yo eg

Because they use a model that let them add 267,000 “jobs” on paper last month, including 45,000 in construction, for “seasonal adjustment.”

Don’t get your panties in a twist about this. It is SOP and only 5000 more than in the same month a year ago. BLS has been doing this sort of thing forever and there’s nothing sinister about it.

I knew today was a bad day to stop sniffing glue…

Hello eg, your not conviced that Greenspan and Bernanke are on top of things?

Punish the savers, every time the economy dips, by lowering short term rates.

Hey folks.

LOL egregious! Economy from Hal.

Really, there is nothing to worry about.

See that shiny object over there?

hey egregious!

here are two numbers i got for my mom’s neighbor who is facing foreclosure, another neighbor already moved.

both are targeting people 90 days behind and people who know they are going to be having trouble meeting their mortgage due to illness and job loss, etc………

national-
hope program
1-888-995-hope
neighbor’s works–240 non-profits helping

state of ohio-
save a dream
1,100 lawyers voluneered to help people
1-888-404-4674

rep’s office didn’t know which program would be better for him, so said to call both…..

========

said hi to ’home of the middies’ for you! mom and i made 50 pizzas for charity at her elks there friday night, made 500 bucks.

and she helped arrange for a 10,000 grant for the cerebral palsy center, abilities first……presentation was yesterday…they’re getting a new ’walk-lift’ and money for their care unit…….

thought you would like to know…

gonna go unload the car now, be back later.

The new boss

Care to comment on: Vallejo the largest California city to file for bankruptcy?

It related because half of the miss is because of real estate and half lower sales taxes. (That’s an estimate)

I just recently found out my best friend from high school kind of helped invent this whole bubble while head of the Credit Committee at Moody’s. He’s mentioned in several articles as “just-retired.” Probably on a pile of money, but perhaps also against his wishes.

Thanks, eg, great post.

and now everybody owes everybody…

well that’s good to know - I was afraid it was just me.

hiya eg!!

“I am completely operational, and all my circuits are functioning perfectly.”

Wow, leave for a minute and more changes at the lake. Nice….:)

Egregious, great post again…Duggggggg :)

digg it!

Ah finally, I had the darndest time getting onto this thread.

Anyway,……

EG!

Yeann. everything’s just fine. And this headline, hot of the CNN presses, makes me feel even better: “McCain promises to fight ‘evil’ if president”

Evil?????? The economy’s collapsing, the banks are already collapsed, the planet’s out of food, the seas are claiming our cities, and McShrub’s dedicated his whole candidacy to waging war against a metaphysical abstraction. Great.

Why am I in this basket and where are we going?
Does anyone else smell smoke and hear a fiddle?

oh, and saw TONS of construction still going on north of cincinnati………houses, condos, etc………

went the ’back’ way to lebanon, counted at least twenty more farms gone……hadn’t driven that way for over a year, in their place, established neighborhoods, and about 8 more under way…….just in one chunk of two counties, south of there, about 7 new construction areas………all the way down the highway.

build a mall and they will come….build a mall and they will come…..it’s true.

dunno…

and for those of you who remember gop rep mike fox, (boehner look-alike) he’s in a little trouble and being investigated in his home city of hamilton…….there is a god.

======

Bernanke is the guy saving the day by holding his finger in the dike. I trust his judgment and hope to hell that what he’s planned will be enough.

Greenspan let this all develop on his watch. Hope he can face himself in the mirror as the economy crumbles.

Bernanke is the guy saving the day by holding his finger in the dike.

you sure he’s not just trying to kick the can to jan 2009?

OT from our economic concerns.

Mac users may find the say command amusing if not useful.

Open Applications -> Utilities -> Terminal. Once the Terminal Application opens type in the command say. You can either just type the say command and enter text to be spoken or you can enter a single string of text after the command.

An example:

say I am completely operational, and all my circuits are functioning perfectly.

Can anyone explain how a buyer is not a good risk at 6% interest, but hit them with a interest rate of 8% to 14% and that’s a good loan?
Subprime, toxic, toxic, toxic, yes that’s a ripoff of Madness, Madness, Madness from my hero, Fitz!

His appointment takes him into the next presidency, doesn’t it?

Hey dmac, thanks for the hometown update.

