Headlines...

NEW -> Contingent Buyer Assistance Program
The US becomes Japan, possibly. Krugman says that a zero interest rate policy may be on the table now given the jobs report.

I owe y'all an apology. My prayers were to return to Japan, but apparently they were misheard as asking to be Japan.
 
EvaLSeraphim said:
The US becomes Japan, possibly. Krugman says that a zero interest rate policy may be on the table now given the jobs report.

I owe y'all an apology. My prayers were to return to Japan, but apparently they were misheard as asking to be Japan.
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This was in the NYT, we're like Japan except Japan starts out with a credit, while US is heavily in debt.
 
More Celebrity screw ups. Just like the last RE debacle The Donald empire starts to crumble. Not only is this tower in trouble but I hear he has not sold one property at Trump National in PV. He will wedge the banks just like last time. Fun with other peoples money. I mean our money.

Trump Files Suit Against Lenders

Developer Seeks to Extend $640 Million Loan on a Chicago Skyscraper

http://online.wsj.com/article/SB122610459432510207.html?mod=djemRealEstate

Lots for sale on this course. Somebody is gonna get fired

http://www.redfin.com/search#uipt=1&sold_within_months=24&status=3&v=4&lat=33.72678351485155&long=-118.33524629473686&zoomLevel=17&market=socal
 
Looks like $100 Billion wont be enough to keep Fannie solvent...so how much will be enough???

http://www.bloomberg.com/apps/news?pid=20601087&sid=a.iQh4uHj3X8&refer=home
 
Paulson says troubled assets will not be purchased

WASHINGTON – Treasury Secretary Henry Paulson said Wednesday the $700 billion government rescue program will not be used to purchase troubled assets as originally planned.

Paulson said the administration will continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending.

He announced a new goal for the program to support financial markets, which supply consumer credit in such areas as credit card debt, auto loans and student loans.
 
From former Goldman Sachs Chairman:

John Whitehead

"Before I go to sleep at night, I wonder if tomorrow is the day Moody's and S&P will announce a downgrade of U.S. government bonds," he said. "Eventually U.S. government bonds would no longer be the triple-A credit that they've always been."
 
Call me a cynic, but ... has anybody else had this thought?

Is it just a coincidence that Paulson quit his plan to buy toxic mortgage realted assets at the same time that Bloomberg's lawsuit to get access to the Fed's balance sheet contents is getting some good press?
 
MalibuRenter said:
Cool interview on KPCC. Just a sample of the good advice and discussion.

So, has traffic on the site gone way up the last few days?
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Traffic yesterday was about double than normal. The amount of actions was even more than double, and that means people were clicking around to see more stuff than normal. Again today traffic was higher than normal. I noticed a huge response from being on Daily Kos yesterday. The NPR interview did bring some traffic our way, but nothing like Daily Kos did. No matter where the traffic is coming from, the point is traffic is up and hopefully making people informed. Informed to buy a certain book that is.
 
awgee said:
Call me a cynic, but ... has anybody else had this thought?

Is it just a coincidence that Paulson quit his plan to buy toxic mortgage realted assets at the same time that Bloomberg's lawsuit to get access to the Fed's balance sheet contents is getting some good press?
Click to expand...

I don't think so.

I think the change in plans is based on realization that if there is a discovery of true market prices in the CDO marketplace, mark to market rules will result in write downs that put banks below their reserve requirements.
 
The End from Michael Lewis

Michael Lewis wrote Liar’s Poker in 1985. “In the two decades since then,” he writes in the new issue of Portfolio, “I had been waiting for the end of Wall Street.” This year, it arrived. Lewis profiles Steve Eisman in his article, a hedge-fund manager who was among the first to detect the weakness of the subprime mortgage market, and who has made a fortune from shorting it and everyone with a hand in it: first, the lenders; then the ratings agencies; finally, the big banks. The subprime market was actually too small to feed investors’ appetites, so they created side bets. “The arrangement bore the same relation to actual finance as fantasy football bears to the N.F.L.” Lewis writes. He continues: “In retrospect, pretty much all of the riskiest subprime-backed bonds were worth betting against; they would all one day be worth zero. What [Eisman and his team] were doing, oddly enough, was the analysis of subprime lending that should have been done before the loans were made.”
 
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