LPS: March Foreclosure Starts increase, Foreclosure Sales lowest since December 2010
Submitted by
CalculatedRisk on Wed, 05/02/2012 - 6:15am (225 comments)
Shopping at Amazon?
Wait! If you click on one of the Amazon links below first, HCN will get a percentage of anything you purchase for 24 hours!
Open predictions
Our local book authors
User login
Who's online
There are currently 1 member and 122 guests online.
Currently online
Recent Recommendations
Wow!
iwanna be 1st
Seven Samurai wrote:
The foreclosure inventory in judicial states is still near record highs.
I assume the laws of supply and demand will assert themselves, and the supply of judges will increase.
Europe's recession is accelerating
Easy to start, hard to finish.
The Rent Is Too Damn High and Getting Higher - Real Time Economics - WSJ
Interesting implications, not just for housing: New Grads’ Pay Gap Is Lasting Legacy of Recession - Real Time Economics - WSJ
So, months of housing inventory increases after modest improvement?
sum luk wrote:
Something doesn't sound right... doesn't the census data say there's lots of vacant homes?
Is it because they're all stalled in the foreclosure process?
Outsider wrote:
then I guess it must be ballpark. News to me.
Ever watch Mad Men?
Those guys were having chest pains at 50.
I would imagine that retirement around the age of 60 was popular because insurance companies expected you to be dead.
Why sell and record the loss when you can now rent and hide the loss.
From my local fishwrapper:
http://www.lohud.com/article/20120502/NEWS03/304230111/Palisades-Center-s-court-bid-reduced-taxes-worries-Clarkstown-residents?odyssey=tab|topnews|text|Rockland%20County,%20New%20York
NEW CITY — Seniors sat around a table at the Street School Community Center Friday, mulling what their property taxes would be if Clarkstown’s largest taxpayer, the Palisades Center, succeeded in getting its tax bill lowered.
“It’s increasingly hard for seniors to live here,” said Bernard Kaplan of New City. “I guess we can eat cat food.”
“It will kill us,” said Richard Guarascio, also of New City. “Taxes for seniors should be frozen at what it is now. We’re on fixed incomes.”
The Palisades Center and the town of Clarkstown are headed to court today for a pretrial hearing after years of failed talks to settle a tax dispute.
The mall, which is assessed at $253 million, is seeking a two-thirds reduction for the years 2008 and 2009.
If the lower assessment — $87 million — is granted, it could have a significant impact on the budgets of the town and the school district, which in turn could end up costing taxpayers.
The mall pays $23,477,500 in property taxes annually, of which $15,165,00 goes to Clarkstown schools, $1,332,500 to the county, $5,635,000 to the town and $1,345,000 for special fire, ambulance and sewer districts.
In court filings, the mall has said it has been assessed at a higher rate than other commercial properties in the area.
It has also said it has had to renegotiate leases with renters in the poor economic climate, an argument the town has dismissed.
sum luk wrote:
GlobeSt.com - Zell's REIT: The Time to Increase Rents is Now - Daily News Article
Wow, ADP sucking wind. Bring on the oinkster!
So drudge and NY Post out presidents trip to the 'stan? A little less respect from Murdoch?
ac wrote:
what good are lots of vacant homes if there are no jobs nearby?
Rob Dawg wrote:
This.
T. Boone Pickens: Biggest Deterrent To U.S. Energy Plan Is Koch Industries | Daily Ticker - Yahoo! Finance
ac wrote:
In all the wrong areas. That's why Case/Shiller is spurious at best.
JOBS JOBS JOBS !!!
You know what would be cool? If a bank starts renting out a house that they never recorded with the County. Sorting that out will be fun.
GDD9000 wrote:
We already had an ADP pig this A.M.
Eric wrote:
I refuse to learn from the past. I'm a modern man. It's like it never happened.
bearly wrote:
Shiller: THE U.S. CONSUMER: STILL THE KEY TO THE OUTLOOK | PRAGMATIC CAPITALISM
LMAO! No jobs is no consumer..Duh!
aleister perdurabo wrote:
You mean seniors don't have a lot of money?
Perhaps it's because most of them thought that they were going to cash out bigtime on their homes.
- NY Times
aleister perdurabo wrote:
No, no, silly retiree, the cat food is to LURE the cat inside...
Okay, one won't hurt.
10 yr. yield is now 1.91. Lender's 30yr fixed rate still @ 3.875. Still, according to bankrate's calculators, that's only $100/less a mo. on my mortgage. Not sure it's worth the hassle for the 2 yr. recoup on closing costs.
bearly wrote:
Productivity has a different plan.
Oh, you can have more than a couple jobs and still not really be much of a consumer. That's what is so uniquely great about this country...or so said George the Lesser.
justaskin wrote:
"This could be the most hated book of the year. "
shill wrote:
Sorry, but 8 percent is full employment for this economy.
Artist finds that World War I 'dazzle paint' confounds modern facial scanners -- Government Computer News
ResistanceIsFeudal wrote:
Cat Fud | Flickr - Photo Sharing!
