we can tell our grand kids, we remember what it was like to live in the USA
mt
we can tell our grand kids, we remember what it was like to live in the USA
mt
And I was told New York was immune ...
And someone earlier today predicted that NYC would see a net population decline.
"And I was told New York was immune ..."
Back during the Housing Bubble Blog's heyday (before everyone believed, circa 2006-2007), we were told that Las Vegas was immune. That the San Francisco Bay Area was immune. That Silicon Valley was immune. That tonier parts of LA were immune. That Seattle and the Pacific Northwest was immune.
Ahhh, those were the days, when we used to joke about "how bad it's going to get"...the actual phraseology being "blood in the streets when this finally plays out", and "this is going to end very badly".
im going to recant again (and again) my initial support for geithner
and if obama doesnt pull himself free from the treasonous self serving banksters soon
im going to recant my support for him as well
we are pouring taxpayer money down a black hole
its going to be the japanese model squared because unlike japan in their lost decade, we are in this deep shitter along with everybody else and there is no economy bigger than ours to help pull us out
long past time to place insolvent banks into receivership, or pre privatize or nationalize or what ever
before the last embers of the economy are snuffed out by the insolvent vampire banks
mt
"blood in the streets when this finally plays out"
I'm thinking we got the Real Estate Ebola virus here, no immunity and contagious as hell.
Everyone wants to move to New York. It's the center of the universe, the city that never sleeps.
Joes is heading for liquidation.
http://www.oregonlive.com/business/index.ssf/2009/04/joes_sports_headed_...
mock turtle,
When you finish your journey there are some who will be there to welcome at the finish line.
ACORN, HuffPo Organizing Efforts to Infiltrate Tax Day Tea Parties
http://www.businessandmedia.org/articles/2009/20090407185054.aspx
--------------------------------------------------------------------------
Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
Vampires are all about in NY....Hell, even Dr. Doom (Roubini) is up there! Something about that place just sucks!
"Never underestimate the power of denial. " Ricky Fitts.
and if obama doesnt pull himself free from the treasonous self serving banksters soon
And who is going to convince him that his advisers are wrong? Remember, Timmy G. is right there saying," It'll work." and as much as people like to think otherwise, I'm sure he sounds like a smart guy who knows more about the economy than a Chicago lawyer.
there are many high powered people out there saying this is a solvency not a liquidity crisis
william black
nouriel roubini
paul krugman
elizabeth warren
kevin phillips
and many others
and rolfe winkler has an excellent guest post over at naked capitalism and yes eves smith is on board too
somehow these people need to get together and make a very loud statement and when they do , we (WE) need to back them up!
mt
Worst. Thank you tj.
LOL! You're welcome!!!
-----
"Hope for the best, prepare for the worst"
New York was never immune. I talked about this with buddies three years ago when bonuses were through the roof. Everyone knew the cyclicality of bonuses, and the market would crap out when things turned south. Senior VPs at Goldman were buying condos outright with their end-of-year bonuses. Sustainable? No way. What we didn't know, however, is how bad the downswing would be.
That said, certain tony areas within major cities have taken a hit, but not as much as you might expect. My sister has a place in Brentwood, and a couple of her neighbors are selling at only 15-20% off of the peak. Same deal in Beverly Hills, and Westwood to a slightly lesser extent.
Hoopajoops LTD! Where you been? Anything new on the job front?
"My sister has a place in Brentwood, and a couple of her neighbors are selling at only 15-20% off of the peak."
Imagine if you had said this two years ago. And imagine if you had emphasised the word "only".
Just a year ago, you would hear talk that the beach cities wouldn't see ANY drop.
And a year before that, talk was that there would only be a slowdown of appreciation.
And the big reason there would be no price drop in the tonier areas of LA? Because you need a recession to have price drops, and we were in a "Goldilocks" economy (not too hot, and not too cold), with no credible threat of recession in sight...
Good times, good times...
Rob Dawg
journey indeed...as you know i am politically left of center on many (not all) issues
but i will not, support a person and policy that is wrong just to be loyal to a party or a politician
before mid term elections i will choose my path ,the political clock is ticking on obama and the dems
mt
Seems to be a dead end street with no matter who or which party is driving the car.
Weird, I thought I posted a comment about comparing war bonds to the bail-out of Wall Street, and how much it makes me want to vomit. I guess it can't be posted for some weird reason.
Are comments being moderated? I have posted two that have not shown up.
"but i will not, support a person and policy that is wrong just to be loyal to a party "
---------
You already did, man.
My 2nd-line manager mentioned today that he's seeing reports that say housing prices are bottoming. He thinks they are talking about places like our lovely Silicon Valley, when we are still only half-way down, at best. I mentioned to him that they might be talking about the Inland Empire and Sacramento, perhaps... And since he just had to lay off 20% of our group last week, I asked him what effect those kinds of actions will have on Silicon Valley house prices.
I didn't even bother trying to explain about Option ARMs and Alt-A loans coming to Jesus soon.
Weird, I thought I posted a comment
Have you looked on the last thread?
Trainwreck wrote on Wed, 04/08/2009 - 7:59pm.
Equating supporting the bailout of fraudsters as equivalent to supporting the war against tyranny and fascism disgusts me.
Something like that?
People in OC CA still think they are immune.
broward horne ...and i still do but unlike some who are locked into ideology (are you one broward) im willing to admit when i see ive made a mistake
the jury is still out but on the economic policy front, but, im loosing my conviction that obama has the right plan and the right people
ps
if mccain was prez there is a real chance phill gramm would be treasury secretary
mt
"areas within major cities have taken a hit, but not as much as you might expect"
This statement assumes the game is over, but I'm afraid the high end is just beginning.
Many are still under a Goldilocks mentality.... stocks/house prices have bottomed... generational buying opportunity!
What is gonna happen when folks start to liquidate the 401(k) plans for retirement? Am I still going to be expected to pay 5-10x my income for a townhouse in a lousy neighborhood?
