Comments for Credit Crisis Indicators
Nemo says:
It's the week-over-week change that really matters.
Nemo Tue Mar 17 10:23:25 2009 CDT #
CRbot says:
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/5324935451379693270
CRbot Tue Mar 17 10:23:46 2009 CDT #
ac says:
I notice Fiscal Responsibility Fluid is approaching $49/bbl today.
ac Tue Mar 17 10:24:37 2009 CDT #
reptillian says:
I wonder whether these numbers are being distorted by the Fed's activity as lender of last resort.
reptillian Tue Mar 17 10:28:05 2009 CDT #
nades says:
Thats what a lot of people claim. Either way I think thats what they want so its working right?
Parent Post
nades Tue Mar 17 10:35:03 2009 CDT #
REBear says:
Must be a rogue trader.
REBear Tue Mar 17 10:30:05 2009 CDT #
Rent2Moan says:
6th ! :-P
Rent2Moan Tue Mar 17 10:31:41 2009 CDT #
1 currency [yogi] says:
None of them IS increasing. All of them ARE not increasing. :*
1 currency [yogi] Tue Mar 17 10:32:35 2009 CDT #
r0m30 says:
Wall Street is now creating CDCO like structures to participate in the TALF. The financial engineers just can’t help themselves.
http://online.wsj.com/article/SB123699235816926983.html?mod=rss_whats_news_us
r0m30 Tue Mar 17 10:34:16 2009 CDT #
CRbot says:
The Latest from Ritholz:
Dumb Headline of the Day: U.S. housing starts rebound
CRbot Tue Mar 17 10:35:22 2009 CDT #
debtinator says:
Do sheeple buy Baa bonds?
debtinator Tue Mar 17 10:36:00 2009 CDT #
nades says:
That was funny....
Parent Post
nades Tue Mar 17 11:31:34 2009 CDT #
yagwerk says:
@r0m30:
Wow. Just W-O-W. I know I am not suppose to hate the player, but hate the game. I'm just amazed that I'm still being amazed at what is going on in this little game of grab@ss.
yagwerk Tue Mar 17 10:36:13 2009 CDT #
CRbot says:
The Latest from Ritholz:
Bad Headline of the Day: U.S. housing starts rebound
CRbot Tue Mar 17 10:37:03 2009 CDT #
cd says:
Who would have known that Tom Stone-a CR regular was a world class surfer...Now you know..
http://www.youtube.com/watch?v=SOgpxa_AMgQ&feature=related
tom meet at Ocean Beach on a fun day with your longboard...I surfed in your area Salmon Creek and didnt like the feel of being part of food chain...too sharky....
Happy St. Patty's day to all..
cd Tue Mar 17 10:40:14 2009 CDT #
Tom Stone says:
Thanks cd,The Tom Stone pictured is actually a relative,and one of Eldridge Cleaver's Bastards(No I am not joking).I do live within 20 minutes of Salmon Creek and agree with you on the sharks.
Parent Post
Tom Stone Tue Mar 17 10:57:21 2009 CDT #
nova says:
I added more to my CR inspired, near-fi story of life after the crash (American Apocalypse)
excerpt:
The problem was how faceless Corporate America was. There was no focus for the rage. That was until the blog post by “Paine.”
He or she advocated “Burning it down.” The reasoning, which made sense to a lot of people, was to deny the pigs their profit were ever possible. There was no way the average citizen was going to make it through the security systems the really rich had in place. Plus, how could you identify the right people? So the logic was, “Kill the Monster.” Deny the corporations their source of life; profits. They built an empty shopping mall with your money. Burn it down! They are going to take your house? Burn it down! Burn down the banks! Burn down the office parks that don’t have a job for you. They built a luxury home development. Burn it down!
more, including a new post from Max at http://afterthecrash.net
nova Tue Mar 17 10:41:15 2009 CDT #
Comrade Elmer Fudd says:
it's always a great day to be a synthetic cdo in a banksters super-duper siv, go ted spread
Comrade Elmer Fudd Tue Mar 17 10:41:55 2009 CDT #
S says:
Wlcome to the sureal..first acocunting standards gone, now Tier 1 restrictions delayed...
"The Federal Reserve Board has announced the adoption of a final rule that delays until March 31, 2011, the effective date of new limits on the inclusion of trust preferred securities and other restricted core capital elements in tier 1 capital of bank holding companies (BHCs). This action is being taken in light of continued stress in financial markets and the efforts of BHCs to increase their overall capital levels. "
S Tue Mar 17 10:42:38 2009 CDT #
Michael says:
Wall Street is being Served. Oh it's On. Wall Street Vs. Main Street. It's time for the grudge match of the century. Main Street is obligated to give 12 trillion dollars in tax payer bailouts and Wall Street funnels millions of that money in bonuses? Oh it's ON. Wall Street is going down.
