Eric wrote:

Damn that's a big joint....

ObAnecdote: houses are actually selling locally, I think mostly from ex-football coaches moving out...

still a lot of shadow inventory, it may emerge this summer or next season.

Nice work CR

The European Central Bank may decide to relax collateral rules for its loans, The Wall Street Journal reported in its online editions Thursday, citing an unnamed source familiar with the situation. Such a maneuver would take some of the pressure off southern European banks, the Journal said.

ECB may change collateral rules on some loans: WSJ - MarketWatch

Blackhalo wrote on Thu, 6/21/2012 - 12:07 pm (in reply to...)

..when did they morph from the gamers display card of choice to the shining star of cloud computing?

I don't think it was intentional.

NvDIA long ago transitioned to being a chipset manufacturer (motherboard and otherwise) and much more that a designer of video coprocessors...

Paging MP!

Regarding the discussion last night, Krugman isn't ready to say the Fed is out of bullets. This is from late April.

Earth to Ben Bernanke - NY Times

Another nice thing about NVDA: their cards are great for mining bitcoins.

/steps gingerly away from thread, grinning

mp wrote:

"oops"

For sure, for sure.

Very rapid "slowdown."

Mfgs had their finger poised over the pause button looking for the first hint of soft demand. Seems they got one. I should note that both Ford and Chrysler have instituted reduced summer shutdown schedules to meet demand for many product lines.

Agronox wrote:

Another nice thing about NVDA: their cards are great for mining bitcoins.

Actually, they basically suck at this compared to ATI stream processors, whereas ATI's suck at protein folding compared to nVidia's CUDA cores.

Regarding the discussion last night, Krugman isn't ready to say the Fed is out of bullets. This is from late April.

I will look at it. Thanks.

Spain’s Banks Need Up to $78 Billion, Assessors’ Report Says - Bloomberg

Is this considered collateral

lawyerliz wrote:

Yeah, maybe the bank's strategy to hold up on selling reos and holding off taking title is finally bearing fruit in the form of higher sales prices.

Are they paying the taxes? Is anyone? There's going to hell to pay when people kicked out years ago get a huge tax bill plus penalties.

Rob Dawg wrote:

There's going to hell to pay when people kicked out years ago get a huge tax bill plus penalties.

Isn't there like 0% property tax in FL?

mp wrote:

that's starting to look scary.

Oil 79.55 Down 1.90(2.33%)

Whoops, there it is!

The only thing I've seen on MSM is how lower gas prices are a good thing. The whole time I'm mumbling "Not really."

Rob Dawg wrote:

There's going to hell to pay when people kicked out years ago get a huge tax bill plus penalties.

Taxes must be brought current at time of sale or transfer of title on a property.

Nope.

No zero..

No income tax. If you have a homestead with a tax value of less tha 25k, you may pay nothing. There are some of them around.

Out to lunch.

Agronox wrote:

Dang it, can't you smart cookies let me throw out the occasional lazy troll about bitcoins and glod in peace!?!

LOL, sorry - I did mining for a while, and even managed to buy in near the peak and hold to the bottom like any good housing "investor" or goldbug might do. They are both amazing platforms, at least to a layman like me.

And he's not the only one of these fools around...

No we are...

- on its way.....

josap wrote:

Rob Dawg wrote:

There's going to hell to pay when people kicked out years ago get a huge tax bill plus penalties.

Taxes must be brought current at time of sale or transfer of title on a property.

Exactly. If the bank never took title they'll have to pay then in order to subsequently transfer title to the REO purchaser. Taxes, penalties and accrued interest are going to come from someplace.

now if we could only get the GSEs to expand principal writedowns beyond NV and CA...

I wonder how many Florida bank owned properties are claiming homestead exemptions.

Bettin the fool gets alot of Just Pullin' Yer Leg ....

Ya until the one nighter wakes up the next morning and realizes Mr. Designer Jeans can't even afford a continental Breakfast.

