Thursday 10 Spot
By Barry Ritholtz - December 10th, 2009, 4:00PM
Geez, Thursday already? Where did the week go ?
Here is what caught my eye today
• Will the real Santa Claus Rally please stand up? (MarketWatch)
• Why Didn’t Canada’s Housing Market Go Bust? (Cleveland Fed)
• Most Economists Urge Action on Jobs (WSJ)
• U.S. Foreclosures to Reach 3.9 Million in Second Record Year (Bloomberg)
• The NEW American Dream: Default, Then Rent (WSJ)
• Will The New ABX Prime Index Be The Reason For The Next RMBS (And Thus, FHA/GSE) Collapse? (Zero Hedge)
• Solar power coming to a store near you (Associated Press)
• Want to Buy a Porsche on the Cheap? (WSJ)
• Record industry faces liability over `infringement’ (The Star.com)
• Game: Gimme Friction (Warning: Huge Time Suck)
What are you reading?
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December 10th, 2009 at 4:17 pm
What’s $6 billion amongst friends?
http://news.yahoo.com/s/ap/20091210/ap_on_bi_ge/us_black_caucus_financial_overhaul
Post-Thanksgiving Retail Spending Trails Same Week in 2008 by 15%. Youch.
http://www.gallup.com/poll/124598/Post-Thanksgiving-Retail-Spending-Trails-Week-2008.aspx?CSTS=newsletter&CSTP=html
Lord Monckton: Shut Down The UN, Arrest Al Gore
http://www.prisonplanet.com/lord-monckton-shut-down-the-un-arrest-the-warmist-criminals.html
December 10th, 2009 at 4:23 pm
From Pravda-
“Obama in Oslo Insults Norwegian King, Journalists and Orphans”
http://english.pravda.ru/world/europe/10-12-2009/111039-obama_peace_prize-0
excerpt-
“… Obama delivered yet another theatrical speech in Oslo, pronounced a new set of phrases to justify the existence of the imperial superpower that has hundreds of army bases all over the world and 200 years of history of armed invasions. ”
who can argue w/ that
December 10th, 2009 at 4:33 pm
Geeky Math Equation Creates Beautiful 3D World:
http://www.wired.com/wiredscience/2009/12/mandelbulb-gallery/
December 10th, 2009 at 4:39 pm
from the “Default, Then Rent” WSJ article- this-
“But ever since they quit paying their mortgages and walked away from their homes, they’ve discovered that giving up on the American dream has its benefits.”
BR- where are my kudosfor telling people to do just that on this very blog over the many months I have posted here?
it’s alright though- i will take your silence as muted appreciation for my trailblazing advice that has only now become mainstream
December 10th, 2009 at 4:44 pm
http://money.ninemsn.com.au/article.aspx?id=337627
“Australia’s most useless Christmas presents” (from 2007)
“Penis warmer
This gift is sooooo 1970s! Mums and grandmas used to knit penis warmers in the Swinging Seventies, thinking it quite amusing and risqué. Maybe it was risqué 40 years ago (although I doubt it), now it is quite simply passé, not to mention useless. A quick survey of males has revealed they rarely, if ever, wear penis warmers, nor would they wear one if given one tomorrow. A tip for those who have already taken the plunge and knitted or purchased one of these abominations for Christmas 2007: the more generous ones can probably double as Christmas stockings and the smaller ones as potpourri bags.”
Why do I get the feeling an audit of The Fed will reveal Bernanke has taken a boatload of penis warmers as collateral? Will that be the moment Bernanke breaks into a maniacal laugh and then is taken away in a straight jacket???
December 10th, 2009 at 4:46 pm
Copenhagen stats:
41,000 tons of CO2 will be produced from this meeting (as much as the entire Switzerland produced in 2006)
140 extra private jets…
While the environmentalists are meeting at the fancy expensive hotels in Copenhagen to discuss over a glass of Cabernet how to “save” the planet, critics and skeptics ask, “do they really care or they are in it just to make a few extra millions?”
http://www.youtube.com/watch?v=y8UdzHi5FIE
December 10th, 2009 at 4:49 pm
so, who wants to suspend their 2nd amendment rights?
http://www.bloomberg.com/apps/news?pid=20601088&sid=aG2lsb4EHTcc
December 10th, 2009 at 4:49 pm
“Australia’s most useless Christmas presents” (from 2007)
“P_n_s warmer
This gift is sooooo 1970s! Mums and grandmas used to knit p_n_s warmers in the Swinging Seventies, thinking it quite amusing and risqué. Maybe it was risqué 40 years ago (although I doubt it), now it is quite simply passé, not to mention useless. A quick survey of males has revealed they rarely, if ever, wear p_n_s warmers, nor would they wear one if given one tomorrow. A tip for those who have already taken the plunge and knitted or purchased one of these abominations for Christmas 2007: the more generous ones can probably double as Christmas stockings and the smaller ones as potpourri bags.”