Are we still counting with the innings analogy? Is it the 5th or still early in the game.
How soon until we see "stressed" people taking out the innocents (and not just their own families) by the 10's and 100's?
If Ron Paul was pres we would be half way through this mess and the federal reserve and their CEO's would be shaking in their boots.
2 million people voted for all 3rd party candidates combined in November.
128 million voted for the two clown parties...
Regarding Manhattan co-ops, an old co-worker told me in 2001 that she would never again buy in Manhattan. It took her 5 years to sell her studio apartment in the mid 90's and meanwhile she and her husband had two kids, all living together in the studio. The co-op wouldn't let them sublet it, and refused the two prospective buyers they had during that 5 year period.
If Ron Paul was president, all the bailouts and stimulus plans would have ended.
--------------------------------------------------------------------------
Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
The Deflation Song
(Sing to the tune of "Vacation" by the Go-Go's)
Can't seem to get my mind off of food
Back here at home there's nothin' to do
Now that I'm away
I wish I'd stayed
Tomorrow's a day of mine that I won't be workin'
When they hired me I should've saved
But I just played the credit games.
I see I was wrong
And I'm not so strong
I should've known all along that cash was king!
A year without work
But I forget...
Two years without work and I
Still haven't gotten any paychecks...
CHORUS
Deflation!
Now we're all hungry,
Deflation!
Jobs have gone away,
Deflation...
Money's been spent all gone.
A year without work
But I forget
Two years without work and I
Still haven't gotten any paychecks...
CHORUS
My site: http://ic4mg.com
"If Ron Paul was pres..."
He'd have been assassinated by now.
Nostrovia,
Republicans are traitors
i like and respect ron paul and i wrote him and dennis kucinich each checks because even though they differ on several issues, both talk truth to their respective party leaders and try to shake up the system
mt
2 million people voted for all 3rd party candidates combined in November.
128 million voted for the two clown parties...
True.
I have a feeling, however, when this thing really bottoms people will be claiming they voted for RP back when...
"If Ron Paul was pres..."
He'd have been assassinated by now.
Nostrovia,
I had this exact discussion today with a co-worker.
I wrote in Ron Paul. You know, there is a write in button on those voting machings.
--------------------------------------------------------------------------
Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
Since we are referencing the movie 'Wall Street'
_____________________________________
The point is, ladies and gentleman, that greed -- for lack of a better word -- is good.
Greed is right.
Greed works.
Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.
Greed, in all of its forms -- greed for life, for money, for love, knowledge -- has marked the upward surge of mankind.
And greed -- you mark my words -- will not only save Teldar Paper, but that other malfunctioning corporation called the USA.
Ron Paul's a smart guy in some respects, but he has yet to deliver a decent cross-examination of any of the major villains when they show up in Congress.
Until the loyal opposition comes up with a better team to fight the kleptocrats, we're gonna be just as doomed as we are now.
My site: http://ic4mg.com
Absentee write in, for me. Be careful, they may be rounding up RP supporters.
Lucifer, be careful where you stick Adam Smith's invisible hand, at this time of night!
My site: http://ic4mg.com
How'd you miss this one, CR?
http://www.businessinsider.com/moodys-puts-all-munis-on-negative-outlook...
"[Moody's] placed all munis on negative outlook, a precursor to potential downgrades"
As I've said before, I don't believe any individual action can alter our course.
The two organizations which seem most likely (to me) are States and the military.
Interesting article on pending State legislation -
http://www.rumormillnews.com/cgi-bin/forum.cgi?read=144708
" a court showdown over states' rights if the governor signs a bill to release some firearms in the state from federal regulation."
Interesting commentary on military -
http://www.voy.com/64855/1071387369.html
"I am receiving an increasing number of responses from military personnel who tell me many in the military are beginning to awaken to the coming chaos"
THE INFLUENCE GAME: Firms reap seeds of lobbying
WASHINGTON (AP) -- Big companies that spent hundreds of millions lobbying successfully for a tax break enacted in 2004 got a 22,000-percent return on that investment -- proof that for those who can afford it, hiring a lobbyist can pay handsome dividends.
Lobbyists say they're not surprised by the findings, which prove what they tell their clients all the time: You can't afford not to have a seasoned Washington player on your team.
But the data alarm some watchdog groups that worry ordinary Americans who can't afford representation by a well-paid lobbyist will lose out in debates with companies and interest groups who can.
The nonpartisan group recently released a study comparing the amount spent by bailed-out banks on political contributions and lobbying with the amount of money they got from the Wall Street rescue fund, known as the Troubled Asset Relief Program. The results produced eye-popping rates of return, an overall 258,449 percent for the $114 million they spent on campaign donations and lobbying.
Misdirected greed that destroys is unacceptable. Greed for life and love may be a better alternative.
--------------------------------------------------------------------------
Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
Cripes. I live in Canada, and the MSM here say we are far better off than youse guys. We don't have an East side, or a West side for all that matters. I currently live on Vancouver Island and I've not seen anything that would indicate a "problem" here. Too many SUV's and gas at @0.97 a litre. Plus the largest Walmart in North America under construction as a type. Recession? What Recession. Rose coloured (that's canadian for colored) glasses all around.
republicans are TRAITORS wrote on Wed, 04/08/2009 - 10:52pm.
Be careful, they may be rounding up RP supporters.
---
hey, im a lefty who firmly supports the second amendment
(and yes michael the 7th too, and im not a maggot)
bush violation of the 4th and 5th (sneek and peek and torture) turned me against the neocons
mt
Watching tonight's Daily Show, I just really want to punch Nancy Pelosi in the face.
Stewart: Are we broke?
Pelosi: Hehehehehe. We were broke, but we're coming back from it now.
*vomit*
The imprisonment of our soldiers over some silly pictures, as well as, the imprisonment of our INS agents while engaged in battle with drug dealing invaders didn't help the neocons get my vote.
