...is here. Some of you folks might remember them.
Yowch, the Case-Shiller numbers show home prices in the 10-and 20-city indexes taking around 8% year over year, and that's only for as far back as November. You gotta eyeball the PDF. [more]
Great post on blownmortgage about the one set of folks the lending community wouldn't issue stated income loans to.
The Alt-A lump is still coming. When it hits, what will the quick-fix politicians and bureaucrats have left to try?
I've seen a lot of articles like this. Our quick-fix politicians better hope people don't save, or their stimulus package will do even less.
Ahh, that cranky TMFBent, telling us to buy our puts, right? [more]
Ugh, not with ridiculous, nonsensical garbage like this: [more]
wicked right. And before the street... I, for one, am not surprised.
Watched this last night on 60 minutes. A pretty good summary of what went wrong.
After all, unwinding those trades, we were only 8% of the futures market. That's not enough to cause a crash! You believe that?
But in its explanatory note released on Sunday, the bank defended itself by saying the trades represented no more than 8.1 percent of the volume in futures trading each day on the Eurostoxx, DAX and FTSE.
Just visit housingpanic to be kept up to date on how the SG unwinding prompted and/or fanned the flames the big selloff. Of course, that had nothing to do with Helicopter Ben's surprise rate cut. That decision came on the heels of new economic data that showed "downside risk" -- so those clowns at the Fed claimed in their press release. [more]
Economic stimulus my tuckus, this is a banker welfare program extraordinaire. [more]
Wow, when I first got my samsung blackjack, I tried Google's maps application. It was clunky and not so great, but workable. I much prefer Windows slick "Live Search" for mobile, which has been constantly updated, and now includes a killer feature: just speak your info and it gets it (nearly all of the time, in my experience.) [more]
This post at HousingPanic says a ton.
Global selloff possibly caused simply by the unwinding of a rogue trader's scumbaggery, and Bernanke, confused, afraid, and too brittle to stand his ground, decides to burn our currency in response rather than let markets be markets.
There's leadership for ya.
I think that would be an excellent variant for a user name based on one of our long-term leaders.
Nothin' like a $7 billion fraud, on top of other, more generally terrible business decisions, to give you faith in France's big banker.
So wait, what's Inkjet Bennie's job again? [more]
They're a tad worried that the "stimulus" packages being mulled might not include a way to try and keep the air in overpriced housing, so they're ordering the politicians to raise the loan limits for Federally-mandated programs designed to provide affordable housing. [more]
Great told-ya-so post here on housingpanic about a synonym-slinging Realtor from Phoenix, Greg Swann, who, despite living in the poster-city for ridiculous speculation, confidently predicted that those who were telling the truth would be bawling. [more]
Great post on blownmortgage about the hubris of Indymac's chief monorail/band uniform salesman, CEO Mike Perry. Said he deserved every penny of his overly huge compensation package for the great shareholder returns he delivered. Now that his stock is a laughingstock, his company is on the verge of oblivion, doing whatever it can just to scrape by, how much of that huge pay package do you think he'll be returning? [more]
The CPI index is out today, and I'm more amazed than usual at the way the text is written to try and downplay the reality of inflation. Instead, the dry verbiage opens up by flogging a non-seasonally-adjusted drop in prices, month-to-month. [more]
Here's their latest pile of hip-wader-necessitating "fact" about real estate. [more]
Good old Inkjet Bennie. He managed to float the market for an entire day with his new helicopter pledge. Maybe he should have unbagged those wads of money, though, because it appears that tossing out one-ton sacks might have squashed traders flat. Today's drop obliterated yesterday's good time, alas, but hey, he can always make another speech, right? Maybe drop rates 2% in one swoop? [more]
I used to think this guy was a straight shooter. He's on my liar list now. Look at this crock o' crispy: [more]
Investors should be screaming for it. This lousy, double-talking, cowardly CEO dumped his last load of shares at more than 2x the buyout price he arranged from Bank of America. This is one of the most amazing loot 'n' run jobs I've ever seen. I hope he pays the price, but I doubt it. Those who swindle with the pen rarely get in trouble. [more]
There you have it, more destruction of your savings by a guy who doesn't have the guts to let the economy (or rather, certain, over-inflated segments) take the beatings they so richly deserve.
His solution? Inflate away the problem and pretend everything is fine.
This is simply incredible.
"“These letters are a smoking gun that something is not right in Denmark,” Judge Agresti said in a Dec. 20 hearing in Pittsburgh."
And Mr. Orange wonders why people consider his company sleazy?
Housing Doom does a very good job here.
Thus read the chalkboard gag on last night's episode.