Okay, maybe two.
Yesterday my fingers itched on the short funds - VXX, SRS. Which today are up so far, respectively, 2.75% and 1.80%.
AllGov - News - Treasury Dept. Fails to Implement Two-Thirds of Post-Bailout Recommendations
GDD9000 wrote:
bearly(tm):
Rob Dawg wrote:
They have sold plenty of homes like that in California with no repercussions to date. The SF audit revealed hundreds of felonies, no charges.
"There is no evidence that McClendon or Ward used inside knowledge gleaned from Chesapeake in their hedge fund trading. Neither the company nor McClendon would comment, and Ward said he saw nothing wrong with the arrangement."
Indeed....
Special Report: Inside Chesapeake, CEO ran $200 million hedge fund
| Reuters
What possibly could go wrong?
KarmaPolice wrote:
Sounds a little defeatist to me. For the most part Americans don't like to accept losing sitting down.
I suspect the electorate will allow Mittens an opportunity to alter fate.
I was thinking profit not prosecution. Finders fees from the owner of record or go away money from the bank or fix it money or whistleblower money or...
bearly wrote:
I'm just not seeing it....
GOP can't run on 9/11 any more... they couldn't get /bin/laden, Obama did
GOP hates women
I fail to see how a member of the 0.00001% who got there sending jobs to India is supposed to help build jobs.
Long time until the election, but still . . . . .
Eric wrote:
That's the thing... he ain't...
bearly wrote:
I suspect the electorate will allow Mittens an opportunity to seal their fate.
.... and if they don't like the results, all they have to do it shake it a little to wipe it clean and start over.
bearly wrote:
Requisite put-your-money-where-your-mouth-is post: Intrade - Mitt Romney to be elected President in 2012 is 20.9% probable
Currently 37%, you'll make a bundle.
... where's the moral majority when you actually need them ? .... busy with their etch a sketch.
spin around the globe -
eurozone UE increased to 10.9% from 10.8%
german mfg PMI dropped to 46.2 from 48.4
eurozone mfg PMI dropped to 45.9 from 47.7
china HSBC mfg PMI rose to 49.1 from 48.3
bearly wrote:
Yes indeed, Americans have been attempting to do this since Ronald Reagan and they have been hanging themselves ever since.
"For the most part Americans don't like to accept losing sitting down."
That's all they do is SIT DOWN. That's a big part of the problem.
bearly wrote:
True for America 1.0 and America 1.45 not so sure about America 2.01. The tweaks to the ostridge HIS process had some unexpected issues with the new and approved patriotrus GUI.
bearly wrote:
they won't see any gains in labor protections when Romney is allowed to make the NLRB 3-2 Republican
right now it's 2-1 Democrat with two seats vacant -
ResistanceIsFeudal wrote:
Sssshhhh.... that's supposed to be secret.
Ya and then Offed the guys who did the job...
Anyone know whether the EU uses the same method/formula to calculate its unemployment rate as the BLS?
Eric wrote:
We're going to follow the model of any good empire in decay... we're a financial banana republic in the making...
KarmaPolice wrote:
It's called "Hope & Change"
gets to claim that banner.
This time the
Lurking Lawyer wrote:
I've heard others here say it's quite different, I know no details myself.
Secret Service employees paid 10 of the 12 women involved in Colombia sex scandal, agency says - 2chambers - The Washington Post
Perhaps Weird Al can do a 2 out of 3 Meatloaf parody for the Secret Service.
YouTube - Meat Loaf - Two Out of Three Ain't Bad
I want you, I need you, there ain't no way, I'm ever going to pay you...
Lurking Lawyer wrote:
bearly wrote:
Yeah, yeah, I know it sounds stupid, mac, but the rubes never figure it out!
bearly wrote:
from: Brad DeLong: Glenn Hubbard Tries to Snooker Jonathan Cohn
introducing another $8 trillion magic asterisk into the budgeting process is no way to create a stable environment in which people can make their plans, and no way to boost the confidence that might help speed the recovery
Rs - imo - asking a valid question
does the FHFA have authority to cram down principal ... and cost/benefit?
want response by may 18th
http://images.politico.com/global/2012/05/05-01-12_fsc_ltr_to_demarco.html
Annaly: Are We In For An Earnings Surprise? - Seeking Alpha
Earnings after Market close today
Jonathan Cohn: A Close Look At Mitt’s Policy Proposals: Part One Of A New Series | The New Republic
From a survey of primarily people working on fed contracts in IT. It looks like peak money was last year if you had certain qualifications. Oh yeah...contractors make $16,000 a year more then feds on average. Live by the contract -- die by the contract. If anything changes house prices in this area it will be this. Contracting is the rain that waters the money tree here
//Anyone know whether the EU uses the same method/formula to calculate its unemployment rate as the BLS? //
i believe BLS uses a chicken whereas eurostat uses a goat.
http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/3-02052012-AP/EN/3-02052012-AP-EN.PDF
Based on the ILO definition, Eurostat defines unemployed persons as persons aged 15 to 74 who:
- are without work;
- are available to start work within the next two weeks;
- and have actively sought employment at some time during the previous four weeks.