Michael Tue Mar 17 10:42:51 2009 CDT #
Apprentice says:
Anytime that I need a touch of sanity, I read CR. Graphs, reasoned, calm analysis of a world that makes sense...to CR.
Then I go back to the news. 4 bailouts to AIG who are paying foreign banks. Suspending the rules of accounting. Pallets of money controlled by some private enterprise and a bearded guy that says he can increase money by manipulating digits. A financially beleagured Canada that wants to pay Afghanistan police for two years as one of Canada's largest cities is besieged by gangs.
But, but...I think I now have it all figured out. They are all suffering from the first stage of Mad Cow disease and cannot reason properly any more.
Only vegetarians with pitchforks will survive!
Apprentice Tue Mar 17 10:44:20 2009 CDT #
Apprentice says:
Watch the politicans closely...any signs of slurred speech and staggering?
Apprentice Tue Mar 17 10:46:03 2009 CDT #
Comrade Elmer Fudd says:
i noticed elmo spanked kermit yesterday. what happened to the great bull run of the century? fizzled before 8 handle?
Comrade Elmer Fudd Tue Mar 17 10:46:25 2009 CDT #
GambitRF says:
Kermit vs. Elmo steel cage deathmatch today
GambitRF Tue Mar 17 10:47:06 2009 CDT #
daddyo says:
I'm not sure TED spreads are a good measure of anything other than "What is the Gov't Buying This Week"
daddyo Tue Mar 17 10:47:25 2009 CDT #
Guest says:
CR's post shows what planet I am from I think all those statistics are meaningless noise and this is the only function to watch. The backwardation in silver. My belief is global trade is based on the idea that a country's currency fiat money can buy gold and silver if they choose. No wonder that I am going to wind up living under a bridge some day.
http://goldmoney.com/en/commentary/2009-03-15.html
Guest Tue Mar 17 10:47:39 2009 CDT #
Barley says:
Do sheeple buy Baa bonds? Yes some of us do.
Right now I'm listening to the tune of Spanish Radio. It might appear GS and two others are well on thier way for K support...
Barley Tue Mar 17 10:48:03 2009 CDT #
cd says:
FDIC extends debt-guarantee program until October
http://www.marketwatch.com/news/story/FDIC-extends-debt-guarantee-program/story.aspx?guid=%7B3D19F3EF%2D51CF%2D4245%2D8243%2D14E7DD839D40%7D&dist=hplatest
my word of the year...EXTEND...
a favorite of the ladies also....
cd Tue Mar 17 10:49:33 2009 CDT #
nades says:
"There is nothing as permanent as a temporary government program." ;)
Parent Post
nades Tue Mar 17 11:34:22 2009 CDT #
mock turtle says:
an email just sent to the prez by yours truly
"Dear Mr. President Obama,
I am appalled that Treasury and the office of the President of the United States have not yet found a way to halt the payment of bonuses to AIG executives who ran the CDS and related derivatives operations that gamed and crashed our financial system.
All the claims about the sanctity of contracts won't wash with the American people! Contracts are contested, litigated and modified everyday in America.
As taxpayers we own 80 percent of this company. We need to go in there halt, all bonus payments, separately incorporate the hedge fund and derivatives portion of AIG from the rest of the company.
Then the treasury secretary needs to make it clear to this new AIG sub entity, that failure to return bonuses may result in the withdrawal of TARP money.
Furthermore the FBI and IRS should investigate all bonus recipients to see if they paid their taxes properly on these and previous bonuses.
Finally the details of the contracts authorizing the bonuses should be reviewed by justice department and litigation begun for failure to exercise due diligence and for fraud as these bonuses were arranged as the funds in question were clearly without sufficient collateral and were imploding.
We have a crime here...lets prosecute!
Sincerely,
Mock Turtle
(no i didnt sign my handle :-P)
mock turtle Tue Mar 17 10:52:07 2009 CDT #
Michael says:
Clear and concise. Add to that, the taxpayer is prepared to exercise their 7th amendment rights in a tax revolt for government failure of it's fiduciary responsibility to the tax payer. Send BO this link also;
http://video.google.com/videoplay?docid=-958043986800915108&hl=en
Parent Post
Michael Tue Mar 17 11:07:01 2009 CDT #
CRbot says:
The Latest from Mish:
GM, Toyota, Honda, and Grocery Store Price Wars
CRbot Tue Mar 17 10:52:31 2009 CDT #
cd says:
Apprentice,
you know why men can't get mad cow disease?
because were pigs....
good bar joke when talking to the ladies...they laugh and then look at each other while nodding their heads...
cd Tue Mar 17 10:52:46 2009 CDT #
Comrade Elmer Fudd says:
Do sheeple buy Baa bonds?
