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Market Awash in Sea of Red


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#31 mdporter

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Posted 12 September 2009 - 02:17 AM

Doc,

The Russ Winter's Actionable link on the left yellow sidebar does not work.
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

#32 mdporter

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Posted 12 September 2009 - 02:32 AM

Wells Fargo & Co., seeking to distance itself from a company executive's alleged personal use of a $12-million beachfront Malibu home owned by the bank, said Friday that it would "take decisive action" against any employee "who may have violated Wells Fargo's policies."

The bank's strongly worded statement came as it faced a potentially embarrassing public relations imbroglio in the aftermath of reports that one of its senior executives had lived in the home that was surrendered by victims of Bernard L. Madoff's massive fraud.

"I almost fell out of my chair" when reading about the Wells Fargo allegations Friday morning, said Jerry Swerling, director of public relations studies at USC's Annenberg School for Communication. "That these folks could think this would not somehow become public astonishes me."


:lol: :lol: :lol:

Bankers have NO shame!
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

#33 mdporter

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Posted 12 September 2009 - 02:35 AM

Concerned that too few Americans are willing to buy a car from a bankrupt automaker with a legacy of poor quality, General Motors Co. has come up with a deal: Try one for 60 days. If you don't like it, you can get your money back.

The unusual promotion is the centerpiece of an aggressive marketing campaign debuting next week. The automaker hopes the unusual tactic will turn around a long sales decline hastened considerably by its recent bouts with bailout and bankruptcy.

GM's U.S. sales are down 35% so far this year. Its market share is at an all-time low. Even the wildly successful "cash for clunkers" program did little to boost the company's fortunes.

Now, with $50 billion in federal bailout funds on the line, and in the face of what continues to be a brutal auto market, GM management appears to be taking a huge bet that innovative marketing can save the company.


60 day free lease program

You know they are going to get scammed. I wonder how they'll handle fees like licensing. Here in CA a license plate for a new care costs close to $500. Is GM going to absorb that cost?
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

#34 mdporter

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Posted 12 September 2009 - 02:37 AM

Three Southern California mortgage brokers have been arrested on suspicion of stealing nearly $1 million from borrowers seeking to adjust their home loans.

Michael McConville, 31, and co-workers Garrett Holdridge, 23, and Alan Ruiz, 28, are scheduled to be arraigned Monday in Los Angeles County Superior Court on charges of bilking more than 70 homeowners, said Scott Gerber, a spokesman for the California attorney general's office.

The three were arrested Thursday after a complaint listing 44 criminal charges was filed by the attorney general's office.

The state accused the three of conspiracy, forging clients' signatures and stealing money as far back as 2007.


Three down, tens of thousands of brokers to go!

But that isn't all... it appears that McConville was running another scheme too!

In May, the attorney general's office sued McConville and his brother Sean for alleged roles in a property tax reassessment scam that targeted Californians looking to lower their property taxes.

The McConville brothers sent out thousands of mailers, adorned with official-looking logos, demanding hundreds of dollars for property tax reassessment services, the suit said.


:lol: :lol:
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

#35 Rationalize

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Posted 12 September 2009 - 05:23 AM

Sticking with 1968.

Cost of Living 1968
How Much things cost in 1968
...
Average Cost of new house $14,950.00
Average Income per year $7,850.00
...

IMO, at some point, houses will cost 2 x wages again...

Currently, here in middle of freekin nowhere Sydney, houses cost about 10 x wages.

Insanity prevails, for now. :ninja:
PARTY! NORTH KOREA! SATURDAY NIGHT! BYOF (bring your own food)

#36 Rationalize

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Posted 12 September 2009 - 05:25 AM

they should be ashamed of themselves, but they are not......they are proud of themselves, so much so that they invited friends over to show off their theft

this is the new "morality" in the U.S. today, there is no right or wrong, there is only what you can get away with

life is all about stealing more from your neighbors than they steal from you, directly or indirectly using/abusing the system(s)

those crooks do not feel at all guilty about what they are doing, it's just another successful angle they've found they can take advantage of

they have no problem sleeping at night because of their theft, in fact the only time they have trouble sleeping is when they don't manage to steal anything that day

so who cares? what difference does it make? only that the net result of such a culture is a decline in living standards for everyone as people focus more and more on screwing their neighbors rather than producing anything

in the end we are all reduced to either criminals or victims.....in most cases both, with what we steal tallied on our aSSet list and what gets stolen from us on our liabilities list

for example I won't have time to produce anything this weekend because I'll spend both days organizing and recruiting voters to steal from the public trough and give me more more more more more free free free free free what I deserve.....goal of the game is to take more from gov't than gov't takes from me

of course there are others spending their weekend trying to direct the slush funds to themselves and away from me

produce nothing! suck each other dry!

as we descend together into third-world living standards and below

nothing wrong with that, as long as I get more than you

and any day I stumble across an angle to get something for nothing, whether it's using the bank's property for personal use or anything else I can get my hands on, well, that's a good day for me, time to invite friends over and celebrate

Who is John Galt?
PARTY! NORTH KOREA! SATURDAY NIGHT! BYOF (bring your own food)

#37 Lemur

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Posted 12 September 2009 - 06:57 AM

I notice that sentiment reading was in July so presumably the reading is even lower now? On the other hand, the charts look pretty bad for the dollar and gold closed at a weekly high.

