Mid-Week Open Thread (2011-07-20)

Here is your open thread for the mid-week on July 20th, 2011. You may post random links and off-topic discussions here. Also, if you have an idea or a topic you’d like to see covered in an article, please make it known.

Be sure to also check out the forums, and get your word in the user-driven discussions there!

0.00 avg. rating (0% score) - 0 votes

About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

55 comments:

  1. 1

    Hey, Perhaps They’ve Stumbled on to Another Method to Stall Foreclosures

    Continue illegal robo-signing administration, even when they know it’s noncompliant and could go back into stalling litigation.

    http://seattletimes.nwsource.com/html/businesstechnology/2015651962_apusmortgagesrobosigning.html

  2. 2
    Bingo says:

    Wow! Zillow opens for trading at $50/sh, up $30.

  3. 3

    RE: Bingo @ 2 – Market orders? ;-)

  4. 4
    Pegasus says:

    By Bingo @ 2:

    Wow! Zillow opens for trading at $50/sh, up $30.

    Wow! Time to crank out that Redfin IPO so the Tim can buy that Five Million Dollar Foreclosure!

  5. 5
    Bingo says:

    It’s looking like Zillow’s Investment Bankers “Zestimate” of the Company’s stock price was about as accurate as Zillow’s “Zestimates” of home prices…only off by 100+%

    Sorry…I couldn’t resist.

  6. 6

    RE: Bingo @ 5 – I couldn’t resist a similar comment in the IPO buying poll, based on the price having gone from 18 to 20.

  7. 7
    Pegasus says:

    By Kary L. Krismer @ 6:

    RE: Bingo @ 5 – I couldn’t resist a similar comment in the IPO buying poll, based on the price having gone from 18 to 20.

    Don’t forget the original expected price was $12-14. I wonder who the lucky buyer was who paid $60 this morn? Amazing what name recognition can do for a company going public. Good thing the company has a viable business plan…..

  8. 8
    bob says:

    Ouch. The AA partial loss is not good.

    What is the Boeing+supplier related workforce in the Seattle area related to the 737? These are very good paying middle and upper-middle class salaries

    http://online.wsj.com/article/SB10001424053111903554904576457620192467858.html?mod=WSJ_hp_LEFTWhatsNewsCollection

    American will start taking the first of 260 Airbus A320s starting in 2013, alongside more of the Boeing 737-800s it is already using to replace its fleet of aging MD-80 planes. The airline had been an exclusive Boeing customer.

    AMR will also take Airbus A320neos—a new-engine version of the best-seller A320—starting in 2017, replacing American’s fleet of Boeing 757s. The A320neo is offered with both the Leap-X and the rival GTF engine made by the Pratt & Whitney unit of United Technologies Inc.

  9. 9

    Housing Prices to Bottom Out By Mid 2012??

    Article:

    “…Humphries foresees home values continuing to fall through the middle of next year for a variety of reasons, including persistent unemployment, a significant pipeline of homes in foreclosure, as well as high rates of homes with negative equity, which means many more will likely end up in foreclosure. A return to a “normal” market is likely at least three away, he says….”

    http://finance.yahoo.com/news/Homeowners-in-Denial-About-nytimes-2586795538.html?x=0&.v=1

    The Kiplinger report errantly predicted in early 2010, article:

    “…Given that prices tend to stabilize about a year after sales begin to recover, Fiserv expects prices to bottom out in mid-2010. …”

    http://realestate.msn.com/article.aspx?cp-documentid=23168167

    It seems every year, the house price bottom is coming soon to much of MSM. Then they’re proven wrong again by actuals. They remind me of Chicken Little, predicting the sky is falling.

    How about never?

  10. 10

    RE: bob @ 8

    Boeing’s 2011 Orders Dismal to Date Compared to 2010

    Even the cheap/smaller 737 “460 order” announced recently is over 5 years for American Airlines, about 92/yr of the cheap A/C. Its the RE 737 version with a new engine from GE, a last ditch save by Boeing to share some orders with Airbus’ more sellable comparable A/C.