You Know, if exercised properly, the 7th Amendment can win your case for you against the IRS.
--------------------------------------------------------------------------
Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
Ron Paul has been soft on people coming to Congress lately but check out these gems:
http://www.youtube.com/watch?v=efrt2h1AH_A&feature=related
http://www.youtube.com/watch?v=mkUc0k2ePhk&feature=related
Ben "helicopter" bernanke looking dumb.
nowhereman
I'm in Vancouver. Housing and rental prices are still falling at an expeditious rate, the vacancy is remarkable. 'It' will arrive soon enough, although I do agree that daily life appears uninterrupted at present.
⡑⡓⡏
I'm with you on the 4th and 5th amendments under Bush, mt. I'm also a leftie who doesn't hate the 2nd.
Don't forget the attacks on the 6th as well. And the more subtle but no less insidious assault on the 1st (oxymoronic "free speech zones" and the further blurring of the church/state line) of the past 8 years is just one more reason why the neocons scare the bejeezus out of me.
or the judge will find you in contempt of court for trying cause they hate jury nullification
mt
Remember: it isn't a real depression until The Donald's senior executive assistant throws him Watchmen-style through the plate glass.
Yes, daily life continues... wait until we are in the summer and companies, and states find out their projections from 6 months ago were way off the mark and they are in a bind.
Okay, I'm not *sure* this will happen, but it seems likely that everyone is on shaky ground.... and people think we are out of the woods... this is just a few bad loans... a few sub-prime folk... a little number of potatoes...
Assume Crash Positions!
yeah you are right, and in fact our leaders have shredded the constitution
i solidly agree with the unltra conservatives (libertarians) on most of that
mt
I wish people would stop siding with left and right. That is just a made up system so people ignore their principles and vote "their" side.
Remember your Russian history...
http://en.wikipedia.org/wiki/Soviet_coup_attempt_of_1991
nationalist agitation on the part of the Soviet Union's non-Russian minorities grew, and there were fears that some or all of the union republics might secede.
In 1991, the USSR was in a severe economic and political crisis.
In the afternoon of 20 August Kryuchkov, Yazov and Pugo finally decided to attack the White House.
In fact, there really is one party. Don't believe me: Bailouts are continuing, wars are still raging, budget is still unbalanced, dollar is still being debased, oil co. execs, bankers and stock brokers still have more access than you or I, the borders are still open, abortion is still legal, Dianne Feinstein and Maxine Waters' husbands are still getting government funded projects. Wake up, there is NO difference.
Many are still under a Goldilocks mentality.... stocks/house prices have bottomed... generational buying opportunity!
Isn't it amazing? So many people, from the so-called "man on the street" to those in the highest offices, are totally caught up in the illusion that this is all some kind of temporary situation, that we're just going to wake up someday and everything will be coming up roses again.
They're in for a friggin' rude awakening when they realize there's no rebound from where we're going because where we're going is the rebound from where we've been.
-----
"Hope for the best, prepare for the worst"
And I will have the judge placed under judicial review.
--------------------------------------------------------------------------
Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
NYT reports that all the banks passed the stress test with flying colors!
Yves Smith at Naked Capitalism has a few words to say ...
http://www.nakedcapitalism.com/2009/04/quelle-surprise-bank-stress-tests.html
The whole point of this charade exercise was to show the big banks weren't terminal but still needed dough, and I am sure it will prove to be lots of dough before we are done. But they now have the Good Housekeeping seal, so the chump taxpayer can breathe easy that the authorities are taking prudent measures to make sure his money is being shepherded wisely.
If you believe that, I have a bridge I'd like to sell you.
Newton's law:
For every action there is an equal and opposite reaction.
And Newton was one smart son of a b. I don't mean George Bush smart, I mean smart.
mock,
Why would you call Libertarians ultra-conservative?
-----
"Hope for the best, prepare for the worst"
will trump have to buy a wig?
there most certainly is a difference between dems and repubs on at least a half dozen issues
but then there are many more where there is little or none
mt
"Ben "helicopter" bernanke looking dumb. "
I cherish Ron but he is a kook. He needs to spend less time speechifying and ask more questions.
Ben looks less dumb, than waiting for the blowhard to get to the damn point.
The whole point of this charade exercise was to show the big banks weren't terminal but still needed dough
Sounds like exactly what I stated here at CR when the whole damned stress testing was announced. And no, I was not alone in that sentiment.
-----
"Hope for the best, prepare for the worst"
Cool. Accidental double-posts can be re-written!!!
-----
"Hope for the best, prepare for the worst"
Keep telling yourself that turtle. What they say and do are two different things. Even what they say the differences are limited to social issues that are strictly States' Rights issue anyway.
Because they are liberal in a way that Neo-cons do not understand.
Small Gov AND personal freedom. Ron is kind of week on the personal freedom too.
RP only gets 5 minutes. If he asks a question, Ben will inflate his prose and ramble on for most of the 5 so no more questions can be asked. I think that is why RP uses the minutes to explain why we don't need Ben.
I say we form a new party and call it, The Higher Order Party.
--------------------------------------------------------------------------
Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
The problem with governments at all levels is that "we the people" are no longer the customers... even though we do all the buying and have all the purchasing power...
I'm not sure when this has been so... it seems like the events of the 1960s civil rights movement were the last time there was monumental "change" in America.
If there was someone we citizens could hire who monitored and tracked our Congress people, who they meet with, who they talk to and the nature of their discussions on a daily basis I would sure spend some time on *that* blog instead of here. As it is I just have to assume he's meeting with some corporate lobbyists who have supported him from day 1 and now want payback; in the form of screwing his customer. This goes for everyone who represents me at all government levels.
Instead I have no idea what these a-holes are doing on behalf of me...
Blackhalo,
EXACTLY! One of the biggest hypocrisies of the left is the idea that you can have big government -and- personal freedom. It's ridiculous on it's face.