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#38 POTUS

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Posted 12 September 2009 - 07:48 AM

Who is John Galt?


Showing excellent knowledge, Rationalize. Excellent.

If you can't convince them; confuse them.


#39 briarberrys

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Posted 12 September 2009 - 09:10 AM

John Galt is the man who invented the static electricity motor, didn't you know ? :rolleyes:

Galt is the son of an Ohio garage mechanic, who leaves home at age twelve and begins college at Patrick Henry University at age sixteen. There he befriends Francisco d'Anconia and Ragnar Danneskjold as all three of them double-major in physics and philosophy. After graduating, Galt becomes an engineer at the Twentieth Century Motor Company, where he designs a revolutionary new motor powered by ambient static electricity.



still a best seller after more than 50 years

The Economist reported that the fifty-two-year-old novel ranked #33 among Amazon.com's top-selling books on 13 January, 2009
Book

#40 Trader Joe

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Posted 12 September 2009 - 09:33 AM

Attention Shorty:

You nailed it !

#41 Trader Joe

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Posted 12 September 2009 - 10:18 AM

Silly, silly "Golden Cross"

Who believes in that sorta' stuff anyway

Silly

BWAHAHAHAHAHAH


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Chart Source: Trader Mike

#42 ChicagoBear

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Posted 12 September 2009 - 10:23 AM

Corus Bank bites the dust
http://my.earthlink....909111118406344

My that was a biggy...
As of June 30, 2009, Corus Bank had total assets of $7 billion and total deposits of approximately $7 billion. MB Financial Bank will pay the FDIC a premium of 0.2 percent to assume all of the deposits of Corus Bank. In addition to assuming all of the deposits of the failed bank, MB Financial Bank agreed to purchase approximately $3 billion of the assets, comprised mainly of cash and marketable securities. The FDIC will retain the remaining assets for later disposition. The FDIC plans to sell substantially all of the remaining assets of Corus Bank in the next 30 days in a private placement transaction.

So MB Financial gets $3B and the FDIC "sells" the other $4B. For what, $0.10 on the dollar?
Are the results of these sales public?
Any one know?
Buehler?


"As of June 30, 2009, Corus Bank had total assets of $7 billion and total deposits of approximately $7 billion. MB Financial Bank will pay the FDIC a premium of 0.2 percent to assume all of the deposits of Corus Bank. In addition to assuming all of the deposits of the failed bank, MB Financial Bank agreed to purchase approximately $3 billion of the assets, comprised mainly of cash and marketable securities. The FDIC will retain the remaining assets for later disposition. The FDIC plans to sell substantially all of the remaining assets of Corus Bank in the next 30 days in a private placement transaction."
http://www.fdic.gov/...09/pr09168.html

They'll sweep this under the carpet somehow and stick the taxpayers with the bill = business as usual at the FDIC.

My neighbor is one of the commercial real estate loan officers for Corus. It will be interesting to see what happens to him. Probably nothing, but they should all be fired. They took everybody's deposits in good faith and then recklessly lent it out to build condo's. Morans. But, in the spirit of the times, they personally got paid and won't have take any responsibility for their actions. :angry2:
...the cycle will only continue...on to the next scam.

Attached Thumbnails

  • cabrinigreen1.jpg

If we don't change our direction, we're likely to end up where we are headed.
It wasn't raining when Noah built the Ark.
"and the vicious cycle will feed on itself in an orgy of cannibalistic self destruction until even the skeletal remains of the system are ground into powder." - Doc, 3/2/09

#43 mdporter

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Posted 12 September 2009 - 02:25 PM

http://www.calculatedriskblog.com/

Has an unnoficial list of 432 banks believed to be in the problem category.
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

#44 cwd

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Posted 12 September 2009 - 02:29 PM

The Fed will need a decade or more to unwind what they've already done. Then they'll need to do it again at the next big crises. Because the Fed has completely re-engineered the Economy from manufacturing to services, to high finance, the minute they stop the money printing it'll be lights out. Game over.



IMO, the game is over when the Foreigners want something for their real things they send to the good old USA beside paper. :blink:

#45 cwd

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Posted 12 September 2009 - 02:31 PM

Here is one way to take care of unsold houses. :lol:

Brasscheck

Touring the wreckage. An update the on locations the former poster used to show. ;)





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