1) That the US dollar hasn't collapsed
2) That HGTV is still on the air
3) That more banks haven't failed by now
4) That Angelo Mozilo and Michael Perry haven't been arrested (yet)
5) That we're 3 1/2 years into this and I still feel compelled to blog every day
6) That there haven't been violent government overthrows around the world (yet)
7) That Lawrence Yun still has a job and that the MSM still quotes him as if he were a reliable source of information and not total discredited propaganda
8) That oil plummeted even faster than houses
9) That they haven't restored the uptick rule or eliminated mark-to-market accounting
And number ten...
10) That Swanndive is still trying to make a living in real estate
Soot & Ashes Favourite Blogs
PerpWalkWatch - # of Hours New AG Eric Holder Has Let Angelo Mozilo Run Free
Eric Holder and Barack Obama
Failure to
Arrest
Angelo Mozilo
2862 Hours
(countdown suspended 6/21/2009)
ERIC HOLDER - YOU ARE A COWARD
DO YOUR JOB
(UPDATE 6.4.09 - SEC CHARGES MOZILO WITH INSIDER TRADING. YET ERIC HOLDER STILL SITS ON HIS ASS AND DOES NOTHING)
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51 comments:
eliminate mark to market accounting?
I thought banks were still being given a free pass on that one. other industries have to mark to market but for banks the implementation date keeps getting pushed out farther and farther.
DEC 2008
No. 10, no doubt.
Hmm not just that HGTV is still on the air, but that every middle-aged woman I know still watches that crap.
Keefer,
The biggest suprise is = no mass killings in Europe yet.
Tick.. tick.. tick
Most surprising? No arrests.
Never mind arrests, how about somebody just getting fired?
Anything?
Any accountability at all?
Anyone?
What about the mortgage fraud?
What about the AAA ratings?
What about the insider trading?
What about the Ponzi Schemes at the private level?
What about the SEC?
What about failed business practices?
Zero accountability.
It is unbelievable!
What surprises me is the types of houses being foreclosed upon in my area. I am in the legal field and from my employment I get to see information regarding foreclosures in my area. Generally, the houses subject to foreclosure have been the older houses, many of which are fairly small in size and fairly run-down in appearance. The owners are almost all in their early forties or older.
What I don't see being foreclosed upon are the McManions. My wife and I often take rides thru the numerous plats full of McMansions. Just for kicks mind you. And these McManions are uniformily inhabited by twenty-to-thirty somethings, all of whom have twin SUVS in their driveways and large wooden play sets in their expansive backyards. Most have in-ground pools, even though we live in New England where the pool season is short. Few if any of these McManions are being foreclosed upon. My question is, why? Do twenty to thirty somethings all have jobs as surgeons, hedge fund managers, etc? How does this magical generation-- the 25 to 40 year olds-- avoid foreclosure?
11. That gold isn't over $1,000.
I suppose when it hits $1,300 will be when people have really started to panic.
12. That commercial real estate hasn't really tanked yet.
That "Suzanne" has not being stoned to death, may I say?
No. 8 - as a firm believer in peak oil, I expected the "fundamentals" to support the price more than they did. A chart a number of months ago did give me pause - the POO was then going parabolic and you know what that means. Nevertheless - I'm still fairly stunned it went down some $100 a barrel.
11) That the abuse has no limit:
(Herald) - The Sheraton Bal Harbour, one of the great hotels from Miami's past, was demolished. In its place comes the promise of a grander vision for South Florida's skyline, the St. Regis Resort, a trio of oceanside glass towers built by developer Jorge Perez.
Construction at the St Regis is expected to continue for another two years, employing hundreds of construction workers at a time when these types of jobs are scarce. But while the project may be a boon to some, one group feeling left out is American sheet metal workers.
In a move that is angering local workers, one company received permission from both the state of Florida and the U.S. Department of Labor to bring workers in from Mexico to install the air conditioning and heating ducts - even though there are more than a thousand unemployed sheet metal workers in South Florida.
