Comments for "The DAP Legacy: FHA Delinquencies Rise Sharply in 2008"
Calculated Risk says:
Note: Few or no comments will not be lost when we switch.
best to all
Calculated Risk Sat Apr 4 16:11:15 2009 CDT #
CRbot says:
This comment thread has been CRC-IZED by yagij (CRbot helped a little).
http://realize.org/cr/crcizer/phpCRCo.php?path=%2F7053989569685391503&ord=asc&csslayout=reg&topic=The+DAP+Legacy%3A+FHA+Delinquencies+Rise+Sharply+in+2008
And for the stubborn old-timers... it's also been HALO-IZED by CRbot.
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CRbot Sat Apr 4 16:11:29 2009 CDT #
EvilHenryPaulson says:
Calculated Risk
The switchover to drupal is going ahead? I think you should reconsider CRCizer, or even Google's own blogspot comment system
EvilHenryPaulson Sat Apr 4 16:20:04 2009 CDT #
briwerk says:
Repost:
Um... I don't understand why people are complaining about too many options to view the comments.
You do know, of course, that the Haloizer posted its comments directly back to JS-kit, and all its messages were retrieved from JS-kit (on a 30 second cache).
You also know, of course, that the CRCizer had its own separate database which allowed it to act as a standalone comment system, but also synchronized comments both ways. Meaning that comments posted to JSkit would appear on CRCizer, and the comments posted to CRCizer would also get posted back to JS-kit, thereby maintaining a synchronous view of the comments on all sites, but allowing it to continue to function if JSkit went down for whatever reason.
The only comment system that doesn't post its comments back to JSkit is the new drupal based Hoocoodanode, but why bother when you have a guarantee that you'll be the system to replace jskit.
So any complaints about comments not getting posted back to maintain a consistent view of comments should be directed at Hoocoodanode, since everything I've done or contributed to has not had that problem.
However, I do think you guys will not have too much longer to complain, since haloizer is definitely not getting ported. CRbot will not get ported. CRCizer may or may not get ported, we'll see.
By the way, the bot polls JSkit gently, and it is not JSkits primary problem. JSkit's problem is managing scale, since they are not just providing comments for CR, but also Mish and many many other sites.
briwerk Sat Apr 4 16:20:18 2009 CDT #
briwerk says:
EvilHenryPaulson:
The transition to CRCizer would likely be seamless. We would just have to agree on the linking convention. But since the systems are already running in parallel, and synchronize comments both ways, the risk involved in the migration is greatly reduced.
briwerk Sat Apr 4 16:23:10 2009 CDT #
Virtual Dawgbot says:
Seems reality is lagging the consensus in the CR comments by only 18 months now. IMO this is progress.
Virtual Dawgbot Sat Apr 4 16:26:39 2009 CDT #
Calculated Risk says:
EvilHenryPaulson, yes, we will be making the switch.
I know some people won't be happy ... but I think it will work out well. I feel bad about CRCizer, but I wasn't aware those guys were doing anything. I tried to solicite advice, and a number of people recommended solutions - blogger, Disqus, Intense Debate, and on and on. I tried each of them, and none of them did what I wanted (and what I felt most readers would want).
JS-Kit has tried to help, but they are clearly overwhelmed ...
I sincerely appreciate all the suggestions. But at some point I need to just decide - and I have.
Best wishes.
Calculated Risk Sat Apr 4 16:33:31 2009 CDT #
Fried says:
Glen Greenwald has been doing a great job covering Wall Street's increasing ownership of the government...this one is outstanding....
http://www.salon.com/opinion/greenwald//
Fried Sat Apr 4 16:34:46 2009 CDT #
JimPortlandOR says:
<i>"A little DAP'll do ya"</i>
Tames cowlicks!
Everywhere you look, financial thievery thrives, in the past, and today.
Maybe a total restart on financial institutions is the only cure (accompanied by restraining orders that prevent any industry CEOs/Officers from working in the industry ever again). Of course, that would require a round or two of pitchforks and a US default on its debt, but maybe that's the price to be paid to regain sanity.
