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I did about a 20 minute interview with Pete Dominick on Friday about the Mortgage deal.
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Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Stocks have reached what looks like a permanently high plateau." —Irving Fisher, Professor of Economics, Yale University, 1929
BN news is reporting that the EU is shooting for a July 9th start date for the ESM, the permanent bailout facility. The story said all 17 countries that make up the euro zone will need to ratify the fund prior. Assuming it happens, the next question will be whether the Germans cede to requests to have it directly recap banks instead of first going thru sovereign governments and if the ECB caves to the desire to give the ESM a bank license that would then let it access ECB funding if needed (could be the next back door QE...
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February 12th, 2012 at 1:01 pm
On the settlement, a few things are likely to happen.
Liquidation time lines get extended
Banks use investor 1st liens to satisfy their “obligations”
Obama touts is intervention as positive for home owners
We don’t see significant new resources committed by the DOJ & FBI toward investigating an prosecuting
That said, I do think they’ll go after some head-line grabbing stories where suits have started. One such case may be regarding epd guidelines and securitzations…
http://www.theatlantic.com/business/archive/2011/01/e-mails-suggest-bear-stearns-cheated-clients-out-of-billions/70128/
February 12th, 2012 at 3:11 pm
Carefully calculating the least amount of justice they can get away with. No politician, will call any politician on it, because all politicians are in on it.
February 12th, 2012 at 3:39 pm
More posts in ZH about the Jan NFP were questionable. But this one is valid
A “Quality Assessment” Of US Jobs Reveals The Ugliest Picture Yet
http://www.zerohedge.com/news/quality-assessment-us-jobs-reveals-ugliest-picture-yet
It does not contradicts the NFP report. But it does indicate the economy is not firmly turning around. Based on the credit data from the last couple of months, the current uptrend is more a confidence turn around than a substantive economic turn around. A shock from Greece or a fight in Washington can easy wreck havoc the entire market just like last summer.
On the mortgage settlement, I do think all Obama wanted to do was to make sure enough stimulus went into the economy THIS YEAR so that he could get re-elected. Nothing else matters.
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BR: Its a very different — and legitimate — argument to say “We created 243k new jobs, but they have weaker benefits and pay less.”
February 12th, 2012 at 9:10 pm
I still don’t get the connection of why banks screwing up foreclosure paperwork means buyers who made dumb decisions and bought assets at the peak get principle write downs? Where is the connection? I’m in total agreement with stiffly penalizing the banks…I just don’t see why the money has to reward owners who made bad decisions.
Where’s my check for making a smart decision and not buying a property at the peak? Making sure I was prudent and not buying a property where I couldn’t afford the payment? If we are in the business of paying people when their assets drop in value, why didn’t I get a check when my mutual fund plummeted in the dotcom crash b/c some financial company sweet talked me into buying it?
It also totally bugs me how every article out there on the mortgage settlement talks about the “poor taken advantage of homeowner”. What a crock of s***! But never mentions that what 10 people out of MILLIONS were foreclosured upon who were actually making their payments? 99.9999% of those people foreclosed on WERE NOT MAKING THEIR F-ING PAYMENTS. Yes the paperwork was done fraudulently, but almost NO ONE suffered a an injustice who were MAKING THEIR PAYMENTS. Also those articles never mention how most of the owners got in housing market at the peak over pure greed seeing their neighbors house go up by $100k, or they cash out refi’d at the peak and bought the Hummer, or they were stupid enough to take a payment of $5k/mo when they make $4k/mo.
I think it’s disgusting that those homeowners are now being portrayed as poor victims & getting a handout. BS!!!
February 13th, 2012 at 3:59 pm
1st the capture was just plain refreshing at the uneditedness of it .. we’ll call ya back your line is f ‘d / go away dog I’m on the phone :-)
“Where’s my check for making a smart decision and not buying a property” .. I hear ya there / and yet stuck with / are we the type that won’t sign on line / make it happen / No Pain No Gain
I blame financial education .. gots to be it .. rct01 & me – we gotta make it happen for the kids – the gov don’t make work I’ve heard
or you know what I say – make less kids for awhile – uugh – ie: Law of Economics “more of something = less valuable”