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Another Day, Another Euro


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Freddy's back on the high roll

 

"Freddie Mac reported net income of $768 million in the second quarter, its first profit in two years, and didn’t ask the U.S. Treasury for more aid. "

 

http://www.bloomberg.com/apps/news?pid=206...id=aLgNQjlt_Svc

 

After Hours: 1.07 Up 0.33 (44.59%) 5:34pm ET

 

ya think the news got leaked?

 

w?s=FRE

 

OVer 10 billion in fluff and they only make under a billion?

 

"Freddie Mac said profit was cushioned by a $5.1 billion increase in equity due to the adoption of accounting rules that govern how it must recognize losses. It also had a $4.2 billion gain from derivatives "

 

"Provisions for credit losses declined to $5.2 billion in the second quarter from $8.8 billion in the previous period, driven by recent home price improvements, it said."

 

 

And even that billion is gone to pay gubermint's dividend on the preferred equity!

 

"After payments of $1.1 billion in preferred stock dividends to the U.S. Treasury, Freddie Mac had a net loss of 11 cents per diluted common share."

 

http://www.reuters.com/article/marketsNews...20090807?rpc=44

 

Shorty ya better start oiling that guillotine cuz we'ze gots workz to do.

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smells like deflation ?

 

U.S. credit card debt down record 10 months in row

U.S. June consumer credit down at 4.9% rate

U.S. June consumer credit down $10.29 bln

No, smells like DEFAULT.

Outstanding balances are dropping because they're being WRITTEN OFF AS UNCOLLECTIBLE.

The maSSes are now maSSters at borrowing, defaulting, and walking away.

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Just another example of Under the raydar: Pensions in critical shape - another 30% rally needed. Pensions need cash infusion or rally to continue.

 

"West Virginia is not alone in this dilemma. Public employee pension plans along with so called OPEBs (Other Post-Employment Benefits) are causing budget woes in nearly every state as governing bodies at local, county and state levels strain to bring their programs more into line with the trends in the private sector.

Last week’s decision by the Public Employees Insurance Agency (PEIA) Finance Board to discontinue promised full health insurance coverage for future employees after they retire is another unpopular but necessary example of this long overdue and more financially prudent approach."

http://www.lincolnjournalinc.com/default.a...inc&he=.com

 

Let's strip the bennies to the bone and throw you out for the dogs.

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All across the land - pensions are a major item to fund and they are mostly underfunded at the moment.

 

"California has at least $63 billion in unfunded pension liabilities"

"New Mexico this year approved longer work requirements - from 25 years to 30 years - for state employees starting in 2010."

 

from sea to shining sea

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