The unemployment rate is the number of people unemployed as a percentage of the labour force. The labour force is the total number of people employed plus unemployed.
The numbers of unemployed and the monthly unemployment rates are estimates based on results of the LFS which is a continuous household survey carried out in Member States on the basis of agreed definitions. These results are interpolated/extrapolated to monthly data using national survey data and/or national monthly series on registered unemployment. The most recent figures are therefore provisional; results from the Labour Force Survey are available 90 days after the end of the reference period for most Member States.
Monthly unemployment and employment series are calculated first at the level of four categories for each Member State (males and females 15-24 years, males and females 25-74 years). These series are then seasonally adjusted and all the national and European aggregates are calculated.
Member States may publish other rates such as register based unemployment rates, or rates based on national Labour Force Surveys or corresponding surveys. These rates may vary from those published by Eurostat due to a different definition or methodological choices.
Lurking Lawyer wrote:
International Unemployment Rates and Employment Indexes, Seasonally Adjusted, 2008-2012
sum luk wrote:
Etch-A-Sketch Tech Support
BLS compares ILO to BLS.
http://www.bls.gov/opub/mlr/2000/06/art1full.pdf
See Page 3 Exhibit 1 for Grid comparing different methodologies.
--bh
KarmaPolice wrote:
Of course, just anecdotal.
I noticed some house that are way overpriced and on the market way too long are owned by older retired age folks
who will not budge on the price no matter what. Stubborn or need the money to retire...dunno, but I noticed a pattern
older 60-70's homes, last updated in the earlier 80's, and bonus, with the same 80's style furniture and fixings, but
still want 2007 prices.
10:01a
U.S. factory orders fall 1.5% in March
Dr. Ed's Blog: Go away in May?
Since 1946, the S&P 500 has increased during 37 of the 66 years. During the up years, it rose 2.95% on average. During the down years, it fell 3.08% on average. In other words, stocks can be up or down in May, the same as every other month.
OT (belongs in a previous thread):
Yesterday we learned that "ISM Manufacturing index indicates faster expansion in April",
and today we have "Manufacturing employment dropped 5,000 jobs, the first loss since September of last year."
Another case of dueling statistics!
So how does manufacturing expand, and at a faster rate, while losing jobs?
To avoid these inconsistencies all statistics should pass through the Ministry of Truth first
gabyjan wrote:
F-ing wanna be. End of the queue, buster.
Your were just corrected on the this point. Stop repeating nonsense.
sum luk wrote:
That's why you have to make offerings to the Great HFT temples....Only they have the power to divine tomorrow's gains.
shill wrote:
R U IN ?
No-Fly Zone To Be Enforced By Shoot-To-Kill Order During NATO Summit « CBS Chicago
Rob Dawg wrote:
Just KP bein' KP.
Seven Samurai wrote:
Golfed with my FiL and his cronies yesterday. FiL bought a winter home in Sun City West last spring ... an area that is picking up. Wife's uncle bought into acres of lakefront property decades ago that is now worth several million. FiL's investment advisor has a big lake front home in the Okanagon, also worth a million plus. Along with their regular houses, they all own these places outright, no mortgages.
One can't generalise about any generation.
Vonbek777 wrote:
Suh-weeeet.... I'll be livin' in a no-fly zone. It's like being in Libya.
Vonbek777 wrote:
Alas, it is only allowed for a certain caste of people to make direct obeisance to the god. The rabble that dwell outside the curtain must be content to leave their prayers for prosperity in the hands of the intercessors, in the hope that they too, might some day be found (net-)worthy to commune with the god directly.
Eric wrote:
... sans Roman Ruins.
Eric wrote:
Isn't that wonderful?
Argentina Hurts the Peso - WSJ.com
Eric wrote:
Ain't no livin' in a no-fly zone,
There ain't no no-fly zone anyway,
Ain't no livin' in a no-fly zone,
But we'll keep on dreamin' of livin' in a no-fly zone
Fed’s Tarullo Says He’s Concerned Regulatory Momentum Will Wane - Bloomberg
Federal Reserve Governor Daniel Tarullo said regulators must press on with an overhaul of financial regulation, focusing especially on shadow banking and too-big-to-fail institutions.
“For some time my concern has been that the momentum generated during the crisis will wane or be redirected to other issues before reforms have been completed,” Tarullo said in the text of remarks prepared for a speech in New York today. It’s “sobering” that “so much remains to be done” four years after the collapse of Bear Stearns Cos., he said.
Bankers have complained the stress tests completed in March lack transparency and underestimate their underwriting abilities, resulting in higher losses on some asset classes than the lenders projected.
RBA finally concedes it has lost the banks |
Herald Sun
aleister perdurabo wrote:
From the "no shit, Sherlock" file.