I’m sorry Dave, I’m afraid I can’t do that.

This mission is too important for me to allow you to jeopardize it.

Thanks EG.
This is no different than today’s MBA business model. I was at a number of Tech companies over the years and every single one crashed and burned after the assholes running things had bled it dry of all available money, made stupid product and marketing decisions in spite of the (knowledgeable) worker-bee’s advise, and lied constantly to everyone, including the shareholders.
That’s the culture, and anyone who doesn’t believe in this is crushed long before they get their first VP slot and decent stock options. The race is to fully vest and cash out before the house of cards crashes. You must lie, cheat, and steal–and support the liars around you–or you don’t get a management position.
Quantum stupidity.

…went the ’back’ way to lebanon, counted at least twenty more farms gone……hadn’t driven that way for over a year, in their place, established neighborhoods, and about 8 more under way…….just in one chunk of two counties, south of there, about 7 new construction areas………all the way down the highway….

Having been reared rural (in farm country), I spend a lot of time crying while driving down the highway. This country will rue the day when there are no more small family farms (and that day ain’t far in comin’.)

“Daisy, Daisy…”
Hey egregious!
I recall one of Bernanke’s recent press conferences. His topic was the home-market crash, and in it, he seemed to tilt towards concerns over who would buy foreclosed homes, and not a whit on occupancy for those displaced. That is his bag, I suppose. But his was the only voice I heard that day, Chimpy off dancing up a storm or something.

BOWMAN
I’m sorry about the misunderstanding, Hal.

HAL
Well, don’t worry about it.

BOWMAN
And don’t you worry about it.

HAL
Is your confidence in me fully restored?

BOWMAN
Yes, it is, Hal.

HAL
Well, that’s a relief. You know
I have the greatest enthusiasm
possible for the mission.

Talk about “Compassionate Conservatism.”

this is one of the most informative posts concerning the economy I have ever read

winter of 2010, i think?

Risk and return. The more risky the person you lend to is deemed to be (in terms of their ability to pay interest and repay principal), the more return the lenders will want to make off him, to compensate them for their taking the risk. I won’t get into the math, but it actually does make sense.

We are beginning to have a very interesting Parliamentary ruckus in the House. Interesting viewing, C-span. They are attempting to work on the Consumer Mortgage Relief Bill, btw. Of course, the compassionate portion of America is steadfastly against it, their sympathies are reserved for Bear Stearns, CSX, Continental, etc.

Repubs were changing votes on their frivolous motions, lining up in the aisle and stepping into the well and soon as one left the next would step in. Great Boehner-Hoyer debate. Hoyer has talked to them about usurping the comity of the House and interfering with the conduct of the People’s business. There is a dispute about rules of the House vis a vis “Comity”.

Ninth Motion to Adjourn of the day introduced. Now a 15 Minute vote will be conducted on adjournment, but I bet this will become fun.

I have moved all my banking to a credit union, have a fixed interest credit card from that CU which might be higher than some of those intro rates but they have to get a vote of the board to increase the rates AND we vote in the board.

And hoping to come away with at least a percentage of what the Randian Greenspan walked away with.

The Vallejo bankruptcy is one of many to come. Housing prices there went down abruptly about 20%, and the associated real estate taxes also went down. They felt they couldn’t pay their bills.

So much for municipal bonds as one of the last truly safe places to invest. It’s still better than a lot of the alternatives.

Consider the odds…

I’m picturing two year olds

FDL news box item on Vallejo

You saw they denominating T-Bills in One Hundred Dollar increments now? What the hell, if the US goes, we’re I’m screwed anyway!

It’s called planting a crop that never gets harvested, usually on prime land to boot.

Having been reared rural (in farm country), I spend a lot of time crying while driving down the highway. This country will rue the day when there are no more small family farms

torn between saying “hell yeah” and “me too”..

I guess they both work.

Wow… The HAL9000 is running the economy. I feel soooooo much better now.

I too have the greatest confindence in the… daisy daisy give mee youuur annnserrr dooooo

No one could have predicted the meltdown, except maybe that DFH Atrios and about 200,000 or so of us DFH bloggers, lurkers and other undesireable naysayers.

