1
Finding a stargate would suck, unless the Air Force could keep it away from this administration.

2 Even the 1000 point Dow drop is being nicely papered over by the lamestream "financial" press. Similar crashes in 1987 meant the end of the world, to say nothing of 2008.

3 Does anyone believe a single thing that this adm says anyway?

4

Finding a stargate would suck, unless the Air Force could keep it away from this administration.

LOL'ed.

 

5 1
Finding a stargate would suck, unless the Air Force could keep it away from this administration.

Posted by: Dang Straights at May 10, 2010 11:14 AM (fx8sm)

If we find a Stargate, how they send Joe "The Sheriff" Biden through first. Any extra-terrestrials  will assume Earth could never develop intelligent life.

6 Down over 1/10th of a percent!!  Holy shit!  Obama has worked another miracle!!

7 "... slipped 6.77 percent, from 6.89 percent ..."

These numbers seem to be very precise, so precise in fact that they look like they might actually indicate rounding errors, extra digits from a calculator, i.e. bullshit.

How valid is the precision shown?

8 2 Even the 1000 point Dow drop is being nicely papered over by the lamestream "financial" press. Similar crashes in 1987 meant the end of the world, to say nothing of 2008.

Posted by: Curmudgeon at May 10, 2010 11:15 AM (ujg0T)

I read an analysis of the drop on the Elliot Wave site. There was no big crash, the DJIA fell in a controlled fashion. It was not an entry error in the PG stock trade.

9 Or it might be a sign that people used their tax return $$ (assuming they had jobs/income) to get their mortgage caught up.

10 Down over 1/10th of a percent!!  Holy shit!  Obama has worked another miracle!!

Rounding error or possibly not enough accountants have a job any more so shit goes unaccounted.

11

Euroweenies love their socialism but are offended to find out that it costs money.

Says one eurozone zombie,  "What?  You Yanks aren't going to pay for my stuff?  Capitalist pigs!"

http://tinyurl.com/2wfd3hu

 

12 7 "... slipped 6.77 percent, from 6.89 percent ..."

These numbers seem to be very precise, so precise in fact that they look like they might actually indicate rounding errors, extra digits from a calculator, i.e. bullshit.

How valid is the precision shown?

Posted by: Arbalest at May 10, 2010 11:17 AM (BqSr3)

I am United States Senator John Yerkes Iselin, and I have here a list of two hundred seven persons who are known by the Secretary of Defense as being members of the Communist Party!

Precise numbers mean it must be true in 99.567% of the time.

13 How valid is the precision shown?

Math is hard.  Let's go shopping with the money you saved by not paying your mortgage!

14 To get down to 6.77% from 6.89%, and assuming no new delinquent loans, banks had to foreclose on only approx. 1.75% of their delinquent loans between quarters. Highly likely. Kudos to this administration.

15 O/T - Word's out that Dingy Harry called Charlie Crist last week to start courting him for his vote as majority leader.  Whos' more delusional here, Harry or Charlie?  Harry's office doesn't want to talk about it since it would tick off the black caucus members because the dem candidate is Kendrick Meek, a black guy.  Heh, heh, heh.  http://hotairpundit.blogspot.com/

16 "Finding a stargate would suck, unless the Air Force could keep it away from this administration." Have Barry give a speech in front of it and hit the DHD...

17 Or it could be a sign that after the holidays, people are trying to pay their mortgage. Most people are gonna want a "no present" Christmas for their kids.

18 banks had to foreclose on only approx. 1.75% of their delinquent loans between quarters. Highly likely.

That Stargate under home plate is looking more likely all the time...

19 I don't know why the President would say that about himself. Sock-puppeting is hard...

20 Or it could be a sign that after the holidays, people are trying to pay their mortgage.

Yea, go with that.

21

Does anyone believe a single thing that this adm says anyway?

Yes.

Ex, I believe Obama really thinks that cops act stupidly. I believe Incompetanto thinks the system actually did work. And I also believe Holdren really thinks we are a nation of cowards.

