Bits Bucket For April 19, 2010
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Maybe I’m overly optimistic, but with the SEC’s action on late Friday, maybe we will see perp walks within my lifetime.
Not only did they file charges against Goldman Suks, by all reports the SEC has assigned the “right” guy to pursue the case. And just like going after the Mafia “families”, they are starting with the soldiers, who they will turn against the capos, who will then be turned against the bosses.
Many in the blog world are saying that it’s no big deal, that the vampire squid has too much power. Their power might help them if they had commited run of the mill white collar robbery; but IMO they screwed up and overreached, and left taxpayers worldwide as the bagholders. And worse, by going back to business as usual, while Main Street goes down the crap tube, have collectively rubbed all our noses into it.
And from the look of it, other countries have decided that if we don’t clean up the mess, they are inclined to do it for us. (After all, International Tribunals can be set up to try war crimes, when the country involved can’t/won’t try the war criminals themselves). I’m sure that there’s plenty of reason to charge these people with “Crimes against Humanity”.
(Of course, we would then be treated to the spectacle of Faux News bringing out a parade of talking heads protesting UN violation of our sovereignty. Which is when we find out if these guys are “Global Citizens”, or if they are going to take their chances with US justice……funny how they were all about “globalization”, as long as their heads weren’t on some overseas chopping block).
The only thing that would make it better would be if the PRC filed charges for securities fraud, and we extradited a few of these guys. They shoot people for white collar crimes, and their firing squads has an “express line”.
But this opinion is just mine. Yours may legitimately differ.
Charles Hugh Smith has an interesting article relating to GS and the SEC. Implying that if some charges stick a lot of hungry lawyers will go after GS on behalf of defrauded investors.
“Vampire Squid, Meet Ravenous Piranhas”
Well, lets hope that they get to meet and that the Piranhas will prevail.
Perhaps it will be consolidated into a class action suit, talk about a lottery win for a law firm. Heck if they can do it for lawnmowers, they can do it for bank swindles.
A diffirent Branch of GS’s favored group of Attorny’s would be awesome
Or maybe a lead Attorny who made so much for reping Goldman that he now has his own firm.
Us immortals can dream.
Never happen. A lawyer who previously represented Goldman would be considered to have a conflict of interest with their former client and would only be allowed to represent someone suing Goldman if Goldman agreed to waive their rights.
Never happen.
“Attention hungry Piranha shoppers…We have a special today with pig in the water. Blooded GS Pig in the water on aisle 5″
May the ravenous piranhas enjoy their great vampire calamari steak.
Warning: Attempting to eat vampire calamari that is still wiggling on plate can result in loss of face.
Martha Stewart went to PRISON for selling some stock with insider info. Why is there no criminal interest in the Goldman insider heist? The whole world is mad about this.
Or paulson for that matter. If he hand picked these MBS and then shorted them after getting GS to sell them long then he should be going to jail too.
Credit default swaps are not subject to securities regulation, therefore buying them when you have insider information is not illegal. If CDSs were traded on a regulated exchange then you could subject them to insider trading rules, but they aren’t so you can’t.
Polly, if I sold you teabags that were really full of dog-crap I could maybe go to jail. There is no regulated exchange.
No there isn’t, but there is an FDA.
And Paulson didn’t sell anybody anything. All that is alleged is that they had input as to which loans should go into the package. The SEC is not charging them with anything. Goldman put together the package and included the crummy loans that Paulson recommended and then sold the CDO to their customers.
If I tell you that you should make tea bags filled with poop, who goes to jail, me or you?
We should go into business with our idea. We’ll get the Sham-Wow guy to do our infomercial.
“Polly’s Pressed-Poop Turdbags for Democrats and Republicans” - kind of catchy, don’t you think.
Actually, she didn’t go to prison for the insider selling, she went because she lied about about it.
How’s that for screwball?
“Of course, we would then be treated to the spectacle of Faux News bringing out a parade of talking heads protesting UN violation of our sovereignty. Which is when we find out if these guys are “Global Citizens”, or if they are going to take their chances with US justice……funny how they were all about “globalization”, as long as their heads weren’t on some overseas chopping block).”
Excellent commentary, X-GS. That’s one side show I’d just LOVE to see. I’ve often felt like the lone voice crying in the desert about “globalization”. I think we’re going to see it die an ugly death. It’s been good for financial oligarchs, offshoring and outsourcing corporations, Chinese government and illegal immigrants. Criminals all. It’s about money, period. There’s nothing else good about it. RIP, globalization. But before it dies, I too would like to see a few of da boyz experience “global justice”. A holding cell in Turkey, a tribunal in The Hague. LMAO!
Personally, I’m digging the international pigpile:
http://news.yahoo.com/s/nm/20100418/bs_nm/us_britain_election_goldman
LONDON/FRANKFURT (Reuters) – Germany and Britain will seek details from the U.S. Securities and Exchange Commission (SEC) about the activities of Goldman Sachs Group Inc as a prelude to potential legal steps following a U.S.-led fraud investigation.
….and then one can only hope that death will ensue shortly after their clients decide to quietly move on to a more trusted resource.
decide to quietly move on to a more trusted resource ??
Disclosure….The lack of it that is..Thats what it boils down to…GS now has a divided mission in mounting a worldwide defense and continuing to manage massive amounts of institutional money…I agree…Some will quietly move on…
It would be a laugh if globalization led to the entire globe going after the heads of the crooks who sold our economy up the river for their own gain the name of “globalization.”
A global angry mob could be quite impressive!
,i>I’ve often felt like the lone voice crying in the desert about “globalization”.
Lone voice? Between the two of us I’d say we sounded more like a cacophony. See you in the FEMA camp brother!
Hey X, do you mind sharing the origin of your handle? X-GSfixr sound to me like “Ex Goldman Sachs Fixer”, as in an attorney for GS? I understand if you can’t share, but I’m just curious if you’re a “reformed mafioso” who’s now turned on the squid and is trying to shine light on it.
Are you joshing, Mike? X’s first handle was Gulfstream Fixr. When his original gig went by the boards, it was X-GS (G for Gulf, S for Stream).
X is one of the most sincere posters on this blog. A highly trained aircraft engineer who has had to experience the ups and downs of the industry, while raising a family. Hardly a Goldman Sachs “fixer”.
No, I was sincere, but not in an insulting manner, I was just curious.
Some of the folks here are X- mortgage brokers, RE agents, bankers, etc.. I have a ton of respect for these folks; it’s REALLY hard to walk away from an incredibly lucrative career that’s “easy” and pays very, very well.
I don’t (and didn’t mean to) ask that question in an accusatory tone; I was just interested that perhaps X-GS had some insight to what goes on over at the ol’Squid.
I worked for a law firm that does a lot of work for Goldman. I have insight into their general attitude, but these outrageous derivative schemes were not invented when I was there, or at least I was never assigned to them. I did a lot of securitization work - boring straight forward conversion of car loans, industrial equipment loans and credit card receivables into a few tranches of bonds. The partner who ran the deals wouldn’t allow them unless the originator of the loans (like the car company finance arm) kept ownership of the worst 10% of the deal. I’m not familiar with the progression of loosening standards that got us where we are now.
Once I paid off my student loans, I couldn’t get away from that job fast enough. Life is too short to spend it making the world safe for Goldman Sachs.
“The partner who ran the deals wouldn’t allow them unless the originator of the loans (like the car company finance arm) kept ownership of the worst 10% of the deal.”
I may be one of the few here who believe securitization is not in and of itself a bad thing.
But I also strongly believe that this “keep the worst stuff” should be firmly entrenched in the law.
If it were impossible to sell all the risk down-stream, we would never have experienced the continually-diminished underwriting standards that led to this entire debacle. I’m not sure 10% is the right number, but it’s probably close.
I should have come up with a different name. That way, I wouldn’t have to change it.
I was Falcon-sitter for a while. Then Gulfstream-fixr. then X-GSfixr.
Now I am contemplating a change to Falcon900/F900-fixr.
Just moving up the food chain…….
If profit from selling the loan is greater than the 10% penalty, you can rest assured that the perverse incentive to whitewash the quality of the loan in order to generate fees will continue unabated. This system has led to the massive bailout of the financial industry. Perverse incentives will encourage the same gaming of the debt sale system as has occurred for the past 30-some years.
Lenders must inextricably be tied to repayment risk. The original lender must bear the full brunt of a bad loan. Fees obtained from loan sales will only create a perverse incentive to make the loan product look as desirable as possible. If information were perfect, buyers of the loans could make an informed decision based on accurate information. As it stands, we watched this very system melt down in the real world. Fees were generated at each point of sale, and the US taxpayer was the final bag holder.
While the system may have stabilized, and indeed massive profits are again being generated in the financial industry, the politicians - the architects of the regulation in which the financial industry operates - may finally be held responsible. If unemployment remains high, standards of living continue to slowly decline, and taxes increase, incumbents may actually face contested elections.
Laid-off Gulfsteam jet mechanic sounds like it to me.
If I recall correctly, X-GSfixr used to repair Gulfstream aircraft until a layoff ended that line of work for him.
Heard from one of my “network” that my old airplane went into a Pre-Buy Inspection last week. (Sorta like having your mechanic check out a used car before buying it).
That might explain the voice mail I got last week from my previous employer. On pre-buys, there are always a lot of questions that can only be answered by the guy maintaining the airplane.
Too bad they cut me loose last July, while screwing me out of my accrued Paid Time Off and Severance pay in the process. Then offering me a contract position, and work “a couple of hours a week” to maintain and “be responsible for” the airplane. With no budget for parts and current manuals. With this offer, I realized that they have NO IDEA why they were paying me in the first place.
I won’t do any work for those Jack-holes again; one of my guiding principles is to not do business with people who have screwed me over. Guess someone is going to find out what it costs to burn bridges with their mechanic.
“Guess someone is going to find out what it costs to burn bridges with their mechanic.”
Well done. The sharp pencil boyz like to think that everyone is expendible, a mere cog that can be easily replaced by a lower paid stooge.
Revenge is a dish best served cold.
Congratulations. Enjoy ignoring the phone calls. If they get through to you, be as restrained as you can manage toprotect yourself (you never know who else might be listening):
I ceased to be your employee on [fill in date]. I prefer not to have any further dealings with you. Please stop calling.
Isn’t that the truth.
I’ve seen a few deals go sour because of that, as well. Big ones.
ISTM that the thing to do is to offer youself as a “consultant” to the BUYERS. Should be able to get a days work and a very high rate of pay to tell them what the story is. And they should be much more trusting of what you say it THEY’RE the one’s paying you not the seller. Although the seller’s inability to have a qualified mechanic to answer their question says alot about their attitute to maintenance.
And it is my limited understanding planes are like boats in that condition and maintenance are a much larger part of value than with cars or houses.
I was tempted to leave them a “present” when I left. There’s NO maintenance support on the field where they have this airplane hangared. All I had to do was leave one strategically- located electrical connector “loose” (or better yet, one wire in a connector), and that airplane wouldn’t have gone anywhere, without bringing in a couple of guys from off-site to troubleshoot and fix it, at $125-150/hour (and the clock starts running when they leave their shop, not when they start working the airplane.
But then I decided that they were doing a good enough job of screwing themselves without my help.
I’ve got a full plate as it is, working two airplanes locally. The “part-time position” I started in February has been a 40 plus hour/week position since day one. And there’s the other airplane I work, around this one’s schedule.
I couldn’t work another airplane into my schedule, even if I wanted to (and in the case of that particular airplane, I don’t wanna….)
I was in several meetings with the lawyer and bean-counter types, trying to explain all this. I’m pretty good at giving presentations, but after about 2-3 minutes, they would either start getting the “deer in the headlights” look, or their eyes would start glazing over. Then I heard from other directions that one of the managers was saying “What do we need him for? What’s so difficult about maintaining an airplane?”
IMO, many of the “suits” are suits, because all they can do is look pretty, and lay out BS. They don’t do technical stuff, or even understand it, because the country values BS artists more than it values technical expertise.
“What do we need him for? What’s so difficult about maintaining an airplane?”
Aren’t those the same people who think pilots are just bus drivers?
“IMO, many of the “suits” are suits, because all they can do is look pretty, and lay out BS. They don’t do technical stuff, or even understand it, because the country values BS artists more than it values technical expertise.”
That’s not opinion. It’s fact. And that’s no bull.
Yes. What eco said. ^^^
Or DJ’s just push buttons……ooh ooh
“What do we need him for? What’s so difficult about maintaining an airplane?”
Aren’t those the same people who think pilots are just bus drivers?
I think he has previously said it refers to the aircraft mechanic trade and GulfStream aircraft. As in his primary trade at one point was lead mechanic for some corporate Gulfstream aircraft. An airframe and powerplant (A&E) certified mechanic can maintain corporate jets, commercial airliners, general aviation, helicopters, etc with specialized training.
Don’t think it was Goldman related handle, although it certainly has a timely aspect to it.
A&P.
A&E is a typo. arrgh
A a college buddy became a qualified A&P. After being trained as a farrier. I was always amused by the idea of going directly from horses to airplanes.
He could’ve become a realtor. That way he’d go from horses to horse’s ass.
I’m on travel, in a hotel with cable.
Just this morning Dylan Ratigan was on Today saying that the SEC had had its funding cut by 3/4(?) which is why we didn’t see any enforcement “over the past 10 years.” Suddenly their funding was reinstated and charges are being brought. Then on Fox News the strong handsome gray-haired distinguished-looking commentators were stressing how conveniently timed the GS charges, wow what a coinkydink. At least the blonde bombshell commentator (in short skirt and showing her legs) mentioned that financial reform would be tougher to oppose than health care reform was.
Just to point out that the particular bonds that the case is about were, in all probability, ACTUALLY DESIGNED TO DEFAULT. Default wasn’t some sort of unanticipated side effect of crappy underwriting. It appears that these bonds were intentionally structured to be much worse than their ratings so that investors could buy insurance (credit default swaps) on them. So this isn’t like a case of careless builders constructing firetraps. The allegation here is that these bonds were like houses INTENDED to pass fire inspection with flying colors but be as flamable as possible so that somebody else can purchase large amounts of fire insurance on them.
I don’t think that the fact that the SEC is comming down on this especially egregious case means that we can expect a general crackdown on Wall Street infestment bankers.
+100
It is hard to find this sort of thing. Paulson is currently denying that they had anything to do with choosing the pool. I hope the SEC has the needed amount of proof, because even if everything they say is true, Paulson isn’t at risk and has no reason to deal.
We all know that underwriting standards were so bad that most of this stuff was/is bound to loose an huge chunk of its value. Finding these little isolated incidences of actual fraud and securities violations is going to be hard. I think there may be more of them out there, though not of this level - more like there being some provision in the documents saying that all the loans in the package were for houses that would be owner occupied and you can find a few where the owner never moved in. Harder to prove that this is a material provision, but someone might be able to get a settlement out of it.
The real winners will be the lawyers. Lots of money will have to be spent to defend and settle these actions.
Well my limited understanding (from the WaPo and NPR) is that the person buying the aformentiond insurance IS their witness.
IMHO that allowing people to buy insurance on assets that they don’t own is at the root of this kind of thing.
1.) That allows them to go into cahoots with the creators and sellers to make the worst assets possible. It’s as if your neighbor talked to Toyota about how to manufacture your car and then bought insurance that paid him off if you were involved in an accident.
2.) That allows for there to be a much higher value for the insurance than the underlying asset. So your neighbor buys $1,000,000 in insurance on your runaway Corolla. ISTR a story from a year or so ago where one of the issuers of Credit Default Swaps realized that buying the non-performing assets (not sure whether that was a majority stake in the bonds, or the underlying loans) at par was cheaper than paying off all the CDSs that they that they had issued on the bonds.
The only way there will be a meaningful crackdown on Wall Street is when the true costs of the massive frauds and “monetization” created out of thin air start coming home to roost. When there’s enough pain the sheeple will finally get angry enough to vote for REAL change. No meaningful consequences, accountability, or reform can happen before then.
As I’ve mentioned before oxide, many of the regulatory agencies had their funding cut. Something about “smaller government.”