I keep mine at the Cloven Hoof Credit Union
Comrade Elmer Fudd Tue Mar 17 10:54:07 2009 CDT #
TC says:
Housing Swaps....
http://gmy.news.yahoo.com/v/12520300
TC Tue Mar 17 10:54:08 2009 CDT #
MS says:
TED Spread is a survey....it's based on the same mantra as "trust me".....you know when you go to buy a used car.
Most of these indicators are highly suspect as they can and are manipulated at will.
Wake me when real people have access to real money at something other than + 20 basis points once you fill out your name.
Ciao
MS
MS Tue Mar 17 10:54:22 2009 CDT #
Bob Dobbs says:
"
I am appalled that Treasury and the office of the President of the United States have not yet found a way to halt the payment of bonuses to AIG executives who ran the CDS and related derivatives operations that gamed and crashed our financial system. "
Understandable rage, but the AIG bonus issue is just a sideshow. The rage will burn out or redirect itself.
Now if the American people ever fully understood what was going on, the rage will never end until the system does.
Bob Dobbs Tue Mar 17 10:57:33 2009 CDT #
Tom Stone says:
The level of Rage,Fear and irrationality in my Part of Sonoma county has grown noticeably in the last few weeks.It will be getting interesting,soon.
Tom Stone Tue Mar 17 11:00:50 2009 CDT #
Some Investor Guy says:
"WASHINGTON -(Dow Jones)- Senate Finance Committee Chairman Max Baucus, D- Mont., suggested Tuesday that he and other lawmakers will pressure the Internal Revenue Service to impose hefty excise taxes on bonuses paid to executives of American International Group Inc. (AIG) that have stirred outrage.
"We need to find out the answer to this question: What is the highest excise tax we can impose that is sustainable in court?" Baucus said to IRS Commissioner Doug Shulman during a hearing Tuesday."
I'll save the Senate staffers some work. Go to
http://www.irs.gov/pub/irs-soi/02inpetr.pdf page 219. The highest peacetime margin tax bracket was 92%, in 1954. Ought to be able to make 92% stick in court. And, glad to see you here at Calculated Risk.
Some Investor Guy Tue Mar 17 11:02:39 2009 CDT #
Sexy Derivative says:
Nemo's right. We're long past relevancy in using prior year comparables.
Sexy Derivative Tue Mar 17 11:04:39 2009 CDT #
TC says:
...Investors in some of these cases are entitled to a "theft loss" deduction, not subject to the limits on normal capital losses from investments, according to the IRS guidelines...The theft loss deduction can be taken in the year a fraud is discovered, except to the extent an investor has a reasonable prospect of recovery of the lost money, Shulman said...."Some taxpayers have argued that they should be permitted to amend tax returns for years prior to the discovery of the theft to exclude the phantom income and receive a refund of tax in those years," Shulman testified. The new IRS guidelines do not address that argument, he said....
http://www.iht.com/articles/ap/2009/03/17/business/NA-US-Madoff-Scandal-Taxes.php
Does the deduction require a conviction, ya think?
TC Tue Mar 17 11:04:47 2009 CDT #
Angry Saver says:
Rest assured, ALL wall street bonus guarantee contracts are predicated such that the employees will not act in a manor that warrants termination for cause.
If bankrupting your company to the tune of $160 billion does not warrant a termination for cause, then I don't know what does.
There is no presumption of "performance" for any affected employees in the context of a $160 billion failure.
The bonuses should be scuttled and/or clawed back.
Obama is looking the other way while the banksters loot the treasury.
The biggest swindle in history continues. It is now our "growth" industry.
Angry Saver Tue Mar 17 11:07:41 2009 CDT #
Morocco Bama says:
Let us all take a brief moment and bow our heads to St. Patrick and thank him for driving the snakes from Ireland. He was a truly great man and he deserves to be honored with sloppy drunkeness and vomit. Where did the snakes go? St. Paddy, please drive the snakes from the United States. We promise to honor your memory by continuing to drink excessively and worshipping the porcelain god.
Morocco Bama Tue Mar 17 11:09:43 2009 CDT #
CRbot says:
The Latest from Jesse:
SP Futures Hourly Chart at Noon
CRbot Tue Mar 17 11:10:23 2009 CDT #
Angry Saver says:
suggested Tuesday that he and other lawmakers will pressure the Internal Revenue Service to impose hefty excise taxes on bonuses paid to executives of American International Group Inc. (AIG) that have stirred outrage.