No one could have anticipated…

Will the overly tanned gentleman from Ohio please shut his fucking pie-hole.

-We the People

eCAHNomics, if you’re still here?

How bad is this?

Non-Borrowed Bank Reserves Now Negative

[scroll down past the recent posts]

Barney Frank is proposing legislation to bailout the crooks who caused our housing mess.

Barney is to crooked housing critters what Bernanke is to the snakes in banking.

Enough already!

I never followed the reserves numbers, so I can’t answer your Q.

Here in FL the press is saying housing prices have dropped an average of 17.5%. Realtors are saying it’s really 35%. In some places even more. A house across the street from me was on the market early last year for 229,000. Today it’s at 139,000 and the owner refuses to drop below that. There are no buyers.

How bad is this?

Let me count the ways.

Insolvency of individual banks
System wide insolvency
Pretending everything is fine
Asking for capital requirements to be lowered *cough*Fannie Mae
The loss of the entire middle class if this thing unwinds too fast

Help me out here folks.

And when you need to draw down your pension, empty your bank account, or cash out your life insurance policy, I’m confident it’ll all be there waiting for you.

Dave: Open the bank doors, HAL.

HAL: I’m sorry Dave, I’m afraid I can’t do that.

Or, as Cheney will tell the new Vice President-elect in mid-November:

I know that you and Barack are planning to disconnect me, and I’m afraid that’s something I cannot allow to happen.

Is that Snark?

daisy daisy give mee youuur annnserrr dooooo

yeah, well, at least we still have humor :)

Welcome back dmac *waving*

Personal story - scroll on past if you get bored…

Had an ARM when I bought our home shortly after moving down to Northwest Arkansas in 2002. Note started in 2003 actually… Had a feeling in late 2006 that the interest rate was getting ready to REALLY jump, so I casually contacted a broker and he got us set up on a nice fixed FHA at about 6.25% (down from 9%, where the ARM was… and getting ready to leap). Lost my job Jan 2, 2007 - luckily had 4 weeks severance. Closing was Jan 25. Had to show last two weeks paycheck stubs right before closing. Lucky I had the severance, otherwise I don’t think we’d have closed.

Could be in foreclosure myself, payments in excess of $1,300 for a $110K note. Now I’m just above $900 and getting by OK.

I thank my lucky stars every day for the (unwitting) foresight to refi at the right time.

Now I just need to fix that leak in my roof

;~P

close - I think that it’s more properly phrased “would my good friend, the overly tanned gentleman from Ohio, please shut his fucking pie-hole. And as a courtesy for my very good, most esteemed friend, might the president inform the gentleman that happy-hour began two hours ago?”

I can’t believe I’m the first to add this:

http://www.youtube.com/watch?v=0xOEJ-VuvLM

Thanks for the post. The Fed has pumped a bunch of money into the system but neither it nor Treasury has done a damn thing to rein in hedge funds, investment banks, or derivatives. So stock and commodities markets are still locked into pyramid schemes that could and will cause another bubble to happen.

I’ve found tears and swearing to be a very effective combination.

hey now - I’m a big Barney fan.

Well - not the big purple one…

Yes, on to the next shiny thing! Just don’t look in the rear view mirror.

its not the buyer the bank needs to cover their losses so they raise rates because the people who lend money to the banks (not the Fed) but foreign Sovereign funds and others want a bigger return on their investment in the banks.

I’ve found tears and swearing to be a very effective combination.

ok with you if I just stick to the swearing part?

I guess that is what happens when you get your referees from Goldman-Sachs.

Somebody say Ohio?

head of the Credit Committee at Moody’s

Yeah, the rating agencies have a lot to answer for. They branded this garbage with AAA ratings, people believed them, and no one had a powerful enough voice to call out that this was insanity in the making.

Or maybe this Ohio?

Thanks eCahn @ 48

lol (funny, but not really, because it’s true) eg @ 50

Been in love with credit unions since working for one 20 hours/week for two years while in grad school. Currently have one credit card and one debit card (and NO others!) with the one to which I’ve belonged for more than 30 years. No, I’m not making a killing financially but the trust and peace of mind is priceless.

hey some peeps have NO MONEY WORRIES

John McCain will raise over $7 million tonight at a high-dollar New York fundraiser, his largest one-event haul yet during the campaign, according to sources familiar with the expected haul.