Now if you’ll you’ll excuse me for a minute, I go check and see if the baby formula has some rocket fuel in it and then see if my toothpaste is free of anti-freeze. Later on I have to return some lead painted toys.
Oh please. When there’s no political will to go after blatant and massive wrongdoing by well-connected, above-the-law titans, it isn’t a question of money.
Sammy it is a fact. The agencies had their funding cut along with being crippled by puppet political appointees.
Best as I can tell toothpaste wasn’t killing anyone 30 years ago when govt spending was less 1/2 the what it is today. Or is today’s toothpaste so complex that it requires twice as many inspectors as it did before?
30 years ago, toothpaste, along with most other products, hadn’t been offshored and Federal agencies had more teeth.
Toothpaste from 30 years ago didn’t have components made in China. Neither did our vitamins or dog food.
And if there were sicknesses or deaths attributable to such things, they had no way of knowing or tracking it. They just chalked it up as “God’s Will.”
If I take your reasoning to its logical conclusion, then the safest country is where they don’t spend any money at all! I have a handy list of Third World countries if you’re interested.
I’m even more optimistic than you. My optimism runs along these lines:
- Drexel Burnham Lambert
- Enron
- World Com
- Bear Stearns
- Lehman Brothers
- Goldman Sachs
- NEXT?
…funny how they were all about “globalization”, as long as their heads weren’t on some overseas chopping block…
Eloquent rant.
GSfixer - my feeling is they are going to run. You may enable it, they won’t be flying coach. You could do a public service by leaving wrenches in the turbines. (oops, sorry boss)
One of my favorite words is “sabotage”. French if I remember, literally to throw a shoe (wooden) into the gears.
Fortunately, my new employers/contractors are involved in startup businesses, and/or actually producing something that everyone needs.
But yeah, it’s doable. There are a thousand ways to make a jet AOG. One loose/corroded wire in one loose electrical connector, and that airplane isn’t going anywhere…….and it could take a week to find the problem.
These mind exercises came up during barroom BS sessions after 9/11……..”How would you make an airplane totally un-flyable, if you had to leave it unattended somewhere?…….which led to “How would you disable the airplane, without the appearance of sabotage, if your employer screwed you?”
But we all know that employers never fook their employees, so it was all hypothetical.
That’s what’s scary. The insider “disgruntled employee.” The race to create “shareholder value” and “cost efficiency” while relentlessly screwing over the work force is producing way too many pissed-off people in positions where reliability is everything.
It would be nice to see the vampire squid cut down… even nicer to see the crooks hauled away in chains lest they simply reform into a new vampire squid later… I doubt it’ll happen, but only time will tell.
easier to see the GS go down on take off
And worse, by going back to business as usual, while Main Street goes down the crap tube, have collectively rubbed all our noses into it.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7100961.ece
Yeah, $5B for GS bonuses in Q1 alone. Front money for legal defense? Is there one innocent person in that entire company besides the janitors maybe?
Not if the janitors are undocumented.
http://online.wsj.com/article/BT-CO-20100419-702238.html?mod=WSJ_latestheadlines
SHANGHAI (Dow Jones)–”China’s shares tumbled to their lowest level in more than a month Monday and the benchmark index registered its biggest single-day fall in over seven months, as real estate firms and banks fell sharply on Beijing’s fresh measures to rein in the red-hot domestic property market and Wall Street plunged Friday on the Goldman Sachs case.”
….”The new policy measures were more restrictive than the market had previously expected, and is aimed at curbing property transactions volume,” said Amy Lin, an analyst from Capital Securities. “This has implications for resources companies like steel, cement, and subsequently, furniture firms will also be affected.”
Property developers tumbled, after Beijing announced Saturday fresh tightening measures to curb speculative real estate investments, including allowing banks to stop issuing mortgages to home buyers who already own two or more properties.
China’s State Council said local governments can take temporary measures to limit the number of property purchases each investor makes within a certain period, besides earlier measures such as raising minimum down payment levels and mortgage rates for certain home buyers, after latest data showed property prices in 70 of China’s large and medium-sized cities rose 11.7% in March from a year earlier, the fastest pace since China began releasing the data in July 2005.
China Vanke, the nation’s largest property developer by market share, fell 8.2% to CNY8.30, while Poly Real Estate declined 9.3% to CNY16.92″
Wow! That’s about as “un-’merikan” as a can be. Just imagine if something similar had been tried here in 2006? The only thing our gov’t doesn’t try to micromanage in our personal lives is how many houses (debt we can take on) buy. On that they are true libertarians!
The government is involved in one’s personal life regarding how many houses one can buy. If one buys too many houses they become a “Dealer” instead of an “Investor” and their tax status changes.
You might want to check that. As far as I know, you only become a dealer in something if you sell a lot of them, not if you own a lot of them. Of course if you own a lot of something as an investment, you will eventually want to sell it, but I don’t think the ownership before the selling actually makes you a dealer.
Well, unless TV cop shows are lying to me, posession with intent to distribute charges are largely determined by amount. And we all know that watching cop shows is a perfectly good substitute for a JD. ; -)
Actually, Jim, that is sort of the point. They had to write something into the law saying that owneship of X amount was enough to be a worse offense because they could assume you meant to sell it. But until someone wrote that provision into the law, they couldn’t just declare you a dealer based on ownership alone. They needed a provision. In most legal schemes that I am aware of (tax being one of them) you actually have to start the selling to be a dealer.
But the federal government regulates what kind of light bulbs we must buy for those houses. And if you need some caulking arond the windows for all the houses, just call up Obama, he’ll hook you up with someone free of charge.
But the federal government regulates what kind of light bulbs we must buy for those houses.
Really? Last time I checked they still sold incandescent bulbs at Home Despot.
That will be ending in a few years.
Then, we’ll all have to buy the toxic, mercury-filled CF bulbs which make a nasty mess if they break and (naturally) there’s no easy way to get rid of them or recycle them unless you want to save them up for trips to special toxic waste pickup days.
Here are the instructions on how to clean up one of those “clean” energy bulbs:
Have people and pets leave the room, and don’t let anyone walk through the breakage area on their way out.
Open a window and leave the room for 15 minutes or more.
Shut off the central forced-air heating/air conditioning system, if you have one.
Carefully scoop up glass fragments and powder using stiff paper or cardboard and place them in a glass jar with metal lid (such as a canning jar) or in a sealed plastic bag.
Use sticky tape, such as duct tape, to pick up any remaining small glass pieces and powder.
Wipe the area clean with damp paper towels or disposable wet wipes. Place towels in the glass jar or plastic bag.
Do not use a vacuum or broom to clean up the broken bulb on hard surfaces.
Carefully pick up glass fragments and place them in a glass jar with metal lid (such as a canning jar) or in a sealed plastic bag.
Use sticky tape, such as duct tape, to pick up any remaining small glass fragments and powder.
If vacuuming is needed after all visible materials are removed, vacuum the area where the bulb was broken.
Remove the vacuum bag (or empty and wipe the canister), and put the bag or vacuum debris in a sealed plastic bag.
If clothing or bedding materials come in direct contact with broken glass or mercury-containing powder from inside the bulb that may stick to the fabric, the clothing or bedding should be thrown away. Do not wash such clothing or bedding because mercury fragments in the clothing may contaminate the machine and/or pollute sewage.
You can, however, wash clothing or other materials that have been exposed to the mercury vapor from a broken CFL, such as the clothing you are wearing when you cleaned up the broken CFL, as long as that clothing has not come into direct contact with the materials from the broken bulb.
If shoes come into direct contact with broken glass or mercury-containing powder from the bulb, wipe them off with damp paper towels or disposable wet wipes. Place the towels or wipes in a glass jar or plastic bag for disposal.
Immediately place all clean-up materials outdoors in a trash container or protected area for the next normal trash pickup.
Wash your hands after disposing of the jars or plastic bags containing clean-up materials.
Check with your local or state government about disposal requirements in your specific area. Some states do not allow such trash disposal. Instead, they require that broken and unbroken mercury-containing bulbs be taken to a local recycling center.
Keep the central heating/air conditioning system shut off and the window open for at least 15 minutes after vacuuming is completed.
Ki - did you take that verbatim from somewhere? If so - got a link?
Sounds like I need to go out and buy a garage-full of incandescent bulbs.
I’ll stack them up right beside all my R-12 Freon.
“That will be ending in a few years.”
And hopefully by then the LED based bulbs will work right. I bought one at Sam’s (a “flood” light). What a dud! It hardly produces any light at all.
I actually like the compact fluorescents for certain lamps. I’ve been using them for 10 years, and had only 2 burn out so far. The new ones work much better too. They’re great for “baseload” lighting that I switch on at dusk, and off at bedtime. But they’re not good with dimmers, outdoors, or intermittent use. I still have incandescents in my closets. I can’t believe they’re actually banning them in a few years. Seems like this should be a personal choice, not a gov’t mandate.
And now the real world way to clean up those new lightbulbs:
Sweep up and dump in trash. Vacuum or mop.
Done.
(I didn’t say it was the right way, just the real way)
That is verbatim from EPA web site.
The customs guys will now be looking for large very light suitcases. For a while there was a black market in 3.5 gallon toilets coming down from Canada.
In a few years we’ll see clandestine flights coming in from Mexico, laden with incandescent bulbs as their hot illicit commodity.
Why not just repackage them as 98.5% efficient electric heaters ( that just happen to fit in the old light bulb socket).
Current underwriting policy is you can have a maximum of four residential loans on buildings of one to four units…
Strange, why not limit the number of houses that one can sell, instead of buy? If you have a certain amount of turnover, then of course it becomes a business and should be taxed accordingly.
I have a 2nd link coming that’s really strong on the details. It’s worth the read. Yes, the control of that form of government is chilling yet hitting the brakes that hard while going that fast is often known to result in loss of control. Stay tuned for more details.
Insurance companies micro manage your life more than government ever will.
EXACTLY!!!!
The word of the day is “cross-colateralization”. Ballard is a FB who had built up a huge network of low-down speculative RE purchases in rural Georgia.
Ballard said she saw the first signs of trouble in 2007 when she wanted to renew two one-year loans totaling $1 million. Her lender, Blairsville-based United Community Bank, said it was seeing a slowdown and “was starting to give me a little bit of a runaround,” she said.
Appalachian Community Bank, which had financed some of her biggest projects, offered to step in. One of Appalachian’s top officers, Ballard recalled, told her: “We’re with you through the good and the bad.”
Over the next year, Ballard moved more business to Appalachian. But as the loans came up for renewal, the bank demanded she “cross-collateralize” all the deals with her other business and personal properties. Previously she had avoided such guarantees by putting 25 percent down on each project.
The change meant that if just one project failed, the bank could foreclose on all her properties to pay back the loan.
Here’s a link.
http://www.ajc.com/business/lure-of-easy-real-467220.html
Straining the FHA’s umbrella
bloomberg News washingtonpost
Sunday, April 18, 2010
A District nonprofit organization that says it helps cash-strapped homeowners avoid foreclosure is under federal investigation for instead helping lenders make high-risk loans that leave the government on the hook if they go bad, according to sources familiar with the probe. Federal officials say they are concerned that the Rainy Day Foundation could be thwarting government efforts to weed out mortgage lenders that make too many precarious loans.
The Federal Housing Administration, which encourages homeownership by guaranteeing mortgages made by qualified lenders, has long struggled to keep companies from slipping risky loans under its protective umbrella. The agency has done this in part by barring lenders if too many of their borrowers default.
The Rainy Day Foundation advertises that it can help lenders remain in the FHA’s good graces. For a fee of about $600 per borrower, paid by lenders, home builders and real estate firms to cover the cost of making mortgage payments for distressed borrowers, the group promises to limit defaults during the two years after a loan is made, the period watched most closely by the FHA. Rick Del Sontro, chief executive of the Rainy Day Foundation, said in an interview that his group provides an important service to borrowers and lenders.
But some lenders and housing experts say this kind of “payment protection program” postpones rather than prevents defaults and allows lenders to make riskier loans.
The Justice Department has alleged, for instance, that the Rainy Day program was used by a major FHA lender, Lend America, in an attempt to conceal fraud. In a civil lawsuit filed against Lend America in October, the Justice Department charged that the company secured FHA guarantees for loans based on fraudulent underwriting, then paid Rainy Day to hide defaults by some borrowers. The suit said that the FHA is likely to lose millions of dollars as the borrowers eventually default.
Saw that article in the dead-tree edition. W/regards to this:
But some lenders and housing experts say this kind of “payment protection program” postpones rather than prevents defaults and allows lenders to make riskier loans.
I’d add a big “Yep”, and that it probably not only postpones defaults, but most likely increases them in fact, much like the efforts to increase homeownership in the mid-90’s thru mid-2000’s actually resulted in a steep drop of home ownership.
Yes, but it allows politicians to defer the day of reckoning until the next election.
Fannie Mae pushing home ownership for borrowers with short sales and foreclosures on their records.
http://www.cnbc.com/id/36645823
Fannie Mae’s got nothing to do with home ownership. They do however help make loans so that you can borrow a home from the bank for a while, before such time as they take it back when you can no longer afford the borrowing costs.
Snarky remark aside - thanks for the link.
According to a notice sent to Fannie’s lenders/servicers, they are shrinking that waiting period by two years “to support overall market stability and reinforce the importance of borrowers working with their servicers when they have difficulty repaying their debt.” In order to qualify for the new loan, though, the borrower must put 20 percent down.
Two things:
1. Funny how “market stability” is always achieved by increased demand (usually by lending to people that have no business borrowing), rather than by lower prices.
2. Good luck finding people who just had a foreclosure that can then afford to put 20% down two years later. The only way this would help in any significant way is if there were a lot of people who were walking away from.. their… houses… even though… they could… still… make…
… never mind.
“In order to qualify for the new loan, though, the borrower must put 20 percent down.”
I doubt even 1% of them could come up with the downpayment, so there’s not much to worry about here.
Just wanted to re-post REhobbyist’s link from yesterday…
——————–
The Office of the Comptroller of the Currency issued proposed regulations yesterday that are expected to exempt national banks from many state laws against predatory lending, including those in New York and New Jersey.
AND
The comptroller also proposed a standard on predatory lending. The proposed rule ”would prohibit national banks from making loans that they cannot reasonably expect to be repaid without recourse to the borrower’s collateral.”
But, in a statement, John D. Hawke Jr., the comptroller, said, ”We have no evidence that national banks are engaged in predatory lending practices.”
Link (NYT, August 1, 2003) following on another post, in hopes that this gets through the spaminator.
Not to worry - even though the rent-a-cop weak regulatory agencies screwed up and let the party get out of hand - Dodd is making sure the real police - the Federal Reserve - are coming this time to make sure everything stays in control.
(Pay no attention to the bearded man pouring something clear into the punch bowl)
Yay, it made it!
Here’s the link:
http://www.nytimes.com/2003/08/01/business/some-exemptions-are-proposed-on-predatory-lending-laws.html?pagewanted=1
“The regulations, which could be approved in several months after a comment period, would permit the comptroller to give ”a very quick response” to a request from a national bank for exemption from the New York and New Jersey laws, a spokesman said. That ruling would then apply to all national banks. State-chartered banks and mortgage lenders would still be subject to the laws. ”
It would seem like whichever financial institutions were subject to the weaker regulations would end up making the loans. If you’d had this type of situation during the bubble, state laws could have blocked predatory and risky loans by state-chartered banks, but national banks if governed by weaker federal regulations would have been free to make those same loans. You would have just shifted who was making the loans, not necessarily stopped loans that should never have been made.
Hey guys!
Blogging from FT. Bragg today!!! I’m home…
Thanks for all your support while I was away.
Ben,
I left a little in your paypal account for the shirt. My PAO repeatly denied a pic to be posted in afghanistan. Something about how Islam doesnt like commercialism, dont put the locals on the net, blah, blah, blah…. Still, thanks for your support.
Anyhoo, been going through my mail over the last year. Alot of debt reduction offers which blows my mind as I have almost no debt. Alot of “your warranty on your vehicles is about to expire” type crap. Man, is our world turning into an advertisement economy?
P.S.