Make the taxes rate on wall street bonuses 125%. Then pay them more than they bargained for! A win win!
Know THAT would turn the TARP into an investment!
Angry Saver Tue Mar 17 11:10:47 2009 CDT #
adornosghost says:
Tom- I agree, Salmon Creek is pretty sharky. I officially live in Sonoma County (Kenwood), but actually live in Marin. The outrage is starting to be noticed, as even the bewildered herd knows something is wrong.
I haven't surfed on a regular basis since leaving Maui.
adornosghost Tue Mar 17 11:12:26 2009 CDT #
cd says:
Tom-np..I'll hoist a green beer 4 ya today..salmon creek-2 years ago-seal popped up right next to board thus food chain comment..month or 2 later some guy got bit by our friend Whitey...
regarding rage-Woken up at 3:00 am today, guy in a easement stairway doing something with a bike, dressed in black, hard to see, just wasn't right, dark area yet taking apart a bike...Wanted to run down there and confront him..work some rage off...but my lady made me call sf police instead...they hit him with the light and he was up the stairs and crashing thru back patios, left everything on stairs....watched the police pull a 6 inch blade out of his backpack, boltcutters etc...they didn't chase him..which now puts me in the postition for retribution...gonna be interesting around here for a bit..
Mock-great letter...celebrate with a beer you crazy irishman
cd Tue Mar 17 11:13:19 2009 CDT #
bearly says:
So, what happens to all these indicators if the jittery us treasury market sends prices thru the floor, if the Fed decides buying treasuries is for other suckers ?
bearly Tue Mar 17 11:13:25 2009 CDT #
Bob Dobbs says:
"Tom- I agree, Salmon Creek is pretty sharky. I officially live in Sonoma County (Kenwood), but actually live in Marin. The outrage is starting to be noticed, as even the bewildered herd knows something is wrong.
I haven't surfed on a regular basis since leaving Maui."
Tom, adornosghost: I'm interested in hearing how the outrage manifests itself, and from who. I live down here in Santa Cruz County, and we're always outraged. It's a lifestyle. Nothing new here.
So, what's happening? Staid Rotary Club members calling for mass arrests on Wall Street?
Bob Dobbs Tue Mar 17 11:14:55 2009 CDT #
Anonymous says:
a million dollar question, when is the stress test released?
O:-)
Anonymous Tue Mar 17 11:15:22 2009 CDT #
China says:
Only 165M in bonuses at AIG and everyone is up in arms, along with Madoff it must be the best way to divert and direct public opinion on the smaller issues.
Penny wise pound foolish comes to mind.
China Tue Mar 17 11:15:48 2009 CDT #
CRbot says:
The Latest from Ritholz:
<div class='category_access_protected_title'></div>
CRbot Tue Mar 17 11:15:56 2009 CDT #
Anonymous says:
"I am appalled that Treasury and the office of the President of the United States have not yet found a way to halt the payment of bonuses"
not to mention the $2.5 Bn into the the right pocket of Swiss bank UBS while out of their left pocket they are paying a $750m fine for tax evation -- (maybe I have my pockets mixed up) I do I think they are paying the fine out of their right pocket
Anonymous Tue Mar 17 11:19:09 2009 CDT #
Angry Saver says:
The best credit indicator right now is foreclosures, especially walkaways.
Housing has a ways to go too - I'd say down another 15-20% over the next 3 years. Then sluggishness for years. The economy will follow housing.
Libor is the rate banks charge each other for short term loans of government guaranteed $$$. That's a useless indicator at this point.
Angry Saver Tue Mar 17 11:20:47 2009 CDT #
Anonymous says:
Summers currently being interviewed by Liesman on the Cramer Network (CNBC)
Anonymous Tue Mar 17 11:22:47 2009 CDT #
Anonymous says:
Liesman to Summers
Is it possible you have the wrong policies in place?
No we have the right policies.
Anonymous Tue Mar 17 11:23:40 2009 CDT #
Anonymous says:
Summers talks about the situation he 'inherited'.
Isn't it illegal to leave things to yourself?
Anonymous Tue Mar 17 11:24:40 2009 CDT #
Michael says:
The taxpayer is prepared to exercise their 7th amendment rights in a tax revolt for government failure of it's fiduciary responsibility to the tax payer. Send BO this link also;
http://video.google.com/videoplay?docid=-958043986800915108&hl=en
Michael Tue Mar 17 11:24:55 2009 CDT #
Angry Saver says:
Penny wise pound foolish comes to mind.
China,
I agree. The ~ $100 billion the I-banks got as part of the AIG bailout is the bigger crime.