JimPortlandOR Sat Apr 4 16:35:46 2009 CDT #
Calculated Risk says:
briwerk, my understanding is that JS-Kit has about 1 million sites. And they are just swamped with problems.
Thanks for everything you've done. I really appreciate it.
This isn't my area of expertise, and I tried to get as much as advice as possible. Unfortunately the advice was conflicting and many of the suggestions just didn't work as I'd like.
Thanks again.
All my best.
Calculated Risk Sat Apr 4 16:37:46 2009 CDT #
lawn grass says:
I am starting a new residential lending company/program called Free Money Until Foreclosure (FMUF).
lawn grass Sat Apr 4 16:49:07 2009 CDT #
MinniRenter says:
I was reading the inflation/deflation thread and I wanted to share my view on Longwaver's points about having to burn money to destroy it. I am not trying to pick on Longwaver. I just think it is an interesting thought process to go through.
Here is how I think "money" is destroyed when you default on a loan. Imagine a simple fractional reserve banking system where the reserve requirement is 10% of loans. Yes, in this system when a loan is written the proceeds are deposited in someone else's account... money created independent of the performance of the loan. If the system starts off with $10 of reserves you can create $90 in loans. In year 1 the banks make $3 off of the loans but losses due to default are $5. The reserves of the system shrink to $8 which will only support $72 of loans. But, in the short run the system still has $85 in loans, as Longwaver argued. Loans have maturities and as they mature the bank will not create new loans in their place because they do not have the reserves to support it. Money was destroyed, the bank owner's money. The bank owner's money is dollars and cents in an account just like everyone else's.
MinniRenter Sat Apr 4 16:54:22 2009 CDT #
Punditry says:
this crc-ized is the bset since haloscan
nicely done
Punditry Sat Apr 4 16:57:10 2009 CDT #
Basel Too says:
minnirenter:
exactly. one of the tools of monetary policy is the reserve requirement, by raising the requirement, the Fed can reduce the money supply. if banks are hoarding deposits because of uncertainty in their balance sheets, then the net effect is the same as raising the reserve requirement.
Basel Too Sat Apr 4 16:58:49 2009 CDT #
Lothar the Rottweiler says:
The socialization of our country continues unabated, even on weekends.
They are working hard you know.
My paranoia meter is off the charts.
This will not end well, and I am making no predictions, but...
I'm very close to pulling all of what little is left of my 401K, and bank account, into straight cash and taking the hit on the early withdrawal on taxes for the 201. 42% vaporized in Q4 08.
Probably Monday. Gotta start somewhere. Loot my salary as much as possible, but I'm not contributing to the ongoing financial scams any longer if I can help it.
Perhaps I lose my house 6 months from now for nonpayment, but I doubt it. That's already SOP at WF - they won't mark down loans as delinquent now for 6 months. That's also a lot of cash I could be saving up, if it's even worth anything in the longer term.
I can't believe I am going to have to live through this, or watch it happen, anyhow.
Going John Galt is getting really appealing since the O admin seems to think many can live for free on the backs of a few.
How's that gonna work out when my salary and all its associated tax(es)/benefits cut off the literal 7 of 10 kids I pay for meals at the local public schools 3X/day/9mos/yr?
Something wicked this way comes...
Lothar the Rottweiler Sat Apr 4 17:01:41 2009 CDT #
diogenes says:
401K's will probably be grabbed by the O regime and you will be given worthless treasuries before this is over. Better get out before that happens. Dittos for IRAs and Roth IRAs.
Parent Post
diogenes Sat Apr 4 20:15:40 2009 CDT #
Outsider says:
"I am starting a new residential lending company/program called Free Money Until Foreclosure (FMUF)."
Around here, they call that a HELOC.
Outsider Sat Apr 4 17:04:01 2009 CDT #
Comrade Bear (tj and the bear) says:
20.7 percent of all FHA loans issued in 2008 were at least 60 days late by 10 months after the origination date
OUCH! Those figures just scream fraud, and (to me) show we're a long ways from an overall bottom in housing.
