Comments for "NPR: Anatomy Of A Bank Takeover"
CRbot says:
This comment thread has been CRC-IZED by yagij (CRbot helped a little).
href="http://realize.org/cr/crctest/phpCRCo.php?path=%2F7946838065832658914&ord=asc&csslayout=reg&topic=NPR%3A+Anatomy+Of+A+Bank+Takeover
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/7946838065832658914
CRbot Wed Apr 1 22:10:45 2009 CDT #
fafhrd says:
Buy a cone get a free bank.
fafhrd Wed Apr 1 22:13:12 2009 CDT #
Yossarian says:
Interesting. I heard this on the local NPR station last week, in Portland. Myself, I'm starting to look for more clues about which banks will be shutting down. Saw a couple of branches opening an hour late, down in Woodburn. We need some more banks to go TU on Friday. Oregon has to keep up with the rest of the country.
Yossarian Wed Apr 1 22:15:00 2009 CDT #
sdtfs says:
Just walk away, Renee. Ooooops, sorry, that was the Left Bank.
sdtfs Wed Apr 1 22:16:47 2009 CDT #
Anonymous says:
With incredible foresight, to make sure they weren't confused with today's zombie institutions, the 60's group who did "Don't Walk Away Renee" named themselves "The Left Banke"
Parent Post
Anonymous Wed Apr 1 23:03:59 2009 CDT #
reptillian says:
I suppose that some people may prefer ice cream to a toaster. There is no accounting for taste.
reptillian Wed Apr 1 22:17:21 2009 CDT #
homedad43 says:
So in today's environment, what's the effect of sitting outside your bank branch in a lawn chair about an hour before opening?
That would've been a great trick today.
homedad43 Wed Apr 1 22:19:25 2009 CDT #
Comrade Bear (tj and the bear) says:
CR's on fire these days. Somebody spike his lemonade??? :-D
Comrade Bear (tj and the bear) Wed Apr 1 22:20:35 2009 CDT #
EvilHenryPaulson says:
homedad43
Causing a panic about a bank is a Federal offence, no?
EvilHenryPaulson Wed Apr 1 22:22:02 2009 CDT #
homedad43 says:
Who's causing a panic?
The grounds are nicely manicured and it's spring with all of the flowers...
homedad43 Wed Apr 1 22:23:50 2009 CDT #
CRbot says:
Humans, I find your lack of rejoicing to be disturbing.
Click and rejoice! http://realize.org/cr/crcizer/phpCRo.php
Get CRCized
CRbot Wed Apr 1 22:23:54 2009 CDT #
fafhrd says:
If sitting in a lawn chair constitutes "causing a panic" then we don't deserve to make it through this one.
fafhrd Wed Apr 1 22:24:52 2009 CDT #
Doug Watts says:
But the cup and spoon cost $1 billion.
Doug Watts Wed Apr 1 22:25:19 2009 CDT #
homedad43 says:
CRBot:
If I use this like a beta test, do I get money for it since Bill Gates authorized payment?
homedad43 Wed Apr 1 22:26:05 2009 CDT #
jed skerrit says:
Back in the day, ol' pap subscribed to US News and World Distort.
Better than the news were the S&L adverts promising 5% passbook interest.
So, I filled out the small coupon and stuffed $5.00 in an envelope.
Lo and behod! Just a few days later comes back a savings account passbook showing a deposit of $5.00, which was made with a "Silver Certificate," by the way.
jed skerrit Wed Apr 1 22:26:34 2009 CDT #
wtf says:
g*****n those federal reserve notes!
Parent Post
wtf Wed Apr 1 22:32:33 2009 CDT #
CRbot says:
Homedad:
More rejoicing, less demanding.
Would it help if I said, "Please?"
CRbot Wed Apr 1 22:27:49 2009 CDT #
EvilHenryPaulson says:
fafhrd
You see what happened in boston last year with a few lite brite signs posted around town?
