes.
Go long burglar bars and have a few Krugerrands to keister in case you need to flee.
How much of the taxpayer loss can I write off on my personal taxes? Can I go back ten years or do I have to start this year? Can Turbotax figure it out or do I have to seek a much higher power? Do I need to get the permission of Godman Sucks or what?
Daggers are pretty sweet, but way overkill for this pleasure cruise. We just go with a local outfitter and use their Loons. It's quite a bargain @ around $75 for rental and they take you down to the river(building a new bridge there), and they pick you up the next day @ Willow Beach and take you back to your car, no muss no fuss.
Recommended for fall or spring-time only, it's 110 on the river in August-yuck!
It's supposed to be around 60/45 this weekend, perfect hot spring weather~
mike: i don't understand the dilemma; by that, i mean, is it a legal issue or a familial one? assuming the house is in your sister's name, is the issue challenging the validity of the will? or are the parties involved content on him having it, and telling him to f- off?
In addition, make him secure the resources necessary to contest the will. If he's that hard up, and the deed's already in your sister's name, I can't imagine there will be too many lawyers willing to take that complicated case pro bono.
Broward, I realize you're probably having a little fun, but I have a narrow accountant's mind. Every $1 of stuff the govt spends must come eventually from taxpayers, or from savers (through devaluing the resulting govt debt via inflation). The only other alternative is default, and even that is really just taking it from savers (who own the defaulted govt debt).
There aren't enough facts to be able to reach any conclusion. This poster is not the owner of the house. He's merely a sibling of the owner. He has no standing in this matter. He may himself be flat broke and a ne'er-do-well, and eager to mooch off his sister. Again, as in Rashoman, not enough facts in evidence. Ah, but in crowd mentality, especially among the blind, who cares.
"The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999)"
Hmm, 10th anniversary. What has to happen to get the Glass-Steagall Act of 1933, reinstated?
mike: i don't understand the dilemma; by that, i mean, is it a legal issue or a familial one? assuming the house is in your sister's name, is the issue challenging the validity of the will? or are the parties involved content on him having it, and telling him to f- off?
Well I guess there is a niggling of doubt whether a will can override the fact that the house is already in my sisters name and has been for 7 years.
I was really hoping for some input on what you you do in the situation - appeasement or flip him off. I just wanted a sanity check to see if I was out of line for suggesting my sister tell him to take a hike.
Since you are making predictions, would you like to pick a time-frame?
It depends on how long the can kicking and accounting shenanigans can keep the game alive. Quite frankly, I didn't think they'd be able to keep it going this long.
The proles won't rage until they are personally and badly affected. I expect the bandanas to get tied on somewhere north of 20% unemployment or when the current house of cards blows down due to a rate increase by Helicrook.
Already there are countless YouTube videos of cranky dudes in ski masks stroking their guns in front of a Gadsden Flag. And with blowhards on the radio pimping water filters and selling revolution, it won't be hard to cut them loose.
Only a new fantasy can stop it now. And I doubt they can roll one out before this show stops playing.
By 2012 we should be ready for our 'strong leader' and our new discipline. Aint that how these fascist things play out?
They tend to occur when many people have pent-up rage and perceive little to lose. The beta male wolf lowers his head as the leader takes his pick of the litter for years. One day for no apparent reason he viciously attacks his longstanding leader. The rest of the pack will fall in line with the winner, or maybe see a chance to move up. Can take about 20 seconds, but no one knows when.
Federal Reserve is holding several trillion in assets.
The money to purchase those didn't come from taxpayers or savers.
Broward,
Who got the better deal, the Fed or the banks? The banks got cash, but the Fed got supposedly AAA assets that pay interest. 5% of $1.5 trillion is some serious coin - year after year it starts to add up!.
Money Market Mutual Fund Assets, November 12, 2009
What does it mean? I think five things: J6P needs spending money and wants mattress money. J7P needs yield and thinks bonds are better than money market. J6P has lost some trust with Wall Street and its advisors. JP6 is so happy for the chance to get bailed out of the stock market this high. J6P saying goodbye to 401(k)s.
Their budget for this occasional little getaway? $1.5-$2 million. That's right.
SWEET! I feel much better now about bailing out all the lenders and allowing FNM & FRE FHA... to make these necessary home loans so we can further the god-given rights of the ownership society an Amerika.
Well I guess there is a niggling of doubt whether a will can override the fact that the house is already in my sisters name and has been for 7 years.
Mike, on that issue there is no doubt at all. He can sue to set aside the deed as a fraudulent transfer and he'll need a lot more than good luck with that one. Otherwise he is SOL.
The will and the house have nothing to do with each other.
Mike, on that issue there is no doubt at all. He can sue to set aside the deed as a fraudulent transfer and he'll need a lot more than good luck with that one. Otherwise he is SOL.
The will and the house have nothing to do with each other.
Thank you. I suspected as much and hopefully the attorney tomorrow confirms that same. Thanks to all who replied.
Wife's family had a similar issue with a house, but not as clear cut in my mind as yours. These things are never black and white. One of my wife's uncles owned a home, died leaving a wife and daughter behind. Wife was disliked by the whole family and went back home right after the funeral, because she couldn't handle the ugliness. Anyway, life insurance paid off the house, and the mother of said uncle and youngest sister took over the deed of the property... basically taking the property from wife and daughter. Now in their defense, mom was a nut. Daughter ended up living in Oregon at 16 with two men, then went born again Christian and moved in with Grandma until she kicked her out. Reason was never given. Now Grandpa (who had divorced Grandma many years ago) up and died and apparently had a guilty conscience for what happened and somehow had a say in the property dispute (don't know the details) and he left in his will that his estate should be sold and proceeds used to sue Grandma and youngest sister for taking said house and reparations made to granddaughter. Then Grandma died...all the paperwork disappeared. Youngest sister says house is hers, end of story. Granddaughter doesn't want to poison the family well because Jesus says to forgive...but she is basically living off of all of them. Her mom is living with unofficial husband #6 and doesn't want anything to do with any of them. I am still trying to figure out the just and ethical solution to this case. Yours seems more cut and dry, and yet I am not entirely sure it is either. What ever you decide, make sure to take the long view based on his behavior...the family guilt over my wife's cousin is still being assuaged with guilt money some 20 years later.
The bravery of that statement just boggles my mind. Gosh...I'm absofuckinglutely dumb struck. Simply amazing...
Really sticking his neck out, isn't he? I guess when you get to a certain level of government, you can't even say "I love you" to you wife and kids without inserting some sort of weasel word.
In the law, sportsfan, complexity is the key to a just outcome. In your world, grunt, ugh, move on. Excellent. Click, the TV is off, the venue's shut tight, and you're a life without meaning.
Health care adding jobs. Demographics don't lie and we have a whole cohort needing all the latest care.
"National health spending is expected to reach $2.5 trillion in 2009, accounting for 17.6 percent of the gross domestic product (GDP). By 2018, national health care expenditures are expected to reach $4.4 trillion—more than double 2007 spending." Think about what that means in a contracting economy after the stimulus runs out.
The majority of personal BK's are medical bill related. The health care reform is little more than a transfer of exorbitant costs to the end user with a healthy chunk given to Pharma and the health insurance industry. Keep adding those jobs as health care bankrupts the country and we soon have no choice but to reduce entitlements and watch hundreds of thousands of health care workers join the ranks of the unemployed. The truth is all the choices the country has kicked down the road are all coming crashing in at the same time. There are no simple cures for what ails us and judging by current events there aren't any coming internally until it is forced down our throats. Tough years coming.
Phil Gramm, the former Republican Senator from Texas who co-wrote the act that undid Glass-Steagall, said, “I’ve never seen any evidence to substantiate any claim that this current financial crisis had anything to do with Gramm-Leach-Bliley.”
Re: " they wouldn’t put their reputations at risk by committing fraud"
These shitbags built their careers and reputations on bullshit and dug blackholes that never will see the light of F'ing day .... gimmie a FUC-ING break, these are criminals that have no accountability -- or money!
sportsfan wrote: Mike, on that issue there is no doubt at all. He can sue to set aside the deed as a fraudulent transfer and he'll need a lot more than good luck with that one. Otherwise he is SOL. The will and the house have nothing to do with each other.
???Was the house specifically mentioned in this new will, as though the deceased still (thought she) owned it? If not then why are your mother and sister thinking in terms of him having any entitlement to it? Has he indicated to them that he believes he does? Is he in some need even after inheriting his mother's assets?
If the System can funnel that into 3%, 30-year mortgages, The Game can continue for a few more years.
I doubt it. Because the mortgage market is only at 3% due to heavy government intervention, not because of investor demand.
Too many investors have been lulled into believing bonds are safer than they think. It won't take a big event to wake them up, and then the money just pours out, back into cash.
So many people, especially the elderly who have planned and saved well, are just being decimated by Bernanke. They can't make ends meet on 1-2% bank yields. So, they are desperately looking for a way to get more yield and pay their bills. For these people, Bernanke is the biggest bank robber of all time.
So where are the clawbacks all the Obama worshippers said will be coming when he gets elected ? All I see is an escalation in Afghanistan, more social programs/entitlements less transparency and a government so big it'll swallow everything in its reach.
In the case of human crowds the chief is often nothing more than a ringleader or agitator, but as such he plays a considerable part. His will is the nucleus around which the opinions of the crowd are grouped and attain to identity. He constitutes the first element towards the organisation of heterogeneous crowds, and paves the way for their organisation in sects; in the meantime he directs them. A crowd is a servile flock that is incapable of ever doing without a master.
The leader has most often started as one of the led. He has himself been hypnotised by the idea, whose apostle he has since become. It has taken possession of him to such a degree that everything outside it vanishes, and that every contrary opinion appears to him an error or a superstition. -- Gustave Le Bon
If that is the best NYC has to offer in the way of "civil unrest", no wonder the bankers don't think twice about raping and stealing from this country...
.
Heck, I'd steal from you, your mother, and your sister if I knew the worse that could happen is you deface something that isn't even my own, and you do so in a neat and orderly fashion.
This economy is analogous to a run I did hitching a ride with a coworker in the early ‘70’s out to Porterville. We left San Francisco after work and (refreshments) in his ’63 Dodge and crossed the Bay bridge making our way to I-5. Absolutely pitch black out and he’s got the 383 screaming, outdriving his headlights at 120 indicated. It was exhilarating. It was a good time..it didn’t last.
The most metallic moan rose from the engine bay and we started smelling oil. He pulled over and checked the oil or tried as it didn’t even register. He blew out at least 4 quarts of oil. So I’m standing there by the fender and I happen to look down at the tire and crap he’s got a retread on. It’s really poorly made and even by the glow of the headlights I can see it’s starting to separate from the casing. I shouted, “You were doing 120 on a retread!”.
He looked at me and said, “It’s cool. They’re all retreads. I got a deal.”
Moral: We’re all retreads now.
When the bonds blow up (starting with munis) there's no effective defense. The stock market tanks, taxes increase and deposits either scream out of tier one deposits or the banks commit to ruinous rates. Then we can stare in horror as over the next 2 years the short end of the Treasury market matures with no re-subscription.
sportsfan, I just like you a lot. Practicing law without the facts? What a fool. Oh, sorry, just an opinionator.
Bottomline, the transfer occurred long ago. A quiet title action could be brought. A bond could be posted and a cloud on the title could exist for a helluva long time. Your super smart answer is that of the sportsfan.
With no facts, sportsfan can light all the dynamite he wants. It's just another blowhard getting his rocks off as there must be nothing on TV at the moment. Maybe the fan needs more cable stations?
I know: the banks could go to the .25% window and get a much bigger loan. Then they can pay bonuses, pay the Fed 5%, and lend out the rest to other banks who fail, then collect the insurance. It can't fail...