Going to go looking at houses just to see the market. I will report on it soon….Also, going to play with my ‘05 Mustang GT! Gonna have some mods done this morning…HOOAH!
Stpn2me
Glad you’re home safe Stp. Enjoy your family!
Congratulations. I hope to know that feeling in the near future. We are still stuck in Europe. Mrs. NYC is on the phone right now trying to get something going. We may head to the airport. I do not know what good that will do us.
Somebody said to make the best of being stuck. We have definitely done that. We are stuck in a place where you can get a pint for under two bucks. Compared to Manhattan this place is dirt cheap. The food has been great. I love the goulash with the bread dumplings.
This could really be the event that hits the booming stock market. Along with uncertainty over the Goldman thing it will be hard for the market to get back its good vibe. A crash would be okay for The Fed to reload its bailout bazookas and give away more free money to those at the top of the food chain.
I think you can short anything travel related. The impact of this mess will be felt for a long time. Who will travel to Europe with any certainty.
I better go. A Pilsner Urquell or a taxi to the airport awaits me. Have a great day everybody and, like STP, enjoy being home.
NYC, couldn’t you get on a transatlantic ship of some sort? I know it would be “slow boat” and all that, but seems to me like that would be the logical alternative to air travel.
“Along with uncertainty over the Goldman thing it will be hard for the market to get back its good vibe.”
-That’s why they have the PPT, silly!
Where are you in Europe, NYCboy ? Or hopefully, where were you in Europe ? Maybe you got a flight out.
I think you should look st this as the higher powers way of saying to extend and enjoy your trip.
NYCBoy, if I were you I’d start touring, and use this as a chance to see the world. It will be like a second honeymooon for you and Mrs. NYCityBoy.
This could really be the event that hits the booming stock market.
Nah, the stock market has been decoupled from all sense of reality for a long time. As long as “investors” are “positive about the future” the four horsemen of the apocalyspe could be wrecking havoc but the market would continue to really.
That’s my kind of extend and pretend. Extend the European vacation and pretend you’re back at work.
Hey, don’t jump on that short wagon too quickly. Seems the airlines are yelling that they need a bailout.
Who do they think they are - Goldman Sachs?
As it so happens, one of my airplanes is currently grounded in Europe.
Flight crew reports that they may be able to fly again in a day or two.
Somebody said to make the best of being stuck.
If somebody said that to me, I would have to exercise maximum self restraint not to clock them. Being stuck just sucks.
This whole volcano crisis has gotten me thinking. Especially since there’s another “dormant” Icelandic volcano that tends to one-up the activity of its smaller, more benign neighbor, and volcanic eruptions can last weeks or months - maybe longer. I’m wondering if good old fashioned tramp ships are ready for a comeback. No, I’m not talking about Paris Hilton’s yacht. A workman-like but comfortable shop built for trans-oceanic transits. Air travel is getting to be such a hassle these days that if you could shift some of that volume into a more leisurely ocean crossing, it seems that everybody would benefit.
Glad you’re home.
Welcome home.. And thank you for everything you’ve done (and are doing) for this country. As much as I (and many of us) bash the actions of our leaders; I do, at the same time realize how lucky we are to live in this great country, and realize that without people like yourself, we’d have nothing left to argue about (as far as housing is related) because we’d be far more worried about who the next dictator/war lord will be.
I had a ‘92 5.0GT w/~500 RW HP many years ago. Paxton Novi 2000, low compression pistons, Tremec tranny.. What a blast that car was, even if, by today’s standards, it was just barely drivable (it was a beast to keep on the road, too my throttle and it would just spin 180 degrees.. No traction control back then!).
It was awesome; even though the car I drive today has almost as much HP, and is 1000X more luxurious, I still, to this day, miss that Mustang. There’s something raw and unique about driving a car like that; something that no hopped up German luxo-car will ever achieve. The closest thing I’ve ever driven is the Lotus Exige; and, even with the huge price differential, I’d still rather have the Stang..
Enjoy! But be careful (I’m sure you hear this about 1000 times a day, but it bears repeating). My Stang (as many do) met it’s end prematurely and almost took me with it..
Yea…
I just got back from the performance shop. Did a tune, BBK cold air intake and changed the pipes. WHOA! It sounds GREAT!
I’m older now, so I wont be getting on it. Much.
Welcome home, step!
Glad to hear you are well and have had another safe deployment. Thanks for all the sacrifices you’ve made to serve our country!
My toy was a ‘91 5.0 LX, with a Powerdyne supercharger, Trick Flow heads, and a bunch more. I think I ran a 12.7 @ 111. I could have probably hit low 12s if I weren’t such a granny shifter. It was a lot of fun back in the day. If there was one modification that I regretted, it was the 3.55 gears. They absolutely destroyed my gas mileage. And with that much power, they just resulted in wheel spin in 1st and 2nd gears. The original 2.73s were nice on the highway. I think 3.08s would have been perfect. But I’m older now, and driving has become more of a chore than a thrill. I finally sold the ’stang last summer. These days I actually calculate my cost per mile, and figure what it costs me to run to the store.
Congrats! Best of luck in your transition back to civilian life…we need you back here to continue the war to restore trust on Wall Street.
Glad you’re back on U.S. soil, Step.
GoldenmanSucks Corporate Motto:
“Trust is like respect…you EARN it!”
Welcome home Step.
Welcome home!
We’re so glad you’re home safely.
Welcome home to Step. Stay in the military - first it’s a job, and second you’re an asset to our forces.
Welcome home, Stp.
Ditto, Step. Welcome home!
Welcome Home Step! Thankyou for serving in America’s defense!
Welcome home, Step, and thank you for your service. We are sure glad you’re back.
NYCityBoy, I wish you safe travels!
Welcome home Step!
hopefully my son will be home in July from Iraq
He may even end up out your way if he gets in Rangers…
Glad you’re home and thank you for your service.
(((((((((step)))))))))) WELCOME HOME!!!!! WOOOOO HOOOOO!!!! Thank you for your selfless service. You are our hero.
Now, a strong word of advice. Take care of yourself and don’t be afraid to get help if you need it with any after effects.
Again, welcome home.
Blogging from FT. Bragg today!!! I’m home…
Welcome home and thank you for your service.
Glad you made it back safe and sound.
Anyhoo, been going through my mail over the last year. Alot of debt reduction offers which blows my mind as I have almost no debt. Alot of “your warranty on your vehicles is about to expire” type crap. Man, is our world turning into an advertisement economy?
You’ve hit the proverbial nail on the head, Step.
Oh, and welcome home! Thank you for your service too!
Welcome back! I’m sure your family is overjoyed to see you. Thank you for your service to our country, and I hope you’re not asked to take any other extended desert vacations for awhile.
Glad that you are home safe, step…
Welcome back, brother.
A few thoughts on two bubbles.
During the stock market bubble, some economists were asked if it was a bubble, and they said “maybe” but it was still good for the country. Bubbles had built the railroads, and although a lot of people lost money, they transformed the economy. And sure enough, much of the excess investment during the tech and dot.com bubble has been used, and the internet has developed faster than it might have.
What did the housing bubble leave us? I don’t think the excess exurban McMansions and SUVs will help us. For one thing, they were built in places with long commutes. Even if they are occupied, they will simply suck people out of communities with serviceable if modest housing, and increase the amount of energy those people use. And our IT was exported as well as used locally, so the IT boom didn’t worsen our balance of payments. The consumer debt boom did, even though most of its housing component was manufactured in the U.S.
So the housing bubble did more lasting damage to the U.S. than the stock market bubble.
I went yesterday and looked at a few “McMansion” type foreclosed houses in West Sacramento. They had tiny back yards, one which was a plain slab of concrete with an ugly pool. They had lots of bedrooms with large closets and big bathrooms. Surprisingly, the living areas were relatively small other than the kitchens. It’s like the houses are designed for people to retreat to their own bedrooms and try on clothes. We live in a house built in 1950. The bedrooms are small, but the living area is large. It suits our lifestyle. Why would I want to sit in my bedroom all day?
All three houses were priced at $270,000 and have been on the market for several weeks. In contract, smaller single story houses priced at about $200,000 are bought very quickly. People may be getting a clue, finally.
They had lots of bedrooms with large closets and big bathrooms. Surprisingly, the living areas were relatively small other than the kitchens.
From what I have been told by builder acquaintances the reason the kitchens are so massive now is because the kitchen is supposed to be the entertainment hub of the modern American home. Non-Americans of course find this concept to be very, very strange, but I have experienced it first hand when invited to get togethers in other people’s homes. Everyone hangs out in the kitchen while they munch and drink.
My wife is German and she simply will not tolerate that. Even though our home also has a big kitchen she always sets up the living room so that guests will not have a reason to wander into the kitchen, and none of the “beer’s in the fridge, help yourself.” That kind of “hospitality” doesn’t fly in other countries.
Having worked food service to get through college, I find most household kitchens hard to work in. They are very ergonomically uncomfortable. They are usually too big. Yeah they look cool, but difficult to get stuff done.
Personally I’ll take a galley style kitchen, where the sink and the stove are one step away.
A friend of my mom’s lived in a huge old Victorian outside of Boston. It had a big kitchen, but of course that’s where the servants would have eaten. It also had a seprate stairway from the kitchen to the back bedrooms, also for servants. It had small mantle places around the hot air registers. And an unconverted carriage house that they were using as a two car garage. They weren’t doing much with the horse stalls, though.
When I was child, in Detroit, I visited a house like that. I didn’t really believe they existed, like something just on TV. 7bedrooms, curved double stairway, on a hill, servant stairway, even a special little door for the hunting dogs.
for a 6 year old, it was like Wizard of Oz for real.
Having worked food service to get through college, I find most household kitchens hard to work in.
Which makes sense. They aren’t meant to be “working” kitchens. They are showcases to show off granite counter tops, stainless steel appliance and and fancy cabinetry. Most parties I go to the food isn’t even prepared at the house. If its high end its catered or purchased from a restaurannt, otherwise it’s a potluck (The potluck, another strange American custom, foreigners can’t fathom that you would invite people to your house and ask THEM to bring the food and drink).
Either way, it didn’t get cooked in that kitchen.
My wife is German and she simply will not tolerate that. Even though our home also has a big kitchen she always sets up the living room so that guests will not have a reason to wander into the kitchen, and none of the “beer’s in the fridge, help yourself.” That kind of “hospitality” doesn’t fly in other countries.
When I was growing up, the kitchen was my mother’s territory, and woe to anyone who entered while she was cooking. To put it mildly, she didn’t like to be bothered. And what defined the word “bother” was up to her.
So, we stayed the heck out of the kitchen.
I neglected to mention that my mother is German on the maternal side of her family. When I was a kid, I knew I was in big trouble when she started speaking German to me.
My mother in law is Dutch and she was the same way. No one is allowed in the kitchen unless they are invited by her.
went yesterday and looked at a few “McMansion” type foreclosed houses in West Sacramento. ‘
Whats the Folsom area like ? I spent some time up there around Christmas
Folsom area like ?
Its been hammered just like everyone else…REhobbyist is there full time and would have more specifics…
You and Johnny Cash.
“McMansion” type foreclosed houses in West Sacramento
I just saw a 2800 sq.ft. foreclosure in Lathrop for $190,000…
“It’s like the houses are designed for people to retreat to their own bedrooms and try on clothes.”
I would have to agree that excess real estate units in unsustainable
locations had to be one big fake waste of money . The market created expansion that should not of come about for another 20 years . Real estate is tied to real lives and income and sustainable communities and
just building units so flipper can flip to each other is a joke . Enough of Wall Street entities and their creations .
If quality housing had been built where it was needed, that would be one thing. But instead we mostly got shoddily built, oversized houses in places far from jobs. These places will take a fortune to maintain as well as to commute to places with jobs.
On top of that, debt is owed on “equity” extracted from these houses for mostly non-productive uses. In terms of productive economic impact, there was very little positive about the housing bubble.
Plus, I’m afraid to say, many people just aren’t very diligent about keeping up their homes, be it housekeeping, yard work or routine maintenance. I was rather stunned today when i dropped by my neighbors, who paid 500K for the place, to see a 3 foot tall weed poking out of a flower pot just next to their front door. Do they not see it? I was really struggling not to yank the thing out by the roots, right then and there. I’m cursed by noticing these things….
“…excess exurban McMansions and SUVs…”
= durable, wastefully unaffordable, luxury consumption spending which is hastening the U.S. decline to Third World status…
Pew Study Finds ‘Perfect Storm’ of Government Discontent
April 19 (Bloomberg) — Americans’ confidence in government continues to decline and is likely to be an important factor in the 2010 elections, according to a Pew Research Center survey.
Only 22 percent of survey respondents said they can trust the government in Washington and 30 percent said the federal government is a major threat to their freedom.
“By almost every conceivable measure Americans are less positive and more critical of government these days,” the Pew Research Center for the People and the Press said in a report released yesterday. The survey results depict “a perfect storm of conditions associated with distrust of government — a dismal economy, an unhappy public, bitter partisan-based backlash, and epic discontent with Congress and elected officials.”
This discontent has led to negative opinions of both Democratic and Republican members of Congress as midterm elections approach in November. Only 17 percent of respondents said Congress does a good job, and 40 percent of Democrats said they have a favorable impression of the Democratic Congress, a record low rating for Congress among members of the majority party, according to Pew.
Anti-government sentiment may not help Republicans because the party has a “potential unity problem, given the appeal of the Tea Party to many of its members,” according to the report.
“Anti-government sentiment may not help Republicans because the party has a “potential unity problem, given the appeal of the Tea Party to many of its members,” according to the report.”
That is the Democrat talking point du jour.
First the tea party was too small to matter so even if they all vote Republican it won’t matter. Now they do matter but won’t vote Republican after all.
I can’t wait until the day after the election when the headlines will read:
UNEXPECTEDLY Democrats Run Out Of Town
Somebody posted comparison pix of the Tea Party rallies next to Obama’s rallies in 2008. The Tea Party looks like just that…a tea party. I’ve seen larger crowds waiting for Space Mountain. November is going to depend only on turnout, and health care helped a lot with turnout.
Amazing that for such an insignificant group of people gets so much press coverage these days.
Nothing amazing about it. That’s how modern propaganda works. Making mountains out of molehills because real news is boring.
When not reporting real news, MSM WILL make up news and controversy.
When 100 hateful angry selfish whining racist Timothy McVeigh types gather and make their typical and predictable threats, you better believe the media should be watching and filming every last second of it.
I went to my local Stater Brothers (grocery store) a couple days ago and they had a tea party “anti-tax” booth at the entrance, and I swear the guys holding clipboards looked like the Unibomber. Kinda funny since there’s a lot of botox and b-jobs in this neighborhood so it looked like a Southpark skit.
I’ve seen larger crowds waiting for Space Mountain ??
+1 oxide…
much press coverage these days ??
Please insert “FOX” into that sentence…
Of course, I have seen 1/2 of a million pro-lifers get ignored by the media also.
And the black “million man march” of 30,000 was wall-to-wall coverage.
“Bang, bang, bang!”
[Sound of the same drum repeatedly banged]
The Tea Party looks like just that…a tea party.
In numbers only. They had a turnout of something like 3500 in DC last week. Utterly unimpressive. You can get that many on the mall on a crappy weekday in the winter. If your turnout in a metro area that size is only 3500, your group really is the definition of fringe as is any media outlet that gives them more than one second of coverage.
“I can’t wait until the day after the election when the headlines will read:
UNEXPECTEDLY Democrats Run Out Of Town”
Look around you, notice anyone who resembles this description:
The Tea Party: Populism of the privileged:
By E.J. Dionne Jr.
Monday, April 19, 2010
“…Their findings suggest that the Tea Party is essentially the reappearance of an old anti-government far right that has always been with us and accounts for about one-fifth of the country. The Times reported that Tea Party supporters “tend to be Republican, white, male, married and older than 45.” They are also more affluent and better educated than Americans as a whole. This is the populism of the privileged.”
“TruePatriot™ / TruePurity™” / “TrueAnger™” PeeParty tea toadlers
“This must be the first “populist” movement driven by a television network: Sixty-three percent of the Tea Party folks say they most watch Fox News “for information about politics and current events,” compared with 23 percent of the country as a whole.