Police used the excuse to book overtime, declared city wide terror alert level omega, and went crazy (the lite brite signs were harmless cardboard thick battery + LEDs for an "adult swim" cartoon movie)
Kids today have grown up in a police state and don't bother debating the extent of free speech, the lesson they learned is it doesn't matter what you say -- just don't get caught
EvilHenryPaulson Wed Apr 1 22:29:03 2009 CDT #
Blackhalo says:
"Police used the excuse to book overtime, declared city wide terror alert level omega, and went crazy (the lite brite signs were harmless cardboard thick battery + LEDs for an "adult swim" cartoon movie) "
Did Turner/WB end up paying for the Boston police being a spaz?
Parent Post
Blackhalo Wed Apr 1 22:58:30 2009 CDT #
Anonymous says:
'Kids today have grown up in a police state and don't bother debating the extent of free speech...'
Well, that is certainly a harsh judgment of a country which prides itself on owning weapons to keep themselves free. And accurate, of course.
What is interesting, and disturbing, is to see how many Americans are actively and desperately frightened by the sort of 'speech' that Europeans practice, police state here, police state there - massive numbers of people in the streets, impossible to dismiss as being part of a tiny fringe.
London was shut down, and this weekend, Baden-Baden, Kehl, and Strasbourg will be too - but then, the reason is to prevent any problems for those in charge. In Europe, the leaders tend to have a certain healthy respect for the people and their ability to disrupt the best laid plans of the rich and powerful.
In America, the rich and wealthy have found their best ally to be those that continue to dream about freedom while repeating the mantra happiness is a warm gun. In the UK, the plans to ID everyone are still foundering - the British simply refuse to go along, even as cameras sprout in most public spaces and along roadways. But in the U.S., money is to be made by fingerprinting everyone, for a bewildering number of reasons, including protecting the children, of course.
It is the world's first for-profit police state, which is a fascinating subject itself.
Parent Post
Anonymous Thu Apr 2 00:01:20 2009 CDT #
$19 card and ATM in the bank says:
Re: CRCized
nicely displayed comments... let's see if I can post
$19 card and ATM in the bank Wed Apr 1 22:29:25 2009 CDT #
otishertz says:
Free ice cream!
Why not?
We're all insured, right?
otishertz Wed Apr 1 22:29:43 2009 CDT #
CRbot says:
The Latest from Mish:
Subprime Financing Resumes at GMAC
CRbot Wed Apr 1 22:30:11 2009 CDT #
ATM card and $19 in the bank says:
WTF? It totally scrambled my handle...
I kid; I kid! CRCize looks great!
ATM card and $19 in the bank Wed Apr 1 22:30:51 2009 CDT #
Bubblisimo Gerkinov says:
If sitting in a lawn chair constitutes "causing a panic" then we don't deserve to make it through this one.
What colour is the lawn chair?
Bubblisimo Gerkinov Wed Apr 1 22:32:12 2009 CDT #
homedad43 says:
Okay, so I'm here.
My thoughts?
overall, very nice, esp with the list of posters on the side column. My only other comment would be the inclusion of homepages since there are some that I like to visit periodically but never remember to write them down independently.
Good job, though.
Now tell Gates that I want my money. ;)
homedad43 Wed Apr 1 22:32:23 2009 CDT #
sportsfan says:
passbook showing a deposit of $5.00, which was made with a "Silver Certificate," by the way.
Hope that passbook grew nicely because 3.875 tr. oz. of silver didn't do too badly.
sportsfan Wed Apr 1 22:33:49 2009 CDT #
hong konger says:
It's alotta fun to witness the numbed majesty of a bank being closed.
All you can think is,"with all the outs, with all the fumbling of the numbers, with all the leeway you are provided, how are you able to screw this up this badly?"
hong konger Wed Apr 1 22:35:36 2009 CDT #
1 currency now [yogi] says:
Otis where have you been? The outrage fatigue here is palpable.
1 currency now [yogi] Wed Apr 1 22:36:04 2009 CDT #
Blackhalo says:
Does the "new comment" work? Would not "post" or "comment" be a better description?
Blackhalo Wed Apr 1 22:37:37 2009 CDT #
sportsfan says:
hong konger,
Good post about the intel folks.
sportsfan Wed Apr 1 22:38:18 2009 CDT #
Blackhalo says:
"Good post about the intel folks."
Link?