The company doing the sheet metal work is CYVSA International, one of the largest construction firms in Mexico, and they applied for the right to bring in foreign workers under an immigration provision most Americans know very little about -- the H2-B Visa program.
Buh-bye African-American jobs. Hey, you voted for it, so you better start getting Spanish lessons to take orders from your new boss, the Mexican.
Any doubts that very soon the Mexican drug cartel will be electing its own representatives for mayor, governor, and Congress throughout the US? The cartel has the money and the votes.
Enjoy.
Keith,
Swannie's lastest blog post has come to this:
Anyone who expects anything other than evil from the National Association of Realtors has either not been paying attention, or, much worse, embraces that evil.
The NAR may want to infest our world in order to destroy it. More likely, they want to take it over.
What they certainly do not want is to approach the public as we do — openly, authentically, concealing nothing. The entire edifice of residential real estate is founded on secrets and lies, and, as long as it is, the NAR will be nothing but a cesspit of tyrannical motives and vendorslut con games.
http://www.bloodhoundrealty.com/BloodhoundBlog/?p=7163
Can you believe it??!!
Hey did you see a 1.75 trillion doller deficet coming or the trillion doller deficets for the next 15 years. 80% tax rates for all.
No. 8 - as a firm believer in peak oil, I expected the "fundamentals" to support the price more than they did. A chart a number of months ago did give me pause - the POO was then going parabolic and you know what that means. Nevertheless - I'm still fairly stunned it went down some $100 a barrel.
February 26, 2009 11:04 PM
------
There will be peak oil, Obamma will make sure of it.
No, good one there. $1.75 trillion deficit next year shocked me.
We knew Bush destroyed our balance sheet. but to have that kind of bill come due so quick, is shocking.
And it won't be $1.75. With Pelosi now in charge and tax receipts plummeting, $3 trillion might happen.
It truly is unreal.
Gold?
11. Make The Insanity Stop!
Newsday--A Westbury man doused his friend with tequila and lit him on fire as they argued over whether he could sleep over to recover from a day of drinking, Nassau police said Monday.
The pair had spent the day drinking together until 3 a.m., police said, when they started fighting in Garcia's second-floor bedroom. Police said Garcia, who refused to let his friend stay, threw tequila over his head and torso, punched him on the nose and used a lighter to set him on fire.
Through a translator, Garcia told O'Brien that he has worked as a landscaper, but is currently unemployed. Police said Garcia is from Mexico.
I bet he's getting free housing, food stamps, and free health care paid by you. Now multiply that for millions and millions and millions, ad infinitum...
the economy is crap but do you get out of your house. It's still pretty normal and will be until there is a dollar collapse. I know people apartment hunting, apartment selling, shopping and working.
That i still get about 5 credit card offers every month
That we are 3 1/2 years into this, and what we have seen so far was just the "warm-up" act. . .unemployment is soaring, and housing prices ALWAYS go down when unemployment goes up - "unemployed people don't buy houses." Which in CA,NV,AZ,FL, etc. means another 30% drop. . .
I didn't see this coming -
My parents who are entering their 70's having to re-enter the workforce, applying for lower wage jobs, AND... not finding any!
Manigelia said...
Few if any of these McManions are being foreclosed upon. My question is, why? Do twenty to thirty somethings all have jobs as surgeons, hedge fund managers, etc? How does this magical generation-- the 25 to 40 year olds-- avoid foreclosure
-------------------------
Pick A Pay Option Arms and terrific debt management skills.
That more realtors are not being arrested.
Casey serin is still a free man.
Angelo mozillo is still alive.
The stock market is not at zero.
Bernie madoff is still getting laid.
80% tax rates for all... Most people don't see that one coming. First, within a year Obama will reinstate FDR's 91 percent income tax on millionaires to much cheering. Then, as a consequence of the government's need to print $10 trillion in the next two years, we get hyperinflation percent. Wa La! We're all millionaires!