The right-wing fifth of America deserves news coverage like everyone else, and Fox is perfectly free to pander to its viewers. What makes no sense is allowing a sliver of opinion to dominate the media and distort our political discourse.”
Our Corporate sponsor : MUrDoch’s “TrueProvoker ™” Faux News
Faux News & WSJ = MUrDoch’s “True Chupacabra™”
The Times reported that Tea Party supporters “tend to be Republican, white, male, married and older than 45.” They are also more affluent and better educated than Americans as a whole. This is the populism of the privileged.
Is anyone surprised by this?
They are also more affluent and better educated than Americans as a whole.
Judging by the spelling on the signs they hold, maybe not as far as the education. Being more affluent and better educated might apply to the leaders, but the followers appear to be dumb as dirt even if they think they are well-intentioned.
Come on make up your mind? One day they’re rubes. The next they’re elites Brooks Brothers wearing astroturfers. It’s amazing how these people morph from Jekyll to Hyde and back every few seconds depending on which leftist pundit you read.
As for those mis speled sygnes, maybe this had something to do with it?
crash the tea party dot org with instructions to show up with mys spld sygns at the rallies. Look into it.
I didn’t think anyone actually fell for their scheme, give it was so transparent. Guess I was wrong.
On my god! The signs! I’d forgotten about that!
“Illiterate” Tea Party is more like it.
Ki, I’ve met many stupid people with college degrees. Some from top schools.
On my god! The signs! I’d forgotten about that!
Me, too.
Spelling was never cool, right?
“It’s amazing how these people morph from Jekyll to Hyde and back every few seconds depending on which leftist pundit you read.”
But I’ve seen this on, ugh, both “sides.” I’m following an anti-healthcare bill group that has members who can’t decide if they follow Sarah Palin, Republicans, or Ron Paul but all seem to want to be included in this trendy anti-disestablishment thing (except of course between 01-06 when they sat on their hands…) called the Tea Party.
If the tea-partiers want more respect they should immediately come out against Repubs and Sarah (and perhaps for RP for continuing to be an ‘R’). I think that’s where the base’s head is at but they seem to not want to disassociate themselves from all those votes.
… (and perhaps for RP for continuing to be an ‘R’)
+1.
That’s what I’m perpetually curious about. The inside-the-clubhouse anti-establishment saint sure gets cut a lot of slack for his membership in the club, doesn’t he?
+1 +1 Hwy….
Any group who has Palin as their keynote spokesman is DOA in a national election…They should just be satisfied with maintaining their southern angry white male stronghold…
Any group that rallies around Sarah Palin isn’t just dead in elections. They’re dead between the ears.
EJ Dionne is now a leading voice on the tea party. That’s cute. Really is.
So first tea partiers were gun clinging, unemdumacated hillbillies.
They have now turned into upper middle class elitists.
Sure, why not.
Blah blah blah, WSJ, Fox News, blah blah blah. So boring and predictable. Surely there must be some new material out there.
That is the
DemocratDemocratic talking point du jour.What is the problem people suddenly seem to have with grammar when it comes to this word?
And why do most people who have this problem seem to be Republic?
As soon as the Democrats start behaving in a democratic fashion I will refer to them as such. In the meantime, Democrat will do.
n the meantime, Democrat will do.
Just makes you sound ignorat.
“Anti-government sentiment may not help Republicans because the party has a “potential unity problem, given the appeal of the Tea Party to many of its members,” according to the report.”
The Republican party is RIP, actually, except people don’t realize it yet. It’s gone, kaput, over. I realized this when I heard Marco Rubio bloviating about getting an endorsement from Mitt Romney. That’s enuf to drive me away. The icing on the cake will be Jeb’s endorsement, LOL! The pubs got nuthin’, and I do mean NUTHIN’. Mitch McConnell? Guy looks like he’s sucking on a lemon 24/7. What a bunch of a-holes. Bush, Cheney and the merry band of neo-cons finished off that party. The great Scott Brown is already flailing around, trying to flex his non-existent muscles and pay back favors to Romney and McCain. Screw Romney and McCain. You can thank Romney for the health care bill, actually. He showed the Dems how it could be done. It’s turned out to be a disaster for Massachusetts.
LOL, Marco Rubio, Charlie Crist, Kendrick Meek. Florida gubernatorial candidates and a real sad-sack trifecta.
We’ll be able to thank Charlie for one thing, though. When he announces his break from the Republican party, that’s the end of the party in Florida, so I’m waiting with bated breath for his announcement. Both parties have to go, they’re like TWO vampire squids on the face of the American people. Might as well be the Republicans first. LOL! So much for all that crap about how Republicans are going to “take back seats”. Just wait. They won’t be nearly as victorious as they thought.
Government and governed: Who works for whom?
The fact that that question even needs to be asked and answered is unsettling to say the least.
The Moral Majority killed my intention of joining the Republican Party back in the late 70s when I became eligible to vote. Over a span of a few years it became the Religionist Party and it’s been that way for over 33 years.
+1
+1
There are the spiritual WWJD religious and the I’m gonna use my religion to judge you (and prove my superiority) religious and the two sides are moving further and further apart.
Bill, I believe this is a first +1
+1 Bill..
If only I could kill babies at any time and for any reason - I would be happy with them.
Give me a break.
Oh, c’mon, the pubs as a group couldn’t care less about killing babies, especially when connected to phony wars. The whole abortion thing is just political theater, a way to jack up the base. The pubs use social and “moral” issues as a front for pickpocketing. While everyone gets to feel good and moral, their wallets are being lifted. LMAO! RIP, pubs. And don’t let the door hit ya where the good lard split ya!
Good thing the left doesn’t talk about nonsense issues, like amnesty for illegals, stirring up racism, and otherwise tearing our nation apart in order to be “progressive.”
Oh, wait - they’re just as bad.
Both parties are terrible, IMHO.
Hey you!
Get out of the gene pool.
Seriously, modern genetics make the whole “when is it life” question very gray. I can’t wait till we can merge species gnomes to cure some major illness. What will the believers say? More creationism mumbo-jumbo?
The dem party is against even restricting an abortion of a healthy baby one second before birth.
Go watch a video of an abortion or partial birth abortion - they are on the web.
Then go spout it is only about “believers” or “creationism”. You wouldn’t even treat farm animals this way.
Seriously, modern genetics make the whole “when is it life” question very gray.
The existence of gray does not invalidate the existence of black or white.
I can solve the “abortion issue” in five minutes, and have about 85% of the population buy into it.
-No restrictions on birth control, including the morning after pill, or on government dispensing same.
-No restrictions on abortion for the first 1-5 months of pregnancy.
-After 5-6 months, abortions available for certain, very restricted circumstances. (When a baby becomes viable, IMO society cannot give a blank check for abortions). And don’t tell me that government shouldn’t be involved in such decisions. Government is involved in life-death decisions all the time, and nobody says a thing.
Reasonable people could work out a deal, and tweak it later if need be.
The problem is, there are reasons that the pro/anti-abortion teams DON”T want the issue to be settled. Like money. And the satisfaction of being able to pass legislation, and telling your political opposition to go pound sand.
The problem is, there are reasons that the pro/anti-abortion teams DON”T want the issue to be settled. Like money.
Same thing with Mothers Against Drunk Driving.
After 20-plus years of huge success, toughening (in some cases, very) weak drinking/driving laws and drastically reducing the number of alcohol-related crashes and deaths, the original founder left the group as it pushes ever onwards towards prohibition.
“I didn’t start MADD to deal with alcohol. I started MADD to deal with the issue of drunk driving”
The only way the current group can continue to make money is to continue to fight for a crackdown on drinking. Once you have the administrators of any group making 6 figure salaries and hob-nobbing with politicians and celebrities, they’re not going to “give up the fight” just because they’ve won.
Balko wrote. “But MADD is at heart a bureaucracy, a big one. It boasts an annual budget of $45 million, $12 million of which pays for salaries, pensions and benefits. Bureaucracies don’t change easily, even when the problems they were created to address change.”
Wikipedia
Re: viability
The primary problem with abortion prohibitions at any time is that you are effectively permitting the state to coerce a woman to carry her pregnancy to term.
Now, if the technology advanced to a point where they are “viable” outside the womb at 5, 4, 3, 2…a zygote? Women who don’t want to go to term can just had the fetus over to the government. Do the Republicans want to take charge of them until they are 18 years old. Presumably paying for it along the way.
What bugs me is the same people who are sanctimonious about the “right-to=life” don’t want to cough up a penny for education, healthcare or social services. My apologies to the exceptions.
Little known fact: the RNC’s medical insurance policy allows and will pay for abortions by it members.
Google “RNC abortion insurance”
I do believe that is game, set and match.
If I could only join a party where their pro-life position is so inconsistent it becomes hypocritical……..
Whoops…. That would be the GnOP.
Pro-life encompasses ALL life my dear social “conservative” hypocrite friends. Anti-abortion, anti-death penalty and anti-war. THAT is the consistent, honest Christian theological meaning of pro-life. Until you adopt it, you’ll alwyas be viewed as inconsistent hypocrites.
Try some consistency and forethought. It’s the new black and just might make your words relavent for the first time in your lives.
You guys just all clean up when you’re done, OK? Try not to make too much of a mess.
And please learn a bit more about Christianity, and human principles in general, before spouting off like blithering idiots. Like for one thing - believe it or not it is possible for people who belong to a given organization, or hold a given set of general political views, to have different views on some subjects. I know - it’s hard to wrap your minds around, but please try. It may require jumping out of your one track, but it really can be quite enlightening.
Pro-life encompasses ALL life my dear social “conservative” hypocrite friends. Anti-abortion, anti-death penalty and anti-war. THAT is the consistent, honest Christian theological meaning of pro-life.
Yes, sir, I do believe you are correct.
I’ve met some of the consistent ones (some of them were nuns who taught me), but they do seem to be few and far between.
I see one of the dopes attacked me instead of discussing the facts. I’m waiting for one of the fools to tell us Jesus would live in a mansion directing war operations and fry people in electric chairs.
Why of course he would!!!!! Jesus would never stand with the poor. He *always* defended the power brokers and disparaged the weak!! Tony Perkins, Pat Roberson and Jerry Fallwell says so!!! lmao.
Men should not decide whether women should get abortions, period.
Men should not decide whether women should get abortions, period.
Really not a good subject to discuss on a housing blog. Let’s kill this topic, eh?
“…the Republican Party”
In the current era, they claim they are not this: “TrueHypocrite™”
Going forward, they now claim they are currently this: “TruePurity™”
They’ll not get Hwy’s vote, (because I’m currently a one armed, one legged Democrapt trying to keep my balance hopping around in a potato sack)…therefore, “they” claim, I’m still not a… “TruePatriot™” and if I live close enough to them, they remind everyone within ear shot, that I’m also…”Anti-American”
Go Mr. “Non-Hawaiian”, Hwy’s still hangin’ with ya!
If only I could kill babies ??
Yeah…All you neo’s always hang your hat on that one then take the hypocritical stance that condom’s and birth control are okay…In other words, you make the position suit your own personal needs…Pro-life but you limit procreation so you can still get to “hump” like bunny rabbits…
So by that logic - it’d be OK to blow up say the city of San Francisco now, if you believed that it was inappropriate for them to build a city on the scenic sand dunes that used to exist there?
Prevention and destruction are hugely different principles. One can easily believe in the rightness of prevention of something but the wrongness of destruction of the same thing without being hypocritical.
Prevention and destruction are hugely different principles. One can easily believe in the rightness of prevention of something but the wrongness of destruction of the same thing without being hypocritical ??
Not when that specific position is taken around a forced dogma belief…In that case it is hypocritical…
Please give your definition of “forced dogma belief”.
And then state why the following may or may not fall into that criteria:
- Theft
- Murder
- Fraud
- Animal cruelty
- Kidnapping
- Assault
- Etc. etc.
Over a span of a few years it became the Religionist Party and it’s been that way for over 33 years.
I’m with ya, BiL.
I’ve said for a long time that I’d be a Republic if they would distance themselves from the Religious Right.
Thanks! I only look conservative. Keeps the cops looking away.
Bush, Cheney and the merry band of neo-cons finished off that party ??
Yep….
Sad, but true.
Unfortunately, this leaves us with the Prophet of Change and his minions as far as the eye can see. With that crew in charge, I won’t have to worry about buying a house since taxes will be so high that it’ll never be affordable!
People said much the same thing after Nixon resigned…And there were people who thought that the Democrats would usher in a “permanant Republican Majority” in the first decade of this century. It is the nature of the political parties to change their message over time. So the Republicans will adjust and be back again. It’s the nature of the “two party system.”
The Republican party is RIP, actually, except people don’t realize it yet. It’s gone, kaput, over.
I wasn’t too thrilled In 2004, when Bush was re-elected.
I decided to look on the bright side however. I figured that with control of both the white house and congress, things were either going to get a lot better, or it was going to be the end of the GOP as we know it.”
Re: RIP Republican Party
+1 palmetto
They are 21st century whigs.
Horrific as the direction of the country, the so-called “opposition” will get little traction this fall.
I say this as one who felt the Republican party left him. I want no part of them, the quicker their demise, the quicker a meaningful opposition will coalesce.
” say this as one who felt the Republican party left him. ”
Same with me. I’m still a registered Repub, believe it or not. Only because I believe in a republic, though. I want both parties to go. I don’t care which one goes first, either. If the pubs go, the dems won’t be far behind, seeing as how a lot of their crap is based on twisted Repub stuff, anyway. Like health care, LMAO! Mitt Romney, father of modern health care in America! You go, Mitt! Straight to hades.
Concur, Palmetto. Palin, the “Maverick” and Tea Party darling, sings the praises of ultra-RINO John McCain when she’s not busy raking up huge speaking fees for spewing drivel for rabble. God help us. Not happy with where the Dems are taking the country, but the alternative is just as bad.
“Only 22 percent of survey respondents said they can trust the government in Washington and 30 percent said the federal government is a major threat to their freedom.”
And how many of them are cashing social security checks and want the “government hands off” their medicare?
We have tons of problems, but there are some things we need government for. I wish people had a little perspective about where all those highways and other things came from.
Govt builds a highway, therefore it is not a threat to freedom. Got it.
Who built the (first) autobahn?
That would be Adolf Hitler’s regime during the 1930s.
And did you know that the design of the U.S. interstate highway system was based on the German autobahn system?
Yes. Eisenhower saw their importance in military aspects firsthand, and thus led the effort to create them here.
But the Autobahn concept actually pre-dated Hitler. There were several projects in the works when he came to power.
I wish people had a little perspective about where all those highways and other things came from.
Highways have literally destroyed the major cities in this country. They have bulldozed entire neighborhoods of people who didn’t have enough political clout to resist. And by making it much easier to commute from the city centers to the suburbs, they have taken away much of the incentives for the middle class to invest in neighborhoods near downtown, so that many of those neighborhoods degenerated into slums. And they have driven many local manufacturers out of business, by making it so much easier to ship goods in from out of state.
And even if highways were a net benefit, they didn’t “come from” the federal government. People worked to pay the taxes, and build the roads. All government does is confiscate resources and give orders.
Don’t disagree that highways have been bad for inner city communities.
But think mortgage and insurance corporation “redlining” contributed also.
Most highways were built when today’s inner-city communities where still thriving commercial and industrial hubs. They became blighted after the white flight that accompanied The Great Society’s utopian visions. That, and realtor neighborhood busting.
Amen, Amen, Amen.
I’ve always felt freeways were enabling devices. Like buying booze for a drunk.
Cities are over-rated.
“…taken away much of the incentives for the middle class to invest in neighborhoods near downtown…….”
You’ve got it wrong. The reasons the suburbs prospered is that they weren’t under the domination of the public employee unions, and the political machines. Nobody would have moved to the suburbs, if they could have gotten away from the more taxes/less services mindset.
The parasites tried to kill the host,but the hosts decided to live where there were no parasites. So the parasites have been trying to herd the hosts back into places where the parasites can thrive. By passing laws raising the cost of private transportation, for example (fuel taxes, for example).