22 They are talking 1/10 of 1%, any semi-rational explanation could apply.

23 I'm expecting something like this in the local rag tomorrow... "...Elementary school GLBT club has raised over $300.00 by selling eco-friendly reusable shopping bags at busy intersections. This queer culture/green-jobs success story is being credited for a 400 point surge in the Market on Monday...."

24 I'm sure these rocket surgeons will consider the forclosed homes being auctioned off as a surge in new home buying.

Oh well ... it's good news for those of us who have assets instead of jugged up credit cards.

25 They are talking 1/10 of 1%, any semi-rational explanation could apply.

Is that even distinguishable from noise?

26

semi-rational explanation

In my opinion the media and this administration blew past semi-rational a year ago and has been hanging out in bat shit crazy ever since.

I blame the sheeple who believe this type of news without analyzing it. They will bring this country to its knees with their stupid behavior eventually.

27 Silly. Everybody knows the Stargate is in the Holland Tunnel leading into New York.

Have you ever counted the cars going in versus which go out? Just saying.

28 Hey I know this is way O/T, but doesn't Obama's SCOTUS pick look like Dick Morris with longer hair?

29 Please bring back Mickey Mantle with that stargate thing. The only thing he didn't put into his body was PED's!  We need role models like that again.

30 the housing market is great where i live. then again we didn't ride the bubble up, do we didn't have to ride it down as well.

31 26

semi-rational explanation

In my opinion the media and this administration blew past semi-rational a year ago and has been hanging out in bat shit crazy ever since.

I blame the sheeple who believe this type of news without analyzing it. They will bring this country to its knees with their stupid behavior eventually.

Posted by: ParanoidGirlInSeattle at May 10, 2010 11:35 AM (RZ8pf)

I see the scenario playing out like this:

1. Obami crashes the system

2. Major rioting in all cities (No food, no power, no police)

3. All fat-ass Union dudes who only can drive to the 7-11 for substance die off

4. Major party

32 19 I don't know why the President would say that about himself. I blame a gate accident. That's what it usually is. And some bunch of science stuff Carter goes on about that I have no clue about. Oh, and check the beard. That's usually a good sign.

33 Please ignore the previous post. We have evil time clone twin...things...again. Last time we let Rodney tune up the DHD.

34 I'm sure these rocket surgeons will consider the forclosed homes being auctioned off as a surge in new home buying.

Something is going to surge when many of those joints are finally dumped.  There's a 150 house development about 8 miles from me that's only at about 10% occupancy right now.  The places sold in the $300K range originally, they can be had for well under $100K now.  Of course all the wiring, plumbing, copper A/C piping and aluminum cores were stripped/scrapped out long ago by thieves, so you're buying an empty shell that needs everything.

35 Really, when you consider it, these numbers mean absolutely nothing. Unless you detail the number of homes that became delinquent between quarters, less the number reduced by bank repossession (and those removed from the list because they became current), you have meaningless numbers.

36 Really, when you consider it, these numbers mean absolutely nothing.

That's pretty much been the theme since Obama's ascension.

37 If somebody finds the stargate, please send Apophis the fuck back to wherever he came from.

38 Yeah, things have really turned around.

Fannie Mae requested another $8.4 billion from the federal government on Monday, saying that due to trends in the housing and financial markets, the company expects its deficits to continue. Â…

The request cames just four days after Fannie’s twin Freddie Mac also asked for a handout – to the tune of $10.6 billion – after posting an $8 billion quarterly loss.

39

we got a better chance of finding a Stargate buried under home plate at Yankee Stadium tomorrow.

But I thought Jimmy Hoffa was buried under home plate of Yankee Stadium!

40 The old Yankee Stadium or the new Yankee Stadium? Or both?

41

Kim Jong-Obama: "Your technology and information is eeeviiillll!"

"Ignorance will free you!  Look at me!"

42 But I thought Jimmy Hoffa was buried under home plate of Yankee Stadium!

Jimmys under the end zone at Giants Stadium.

43

whoops - Link to last comment.  http://tinyurl.com/398yv7l

 

44 due to trends in the housing and financial markets, the company expects its deficits to continue. Â…

The trends acted stupidly

45

Saw a comment on Mish's site about how computer trading could have set off last Thursday's 1000 point drop....