    Article:

    “…Boeing this month reported that it took in 530 net orders in 2010…”

    http://articles.economictimes.indiatimes.com/2011-01-17/news/28428634_1_net-orders-a380-airbus-ceo-tom-enders

    Article:

    “…PARIS, June 8 (Reuters) – Europe’s Airbus (EAD.PA) trailed U.S. rival Boeing (BA.N) in terms of plane orders in the first five months of the year as the companies gear up for their annual battle for customers at this month’s Paris Air Show. Airbus, in a lull before the event when it traditionally makes a slew of customer announcements, added just seven orders in May, taking its gross total for the year so far to 176, behind Boeing’s 182….”

    http://uk.reuters.com/article/2011/06/08/airbus-idUKLDE7570LE20110608

    Let’s see now, even assuming Boeing delivers 46 of the 737REs to American Airlines this year….we still got 330+ orders by year’s end to catch up with 2010.

    IMO, the nude x-rays and genital groping at the DHS security airport lines is impacting Airbus/Boeing 2011 orders very adversely [I’m not flying jets this summer], let alone high jet fuel costs….also, IMO, even if jet fuel goes down in price, it won’t make any difference with the “intrusive” security measures in place. Add in crammed seats, higher fares, staycations and baggage fees….you get the picture.

  11. 11
    Scotsman says:

    RE: softwarengineer @ 9

    Yeah, but watch that next step down:

    “With lenders filing foreclosures more slowly and an excess inventory of homes, housing prices could fall another 20 percent next year, says one economist. Gary Shilling, one of the economists who predicted the subprime mortgage crisis, says the “depressing effect” of two to 2.5 million homes in excess inventory will push prices down.”

    http://www.wlsam.com/Article.asp?id=2238789

  12. 12

    RE: softwarengineer @ 10

    Update to Blog Above

    I reread Bob’s WSJ American Airlines story and Boeing splits the 460 order with Airbus….means at most about 23 RE deliveries for 2011 and about 46/yr over 5 years.

  13. 13

    RE: Scotsman @ 11

    You Got it Scotsman

    They use non-compliant foreclosure robo-signing [on purpose as a stall tactic to put foreclosures in litigation?] and like you said, the price plummet worsens, not gets better as their denial would mean to them.

    As we delay home foreclosures the old owners will be tearing them to shreds IMO too, just like President Johnson’s Great Society of low income homes got quickly destroyed with tennants with low incomes. We’re better off boarding up the windows ASAP and selling them for cents on the dollar, before they become destroyed negative equity units, like Detroit has.

  14. 14

    RE: Scotsman @ 11
    At some point, there will be a bottom in home prices.
    But between the high number of homes in the process of foreclosure( or at least delinquent), high unemployment,local governments shrinking ( making areas less desirable by cutting back on parks and filling potholes),and the fact that rents are still generally much lower than mortgage payments:
    It sure doesn’t look like ” the bottom” is happening anytime in the near term.

  15. 15
    Scotsman says:

    Every journey starts with a single step:

    “Existing-home sales eased in June as contract cancellations spiked unexpectedly, although prices were up slightly, according to the National Association of Realtors®.
    Sales gains in the Midwest and South were offset by declines in the Northeast and West. Single-family home sales were stable while the condo sector weakened.
    Total existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May, and remain 8.8 percent below the 5.23 million unit level in June 2010, which was the scheduled closing deadline for the home buyer tax credit.”

    http://news.yahoo.com/june-existing-home-sales-drop-cancellations-140353502.html

  16. 16

    RE: Pegasus @ 7

    Zillow’s Quick Stock Rise Brings Up Some Possible Anomalies Too

    Like [IMO] were insiders’ information the ones all selling off at $50/share before today’s massive plummet in value?

    Article:

    “…Seattle-based Zillow offers rent and house price estimates, called “Zestimates,” as well as real estate data on millions of U.S. homes through its websites and mobile phone applications.

    Though Zillow’s shares pared most of their initial gains, they were still at $35 in afternoon trade, nearly double their $20 listing price, giving the company a market value of about $940 million.

    But not everyone is convinced that Zillow’s fundamentals should command this price.

    “Over the next 8 to 24 months you’ll probably see a big shakeout and the going public effect diminishes and fundamentals come into focus,” Josef Schuster, founder of Chicago-based IPO investment firm IPOX Schuster LLC, said.

    Zillow is currently trading at more than 30 times revenue, while its closest listed rival, Move, owner of sites like Realtor.com, trades at just one times revenue.

    Zillow was “absolutely not” worth its valuation, David Menlow, president of IPOfinancial.com, told Reuters.