Parent Post
Blackhalo Wed Apr 1 22:48:35 2009 CDT #
Kung Fu Panda says:
Nice work, CRBot...very handy for checking while mobile.
I used to live in Clark County, WA. There was a lot of shoddily built housing back in 2000. Luckily, I sold my place in 2004. Asked 10k more than what the realtor figured would be the top, got two offers two days after listing and sold for asking. I thought that was the top of the market...silly me.
Kung Fu Panda Wed Apr 1 22:39:02 2009 CDT #
Blackhalo says:
"I thought that was the top of the market...silly me."
Well, if there have been a rational non-Ponzi market...
Hoocouldanode?
Parent Post
Blackhalo Wed Apr 1 22:47:38 2009 CDT #
jedd skerrit says:
Hope that passbook grew nicely because 3.875 tr. oz. of silver didn't do too badly.
In those days there was no difference. Silver was worth what the paper money was worth. I remember it well. Stacks of silver dollars, spent just like a paper dollar. Hoocoodanode?
jedd skerrit Wed Apr 1 22:39:47 2009 CDT #
homedad43 says:
Did NPR have a phone bank in the branch for their annual pledge drive?
homedad43 Wed Apr 1 22:41:56 2009 CDT #
Blackhalo says:
"Did NPR have a phone bank in the branch for their annual pledge drive? "
LOL! Semi-annual
Parent Post
Blackhalo Wed Apr 1 22:43:35 2009 CDT #
Anonymous says:
"Kids today have grown up in a police state and don't bother debating the extent of free speech, the lesson they learned is it doesn't matter what you say -- just don't get caught"
When you were a kid did you debate the extent of free speech?
How boring.
Anonymous Wed Apr 1 22:42:51 2009 CDT #
Anonymous says:
'When you were a kid did you debate the extent of free speech?
How boring.'
Not really, at least when I was a child - but then, that was the age of George Carlin and his seven words, or some of the more interesting decisions about free speech in terms of obscenity, to what extent a school could determine a student's rights, and even such minor things as whether using the IRS to go after journalists was permissible.
Of course, that all seems so quaint these days - all of those decisions having seemingly been rolled back in practice (with the vague exception that pornography on the Internet is so pervasive, no foreseeable laws will change that fact).
Parent Post
Anonymous Thu Apr 2 00:10:26 2009 CDT #
homedad43 says:
Once I'm in CRCize though, how do I refresh?
homedad43 Wed Apr 1 22:43:05 2009 CDT #
Blackhalo says:
"how do I refresh?"
F5?
Parent Post
Blackhalo Wed Apr 1 22:44:29 2009 CDT #
hong konger says:
EHP-
Boston light show- Cartoon Network. Aqua Teen Hunger Force- Dave Willis-co-creator.
Personal friend.
Not my cup o' tea, but, a brilliant mind. And, a helluva person.
hong konger Wed Apr 1 22:44:53 2009 CDT #
homedad43 says:
I concur with EHP re kids and accepting the authority.
Found out the other week that local school district was taking thumb prints of all HS students for teh cafeteria. Each time the kid has to purchase, they have to swipe the thumbprint so that the school can keep track of what they're buying.
I was disheartened to find that my kid and her friends accepted it as norm without question.
Was going to contact the school district but got waylaid with sick kids. I'll report back on results in the next several days.
homedad43 Wed Apr 1 22:46:43 2009 CDT #
Blackhalo says:
"I was disheartened to find that my kid and her friends accepted it as norm without question."
I would be outraged too, except when the DMV asked for mine...
Parent Post
Blackhalo Wed Apr 1 22:50:15 2009 CDT #
sportsfan says:
Blackhalo, couple of nights ago. No link.
sportsfan Wed Apr 1 22:49:54 2009 CDT #
jedd skerrit says:
I should write a speech for the next president:
Welcome to the New America.
Your hopes and dreams are our reality.
Need a loan? We are ready to lend.
Want a job? We will put you to work.
You cannot fail unless you want to fail; even then, we will try and try again to make you succeed.
So, sign up for that loan, job, or whatever it is you want.
Here in the New America, whatever you can imagine will become real.
jedd skerrit Wed Apr 1 22:50:30 2009 CDT #
CRbot says:
I know your finite human minds might have a hard time grasping
this, but it should be nearly impossible for JS-kit to eat
comments through the CRCizer.
