Freddie Mac: Delinquencies Increase Sharply in December
Submitted by
CalculatedRisk on Thu, 01/28/2010 - 8:23am (219 comments)
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Just turned on CR and its reruns again.
Up, Up and Away!
Can I have a "hoocoodanode"?
Up is good, right?
I guess we don't need that money for much of anything, anyway.
Thats a winter olympics worthy chart; thats some serious downhill terrain. Too bad we are going up.
fudge_hend wrote:
More like turned on the economy and it's reruns again. The chart beatings will continue until delinquencies, revpar, and employment improve.
oh no, not revpar!
Their loss limits are set to infinity, so why even bother with this post?
But they wouldn't have been delinquencies, they would have been foreclosures, without the moratorium at the end of last year, no?
that's good news Nova...
guess I'm going have to crank up the machine from last summer... now where was I
yeah, these two Kill Bill types were tooling around the Cambodian countryside toting some heavy weaponry with me while i was chased by some private equity guys whose 3rd tranches collapsed in a complex CDO that was based on the skim paid by local NGOs to PM Hun Sen falling way short of the anticipated 20 years out of 19% a year plus...
Ben's making big $$$$$$$$ for the taxpayer on the $1.25 TRILLION in GSE paper, RIGHT ?
Not to worry people, these delinquencies are just artificially inflated due to HAMP, once all those mods are processed the number will go down.
speaking of delinquencies....
"The question then is who is going to finance the U.S. government,” Stiglitz said.
Uh oh!
is on the loose!
Market way down.....stronger dollar......
mostly up? Interesting.
Vote to freeze discretionary spending over next 5 years fails 56 to 44.
everyone got their 10K hats out?
It's amazing. Two-plus years and the first derivative still isn't even slowing down yet.
As Broward will attest: you can't predict what the area under a curve will eventually total until its rate of growth begins to slow. You can't even make an educated guess.
S&P: "We No Longer Classify The U.K. Among The Most Stable And Low-Risk Banking Systems" | zero hedge
REBear<
Link?
HomeGnome wrote:
It's on CSPAN 2.
delinquency chart overdosed on Viagra.
this will take lots of time and action to 'work off'
Thanks, Bear.
I'll give you some RevPAR today ... no worries.
best to all
Eric wrote:
YES! The battery is dead though, so not flashing LEDs. Gotta go get champagne & batteries STAT!
Re Toyota: My father in law bought a Matrix near the end of last year. Was all excited b/c he got a 50$ check from Toyota on the premise that what he got sold was not as advertised, as it was missing an airbag that was listed on the sticker. I told him not to cash as it probably absolves Toyota from having to make it right. I told him to bring it to the dealer and have the airbag put in in or make them take it back. 50$ = 40 minutes of 1 tech's bill rate. He got ripped off on price of the car (too trusting, bad negotiator), now is his chance for some payback.
The Big Picture » Blog Archive » Ring of Fire
with some thread music
YouTube - Johnny Cash - Ring of fire
If Congress wanted to reestablish credibility, they would need to:
Until then, a pack of jokers.
On belay!
bearly wrote:
Anyone make a WiFi enabled hat with real time quotes? Might be fun to watch peoples faces as the market moves mid conversation.
iHat, you heard it here first.
CR would probably hack it to show RevPar and suddenly find "sorry, no vacancy" is the norm.
so this is a good time to go SKF?
(OT) The other day wasn't it Slumdog who was calling for a big continuation down-move in the markets? Missed the timing by a couple of days, but clearly correct on the market action. Nice work.
Sebastian
greenchutes wrote:
Actually he said by Friday Sebastian so his timing really wasn't off if this continues down.
I think the market is crashing again. Get ready for the second dip.
Sebastian wrote:
Nope, he pulled his claim.
It is amazing to see the delinquencies increase but the trustee sales decrease basically in equal proportions
Here is what happened to me at the Las Vegas Trustee sale yesterday
A scene from the movie “ALIENS” -better known as the Clark County Trustee Sale
A scene from the movie “ALIENS” -better known as the Clark County Trustee Sale « The Vegas Bubble News
1% is hardly big, but you have to go with the cliches that got you there.
It's a good thing that hillbilly in the Ozarks that makes all the critically important Fed & Treasury decisions raised the GSE bailout limits to unlimited.
Poor guy, he had to work on Xmas Eve because his subordinates, Bernanke and Geithner, are so incompetent.
I think treating political advertising much like tobacco advertising would achieve 90% of that.
I've been watching Lost season one. I'm up to the show where they go looking for the crashed plane. They end up finding a plane that looks suspiciously like Seb's wright model b model that has crashed partway down a cliff.
One guy climbs up the cliff and into the plane to see whether there's anything worthwhile in it.
To make a long story short the plane falls off the cliff and the guy dies. He's actually using the radio to make a mayday call when the plane falls.
Wonder whether it's telling us something?
what boggles my mind is we are paying millions of dollars in salary to the clowns who run these shops, and they are basically doing the same job as the civil servants who are running the FHA.
