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QUOTE (lostfan @ Nov 11, 2009 -> 12:41 PM)
See: previous post. This is why we don't have a pure democracy and why it won't work

 

You can't have it both ways on just the things you like. That's what bothers me. The same people who want all elections to be 50% +1 are the same people who want to take away the referendum process. Either we believe in a majority or we don't.

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QUOTE (southsider2k5 @ Nov 11, 2009 -> 12:55 PM)
You can't have it both ways on just the things you like. That's what bothers me. The same people who want all elections to be 50% +1 are the same people who want to take away the referendum process. Either we believe in a majority or we don't.

Well hold on there. Some things should just not be a majority vote - civil rights, military strategy, etc. But that doesn't mean that referendums don't have value in some cases.

 

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QUOTE (southsider2k5 @ Nov 11, 2009 -> 01:55 PM)
You can't have it both ways on just the things you like. That's what bothers me. The same people who want all elections to be 50% +1 are the same people who want to take away the referendum process. Either we believe in a majority or we don't.

Referrendums are well and good on certain things but when you go crazy on them like California tends to do everything has to be simplified to the lowest common denominator. It has to be something specific, like "do you want this? Yes or no" but leave complex legislation to legislators.

 

As far as having it both ways, people need to accept that in our system sometimes they lose. That's just how it works.

Edited by lostfan
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QUOTE (NorthSideSox72 @ Nov 12, 2009 -> 09:05 AM)
Jobless claims fall more than expected for last week.

 

Foreclosures fall for 3rd straight month.

 

More lenders hiring more mortgage officers.

 

More lenders using federal program to ease foreclosures, and re-do loans.

 

All reported today.

 

 

Foreclosures in Illinois went up though.

 

Who other than Chase is hiring?

 

Jobless claims were basically a wash with revisions. And how many people are just moving between programs?

 

The gov't guarantees 90% of the mortgage mkt. = Not good.

 

 

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QUOTE (Cknolls @ Nov 12, 2009 -> 09:33 AM)
Foreclosures in Illinois went up though.

 

Who other than Chase is hiring?

 

Jobless claims were basically a wash with revisions. And how many people are just moving between programs?

 

The gov't guarantees 90% of the mortgage mkt. = Not good.

Yeah that's an odd thing lately, is that Illinois, including Chicago, haven't seemed to flatten out in the housing market as well as other states. Chicago didn't have nearly the bubble that a lot of other large cities did, so their dip was more shallow, but I thought that would also mean a quicker stabilization. But that hasn't been the case. Also interesting in Chicago, the single family home market is recovering faster than the condo/townhome market, but that isn't as much of a surprise - too much condo capacity built up in the last few years in the city, particularly south loop.

 

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U.S. banks continued to tighten standards and terms over the past three months on all major types of loans to individuals or households during the third quarter, according to a senior loan officer opinion survey on bank lending practices released by the Federal Reserve. The percentage of banks that tightened standards and terms for most loan categories, however, continued to decline from the peaks reached late last year.

 

Some 15% of survey respondents reported tightening standards for credit card loans to individuals or households, down from the 35% that reported doing so in the previous quarter’s survey and the smallest net percentage reported since April 2008. Between 30% and 40% of banks continued to report tightening various terms and conditions on credit card loans, including credit limits, interest rate spreads, minimum required credit scores and their willingness to grant loans to customers who do not meet credit-scoring thresholds.

 

Approximately 15% of banks, on net, reported having tightened standards on consumer loans other than credit card loans during the third quarter, down from the 35% that reported having done so in the previous quarter and the smallest net percentage of tightening recorded since January 2008. With the exception of interest rate spreads, which nearly 35% of banks reported having widened, reports of tighter terms on other consumer loans were also less prevalent. For consumer loans of all types, 25% of banks reported weaker demand, roughly the same as in the previous quarter.

 

Approximately 25 % of banks, on net, reported that they had tightened standards on prime residential real estate loans over the past three months, which is slightly higher than during the second quarter, but is still significantly below the peak of 75% that was reported in July of last year.

 

For the third consecutive quarter, banks reported that demand for prime residential real estate loans strengthened. Some 30% of banks reported tightening standards on nontraditional mortgage loans, which represents a decline of about 15 percentage points from the previous quarter.

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QUOTE (Cknolls @ Nov 12, 2009 -> 04:33 PM)
Who other than Chase is hiring?

 

 

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5 years experience with established vendor relationships. We offer great funding capacity for transactions $10k to $10MM. Quail Company's established for over 30 years. Submit resume to: [email protected]

 

About the company: Quail Equipment Leasing 17 years in business with the ability to develop specialized programs for vendors and unique industries: $10K to $10MM.

 

 

 

www.quailequipmentleasing.com

 

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QUOTE (Cknolls @ Nov 13, 2009 -> 02:52 PM)
How many banks will fail today?

I don't know, but I'm in a prediction market and shorted 125- a few weeks ago. Probably a good chance I close and make some money on that today.

 

Current count: 120. There were 5 last week, 9 the week before.

 

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QUOTE (NorthSideSox72 @ Nov 13, 2009 -> 03:55 PM)
I don't know, but I'm in a prediction market and shorted 125- a few weeks ago. Probably a good chance I close and make some money on that today.

 

Current count: 120. There were 5 last week, 9 the week before.

 

Two so far - Orion Bank of Naples and Century Bank of Sarasota

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Free money!

Officials managing the multibillion dollar bailout of insurance giant American International Group Inc. bungled the first rescue and may have overpaid other banks to wind down AIG's business relationships, a government watchdog says.