-----
"Hope for the best, prepare for the worst"
Most people don't understand the reason why he does it that way. Ron Paul uses what little time they give him wisely. He is a teacher giving a lecture on how it is supposed to be.
--------------------------------------------------------------------------
Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
The whole point of this charade exercise was to show the big banks weren't terminal
Yes, amazingly some will be surprised in the coming months when the true stress test is applied. That damn real world is going to exceed the mandated boundary conditions.
That's what the 7th amendment is for. Please watch the video in my signature.
--------------------------------------------------------------------------
Learn the 7TH Amendment maggot!
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=7385583011526915030&hl=en
If all banks are deemed to be in great shape, the stress test will be seen as a cooked up failure. They have to throw at least one bank under the bus for it to have any credibility.
Small Gov AND personal freedom.
Problem with that is that we are a big country, Lots of people. Lots of government.
But it would be nice if we could limit it to just scaling up to handle the increase geometrically instead of logarithmically.
"They have to throw at least one bank under the bus for it to have any credibility. "
That would be a fun game of musical chairs. The worst off, BoA would take down the rest, so I doubt any will be found to fail, no matter how incredulous.
"But it would be nice if we could limit it to just scaling up to handle the increase geometrically instead of logarithmically. "
I would be fine if they would just stay within the limits of the Constitution. The use of "interstate commerce" is old and weak. Should would be nice to have a more proactive USC to pare back the abuse.
"He is a teacher giving a lecture on how it is supposed to be." Wasted time. Don't lecture, prove it.
mock turtle (member) wrote on Wed, 04/08/2009 - 10:38pm.
broward horne ...and i still do but unlike some who are locked into ideology (are you one broward) im willing to admit when i see ive made a mistake
the jury is still out but on the economic policy front, but, im loosing my conviction that obama has the right plan and the right people
ps
if mccain was prez there is a real chance phill gramm would be treasury secretary
mt
************************************************
I had considered this too mt, but didn't McCain stop getting advice from Gramm in July 2008 when Gramm said folks were just "whining" about the economy?
http://www.pbs.org/nbr/site/onair/transcripts/080711b/
Obama, on the other hand, is hanging on to Geithner and Summers.
Wow, so a political discussion and nearly everyone from both sides of the aisle and beyond agree on one basic theme, our government sucks and is corrupt...Yay, I guess that's a start. Meanwhile back at the ranch, the banksters are still taking over the world, one CDS at a time...
"One of the biggest hypocrisies of the left is the idea that you can have big government -and- personal freedom. It's ridiculous on it's face."
Sweden seems to pull it off pretty well. It is not a linear exercise.
I would be fine if they would just stay within the limits of the Constitution.
AMEN!!!
Kristina, dear, another round please! We'll need more drinks if we're going to fix this country...
-----
"Hope for the best, prepare for the worst"
Blackhalo,
Doesn't Sweden tax at something like 60+%? A good portion of your freedom is choosing how to spend your own money, for better or worse.
-----
"Hope for the best, prepare for the worst"
Firlight, yes, kind of. He officially left the campaign but was said to still be running the economic show behind the scenes. The thought of Phil as Treasury Secretary terrified me to my core. I'm not thrilled with Geithner at all but given the probable alternative...uh, had to go with Timmay, who at that point was really not a known quantity. I had hoped for Volcker...I think that is probably who Obama really wanted but the PTB weren't really gonna be havin' that. I'm in the same camp as MT on this situation.
Comrade Kristina- The bankers took over the world,...this is the fight to get it back.
TJ, I'm wore out, better drink fast.
sdtfs, touche...I stand corrected.
"Doesn't Sweden tax at something like 60+%? A good portion of your freedom is choosing how to spend your own money, for better or worse."
They get an awful lot for that ~60%
College ed, health care many other bennies. But I do not think they have quite the big brother concerns we are seeing here.
"The problem with governments at all levels is that "we the people" are no longer the customers... even though we do all the buying and have all the purchasing power..."
American's only interface with the world is as a customer. The only way perpetual shoppers can conceive affecting change is by altering their purchasing habits. Their only choices are from what is offered for sale.
The consumer archetype has even seeped into governing vernacular. Government would like you to think you are their customer when in fact they are your employees. Spayed and neutered captive consumers take what they are sold and do what they are told.
\\\\\\\\\\\\\\\\\\\\\\\\\\\\||||||||||||||||||||||||||//////////////////////////
Comrade Kristina:"Wow, so a political discussion and nearly everyone from both sides of the aisle and beyond agree on one basic theme, our government sucks and is corrupt"
Seen on a bumper sticker recently: "Your government hates you."
"t would be nice if we could limit it to just scaling up to handle the increase geometrically"
---------
That's entire point of a centralized (federal) gov't.
Point-to-point (state-to-state) creates a lot of duplication, latency and inconsistent messaging.
Judging from my meetup groups, paranoia is rising rapidly in the U.S.
"Your government hates you."
LOL...I haven't seen that one here yet, of course they haven't gotten around to peeling the "W" stickers off their bumpers here yet either...
YSLP
Yes, we the people don't understand the power that we have. We are 70% of GNP and we are held captive by the MSM. When will we realize that we are running the show. When will we assert our power to take back what is ours. Our freedom, our voice. Take your money out of the system, put it under your mattress. Keep away from the markets. Stop playing their game until they begin to listen to "US" the people.
To be fair, Sweden has a fairly homogeneous population, so they're more likely to be in accord. (My sister's MIL did complain about the "gypsies" moving into Sweden when the Eastern Bloc opened up.)
There are still some idiots that think San Francisco is immune. What a joke.
Comrade Kristina
The article linked below from mid-September 2008 suggests that Gramm may have had an advisory role, but then also quotes McCain campaign as saying he was not an advisor.
http://abcnews.go.com/Politics/Story?id=5835269&page=1
It seems Gramm was viewed as damaged by the economic downturn, so I don't think he would have been in McCain's cabinet...but of course, just speculation.
