MrHanky Posted January 31, 2009 Report Share Posted January 31, 2009 FDIC shuts down three banks in one day amid ongoing credit crisis Utah's MagnetBank became the fourth bank failure of the year, and the Federal Deposit Insurance Corp. was forced to directly refund depositors after being unable to find another institution willing to take over its operations. That marked the first time the FDIC has been unable to find an acquirer for a failed bank in nearly five years, according to FDIC spokesman David Barr. "This bank did not have an attractive franchise value, and not many retail deposits or core deposits," Barr said. The FDIC had conducted an extensive marketing process for the bank's assets, he said. http://www.marketwatch.com/news/story/Regu...C5B1F4FD9745%7D Bullish! Link to comment Share on other sites More sharing options...
T_Slim Posted January 31, 2009 Report Share Posted January 31, 2009 Euro might be going back down into the abyss. Bearish hidden divergence might be picking up steam next week. Last time we got that kind of formation on the weekly chart, it gave out mad pips . . . KW and FX Fox what you seeing? Link to comment Share on other sites More sharing options...
Bungster Posted January 31, 2009 Report Share Posted January 31, 2009 The VIX found support at 40 on the 28th. I'm bearish until that support breaks. Will add to shorts on bounce....I see SPX support at 805...will it hold? Will we get a dead feline bounce there? Link to comment Share on other sites More sharing options...
mdporter Posted January 31, 2009 Report Share Posted January 31, 2009 FDIC shuts down three banks in one day amid ongoing credit crisis Utah's MagnetBank became the fourth bank failure of the year, and the Federal Deposit Insurance Corp. was forced to directly refund depositors after being unable to find another institution willing to take over its operations. That marked the first time the FDIC has been unable to find an acquirer for a failed bank in nearly five years, according to FDIC spokesman David Barr. "This bank did not have an attractive franchise value, and not many retail deposits or core deposits," Barr said. The FDIC had conducted an extensive marketing process for the bank's assets, he said. http://www.marketwatch.com/news/story/Regu...C5B1F4FD9745%7D Bullish! Makes you wonder, going forwards, how many banks are going to be willing to take on their less fortunate neighbor banks. Link to comment Share on other sites More sharing options...
Jorma Posted January 31, 2009 Report Share Posted January 31, 2009 Doc didn't know who Gutfreund was this AM. He did an interview on Bloomberg. Shame on you Doc. Well your probably not a history buff. Gutfreund was one of the ground floor leaders of the New Wall Street in the 80's at Solomon Brothers and his story was told in a great great book called Liar's Poker. The author of that, Michael Lewis, had a nice piece out a few months back. Worth a read. http://www.portfolio.com/news-markets/nati...m?print=true%22 This is a good thing to refer friends too. To help explain the mess without all the emotion. The greatest Housing Bubble for Dummies story is easily from NPR's This American Life. Episode 355 The Giant Pool of Money. I heard part of it. It has to be purchased, for 95 cents, but it's IPod and I don't have one. There is a transcript but that can't touch the radio story, Hearing people in their own words. http://www.thisamericanlife.org/Radio_Epis...spx?episode=355 Link to comment Share on other sites More sharing options...
mdporter Posted January 31, 2009 Report Share Posted January 31, 2009 Silicon Valley car sales fell to a 15-year low in 2008. And the prospects for 2009 look worse. New car and truck registrations in Santa Clara County fell to 55,227 vehicles in 2008, down 23 percent from the 2007 total, according to compilation provided by the Silicon Valley Auto Dealers Association. That was steeper than the national sales decline of 18 percent. Statewide sales also were down 23 percent. Nobody needs a new car. Silicon Valley is saturated with reasonably new cars. There's no money, and no demand. Link to comment Share on other sites More sharing options...
DrStool Posted January 31, 2009 Author Report Share Posted January 31, 2009 http://wallstreetexaminer.com/2009/01/30/v...ion-fed-report/ Link to comment Share on other sites More sharing options...
