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  • How Alzheimer's Blood Tests Could Paradoxically Free The Long-Term Care Market [View article]
    Alzheimer's is atherosclerosis of the brain.

    de la Torre JC. Is Alzheimer's disease preceded by neurodegeneration or cerebral hypoperfusion? [Ann Neurol. 2005 June ;57(6):783-4.] - PubMed – NCBI. Retrieved from:

    de la Torre JC. Alzheimer disease as a vascular disorder: nosological evidence. Stroke. 2002 April ; 33(4):1152-62. Retrieved from:
    Mar 30 05:43 PM | Likes Like |Link to Comment
  • NY Fed Paper Says That Stocks Are Still Cheap [View article]
    No State, No Market.
    Mar 30 05:14 PM | 1 Like Like |Link to Comment
  • Where Are Interest Rates Headed? [View article]
    Should the US 10 year be yielding more than the Canadian or French 10 year?

    Are global events influential towards our Government's borrowing rate?

    Why would the fed jack short terms rates without increased inflation?

    Do any of these concepts matter or is the 10 year really going to go to 6%.

    "This implies a two year forecast on the 10 year treasuries is between 4.38% and 6.38%."

    Thanks for the interesting article.
    Mar 30 03:16 PM | 1 Like Like |Link to Comment
  • Commercial Bank Lending Still Not Supporting Economic Growth [View article]
    Wow, record profits, loan growth, banks growing at about the rate of the overall economy, lower reserves, higher capital ratios and all you can write is this?

    "The not-so-good side of the situation is that a lot of these loans that have been refinanced were projects that were marginal earlier in the recovery and were not only rolled-over but the loans were increased to help keep the projects going and cover the further costs of the projects and to pay for some interest costs. This, from what I can see, is the reason for the rising numbers of loans outstanding. The rise in loan volume is not because of an increase in new projects being started."

    How can you possibly know this? How can you look at macro fed data and conclude that

    "loans were increased to help keep the projects going and cover the further costs of the projects and to pay for some interest costs. "

    You just don't have access to this data. If you were correct, banks would need to be increasing their ALLL's. Not happening. Loan quality is improving if you believe banks accounting systems.

    Just out of curiosity what sort of growth were you hoping for in the banking sector 20%? Double record profits?
    Mar 25 01:15 PM | Likes Like |Link to Comment
  • Deposits Continue Outpacing Loans At Banks, Thrifts In Q4'13 [View instapost]
    Yes, your article above proves this.

    I think an entire generation will live with larger cash reserves forever going forward. Corps and people. When banks withdrew liquidity in 2008-9 it was a huge wake-up call to everyone.

    Thanks again for all of your posts.
    Mar 11 12:22 PM | Likes Like |Link to Comment
  • Deposits Continue Outpacing Loans At Banks, Thrifts In Q4'13 [View instapost]
    Thanks again for the real facts. To me this is a very bullish and I know people don't think it will happen but rates could go down if banks are truly this flooded with deposits.

    This doesn't match the narrative that all new money is being pushed into the stock market.

    These deposits if solid should push the US to new levels economically.
    Mar 10 12:46 PM | Likes Like |Link to Comment
  • Is The Run On The Canadian Dollar Justified? [View instapost]
    Is this because the 10 year note in Canada yields less than the US?

    2.45 vs 2.74 ?

    Given the improving US economy its weird to me that the Canadians and French can borrow for less than the US.
    Feb 27 06:53 PM | Likes Like |Link to Comment
  • FDIC-Insured Institutions Earned $40.3B 2013 4th Q [View instapost]
    Great article. You won't read it in this in the news.

    Banks can make money even with low rates.
    Feb 27 01:25 PM | Likes Like |Link to Comment
  • Discussing FASB's Lease Proposal [View article]
    Cynic, you've never read CPA certified financials then.

    They all start with a preamble stating that the notes form an integral part to the other documents.

    I fully agree with David's suggestion that lease liabilities should be footnoted if possible. Or for that matter lease assets. There is no way financial books can contain all of the data on a lease or a loan, it’s just not possible. Contracts are words and financials are numbers. Matching the two is an approximation.

    My gripe with modern accounting has to do with pushing so much data into this "accrual" concept that companies, company leadership, shareholders, directors, etc. get removed from the concept of cash and cash flow. It distorts the present just to make GAAP happy.

    just m2c
    Feb 7 11:59 AM | Likes Like |Link to Comment
  • Discussing FASB's Lease Proposal [View article]

    Thanks for this article and your efforts.

    Lease liabilities to corporations can be discharged in a bankruptcy so as many landlords learned through the recession they can be lowered through negotiations.

    Will FASB next want all future tax liabilities to be listed also? At least these are non-dischargable debts.

    How about future earnings? Should these be listed as assets? Accountants and FASB have completely removed cash from the reports. This is our problem.
    Feb 4 12:30 PM | Likes Like |Link to Comment
  • What Accounts For The Decrease In The Labor Force Participation Rate? [View article]
    Thanks for that cheery note Uain53:

    As Margret Thatcher reminded us:

    'The problem with socialism is that you eventually run out of other people's money'
    Jan 28 12:42 PM | 3 Likes Like |Link to Comment
  • What Accounts For The Decrease In The Labor Force Participation Rate? [View article]
    Folks are calling them Death Sprial states.

    Even if there is some double counting on this map no one can agree that this is a positive trend.
    Jan 21 12:46 PM | 1 Like Like |Link to Comment
  • Has The Loonie Sell Off Gone Far Enough? [View article]
    It would be great if President Obama approved the Keystone. It makes good sense to get the crude off of the trains, keep our refineries running at capacity and further cement the good relations between our countries.

    To think that this pipeline would not be approved and this oil would be inefficiently sent to China is stupid.

    The environmental cost of the Keystone is way less than the alternatives.
    Jan 17 07:15 PM | 3 Likes Like |Link to Comment
  • Why Banks Aren't Lending To Homebuyers [View article]
    The vast majority of home loans made in the US are passed off to the GSE's.

    The rate doesn't make any difference to the originating bank. The issue is the GSE's have rightfully tightened their policies of acceptance and really tightened their ability to cram a loan back to the originator in case of any lending errors.

    This is a direct result of the stupid days of no-doc loans.

    The bigger issue is how long does the US want to send all of its interest payments to folks outside of their State.

    GSE's should be split into 50 state based groups. And all banks should be broken up into state banks again.

    Return the interest income to the states.
    Jan 16 01:12 PM | 2 Likes Like |Link to Comment
  • Wall Street Real Estate Grand Scheme Continues [View article]
    This is a fascinating structure. Thanks for this article.

    I think it is great. Blackstone comes in a saves neighborhoods and rents them out.

    This is where this puzzle gets strange. They are using such short term debt. It is strange they can get 1300 a month on a 199K home in rent. It would be way cheaper for these renters to buy. But because the market is messed up or they don't have the downpayment Blackstone can get away with this.

    It's also amazing that the bond market will take a 2 year note with the option of making it go to 5 years. Wonder what the rate does? That is a really cool structure if you think about it. I have never heard of a bond like that.

    I know everyone is mad at Wall Street here, but by them buying up these homes it does help the banks who still own OREO and folks who didn't get foreclosed on. Just my opinion.
    Jan 14 01:24 PM | Likes Like |Link to Comment