Welcome party

[shorty]

boyz short JPM common?

[mdporter]

In a surprise, almost off-hand announcement, President Obama told the nation that GMAC will finance Chrysler wholesale (dealer) and retail (customer) sales, as the ailing automaker enters Chapter 11. Obama promised “fresh financing” for GMAC to do the deal. Not Chrysler Finance. The remark adds substance to rumors that the Presidential Task Force on Automobiles (PTFOA) will arrange a shotgun wedding between Chrysler Financial and GMAC, despite objections from the FDIC and the Fed. For some reason, Obama forgot to mention either the merger or the amount of Uncle Sam’s contribution to GMAC that will be needed to back up the PTFOA’s decision not to throw Chrysler into liquidation. Yet. Meanwhile, Obama reiterated his promise to stand behind ChryCo customers with a federal warranty program, details of which are still notable by their absence.

 

source

[mdporter]

Of course you're right. But from a purely "what would be best for the macro economy" perspective, cram downs would have been a positive IMO. Another stupid decision made by the politicians, motivated by the need to raise campaign money.

 

Oh, and there will still be cram downs, but now they'll be done by the banks themselves after they own the houses - and it'll be called mark-to-market instead.

 

Short term there will be pain because of this.

 

Long term this might lead to both sides (borrowers and lenders) being more careful in their transactions.

 

Wait.

 

Who am I kidding? There won't be any changes longterm.

[shorty]

Nominal incomes fell 0.3% in March as wages and salaries slid 0.5%.

 

Incomes declined from every source except transfer payments -- such as Social Security, pensions, and unemployment benefits -- which increased 0.9%.

 

The number of people collecting unemployment benefits rose by 133,000 to a record 6.27 million, indicating very weak hiring.

 

The Labor Department said first-time claims for unemployment benefits fell last week by 14,000

to only 631,000 per week.

[shorty]

"fresh financing"

what a joke

U.S. gonna borrow $Trillions to increase wealth

not

that decreases wealth

because now ya gotta pay interest

not to mention almost all the borrowed money will be pissed away

and ya gotta pay back principal too

fat chance

[Charmin]

Nominal incomes fell 0.3% in March as wages and salaries slid 0.5%.

 

Incomes declined from every source except transfer payments -- such as Social Security, pensions, and unemployment benefits -- which increased 0.9%.

 

The number of people collecting unemployment benefits rose by 133,000 to a record 6.27 million, indicating very weak hiring.

 

The Labor Department said first-time claims for unemployment benefits fell last week by 14,000

to only 631,000 per week.

 

If the goobermint says unemployment benefits collected only rose by 133,000 and yet first time claims are 631,000 per week then what happened to the half million people not in those statistics. What am I missing here?

[Charmin]

"fresh financing"

what a joke

U.S. gonna borrow $Trillions to increase wealth

not

that decreases wealth

because now ya gotta pay interest

not to mention almost all the borrowed money will be pissed away

and ya gotta pay back principal too

fat chance

 

Speaking of wealth I read it this way:

The grand design of all these teeming intellectuals all over the globe is to create a world system where they and their type sit at all the tables of governance, control all the levers of power and distribute all the world’s wealth.

[Peek Paper]

"fresh financing"

what a joke

U.S. gonna borrow $Trillions to increase wealth

not

that decreases wealth

because now ya gotta pay interest

not to mention almost all the borrowed money will be pissed away

and ya gotta pay back principal too

fat chance

Yup. The American Dream is now obtaining reasonable financing for large sums of money needed to buy tricked-up doojifloopies.

 

When's the last time you heard the word "productivity" used in the same sentence as "next generation"?

[Frenchy]