During my morning commute this week, I have been listening to a series on NPR's Planet Money on Fannie Mae and Freddie Mac. I've found the series very informative and insightful and thought I would share it with the group.
'Kill Them, Bury Them': The Rise Of Fannie And Freddie
Self-Fulfilling Prophecy: The Bailout Of Fannie And Freddie
Fannie And Freddie's Rise And Fall
What's Next: Life After Fannie And Freddie
@Mutt:
ReplyDeleteFrom yesterday's thread, a Native American saved my life. More than once.
If I had known this information then, I would have suggested he change his name.
"PARIS, March 31 (Reuters) - France's public-sector deficit fell to 7.0 percent of gross domestic product in 2010, compared to an official target of 7.7 percent and 7.5 percent in 2009, the official statistics showed on Thursday."
ReplyDeleteEconomy Minister Christine Lagarde commented that «C'est vraiment un résultat remarquable» (This is a truly remarkable result).
==
Yay! If she finds that's "remarkable", how does she evaluate the amount of work still to be done? 12 zeros to pay back. ... "impossible" would do ? :s
Morning all! Back to reality today. Looks like so many of us being away had the OPPOSITE effect. Up, up, and awww-aaaa-aayyy.......
ReplyDelete;-)
ReplyDeleteCAD/USD = 1.0307.
ReplyDeleteTime to buy r/e in the U.S.
ICan
Gold/Silver are becoming safehaven, not U$D. Problemo for CBs
ReplyDeleteRock - It is a gift to you, your family, friends and us that he saved you. I would very much like to hear the story some day.
ReplyDeleteA few years back, I was in a car with a Tribal Member and there was a rock in the car, how it got there.... who knows, but I picked it up and tossed it out. This turned out to be a bad move as the the person I was with explained to me.
If you are traveling somewhere and a rock gets, in your shoe, clothing, packaging or vehicle (Although I believe cars were included later) you are to let it travel with you, until the rock chooses to leave.
It looks like your Native American friend did not want to loose his Rock :)
Mangy Mutt
In 2009 my uncle died, he had spent the vast majority of his life living on the reservation, he left for college, the army and a few other times, but he always came back.
ReplyDeleteHe owned a business and was an active member of the community and worked on many issues with the Tribe.
He was under the belief that being presented with an eagle feather was one of the highest honors the Tribe could bestow.
During the burial ceremony, the (Something) "Warriors" Gave him a 21 gun salute and placed a few items in his grave among them was an eagle feather.
Now I am not an emotion person, but to see him honored in such a way by the Tribe, brought a tear to my eye.
But after the cerimony and after everyone else left and after he was buried and the sod was placed on top of him. My brother and his two sons stayed behind and smoked Camel Non-filters and peed on his grave.
Mutt
morning all! What's goin' on in the markets today?
ReplyDeleteSame ole, same ole it seems.
Double top forming?
ReplyDeleteThe garbage formerly known as "GMAC" files for IPO. Ringing the bell?
ReplyDeletehttp://www.huffingtonpost.com/huff-wires/20110331/us-ally-financial-ipo/
Money for everyone! :-) Manny are you back now? or still in FL?
ReplyDeleteYep, back (sadly).
ReplyDeleteYet more proof of the fraudulence of the so-called "Tea Party":
ReplyDeletehttp://www.nytimes.com/2011/03/31/us/politics/31liberty.html?_r=1&hp
Greetings from Boulder. What a busy week so far! I'll save my details for the post tomorrow but suffice it to say we have learned a lot about the very pricey real estate market here.
ReplyDeleteI haven't looked at the market in any detail so I have nothing to add there.
Rocks' comment about buying when the stochastic numbers align is good advice, simple and easy to implement.
Today is a day off as our hosts went into the mountains to do some skiing and we are looking forward to a nice quiet day.
Harry Dent:
ReplyDeleteS&P to 1430 by late summer then crash in the late summer. Commoditites going down before this time. Dow all the way to 3800.
Yahoo tech-ticker.
Wasn't this guy bearish even in late 2009?
ICan
I wonder what Prechter has to say lately?
ReplyDeleteGoin' green!
ReplyDeleteManny - hah, why do you mention Prechter? I don't even read about him in the MSM anymore. The must have figured out that his constant calls for catastrophe just around the corner were little more than his sad and sorry attempts to get more subscribers to his "service". When was that that the made his call for Gold to collapse, was that a year ago?