 

Max Kaiser just came out and said the same thing I posted here Thursday after the crash. Are we both wearing tin foil hats?  
 
“May 6th was an unequivocal act of domestic financial terrorism in America. A day that will live in infamy.  
 
To scare the lawmakers, themselves large owners of the very banks and stocks that they are supposed to be regulating, a financial Weapon of Mass Destruction was put to their head and they acquiesced.  
 
As the inventor of the continuous double-action, market-making technology (VST tech. US pat. no. 5950176) that is referenced 132 times by program trading and HFT patents since 1996, I can tell you that Goldman, JP Morgan and the gang simply pulled the ‘buysÂ’ from their computer trading programs and manufactured a crash. And when the coast was clear, and it was clear the politicians were not going to vote for anything that would break up the ‘too big to failÂ’ banks; all the Â’sellsÂ’ were pulled from the computers and the market roared back.  
 
This is a Manchurian Candidate market where program trading bots start the ball rolling in whatever direction Wall St. wants the market to go – and then hundreds of thousands of day-traders watching Cramer on CNBC jump on the momentum bandwagon and commit the crime for the Wall St. financial terrorists, who then say, ‘It wasn’t us, it was ‘the market!’”

 

Globaleconomicanalysis  dot   blogspot   dot com

Story:  Shock and Awe Part II; Show of Force Rises to $962 billion; Fed Joins the Battle; Short Squeeze Coming, Then What?

46 Finding a Stargate today would mean that Apophis controlled it.

(Come on, I can't be the only one who sees the resemblance!)

47 40 The old Yankee Stadium or the new Yankee Stadium? Or both?

The new Yankee Stadium is just a facade.  It's actually a seal for a mini-black hole that was found in the Bronx a few years ago.

Anybody have data on how foreclosures are trending?

48 I bet CBS helps these #'s go up next quarter. I know this is going to lose me whatever moron street cred I have here at AoSHQ, but did anyone watch the "60 Minutes" segment last night on people walking away from home mortgages not because they can't afford the payments, but because they are upside down by 50+%? I think CBS may have unintentionally hurt the Obama admin by broadcasting how easy it is to have no guilt or shame in walking away, even if you're not in financial trouble.

49 I read an analysis of the drop on the Elliot Wave site.

There's your first mistake.

50

 I bet CBS helps these #'s go up next quarter.

I know this is going to lose me whatever moron street cred I have here at AoSHQ, but did anyone watch the "60 Minutes" segment last night on people walking away from home mortgages not because they can't afford the payments, but because they are upside down by 50+%?

I think CBS may have unintentionally hurt the Obama admin by broadcasting how easy it is to have no guilt or shame in walking away, even if you're not in financial trouble.

If you are under by 50 percent you might as well walk away. what have you got to lose? It's not about shame, its a wise business decision. Your home isn't going to go up 50 percent any time soon, probably not even by the end of your 30 year mortgage

51 Thank You everyone...Thank You. I have solved the George Bush Housing bubble all by myself.... No thanx to the racist, homophobic, Hispanic hating, evil, mean, rich white honky's on wall street. I am the greatest president since Ronal Reagan and his weak presidency.

52 Anybody see our new SCOTUS nominee's pic on Drudge?

53

I think CBS may have unintentionally hurt the Obama admin by broadcasting how easy it is to have no guilt or shame in walking away, even if you're not in financial trouble.

Guilt and shame are so early 20th century.  The real question is, where are they going to live and why should they ever be able to borrow money again?

54 Don't discount the effect that Extreme Home Makeover is having on delinquent mortgages.

55 53 BEAST.

56 It's morning again in America!

57 O/T:  Another reason I won't answer the door when the bots come a'knockin...

Fake Census Worker Murders Homeowner

(via Daily Caller)

58 Speller: One guy interviewed, who admitted he could make his payments, said he stopped making his payments, and would probably be able to stay rent free for several months. After which, the money he saves by living rent free would rent a nice home for years. During those years he would sock away the money to buy a house in a few years with a large down payment. The bank takes his loss. Voila!