Eric wrote:
Watching the food trucks die off around here. They were a big deal for a while and had the local restaurants clamoring for regulations. What happened? Gas and food prices went up. Now what they offer is priced too high and people are going back to the restaurants.
YouTube - Bruce Cockburn- If I Had A Rocket Launcher
Here comes the helicopter -- second time today
Everybody scatters and hopes it goes away
How many kids they've murdered only God can say
If I had a rocket launcher...I'd make somebody pay
I don't believe in guarded borders and I don't believe in hate
I don't believe in generals or their stinking torture states
And when I talk with the survivors of things too sickening to relate
If I had a rocket launcher...I would retaliate
On the Rio Lacantun, one hundred thousand wait
To fall down from starvation -- or some less humane fate
Cry for guatemala, with a corpse in every gate
If I had a rocket launcher...I would not hesitate
I want to raise every voice -- at least I've got to try
Every time I think about it water rises to my eyes.
Situation desperate, echoes of the victims cry
If I had a rocket launcher...Some son of a bitch would die
T. Boone Pickens: Biggest Deterrent To U.S. Energy Plan Is Koch Industries | Daily Ticker - Yahoo! Finance
Okay...so his bets aren't panning out, so he blames Koch Industries....
CFTC Considers Proposal on Mandatory Swap Clearing, Barnett Says - Bloomberg
U.S. factory orders fall 1.5% in March
expected -1.8% ... but prior month revised down to +1.1% from +1.3%
nova wrote:
I'll raise you...
YouTube - Fluke - Atom Bomb (by pyrqa)
shill wrote:
Well...that's how I read it....
Watching the food trucks die off around here.
there goes DC vendor license fees ...
black dog wrote:
Operating conditions in the Spanish manufacturing sector deteriorated sharply again in April. New orders fell at a substantial pace, while the rate of contraction in output accelerated. Spare capacity led to further reductions in backlogs of work and employment. Meanwhile, firms lowered output prices in the face of strong competitive pressures and weak demand, despite robust input cost inflation.
The collapse of Spain is complete, and it looks like the balance of Europe is headed in the same direction.
Read more: The European Recession Spreads - 24/7 Wall St. Page not found - 24/7 Wall St.
HUGH HENDRY: I Fear My Assets In Europe Will Be Confiscated - Business Insider
Somebody putting a date on it....later all...
Cinco-X wrote:
see also: Humble Student of the Markets: Stay long USD assets
Not bad. Going to have to reach back into the closet and slap you with this
YouTube - Black Sabbath War Pigs
Thread music for Gabyjan:
YouTube - The Rolling Stones - You Can't Always Get What You Want (Live 1969)
Time to cash out and run. Later
The collapse of Spain is complete, and it looks like the balance of Europe is headed in the same direction.
Does Not Matter.
as long as it collapses slower than "expectations" every thing will be hunky dory ...
Yancey Ward wrote:
Man I play that a lot for my boys these days. Hoping the message sinks in.
I play beast of burden for myself.
YouTube - Beast Of Burden by The Rolling Stones
I read that. Sounds just like any other investor crying for a higher price for his product.
Cinco-X wrote:
I've always said that once the global political situation gets a little bit dodgy claims to foreign assets in the form of stocks and bonds could essentially become null and void.
Emerging market stocks and the like could become overnight zeroes.
Outsider wrote:
How long left on the original mortgage?
sum luk wrote:
FTA:
KarmaPolice wrote:
By this logic, full employment is whatever it is.
Yancey Ward wrote:
Dude, it's KP!
Humble Student of the Markets: Stay long USD assets
Praise the Lord and pass the
ammunitionTs ...Off topic I suppose, but a well spent hour or so. Enjoying this discussion from yesterday right now:
Easy Money: Consequences of the Global Liquidity Glut
Speakers:
Andrew Busch, Global Currency and Public Policy Strategist, BMO Capital Markets
Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley
James McCaughan, CEO, Principal Global Investors
James Rickards, Author, "Currency Wars"; Partner, JAC Capital
Benn Steil, Senior Fellow and Director of International Economics, Council on Foreign Relations; Co-Author, "Money, Markets and Sovereignty"
Moderator:
Komal Sri-Kumar , Senior Fellow, Milken Institute; Group Managing Director and Chief Global Strategist, TCW Group Inc.
Global Conference 2012 | Easy Money: Consequences of the Global Liquidity Glut
Eichengreen: Glut? What glut?
ac wrote:
Pardon as I hold my breath waiting...
Eric wrote:
I call foul on the
call. What he's sayin is that the existence of the fiscal cliff does not vitiate his prior advice. It's just the fiscal cliff that don't matter til it matters.
....oops
Eric wrote:
I've been talking to Ms. chatter and Mr. clever bot a lot lately, but they swear they aren't missing any routines.
gdd9000 loves Bluestar.
sum luk wrote:
To be fair to the old adage, it doesn't say, Sell in May and Buy Again in June.