No, the minorities that constitute the majority were fighting it out.
.
The caucasians were hiding behind the barricades in the protected areas.
For some odd reason, I think a bunch of white cops beating up a black man in a country that is/was majority "Caucasian" is missing the point, but I must concede to you due to the technicality. That would be like saying the "majority" rioted in Memphis or Birmingham even though the cops and political leadership was the "minority" and the rest of the state is mostly made up of the majority.
.
When Bubba, Ken, Timothy, and Benjamin leave their respective Nascar race, country club, corporate job, and beach to "riot", then I will mark it down as a riot ala the Bastille.
Seriously, Dawg, the true trigger for a collapse probably has to come from suppliers of physical goods. As long as they'll keep trading stuff for air, the Game can continue.
Good night everyone. Guess it's to late to say play nice. Look forward to BFF tomorrow, Friday the 13th and all. Be a nice break, been reading way too much the past two weeks, my eyes need a rest.
phil gramm has a somewhat valid argument. most of the institutions that have failed, or under government conservatorship, participated in activities that would have been allowed irrespective of GLBA. not that C and BAC didn't leave craters of their own. the changes in the capital requirements at the IB and DI level are much more instrumental in the collapse than GLBA.
A bank shareholder can sue the bank for not suing the FDIC. Doubt she has standing to sue the FDIC directly, but if the case has legs the court can probably "force" the bank to cross-claim.
Slumdog (profile) wrote (in reply to...) on Thu, 11/12/2009 - 8:23 pm
In the law, sportsfan, complexity is the key to a just outcome. In your world, grunt, ugh, move on. Excellent. Click, the TV is off, the venue's shut tight, and you're a life without meaning.
After pointing out to the moron that Mike was asking for advice, not THE LAW,
Slumdog (profile) wrote (in reply to...) on Thu, 11/12/2009 - 8:31 pm
sportsfan, I just like you a lot. Practicing law without the facts? What a fool. Oh, sorry, just an opinionator.
Bottomline, the transfer occurred long ago. A quiet title action could be brought. A bond could be posted and a cloud on the title could exist for a helluva long time. Your super smart answer is that of the sportsfan.
He obviously still thinks someone is talking about THE LAW, after which:
Slumdog (profile) wrote (in reply to...) on Thu, 11/12/2009 - 8:33 pm
With no facts, sportsfan can light all the dynamite he wants. It's just another blowhard getting his rocks off as there must be nothing on TV at the moment. Maybe the fan needs more cable stations?
Slumdog, your arrogance is overwhelming. Your points are underwhelming.
You should return to whatever Single-A sandbox you played in before polluting this board.
Seriously, Dawg, the true trigger for a collapse probably has to come from suppliers of physical goods.
I generally agree but it very well could be that no check in the mailbox might be construed as nondelivery of an expected good. I do think we can survive the emperor's clothes event of precious metals oversubscription. Not so any of the food commodities. Remember that rice scare a while back? Were there to be a real shortage it would not remain contained to a single staple.
I agree that, overall, there's greater and greater disfunctionality.
And I wouldn't be surprised if some unforeseen event crashes the Thing.
The inevitable event that I see is ongoing retirement of Boomers, putting greater pressure on assets, fed spending, etc, until the thing cracks from inflation. Might take ten more years, though. Look at Japan. Held together with paper stitching for twenty years now.
Newbies on a blog get the workover sometimes...you'll get false attributions, belittling, chastized for blogging and not owning guns, and told to basically cease-and-desist by some of the regulars...who patrol the area...
Actually you can pick up a nice 40 year old 3/2 in good shape with 2 acres on the Silverado Trail for $1.5MM according to craig's list.Or you could wait 2 years for the half off sale.This is a freaking ranch with a big yard on a busy road...
from the last thread... on Trains
I'd love to give Buffett an earful on this pet peeve on mine...
whenever I visit my boyhood town in Indiana I am amazed how many trains go through the town on a daily basis,
all crossings are at road grade level no overpasses. back in 2007 I use to count the number of trains in a day
which were nearly on the hour. some of the longer trains due to slow safety speeds would take 20 minutes to
pass and have on average 140 cars backed up on each side. and this is a town of 20,000.
consider the lost productivity of those people stuck in traffic, it's not as if they are in some kind of hyper service job
that they can easily work out of their cars.
I did some checking and found that the town has no control on train flow whatsoever. also due to some bill passed by Congress
perhaps in the late 80s the train companies are not required to build overpasses where their trains create a virtual chock hold
on any given town. we never had that much train traffic when we had a working depot and that was 40 years ago...
...
a study should be done on all the small towns across the USA so impacted and a bill should be passed requiring the private train companies to up grade their tracks and crossings
So after it's all said and done and this global casino crashes, the New World Order or Global Central Control apparatus stuff will finally be seen to be a crock...right? All this paranoid 'globalism' talk will finally, once and for all...be debunked...
The money to purchase those didn't come from taxpayers or savers.
Broward, I see you too have been drinking heavily tonight
The money came from the printers, as you note. But that's just the first and painless step. The other, later, steps are inevitable. The Fed money did get spent, and someone received it. It represents a real transfer of wealth, and the wealth gained by the people who received the money will eventually have to be taken from someone else. I am saying that it will come from future taxpayers or from savers, or a combination of both.
Please don't make dumbass remarks to kcoop about the site. I made a seriously idiot remark about the effects of flushing on my autorefresh and the guy took me seriously. God love him, he actually emailed me to ask technical questions which I don't even understand.
Driving a 1001 hp car means any reaction is greatly amplified. I'll give the idiot the benefit of the doubt that it happened just like he said, startled, tap the gas accidentally and vroom into the water before you can react.
Happens all the time. Too much go and not enough know.
Seven years ago my aunt deeded the house she lived in to my sister - wanting to purposely keep the house out of her sons hands.
.....that's the statement that pays. Remind your aunt and Mom re. the above. You & Pop take Junior aside and adjust his "wants, needs, and desires" in regards to Auntie & Mom.
I don't really see a Gadsden riot, but I would not be shocked at some sort of domestic terrorism aimed at Wall Street...not necessarily happening in NYC.
Even if the will for some reason states that he is to get the house, it was not hers to bequeath when signed, if the deed was validly transferred. Did your sister record title?
OS X 10.6.2 breaks the Atom processor. No big deal. The genie is out of the bottle. $299 for a netmac is too good to pass up.
Yeah, I guess Jobs didn't have any choice once Intel blew everyone else out of the processor business. So today their only remaining competitor (AMD) got a few billion to go away, and they were already supporting the same basic instruction set. I wonder if Jobs has anything else up his sleeve, or I should dump my remaining AAPL? How much longer can they keep selling $800 worth of parts for $2500 (macBook Pro)? For their own good, I hope AAPL can afford to lose the computer business and make it in CE.
The New World Order stuff may just be a crock...in a global crash...protectionism is more likely as is tension between the nation-states and between the debtor and creditor states...plus the hyped Big War we are gearing up for Christianity vs. Islam...nation-states will isolate more and trade less than increase co-operation possibly...in a global meltdown...
We can bitch and moan as much as we want to about GS owning the government its not going to change a thing .Time to stop complaining and start doing something. Here is my first suggestion. All those who have insurance from GEICO shift your policy and send a letter to Buffet - when he dis-invests from GS and stops using them as his investment banker you will consider coming back.
How much longer can they keep selling $800 worth of parts for $2500 (macBook Pro)? For their own good, I hope AAPL can afford to lose the computer business and make it in CE.
i love apple. their products and their computers are the best. but, they are seriously f'd.
Here is my first suggestion. All those who have insurance from GEICO shift your policy and send a letter to Buffet - when he dis-invests from GS and stops using them as his investment banker you will consider coming back.
Or better yet, start mailing the company boxes of dead geckos.
phil gramm has a somewhat valid argument. most of the institutions that have failed, or under government conservatorship, participated in activities that would have been allowed irrespective of GLBA.
basel that is total nonsense
"theGramm-Leach-Bliley Act allowed commercial banks, investment banks, securities firms and insurance companies to consolidate."
(ie travelers and citigroup the biggest infestation out there!
this multiplied counter party risk and systemic risk
"Nobel Prize-winning economist Joseph Stiglitz has argued that the Act helped to create the crisis.An article in The Nation has made the same argument."
"Contrary to Phil Gramm's claim that "GLB didn't deregulate anything" (see Defense), the GLB Act that he co-authored explicitly exempted security-based swap agreements (a derivative financial product based on another security's value or performance) from regulation by the SEC by amending the Securities Act of 1933, Section 2A, and similarly the Securities Exchange Act of 1934, Section 3A,
(didnt you watch the warning re brooksley born two weeks ago on frontline....sheesh
Re: "The film depicts a dystopian Los Angeles in November 2019 in which genetically manufactured beings called replicants — visually indistinguishable from adult humans ..."
We are racing towards our rushing like maniacs to build the future into a nachtmare -- our economy is unable to produce jobs for people, because machines are more and more efficient .... we have no way to train people for the jobs that are evolving .....
Not only are boycotts beyond legal challenge, every rational economist on the right or left would prefer consumer "free" choice as the best mechanism to force market corrections.
There are free-rider problems, but a little leverage goes a long way. The Dutch took out 15% of a bank's deposits in a week at the urging of a whistleblower, and the bank dropped dead.
Anyway commentariet, if the Economy is 70% based on THE CONSUMER and very little bailout/stimulus help (of the total bailouts) actually went to the consumer and went to failed Banks instead, then the central authorities or Powers That Be want this thing to Crash IMO...there I just proved this Crash is intentional without citing even one 'financial/currency crises' macroeconomics study...or going to weird blog sites about The End of the World as we know it (and coming NWO)...
i love apple. their products and their computers are the best. but, they are seriously f'd.
It's depressing. I hate overpaying for computers, because I know the business well enough to know when I'm being screwed on price. But I also like well-made computers, and hate the junk that Dell and HP sell as consumer products. Last time I upgraded, I bought eight Shuttle xPCs, which are pretty good machines for non-Apple product. Hopefully someone will survive at the high end.
phil gramm has a somewhat valid argument. most of the institutions that have failed, or under government conservatorship, participated in activities that would have been allowed irrespective of GLBA.
I have asked before why people think reinstating Glass-Steagall is pivotal to preventing a recurrence of our recent financial collapse. I am not sure I got any good answer, except maybe that if IBs had no depositors amongst the general public, then Congressmen would allow them to go bankrupt. Since I don't believe that, I am left with no real understanding for why G-S reinstatement would really matter. Since my hero, Volcker, advocates it, I would support it, but I doubt it would solve our current problem.
From the emotional and extreme reactions G-S excites amongst those who care about partisan politics more than other public issues, I think that the real importance of reinstatement is that would be a nice Republican head on a spike. But I doubt it would have prevented what just happened - crazy lending against over-inflated assets, mostly homes, supported by bankers, investors, homeowners, Congressmen of both parties....
Would the last person leaving America please turn out the lights? Thank you.
Bridgeport, manufacturer of the famous knee mill by the same name, is trouble with a capital "T." Word on the street is they can't get castings because their supplier went tits up. Let's hope Bridgeport can secure their patterns, otherwise it's back to the drawings and you start all over again. Supposedly, the patterns are somewhere overseas.
Until further notice we are unable to accept orders for Bridgeport Knee Mills. We are unable to accurately quote a delivery date on these products for the foreseeable future. Once we can supply customers with valid deliveries we will resume accepting orders. We apologize for any inconvenience this will cause but we feel this is the best way to move forward while we work with our suppliers.
