Yo

Look at the left side scroll bar, click on theme and select 'legacy'. That might be your problem?

slow morning

So is the Renminbi officially the world's new reserve currency now?

vtv: Did you sign out, clear cache and sign back in?

all of volker cash missing since the Nazi took charge

Good morning.

At $4.23 billion, Alabama's Jefferson County last November set the record for the biggest municipal bankruptcy filing, which is still working its way through the court.

Stockton officials have been considering bankruptcy since February and calling for the kind of drastic action in its budget. It suspends $10.2 million in debt payments, a move likely to trigger further downgrades of Stockton by ratings agencies.

Stockton has already defaulted on about $2 million in debt since February, allowing the trustee for one of its bond insurers to seize a building once slated to be its future city hall and three parking garages.

Is default and lease back the new sale and lease back?

So the people who were supposed to get pensions from Stockton won't. They won't be able to spend that money on houses. But the Fed will print other money and give it to bankers (to compensate them for their losses as creditors in bankruptcy, for example) so that bankers can prop up house prices, for the good of all.

That's why "we need" the Fed to do its dirty work.

Is JPM at the root of this like it was for Jefferson Co. ? Rigged Munis recently the focus of an article by Matt Taibbi.

Auction Rate Securities just another in a long string of examples of this free to graft without consequences nation.

Interesting Tiabbi's taken it up. We dissected ARS and the spate of failed auctions with Tanta's help some time ago.

Special Report: Chesapeake and rival plotted to suppress land prices
| Reuters

Shooting fish in a barrel.

1 currency now -yogi wrote:

So the people who were supposed to get pensions from Stockton won't.

Isn't that what the PBGC is for?

BarleyReturns wrote:

Special Report: Chesapeake and rival plotted to suppress land prices

Things aren't going so well in Fort Worth.

I'm sure the widows and orphans have a visible chunk of that city hall building. The bond insurers' trustee doing god's work and all...

I'm sure the widows and orphans Ha ha ha ha ha ha ha ha ha ha ha Feel free to send them your sympathy Yog, no not a fruit basket...send them orphans and widows your cash since you care and are such the humanitarian.

I'll be looking for your donation receipt fourth with...Moses.

As opposed to the bond insurers, who slave away at hard labor, waiting long hours in the cold at the discount window, accounting for every dime, sometimes having to innovate complicated new innovations to hide the fraud.

Slave ha ha ha Hard Labor ha ha ha I can hardly contain my laughter OMFG! hard labor in these United Sates ha ha ha ha OMG!

Ya fourth what...go with that and good luck, as noted send your cash not your sympathy.

Bad Request

You see shill, some lawyer convinced some bankruptcy court that the widows and orphans needed those bonds to be paid rather than those greedy workers. It's got nothing to do with Wall Street at all.

Definition of 'Widow-And-Orphan Stock'
A stock that pays high dividends and is generally considered to carry low risk. Widow-and-orphan stocks would most likely be in non-cyclical industries that are less likely to be negatively impacted during economic downturns.

Read more: Bad Request

That Carollo case was one I followed which resulted in The consequences to 80-year-old widow Aunt May are profound. In the case of Birmingham, the monthly bill for water/sewage skyrocked. It isn't a 'victimless' crime.

The Scam Wall Street Learned From the Mafia | Politics News | Rolling Stone 

....

USA v. Carollo involved classic cartel activity: not just one corrupt bank, but many, all acting in careful concert against the public interest. In the years since the economic crash of 2008, we've seen numerous hints that such orchestrated corruption exists. The collapses of Bear Stearns and Lehman Brothers, for instance, both pointed to coordi­nated attacks by powerful banks and hedge funds determined to speed the demise of those firms. In the bankruptcy of Jefferson County, Alabama, we learned that Goldman Sachs accepted a $3 million bribe from J.P. Morgan Chase to permit Chase to serve as the sole provider of toxic swap deals to the rubes running metropolitan Birmingham – "an open-and-shut case of anti-competitive behavior," as one former regulator described it.

More recently, a major international investigation has been launched into the manipulation of Libor, the interbank lending index that is used to calculate global interest rates for products worth more than $3 trillion a year. If and when that case is presented to the public at trial – there are several major civil suits in the works here in the States – we may yet find out that the world's most powerful banks have, for years, been fixing the prices of almost every adjustable-rate vehicle on earth, from mortgages and credit cards to interest-rate swaps and even currencies.

