mdporter Posted April 8, 2009 Report Share Posted April 8, 2009 SAN DIEGO — Twenty-four people have been indicted on racketeering conspiracy charges, accused of participating in a mortgage fraud scheme that earned about $9 million by fraudulently inducing lenders to give loans to people who didn't qualify for them. An indictment unsealed today said the ringleader was a known gang member, Darnell Bell, 38, who used his status to recruit phony "straw buyers" and kept tabs on his co-defendants. Among those who were indicted were a real estate agent, an escrow officer, an appraiser and an accountant. Bell, who is already serving a sentence for a drug conviction, made his initial court appearance today. The others were arrested and expected to appear in court Wednesday. It wasn't known if any of those charged had retained attorneys. 24 down, hundreds of thousand of californians to go. Link to comment Share on other sites More sharing options...
Jimi Posted April 8, 2009 Author Report Share Posted April 8, 2009 As for the inflation/deflation debate... I keep getting reminded in my day-to-day life of the fact that for products or services we need or must have more of, the cost is rising or the amount per currency unit is decreasing while for products or services we want or want more of, the cost is falling or the amount per currency unit is increasing. Our modern way of life is complicated and not amenable to reduction for our investing convenience so as to render an absolute judgment that our economic/financial world is totally deflating or inflating. Human nature loves oversimplification. It is "the easy way out" in my opinion and I believe has much to do with how our brains cope with information, from what I have read. "Need or must have"? Like, umm... housing? Seen Case Shiller? Seen the REO inventory? Read anything about falling rental costs? Food? TJ and others have expressed expectations for falling food prices by summer. I'm with them. Energy? We're a far-cry from 3-digit crude. Last time I checked, UNG was being derided here as a POS. Transportation? They're giving cars away to those who can pay and afford them. Read about the cheap trans-continental airfares? Now, to be fair, you can probably reasonably point to the costs of insurance & education as "needs" whose cost has outpaced inflation for years. Insurance remains a fiasco. But the educational "needs" can be well-satisfied on a relatively cost-efficient manner through many state colleges where unit-costs remain modest. So, I guess I'm not in agreement to the general claim, which Puplava was similarly making two to three years ago. Link to comment Share on other sites More sharing options...
zensmoke Posted April 8, 2009 Report Share Posted April 8, 2009 Did any Canadian stoolies catch BNN today? They had Meredith Whitney, Roubini, Eric Sprott, and Ian Gordon on a show called "The Close" : Bear Attack. You will never here that kind of bear chatter on crapvision. Ian Gordon called for Dow 1000! The hosts were in shock. Then they took calls. Every other caller sounded like a stoolie . . . The Close : April 7, 2009 : BEAR ATTACK: PART 1 [04-07-09 3:30PM] Link to comment Share on other sites More sharing options...
Jimi Posted April 8, 2009 Author Report Share Posted April 8, 2009 Puplava, ca. May 2003: As things worsen economically, the government will spend more money then it takes in and the Fed will pump more credit into the system. Gradually inflation will rear its ugly head. It is already starting to surface in the price of things we need; while deflation impacts the prices of the things we want downward.The price of housing is still soaring and the costs of services and energy is rising. http://www.usagold.com/gildedopinion/puplava/20030529.html Link to comment Share on other sites More sharing options...
shorty Posted April 8, 2009 Report Share Posted April 8, 2009 SAN DIEGO — Twenty-four people have been indicted on racketeering conspiracy charges, accused of participating in a mortgage fraud scheme that earned about $9 million by fraudulently inducing lenders to give loans to people who didn't qualify for them.An indictment unsealed today said the ringleader was a known gang member, Darnell Bell, 38, who used his status to recruit phony "straw buyers" and kept tabs on his co-defendants. Among those who were indicted were a real estate agent, an escrow officer, an appraiser and an accountant. Bell, who is already serving a sentence for a drug conviction, made his initial court appearance today. The others were arrested and expected to appear in court Wednesday. It wasn't known if any of those charged had retained attorneys. 24 down, hundreds of thousand of californians to go. Bubba gonna be busy. Fortunately, he gotta lotta luv ta give. Bubba a changed man on the inside; he found out it's better ta give than reamceive. Them scamsters gonna git 20 years in the shower. Butt what also needs to be done is to go back to every seller who sold at the inflated prices and CLAWBACK the proceeds. Link to comment Share on other sites More sharing options...
Jimi Posted April 8, 2009 Author Report Share Posted April 8, 2009 Puplava, ca. May 2003: http://www.usagold.com/gildedopinion/puplava/20030529.html Puplava never entertained the notion that credit could be extinguished faster than the Fed could incrementally expand it. Link to comment Share on other sites More sharing options...
Jimi Posted April 8, 2009 Author Report Share Posted April 8, 2009 Puplava, ca. May 2003: http://www.usagold.com/gildedopinion/puplava/20030529.html Puplava never entertained the notion that credit could be extinguished faster than the Fed could incrementally expand it. Link to comment Share on other sites More sharing options...