When asked for comment about alleged Catholic Church ties to the IRA and why their churches were never seized Cardinal Maloney, NY said "Jeebus laddies. Do you know how many FBI agents graduated from Boston University?"
nova, nova, nova - BU is PROTESTANT [old blue blood ENGLISH money]... its Boston COLLEGE where they kiss the rings and sprinkle the water, son.
Wall Street brought us failed banks, a failed economy, a bankrupt healthcare system and a capitalist system that is driving the economy towards total failure -- as short-term shareholders drive short term profit margins that are linked to greater and greater inefficiencies. The success of wall street today is a reflection of our failed society.... Amen &
AAPL is sitting prettier now and has a much brighter future than much of the last few decades. With over $30 billion in the bank, they're going to come out of this mess stronger than any other company in their industry. If only we had more companies who could do so well with no debt and no leverage.
thanks Aleister
for the tip about Buffett and Gates speaking at my alma mater Columbia!
"Sitting facing each other in an auditorium filled with nearly 1,000 cheering people at a CNBC-sponsored event at Columbia University in New York, the CEO of Berkshire Hathaway Inc. and Microsoft founder Bill Gates fielded questions from Columbia Business School students on the recession, investing and what's the next Microsoft. "
I assume the venue was what was once called ferris booth hall ... was rebuilt by some trendy architect some years ago and is now called
Lawrence Wien... the auditorium - where I saw Jesse Jackson on a double bill with Abbie Hoffman speak during the Mondale Reagan debate not to mention Husker Du - is named after Roone Arledge and very high tech, I'm sure that's where it was held... Low Memorial where they hand out the Pulitzers is too small.
typical B School students - operative word Sucks Ups plus I'm sure they had at least 100+ plants in the audience to lead the cheers...
....
that news really made me nauseous - Ahmadinejad or Buffett a real coin flip
LOL - good luck getting those back... though they'll likely see suspicious looking 'copies' coming back from over there in DROVES. Just another coincidence I'm sure.
mock: JPM has more than $50 thousand billion in exposure to those "swaps", and they are 2nd to BAC in deposits.
Basel may be right that it still may have been bad with Glass-Steagall in effect, but that's like saying we would have had nasty 8% inflation, instead of 25%.
AAPL is sitting prettier now and has a much brighter future than much of the last few decades. With over $30 billion in the bank, they're going to come out of this mess stronger than any other company in their industry.
I just hope they're still in the computer business when that happens. Someone has to set the standard, and it sure isn't Microsoft, Dell, HP, etc.
What we have coming unless political leaders and central monetarists (they are 'separate' you know) can stop the unsustainable over-spending and related currency devaluation now before the NEW WORLD DisORDER arrives...
Bankers' reputations?
Riiight.
This would be funny if it weren't so sad.
$299 billion ?
I don't think so.
"‘Oh, they’re bankers, and they wouldn’t put their reputations at risk by committing fraud,’”"
hooocodanode?
"I think we’ve done a good job ..."
helluva job
Taxpayers to suffer Losses...and in other breaking news scientists have discovered that the sky is blue.
The TARP is not a profit making enterprise. The point is to lose the money and the government has done a poor job of it. We've lost less than $100 billion of the original $700 billion. That's government inefficiency for you: they can't even waste money effectively.
Barofsky bag, anyone?
Not that I'm surprised by this news, but I suddenly need a stiff drink.
Q: Can you cry in a Martini?
I care if the FDIC borrows from the Treasury. In fact, few things would make my blood boil more, in a year of record bonuses.
Your
is misplaced, YSLP, although the accounting trick should be exposed. Your beef is with Congress giving too much latitude to the FDIC to make rules. Let the banks complain about the pre-payment they lobbied for, save your outrage.
TARP is a total ripoff. "we are going to get our money back" yeah right, when hell freezes. TARP has become a toxic orphan fund.
The two endeared themselves to the audience with tips. Buffett exhorted students to "marry the right person" and said, "The worst investment you can have is cash."
Gates, meanwhile, said he sees big opportunities in environmentally friendly energy and medicine.
"Capitalism is great," he said.
Gates wore a suit and tie, flashing the inner red lining of his jacket as he walked to his chair. Buffett, who earned a master's degree from Columbia in 1951, wore a sweater with the Columbia insignia.
Students in the audience said they were glad the two were so confident about the economy.
"That probably weighs a lot to a lot of people to hear Buffett say we're out of the crisis," said Andrea Basche, an Earth Institute student at Columbia.
Buffett, Gates tell students worst is behind us - Yahoo! Finance
The President said we were getting "early returns of 17%" [I think that's similar to Madoff's early run], and darling E. Warren said last week we'd probably make a profit.
How's TARP doing against
?
YouTube - Dr Evil in 1 million Dollars
This is great. I look forward to the special elections following the obvious mass resignations in the Congress.
Rob Dawg wrote:
Are you suggesting that people in Congress have principals? I must be mis-understanding you.
Reputations at risks?!?! LMAO!!! Put Bernie Madoff in charge of the Federal Reserve and Treasury. If your going to run a massive Ponzi (pretty much what the entire US economy has become) at least hire someone with experience!
My reference regarding the Ponzi comment:
Safe Haven | The American Economy in One Chart
Rajesh wrote:
Try "principles". Dawg was being facetious, as you know.
Typo CR
Thanks! (Sure hope it's a typo!!!!!!!!!!!!!!!!!!!!!!!!!!!)
digalert wrote:
Orphans eventually die. TARP assets are more like radioactive waste.
SO WHERE ARE THE GODDAMNED INDICTMENTS?
AS GILDA RADNER WOULD HAVE SAID, "NEVER MIND."
longwaver wrote:
Did I miss something? Aren't Summers, Geithner, and Bernanke still managing the Ponzi scheme, er, US economy?
NGBROI wrote:
They're probably hidden somewhere under your CAPS LOCK key.
Newsflash: Barofsky says Detroit Lions will almost certainly not make the playoffs.
If you think this is bad, wait until you see the Muni Bond Catastrophe coming to a municipality near you: The Mean Old Investor: The Problem with Muni Bonds
yogi,
You're using a Jedi Mind trick on me. The FDIC has no authority, period; that's it. Furthermore the FDIC is intentionally bypassing the will of Congress which fails "Chevron Step 0".
District Court is going to slap them down and force them to borrow from the Treasury or collect a special assessment. Bank on that. Their notice for proposed regulation basically said: "Congress gave them these options, which we reject... so we'll go with door #3".
Hah! They can't make a door #3!
FDIC has to follow Congressional Intent! (Supreme Court; I can point to 1984 Chevron case; there's also a 1999 FDA tobacco case, where Sandra Day said something like, "The agency just like the courts has to inspect the will of Congress. If Congress has directed how they should act, then end of story."
Congress made a law which allowed them to collect special assessments!
Bankers didn't like special assessments; so they made a law (via Congress) increasing FDIC borrowing authority!
Therefore FDIC only has 2 options.
Furthermore all definitions of deposits are limited to "deposits held by banks".
Tell me how the FDIC has authority to expand the definition of "deposit" to include "deposits we think you'll have in 2011". There is no authority; that's why the FDIC just ignored my meeping comment!
(pulls string on Sheila Bair talking doll...)
"Nobody has ever lost a cent in an insured FDIC account since 1934, can I haz 3 years of bank insurance pre-payments please?"
patientrenter wrote:
They are and they are doing a crappy job.. My house should have doubled in value over the last year and the credit card offers have stopped showing up in the mailbox.
I need at least 20 new credit cards and new HELOC every 6 months if I'm going to do my part to keep the Ponzi afloat.
My )(@*#$ TV is ONLY 50 inches.. It COULD be 60 inches if I had a Platinum card with 0% interest for 12 months... BUT NOO... I'm stuck with this stupid 50 inch. Basterds...
longwaver wrote:
[Looks down dejectedly at his pathetic 46" TV]
Dammit.
[Shuffles home]
Rajesh wrote:
Of course people in Congress have principals. When someone pays you to do whatever they say, then legally you are an agent and they are your principal. So the folks in Congress have many principals! Unfortunately the taxpayers at large are not among them.
Does this mean that Bernanke is going to finally answer the direct question from Congress to name the foreign bank recipients?
Juvenal Delinquent wrote:
Hmm... If my bank fails I'm going to ask for my money in 1934 dollars. The dollar has lost ~80% of the value since then so I should get a tidy sum when they do the multiplication!
Totally OT,Today I recieved 2 notices from the City of Oakland regarding an alleged Parking Violation which supposedly occurred on october 30th.I can pay $20 each by Saturday,contest them by saturday or owe $200 each on sunday.They conveniently accept visa/Mastercard and I can pay by phone.Since the notices were mailed by the city,no postmarked date.No VIN# on the notices,which is not usual.Oh,and umm,I had to look up the address on google maps,I have driven by there but have never had occasion to stop my vehicle in that neighborhood except at a stop sign,ever.I have had a parking ticket in oakland,a couple of years ago and paid the damn thing promptly.Since I am not willing to be extorted it looks like I will be taking a full day off and appearing in traffic court.Gas and parking will exceed the $40 they want now and they are counting on it.effem.I wonder how many other cities are doing this?
noob goldberg wrote:
Chin UP buckaroo!... Just wait for the Ponzi to restart and you'll be camping out in front of Best Buy to grab a 100 inch TV with your latest HELOC check.
Rajesh wrote:
I think this was the original plan, but now I think the plan is to lose the money from other off-budget guarantees that aren't being so closely tracked.
Took a drive into the Big Smoke today, and saw a sign on Harbor Freight Tools:
"We open @ 7:00 am, the day after Thanksgiving"
I never thought of HFT in a Black Friday way before...
‘Oh, they’re bankers, and they wouldn’t put their reputations at risk by committing fraud,’
This is from The Onion, right?
New Poll :
Assuming there must still be a Federal Reserve Bank, who would make a better chair in 2010? | Hoocoodanode?
YSLP: The new laws only add to the FDIC's existing options. Congress told them to look at longer periods (5-8 years?) in determining assessments. The 3-year prepayment in no way precludes further special assessments next week.
longwaver wrote:
Well, your home would have halved in value without the trillion or two that Summers, Bernanke, Geithner, Frank, and Dodd arranged to be poured into home price subsidies in the last 12 months alone. Does that count?
patientrenter wrote:
Well if it had been cut in half, I could afford to live here... Ironic ain't it? Basterds...
Is that a Monty Python flavor Holy Grail, or more of a Raiders of the Lost Ark variety?
Chevron Step 0 is had only been applied once, in FDA v. Brown & Williamson, because Congress had explicitly acted to allow the marketing of tobacco in other laws (which is where the Court found the will of Congress). Otherwise, if tobacco had fallen under the purview of FDA, it would have no choice but to ban it under the Food, Drug, and Cosmetic Act. In B&W, the Supreme Court circumnavigated this inconsistency by creating Chevron Step 0.
So, assuming Step 0 doesn't apply, the question is whether the enabling statute is ambiguous (Step 1); here, i'm assuming the ambiguity is deposits (or perhaps assessments). if so, move to step 2, and ask whether the FDIC's interpretation of the ambiguity is reasonable.
Dang - I hate typos ... thanks.
albrt wrote:
I find this sad, not only that we're even discussing this, but that I actually find myself agreeing with you guys. I have no idea how I'm going to relate this period of life to my children when they're grown.
I suppose I'll comfort myself with the fact that by then they really won't want to hear me prattle on about my younger years anyway.
Mr.Kowalski wrote:
One of my advisories just warned subscribers to get out of state-specific GO bonds, and if you must own Munis, buy a national fund that picks bonds with dedicated revenue sources. The in-state tax break is no longer enough to compensate for the risk.