    “I am from the school that all of the offerings in this marketplace are just so frothy that it defies any type of sensible valuation modeling,” Menlow, said….”

    http://uk.reuters.com/article/2011/06/08/airbus-idUKLDE7570LE20110608

    Frothy? Sounds like old Greenspan talking about the housing bubble. The stock market is like a pyramid scheme, those in front get all the money after a quick sell….the later buyers eat cake, IMO.

  17. 17
  18. 18
    David S says:

    RE: ChrisM @ 17 – Yes, more of the ‘take the zestimate with a pound of salt’ arguments. But then there’s Redfin’s average $/sf that’s ‘just too low for my neighborhood’. And factor in, ‘those King County assessments don’t mean anything’. And if you’re lucky, you will get ‘that appraiser doesn’t know what they are doing with the comp’s’.

    D – E – N – I – A – L in epic proportions.

  19. 19
    Pegasus says:

    Nearly 3 years after the great financial panic, the bad guys have won

    This is a good time to rent, or rent again, the film Inside Job, the best and most accessible (hey, narrated by Matt Damon) primer on the financial meltdown that caused the Great Recession. It’s a reminder of the feral greed, delusional thinking and risky rackets in operation at the most revered institutions, supported by the most respected economists, enabled by the regulators and juiced by highly regarded rating agencies.

    The Dodd-Frank Act, which the media persists in calling “sweeping reform,” is in fact weak and largely unimplemented. Its dismemberment is the goal of two dozen bills in Congress, where banking and Wall Street lobbyists have spent $50 million this year alone to have their way. Congress is also busy cutting the budget of the Securities and Exchange Commission.

    http://seattletimes.nwsource.com/html/soundeconomywithjontalton/2015669627_nearly_3_years_after_the_great.html?prmid=obinsite

  20. 20

    RE: Pegasus @ 19 – Give it a break Pegasus. Only the naive would think that was a good movie or even describe it as a documentary (and yet that includes members of the academy.)

    Contrary to your claims made months ago, the movie did not state any facts detailing a theory that crimes had been committed. It simply states events it didn’t likes and describes them in unjustified terms.

    But just some examples, near the beginning the questioner asks a leading question, the person answering starts to answer and then reacts to it being leading, and we’re supposed to take that to mean that the leading question was correct?

    My favorite though was the clip of someone being questioned by the House or Senate, and the answer was the activity was normal in the context of market making. No explanation was given in the film of what market making was, or what the answer meant. So what can we assume from that? That the film makers don’t know what they’re talking about–they don’t understand market making? Or that they’re trying to deceive the viewers of the film? Personally I think it could be either, but if I had to guess based on the rest of the film it’s the latter.

    There was only one or two interesting facts in the film, and the one I remember was that one company (GS?) was so concerned about the solvency of AIG that they were buying insurance for the risk that AIG would go under and not perform on its contracts with that company. That the outside entity knew more about AIG’s risk than AIG says a lot!

    Other than that, Inside Job was merely a 60 Minutes style hatchet job, designed to tell a tale, not what happened.

  21. 21

    RE: David S @ 18 – King County assessments don’t mean anything, and that might be the root cause of Zillow’s errors. Snohomish County is even worse.

  22. 22
    Pegasus says:

    RE: Kary L. Krismer @ 20 – I posted the article’s first statement Kary. Just a local someone who thinks it should be viewed just like the American Academy of Motion Picture Arts and Sciences did when they awarded an Oscar for it. Remember how you panned it and its producer before you ever saw it or knew anything at all about the movie? Roger Ebert you are not. Most critics actually view the movie first before critiquing it, strange as that may seem to the endless fountain of useless factoids and fictions. Just another of your idiotic rote knee-jerk defenses of the kleptocracy. The writer’s article that I linked although short had some valid points about the bad guys winning again. Try reading it before you blather on and on and on…..

  23. 23
    Pegasus says:

    States negotiating immunity for banks over foreclosures

    “There are times that one has to wonder out loud exactly who’s passing envelopes full of $100 bills around to State Attorneys general – or whether what’s being passed is threats instead.”

    (Reuters) – State attorneys general are negotiating to give major banks wide immunity over irregularities in handling foreclosures, even as evidence has emerged that banks are continuing to file questionable documents.

    http://market-ticker.org/akcs-www?singlepost=2630649

  24. 24
    Blurtman says:

    RE: Pegasus @ 23 – I was driving from Orlando to Tampa this week, and listening to a decent possibly syndicated talk show on one of the local stations. The claim was made that as Wall Street accounts for 60% of GDP, no one is going to hold the industry accountable for anything. Now that 60% figure may be for the entire FIRE sector, I am not sure, but I think you get the idea.