I am not knowledgeable on these things, but does Summers have as much resposibility as Gramm for deregulation of the CDSs? Summers just has not been called out by the media and also he is less visible because he hasn't been an elected representative?
Firlight, Summers and Rubin both were big fans but Gramm was the poster boy. They all need orange jumpsuits so far as I'm concerned.
"unlike some who are locked into ideology (are you one broward)"
-----------
The last time I voted was for Perot.
An excellent decision to quit voting, I have no vested interest or need to defend any of them.
I could probably argue that the K-wave is an inevitable cycle, that we'd have ended up here regardless of who was president but I would have liked if we'd had a real military cutback after the collapse of the USSR and true balancing of the budget instead of the gimmicks that Bush #1 did through Greenspan (redefining the SS deficit as a surplus) and under Clinton (refinancing the debt into short-term treasuries).
Even Sweden is going after The Pirate Bay. Do you really think there wasn't any influence from the USA on this decision? Ever heard of ACTA Treaty? I'm pretty sure we as American's don't want to come to the self-realization that our country pretty much runs, or tries to run the world in the way that benefits us the most. And by "us" I should clarify that to mean the corporate customers of our government.
Gordon Gekko encapsulated in a sentence the indomitable, insatiable American rentier spirit:
* I do not create, I own. *
Like this could ever happen in America..
The prosecutors also tested Park's knowledge by asking a handful of financial jargons he has used in his postings: 1) Tobin's q, 2) BDI and freight rates, 3) the LTCM crisis in 1998, 4) spread, 5) offshore NDF market, and 6) trickle down. According to the prosecutors, he did not remember Tobin's q but answered to most of questions. He was able to provide lengthy answers to questions 2 and 3.
In February 2009, South Korea's TV broadcaster SBS (Seoul Broadcasting System) has aired an investigative special on Minerva. They gave Park a written test similar to the prosecutors'. The questions were: 1) dynamic hedging, 2) yen carry trade and cross trade, 3) BDI and freight rates, 4) spread (between onshore and) offshore NDF markets, 5) 01001011, a binary code he left in a posting on his identity in November 2008. Park only answered to questions 3) and 4) in an unsatisfactory way, according to a commentator Damdamdangdang (Korean: 담담당당) in Daum Agora. In the show, SBS concluded nonetheless that Park is the true Minerva.
Governments are afraid of people who understand the implications of the actions they are taking, and ignore the words coming from the government's mouth... I'm sure some folks in ours would love to shut down these blogger networks sprouting up... like CR and thousands of other's that don't report bias or spin all day long.
When the banks said they want to start paying back TARP "in April", I gave 2 to1 that no $ would be paid, and 4-1 that they would say they were willing but weren't allowed. Something about too much regulation.
NY real estate is gonna crater. Down 40% from here in the next 18 months.
Don't know if this has been posted.
"Federal Bankruptcy Watch: US Federal Deficit Hits $1 Trillion For First Half Of FY2009 "
These numbers are really off the charts.
The pigmen used to complain that rent control discouraged new building and investment, so they started phasing it out in the Giuliani years.
Those of us who plan to stay thank you for your investment. When we phase the regulations back in after inflation it we will use every inch, as always.
"Even Sweden is going after The Pirate Bay."
Yes, and my hope is that the Swedes keep a more watchful eye on the excesses of their government. But I am worried. But TPB is still up. I do not think it would have fared so well over here.
"Governments are afraid of people who understand the implications of the actions they are taking, and ignore the words coming from the government's mouth... I'm sure some folks in ours would love to shut down these blogger networks sprouting up... like CR and thousands of other's that don't report bias or spin all day long."
YLSp,
They'll do it with Senate Bills 773 & 778.
Bberg
"The Fed's politically appointed Board of Governors is in charge of enforcing consumer protections and bank safety, while on-site supervision is delegated to the 12 regional reserve banks."
"Effectively identifying and addressing systemic risks would seem to require the involvement of the Federal Reserve in some capacity, even if not in the lead role," [Bernanke] said in a March 10 speech. "As the central bank of the United States, the Federal Reserve has long figured prominently in the government's responses to financial crises."
Fed officials are trying to avoid a repeat of the crisis that last year brought down Bear Stearns Cos. and Lehman Brothers Holdings Inc., and led to billions of dollars' worth of government bailouts for American International Group Inc., General Motors Corp. and Citigroup Inc. "
One improvement at the New York Fed is they got rid of Tim "I've never been a regulator" Geithner. Oh, wait...
Anyone involved in any way with Prepaid Legal Services, Inc. (PPD) should check out Reggie Middleton's site.
He's calling it a likely pyramid scheme.
"In fact, the number of companies reducing dividends in the opening three months of the year hadn't been reached since S&P started keeping such data in 1955, says Howard Silverblatt, the firm's senior index analyst...."While the number of dividend decreases is at a record high, the number of increases has set a new record low. Since 1955, the average has been 15 increases for every decrease. Now its three increases for every four decreases," noted Silverblatt."
http://seekingalpha.com/article/129958-first-quarter-was-worst-for-divid...
"At last, in the gray dawn of Civilization the fire in the Soul dies down. The dwindling powers rise to one more, half-successful, effort of creation, and produce the Classicism that is common to all dying Cultures. The soul thinks once again, and in Romanticism looks back piteously to its childhood; then finally, weary, reluctant, cold, it loses its desire to be, and, as in Imperial Rome, wishes itself out of the overlong daylight and back in the darkness of protomysticism in the womb of the mother in the grave. The spell of a "second religiousness" comes upon it, and Late-Classical man turns to the practice of the cults of Mithras, of Isis, of the Sun -- those very cults into which a soul just born in the East has been pouring a new wine of dreams and fears and loneliness.