I haven't seen Bond Girl on here in a long time - I wonder what her take would be on this?
longwaver wrote:
So half the current "value" is probably what it should cost. Oh well, now back to the nightmare of fake prices supported by colossal payments from the next generation of home buyers and taxpayers.
noob goldberg wrote:
Hey, I'm still using CRTs at home, and I'm in the business.
yogi,
The definition of deposits is limited. Congress sets the definition of deposits. Let me excerpt some. Show me where it says, "5% of your deposit balance as of December 2009 projected 3 years out".
the unpaid balance of money or its equivalent received or held by a bank or savings association in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a commercial, checking, savings, time, or thrift account, or which is evidenced by its certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar name, or a check or draft drawn against a deposit account and certified by the bank or savings association, or a letter of credit or a traveler's check on which the bank or savings association is primarily liable:
trust funds as defined in this Act received or held by such bank or savings association, whether held in the trust department or held or deposited in any other department of such bank or savings association
money received or held by a bank or savings association, or the credit given for money or its equivalent received or held by a bank or savings association, in the usual course of business for a special or specific purpose, regardless of the legal relationship thereby established, including without being limited to, escrow funds, funds held as security for an obligation due to the bank or savings association or others (including funds held as dealers reserves) or for securities loaned by the bank or savings association, funds deposited by a debtor to meet maturing obligations, funds deposited as advance payment on subscriptions to United States Government securities, funds held for distribution or purchase of securities, funds held to meet its acceptances or letters of credit, and withheld taxes:
outstanding draft (including advice or authorization to charge a bank's or a savings association's balance in another bank or savings association), cashier's check, money order, or other officer's check issued in the usual course of business for any purpose, including without being limited to those issued in payment for services, dividends, or purchases
such other obligations of a bank or savings association as the Board of Directors, after consultation with the Comptroller of the Currency, Director of the Office of Thrift Supervision, and the Board of Governors of the Federal Reserve System, shall find and prescribe by regulation to be deposit liabilities by general usage
Houses depreciate in real dollars. Even if every architect was a Frank Lloyd Wright, they'd all depreciate slowly without inflation of the currency float.
Juvenal Delinquent wrote:
HFT is on to the doomstead meme.
Clearly deposits is generally limited to "received or held". Clearly deposits that are assumed to be on the banks in 2010, 2011, or at any time in the future are not "received or held". And clearly the FDIC ignored my public comment pointing this out to them; because it would ruin their plans to run afoul of the law.
[Wall Street Journal]l added that the projected long-term cost of TARP will likely be lowered from $341 billion to as little as $200 billion.
As little at $200 billion dollars? Wow. That's nothing.
TARP was an investment! Some investments make money, others lose money. This was a loser from day 1. A little disingenuous of Timmay and Ben to sell it as a way for the taxpayer to make money. They aren't THAT dumb, right ? RIGHT ?
1 currency now -yogi wrote:
Yep... Takes thousands of dollars per year just to keep the house from being worthless. A home you live in is a consumable, not an asset. I consume about 1/40th of my house per year, assuming I continuously feed it with insurances, taxes and trips to Home Depot so that it doesn't die early.
1 currency now -yogi wrote:
Well, the structure does anyway. What I am seeing is that the land value is what actually inflated the most. In spite of the crazy construction costs.
How many Americans could pre-pay 3 years of insurance?
Say: health, home, life & automobile.
I'd reckon that'd total up to about $30k for the average J6P.
TARP...cue for 'Deliverance' rape scene...R rated
Deliverance Rape Scene Video
sm_landlord wrote:
I'm enjoying some first time home buyer show on HGTV on my 65" screen. The new buyer, a kid in her early 20's with no money, bought a place for an enormous sum of money using 100% financing. The madness goes on, previously supported by the blind greed of private lenders, and now mostly supported by the redistribution goals of govt. Equally damaging.
deleted.
,rad sm_,
Sounds great if you are cool with tools that last about a fortnight, for your doomstead.
My real question which I haven't seen answered. Is it a debasement of my Constiutional right to elect members of Congress who make laws on my behalf? I'm pretty sure it is. I'm pretty sure the Supreme Court has held that individuals have the right to vote in Congress to exclusively make the laws (and if they choose to explictely delegate to the FDIC).
I've not seen Congress explicitly vote and tell the FDIC that they have full power to define what deposits are. Even if you slyly call this "prepaid" assessments... its clearly assessments against deposits which have not been put into the banks yet.
"...that what comes from Wall Street isn't necessarily the Holy Grail."
Holy Grail?!
It isn't even Satan's bidet, for Christ's sake.
YLSP wrote:
Are you drinking, YLSP? You know when people start talking about violations of consitutional rights that they are.... getting a bit impractical.
Maybe the wheels haven't come off just yet, but I can hear at least a couple of lug nuts banging against the inside of the hubcaps, as the tired vehicle called consumerism, lumbers down the road, in a requiem for a heavy wait.
You know when people start talking about violations of consitutional rights that they are.... getting a bit impractical.
Or getting busted
Why aren't there any personal guarantees with TARP money? You know, if it's not repaid, top management doesn't get any salary or bonus.
Juvenal Delinquent wrote:
There are a few tools available there that would last more than a few weeks. But you have to be really selective.
Agree in general though - that's not where you go to buy a lathe or a milling machine.
Didn't Barney Frank guarantee that the taxpayer would not only be protected but make money off of tarp? Is he going to pay the difference? I just know I am going to save a bundle on my new Obama care insurance! The Honesty and the reputations of such fine people. What could go wrong?
"Capitalism is great," he said.
And then he winked at Buffett and whispered "but crony capitalism is ever better".
some investor guy wrote:
It's up to the bankruptcy judge; they're pretty lenient these days.
Juvenal Delinquent wrote:
Are you kidding? How many could pre-pay their groceries for the next month?
Lobbyist Ben Dover wrote:
I think you must have misinterpreted something. The only guarantee was that Barney Frank would make money off of TARP.
Lobbyist Ben Dover wrote:
I think Barney guaranteed that Fannie and Freddie weren't going to have any problems, as long as they could keep lending. They have problems, and they are still lending, and Barney hasn't paid a dime.
Is it a debasement of my Constiutional right to elect members of Congress who make laws on my behalf?
this question was answered by the Supreme Court in the 1930s, when FDR rolled out the administrative agencies. for the most part, Congress can delegate most of its authorities to any governmental agency that it chooses.
But the 3-year assessments ARE based on 1.15-1.5% of deposits CURRENTLY HELD.
The numbers don't change, only the timing of the write-offs. There are already more than $4.5 TT in insured deposits, not 3 years from now.
Anybody know where I can acquire a pitchfork, w/ bazooka attachment?
Basel Too wrote:
This question was answered in the 1930s when FDR stacked the Supreme court and ripped up the constitution.
There - fixed that for you.
"Anybody know where I can acquire a pitchfork, w/ bazooka attachment? "
I think the pres called those a public health problem so you might have to make your own.
Juvenal Delinquent wrote:
You'll have to build you own hybrid financial weapon, sorry.
edit: LBD beat me to it.
I went down I-95 at about 95 in a car where the lug nuts were shearing off. We pulled over and only one was left on tire. We shrugged, got a room, and got drunker.
I used to think we were further along in the death spiral. Our recent adventure in trying to buy a home and looking at home prices is changing my mind.
I think houses and how people see them depend on their economic and social rankings. Mullets are still popular in some places and I bet in 2011 there will be people who think their doublewide is worth what they have out in equity. If they do realize - it will be quickly followed by looking for someone to blame. That will be pandered to by cynical manipulative assholes who will use them again to enrich themselves
sm_landlord wrote:
FDR only threatened to stack the Supreme Court. That was sufficient. "If you have a big enough bazooka, you may not have to use it." -someone unimportant.
Semi On Topic: Spot gold in the night session is 1102. Expect 1105 tomorrow and then down she goes to 1045. Maybe 2 days, maybe 8 days; dudn't matter if you're short. Time to move the stops down; no sense in accepting any risk whatsoever.
On this blog, the one eyed man is the enemy. Very kewl. Very normal. Very tragic. Very American. The joke here is Hoocudanode. The bigger joke is who's sayin' it and what was said in the past. Liars are a very forgiving bunch. The markets don't tolerate liars. The great examples now are the RE market, the Debt market, and the USGov'ts funding behavior. Liars all! Severely compromised and probably dead all, and deservedly so. Of course, theyr'e not bankrupt because the liars who are the CPA's and accountants have zero integrity.
When gold reaches 1045, it will be the last great opportunity to be part of the Great Doubling. Ah, but this advice is free, and it's on the internet. Hog Huey. Platitudes are plentiful. The blind are packing bandoliers full of it.
slumdog,
Help me invest my money!
Notice that HP Loancraft is nowhere to be seen, after having woven a tale of financial macabre and horror to the hoi polloiticals, like stealing candy from a baby, or in this case 535 of them.
Rajesh - FDR did attempt to stack the court - not just threaten - however, sm_landlord is still wrong: FDR failed to stack it. He did get to appoint enough that it shifted somewhat.
The Squid strikes again. From the Economist:
"“Counterparties to derivative contracts effectively get a super-senior claim to each other’s assets,” says Craig Pirrong, a finance professor at the University of Houston. For example, in 2008 Goldman Sachs extended credit to CIT, a troubled American lender, but in the form of a “total return swap”, a type of derivative, rather than a conventional loan. Now that CIT has filed for bankruptcy, close-out netting puts Goldman up the queue for repayment."
The taxpayers received preferred stock (if memory serves) and will be wiped out. Heads they win - tails they break even.
Jim
FDR's plan was 100% within the authority of the Constitution, which lets Congress set the number of Federal Judges, including Supreme. John Adams actually did pack the courts with Federalists just before midnight when the Party had lost both houses.
sm_landlord wrote:
So am I . . . and now that they've taken away my analog signal, I'm really pissed off that the left and right sides of the picture are cut off . . . especially when the bottom right corner would otherwise be showing me how much time is left in the 4th quarter.
Congress hasn't delegated authority to FDIC to define "deposits". Deposits is clearly defined in the FDI Act.
yogi,
I don't understand what their reserves has to do with definition of deposits. FDIC doesn't have to restore their reserves until 2015. Prepayment of assessments has nothing to do with them hitting their reserve goals.
Prepayment of assessments has everything to do with DIF liquidity.
So seeing that Congress didn't delegate; as a voter I think I am able to have standing in court... if the FDIC bypasses the will of Congress than they basically are able to debase my vote. What's the point of voting folks to make the laws if Federal agencies don't have to follow the law?
Octopirates of the Eastern Front = GS
....and a way to help pay US back.............
Hong Kong Is New Target of U.S. IRS Crackdown on Global Tax Evasion - As is Panama, the British Virgin Islands, UBS clients who pleaded guilty also implicated Singapore, Liechtenstein, Mexico and the Cayman Islands.
........my 1,023 holes (at last count) in the desert are looking safer and safer everyday..........
Why do you hate me slumdog? I like Indian food!
JimPortlandOR wrote:
Don't scoff.
The Onion's been pretty accurate for the past year or two.
Comrade Scott wrote:
The bill was introduced in Congress to change the number of judges but was killed once the Court began giving favorable rulings. I don't think failed is the correct characterization of events.
nova wrote:
I like Indian food, too but they usually run too fast for me to bag a ripe one.
Comrade Scott wrote:
OK, so I took a little rhetorical license. He did manage to shred significant parts of the constitution, however. the states rights part has been missing for some time. And I guess you can't blame FDR alone for the damage done by the extension of the commerce clause to toilets.
Oops - there I go again.
The "money hole" video on the Onion was the tops, man.
John Adams actually did pack the courts with Federalists just before midnight when the Party had lost both houses.
And ooh boy we are still paying for that one...very effective opening move for the republic..well, effectively evil
Big Smoke??
Big Smoke??