New Currency:
Barry Obama on $3 dollar bill
Barney Frank on 69 dollar bill
Jesee Jackson/Al Sharpton on 100 bill
Bernie Madoff on 50 dollar bill
Greedspan-Bernanke on -10,000 bill
Oprah on 10 bill
BoJangles on 500 bill
Sammy Davis Jr on 1 bill
Benedict Arnold on 2 bill
America:
TURD WORLD NATION OF NOTHING
that America voted for a man that said he would spread the wealth around do you realize what that statement says about a person but i am loving every minute of his presidency and i hope he continues his march left as far as he can go because then and only then will there be enough light shone on this liberal party that has and will continue to destroy this great nation
What about Glass-Steagall? It isn't surprising anymore, now that we all are ruled by the Mafia, and they are using these bailouts and stimulus bills that have been passed by their front-people, yes, you know who they are....,to rip this country-off like never before.
Believe me, I have seen the way they do things many years ago and the way they use government as their conduit. The really hard-to-get "thing", is that the law enforcement agencies back-off when the word comes from, "on-high".
There is a place in hell for all the SOBs.
I didn't foresee such defense of irresponsible borrowers. I did not see that coming.
When you saw what kind of low-doc no-money-down mortgages were being written, you knew they weren't going to perform as well - you knew foreclosures would skyrocket.
I just didn't realize how defiantly irrational people are about homeownership.
I just didn't realize how spoiled we all were, that we had come to think of foreclosure as 'a tragedy'. I know, I'm so stupid, right? How could I not see that coming?
I remember when I used to kick and scream about that first bailout? Remember that? The tiny little $150B bailout? Like I thought there was a chance that the bailout could be defeated.
I was so innocent once.
"the economy is crap but do you get out of your house. It's still pretty normal and will be until there is a dollar collapse. I know people apartment hunting, apartment selling, shopping and working."
That's because the numbers are all lies. Lies so society accepts bondage.
"That we're 3 1/2 years into this and I still feel compelled to blog every day"
you outlasted casey!
Anonymous said...
That i still get about 5 credit card offers every month
============================
Good grief! I get more than that in a week, sometimes in a day!
I thought CC companies hated me?
Go figure!
What's wrong with mark to market accounting? What should we have instead? Mark to masturbatory fantasy accounting?
Why shouldn't public companies have to disclose the market value of their assets?
The reason why the MBS, debt, and derivatives markets are illiquid is because of past government bailouts and the expectation of further government bailouts.
Not too surprised about any of those Keith. Thge one that baffles me right now is wht in the world is anybody still buying long term US treasuries? It got to be the same fools that were buying GM bonds 2 or 3 years ago. For that matter buying any government debt (Lithuanian, Spain, Japan, Russian, you name it) is a bad investment right now.
I am surprised that JP Morgan Chase hasn't kicked me out of my townhouse yet. I didn't make a payment for 13 straight months and then in February, I gave them a check for $9000 to string them along further.
I am pretty shocked that they haven't filed a notice of default and then throw us out. I think they must believe that in the end I will pay up. Boy, the jokes on them! LOL, LOL, LOL.
Why would anyone be surprised.
Aren't the fundamentals working like clock work.
The fundamentals are now saying it time for the Alt-A, option ARMs, and NINJA loans to take center stage.
http://www.housingwire.com/2009/02
/26/record-jump-in-non-agency-
jumbo-prime-foreclosure-starts-
report/
Lender Processing Services announced Wednesday its release of the February 2009 LPS Mortgage Monitor, which revealed a record increase in non-agency Jumbo Prime foreclosure starts as of month-end January 2009.
Non-Agency Jumbo Prime foreclosure starts have increased the most of any product — nearly 125 percent since January 2008, according to the LPS report — as foreclosure starts across all major product types have continued to climb over the past several months, despite moratoria and mitigation actions.
LPS found the pace of growth in foreclosure inventory was highest in Jumbo Prime and Option ARMs. “Even over a shortened period of time, acceleration of deterioration in Jumbo Prime exceeds all other product,” read the report. While jumbo prime and Option ARMs lead the way,
Anonymous Manigelia said...
