Important News - Oct. 19
By Daniel at 19 October, 2009, 12:20 am
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1) Recession Will Be ‘Full-Blown Depression’: Strategist
This global recession will turn into a “full-blown depression,” Nicu Harajchi, CEO of N1 Asset Management, said Friday, adding that global stimulus hasn’t come down to Main Street.
Wall Street is making money, while consumers aren’t, Harajchi told CNBC.
2) Is better buy or rent?
Here is a rent versus buy calculator
3) Should we all rejoice now that the rich are spending??
http://www.bloomberg.com/apps/news?pid=20601109&sid=aHx9ytuwJJ6Y
…or should we temper that euphoria with this reality about the record foreclosure rate of all time:
4) http://money.cnn.com/2009/10/15/real_estate/foreclosure_crisis_deepens/
…meanwhile, the PRE-FORECLOSURE numbers are staggering - in Palm Beach County alone, Pre-Foreclosure listings outnumber Foreclosures 6800 to 375 on this site:
5) http://www.foreclosurelistings.com/list/FL/PALM%20BEACH/PRE-FORECLOSURE/
Sobering sobering stuff. Think I’ll go grab a beer….
6) Japan uncertain over a global economic recovery
Minutes from the Bank of Japan’s September meeting show members still uncertain over a global economic recovery and some concern that the potential effects of special stimulus measures are fading.
7) U.S. Mortgage Backer May Need Bailout, Experts Say
“A year after Fannie Mae and Freddie Mac teetered, industry executives and Washington policy makers are worrying that another government mortgage giant could be the next housing domino.
Problems at the Federal Housing Administration, which guarantees mortgages with low down payments, are becoming so acute that some experts warn the agency might need a federal bailout.”
Highest Bail In US History: $100 million bond set by federal judge.
9) Obama considering another stimulus
10) Trying to bail out housing is a nightmare. (JanPaul)
“In order to get the market moving the government is doing loans 105% LTV and some to people who end up with 60% debt service to income when the mortgage is combined with other debt. The government is becoming a subprime lender with high default rates that Barney Frank says was to be expected but that it is still good “policy?” Allowing people who shouldn’t be given a loan is good policy? For who?”
11) If We’re Gonna Bash Goldman, Let’s Get Our Numbers Correct (GS)
That $10 billion is evidence of their magic trick. For we the taxpayer gave Goldman Sachs the following:
1. $10 Billion in TARP
2. $11 Billion from the Fed
3. $30 Billion from the FDIC
4. $13 Billion from AIG
For a grand total of almost $70 Billion (Goldman along with every other bank and AIG would have been defunct without this money).
Goldman at the apex of the crisis is delivered this money — which they then use to borrow against at $20 or $30 for every $1. Which at 30x equals $2.1 trillion in available capital.
12) “Obama Team Continues Effort to Isolate Fox News”
“Senior Obama administration officials took to the airwaves Sunday to accuse Fox News of pushing a particular point of view and not being a real news network.”
13) Foreclosures could reach 25 million before housing crisis ends
14) BAJA CALIFORNIA BRACING FOR CATEGORY 5 HURRICANE RICK
“The 7th hurricane (Hurricane Rick) of the eastern Pacific Hurricane Season intensifies into the 2nd strongest hurricane on record behind Hurricane Linda in 1997.
Sustained winds were near 180 mph with higher gusts up to 220 mph.
Extremely dangerous Hurricane Rick grew from a category 1 to a category 5 storm in only 42 hours.”
15) A picture is worth a thousand words.
Housing marker getting better? OK, then pay no attention to the size of the Alt-A and Option Arm’s that are going to flood the market in 2010 and 2011.
Ignore these facts, and yup, everything’s just fine.
16) The Crash of 1929 - Documentry
17) A good example of why you shouldn’t try to pick stocks
“Repeat after me: Investing is not about picking stocks. Investing is not about picking stocks. Investing is not about picking stocks. Here, read one example why.”
18) Regulator warns of risks in investing on the new Nasdaq-style board
19) Billions in unclaimed bonds date to World War II
“World War II sparked an unprecedented bond buying campaign, spurred on by one of the largest advertising campaigns ever seen — a drive wrapped in dutiful pleas from celebrities, politicians and cartoon characters alike.
…
More than $16 billion worth of the bonds are unclaimed, either lost or forgotten about with the death of the original purchasers.
The state attorneys general suing the Treasury Department charge that the federal government made no effort to find those people. They want the money given to the states, who have a legal system in place for finding the owners of unclaimed funds.”
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