Marlboro Country, USA
Comrade Scott wrote:
Let it go, Scott, let it go.
sm_landlord wrote:
He didn't shred it, he just wrinkled it a bit; nothing that a good ironing and a Libertarian majority in Congress won't fix.
Big Smoke is the nickname for Sydney, but i've borrowed it to denote any Large Urban Area.
Just buy one Broward. They are cheaper than Ukrainians
Rajesh wrote:
A lot of commenters are drinking heavily tonight, I see.
sportsfan wrote:
Something else is wrong. You might want to purchase a third-party convertor box. Overscan is not a part of the new standard, you should see the whole picture, including the overscan area.
The administration is implementing a commission to cut the budget 5% in 2011, excepting the DOD and the VA. Also talk of using the remaining TARP money to pay down debt. Energy prices look to be the true psuedo recovery killer in tandem with continued job losses.
Job losses and no sector of job creation. Here is the continued threat to the entire economy. Pres Obama announced a 'jobs summit' for next month. More talk and extend and pretend. 2010 will be here soon enough with more of the Kabuki theatre to entertain us and change little but who we blame.
Buffet and Gates talk at Columbia today and say the worst is behind us. Great to hear if slightly myopic. BG's money quote:
"U.S. government ownership of American International Group Inc worries him because it has devalued the giant insurer."
I can't even begin to criticize the level of disinformation that statement represents.
Really seems as if this reformation of the economy and our future has largely been completed. Lower standard of living. Less options for opportunity for us and our children. Less rights and more obligation centralized on national debt payments. The "Long Emergency" is looking to be pretty accurate. Just another day in our great republic.
FDR's S. Ct, with a majority of old rich white men appointed for life, was one of the most activist in history, striking down one New Deal program after another. There must be a Constitutional check on an over-reaching Judicial branch, and FDR used legal methods, unlike Andrew Jackson, who ignored their order.
I thought it was Pittsburg back in the day when giants walked the earth and Ronnie still knew his name
The bill was introduced in Congress to change the number of judges but was killed once the Court began giving favorable rulings
Uh...no, he got pretty effectively punked...and then there were enough vacancies that he was able to shift the center.
@patientrenter - yes, arguing with the table and all that
broward wrote:
You are correct. It' pretty amazing when dark humor turns out to be prescient. (you can substitute stunning or frightening for amazing as necessary).
I thought we were gonna MAKE money on the deal?!
Dammit. If we all had a sac, the whole dang country would never send another penny to these face rapers.
400 would be the new 800 if they ever wanted to lend here again.
May every last one of these crooks get a coke spoon stuck in their nose and a kidney stolen by a hooker with a roofie.
sm_landlord wrote:
Nobody wants to see the whole picture.
That's a feature, not a bug.
patientrenter wrote:
Hahahaha...fourth glass of wine here..yes...
Rajesh wrote:
Optimist!
...District Court is going to slap them down and force them to borrow from the Treasury or collect a special assessment. Bank on that. Their notice for proposed regulation basically said: "Congress gave them these options, which we reject... so we'll go with door #3".
I'll give you an A for effort and for having the fortitude to actually apply rational thought and legal principles. If only someone with standing would sue.
Unfortunately, we no longer live in a republic where the rule of law prevails, or even has much of a chance. Was it legal to include auto companies in the TARP bailout, when the language of the bill specifically said that only financial companies could apply? Treasury turned that into toilet paper real fast. Was the TARP even constitutional to begin with?
And as far as debasing constitutional rights, we've now got lobbyists writing legislation, and the chamber of commerce exercising a de facto veto over health care and financial reform bills. I'd say that debases our rights pretty good. One man, one vote has become one pigman, many votes.
Externalized Costs wrote:
There is nothing wrong with a lower standard of living, especially when we've been living beyond our means. Thrift is an old-fashioned value that will make a comeback. We will also remember the things that really matter; rather than the things Madison Avenue teaches us to want.
dr munch wrote:
That was some seriously funny snark.
I also enjoyed, for professional reasons, the "USDA Official Takes Courageous Stand Against Interstate Countercyclical Potato Regulations".
But I think that one is more of an acquired taste. I just happen to know a few bureaucrats of which that would have been a perfect parody.
By ADAM GOLDMAN, Associated Press Writer Adam Goldman, Associated Press Writer – 4 mins ago
NEW YORK – Federal prosecutors took steps Thursday to seize four U.S. mosques and a Fifth Avenue skyscraper owned by a nonprofit Muslim organization long suspected of being secretly controlled by the Iranian government.
When asked for comment about alleged Catholic Church ties to the IRA and why their churches were never seized Cardinal Maloney, NY said "Jeebus laddies. Do you know how many FBI agents graduated from Boston University?"
Comrade Scott wrote:
Cheers! I can only absorb two glasses, max. Red wine only, strictly for my health.
Since no one has posted the Fed Appeal to the FOIA lawsuit I'm going to sniff around PACER tonight and find it myself... the motion should have been filed November 6 and put into PACER. I'm shocked that Zerohedge hasn't done so myself.
sm_landlord, thanks for the advice. I may have to check that out some day. For now, I live with what is.
Although John Marshall was a politician with no judicial experience before Adams made him Chief Judge at the last minute, and then Marshall assumed for his own Court the authority to decide whether the President had Constitutional power to do so, the reasoning in Marbury V. Madison has stood the test of time, so far.
I'm not thrilled with life tenure for judges who refuse to answer questions about their political views, then decide Bush v. Gore 5-4 along party lines, but independence is crucial. An occasional threat to pack, whatever the motive, is fair game. FDR was re-elected, by the way...
This HGTV channel is a fascinating window into "normal" society. This episode is about a professional SF couple looking for a country cottage for occasional weekend use in Napa Valley. Their budget for this occasional little getaway? $1.5-$2 million. That's right. I haven't got to the paying part yet, but I am almost certain that they will be using mostly other people's money.
Rajesh wrote:
Nonsense. This doesn't end with neighborhood cookouts and a great spiritual awakening.
We're going to be struggling to heat our homes while being forced to buy new light bulbs that supposedly cool the planet. This ends in dead lawns that can't be watered by law while nearby country clubs look like freaking Augusta for the ruling oligarchy. This ends in wild crime tearing the country apart, as those who are still above water become targets for those who don't feel the 'hope' that our Dear Leader promised.
This ends in a regression of society, not a mass enlightenment. Americans are spoiled, ignorant narcissists for the most part. Once they can no longer maintain their fake image, they'll start the blame game, the rioting, and the persecutions.
Or maybe I'm wrong.... and it'll all just result in more 'quality time' with the family.
I doubt it.
Tom Stone may have more insight, but 1.5-2 million in Napa is a one room shack without a bathroom.
patientrenter wrote:
Not really.
It's better to think of it as government money.
July 27, 2013
President Palin today, in a televised speech, asked America "If we destroyed most of the world we might be able to regain our status as a superpower and all the wealth that that goes with it. So I ask you my fellow citizens; should we do it?
Dial 1-999-123-3456 if you vote yes
Dial 1-202-123-3456 if you vote no
After the votes were tallied, it was 87% in favor, 10% undecided, 3% were unaware that there was an outside world.
I've been mulling over in my head whether to share this here or not and I've decided to go ahead and see what folks here think.
My great aunt recently passed away. She was practically a mother to my mom since my grandmother died when my mom was pretty young (under 10). For a long time - 20 yrs or so - my aunts only child had nothing to do with her. My mom and dad helped her out in many ways - food shopping, dr visits, heating repairs, house painting, etc.
Seven years ago my aunt deeded the house she lived in to my sister - wanting to purposely keep the house out of her sons hands. There was a life estate - so she could live there as long as she wanted but it belonged to my sister - no liens or encumberances. Around this time my aunt granted power of attorney to my mother who continued to do what she had done all along, making sure bills were paid, food shopping, etc.
Well the son who ignored her for 20 plus years showed up out of the blue about 1 year ago. By then my aunt's health was failing. She wanted no part of a nursing home so after a fall we arranged to have a live in home health aide. Somewhere along the way she signed papers that granted power of attorney to her son. We suspect a new will was written at this time as well.
Anyway as I said earlier, she recently passed after 91 years of a full and rich life. My sister is conflicted - she's thinking about selling the house to give some of the proceeds to the son who ignored his mother for 20 plus years though she loves the house and would like to perhaps live there. My mom who is given towards avoiding conflict feels the same way and would give her cousin some money to make him go away. Myself and my dad feel like telling him to f*ck off since we are of the opinion that anything less than 100% won't be enough for him. Like I said - the house is in my sisters name no matter what will he had his mother sign I don't think it matters - we are confirming with attorneys this week.
Anyone care to share some thoughts.
nova wrote:
There are lies, damned lies, and statistics...
On the Verge of Self Mutilation wrote:
Rioting is only a problem if you chose the wrong neighborhood to live in.
People have to take responsibility for their choices.
broward wrote:
I was thinking of taxpayers as the other people, Broward. But some of them are private savers. Mostly taxpayers.
On the Verge of Self Mutilation wrote:
Thrift is not learned when you are showered with money. I did not say we weren't going to struggle. But losing things is not the end of the world, maybe the world as we know it. We will be less comfortable; feel less secure; and work harder and longer. But I was taught to appreciate the value of work; and I think it is a valuable lesson that many other people will unwillingly learn.
broward wrote:
Time to show my ignorant skirt, but when was the last time there were mass ethnic majority riots in any major city? Besides THOSE PEOPLE rioting when they were upset, what would make THESE PEOPLE do anything that begins to resemble "rioting"?
central scrutinizer,
No. I'm really serious that I believe any voter has standing to sue. I haven't found any case that convinces me otherwise.
I elected Representatives to make law. Congress created an FDI Act law. The law was modified to allow special assessments. The law was modified to allow greater Treasury loan. FDIC ignored the will of Congress; who represent the will ove the people. Again I say; just because its the Federal Agency that inherently debases my constitutional right to vote for elected officials; doesn't mean I lack standing. The FDIC was fully aware of the two legal options Congress gave it. They chose to go outside of one they have Congressional authority for.
Again; just because the debasement occurs after I have voted; doesn't mean my Constitutional right hasn't been infringed. Every qualified voter has standing to sue against agency action on these grounds.
Mike in Long Island,
You and Dad should chip in for the $500 it will take to to convince him to leave town. Have them break an arm.
Seriously? He is a leech. You are stuck with him now unless you burn him off or pay him off
On the Verge of Self Mutilation wrote:
On a minor point, it's not too early to start hoarding real light bulbs. They will be like gold or cigarettes before too long. I recommend the Feit 130V maintenance packs - they last as long as the fluorescent bulbs, cost one tenth as much, and use much less power than your typical garbage Philips or GE lamps.
The switch in time that saved nine - Wikipedia, the free encyclopedia
And if you believe judges who say they pay no attention to political pressure in applying "natural law", then you have no problem accepting Bush v Gore as a work of scholarly jurisprudence, coincidentally along party lines...
@rajesh
Americans are spoiled, ignorant narcissists for the most part. Once they can no longer maintain their fake image, they'll start the blame game, the rioting, and the persecutions.
Those are rather strong words coming from someone from the sub-continent, though I suppose you may be speaking from informed experience.
I do agree: a new great-awakening is hardly the basis for enlightenment. I remain hopeful that a reality check - reduced standards of living - will serve as a wakeup call for the population regarding exactly which side their bread is buttered on.
@patientrenter - I like to say it's for my health, but that's just convenient cover, and normally it is just one or two. At 42, I went for my first checkup in 5 years, and the good doctor was taken aback by my (good) pulse and BP, and wanted an EKG to confirm...I dunno if it's the mileage (I'm a runner) or the wine, and I don't care, the numbers are great, including bloodwork, so I'm sticking to the French diet and the wine...and the occasional cigar.
patientrenter wrote:
But as we've already seen, taxpayers and tax income has little to do with government money now.