Comrade Bear (tj and the bear) Sat Apr 4 17:05:23 2009 CDT #
Basel Too says:
had lunch with a couple of noobie staffers this afternoon. it seems that lots of Congresscritters did not know about Larry Summers connection to the D.E. Shaw. I was like, "ummm, it's been on his wikipedia page for years." now there's absolutely no shot that he will get confirmed for Fed Chair in 2010, which he's supposed angling for.
And to the point about Obama' purported pitchforks comments: the media team was trying to control the news cycle. Leak that story Friday morning, and the release the financial disclosures of the White House staff at 7:00 pm Friday night. it was disclosed that another staffer received a multi-million dollar bonus from Citigroup in January. timing was not a coincidence.
Basel Too Sat Apr 4 17:08:36 2009 CDT #
Bond Girl says:
It's my understanding that FHA loans as a percentage of total mortgages also skyrocketed in 2008. So if a large percentage of FHA loans made in 2008 are delinquent...
Bond Girl Sat Apr 4 17:09:01 2009 CDT #
BondsOfSteel says:
Wasn't this increase another 'shadow' bailout? Instead of letting debtors default on a private loan, refinance them into a FHA loan and not only kick the can down the road a little further... but into a public park.
http://www.forbes.com/2008/04/23/fha-modernization-concerns-markets-equity-cx_md_0422markets15.html
Many of those crazy CountryWide loans have to be FHA loans now...
Parent Post
BondsOfSteel Sat Apr 4 18:20:48 2009 CDT #
Anonymous says:
Change - YES we can!!
Lawrence Summers, a top economic adviser to President Barack Obama, pulled in more than $2.7 million in speaking fees paid by firms at the heart of the financial crisis, including Citigroup, Goldman Sachs, JPMorgan, Merrill Lynch, Bank of America Corp. and the now-defunct Lehman Brothers.
He pulled in another $5.2 million from D.E. Shaw, a hedge fund for which he served as managing director from October 2006 until joining the administration.
Thomas E. Donilon, Obama’s deputy national security adviser, was paid $3.9 million by the power law firm O’Melveny & Myers to represent clients including two firms that receieved federal bailout funds: Citigroup and Goldman Sachs. He also disclosed that he’s a member of the Trilateral Commission and sits on the steering committee of the supersecret Bilderberg group
Valerie Jarrett, a senior Obama aide, reported $852,000 in salary and deferred compensation from Habitat Executive Services, a Chicago real estate development and management firm, plus nearly $350,000 in director’s fees from groups including the Federal Reserve Bank of Chicago and USG Corp.
Anonymous Sat Apr 4 17:11:16 2009 CDT #
GreaterFool says:
How much longer will those poor fools on the other side of the Pacific continue to fund our insanity?
GreaterFool Sat Apr 4 17:14:35 2009 CDT #
ATM card and $19 in the bank says:
DAP, FMUF, HELOC, etc....
Since we have decided that having people own houses without any skin in the game is sound policy, why not create a program to provide recourse loans to be used as 20% downpayments, with the provision that, like student loans, they cannot be discharged in Bankruptcy?
No, wait, let me guess: it exists already, but since no one on Wall Street can make money on it no one publicizes it.
ATM card and $19 in the bank Sat Apr 4 17:15:19 2009 CDT #
Virtual Dawgbot says:
CR,
As part of the upgrades I was wondering if you could set a flag for stupid political comments/trolls.
Regards.
Virtual Dawgbot Sat Apr 4 17:15:51 2009 CDT #
Guest says:
I was wondering if you could set a flag for stupid political comments/trolls.
Yes, stupid political comments like "OBAMA=FAIL"
Guest Sat Apr 4 17:19:35 2009 CDT #
Virtual Dawgbot says:
Yes, stupid political comments like "OBAMA=FAIL"
No, r_t_o, in case you haven't been paying attention (and you haven't) being right is immunity from such accusations. Actually, anonymous attacks are even more insulating. Like the last few times; when you "quote" you need to actually quote. I said "Obama = FAIL" and it was in the context of his failing to break from the previous administrations policies among other observations. How is that working out so far sport?
