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Double Whammy


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The market got hit with a double whammy as the Fed drained and the Treasury sucked some cash out of the market. For the last couple of weeks I have been warning in the WSE Pro Fed report that the party would probably end when the Treasury paydowns ended. We probably saw evidence of that today.

 

I will be taking a long weekend for the holiday. The WSE Pro will be published tonight but there will be no publication tomorrow, or Monday of course.

 

Have a fun and safe holiday!

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4 fer 4

 

Git out! :ph34r:

583388[/snapback]

 

Shorty, your avatar is getting bigger and bigger, 4-5. Sorry, but, we got to put folks in good spirits for the Memorial Day. :P

583391[/snapback]

 

I don't think so. I think Shorty might be on to something.

With Gas prices sky high, i think this weekend's retail sale number is going to come back weak on Tuesday.

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off-topic question

 

Cleaning out my desk today at work and came across a $50 treasury (note/bond?). It says Series EE and is dated 8/1990. Anybody know how I cash this thing? Is it worth $50?

583393[/snapback]

 

It's worth at least the $50 and maybe a bit more. Take it to your bank. They will cash it for ya.

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4 fer 4

 

Git out! :ph34r:

583388[/snapback]

 

Shorty, your avatar is getting bigger and bigger, 4-5. Sorry, but, we got to put folks in good spirits for the Memorial Day. :P

583391[/snapback]

 

I don't think so. I think Shorty might be on to something.

With Gas prices sky high, i think this weekend's retail sale number is going to come back weak on Tuesday.

583392[/snapback]

 

 

people have 4 days off to spend money.

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Housing news...

 

http://thehousingbubbleblog.com/

 

From Reuters. ?Jobless subprime mortgage specialists are looking for employment in the booming market for loans to senior citizens, mortgage market executives said on Tuesday.? ?Between 12,000 to 15,000 displaced mortgage lenders may begin to seek employment in the growing market for reverse mortgages, an increasingly popular home equity loan for homeowners who are 62 years old or older, Goldman, Sachs & Co. and Wells Fargo Home Mortgage executives said at a mortgage conference.?

 

?Some bankers worry the market?s rapid growth may make reverse mortgages vulnerable to fraud and increased litigation, which has plagued subprime loans, mortgages to those with weak credit histories.?

 

??As you look at what?s going on in the subprime market, are those the types of folks who are really appropriate for pursuing reverse mortgages?? asked Rolf Edwards, a VP at Goldman, Sachs & Co.?

 

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Housing news...

 

http://thehousingbubbleblog.com/

 

??As you look at what?s going on in the subprime market, are those the types of folks who are really appropriate for pursuing reverse mortgages?? asked Rolf Edwards, a VP at Goldman, Sachs & Co.?

583396[/snapback]

Answer:

 

Goldman, Sachs & Co. are the really appropriate people to pursue reverse mortgages.

 

Appraise a property for 25 % below market value, buy it for 75% of that over Ma and Pa's expected life span, have desperate Mom and Pop homeowners carry the taxes and insurance, and own the property at bargain basement prices when Mom and Pop default on the Mastercard, BMW, and everything else they've leveraged.

 

An if it goes south for them, there'll be a gubmint resue op, 4 sure.

 

They'll call it Golden Fannie.

 

Just up Goldie's alley eff ya axe me.

 

And all listed an asset of GS balance sheet at the tax assessor's appraisal price. So GS can do more borrowing/lending/looting. The distinctions are getting pretty fuzzy to these old eyes.

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Housing news...

 

http://thehousingbubbleblog.com/

 

From Reuters. ?Jobless subprime mortgage specialists are looking for employment in the booming market for loans to senior citizens, mortgage market executives said on Tuesday.? ?Between 12,000 to 15,000 displaced mortgage lenders may begin to seek employment in the growing market for reverse mortgages, an increasingly popular home equity loan for homeowners who are 62 years old or older, Goldman, Sachs & Co. and Wells Fargo Home Mortgage executives said at a mortgage conference.?

 

?Some bankers worry the market?s rapid growth may make reverse mortgages vulnerable to fraud and increased litigation, which has plagued subprime loans, mortgages to those with weak credit histories.?

 

??As you look at what?s going on in the subprime market, are those the types of folks who are really appropriate for pursuing reverse mortgages?? asked Rolf Edwards, a VP at Goldman, Sachs & Co.?

 

583396[/snapback]

 

 

i remember all the job losses during the dot bomb crash !

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