Comments for Moody's may Downgrade $241 Billion in Prime Jumbo Securities
CRbot says:
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/948740947723555325
CRbot Thu Mar 19 08:28:38 2009 CDT #
Dave in SV says:
should be good for a another stock rally
Dave in SV Thu Mar 19 08:29:12 2009 CDT #
Yancey Ward says:
Maybe the Fed is getting ready to buy them.
Yancey Ward Thu Mar 19 08:31:31 2009 CDT #
homedad43 says:
70% will still be investment grade?
We'll see.
That Chinese decision to stop Coca-Cola from purchasing a juice mfr is increasingly interesting...
In a few years, they plan to own Coke.
homedad43 Thu Mar 19 08:31:36 2009 CDT #
Sexy Derivative says:
Another bold move by Moody's.
Sexy Derivative Thu Mar 19 08:32:09 2009 CDT #
Anonymous says:
We need a Moody Czar.
Anonymous Thu Mar 19 08:32:46 2009 CDT #
Guest says:
These bonds are all trading sub-60s - this is no longer news. Pretty much any jumbo piece of paper is trading at huge yields even the ones that have performed well. They are all priced for big downgrades and trading like junk credits now. Move on, nothing to see or care about.
Guest Thu Mar 19 08:35:41 2009 CDT #
volker the viking says:
homedad43 writes: "In a few years, they plan to own Coke."
## and they'll rename it Croke
volker the viking Thu Mar 19 08:35:44 2009 CDT #
Comrade Tiberius says:
A new job class: money wheelbarrow pushers.
Comrade Tiberius Thu Mar 19 08:36:49 2009 CDT #
hc says:
Used to be this kind of news is a big deal. Is it anymore?
The market has pretty much dismissed the stock prices of any banks that still hold any mortgage securities to the point that, I don't think this announcement will do anything anymore.
Plus, we're no longer truly a free equity market. The risk now isn't just that these securities get rated to nothing, the risk now is also that the govt will throw unlimited money behind banks; so which force wins (shorts or longs) isn't clear anymore.
hc Thu Mar 19 08:37:07 2009 CDT #
nova says:
## and they'll rename it Croke
funny
Need theme music from the Moody Blues.
nova Thu Mar 19 08:39:47 2009 CDT #
Tim waiting for 2012 says:
Sell gold end of the day today or wait for short covering tomorrow???
Tim waiting for 2012 Thu Mar 19 08:40:16 2009 CDT #
Rob Dawg says:
homedad43 says:Today, 6:31:36 AM PDT
That Chinese decision to stop Coca-Cola from purchasing a juice mfr is increasingly interesting...
In a few years, they plan to own Coke.
Mmmmmm. Melamine. It's not just for babies anymore.
Rob Dawg Thu Mar 19 08:42:07 2009 CDT #
Darth Paulson says:
I downgraded my own jumbo this morning, as I do every morning thankfully like clockwork.
Total Raisin Bran....FTW.
Darth Paulson Thu Mar 19 08:43:44 2009 CDT #
Counterpointer says:
Down goes Moodies! Down ...
Whatever. Frauds, pseuds, asshats.
I remember in 2005 being approached by a S&P guy to fund sov ratings on countries that couldn't be assed paying for it. I asked what the methodology was, and was told it was basically some 23 year old analyst sitting in a country far far away employing a certain set of data - that I knew to be profoundly suspect, late, partial and sometimes wrong. Uhh, no. Don't trust this and won't pay for it.
Told him to stick it. Very politely, of course.
C
Counterpointer Thu Mar 19 08:44:04 2009 CDT #
burnside says:
Tim, I've bought and held PMs since 2003. Are you shoving them around on opex?
burnside Thu Mar 19 08:45:01 2009 CDT #
JimPortlandOR says:
The foundations of the House of Wealth are shaking. Will the foundation concrete be examined and found to contain no re-bar?
JimPortlandOR Thu Mar 19 08:46:02 2009 CDT #
Yancey Ward says:
Or concrete?
Parent Post
Yancey Ward Thu Mar 19 10:56:15 2009 CDT #
volker the viking says:
JimPortlandOR writes: "Will the foundation concrete be examined and found to contain no re-bar?"
## Uh, no, but it will consist entirely of Chinese cement. SIDENOTE: Huskies win first round, maybe second, but that's all.
volker the viking Thu Mar 19 08:48:11 2009 CDT #
Counterpointer says:
Dawg - The Monkey King, Movement 4, Ode to Melamine:
http://www.youtube.com/watch?v=xE0myeFHrVA
C
Counterpointer Thu Mar 19 08:48:40 2009 CDT #
CRbot says:
The Latest from Jesse:
Citigroup: Keeping Up With the Goldmans
CRbot Thu Mar 19 08:49:02 2009 CDT #
Tim waiting for 2012 says:
burnside
Uhhh no. Opex is a copy machine right? i've been in since about 04. Long wild ride.