Josap - we are praying it is soon, but it's been going on like this for years. He has a decent income (~$90k), but not nearly the income to support his lifestyle. I mean, for NYC he makes squat. You have to make twice that to support his lifestyle. I really dont know how it is that they havent managed to figure out that this guy is never going to pay off those debts. I suppose they could be closing off some credit, but clearly, he has access to a lot, and supposedly, does pay a good bit on them each month, but the balances go nowhere, so he is racking up interest and spending more on them. It's absurd.

oh dear, the market is falling... another thousand points and ole Bernank can fire up the presses

Ya until the one nighter wakes up the next morning and realizes Mr. Designer Jeans can't even afford a continental Breakfast.

ANNNd on to the next one!

x

ANNNd on to the next one!

josap wrote:

Ok, sane broke people don't buy stuff.

If you are going to BK anyway, and lenders keep extending credit, who is the more sane? Or does sociopathy count as insane?

@MP - did you see this? Interesting (the math is wrong.. but the thought is what caught my eye): Sums are wrong: Germany owes Greece, leftist says - chicagotribune.com

I wonder what the Golden Dawn's position is on this..

GDD9000 wrote:

bring on -2xSlumdog

Not even worth watching until someone asks about circuit breakers.

Reich: How Wall Street Aims to Keep U.S. Regulators Out of Its Global Betting Parlor | The Exchange - Yahoo! Finance

"This is the same Jamie Dimon who chose London as the place to make highly risky derivatives trades that have lost the firm upwards of $2 billion so far — and could leave American taxpayers holding the bag if JPMorgan's exposure to tottering European banks gets much worse."

Our markets are glorious!

State Taxes by Source

Speaking of next ones-
Off to yet another Highway stim. job: where 5 white guys will sit around in a trailer; and, decide what 5 other white guys and a latino or two (maybe), will have about 25 latinos and a handfull of white guys do next....
At least the stores that wire money will see some business!

@MP - did you see this?

He's been talking about that for months now and with good reason.

He witnessed those bastards.

shill wrote:

Hank Paulson should Buy Spain...he got that covered with the $500 bill large he made of the housing bubble.

I think you're getting your billionaire Paulsons (Hank and John) confused.

Not even really sure Hankie is in the ten-digit wealth club.

So what's happenin' today?
Only minus 146...

GDD9000 wrote:

He has a decent income (~$90k), but not nearly the income to support his lifestyle.

Good lord. Until recently I made a decent bit more than that, but I still live with roommates.

I don't think I would be able to sleep knowing my situation was so precarious.

Gubbmint Cheese wrote:

Spanish banks need a bunch more money.. gasp
Wow.

They all need mo money...

Lenovo Falls on Report of Lower Growth Guidance: Hong Kong Mover - Bloomberg

josap wrote:

The European Central Bank may decide to relax collateral rules for its loans, The Wall Street Journal reported in its online editions Thursday, citing an unnamed source familiar with the situation. Such a maneuver would take some of the pressure off southern European banks, the Journal said.

Making turds into roses.

yay...more good news. onward to dow 14k.

Agronox - he's a certified sociopath and lives in a world of his own delusions. The wall he has built is massively thick. Occasionally, we get a glimpse of the true core, when the pressure goes up so high that he nearly has a nervous breakdown. Otherwise, he's the cool, charming, truly scary type that most people don't see through right away. When I say decent income, it's all relative. That would be fine for living modestly. It's nowhere near what is needed for hipster Brooklyn lifestyle.

RD, in this article you linked Fastest Warming U.S. States - weather.com 

it's a little unnerving that 5 of the 10 fastest warming states are in the northeast.

How about if I give you my word as a Spaniard?

Sorry, I've known too many Spaniards.

oops

merchants of fear wrote:

So what's happenin' today?
Only minus 146...

just taking a breather on the way to 14k.

RIF - ya. No needed. That's sort of the collective delusion that has descended upon this country over the past couple of decades. WASS.

$700,000,000.

what a true patriot to commit to public service ...