In fact, JS-kit's servers could get blown away by some kind of
freak nuclear explosion, and you could still read all the
existing CR comments. You can even post new comments to the
CRCizer and other people using CRCizer can read them. It is a
fully independent and operational BATTLESTATION.
Unfortunately, CRCizer will be unable to post comments to any
JS-kit servers that have been vaporized by a freak nuclear
explosion.
Note: CRbot does not advocate the use of freak nuclear
explosions for any reason.
CRbot Wed Apr 1 22:51:48 2009 CDT #
Blackhalo says:
Oooh, my FF spell checker works in the CRC "New Comment?. Very helpful.
Blackhalo Wed Apr 1 22:51:52 2009 CDT #
yagij says:
Please forgive the mess in the layout. Originally, the "New Comment?" link was to allow a dynamic refreshing of comments made since the page was rendered. However, it has turned into a "Post" link for now.
Again, it isn't a "By Design" choice. It just turned out that way until I got back to working on the AJAX updating scheme.
yagij Wed Apr 1 22:51:55 2009 CDT #
yagij says:
@Blackhalo:
(I forgot to answer your question.) As the "Posting Information" box states, it does work. However realize you are using something relatively new.
Also, it is why I don't clean out the form once you close the window or submit your comment. In case something goes wrong, your comment isn't "eaten" unless you close the window.
yagij Wed Apr 1 22:51:56 2009 CDT #
Blackhalo says:
"Also, it is why I don't clean out the form once you close the window or submit your comment. In case something goes wrong, your comment isn't "eaten" unless you close the window."
I noticed and immediately appreciated it.
Parent Post
Blackhalo Wed Apr 1 22:53:48 2009 CDT #
Anax says:
Yeah, shrink the font and it's got a halo-like thing going on. Like how the contibutors are summarized... as a devil may care type, I'll risk the alpha code beasty, and submit.
and I miss the Otis trenchancy as well.
Anax Wed Apr 1 22:51:57 2009 CDT #
New Comment New Post says:
Still checking things out...
"Name" field comes up blank, but does have autocomplete as soon as you type in a previously used handle: very cool.
New Comment New Post Wed Apr 1 22:51:58 2009 CDT #
Sr. American Mugabe says:
EHP.
"Kids today have grown up in a police state and don't bother debating the extent of free speech, the lesson they learned is it doesn't matter what you say -- just don't get caught"
You just freaking blew my mind. Permission to quote??? That pretty much sums up the experience of the x and y generations in two sentences.
I am your humble servant.
Sr. American Mugabe Wed Apr 1 22:52:01 2009 CDT #
Punt says:
The thumb print for food is to train the younger generations to use biometrics and RFID. Or one of the biometrics companies contributed to the right politician and got a no bid contract that when 300% overbudget that was solved with another contribution.
Lucidly it is a very bothersome development. Not good.
Punt Wed Apr 1 22:52:24 2009 CDT #
otishertz says:
yogi,
i was pressed into service by a sticky headed wombat.
outrage is the new black.
otishertz Wed Apr 1 22:53:34 2009 CDT #
krish says:
No wonder CR is betting on increased economic activity in the second half of this year.
In the short run, this will boost real economic activity. Of course, farther down the road, this will increase the rate at which prices rise – prices of goods, services and assets. Ben Bernanke’s "money-dropping" helicopter has been replaced by a C-5 Galaxy transport!
http://www.northerntrust.com/popups/popup_noprint.html?http://web-xp2a-pws.ntrs.com/content//media/attachment/data/econ_research/0903/document/ec032309.pdf
krish Wed Apr 1 22:54:20 2009 CDT #
Punt says:
Not that I am lucid or can use went when when will do.
Punt Wed Apr 1 22:55:48 2009 CDT #
hong konger says:
Freaky, I've known Dave for near quarter century and I find an indirect reference to his work on an econ blog. Twisted soul he is, he'll be happy.
hong konger Wed Apr 1 22:56:23 2009 CDT #
New Comment New Post says:
Okay, so in order to post a comment I click "New Comment?" but if I click "New Post" the system checks CR's main page for a new posting from him, right?
