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  • In response to President Obama's pledge yesterday to work with federal agencies to relieve the mortgage crisis, the FHFA says it's reviewing its Home Affordable Refinance Program, or HARP, to determine if there are ways to extend the product to more borrowers. (.pdf)  [View news story]
    They are so ignorant it is just ridiculous.

    People who have a mortgage now clearly are in a better financial situation than those who failed miserably during the subprime meltdown. These people have the means to pay off their mortgage...they dont need extra help from the government. If you think helping them save money now is going to boost spending, think again. These are the financially sensible people. They are going to take the money they save by refinancing and prepay their mortgage off. HOW DOES THIS STIMULATE THE ECONOMY? This is essentially the same as the government prepaying parts of their mortgage for them. It makes no sense.
    Sep 9, 2011. 05:43 PM | 2 Likes Like |Link to Comment
  • CDS spreads on the debt of major U.S. and Euro banks are shooting higher thanks to Greek debt worries. Bank of America (BAC) and Goldman Sachs' (GS) CDS spreads are up 7% today, while Citigroup (C) and Morgan Stanley's (MS) are up 6%. J.P. Morgan's (JPM) spread is up 5%.  [View news story]
    It is simple...
    European banks own the sovereign debt of Greece...but they probably were like "oh hmm if my neighbor is holding all this crap and Greece dies..maybe I wont get paid on my CDS'....I should go find US banks because they are stupid...added they are mighty proud they dont hold the first hand debt of Greece....let me mess with them"
    Sep 9, 2011. 01:23 PM | Likes Like |Link to Comment
  • The ECB confirms Jurgen Stark is resigning "for personal reasons" nearly 3 years before his term expires. (PR)  [View news story]
    Like I said before...the Swiss triggered the global currency war. Everyone with reserves are going to do what they can to devalue...which is still acceptable. Those without reserves...which also happens to be the biggest countries in the world except China...will just resort to printing until one country runs out of paper to print on or ink...

    Probably genius idea to invest in paper and ink now, because the race is about to start.
    Sep 9, 2011. 10:45 AM | Likes Like |Link to Comment
  • Investors in Greek debt have until today to say whether they'll participate in the country's debt swap. Greece has threatened to scuttle its 2nd bailout unless it gets a 90% takeup. While it only had a reported 75% earlier this week, a source says there could be a last-day rush.  [View news story]
    They are idiots or geniuses...we will soon figure that one out.
    Sep 9, 2011. 08:06 AM | Likes Like |Link to Comment
  • Another sign of the horrid competitive situation Greece is in vis-a-vis the EU core: the country imported €1.5M of olive oil from Germany in 2010. Greece badly needs to devalue and/or Germany revalue, but it can't happen. A long slide down for Greece seems unavoidable.  [View news story]
    The greeks need their olive oil for their bread. Dont hate on their appetite...rather hate them for being fiscally irresponsible!
    Sep 8, 2011. 06:03 PM | Likes Like |Link to Comment
  • Bernanke’s speech won't dispel market expectations of further easing action at the upcoming FOMC meeting, Goldman's Jan Hatzius says. Bernanke's description of current conditions and outlook was in line with other recent Fed communication: the recovery has been “much less robust” than the hoped, with “greater downside risks to the economic outlook."  [View news story]
    Goldman Sachs wants you to buy equities now because they are dumping it. Only problem is that they would look too persistent if they kept saying that the economy will be saved, so they always make it sound like they are the century's greatest decoder...and they have decoded Ben's true words.
    Sep 8, 2011. 04:03 PM | Likes Like |Link to Comment
  • The Greek economy minister confirms the country will miss the 7.6% of GDP deficit target agreed to as part of the original bailout. Still, he doesn't expect the transgression will cause the EU/IMF to withhold the next tranche of rescue loans, as at least the ratio is headed in the right direction.  [View news story]
    This is once again a classic bullshit scenario where the irresponsible gets paid off. Just because the ratio is going in the right direction doesn't mean shit. It also needs to meet the correct deadlines.