Time for me to go look at homes that embody the essence of wine country living. And dry rot.
Tom Stone wrote:
Don't you mean whine country?
Cinco-X wrote:
He sounds just like a Democrat.
EconoMonitor : EconoMonitor » Europe’s Scariest Chart Just Got Scarier-er
Not looking good for cable news:
CNN Has Lowest-Rated Month In More Than A Decade In April - Deadline.com
KarmaPolice wrote:
Also from the article:
"I would argue, and I think the SEC would argue, that the failure to disclose that you are engaging in this kind of conduct can constitute a securities fraud problem," said Elizabeth Nowicki, a professor at Tulane University. She said a failure by McClendon and Ward to disclose their fund to Chesapeake's shareholders may constitute a "material omission" that could draw SEC scrutiny.
"A reasonable investor would want to know that the CEO could be in a situation where he's betting against the interests of the company personally," Nowicki said. "That, it seems to me, is a slam dunk."
traderwalt wrote:
oh really ? Where exactly do you find the affirmative duty to disclose ?
A Rebellion at the Federal Reserve? - Matthew O'Brien - Business - The Atlantic
Chicago Fed President Charles Evans suggests a major break from the central bank's orthodoxy.
Let's get ready to rumble
ac wrote:
FTA: Erin Burnett Outfront at 7 PM was down 34%
Put more of her outfront and I'm pretty sure ratings will soar.
JP wrote:
Only if someone superglues her mouth shut too.
barfly wrote:
Suburbia---
End of the line.
It boggles my mind that CNN can't even beat MSNBC in total viewers. I know more people who watch paint dry than watch MSNBC.
sum luk wrote:
“the era of cheap oil is over”:
" The marginal cost of the 50 largest oil and gas producers globally increased to US$92/bbl in 2011, an increase of 11% y-o-y and in-line with historical average CAGR growth. Assuming another double digit increase this year, marginal costs for the 50 largest oil and gas producers could reach close to US$100/bbl...
While OPEC plays a key role in influencing price through production quotas, in the long run we believe that it is the marginal cost of non-OPEC production which sets the oil price."
JP wrote:
Not surprising at all. As a foil to Mark Haines, she was passably decent.
On her own, she's completely lost.
ac wrote:
So, Fox has the largest number of viewers and the MSM is liberal
adornosghost wrote:
$4.+ gal for gas, easy.
adornosghost wrote:
from here right? : FT Alphaville » Marginal oil production costs are heading towards $100/barrel
Vic wrote:
Best to ignore media framing completely, and just look at it for what it is ... the information arm of a corporatocracy.
MSLSD is a bad Comedy Channel.
Vic wrote:
Add them all up, and the answer is still yes. FNC has so many more viewers than the other cable news organizations (but still fewer than the traditional broadcast news programs of different types) because they really have no competitors in their ideological space. The liberal outlets are all fighting over the liberal viewership which isn't really larger to begin with. There are just some piss poor business decisions being made about which viewers to go after. Fox News is laughing all the way to the bank, and probably can't believe their good fortune that no one actually tries to take their audience from them.
Yancey Ward wrote:
Well, it's clear you don't associate enough with Gays or Lesbians.
bearly wrote:
Testify bearly, testify!
sum luk wrote:
I don't know the laws of corporate governance but I would think that companies are obligated to tell stockholders what kinds of business they are engaging in. Furthermore, the article suggests to me that the transactions may not have been "arms length" dealing and that transactions of this type could easily involve a conflict of interest. A spokesperson for Texaco,IIRC, said that his company would never allow this kind of dealings.
With the factory orders today, the earlier posting that by the Business Insider that Hussman missed the boat with his recession call for this year...well, it may become like the cover of Time magazine...guess we'll see..
Bubblisimo Gerkinov wrote:
Jon Stewart creates a George Bush ad for Osama bin Laden killing | TPM2012
Bruce in Tennessee wrote:
"A glance at the latest GDP numbers is already telling us the answer. Economic growth has downshifted into a much lower gear nearly everywhere you look."
-Rubin
It boggles my mind that CNN can't even beat MSNBC in total viewers.
had to been 8 to 10 years ago ... but i really enjoyed the segment covering some flood ... the poor sap doing the live shot from the canoe ... midway through someone walks right behind the canoe ... in shin deep water ...
lmao, thanks for the link. I'm way behind on my Jon Stewart episodes.
“If You Are Too Big To Fail, You’re Too Big”: Richard Fisher | Daily Ticker - Yahoo! Finance
km4 wrote:
http://talkingpointsmemo.com/images/productivity.png
traderwalt wrote:
see gen: Fraudulent Misrepresentation or Omission of Material Facts - Securities Arbitration Law Firm of Tramont Guerra and Nunez: Stock Market Loss Lawyer
Robert Rubin?