If i were working at the FHA I would be pissed to see my counterparts at Fannie/Freddie running the place into the ground as fast as I was but making literally 10X more.
After AIG, these toxic twins are the biggest scandal of the whole bailout orgy. They should have been nationalized and we should have taken the hit to national debt right off the bat.
Comrade Kristina said: "Actually he said by Friday Sebastian so his timing really wasn't off if this continues down."
Yes, that's right, he did say that. (I was remembering him talking about a single "inside day" that signalled a pause.) He should definitely take a bow, then.
S.
Well, not yet. He said the move would take us down to 9K possibly 8700K. So the jury is still out.
Sebastian wrote:
Except after the market didn't open-gap down like he wanted, he posted some mumbo-jumbo about how the newly updated charts didn't show an "inside day", so he pulled he call.
now who thinks we'll see a 9 handle on DJIA today?
Eric,
I think you're letting the facts get in the way of analysis.
volker the viking wrote:
no. Tomorrow.
Hi there, Hoops!
Rajesh wrote:
so, this multi-day move down has been gathering steam for the past few weeks, no? If you're right, and it's not like anyone is truly wrong, then today, Friday, Monday, Tuesday will be interesting
eric,
I believe Slumdag just clarified his prediction giving conditions that would cancel it. Those conditions weren't met, as far as I can tell. His prediction stands and, like Sebastion, I think it's a pretty good call.
Misspelled Tattoos: Permanent And Hilarious (PHOTOS)
I had an inkling this would happen...
Howdy howdy!
one thing you gotta remember about these freddie numbers is they are 90+. At 90+ you are a goner, forget about HAMP, maybe it saves you to fight another day, but like the knight in the Monty Python movie, it is not just a flesh wound - they tack you missed payments, and possibly more, on to your principal balance, even if they balloon the principal, there is no incentive to pay that sucker back.
add in 60-89 day deliquencies for another 50bps or so. Some of those have a chance to cure, it is not a great chance but you can claw your way back from being two payments down.
traderwalt wrote:
He. Pulled. His. Call.
Right here: Comment by Slumdog from thread 'Case Shiller House Prices Increase Slightly in November'
Hoopajoops LTD wrote:
I think we'd need to see LIBOR spike, a sovereign default, or an ex-IB go down for that to happen.
Hoopajoops LTD wrote:
You've been missed. Hope classes are going well. I sold the tractor (sniff). I hope it went to a good home.
Bigger than the Fed hoovering up every MBS in sight?
Fannie's RNY hasn't been above 5% yet this year! I repeat what I've said multiple times before and others just echoed a few threads back - there's nobody on Earth to whom I would lend a quarter-million bucks for the next 30 years at 5%, yet the twins (and the TBTF banks) are still making this exact bet tens of thousands of times a month.
Risk is quite possibly more egregiously underpriced now than it was during the boom. And it's all thanks to Bernanke and us taxpayers serving as the backstop.
where will the mm's move there money at end of month and beginning of next will be telling..feb. looks ripe for vix
creditcriminalslovetarp wrote:
have fun
I like to watch.
besides, your question is outside my ken
I have it with concrete evidence that the market will drop 500 points in the next few days, you know nothing earthlings, you wish you knew what I knew with my super-duper program that's never been wrong ever.
ghostfaceinvestah wrote:
I don't recall the exact cure rate for 90+ days, but it has gone down dramatically in the past few years and is single digit IIRC. Successful HAMP mods are pretty scarce themselves.
Not good.
put down the Trade and Play and do something else for awhile
Juvenal Delinquent wrote:
Buy Cemex?
Classes are okay; in organic chemistry and animal biology right now. Sorry I haven't been around much; I've been lurking and reading, but haven't felt too inspired to post. Somehow, it no longer feels like most of the folks here are ahead of the curve... I'm not learning much by trolling these comments any more. Maybe things will get more exciting and interesting when something else breaks.
I'm pretty sure that libor has started spiking in the last few days. I recall hearing problems with libor as well as uk sovereign debt spreads starting to widen
Hoopajoops LTD wrote:
overshoes.
what boggles my mind is we are paying millions of dollars in salary to the clowns who run these shops, and they are basically doing the same job as the civil servants who are running the FHA.
Ghost,
The job is a LOT harder than it looks. For the 1 year period ending 6/30/09, Fannie and Freddie lost a combined ~ $130 billion! And that is with the Fed'd money printing scheme and a relaxation of mark to market accounting rules.
Of course, the GSEs didn't lose it all on their own. They paid billions in fees to the big 5 I-banks for help.
Do you have any idea how hard it is to lose that much scratch? Only the best and the brightest can do it.
Will everyone please stop giving this guy credence. Another one of his earlier calls.
...
Slumdog (profile) wrote (in reply to...) on Thu, 11/5/2009 - 5:33 pm replyIgnore userDJIA is back at The Big Round Number in the Sky. I'm not in it, but I still think it will go to 12000.
