Financial Crisis

[midas]

Housing crisis is over for some

Squatters Are Taking Over Detroit's 100,000 Vacant Homes

a country that gives squatters any rights is a shit² country!

And by lack of any action by police or other authorities against squatters it seems it is viewed as less serious to break into someone's home and then live there than to dance in public at the Jefferson Memorial, serve food to the homeless in a park in Florida, or take photos of things the government deems “ inappropriate “

[Naam]

Housing crisis is over for some

Squatters Are Taking Over Detroit's 100,000 Vacant Homes

a country that gives squatters any rights is a shit² country!

And by lack of any action by police or other authorities against squatters it seems it is viewed as less serious to break into someone's home and then live there than to dance in public at the Jefferson Memorial, serve food to the homeless in a park in Florida, or take photos of things the government deems “ inappropriate “

i have to agree with you Midas. there must be something wrong with me. perhaps it is advisable that i go for a neurological checkup?

[midas]

Housing crisis is over for some

Squatters Are Taking Over Detroit's 100,000 Vacant Homes

a country that gives squatters any rights is a shit² country!

And by lack of any action by police or other authorities against squatters it seems it is viewed as less serious to break into someone's home and then live there than to dance in public at the Jefferson Memorial, serve food to the homeless in a park in Florida, or take photos of things the government deems “ inappropriate “

i have to agree with you Midas. there must be something wrong with me. perhaps it is advisable that i go for a neurological checkup?

I think I need to come with you Naam

Edited August 24, 2011 by midas

[BlackJack]

just received this sign of the times email

Dear Sir !

We are happy to inform you that according to the new policy from Chinese government ' now Chinese currency is be a international currency too . We can accept LC / TT in Chinese currency too .

In future if you will want ' we can quote you all the prices in Chinese currency .

All over the world ' all international banks can accept now Chinese currency for issue the LC / TT for China .

if we will quote you the prices in Chinese currency so we can valid our prices for more long time then the US$ prices and price will lower then US$ prices .

Especially it is good news for our Middle East and Latin American customers .

We are waiting your new business inquires .

Best Regards

Jane

[BlackJack]

mmmmmmmmm

gold has gone up 100% since the GFC

Edited August 24, 2011 by BlackJack

[midas]

and yet even more onto the scrapheap

European Bank Job Cuts Exceed 40,000 as UBS Eliminates 5% of Its Workforce

http://www.bloomberg.com/news/2011-08-23/european-bank-job-bloodbath-surpasses-40-000-as-ubs-cuts-workforce-by-5-.html

[lannarebirth]

Housing crisis is over for some

Squatters Are Taking Over Detroit's 100,000 Vacant Homes

a country that gives squatters any rights is a shit² country!

Squatters have almost no rights in America. There is "adverse possession", but very specific criteria must be followed and for a very extended period of time. For example the owner will not have paid property taxes for five years and the squatter will have. Pretty rare.

As an aside, one of the reasons I never chose to buy land in Costa Rica, a country I rather liked, is because squatters have tremendous rights there.

[12DrinkMore]

http://www.bloomberg...s-earnings.html

"Lending does not create economic growth," he said. "Economic growth creates lending. It's not a chicken and egg. You can tell what the lead is. The lead is the growth itself -- the growth in incomes and earnings from individuals and companies that allow them to take more debt to buy more or invest more."

OH! Well really???

There are a few central bankers and politicians who have their eggs and chickens mixed up in the wrong baskets.

[Wrong Turn]

Lots of common sense in this one

Nouriel Roubini: Karl Marx Was Right

Good interview Flying, along with the others in that site.

Marx has been getting mentioned more and more since the financial crisis and many state he called it correctly. I just ordered "Capital" by Marx and the companion reader by David Harvey, to clarify some chapters, as it can get deep (I'm told).

Any advice on tackling "Capital" by Marx?

[flying]

Squatters have almost no rights in America. There is "adverse possession", but very specific criteria must be followed and for a very extended period of time. For example the owner will not have paid property taxes for five years and the squatter will have. Pretty rare.

That is the truth of it.

But as an aside...the other day I was just talking about this happening with a few contractors I work with.

Not so much where I live but I mentioned I thought it odd that banks were dragging their feet on tons

of empty properties. They get offers all the time from buyers but drag their feet & for the most part

refuse the sales. These are all homes that folks have walked out on so the bank should IMO accept the short sales.

In the actual refused offers I have seen I thought they were quite reasonable given what the banks had

already sucked out of the previous owners in interest payments.

Yet the banks refuse? Made me think the banks somehow are benefiting by keeping this paper losses on their books.