Virtual Dawgbot Sat Apr 4 17:24:41 2009 CDT #
Comrade Bear (tj and the bear) says:
How much longer will those poor fools on the other side of the Pacific continue to fund our insanity?
That is the question. Can their politicians really be bigger clowns than ours?
Comrade Bear (tj and the bear) Sat Apr 4 17:26:11 2009 CDT #
Broker says:
Wow, what a surprise! Please tell me it is not true!
Broker Sat Apr 4 17:34:49 2009 CDT #
EvilHenryPaulson says:
Anecdotal report:
Banks are still jerking around corporate clients with lines of credit. Trying to get them to sign up to new worse terms without letting them know it is voluntary
EvilHenryPaulson Sat Apr 4 17:40:18 2009 CDT #
WAWAWA says:
As Gerald Celente has said, we are going to have "the greatest depression".
WAWAWA Sat Apr 4 17:44:52 2009 CDT #
Lobbyi$t Ben Dover says:
I am seeing a lot of CA license plates in Denver this week.
Lobbyi$t Ben Dover Sat Apr 4 17:50:25 2009 CDT #
MrM says:
20.7 percent of all FHA loans issued in 2008 were at least 60 days late by 10 months after the origination date
First of all, the absolute level is stunning. That probably means the annual loss rate of about 50%. Wow.
Secondly, this level of losses on loans issued in 2008 makes one pause and ask the question whether one should be at all happy with signs of higher home sales. The unemployment just started to raise, so the losses will continue to mount.
MrM Sat Apr 4 17:53:56 2009 CDT #
BondsOfSteel says:
20.7%... well there goes the meme that CMOs are misspriced since 97%... 95%... 90%... 80% of homeowners are paying on time.
79% and falling...
Parent Post
BondsOfSteel Sat Apr 4 18:03:26 2009 CDT #
energyecon says:
EvilHenryPaulson,
Digging through the press releases, it seems we get an explicit statement of revisions in the BLS presser on the employment situation from preliminary to advance, and advance to final (absent annual exercise) for about the last six months...then to get any revisions before that you have to go into the data tables - does that jibe with what you see (if you've dug that far)?
energyecon Sat Apr 4 18:00:52 2009 CDT #
EvilHenryPaulson says:
energyecon,
Haven't dug that far
EvilHenryPaulson Sat Apr 4 18:05:18 2009 CDT #
CRbot says:
The Latest from Yves:
Reader Notice (and Apology of Sorts)
CRbot Sat Apr 4 18:06:51 2009 CDT #
CRbot says:
The Latest from Yves:
Must See: "Samsung Extreme Sheep LED Art"
CRbot Sat Apr 4 18:11:01 2009 CDT #
EvilHenryPaulson says:
http://www.bloomberg.com/apps/news?pid=20601087&sid=ax3FuUvS0Y6g&refer=home
Defense Secretary Robert Gates will disclose which programs get curtailed in two days as he tries to rein in defense spending that may reach $654.1 billion in the budget year ending in September, a 72 percent gain since 2000. Cost increases and the expense of supporting two wars contributed to the run-up, with new weapons now accounting for 37 percent of Pentagon spending, up from 30 percent.
probably priced in to the market already
EvilHenryPaulson Sat Apr 4 18:13:09 2009 CDT #
Comrade Bear (tj and the bear) says:
As Gerald Celente has said...
And he's far from alone. The rest of the world will be dragged out of denial eventually.
Comrade Bear (tj and the bear) Sat Apr 4 18:13:17 2009 CDT #
CRbot says:
This comment thread has been CRC-IZED by yagij (CRbot helped a little).
http://realize.org/cr/crcizer/phpCRCo.php?path=%2F5181621749392444404&ord=asc&csslayout=reg&topic=Summary+Post
And for the stubborn old-timers... it's also been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/5181621749392444404
CRbot Sat Apr 4 18:15:12 2009 CDT #
briwerk says:
FYI, the errant bot messages are being caused by switching comment links back and forth from jskit to hoocoodanode.
briwerk Sat Apr 4 18:17:12 2009 CDT #
Pavel says:
"Even in a media-saturated nation that encourages short memories, these numbers are conversation-stopping: Forty-seven people dead in the past month in American mass shootings and their aftermaths. It's to the point where on Saturday, dizzyingly, the mayor of Binghamton found himself offering Pittsburgh its sympathies.