In the midst of the land lie the old world-cities, empty receptacles of an extinguished soul, in which a history-less mankind slowly nests itself.... Only with the end of grand History does holy, still Being reappear. It is a drama noble in its aimlessness, noble and aimless as the course of the stars, the rotation of the earth, and alternance of land and sea, of ice and virgin forest upon its face. We may marvel at it or we may lament it -- but so it is. "
-- Oswald Spengler
Seeking Value
/"Buyers are looking for value," said Tian Kai, a Beijing- based art dealer who flew in to attend the auction. "Governments are printing so much money now. Fine artworks might be a better way to store value than currency." /
http://www.bloomberg.com/apps/news?pid=20601088&sid=aJp6xS3eDiNM&refer=c...
Seems a lot of people in Beijing have currency on their minds.
/"Sotheby's buyer's commission is 25 percent of the hammer price for the first HK$400,000, 20 percent for between HK$400,001 and HK$8 million, and 12 percent above that. "/
A fat cut of the value storage. That will change, just like 2 and 20.
Folks may remember my post on the national surveillance state model being brought to the internet by a quiet conspiracy of international law enforcement and monied copyright holders:
http://www.nytimes.com/2009/04/09/business/global/09net.html?ref=business
April 9, 2009
Plan to Curb Internet Piracy Advances in France
By KEVIN J. O'BRIEN
French lawmakers are poised to approve a law to create the world's first surveillance system for Internet piracy, one that would force Internet service providers in some cases to disconnect customers accused of making illegal downloads.
The proposal, called the "Création et Internet" and known informally as the "three strikes" directive, has won preliminary votes by the Parliament and is expected to be approved in both houses Thursday. It has support from the governing party of President Nicolas Sarkozy.
The law empowers music and film industry associations to hire companies to analyze the downloads of individual users to detect piracy, and to report violations to a new agency overseeing copyright protection. The agency would be authorized to trace the illegal downloads back to individuals using the downloading computer's unique identification number, known as its Internet Protocol, or IP, address, which the Internet service providers have on record.
For a first violation, the agency would send a warning by e-mail.
If a user made another illegal download within three months, a second warning would be sent by certified mail. If a third infraction occurred within a year, the service provider would be required to sever service.
Piracy costs the film and music industry in France at least 1 billion euros, or $1.3 billion, a year in lost sales, according to industry figures.
"This law is definitely overdue and it's only a fair and proportionate response to a major problem," said Marc Guez, the managing director of the French Society of Phonographic Producers, which represents recording companies. "Our members are losing more than 500 million euros a year in sales."
While piracy surveillance systems have been discussed in a number of countries, the French plan goes farther than the measures under consideration elsewhere. On April 1, a law in Sweden called the Intellectual Property Rights Enforcement Directive took effect, allowing industry groups to more easily prosecute copyright piracy.
In the United States, a Congressional committee this week began studying the issue. In a hearing Monday before the Foreign Affairs Committee of the House of Representatives, Steven Soderbergh, the film director, cited the French initiative in asking lawmakers to deputize the American film industry to pursue copyright pirates.
The strategy is to get what they want in one place and their bribed agents can be told that this is the new "best practice" so they can push for the adopton of these policies elsewhere. the cops of course love it because it's the foundation for a surveillance state, but they don't have to have the political pressure against them that would be there if they STARTED by using the tools to scan the web for political unreliability.
That will just be something they do a few months later as a footnote under, how they are using it as part of a public-private partnership to search for kiddie porn and islamic terror, with a tiny sub-footnote that says, by Islamic Terror, we mean we're starting a file on everything everyone has ever said in public that we don't like.
And of course, to streamline the process, you will be guilty until proven innocent. Justice is so slow for vested interests when they have to use the normal mechanism.
Corporate bonds:
"Sales of non-financial bonds rose to a record 199 billion yuan ($29.1 billion) this year, making it the third most popular currency for company debt behind the U.S. dollar and euro. The market overtook offerings in Japanese yen for the first time after being ranked sixth in 2007, according to data compiled by Bloomberg. "...
"Record bond issuance and loosened regulations have persuaded at least six overseas investment banks, including New York-based Goldman Sachs Group Inc. and UBS AG of Zurich, to start underwriting local-currency debt. " [+Deutshebank, Credit Suisse, Morgan Stanley, CLSA]
""The government is trying to get more capital into state- owned enterprises and companies in China generally," said Chris Keogh, managing director of Gao Hua Securities Co. in Beijing, New York-based Goldman Sachs's partner. "We're seeing enormous demand from companies who want to issue."
--Have they considered that having these slick underwriters associated with the bonds screams out "watch your wallet?" I thought emerging markets were supposed to be "alternative".
Don't you worry guys, Internet is going to remain free because Western societies are going to collapse, one by one, starting from USA. Soon they do not give a damn what happens in the internet because trying to control those weekly Molotov cocktail rioting parties will steal all of their resources...
Re Soderbergh:
This from a director of movies about "Che" and Kafka stories.
He'll have a nice fat file.
1 currency now -yogi (member) wrote on Thu, 04/09/2009 - 6:55am.
He'll have a nice fat file.
Nah, he helps the police get what they want. They'll be sure to give him "police / celebrity justice", not "normal people justice".
Or at least that's what they told him. =)
The downturn is spreading into Connecticut. Housing prices have fallen over 25% in southwestern CT. I live east of Hartford- over 130 miles from NYC- and my townhouse just last month fell another 6.5%. It has fallen 18% since early 2008. The market peaked here a bit later just like New York- but are now catching up to the rest of the state and nation. Greater Hartford has held up slightly better then the rest of Connecticut- but job losses and declining sales are now pushing prices lower here as well.
Also not helping; the states economy has shed 52,000 jobs since January 2008. Local economists say Connecticut It will loose another 40-50K by early 2010. Job losses of 100,000 will indicate a severe recession.
