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#1 DrStool

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Posted 21 August 2009 - 04:24 PM

No really. What wuz dat?

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#2 Ags Nightmare

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Posted 21 August 2009 - 04:27 PM

Good theme for the Movie of The Week capped off by Flagpole Friday....
"I went out and bought an Apple Computer; it had a worm in it"....."When I was born, I was so ugly that the doctor slapped my mother"....'I played hide and seek; they wouldn't even look for me.'- Rodney Dangerfield

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#3 DrStool

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Posted 21 August 2009 - 04:30 PM

Best of All Worlds – Professional Edition Fed Report


by Lee Adler, Friday, August 21, 2009, in Money and The Fed, Professional Edition | Permalink |Comments (0) Edit With new no Treasury supply this week, yet still supported by Fed buying, the stock market rally rolled on. But, triggered by NAR housing data that was misinterpreted by the media, the Treasury rally got smacked down, with yields surging. I had expected this a day earlier when next week’s auctions were announced, with massive new supply in intermediate paper. But the market had a delayed reaction, in part because of the Fed buying of Treasuries as well as an increase in its GSE buying, and a massive settlement of $66 billion of MBS earlier in the week. As a result, the PDs and retail banks were flush with cash. It was a best of all worlds scenario. 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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#4 mdporter

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Posted 21 August 2009 - 04:57 PM

Wonder how the media will spin seasonal RE weakness through the end of the year.

Gotta wonder why all rally days are flagpole only. Zoom up for a few minutes then hold. That can't be natural!

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#5 quanta

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Posted 21 August 2009 - 04:59 PM

Trailer for Michael Moore's 'Capitalism: A Love Story'

Due out October 2.
Looks like a Fun time!


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#6 mdporter

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Posted 21 August 2009 - 05:24 PM

California's unemployment rate took an unexpected leap in July, reaching a post-Word War II high of 11.9%. The increase contrasts with the national rate, which declined slightly over the same period, and reflects ongoing weakness in the state's battered construction and financial services industries.

The state lost a net 35,800 jobs last month, more than any other state, the U.S. Labor Department said today. It has lost 760,200 jobs over the last year.

Every category of nonfarm jobs in the state except education and health services experienced year-over-year losses. The construction sector was the hardest hit, shedding 18.6% of its jobs. Manufacturing jobs fell 8.7% from the same time last year.

But there is reason to be optimistic, economists said, because the rate of job loss seems to be slowing. In June, the state lost 66,500 jobs. In May, it lost 68,900.


unrelenting "optimism"

So the UE rate is good news because the job losses are slowing. Um, excuse me? JOB LOSSES ARE STILL HAPPENING!!! So what if the rate is slowing down? How will replacement jobs be created, and who will be hiring? "eCONomists" continually fail to discuss that.
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

#7 Jetlag

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Posted 21 August 2009 - 06:04 PM

Trailer for Michael Moore's 'Capitalism: A Love Story'

Due out October 2.
Looks like a Fun time!

http://www.youtube.com/v/IhydyxRjujU.swf


He's barking up the wrong tree, what happened had nothing to do with capitalism.

#8 Jorma

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Posted 21 August 2009 - 06:06 PM

To my mind the story of the week is this.

F.D.I.C. Seeks to Attract More Buyers of Banks

Federal regulators are planning next week to make it easier for private equity firms to buy insolvent lenders, according to people briefed on the situation, a move that would reduce the number of failed banks that the fund would have to support. It is also trying to entice buyers by agreeing to share some of the potential losses from failed banks. And it is retooling one of its main financing programs to make it cheaper for bidders to buy the toxic assets of closed lender

http://www.nytimes.c...mp;ref=business

The Times is spinning this a bit as to where the money is going to come from. They mention "That could require the F.D.I.C. to tap a multibillion-dollar lifeline from taxpayers, through an emergency borrowing program run by the Treasury Department, to finance loan sales and other short-term obligations." That is the 'line of credit' $500 billion, which was said at the time to be in the hands of the FDIC, now it's the Treasury, to fund PPIP.