The fundraiser, to be held at the Sheraton in Midtown Manhattan, will also be one of the biggest in New York political history.

19 co-hosts will raise $100,000 each and 39 co-chairs have pledged to bring in $25,000.

The main reception costs $1,000 and the VIP pre-party and photo op will run you $25,000.

The take, of course, is bolstered by the much higher limits set up by hybrid McCain’s Victory Committee. Donors are not constrained by the $2,300 cap on individuals and can give tens of thousands of their own cash.

The event tonight is being spearheaded by Jets owner Woody Johnson, an heir to the Johnson & Johnson fortune and top McCain bundler. Rudy Giuliani will appear and speak before McCain.

After the reception, Johnson is to host a smaller dinner with the McCains and those fundraisers who brought in $100,000 at his home in Manhattan

I just realized I’ll be Fixing a hole soon

oil at $123 per barrel, is oil the new gold?

Pills Limpballs plays that Pretenders song as bumper intro music.

He’s a fracking pretender alright.

-G

I have bought my LAST Baby powder from J&J,its store brand from NOW on

What about all the hedge funds who were dumb enough to buy these loans from the banks on 15 to 1 or more margin? I keep reading different numbers on how big the margin was.
But as the value of these loans go down the banks will ask for more collateral from the hedges and then what happens.

oil at $123 per barrel, is oil the new gold?

Ya know what? It might be - if one is given toward dealing in futures.

Remember back in the 19(something’s), when gold came close to $1,000 per ounce?

Butt Break Boner reporting for doody.

-G

The take, of course, is bolstered by the much higher limits set up by hybrid McCain’s Victory Committee. Donors are not constrained by the $2,300 cap on individuals and can give tens of thousands of their own cash.
——————
John McVain,will take anybodys money

33 to9 1…its a pyramid scheme

At least that way, ya don’t end up with a stuffy head and runny nose. *g*

Relax, it’ll be a cakewalk.

-Bill Kristol

sorry ,it was 33 to 1 iirc

waccamaw 28 and jayt–couldn’t help but think that, prime farmland, houses on it……

i remember someone saying years ago, gotta have farmers……but where are they now?

when i worked for the phone company in the eighties, i had to work on the new neighborhoods, made me sick…..was a farm…sometimes i knew the farmer that had lived there.

i admit, i developed a prejudice and never want to live in one of those houses.

but i guess wherever there is a house, used to be wilderness or a farm.

but what worried me this time is, there are THOUSANDS of acres gone now……corn, soybeans, etc….gone.i wondered if reps and senators realized how much farmland has gone under. this used to be the BOONIES, waaaaaaay out in the country, but it has grown so much, it’s on the edge of development…..scary, very scary…will soon meet up with the city that used to be 60 miles from the other city…..solid houses…and malls.

the farm bill is coming up, don’t forget it..bush talking ’millionaire farmers-but leaving out what it’s really about’..and ’farm’ stuff is just a small part of it…timber wants 35%-15% reduction in tax, i don’t think you’ll see that savings at the lumber yard. conservation subsidies want to drop their ten year contract to make more growing corn, need those acres for erosion prevention-stream pollution, and wildlife migration, etc…….want to lift moratorium on using ’sprays’ on conservation land….won’t be conservation land if they do this, but will get paid to call it that…..racehorse industry gets MILLIONS….for raising more steriod-bodied horses to break spindly legs in derbys……on and on…..
1-800-45-8293 capitol switchboard.

====

(and eg, i think of you every time i go there…my family is active there, so, don’t worry, there are people who still are keepin’ things going….and they don’t even live there…the cerebral palsy kids are taken care of as long as my mom is breathin’ ……((eg)) )

ooooooooof thats ugly,but the yur..p.eans might bail out Fl

no, but it’s $871.20 an ounce today.
(Now if I could just remember where I put that gold brick I have.)

Dugg it !!!!

At least that way, ya don’t end up with a stuffy head and runny nose. *g*

yeah - the swearing part is a lot easier - besides, it’s one of the few things I’m really good at….

have I mentioned the blood-pressure thing lately? Fantastic therapy. Fuck prescriptions.

