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#1 mdporter

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Posted 10 July 2009 - 04:25 PM

take it away
The men the American people admire most extravagantly are the most daring liars, the men they detest most violently are those who try to tell them the truth. -- H.L. Mencken

"Only a man who knows what it is like to be defeated can ... come up with the extra ounce of power it takes to win." - Muhammad Ali

"When plunder has become a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it." -- Claude Frédéric Bastiat

#2 Peek Paper

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Posted 10 July 2009 - 05:30 PM

NEW YORK (CNNMoney.com) -- Fresh out of bankruptcy, the new General Motors hopes to soon start selling its whole line of cars on eBay through a pilot program.

While the marketing effort would initially be limited to California, it could go national if it proves to be successful, said GM Chief Executive Fritz Henderson at a news conference Friday.

GM on ebay

"We were able to follow through on Chrysler's lead and stiff our bondholders for pennies on the dollar. California should be a great partner in this new effort, with its rapidly expanding IOU program and a potential 11-figure bond default looming."
The deeper you dig into a pile of dung, the worse it smells ...

#3 T_Slim

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Posted 10 July 2009 - 05:31 PM

silence. I see they held it together again. treasury prices took another stab for their respective s/r zones. 10 year treasury looking like hidden bearish divergence.

I'm thinking YM 8200 should be resistance now and 7800 to 8000 awaits. poor little dow couldn't even get to 9000. This market is screwed.

#4 Jetlag

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Posted 10 July 2009 - 06:00 PM

NEW YORK (CNNMoney.com) -- Fresh out of bankruptcy, the new General Motors hopes to soon start selling its whole line of cars on eBay through a pilot program.

While the marketing effort would initially be limited to California, it could go national if it proves to be successful, said GM Chief Executive Fritz Henderson at a news conference Friday.

GM on ebay

"We were able to follow through on Chrysler's lead and stiff our bondholders for pennies on the dollar. California should be a great partner in this new effort, with its rapidly expanding IOU program and a potential 11-figure bond default looming."


Do they accept Kali IOU's as way of payment? <_<

#5 mdporter

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Posted 10 July 2009 - 06:31 PM

In the news today both the University of California and California State University systems are announcing both wage cuts and also lowering the number of students they will accept. No word on if they are going to root out all the money wasting and cronyism that is endemic to both systems.

One of my friends that took a 10% pay cut earlier this year is going to take another 8%, because his wife works for UC Berkeley. And he has a kid attending USC and another at Berkeley. He's gonna be hurting bigtime now. Something will have to give way as his personal budget is shredded.

Speaking of budgets, the lawmakers (lawbreakers) in Sacramento are not even trying to come up with a budget anymore. They appear to be content to let the state burn. Great moves. We here on this forum could make a budget for the state in one afternoon. Just tell the state, "This is it, there is no money for anything else. Sorry."
The men the American people admire most extravagantly are the most daring liars, the men they detest most violently are those who try to tell them the truth. -- H.L. Mencken

"Only a man who knows what it is like to be defeated can ... come up with the extra ounce of power it takes to win." - Muhammad Ali

"When plunder has become a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it." -- Claude Frédéric Bastiat

#6 DrStool

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Posted 10 July 2009 - 07:29 PM

They Know All, We Know Nothing- Professional Edition


by Lee Adler, Friday, July 10, 2009, in Money and The Fed, Professional Edition | Permalink |Comments (0) Edit The Fed’s balance sheet shrinkage trend continued this week as ongoing drops in Alphabet Soup outstripped the amount of securities the Fed bought directly. Commercial paper’s shrinkage problem also continued, as did that of retail money market funds as holders liquidated in order to meet current obligations. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.

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#7 mdporter

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Posted 10 July 2009 - 07:30 PM

DESPERATION

MYFOXNY.COM - How early is too early for Christmas marketing? Apparently it's not July for Sears Holdings Company.

The company owns Sears and Kmart. It has opened an online holiday store and Christmas boutiques at hundreds of stores.

The company hopes to nudge consumers into starting their holiday shopping early and use the retailer's lay-a-way plan. Lay-a-way plans allow shoppers to pay for items over an extended period before they actually take the merchandise home. Sears reintroduced the program year-round in January.


source
The men the American people admire most extravagantly are the most daring liars, the men they detest most violently are those who try to tell them the truth. -- H.L. Mencken

"Only a man who knows what it is like to be defeated can ... come up with the extra ounce of power it takes to win." - Muhammad Ali

"When plunder has become a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it." -- Claude Frédéric Bastiat

#8 shorty

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Posted 10 July 2009 - 08:41 PM

In the news today both the University of California and California State University systems are announcing both wage cuts and also lowering the number of students they will accept. No word on if they are going to root out all the money wasting and cronyism that is endemic to both systems.

One of my friends that took a 10% pay cut earlier this year is going to take another 8%, because his wife works for UC Berkeley. And he has a kid attending USC and another at Berkeley. He's gonna be hurting bigtime now. Something will have to give way as his personal budget is shredded.

