No More Wishful Thinking: Evidence Solidly Confirms The End Of The Housing Crash [View article]
And what about the gigantic shadow inventory of homes the banks are keeping off of the market so they can keep them on the books at elevated prices. This glut of homes will just increase the supply of already unwanted houses, IMHO.
Eurozone Debt Crisis: We May Have Seen Worst [View article]
Is this guy serious? Are home prices still falling and is unemployment still high in Europe? And are global CDO's and CDS's still tied to said mortgages? And is the global derivative market around 650 trillion? Then, NO, things are not about to get better.
Investors are growing increasingly bullish about stocks, which might just be a sign that most of the good news is already behind us. [View news story]
If it were not for the blatant and ongoing government intervention in the markets, the TBTF banks and the DOW would have collapsed like cheap accordions by now. The NYSE is now synonymous with a Potemkin village.
What does that have to do with AA? Looks like here is reporting obvious earnings shell games. And I for one appreciate having a light shone on these crooks.
Emergency Unemployment Recipients Drop 30% [View article]
So more people are in the street, homeless, but hey, at least that darn old emergency claims number is down. And aren't all of these people lazy fakers anyway? This will sure force those louts to take an imaginary job. And the government has been more than generous to these layabouts than at any time in our history anyway. Enough is enough. That about sum it up, you uncharitable, selfish maroon?
AIG (AIG) offers the NY Fed $15.7B for Maiden Lane II - a company the Fed created to rescue some of AIG's mortgage-backed bonds and stem its cash bleed. If accepted, the deal would reduce the taxpayer price-tag for AIG's rescue to $72B, and the Fed would log a $1.5B profit on Maiden Lane II. [View news story]
And what would AIG be using for money? Oh that's right. Our tax dollars.
Latest scary prediction from Paul Farrell: "Wall Street banks control the Federal Reserve system; it’s their personal piggy bank. They’ve already done so much damage, yet have more control than ever... They will eventually destroy capitalism, democracy and the dollar’s global reserve-currency status... most likely by 2020." [View news story]
Maybe because they realize the cause of the up day. Benny's been pumping liquidity into the market like it was a Tijuana hooker.
Meredith Whitney: Housing Double Dip Is Certain [View article]
And the thing that no one seems to want to really talk about are the home equity lines. Or as they used to be called back in the good old days... second mortgages. Many of these loans are literally worthless, yet they still sit on the banks balance sheets at fantasy price levels. And more importantly, they were also securitized. Which means what? More CDS implosions. Sheesh.
The market was flat on the week only because the Plunge Protection Team and JPM pushed the market on Friday higher into the close. It was so blatant it was almost embarrassing.
In the Q&A follow-up to his testimony, Ben Bernanke says don't worry too much about muni bonds: "We're not seeing extraordinary stress." The Fed's got "no expectation or intention to get involved in state and local finance" despite some authority to do so. And don't panic on inflation: "The facts are that inflation is 1% including food and fuel." [View news story]
Joshua Brown has heard from just the three people he needed to convince him that gold is frothy - Jim Cramer (calling for a 20% allocation), Richard Russell (saying gold's in "speculative" phase), and his mom. [View news story]
The talk of gold being in a bubble is foolish. About 1% of investors are invested in gold and silver. 1%. Does that sound like a bubble to you? I do believe that the dollar is in a brief turnaround mode right now and that gold may drop to 1250. That's about it. Then we're off to the races again.
Emergency Unemployment Recipients Drop 30% [View article]
The Republican stance is hypocritical to say the least. Where were these deficit hawks when Bush was doubling the size of the deficit with Medicaid, two massive tax cuts, and two ill-conceived wars. He paid for none of it. And add to that a multi-trillion dollar bailout of the banks and astronomical spending for the MIC. They had nothing to say. But now, when ordinary citizens are starving, it's all about balancing the budget. I'm sorry, but I find all of their posturing appalling.
Corporations walk away from bad business decisions all the time. Home owners are starting to see through this double standard.
And while I don't approve of squatting in a house you are no longer paying a mortgage on and taking the money and going on a cruise with it, if the loan is non-recourse, than too bad, banks. The deal was if they don't pay you get the house. Well.... you get the house.
No More Wishful Thinking: Evidence Solidly Confirms The End Of The Housing Crash [View article]
Eurozone Debt Crisis: We May Have Seen Worst [View article]
Investors are growing increasingly bullish about stocks, which might just be a sign that most of the good news is already behind us. [View news story]
Alcoa's Earnings Beat Was a Sham [View article]
Emergency Unemployment Recipients Drop 30% [View article]
AIG (AIG) offers the NY Fed $15.7B for Maiden Lane II - a company the Fed created to rescue some of AIG's mortgage-backed bonds and stem its cash bleed. If accepted, the deal would reduce the taxpayer price-tag for AIG's rescue to $72B, and the Fed would log a $1.5B profit on Maiden Lane II. [View news story]
Latest scary prediction from Paul Farrell: "Wall Street banks control the Federal Reserve system; it’s their personal piggy bank. They’ve already done so much damage, yet have more control than ever... They will eventually destroy capitalism, democracy and the dollar’s global reserve-currency status... most likely by 2020." [View news story]
www.zerohedge.com/arti...
Meredith Whitney: Housing Double Dip Is Certain [View article]
The Trend is Now Down [View article]
In the Q&A follow-up to his testimony, Ben Bernanke says don't worry too much about muni bonds: "We're not seeing extraordinary stress." The Fed's got "no expectation or intention to get involved in state and local finance" despite some authority to do so. And don't panic on inflation: "The facts are that inflation is 1% including food and fuel." [View news story]
Inflation Not a Valid Reason to Own Gold [View article]
"Ben Bernanke set the record straight in his speech..."
"...we haven’t had an inflation problem since the 1970s because the Federal Reserve has done such a great job of controlling it."
"...the parking lot attendant is buying bars of gold..."
This guy is an idiot. This entire article reads like an SNL skit.
Joshua Brown has heard from just the three people he needed to convince him that gold is frothy - Jim Cramer (calling for a 20% allocation), Richard Russell (saying gold's in "speculative" phase), and his mom. [View news story]
Emergency Unemployment Recipients Drop 30% [View article]
No Surprise in Housing's Dive [View article]
In an effort to discourage walkaways, Fannie Mae (FNM -2.4%) says defaulting borrowers who walk away instead of exploring alternative options will be ineligible for a new loan for seven years, and will attempt to take legal action. This assumes, of course, that it can prove a borrower really had a choice. [View news story]
And while I don't approve of squatting in a house you are no longer paying a mortgage on and taking the money and going on a cruise with it, if the loan is non-recourse, than too bad, banks. The deal was if they don't pay you get the house. Well.... you get the house.