    The EU and America are exactly the same. Save the ones who took risk and failed miserably. Punish those who were responsible and had sanity to stay fiscally sound while everyone else was balling like rockstars with their fancy homes and toys.
    Sep 8, 2011. 04:01 PM | Likes Like |Link to Comment
  • Federal agents raid solar energy firm Solyndra. The recipient of a $535M federal loan guarantee, the firm filed for Chapter 11 bankruptcy last week. WH logs show Solyndra officials made numerous trips to the West Wing in the days before receiving approval for the loan.  [View news story]
    They should go to jail. How do you fail as an alternative energy company which got 535M in funding? There are smaller chinese solar companies out there making profit left and right and yet this government funded company declares bankruptcy. ABSURD. JAIL JAIL JAIL....
    Sep 8, 2011. 01:25 PM | 1 Like Like |Link to Comment
  • The President will tonight unveil the "American Jobs Act," a program that includes an extension of payroll tax breaks, funds for infrastructure spending, and aid for long-term unemployed, according to leaked documents. The plan will be paid for by closing of corporate loopholes and higher taxes on the wealthy.  [View news story]
    I think it is more likely to be keep taxes the same, spend more, pass on debt to future generations if they live to see the day.
    Sep 8, 2011. 12:22 PM | 2 Likes Like |Link to Comment
  • Lenders were offering the 30-year fixed-rate home loan at an average rate of 4.12% this week, down from 4.22% last week, Freddie Mac says. Despite all-time low rates, little business is written, with refinance application volume down more than 35% Y/Y, and purchase application volume remaining at depressed levels.  [View news story]
    Exactly. Everyone is just waiting it out. As Bush once said, "fool me once, shame on me...fool me twice, a fooled man cant be fooled again". People who were dumb enough to rush into the housing market because of some small incentive ate the bullet like during the housing credit initiative a year or two back. Now people know that there is no rush. This economy and housing market will only drop more before it moves up.

    Just looking at what a joke the government is when they announce the monthly unemployment numbers. "Hey the number went down...because people were discouraged and left the search....BUT...MOST IMPORTANTLY the number went down!"
    Sep 8, 2011. 12:20 PM | 1 Like Like |Link to Comment
  • Today's 240 basis point rise in Greek 5 year CDS brings the price to 3,045 bps - indicating a 91% chance of a default. Greek 1 year notes yield 94.7%. The Greek 10 years yield 20.12%.  [View news story]
    Greece needs to just default and eat the consequences.

    Greece is like the fat kid who fell overboard the canoe and is asking for help. People try to pull him up, but he is too heavy and will only end up capsizing the entire canoe when it is all done.

    They should just cut the losses and be realistic.
    Sep 8, 2011. 12:06 PM | 1 Like Like |Link to Comment
  • Not yet responding to questions, the ECB's Trichet says elevated inflation is expected to decline next year and "downside risks to the euro area have intensified." The euro falling now, buying $1.4010.  [View news story]
    GO SWISS! buy all the euros and dump your franc! it is time to do what the PPT would do!!
    Sep 8, 2011. 12:03 PM | Likes Like |Link to Comment
  • Fitch says it may downgrade China and Japan as the nations struggle with heavy debt loads. The agency expects a "material deterioration in bank asset quality" in China will prompt a downgrade below AA within two years. In Japan, PM Noda will have to break a "logjam" in the Diet to sort out the debt mess and prevent a cut.  [View news story]
    Funny how they classify the "too much debt". The fact that China has well over 2 trillion in surplus...which happens to be in foreign reserves, they consider China having too much debt. That is a bit ironic isn't it.

    China with its tremendous amount of reserves is going to be knocked LOWER on the ratings than the US is...given the US has 14T of debt.
    Sep 8, 2011. 11:21 AM | 1 Like Like |Link to Comment
  • Employers posted 3.2M job openings in July, little changed from June but 1.1M more than a year ago, the Bureau of Labor Statistics reports. But it's the 31st month during which the ratio of unemployed workers to job openings has been "substantially above" 4-to-1; by comparison, the job seeker's ratio in December 2000 was 1.1 to 1.  [View news story]
    You win an election by covering all the unemployed. Those who are discouraged and dont count in the unemployment numbers get the extension of the jobless benefits. Those who actually want to get out of the dump and get on with life applaud the new jobs created. It is a win win for the politician. It is a lose for America because most people have gotten so used to being a damn bum at home they are incapable of even beginning to consider their value to society and go to work again.
    Sep 7, 2011. 04:45 PM | 1 Like Like |Link to Comment
  • Market recap: It was risk-on today, as stocks powered higher amid some good news from Europe for a change (I, II). After shedding more than 4% in the previous three sessions, today's buying was broad, but gains were led by financials, paced by BofA on its management shakeup, and energy, as crude oil rallied 3.9%. Gold dropped more than $50. NYSE advancers routed decliners seven to one.  [View news story]
    Today was algo trading day. this pattern of movement and volatility is exactly the same as when hurricane Irene managed to stop most traders from going into work. low volume, bullshit persistence upwards on nothing.

    Europe has nothing worth cheering about so if it isn't algo trading today, I would have to assume that most traders decided to sit back and trade substantially less than the average volume and also everyone became so bullish and just keep buying because that is what the market looked like today.
    Sep 7, 2011. 04:44 PM | 1 Like Like |Link to Comment