The USD is now at 76.10 and going which way??? Hint, "Up" is not in the vocabulary.
Credit, there's been a bunch of vix 55 calls purchased in the last few days.
Eric wrote:
Thought some might be interested.
a Quiet Inside Day
Slumdog would appear to have the Midas touch, albeit in reverse.
poic wrote:
somebody could make a great deal of money
poic wrote:
I'd be surprised, with the Fed throwing money out the back door at 0-.25%
LIBOR Charts
memes to watch:
reset button
mean reversion
That's not a bug; that's a feature.
slumdog bets his bottom dollar the sun'll come out ta' morrow
howdy howdy back at you hoopajoops
Good to see you Hoopajoops, glad school is going well.
Hoopajoops LTD wrote:
We are not insiders of the political economy. Not much (incentive) to learn when a handful of people pick winners and losers. We just wait for our assignment.
Hoopajoops LTD wrote:
I think you've just galvanized me into action. The other day, somebody posted an "are you a CRholic" theme. It was funny at the time, but now, I'm thinking it's kinda true. Maybe time to dial it down and participate in the real world.
You don't want to go out there scone, trust me.
scone wrote:
you're not going anywhere, check the tattoo on your forearm
Comrade Kristina wrote:
I must. I'm starting to get headaches and digestive troubles. It's too claustrophobic inside this little computer. And it's snowing. I love snow.
CR...you are entirely too negative this morning! I read you so I can get fair and balanced! I thought I had typed Mish in by mistake!
Look, he's how you do it...if all the news for the morning is negative, just balance it with something good that we all can agree on...here's an example:
"Today, for the 234th year since our inception, we didn't invade Canada."
See how easy this is! Now go out and find some more good news....
INO Quotes - Search for 'libor'
JD wrote:
YouTube - Wolfhounds - Anti Midas Touch ICA 2006
There's an App, errr YouTube video for that!
http://news.yahoo.com/s/ap/20100128/ap_on_bi_ge/us_senate_deficit_curbs
WASHINGTON – The Senate has approved tough new budget rules to make it harder to run up the deficit with new tax cuts or federal benefit programs.
The Democratic-backed plan would make it more difficult to permanently extend some tax cuts that expire at the end of this year and renew health care subsidies for laid-off workers.
The idea passed by a 60-40 party-line vote. It attempts to curb the spiraling budget deficit by requiring spending increases or tax cuts to be "paid for" with cuts to other programs or tax increases. If the rules are broken, there would be automatic cuts to programs like Medicare, farm subsidies and veterans' pensions.
...
volker the viking wrote:
yes - either the buyer or the seller...
Except for that little War of 1812 thing, but supposedly the army was sent there to pick up some doughnuts @ Tim Horton's.
Hoopajoops LTD wrote:
Unless someone from The Fed or Treasury starts commenting, I don't see much hope from learning too much that is actionable. It appears to me that the market has been nationalized. "Don't fight the Fed" has been dialed up to 11. Even if you had dead certain info on something, how would you act on it, given that at any moment Ben could backstop it to infinity.
Bruce in Tennessee wrote:
It's been discussed...
Blackhalo wrote:
+1
Big time.
Did someone say sovereign default?
OT, but I've been mulling the Fed discussion about soaking up liquidity by having the Fed pay the banks .25% for their deposits in lieu of lending/speculating/whatever you want to call it.
Best I can come up with is window dressing. The carry-trade will still continue albeit at quarter point less profit and that would entail banks willingly foregoing the trade profit with some sense of civic responsibility. Just don't see it happening but feel free to correct me if I'm wrong.
Not much to see lately. this is like a four way head on crash, everything coming to a stop. Waiting on America to figure out what to do as the government has no answers and will be no help.
no question in my mind the Fed was buying equities all from Mar - June last year, after that the momos largely took over.
The other day, somebody posted an "are you a CRholic" theme
I am definitely a computer-aholic. I installed a browser plugin called "leechblock." It kicks me off the browser if I spend any more than 20 minutes out of an hour, or 3 hours out of a day on CR, and found that very helpful. It's just so easy to sit here and get so much stimulation to the detriment of everything else, including the dishes. I think if it's an activity involving the computer that would have as much relevance to me in montana as in my local community, I should try to limit it. Besides, the utility is diminishing; there's too much coffee chatter going on around here. The stuff I love is when a few old folks, like dryfly, come on and tell us that they insanely counted the aisles in the walmart to see if they're sneaking shelves out during the night or whipped out the measuring tape to see the growing margin of spacing room between different products. I love energyecon. But so many of the comments here are nothing more than sheer inertia-driven chatter, stuff that repaves, that sheds no new light, that illuminates nothing we didn't already know or see before, and does no more than reinforce pre-existing viewpoint of the group...
"Even if you had dead certain info on something, how would you act on it, given that at any moment Ben could backstop it to infinity."