    Has it always been that way, just a different collection of crooks? I have always said that one should take into consideration the internet artifact. More information reaching more people.

  25. 25

    By Pegasus @ 22:

    RE: Kary L. Krismer @ 20 – I posted the article’s first statement Kary. Just a local someone who thinks it should be viewed just like the American Academy of Motion Picture Arts and Sciences did when they awarded an Oscar for it. Remember how you panned it and its producer before you ever saw it or knew anything at all about the movie? .

    What I actually said was that I heard a person being interviewed on NPR and they sounded like an idiot. You then pointed out the connection of the person to the movie. So I watched the movie to see if my impression from the interview was incorrect. It turns out it wasn’t, although after watching the movie I know think it’s possible the bad information is more due to intentional deceit rather than ignorance. Hardly matters.

    I never said anything at all about the quality of a movie I had not seen. What I said was that the person I heard on NPR sounded very uninformed. That turns out is still my impression, and the movie helped cement that impression.

    Note that I am purposefully not calling Inside Job a documentary. Do you think Oliver Stone films are historically accurate too?

  26. 26
    Pegasus says:

    By Kary L. Krismer @ 25:

    By Pegasus @ 22:

    RE: Kary L. Krismer @ 20 – I posted the article’s first statement Kary. Just a local someone who thinks it should be viewed just like the American Academy of Motion Picture Arts and Sciences did when they awarded an Oscar for it. Remember how you panned it and its producer before you ever saw it or knew anything at all about the movie? .

    What I actually said was that I heard a person being interviewed on NPR and they sounded like an idiot. You then pointed out the connection of the person to the movie. So I watched the movie to see if my impression from the interview was incorrect. It turns out it wasn’t, although after watching the movie I know think it’s possible the bad information is more due to intentional deceit rather than ignorance. Hardly matters.

    I never said anything at all about the quality of a movie I had not seen. What I said was that the person I heard on NPR sounded very uninformed. That turns out is still my impression, and the movie helped cement that impression.

    Note that I am purposefully not calling Inside Job a documentary.

    Now you are blatantly lying about the facts concerning your panning of “Inside Job”. I don’t really care what you think now after finally viewing the documentary, Kary. What started it all was you smeared it BEFORE the movie was finished and NPR had nothing to do with your initial comments as much as you try to rewrite your posting history. Pretty hard to view a movie still in production. You should change your name from Kary to Carnac since you are able to divine reviews before a film is completed and released.

  27. 27

    RE: Kary L. Krismer @ 25

    I Hated That Too Big to Fail Movie HBO Put Out Recently

    Not only was it depressing, it was so convoluted with conspiracy and allegations; you couldn’t follow the plot….sounds like reality.

    After about 30 min of it I turned the channel.

  28. 28

    By Pegasus @ 26:

    By Kary L. Krismer @ 25:

    By Pegasus @ 22:

    RE: Kary L. Krismer @ 20 – I posted the article’s first statement Kary. Just a local someone who thinks it should be viewed just like the American Academy of Motion Picture Arts and Sciences did when they awarded an Oscar for it. Remember how you panned it and its producer before you ever saw it or knew anything at all about the movie? .

    What I actually said was that I heard a person being interviewed on NPR and they sounded like an idiot. You then pointed out the connection of the person to the movie. So I watched the movie to see if my impression from the interview was incorrect. It turns out it wasn’t, although after watching the movie I know think it’s possible the bad information is more due to intentional deceit rather than ignorance. Hardly matters.

    I never said anything at all about the quality of a movie I had not seen. What I said was that the person I heard on NPR sounded very uninformed. That turns out is still my impression, and the movie helped cement that impression.

    Note that I am purposefully not calling Inside Job a documentary.

    Now you are blatantly lying about the facts concerning your panning of “Inside Job”.

    See post 55 here, then come back with your tail between your legs and apologize.

    https://seattlebubble.com/blog/2010/10/01/september-stats-preview-falling-into-fall-edition/

  29. 29

    By softwarengineer @ 27:

    RE: Kary L. Krismer @ 25

    I Hated That Too Big to Fail Movie HBO Put Out Recently

    Not only was it depressing, it was so convoluted with conspiracy and allegations; you couldn’t follow the plot….sounds like reality.