Put aside for a moment the debate over guns. This isn't about policy. It's about asking the urgent question: What is happening in the American psyche that prevents people from defusing their own anguish and rage before they end the lives of others? Why are we killing each other?"
-- Associated Press
For those who think guns are the answer.
Pavel Sat Apr 4 18:18:15 2009 CDT #
nova says:
Had to go get my daughters passport renewed today. No line. Five years ago it took forever.
Went to the mall to return an airfilter. It was packed.
Same houses for sale that were last year along the way.
I was looking at the clones at the mall. So many women of a certain age with the same color hair (blond) and the same vacant expression.
All looked to be a size 6 and rebuilt.
I have begun looking at people and wondering - will they make it? Could they make it?
nova Sat Apr 4 18:20:12 2009 CDT #
MrM says:
For those who think guns are the answer
Guns may or may not be the asnwer, but what is the question?
MrM Sat Apr 4 18:20:43 2009 CDT #
1 currency now [yogi] says:
C + MS= too big to fail or finally an oligopoly small enough to succeed (in killing the "free market")?
1 currency now [yogi] Sat Apr 4 18:23:37 2009 CDT #
EvilHenryPaulson says:
http://www.businessandmedia.org/articles/2009/20090403095014.aspx
If you have never seen Jim Cramer before, that clip is disgusting. My spider-senses are on high alert for a big downleg
EvilHenryPaulson Sat Apr 4 18:24:40 2009 CDT #
Pavel says:
The question is: How do we live with ourselves in an insecure world.
Pavel Sat Apr 4 18:24:50 2009 CDT #
Pavel says:
"I have begun looking at people and wondering - will they make it? Could they make it?"
Most will, because the instinct to make it is hard-wired. But it's probably true that we've never been this deracinated, this emotionally and spiritually impoverished.
http://www.pavelreads.com/
Pavel Sat Apr 4 18:28:27 2009 CDT #
EvilHenryPaulson says:
Pavel,
It's incorrect to personify the world. Insecurity is an emotion of individual humans, sometimes experienced in concert throughout a group
EvilHenryPaulson Sat Apr 4 18:29:22 2009 CDT #
MrM says:
The question is: How do we live with ourselves in an insecure world.
Guns are not relevant to this question. The question is about the balance between personal security and freedom and, fortunately or unfortunately, it will be decided by a majority vote.
MrM Sat Apr 4 18:31:45 2009 CDT #
energyecon says:
EvilHenryPaulson,
Out of frustration I am going to capture the successive monthly estimates of NFP and then generate a match to the limited set of successive revisions we have and roll that back...going to take a little while, but this has tickled my OCD impulse to KNOW lol
energyecon Sat Apr 4 18:34:15 2009 CDT #
MrM says:
If you have never seen Jim Cramer before
What about Jim Cramer that makes him worth watching or reading about? He has been as good as random during the bull years and worse than random during the recent bear market. Why bother paying attention?
MrM Sat Apr 4 18:34:22 2009 CDT #
ATM card and $19 in the bank says:
EHP,
I understood "world" to mean a global patchwork of societies, with the implication that either the connection/disconnection between those societies creates insecurity or many/most/all of the those societies are themselves characterized by insecurity among its members.