Where are those WTO protesters when you need them? You'd think this massive financial swindle would be their Siper Bowl!
Angry Saver Tue Mar 17 11:25:00 2009 CDT #
debtinator says:
Soccer Mom Riot! Circle the SUVs!
debtinator Tue Mar 17 11:26:04 2009 CDT #
nova says:
Wow, Tom, You were going be my idol. A surfer and straight in SF. Could it ever be any better?
nova Tue Mar 17 11:27:16 2009 CDT #
Comrade Janosik says:
By all traditional means...it looks like the worst is over and here comes sweet, sweet recovery...
The panic and disbelief will return when real world conditions don't improve. The rest of the world is done financing our great American adventure. The last thing we had going was entertaining everyone with out "cute" childishness and expensive movies. Now our childishness isn't so much cute as it is infuriating and movies have not only begun to suck royally but the subject matter usually serves to remind everyone how pompous and idiotic our "culture" is....sorry, rant over....
Comrade Janosik Tue Mar 17 11:27:27 2009 CDT #
Comrade De Chaos says:
"Only 165M in bonuses at AIG and everyone is up in arms,"
it is simple. That fact erodes any trust in financials or in possibility that their corporate governance could be improved.
The real question, did 165 ml cut the sucker rally short , rofl.
Comrade De Chaos Tue Mar 17 11:28:13 2009 CDT #
nova says:
Comrade,
We watched Catwomen. That has to be big, still, in Japan.
nova Tue Mar 17 11:29:24 2009 CDT #
Anonymous says:
Summers: Steve, lets be clear(like we rehearsed)there are no tax increases this year and there are no increases next year.
What can you tell us about the Public Private Partnership?
Look Steve the President receives 40,000 letters a day and reads a cross-section - the dry cleaner who can't get credit. We need to work with banks to make loans because it is lack of credit that is the problem.
Anonymous Tue Mar 17 11:30:17 2009 CDT #
nova says:
Soccer Moms don't riot. They just have a headache on whatever day was penciled in for "Quality time"
nova Tue Mar 17 11:31:04 2009 CDT #
debtinator says:
Lack of credit is not the problem. Lack of saving is the problem.
debtinator Tue Mar 17 11:32:00 2009 CDT #
nova says:
nades - i got yours - did you get mine? reminds of when you would call people to see if they got your fax
nova Tue Mar 17 11:32:28 2009 CDT #
nades says:
LOL! I didnt. How did it show up? Was it an email or a post? Thanks!
Parent Post
nades Tue Mar 17 11:43:04 2009 CDT #
nova says:
Tom Stone - Did you play guitar with the Ventures?
nova Tue Mar 17 11:33:32 2009 CDT #
Guest says:
Corporate bond spreads widening is more a function of LIBOR and treasury rates declining. That paper is being priced on absolute yields and no bond buyer believes that all of this government stimulus will lead to no inflation or rate increases. That data is much less meaningful when looking at the health of the credit markets. There has been a ton of corporate credit issuance this year - the spreads may be wider bu the absolute yields are still near all time low levels for many of these issuers. TED spread is the most relevant crisis indicator.
Guest Tue Mar 17 11:34:18 2009 CDT #
Apprentice says:
Oooo,oooo,oooo! I gotta stop posting. We is up and there is this guy on bubblevision with a green hat who is only down 45% on his past picks. I ABSOLUTELY have to listen to this guy. He must be good, why else would they have him on to give advice? He also wears a kermit hat. It's a feckin sign.
Apprentice Tue Mar 17 11:34:44 2009 CDT #
Michael says:
Washington can remain irrational longer than Main Street can remain solvent. Time for a tax revolt.
How to beat the IRS
http://www.youtube.com/watch?v=RbvKi69Mv7s
Part 1
http://www.youtube.com/watch?v=psPkblKxdzQ&feature=related
Part 2
http://www.youtube.com/watch?v=6DoB5NhlWaI&feature=related
Part 3
http://www.youtube.com/watch?v=TheHwuq0JdM&feature=related
Michael Tue Mar 17 11:36:56 2009 CDT #
Anonymous says:
I agree with the Senator who said the AIG executives, expecially those in the financial products division, should commit suicide.
This would get us back to focusing on other fleecing of taxpayers, rather than this piddly 145 million.
You hear that AIG assholes, just kill yourselves already.
Anonymous Tue Mar 17 11:37:20 2009 CDT #
Sexy Derivative says:
Look Steve the President receives 40,000 letters a day and reads a cross-section - the dry cleaner who can't get credit. We need to work with banks to make loans because it is lack of credit that is the problem.
I'm honestly surprised they're still using this trope.