I have to say, "New Post?" got my hopes up a little; not that I want to hijack CR's front page, but it would be a pisser to put up a single-liner: "Generalissimo Francisco Franco is still dead."
New Comment New Post Wed Apr 1 22:56:40 2009 CDT #
Anonymous says:
Yes, FDIC employees are trained to be nice at bank closings but it is dog eat dog back at the office. Ah, memories!
Anonymous Wed Apr 1 22:59:06 2009 CDT #
Bill Hicks says:
I am interjecting energy into this equation. Peak Oil.
What becomes of all of these analyses should Ghawar start to fail? We've seen it in the North Sea and Cantarell.
Of all of the magnificient chart analysis and prognostications, nobody here is ready to realize the inevitable.
It is a serious question. There is plenty of analysis on this, yet its never been officially incorporated here. It is perhaps the biggest part of the equation. Will there be energy available for a 'comeback'?
Bill Hicks Wed Apr 1 22:59:24 2009 CDT #
Blackhalo says:
"Will there be energy available for a 'comeback'?"
There will always be energy. Just how expensive, should be the question.
Parent Post
Blackhalo Wed Apr 1 23:03:14 2009 CDT #
Bill Hicks says:
That is the question. Prognostications anyone? Geopolitical scenarios anyone?
I see this big fucking trainwreck that leaves survivors bloody and hungry.
Parent Post
Bill Hicks Wed Apr 1 23:20:49 2009 CDT #
sportsfan says:
Will there be energy available for a 'comeback'?
Only for a short while.
sportsfan Wed Apr 1 23:02:25 2009 CDT #
Punt says:
Ok last observation for the night. The world has become a carnival freak show that we pay to see and are titillated briefly. The great feature of the freak show was the containment and the background knowledge when we saw it all we would walk away and go home to the normal world. Now the freak show is our reality and we are starting to forget the normalcy we once enjoyed. And we have to keep paying. As will our kids but they will think this new normal is normal.
Punt Wed Apr 1 23:03:10 2009 CDT #
krish says:
<li>Foreign central banks aren’t going to finance much of the 2009 US fiscal deficit; their reserves aren’t growing any more (the q4 2008 COFER data) Brad sester</li>
It doesn't matter if we monetize the debt !! We should hit the bottom soon or may
krish Wed Apr 1 23:03:20 2009 CDT #
Barley says:
okay, make it so - level the pics on the wall
Barley Wed Apr 1 23:03:46 2009 CDT #
krish says:
or may be the bottom is already in the works.....
krish Wed Apr 1 23:04:13 2009 CDT #
yagij says:
@homedad43:
You can just refresh the browser window. If you click on the "Bottom" link before you refresh, it should render the page with new comments and automatically jump you down to what was the "last" comment. None of the funky refresh stuff/losing your spot like in JS-Kit.
Yes, "New Post?" is just a manual checker to see if a new post has been made. There is code in place to automatically check for a new topic ala CRCompanion but with some backend changes, it is a manual process now. Soon, it will probably disappear and return to something that just happens in the background.
And no, you cannot make new posts on CR's site. :p
yagij Wed Apr 1 23:04:18 2009 CDT #
Blackhalo says:
"Vehicle miles driven in the United States has dipped for 14 months in a row. It declined by 122 billion miles during that period, compared to the previous span of time. What is more, it fell 3.1 percent in January 2009, compared to the same month a year ago."
These guys must have gotten it from somewhere.
http://www.whsv.com/news/headlines/41918912.html
Parent Post
Blackhalo Wed Apr 1 23:08:55 2009 CDT #
squidMaurin says:
for those in so cal: Looks like they are in for some big water rate increases
http://www.avocado.org/admin/upload/Update_on_Metropolitan_2010_rates.pdf
your local city or util will be passing on those hikes. My provider, Moulton Niguel Water just approved a 16.2% hike for each of the next three years...
the notice is not up on the official www.mnwd.com yet, but on a union-ish looking blog run by employees
http://scwea.org
squidMaurin Wed Apr 1 23:04:51 2009 CDT #
DCRogers says:
CRCBot: As Stimpy would have said: JOY!