As a dumb old white boy, who got to personally experience the “rich diversity” of a midwest inner city in the 60s-early 70s, you will have to pry my suburban lifestyle from my cold, dead fingers.
The reasons the suburbs prospered is that they weren’t under the domination of the public employee unions, and the political machines. Nobody would have moved to the suburbs, if they could have gotten away from the more taxes/less services mindset.
But didn’t the presence of the highways make it easier for them to move out, while continuing to commute to work downtown? And so relocating became the path of least resistance, rather than taking a stand and fighting City Hall. And then a new bunch of parasites arose out in the suburbs…
But didn’t the presence of the highways make it easier for them to move out, while continuing to commute to work downtown?
Absolutely. This is a pretty well-documented phenomenon.
Mass transit served the original suburban rings around cities much more efficiently. It’s the post-WWII suburbs (and especially post-1970 suburbs) where the car culture is taken for granted — hell, there are lots of suburban and exurban subdivisions with no sidewalks, as if we bipeds were never meant to get around that way …
But, in a typical suburb, the parasite are controllable. Our city hits everyone that works in town with a 1% income tax, whether they live here, or 20 miles out.
But the money sure isn’t being spent to maintain infrastructure, unless by “infrastructure” you mean all the city departments that remain fully staffed, even though half of the businesses they are supposed to be “inspecting/regulation” have disappeared.
I’ve developed the theory that a city shouldn’t be any bigger than 2-300,000 people, max. When you get bigger than that, it seems that government starts developing grandiose plans, and the public service unions become a big percentage of the voters.
“But, in a typical suburb, the parasite are controllable.”
Many if the older “inner ring” suburbs are now suffering some of the problems associated with the inner cities in the period of middle class flight, while some of inner city has been gentrified.
It’s a life cycle?
I would add to my earlier comment (not yet posted) that highways encourage monstrous squandering of energy resources and kill 10 times the number of Iraq casualties every year.
All excellent points, here and above.
10 X 1.3 million? That’s a lot . . . .
Make you a deal. Give me back all my social security payments (plus employer match) plus a nominal interest charge and I will never bother social security again.
Force me to pay for a government program I do not want or need - and then blame me for playing by the rules of that same program???
of course you don’t get to negotiate.
they put a gun to your head and tell you how it’s going to be.
And how many of them are cashing social security checks and want the “government hands off” their medicare?
Why shouldn’t they? They have been forced to pay in to the system. It’s natural to expect something from the system that has confiscated every penny out of you. Hate the game, don’t hate the players.
Why shouldn’t they?
Uh, because they equate any form of socialized medicine with the Apocalypse and use “socialism” as a four-letter word, yet are the prime beneficiaries of such programs? That doesn’t strike you as ignorant or disingenuous?
Or is it a case of “It’s good enough for me, but not poor people or future generations”?
Just show me where in the constitution it says government should run health care and I have to be forced to pay for it
Freedom is good enough me and my children. It why the poor from all over the world USED to come here. You socialists don’t seem to get that.
“It why the poor from all over the world USED to come here.”
Used to? I thought we were still handing out green cards by the bushel (about 1 milion last year, IIRC).
Yeah - but now their first words off the boat are “free housing” and “free health care” and “SSI” and…
Yeah - but now their first words off the boat are “free housing” and “free health care” and “SSI” and…
Laugh … I can tell you know lots of immigrants.
Bingo (to yours and 2banana’s comments). People who crack on the “hands off my Medicare/SS” conservatives just aren’t thinking. Hello! These are services that are already paid for.
If you bought a car, but before it could be delivered the government decided to make public transit mandatory, and said sorry - no car for you, plus you don’t get your money back - even if you were still a proponent of public transit you’d still be pissed!
(I realize that it’s not that simple - but the principle is the same)
The left wants it both ways.
When debating taxes, the left doesn’t count SS tax as a ‘real tax’ because it is a contribution to your retirement.
But when someone who has paid into the system for 40 years wants their money back - but doesn’t want the leviathan to grow nay more - the left lectures you about how you should love big govt because they give you back a SS check every month.
Put me down in the “It’s a tax, and most of it has already been spent on today’s retirees,” club. The selling point shouldn’t be “Are you getting/expecting to get a SS check?” It should be “Have your parents moved in with you?” Because THAT’S what your SS taxes buy you: fewer generations living under one roof.
SS is a wonderful system for the middle class. If you are lucky like me you get 85% of it taxed to a max of 25%. It’s the government form of ‘ how dare you not spend all you have before you come of age’. Meanwhile illegals are able to collect. My wife can’t collect on mine or her’s (she has 40 quarters) because she is a government employee.
SS is great if you were born pre 1960. Anyone born after…..it’s money thrown down the drain.
I’d gladly opt out of this ponzi scheme tomorrow if I could and let the govt keep everything I’ve contributed already without expecting a dime in return.
Just show me where in the constitution it says government should run an Air Force, NASA and National Parks and I have to be forced to pay for ‘em.
We’re with you Krazy Bill. Many of us don’t want all that. I don’t want NASA, national parks, FDA, CDC, FCC, DOA, DOT, and all the other acronyms except for the constitutional DOD.
except for the constitutional DOD.
didn’t it used to be the department of war? (vague recollection..to young to know, too lazy to google)
I remember when they were still building the Interstate Highway system.
You really, REALLY don’t want to go back to those days.
Also, it seems of you don’t know that the Interstate Highway System is an integral part of this country’s Civil Defense System.
“…it seems some of you…”
Also, it seems of you don’t know that the Interstate Highway System is an integral part of this country’s Civil Defense System.
Yes.
That’s an important distinction actually - and why comparison of interstate highways etc with SS/Medicare/etc. are apples and oranges - interstate highways are actually a “common good” system, whereas social systems are not.
Universal health care wouldn’t be a ‘common good’?
Sorry alpha, but life and death just isn’t as important as profits.
What are you some kinda dang socialeest/commie?!
Universal health care wouldn’t be a ‘common good’?
No.
If one person’s health care is removed, it doesn’t affect another person’s health care.
That’s not true of interstate highways. The creation of the benefit for one person provides the same benefit for all, without additional cost. Same is true for parks, libraries, etc.
Conversely in non-common-good things one can obtain the benefits solely, without the need of public resources or government support. Like health care. I can pay for my own doctor care, medicine, etc. This isn’t true of interstate highways - it requires too much resources, plus eminent domain, etc. even to create a single highway, let alone a whole system that would provide significant military support. This can only be done by government decree and public resources.
Again - a very important distinction, and pretty much where I draw the line at what I believe to be the extent of the government’s mandate, as a principle.
packman, are you familiar with “mutation?” Disease vectors? Contagion?
Medicine is not about the individual, but about the entire society.
Another idiot “lawmaker” in my state popping up with an idiotic waste of time.
South Carolina is not the only state whose legislature comes up with lame ideas, but this one is a pip. To combat the high school dropout problem Rep. Tom Young would take away the dropout’s driving license until he or she turned 18.
I’m all for encouraging youth to get high school diplomas, but threatening to yank their license is not the way to do it, particularly since the proposed law carries exceptions if the dropout needs to drive to work or drive family members to the doctor. You can bet 95 percent of them would claim exemptions.
Clearly, legislators at all levels are so divorced from reality, you’ve got to wonder if they’re even from the same planet. Why isn’t this guy proposing some of that anti-illegal immigration legislation like Arizona, before some other American offed by an illegal?
The gov’t here in Ontario did that 2 years ago. Kids also must stay in school until they graduate or turn 18.
what good is a diploma if it’s just social promotion anyway?
The thinking in educratic circles has become silly of late. The self esteem of the student out wieghs their academic achievement, so much so that now we say (in private) grade 12 is the new grade 8. Anyway, a high school diploma is worthless in the new global economy.
Somebody should remind them drop outs historically are known for not following the rules so well.
No license does not equal no driving.
The last time I was in traffic court, most of the tickets were for… driving without a license.
Scary, scary.
I don’t think taking dropouts licenses away is such a bad idea, except I wouldn’t grant exceptions. We deny privileges to our daughter whenever she acts inappropriately. Its part of what is called “parenting”. If you do even a half-ass job of it, this law likely won’t apply to you or your kids. If you don’t parent your offspring… well… the world will do it for you, in a far less kindly manner.
My little niece’s favorite name for her mom was –”The Warden”
My brother and I, on the other hand were total pushovers when it came to the kids.
Hey, they were very cunning little critters !
Ha! I remember when one of my sisters (as a teenager) referred to our father as “Hitler.” But that was excusable for teens being teens, wasn’t it?
“If you do even a half-ass job of it, this law likely won’t apply to you or your kids. If you don’t parent your offspring… well… the world will do it for you, in a far less kindly manner.”
+1 Kim.
IMO, We need to bring back vocational training in a massive way to high schools…It allow them to intern during the summer thereby making a little money and improving their skill set…
Yep 1000+% … but as long as “The People” are “educated” to believe that only those with BS/MS/PhD degrees are citizens/people worthy of respect & a good salary…there will be little incentive for any of that “vocational training” non-sense… I mean, who fought the “minimum wage” for the last 50 years?
When I walk the dog I see lots of tradesmen vehicles parked in front of some very nice houses. And not necesarily construction related either: copier repairmen, metalworkers, locksmiths, generic home repair/handyman, car mechanics, etc.
Yep, I see similar…but I also note that none are under the age of 35.
There’s a strong bias against doing physical labor, I’m pretty stunned how the younger generation has been raised to pay for someone else to sew on buttons, or wash their car. It shouldn’t have anything to do with education or degrees, it’s a matter of self-reliance.
The typical “guidance counselor” has NO CLUE.
They are all about pimping the resumes of the kids going on to college, or helping them decide on a “military career” if they are not.
It was that way when i was in school, and my experience with my daughters tells me that nothing has changed.
At least that’s what my buddy who is an A&P instructor says. Thirty years ago, my A&P class consisted of Military vets who worked on aircraft in the military and were trying to get their civilian certificates, and farm boys/gear heads.
Now, vocational training (including aviation maintenance) is now the dumping ground of the “English as a second language” crowd.
Fortunately, because we are a “safety-sensitive occupation”; you still have to pass the written and practical tests. So a thirty student class might have 5-8 guys get thru the “General” courses (basically designed to determine if you can read/write coherent English, and do math), before they start the “Airframe” and “Powerplant” classes.
I have seen the future of aviation maintenance, and it is a mob of Chinese/Mexican/Central American guys, who may (or may not) be trained/certificated, who may (or may not) be drunks or cocaine/meth addicted, and who may (or may not) have the right tools and current manuals.
Hey, it won’t be a problem. Airplanes can take a lot of abuse.As long as the smoking holes in the ground caused by maintenance issues are less than 3-4 a year, it’s more cost effective to outsource.
Hey, it won’t be a problem. Airplanes can take a lot of abuse.As long as the smoking holes in the ground caused by maintenance issues are less than 3-4 a year, it’s more cost effective to outsource.
Yet one more reason to not fly.
BofA plan: No job? No house payment
“It’s an innovative way for Bank of America to demonstrate it’s working with its customers,” said Mark Williams, a former Federal Reserve bank examiner. “Regulators should view this as a positive step as well.”
Yeah, right! Its an innovative way for B of A to hold foreclosed inventory off the books.
Read more: http://www.charlotteobserver.com/2010/04/18/1383119/bofa-plan-no-job-no-house-payment.html#ixzz0lXyApmtz
http://www.charlotteobserver.com/2010/04/18/1383119/bofa-plan-no-job-no-house-payment.html
I woke up this morning and the news kept jabbering about a giant ass-clown. I listened more closely and realized that they were saying “ash-cloud”.
Aren’t you in Florida? My first thought was Charlie Crist.
Right, like how do you pick just one? The selection is enormous.
Report: loan modification program wasting billions
By Kimberly Miller Palm Beach Post Staff Writer
Posted: 4:10 p.m. Thursday, April 15, 2010
More than 10,000 South Florida homeowners have received permanent reductions in their mortgage payments under the Obama administration’s foreclosure rescue program.
But even as the Treasury Department released the updated March figures this week, a congressional oversight group panned the $50 billion plan, saying it’s not keeping up with the pace of the housing crisis and that so called “permanent” modifications, which are really only good for five years, are just delaying the inevitable _ more mortgage defaults.
“The redefaults signal the worst form of failure of the program: billions of taxpayer dollars will have been spent to delay rather than prevent foreclosures,” the Congressional Oversight Panel report stated.
“It now seems clear that Treasury’s programs, even when they are fully operational, will not reach the overwhelming majority of homeowners in trouble.”
Through the 13-month-old Making Home Affordable program, 227,922 troubled borrowers nationwide are on permanent modifications, with another 780,951 on trial plans.
About 2,880 permanent modifications nationally have been cancelled, mostly because the homeowner failed to pay the modified bill.
“The administration’s programs were designed to help responsible, eligible families keep their homes, not for investors or speculators, and not to save million dollar houses or vacation homes,” said Treasury Spokeswoman Meg Reilly. “We also must recognize that we cannot help those who simply bought a home that they could not afford.”
The Treasury estimates 6 million home loans nationally are at least 60 days delinquent on payments.
Report: loan modification program wasting billions
Well. That was unexpected.
Well, many of those people COULD afford it… until they lost their jobs.
I rarely post but read (when I can) the housingbubbleblog. It’s been very informative.
I just wanted to post about an open house I went to in my family’s neighborhood. It’s a small neighborhood of 5 streets and about 100 houses so it’s a good study.
I knew this had sold a couple of years ago. It’s easily the largest house in the neighborhood at 4,100+ square feet and took probably 7-8 months to sell, reducing the price along to way.
The UHS said the sale was 2 1/2 years ago. I later checked the records and it sold in 5/08 for $540K. The house was just listed that day for $580K. Seems like the present owners want to “break even” on their purchase, factoring in the realtor’s commission.
Price-wise, well it’s 2 years later and there is a house being built on an open lot next to the house. A nice stone wall had been knocked down so a driveway could be made to get to the property.
During the open house I could see very little ‘upgrades’ had been done. There was new paint . The owners had small children so the closet doors were very scuffed, in need of new paint, possibly new doors. The big ‘upgrades’ were to the master bathroom. I think there was a new vanity and some new tiling. The bath tub and shower stall had been reglazed (not a very good job) from turquoise to white and the bathroom rug was no longer there. Strangely enough the very beat-up gold faucets had been kept. By the look of the faucets in the bath tub, I wondered if they really worked.
The house was built in 1972 and had electric heat, not very efficient in New England winters.
I guess the UHS was about as honest as one could expect. She owns a house in the same neighborhood, right next to the one going into foreclosure. When I mentioned that, she got quiet. She told me the owners were selling because ‘the family had offered them a piece of land in another state and they were going to build a house on it.’ I told her I was looking for a friend and she seemed very eager to have my friend get in touch with her if he was interested.
It should be an interesting watch. In addition to the loaming foreclosure the only other competition is a house that someone bought for $350K, put about 100K into it and has been ‘newly’ (read relisted) with a (second) realtor for $569K.
4100 sq.ft with electric heat ?? Natural gas not available ??
Bloomberg
U.S. Stock Futures Fall as Goldman Sachs Faces Probes in Europe
April 19, 2010, 8:40 AM EDT
By Lynn Thomasson and Daniela Silberstein
April 19 (Bloomberg) — U.S. stock futures fell, indicating benchmark indexes may extend losses following their biggest one- day drop Since February, as European probes of Goldman Sachs Group Inc. fueled concern bank earnings will be hurt by a crackdown on trading practices.
Goldman Sachs, Bank of America Corp. and Moran Stanley fell at least 1.3 percent. Citigroup Inc. fluctuated after posting better-than-estimated results on lower costs for bad loans. Alcoa Inc., the largest U.S. aluminum producer, and Exxon Mobil Corp. dropped with lower metal and oil prices. Halliburton Co. fell 1.2 percent after saying first-quarter profit declined.
Futures on the S&P 500 expiring in June slipped 0.5 percent to 1,183.8 as of 8:36 a.m. in New York. Dow Jones Industrial Average futures decreased 0.5 percent to 10,934 and Nasdaq 100 Index futures dropped 0.3 percent to 2,003.75. Stocks in Europe and Asia also fell.