Sexy Derivative Tue Mar 17 11:37:36 2009 CDT #
REBear says:
Did AIG's payout summary include payments made using AIG's own assets?
If not, I wonder who got the bulk of payments made through liquidation of AIG's assets? If payments made by AIG (excluding TARP) is released, one of the counterparties may stick out as a sore thumb.
REBear Tue Mar 17 11:38:16 2009 CDT #
debtinator says:
Where was the tea party when Dick Cheney and Ronnie Raygun were looting the Treasury?
debtinator Tue Mar 17 11:38:17 2009 CDT #
Comrade Janosik says:
Gotta do this...
Fad Gadget lyrics:
Young man, go out
And take what's yours, don't doubt
There's strength in numbers, walk on
Defend the meek, headstrong
Now the story's become a bore
I don't want to hear it anymore
It's by no means an immaculate conception
Too many bodies lying around
Pushing daisies out the ground
And the church is cashing in on resurrection
Well I tried so hard to please you
'Cos I know that you crave blood
Consumer credit carnivores
And now the masses have been fed
Suck the offal from the dead
Now the joker's here to pick the sores
Under the flag
Under the flag boy
Under what flag?
Comrade Janosik Tue Mar 17 11:38:26 2009 CDT #
Mean FlurryKitten says:
Spreads might even turn negative once investors finally realize USA and UK are bankrupt. Gonna take still some time before they panic, maybe one or two years...
Mean FlurryKitten Tue Mar 17 11:39:52 2009 CDT #
nova says:
Michael,
Do you have a home security system?
nova Tue Mar 17 11:40:01 2009 CDT #
nova says:
Michael,
Why I ask is they are going to come for you if you keep posting stuff like. Just like they did for My Grandpa.! They come in the night and CUT MR WINKIE! :'(
nova Tue Mar 17 11:42:50 2009 CDT #
Michael says:
They're going to get a pretty big mouthful if they succeed.
Parent Post
Michael Tue Mar 17 11:53:17 2009 CDT #
nova says:
nades - i replied to your secret email test with my own secret amail
nova Tue Mar 17 11:44:29 2009 CDT #
reptillian says:
It's important to do something about the bonuses and executive compensation, but those are small fractions of the amount that that the banksters are looting from the treasury.
reptillian Tue Mar 17 11:50:03 2009 CDT #
LAM says:
Here's a twist: instead of a condo buyer trying to back out of a sale agreement, a condo seller is hoping to kill the deal.
The dispute centers on downtown Milwaukee's The Point on the River condominiums. The project's court-appointed receiver wants a judge to toss out an agreement by the Point's developer to sell nine condos at alleged below-market prices.
Selling the units at those prices would significantly harm the project's creditors, which are owed tens of millions of dollars, while also hurting the ability to sell the development's remaining units at market prices, receiver Michael Polsky says in filings made in Milwaukee County Circuit Court.
http://www.jsonline.com/business/41349797.html
Just a little ahead of the curve...
LAM Tue Mar 17 11:53:20 2009 CDT #
Anonymous says:
U.S. Representative Barney Frank said lawmakers working to overhaul financial regulation amid the worst economic crisis since the Great Depression must “figure out how we avoid ever again being in this situation.”
http://www.bloomberg.com/apps/news?pid=20601110&sid=aAxw8gAko8d0
Hey Barney you mean the same regulations that you clowns in CONgress spent the last 12 years undoing from the last time this happened in the 30's. You have blueprint no need to reinvent the wheel, just put them back in place and enforce the frigging law.
Anonymous Tue Mar 17 11:54:24 2009 CDT #
Zoi says:
Step one, don't abandon M2M.
Parent Post
Zoi Tue Mar 17 11:58:10 2009 CDT #
Mean FlurryKitten says:
Flurry kittens hate soccer moms. They create spoiled little stupid bastards who think they are so special. Milk they give us mighty kittens is always that fat free type of crap because soccer moms are always "on diet". Stupid cows. Somebody should "fix" them...
Mean FlurryKitten Tue Mar 17 11:54:47 2009 CDT #
Uncle Billy, Mental Widget says:
cd: If the 2nd guy in that clip you posted was Gerry Lopez... I have an identical big wave board
Uncle Billy, Mental Widget Tue Mar 17 11:56:36 2009 CDT #
ATM card and $19 in the bank says:
"those are small fractions of the amount that that the banksters are looting from the treasury."
Agreed.
Taking it one step further, we need to permanently block the Federal gov't from responding to economic crises with ad hoc creation of backstops for banks and businesses. Congress needs to plan ahead and fully fund programs like FDIC and PBGC, then let those safety nets catch what they can and let uninsured firms hit the concrete. Exhibit A is Goldman -- too bad AIG blew up, but it was never a GSE and there never should have been any expectation that AIG would get bailed out.
