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D_Virginia

D_Virginia
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  • TGIF - Stop The Rally, We Want To Get Off! [View article]
    > to demonize conservatives as women haters

    Conservatives are doing a GREAT job of that all on their own, they don't need any help from the Obama campaign.

    I live in Virginia (hence my name), and some of the republican bills that have been debated recently are positively misogynistic -- and I'm a guy saying that, I am no "feminazi" as Rush puts it.

    You reap what you sow.

    > The demonization of those who work and are successful

    No one demonizes those who provide value and are successful because of it.

    But many (rightly!) demonize those who provide little value (or indeed *extract* value) but still reap wildly high compensation for doing so. It's all about context.

    > If you think the stock market will be allowed to tank during
    > this critical time in the campaign, then you're making a serious
    > miscalculation.

    I think an equivalent argument can be made that the market is currently being primed for an orchestrated crash closer to the election, to be blamed on President Obama. After all Romney is best buddies with all the bankers, and they are funding him accordingly.
    Mar 17 11:54 AM | 6 Likes Like |Link to Comment
  • Wall Street is losing some of its cachet among America’s best and brightest college students, and is facing a serious recruiting problem. As its professional image continues to get tarnished by a series of highly publicized industry scandals - such as the one buffeting Goldman right now - college students who were once attracted to prestigious banks like moths to bonfires have begun turning to other industries in search of success.  [View news story]
    Wyo, you're missing the point, putting the cart before the horse.

    *If* compensation structures rewarded socially useful industries like science and engineering in the first place, *then* the best and brightest would not seek MBAs but instead would pursue MSs and PhDs.

    It is noteworthy that even today, Wall Street heavily recruits the top technical talent, graduates with degrees in math, physics, computer science, and certain types of engineering. Rather than this already-technical talent being put to good use, it is paid grand sums to make even grander sums for the finance bosses.

    Greed is a constant, certainly, so it should be leveraged accordingly.

    But our financigarchy would fight such change tooth and nail, every step of the way, naturally.
    Mar 17 11:44 AM | 3 Likes Like |Link to Comment
  • Wall Street is losing some of its cachet among America’s best and brightest college students, and is facing a serious recruiting problem. As its professional image continues to get tarnished by a series of highly publicized industry scandals - such as the one buffeting Goldman right now - college students who were once attracted to prestigious banks like moths to bonfires have begun turning to other industries in search of success.  [View news story]
    > It's always been human behavior to hate the people that control
    > your money

    That's sort of the point. The financial industry shouldn't be a controller (as it tries to be), it should be a facilitator. And they SHOULD be hated for trying, just as the regulators should be hated for letting them succeed.
    Mar 17 10:59 AM | 10 Likes Like |Link to Comment
  • Wall Street is losing some of its cachet among America’s best and brightest college students, and is facing a serious recruiting problem. As its professional image continues to get tarnished by a series of highly publicized industry scandals - such as the one buffeting Goldman right now - college students who were once attracted to prestigious banks like moths to bonfires have begun turning to other industries in search of success.  [View news story]
    Thank god. For decades now we have needed to stop the flow of the wiz kids into finance and get them back into fields that produce real value for society.

    Now if only compensation will follow suit.

    For too long we have given 7-figure bonuses to scumbags trying to game the markets and screw their clients, but 4-figure bonuses to pioneers trying to cure cancer and develop cheaper/cleaner energy.

    It's about time we flip-flop that arrangement.
    Mar 17 10:51 AM | 10 Likes Like |Link to Comment
  • Greg Smith may really believe Goldman Sachs (GS) is run by "morally bankrupt" people out to rip off their clients. But that's old news, Charlie Gasparino writes; Smith needs to wake up to the less-sincere motives of the NY Times, who published his resignation letter that went viral. Gasparino sees Smith as a pawn used by the Times to score political points and advance its class warfare agenda.  [View news story]
    So what? The WSJ publishes op eds all the time to advance their rich-on-poor class warfare agenda. Tomayto/tomahto.

    And regardless of the publisher's motivations, does it make the letter any less accurate? The waking up Smith needs to do is to realize that GS is probably far more corrupt than even he thinks it is, and has been so for much longer than he was ever employed there.
    Mar 17 09:29 AM | 11 Likes Like |Link to Comment
  • TGIF - Stop The Rally, We Want To Get Off! [View article]
    > when you sign a contract to REPAY a loan

    Remember, a contract has very specific conditions. It is not a handshake, it is not a covenant between you and your god, it is a legal agreement that has a detailed description of what happens if you don't pay.

    There's been several high profile commercial foreclosures in recent years where banks and other financial institutions used these conditions to be "ethically bankrupt" and exit their contracts. On by the Mortgage Bankers Association -- irony of ironies.

    For individuals it is generally similar:

    In a walk-away state (California, Florida, Arizona, etc), the consequence is very lenient: you give the bank the house, and you're done.

    In most states, the bank has the right to pursue a deficiency judgment against you for the remainder of the loan after selling the house; they can garnish wages, seize certain assets, etc. Of course, if you don't have anything to garnish or seize, you are legally allowed to declare bankruptcy.

    The ethics flag is a dangerous one to wave with regard to the housing crisis. It is very easy to argue that the ethical violations of the financial industry and government far outweigh the ethical violations of anyone walking away from their house.

    It is quite a difficult position to maintain that the borrower is the only one with an ethical issue.

    > 20% DOWN PAYMENTS

    Many homes in many states have lost more than 50% of their value. Good luck with that 20% down. :)

    > when you are "Underwater" it may just be best to walk away
    > from loans

    Make no mistake, financially this is indeed the case. And if one owes a mortgage to a small local lender that has behaved well in recent years, perhaps there is an ethical argument to be made.