Rajesh wrote:
"We will also remember the things that really matter; rather than the things Madison Avenue teaches us to want."
As an ardent anti-consumerist I agree. Transitioning from a service/consumer based economy to a debt ridden/highly taxed reality of high unemployment and little economic growth is not the type of mandated standard of living reduction I had hoped to see. Making a decision to consume less, save more and think of environmental impacts of my lifestyle is better if it is self driven rather then just a new way of life because of economic realities. More net negatives than positives in our future of sustainable living. 2 billion people live on peanuts a day and have minimal carbon footprints, call me selfish but I never wanted to take up their lifestyle to support the top few percent of wealth holders.
Rajesh,
It would be nice but I don't think so. We are way too toxic now - mentally and spritually
yagij wrote:
1994 Los Angeles.
Do I get a prize?
Thanks nova - it definitely has the potential to get ugly.
hey Juvenal Delinquent -- i saw some of your earlier posts about hot springs near the most hated city on cr
that's three angry face thingies for you!
p.s. -- if you need an extra boat for your trip i'll lend you my 15' dagger charleston if you promise not to scratch it.
Yeah, they call the show "Property Virgins" cause the first time home buyer is about to get f--ked.
yagij wrote:
Last year.
Protests on Wall Street - what the news media isn't showing you
WTO - That brought out the middle class whites
broward wrote:
Broward, doesn't all the money spent by govt now end up coming eventually from future taxpayers, or from savers (through inflation)? What am I missing?
Mike in Long Island wrote:
I can only wish you the best of luck. Hopefully one of the bright legal minds frequenting this board will have some sage advice for you.
Great Aunt...OT for sure.
Answer: Ethics...what you do when nobody's watching.
Stay in the house. Get a small mortgage. Gift money to the son in small quantities for a reasonable period of time.
You don't have money in your family. So, you're stuck in the dilemma. If the son is not mentally well, your sister should share by extracting money, finding a cheap apartment for the man, and setting up strict money gifts. The man sounds like he has real, mental issues. That's again an ethics issue. If not you, then who? If not now, then when?
Story: I know a man whose brother literally disappeared for 10 years and returned for a visit 5 years thereafer. That man recognized the brother had real mental issues. The men now each own the family house, free and clear, and the one long gone now lives in the family home. His bro says, "How can I turn him out and sell the home? He is his parent's child."
And another, in my own biz. I make stuff for the govt, and some of it is used in very risky situations. If it isn't the best, it increases the risk to the users. The spec's don't require "best", just "good". The subcontractor said, when independent tests came back within spec, but not "best", "Hey, it's in spec." It's a matter of ethics. (I told 'em, if they don't raise their quality to "best", they can do it over again and eat the loss.) It's all about who you are. The mirror will tell you.
It's all about ethics.
In addition to already wide discretion. How is a 3-year prepayment not a form of "special" assessment? Again, if the DIF goes over 1.5%, the banks have a case. The FDIC is a voluntary system. Any bank can opt out for future deposits.
Slumdog wrote:
The 'man' did fine for 20 years on his own. I'm all for familial responsibility, but that's taking it a bit far, in my mind.
... and no sector of job creation.
not quite so ~
"Health care employment continued to increase in October (29,000). Since the start
of the recession, health care has added 597,000 jobs."
Employment Situation Summary
patientrenter wrote:
About $5 trillion.
I think it's funny that we're going to reduce the current $2 trillion deficit by 5% and call it a win!
Rajesh wrote:
I don't expect those who find this subject interesting to make up the bulk of the rioters. Some will adjust just fine.
But there will be more than enough adults throwing tantrums to make things dark. By the time you add up the backward baseball hats, the talk radio parrots, the debt-blingin psuedo gangstas, and the rest of the one-person parades that charge through society, there are more than enough raging egos to burn down a city. And once they start, the 'free TV' crowd will turn that mob into a mass movement of brainwashed vigilantes.
Go long burglar bars and have a few Krugerrands to keister in case you need to flee.
The proles are going to rage.
How much of the taxpayer loss can I write off on my personal taxes? Can I go back ten years or do I have to start this year? Can Turbotax figure it out or do I have to seek a much higher power? Do I need to get the permission of Godman Sucks or what?
Mike in Long Island wrote:
Appeasement will not satisfy a selfish aggressor.
Tell him to fuck off.
,rad sneering,
Daggers are pretty sweet, but way overkill for this pleasure cruise. We just go with a local outfitter and use their Loons. It's quite a bargain @ around $75 for rental and they take you down to the river(building a new bridge there), and they pick you up the next day @ Willow Beach and take you back to your car, no muss no fuss.
Recommended for fall or spring-time only, it's 110 on the river in August-yuck!
It's supposed to be around 60/45 this weekend, perfect hot spring weather~
mike: i don't understand the dilemma; by that, i mean, is it a legal issue or a familial one? assuming the house is in your sister's name, is the issue challenging the validity of the will? or are the parties involved content on him having it, and telling him to f- off?
Comrade Scott wrote:
He didn't write that, I did.
I was born and raised in the herd.
On the Verge of Self Mutilation wrote:
Since you are making predictions, would you like to pick a time-frame?
Not that I disagree, in fact I'm distributing assets geographically for safety.
The 'insider' hollowing out, 'pump & dump' of the 19 will bring some resolution to the 'recovery'...
sportsfan wrote:
In addition, make him secure the resources necessary to contest the will. If he's that hard up, and the deed's already in your sister's name, I can't imagine there will be too many lawyers willing to take that complicated case pro bono.
broward wrote:
Broward, I realize you're probably having a little fun, but I have a narrow accountant's mind. Every $1 of stuff the govt spends must come eventually from taxpayers, or from savers (through devaluing the resulting govt debt via inflation). The only other alternative is default, and even that is really just taking it from savers (who own the defaulted govt debt).
sm_landlord wrote:
Have you been out doomstead shopping and not telling us?
patientrenter wrote:
Federal Reserve is holding several trillion in assets.
The money to purchase those didn't come from taxpayers or savers.
barfly wrote:
That's okay, the new healthcare plan should eliminate those jobs, too.
There aren't enough facts to be able to reach any conclusion. This poster is not the owner of the house. He's merely a sibling of the owner. He has no standing in this matter. He may himself be flat broke and a ne'er-do-well, and eager to mooch off his sister. Again, as in Rashoman, not enough facts in evidence. Ah, but in crowd mentality, especially among the blind, who cares.
sm_landlord wrote:
Rodney King?
Could you say that ,rad nova got doomstood up?
TJ and The Bear wrote:
I thought I mentioned that the books were going 50 miles away.
I haven't seen a good doomstead option yet, so I'm shopping for distributed storage...
broward wrote:
Was that the one where bankers stood on top of their banks holding shotguns and rifles threatening to kill anyone who stormed into their branch?
sportsfan wrote:
Yeah that's what I'm thinking.
This one.
http://www.realmeme.com/roller/page/realmeme?entry=request
yagij wrote:
That's a prize, all right
"The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999)"
Hmm, 10th anniversary. What has to happen to get the Glass-Steagall Act of 1933, reinstated?
http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act
Basel Too wrote:
Well I guess there is a niggling of doubt whether a will can override the fact that the house is already in my sisters name and has been for 7 years.
I was really hoping for some input on what you you do in the situation - appeasement or flip him off. I just wanted a sanity check to see if I was out of line for suggesting my sister tell him to take a hike.
Slumdog wrote:
You're endearing. I just want to hug you.
Slumdog wrote:
Wrong again.
sm_landlord wrote:
It depends on how long the can kicking and accounting shenanigans can keep the game alive. Quite frankly, I didn't think they'd be able to keep it going this long.
The proles won't rage until they are personally and badly affected. I expect the bandanas to get tied on somewhere north of 20% unemployment or when the current house of cards blows down due to a rate increase by Helicrook.
Already there are countless YouTube videos of cranky dudes in ski masks stroking their guns in front of a Gadsden Flag. And with blowhards on the radio pimping water filters and selling revolution, it won't be hard to cut them loose.
Only a new fantasy can stop it now. And I doubt they can roll one out before this show stops playing.
By 2012 we should be ready for our 'strong leader' and our new discipline. Aint that how these fascist things play out?
sm_landlord wrote:
Caucasians were storming the streets?
Do you think masses of people enjoy riots?
They tend to occur when many people have pent-up rage and perceive little to lose. The beta male wolf lowers his head as the leader takes his pick of the litter for years. One day for no apparent reason he viciously attacks his longstanding leader. The rest of the pack will fall in line with the winner, or maybe see a chance to move up. Can take about 20 seconds, but no one knows when.
Federal Reserve is holding several trillion in assets.
The money to purchase those didn't come from taxpayers or savers.
Broward,
Who got the better deal, the Fed or the banks? The banks got cash, but the Fed got supposedly AAA assets that pay interest. 5% of $1.5 trillion is some serious coin - year after year it starts to add up!.
Week of 11/4: Net cash flow to domestic equity mutual funds: -$5.25 billion.
Net cash flow to bond funds: +$7.5 billion.
The trend continues. J6P fleeing U.S. stocks and heading to the hills of bonds. Enormous bond bubble building.
ICI -
Long-Term Mutual Fund Flows, November 11, 2009
Money market mutual fund assets also are starting to show a steady negative outflow trend.
ICI -
Money Market Mutual Fund Assets, November 12, 2009
What does it mean? I think five things: J6P needs spending money and wants mattress money. J7P needs yield and thinks bonds are better than money market. J6P has lost some trust with Wall Street and its advisors. JP6 is so happy for the chance to get bailed out of the stock market this high. J6P saying goodbye to 401(k)s.
J6P...not as stupid as you think.
patientrenter wrote:
SWEET! I feel much better now about bailing out all the lenders and allowing FNM & FRE FHA... to make these necessary home loans so we can further the god-given rights of the ownership society an Amerika.
Mike in Long Island wrote:
Mike, on that issue there is no doubt at all. He can sue to set aside the deed as a fraudulent transfer and he'll need a lot more than good luck with that one. Otherwise he is SOL.
The will and the house have nothing to do with each other.
broward wrote:
Doesn't count. I need some civil unrest and loss of some civil order to count as a riot. Asking for suicide isn't rioting. It is a request.
1 currency now -yogi wrote:
We seem to be collectively enjoying this devolution as a society...
rich wrote:
Excellent.
If the System can funnel that into 3%, 30-year mortgages, The Game can continue for a few more years.
sportsfan wrote:
Thank you. I suspected as much and hopefully the attorney tomorrow confirms that same. Thanks to all who replied.
Sorry for the OT rambling.
"Neil Barofsky ... said the [TARP] will “almost certainly” result in a loss to U.S. taxpayers. "
The bravery of that statement just boggles my mind. Gosh...I'm absofuckinglutely dumb struck. Simply amazing...
Mike in Long Island,
Wife's family had a similar issue with a house, but not as clear cut in my mind as yours. These things are never black and white. One of my wife's uncles owned a home, died leaving a wife and daughter behind. Wife was disliked by the whole family and went back home right after the funeral, because she couldn't handle the ugliness. Anyway, life insurance paid off the house, and the mother of said uncle and youngest sister took over the deed of the property... basically taking the property from wife and daughter. Now in their defense, mom was a nut. Daughter ended up living in Oregon at 16 with two men, then went born again Christian and moved in with Grandma until she kicked her out. Reason was never given. Now Grandpa (who had divorced Grandma many years ago) up and died and apparently had a guilty conscience for what happened and somehow had a say in the property dispute (don't know the details) and he left in his will that his estate should be sold and proceeds used to sue Grandma and youngest sister for taking said house and reparations made to granddaughter. Then Grandma died...all the paperwork disappeared. Youngest sister says house is hers, end of story. Granddaughter doesn't want to poison the family well because Jesus says to forgive...but she is basically living off of all of them. Her mom is living with unofficial husband #6 and doesn't want anything to do with any of them. I am still trying to figure out the just and ethical solution to this case. Yours seems more cut and dry, and yet I am not entirely sure it is either. What ever you decide, make sure to take the long view based on his behavior...the family guilt over my wife's cousin is still being assuaged with guilt money some 20 years later.
broward wrote:
Sadly, he has a point... Although I thought 40-45 year mortgages were becoming more of a norm.
yagij wrote:
Your wish is granted.