So let's put 2+2 together. The Treasury or it's arm the FDIC have a half trillion dollars and they are dealing. They are begging Private Equity to help take over failed banks. It's a beautiful thing. I could write a book today detailing some of the muck this will bring that will be in the headlines in a couple of years. Probably with quotes from Geithner like "I couldn't have guessed such upstanding citizens would steal a billion".

I think we can call this the mysterious Plan C. The only fly in the ointment is that the Treasury is going to have to borrow that $500 billion to give it to KKR and Blackstone, Carlyle and the rest. That's why there is a bit of dodging going on now about the whole thing. Congress gave a blank check to Geithner and he is being polite enough not to rub their faces in it, too badly. They thought there were saving grandmas savings account and helping save some banks, Not subsidizing Pigmen to buy up banks.

I can imagine loan demand soaring for a bank owned by a KKR entity. Loans for takeovers. That's the ticket.

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#9 Jorma

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Posted 21 August 2009 - 06:22 PM

He's barking up the wrong tree, what happened had nothing to do with capitalism.


Of course it does. It's about capital. Who has it, and who gets it. Who gets to keep it. Capital is inseparable from political power. Always has been and always will be. I know we all like to tell the grade school primer version of the wonder of free markets and they are a nice ideal and all but really, let's be grown ups.

On the broad subject of capitalism and governmental/political power. Corporations do not exist outside government. Government creates them, through law. Gives the absolutely essential waiver of individual liability that is the bedrock of corporations. Corporations might be said to be born of moral hazard.

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#10 Jetlag

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Posted 21 August 2009 - 06:29 PM

Of course it does. It's about capital. Who has it, and who gets it. Who gets to keep it. Capital is inseparable from political power. Always has been and always will be. I know we all like to tell the grade school primer version of the wonder of free markets and they are a nice ideal and all but really, let's be grown ups.

On the broad subject of capitalism and governmental/political power. Corporations do not exist outside government. Government creates them, through law. Gives the absolutely essential waiver of individual liability that is the bedrock of corporations. Corporations might be said to be born of moral hazard.


I reiterate my position :lol: Nothing, nada, zero to do with capitalism.

#11 DrStool

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Posted 21 August 2009 - 06:51 PM

He's barking up the wrong tree, what happened had nothing to do with capitalism.


I disagree. What happened was, in fact, the natural progression of capitalism. The cycle goes on.

Too bad Barack Obama is no Teddy Roosevelt.

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#12 quanta

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Posted 21 August 2009 - 07:21 PM

He's barking up the wrong tree, what happened had nothing to do with capitalism.


So what "ism" was it?
Socialism?
Fascism?
Communism?

Pointillism?
pontilism.jpg

:lol:
Don't look too close...
The current Weatha
In mathematics you don't understand things. You just get used to them. Johann von Neumann
We're all frinkin' doomed The Mogambo Guru
In the long run, we're all dead John Maynard Keynes
If voting changed anything, they'd make it illegal Emma Goldman
Time flies like an arrow; fruit flies like a banana G. Marx

#13 Charmin

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Posted 21 August 2009 - 08:51 PM

If your asking what just happened, I think the pigmen built a steel I-beam at 992, let it go for two days and sprung it on bears for another V shaped recovery that overshadows the shadowy economy.

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#14 Speakeasy

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Posted 21 August 2009 - 09:45 PM

So what "ism" was it?
Socialism?
Fascism?
Communism?

Pointillism?
pontilism.jpg

:lol:

:lol: :lol: :lol:

Or, more precisely, the end stage of Capitalism, POINTLESSISM.

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#15 Jetlag

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Posted 21 August 2009 - 09:57 PM

Human nature, under capitalism or communism or whatever. Nothing to do with the basic concept of capitalism.

M.Moore blaming capitalism for the crisis is as misleading as those tin foilers posting trash and lies on Zero Hedge. It doesn't help to solve the real problem because it only diverts attention from the real issue.





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