Archive for March 2010
The bought and paid for shills for the gangsters running the banking industry are going to reform the system by giving the gang who got us into this mess, the FED, power to to screw us right next time.
The Dodd bill that will come before the full Senate later this spring is slightly worse in some respects, slightly better in others. The bill does include a version of Obama’s call to restore the Glass-Steagall wall between commercial and investment banking (the “Volcker Rule”); but where the House bill created an independent consumer financial protection agency, the Dodd bill places this new agency, of all places, in the Federal Reserve. It was the Fed’s total failure to enforce consumer protections on the books that invited the abuses that caused the collapse.
How many future home buyers have jobs and credit. Most banks are screwed by the fast buck artists and broke dicks not making payments. Why are these people surprised the government is going to have to buy down all these shit loans and probably evict a bunch of voters.
I know several people who haven’t made a house payment in years. Nice racket if you can keep it. Of course we will all end up paying for all these scams and for all these deadbeats, but what else is new.
Of course we can’t get any improvement until jobs comeback and most people finish paying off the past debt. Those of us with jobs and credit will be able to pick and choose during the coming boom. Might as well get it while the getting is good as it won’t last long. Housing is not affordable to the average working stiff but that will change. (Think manufactured as in Mobile homes.)
Right now the only way most people can buy is with handouts and mortgage gimmicks. Even the crooks in Washington will run out of schemes then it will get interesting.
I figure the boom hits in 6 or 8 months as all that printing press money hits the construction industry as the Dems need to pay off the unions very soon and keep their jobs.
After all that’s what politics is all about.
On the home front I’m subscribing to a credit watch at Equifax as I’m gearing up for the future. I didn’t do it during the last boom and couldn’t get the credit I needed to stay in business. As soon as my truck broke down I was fucked. And being in business is the only way to beat the coming taxes and regulations that are coming. Of course, if we get a bigger bust I can max out and retire to Mexico, heh heh.
The Commerce Department said on Wednesday sales of new single-family homes fell 2.2 percent to a 308,000 unit annual rate from 315,000 units in January. Markets had expected sales to edge up to a 320,000 unit annual pace.
In a second report, the department said orders for long-lasting manufactured goods rose 0.5 percent in February, rising for the third straight month, and January’s figures were revised sharply upward to show a 3.9 percent increase.
Markets had expected orders to gain 0.7 percent in February from the previously reported 2.6 percent rise. U.S. stock indexes slipped slightly on the housing report, while Treasury debt prices were steady at lower levels. The U.S. dollar was unchanged.
These crooks bought Wamu for a song and raised my interest rate on my credit card from 12% to 29%. And they keep it there even though my credit score has topped 750. As long as they don’t put a yearly fee on it I’ll keep it open but they ain’t getting a dime out of me.
Especially when other companies are making cards available again. (the only positive sign in the economy we’ve seen in a couple of years.)
PMorgan Chase & Co. may enjoy two helpings of tax relief thanks to a little publicized stimulus provision that permits banks and businesses to apply loses from 2008 or 2009 against taxes paid in the previous five years. This break could mean a tax refund of $1.4 billion based on JPMorgan’s own operation, plus more than half of the $2.6 billion due to Washington Mutual, which it took over after WaMu’s collapse.
Pretty obvious that sending 20 dollar an hour jobs overseas is not a good idea unless your profiting from it. Toyota’s closing down plants here and will send them overseas because Oba mama’s gang is trumping up some relatively minor problem (supposedly peoples cars are accelerating by themselves and these college grads can’t turn off the key or put the car in neutral.)
Must be Toyota’s fault that Ford recalls a million or so vehicles, including a recall last year of my 10 year old truck.
The media and the whores in government motors didn’t tell you that did they?
Truth is inconvenient for ideologues.
Today many whose goal once was the discovery of truth are now paid handsomely to hide it. “Free market economists” are paid to sell offshoring to the American people. High-productivity, high value-added American jobs are denigrated as dirty, old industrial jobs. Relicts from long ago, we are best shed of them. Their place has been taken by “the New Economy,” a mythical economy that allegedly consists of high-tech white collar jobs in which Americans innovate and finance activities that occur offshore. All Americans need in order to participate in this “new economy” are finance degrees from Ivy League universities, and then they will work on Wall Street at million dollar jobs.
Economists who were once respectable took money to contribute to this myth of “the New Economy.”
Just what are the other 21% are smoking?
A Fox News poll revealed Tuesday that most American voters believe it’s possible the nation’s economy could collapse, and majorities don’t think elected officials in Washington have ideas for fixing it.
The poll finds that 79 percent of voters think it’s possible the economy could collapse, including large majorities of Democrats (72 percent), Republicans (84 percent), and independents (80 percent).
And just 18 percent think the economy is “so big and strong it could never collapse.”
Voters are clearly concerned with rising deficits and massive government spending places like the new healthcare overhaul.
The last one, buyers credit, expires next month. Obviously didn’t amount to much. Need to give the credit to anyone not just new buyers and people who haven’t bought in 5 years. I might consider buying a place in Florida if they do.
By the way, something interesting going on with the FICO scoring system. After 3 years of using my credit card my score went from 580 too over 750. It doesn’t hurt to have a job for 3 years but they didn’t no that .Now every fucking bank on the planet is offering me credit cards. I finally took couple. The last is from Simmons bank at 7.4%.
(Hey they forced me too.)
Now if I can borrow a couple of million from these gangsters I would be blogging from Brazil. Heh heh.
WASHINGTON (MarketWatch) – Resales of U.S. homes and condos fell 0.6% in February to a seasonally adjusted annual rate of 5.02 million, the lowest level in eight months, raising doubts about the durability of the housing recovery, the National Association of Realtors reported Tuesday. Sales of existing homes have fallen three consecutive months after rising steadily through the fall in response to a federal subsidy for first-time home buyers. The tax credit has been restored and expanded to repeat buyers, but there has been no increase in sales yet. Inventories of sales on the market jumped in February, rising 312,000 to 3.59 million, the highest since September.
Bail out the rich but don’t give the working stiff an aspirin. Of course the government will take over the industry because that’s what governments do. History teaches us that once the public gets their heads in the trough of “free” money it all gets to be free. We’ll pay for it by robbing some oil producing country or two or bankrupting the world’s monetary system. (Not pretty.)
That’s what empires do. Once you start an empire you have to ride it out. Personally I’m trying to get in on it because there’s no choice. We just need to get through it until something else takes over. No country ever before has taken empire so far. America controls everything. Especially the as far as her military rides herd over the whole planet . She can buy or crush any country’s conventional forces at any time of her choosing.
We’re just run by gangsters, is all.
Be as it may all we can do is bitch and grab our asses while it runs it’s course and make the best of it. because it’s course is inevitable. It has to expand or implode. I’m leaning toward the implode side because that’s what empires do. In due time they disappear.