What surprises me is the types of houses being foreclosed upon in my area. I am in the legal field and from my employment I get to see information regarding foreclosures in my area. Generally, the houses subject to foreclosure have been the older houses, many of which are fairly small in size and fairly run-down in appearance. The owners are almost all in their early forties or older.
What I don't see being foreclosed upon are the McManions. My wife and I often take rides thru the numerous plats full of McMansions. Just for kicks mind you. And these McManions are uniformily inhabited by twenty-to-thirty somethings, all of whom have twin SUVS in their driveways and large wooden play sets in their expansive backyards. Most have in-ground pools, even though we live in New England where the pool season is short. Few if any of these McManions are being foreclosed upon. My question is, why? Do twenty to thirty somethings all have jobs as surgeons, hedge fund managers, etc? How does this magical generation-- the 25 to 40 year olds-- avoid foreclosure?
February 26, 2009 10:42 PM
Let me answer your question. I am guessing that when it comes to the older homes, the bank can produce the note while with the McMansions, well the note has been securitized and sold off to so many pieces, no one knows who the owners are.
Also, I believe that the banks really don't want to take over the McMansions, because if they do, then they have to address the loss on their books, and this is the last thing they want to do. Also, the banks are so darn delusional. They believe that soon the housing market will recover and then they can foreclose on those properties. To that, I say lotsa luck! LOL, LOL, LOL. I am having a great time living in my townhouse and skipping thirteen straight payments! Life is indeed grand.
Here's where we're going:
http://snipurl.com/cqhm0
They are not avoiding foreclosure, it's just going to happen a bit further down the road.
Doctor's, Lawyer's, etc... also made the same mistake and purchased too much house, they won't be spared either.
Here in HB Ca. we have several of these poorly built McMansions, most of which will be going into foreclosure sometime down the road.
Manigelia said...
What surprises me is the types of houses being foreclosed upon in my area. I am in the legal field and from my employment I get to see information regarding foreclosures in marea. Generally, the houses subject to foreclosure have been the older houses, many of which are fairly small in size and fairly run-down in appearance. The owners are almost all in their early forties or older.
What I don't see being foreclosed upon are the McManions. My wife and I often take rides thru the numerous plats full of McMansions. Just for kicks mind you. And these McManions are uniformily inhabited by twenty-to-thirty somethings, all of whom have twin SUVS in their driveways and large wooden play sets in their expansive backyards. Most have in-ground pools, even though we live in New England where the pool season is short. Few if any of these McManions are being foreclosed upon. My question is, why? Do twenty to thirty somethings all have jobs as surgeons, hedge fund managers, etc? How does this magical generation-- the 25 to 40 year olds-- avoid foreclosure?
Keith there is no way you are in the US. You like Bukko think this fiscal insanity Osama Omamma is perpetraiting on the American people is a joke. Look around Keith (Bukko is to stupid) the global economy has already collasped. It's not coming back.
Europe will be at war along with Asia in less than 2 years. The size and timing is debatable. The if is not. If anyone wishes to disagree just describe how the fall will be reversed. Do you really want to be an American overseas when this global depression grows up. God are they going to want to get their hands on an American. Everyone knows the repubs here in America caused this. (It wasn't the scumbag Clintons with Nafta and other FREE TRADE treaties.
Just wondering if OBBBaaammmyyyy will let you boys back in when you get all scared. (I mean your money back in without taking 90 percent of it.) There is going to be a lot of capitol leaving this country now that people see what your messiah is all about. The Messiah will take it if it tries to come back in. The only way you could be supporting Obmma is if your stupid, poor, your money and income is offshore orrrrr you are a socialist thug working for the Washinton elite (Obbbammmyy) they don't pay taxes.
Keefer,
Here's one for you:
- That after having Treasury Secretary, Henry Paulson, in office representing the worst of the corrupt and incompetent officals things could get worse. Now we've got Timothy 'Turbo Tax' Geithner running the show making Paulson look like a Fu*king genius.
Tell me you saw that coming.