Goldman Sachs, the most profitable firm in Wall Street history, faces a regulatory probe in Britain and scrutiny from the German government after the U.S. Securities and Exchange Commission sued the firm for fraud tied to collateralized debt obligations. The S&P 500 tumbled 1.6 percent on April 16, the most since Feb. 4, after the suit spurred concern fallout from the financial crisis isn’t over.
“You get a punch in the gut with these Goldman Sachs issues,” said Don Wordell, who oversees the RidgeWorth Mid-Cap Value Equity Fund, which has beaten 97 percent of its peers during the past five years. “It brings investors back to reality. There’s a tremendous amount of skepticism.”
‘Moral Bankruptcy’
…
I guess when the Powers approved deregulation and expanding Global financial markets they didn’t think about what Wall Street firms could do to Global markets that could create anger with other Countries if they had losses .
* LAW
* APRIL 19, 2010
SEC Probes Other Soured Deals
By CARRICK MOLLENKAMP, SERENA NG, GREGORY ZUCKERMAN and SCOTT PATTERSON
The Securities and Exchange Commission, after having hit Goldman Sachs Group Inc. with a civil fraud charge, is investigating whether other mortgage deals arranged by some of Wall Street’s biggest firms may have crossed the line into misleading investors.
The SEC’s case against Goldman Friday has exposed an open secret on Wall Street: As the housing market began to wobble a few years back, some big financial firms designed products aimed at allowing key clients, such as hedge funds, to bet on a sharp housing downturn.
As the S.E.C. moves to investigate whether other big Wall Street firms crossed the line, one question gaining prominence is whether Democrats have more ammunition to push through financial reform. Alan Murray, David Weidner and Kelly Evans discuss.
Journal Community
Among the firms that created mortgage deals that soon went sour were Deutsche Bank AG, UBS AG and Merrill Lynch & Co., now owned by Bank of America Corp. It isn’t known what deals the SEC is investigating.
…
GLOBAL HOUSING
Shanghai real estate battered
Property stocks in Shanghai take a beating on Monday.
• Prices drop 4.5% in Spain
Went past Domino’s Pizza yesterday afternoon and they had a sign twirler out front touting $4.99 carryout pizzas. Later that evening I stopped in and asked “Do you have any of those $4.99 pizzas?” The teen behind the counter said “No, we don’t do that anymore.” So I say “Why was there a guy outside with a sign saying $4.99 pizza this afternoon?”
He says “Yeah, we got them, but you have to mention seeing him”.
Is this the new customer service plan? It’s like going to the grocery store and paying more because your not a card carrying member of that chain. What are they teaching in business school and marketing class?
(rant off)
What are they teaching in business school and marketing class?
Charge as much as you can. Only offer discounts if you have to.
When I worked at HP we were allowed to use corporate discount codes for personal use. Sometimes the discounts were so good that the beat AAA and AARP discounts. I recall once standing in line to checking into a Marriott extended stay suite hotel in Anaheim (for 1 week). We got a 2 room suite for $70 a night (plus taxes). The people in front of us were paying $110 (rack rate was $140). Just because they didn’t have the magic code.
FWIW, I’ve seen Domino’s commericals on TV plugging ther $5 pizzas.
Is it $5 to pay me to eat that dreck or are they charging people money?
Trick for the traveling public:
-Pick out hotel.
-Find nearest large corporation located close to same hotel.
-Tell them you are here to “see” someone at large corporation.
Ask for their room rate. Usually, you will get it.
-If you feel guilty about lying, drive by the plant/office, and look for someone walking around outside the building. You “saw” them. So now, you didn’t lie.
(maybe I should work at Goldman Suks)….)
This works best Sunday thru Thursday nights. Works okay all week, if they have weekend ops going.
Posted last night too late for east coast and midwest folks to see:
http://tinyurl.com/y74la9b
U.S. Housing Markets Facing Epic Hangover
April 18) — The housing crash that helped bring on the worst recession since the Great Depression will linger in the nation’s hardest-hit real estate markets until 2025 — or later.
Nearly a full generation will pass before major metro areas in Arizona, California, Florida and Nevada return to the solid ground reached at the height of the housing boom in 2006-2007. And it’ll take a decade or more for other urban markets in the Northeast and industrial Midwest to likewise return to peak conditions.
Is this the first time a MSM report has predicted no recovery for decades to come in some areas?
I wonder what the report predicts for San Diego, formerly known as ground zero for the housing bubble?
Representing an “unprecedented market cycle” of bust to boom, the areas with the deepest price declines will face the longest recovery periods, the study indicates. Specifically:
* Orlando, Fla., won’t recover its average 59.9 percent drop in home prices until 2039.
* Sacramento, Calif., will likewise jog in place until 2039 to make up its 54.8 percent home price crash.
* San Jose, Calif. — considered the capital of Silicon Valley — won’t recover from a 41.7 percent home price plunge until 2023.
* Jacksonville, Fla.’s home price bust of 39.3 percent will keep that market below peak until 2020.
* Tucson, Ariz., also will have to wait until 2020 to rebound from a 36.8 home price plummet.
will likewise jog in place ??
I think that can be said for real estate everywhere in general…Where will the impetus come from to drive prices higher ??
“Where will the impetus come from to drive prices higher ??”
Don’know…
So far Uncle Sam’s price stabilization efforts have fallen somewhat flat; and those are going away soon.
By the way Pbear and the board…If saw it correctly, FHA just announced only a two year wait to apply for a new mortgage after going through a short sale…
And all these “magical returns to the Bubble days!” assume rising salaries, which anyone who has been paying attention for the past 10 years is a humorous idea that has no basis in reality.
New reality will be lots of ex-consumers huddling as working poor in McMansions.
“And all these “magical returns to the Bubble days!” assume rising salaries, which anyone who has been paying attention for the past 10 years is a humorous idea that has no basis in reality.”
For regular working people, yeah, I agree with you. Some people scored some pretty bubblicious salaries during the run up. For instance, in 1999 the superintendent of SD City Schools made a paltry $129,000. The salary for the head of the district is double that now. There are many administration positions in the district that command salaries between 150k to 180k+. There is a huge stink over teacher salaries yet when the district negotiates administrative salaries you don’t hear a word about it. The district was spending 34% more money per student and the increase in spending was almost entirely due to non-educator salaries and benefits.
* Tucson, Ariz., also will have to wait until 2020 to rebound from a 36.8 home price plummet.
Uh-oh. Our local MSM sure hasn’t said this.
Denial is a very powerful emotion and it is helping keep the notion of a not-so-instant recovery from taking root in many a worried mind. Extend & pretend matches up very well with denial - a real economic tag team. Denial keeps many a bill paid right now.
Reminds of that “one set of footprints in the sand” story. Denial will carry us through! Only in 2025 when we turn back to see one set of footprints - the central bankers will claim they carried us through. And plenty will probably believe them!
Well, they are doing “God’s work” - or so they claim!
Furniture makers weigh raising prices
Passing along costs could scare off skittish, frugal shoppers
Retailers must take into account buyers like Robby King. The Atlanta resident says “I don’t have the discretionary income that I wish I had, so there won’t be a lot of impulse buying.”
RALEIGH, N.C. - Furniture companies are raising prices despite fears that higher costs could kill off a rebound just as recession-shocked shoppers appear willing to spend.
Furniture makers are blaming higher labor and material costs for producing in Asia as well as trans-Pacific shipping fees. Industry insiders expect more news of price hikes after buyers and producers gather in High Point for the world’s biggest furniture trade fair that began Saturday.
“I’m aware of a lot of manufacturers that are considering price increases in this upcoming April market. They will announce a price increase and they will see if their major retailers are willing to take it, and if not they’ll back off,” said Bob George, president of Atlanta-based Impact Consulting Services Inc., which advises furniture manufacturers and retailers.
Increased prices on Chinese made garbage? Good luck with that! Maybe they should have stuck with their old factories in North Carolina.
Exactly.
“Furniture makers are blaming higher labor and material costs for producing in Asia as well as trans-Pacific shipping fees.”
Hint: make ‘em here in good old North America and you won’t have to pay those pesky trans-Pacific shipping fees!
Better yet, make it yourself. Most of the expensive furniture like the very popular Pottery Barn stuff is crap and easy to knock off using better materials.
http://knockoffwood.blogspot.com/
Stagflation…Last seen in 1974-75…
Hey, ask scdave & I how we know…
I remember it well.
I’m not entirely happy with this charge against GS at this point because as far as I’m concerned the whole marketing of this junk paper with side bet
credit default swaps was one big racket that never should of been bailed out to begin with . Why would Insurance Companies and unregulated Hedge Funds and Investment Banks that weren’t regulated be eligible for bail outs to begin with ? FDIC wasn’t obligated to bail out these entities .
I have been bitching about this from day one and I find it hard to believe
that the Congress people didn’t know the difference .
If you are a lender you have a fiduciary duty to make good loans ,not just throw funds at the market so fraud and inflated prices would result . The gig was to use other peoples money to create money , and that involved falsely inflating the market .
For God sakes people the acts of these Money Changer middle men increased values by such a artificial degree that it’s no joke . So they are
filing a charge about shorting a fund ,but what the hell is Wall Street selling junk funds under a AAA rating to begin with (especially in 2007
when fraud and bad loans were standard practice ).
Why should a Investment Firm be allowed to create toxic product loans with low underwriting requirements (and even define the market ) ,while at the same time not being regulated on leverage requirements ,etc. Besides ,regulated banks became like the unregulated banks/investment firms in that they sold to this market . 40x leverage in some cases with some of those funds verses the more regulated 10x’s leverage under FDIC Banks . This little trick of the big Investment firms buying big Banks at the last minute to qualify for bail outs is a joke.
And don’t get me started on Hank Paulsons turn around after he sells a
story about buying toxic assets and than he bails out a Insurance Company and now we have issues with sitting up MBS funds to collect the short or insurance on them failing .
Obstruction of Justice always produces bad results because the Moral Hazard is clear . Bails outs and temporary loans (like the 3 trillion that
the Feds made on junk paper ) is nothing more that Obstructions of
Justice . Stick the public with toxic assets at high value and Insurance side bets .
The problem with the current reform proposals to begin with is that
Wall Street Investment Firms and unregulated entities can even play lender to begin with because the regulated banks sell to them . Walls Street firms want to retain their right to be a Lender middle man ,so they can make more money ,yet they don’t want to be regulated on leverage or anything you would associate with the duties of a lender .
Investments shouldn’t be treated in the same manner as FDIC protected funds ,which are suppose to be low risk investments from FDIC regulated Banks . To even call Goldmans a Bank is a insult to me . Its clear that
Wall Street screwed up in 1929 and they did even more damage between 2003-2008 when they decided to screw with real estate lending.
Enough of Wall Street and their unregulated Casino games . I’m sick of
Wall Streets ability to made markets that crash while they take the money and run ,and even call themselves Lenders . Fiduciary duty when your dealing with other peoples money should not be down played and it should be highly regulated because these money creeps are not to be trusted for one minute .
Defined black and white rules is the only thing that will work with these
people that don’t even deserve the status of being called Fiduciary to their clients . And BS to making the investment firms with high leverage
investment entities under a set up bail out in the the future so they can continue to operate under a high risk and high leverage basis as they are proposing to do. The financial system worked somewhat well under Glass-Steagall for decades .
Look up a plot sometime of how the financial sector became the fastest and ultimately the largest component of US GDP from the early 80’s up till 2008. I think almost 30% of our GDP is still vapor, just money changers and Phds with computer models juggling billions of digital dollars.
“Enough of Wall Street and their unregulated Casino games.”
“Investors were worried about how Goldman’s predicament could affect commodity futures and speculated that Goldman may have to liquidate some positions in crude to pay for penalties if found liable.”
BWAHAHAHicHAHAHicHAHAHAHAHicHAHAHic* (DennisN™)
GoldenmanSucks = “TrueDeceiver’s™” / “TrueOilStorage™”
Don’t go their, California!
Meg Whitman
Monday, Apr 12, 2010 04:01 EDT
Meg Whitman’s fortunes entwined with Goldman Sachs
The GOP candidate for California governor steered the investment bank millions in eBay business while on its board
By Lance Williams
(This article also appears in California Watch, a product of the Center for Investigative Reporting.)
Candidate Meg Whitman touts her experience at eBay, the online auction house that made her rich, but her career and personal fortune are entwined with another company: the Goldman Sachs investment bank, a major player in public finance in the state she wants to lead.
Whitman’s relationship with the giant Wall Street firm — as investor, corporate director and recipient of both insider stock deals and campaign donations — could pose conflicts of interest if the Republican front-runner is elected governor of California, critics say.
…
First she runs a Billion dollar $$$$$$$$$$$$$$ CORPORATION without a phone number or human interface…& she’s a GoldenwoemanSucks alumni?
BWAHAHHAHAHAHHAHAHHAHHAHAHAHHHHHHHHHHHHH!!! (fpss™)
Jerry, put on a tie-dye… so I can pin my vote on ya!
Can you translate what you said into English? I’m interested in your POV but can’t for the life of me understand a word of it.
Runs a Billion dollar $$$$$$$$$$$$ corporation? Is that a bad thing? Would you rather have run a million dollar $$$$$$ corporation? I would think a woman running one of the great success stories in corporate history would be a positive.
Goldenwoemen Sucks? Oh you mean she worked for Goldman Sachs. OK I got that one. Tee hee, clever, really. Because nobody has thought of coming up with silly names for GS before. Top notch effort on that one. I mean it.
fpss?? Is that like LOL, but for older people?
Jerry?? Jerry from Tom and Jerry? Jerry McGuire? Jerry Seinfeld? You stumped me on that one.
Pin my vote on ya? Some kind of hippie lexicon? It’s not some kinky 70s slang is it? You know what, best we leave that one alone.
What’s with the female corporatists running for California guv? There’s also Czarly Fiorina. So many skeletons in so many closets. Jerry Brown looks wonderful by comparison.
The only thing I can reckon is that Meg and Carly figure that since we now have a “black” president that the next prez should be a woman, and why not one of them? Sacramento would merely be stepping stone to the WHite House.
I’d vote for Jerry Brown over those two any day.
Ditto. He may be a bit flaky but he’s got principles. And he’s not either of these corporate whores.
http://californiaaccountability.com/blog/taxing-question-meg-whitman-dodger
And sending her income offshore so she doesn’t pay taxes?
Is anyone that won’t release their tax returns really fit for public office?
Tankxs!
Meg: “TrueDeceiver’s™” / “TrueHypocrite™” / “TruePurity™”
No vote from Hwy50
Maybe she should run for Treasury Secretary?
Yeah,… think Sarah “the Barracuda” would APPOINT Meggy?
“The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue. The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet.”
Why not? Republican sisters should stand in solidarity…
I wouldn’t brag about running eBay if I were her.
Listened to CBC this morning. Basically; “There is no bubble in Canada.”
Sounded like 2006 USA.
There’s no maple syrup, bears, hockey, or funny accents either.
Take off, hoser!
lol
Stoped by a Moving sale in my area the owner told me he hopes to get his house sold and move into a mobile home near his daughter before the 6K home buyer tax credit goes away. He seemed to know all about the tax credit … I hear about half the income tax filings using the home buying tax credit were done wrong.
he said the new Tax Credit that will replace the current one is only for new homes
Fannie Mae: Inventory hindering housing recovery
Washington Business Journal -
Fannie Mae’s economists see signs of a strengthening economy but say the housing market still faces headwinds.
In its April Economic Outlook, Fannie Mae says excess inventory and foreclosure sales are hindering the housing market. New home sales are at record lows and will be slow to recover until inventory of existing homes and foreclosure overhang are worked off, Fannie Mae says.
It notes some positive signs for housing, particularly rising existing home sales, including pending sales and purchase applications.
On the broader economy, Fannie Mae forecasts 2010 economic growth of 3.1 percent.
“Financial conditions are improving as seen by the unwinding of various programs, most notably the Mortgage Backed Securities purchase program which ended in March,” said Fannie Mae chief economist Doug Duncan. “This is strong evidence that the Fed believes the financial sector can stand on its own.”
