What a farce, just a new way to line the pockets of a few at the expense of the many... [more]
This is probably about my 10th or 20th time saying, but it bears repeating, make sure you do not have more money then what is insured in any financial institution, and even if you have practially nothing, it would be wise to have assets split between two banks just so you have access to some funds should there be a problem. [more]
They should be sued out of existence.
I have noticed that nickel has gotten into the 8/lb range. I am sure I did a post last year where I linked to Frank Veneroso and his paper that discussed "Pig Nickel." (Maybe I have the name wrong, I am to lazy to look it up). [more]
A few times I referred to things that I think gives the economy the potential to be worse than the depression. [more]
It seems that google is going to have some new competion... I tried Cuil (Irish for knowledge). The news on iy says it is supposed to "index, faster and more cheaply, a far larger portion of the Web than Google, which boasts the largest online index." [more]
I was just having a look at some of the stocks I watch and I see Hudbay is well on its way from $18 to $6. Well, I don't know where it will finish, but back in May I did my post Hudbay Mineral - A $6 dollar stock priced at $18. It is down to about $9 now. [more]
Robert Reich has a post today where he basically says the heart of the issue of America taking on so much debt is declining wages in real terms. [more]
I think it was just yesterday I posted about rates going up and that you were nuts to be in a short term adjustable mortgage. [more]
Financial Armageddon has a piece on the only member of the United States Senate Committee on Banking, Housing and Urban Affairs to have opposed Ben Bernanke for Chief of the Federal Reserve.
Shame he wasn't listened to...
I have taken steps to retire the 89 Honda Prelude and get a newer vehicle. I am in the process of purchasing a 2002 Toyota Sequoia (sp?). So, I am going from a smaller, reasonable on gas vehicle to one of the SUVs that I hate. The price, $12,000. It has 154,000 km, or getting close to 100,000 miles. Most of those miles are highway miles. It is in very nice shape to look at so it looks very well taken care of. [more]
You must look at this post. Scroll down to the cartoon.
Bespoken did a poll on this. Given that when oil was $100 I thought it would dip back to around $80... Well, I am still not convinced we won't see oil do a dip below $100, but it is certainly harder to see that $80 possiblity... [more]
Interesting that Bank of America somehow wants to take the part of Countrywide that makes money and walk away from the debt obligations. [more]
Calculated Risk has a piece that features a couple home owners that feel that housing prices are down and if they wait their homes will recover in prices. [more]
One of the things that I have said about financial stocks is that you will have no idea what they will look like at the end of the deleveraging. [more]
So, at this point in the markets you have to wonder who's telling the truth about the value of what they are holding... [more]
Mish has an interesting post looking at TMS money supply and he questions the usefulness of M3. [more]
Mish has a post that starts about the economic down turn is Australia, which if you look at their housing bubble, well, it seems to be universal across the country. I did a post on Australia earlier in the year where I had search a couple lending institutions there and they offered 105 and 106% mortgages. The affordability index there from demographia was above 5, or severely unaffordable, practically everywhere. The Australia dollar has gotten much stronger over the years and I would expect it to give back a lot of the gains due to the degree of the housing bubble there. [more]
I am still in the deflation bandwagon, and with saying that I don't accept price increase or decrease as a definition of inflation or deflation, but the expansion or contraction of money supply as the definition. Price increases and decreases are lagging indicators and can be simply because of other things, like supply and demand. [more]
Interesting, China owns a big chunk of Fannie Mae. In total foreign investors hold over $1.3 trillion in these agency bonds. A US taxpayer bailout would be really interesting on this one... [more]
So, does a world group squeeze all make us feel better? [more]
I have gone on and on with a highly bearish outlook and repeated stated that for myself the down side risks to the market far out weight potential gains. There have been some areas that have done fine since I left the market, but I am one with what I call "conservative greed." My instincts told me to just wait and watch. They still tell me this market isn't worth the risk. [more]
This one I love....
Rename a Sewage Plant After President Bush.
Can I donate to the cause?
I know that I have dealt with deflation of wages a few times in my life and that overall wages have not kept up to costs as all. [more]
I am a fan of Hussman and Naked Capitalism referred to an article of his. [more]
I see the markets are reacting that this time you can trust Bernanke.
I love the comment about trying to avoid panic. I think there will be some panic before the bottom's in...
Mish has a post from 4 days ago, http://globaleconomicanalysis.blogspot.com/2008/07/airtran-asks-employees-to-take.html, about airline and auto industry workers agreeing to take pay cuts. [more]
I don't know of any Tow Trucks 2222 businesses, but I found it interesting to read that they are doing a booming business as more car owners run out of gas. [more]
I am back in Vancouver and some things that I am observing, condo development seems high. There are several projects in the works that I've driven by. I was recently looking at the housing starts data for Vancouver and last time they were this high was at the peak of our last housing bubble in the early 90s. Housing prices were still up about 7% this past month over a year ago, but the prices are down a little from the previous month. It is usually useless to compare month to month housing data. Then I heard on the news that there are something like 36,000 empty condos that people have bought for speculative reasons. I am not sure, but I think that's almost a two year normal starting supply. We have the 2010 Olympics coming people remember how housing took off here after Expo 86. But when we had Expo, well, my father's place was about 1.6 times family income. That same place is about 10 times what our household income was before I went to work up north. I have little sympathy for speculators that end up getting burned, but I do feel very sorry for young people that just really don't understand what's happening. [more]
One of my uncle's is a firefighter. When I was in university I did a course in organizational behaviour and I had to interview someone and write about it. I choose to interview my uncle. It was an eye opener for as to a number of the issues they deal with. Safety first is what my uncle repeated over and over. The cohesiveness bonds between the members that develop due to having your life and safety in the hands of another impressed me. I had not really thought about what it must be like to have to deal with tragic death on a regular basis. I know that I haven't dealt with tragic death all that well. Being on call in schools even though you don't know the kids, it seems like schools are frequently having services for kids that have died. Usually there isn't a dry eye in the room and then you are supposed to get back to the lesson... I suppose in the last 3-4 years that was made worst by having two sets of friends in the same month lose their child and having a childhood friend's 30 year unsolved murder go to trial. This was a good year, I didn't have to deal with any youth death. Firemen deal with recovering bodies and they have meetings after fires to help them deal with it. [more]
Sometimes how others word things crack me up, as the title few words in a CR post. (Links aren't working for me, http://calculatedrisk.blogspot.com/2008/07/bear-market.html). Sounds you can just order up what you want: [more]
Government budgets everywhere are being squeezed and are in deficits. Somewhere I read yesterday excluding the federal government other governments have come in $48 billion further in deficits. From my reading I understood this meant the the shortfall was under estimated by $48 billion. [more]
What of the most disgraceful things about the American way is the sue first and put human decency second. Canadians aren't like that and it is ok to apologize for doing something wrong without risking getting your a$$ sued off. It is actually the right thing to do, and offering support and help is also the right thing to do. It is disgusting the way fear of lawsuits takes away decency. [more]