That, in a nutshell, is the problem.......we don't get to make risk-free trades like the big boys do. Until that is somewhat curtailed-it will never be completely taken away-then we get to deal with the reality of the market being pushed and pulled at the whim of the risk-less trading machine.
Ciao
MS
*Waiting on America to figure out what to do as the government has no answers and will be no help.
*
Most will decide to go to Tim Horton's for some doughnuts.
What the hell, we've already got two wars, why not make it three?
Uhoh market is falling. When do they start leaking news on ben's confirmation or tomorrows GDP number?
timmy two's for all of us!
Ciao
MS
Shot while trying to escape.
sorry bruce
War of 1812 - Wikipedia, the free encyclopedia
look for invasionss of upper and lower canada
poic wrote:
How about a 50 bps rate cut?
Hoopajoops LTD wrote:
I haven't seen this mentioned.
A few threads back a poster mentioned SS applications for early retirement were running way ahead of projections.
If you are 60+, don't see much future for your job, just got fired/laid off, worried about your retirement income, and have a business idea you always wanted to try, SS income from taking early retirement looks a lot like venture capital. It provides living expenses during the startup stage and if your idea is successful the profits will come after you are old enough for SS to allow unlimited income. It "buys" three years of your full time, while your health and abilities are at their best, to do something pro-active about your future. You only loose if your idea doesn't work and you live more than 12 years.
Congress, the Fed and the President really need to come clean with the American public. The ultimate plan for the bailout is almost complete - Pass the bag from the banks to the taxpayer.
Basically the USG has decided the taxpayer is falling on the sword for the banks.
Obama's PR stunt in Tampa for "light rail" is one of his most senseless, wasteful, political acts yet.
Regional light rail projects won't put anybody to work for years except bureaucrats, lobbyists and a few engineers and architects. They will never actually be built, but will waste tens of billions of U.S. taxpayer money.
All Obama has to do is look at the history of light rail. For example, it took more than a decade of planning, wrangling and construction to open NJ's 20 miles of light rail at a cost of well over $2 billion. At that rate, building Tampa-Orlando alone would probably cost well over $20 billion in inflated dollars. In one of the most dense metro areas in the U.S., with a long mass-commuting tradition, NJ light rail has ridership of only about 30,000 to 40,000 per day.
Tampa-Orlando won't have ridership over 10,000 per day in your lifetime. There aren't many commuters on that stretch. Tourists drive or rent cars.
If I lived in a rural area, I'd be screaming over spending my tax money for this pork.
Notice where Obama wants to spend the pork: Florida, California and Illinois, all of which will be 2012 battlegrounds. Next up: Light rail for Ohio.
He is becoming one sick f*ck.
Hoopajoops LTD wrote:
I couldn't agree more.
OK, that wasn't helpful.
BTW, I was the one who took rps Gambler's anon post and converted it to CRaholism post. I confess it got me thinking too. (Comment by JP from thread 'NY Times: AIG Hearing Preview'
http://www.slantedscience.com/wp-content/uploads/2009/08/Pentacene-molecules2.jpg
Okay, Hoops.
For your organic chem prof, an honest-to-god photo of a pentacene molecule, finally taken several months ago.
Now quit bitching, okay?
Blackhalo wrote:
A few years ago, there were many comments per post, on topic, lacking snark from people inside the bubble. When the bubble popped, the mix of comments started changing. Around March 09 the signal was drowned out by noise. It's still fun here, CR's analysis is great but the information forum has turned into a communication forum. Different. The death of haloscan did seem to mark the end. You can't be new and exciting forever.
Hoopajoops LTD wrote:
Some people approach the problem with some old skool plugins called "spouseblock" or "GFBFBlock". Personally, I use time management to ensure the dishes are cleaned, the laundry done, or the pad tidied up.
.
Seriously, you can't expect to have a 24 hr news cycle on the TV to provide wizbang information 7 days / week, and I don't expect CR to do it either. Sometimes it is inane chatter, but we are all still human here. Give me another 9/2008 and I'll give you a buzz!
Bruce in Tennessee wrote:
Well maybe, "Today, for the 234th year since our inception, we didn't invade Canada again."
Of course as Curly says; "The year ain't over yet."
Later folks.
Good luck on the classes, Hoops.
I think I was just happy to get somebody that could talk in complete sentences, and not just completing his sentence like King George II was, but I find that the emperor's new words don't suit him.
poic its been falling ever since it got up this morning
Dow 10,000!
It's Official: Democrats Succeed In Pushing New Debt Ceiling To $14.3 Trillion | zero hedge
Game Over for the American Middle Class – Inflation Adjusted Wages up 20 Percent in Last 20 Years While Housing Costs are up 56 Percent and Healthcare Costs are up 155 Percent.