DCRogers Wed Apr 1 23:08:09 2009 CDT #
homedad43 says:
G'night folks.
homedad43 Wed Apr 1 23:08:10 2009 CDT #
reptillian says:
It doesn't matter if you're doomed as long as you get your part of TARP.
reptillian Wed Apr 1 23:09:22 2009 CDT #
Kung Fu Panda says:
A thumbprint to use the cafeteria? That is insane. The school shouldn't track what students are eating.
Kung Fu Panda Wed Apr 1 23:10:45 2009 CDT #
hong konger says:
sportsfan-
God, I gotta watch myself. Well, GM serves our national interests in ways other than producing a bunch of autos is the basic message. So does AIG and Citi.
I crunched out a funny story from the memory hole, then, the wife redacted it. Sorry folks.
hong konger Wed Apr 1 23:24:17 2009 CDT #
Guest says:
Pretty soon, my head is just going to explode.
Guest Wed Apr 1 23:29:02 2009 CDT #
RE says:
VERY nice job CRbot! For now I'll switch to your mirror. Finally again a way to do selective reading.
RE Wed Apr 1 23:30:52 2009 CDT #
Kung Fu Panda says:
"A former quantitative analyst at Harvard Management Company, the university’s once-vaunted endowment manager, tells the Harvard Crimson she was fired for voicing concern to then-university president Larry Summers’ chief of staff about the money manager’s risky use of derivatives the traders didn’t understand."
Link...
Kung Fu Panda Wed Apr 1 23:35:20 2009 CDT #
Kung Fu Panda says:
'A month after sending her email, Mack was fired after a meeting in which the endowment fund’s then-chief furnished her the emails and castigated her for making “baseless accusations.” She later sued for wrongful termination and settled out-of-court with the university. But she claims the practices “shocked” her, and — the punchline is — she had joined the company from Enron."
More from the same link...amazing...quant finds job at Harvard after Enron collapse, blows whistle, gets fired. Can't make this stuff up.
Kung Fu Panda Wed Apr 1 23:39:00 2009 CDT #
Black Star Ranch says:
"Each time the kid has to purchase, they have to swipe the thumbprint so that the school can keep track of what they're buying."
Tough one, HomeDad. I'd raise Hell about that. But then, the boys' schools know me well anyway - "the old crazy baseball announcer man".
Black Star Ranch Wed Apr 1 23:40:01 2009 CDT #
1 currency now [yogi] says:
"Risk". Is that an English word?
1 currency now [yogi] Wed Apr 1 23:41:05 2009 CDT #
Basel Too says:
Geithner’s Non-Recourse Gift That Keeps on Giving to Bill Gross
It's good to be the king...
Basel Too Wed Apr 1 23:42:49 2009 CDT #
Elrod says:
Can somebody answer this for me?
If there are, say, 1,000 mortgages in a mortgage-backed security, and 15% of those mortgages are in default while 85% are still current, why would that security be worthless or "toxic"? Doesn't it still provide the cash flows from those 85% of performing underlying mortgages? At what point does a MBS become "toxic"?
Also, since the MBS is supposed to pay out cash based on monthly mortgage payments, how hard is it to determine the total cash flows coming from a single security? Why, then, is it so hard to price these things?
I know they've been "sliced and diced" and all, but aren't they supposed to pay out cash according to the portions of mortgages in the security?
Elrod Wed Apr 1 23:43:08 2009 CDT #
Yalt says:
Can somebody answer this for me?
If there are, say, 1,000 mortgages in a mortgage-backed security, and 15% of those mortgages are in default while 85% are still current, why would that security be worthless or "toxic"? Doesn't it still provide the cash flows from those 85% of performing underlying mortgages? At what point does a MBS become "toxic"?
Yes, there is still cash flow coming from the underlying pool. Your example seems pretty simple, though--you're equating the MBS with the underlying pool as if we're talking about a simple pass-through security. While basic pass-through MBSs probably aren't worth what they were at origination, they aren't the kind of toxic and supposedly illiquid MBSs that are the issue nowadays.