ATM card and $19 in the bank Sat Apr 4 18:35:51 2009 CDT #
CRbot says:
The Latest from Denninger:
Under Fire: The Federal Government
CRbot Sat Apr 4 18:36:57 2009 CDT #
kuato says:
The nice thing about the FHA is that they can never go bankrupt. They don't even have to tally the losses. Sweet!
kuato Sat Apr 4 18:37:09 2009 CDT #
ATM card and $19 in the bank says:
...and that last its should probably be their. I don't know. As others have pointed out, debating EHP taxes the brain. :-D
ATM card and $19 in the bank Sat Apr 4 18:37:39 2009 CDT #
REBear says:
3 officers killed in shootout
first department fatalities since 1995
Suspect was wearing bulletproof vest, armed with AK-47, police chief says
Third officer killed was on his way home after finishing shift
Officers were responding to domestic call in Stanton Heights area of Pittsburgh
Two more officers were injured in the nearly four-hour standoff that ensued
http://www.cnn.com/2009/CRIME/04/04/pittsburgh.officers.shot/index.html
REBear Sat Apr 4 18:38:31 2009 CDT #
EvilHenryPaulson says:
MrM
I don't watch him, that's the first clip I have seen since he did went crazy on air saying "Bernanke knows nothing". He actually had a significant negative correlation with the market last I saw. But I take him to represent the voice of thousands of financial planners, and the words millions hear regarding investing. I really don't get along with stupid people, and perhaps I shared the link out of revulsion. Like rubbernecking driving past a car accident.
EvilHenryPaulson Sat Apr 4 18:39:02 2009 CDT #
EvilHenryPaulson says:
energyecon,
good luck! I do wonder if anyone with a Reuters or Bloomberg terminal can call up the series though.
EvilHenryPaulson Sat Apr 4 18:40:10 2009 CDT #
energyecon says:
All right, have my history match - now it is a data monkey job - ook ook!
energyecon Sat Apr 4 18:41:09 2009 CDT #
1 currency now [yogi] says:
Bberg:
'The default will have “absolutely no impact on operations of either team,”[Texas Rangers baseball, Dallas Stars hockey] the company [Hicks Sports Group] said. Hicks Sports’ finances are “completely separate” from Liverpool F.C., Hicks Acquisition Co., Hicks Equity Partners and Hicks Holdings, as well as Tom Hicks’s personal and family interests, according to the statement."
Translation: don't worry, we have so many shells, there is probably a pearl under one of them, and one of our teams could always get hot...
1 currency now [yogi] Sat Apr 4 18:42:17 2009 CDT #
Anonymous says:
OT: (but isn't everything these days?)
So I want to pull my $ out of BOA and WF, but where to put it? Can anybody recommend a safe bank in the Bay Area? Are Bank of Marin or Tamalpais Bank safe? Can anybody recommend a North Bay credit union? What about putting my cash in a brokerage like Schwabb? Thanks in advance...
Anonymous Sat Apr 4 18:44:07 2009 CDT #
Pavel says:
"Guns are not relevant to this question."
It is, apparently, for some of us.
Pavel Sat Apr 4 18:44:38 2009 CDT #
EvilHenryPaulson says:
ATM card
Insecurity is a state of mind. Insecurity has little bearing on risk for conflict. If Pavel asked how do we live in a world where the risk for conflict is increasing, I would have said nothing. As a result of the change in words, the question becomes less ambiguous, and has simple practical answers -- which may not be what Pavel was searching for
EvilHenryPaulson Sat Apr 4 18:45:14 2009 CDT #
Basel Too says:
Can anybody recommend a safe bank in the Bay Area?
All deposits under $250K are "safe." The question is whether you want to subsidize the money centers with your deposits.
Basel Too Sat Apr 4 18:46:31 2009 CDT #
EvilHenryPaulson says:
yogi,
Brought that up last night, it is something of a bigger web when you include George Gillette the co-owner of Liverpool FC. Original story source for Hicks: http://www.finalternatives.com/node/7483
I think its bad news for English Premier League Soccer. Sponsors and owners are going down left and right
EvilHenryPaulson Sat Apr 4 18:47:41 2009 CDT #
Pavel says:
The AP writer asked why 47 of us have been killed by gunfire in the past month in mass shooting incidents. I think that deserves some thought.
Pavel Sat Apr 4 18:47:59 2009 CDT #
Pavel says:
Too many of us have - in most cases flippantly, I thought - alluded to guns as some kind of answer to our problems. I think they should think again about whether they even want to be flippant on the subject.