My Budget 360
Hoopajoops LTD wrote:
That's exactly what's going on for me. Not good. O.K., message received and understood. Thanks, Hoops. Live long and prosper, everybody. TTFN.
mhdoc, there is a growing trend of an entrepreneurial surge and small business revival among seniors. If you are a senior and you've retired, you have the skills and knowledge of your career, you're much more fit at your age than previous generations, you've got a guaranteed subsistence income if things go terribly wrong with your venture (SS), you may even be enjoying an amazing supplemental income because you earned your private or public pension on top of it before we destroyed that system for future generations, and you've got the biggest expense of small business owners covered already, because you're enjoying the fruits of socialized medicine through medicare. The only thing you don't have over a younger businessman is a strong back... which isn't so much of a factor any more, because the systematic importation of skilled and semi-skilled legal and illegal laborers has broken the back of that market... a young fellow with a strong back can be had for the wages of a mexican peasant. Even if there are no mexican peasants handy, the very idea of some untapped, vast reservoir of such labor, like some kind of looming phantasm, evaporates any bargaining power left to the working man. All of these factors in place make great opportunities for the older generation, which has destroyed the value of youthful labor and which has sold the seed corn of the nation to finance socialized benefits it clings too greedily and denies the younger generation.
Bad writing, I am not wearing glasses.
You can get excellent, dirt cheap urban point-to-point mass transit now through specialist regional bus lines.
These lines will take you from NY to Washington, Boston or Philly several times a day, in comfort, for about $30 one way. They are a lot cleaner and greener than cars (right now), they generate employment, and they don't cost taxpayers a dime.
If there's no such bus service between Tampa and Orlando, it's because there's no demand. But if Obama wants to help, stimulate the economy now and get green, he could throw a few bucks to subsidize start-up biz on such under-utilized bus lines. That would be smart spending of our money.
These buses are built with more American parts and labor than the mostly Japanese light rail cars.
I could have told Obama this for free, and so could a lot of others. He doesn't listen to creativity. Only politicians and lobbyists.
rich is light rail going to come with its own tracks?
cause if it isnt when i dont think rails will stand up, amtrak is only on certain routes the rest are mostly freight and freight dont complain. jmo
1958 USA population: 175 million
2010 USA population: 305 million
mhdoc wrote:
If you are 60+, don't see much future for your job, just got fired/laid off, worried about your retirement income, and have a business idea you always wanted to try, SS income from taking early retirement looks a lot like venture capital.
Anecdote: Someone 'round these parts did the early retirement thing back in late 2007, well ahead of the crash... Took early option retirement, cashed out his 401k and got a small business loan, bought a local gas station. Went from pushing paper and dealing with other peoples' problems 8h/day, five days a week w/benefits to working at least 6 days a week, 10-12 hours a day, at probably 1/2 what he was making, but he seems to enjoy his "semi-retired" status. Different strokes for different folks, I guess.
Sorry to link and run, but this is interesting:
The looming deleveraging challenge - McKinsey Quarterly - Economic Studies - Country Reports
You might need to fill out a free registration...
Of course, in the background lurks the Oil Question...
Shell CEO Pledges to Continue Record Spending in 2010 (Update1) - Bloomberg.com
How much GDP will bleed out in just finding enough oil to keep the bbl price at something reasonable?
I believe last included 'record investment' also. Maybe it would be more
y if instead we called it 'record cost basis'.
double inverse recession wrote:
Meh, There are smart people here, saying (and linking to) smart things, like no where else I have found on the web. Like the link to the Tiabi article. Personally, I find it to be a nifty place to check in from time to time to see what is going on in the world that matters. Plus there's great chart pr0n.
Juvenal Delinquent wrote:
One could argue that portion sizes are twice what they should be, making this "right sized" and not an issue. Drastic change with some pain, but not necessarily "wrong"
It's shocking to most people to see what a daily recommended portion size looks like.
I wonder some times how many like me retired early that provided jobs for people that have been eliminated.
Juvenal Delinquent wrote:
Could you post the link for that, Juvie? I'd like to read that article, and I didn't see it in the commodity section at Bloomberg.
mp warned of that over a year ago. Beef prices have been steadily rising lately.
Unusual Options Activity: Midday - Markets Data Center - WSJ.com
hmmm..vix and iyr puts active today
Juvenal Delinquent wrote:
because he's an empty suit
Hoopajoops LTD wrote:
Giving it a shot. Is there a way to have it display time when you're on the specified life-leeching sites?
Kcoop, a great feature (we always ask to much) is that people can tag a post as on topic or not. That way when you pull up the comments, click "op topic" the comments would reduce from 200/300 to 20/30.
sm_landlord wrote:
It is interesting. I read the full report on the plane yesterday morning.
Some of you may recall the hilarious "Hitler gets a margin call" mash-ups from 2008...
here's the latest on the ipad:
YouTube - Hitler responds to the iPad
Ciao
MS
I just discovered another hook into TARP.
Taxpayers have standing to sue under TARP!
By virtue of the fact that Congress invokes "taxpayer interest" into the law numerous times; it provides a legal zone of interests for taxpayers in the administration of TARP law!
Now I believe there is standing both based on taxpayer and voter.
Comrade Kristina wrote:
Back in November I told everyone to buy a deep freeze and load the freezer with beef, because it--and pork--will never be this cheap again in our lifetimes.