DrStool Posted January 31, 2009 Author Report Share Posted January 31, 2009 Doc didn't know who Gutfreund was this AM. He did an interview on Bloomberg. Shame on you Doc. Well your probably not a history buff. Gutfreund was one of the ground floor leaders of the New Wall Street in the 80's at Solomon Brothers and his story was told in a great great book called Liar's Poker. The author of that, Michael Lewis, had a nice piece out a few months back. Worth a read. http://www.portfolio.com/news-markets/nati...m?print=true%22 This is a good thing to refer friends too. To help explain the mess without all the emotion. The greatest Housing Bubble for Dummies story is easily from NPR's This American Life. Episode 355 The Giant Pool of Money. I heard part of it. It has to be purchased, for 95 cents, but it's IPod and I don't have one. There is a transcript but that can't touch the radio story, Hearing people in their own words. http://www.thisamericanlife.org/Radio_Epis...spx?episode=355 Sorry you didn't get the tongue in cheek. In fact, I was working on Wall Street when Gutfreund was the boss of Solly. My point was missed I guess. Fact is, if it weren't for Michael Lewis, virtually no one around today would recognize the name. I would have. Link to comment Share on other sites More sharing options...
DrStool Posted January 31, 2009 Author Report Share Posted January 31, 2009 Sorry you didn't get the tongue in cheek. In fact, I was working on Wall Street when Gutfreund was the boss of Solly. My point was missed I guess. Fact is, if it weren't for Michael Lewis, virtually no one around today would recognize the name. I would have. Henry Kauffman, Solly's bond anal cyst, aka Dr. Doom, was actually much better known than Gutfreund. I remember back in the 70s when we in the business awaited his every pronouncement with baited breath. His counterpart at First Boston, Al Wojnilower, was known as Dr. Death. Link to comment Share on other sites More sharing options...
shorty Posted January 31, 2009 Report Share Posted January 31, 2009 There's no money, and no demand. definition of a Depression Link to comment Share on other sites More sharing options...
POTUS Posted January 31, 2009 Report Share Posted January 31, 2009 Anyone looking for some good eats during the superbowl might try THE BACON EXPLOSION! a 1 lb layer of bacon a 2 lb layer of italian sausage another 1 lb layer of bacon seasoning & sauce all rolled-up into a log and smoked 5000 calories and 500 g. fat Yummy! I'm going to try it this weekend. recipe: http://www.bbqaddicts.com/bacon-explosion.html To make that a more balanced meal you might want to serve up a side of Chili-chesse-Fries cooked in beef tallow. I like mine with loads of roasted garlic, but that's just me. Chili-cheese fries cooked in beef tallow Link to comment Share on other sites More sharing options...
cwd Posted January 31, 2009 Report Share Posted January 31, 2009 Roxy, you made the statement last night on M2 M that there was NO inflation for 40 years after the 1932 bottom. You might want to check the official government calculator. I think you then might want to reconsider that after checking the official US government numbers which most people think under report the real numbers. http://data.bls.gov/cgi-bin/cpicalc.pl Link to comment Share on other sites More sharing options...
kaotic Posted January 31, 2009 Report Share Posted January 31, 2009 Dow closed at fresh weekly low...... That is one fugly looking chart. Link to comment Share on other sites More sharing options...
shorty Posted January 31, 2009 Report Share Posted January 31, 2009 Marta Sanchez and her husband bought their Panorama City house in April of 2006, their hearts beaming with hope and high expectations. "We could finally say, 'this is ours' and stop throwing our money away in rent," Sanchez says, recalling the excitement at the time. "We didn't know this catastrophe was coming - that property values would plummet and the economy would be like this," she says. Since their loan from Countrywide Financial adjusted last June, the Sanchez's have not been able to keep up with the $5,000 monthly for their three-bedroom house. "We've only been paying interest on our home for the last two years. We haven't even begun to cover the principal, so in a way it's like renting. And for $5,000 we could be renting a house in Beverly Hills," she said. Sanchez and her husband knew money would be tight and sacrifices would have to be made when they bought their home for $465,000 in 2006. Their housing payment would go up from a $550 rent to a mortgage of $4,049, but they felt confident that with their steady income they could pull it off. They also felt confident that, though their loan from Countrywide would adjust up in two years, their home would go up in value and with equity in the property, they would refinance. But their house is now valued at $274,000 and, not being able to refinance, their monthly payments have shot up more than $1,000 dollars. Link to comment Share on other sites More sharing options...
kaotic Posted January 31, 2009 Report Share Posted January 31, 2009 This is starting to look like a dog's dinner, but...here are the 2 timeshifted Bradleys (green) and 2 actuals (red). Thanks again Phat for the update. mid-Dec turn was a HIGH on many of the Asian/European indexes. I have mid-Feb turn for the panic low and mega-UP until June-July timeframe. Link to comment Share on other sites More sharing options...
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