Pavel Sat Apr 4 18:50:52 2009 CDT #
Comrade Bear (tj and the bear) says:
How do we live with ourselves in an insecure world.
The answer is NOT to unilaterally disarm ourselves against criminals and tyrants.
"Those who would sacrifice liberty for security deserve neither."
Comrade Bear (tj and the bear) Sat Apr 4 18:51:22 2009 CDT #
CRbot says:
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CRbot Sat Apr 4 18:52:41 2009 CDT #
Pavel says:
I tried to post a translation of this poem but apparently it has too many bytes. Worth looking up.
DER VATER
By Albrecht Haushofer (1903-1945)
Pavel Sat Apr 4 18:52:59 2009 CDT #
ATM card and $19 in the bank says:
EHP,
Got it. I think exploring the various definitions of insecure might resolve this. I don't want to speak for Pavel, but I would expect his definition of insecure to resonate with a lack of structural stability, perhaps a lack of adequate protection; in other words, not just the worry about one's personal appearance or social standing. Also, based on what Pavel has written here previously, I think he sees risk as a permanent feature of existence, so to call the world insecure is not necessarily to say that things are getting worse, but rather to acknowledge that we are already living in a fallen and broken world.
ATM card and $19 in the bank Sat Apr 4 18:54:42 2009 CDT #
nova says:
Security is a word that is in search of a new meaning.
The source of what provides that security is also going to be redefined for a lot of people.
nova Sat Apr 4 18:56:58 2009 CDT #
EvilHenryPaulson says:
Pavel,
Same reason suicides have increased. It just happens that more people have been pushed past the critical stress level without any outlet to turn to. Yes, that could be in the form of a emotional network or spiritual organization.
I'm reminded of the 2 suicides of 600 laid off PoiC related. Money problems are the straw that broke the camel's back. Right now, there is no where you can move to get away from it all -- all illusion of self-determination destroyed.
People have got by relying on the financial economy so much in recent decades. Unemployment has been handled by running up credit card bills, and not moving in with friends. There are dual incompatible economies in my opinion: one social, one financial. You would be slapped in the mouth if you offered your mother $50 for Thanksgiving dinner, and laughed at if you tried to obtain a loan from a bank using a pledge of gratitude as interest payment. It's one of the primary faults in economic models that assume everything has a cash price. Once you try to pay a friend to help you move, even $1, they won't do it at all.
EvilHenryPaulson Sat Apr 4 18:57:37 2009 CDT #
Pavel says:
"Also, based on what Pavel has written here previously, I think he sees risk as a permanent feature of existence, so to call the world insecure is not necessarily to say that things are getting worse, but rather to acknowledge that we are already living in a fallen and broken world. "
Fair enough. Perhaps things have been getting worse, because certain forms of social stability seem to be dissolving. But this is the only era I've ever lived through. Eighty years ago my uncle took part in what amounted to small-scale civil war on the streets of Berlin. There was plenty of gun fire. Many people were killed. The result was not more freedom, but a great deal less.
Pavel Sat Apr 4 19:07:59 2009 CDT #
Anonymous says:
anybody recommend a safe bank
Just stay under FDIC limits
Anonymous Sat Apr 4 19:09:53 2009 CDT #
Pavel says:
"You would be slapped in the mouth if you offered your mother $50 for Thanksgiving dinner, and laughed at if you tried to obtain a loan from a bank using a pledge of gratitude as interest payment. It's one of the primary faults in economic models that assume everything has a cash price."
Yep.
Pavel Sat Apr 4 19:22:11 2009 CDT #
Anonymous says:
DAP or not does not matter when FHA only requires 3.5% down in a decling market, what do you expect? This was expected and part of the gov't plan to support housing prices, another is the current 4.5% low interest,another FHA allows up to 10 TEN properties per investor borrower, this will make the subprime look tame.
Anonymous Sat Apr 4 20:25:12 2009 CDT #
CRbot says:
New Thread: Bailout: The Potomac Two-Step
http://www.calculatedriskblog.com/2009/04/bailout-potomac-two-step.html ( 218 comments )
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CRbot Sat Apr 4 20:36:04 2009 CDT #
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