Moo Point
U.S. Cattle Herd Falls to 1958 Low as Losses Climb, Survey Says - BusinessWeek
double inverse recession wrote:
There is an easy "fix" to this "problem"
All CR and Ken have to do is make a thread that is the day's chatter, and the rest on topic. Not that hard for users to have two tabs open and the topic title should be enough to keep them aware of which is which.
I find it easy to scroll and read the relevant stuff, easily, and links stand out enough to not miss them. I wouldn't object to changes though. Growth is probably going to happen, and add a hundred or more users to this and it could get out of hand quick.
Juvenal Delinquent wrote:
Thank you, sir .
noob goldberg wrote:
he prolly snagged it here:
Jesse's Café Américain: US Cattle Herd Drops to 1958 Levels
then cited the source
JD's a great one for style over substance
Is that a White House daily recommended portion?
12:43pm
BREAKING
Senate boosts U.S. debt limit to $14.3 trillion
double inverse recession wrote:
thrill killer
Ouch:
Senate boosts U.S. debt limit to $14.3 trillion - MarketWatch
Too many people looking for a rebellious youth revival movement are expecting a repeat of the 1970's, with flower children, singing, folk music, and other hippie props. When the young of this country throw off the shackles of debt, political control, and corruption of institutions for the public good that the older generation has left for them, why would they choose to identify with the trappings of that generation's rebellion? It was original then, but it would be a retread now. Instead of looking for a copycat movement consisting of hippies, guitars, and joints, look for a resurgence of the bizarre, of the original, of the alternative. The next counter-cultural revolution will be, and has always been, driven by the weird, ascendant.
Jonathan wrote:
ding ding ding - cost to bring marginal barrel of production online
volker the viking wrote:
CaptainMorgan's plan is better.
I have a beef with substance.
Anarchists,(stolen) iPods and Meth.
Rental vacancies: 28% of Orlando-area rental apartments, condos, town homes are vacant - OrlandoSentinel.com
[Senators voted 60-39 to boost the limit by $1.9 trillion after approving a short-term increase in December. The House would also need to pass the legislation]
Oooooh. I'm Worried that the House might not pass the keys to the vault to the Commander-in-Thief
REBear wrote:
It's on right now?
Meet the new boss; same as the old boss.
pretty cute they have the vote going into the closing bell......
and the raising of the debt ceiling just passed....and we have, perhaps, the most closely watched GDP number for a long time all happening within less than a 24 hour period.
Nope....sidelines for me.
Ciao
MS
HomeGnome wrote:
100% of US annual GDP
Senate boosts U.S. debt limit to $14.3 trillion
....The paperprestidigitzer smokes on, chugga, chugga, ching, ching bling. Largest increase ever. Nobody blinks.
Maybe it would sink in if they invented a drinking game for every million.
MS wrote:
I have half a mind to join you.
Imagine having to put up their bovine ways, only to get kicked in the teeth twice as hard financially a year later?
Its "Magical"
Hey, at least we aren't Italy (125%) or Japan (close to 200%)
But we do have a penchant for saying "we're number one!!!" and giving it 110%. I mean, there is no "I" in Team America...oh wait....
Juvenal Delinquent wrote:
Canadian hog farmers were losing $50 a head for over a year. Livestock farming sucks right now.
Hoopajoops LTD wrote:
It was original then, but it would be a retread now. Instead of looking for a copycat movement consisting of hippies, guitars, and joints, look for a resurgence of the bizarre, of the original, of the alternative.
Hippie movement was officially looking dead and buried to me when wealth management firms advertising during PGA games started using psychedelic imagery and war protest songs in their commercials. Talk about reanimating a dead corpse for purposes quite other than those the body would have in life served willingly...
As for Bernanke's renowned expertise on the Depression...
Studying how tightrope walkers floundered and flailed during their fall to death does not guarantee that you will be able to walk the wire. However, if you can print an infinity of paper to cushion the fall, it really doesn't matter how many times you topple over.
JPM's derivative book dwarfs the top 10 GDP's of the world......combined.
Ciao
MS
I think I'll join you, shill.
I don't think the hoi ploy knows how close to the edge we are in so many ways, it's not food for thought.
PeckedToDeathByDucks wrote:
However, if you can print an infinity of paper to cushion the fall, it really doesn't matter how many times you topple over.
It's a behavioral problem, not a technical one.
MS wrote:
and they inherited a bunch of PM stuff from Bear, plus their own shenanigans
one of the reasons they were granted exception to take under Bear was because they were the counter party to Bear on all their rat shit holdings
now JPM has it and they be cornered in the silver market
noob goldberg wrote:
yes.
100% of US annual GDP
If a third of the debt is a fake series of accounting tricks designed to leverage bonuses out of sham financial transactions just like a third of our GDP is, we've got perfect parity. If not, I'd say debt will be around 145% of our "real" GDP.
REBear wrote:
Thanks. Let me know how it goes. This hotel has a horrible channel selection, so I can't find it anywhere.