ATM card and $19 in the bank Tue Mar 17 12:01:02 2009 CDT #
Apprentice says:
I need a crash course on The Fed. ^0 Minutes described Bernanke as the second most powerful man in America and here I was writing poems about him. Any links on The FED?
A shtupid question: does every country have the equivalent of a FED? What stops them from creating money out of thin air? I mean, how in the hell are they gonna compete with these pallets of paper? Seriously? =-X
Apprentice Tue Mar 17 12:07:49 2009 CDT #
Dead_Monkey_Bounce says:
Apprentice: Typically they will have a central bank, actual responsibilities will vary, some set rates, others only engage in market actions (selling equivalents of t-bills). A government can indeed create money out of thin air. What stops it is the ability of the currency to retain value as a medium of trade. Once you reach a certain point, no one wants to hold the currency because it is experiencing rapid inflation.
Britain is already openly creating money out of thin air. They are using newly printed money (slightly devalued currency) to pay off existing gilts (British "tbills"), they call it quantitative easing. Japan is supposedly using newly printed money to buy private securities as well (to lend to businesses that need cash).
Federal level governments borrow to avoid inflationary pressure on their currency from current spending, not because they have to get money from somewhere, they can (theoretically) spend without borrowing or collecting at any time.
Parent Post
Dead_Monkey_Bounce Tue Mar 17 12:21:42 2009 CDT #
Yearning To Learn says:
I still don't see why we can't just fire all the AIG people (for just cause obviously) and then rehire them all with new contracts.
obviously new contracts WITHOUT bonuses.
Yearning To Learn Tue Mar 17 12:09:15 2009 CDT #
popeye says:
I still don't see why we can't repeatedly kick them where it hurts first.
popeye Tue Mar 17 12:10:27 2009 CDT #
MS says:
Focusing on the bonus part is so missing the entire picture folks. It was postulized that GS had about $20b in exposure to AIG......they got back almost %75 of it in one fell swoop.
Ciao
MS
MS Tue Mar 17 12:13:19 2009 CDT #
mp says:
"60 Minutes described Bernanke as the second most powerful man in America..."
60 Minutes is kidding you and themselves.
The Fed Chairman IS the most powerful man in America.
mp Tue Mar 17 12:16:00 2009 CDT #
anotherajh says:
mp says:
The Fed Chairman IS the most powerful man in America.
I wish he'd act like it and kill the zombies.
Parent Post
anotherajh Tue Mar 17 12:41:07 2009 CDT #
nova says:
Michael,
Where you a surfer?
nova Tue Mar 17 12:16:05 2009 CDT #
Michael says:
Tell me Nova, what do you really think of those video links I posted? Do you believe the information and believe it's true?
Parent Post
Michael Tue Mar 17 12:19:11 2009 CDT #
Michael says:
Uncle Sam wants you to start saving now, to save America. My new bumper sticker; Save to Save America!
Michael Tue Mar 17 12:16:07 2009 CDT #
Yearning To Learn says:
“Focusing on the bonus part is so missing the entire picture folks. It was postulized that GS had about $20b in exposure to AIG......they got back almost %75 of it in one fell swoop.
don't worry. I have plenty of focusing skills. I also am enraged that we're using AIG as a backhanded bailout machine.
the problem is that Joe Q Public isn't able to understand that yet
First we must get them enraged. then they'll be receptive to the rest of the argument.
this stuff is so esoteric that people's eyes glaze over by the time you're done saying the word "conduit". but people understand "these losers are getting record bonuses from your tax money".
then we expand it to "even worse, we just gave >$10 BILLION to bail out Goldman Sachs!
Yearning To Learn Tue Mar 17 12:17:54 2009 CDT #
Basel Too says:
The Fed Chairman IS the most powerful man in America.
Why limit it to America?
Basel Too Tue Mar 17 12:19:36 2009 CDT #
Hawley Smoot says:
It feels like we are passing out of the 'stat phase' --- the early stage of the breakdown in which numbers are studied and relied upon to understand what's happening in the world.
I think we're shifting to a phase that drops the stats and looks directly at human actions.
Hawley Smoot Tue Mar 17 12:19:41 2009 CDT #
ac says:
Where was the tea party when Dick Cheney and Ronnie Raygun were looting the Treasury?
People were high on bubbles and easy money so they didn't care.
To paraphrase Jim Rogers:
"Deficits don't matter until they do."
ac Tue Mar 17 12:20:36 2009 CDT #
mp says:
"Why limit it to America?"