    But if your mortgage is owned by Citi or BAC or the like, they deserve whatever losses they get -- plus a few public canings.

    Certainly it is unfortunate that the government did and continues to bail out these banks, but that is a separate matter that should be addressed with one's vote.

    > Banks (and consumers) are too big to fail

    When were consumers ever saved from "failing"? I believe personal bankruptcy rates are near all-time highs.
    Mar 17 12:24 AM | 10 Likes Like |Link to Comment
  • Lockheed Martin (LMT) has been awarded a $715M modified Navy contract for the construction of two Littoral Combat Ships. The ships are the third and fourth in a 10-ship contract awarded in December 2010.  [View news story]
    Sort of. These ships take years to build. And the LCS program itself is already many years old.
    Mar 16 10:29 PM | Likes Like |Link to Comment
  • The Fed should continue to try to help fuel a more robust expansion, even with the easing it has already done and despite recent encouraging data, Chicago Fed's Charles Evans says. Countering Jeff Lacker's earlier remarks, Evans says the greater risk is that Fed officials "buy too quickly into thinking" Fed policy can't do more to lower the unemployment rate further.  [View news story]
    Should more be done to lower the unemployment rate?

    Yes.

    Should that include giving more free money to banks?

    No. No! NO!!
    Mar 16 05:48 PM | 1 Like Like |Link to Comment
  • TGIF - Stop The Rally, We Want To Get Off! [View article]
    Another note on CRA:

    Almost every other developed nation in the WORLD experienced a housing boom & bust (and stock market bubble) as the United States, and yet none of those nations were subject to the CRA.

    Here's a nice summary of international house price increases, showing the U.S. was actually not the worst offender:
    http://bit.ly/w2xs8q

    And some specific info:

    UK: http://bit.ly/FOfps3
    Spain: http://bit.ly/xykexT
    Ireland: http://bit.ly/AvHF7y
    Australia: http://bit.ly/zteAB3


    Coincidence? I think not. :)
    Mar 16 05:43 PM | 5 Likes Like |Link to Comment
  • TGIF - Stop The Rally, We Want To Get Off! [View article]
    > Everybody with a loss has gotten special provisions in these
    > stimuli to bail them out, while keeping their earlier profits.

    For the banks, yes. For the home builders, yes.

    But flippers? Not so much. I hate flippers as much as the next guy, but let's look at the reality of the situation: if you flipped a couple houses and a made a few hundred $K, and then bought a big fat house for yourself at the top of the market -- you still got foreclosed on. You still owe the banks the negative equity in your home -- except in walk-away states, but that's like ~10 states, a small minority of the nation.

    Also don't forget normal home owners, people who just happened to buy near the top because "life happens". They got royally screwed, and are still getting royally screwed.
    Mar 16 05:23 PM | 3 Likes Like |Link to Comment
  • TGIF - Stop The Rally, We Want To Get Off! [View article]
    > And while we are at it, have you heard of any foreclosure by the
    > big bad banks that was done on anyone that was current on their
    > payments?

    While we are at it, yes:
    http://bit.ly/FOsFi8

    Worse yet, they have tried to foreclose on people who didn't even have a mortgage:
    http://bit.ly/zESlK8

    That's how bad they are with their records. It's all about making a buck -- the banksters' motto is screw accuracy, screw due diligence, screw the middle class, screw the poor, and even screw the rich too if we think we can get away with it.
    Mar 16 05:19 PM | 11 Likes Like |Link to Comment
  • TGIF - Stop The Rally, We Want To Get Off! [View article]
    > No self respecting conservative wanted this

    While I can't speak to their self respect, it was most certainly conservatives who wanted the crisis, or at least the deregulation that enabled it.

    The Gramm Leach Bliley Act, which repealed the safety provisions of Glass-Steagall about separating banking from prop trading, was sponsored by Republicans and passed (by a veto-proof majority) by a Republican majority Congress.

    http://bit.ly/tx0PH3
    Mar 16 05:14 PM | 8 Likes Like |Link to Comment
  • TGIF - Stop The Rally, We Want To Get Off! [View article]
    > Liberals, presumably like you, wanted "economic justice" by
    > getting poor, undereducated people with little skills or income (let
    > alone jobs in some cases) into homes they could not possibly
    > afford.

    The vast majority of subprime loans were made by private banks not subject to CRA, and among subprime loans, those made by CRA-regulated banks were much less likely to default than those made by unregulated private lenders:
    http://on.wsj.com/FOsCAf
    http://bit.ly/yYV9r0
    http://buswk.co/wenGUB
    http://bit.ly/zoomYH
    Mar 16 05:11 PM | 6 Likes Like |Link to Comment
  • Shares of Buffalo Wild Wings (BWLD -2.5%) get tripped up by a downgrade by Wedbush to Neutral from Outperform after analysts identify margin risk for the company. Taking a pulse on the Street shows that BWLD is still on the books with 8 Buy or Overweight ratings, 9 Holds, and one lonely Sell. [View news story]
    I've eaten at a BWW once, and never again. Yuck.

    But I guess the kids like it?
    Mar 16 10:19 AM | Likes Like |Link to Comment
  • Apple (AAPL) has already begun production of new 13-inch and 15-inch MacBook Pro models that feature thinner form factors thanks to a lack of optical drives, claims Digitimes. Though Digitimes has a mixed track record with such claims, the article is in-line with earlier reports. Speculation also exists upcoming Pro models will feature high-res displays and solid-state drives.  [View news story]
    "Macbook Air Pro HD S"?
    Mar 16 10:18 AM | Likes Like |Link to Comment
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