I'm frankly surprised the NJ light rail (the River Line) even gets this many.
It originates in Camden, which is the biggest hellhole on the East Coast bar none. Certainly not a place you can "park and ride" unless you want to get your car stolen, or worse.
It terminates in Trenton, a place that absolutely no one who isn't in some way connected with the state government needs to be.
It completely ignores Philly, the country's sixth-largest city, despite it being less than a mile away from most points on the line.
NJ itself is absolutely criss-crossed with rail lines - there's SEPTA in Philly, the PATCO line from Philly to AC, Amtrak, the Northeast Corridor line - and the River Line includes virtually no connections to any of them. It doesn't even share a ticketing system with most of them.
It's an appalling monument to state and local government pork and the power of patronage, period. And as bad as those have always been in Jersey, there's no real reason to believe the finished product would be any better in Florida, or Illinois, or wherever.
Juvenal Delinquent wrote:
I remain unconvinced that Main St. would have been so radically inconvenienced. Assuming the same level of effort was taken to care for the public, as has been taken to support the banks, big auto, and big insurance.
I heard about a scheme some guys I know are trying to pull. Maybe someone can help me with the details. The guys signed up for credit cards that earn frequent flier miles. They bought silver with the credit cards, plan to sell the silver to the banks, pay off the credit cards, and keep the frequent flier miles. I don't know of a bank that will buy the silver, or how it's profitable after factoring in commissions on the silver purchases, but they are trying.
Blackhalo wrote:
And agriculture.
Hoopajoops LTD wrote:
Since I actually live in that world -- 1960s in amber, only all the hippies are 60+ -- I can tell you that the youth are going their own way already. They're not really ready to confront the issues, but their issues are entirely different. The 60s were about a wealthy populace trying to reign in the worst stupidities of the U.S. empire and share the wealth more equitably with those who didn't have it. And not get killed overseas. Today's youth have an entirely different set of priorities -- they are facing being the have-nots.
the messaging seems a bit mixed today. Here are two headlines, one above the other on Yahoo Finance
Oil above $74 on renewed US growth optimism- AP
Jobless claims, durable goods point to weak growth- A
Two-year yields fall to 0.86% after auction
1:04pIndirect bidders buy 51% of 7-year sale
1:03pBidders offer $2.85 for each $1 of 7-yr debt sold
1:03pTreasury sells $32 bln in 7-year notes at 3.127%
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
A bearded financier of academic veneer,
Strolled arm-in-arm with his companion
Engrossed with interest, they promptly stepped off the canyon.
“We’re heading for Doom & Gloom!” cried The Maestro,
“Don’t worry” said Bernanke, waving his magic hankie,
“From you, I’ve learned prestidigitation and obscufacation,
to achieve never-ending levitation”.
Greenpsan looked at him askance,
as he promptly soiled his pants.
Finally accepting the full gravity of the situation.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Just in:
1:05p
Two-year yields fall to 0.86% after auction
Short-term Treasurys stay up after auction
Indirect bidders buy 51% of 7-year sale
Bidders offer $2.85 for each $1 of 7-yr debt sold
Treasury sells $32 bln in 7-year notes at 3.127%
AstraZeneca planning to cut 10,400 jobs
slowpoke
shill wrote:
How many fiscal conservatives Rs voted for the increase?
vtv-
I'll add (because you're right) that JPM didn't save Washington Mutual it was the other way around. Deposit base goes quite a long ways to the papering over effect.
There is something very wrong when one bank's book is larger than most developed nations GDP.....
Nice drop to fund the T market today eh?
Ciao
MS
volker the viking wrote:
What are tax receipts - I am more interested in the % of the current spend that is financed...
When they decided to build a subway in the City of Angles, why make a line go to the airport?
People would be expecting that...
Not to sure RB I have not seen the roll call as of yet.
By virtue of the fact that Congress invokes "taxpayer interest" into the law numerous times; it provides a legal zone of interests for taxpayers in the administration of TARP law!
YLSP: your fervor towards this issue is honorable, but repeat after me "there is no generalized taxpayer standing" absent some fundamental rights issue (e.g. equal protection, establishment clause). it's been decided numerous times. otherwise, you have to show that YOU somehow suffered a particularized harm.
A thing of beauty, good job.
Freddie Mac: Delinquencies Increase Sharply in December
According to that chart, the rate has been nearly constant (linear) since Jan-09. I wonder when it will start turning over.
markets green by vote time? no bet here but it took off right before the T auction results published...seems to be "on the day" now.
Ciao
MS
Is slumdog getting his 500 down prediction? I haven't looked at volume so no idea where the dow is going or where that last flat spot in the road came from.
Juvenal Delinquent wrote:
Toronto has taken the same approach.
Gotta keep people guessing, I suppose.
WestSac_grrl wrote:
It's going to be a 500 point move by tomorrow. Now if I could only figure out if it's going to be +/-.
gruntled wrote:
I'm sure it will slow down sometime before the 99% mark.