59 53 Anybody see our new SCOTUS nominee's pic on Drudge?

Posted by: dagny at May 10, 2010 12:00 PM (L8WVQ

Shes a rather masculine nominee.

 

60 Posted by: snapdragon at May 10, 2010 12:05 PM (5Etcj)

I never did like "Patience" much.

61

After which, the money he saves by living rent free would rent a nice home for years.

I guess he doesn't think that inflation might hurt his well laid plans or that the folks who hold his mortgage watch TV.

62

Anybody see our new SCOTUS nominee's pic on Drudge?

 

as i said above. She looks like Dick Morris if he put on another 30 pounds and grew his hair out

63

Shes a rather masculine nominee.

The image of Kagan and Sotomayor getting it on is disturbing.

64 There are houses all over the place in Dallas that are empty, unkept, and not lived in by anyone. Yet, no realtor signs, no bank repo signs in the windows, nothing to indicate that they are REO. The money-grubbing banks have them off their books, and as long as they don't have to actually foreclose, judicially or  otherwise, everything is hunky-dory. But there will come a reckoning, oh, yes, and it will suck. As someone very famous once said, in the end there will be only chaos.

65

Shes a rather masculine nominee.

She makes Rosie look petite and delicate.

66 And it looks like I should have read down to MikeO's comment at 37 before I made mine.

67 Anybody have data on how foreclosures are trending?

I posted some on this last month.  Short form - they're spiking hard. 

68

Speaking of Frannie and Freddie:

"At the end of 2009, their total debt outstanding--either held directly on their balance sheets or as guarantees on mortgage securities they've sold to investors was $8.1 trillion.  That compares to $7.8 trillion in total marketable debt outstanding for the entire U.S. government.  The debt has the implicit guarantee of the federal government but is not reflected on the national balance sheet...

According to a 2004 CBO study, the two GSEs enjoyed $23 billion in subsidies in 2003--primarily in the form of lower borrowing costs and exemption from state and local taxation.  But they only passed on $13 billion to home buyers.  Nevertheless, one former Fannie Mae CEO, Franklin Raines received $91 million in compensation from 1998-2003.  In 2006, the top 5 Fannie Mae execs shared $34 million in compensation, while their counterparts at Freddie Mac shared $35 million.  In 2009, even after the financial crash and as these two GSEs fell deeper into the red, the top 5 execs at Fannie Mae received $19 million in compensation and the CEO earned $6 million.

This is not private enterprise--it's crony capitalism, in which public subsidies are turned into private riches.  From 2001-2006, Fannie $123 million to lobby Congress--the second highest lobbying total (after the U.S. Chamber of Commerce) in the country.  That lobbying was complemented by sizable direct political contributions to members of congress."

Robert G. Wilmers, Chairman and CEO of M&T Bank Corp. in a speech at the company's annual shareholder's meeting last month.

69 66

Shes a rather masculine nominee.

She makes Rosie look petite and delicate.

Posted by: dagny at May 10, 2010 12:11 PM (L8WVQ)

HeHe..Rosie Petunia Odonnel 

70 You're right about the banks lowering the foreclosure boom. My son was "working" with bank of America to save his home. He dutifully did all they asked for and made an adjusted monthly payment for three months. After three months they said, sorry you don't make enough and started foreclosure proceedings.

71 There is no doubt to me that the stock market is being manipulated.  Goldman has first zero loss days in 1Q.  First time in history.  What are the odds of that?  How anybody could fairly value a company using traditional methods in this environment is beyond me.

PS - 6.77% in 60 day delinquency is not good news, no matter the previous rate.

72 I believe I read last week, and I can't remember where, that Bank of America was going to up their mortgage forclosures nationwide from the current 7.5k to 45k.
A month.

Wish I could remember where I read that.

73 This is easy to understand:

1. Tax returns, people getting caught up on their mortgages.
2.  The $8,000 tax credit for home purchases, this one for all homebuyers not just first-time homebuyers, which allowed some sinking mortgage holders to get out of a bad deal and into a different house.

