Waiting for the Other Shoe to Drop
Tuesday, August 26, 2008 | 04:30 PM | Permalink
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I just read an article where mortgage fraud was up 42% in Q1, YOY. I wonder how much of that ended up on FNM & FRE balance sheets. With them in the condition their in and all....
Posted by: Pat G. | Aug 26, 2008 5:02:16 PM
Surprise! Income Rises (In 2006 from 2000)
I'm surprised you did not debunk this NYT article. Something is fishy here. AGI rose as wages stagnated? How? Cap gains?... LimIdiot is touting this article as proof of a GREAT BUSH Economy. AGI rose while wages stagnated....means lower middle to lower incomes saw wages decline/stagnate as upper income increased income due to investment gains..Lower income people have little to no investments, thus no gains....
Really, economic crashed happen when all the money in the system has risen to the top, bu t the wealthy capitalist keep mass producing goods for the masses to buy. But the masses have no liquidity to purchase these goods leading to deflation in the longer term. Econ inequality leads to economic/social destruction/instability... This needs to be fixed.... Is the Ave. Joe to enjoy the crumb of the rich? Trickle down economic?
$$$$ Sheik
Posted by: John Doe | Aug 26, 2008 6:25:15 PM
Here's a teeny-tiny shoe in comparison, but a shoe nevertheless.....
http://www.thestreet.com/story/10434750/1/large-homebuilder-may-be-near-bankruptcy.html?puc=newshome
Posted by: Jeff M. | Aug 26, 2008 6:26:16 PM
heh! That's a nice one.
Barry, I think you should add "cartoon" as one of your category taglines.
Posted by: jason in charlotte | Aug 26, 2008 7:50:52 PM
Tuesday Evening - 7:49PM EST
God, I miss the Olympics!! It certainly was nice while it lasted.
I'm sorry, let me clarify....Don Luskin is a fucking asshole!!
Sorry for the confusion.
Posted by: BG | Aug 26, 2008 7:53:35 PM
BG,
i like you style....chuckle
$$$ Sheik
Posted by: John Doe | Aug 26, 2008 8:04:54 PM
Dennis Kucinich at the DNC: Wake Up America!
http://www.youtube.com/watch?v=C4EN7ibO1ec
Not a big fan but Congressman Dennis Kucinich was just on the stage and boy was he hitting it out of the ballpark !
Posted by: km4 | Aug 26, 2008 8:05:38 PM
Looking good for me bought Fannie 3 days ago and sold $5 option @ $6.20. That sucker might even get into the money, lol, lucky for whomever is holding em.
Gov't not likely to let FNM and FRE go down to nothing. Too many other banks and financials are already in trouble.
It fits the definition of systemic risk.
Posted by: John Borchers | Aug 26, 2008 8:22:10 PM
Fannie won't fail...Pesek is probably right.
http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_pesek&sid=aqu59cnYfsFY
Asia is About to Give the US a Kick in the Fannie...William Pesek.
Bruce In Tennessee
Posted by: Bruce | Aug 26, 2008 9:59:46 PM
Sorta' like livin' in the late '50s to the mid '60s waitin' for the times to change. Now I'm hearin' a Presidential candidate's wife give a speech where she sounds like a cross between the mothers on the TV shows "Father Knows Best" and "Leave It to Beaver". Nowadays a political convention is just another TV show. Phraudy and Phony are signs of the times. That smug little view of home in America is gonna' change due to how homes have been financed, tax advantaged, leveraged by financial institution alchemy, subject to distortion by political lobbying, and political cronyism by Democrats. A whole lotta' shoes' gonna' drop here!
Posted by: sanjosie | Aug 26, 2008 10:05:39 PM
well now sanjosie you should have listened to Mark Warner who was very smart with powerful messages on what the US needs to become and soon or else risk falling further behind the rest of the world.
Perhaps this would have vectored you out of your time warp ;)
Posted by: km4 | Aug 26, 2008 10:29:55 PM
What will happen to Fakie and Fruadie if the government nationalizes them? Will rates come down? I think this is the next big shoe to drop on the housing market, large interest rates. This would keep even more buyers away.
Posted by: GB | Aug 26, 2008 11:17:19 PM
km - I listened to Warner. Can't anyone give a political speech anymore? Too much talking about "me". Seems like he didn't know where he was. The Happy Warrior, Hubert H. Humphrey, could deliver a barn burner of a political speech. Surprisingly, Hillary delivered a "real" political speech. If she'd done that from the start of the campaign the outcome would have been different.
Too bad McCain is so out to lunch on the economy.
Whoever is elected faces a tough slog, history will likely find little good to say. Too bad for us all.
Fannie and Freddie fall not only on the housing market in the cartoon, they fall on the entire financial system.
Posted by: sanjosie | Aug 26, 2008 11:30:55 PM
why didn't we listen to barney frank back in 03. he was right on the money as usual
Posted by: pkut | Aug 27, 2008 8:23:00 PM
