huangthomas's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/49627/comments http://seekingalpha.com/article/174814-obama-does-little-to-ease-u-s-china-economic-tensions?source=feed#comment-773295 773295 Mon, 23 Nov 2009 10:30:56 -0500 http://seekingalpha.com/article/174817-china-remains-the-largest-foreign-holder-of-u-s-treasuries?source=feed#comment-773243 773243 Mon, 23 Nov 2009 09:59:42 -0500 http://seekingalpha.com/article/174713-petrochina-potential-opportunity-to-participate-in-china-s-economic-recovery?source=feed#comment-772002 772002 Sun, 22 Nov 2009 12:56:10 -0500 http://seekingalpha.com/article/174238-tongjitang-chinese-medicines-reports-another-bad-quarter?source=feed#comment-768077 768077 Thu, 19 Nov 2009 16:51:48 -0500 http://seekingalpha.com/article/173969-china-currency-issue-a-red-herring?source=feed#comment-765439 765439 Wed, 18 Nov 2009 11:14:03 -0500 http://seekingalpha.com/article/173930-why-is-china-booming-surprise-its-not-the-stimulus?source=feed#comment-765375 765375 Wed, 18 Nov 2009 10:39:12 -0500 http://seekingalpha.com/article/173410-why-warren-buffett-loves-wells-fargo?source=feed#comment-761389 761389
But Wachovia also brings credit problems that could take years to resolve. A big worry is its range of “Pick-A-Pay” retail loans, which allowed borrowers to defer principal as well as interest payments: of those that were still current at the time of the merger, 3.2% were seriously delinquent as of June 30th, up from 1.1% in March. The default rate on the bank’s $38 billion of property-development loans is several times the national average (though Wells argues that the official numbers do not reflect merger-related adjustments). A big chunk of its $127 billion commercial-property portfolio consists of interest-only loans with a balloon payment at the end, the wholesale equivalent of Pick-A-Pays. These will be hard to refinance.

Another worry is the large amount of credit protection that Wachovia is thought to have sold on risky tranches of mortgage-backed securities. Wells points to its latest filing, which shows $105 billion of protection sold and a similar amount bought. But the extent to which the latter really offsets the former is unclear.

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But Wachovia also brings credit problems that could take years to resolve. A big worry is its range of “Pick-A-Pay” retail loans, which allowed borrowers to defer principal as well as interest payments: of those that were still current at the time of the merger, 3.2% were seriously delinquent as of June 30th, up from 1.1% in March. The default rate on the bank’s $38 billion of property-development loans is several times the national average (though Wells argues that the official numbers do not reflect merger-related adjustments). A big chunk of its $127 billion commercial-property portfolio consists of interest-only loans with a balloon payment at the end, the wholesale equivalent of Pick-A-Pays. These will be hard to refinance.

Another worry is the large amount of credit protection that Wachovia is thought to have sold on risky tranches of mortgage-backed securities. Wells points to its latest filing, which shows $105 billion of protection sold and a similar amount bought. But the extent to which the latter really offsets the former is unclear.

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But Wachovia also brings credit problems that could take years to resolve. A big worry is its range of “Pick-A-Pay” retail loans, which allowed borrowers to defer principal as well as interest payments: of those that were still current at the time of the merger, 3.2% were seriously delinquent as of June 30th, up from 1.1% in March. The default rate on the bank’s $38 billion of property-development loans is several times the national average (though Wells argues that the official numbers do not reflect merger-related adjustments). A big chunk of its $127 billion commercial-property portfolio consists of interest-only loans with a balloon payment at the end, the wholesale equivalent of Pick-A-Pays. These will be hard to refinance.

Another worry is the large amount of credit protection that Wachovia is thought to have sold on risky tranches of mortgage-backed securities. Wells points to its latest filing, which shows $105 billion of protection sold and a similar amount bought. But the extent to which the latter really offsets the former is unclear.

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But Wachovia also brings credit problems that could take years to resolve. A big worry is its range of “Pick-A-Pay” retail loans, which allowed borrowers to defer principal as well as interest payments: of those that were still current at the time of the merger, 3.2% were seriously delinquent as of June 30th, up from 1.1% in March. The default rate on the bank’s $38 billion of property-development loans is several times the national average (though Wells argues that the official numbers do not reflect merger-related adjustments). A big chunk of its $127 billion commercial-property portfolio consists of interest-only loans with a balloon payment at the end, the wholesale equivalent of Pick-A-Pays. These will be hard to refinance.

Another worry is the large amount of credit protection that Wachovia is thought to have sold on risky tranches of mortgage-backed securities. Wells points to its latest filing, which shows $105 billion of protection sold and a similar amount bought. But the extent to which the latter really offsets the former is unclear.