You put up some interesting quotations from time to time with 'monogram only' for an attribution. I'm often curious about the source.
sum luk wrote:
Yes...it looks like there will be a flight to safety from Europe at some point...
the earlier posting that by the Business Insider that Hussman missed the boat with his recession call for this year...
back during the bubble years i did a little research on 2001 recession ... i found a bloomberg article dated december 2000 ... the meat of the article - 50 out of 50 economists saw no recession for 2001.
burnside wrote:
Jeff Rubin
What happens when oil becomes unaffordable? - The Globe and Mail
Eric wrote:
Right...for KP, I don't think that word means what you think it means...
Yancey Ward wrote:
Have you listened to NPR lately?
the overton window is now in
territory.
Nanoo-Nanoo wrote:
Put enough "up front", and it won't matter...
IANAL, but it sounds to me like the question is "Is betting against the company you are leading a material omission to the shareholders?"
I would be dumbfounded if it is not, but then I've been dumbfounded by business laws before. (My #1
: Execs in the process of due diligence for acquisition do not disclose that they are limiteds (investors) in VC firms. I'm pretty sure 90% of the incredibly stoopid deals would be explained this way. (VCs actively recruit "strategic" limiteds.))
‘Growth compact’ in focus as ECB meets in Spain - MarketWatch
MAP OF THE DAY: Global PMIs - Business Insider
Europe and Australia getting killed...Brazil and China look peaked...Russia, India and N.A. looking good...
JP wrote:
.... I left law so long ago I only knew the 33 an the 34 Acts.
*Stay long USD assets *
it may make sense if you are in USD to hold $assets, but given the past 10 yrs, if your wealth is in a foreign currency, it may not make sense. It is difficult to imagine an economic scenario where the knee jerk response of the FRB will not be to debase the currency.
Has this been linked today?
How Muddy Waters founder Carson Block spots a fraud - May. 2, 2012
Block first noticed a deep-rooted problem within Chinese companies, particularly those listed on U.S. and Canadian stock exchanges, less than two years ago. At the request of his father, who was seeking to invest in small Chinese companies, Block looked into Orient Paper (ONP), a paper manufacturer and distributor based in the Hebei province and listed on the American Stock Exchange.
After digging into the company's financial documents and visiting a manufacturing plant, Block issued a report calling the company a fraud, alleging that it misappropriated tens of millions of dollars and overstated its revenue, assets, inventory and profit margin figures.
He sent his report, which highlighted Muddy Waters' bet against the stock, to just 50 acquaintances in the investment world. It went viral, and Orient Paper's stock sank almost 40% in the three days following the report's release.
And supposedly just the tip of an iceberg. WOW.
However, he also openly stated he bet against the company as he was revealing its fraud. Is that ethical?
arthur_dent wrote:
Jim Rogers: The Next Economic Slowdown Is Coming & It's Going To Be Much Worse - Business Insider
sum luk wrote:
see gen: Fraudulent Misrepresentation or Omission of Material Facts - Securities Arbitration Law Firm of Tramont Guerra and Nunez: Stock Market Loss Lawyer
You're probably right, but when it appears that someone could have knowledge of an impending trade and could trade with or against it, the situation looks suspect. even if nothing illegal occurs. I was speaking hypothetically and really don't know if anything illegal happened. Let's see what the SEC decides and the facts are reported.
Outsider wrote:
How is that different than buying AAPL while issuing a report saying iPads are the greatest thing since sliced bread?
Yancey Ward wrote:
He sounds just like someone who doesn't like fascists.
Cinco-X wrote:
see also: LineChartPNGRequest
while issuing a report saying iPads are the greatest thing since sliced bread?
Wouldn't that be just trying to pump opinion tho?
Almost seems like shorting a company you're just about to take down might be a little bit of a conflict of interest. But maybe not.
steelhead wrote:
He sounds like someone who doesn't like low natural gas prices
Outsider wrote:
Other than "you're short rather than long", I still fail to see any difference.
Why Me wrote:
if you don't want them to give up citizenship, just dont' tax on world-wide income when they are living abroad. US is the only country that does that, so if they have double citizenship, why keep the US one if they decide on living abroad permanently? you don't need to be multi-millionaire for it to add up. can be wage earner with high income too.
Eric wrote:
This situation is no different that the behavior of Soros in the past or even Pickens earlier today...
Eric wrote:
Shorting is unAmerican, duh. You must be a democrat as well.
Other than "you're short rather than long", I still fail to see any difference.
It doesn't take too much convincing for the myriads of iPad lovers to agree with that report - almost like saying water is wet. Everyone knows that iPads are Teh Kool.
However, to reveal fraud in a company is pretty heavy information that no one (apparently) knew. It's almost like by revealing the fraud, he manipulated its current stock price, even tho there was no reason for it not to be manipulated. In other words, he kind of had inside information. iPad as sliced bread isn't inside information. Maybe that's the difference I'm getting at. Oh, and he not only knew, he also disseminated that information.