Speaking of budgets, the lawmakers (lawbreakers) in Sacramento are not even trying to come up with a budget anymore. They appear to be content to let the state burn. Great moves. We here on this forum could make a budget for the state in one afternoon. Just tell the state, "This is it, there is no money for anything else. Sorry."

if she draws a paycheck from the school I think her kids also get to free-ride there, correct?
or do they have to pay like everyone else?

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#9 Jorma

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Posted 10 July 2009 - 08:50 PM

Winthrop, Mitchell believes market is in much better condition after recent liquidation, believes stocks "getting near rock bottom levels", would buy many major stocks on further selling. They may go a little lower, but not worth trying to pick a bottom: "The long pull prospect of large profits is too good to be concerned about 5 or 10 point dips, which later will be regarded as only minor setbacks in a major upturn."

In the news. 7/8/1930

http://newsfrom1930.blogspot.com/

War is the last great hope of the incompetent to order the unwilling to attempt the impossible.
William Eastlake 'The Bamboo Bed'

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The Treasury

could burn down

We jammin still

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#10 shorty

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Posted 10 July 2009 - 08:52 PM

DESPERATION

MYFOXNY.COM - How early is too early for Christmas marketing? Apparently it's not July for Sears Holdings Company.

The company owns Sears and Kmart. It has opened an online holiday store and Christmas boutiques at hundreds of stores.

The company hopes to nudge consumers into starting their holiday shopping early and use the retailer's lay-a-way plan. Lay-a-way plans allow shoppers to pay for items over an extended period before they actually take the merchandise home. Sears reintroduced the program year-round in January.


source

Walmart's plan is better -- it allows shoppers to use items over an extended period before they actually bring the merchandise back and get a full cash refund.

"What's wrong with it, sir?"

"Nuthin'. We just done usin' it. Now gimme my money back."

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#11 shorty

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Posted 10 July 2009 - 08:57 PM

NEW YORK (CNNMoney.com) -- Fresh out of bankruptcy, the new General Motors hopes to soon start selling its whole line of cars on eBay through a pilot program.

While the marketing effort would initially be limited to California, it could go national if it proves to be successful, said GM Chief Executive Fritz Henderson at a news conference Friday.

GM on ebay

"We were able to follow through on Chrysler's lead and stiff our bondholders for pennies on the dollar. California should be a great partner in this new effort, with its rapidly expanding IOU program and a potential 11-figure bond default looming."

Now that's a plan. Screw the CA bondholders. Just walk away. Problem solved.

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#12 Charmin

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Posted 10 July 2009 - 09:05 PM

In the news today both the University of California and California State University systems are announcing both wage cuts and also lowering the number of students they will accept. No word on if they are going to root out all the money wasting and cronyism that is endemic to both systems.

One of my friends that took a 10% pay cut earlier this year is going to take another 8%, because his wife works for UC Berkeley. And he has a kid attending USC and another at Berkeley. He's gonna be hurting bigtime now. Something will have to give way as his personal budget is shredded.

Speaking of budgets, the lawmakers (lawbreakers) in Sacramento are not even trying to come up with a budget anymore. They appear to be content to let the state burn. Great moves. We here on this forum could make a budget for the state in one afternoon. Just tell the state, "This is it, there is no money for anything else. Sorry."


and this:
SEC calls for Calif. IOUs treated as securities
"The recipients of billions of dollars in IOUs being issued by California soon may be able to sell them on a regulated market, following action taken Thursday by federal regulators." http://www.sfgate.co.../f111915D34.DTL
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#13 shorty

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Posted 10 July 2009 - 09:10 PM

Do they accept Kali IOU's as way of payment? <_<

No butt you can do zero-down financing then never make a payment, just drive the thing into the ground and park it all over the place until they find it, then just walk away.

Car loans are non-reamcourse just like RE, right? You can also refi the thing a couple times with the help of a friendly loan borker, and pull out cash.....plus you can cannibalize it fer parts if ya smell the repo man gettin' close.

1. Use it
2. Strip it
3. Trash it
4. Walk away
5. Laugh yer aSS off

The secret to the strong CA economy.

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#14 Charmin

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Posted 10 July 2009 - 09:14 PM

Walmart's plan is better -- it allows shoppers to use items over an extended period before they actually bring the merchandise back and get a full cash refund.

"What's wrong with it, sir?"

"Nuthin'. We just done usin' it. Now gimme my money back."


A couple of guys I knew had a high speed mission to travel across country. They bought a fuzz buster at Walmart and when they were done with it they turned it in and got their money back.
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#15 Charmin

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Posted 10 July 2009 - 10:22 PM

Speaking of Government Motors:

"J.P. Morgan and Citi Group get paid first in GM bankruptcy"
Andrew Gause on radio explaining the situation to Patrick Timpone
http://www.oneradion...h_200907081164/

You may have to register to listen to podcast.

As one person said - "Stevie the Rat has a different plan for GM: grab the pension funds to pay off Morgan and Citi."
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