End of quote]]> http://seekingalpha.com/article/173410-why-warren-buffett-loves-wells-fargo?source=feed#comment-761365 761365 ..................
But Wachovia also brings credit problems that could take years to resolve. A big worry is its range of “Pick-A-Pay” retail loans, which allowed borrowers to defer principal as well as interest payments: of those that were still current at the time of the merger, 3.2% were seriously delinquent as of June 30th, up from 1.1% in March. The default rate on the bank’s $38 billion of property-development loans is several times the national average (though Wells argues that the official numbers do not reflect merger-related adjustments). A big chunk of its $127 billion commercial-property portfolio consists of interest-only loans with a balloon payment at the end, the wholesale equivalent of Pick-A-Pays. These will be hard to refinance.

Another worry is the large amount of credit protection that Wachovia is thought to have sold on risky tranches of mortgage-backed securities. Wells points to its latest filing, which shows $105 billion of protection sold and a similar amount bought. But the extent to which the latter really offsets the former is unclear.
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But Wachovia also brings credit problems that could take years to resolve. A big worry is its range of “Pick-A-Pay” retail loans, which allowed borrowers to defer principal as well as interest payments: of those that were still current at the time of the merger, 3.2% were seriously delinquent as of June 30th, up from 1.1% in March. The default rate on the bank’s $38 billion of property-development loans is several times the national average (though Wells argues that the official numbers do not reflect merger-related adjustments). A big chunk of its $127 billion commercial-property portfolio consists of interest-only loans with a balloon payment at the end, the wholesale equivalent of Pick-A-Pays. These will be hard to refinance.

Another worry is the large amount of credit protection that Wachovia is thought to have sold on risky tranches of mortgage-backed securities. Wells points to its latest filing, which shows $105 billion of protection sold and a similar amount bought. But the extent to which the latter really offsets the former is unclear.
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How about the unmarried single male? Well, they are not as lucky as single female. They have to consider three zi. They are fang-zi (house), che-zi (car) and ying-zi (silver ingot, which means money in China) before they can attract any niang-zi (young lady) to marry them. I don't really care how and how much money Anna make. It is simply a social phenomenon that we have to pay attention to.]]> Sat, 14 Nov 2009 02:14:47 -0500
How about the unmarried single male? Well, they are not as lucky as single female. They have to consider three zi. They are fang-zi (house), che-zi (car) and ying-zi (silver ingot, which means money in China) before they can attract any niang-zi (young lady) to marry them. I don't really care how and how much money Anna make. It is simply a social phenomenon that we have to pay attention to.]]> http://seekingalpha.com/article/173240-two-more-myths-about-business-in-china?source=feed#comment-758611 758611 Fri, 13 Nov 2009 10:51:19 -0500 http://seekingalpha.com/article/172520-taiwan-pulls-a-brazil?source=feed#comment-755418 755418 Wed, 11 Nov 2009 11:25:47 -0500 http://seekingalpha.com/article/172555-china-s-improbable-economic-growth-figures?source=feed#comment-754983 754983 Wed, 11 Nov 2009 05:43:09 -0500 http://seekingalpha.com/article/172228-all-signs-point-to-recovery-in-china?source=feed#comment-752464 752464 Mon, 09 Nov 2009 11:31:29 -0500 http://seekingalpha.com/article/172038-are-the-u-s-and-china-currently-in-the-middle-of-a-trade-war?source=feed#comment-751740 751740 Sun, 08 Nov 2009 20:46:55 -0500 http://seekingalpha.com/article/172019-the-yuan-as-a-swap-currency?source=feed#comment-750918 750918 Sun, 08 Nov 2009 12:40:46 -0500 http://seekingalpha.com/article/172038-are-the-u-s-and-china-currently-in-the-middle-of-a-trade-war?source=feed#comment-750870 750870 Sun, 08 Nov 2009 12:07:21 -0500 http://seekingalpha.com/article/171650-disney-s-china-move-a-big-growth-opportunity-for-mickey?source=feed#comment-747459 747459 Fri, 06 Nov 2009 02:44:22 -0500 http://seekingalpha.com/article/171378-dollar-yuan-diplomacy-my-15-seconds?source=feed#comment-746317 746317 Thu, 05 Nov 2009 10:40:02 -0500 http://seekingalpha.com/article/170497-on-china-s-8-9-gdp-growth?source=feed#comment-740410 740410
Mathematically you are absolutely correct. Culturally you a little off. 8.9 is a "correct" number. "9" is a number revered in Chinese culture. Phonetically, 9 means long, forever..... Chairman died on September 9 (9.9) suggesting he would be remembered, worshipped forever. He returned to Beijing in 1949 triumphantly on September 9. When Chinese central bank raise the interest rate, it is by 0.18, 0.27, 0.36, 0.45%..... (not by 0.25, 0.50, 0.75%...).They are all multiple of 9. In China, culture is more important than mathematics.]]> Mon, 02 Nov 2009 11:22:35 -0500
Mathematically you are absolutely correct. Culturally you a little off. 8.9 is a "correct" number. "9" is a number revered in Chinese culture. Phonetically, 9 means long, forever..... Chairman died on September 9 (9.9) suggesting he would be remembered, worshipped forever. He returned to Beijing in 1949 triumphantly on September 9. When Chinese central bank raise the interest rate, it is by 0.18, 0.27, 0.36, 0.45%..... (not by 0.25, 0.50, 0.75%...).They are all multiple of 9. In China, culture is more important than mathematics.]]> http://seekingalpha.com/article/170364-china-unhappy-with-u-s-trade-policies-launches-retaliatory-investigation?source=feed#comment-739281 739281 Sun, 01 Nov 2009 12:08:55 -0500 http://seekingalpha.com/article/168130-time-to-replace-the-r-in-bric?source=feed#comment-738362 738362