TrendIsDown Posted April 8, 2009 Report Share Posted April 8, 2009 for Trader Joe, this has been posted before, but if it is looming, and if it is really as bad as it looks to be, what will be the effect on House Prices?? jickiss!!!!!!! The effect on horse prices is already being felt at the auctions. Oh, was looking at your sig pic and thought you said horse. Never mind. Link to comment Share on other sites More sharing options...
joe3pack Posted April 8, 2009 Report Share Posted April 8, 2009 jetlaginator: allow me a variation on sequence. >>> Link to comment Share on other sites More sharing options...
joe3pack Posted April 8, 2009 Report Share Posted April 8, 2009 (Trader Joe @ Apr 7 2009, 05:12 PM) I am almost 100% certain that Jeff Macke from "Lost Money"....and one of the floor guys (forgot his name) are Stoolie lurkers.....on more than one occasion I have heard then quote verbatim certain IDS postings if they slip on the air and use the term of art 'crapvision', then we will know! maybe when they broadcast our posts, they're reading a version that's turned 'crapvision' back to 'C N B C." Link to comment Share on other sites More sharing options...
shorty Posted April 8, 2009 Report Share Posted April 8, 2009 the mad scramble underway for what's left of the Madoff Ponzi scheme At laSSt reamport, a little more than $1 billion had been recovered out of an estimated $65 billion believed to have been lost. less than 2 pennies on the dollar :ph34r: Link to comment Share on other sites More sharing options...
Jimbo Posted April 8, 2009 Report Share Posted April 8, 2009 MORE MAIN STREAM MEDIA MORONICITY I was reading businessweek - why bother and found this partuclar stupid framing questionaire "Is the U.S. auto industry worth saving? Yes. It's important to the country's prestige and economy. No. Other countries' auto industries have an insurmountable lead." No mention of that part of the american motor industry that is not asking for any handout You know.......... the AMERICAN motor industry called toyota, mercedes, honda, nissan that have lots of plants in america and obviously make cars people want to buy. Why does newsweek equate GM, ford, crisis with the american motor industry???????? Because they need to frame the question in order to get the correct answer!!!!!!! How about asking the correct question "Should US taxpayers continue to subsidise the rapidly shrinking loss making car manufacturers who obviously cant mange their business?" But the mainstream media dont want to ask the correct questions because they might get the answers that the dont want to hear. Link to comment Share on other sites More sharing options...
vitrofan Posted April 8, 2009 Report Share Posted April 8, 2009 "Need or must have"? Like, umm... housing? Seen Case Shiller? Seen the REO inventory? Read anything about falling rental costs? I had written more about just the stuff you mention, but erased it because the more I wrote, the angrier I got... anyway-the stats you site illustrate two sides of the same coin. That is, depending on what kind of real estate it is, it is a need or a want (primary home versus vacation cottage, modest home versus McMansion etc.) and if your income is practically zero and can't borrow anymore and unless they give you the house or apartment, you can't afford it. My rent just went up 4% and I know they have spare capacity in my complex. Just sayin'. Food? TJ and others have expressed expectations for falling food prices by summer. I'm with them. So far, all I see in my local grocery store is higher prices for smaller sizes and that is what counts for Joe Mainstreet-even more so when he is tapped out. As for what may happen in the future-again, if you are on welfare at that point those basic food items may be cheaper than now but for you, they might as well still be a million dollars a pop. The price might go from being prohibitive to merely unaffordable-and then they might have shrunk in size or quantity as well. Energy? We're a far-cry from 3-digit crude. For how long? I expect rising prices for oil in the future. I'm with Matt Simmonds(sp). Gee, they didn't let me renegotiate my exorbitant heating oil contract last season when the price of crude dropped... Hope you are right when I have to sign another one this June-July... And I read recently where it is expected that electricity rates are going to triple in the next few years-gee, coal and NG are cheap-they don't seem to think that they will stay cheap indefinately I guess... Last time I checked, UNG was being derided here as a POS. Remember those who were derided for pointing out late last spring that the bull market in energy was "a crowded trade"? A lot of pundits for the bull case had very believable rationales even in June... Transportation? They're giving cars away to those who can pay and afford them. Read about the cheap trans-continental airfares? Huh? As for affordability-wages in the aggregate (except for the Powers That Be of course) are dropping-er deflating and the cost of taxes (excise) insuring, licensing, registering and maintanence of vehicles is going up in my world. I can drive only one car at a time and while you are correct that for many it is a needful item, how many vehicles (especially high-end) do folks buy per day-with cash (you perhaps assume that the easy payment terms of old are still available to everyone with a pulse or that the house ATM is still working for most)? I would argue against equating flying anywere on a jet as necessary as is a minimum level of nutrition per day. Now, to be fair, you can probably reasonably point to the costs of insurance & education as "needs" whose cost has outpaced inflation for years. Insurance remains a fiasco. But the educational "needs" can be well-satisfied on a relatively cost-efficient manner through many state colleges where unit-costs remain modest. So, I guess I'm not in agreement to the general claim, which Puplava was similarly making two to three years ago. Link to comment Share on other sites More sharing options...
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