ReplyDeleteDenise - wow, I didn't know that property in Colorado was that expensive, if this mostly in the boulder area you're looking at?
ReplyDeleteNerd alert - Greg, have you seen this yet? Not sure if you follow any of the rumor sites. Photoshop for the iPad is a HUGE deal in the Design community.
ReplyDeletehttp://www.macrumors.com/2011/03/31/adobe-shows-off-photoshop-for-ipad-with-layer-support/
Nice opinion piece from MW - I would have to say that I agree strongly.
ReplyDeletehttp://www.macrumors.com/2011/03/31/adobe-shows-off-photoshop-for-ipad-with-layer-support/
WASHINGTON (MarketWatch) — Missing in the 88 pages the Central Bank of Ireland has produced in determining that the Irish banking system is undercapitalized by some $34 billion (24 billion euros) is a different way to end the euro-zone nation’s financial crisis.
It’s an elegant and simple solution, and one that could prove cheaper: Let all the banks collapse.
That isn’t to disparage the loan-loss assessment performed by BlackRock, the same folks who will be auctioning off the mortgage-backed securities of the New York Federal Reserve, or the capital and liquidity assessments performed by the central bank.
New high for gold.
ReplyDeleteThor - It cetainly would not be a bad thing to have the banks pay for their own mistakes.
ReplyDeleteMutt
@Thor: There are pockets of big wealth in CO, namely in Boulder where CU is located and situated in a great spot near the foothills. Other high wealth (and expensive real estate) areas are in the mountains in places like Vail and Aspen. Other than that, CO is a pretty affordable place though.
ReplyDeleteThor,
ReplyDeleteManny has described the situation in Boulder very well. Lots of pricey real estate here because of the University and there are many tech start ups here as well. Locate the companies near the brains and the money. The beauty of the place is incredible and the proximity to all types of activities is a huge draw. Skiing, rock climbing, hiking, biking, etc. are all huge here. Plus it is sunny 300 days a year. Much milder climate than Chicago or the rest of the northern states.
Not to mention great restaurants and cultural activities. We have family and friends that live here or in Denver so this seems like a great place to move since we no longer need to be in the Chicago area. Early semi-retirement. But it is expensive. The good thing is that the real estate taxes are much lower than in the Chicago area. The same $$ house's taxes are about 40% of my suburb.
ReplyDelete@Denise: You could always buy nearby in Longmont or somewhere near Denver (although Golden is now pricey as well) and get something pretty reasonable. I like Fort Collisn as well.
ReplyDeleteDon't need no stinking "jobs"! The class war has now officially gone borderless. The global elites vs. everyone else. Multi-national companies and their execs only have allegiance to their own ilk around the world, and their own greed, of course.
ReplyDeletehttp://www.calculatedriskblog.com/2011/03/employment-situation-preview-more-jobs.html
Wal Mart CEO teeing up price increases?
ReplyDeletehttp://www.zerohedge.com/article/wal-mart-ceo-america-prepare-serious-inflation
Ooooh, I did not know that. Both my grandparents grew up in Colorado, Juleseburg and Cheyenne Well, and I must have a hundred relatives there (huge farm families) but have only been to Colorado a few times and mostly just passing through. I think I've driven through the Bolder area once or twice but can't picture it in my head.
ReplyDeleteIs this true? GE employees 975 people in their tax department alone?
ReplyDeleteWould seem rather large for a company that pays no taxes these days, although if these folks are there to come up with schemes to not pay any taxes, it would seem to be money well invested.
ReplyDeleteInteresting close here. Someone turned the buy programs off, it seems.
ReplyDeleteManny - that whole GE thing drives me bonkers. You would think a corporation that size with no tax exposure would be offering the lowest prices to consumers, or the best benefits to their employees. Nope, that "savings" goes right to the leadership.
ReplyDeleteAt what point are we going to get serious in this country about trying to make these things change. How fast do you think Walmart or GE would change their ways if as few as 20% of their customers stopped buying in protest?
@Jeff(4:00)
ReplyDeleteU.S. economy still sucks after all that money printed, yet commodities and Ems are back on the front burner. Oil, PMs, CAD, FXI, EPI moving higher.
ICan
@Thor,
ReplyDeleteGE bailedout by U.S. taxpayers! I wonder how much money their financing arm lost in India? I was surprised they were making consumer loans in India in early 2000s. In Indian history, there is no such thing as loans to buy "stuff". Things have changed fast and still wonder what kind of recourse the banks have?