I applaud him, by the way, for researching into the Chinese companies and exposing them. I just wonder if he should have a financial interest in doing so at the same time.
aleister perdurabo wrote:
so much winning! what about young families that have to put up with inflated home prices? that's worse than high property taxes. these elderly don't get it, if they don't pay they will just shift the burden to somebody else. who's that somebody? young people. is there any main area of spending in which the elderly don't milk the young?
S&P raises Greek rating, lifting it out of default - The Globe and Mail
May. 02, 2012 8:41AM EDT
Oopah!
Finance_Fan wrote:
If they want the rights and benefits of citizenship, they should be willing to support the government that guarantees those rights and benefits.
Comrade Kristina wrote:
+1 how plenty shitty jobs are and also those that think people should shut up and take them "pulling yourself by your bootstraps" as if those jobs have any future getting better. funny, it's never them taking the shitty jobs.
Margin squeeze:
Peet's1Q profit plunges on coffee costs - Yahoo! Finance
Prices paid for beans were up 44% yoy--they weren't able to pass all of that to their consumers.
Not an isolated instance, I am sure.
Outsider wrote:
How is this inside information?
He is working off of publicly available documentation and doing due diligence which no one else bothered to do.
S&P raises Greek rating, lifting it out of default - The Globe and Mail
You've been a good boy, now here's your cookie. But if you don't stay good, no more cookies.
Outsider wrote:
If he was long rather than short, would we even be having this conversation?
Suppose someone (completely outside the company) stakes out some small supplier of glass, and by watching trucks go in and out, figures out they're an Apple supplier for some new device that hasn't been announced?
Are you standing on the position it would be be bad to buy the stock and then issue that report?
Seriously?
He is working off of publicly available documentation and doing due diligence which no one else bothered to do.
Inside information was probably bad wording - info no one else bothered to uncover.
I'm just wondering, is all, if we should mix whistle blowing with shorting at the same time. I'm sure it's perfectly legal, just seems a little gray to me.
Shorting is unAmerican, duh. You must be a
Congress critter as well.
barfly wrote:
Americans are the only expats I know of who have to pay taxes in both their country of residence and country of citizenship.
I guess you're special.
Debt Inequality Has Dramatically Risen Since 1983: Report
05/ 2/2012 11:54 am
"There's a gap between America's richest citizens and everybody else. And that gap has been growing larger for years.
No, it's not income inequality. We're talking about debt.
The vast majority of Americans are deeper in debt than ever, while the richest sliver of the population has actually seen its debt go down in the last 30 years or so, according to International Monetary Fund research recently cited by CNN. It's not only bad news for the debtors themselves; this kind of pattern has emerged before, according to CNN -- and each time, it was followed by a major U.S. financial downturn.
Debt has become an enormous problem for the typical American. Among the bottom 95 percent of earners -- most of us, in other words -- debt has risen to eye-popping levels. In 1983, the bottom 95 percent had 60 cents of debt for every dollar they earned, according to the IMF's research. By 2007, it had risen to $1.40 of debt for every dollar earned.
For the top 5 percent, it's been a different story. In 1983, that group had 80 cents of debt for every dollar they earned. By 2007, that had dropped off to 65 cents of debt..."
debtpushers are much worse than drug pushers!
13,226.53 -52.79 -0.40% Volume 41.89m
Panic - 0
OKAY NEVER MIND.
Just a question. I don't think I'd feel right finding out bad news, getting my shorts in order, and then broadcasting that news, but that's just me.
His findings, however, are amazing, and if his profit motivates him to keep uncovering these things, then that's good.
No $hit, people are pissed because someone is "investing" instead of "speculating". He deserves a pat on the back for speaking out...
.... this kinda hits everyone's conversations: How the 1% think about their wealth | Felix Salmon
GDD9000 wrote:
And will badly backfire on the Romney campaign as its stats, based on a cursory look, are highly flawed.
Krugman will have a field day.
Operation Twist: New York Fed sells $1.340 billion in TIPS.
mr clueless last night was right on regarding facebook IPO...clear sailing with minor bruising this week on a spx long purchase, after the 18th? who knows
Outsider wrote:
It's a conflict of interest to do research on a company before investing in it? I know that's the technical definition of "insider trading" in the mathematical literature but as a legal position it's frankly bizarre.
barfly wrote:
apparently the US gov doesn't manage to provide them with enough benefits that compensate them for those taxes that nobody else in their situation of expats pay. think that not every taxpayer thinks that for ex, the invasions of Iraq and Afghanistan are a "service", it might end up being detrimental too.
Yalt wrote:
Raw beans are likely 8-10% of the cost of the value added final product as delivered. A 44% increase is roughly 4% of costs. If you cannot adsorb and/or pass on and/or decrease total costs by that much u r not doin it rite.
Bubblisimo Gerkinov wrote:
+1 it's part of the exceptionalism
Rickkk wrote:
wait! cause there's Good debt & Bad debt right? ... LMAO just kidding! all debt s*cks.
Rickkk wrote:
Greece Rating- "They
ed you, but they might not 
you again- at least for a while."