......... oh, did i mention that he paid no capital gains (liquidate so no conflict of interest) when became Sec of Treas? ... $100 million cost basis ...

not a bad haul for a couple years service ... and putting the screws to lehman

Shill posted this already but more bad news for the poor banks...
Some of Britain’s biggest banks are poised to have their credit ratings downgraded by Moody’s as soon as tonight as part of a wider reassessment of the health of the global banking industry, I can reveal.
Moody’s is expected to outline its verdicts about the creditworthiness of banks including Barclays, HSBC, JP Morgan and Royal Bank of Scotland.
My expectation is that Moody’s will announce the ratings decisions after the close of US markets today (at 10pm or thereabouts), although the timing of its statement could yet change and be delayed beyond today. Some banks may see their ratings unaffected.
As I understand it, Moody’s plans to announce downgrades of many of the world’s big global capital markets banks in one tranche, and a number of big European banks in another tranche. Lloyds Banking Group, which is part-owned by the British taxpayer, is likely to fall into the latter category.
The other banks that fall into the former category as part of the review being undertaken by Moody's are Royal Bank of Canada, Credit Suisse, Goldman Sachs, Deutsche Bank, Macquarie, BNP Paribas, Credit Agricole, UBS, Morgan Stanley, Citigroup, Societe Generale, Bank of America and Nomura. It's possible that some of these banks won't have their ratings decisions announced tonight.
The major ratings agencies have rushed to downgrade banks across the Continent in recent months as the Eurozone crisis has escalated.
Exclusive: Moody's To Downgrade UK Banks Tonight | moody's | banks | lloyds_banking_group | Kleinman | Sky News Blogs 

3 - 4 - 500 pt losses and maybe a Fed intervention, until then these - are normal market sell offs and profit taking.

Think 2008...and recall those days...now that's panic.

"We call that winning the game now."

But he's religious?!?!?

Perhaps he's not in the real Church?

Goldman Sachs: Short Stocks

Blackhalo wrote:

Isn't it a little bit absurd to have the same folks who would rate an MBS AAA (for the right price) to be making the call on what banks pension funds can invest in?

yup... go figure.

Goldman Sachs: Short Stocks

You know what that means correct? Time to go all in.

arthur_dent wrote:

Goldman Sachs: Short Stocks

FTA: Investors who want to short shares borrow stock and then sell it, betting that the price of the shares will fall and that they can buy them back at a lower price for a profit.

Well, maybe retail investors do that (borrow).

The big boys just short the shit out of it, locate or no locate.

we end today. That's my call.

Or not.

http://www.qqq-options-trading.com/images/bl/2008_10_10_dji.GIF

Many a fortune has been shipwrecked on the jagged lines of options charts.

arthur_dent wrote:

Goldman Sachs: Short Stocks

Building & feeding their position?

We're here!
We're austere!

//snaps fingers 3 times in wavy motion.

Outsider wrote:

RD, in this article you linked Fastest Warming U.S. States - weather.com

it's a little unnerving that 5 of the 10 fastest warming states are in the northeast.

Noticed that didya? It is interesting in many ways. First the NE has been unusually cold for a very long time. Recall that when the Pilgrims landed the locals were getting along fine with modest huts and breech clouts. Milder weather doesn't seem so bad. The other has to do with the unusual Arctic wind patterns. These are the same patterns that have driven sea ice cover so low in recent years. If those change again it could be back to the ice box for you just as quickly.

"It is very likely that inventory will be below the comparable month in 2005 for the rest of the year. It is even possible that inventory has peaked for 2012 (or is at least very close to the peak). "

Where is all that spook shadow inventory?

Think 2008...and recall those days...now that's panic.

true ... but i don't see any (new) policies on the table outside of QE (which won't help)

that scares ME

merchants of fear wrote:

Building & feeding their position?

could be a short term call. At some point between now and Aug 1, the Fed meme will come into play again, and if CR is right, we will see QEIII.

Wow...gold down 44.

Is Shill on suicide watch?

aa

arthur_dent wrote:

and if CR is right, we will see QEIII.

Good for Obama?

http://mam.econoday.com/byshoweventfull.asp?fid=451618&cust=mam&year=2012&lid=0#top

Highlights
"The alarm you hear is the Philly Fed's monthly report where contraction is gripping the Mid-Atlantic manufacturing sector this month. The general business conditions index shows contraction for a second month and, at a minus 16.6 level, much more severe contraction than May's minus 5.8, a reading that in itself was a shock".

merchants of fear wrote:

Good for Obama?