Actually, I was looking for this picture but found the "Jump, You Fuckers" sign first.
PHOTO: Wall Street Bull Had Blue Balls Today - The Consumerist
Comrade Misean is Dope wrote:
Really sticking his neck out, isn't he? I guess when you get to a certain level of government, you can't even say "I love you" to you wife and kids without inserting some sort of weasel word.
In the law, sportsfan, complexity is the key to a just outcome. In your world, grunt, ugh, move on. Excellent. Click, the TV is off, the venue's shut tight, and you're a life without meaning.
Health care adding jobs. Demographics don't lie and we have a whole cohort needing all the latest care.
"National health spending is expected to reach $2.5 trillion in 2009, accounting for 17.6 percent of the gross domestic product (GDP). By 2018, national health care expenditures are expected to reach $4.4 trillion—more than double 2007 spending." Think about what that means in a contracting economy after the stimulus runs out.
The majority of personal BK's are medical bill related. The health care reform is little more than a transfer of exorbitant costs to the end user with a healthy chunk given to Pharma and the health insurance industry. Keep adding those jobs as health care bankrupts the country and we soon have no choice but to reduce entitlements and watch hundreds of thousands of health care workers join the ranks of the unemployed. The truth is all the choices the country has kicked down the road are all coming crashing in at the same time. There are no simple cures for what ails us and judging by current events there aren't any coming internally until it is forced down our throats. Tough years coming.
yagij wrote:
No, the minorities that constitute the majority were fighting it out.
The caucasians were hiding behind the barricades in the protected areas.
LA has been majority minority for a very long time. At least since 1972 or whenever Tom Bradley was elected mayor.
Phil Gramm, the former Republican Senator from Texas who co-wrote the act that undid Glass-Steagall, said, “I’ve never seen any evidence to substantiate any claim that this current financial crisis had anything to do with Gramm-Leach-Bliley.”
Wall Street Faces ‘Live Ammo’ as Congress Aims to Unravel Banks - Bloomberg.com
Just passing through ...
Re: " they wouldn’t put their reputations at risk by committing fraud"
Thanks for your time .. peace and love
sportsfan wrote:
Mike, on that issue there is no doubt at all. He can sue to set aside the deed as a fraudulent transfer and he'll need a lot more than good luck with that one. Otherwise he is SOL. The will and the house have nothing to do with each other.
???Was the house specifically mentioned in this new will, as though the deceased still (thought she) owned it? If not then why are your mother and sister thinking in terms of him having any entitlement to it? Has he indicated to them that he believes he does? Is he in some need even after inheriting his mother's assets?
I doubt it. Because the mortgage market is only at 3% due to heavy government intervention, not because of investor demand.
Too many investors have been lulled into believing bonds are safer than they think. It won't take a big event to wake them up, and then the money just pours out, back into cash.
So many people, especially the elderly who have planned and saved well, are just being decimated by Bernanke. They can't make ends meet on 1-2% bank yields. So, they are desperately looking for a way to get more yield and pay their bills. For these people, Bernanke is the biggest bank robber of all time.
So where are the clawbacks all the Obama worshippers said will be coming when he gets elected ? All I see is an escalation in Afghanistan, more social programs/entitlements less transparency and a government so big it'll swallow everything in its reach.
Slumdog, you moron, he was asking for advice, not a legal ruling.
Have you always been an asshole or did it just start when you started posting here?
broward wrote:
If that is the best NYC has to offer in the way of "civil unrest", no wonder the bankers don't think twice about raping and stealing from this country...
.
Heck, I'd steal from you, your mother, and your sister if I knew the worse that could happen is you deface something that isn't even my own, and you do so in a neat and orderly fashion.
This economy is analogous to a run I did hitching a ride with a coworker in the early ‘70’s out to Porterville. We left San Francisco after work and (refreshments) in his ’63 Dodge and crossed the Bay bridge making our way to I-5. Absolutely pitch black out and he’s got the 383 screaming, outdriving his headlights at 120 indicated. It was exhilarating. It was a good time..it didn’t last.
The most metallic moan rose from the engine bay and we started smelling oil. He pulled over and checked the oil or tried as it didn’t even register. He blew out at least 4 quarts of oil. So I’m standing there by the fender and I happen to look down at the tire and crap he’s got a retread on. It’s really poorly made and even by the glow of the headlights I can see it’s starting to separate from the casing. I shouted, “You were doing 120 on a retread!”.
He looked at me and said, “It’s cool. They’re all retreads. I got a deal.”
Moral: We’re all retreads now.
When the bonds blow up (starting with munis) there's no effective defense. The stock market tanks, taxes increase and deposits either scream out of tier one deposits or the banks commit to ruinous rates. Then we can stare in horror as over the next 2 years the short end of the Treasury market matures with no re-subscription.
sportsfan: please chill out. we haven't had any serious flame wars since Lucie left.
Rob Dawg wrote:
Ho ho no.
I can think of a couple, starting with your 401K plan.
Would a bank shareholder have standing to sue the FDIC over the prepaids?
sportsfan, I just like you a lot. Practicing law without the facts? What a fool. Oh, sorry, just an opinionator.
Bottomline, the transfer occurred long ago. A quiet title action could be brought. A bond could be posted and a cloud on the title could exist for a helluva long time. Your super smart answer is that of the sportsfan.
FUBAR and WASS LLC wrote:
Maybe the time has gone ... and now has returned; let the wars begin!
Fight each other...yes...this is where this Bust is going...fighting for scraps of TARP droppings...and gold dust...
With no facts, sportsfan can light all the dynamite he wants. It's just another blowhard getting his rocks off as there must be nothing on TV at the moment. Maybe the fan needs more cable stations?
I know: the banks could go to the .25% window and get a much bigger loan. Then they can pay bonuses, pay the Fed 5%, and lend out the rest to other banks who fail, then collect the insurance. It can't fail...
,rad Never,
Great story....
sm_landlord wrote:
For some odd reason, I think a bunch of white cops beating up a black man in a country that is/was majority "Caucasian" is missing the point, but I must concede to you due to the technicality. That would be like saying the "majority" rioted in Memphis or Birmingham even though the cops and political leadership was the "minority" and the rest of the state is mostly made up of the majority.
.
When Bubba, Ken, Timothy, and Benjamin leave their respective Nascar race, country club, corporate job, and beach to "riot", then I will mark it down as a riot ala the Bastille.
Forget it.
I just don't have the energy for it.
broward wrote:
Is there enough left to make the difference?
Seriously, Dawg, the true trigger for a collapse probably has to come from suppliers of physical goods. As long as they'll keep trading stuff for air, the Game can continue.
It's been fun!
Don't worry everyone...there's more dumb wars and less money coming...good for polite blog discussions...
Good night everyone. Guess it's to late to say play nice. Look forward to BFF tomorrow, Friday the 13th and all. Be a nice break, been reading way too much the past two weeks, my eyes need a rest.
phil gramm has a somewhat valid argument. most of the institutions that have failed, or under government conservatorship, participated in activities that would have been allowed irrespective of GLBA. not that C and BAC didn't leave craters of their own. the changes in the capital requirements at the IB and DI level are much more instrumental in the collapse than GLBA.
Friday the 13th...not a good omen...
broward wrote:
+1 When China is willing to let its people go UE'd, then we might have a game on our hands.
A bank shareholder can sue the bank for not suing the FDIC. Doubt she has standing to sue the FDIC directly, but if the case has legs the court can probably "force" the bank to cross-claim.
The biggest problem coming for the central planners is if Obama goes off-script...the socialized People don't pose much of a problem...
Koop,
Is there anyway I can discard the last 400 messages?
http://www.bloomberg.com/apps/news?pid=20603037&sid=aaXO2EVjAjb4
dunder mifflin is going tits up? that's a little to much reality for my escape TV.
Slumdog (profile) wrote (in reply to...) on Thu, 11/12/2009 - 8:23 pm
After pointing out to the moron that Mike was asking for advice, not THE LAW,
Slumdog (profile) wrote (in reply to...) on Thu, 11/12/2009 - 8:31 pm
He obviously still thinks someone is talking about THE LAW, after which:
Slumdog (profile) wrote (in reply to...) on Thu, 11/12/2009 - 8:33 pm
Slumdog, your arrogance is overwhelming. Your points are underwhelming.
You should return to whatever Single-A sandbox you played in before polluting this board.
Bankers: reap the gain, spread the pain.
broward wrote:
I generally agree but it very well could be that no check in the mailbox might be construed as nondelivery of an expected good. I do think we can survive the emperor's clothes event of precious metals oversubscription. Not so any of the food commodities. Remember that rice scare a while back? Were there to be a real shortage it would not remain contained to a single staple.
The 'Pledge of Subservience' over at Mish is funny!
Rob Dawg wrote:
It is a damn good thing that Costco found 5000 pallets of rice really fast and got them distributed.
IT's not over till eye say IT's over.
check you legal expectations on Ram Bus
after the INTC settlement with AMD today, I like RMBS for a least 4 points before Christmas.
Qualcomm settles...
I agree that, overall, there's greater and greater disfunctionality.
And I wouldn't be surprised if some unforeseen event crashes the Thing.
The inevitable event that I see is ongoing retirement of Boomers, putting greater pressure on assets, fed spending, etc, until the thing cracks from inflation. Might take ten more years, though. Look at Japan. Held together with paper stitching for twenty years now.
Newbies on a blog get the workover sometimes...you'll get false attributions, belittling, chastized for blogging and not owning guns, and told to basically cease-and-desist by some of the regulars...who patrol the area...
Mike in Long Island:
Your sister's too damned nice. Tell him to piss off.
I'd say eff off, but that would be rude.
Frankly, if Grandma was finally mending fences with her son and y'all were that involved, you'd have heard about it. Make him work for it.
Actually you can pick up a nice 40 year old 3/2 in good shape with 2 acres on the Silverado Trail for $1.5MM according to craig's list.Or you could wait 2 years for the half off sale.This is a freaking ranch with a big yard on a busy road...
I gotta O.T. for a moment. I'm on my new netbook. Dell Inspiron mini 10v running Hackintosh OS X 10.6.1. This is so cool.
As a test, you might even get the ultimate term of blogging endearment...satanic babbling...or sympathy for the devil...
Rob Dawg wrote:
Does it still work after the latest security patches? I heard they broke the hack...
from the last thread... on Trains
I'd love to give Buffett an earful on this pet peeve on mine...
whenever I visit my boyhood town in Indiana I am amazed how many trains go through the town on a daily basis,
all crossings are at road grade level no overpasses. back in 2007 I use to count the number of trains in a day
which were nearly on the hour. some of the longer trains due to slow safety speeds would take 20 minutes to
pass and have on average 140 cars backed up on each side. and this is a town of 20,000.
consider the lost productivity of those people stuck in traffic, it's not as if they are in some kind of hyper service job
that they can easily work out of their cars.
I did some checking and found that the town has no control on train flow whatsoever. also due to some bill passed by Congress
perhaps in the late 80s the train companies are not required to build overpasses where their trains create a virtual chock hold
on any given town. we never had that much train traffic when we had a working depot and that was 40 years ago...