But USA v. Carollo marks the first time we actually got incontrovertible evidence that Wall Street has moved into this cartel-type brand of criminality. It also offered a disgusting glimpse into the enabling and grossly cynical role played by politicians, who took Super Bowl tickets and bribe-stuffed envelopes to look the other way while gangsters raided the public kitty. And though the punishments that were ultimately handed down in the trial – minor convictions of three bit players – felt deeply unsatisfying, it was still a watershed moment in the ongoing story of America's gradual awakening to the realities of financial corruption. In a post-crash era where Wall Street trials almost never make it into court, and even the harshest settlements end with the evidence buried by the government and the offending banks permitted to escape with no admission of wrongdoing, this case finally dragged the whole ugly truth of American finance out into the open – and it was a hell of a show.

......

burnside wrote:

repo 105s

Wash your mouth out!

Oh wow... New York Attorney General Enters Campaign Finance Fray - NY Times

Mr. Schneiderman issued a wide-ranging subpoena on Tuesday to executives at a foundation affiliated with the chamber, seeking e-mails, bank records and other documents to determine whether the foundation illegally funneled $18 million to the chamber for political and lobbying activities, according to people with knowledge of the investigation.

The investigation is also looking at connections between the chamber’s foundation, the National Chamber Foundation, and another philanthropy, the Starr Foundation, which made large grants to the chamber foundation in 2003 and 2004. During the same period, the National Chamber Foundation lent the chamber $18 million, most of it for what was described as a capital campaign.

Goodness, CK. Are we finally commencing an airing?

I'm shocked he'd try to go up against the Chamber of Commerce. This could get ugly. I guess he wants to follow in Spitzer's footsteps.

shill wrote:

handsome salaries

Yeah, why would anyone want to be a bond insurer when they could be a fire fighter at 1/100 the pay.

Yeah, why would anyone want to be a bond insurer when they could be a fire fighter at 1/100 the pay.

Why would anyone want to be a Police man, Why would anyone want to be a Lawyer, why do people decided to be Trash collectors, why do people decided to be stock traders why work at McDonalds, why be a chef, why be a store owner...why why why.

Yeah, truth telling isn't terribly popular with TPTB for some reason.

Not only that we can turn them into Soylent Green when they are no longer sufficiently productive. Win Win!

Actually, I've always rather admired them both . . .

http://starcasm.net/wp-content/uploads/2011/09/gloriavanderbiltandersoncooper1.jpg

. . . but of course I would say that.

I'd like to know how many mortgage apps are turning into mortgage completions.

Durable goods .4 missed by .3.

ac wrote:

For this year’s second quarter, CNN hit a low among total viewers and the key adults 25-54 demographic,

I don't know anyone who actually watches TV. Everything is time-shifted, Netflix, iTunes....

shill wrote:

SEND CASH!

I don't have $700 million. You want the Fed window downtown.

Comrade Kristina wrote:

Remember Baghdad Bob?

who could forget

and for those who have:

YouTube - Mohammed Saïd al-Sahaf

it never gets old

So the people who were supposed to get pensions from Stockton won't.

I don't know about that Yogi. I'm pretty sure that many government entities have a separate pension fund (e.g CalPERS?) that they are supposed to pay into every year and that pensions are an issue between the retiree and the pension fund, not the retiree and the government agency they worked for. My impression is that the pension fund is not an asset of the government and doesn't go under just because the government entity has defaulted ... And vice versa presumably.

vtcodger wrote:

many government entities

Cities are not States.

drop in the bucket. They probably made ten times that or more on the skimming.

You understand that bankruptcy protection is a form of gubmint interference in the "markets" ("socialism"), don't you?

For this year’s second quarter, CNN hit a low...

Could it possibly have to do with their lousy reporting? The only time I've watched CNN in the past few years was after the Japanese earthquake and tsunami in March 2011. The reporting from their Tokyo and Hong Kong bureaus in the middle of the (US night) seemed excellent. As soon as the Americans woke up, drank their morning coffee, trundled down to the studio, and opened their mouths sensationalism and trivialization took over and I tuned out.

The Federal Emergency Management Agency authorized the use of federal funds to help fight the Waldo Canyon Fire after Colorado Springs and surrounding El Paso County declared an emergency, which allows them to receive state and federal aid.

Hey, no need to pay the local fire fighter union thugs. John Galt could put out that fire with his own two hands.

Cities are not States.

True, but totally irrelevant (and I expect you know it). Cities and counties have pension funds also.

That's funny. You went to all that trouble actually linking Stockton salaries. I didn't see any lines under "Bonuses", by the way.

vtcodger wrote:

True, but totally irrelevant (and I expect you know it)

Not at all irrelevant. Check the US BK Code.

1 currency now -yogi wrote:

Check the US BK Code.

isn't the right to bankruptcy in the US Constitution?