Why do I get the feeling an audit of The Fed will reveal Bernanke has taken a boatload of p_n_s warmers as collateral? Will that be the moment Bernanke breaks into a maniacal laugh and then is taken away in a straight jacket???
http://money.ninemsn.com.au/article.aspx?id=337627
December 10th, 2009 at 5:04 pm
the more important question to ask the cleveland fed is why certain us real-estate markets boomed & busted and others saw little appreciation & subsequent fall. i vote for the share of non-owner occupied homes & ‘investor’ concentration combined with 90-100% financing and no regard for mortgage payment ability on speculative properties.
December 10th, 2009 at 5:28 pm
Looking forward to 2010:
http://traderfeed.blogspot.com/2009/12/three-problems-ive-seen-among-traders.html
December 10th, 2009 at 5:57 pm
The mandelbulb site is GREAT (if you like this kind of stuff). Thanks Morticia!
Lord Monkton is an elitist bastard who hates everyone and anything that restricts his lifestyle. Eff him and his denialism. When England starts losing its coastline in the next 10 years, let’s revisit his smarmy puss and see what he has to say then, shall we?
Obama has really taken the wrong road on Afghanistan. It’s extending the Bush mistake, which makes no sense, but more importantly, how the hell are we supposed to pay for it, with world-wide heroin sales? Where’s Ralph Nader when you really need him (or Ross Perot for that matter). We really need to rid the government of its overarching corporate influence (if we’re going to try to return to a democracy sometime in the next 20 years).
December 10th, 2009 at 5:59 pm
i wanted to post this after the last paragraph:
http://tomdispatch.com/post/175176/tomgram%3A__state_of_surge%2C_afghanistan/#more
December 10th, 2009 at 6:07 pm
Rating Agency Scandal: SEC Chooses Remedial Over Preventative:
http://wallstcheatsheet.com/breaking-news/rating-agency-scandal-sec-chooses-remedial-over-preventative/?p=4626/
December 10th, 2009 at 6:20 pm
another interesting read from Pravda-
“Barack Obama and Mikhail Gorbachev: Mystical Resemblance”
http://english.pravda.ru/world/americas/110320-0/
excerpt-
“Fortunately, America will not collapse. We say fortunately, because if it happened, the entire global structure would collapse. The planet, left without the “world gendarme” and “dollar emitter,” would plunge into redistribution, local wars, and economic chaos. The current financial crises would seem an innocent joke. “
December 10th, 2009 at 7:06 pm
this headline cracks me up-
“Obama defends US wars as he accepts peace prize”
can anyone say “jumbo shrimp”
December 10th, 2009 at 7:15 pm
Re. solar power article: I’m not sure the DYI solar is quite ready for prime-time yet. Here in AZ, I just had a system “sold” to me for $34k but only paid $19k out of pocket (the utility directly paid the difference). A similar sized system from Lowes, as talked about in the article, runs $25k (I’d need 28 panels to match my system) before sales tax (let’s assume 8% – another $2k), and doesn’t include the additional wiring, conduit, breakers, boxes, the meter, etc. that the codes and utilities require or the additional roofing materials and caulk (let’s assume another $1500 spent at Lowes). Also add another $500 for local permitting that was included in my bulk price (my permit was actually slightly more than that). So that would push my DIY price up to probably around $29k out of pocket all said and done. So basically I’m only paying $5k for engineering (required for the permits) and labor.
But it doesn’t end there. Because I’m not a certified installer as a DIYer, I won’t qualify for the utility rebate. The good news is that both the $19k (what I spent out of pocket) and the $29k (buying this from Lowes) would qualify you for the federal and state incentives though, which should shrink the difference to about $6k rather than $10k (since Uncle Sam rebates you based on how much you spend, not how many watts you install). But, still, who after just a tiny bit of research would pay $6k more ($10k out of pocket) for the privilege to install a system themselves? I’m not sure that all utilities require using an installer certified by the utility, but in AZ, you would basically be paying $6K more to do the work yourself since you lose out on the utility rebate and let Uncle Sam hold on to another $4k for at least a few months. Also, since there are several permits you would have to re-apply for (utility, city, HOA in many cases) and you would have to oversize your wiring from day one, the idea of putting up one panel at a time (as you save up the money) really isn’t realistic, as nice as that sounds.
As a side note, I assume these units have to be grid tied, and won’t run unless you’re hooked up to the utility. As a result, I don’t see a huge market for these right now. If they don’t have to be grid tied, I could see these being a big hit as an alternative to generators for cabins, RVs, toy haulers, etc. due to their plug-and-play nature and the fact that you can more easily get away with installing this equipment without the proper permitting. However, assuming a grid tie is required, I’m not sure I’d buy stock in these guys yet.