...
a study should be done on all the small towns across the USA so impacted and
a bill should be passed requiring the private train companies to up grade their tracks and crossings
Well, starting with that caveat doesn't get you far. How much failure left to go?
Don't forget, the leverage gets smoothed out so that AAA garbage was selling for only a few basis points premium.
I would love to look at his credit report....how much does he owe on it? I bet he's buried making less income...
Texas man drives Bugatti into pond; blames bird - Yahoo! News
I blame bird for a lot of things....
Thanks again for the feedback.
creditcriminalslovetarp wrote:
Bird: 1
Selfish Arrogant Douche: 0
Hackintosh - watch your updates.
Apple's Snow Leopard Update Zaps Bugs, Kills Hackintosh Netbooks
sm_landlord wrote:
OS X 10.6.2 breaks the Atom processor. No big deal. The genie is out of the bottle. $299 for a netmac is too good to pass up.
flame wars
Maybe the time has gone ... and now has returned; let the wars begin!
Hey Sportsfan:
Your mother was a central banker.
homedad, there's no flame war. Two commenters had a difference of opinion. That's all.
yeah, homedad, your mothers central banker was so bad.
How bad was he?
he was so bad, Obama put him out to pasture.
where's volker...doesnt she live on this board?
So after it's all said and done and this global casino crashes, the New World Order or Global Central Control apparatus stuff will finally be seen to be a crock...right? All this paranoid 'globalism' talk will finally, once and for all...be debunked...
broward wrote:
Broward, I see you too have been drinking heavily tonight
The money came from the printers, as you note. But that's just the first and painless step. The other, later, steps are inevitable. The Fed money did get spent, and someone received it. It represents a real transfer of wealth, and the wealth gained by the people who received the money will eventually have to be taken from someone else. I am saying that it will come from future taxpayers or from savers, or a combination of both.
Serious note to the commentariat.
Please don't make dumbass remarks to kcoop about the site. I made a seriously idiot remark about the effects of flushing on my autorefresh and the guy took me seriously. God love him, he actually emailed me to ask technical questions which I don't even understand.
The dude's an effin' saint.
Saint Kcoop, patron saint of bloggers.
Driving a 1001 hp car means any reaction is greatly amplified. I'll give the idiot the benefit of the doubt that it happened just like he said, startled, tap the gas accidentally and vroom into the water before you can react.
Happens all the time. Too much go and not enough know.
http://www.wreckedexotics.com/newphotos/exotics/
the duke is from indiana...not as exotic as i had believed
Mike in Long Island wrote:
.....that's the statement that pays. Remind your aunt and Mom re. the above. You & Pop take Junior aside and adjust his "wants, needs, and desires" in regards to Auntie & Mom.
I don't really see a Gadsden riot, but I would not be shocked at some sort of domestic terrorism aimed at Wall Street...not necessarily happening in NYC.
I drive a nine year-old minivan nicknamed Gladys the Rolling Dumpster.
I can't conceive of a 1001 hp vehicle. I'd rather see if it has the fisheye mirror that lets you view the backseat chaos.
new-skooll bff early results have the +/- @ 6.5
Mike: I concur with sportsfan.
Even if the will for some reason states that he is to get the house, it was not hers to bequeath when signed, if the deed was validly transferred. Did your sister record title?
exasperation: why did we do any of this? why save GM? who cares about GS? why do i feel like i parted ways with reality some months ago?
homedad43 wrote:
LOL... that is funny! I suggest an icon saint for Saint Koop!
he dropped his phone while driving and looked up, saw a low flying bird and lost control...
no way....its not like he just moved from Billings, MT. to Houston...I bet he's driven that area forever...
call me supicious
Rob Dawg wrote:
Yeah, I guess Jobs didn't have any choice once Intel blew everyone else out of the processor business. So today their only remaining competitor (AMD) got a few billion to go away, and they were already supporting the same basic instruction set. I wonder if Jobs has anything else up his sleeve, or I should dump my remaining AAPL? How much longer can they keep selling $800 worth of parts for $2500 (macBook Pro)? For their own good, I hope AAPL can afford to lose the computer business and make it in CE.
The New World Order stuff may just be a crock...in a global crash...protectionism is more likely as is tension between the nation-states and between the debtor and creditor states...plus the hyped Big War we are gearing up for Christianity vs. Islam...nation-states will isolate more and trade less than increase co-operation possibly...in a global meltdown...
creditcriminalslovetarp wrote:
Drinking? Drugs? Needless to say, I think he knew how to avoid whatever it is that caused him to land the multi-million USD car into a marsh.
We can bitch and moan as much as we want to about GS owning the government its not going to change a thing .Time to stop complaining and start doing something. Here is my first suggestion. All those who have insurance from GEICO shift your policy and send a letter to Buffet - when he dis-invests from GS and stops using them as his investment banker you will consider coming back.
sm_landlord wrote:
i love apple. their products and their computers are the best. but, they are seriously f'd.
Here is my first suggestion. All those who have insurance from GEICO shift your policy and send a letter to Buffet - when he dis-invests from GS and stops using them as his investment banker you will consider coming back.
Or better yet, start mailing the company boxes of dead geckos.
TARP = Taxpayers A$$-Raped in Perpetuity
Basel Too wrote 7:37 pm
phil gramm has a somewhat valid argument. most of the institutions that have failed, or under government conservatorship, participated in activities that would have been allowed irrespective of GLBA.
basel that is total nonsense
"theGramm-Leach-Bliley Act allowed commercial banks, investment banks, securities firms and insurance companies to consolidate."
(ie travelers and citigroup the biggest infestation out there!
this multiplied counter party risk and systemic risk
"Nobel Prize-winning economist Joseph Stiglitz has argued that the Act helped to create the crisis.An article in The Nation has made the same argument."
"Contrary to Phil Gramm's claim that "GLB didn't deregulate anything" (see Defense), the GLB Act that he co-authored explicitly exempted security-based swap agreements (a derivative financial product based on another security's value or performance) from regulation by the SEC by amending the Securities Act of 1933, Section 2A, and similarly the Securities Exchange Act of 1934, Section 3A,
(didnt you watch the warning re brooksley born two weeks ago on frontline....sheesh
quotes are from wikipedia GLBA
http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act
sorry hommie
but i gotta call BULL SHIT on this claim
Don't confuse a good company for a good stock. Apple will still be a good company at 115 as it is at 205.
The one who thinks they love the other person more is always right.
misean taught me that.
Re: "The film depicts a dystopian Los Angeles in November 2019 in which genetically manufactured beings called replicants — visually indistinguishable from adult humans ..."
YouTube - BLADE RUNNER - I've seen things
YouTube - FM Belfast: Par Avion
Not only are boycotts beyond legal challenge, every rational economist on the right or left would prefer consumer "free" choice as the best mechanism to force market corrections.
There are free-rider problems, but a little leverage goes a long way. The Dutch took out 15% of a bank's deposits in a week at the urging of a whistleblower, and the bank dropped dead.
Anyway commentariet, if the Economy is 70% based on THE CONSUMER and very little bailout/stimulus help (of the total bailouts) actually went to the consumer and went to failed Banks instead, then the central authorities or Powers That Be want this thing to Crash IMO...there I just proved this Crash is intentional without citing even one 'financial/currency crises' macroeconomics study...or going to weird blog sites about The End of the World as we know it (and coming NWO)...
RockyR wrote:
It's depressing. I hate overpaying for computers, because I know the business well enough to know when I'm being screwed on price. But I also like well-made computers, and hate the junk that Dell and HP sell as consumer products. Last time I upgraded, I bought eight Shuttle xPCs, which are pretty good machines for non-Apple product. Hopefully someone will survive at the high end.
Rob Dawg wrote:
with or without jobs? with or without chrome?
i'm not optimistic.
If Bernanke had to drive somewhere fast, he would ...
Basel Too wrote:
I have asked before why people think reinstating Glass-Steagall is pivotal to preventing a recurrence of our recent financial collapse. I am not sure I got any good answer, except maybe that if IBs had no depositors amongst the general public, then Congressmen would allow them to go bankrupt. Since I don't believe that, I am left with no real understanding for why G-S reinstatement would really matter. Since my hero, Volcker, advocates it, I would support it, but I doubt it would solve our current problem.
From the emotional and extreme reactions G-S excites amongst those who care about partisan politics more than other public issues, I think that the real importance of reinstatement is that would be a nice Republican head on a spike. But I doubt it would have prevented what just happened - crazy lending against over-inflated assets, mostly homes, supported by bankers, investors, homeowners, Congressmen of both parties....
crazyv,
How 'bout a TBTF 19 boycott?
Would the last person leaving America please turn out the lights? Thank you.
Bridgeport, manufacturer of the famous knee mill by the same name, is trouble with a capital "T." Word on the street is they can't get castings because their supplier went tits up. Let's hope Bridgeport can secure their patterns, otherwise it's back to the drawings and you start all over again. Supposedly, the patterns are somewhere overseas.
KneeMills.com - Bridgeport Knee Mill Web Portal
nova wrote:
nova, nova, nova - BU is PROTESTANT [old blue blood ENGLISH money]... its Boston COLLEGE where they kiss the rings and sprinkle the water, son.
Tomorrow might be bleak but it still holds endless possibilities and not all of them are bad. g'night
Rant time:
Wall Street brought us failed banks, a failed economy, a bankrupt healthcare system and a capitalist system that is driving the economy towards total failure -- as short-term shareholders drive short term profit margins that are linked to greater and greater inefficiencies. The success of wall street today is a reflection of our failed society.... Amen &
AAPL is sitting prettier now and has a much brighter future than much of the last few decades. With over $30 billion in the bank, they're going to come out of this mess stronger than any other company in their industry. If only we had more companies who could do so well with no debt and no leverage.
thanks Aleister
for the tip about Buffett and Gates speaking at my alma mater Columbia!
"Sitting facing each other in an auditorium filled with nearly 1,000 cheering people at a CNBC-sponsored event at Columbia University in New York, the CEO of Berkshire Hathaway Inc. and Microsoft founder Bill Gates fielded questions from Columbia Business School students on the recession, investing and what's the next Microsoft. "
I assume the venue was what was once called ferris booth hall ... was rebuilt by some trendy architect some years ago and is now called
Lawrence Wien... the auditorium - where I saw Jesse Jackson on a double bill with Abbie Hoffman speak during the Mondale Reagan debate not to mention Husker Du - is named after Roone Arledge and very high tech, I'm sure that's where it was held... Low Memorial where they hand out the Pulitzers is too small.
typical B School students - operative word Sucks Ups plus I'm sure they had at least 100+ plants in the audience to lead the cheers...
....
that news really made me nauseous - Ahmadinejad or Buffett a real coin flip
Oxtail wrote:
I know of a few banks that could burn that up in a few seconds....
mp wrote:
LOL - good luck getting those back... though they'll likely see suspicious looking 'copies' coming back from over there in DROVES. Just another coincidence I'm sure.
mock: JPM has more than $50 thousand billion in exposure to those "swaps", and they are 2nd to BAC in deposits.
Basel may be right that it still may have been bad with Glass-Steagall in effect, but that's like saying we would have had nasty 8% inflation, instead of 25%.
Oxtail wrote:
I just hope they're still in the computer business when that happens. Someone has to set the standard, and it sure isn't Microsoft, Dell, HP, etc.
What we have coming unless political leaders and central monetarists (they are 'separate' you know) can stop the unsustainable over-spending and related currency devaluation now before the NEW WORLD DisORDER arrives...
merchants of fear wrote:
Doc Holiday wrote:
Healthcare component of PCE via Health Care Spending and PCE