But this is specifically what I was discussing with those contractors. I said they are not only creating ghost towns but

how long do they think they will remain empty before folks start using them as temp shelters thus driving down the quality of

or stripping the copper wiring & pipes of what remains?

All very odd & again makes me wonder what are the banks thinking in not accepting reasonable short sales.

"There's Something happening here...what it is ain't exactly clear"

[flying]

Good interview Flying, along with the others in that site.

Marx has been getting mentioned more and more since the financial crisis and many state he called it correctly. I just ordered "Capital" by Marx and the companion reader by David Harvey, to clarify some chapters, as it can get deep (I'm told).

Any advice on tackling "Capital" by Marx?

Let us know what you think of it WT

I am currently reading Ron Paul's The Revolution

Clear thinking from him as always

[Naam]

Any advice on tackling "Capital" by Marx?

Marx had no capital. that was the reason he advised to take it from those who had.

[midas]

Squatters have almost no rights in America. There is "adverse possession", but very specific criteria must be followed and for a very extended period of time. For example the owner will not have paid property taxes for five years and the squatter will have. Pretty rare.

That is the truth of it.

But as an aside...the other day I was just talking about this happening with a few contractors I work with.

Not so much where I live but I mentioned I thought it odd that banks were dragging their feet on tons

of empty properties. They get offers all the time from buyers but drag their feet & for the most part

refuse the sales. These are all homes that folks have walked out on so the bank should IMO accept the short sales.

yes Flying it does seem odd but there are two theories why this has been happening.

First consider the statistics particularly in the price range of $300,000.

RealtyTrac lists 2,650 repossessed homes for more than $300,000 and 169 for more than $1 million.

Here is where it gets really interesting. Out of 28,829 repossessed properties, there were only 1,292 listed by lenders as “for sale.” The vast majority of these available homes were inexpensive. A mere 29 homes over $300,000 were for sale. In other words, the banks have withheld from the market 2,621 properties listed at $300,000 or higher.

And the reasons could be :-

1. First, they are concerned that placing these more expensive homes on the market will severely weaken an already thin upper tier market.

2. Even more crucial is that selling substantial numbers of expensive homes at discounts of 50% or more would compel the lenders to take substantial losses which have been avoided by keeping them off the market.

http://seekingalpha.com/article/215373-banks-refusing-to-put-foreclosed-homes-over-300-000-on-the-market

In the actual refused offers I have seen I thought they were quite reasonable given what the banks had

already sucked out of the previous owners in interest payments.

Yet the banks refuse? Made me think the banks somehow are benefiting by keeping this paper losses on their books.

But this is specifically what I was discussing with those contractors. I said they are not only creating ghost towns but

how long do they think they will remain empty before folks start using them as temp shelters thus driving down the quality of

or stripping the copper wiring & pipes of what remains?

All very odd & again makes me wonder what are the banks thinking in not accepting reasonable short sales.

"There's Something happening here...what it is ain't exactly clear"

Edited August 25, 2011 by midas

[flying]

yes Flying it does seem odd but there are two theories why this has been happening.

First consider the statistics particularly in the price range of $300,000.

RealtyTrac lists 2,650 repossessed homes for more than $300,000 and 169 for more than $1 million.

Here is where it gets really interesting. Out of 28,829 repossessed properties, there were only 1,292 listed by lenders as “for sale.” The vast majority of these available homes were inexpensive. A mere 29 homes over $300,000 were for sale. In other words, the banks have withheld from the market 2,621 properties listed at $300,000 or higher.

And the reasons could be :-

1. First, they are concerned that placing these more expensive homes on the market will severely weaken an already thin upper tier market.

2. Even more crucial is that selling substantial numbers of expensive homes at discounts of 50% or more would compel the lenders to take substantial losses which have been avoided by keeping them off the market.

http://seekingalpha.com/article/215373-banks-refusing-to-put-foreclosed-homes-over-300-000-on-the-market

Yes Midas & as I said still unclear to me the true reasoning behind it.

Could be as you quoted....market stability but I don't see it.

There is no new home upper tier business at this time. Folks would have to be nuts to build when deals abound

in existing homes being sold by owners.

Also as for the banks taking the loss?

From my view I have seen them suck up many points making the loans,

Then $$$ in a few years of basically interest only. So it is not like they need 100% appraised value.

Then to hold it saying they do not want to take the loss is like investors from the year 2000 tech bubble hanging on to investments & 11 years later they still wait for the NASDAQ to return to 5000.....? I think they have a long wait ahead still.