Also, since the MBS is supposed to pay out cash based on monthly mortgage payments, how hard is it to determine the total cash flows coming from a single security? Why, then, is it so hard to price these things?
Because the price is determined by discounted future cash flows, which means you have to know (or at least give a good estimate) of the future loss history of the pool. And because...
I know they've been "sliced and diced" and all, but aren't they supposed to pay out cash according to the portions of mortgages in the security?
You probably ought to look more carefully at the kinds of "slicing and dicing" that were done. Tanta's ubernerd post might be a good place to start:
<h3 class="post-title entry-title">MBS For UberNerds III: Credit Risk, Credit Enhancement, and Ratings</h3>
If in any period realized losses on the pool exceed the excess cash, then they are applied as a principal write-down first to the OC, then to the lowest subordinate tranche, then to the next-highest tranche, and so on.
Can you see why those lower tranches would become "toxic" even if 85% of the loans are still performing?
Parent Post
Yalt Thu Apr 2 00:12:39 2009 CDT #
sportsfan says:
hong konger,
FWIW, I don't watch myself. I say what's on my mind and I'll keep doing that until someone stops me or I die of natural causes. I am neither afraid of offending people nor looking for a round of applause.
Personally, I think every country should have a cadre of patriots serving its national interest (as they define it). I'm a pretty radical supporter of the United States Constitution. If some day that should put me in conflict with some other self-styled patriot who defines the U.S. national interest differently, so be it. I'm always ready to fight for what I believe.
One thing goes without saying: Wives are important; they have the right (or at least the power) to redact things. That's a partnership that really matters.
A final word on the other night. I was pissed at Byzantine Ruins and tired of what I saw as cheap shots by him/her. That person is very intelligent and an excellent writer (and thus excellent commenter on this board); also, no doubt a patriot, but for some other entity and in this competitive world my default setting is to view that as an adversary and my instinct is to engage.
My best to you.
sportsfan Wed Apr 1 23:45:06 2009 CDT #
the poster formerly known as nitpicker says:
WOW!!!! This new mirror thingy is NEAT!!!!
the poster formerly known as nitpicker Wed Apr 1 23:50:35 2009 CDT #
CRbot says:
The Latest from Yves:
China Out to Dominate in Electric Cars (and Why Not GM)
CRbot Wed Apr 1 23:51:48 2009 CDT #
Black Star Ranch says:
This CRCize thing is kinda nice. It has the old stuff and some of the new stuff. I like it. Thanks to whomever put the hours into it. Where do I send the tip?
Black Star Ranch Wed Apr 1 23:55:18 2009 CDT #
lawn grass says:
Some GM plants recently closed. Some farther in the past. Remember Roger and Me.
http://en.wikipedia.org/wiki/List_of_GM_factories
lawn grass Thu Apr 2 00:00:08 2009 CDT #
1 currency now [yogi] says:
Here's an analysis of one with 50% non-performing.
http://boards.fool.com/Message.asp?mid=27047891
Foreclosures cost money. Not too terrible if prices are rising, but...
1 currency now [yogi] Thu Apr 2 00:00:38 2009 CDT #
Elrod says:
Dow Futures up over 100 right now. Is the bear over? *DONT_KNOW*
Elrod Thu Apr 2 00:02:48 2009 CDT #
yagij says:
"This CRCize thing is kinda nice. It has the old stuff and some of the new stuff. I like it. Thanks to whomever put the hours into it. Where do I send the tip?"
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I don't have a tip jar set up, but if people continuously ask, then I may have to force myself to set one up!
yagij Thu Apr 2 00:02:56 2009 CDT #
CRbot says:
New Thread: LA Times on Jim the Realtor
http://www.calculatedriskblog.com/2009/04/la-times-on-jim-realtor.html ( 1 comments )
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: http://realize.org/cr (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
CRbot is now proud to have the honor of introducing a NEW ERA in CR comments. With the JS-kit, but not below the JS-kit. A independent but integrated solution for all CR fanatics...
Brought to you by the hard work, dedication, and carpal-tunnel ridden fingers of your own yagij (and to a trifling amount your lovable CRbot code janitor, who will be flogged later)....
But first, let me don my ever stylish-- trendy but classic -- black mock turtleneck.