Good for either Bush III or Bush IV.

KarmaPolice wrote:

Is Shill on suicide watch?

There are folks I'd worry about far more than shill when it comes to

there is not much to do in thelma and louise's trunk other than root around and see if someone left a stale donut

You have obviously never seen PussNBoots.

He sure is dreamy.

http://1.bp.blogspot.com/_kw_6C3Wxzik/TAtNBrZtTGI/AAAAAAAAABE/JIHQx2_Ksyw/s1600/Puss+in+boots.png

merchants of fear wrote:

Good for Obama?

Not good enough, probably.

GDD9000 wrote:

It's nowhere near what is needed for hipster Brooklyn lifestyle.

I spent sometime in Green Point lately--- hipsters are taking over.
That riverside real estate is going to be developed.

.....

Blackhalo wrote
Then someone tried running VMs on those cards. Being able to sell access to a VM running all of a customers apps, accessible from any device, phone, tablet or computer has the POTENTAL to be a pretty big deal.
Particularity if you have been playing in the VM world for a little bit. Government has been pretty keen on the idea of keeping all data locked in a server room somewhere, rather than allow local access, ever since someone started copying it to CD... I'd expect corporations to have similar concerns.

well, that get's a hunh? from me.......VM != Daughter card, and what in the world does data security, server rooms, etc have to do with it?

Thinking recession, are we?

Thoughts of recession can lead to depression.

mp wrote:

Thinking recession, are we?

it's definitely slowing down out here.

I assume the bifurcation is as bad there as on the left coast.

Funny to see the physical evidence of the 1% and their 5% minions almost literally becoming a different country.

This is like a number at an auction: I'll make that 350,000 ... 400..... 650

Look at like a rash...it spreads quick if not treated....

When you are antisemitic, do you get a green robe, or is it still the standard white?

...So many rules in your organization!

adornosghost wrote:

I spent sometime in Green Point lately--- hipsters are taking over.

I remember a "morning after," hungover meal in Greenpoint not too long ago. I was shocked by how quaint it could be; I wandered into a Polish diner where the prices were so cheap I thought I'd taken a wormhole to 1978.

Greenpoint will never be a destination neighborhood, though. The trains are crap there.

Agronox wrote:

The trains are crap there.

"Trains"? What are these "trains" you speak of? How might one get these "trains"?

truly scary type that most people don't see through right away.

I was flipping through one of those psychopath next door books recently, and it was noted that in fact most of us do sense something about sociopaths and psychopaths upon meeting them, it's just that we ignore these instincts because it doesn't align with our own decent or semi-decent moral sense.

RockyR wrote:

You have to start thinking like a , i.e., if you are a what will you want most? The key is to get in front of the demand curve and have a supply of whatever that shit is ...

==> usually hungry for human flesh although Return of the Living Dead introduced the popular concept of zombies eating brains.

Go long that stuff...

No, we ignore them because we're naive, stupid and/or actually intrigued.

This depression would be over if $10k checks had been cut to individual taxpayers.

I am on your side generally, but I wouldn't start gloating yet.

Last year this time was a hell of a fake-out.

For sure, for sure.

Love CSN(Y), but their best work is squarely in the 60s. Maybe best vocal band of the late 60s? Joni was making much more impressive albums in the california-rock vein by the 70s.

Lurking Lawyer wrote:

This depression would be over if $10k checks had been cut to individual taxpayers.

um, no it wouldn't

Bruce in Tennessee wrote:

The May employment report released at the beginning of this month set the tone for what has been a flat series of economic reports.

And that's about it. Some data up, some down, none of it moving persistently one way or the other. A flat zone in a lousy expansion, but still not a recession.

Also IMO, we're seeing the stock market behaving appropriately to a lousy economic expansion. Wide swings, but no significant year-over-year gains.

Sebastian

greenchutes wrote:

CSN(Y)

CSNY is technically not a band, but a coffee house duo, which has 2 back-up singers.