ICan
Ican - I didn't know that about GE and India! I'm sure they'd love to get their hands on that market.
ReplyDeleteThe company name is General ELECTRIC not General Consumer Loans :-)
@Thor & I Can: It truly is depressing, isn't it?
ReplyDeleteSo any time a corporate CEO tells you that anything is "bad for business" (and "the country" or "the economy" or "consumers"), what they really mean is that it's bad for their paycheck, bonus and overall PERSONAL wealth.
ReplyDeleteManny,
ReplyDeleteWe are investigating all areas but Boulder so far comes out on top. We can probably afford something here but we are downsizing, too, so a smaller property would work. Good thing our hosts/friends are real estate agents as they will be on the look out for deals for us.
Denise - damn, you lucked out on that one! I hate having to deal with RE agents! Good that you have friends that you can trust!
ReplyDeleteRe RE in the U.S.
ReplyDelete"One in five Canadian eyeing U.S. bousing market". Who wouldn't with exchange rate like today? CAD/USD = 1.0317.
ICan
Sentiment?
ReplyDeleteBullish headlines from India
Printed fiat ending up in India,
A Japanese co investing in Tata Teleservices Rs. 800 corores($179 million).
Vodafone to buy $5 billion stake in Eassar group.
FDI policy liberated to boost foreign fund inflows.
www.tribuneindia.com/2011/20110401
Also bumpber wheat crop coming up in India. They have left over wheat from last year. Govt. procurement agencies worried no place to store.
ICan
Thor,
ReplyDeleteYes, real estate agents rank one above used car salesmen, so we are really lucky in that respect. Unlike our suburb, this is a really mixed market with many options, price, views or no views, proximity to down town, trails, and density. Confusing, too, in that it is so hard to figure out what good values are because so many houses need so much work. Lots of the things we are interested in are from the 60's and have had little updating since then. But the price does not reflect that little teensy issue.
Financialpost.com
ReplyDelete"Goldman sachs turns bullish on emerging market stocks". Front running?
"Get ready to be swamped by food prices". Ha they didn't use the word 'inflation'.
Denise - ah yes, you're looking into moving to a non-flat place, so many different options to consider in a home now! When I bought mine, I was hoping to be close to Griffith Park for hiking. Sadly, hiking in LA is a lot like a picnic in Central Park - beautiful, if you don't mind sharing your experience with a hundred thousand other people.
ReplyDeleteI've always been a fan of older homes. I don't know if it's just me, but they seem better built than newer homes.
Thor,
ReplyDeletePlus we are trying to limit the amount of stairs as we aren't getting any younger and wish to remain in this house until we can't. So that does eliminate so many houses that are on 3-4-5 levels due to the hillsides. Not to mention steep drives and stairs on the outside. We love the 60's architecture with tall ceilings, open floor plans, and sweeping views, big windows. They are much better built but poorly insulated, and the finishes are not great. Despite all that we are confident that we will find what we want, but it may take time.
Plus coming from one of the flattest places on earth it does take some getting used to.
ReplyDeleteFrom al-jazeera live Libya blog:
ReplyDelete"Louis Farrakhan -"Gaddafi, 'a brother'. Libya 'loaned' millions of dollars to his movement". Petro $ can buy relationships - brothers in greed!
"The U.S. Fed lent a Libyan State-backed bank as much as $26 billion during the financial crisis. The Fed made 46 emergency, low-interest loans to the bank". While some American small business went bankrupt.
Seem like Gates has had enough. "NO ground forces in Libya as long as I am in this job". guardian.co.uk.
But there are C.I.A, M16 and special units on the ground.
ICan
Who didn't the Fed loan money to in its little bailout binge in '08-'09?
ReplyDeleteThis is something important for me and all commodolls(commodity dollars).
ReplyDeletePeter Boockvar:Rate hikes by year end? ritholtz.com/blog
"The Fed must now be paying attention to growing worries of inflation ...Must have read that Walllmart story in USA Today".
ICan
What's up with crude $107.28
ReplyDeleteDenise, I know what you man about flat places. I didn't see my first until I was in my 20's on a road trip through Kansas and Nebraska - it felt very, I don't know how to describe it, you feel kind of naked. I'm so used to having mountains in view, and close, flatness, forever is too disturbing! :-)
ReplyDelete