The Robert Shiller interview yesterday with the Wall Street Journal gives us some insight to the bad housing numbers just released this week: [more]
Latest report from the Case-Shiller Index shows home prices in major cities across the USA dropping. At the same time, despite Quantitative Easing II, rates on 30 year mortgages are rising, not falling. As long term rates rise, houses and big ticket items become less affordable. As rates rise, the pressure will build on home prices to keep falling. As a Fox Business News anchor says in his intro to the following piece, "...no end in sight for the decline in house prices." His first guest Rodney Anderson, author of "Credit 911" tells us long rates have been going up for 6 weeks now and we have still not seen any influx of potential buyers thinking, "You know what? I want to get it (that house and lower rate loan) before it goes higher!"
Anderson also emphatically says, "Double Dip Recession in 2011? Absolutely!" [more]
Since the Meredith Whitney interview on 60 Minutes aired a little more than a week ago (see 60 Minutes Looks At "Day Of Reckoning" For Our Insolvent States) I have been paying closer attention to the plight of city, county and state governments whose resources are stretched to the breaking point. [more]
Greed With No Bounds: How Argentina's Mafiocracy Sold Out Their Nation To Foreign Kleptocrats, Plutocrats And Oligarchs [more]
The founder of the "Naked Capitalism" Blog, Yves Smith, is on top of her game when it comes to describing why all of us should be angry with banks, Banksters, foreclosure mills, MERs, and so on. In a short interview she tells us just how widespread the foreclosure criminal enterprise has grown, kicking people out of homes which they have already paid for, or kicking people out of homes while the people are still negotiating with the bank which claims it owns the paper on the home. [more]
And toward the end of this interview, Stockman let's loose with this: [more]
Jim Corr of the Corrs talks more economic sense than 99.9% of all Politicians and Economists in Europe.
Corr proclaims what Ireland needs to do now: quit bailing out the bondholders and private shareholders of the Too Big To Fail Banks in his country. He states Ireland needs to follow Iceland's lead and feed the failure of the big banks to the people who supported the banks by purchasing bonds and failed derivatives. He advocates not forcing the failures of the banks onto the taxpayers who did not support the banks in the first place.
He says it is massive fraud in banking which privatized gains while socializing losses.
What Corr doesn't use are the words "Moral Hazard", but Jim Corr does introduce one free mention of "The Money Masters", a film which The Watchworld recently brought to light on this very blog.
If you have never watched "The Money Masters", click here now and educate yourself as to who controls the central banks of the most powerful nations on the planet.
Meanwhile . . . why does it take a musician from an Irish band to pose hardball questions which few elected politicians dare whisper? [more]
Chris Martenson has been interviewing some of the brightest minds in the Economics blogosphere lately. Here he interviews the always dangerouslyirreligious (to his Wall Street brethern), outspoken and preciseTyler Durden of the very popular and respected Zero Hedge econoblog. [more]
A blog post from Gonzalo Lira which compares the fate of Iceland vs. Ireland. [more]
Wait until you see the third slide of the avant-garde museum in Ordos which sits empty, void of any exhibits: [more]
I got stopped out of two high probability trades today and yesterday. I haven't had two losers in a row in quite some time. Lost about $300 total, which ain't much, but it still irritates me to lose twice in a row. [more]
Just put in a triple bottom on the daily chart. Out of the last 11 candlesticks, one had a $30.54 low, another at $30.52, and just a few minutes ago it hit $30.51 and started moving back up.
This is a trade where anyone could enter now and set a very tight stop/loss at say $30.40. (That's my stop/loss).
This should bode well for lithium battery makers. Sanyo is mentioned in the article as being No. 1 in the world for such batteries. [more]
Set a tight stop/loss of $16.48 . . . Healthy sized position means tighter stop/losses. Hope to add to this if the markets continue trend reversal...
Bought a full position at $31.16. [more]
Set tight stop/loss at $28.75 . . . and looking for a major breakout above $30.00 [more]
A hat tip to Fool wcaseym who first posted the following link on the Free For All Economics Board. Just one paragraph cut and pasted from the long original post on Counterpunch: [more]
A little after 2:30 pm I waded into Chipotle (CMG) at $232.94. [more]