November 22, 2013

Weekend Topic Suggestions

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Comment by Housing Analyst
2013-11-22 03:47:52

realtors are liars

Comment by Mr. Banker
2013-11-22 06:40:22

“realtors are liars”

Ah, the music! Realtors tells lies, I make money as a result.

The realtor lies, spends his own money taking out ads to promote his lies, spends time and money to convince a schmuck to become a FB, and then he brings the lied-to and convinced schmuck to me so as I can fininsh up the job.

The realtor collects a one-time fee and then he is gone. I also collect a one-time fee but as a bonus I get to collect money from the FB each and every month for … well, forever if it can be arranged. And it can be arranged if the schmuck is clever enough to continously cash-out equity whenever (and if ever) he happens to run across some.

The FB schmuck works hard to earn a paycheck and then sends to me a large chunk of this hard-earned paycheck each an every month for as long as he is living. All I have to do is accept it.

What arrangement could be any better than this?

Comment by Mr. Banker
2013-11-22 06:44:41

Oh, did I leave something out? Did I leave out the fact that the money I use to make all this happen is not my money, that the money belongs to somebody else?

Sort of slipped my mind.

Comment by Carl Morris
2013-11-22 09:56:58

It’s kind of like owning a lot that backs to national forest. After a while it kind of feels like all that stuff back there is yours.

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Comment by Whac-A-Bubble™
2013-11-22 06:38:21

“Activist monetary policy is possibly one of the most destructive forces in modern economic history. It creates the illusion of effectiveness during bubble formation, which justifies its relevance despite so many financial disasters.”

With effective plunge protection measures, why couldn’t one simply have an ever-inflating bubble which is never punctuated by financial disaster?

Comment by Whac-A-Bubble™
2013-11-22 07:03:07

What are the housing policy ramifications of the Democrats muzzling the Tea Partiers in Congress?

Comment by Whac-A-Bubble™
2013-11-22 07:09:31

Republicans block nomination of Mel Watt to be key housing regulator
By Jim Puzzanghera
October 31, 2013, 10:35 a.m.

WASHINGTON — The nomination of Rep. Mel Watt to be the regulator for housing finance giants Fannie Mae and Freddie Mac failed a key procedural vote Thursday because of strong Republican opposition.

President Obama nominated Watt, a veteran Democrat from North Carolina, in May to be director of the Federal Housing Finance Agency.

But attempts to bring his nomination to a vote by the full Senate failed Thursday as supporters were unable to muster the 60 votes needed to stop a threatened Republican filibuster.

Most Republicans fear Watt would force bailed-out Fannie and Freddie to take more aggressive steps to help the housing market, such as reducing principal on mortgages.

The so-called cloture vote fell three votes short. Only two Republicans — Richard Burr of North Carolina and Rob Portman of Ohio — joined all 53 Democrats and two independents in voting to advance Watt’s nomination despite strong lobbying by the White House, along with civil rights and housing groups.

Senate Republicans also blocked a confirmation vote Thursday on Obama’s nomination of Patricia Millett to the U.S. Court of Appeals for the District of Columbia.

The White House is expected to continue to push Watt’s nomination. In an indication of that, Senate Majority Leader Harry Reid (D-Nev.), changed his yes vote to no at the end of the roll call. The procedural maneuver makes it easier for him to bring up the nomination for another vote.

The final tally was 56-42.

Watt would replace acting director Edward J. DeMarco, who has led the agency since 2009. Many liberals have criticized DeMarco, saying he has not done enough to try to help struggling homeowners, and there have been widespread calls from Democrats for him to be replaced.

DeMarco, a career bureaucrat, has not allowed Fannie and Freddie to reduce the principal on mortgages the firms own or guarantee. The government seized Fannie and Freddie in 2008 to prevent their collapse. They play a major role in the housing finance system, owning or backing about 60% of all mortgages.

Obama has been trying to replace DeMarco for several years. But Watt is the second nominee to be blocked by Republicans, who like the job DeMarco has been doing and support his opposition to principal reductions.

Comment by Whac-A-Bubble™
2013-11-22 07:33:56

Boehner signs up for Obamacare

House Speaker John Boehner enrolls in an Obamacare health-care plan over the web on Thursday … and it apparently wasn’t pretty

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Comment by Whac-A-Bubble™
2013-11-22 07:11:20

Is the bubble for real?

Comment by Whac-A-Bubble™
2013-11-22 07:12:59

November 22, 2013
10 views on asset bubbles: Faber vs. Buffett vs. Yellen

With the Dow Jones Industrial Average DJIA (+0.69%) closing above 16,000 for the first time ever this week, it’s hardly surprising that market chatter over whether we’re in an asset bubble is intensifying. The 2000 bubble and the collapse of the housing bubble and financial crisis remain painful memories in investors’ minds. But are we so scared of bubbles that we see them even where they don’t exist? Recently, Mark Dow, portfolio manager at Pharo Management, suggested as much, telling CBNC in an interview that there’s “a bubble in calling for bubbles.” With that in mind, here’s a look at 10 notable names and their recent take on where the markets stand.

— Wallace Witkowski

Comment by scdave
2013-11-22 07:39:17

Nice post Pbear…

Comment by Whac-A-Bubble™
2013-11-22 07:16:02

It amazes me how much time and energy economic policy wonks devote to discussing nonexistent bubbles!

Comment by Whac-A-Bubble™
2013-11-23 01:04:00

Real estate bubble symptom numero uno: Widespread denial among real estate ‘experts’ about the bubble’s existence.

Comment by Whac-A-Bubble™
2013-11-22 07:35:15

Taper or notaper — that is the question.

Comment by Whac-A-Bubble™
2013-11-22 07:37:31

Nov. 22, 2013, 8:41 a.m. EST
Lockhart: Fed will be accommodative ‘for years’
By Steve Goldstein

WASHINGTON (MarketWatch) — Atlanta Fed President Dennis Lockhart on Friday said the central bank will remain accommodative “for years.” Lockhart, speaking to CNBC, nonetheless said he favors changing the mix of policy tools, stressing that asset purchases and the future of short-term interest rates are not tied together. He called Janet Yellen a “very qualified candidate for this position — as qualified as probably any person who’s been put up in recent years” to run the Federal Reserve.

Comment by rms
2013-11-22 07:47:38

“Taper or notaper — that is the question.”

They are busy trying to sign up Afghanistan for another ten years of crusades. Patience.

Comment by La Brea Tar Pit
2013-11-22 07:58:44

“… another ten years …”

You need to extend out your time scale a bit.

Comment by rms
2013-11-22 08:48:30

“You need to extend out your time scale a bit.”

+1 You betcha…as soon as the financing is secured.

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Comment by cactus
2013-11-22 09:41:44

Will Obama care fail or succeed ?

Comment by Rental Watch
2013-11-22 10:31:39

What constitutes a “healthy” housing markets seems to differ wildly depending on whose lens you see the world through. Examples:

Broker: Healthy = lots of sales
Individual without liquidity: Healthy = low mortgage standards
Individual with liquidity: Healthy = low prices
Banker: Healthy = few mortgage defaults
Builder: Healthy = strong demand for new homes

What is a “healthy” housing market?

Comment by Housing Analyst
2013-11-22 12:53:56


Certainly not what we’re seeing now with housing demand at 1997 levels and falling.

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