    After about 30 min of it I turned the channel.

    I haven’t seen that one, but I tend to not like point pieces, where they try to prove a certain thing happened. Smartest Guys in the Room would qualify that way too, although there at least I learned Governor Davis wasn’t the moron he was made out to be. It was his advisers.

    For an example of a good documentary, the Nova piece on the crash of the Air France jet was very interesting, and although they did suggest a possible cause they didn’t slant everything to that cause. That documentary was completed before the discovery of the black boxes, and the final results are not in on that one, but from the preliminaries it looks like they may have been very close to being right.

  30. 30
    Pegasus says:

    RE: Kary L. Krismer @ 28 – ” It’s almost as annoying as those who think that any bad financial situation is criminal if it’s big enough. There’s apparently a documentary about to come out where the film maker apparently suffers that belief. Unfortunately I didn’t catch the name of it.”

    Your smear and the movie had not been released yet. Carnac? That thread also shows you defending a robosigner. How did that turn out? Your “prediction” was that nothing would come from the document scandals. How wrong you were…..

  31. 31
    Blurtman says:

    10% 10 year US treasuries, anyone? 5% interest on bank savings accounts, too? Ka-ching!

    “Don’ t let me hear you say life’s taking you nowhere…”

  32. 32
    deejayoh says:

    By Blurtman @ 24:

    RE: Pegasus @ 23 – I was driving from Orlando to Tampa this week, and listening to a decent possibly syndicated talk show on one of the local stations. The claim was made that as Wall Street accounts for 60% of GDP, no one is going to hold the industry accountable for anything. Now that 60% figure may be for the entire FIRE sector, I am not sure, but I think you get the idea.

    Has it always been that way, just a different collection of crooks? I have always said that one should take into consideration the internet artifact. More information reaching more people.

    That’s what you get for listening to talk radio. Misinformation

    FIRE is just over 20% of GDP. Growing, but nowhere near the claimed amount
    http://macromon.files.wordpress.com/2011/02/fire-economy.jpg?w=640&h=423

  33. 33

    By Pegasus @ 30:

    RE: Kary L. Krismer @ 28 – ” Itâ��s almost as annoying as those who think that any bad financial situation is criminal if itâ��s big enough. Thereâ��s apparently a documentary about to come out where the film maker apparently suffers that belief. Unfortunately I didnâ��t catch the name of it.”

    Your smear and the movie had not been released yet. Carnac?

    Can you not read? I was smearing the movie maker based on what I’d heard him say on NPR and on the clip you posted. I thought it showed incredible ignorance, but now after watching the mocumentary the question is whether it was intentional deceit. Money is a powerful motivator.

  34. 34

    By Pegasus @ 30:

    That thread also shows you defending a robosigner. How did that turn out? Your “prediction” was that nothing would come from the document scandals. How wrong you were…..

    Again, you owe me an apology. Go back to that thread and read posts 27, 30, 33, 45, 47 and finally 58. Everything I said there was accurate, and I did not say nothing bad would come of the robosigners. In fact in post 45 I said: “Personally I doubt it rises to the level of perjury, but I wouldn’t be a bit surprised if the court determines it’s improper.”

    Your nonsense of throwing around the fraud word was actually what lead to the discussion of Inside Job where they throw around the crime word. (see post 47). No wonder you like the movie. You two think a like. I think the maker of that movie also reads a number of your nutcase websites, because a lot of it was familiar.

  35. 35
    Pegasus says:

    RE: Kary L. Krismer @ 33 – You smeared the movie and producer without viewing the movie. You recently smeared another movie that I posted without viewing the movie. Only Carnac can do that. “Inside Job” was not Ferguson’s first venture into film making. He had previously produced another film that won numerous awards on Afghanistan. He also founded and sold the precursor to Microsoft Office for about $100 million. Obviouly Ferguson has a lot more going for him than you do. Whether you liked “Inside Job” or not wasn’t the issue. It was the initial blind smear defending the kleptocracy when you had not viewed it.

  36. 36
    Pegasus says:

    RE: Kary L. Krismer @ 34 – Your words: For the borrower’s sake, I hope there’s more to this than that. If that’s the best they can do (which typically is what newspapers report), that’s really weak. Someone signing these type of documents doesn’t have to cull through corporate records, verify payments, etc. Computers produce records, they do a brief review, and send them off. Also, the signer doesn’t have to have any understanding at all of how the documents are to be used.”