To top it off these houses are depreciating due to being left unattended. So at the end of the day will their loss be less if they let them sit? Or would they do better to accept some offers along with the 5-7% interest they will reap depending on the buyers abilities. As most I have seen were not cash offers. Also the offers I have seen turned down are not at 50% value much closer to 80%+ yet still turned down after sitting on the offer for months.

They are not acting like someone eager to recoup anything.

I get the distinct impression they are once again benefiting by holding the losses.

Edited August 25, 2011 by flying

[JimGant]

Any advice on tackling "Capital" by Marx?

Read the follow-up articles, "Easy Implementation of Marxist Theories, Vols I thru IV."

By Lenin, Mao, Kim Il Sung, and Castro.

[JimGant]

Lots of common sense in this one

Nouriel Roubini: Karl Marx Was Right

Good interview Flying, along with the others in that site.

Particularly the second interview, where Roubini correctly puts all the blame on Bush, whereby Obama inherited the 1.2 trillion deficit. And how we didn't go far enough with the stimulus.

[midas]

Any advice on tackling "Capital" by Marx?

Read the follow-up articles, "Easy Implementation of Marxist Theories, Vols I thru IV."

By Lenin, Mao, Kim Il Sung, and Castro.

oh yes............ and all those guys made such a success of things didn't they?

[JimGant]

I am currently reading Ron Paul's The Revolution

Clear thinking from him as always

Try reading someone actually educated in economics, like Greg Ip of The Economist. See this article in today's Washington Post:

http://www.washingtonpost.com/opinions/the-republicans-new-voodoo-economics/2011/08/18/gIQAxhyRQJ_story.html

[flying]

I am currently reading Ron Paul's The Revolution

Clear thinking from him as always

Try reading someone actually educated in economics, like Greg Ip of The Economist. See this article in today's Washington Post:

http://www.washingtonpost.com/opinions/the-republicans-new-voodoo-economics/2011/08/18/gIQAxhyRQJ_story.html

That is just the usual Dems vs Repubs tripe

Anyone who would group Ron Paul & Michelle Bachmann together knows less than nothing...despite his self proclaimed title How the Economy Works in the Real World

Ron Paul is quite educated in reality economics & his line is not that of the GOP...obviously

His Book End The Fed was quite good too.

Edited August 25, 2011 by flying

[flying]

Particularly the second interview, where Roubini correctly puts all the blame on Bush, whereby Obama inherited the 1.2 trillion deficit. And how we didn't go far enough with the stimulus.

Still stuck towing the party line eh?

Ya gotta get past that

Left wing/ Right wing same corrupt bird really

[Naam]

I am currently reading Ron Paul's The Revolution. Clear thinking from him as always

Try reading someone actually educated in economics, like Greg Ip of The Economist. See this article in today's Washington Post:

http://www.washingtonpost.com/opinions/the-republicans-new-voodoo-economics/2011/08/18/gIQAxhyRQJ_story.html

you people have time to read? i wish i had your kind of money

[midas]

I am currently reading Ron Paul's The Revolution

Clear thinking from him as always

Try reading someone actually educated in economics, like Greg Ip of The Economist. See this article in today's Washington Post:

http://www.washingtonpost.com/opinions/the-republicans-new-voodoo-economics/2011/08/18/gIQAxhyRQJ_story.html

That is just the usual Dems vs Repubs tripe

Anyone who would group Ron Paul & Michelle Bachmann together knows less than nothing...despite his self proclaimed title How the Economy Works in the Real World

Ron Paul is quite educated in reality economics & his line is not that of the GOP...obviously

His Book End The Fed was quite good too.

Steve Horwitz is the Charles A. Dana Professor of Economics at St. Lawrence University in Canton, NY and he says

Greg Ip's article about " voodoo economics " is " voodoo economic journalism "

http://www.freebanking.org/2011/08/20/greg-ips-voodoo-economic-journalism/

Edited August 25, 2011 by midas

[midas]

I am currently reading Ron Paul's The Revolution. Clear thinking from him as always

Try reading someone actually educated in economics, like Greg Ip of The Economist. See this article in today's Washington Post:

http://www.washingtonpost.com/opinions/the-republicans-new-voodoo-economics/2011/08/18/gIQAxhyRQJ_story.html

you people have time to read? i wish i had your kind of money

yes well the Greatest Nation on Earth has so much money to give away they have this nice user friendly

website to help you choose what to claim?

http://www.benefits.gov/

[midas]

Also as for the banks taking the loss?

From my view I have seen them suck up many points making the loans,

Then $$$ in a few years of basically interest only. So it is not like they need 100% appraised value.