December 10th, 2009 at 7:57 pm
http://d.yimg.com/a/p/umedia/20091210/largeimage.552b66961740d0e818d581da50145a89.gif
and……
Warren Concerned Over `Implicit Guarantee’ From TARP: Video
http://d.yimg.com/a/p/umedia/20091210/largeimage.552b66961740d0e818d581da50145a89.gif
December 10th, 2009 at 8:10 pm
@mathman Says:
December 10th, 2009 at 5:59 pm
———-
Anyone who posts “Tom Dispatch”…is a true Soldier. WOO HOO!
Can I reach out a hand? Some of the best reads on the “internets.” Balanced and just plain interesting.
http://tomdispatch.com/post/175176/tomgram%3A__state_of_surge%2C_afghanistan/#more
December 10th, 2009 at 8:14 pm
# call me ahab Says:
December 10th, 2009 at 6:20 pm
another interesting read from Pravda-
“Barack Obama and Mikhail Gorbachev: Mystical Resemblance”
http://english.pravda.ru/world/americas/110320-0/
excerpt-
“Fortunately, America will not collapse. We say fortunately, because if it happened, the entire global structure would collapse. The planet, left without the “world gendarme” and “dollar emitter,” would plunge into redistribution, local wars, and economic chaos. The current financial crises would seem an innocent joke. “
# call me ahab Says:
————–
Ahh AHAB…we might have thought he was Gorbachev…but then wasn’t Gorbachev hated by the Right in the US as an Appeaser?
Maybe this guy is taking back towards Cheney? Wanting a very strong US presence in the world for GOOD…and PEACE…and all those good market slogans? Maybe he really believes it?
December 10th, 2009 at 8:32 pm
takbak-
you realize that Pravda- being a Russian “rag” is not going to be “pro” America-
i think the gist of the article was that Obama can turn out like Gorbachev- beloved around the world except in his own country-
that’s what i took from it
the first post of mine from Pravda is the better article- that headline kills me- and the excerpt show what the world does think- imperial power w/ global reach
December 10th, 2009 at 9:16 pm
>> skeptics ask, “do they really care or they are in it just to make a few extra millions?”
I’ll give you a “10″ for executing a perfect Fox-News-inspired leading question.
Other than that, your kind of “Al-Gore’s-house-and-office-uses-20-times-the-energy-of-the-state-average-for-a-house” arguments generate too much heat and too little light, as do most ad hominem attacks.
December 10th, 2009 at 9:23 pm
I recommend:
http://www.chinahush.com/
And go short garlic.
December 10th, 2009 at 10:00 pm
@call me ahab Says:
December 10th, 2009 at 8:32 pm
takbak-
you realize that Pravda- being a Russian “rag” is not going to be “pro” America-
i think the gist of the article was that Obama can turn out like Gorbachev- beloved around the world except in his own country-
that’s what i took from it
———-
I don’t think there’s but a “hairline” of difference in our views on this piece. Except that “Pravda” isn’t that Old Cold War Thing” we used to know about. (depending on how old you are…I’m a “Duck & Cover” generation)
December 10th, 2009 at 10:14 pm
Uh oh, Taibbi’s at it again. This time eviscerating the O man. Oh man.
http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout/print
December 10th, 2009 at 11:09 pm
Don’t forget to take your weekly dose of fear mongering:
“Swine Flu Death Toll at 10,000 Since April ”
http://www.nytimes.com/2009/12/11/health/11flu.html?exprod=myyahoo
December 11th, 2009 at 12:12 am
Golden rule http://www.jcu.edu/philosophy/gensler/poster.gif
Beautiful Dies Irae http://www.youtube.com/watch?v=-fMHms5Cvsw&feature=related
Why GUIs all have a common feel in Hollywood movies: http://www.coleran.com
Space monkeys, Laura Dern, Hugo Weaver “MISter ANderson”, Denis Robert, BCCI.
Crazy turntables http://www.elpj.com/
December 11th, 2009 at 6:57 am
[...] chart above ties in beautifully with a WSJ article (referenced in yesterday’s reading), titled American Dream 2: Default, Then Rent — the same day the Flow of Funds report was [...]
December 11th, 2009 at 11:01 am
Response to:
winstongator Says:
“the more important question to ask the cleveland fed is why certain us real-estate markets boomed & busted and others saw little appreciation & subsequent fall. i vote for the share of non-owner occupied homes & ‘investor’ concentration combined with 90-100% financing and no regard for mortgage payment ability on speculative properties.”
It appears to me that the biggest boom areas such as Vegas and Fla. had increasing population growth over the decade which allows for tighter housing supply relative to areas like the Midwest with stable to declining population and more readily available housing supply.