On Oct 22 11:35 PM ozymandias888 wrote:

> How about BICK? Swap out Russia for Korea?]]> Sat, 31 Oct 2009 11:01:37 -0400

On Oct 22 11:35 PM ozymandias888 wrote:

> How about BICK? Swap out Russia for Korea?]]> http://seekingalpha.com/article/170080-simcere-gains-majority-control-of-vaccine-subsidiary?source=feed#comment-737829 737829 Fri, 30 Oct 2009 20:18:53 -0400 http://seekingalpha.com/article/169796-liberalization-and-wealth-inequality-in-china?source=feed#comment-735759 735759
I don't agree with the notion that Chinese government is intentionally keep the wages low to stimulate export. The low wages can be
attributable to the policy of Mao, who tripled Chinese population from 400 million to 1.3 billion during his 30-year rule. When large number of people searching for finite number of jobs, the wages will naturally go down. This year the job market in China is tight, but the college graduates increased substantially. The college graduates are competing with migrant workers, only 2% have high school diploma, for a $240 a month jobs. It is market economy at work.]]> Thu, 29 Oct 2009 13:00:15 -0400
I don't agree with the notion that Chinese government is intentionally keep the wages low to stimulate export. The low wages can be
attributable to the policy of Mao, who tripled Chinese population from 400 million to 1.3 billion during his 30-year rule. When large number of people searching for finite number of jobs, the wages will naturally go down. This year the job market in China is tight, but the college graduates increased substantially. The college graduates are competing with migrant workers, only 2% have high school diploma, for a $240 a month jobs. It is market economy at work.]]> http://seekingalpha.com/article/168650-michael-jackson-lessons-learned-for-china-s-economy?source=feed#comment-729323 729323
As far as China is concerned, it is the precipitous drop in export which caused damage to the economy. The banks are basically healthy. Fixed investment in the infrastructure is not effort wasted. If they don't do it today, they still have to do it tomorrow. China has been falling behind infrastructure construction since western industrial revolution hundreds of years ago. There is a lot of catch-up to do. This type of investment, however, only serves to stuff the GDP number, but doesn't stimulate vibrant natural organic growth of the economy as a whole and does not really help 20 million of unemployed, unskilled migrant workers (only 5% have high school education). Chinese approach is a product of the political system. As long as they can grow GDP 8% a year, it is considered "job accomplished". But some may argue that a stuffed turkey is still a turkey,

The monetary policy is creating another asset bubble, especially in the real estate market. It is almost unreal.]]> Sun, 25 Oct 2009 12:08:16 -0400
As far as China is concerned, it is the precipitous drop in export which caused damage to the economy. The banks are basically healthy. Fixed investment in the infrastructure is not effort wasted. If they don't do it today, they still have to do it tomorrow. China has been falling behind infrastructure construction since western industrial revolution hundreds of years ago. There is a lot of catch-up to do. This type of investment, however, only serves to stuff the GDP number, but doesn't stimulate vibrant natural organic growth of the economy as a whole and does not really help 20 million of unemployed, unskilled migrant workers (only 5% have high school education). Chinese approach is a product of the political system. As long as they can grow GDP 8% a year, it is considered "job accomplished". But some may argue that a stuffed turkey is still a turkey,

The monetary policy is creating another asset bubble, especially in the real estate market. It is almost unreal.]]> http://seekingalpha.com/article/168498-can-china-sustain-8-growth?source=feed#comment-726945 726945 Fri, 23 Oct 2009 10:30:25 -0400 http://seekingalpha.com/article/168089-china-s-third-quarter-gdp-report-warnings-for-investors?source=feed#comment-725346 725346 Thu, 22 Oct 2009 12:09:33 -0400 http://seekingalpha.com/article/165487-how-to-deal-with-corruption-in-china?source=feed#comment-713524 713524 Tue, 13 Oct 2009 01:21:38 -0400