And to think all this only caused the rate to fall by 0.1%, and the rate is still over 1% higher than before the crash.

This isn't a success, it's a failure.

74 The places sold in the $300K range originally, they can be had for well under $100K now. Of course all the wiring, plumbing, copper A/C piping and aluminum cores were stripped/scrapped out long ago by thieves, so you're buying an empty shell that needs everything. An empty shell for $100K? Sounds like a bargain the administration can't resist. Maybe Barry will buy them out of his stash and reward his voters.

75 Avenger hits the mark once again. I am impressed with your knowledge of financial markets and your ability to see thru bullshit.

Currently, the only Mf'er I trust is Peter Schiff.  That's why Schiff is so feared. Dude tells the truth and he takes the makeup off these pigs and makes them look stupid as they scramble to justify their lies.

I have watched these half truths for nearly three years now. All truthful news gets discounted and dismissed. Anything that can be spun "positive" with omissions and half truths gets disseminated. They do that because they get away with it.

Some of the time.

76

Good news!  All the mortgages in Detroit are now CURRENT!  We repeat:  0% delinquency in Detroit?

In completely unrelated news, Detroit has experienced a 3000% increase in "urban farmland," following the siezing, condemning, and razing of all previously-delinquent mortgages.

And, after the break:  I ad lib a teaser!  Wait...what?

77 Sweet. MFM we can count on!

78

"Obama Advisor Barbie"

Heather, not sure if you actually knew of the existence of this or not...but for her birthday in 2008, my daughter received the President Barbie doll.

I still snicker whenever she plays with it.  Barbie 2012!  Like she'd do any worse!

79 Gotta love those benevolent Democrats like Al Gore who just bought a quaint $8.75M palatine cottage in Montecito to help out with the stats.
Doing their part for the little people, they are. I'm all chocked up. (sniff)

80 There's a 150 house development about 8 miles from me that's only at about 10% occupancy right now.  The places sold in the $300K range originally, they can be had for well under $100K now.  Of course all the wiring, plumbing, copper A/C piping and aluminum cores were stripped/scrapped out long ago by thieves, so you're buying an empty shell that needs everything.

Posted by: Purple Avenger at May 10, 2010 11:39 AM (594zD)

You need new digs, mate

81 Don't forget that all the tax returns are starting to come in now as well.

82 I have just forced Gorden Brown to step down as PM of the UK and I appoint my Chewbacca, I mean Michele the new PM of the UK. Once again I have saved the world and Europe !!!

83

Donna - we're getting a similar snowjob from one of our credit cards.  They put us on a hardship plan for the last year, with a reasonable APR and a minimum payment that didn't do much for the principal, but kept us in good standing with them, and helped keep at least one clean spot on my credit report.

That year plan just finished.  CONGRATS TO US!  Now we're at default APR (29%!) and there are no options to re-enroll.

All these year-plans are just staving off the inevitable.  We're probably going to close the account, which is exactly what we were hoping to avoid when we got onto the plan.

All told, I expect little sympathy for my situation, and offer little to anyone who got in debt over their heads.  You signed the back of the credit card, you should've known what you were getting into bed with.  I did, and I took the risk.  The wife and I got sloppy with our montly finances, and now we're getting burnt.  I openly admit:  I spent the money.  I should pay it back.  And we're trying to do so.

84 I openly admit:  I spent the money.  I should pay it back.  And we're trying to do so.

Posted by: reason

Good luck to you.  I respect you.  If only we had more people like you.

85 FYI: TransUnion is now owned by Friends of the Democratic party and mega friend of Barack Obama.  Penny Pritzker and family.

86 I openly admit:  I spent the money.  I should pay it back.  And we're trying to do so.

Can you qualify for a new card and transfer your balance?  Anything to buy yourself 12 months of no interest on balance transfers could help you reduce your balance.

I'm in the process right now trying to get bailed out banks to compete for my balance.

87 Guess who is going to start buying US real estate assets again?

If you guessed everyone in the world you are correct.