State pensions are guaranteed in the New York Constitution, for example; city and county pensions in New York, not.

Barclays paying about $450 million to settle U.S. and U.K. charges of LIBOR 'misconduct'

Barclays Settles Regulators' Claims Over Manipulation of Key Rate - NYTimes.com

Black Star Ranch wrote:

Good Morning

and the rump state is heard from! where ya been, how's the cows?

Our forests are tinderboxes only in search of a spark, and the problem is there is so much duff on the ground that needs to be physically removed and burnt off piecemeal.

Many people who may well know what they are talking about think that the problem is that the fires are not allowed to burn themselves out. Fight the fires and you end up with lots of dead brush in the unburned areas and infrequent, but devastating, fires when they do burn. Allow the fires to burn, you have much more frequent, but much less devastating burns that the flora is well adapted to and will survive. Cabins and other man made structures ... not so much. Not my problem. Living in a pine forest in an area that has no rain for half the year strikes me as asking for trouble, but to each his own.

Not at all irrelevant. Check the US BK Code.

Why don't you tell us about it? I'm sure that many folks will be interested. (I'm Serious)

I hope all here have been fine. Everything in NyeCoNV is the same - 14%+ UE with many more of the California stupid moving here.

...Have fun, All.........time to milk.......(as always)

1 currency now -yogi wrote:

A Path Is Sought for States To Escape Debt Burdens - NY Times

"Policymakers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers."

Ultimately most or all savings and pensions will have to be wiped out.

There's no way to do this without substantial civil and political chaos.

But we can still dream.

Free lunches and ponies for everyone!

Yes, except the is lunch.

State pensions are guaranteed in the New York Constitution, for example; city and county pensions in New York, not.

Interesting, but haven't we lost the original question -- which was, if you recall, Will Stockton's retirees be amongst the screwees if (when) Stockton files for Chapter 9(?) bankruptcy?

The pain is Spain... Spain Scraps Election Pledge as Worsening Slump Hits Deficit - Bloomberg

Yep, and based on some of the conversations I've had with the local young people lately they're plenty brainwashed.

Gluten Morgen, meine freunde. Nice overnight Spanish 10y intervention.
SPANISH GOVERNMENT GENERIC BONDS - 10 YR NOTE Chart - GSPG10YR - Bloomberg 
See if you can see where TPTB stepped in.

Yep, and based on some of the conversations I've had with the local young people lately they're plenty brainwashed.

Yep, next time you speak with them CK tell them to consider killing the Tee Vee connection, it truly is worthless.

Silver and Gold just spiked...anyone?

Last month @ dinner/dance for horse & mule packers in the National Park there was a silent auction with about 40 items up for bids, most with a minimum and all had bids at or above the minimum bid with the exception of a perfectly good horse that couldn't garner the $100 minimum.

Nearly free ponies aren't all that, apparently

you call that a spike?

Ya wrong word, Silver and Gold just finish Nailed...anyone?

22 cent move in silver is a spike last time I checked.

shill wrote:

Silver and Gold just spiked...anyone?

BUY MOAR EUROZZZ!!!

glad to see Rep Charlie Rangel win...
even went to the trouble of mashing up a get out the vote bid for him...
YouTube - Rep Charlie Rangel Defends Sleazy Harlem Reign on Capitol Hill (cameo Michael Douglas)
...
odd, I know a Puerto Rican girl who went to work for Charlie right out of college...
she was soon very disillusioned. she found it corrupt and dirty... her words...

Will Stockton's retirees be amongst the screwees if (when) Stockton files for Chapter 9(?) bankruptcy?

I'm not a BK expert and don't follow CA politics. I was going by the article shill cited.

Stockton's city council voted six to one in favor of the 2012-2013 budget after a contentious five-hour meeting where angry retired city workers pressed council members to reject the $155 million spending plan. It proposes eliminating retirees' medical benefits to help fill a $26 million budget deficit.

Retired police department employee Geri Ridge said she fears not being able to afford health-care insurance.

"I don't have that kind of income," said Ridge, 56, noting she is concerned a large share of her $1,895 monthly pension payment could be consumed by large insurance costs due to her history of heart attacks

A "medical benefit" dollar= a pension dollar= a Fed discount window loan dollar last I checked. BK redistributes wealth from Stockton's creditors to Stockton's future taxpayers. It uses BK procedure instead of ordinary contract law or other local law. It tends to screw those who can't afford $1000/hour BK lawyers. That's why the guarantee is in some State Constitutions, for what that's worth...

I use to live through Broward now I have the

My use is ironic, Duke. Wake up.

a 3/4's of 1% move is a spike?