 

The Federal Reserve Bank of New York — headed at the time by now Treasury Secretary Timothy Geithner — paid AIG's business partners face value for securities so they would cancel insurance-like contracts AIG had written and ease the firm's liquidity crunch. But at least one of those partner banks would have canceled the contracts for less, according to a report Tuesday from Neil Barofsky, the Special Inspector General for the $700 billion financial bailout Congress approved last October.

 

The report says New York Fed officials mismanaged the negotiations with other banks, removing the threat that AIG would go bankrupt and bowing to a demand from French regulators that French banks holding AIG's debt insurance be paid in full.

Story continues below ↓advertisement | your ad here

 

The initial bailout "was done with almost no independent consideration of the terms of the transaction or the impact that those terms might have on the future of AIG," the report says.

 

As a result, billions more than necessary went to U.S. banks including Goldman Sachs Group Inc.; Merrill Lynch, now part of Bank of America Corp.; and Wachovia, now part of Wells Fargo & Co.; and European banks including Societe Generale, Deutsche Banke, UBS and Calyon, it says.

 

Barofsky also faults the Federal Reserve for refusing at first to reveal which banks had received billions of American taxpayer dollars supposedly intended to save AIG. The Fed released the banks' names and the amount of their payoffs only after lawmakers demanded greater transparency.

 

In its written response, the Treasury Department emphasized that the events "developed extremely quickly" and that officials did not intend to provide further assistance to AIG after an initial $85 billion bailout that the report says tied their hands. But AIG's total bailout package eventually amounted to more than $180 billion.

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Yesterday on CNBC, banking analyst Meredith Whitny said that there was "no way" banks were "adequately capitalized".

 

Here is a quote from Keycorp's third quarter 10-Q:

 

The FDIC-defined capital categories serve a limited supervisory function. Investors should not treat them as a representative of the overall financial condition of prospects of Keycorp or Keybank".

 

 

HELLO, BANKING REGULATORS?

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LOL, guy at Barron's compares the AIG bailout to Lou Brock for Ernie Broglio.

When listing the worst traders of all time, many of you would include some sports teams that made infamous deals. In football, the Atlanta Falcons traded Brett Favre to the Green Bay Packers. In baseball, you can debate whether the Chicago Cubs trading Lou Brock to the St. Louis Cardinals for Ernie Broglio was worse than the Philadelphia Phillies trading Ryne Sandberg and ...

 

"The federal government let the trade of the century slip through its fingers at the depths of the financial crisis. Worse, Warren Buffett had already drawn up the perfect blueprint, in steps so easy even a Treasury secretary could follow. Doesn’t that make the government a candidate for worst trader of all time?

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I'm sort of annoyed with Obama's sudden decision to reign in the deficit. Just today, he talked about confidence problems in the economy, and trying to avoid a double-dip recession by being more careful with his spending. WTF? We passed an enormous stimulus package, for some $800B, mostly full of short-term stuff like road construction work. If we had spent the money on something sustainable, like alt energy tech or other areas where real job growth is possible, then instead of worrying about a spike and another dip, you'd be dealing with a smaller spike followed by real growth. Congress carries a substantial part of the blame here of course, as the Stim bill wasn't what Obama asked for really, but Obama was the one who pushed a lot of the temporary B.S. in there.

 

Just business stupid.

 

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Well, look at the bright side. If you can keep the economy f***ed up, and no jobs, there won't be inflation. I'm starting to realize that is their plan to keep the government spending and the printing presses going without the inflation spike.

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That are trying to reflate through higher stock prices at the expense of the dollar. Will not work. There are numerous divergencesa starting to form in the markets. Russell/Dow, Trannies/Dow, S&P/RSI, Trannies possibly putting in an MA topping formation, dollar down today ALONG WITH stocks. Be careful, risk is very high. The gov't is forcing people to take risk so they can achieve a decent return on their money. DON'T DO IT!!!! We have not seen the lows yet.

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QUOTE (kapkomet @ Nov 18, 2009 -> 10:24 AM)
Well, look at the bright side. If you can keep the economy f***ed up, and no jobs, there won't be inflation. I'm starting to realize that is their plan to keep the government spending and the printing presses going without the inflation spike.

Really, you actually think their goal is to keep people out of work so that the government can get bigger? Because they clearly won't be punished at the ballot box if people are kept out of work?

 

To respond with a bit of reality, despite the huge growth in debt and the money supply, interest rates paid on government debt are still near historic lows (although they've recovered from the crisis point last year), based on historic estimations the ideal interest rate right now from the fed should be something like -5% (which they can't get to because of the zero bound), we're probably years away from having employment drop enough that consumer demand could genuinely push inflation, the fed has virtually infinite power right now to fight inflation since interest rates are so low, and as shown by the interest rates, there is not even a credible belief in the markets that inflation is in the offing, even if that would be one way to rebuild the foundation of the economy and get out of the trade deficit mess.

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QUOTE (Balta1701 @ Nov 18, 2009 -> 02:52 PM)
Really, you actually think their goal is to keep people out of work so that the government can get bigger? Because they clearly won't be punished at the ballot box if people are kept out of work?

 

To respond with a bit of reality, despite the huge growth in debt and the money supply, interest rates paid on government debt are still near historic lows (although they've recovered from the crisis point last year), based on historic estimations the ideal interest rate right now from the fed should be something like -5% (which they can't get to because of the zero bound), we're probably years away from having employment drop enough that consumer demand could genuinely push inflation, the fed has virtually infinite power right now to fight inflation since interest rates are so low, and as shown by the interest rates, there is not even a credible belief in the markets that inflation is in the offing, even if that would be one way to rebuild the foundation of the economy and get out of the trade deficit mess.

 

You mean like they punished FDR?

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