    Carnac, all that they were doing was signing them and sometimes they even signed them with someone else’s name.

    You predicted in another thread that all of this foreclosure bogus documents, assignments, forgeries, etc. would amount to nothing. How wrong and how many times can one be? Ira even commented about you making that “prediction”.

  37. 37
    Blurtman says:

    RE: Pegasus @ 36 – Sorry. Too important an industry for the law to be followed. Next!

  38. 38
    Pegasus says:

    By deejayoh @ 32:

    By Blurtman @ 24:

    RE: Pegasus @ 23 – I was driving from Orlando to Tampa this week, and listening to a decent possibly syndicated talk show on one of the local stations. The claim was made that as Wall Street accounts for 60% of GDP, no one is going to hold the industry accountable for anything. Now that 60% figure may be for the entire FIRE sector, I am not sure, but I think you get the idea.

    Has it always been that way, just a different collection of crooks? I have always said that one should take into consideration the internet artifact. More information reaching more people.

    That’s what you get for listening to talk radio. Misinformation

    FIRE is just over 20% of GDP. Growing, but nowhere near the claimed amount
    http://macromon.files.wordpress.com/2011/02/fire-economy.jpg?w=640&h=423

    Maybe they were using the ripple effect with a multiplier of 3?

  39. 39
    Cheap South says:

    RE: deejayoh @ 32

    As a Tampa resident, I could’ve told him there is no such thing as “decent radio talk” around here. It’s all BS, and the rednecks eat it.

  40. 40
    Scotsman says:

    Reality check. My mom is still trying to sell her house in the Bellevue area for more than it’s worth. We had a discussion this morning about pricing and I suggested this was probably her last opportunity to sell it for something remotely close to what she thinks it should bring, my reason being that the end game for federal deficits is near and any plan worked out for the debt limit impass would certainly include significant cuts. Those cuts, perhaps 3-7% of GDP, will throw the economy into recession/depression for the next several years. She didn’t believe me. We’ll see- here’s some support for my argument:

    “Medicare, Social Security, and national-defense spending are going to be cut. Lots of other stuff is going to be cut, too. To the extent that such cuts are insufficient, taxes are going to go up to pay the difference. That’s the deficit-reduction deal. There isn’t another one. The question is only whether we implement it voluntarily or involuntarily, under conditions of stability or under conditions of crisis”

    “Fiscal crises are–ahem–inherently unpredictable events. No matter how you assure each other that your awesome new health care plan can’t possibly be repealed because everyone’s going to be lovin’ on it so hard . . . or that no peacetime US government in history has ever collected more than 20.5% of GDP . . . the fact remains that when interest rates are rising and everyone’s panicking, the unthinkable frequently happens. Moreover, the tax hikes and spending cuts that are required in a fiscal crisis tend to be much more draconian than would otherwise be required, because they tend to happen when GDP is depressed and the gap between tax revenue and spending is exceptionally large.”

    “A look at other countries’ crises is rather eye-opening on this key point. Canada reduced government debt from 68% of GDP in 1994 to 29% of GDP in 2008. There were six to seven dollars in budget cuts for every dollar of tax hikes — and these were real cuts in spending, not reductions in spending growth, and not the imaginary spending cuts Democrats have offered Republicans in past decades.”

    “Indeed, a study of fiscal consolidations in 21 countries of the Organization for Economic Cooperation and Development over 37 years concludes that failed attempts to close budget gaps relied 53% on tax increases and 47%, while successful consolidations averaged 85% spending cuts and 15% tax increases.”

    http://hotair.com/archives/2011/07/21/how-i-learned-to-stop-worrying-and-love-the-debt-bomb/

  41. 41
    Blurtman says:

    RE: Cheap South @ 39 – This wasn’t a redneck show, so I think it was probably syndicated. The host had on a Wall Street type guest and the host was attempting to break down a lot of complex issues for the layman by tossing softballs at the guest. The host seemed to have liberal (Omigawd!) leanings, BTW. It was a good way to pass the time, although I eventually tuned to the Grateful Dead channel on SyriusXM.

  42. 42
    softwarengineer says:

    RE: Scotsman @ 40

    I Heard About 70% of the Uninsured Will Be Put On Medicaid Too When Healthcare Reform Sets In

    Multicare is laying off about 5% of its current workforce by this October, because Medicare and Medicaid don’t pay the actual costs of current healthcare wages, etc.