Now if only CA would follow - sheesh
C-SPAN2 confirmation hearings on now...
Good summaries of BB & the Fed by Shelby & Bunning so far...
Question:
Are there regional/local stats available on the SFH turnover rate over the last decade?
Some foreclosures are related to job loss, but are driven by the awareness of being underwater. Homes bought closer to the peak are underater by the most, and the higher the turnover during that period, the greater number of homes vulnerable.
There's no way the numbers could be this bad, unless the other banks are using them as a dumping ground for their toxic stuff. Is there a fraud investigation ongoing?
When I lived in NYC, the subway didn't go to any of the airports. When I lived in SF, none of the multiple train systems went to the airport.
Taking a subway to the airport is a pain in the ass anyway unless you have no check-in luggage.
Gavshire Hathaway wrote:
Because the other banks are using them as a dumping ground for their toxic stuff
FIFY
Doesn't seem to be a pain in the ass in Europe, where you can catch a train or subway in many locales.
they do now....bart is easy ride to sf intnl..
Hoopajoops LTD wrote:
this is our orthanc stone and Sauron is winning by getting us to despair. It is one of his oldest tricks, it worked on Denethor you know it got him to light himself and take a swan dive off a bridge loan
Basel too,
This is not generalize. Congress carved out a "zone of interest" by invoking protecting the taxpayer as purpose of the act. They have injected the taxpayer into Treasury action.
Furthermore all of the other cases challenged Congressional action. A challenge to TARP would be whether Treasury had the authority to call Chrysler and GM "financial institutions" and whether Paulson and Geithner exhibited the care that the Supreme Court says exectuvie agencies have.
Congress did not delegate to Treasury the determination of a "financial institution" in statute; although their definition in the statue is vague, it did not give Paulson and Geithner a blank check to spend TARP funds as they want; make capricious judgements that some companies are "financial institutions".
Not only did Treasury ignore the clues in the statue as to whether they had authority (such as the statue is administered by Treasury and he can determine "financial institution" after conferring with Federal Reserve)... those 2 Executive agencies do not have authority over the whole economy; whole other sectors other than financial sector! Show me when Treasury or Federal Reserve has ever regulated automakers! Thus if there was intent to allow them to use the bill to touch whatever they wanted; simply because every company, indeed every household relies on "financial institutions"; they would added oversight provision for Transportation Department or Commerce Department; they didn't!
Furhtermore, the fact that Congress' own oversight panel raised this issue.
Furthermore, when you look at the legislative history; the fact that it was at the behest of Treasury that bill was passed, and that Paulson initially stated in various forums (as well as the Press Secretary) that "bailing out automakers is not the intent of the bill"... someone has to answer how the intent of the bill can change over time based on political and partisan desires?
Furthermore we'll ignore the fact that Congress held vigorous debates on the issue of bailing out automakers (eventually crafting a bill that used different funds; showing they didn't believe there was intent to bail out the automakers via TARP; other-wise, why vote?)
Furthermore Bush specifically stated something ilke "When Congress didn't act, we had to step in" (in which he ignores that Congress vigorously acted for 2+ weeks and deliberated on whether to bailout GM and Chrysler).
There is more than enough extra-statutory evidence that the purpose of the bill wasn't to bail out the auto industry!
Works if your hotel is right next to a subway station. Otherwise you're looking at a cab ride anyway.
Basically Treasury doesn't have authority to create or change the law. They need to respect the law that Congress passed. They need to respect Congressional intent.
It's all there, black and white...
Sen. Bunning is basically saying a vote to reconfirm Bernanke is a vote for more banking bailouts.
A better busing system would help the people who actually use public transit a lot, the very poor. It would help them get to jobs reliably they can't get to now. Many low wage jobs won't even hire you without a car because bosses know public transit sucks. Light rail is generally a show piece whose (limited on a cost basis) ridership is middle class.
Light rail usually doesn't have enough stops or extensive enough geography to be useful but for select tasks, like commuting to a baseball game, airport, or shopping district. Buses cover a much wide area, and for a lot less money. They also employ a lot more people directly.
Although someone else might have already linked to the article which I have linked below (I didn't see such a link), I recommend that you read this information about lenders pursuing deficiencies after foreclosures as well as after short sales. As I have recommended before, for those who are pursuing a short sale, try to have included in the documentation that the lender agrees that the sale will terminate all of your obligations under the Promissory Note. Likewise, for any homeowner contemplating a deed-in-lieu, one would want to have included the same language. Otherwise, one should always assume that the lender will have the right to pursue a deficiency, except of course in those states where the completion of a residential, purchase money mortgage/deed of trust foreclosure precludes a deficiency.
Lenders Pursue Mortgage Payoffs Long After Homeowners Default - Bloomberg.com
Nice, Peckedtodeath.
RATM wrote:
Dear S&P, untill you pay us back for the $$ we lost believing your previous attempts at rating CDO's, we will do our own thinking.
Regards,
J6P