Cripes. I live in Canada, and the MSM here say we are far better off than youse guys. We don't have an East side, or a West side for all that matters. I currently live on Vancouver Island and I've not seen anything that would indicate a "problem" here.
HaHaHa! Vancouver Island has NO industry other than tourism, retirement, and the provincial government in Victoria.
The whole province of BC is another Florida and sinking fast.
"Polaroid's decision last week to accept the bid by New York-based Patriarch, an investor in the Arizona Iced Tea brand and mapmaker Rand McNally, triggered objections from creditors that claimed the joint venture's bid was higher and that Polaroid's global trademark rights were undervalued by hundreds of millions of dollars. "
http://www.bloomberg.com/apps/news?pid=20601087&sid=askClubpFVVQ&refer=home
Well they got it up to 72 million, from 59, and the bidding ain't quite over. Why can't they just use significant judgment and say Polaroid is worth a billion? The Fed should accept that as collateral...
2 interesting developments:
And further proof that Bloggers are being watched out there
Goldman Sachs v. Mike Morgan
http://www.goldmansachs666.com/2009/04/goldman-sachs-v-mike-morgan.html?...
New Hampshire Court Tramples on Constitution, Reporter's Privilege, Section 230, What Have You
http://www.citmedialaw.org/blog/2009/new-hampshire-court-tramples-consti...
Polaroid's global trademark rights were undervalued by hundreds of millions of dollars.
"Polaroid, who is that?"
"They used to make instant cameras."
"Instant cameras? Like you add water?"
When under oath, the bidder said 'well, your honor, by 'hundreds of millions' we actually meant 13. Standard accounting, really...'
.........Peter.......I think Conn. has the least bubble in tri-state area........you dont have to worry too much .......there was real price increase last several years ........
................ I mean no increase of price...........
Tomorrow is the last day to comment on the PPIP insanity at LLPComments@FDIC.gov
Comments are public record. You can say, "I told you so, Sheila..." for the next 20 years.
Take a chance.
The problem with Hartford is your insurance Ponzis. Then you have your Greenwich Ponzis. Stamford is bust. Nothing new in New Haven. But it's all relative.
Manhattan crashed hard in 91-92, and it is crashing now. NYTimes has used the phrase "landlocked"...can't sell, can't move. There are vacancies in top-flight rentals on the West Side because I see the for rent signs swinging near the lobbies when I walk my dog....and I haven't seen that in a decade or more. The young associates are being fired, the young grads are not being offered jobs and the layoffs are being felt here...and market rents are now somewhat negotiable. say 15% or so.
...............China's Economy in 2009 and Beyond...by Nouriel Roubini ...........
http://www.rgemonitor.com/blog/economonitor/256331/chinas_economy_in_200...
...............even this doomer says the almost same tone what I said about 40 days ago in this blog....remember EHP?.......
Those silly pictures did far more damage to our national security than any roadside bomb did, and caused thousands of them to be planted. The scandal was not that they were court marshalled, but that only a few sargents and privates were court marshalled, when it was clear that the ok for doing that stuff went way up the line, probably all the way to Cheney's office.
.....................fried ................I remember very I paid $450 for studio apartment in upper west side of Manhattan........
financials going silly pre-market...
ah... WFC posts profit 55 cents per share.
.........................asian markets rallied ..... Nikkei +3.7 shanhai +1.4 hangseng +3.0 ..........european markets opened slightly plus side...........
WFC up 20% premarket. they weren't supposed to report until 4/22. guess couldn't wait with the good news. sorry for anyone holding FAZ.
areas within major cities have taken a hit, but not as much as you might expect"
--------
Wait. There's always a delay.
Last week, my son's bus driver remarked how many houses were for sale on her drive to school. She said something like there being lots of people having trouble making ends meet. Keep in mind that we are in a government city where the downturn has not even hit yet!
While on my jog that day, I noticed that there were a LOT of houses for sale under 325K but NOTHING over 400K!
I don't think it's because the higher income will be spared. I think it's because they have more short term resources.
But let's face it, when people can't upgrade, those bigger houses won't be going up in value.
Bank stress tests -- everyone gets a ribbon!
I think they are floating a trial balloon on this inane strategy in the NYT. The Times dutifully tarts up the orwellspeak (they banks all will pass but they'll all need piles more of our money) -- as just a case of good news, bad news -- when these two findings are obviously contradictory. If the banks are in such nice shape, they shoudln't need any more of our money. Oh, and they shouldn't have to conduct these tests in secret. And they should have used criteria going in that actually reflected real stress, instead of the much rosier scenarios they set up.
http://www.nytimes.com/2009/04/09/business/09bank.html?ref=business
both wmt and cost miss estimates, which i think supports soros's point, that any bank profits are going to come from bleeding the real economy to death.
Re wells -this from wells article in bloomberg on march 31:
Banks and lenders with "stronger trading and mortgage fee income" will see a benefit in their first-quarter profit that will "not be sustainable" as the broader economy continues to deteriorate.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJXki5fR4HUs&refer=home
I think the cnbc hed is a perfect omen of this bloomberg piece:
Wells Fargo Profit Smashes Estimates; Wal-Mart Sales Miss (stories developing)
Also note -re wells' impatience on release of "good" news -- that berkshire was downgraded yesterday
alo: totally forgot about the downgrade; i guess warren needed some good news for easter weekend.
Wonderful. WFC can immediately pay back TARP. Then we can let them fail, That's the stated goal of Timmy and Ben, right?
Hey Yogi, check this out:
http://www.foxnews.com/story/0,2933,513499,00.html
Taliban Using U.S. Firms to Host Web Sites
Thursday, April 09, 2009
Reuters
Apr. 7:
Militant groups are using the Internet to rally followers and boast of deadly new attacks - and they're using American-owned Web hosts to do it, the Washington Post reported on Thursday.
