I'm outta here until July 1, folks. In the mean time, enjoy this movie about a planet run by apes. (Not this one.)
I've been saying it for a while. All the arguments that people have used to try and claim that DC real estate would be immune are bogus, and they're the same pile of junk people have used everywhere else: Job Growth (BS) Wage Growth (BS) Strong Local Economy (BS because it can't support thousands of million-dollar homes).
- AP Bush to Congress: Embrace Energy Exploration Now President Bush is calling on Congress to lift the ban on offshore oil and gas drilling that has been in place for 1981, saying it could eventually yield 18 billion barrels of oil. [more]
Chris Dodd lays out his whopper:
( Full Size) Another month, another fine stock promotion attempt via snail mail. I've been getting these glossies for a while, and these days, the jerks sending them make sure to use names that don't appear anywhere on the Web, and they lay off the contact information -- probably because the earlier scam fliers drew phone calls from people like me. In fact, on an early one of these, I called the outfit that printed them for the pumper/dumpers, told them what the flier was for, and they all but told me they wouldn't be taking that kind of business anymore. This one claims great things for a nearly-revenue-free wonder that's going to sell "electrolysers." The company is "Hydrogen Hybrid Technolgies," not yet rateable in Caps. Pity. [more]
Senator Kent Conrad -- still in full-on denial mode -- is trying now that he was caught finding out what Orange could do for him. [more]
Talk about hubris. Build an entire industry on giving destitute dreamers gobs of money for homes worth a fraction of the going price, and when these people default on payments from day one, "Nobody had models for that."
Is that you might become the whipping boy for an entire bubble's sins...
this via Calculated Risk: [more]
What's the difference between a Fool and a congressman? Well, when I was at Volcom's store opening in NYC the other day, I politely declined the gift bag and the 20% off they wanted to give me on the shirt I purchased for my wife. I figured since I am involved with live Volcom recommendations (as the co-advisor of Hidden Gems), it wouldn't be right, so why not just play things straight?
Economic growth trickling down. Prices screaming up. That's the definition o' stagflation, but few seem to be willing to acknowledge it, let alone say it.
Cuz stuff like this can happen.
Which do you think it is?
And how does Mr. Obama propose to keep his bogus outsider credentials when Rezko is followed up with
stuff like this?
Wanna know who else had a lot to gain by pushing lousy subprime loans?
So, one of the strange things about this Piper Jaffrey conference is that they bring in a group of real live teenagers to talk about where they're spending their money, or not. Sort of odd to think that a room full of investment analysts can't talk to teenagers or watch and see what they're doing, but here they are, in the fishbowl.
I always thought it was a bit overboard the way the EU mandated special regulations and volume indicators on liquor and beer glassware in European bars and cafes. Well, no more. Seems greedy U.S. businesses are more than happy to attempt to screw people over and
serve them less beer for the money in a tricky glass. [more]
are the government agencies who are doing it with no regard to profit.
According to the WSJ, if you're a friend of Angelo,
you can get a cut rate on your Countrywide loan. That appears to apply even if you've got potential political or other conflicts of interest. [more]
Now he figures his socialist goons -- who have screwed up the oil industry -- can
fix milk prices and supply by socializing that industry too.
That's actually good in the long run, because it means he's writing his own ticket out of power. But the short-term potential is pretty ugly.
This isn't happy news, but it only proves that any bailout attempt hatched by Bernanke, Paulson, McCain or O'Bamillery is doomed, because of this simple truth: [more]
At least someone there realizes that there are more important things than bailing out failures like Bear Stearns. For instance, not creating an situaion where the solution for everyone is "become to big, or too entangled, to fail."
I've been saying for a while that this is not a subprime crisis, but a leverage problem. All over the country, people borrowed more than they could afford, gambling on a single key point: That they could refi based on the ever-increasing value of a house.
Ed McMahon doesn't seem to have used his millions wisely. [more]
See it all at:
And don't forget to do your patriotic duty. Go out and spend money. Even if you don't have it. Especially on a house. Your country needs you.
... should be told to pound sand. These guys simply want their bubble back.
Full Size here.
Google is so full of itself it's amazing. Anyone remember what the San Fran folks were doing in the South Park "smug" episode? I think there's a lot of that kind of un-self-aware sniffing in
this little story: [more]
Got the idea for this plot at Calculated Risk. they did the Mpls. Area.
Food Prices Surge in EU Food prices in the European Union rose by more than 7% over the past year, almost double the rate of inflation, with countries in Eastern Europe among the hardest hit. A Rising Number of Foreclosed Homes The number of foreclosed homes owned by lenders continues to rise despite signs that they are increasingly willing to slash prices to sell those properties. Consumers Expect Higher Prices Americans expect prices to rise by a median of 3.4% a year during the next five to 10 years, the highest expectation since 1995, according to the latest Reuters/University of Michigan consumer-sentiment survey. Consumer spending and income were flat in April, adjusting for inflation. [more]