-Mike
"In a move that is angering local workers, one company received permission from both the state of Florida and the U.S. Department of Labor to bring workers in from Mexico to install the air conditioning and heating ducts - even though there are more than a thousand unemployed sheet metal workers in South Florida."
Bad news if U are an unemployed out of work American Citizen. Obama's pick to head the dept of labor is rep Hilda Solis, Dem from CA. She is 100% in favor of illegal immigration and in CA has backed drivers license for illegals, total amnesty, and every POS legislation in favor of illegals.
Expect more of this S*it legislation to grant companies right to import millions of illegal laborers right into the USA while 8-10 % of American Citizens will be out of work in 2009.
What is surprizing about this GD2 is
the fact that we are not seeing widespread rioting and marches against banking institutions, local gov't/ city/state halls,ect. Are the people that depressed over the economy or they are so lazy, fat, stupid and affixed in front of their boob tubes watching dancing with the stars and other tripe that they cannot organize themselve into protest groups?
OR THAT the half which voted for Obama, including 98% of the low- income minorities, are getting a gravy train of freebies courtesy of the rich via wealth transfers and big fat Stimulus aid?
"That after having Treasury Secretary, Henry Paulson, in office representing the worst of the corrupt and incompetent officals things could get worse. Now we've got Timothy 'Turbo Tax' Geithner running the show making Paulson look like a Fu*king genius."
Nope, I didn't see that one coming either. I figured Paul Volker would get the job. Geithner was the worst possible choice other than Dodd or Frank.
"...The really hard-to-get "thing", is that the law enforcement agencies back-off when the word comes from, "on-high"...."
Unreal; isn't it?
"...where we're going:
http://snipurl.com/cqhm0..."
Put so well: production>>>savings>>>credit...
Schiff: "We cannot just skip the savings part."
1. the speed of events in
the last 6 months...
2. I didn't think the housing crash would take down the world financial system by itself - at least, until a lot more than sub-prime was defaulting - by most accounts, Alt-A is just starting, and its a lot bigger than sub-prime...
3. I also kind of thought the budget and trade deficits would be the drivers - causing the chinese, et. al. to dump
dollars/treasuries and quit financing the US deficit to inflation destroying their long term value - that still HAS to be an issue, but
gawd knows when that shoe
will drop...
1. the speed of events in
the last 6 months...
2. I didn't think the housing crash would take down the world financial system by itself - at least, until a lot more than sub-prime was defaulting - by most accounts, Alt-A is just starting, and its a lot bigger than sub-prime...
3. I also kind of thought the budget and trade deficits would be the drivers - causing the chinese, et. al. to dump
dollars/treasuries and quit financing the US deficit to inflation destroying their long term value - that still HAS to be an issue, but
gawd knows when that shoe
will drop...
That mortgage rates are currently around 5%. Didn't figure on the government MBS maneuvers to keep them down.
Wonder where they'll go when the money runs out?
And it won't be $1.75. With Pelosi now in charge and tax receipts plummeting, $3 trillion might happen.
------------------------------
exactly. 1.75 Trillion is just the first estimate and I am sure it assumes the economy picking up later this year.....
- That after having Treasury Secretary, Henry Paulson, in office representing the worst of the corrupt and incompetent officals things could get worse. Now we've got Timothy 'Turbo Tax' Geithner running the show making Paulson look like a Fu*king genius.
Tell me you saw that coming.
--------------------------------
amazing we would long for the days of Paulson........
BO is beginning to make bush look good. a 1.75 Trillion deficit? He blames it on bush? fine but BO isn't doing anything about it! what tax increases he does have he has already spent.
definitely #6. and also I'm surprised by my anger. I'm shocked that there is not more civil unrest.
That my cellmate named Eric who used to be in politics pinned me up against the wall last night in our cell and said "you got a purty mouth, squeel like a pig"
Ouch, that hurt... Didn't see it cummimg.
"What's surprised you most about this crash? Here's my "Top 10 I Didn't See it Coming" list"
#1. I am simply amazed that there is still a Republican Party.
#2. I am amazed that there are still people who vote "Republican".
keep on national association of realators !!
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