The Euro is going to get killed over the next two quarters.  There's going to be a flood of new capital moving to US dollar denominated assets that aren't Treasury securities.

88

"If only we had more people like you."

Hopefully, with time, there will be one more.  We are working very hard to teach my 20-year-old stepdaughter personal accountability, hoping she might learn from our mistakes instead of getting lured in by the same siren songs of "no interest until 2015!" and whatnot.

89 PA, would you happen to be going to a trade show next week?  Web content about the one I am going to shows some overlap on the tech subjects you've posted in the past.

90

"we got a better chance of finding a Stargate buried under home plate at Yankee Stadium tomorrow."

Naw, they already looked there.

91

Math. 

Thank God shoveling 787 billion dollars to ACORN and choo choo trains has saved us from having unemployment go over 8%.,

We should be THANKING HIM!!!

92

"Can you qualify for a new card and transfer your balance?  Anything to buy yourself 12 months of no interest on balance transfers could help you reduce your balance."

My credit is absolute shit.  Can they go into double-digits? 

93 My credit is absolute shit.

How "shit"?

I just found out over the weekend that what I thought was shitty credit for myself is actually based on TransUnion having a bunch of false information in my credit file.  Equifax and Experian say my credit is sparkling.

I was going to pursue TransUnion on my own, but I've got records that show their facts are in fact false.  So I'm calling lawyers instead.  Suck it Pritzkers.

94

"Suck it Pritzkers."

Yeah, that's some pretty shady shit right there.  Oh wait, I mean...UNPRECEDENTED!

I don't remember what my FICO was, but my wife pulled both of our credit reports a couple months ago from Experian.  Heavily (and accurately) decorated with 30s and 60s over the past two years.  Some accounts closed by us, others closed by the issuers.

In defense of my honor, none of them are charged off, and I don't believe that anything ever went 90...

95 The "closed by issuers" is what TransUnion says about lines of credit that I closed.  This is where I'm considering the legal route just to pad some lawyer's pockets with Pritzker cash.

96 Huh. Locally notices of default (the first step in the foreclosure process) have been spiking up in the last three weeks. They're running at about the same level as the last peak in 2008, during the subprime crash. The median price has been going up, but same-house prices are still dropping, based on sales of similar models in subdivisions over time. I still think there won't be a bottom in housing until 2011 or 2012.

97 Go get 'em, WTF.

98 This might be the first sign that "subprime" mortgages are leveling off, but unfortunately after the "subprime" mortgages are the  "Alt-A" and "option ARM" mortgages which are about to "reset" their mortgage rates.

99 I want to wish President Obama a Happy Birthday. We love you and Michelle. 

100 PA, would you happen to be going to a trade show next week?

Nope.

101 OK, if I read the tea leaves correctly, there is a stargate under home plate at Yankee stadium. Cool! Who knew? I am not a baseball fan, but maybe it will come in handy some day. You never know when getting out of this galaxy might just be the right thing to do! I'm thinking there is probably a hell of a line by now though. I say we just flip the dial randomly, and shove the Cipher-in-Chief teleprompter genius through the gate. Maybe we will luck out, and return him to his planet! It is not like anyone really knows where he is from exactly. Apparently we are supposed to believe he is spending over a million for absolutely no reason at all. Sure, I do that all the time. I do not have the money, I just pretend. It works for me just as well, and saves me a fortune! Don't we all have spare millions. Don't we? Hell, what am I doing hanging with you losers. We will have to destroy that gate, before they send him back though! We will like have to have a plan or something! A downright devious one to boot! I suppose that we might be harming an alien civilization, but tough titties! Somebody has to take one for the team! If it is some aliens we never even heard of, so much the better! I care about unknown aliens as much as the next guy. OK, maybe that is nothing to write home about, but we are sending this guy to another galaxy and burning the gate after him! What could go wrong? Galactic chaos? We are in a desperate situation here. We may break a few eggs! I say we have to take some chances! If not now, when?

102 IP = 59.175.0.62

103 IP = 115.193.175.154

104 blue led watch blue led watches watch pimp pimp watch