Good point.
mp Tue Mar 17 12:21:38 2009 CDT #
cd says:
uncle billy, it is..lightening bolt...looks like rally into op ex...alternating btwn financials and comm...especially oil....good shorting opp on oil is a coming..
cd Tue Mar 17 12:23:22 2009 CDT #
ac says:
A shtupid question: does every country have the equivalent of a FED? What stops them from creating money out of thin air?
That's the role of Fiscal Responsibility Fluid - if it goes to $250/bbl because of money the Fed prints then the president gets impeached by an angry mob of impoverished voters.
ac Tue Mar 17 12:23:56 2009 CDT #
Not the N Word says:
IMF poised to print billions of dollars in 'global quantitative easing'
The International Monetary Fund is poised to embark on what analysts have described as "global quantitative easing" by printing billions of dollars worth of a global "super-currency" in an unprecedented new effort to address the economic crisis.
http://www.telegraph.co.uk/finance/financetopics/recession/4986287/IMF-poised-to-print-billions-of-dollars-in-global-quantitative-easing.html
What will this mean for us?
Not the N Word Tue Mar 17 12:24:48 2009 CDT #
Mr. Beach says:
I just read the WSJ linked upthread regarding the TALF. Amazing. Bankers will be bankers until they are not. The Fed is like a rich country farmer walking into the big city.
Worth reading if you skipped it.
Mr. Beach Tue Mar 17 12:27:04 2009 CDT #
CRbot says:
The Latest from Denninger:
I Think I See A Smart CFO!
CRbot Tue Mar 17 12:27:07 2009 CDT #
nova says:
Michael,
I don't watch videos for information. I rely on my Visions that are sent to me by those that fight THEM! They killed some of the ascended beings in NM but that didnt stop them.
nova Tue Mar 17 12:27:34 2009 CDT #
burnside says:
ATM:
Yes. But I'm not hearing your message anywhere. The existing framework for the most part reflects the priorities and the exclusions of a rational framework. A few discarded parts might be bolted back on to good effect.
What is missing from this administration and Congress is a clear concept of what they want to have after the dust settles. They won't get there without an idea of what 'there' is.
burnside Tue Mar 17 12:29:31 2009 CDT #
CRbot says:
New Thread: DataQuick: SoCal Home Sales Up, Foreclosure Resales 56.4% of Market
http://www.calculatedriskblog.com/2009/03/dataquick-socal-home-sales-up.html ( 0 comments ...You could be FIRST! )
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CRbot Tue Mar 17 12:30:20 2009 CDT #
Anonymous says:
A bit OT, I would like to get everyone's opinion on the validity of this statement, the US economy has been going down the drain ever since the dot com boom. Look at where 'technological innovation' has gotten us. I find it ironic that all this 'awesome' technology developed in the US has benefited rival countries more than it has us. Am I right to say that the US has been going on a downhill path since the tech boom? Or is there some other point in time where it all began? Any comments would be helpful.
Anonymous Tue Mar 17 12:44:34 2009 CDT #
ATM card and $19 in the bank says:
"What is missing from this administration and Congress is a clear concept of what they want to have after the dust settles."
Some signs of leadership would be reassuring...
ATM card and $19 in the bank Tue Mar 17 12:50:10 2009 CDT #
MS says:
"what does it mean?"
It means the IMF is going to use the cash is gets from it's gold sales to print monopoly money...but call it currency. It also means that we will have MASSIVE inflation...since the "super currency" or whatever the hell they call it, will be most likely pegged to dollars.
What it really means is that the middle class (what is left of them) is being wiped out for good.
Ciao
MS
MS Tue Mar 17 13:34:16 2009 CDT #
Guest says:
"Where was the tea party when Dick Cheney and Ronnie Raygun were looting the Treasury? "
Exactly! That is a very fine question. Who should have been hosting those tea parties by the way?
AIG:
Am I Greedy
Americans In Government
All In Gubmint
An Innocent Goof
Abstention In Government
Guest Tue Mar 17 13:54:22 2009 CDT #
mock turtle says:
debtinator says:
Today, 09:38:17
“Where was the tea party when Dick Cheney and Ronnie Raygun were looting the Treasury?
---
they weren't looting the treasury, they were building a 500 ship navy so we wouldnt have to run away after terrorist killed 253 US Marines at their barracks in beirut airport, or wouldnt have to trade 400 missles to iran for the release of us hostages..
oh wait im wrong, they did run away and did trade arms for hostages
never mind
http://en.wikipedia.org/wiki/1983_Beirut_barracks_bombing
http://en.wikipedia.org/wiki/Iran-Contra_affair
mock turtle Tue Mar 17 14:51:01 2009 CDT #
END