    Imagine more layoffs after healthcare reform kicks in. After that, imagine how under-staffed and crowded our medical facilities will become with more patients and less healthcare workers.

    The solution: reduce healthcare salaries before healthcare reform kicks in?

  43. 43

    RE: Scotsman @ 40
    I’m generally not an apostle of Scotsman, but you’ve hit the nail on the head here.
    About your mom’s house:
    In October, the maximum loan amount on FHA jumbo loans is going to be reduced locally by about 60,000 dollars. Without the FHA jumbo loan, the interest rates go up about 2 percent.
    How can this not have a negative effect on the market?
    We’re actually experiencing a bit of inflation now, if you count energy prices. But people are taking home less money, and even if things aren’t turning to crap, at best we’re slowing climbing out of a deep pit. Not the kind of environment where there are a lot of buyers for million dollar homes.

  44. 44

    By Pegasus @ 35:

    RE: Kary L. Krismer @ 33 – You smeared the movie and producer without viewing the movie. You recently smeared another movie that I posted without viewing the movie. Only Carnac can do that. “Inside Job” was not Ferguson’s first venture into film making. He had previously produced another film that won numerous awards on Afghanistan. He also founded and sold the precursor to Microsoft Office for about $100 million. Obviouly Ferguson has a lot more going for him than you do. Whether you liked “Inside Job” or not wasn’t the issue. It was the initial blind smear defending the kleptocracy when you had not viewed it.

    Are you incapable of understanding simple English. I did not smear the film I had not seen. I was critical of the person I heard on NPR, based on what they said on NPR. That person happened to be behind the film you think is good, because your gullible and fell for a bunch of nonsense, as is your habit.

    Seriously, you just posted something that said Wall Street was 60% of GDP. How could you possibly hear that and believe it?

  45. 45
    The Tim says:

    http://twitter.com/#!/spencerrascoff/status/94161651166756864

    @spencerrascoff (Spencer Rascoff)
    RT @lakesinclair: this month i sold a house i’d never seen to a woman i’d never met. Thanks to Zillow. // CONGRATULATIONS!

    Um, okay. Good for you, I guess? Not sure that’s the kind of user experience I’d want to highlight, but to each his own, I suppose.

  46. 46

    By Pegasus @ 36:

    RE: Kary L. Krismer @ 34 – Your words: For the borrowerâ��s sake, I hope thereâ��s more to this than that. If thatâ��s the best they can do (which typically is what newspapers report), thatâ��s really weak. Someone signing these type of documents doesnâ��t have to cull through corporate records, verify payments, etc. Computers produce records, they do a brief review, and send them off. Also, the signer doesnâ��t have to have any understanding at all of how the documents are to be used.”

    Carnac, all that they were doing was signing them and sometimes they even signed them with someone else’s name.”.

    You really don’t understand things, do you? ROTFLMAO.

    I said for the borrower’s sake I hoped the buyer had a stronger case. If all they were doing was just signing without any review or signing someone else’s name, that would be a stronger case than what was described in the newspaper report I was commenting on.

    You think you understand what fraud is when you don’t even understand what facts make for a stronger case? Now that’s funny! :-D

  47. 47

    RE: The Tim @ 45 – No liability risk there! ;-)

  48. 48
    Pegasus says:

    RE: Kary L. Krismer @ 44RE: Kary L. Krismer @ 46 – It was a smear to discredit producer and the film. Just taking another cheap shot without facts.

    “Seriously, you just posted something that said Wall Street was 60% of GDP. How could you possibly hear that and believe it?”

    Please show me where I posted that? I did make a sarcastic remark about the 60 percent figure to DJ. I guess you are unable to divine your way out of that, eh Carnac?

  49. 49
    Dirty_Renter says:

    RE: deejayoh @ 32
    I was thinking of all the farmland(what w/ commodity prices as they are), all the businesses outside of Wall Street and thought the 60% number seemed far fetched. Not to mention my favorites shows; the alligator hunters(Swamp People) and crab fishermen(World’s Deadliest Catch)…those guys are making some jack too. haha

  50. 50
    Dirty_Renter says:

    RE: softwarengineer @ 27
    Trust me softy…there was nothing that complex going on in TBTF.
    The inner-workings of a CDO is purposefully confusing, but 99.99% of Wall Street can be summed up in one line from Billy Ray Valentine, when talking to the Duke brothers…”Sounds like you’re a couple of bookies.”