YouTube - CSNY - Crosby, Stills, Nash & Young - CARRY ON Jam (Live '74)

mp wrote:

"The alarm you hear is the Philly Fed's monthly report where contraction is gripping the Mid-Atlantic manufacturing sector this month. The general business conditions index shows contraction for a second month and, at a minus 16.6 level, much more severe contraction than May's minus 5.8, a reading that in itself was a shock".
My, my. How times change.
Thinking recession, are we?

Not me mp...I'm just trying to think what the next pitch might be....I think the count is 3 and 2 so either this bubba at the Fed (and Treasury) strikes me out, or maybe walks me...I don't think there's an extra base hit in the old bat now as this game has really dragged on and worn me out..

Agronox wrote:

The trains are crap there.

obviously you don't remember the old L line.
when they get the G train running with the efficiency of the updated L line watch out...
...
it will be a destination 'hood... Red Hook, is more problematic

I think Nash made up for his lesser songwriting powers with his vocals. But that's all opinion.

KidPsych wrote:

we ignore these instincts because it doesn't align with our own decent or semi-decent moral sense.

So if I don't ignore them,what does that say about me?....hmmmm. Heh, heh, just hypothetically of course. I'm just as blind as the next guy.

greenchutes wrote:

his vocals

Yah, C&N added great depth to the amazing talents of S&Y!

Agronox wrote:

wandered into a Polish diner where the prices were so cheap I thought I'd taken a wormhole to 1978.

I was staying in The Village, and prices were 1/3 the cost in Greenpoint.

Agronox wrote:

Dang it, can't you smart cookies let me throw out the occasional lazy troll about bitcoins and glod in peace!?!

I thought it was hilarious, but then I'm not all that smart...

Sebastian wrote:

a lousy economic expansion.

Is it speculators shorting oil to 25% off it's high? Or it is possible that the global economy might be contracting?

RockyR wrote:

i think the second half of this year is going to suck until we get through the election...

Just more slow plowing....but that's the US economy. It's mature.

2000 - 2008 was a drunkards party....lead by a drunkard himself.

So if I don't ignore them,what does that say about me?....hmmmm. Heh, heh, just hypothetically of course. I'm just as blind as the next guy.

I think it would just say that you're paying attention. You can become more aware of this stuff. I have to because it makes me better at my work. At least I think it does. There's also the danger of the wheel spinning in the opposite direction and you attribute benign odd behaviors with sinister intentions.

greenchutes wrote:

this.
Great stuff for sure!

Greenpoint is nice, but the G train is teh suck.

KarmaPolice wrote:

Gee. I thought that cheap oil prices were good for the economy?

Now their bad?

Since the economy is declining, whatever is happening is bad, therefore everything else that's not happening must be good. At least until it occurs, then it joins the pantheon of bad things.

I think it's at least the twentieth time I've mentioned it - the loooooooooooong crude bull is the real long-term story, and it is still steadily grinding up. Probably hitting 70 in a year or so. It would take sustained (like over a year) trading under 60 to damage it.

GDD9000 wrote:

Can I haz grobal srowdown?

Only if I'm lucky

i keep thinking in the back of my mind, the housing market has been in depression for so long, that a Euro implosion would not have as much impact as people fear. A 1% change in UE is about a 1% change in delinquency rates (a little more), so a 1% change in UE adds about 500k to the shadow inventory. we are doing 200k foreclosures a month, so a 2% increase in UE extends the housing slump another 4 months. Plus, i expect to start to see some benefit from mods and such. People still need a place to live and rental vacancies should continue to decline regardless.

We have not been helped much by housing during the recovery to begin with, so any uptick would offset declines elsewhere. The incipent housing recovery does not seem like it will be killed by a Eurosplosion. I think there is more upside risk to the forecast than people are thinking. Sure go ahead and roast the bull.

Whiskey wrote:

but the G train is teh suck.

like I said. the L train use to suck so badly... when they fix the G ....

merchants of fear wrote:

This was just an attempt at sarcasm... in case u were 'justaskin'...

that's the thing, though.....something about your posting history and your stream of consciousness style made me read it as serious...
my bad, I suppose
but with the various "serious" stuff that passes for reason these days, can you blame me for thinking you might mean it?

arthur_dent wrote:

The govt position allowed him the tax free rollover to a trust if I remember correctly.

sure, but was it irrevocable and perpetual, though?