Then to hold it saying they do not want to take the loss is like investors from the year 2000 tech bubble hanging on to investments & 11 years later they still wait for the NASDAQ to return to 5000.....? I think they have a long wait ahead still.

To top it off these houses are depreciating due to being left unattended. So at the end of the day will their loss be less if they let them sit? Or would they do better to accept some offers along with the 5-7% interest they will reap depending on the buyers abilities. As most I have seen were not cash offers. Also the offers I have seen turned down are not at 50% value much closer to 80%+ yet still turned down after sitting on the offer for months.

They are not acting like someone eager to recoup anything.

I get the distinct impression they are once again benefiting by holding the losses.

here is a live example of this very subject being discussed in the " Bank of America affair " today.

I do what you think about this including Warren Buffett now getting involved but to me it smells pretty bad.

" On the first question--why haven't the loans been showing up in the banks' Non-Performing-Loan totals--my analyst thinks that banks like Bank of America are gaming the accounting rules to avoid taking write-offs.

For example, my analyst thinks banks are allowing delinquent homeowners to skip a few months of payments and then make one payment just before the loan would have to be classified as non-performing. This technique, the analyst says, would "reset the clock" and thus allow banks to make it appear that loans are performing when they aren't.

As to why banks like Bank of America won't just foreclose on deadbeat borrowers, or permanently modify their mortgages by writing down the principal balances, my analyst is convinced that banks just don't want to take the capital hits. Doing either of these things--foreclosing or permanently modifying a loan with a principal write-down--would force the bank to take a big write-off. And the banks, my analyst thinks, are doing everything they can to avoid taking those losses."

http://www.businessinsider.com/the-truth-about-bank-of-america-2011-8

Edited August 25, 2011 by midas

[flying]

here is a live example of this very subject being discussed in the " Bank of America affair " today.

I do what you think about this including Warren Buffett now getting involved but to me it smells pretty bad.

I think this Buffet deal will be interesting for a few reasons.

This is not 2008 so Buffet will not get the deal he did back then

This will possibly change what BS Bernanke had planned for tomorrow

Since the FED will not have to bail BAC ?

The Markets (my guess) were anticipating QE3 or some form announced on Friday.

They will be surprised it is not (yet) forthcoming & react accordingly

After all since 2008 what has propped the markets?

[Wrong Turn]

Any advice on tackling "Capital" by Marx?

Read the follow-up articles, "Easy Implementation of Marxist Theories, Vols I thru IV."

By Lenin, Mao, Kim Il Sung, and Castro.

No reason to go through those people again, and read that. I majored in Political Science, and studied different aspects of communism.

Marx wrote "Capital" about 150 years ago. No one cares, but I vote Libertarian in every election.

[midas]

here is a live example of this very subject being discussed in the " Bank of America affair " today.

I do what you think about this including Warren Buffett now getting involved but to me it smells pretty bad.

I think this Buffet deal will be interesting for a few reasons.

This is not 2008 so Buffet will not get the deal he did back then

This will possibly change what BS Bernanke had planned for tomorrow

Since the FED will not have to bail BAC ?

The Markets (my guess) were anticipating QE3 or some form announced on Friday.

They will be surprised it is not (yet) forthcoming & react accordingly

After all since 2008 what has propped the markets?

I don't understand why anyone would want to invest in this company when you read this following story

about a New Jersey realtor who made every payment but still ended up in foreclosure by Bank Of America

Homeowner says Bank of America foreclosure notice doesn't add up

http://www.nj.com/business/index.ssf/2011/08/homeowner_says_bank_of_america.html

[BlackJack]

Buffets making money already

http://www.smartcompany.com.au/financial-services-and-insurance/20110826-warren-buffett-takes-us5-billion-punt-on-bank-of-america.html?utm_source=SmartCompany&utm_campaign=ef35aee2de-Friday_26_August_20118_19_2011&utm_medium=email

[midas]

Buffets making money already

http://www.smartcompany.com.au/financial-services-and-insurance/20110826-warren-buffett-takes-us5-billion-punt-on-bank-of-america.html?utm_source=SmartCompany&utm_campaign=ef35aee2de-Friday_26_August_20118_19_2011&utm_medium=email

Buffett may be but let's see how much money the average Joe investor makes on BAC?

[midas]

hmmmm.........this sounds a bit ominous

http://www.youtube.com/watch?v=NcgRO0jYbs8&feature=player_embedded

and maybe more trouble in London...

" Anonymous has now joined forces with AdBusters in calling for a non-violent occupation of Wall Street beginning on September 17th. Simultaneous occupations of financial districts are now being planned in New York City, Madrid, Milan, London, Paris and San Francisco."

Edited August 26, 2011 by midas