  51. 51
    Pegasus says:

    By Kary L. Krismer @ 46:

    By Pegasus @ 36:

    RE: Kary L. Krismer @ 34 – Your words: For the borrower�s sake, I hope there�s more to this than that. If that�s the best they can do (which typically is what newspapers report), that�s really weak. Someone signing these type of documents doesn�t have to cull through corporate records, verify payments, etc. Computers produce records, they do a brief review, and send them off. Also, the signer doesn�t have to have any understanding at all of how the documents are to be used.”

    Carnac, all that they were doing was signing them and sometimes they even signed them with someone else’s name.”.

    You really don’t understand things, do you? ROTFLMAO.

    I said for the borrower’s sake I hoped the buyer had a stronger case. If all they were doing was just signing without any review or signing someone else’s name, that would be a stronger case than what was described in the newspaper report I was commenting on.

    You think you understand what fraud is when you don’t even understand what facts make for a stronger case? Now that’s funny! :-D

    Another baloney answer from Carnac. The article makes it clear the guy is signing about one document a minute. Duh!

    Here is what I posted back then about your ridiculous statement:

    Hahaha. Ya sure Kary. This guy has admitted to signing up 10,000 documents a month in depositions. He has also admitted under oath that he rarely reads what he is signing even though he is often signing that he has. He also admitted that many of the documents he signed are post dated and notarized well after he has signed. He is THE reason that many states have stopped GMAC foreclosures because of what he has admitted under oath. Many of the documents that he has signed are complete fabrications. He is just part of the massive conspiracy to perpetrate fraud upon the foreclosure courts in order seize the property of others illegally. Here is a link to one of his documents that he is signing without reading:

    http://calculatedriskimages.blogspot.com/2010/10/gmac-affidavit.html

    The article that you posted said this about the guy:
    “Stephan’s admission has cast into doubt thousands of mortgage-foreclosure filings. Ally Financial, the nation’s fourth-largest home lender and GMAC’s parent company, halted evictions of homeowners this past week in the 23 states that mandate a court judgment before a lender can take possession of a property.”

    You are just trying to change your posting history now that you have once again made a fool out of yourself.

    What, no comments from Carnac about posting your “prediction” that all of this foreclosure stuff was nothing?

  52. 52

    By Pegasus @ 48:

    RE: Kary L. Krismer @ 44RE: Kary L. Krismer @ 46 – “Seriously, you just posted something that said Wall Street was 60% of GDP. How could you possibly hear that and believe it?”

    Please show me where I posted that? I did make a sarcastic remark about the 60 percent figure to DJ. I guess you are unable to divine your way out of that, eh Carnac?

    In post 38 in this thread it appeared you has said that, but it was someone else.

    So I’m sorry, but it did sound like something you would say.

  53. 53

    By Pegasus @ 48:

    RE: Kary L. Krismer @ 44RE: Kary L. Krismer @ 46 – It was a smear to discredit producer and the film. Just taking another cheap shot without facts.

    What part if I heard him on the radio is too difficult for you to understand?

    The facts I had were the nonsense pouring out of his mouth. Sometimes bad facts (his statements) are facts (he doesn’t know what he’s talking about).

    It turns out listening to him provided plenty of facts on which to base an opinion. Watching his movie proved my initial impression, or worse.

    Just because you’re gullible doesn’t mean you watched a good documentary. It only means you’re gullible.

  54. 54
    Pegasus says:

    RE: Kary L. Krismer @ 53 – You posted that baseless smear to discredit the clips of the movie I had linked. Now you are trying to baloney your way out of it with more baloney. You did it now live with it.

    Let’s not forget this ridiculous “prediction” by Carnac:

    “My PREDICTION is this will turn out to be a lot of nothing.”

    Hahahahahaha!!!!

  55. 55

    RE: Pegasus @ 54 – The record is what the record is, except to the functionally illiterate and gullible.

    But as long as you want to talk about predictions, you predicted this robosigning thing would be something major. Go to the last piece here on local foreclosures and show me the stats that show robosigning has shut down the foreclosure process in Washington, or even had a significant impact. You want to talk about bad predictions–look at your own first.

Leave a Reply

Use your email address to sign up with Gravatar for a custom avatar.
Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Please read the rules before posting a comment.