Fannie Mae now says it believes recession ended in June of last year.
“Fannie Mae now says it believes recession ended in June of last year.”
Well, I believe ‘em. Why would the the world’s most inefficient,red-ink hemmoraging, poorly-performing government-owned businesses make something up?
“Fannie Mae: Inventory hindering housing recovery”
I’d say that (shadow) inventory is hindering affordability. Get those banks to release the REO as fast as they take it back, and the GSEs might finally be able to achieve that ever-elusive affordability housing mission.
Goldman ties tangle California governor race
Silicon Valley / San Jose Business Journal
The leading candidates in the California governor’s race are trying to use their opponent’s connections to Goldman Sachs Group Inc. to their advantage.
The U.S. Securities and Exchange Commission accused Goldman Sachs Group of fraud in the structuring and marketing of a debt product tied to subprime mortgages.
Former eBay Inc. Meg Whitman resigned from Goldman’s board about seven years ago amid a controversy in which she and other executives got shares in attractive initial public offerings managed by Goldman. The Wall Street Journal on Monday reported that campaign records show Whitman also subsequently held stakes in Goldman and Goldman-managed investment funds.
Former Gov. Jerry Brown’s sister, Kathleen Brown, is a former California state treasurer and head of public finance for the west region of Goldman Sachs.
A joint report by the San Francisco Chronicle and the Center for Investigative Reporting last week said Goldman’s role in state finances could pose conflict of interest problems for Republican primary candidate Whitman if she is elected. Goldman has been an underwriter on billions of dollars in recent bonds issued by the state.
If I lived in CA. I would write in Slim Whitman instead of Meg or Jerry. Slim, would be a superior choice, and he has a great voice.
http://online.wsj.com/article/SB10001424052702304510004575186243922694492.html?mod=wsj_share_facebook
i like penn jillete.
USAA to eliminate more than 100 positions in San Antonio
San Antonio Business Journal -
USAA will lay off 109 employees at its corporate office in San Antonio.
USAA has notified the Texas Workforce Commission that it is closing the entire USAA Enterprise Inbound Operations unit within its corporate services department at 9800 Fredericksburg Road.
The layoffs are expected to begin on June 18 and should be completed by July 6.
Paul Berry, USAA spokesman, says that in 2009, USAA began an extensive review of its inbound mail operations to see if significant “operational efficiencies” could be gained by forming a partnership with a third-party provider to handle these operations.
“This is about providing exceptional service to our members in the most efficient way possible while making the transition as manageable as possible for our employees who have served our association,” Berry says. “After a lengthy process review and evaluation of third-party providers, the decision to outsource inbound mail operations was made in January 2010, at which time affected employees were informed.”
USAA is outsourcing these operations to Datamark, which specializes in this type of work.
I’m sure they’ll save money. Not so sure about the “providing exceptional service to our members” part though.
TTT Sez…
Administration to Tea Parties: We’re on Your Side
FOXNews.com
Treasury Secretary Tim Geithner said in an interview Sunday, when asked about the Tea Party protests, that the Obama administration is paying more attention to the deficit than the Bush administration did.
Tea Partiers, the Obama administration is on your side.
That’s been the message from the White House over the past few days, as top officials dispute charges that Washington is on a spending binge and encourage conservative protesters to count their blessings.
Treasury Secretary Timothy Geithner, when asked about the Tea Party protests, said in an interview Sunday that the Obama administration is paying more attention to deficit and spending concerns than the Bush administration did.
“We’ve just been through eight years where many people said deficits don’t matter. We can pass huge tax cuts, pass huge new programs without paying for them. That debate has changed fundamentally,” Geithner said on NBC’s “Meet the Press.”
“You don’t hear people say anymore deficits don’t matter. You don’t hear people saying we can pass enormous expansions in government without paying for it. That’s an important change.”
Tea partiers don’t care about deficits, as long as the can is kicked far enough down the road to not affect them while still alive. Taxes to cover all the spending, well that’s another matter. And remember “keep you rgovernment hands off my medicare!”.
Tea partiers have no problem with socialism, as long as it benefits them. They love subsidized State U tuition for their kids and nice, well paved freeways, and taxpayer paid for stadiums/arenas for the local Football/Baseball/Basketball and Hockey teams.
I don’t think teapartiers want to party with Timmy. Just because he lies and cheats, that does not make him cool.
Translation: Get ready for tax increases like you’ve never felt before.
But that would be crazy talk from Timmy. After all his boss swore up and down everyone will be getting a tax cut. everyone that is except for the rich, who actually pay taxes. But why quibble.
The real question is why is Timmy praising a bunch of racist hillbilly elites? Didn’t he get the memo from Clinton over the weekend?
Recession is ending? Some Americans don’t buy it.
TWINSBURG, Ohio (AP) — The clerk at the candy shop does not want to cry. She is determinedly cheerful, a professional smiler, dressed head to toe in bright turquoise.
But standing next to a display of plastic-wrapped candles and teddy bears, her face crumples at the most basic of questions: Are you doing OK?
“I’m sorry,” she says, wiping her eyes with a shirt sleeve, her voice a shaky whisper. “Because at the end of the month, there’s nothing left. I don’t know what to say. It’s almost getting to the point where I don’t know what we’re going to do anymore.”
For four years now, Julie Bittner has rung up customers in this little store on the charming grassy square at the heart of Twinsburg, Ohio. And from her view by the front window, she has watched the fortunes of a ransacked autoworkers’ mecca slowly drain away. Streets once teeming with people are now deserted. Some days, she says, not a soul comes through the door.
She’s seen the headlines. The recession is ending! Unemployment is stabilizing! From Wall Street to Washington, the message comes: America, the worst is over. Let the spending begin. But in places like Twinsburg — where for so many the misery goes on, unabated — people aren’t buying the rhetoric. If brighter days are ahead, they say, they’re still awaiting the dawn.
According to an Associated Press-GfK poll conducted in early April, many Americans’ impressions of the economy — and their own financial straits — haven’t budged in a long time.
“Who are they trying to kid?” Bittner says. “Are they trying to make you think it’s better so you’ll go out and spend?”
Well, yes. The nation’s fragile consumer confidence, which sank to a record low about a year ago, could keep the fledgling economic recovery stuck in first gear, says Ken Goldstein, an economist at the Conference Board, a research group that keeps close tabs on consumers.
“And when you’re stuck in first gear,” he warns, “there’s more chance to hit a pothole than if you are cruising over an open stretch of highway.”
What is the World coming to when the candle and teddy bear shop starts to feel the pinch? Nobody could have ever seen a slowdown coming in this vivacious industry. Must be an act of god or something.
I wouldn’t put a candy store in the same category as a candle or pirate store, that is, if they have good candy.
That said, only larger burbs can support a candy shop.
I never thought I’d see the day where our lying government and media resembled something out of North Korea. But, after reading so many articles like this which highlight the disconnect between what is real vs. what is portrayed, I feel the day has finally come. The charade our government and media engages in is not much different than the ‘happy times in our land’ orchestrated by North Korea, while millions starve to death.
It’s been like this since the late 1970s when the Business Roundtable was formed and MSM was being consolidated by just 7 controlling corporations.
30 years of corporate propaganda.
You have problem with Corporate Communist Capitalism©®™, comrade?
Perhaps going forward, Wall Street banksters will be subject to a rule of law?
Goldman Case Could Bring Major Changes to Wall Street
Published: Monday, 19 Apr 2010 | 1:46 PM ET
By: Jeff Cox
CNBC dot com
While Goldman Sachs—and the banking sector in general—will survive the securities fraud allegations against the investment banking giant, the case could become a landmark event that changes Wall Street forever, analysts say.
Investors seem to have recovered from Friday’s news that Goldman [GS 161.48 0.78 (+0.49%) ] faces civil charges that it deceived investors on a package of toxic mortgages put together for an investor who profited from the securities’ failure.
Major averages were slightly lower Monday while Goldman shares remained under pressure but far less so than Friday’s plunge.
But most experts believe the damage will reverberate far into the future and permanently change Goldman, perhaps Wall Street’s most revered financial firm.
“[A]ll we are certain of at this time is that life within Goldman Sachs shall not be fun for a very, very long while, nor shall it ever be the same as it was only a few days ago,” hedge fund manager Dennis Gartman wrote in his “Gartman Letter” report. “The ‘game’ for Goldman Sachs has changed materially. Its clients and employees shall have to come to grips with that fact. Goldman of the future will not be the Goldman of the past.”
…
“Dirty deals formerly done in broad daylight will from this day on be perfomed in secret and hidden from the public if possible” is some of the wording from the internal memo from Blankfein.
Getting back to housing stories…..
Interesting article in the SF Chron about how 2nd mortgage holders are discovering that many are NOT “non-recourse”.
Jones, the Danville real estate attorney, said she’s turned down some second-loan clients.
For instance, one Bay Area man had borrowed $52,000 on a home equity line of credit for a home that ended up in foreclosure.
“The lender filed suit against him and he asked me to defend him,” she said. “I said, ‘You don’t have a defense. You borrowed the money, you spent the money. You signed a promissory note and said you would pay it back.’ ”
Here’s the link.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/04/19/MN3C1CQGOC.DTL
CA, I presume?
This rule on 2nd’s applies to “short sales” as well as “foreclosures”?
Don’t short sales need the permission of all lien holders?
Don’t short sales need the permission of all lien holders?
That would be a yes…The secondary lien holders also have a deed of trust that requires a re-conveyance to be able to cleat title and get title insurance for the new purchaser…
Dang…Proof read then post…
cleat = clear
Blankfein Urges Goldman Employees to Stay Focused:
“Keep your foot firmly planted on the throat of America, don’t lose your focus people.”
http://finance.yahoo.com/news/Blankfein-Urges-Goldman-cnbc-2848577238.html?x=0&sec=topStories&pos=6&asset=c29ed9fd836fe76bf2b37d21965655fd&ccode=rd
“…We will do that now, and in the process, re-affirm everything that defines Goldman Sachs.”
Here “Mr. Doing God’s work”…from Hwy’s Dictionary of Aphorisms & Trademarks:
GoldenmanSucks = “TrueDeceiver’s™”
CNBC’s Erin Burnett is a Goldman Sach’s Alumni, just for the record.
I saw a video (under 5 mintues) where Erin let Cramer talk, but was snippy with a gentleman who disagreed with her softball approach. The topic of course was GS.
* APRIL 19, 2010, 2:45 P.M. ET
Congressmen Ask SEC About Recovery Of AIG Payments To Goldman
By Erik Holm
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)–The U.S. Securities and Exchange Commission should force Goldman Sachs Group Inc. (GS) to return funds it got from American International Group Inc. (AIG) if the insurer sold default protection based on fraudulent conduct by Goldman, two Congressmen said.
The securities, part of a group of collateralized debt obligations dubbed Abacus, are tied to home loans, much like the single Abacus CDO that federal regulator has said Goldman misrepresented to potential buyers. AIG, which was bailed out by the federal government, has paid $2 billion to buyers of credit-default swaps that pay out when the Abacus securities lose value.
“It is imperative that the SEC pursue the recovery from Goldman Sachs of any fraudulently obtained AIG payments,” Democratic Reps. Elijah Cummings of Maryland and Peter DeFazio of Oregon said in a letter they are circulating on Capital Hill and plan to send to SEC Chairwoman Mary Schapiro. “Should this or any subsequent investigation uncover criminal misconduct, we implore you to refer those matters to the Department of Justice for the appropriate prosecution.”
The Abacus security at the heart of the SEC civil-fraud case against Goldman was backed by ACA Capital Holdings Ltd. The SEC has accused Goldman of defrauding investors in the deal because the securities firm didn’t warn that the hedge fund Paulson & Co. helped ACA pick some of the mortgage assets and would profit if the underlying mortgages defaulted.
Goldman Sachs has denied the SEC’s charges and said it would vigorously defend against them. Paulson and ACA weren’t named in the SEC’s complaint.
AIG’s Financial Products unit played ACA’s role–agreeing to pay out if the securities declined in value–on seven additional Abacus CDOs, the congressmen said.
The SEC said Goldman was “responsible for ACA’s misimpression” that the Paulson hedge fund would profit if the securities rose in value instead of declining. AIG spokesman Mark Herr declined to comment on whether AIG was aware of Paulson’s role or the insurer’s interactions with Fabrice Tourre, the Goldman Sachs banker named in the SEC complaint.
The Congressmen’s letter was reported previously by the New York Times.
SEC Said to Vote 3-2 to Sue Goldman Sachs Over CDO Disclosures
April 19 (Bloomberg) — The U.S. Securities and Exchange Commission split 3-2 along party lines to approve an enforcement case against Goldman Sachs Group Inc., according to two people with knowledge of the vote.
SEC Chairman Mary Schapiro sided with Democrats Luis Aguilar and Elisse Walter to approve the case, said the people, who declined to be identified because the vote wasn’t public. Republican commissioners Kathleen Casey and Troy Paredes voted against suing, the person said.
Any shred of credibility the SEC had just went right out the window.
Why? They approved and are now going forward with prosecuting GS.
And the vote record should tell you all you need to know about who is really dirty and who isn’t. It could not be more plain.
You don’t need to remind me the Republicans are in bed with Goldman Sachs and the entire Wall Street dirty money machine. And I won’t remind you that Goldman Sachs gives five or six times more money to Democrats than they do to Republicans.
But we can both relax. Chris Dodd is leading the fight for banking reform. He’ll handle it from here.
Why????
Because law enforcement should be done by career enforcers, and the decisions should NEVER split across party lines. The law is the law. Transgressors should be pursued based on the facts of the case and how the law applies to those facts—not based on anyone’s political leanings.
You’re right. People who put partisan interests ahead of their sworn duties should be shown the door, pronto. Otherwise where are the checks and balances that justice rests on?
The SEC was crippled during the 1980s thanks to Reagan’s policies.
“The SEC was crippled during the 1980s thanks to Reagan’s policies”.
Waaaah! and no one else that came along after could change the rules? Please….lame.
NEW YORK (Reuters) – Former Lehman Brothers Holdings Inc (LEHMQ.PK) Chief Executive Richard Fuld will tell U.S. lawmakers on Tuesday that he was not aware of off-balance-sheet transactions that some have blamed for hiding Lehman’s true financial state ahead of its collapse.
In testimony posted on a congressional website ahead of his appearance on Capitol Hill on Tuesday, Fuld said Lehman’s collapse was the result of a “perfect storm of events” rather than accounting problems and suggested the need for a “super regulator” that would monitor the markets in real time.
“I have absolutely no recollection whatsoever of hearing anything about Repo 105 transactions while I was CEO of Lehman,” Fuld’s prepared remarks read.
Fuld, who left Lehman at the end of 2008, will say that the U.S. Federal Reserve and the U.S. Securities and Exchange Commission knew what was happening to Lehman in real time, and Lehman did not have a “huge capital hole.”
He will say that Repo 105 was not used to remove toxic assets or hide assets and did not contribute to Lehman’s bankruptcy. He will also say that the firm followed accounting rules.
I’m laughing so hard it hurts. Really it hurts. Reality means nothing to these guys.
The “I cannot remember” defense will be Reagan’s true legacy.
“I was not aware” has displaced “I was only following orders” as the excuse of choice of extreme evil-doers.
No one actually expects these very sharp villains to do anything but protest their innocence, do they?
If you don’t believe the states are going all out to generate revenue where ever/when ever, my niece’s California tabs expired a couple of weeks ago, the first of April, I suppose. She parks on the street in Newport Beach, and came out yesterday to find her car had been hauled away. Apparently in Ca it is not legal for a car to be on a public street if not current on registration. The total charges and fees to recover the car is over $400.
Spokane could make a killing off of that deal, there must be hundreds of derelict vehicles on the streets at any given time. Of course, most aren’t worth $400.00
Sorry to hear about…FEES for the FLEAS…it’s bad, really bad,… speed traps, tags,… police & firemen in cahoots with towing compaines…I sure feel for the youth & not being aware of ALL their playground rules $$$$ these days.
What Radical & I did while surfing in the ’70’s…
We should factor Fees and tickets into the effective tax rate arguement.