Tim waiting for 2012 Thu Mar 19 08:50:09 2009 CDT #
nova says:
Our next CR post:
March 19 (Bloomberg) -- FedEx Corp., the second-largest U.S. package-shipping company, said quarterly profit slid 75 percent, more than analysts expected, and sales fell for the first time in at least a decade in the worsening economy.
nova Thu Mar 19 08:50:12 2009 CDT #
bfatz says:
Sell gold end of the day today or wait for short covering tomorrow???
-----------------
hahahahahah! ya ok.
bfatz Thu Mar 19 08:50:54 2009 CDT #
Tim waiting for 2012 says:
Nova look at their guidance... I see things getting worse from the consumer side in my area but we always lag
Tim waiting for 2012 Thu Mar 19 08:51:43 2009 CDT #
Black Star Ranch says:
"Citi told Bloomberg that the refurbishment, which it began planning in June, will save the bank money in the long run."
I'm glad this was brought up. I've told my Mrs. that I need a BIG recliner - to go in front of a new BIG SCREEN - to help achieve cost savings down the road - "in the long run".
Black Star Ranch Thu Mar 19 08:54:16 2009 CDT #
Bob the Builder says:
OMG! End MTM and park this stuff in the TALF. Insert head into ass helmet. No Problem.
Bob the Builder Thu Mar 19 08:55:49 2009 CDT #
nova says:
Nova look at their guidance... I see things getting worse from the consumer side in my area but we always lag
International is really falling at 13%. I wonder how the move of the hub from Subic to China worked out..
It sounds like they are going to cut overseas ops....
So much for Kinkos.
nova Thu Mar 19 08:56:04 2009 CDT #
Angry Saver says:
In all seriousness, I don't see how Americans can survive another boom or bout of fed sponsored "prosperity." The internet, housing and commodity booms wrecked us.
I sure hope common sense takes hold soon. Continuing down the financial ponzi road to ruin is idiotic. Eventually, you'd think they would start talking about how to remove some of the excessive debt from the eCONomy. But that's not an option as the imprudent "wealthy" hold the unpayable debts as assets.
In the mean time, the foolishness has caused me to start hoarding. What am I hoarding? The most precious commodity of all - TIME!
I really see no point in calculating things to three decimal points at some job just to have that time and effort papered over by trillions in government grift.
Just thoughts.
Angry Saver Thu Mar 19 08:56:18 2009 CDT #
Tim waiting for 2012 says:
Gold fading... Fedex still has the debt from the worthless kinko's acquisition.
Tim waiting for 2012 Thu Mar 19 09:00:19 2009 CDT #
fried says:
OT but this is for sportsfan,
Insurance Change for Veterans Scrapped.
Rest easy on this one.
http://www.nytimes.com/2009/03/19/us/politics/19vets.html
fried Thu Mar 19 09:00:42 2009 CDT #
Counterpointer says:
Angry Saver - if you hoard REST, with you hoarded time, that will pay off.
I seem to have hoarded exhaustion.
C
Counterpointer Thu Mar 19 09:01:13 2009 CDT #
burnside says:
Opex a copying machine? Good subject for a dissertation. PMs as a wild ride? Oh goodness yes.
burnside Thu Mar 19 09:03:37 2009 CDT #
Tom Stone says:
These are AAA! as safe as Treasuries! oh.
Tom Stone Thu Mar 19 09:06:20 2009 CDT #
The Lorax says:
I see this mess is well contained to sub-prime mortgages... ignore the downgrade on jumbo loans and the draft report on downgrading CRE across the board.
I'm sure the markets will be up today on this great news.
The Lorax Thu Mar 19 09:09:19 2009 CDT #
Anonymous says:
Luckily, now that the ratings agencies are toublesomely honest, the government will waive the accounting rules instead.
Anonymous Thu Mar 19 09:09:47 2009 CDT #
Apprentice says:
I've decided to abandon following North American stocks. The constant govt. intervention have made them too unreliable and impossible to evaluate. You don't dare short them as rabbits are pulled out of the hat every week o keep them artificially alive.
Does anyone have a list of alternative investments or countries that will stay above this fantasy money and debt storm?
Apprentice Thu Mar 19 09:11:05 2009 CDT #
CRbot says:
New Thread: Philly Fed: Continued Contraction, Employment Index at Record Low
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CRbot Thu Mar 19 09:11:51 2009 CDT #
Money Man says:
Well the Jumbo is being discovered to actually be Dumbo! Look out when that heavyweight SOB falls down. It could shatter foundations that actually include re-bar! Maybe we could walk him over to the AIG black hole...push him in...and see if he can fill it up for us? *DONT_KNOW*
Money Man Thu Mar 19 10:46:13 2009 CDT #
wally says:
Just more downgraded stuff for banks to lie about with government approval and encouragement.
wally Thu Mar 19 11:52:56 2009 CDT #
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