Mr. Cynical

Google's Android vs. Apple: History Repeats Itself

this article is right on target. I was a Yahoo user until I got the G1. After a slow start with the software, updates have improved the usage and functionality considerably. At the very least, Google/Android will be in the top 3 with RIMM and Apple for mobile platforms, which will just increase Google's search/ad revenue. I think it is very possible Google could eventually be #1. MS and Palm are toast in this area.

Cap and Trade Would Sink the U.S. Economy

So the Republican argument is for inefficiency and externalities?

Foreclosures Getting Out of Control

Part of a solution has to involve expedited short sales. B of A is taking 60-90 days for a short sale even after they have a preliminary HUD on the table. Ridiculous. Speeding this process will allow saleable homes to move forward before the foreclosure sale.

NAR on Existing Home Sales and Low Ball Appraisals

I Disagree. I'm a Realtor, but I call em like I see em. I saw lots of ridiculous appraisals in the past few years, but they're overshooting now and killing good deals.

Here's the thing: IMO, The appraisers job is not to determine value--- that should be the buyers job! The appraisers job is to make sure the bank is not getting ripped off. If 3 comps that the appraiser never saw are within 2% or so of the purchase price, 2 things should be clear: 1. The buyer thinks the home is worth the purchase price (thereby justifying its value) and 2. The bank is not likely to be ripped off here. If the buyer is putting down 20% of the purchase price, the property should appraise because the bank is protected.

NAR's Lawrence Yun warns faulty appraisals are stalling home sales: "In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected."

By the way, Eokram, 2 points:

1. there is not a single piece of RE info. that cannot be acquired by the public without the assistance of a Realtor and just a small amount of effort.
2. Any fool can become a Realtor for $1000 (and often does). We are just like any other industry: roughly 80% good, 20% not so good. Choose carefully and you will do well. Most realtors are out to protect the public and their clients, so please don't generalize against all Realtors.

NAR's Lawrence Yun warns faulty appraisals are stalling home sales: "In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected."

Actually, despite Mr. Yun's bias to inflate housing, this is very much true (Disclosure: I'm a Realtor). New appraisal conditions signify the bank must pick the appraiser, not the Mortgage Broker. Lots of good deals are falling apart because the appraisers are considering only distressed deals that went under contract in Oct/Nov and closed in Jan/Feb, despite seasonal conditions in many markets: most buyers and highest prices come in the spring. An unwillingness to allow for any price appreciation on the part of appraisers is killing the tepid recovery we're seeing.

Whether this is accidental or intentional is hard to say from the street; however, it's clear that one of the purposes of the largest banks during this whole situation has been to destroy mortgage brokers: see the new law being sniffed in Congress that calls for the mortgage originator to hold a portion of the note.

The Next Wave of Foreclosures

Wells Fargo is currently going through the option arm books of World Savings (acquired by Wachovia) and likely Golden West also, and unilaterally converting all those million dollar option arms to 30 yr. fixed rates at 3.25%. hello, moral hazard. I think it's unlikely that it's doing this for sub-prime or 50K loans. Wish I'd gotten myself one of those million dollar option arms. Anyway, suddenly, unless the owner of that loan has been laid off, the loan is likely sustainable. This should reduce inventory (who wants to sell a house with a 3.25% fixed rate?) and prevent total disaster for WFC.

Worst Is Yet to Come for Banks - Mike Mayo

There is something the government can do: mandatory debt for equity swaps. Uh-oh, did I just say something taboo?

AIG: Before Credit Default Swaps, There Was Reinsurance

Now show us one of the side letters and blow it wide open.

G20 Protest: Financial Fools on Parade

Lay down little lambs and sleep. Do not be upset over your stolen pensions or sending your tax money to fraudulent millionaires, it's all just a little blip. We know how to fix it, so go home, watch some Raymond re-runs and keep eating your Cheetos, everything'll be fine!

What exactly, in the act of protesting a mismanaged (& largely fraudulent) global economy, makes these people fools?

Fed and Treasury Sticking It to the U.S. Taxpayer - Something Stinks

A loan with a government guarantee. And that's different from a bailout, how?

Credit Markets: Tanking Again?

It's always nice when we wax poetic on the nature of free markets and the evils of government intervention. How short your memory is. If the government pulled out now and left the market to its devices, the "free market," if there ever were such a thing, would very likely seize up again. Many of the same conditions which led to the freeze-up are still in place. Over-leveraging, no more securitization market, increasing stress on homeowners, etc.

What you are railing against is a deliberate attempt by the Obama administration to give the banks time to earn their way out of a big mess and avoid having to interrupt more in the marketplace. So despite the fact that what they are attempting to do is stay out of it, what you are saying is you want a government solution, you want it now and then get the hell out the way tomorrow.

Plus, the only thing that could be done now would be nationalization on a massive scale and massive debt reorg for consumers. Certainly if they did that then the criticism would really fly.

Three Missteps in Obama's Grand Economic Plan

check it out: pop-pop thinks the Dems are cutting G spending too much!

How Stressed Are U.S. Banks?

Sentinel, You may be interested in this article from Steve Keen (from David Merkel):
www.debtdeflation.com/...

Keen claims, quite persuasively, that the fractional reserve banking system has been taken over by a credit system.

Also, I find Naked Capitalism's recent posts regarding the ineffectiveness of the stress tests important to note.

Three great reads for lunchtime: 1) How Democracy ruined the bailout 2) An interview with Yale's financial wizard 3) Five steps to rescue the economy

Typical WSJ crap. Don't the the public anything, they'll only get in our way.

Make sure you read this before you eat.