Thanks but with Bear Stearns going under that Carlyle group fund going under never mind Bush 1 is on the board and Countrywide in trouble well the financial companies are Bush’s base.
What kind of a moron blows up his own economy?

Tourism is waaayyyyy down. Mostly folks visiting DizzyWorld and the other tourist traps.

Now I just need to fix that leak in my roof

i hate to be a vulture about it, but i’m hoping to get a deal on a new roof in the next year or so as spending on home improvement tanks.

getting any kind of electrical / plumbing / carpentry work done has been next to impossible on the bubble upside. there was just too much work for the small jobs to be worth anyone’s time.

Goldman Sachs

i cant fathom it…Henry Ford always made cars his employees could afford,he was a smart evil cookie

no, but it’s $871.20 an ounce today.

No kidding? Adjusted for inflation, that’s still pretty damned high.

Luckily (?) for me, there are now no discretionary funds in the jayt household for me to speculate with….

Does that give me an excuse to say that “I’m getting out of dollars”? *g*

Seriously? Do you know any area that is actually net hiring for construction?

Gitmo?
Trent Lott’s neighborhood?
Paraguay?

its REALLY cold in Germany even in July and Aug
“G”

If you buy the material and food i’ll do it for you :)

Home improvement spending overall might go down, but I can see an argument for people fixing up existing houses instead of trying to sell and move in a depressed market.

Another similar effect in the auto market: people will be spending more money fixing up their existing cars because they can’t afford new ones.

Yeah if I lose a $100,000 house because I have no assets or job but I still got a loan fine I owe that much.
But at $33 to every $1 of collateral some hedge fund owes 33 times every dollar worth of assets they have if banks are forced to collect.
Nobody is buying the home loans at face value anymore because housing values are down so if a hedge sells its at a loss, a loss magnified 33 times.
So the Bushie base is screwed worse than we are.

yes and if you cant drive around…improve the NEST,no?

BoA might be walking away from the Countrywide deal. Too many weak loans.

Does that give me an excuse to say that “I’m getting out of dollars”? *g*

lol!
and the ones you got don’t go so far anymore.

Canada up north with the tar sands

eg–i asked my dad about the bailouts and stuff a few months back-he was a corporate accountant, different field, but knows a little……..he said that they had to bail them out and that many things were going to ’bounce’ around, and that those on the fringe would pay……then it would settle out again. as long as bernanke is balancing those, that it will be ok and if not, well, we have each other. that even though the ’hanky panky’ went on, have to save the base or all will collapse…….just the way it is is what he said.

hey bonghead at 54–no, you don’t bore me…hardly ever. : P

you my ’head’ are one lucky suckah…..glad the timing was so sweet.

i heard that the national number i listed earlier can also help people get lower rates if they’re even ’close’ to scrimpin’…….so, i even thought about calling….

and i don’t have a leak in my roof, but thought i did last winter, rhythmic ’dripping’ noise, coming from above my head………couldn’t find anything….dunno….

and tarpaper works, until the big repair can be done/t
i even knew someone that used a hot glue gun…and canvas, covered it all over…really…….

/t tip
/g gossip

my contributions

feels good to be home!

st. pauli girl #2

So… Is it official yet? Did Bush sell-out America?

Of course that one! You’re next door, you got no excuses for not showing up this summer.

Say what??? *G*

I am a Mac user, but don’t muck around in the guts (terminal). But I am going to pass this along to my unix-head Mac geek buddies.

I heard Washington Mutual had 40 people checking their books cause someone was going to buy it but after checking the books they walked away.

It’s a dirty business
Duck deaths highlight tar sands problems

The toxic byproducts of Canada’s massive exploitation of tar sands have hit the news in a big way. The reason: 500 dead ducks.

On Monday 28 April a flock of the birds saw what they probably thought was an inviting pond where they could spend a few peaceful hours paddling about, and maybe being fed bread by those men in hard hats. Unfortunately for the ducks, the pond was a ‘settling basin’ of the Syncrude oil company, where toxic water and by-products from its oil operations on the tar sands collect. Five made it out alive.

Just don’t give them a remote login, it might freak you out ;)

here in Indianapolis, I’m suffering from political teevee-ad withdrawal. The circus done left town.

Don’t they love me any more?