On March 25, a purported Taliban Web site called the voice of the "Islamic Emirate of Afghanistan" heralded a deadly attack on coalition forces in the country. The site claimed four soldiers were killed in the ambush and the "mujahideen took the weapons and ammunition as booty."
The message, while written by the Taliban across the globe, was broadcast from Texas.
Web hosts like ThePlanet, located in Houston, are falling victim to the militant efforts, renting cyberspace at inexpensive prices and unknowingly becoming the voice of extremists.
Babylon be creepin', but I don't need no flare to tell where they be at. =)
I'm glad Mr. Buffett's company made a nice profit. Because that's good for Main Street. Look at all the jobs...
Alo wrote on Thu, 04/09/2009 - 8:18am.
Wells Fargo Profit Smashes Estimates
Book your rotten assets at any value you please. Book government handouts as profits. How can you not make money?
This is so not about banks any more, this is about national balance sheets.
Byzantine_Ruins says:
Sunday, October 12, 2008, 6:33:05 PM
Scene: An anonymous central banker has his hands in two puppets. He is stimulating interbank lending. One puppet passes a billion dollars to the other. Then the second puppet passes it back to the first.
Won't you come play the lending game with him, I mean, them? He'd really, really like your foreign exchange reserves.
excerpt from the story on the nationwide muni outlook that Broward linked much earlier in this thread...
But Mr. Bernanke said municipal debt had "unique characteristics" that made it "unlikely" that the Fed could be of much help.
Let's see, could one of those unique characteristics be that almost all munis are held by individuals (either directly or through muni bond funds)? The Fed is only in the business of bailing out Wall St.. Those silly individual investors are on their own.
Yes, Byz, that Fox news site should be investigated immediately. Rallying Taliban support by spreading word of their boasts...
... results at Wachovia Corp., acquired about three months ago, were exceeding expectations.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a8Z2dpdbolGw&refer=home
Two people in CA made payments on Wachovia mortgages?
I just think it's funny how obvious their plays are. Kinda the weakness of a strategy that relies on dumbing down the population into submissive ignorance. That's really a staffing crisis in the making, but people don't see the problem with Hobbes' Leviathan as implemented by the vidiot cast of Idiocracy. It's there anyway, though, as a cursory examination of the morning headlines would indicate.
"Banks insolvent but healthy!"
Awesome Big Brother, tell me how managing the coupon payments on the assets marked A+++ but generating no revenue works out for you.
Bwwaaaaaa Wall Street Journal goes populist:
http://online.wsj.com/article/SB123922365800702453.html
"Consumer advocates see another motive. The banks "want to mess with people before they can't," said Ed Mierzwinski, consumer program director with the U.S. Public Interest Research Group, a consumer advocacy group in Washington, D.C. "Every day they can earn income at a higher interest rate is more profits for them."
Or some editor has puts on BAC.
Too late, dinosaur. Wall Street has no cred.
Record low 16 primary dealers. When does oligopoly pricing kick in? I think with today's technology 16 is manageable, but to be safe one should be voted off the island every month. Citi you must marry MS. Take turns being the wife. The rest of you start pairing up by country...
"And someone earlier today predicted that NYC would see a net population decline"
Rob Dawg.
NYC will see a demographic change...the city still is a relatively welcoming place for immigrants, refugees, and the unlucky. It remains more generous than most other places, even in hard times. That said, the middle class, middle management will be pushed out here, and the young grads, who come here from everywhere for their first jobs will not arrive in numbers this year. The tax receipts are falling badly, Bloomberg announced more job cuts in the public sector...including cops and firemen...and I see retail vacancies in small shops all along Broadway and Columbus Ave. The downturn is just becoming visible here on the West Side...but it has arrived.
In the end housing comes down, circuit city, chrysler an that cute soap store close. Your taxes go up and some inflation returns in a year or so. It's not exactly Mad Max
if mccain was prez there is a real chance phill gramm would be treasury secretary
Indeed - I'm an Obama supporter - and a general supporter of the dems at large - and I want to ask this: what serious alternative do you propose? And by serious I mean other than Ron Paul (just save it Michael - go have your tea party circle jerk with the other wannabe plutocrats and their frontmen like Santelli who imagine they will be just fine without the rest of society).
The rape of the treasury would be proceeding apace and there would be no talk at all of regulatory reform.
I'm very disappointed as well - right along with the far left true believers who are disappointed on Iraq and Afghanistan - over the pathetic economic policy. However, I'm grateful we have the least bad option.
" im loosing my conviction that obama has the right plan and the right people"
What plan and people did you think he had before the election?
-
Many have died or been impoverished that government of the banksters, by the banksters, for the banksters, shall not perish from the earth.
"guess couldn't wait with the good news. sorry for anyone holding FAZ. "
Eh, my puts do not expire until August. If they can bail the Titanic with thimbles, for THAT long, maybe this IS the bottom. But gravity is a bitch.
Comrade Scott
you don't get it. The problem is that dems are now following the same policies. Who will you trust again for "change"?
Anonymous1 :
I most certainly DO get it...I said: I'm very disappointed. Clearly they are following the same game plan, more or less. I also believe we are far, far more likely to get at least some shot at meaningful regulatory reform (ala FDR/Joe Kennedy & the SEC) out of the Dems than we are out of the GOP. Yes, both are bought and paid for by the Plutocracy, but there is such a thing as the lesser of two evils.
I had hoped Obama would have more Warrens and fewer Geithners; I am disappointed. I am not ready to throw in the towel nor was I ever idealistic enough to believe we'd get a revolution. I'll settle for a major party realignment. I think O might just pull that off. And yes, that's been enough, a couple of times. It was enough in 1800, 1860, 1932 and 1980. We've had major 3rd party movements - TR and Perot - that didn't manage a realignment - and amounted to very little in the long run while creating a lot of sturm and drang in the short term. Contrast that with TR's very quietly radical reform (progressive) of the government from within the existing two party system, and you'll see my point.
Worst. Thank you tj.