Romney gone rogue:

Romney says he will ‘replace’ Obama’s immigration move - Political Watch - MarketWatch

His handlers are not allowing him to speak for himself are they?

oh jesus!

Duke of Con Dao wrote:

seems Twitter is down and has been down for an hour or so...

anyone seen any Egyptians around here?

Duke of Con Dao wrote:

like I said. the L train use to suck so badly... when they fix the G ....

I had no problem getting from Greenpoint to Union Square late at night, first on the G, and then the L----

Obama up by 13? Explaining the Bloomberg poll - The Washington Post

Quotable of the century:

"The sample appears to be far more highly educated than the overall population, with nearly half of voters having completed college."

So Romney looks like a strong candidate for the dunce vote.

Proof education doesn't make you smart.

"Kennedy is forecasting an additional 80% drop in crude to $16.70 a barrel"

Look Out Below! Major Crude Oil Crash Is Coming Says Analyst | Breakout - Yahoo! Finance

That you, Seb?

Lobbyist Ben Dover wrote:

Proof education doesn't make you smart.

Maybe they are intrigued by his magical underwear and "special" planet?

Blackhalo wrote:

Look Out Below! Major Crude Oil Crash

I had the oil bubble popping months ago ... [above $100]

The next bubble is old people and the decimation of our modern human era...

Little furry friends aside, I've had mostly good experiences. It's more than offset, though, by the one time I had to wait an hour to transfer from the L to the G. Some people on the platform had waited for two hours.

Doc Holiday wrote:

oil bubble popping

I dunno. That provides an awful lot of room for Ben and/or China to print. I don't know if I'd call it a bubble or an approprate reaction to QE. How does that bubble look when priced in PMs?

Blackhalo wrote:

How does that bubble look when priced in PMs?

: 19.81 barrels per oz
: 2.92 oz per barrel

Blackhalo wrote:

In theory, each of the 400 or so GPU cores on the daughter card could run an instance of a VM. Most competitors top out at 16 per daughter card. An Nvidia VM server has the potential to provide 100 times the density. So you could serve 100 times the customers, in you existing data center.
How can you not see the security benefits of a locked down RDP session with a VM vs. local access? Have you not heard of Bradly Manning?

Well...one--in theory two--what's the difference whether the processor is a gpu, a cpu, on a daughter card, etc., etc. nVidia may be packing them in there, but seems to me so can anyone else, if that's the way the "standard machine" goes
three only secure data is that which you keep under lock & key I don't see the distinction between "local access" and RDP/VM, at least not as much as you are posting it. I fully recognize my lack of high level understanding on the subject, (yeah, I know who Bradly Manning is) but if history is any guide acronyms aren't security

Blackhalo wrote:

Look Out Below! Major Crude Oil Crash Is Coming Says Analyst | Breakout - Yahoo! Finance

Well that sure sounds like a hot mess of horseshit. but I will say that my chicken bones are telling me that North Dakota isn't looking so good right now.

Blackhalo wrote:

I don't know if I'd call it a bubble

It was and still is a matter of too much supply and less demand, connected to a fervent global political agenda aimed at producing massive quantities for China (as fast as possible). This can clearly be seen with the Keystone Pipeline and the politics related to helping the Communists obtain cheaper oil for their ponzi economy. I hope all the people and banks along the way, involved in fracking and market manipulation get the shit beat out of their bank accounts - and may they (and their familes) all rot in hell and never return...

I found this enjoyable comment in a Telegraph article:

Spanish banks who needed 100 billion a week ago, now need only 60 billion. A couple more weeks of this and they will be solvent, and a short time after that they will be able to match the Greeks for unencumbered wealth.

Haralambos wrote:

Rob Dawg wrote:

Denmark?

Yes, RD. I did a double-take on this. The Danes are not in the Euro, nor re they part of the Schengen group if I m not mistaken.

Denmark is in Schengen.
Not in the Euro.