The bubble house nextdoor, bought with a liar loan, has a For Rent sign out in the yard again.
The renters stayed 2 years and are leaving for a better place with even lower rent payments.
If it doesn't rent again within 2 months you can add it to the scrap heap of banker losses.
Rents are gonna keep dropping due to the jobless so-called recovery.
HomePath is still releasing homes at a trickle pace to please the politicians and help the all important TBTF's
. I think CR endorses this approach.
REO's that are released for sale have lower prices but the costs to fix deferred maintenance still require substantial real price cuts.
YouTube - The Jerk 'end credits'
Former Idealist wrote:
Now, now. The term "jobless recovery" no longer exists. It is now called "Full Employment" recovery.
Rob Dawg wrote:
That might be about right for the brewed product served in the stores but not for sales of roasted beans, which for Peet's is the primary business. Coffee costs are over 20% of sales overall for the company, probably at least 25% on whole bean sales would be my guess (the markup for roasting is about 100% over retail green beans of similar quality and I'm guessing I pay about double the wholesale price when I buy my unroasted beans retail).
What's interesting to me in this is that I've noticed a decline in quality at Peet's over the past year (not a decline to Startucks-level unfreshness, but it was noticeable) and wondered if they were buying slightly lower-grade beans. But I found a comment in their last 10Q that explains it: they're hedging these increases by stockpiling green beans in inventory. You can't store beans for a year, even unroasted, and expect the same quality in the end product.
It's funny, because when Peet's first came to town part of their pitch was the importance of fresh beans: they didn't have a surcharge for small-lot (half pound) purchases like everyone else did and they encouraged their customers never to buy more than a week's supply at a time.
Bubblisimo Gerkinov wrote:
so what?
My Google ad below is for VA loans... keep em in debt so they keep fightin
They are generally willing, barfly.
If you'll look into it, however, I think you'll find that while nearly all nations have harmonized tax equalization policy, the US stands alone or nearly alone in leaving its citizens on foreign assignment - and its expats - in a position of paying us in addition to paying their resident country. We claim the right to claw back certain assets from estates. We present a number of claims on capital (in the cases of individuals).
Compared to other Western, or developed countries, our approach is confiscatory. Some find that actionable, where they might otherwise have retained citizenship, even without a desire or any likelihood of returning here to live, either now or later.
Retirement, Slipping Farther and Farther Away - NYTimes.com
......
see also: http://s3.amazonaws.com/fromus/media/probability_of_death_by_age.jpg
Yancey Ward wrote:
It's the internet. It completely changes viewing patterns. Many more changes to come for old media companies.
Cinco-X wrote:
http://l2.yimg.com/bt/api/res/1.2/gnHwWAJgmL_ymSIg1WEACw--/YXBwaWQ9eW5ld3M7Zmk9aW5zZXQ7aD0yODg7cT04NTt3PTUxMg--/http://media.zenfs.com/en-US/video/video.fbc.com/042712_oreilly_michelle.jpg
http://2.bp.blogspot.com/-Ighs6JTsyOg/T5IFUhHLfqI/AAAAAAAABxo/apDFiA4r3-k/s1600/120420-Q.png
http://4.bp.blogspot.com/-rhcUIcm-pmI/T5q-L3fMGJI/AAAAAAAACF8/PGTZ-yvn228/s1600/120427-J.png
http://1.bp.blogspot.com/-fE_psVzHRQk/T5qYrLlKWFI/AAAAAAAACEs/gsPLnHmNsrY/s1600/120427-B.png
US money velocity hits all-time low
http://l3.yimg.com/bt/api/res/1.2/fxj68B.ArwIa0ExVtBEzmA--/YXBwaWQ9eW5ld3M7Zmk9aW5zZXQ7aD02MTI7cT04NTt3PTQyNg--/http://media.zenfs.com/en_us/News/Reuters/2012-04-29T055107Z_01_WAS990_RTRIDSP_3_USA.jpg
RE wrote:
I know, but that still doesn't explain how CNN can't beat MSNBC.
Good article.
Yep rising retirement age is not consistent with liars that standby fake, but politically advantageous, employment participation rates.
that NATO umbrella doesn't pay for itself, yo -
nor all the embassies
burnside wrote:
Worked for the UK in Afrika - Come work on our plantation so you can earn some Sterling to pay your hut tax, or we'll burn your hut down.
Thus began chartalism...
Yancey Ward wrote:
IMO it does. The more ideological the viewership the more intense the hold.
Former Idealist wrote:
this is the new version of the American Dream, not too shabby imho... continued decline in shelter costs. who doesn't like that?
The 12 million underwater homeowners.
It's great for young people, but at $8/hr its still a stretch for them.
burnside wrote:
+1 if the gov doesn't want them to resign to their citizenship, it'd update their tax treatment.
Finance_Fan wrote:
the government doesn't care one way or the other whether they keep their citizenship, as long as they understand the possible consequences. But they will confiscate something to compensate for their investment in you. I have no problem with that.