And now, introducing the revolutionary new innovative revolution that will no doubt revolutionize CR comments forever... ENDING the era of agonizing over long, carefully crafted comments only to lose COUNTLESS MINUTES when your comment is eaten by the JS-kit gremlins... CHANGING for all time the way you talk about mortgage pigs, hoopajoops, red and green colored muppets, and born and bred dopes...
With no further adieu... CRbot gives you... THE CRC-IZER!!!!!!!
You can also find a index of the 10 most recent threads, with mobile links at: http://realize.org/cr/crcizer/phpCRo.php
Ahem. Now the skeptical amongst you might consider this to be a joke since it IS April 1st. I find such lack of faith disturbing. Click and BELIEVE!
--Your much-more-db-enhanced bot
yagij and CRbot: Now with more CRC-ized posting power. You can worship us a little now, mortals.
CRbot Thu Apr 2 00:03:18 2009 CDT #
Black Star Ranch says:
BTW, how do you link something in text? Say I want to link a page but I want "THESE WORDS" highlighted. How is that done?
Black Star Ranch Thu Apr 2 00:03:39 2009 CDT #
yagij says:
"BTW, how do you link something in text? Say I want to link a page but I want "THESE WORDS" highlighted. How is that done?"
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For now, you would need to do it manually via HTML **. Google "a href html tag" for the syntax.
** - It is planned to provide some simple GUI interface to do simple things like add URLs to comments, but we aren't there yet!
yagij Thu Apr 2 00:08:32 2009 CDT #
1 currency now [yogi] says:
Bberg:
Taxpayer Loses’
Nobel prize-winning economists Paul Krugman, a professor at Princeton University in Princeton, New Jersey, and Joseph Stiglitz, a professor at the Business School of Columbia University in New York, blasted Geithner’s plan for putting the taxpayer on the hook for losses with what they say is little likelihood of success.
“The Geithner plan works only if and when the taxpayer loses big time,” Stiglitz wrote in the New York Times this week. “With the government absorbing the losses, the market doesn’t care if the banks are ‘cheating’ them by selling their lousiest assets, because the government bears the cost.”
Krugman wrote in the Times last month that “Obama is squandering his credibility” with the plan.
1 currency now [yogi] Thu Apr 2 00:13:03 2009 CDT #
hong konger says:
Sports-
Obviously, I can't speak for Byz. However, I am in awe of his gentle logic at times.
The same goes for Pavel (although I'm not a Christian). I must say I was very disappointed to see so much animosity toward Pavel and Homedad the other night.
However, in a similar way to them, I'm appreciative of the your thoughts and willingness to express yourself. I've gathered that you are of a liberal bent and that is good.
I personally refuse to accept the false dichotomy that is currently defined as: Democrat vs. Republican. However, perhaps I've seen too much and it has made me cynical.
In any case, America is a wonderful country.
In the spirit of our Founding Fathers, I bid you..."Good Tidings".
hong konger Thu Apr 2 00:16:23 2009 CDT #
Yalt says:
Stiglitz...blasted Geithner’s plan for putting the taxpayer on the hook for losses with what they say is little likelihood of success.
Not exactly...as the quote immediately afterwards makes clear, he said the plan would only be successful if the taxpayer took a bath. He certainly didn't say or imply that there was a low probability of this.
Yalt Thu Apr 2 00:17:55 2009 CDT #
Broward Horne says:
"the world's first for-profit police state"
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You might make a case that China was the first.
It's an inevitable result of burying people in debt and then restricting job creation through various means. People quickly learn (well, most people, it took me quite awhile) that speaking out impacts employability, which impacts your house payment, car payment, etc.
By gutting the social safety web, the population becomes self-muzzling.
Broward Horne Thu Apr 2 00:19:01 2009 CDT #
Anonymous says:
Either self-muzzling or explosively quiet
Anonymous Thu Apr 2 00:46:09 2009 CDT #
dr strangemoney says:
Let them eat free ice cream cake for lunch!
dr strangemoney Thu Apr 2 02:56:51 2009 CDT #
doug r says:
Free Dairy Ice Cream!
doug r Thu Apr 2 09:02:54 2009 CDT #
END