Whenever someone my kids know screw up, I like to point out that free lessons are the best kind. In this case, I told my Daughter who just moved to SoCal a few months ago, that her continued use of the Cell Phone while driving is going to allow her to make a contribution to the California Public Employee’s retirement fund. So far she hasn’t listened.
war on private citizens cash flow here in CA and I will predict it will get worse and worse.
How Goldman exploited the information gap
By Richard Field, contributor
April 19, 2010: 3:59 PM ET
(Fortune) — There is a serious problem with the way data on structured finance securities is provided to investors. These securities should have the clarity of a clear plastic bag. Instead, they’re about as see-through as a brown paper bag. In fact, Goldman Sachs’ (GS, Fortune 500) exact alleged fraud was to misstate and omit key facts about a structured finance security (called ABACUS 2007-AC1) whose return was driven by the performance of several subprime mortgage backed securities.
The way Goldman and John Paulson profited handsomely on their Abacus trades was to exploit the fact that they could see into the bag, but others, including Goldman’s customers, could not.
If investors had transparency, they wouldn’t be stuck trying to determine the contents of a brown paper bag, and wouldn’t be at a major disadvantage to firms saying the investments were sound, while filling them with subprime junk and only allowing themselves and savvy hedge funders like Paulson to know the truth.
Goldman, like many financial firms, enjoys an information advantage because it gets loan-level performance data on a daily basis. However, standard practice for other market participants — investors and customers — is to have to wait for the accumulation of daily data to arrive in a once-per-month or less frequent report. Not only does the data come in a brown paper bag, it’s weeks old, too. Using old data to figure out what’s in the bag today is a guessing game at best.
Goldman is currently claiming its customers are sophisticated investors and should have understood the risks they were taking. But should even sophisticated investors be allowed to buy, sight unseen, the contents of a brown paper bag, as if they were contestants on a game show? Further, the two main indicators of risk available to investors — credit ratings and the role of the collateral manager — were both misleading in this investment, and in many others.
…
Again I want to see how many GS CEO’s had large stakes in Paulson’s Hedge Fund.
Are you suggesting Gollum’s top managers mightn’t mind screwing a few clients for the sake of personal enrichment?
Any chance we can leave that paper bag on fire on GS’s front doorstep?
You say either, and I say neither.
You say potato, and I say potahto
Demo, Repuke-o. They both… stink-o
Let’s call the whole thing off.
(RIP Ira and George Gershwin. I love you and apology for butchering your great tune.)
apology s/b apologize
UPDATE 1-Some European airlines set to close -industry body
Apr 19, 2010
BRUSSELS, April 19 (Reuters) - Some airlines in Europe are not going to be in business in the next week or two due to the volcanic ash cloud that has affected European air travel, the Association of European Airlines said on Monday.
“There are probably 100 to 150 airlines in Europe, some large, some small, some tiny, and some which are not going to be around in a week or two’s time, that’s for sure,” David Henderson, the manager of information for the AEA, which represents 36 leading European airlines, told Reuters.
“At any given time, and particularly at the end of 18 really really tough months, there are a number of airlines which are clinging on with their finger nails. A five-day, 10-day suspension of service is not going to be sustainable for them.”
Meh, we Americans are used to having our airlines become insolvent and dissappear! Some that come to mind:
Eastern
Western
Pan Am
TWA
PSA
Braniff
Frontier (the original one)
Morris Air
Air Cal
Texas International
Tower Air
Western Pacific
Northwest
People Express
Republic
Don’t forget Hughes Air Waste….er, West.
Notice how they don’t even hesitate before grabbing for the bailout teat, and how they deftly cite previous bailouts as precedence. From boardrooms to kitchen tables the bailout culture is exploding.
So much for the great GS Crash of 2010. It was way overblown.
GS is the 500lb. silver back gorilla, nothing will come of it. Perhaps a sacrificial lamb or two will be given up for show, nothing more. They ain’t Enron, World com, or any other piker group.
I’m on top of the world Ma!
Obama might get tough with them. And maybe fine GS a lot. $100M. $1B maybe. For a company that has profits in the multiple billions every year, it’s not exactly earth shattering.
And as someone else mentioned here McDonald’s won’t sell fewer Big Macs because of thisAside from a few GS execs making only $40M this year instead of $80M, not much will happen and nobody will remember this by next week.
Obama might get tough with them. And maybe fine GS a lot. $100M.
Yes, and winged monkeys might fly out my butt. GS is Obama’s #1 contributer. They OWN this administration. Obama will talk tough and lecture, while the banksters wink and snicker. Chris Dodd, the bankster’s favorite ho judging by his campaign contributions, will push through “reform” that passes even more private (i.e. Wall Street) liabilities onto the public.
Seriously, dude, get a clue.
Correction: GS was Obama’s #2 campaign contributor.
For anyone traveling to/from (or are stuck in) Europe.
http://www.eurocontrol.int for the latest airspace closures, etc.
And if you absolutely, positively have to get back ASAP….
http://www.cunard.com
Inflation Next ?
April 19 (Bloomberg) — Surging profits are prompting economists to revise their estimates for growth, tilting the recovery more in the direction of a V-shape as businesses from Intel Corp. to JPMorgan Chase & Co. boost spending.
“Companies have a lot more capital, and they’re going to deploy it for equipment and hiring rather than sit on it, said Joseph LaVorgna, chief U.S. economist in New York at Deutsche Bank Securities Inc. ‘‘It’s quite possible the economy produces a recovery significantly stronger than people anticipate.”
The U.S. will grow 4 percent this year, he said. While that’s slower than the V-shaped recovery in 1984, when the economy expanded 7.2 percent after the 1981-82 recession, it’s faster than the 3 percent median estimate of 59 economists surveyed in April by Bloomberg News.
Ye…ah. Sure.
Cool. I’ll start buyin’ pre-construction condos like there’s no tomorrow!
“Surging profits”? Translation: hiving off losses and liabilities onto shell companies, and using the “extend and pretend” strategy to pretend non-performing loans are A-OK.
Wall Street doesn’t seem to be facing any shortage of cockroaches.
Goldman’s ‘Everyone Does It’ Defense
April 19, 2010 - 3:57 pm
Liz Moyer is a Senior Writer at Forbes
The news blog FT Alphaville got a hold of the defense filing Goldman Sach submitted last year when the Securities and Exchange Commission was investigating the complex securities transaction that is at the center of its fraud suit against the Wall Street bank.
Goldman argues that its disclosure practices weren’t dissimilar to standard industry practices. The SEC contends the bank didn’t disclose to investors that the collateralized debt obligation in question was created in consultation with a hedge fund client, which had taken out swaps with Goldman to short the CDO. The hedge fund made a tidy $1 billion profit, while the investors lost $1 billion. Goldman made a $15 million fee.
Goldman says it looked into standard practices in CDO offering materials and confirmed that “market participants were well aware that participants in CDO transactions routinely provided input on selection of the portfolio securities and that it was not market practice to disclose their involvement in the portfolio selection process.”
That’s the “everyone does it” defense.
So one cow bitches about the gubmint while she lines up with the herd…
Appliance rebate program kicks off
South Florida Business Journal
Crowds gathered early Friday morning at the Sears at Coral Square Mall in Coral Springs to take advantage of the state’s rebate program for Energy Star-rated appliances.
Starting today, consumers are eligible to receive 20 percent government rebates on the purchase price of energy-efficient appliances. The total rebate is limited to $1,500 per residential address.
Sears was offering another 30 percent off.
Jim Burns, who was managing this morning’s event, said most of those who came in when the doors opened at 6 a.m. had picked out their appliances earlier and were coming to pick them up today.
Business has been brisk for Hollywood-based BrandsMart USA, which has five South Florida stores, said spokeswoman Ellen Stevens. BrandsMart stores, which usually open at 10 a.m., opened early today to accommodate the rush.
“We opened up at 6,” Stevens said. “There were people lined up at all of the stores that I know of.”
On Thursday night, Sears associates at the Broward Mall in Plantation let a few very eager appliance shoppers in on a little secret: While doors officially opened at 6 a.m., they planned to let people in through the pick-up center at 5 a.m.
At 4:45 a.m. there were already 30 people, a couple carrying tailgate chairs, waiting for the doors to open and grumbling about the process. “Do we take a number?” “What’s the process once we get inside?”
One anxious shopper commented: “Well, what do you expect from the government,” as she stood just seventh in line, a full hour before the general public would have an opportunity to get in the store.
She’s the perfect Tea Bagger member.
Come on man, get with the program.
Tea bagger: racist poor hillbilly was so last week.
Tea bagger today: elitist rich guy who doesn’t want to share his wealth with the peons.
And these people do not wait in line to save $100 on a fridge. They send the help to buy fridges.
And the truth….
Teabagger =dead end whining loser
Starting today, consumers are eligible to receive 20 percent government rebates on the purchase price of energy-efficient appliances. The total rebate is limited to $1,500 per residential address.
UNBELIEVABLE! This program, like the first-time-homebuyers credit, will also have a 50% fraud rate.
Our administration is picking my pocket to buy votes.
Oh! This is Florida only. Nevermind. (But I am in Florida until Friday.)
But we’ll be saving the world. Isn’t that worth 50% fraud? Think of the polar bears.
High fraud rates help support high home prices. I described this phenomenon years back on this board as the “fraud premium.”
Oooooooooow, is a tankless hot waterheater considered an appliance? I wanted to get one with the energy credit, but I shot that on windows. Maybe here is my next opportunity. Dang, I like free money. Makes me feel a bit like BofA.
Translation: some sap of a taxpayer is being forced to subsidize your new purchase. Just like cash for clunkers, and just as wasteful.
More hope & change the giant vampire squid can believe in.
Fox on Sex: Vajazzling: Do You Dare to Decorate ‘Down There?’
Jennifer Love Hewitt recently decorated her nether regions with Swarovski crystals, turning her naughty bits into — her words — a “pink disco ball.”
It’s called Vajazzling. Like Bedazzling, you know? That infomercial about putting rhinestones on your clothes? Only this is no denim vest enhanced by a handheld machine that you can get for just $19.95 if you call right now. With vajazzling, you go into a high-end salon, get waxed bare, and are bejewled below the belt.
You know, I’m not sure which surprised me more: That Hewitt did it; that she went on national television and told everyone about it; or that such an activity exists at all. But there she was on The George Lopez Show letting it all hang out. OK — not literally, of course. But she was talking all about it.
http://www.foxnews.com/story/0,2933,591129,00.html
Praise the Lawd that I am too old to care…
I guess she’s taking the aspect of matching the carpet and drapes to it’s full expression.
In Orlando this week. I’m starting to see the signs again I used to see 8+ years ago (pre bubble): New Homes, from $100,000!
There seems to be a lot of new construction right by the airport. Having grown up 3 miles from JFK airport (Cedarhurst 11516, under runway 31 right) I’m not sure why they think this is so desirable. At least in a dense area like Queens, NY, there’s a need to build housing there. But out where, where there’s still so much empty land, WTF?
Stay away from the Chinese drywall. Keep the windows rolled up and your hands and feet in the vehicle.
For all those exicted about the prospects of GS prosecution.
Goldman shares were higher in afternoon trade on Monday after their biggest drop since the financial crisis on Friday, helped by a Bloomberg news report that the SEC’s two Republican commissioners both voted against suing Goldman.
“The fact that the vote was close has been the proximate cause for the stock’s rally. This means it wasn’t a clear-cut decision by the SEC,” said Doug Kass, president of hedge fund Seabreeze Partners Management
Thereby proving the government was ALMOST corrupt enough not to prosecute Goldman.
I’m looking forward to whatever Brown and Merkela come up with. I have no faith at all on our own bought, captured and infiltrated government to take meaningful and appropriate action against Gollum.
Bloomberg
Goldman Sachs Leads Jump in Credit Risk, Default Swaps Show
April 19, 2010, 11:12 AM EDT
(For more stories on the lawsuit, see {EXT2 }.)
By Shannon D. Harrington, Kate Haywood and John Detrixhe
April 19 (Bloomberg) — The cost to protect against losses on bank bonds jumped for the second day amid speculation that U.S. fraud charges against Goldman Sachs Group Inc. may trigger similar probes or lawsuits and embolden lawmakers’ efforts to crack down on financial firms.
Credit-default swaps on Goldman reached the highest in two months as U.K. Prime Minister Gordon Brown yesterday called for the Financial Services Authority to follow the U.S. Securities Exchange Commission and start a probe, and German Chancellor Angela Merkel said her nation’s financial regulator asked the SEC for details on its Goldman suit. Swaps on banks including Citigroup Inc. and Deutsche Bank AG jumped.
“If these charges are damning enough to actually cause some instability in the markets, nobody really believes Goldman is the only one that might be guilty here,” said Brian Yelvington, head of fixed-income strategy at broker-dealer Knight Libertas LLC in Greenwich, Connecticut.
…
There’s real prosecutions, political prosecutions, and pretend prosecutions. Guess which one the SEC “probe” will be?
My money is definitely on “pretend prosecution.” Just enough of a prosecution to let GS “clear the air” by settling and paying a large enough chunk of change to impress J6P, but a small enough chunk not to affect their bottom line. Oh, or to affect their business practices.
It could be the best thing to happen to GS since the AIG bailout. I’m certain they will not waste a perfectly good crisis.
Doug Cass works for theStreet.com which is run by Cramer. Cramer can best be described as a GOldman’s whore.
Whoredom doesn’t cover the totality of Cramer’s services to Goldman. It’s too dignified of a term.
http://dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT.aspx
March numbers are out for Socal zips from Dataquick.
Speaking of numbers, I didn’t record the DQ numbers for January anywhere. Does anyone have them that is willing to help a dude?
I was confused for a minute. Where I’m from, the only DQ that matters is Dairy Queen …
Dumb question of the day:
What is the economic advantage of establishing collusive ties across high level managers of government agencies and the financial sector? It seems the deleterious effect of moral hazard creation would tend to offset whatever benefits were anticipated, although top Wall Street banksters would likely be able to figure out a way to benefit through the arrangement.
Worth keeping in mind that Raygun, who created the President’s Working Group, was a moron when it came to economics — he earned a C average in econ from a backwater Midwest college.
Office of Financial Market Policy
Mission
This Office helps formulate Treasury policy on financial markets, including economic matters regarding, and the regulation of, government securities, credit, equity, and derivatives markets and their structures and participants. Issues include financing initiatives, bankruptcy and financial contract netting, risk management, trading and clearing systems, systemic risk, financial modernization, financial accounting, corporate governance, disclosure requirements, energy derivatives markets, inflation-indexed securities, savings bond rates and terms, and tax policy relating to financial markets. The Office develops and prepares policy options, testimony and briefings, and analyzes legislation, regulatory rulemakings, and tax regulations.
The Office often collaborates with staff of other financial markets agencies, particularly those of the President’s Working Group on Financial Markets. Chaired by the Secretary of the Treasury, the Working Group includes the Chairs of the Federal Reserve Board, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
…
The loss of trust in politicians actually hit home for me recently. I wanted to cook pork, but was concerned with trichinosis. I went looking for minimum temperature information. Most sites state 165 degrees Fahrenheit as the minimum. I found a US government site, linked off of a Wikipedia page which listed much lower numbers. I discounted the government site, thinking that the meat industry lobby quite easily could have paid off the right politician to have the rules re-written.
I have a great deal of respect for US institutions which have weathered so much, and have created a pretty good environment for many people. But, having followed the growth of the financial bubble and the politicians’ role in enabling it, the incestuous relationship between regulators and the regulated, my eyes have been opened to the fecklessness and venality of politicians today.
I was slightly startled by my reaction.
Startling, perhaps—but still a smart, thinking-person’s reaction. You are correct.
FYI, the Mayo Clinic site says 170 degrees. Not 140-something. As does a CDC link from 1988. I know which one I’m going to believe.
Has trichinosis become weaker since 1988? Or have standards been continuously pushed down by lobbying? Or other?
A shame.
165 and you’ll be overcooked even with brining. Don’t be afeared o’ the pink! Trichinosis hasn’t been in since Leviticus.