Nice alternative universe you're hanging out in, shill.

1 currency now -yogi wrote:

Wake up.

bad week to give up smoking Angel Dust.

Jd, nasa does thst, & it usually works, but the do have booboos from time to time. Mucho smoke got in a blding a few months ago. But no fire.

lawyerliz wrote:

No 10 at least.

I'm not so sure...

anyone want to hear any Nora Ephron stories?
got a good one that's right out of All About Eve (in this Nora plays Margo Channing...)
...
naw... I'll save it for the late night...
is ready to go

We await the summit on Thursday. Next week we will have the apex. After that comes the pinnacle. Then the acme. The vertex. Topping it off with the vortex.

Outsider wrote:

We await the summit on Thursday. Next week we will have the apex. After that comes the pinnacle. Then the acme. The vertex. Topping it off with the vortex.

And at each one, of course, a gourmet meal and fine wine will be served. At taxpayer expense, naturally.

And decisions will be made. Important decisions. Earth shattering decisions. Which will be delayed in announcement until the next meeting because of their hugeness.

(sorry, it just gets absurd after a while)

Speak for yerself. I'm timeless.

Immortal? A Greek god? Aren't we all (on the internet).

Outsider wrote:

Immortal? A Greek god?

But his robe is full of moth holes and is itchy.

Outsider wrote:

And decisions will be made. Important decisions.

Brie or Swiss? Beluga or Sevruga? Debt or more debt?

Most mountain climbing accidents occur after reaching the summit, on the way down.

Thanks yogi. And you are correct. The healthcare thing is not something that pension funds cover. And it is a big deal. Especially if Stockton employees do not pay into Medicare and therefore will not be eligible for it unless they qualify from other employment. My impression, could be wrong, is that some government entities participate in Social Security/Medicare and some don't.

BTW, IMHO, the three biggest long term problems the US faces are healthcare costs, inadequately funded pensions, and the destruction of our flimsy safety net by right wing scoundrels and airheads.

You lost your watch AGAIN?

Guess we've exhausted everything there is to say about mortgage apps.

Hearing those three vaunted 'merican names makes me wanna pull out my Brooklyn Dodgers cap.

I'm going with coal FTW Alex!

Yes, I do recall mp makin' a stink about the LIBOR manipulation. And sure enough :

Barclays Settles Regulators' Claims Over Manipulation of Key Rates - NYTimes.com

So they settle, pay a paltry fee. Has anyone attempted to assess how much they benefited from the manipulation? One can pretty safely assume it was more than $450 mil. But how much more? Check the comments out in the article. All point to the same thing....we always fail to prosecute, and turn criminal misconduct into a simple profit loss calculation - hell why not set up a whole operation based on this? Wait....they're called banks.

Maybe the corporations can bail out the sovereigns. "Grover, you remember JP from the club..."

GDD9000 wrote:

turn criminal misconduct into a simple profit loss calculation

BINGO and why it will not change until there are painful, immediate consequences.

I know, not.gonna.happen.

All your mortgage applications are belong to us. (FNM FRE theme song, circa 2011)

The unfortunate part is that the easy way of linking this to ordinary people is through the reference rates on ARM's. This means that the manipulation looks on the surface to have been beneficial.

California city to become largest to file bankruptcy - CNN.com

I remember when...

New Risk in Municipals After Bridgeport's Bankruptcy (1991)

20+ yrs. ago. Nothing ever changes.

The mix of mortgage apps is reversed from last year. Last year it was purchase apps. This year re-fis. The headline number will get all the ploay but the purchase index was horrible.

adios
and yes, President Obama remains a war criminal at large.
...
here's a great line on Holder.
...
The problem is not primarily a matter of ideology. Holder is the critic of enhanced interrogation who defends the use of killer drones against U.S. citizens. He is the enemy of indefinite detention at Guantanamo Bay prison who has institutionalized indefinite detention at Guantanamo Bay prison. His views seem to conform exactly to the contours of the president’s political requirements at any given moment.
"Like a cushion,” David Lloyd George is reputed to have said of one opponent, “he always bore the impress of the last man who sat on him.”

May pending home sales surge 5.9% to reach two-year high, Realtors data show

GO HOUSING!

Go housing, or go home. Wait....scratch that; reverse it. Wait...

fargin corksucker !!!!

Thanks liz, he's hanging in there.

How's your hub and mom?

end up not applying because the prices are too damn high!

who needs mortgages when we have an infinite supply of cash buyers ...

I don't know who deserves to win. I just want to remind that you can't very well come whining to mommie for BK protection against the union thugs then tell the NLRB or the EEOC to butt out of local affairs.