-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
| IP: Logged |
i'm not letting go till it really runs, i'm not thinking about selling before forty or fifty. if China gets to buying gold? we'll see it in year or two...
glad you made it thru the fires OK surf.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
quote:Originally posted by glassman: well Rimasco you there? or did you take the rest of the year off...
DOW down 340 with about 15 minutes to go...
Ive been really busy with all the volatility. Its so hard to hold these things short. I pretty much gave up and just look for bounces. Unless I see something ideal like CROX.
I shorted BIDU the other day got my ass handed to me.... now look at it
dude, unless you are running some serious analytical trading software, you are not likely to end up happy right now.
the reactions i've been seeing are crazy. CROX? cramer said CROX went up cuz of the new SHO rules and then when everybody covered they came in under analysts estimates... who the hell wears those things anyway? ...
take a look at BID for along play tomorrow...
they failed to sell a Van Gogh and the pps tanked?
Sotheby's Morning Art Sale Totals $34.8 Million, Below Estimate November 8, 2007 16:42 EST -- Sotheby's 3 1/2-hour morning sale of Impressionist and modern art totaled $34.8 million today in New York, below the $37.9 million low estimate and down more than a third from $58.7 million at a comparable sale in May. http://www.bloomberg.com/apps/news?pid=conews&tkr=BID:US
i guess the middle easterners or the Russkies aren't Van Gogh fans huh? LOL...
BID looking good
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
quote:Originally posted by glassman: so imake are you having fun in this market?
i am not doing anything aggressive. i am enjoying the show for now.
if we end the year 8% up I'll be surprised, but i think we'll still end the year up more than 5%.
our gas prices are going up a nickel a day in our area.... IMO? if we hit 4$/gallon national avg? the recession be "on"
I hear it's going to be $4 next summer. Prices just topped an all time high around here, and that was after Katrina hit("George Bush hates back people")...And I haven't heard of any damn hurricane hitting the U.S. this year!
I also hear that they are breaking even at $27 a barrel of oil, and here they are sitting on around $100?!?WTF!
Posts: 2634 | From: The highway | Registered: Feb 2004
| IP: Logged |
posted
within 10 years your loan will most like go through the government, thats the way they want it, absolute control, no competition
wall street journal last week...80% of mortgage lenders form 1 year ago are no longer in business....WOW 80%, can you imagine this drastic change in any other large industry within 1 year
THIS IS GOING TO SEVERELY IMPACT THIS COUNTRY !
and it is not nearly over
Freddie Mac and Fannie Mae are getting crushed
there will not be as many new homeowners in the future, nor ever again probably in this country!
our dollar is getting worthless, and big business is crumbling ie general motors wrote off $39 billion last week
THIRTY_NINE BILLION DOLLARS- how will they recoup that?
and the midwest like other parts of the country are in ruin!
good job by the federal and state and local governments/and corporations- this country is one flush from going down the shi**er for good
posted
this mortgage meltdown should not have been such a surprise...
we had FBI mortgage fraud investigations as front-page news in Memphis when i first moved to MS in '04.....
the depth and breadth of it is the real surprise i guess...
it appears they just bundled the mortgages all together without sorting out the risk factors...
note the date on this one:
FBI warns of mortgage fraud 'epidemic' Seeks to head off 'next S&L crisis'
From Terry Frieden CNN Washington Bureau Friday, September 17, 2004 Posted: 5:44 PM EDT (2144 GMT)
WASHINGTON (CNN) -- Rampant fraud in the mortgage industry has increased so sharply that the FBI warned Friday of an "epidemic" of financial crimes which, if not curtailed, could become "the next S&L crisis."
Assistant FBI Director Chris Swecker said the booming mortgage market, fueled by low interest rates and soaring home values, has attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions.
"It has the potential to be an epidemic," said Swecker, who heads the Criminal Division at FBI headquarters in Washington. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.
In the 1980s, many Savings and Loans failed because of poor management, risky loans and investments, and in some cases, fraud. Taxpayers were left with a $132 billion tab to cover federal guarantees to S&L customers.
The FBI has dispatched undercover teams across the country in an urgent investigation into dealings by suspect mortgage brokers, appraisers, short-term investors, and loan officers, Swecker, flanked by FBI executives and Justice Department prosecutors, revealed.
In one operation, six individuals were arrested Thursday in Charlotte, charged with bank fraud for their roles in a multimillion-dollar mortgage fraud, officials said. The two-year investigation found fraudulent loans that exposed financial institutions and mortgage companies to $130 million in potential losses, they said.
Also Thursday, federal agents in Jacksonville arrested two people and executed seven search warrants in connection with an alleged scheme designed to defraud banks of $22 million, officials said.
The number of open FBI mortgage fraud investigations has increased more than five-fold in the past three years, from 102 probes in 2001 to 533 as of June 30 this year, the FBI said. The potential losses are staggering, and many financial institutions are cooperating with investigators.
Officials noted mortgage industry sources have reported more than 12,000 cases of suspicious activity in the past nine months, three times the number reported in all of 2001.
While the FBI described mortgage-related fraud as a nationwide problem, it said the levels of illegal activity are worse in some locations than in others.
States identified as the top 10 "hot spots" for mortgage fraud are Georgia, South Carolina, Florida, Michigan, Illinois, Missouri, California, Nevada, Utah and Colorado.
"It's bad in Georgia, the Atlanta area," said John Gillies, chief of the FBI's Financial Institutions Fraud Unit. "It was bad in the Charlotte area, but we've had a lot of undercover activity there that's helped push the problem into South Carolina."
quote:Originally posted by glassman: this mortgage meltdown should not have been such a surprise...
we had FBI mortgage fraud investigations as front-page news in Memphis when i first moved to MS in '04.....
the depth and breadth of it is the real surprise i guess...
it appears they just bundled the mortgages all together without sorting out the risk factors...
note the date on this one:
FBI warns of mortgage fraud 'epidemic' Seeks to head off 'next S&L crisis'
From Terry Frieden CNN Washington Bureau Friday, September 17, 2004 Posted: 5:44 PM EDT (2144 GMT)
WASHINGTON (CNN) -- Rampant fraud in the mortgage industry has increased so sharply that the FBI warned Friday of an "epidemic" of financial crimes which, if not curtailed, could become "the next S&L crisis."
Assistant FBI Director Chris Swecker said the booming mortgage market, fueled by low interest rates and soaring home values, has attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions.
"It has the potential to be an epidemic," said Swecker, who heads the Criminal Division at FBI headquarters in Washington. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.
In the 1980s, many Savings and Loans failed because of poor management, risky loans and investments, and in some cases, fraud. Taxpayers were left with a $132 billion tab to cover federal guarantees to S&L customers.
The FBI has dispatched undercover teams across the country in an urgent investigation into dealings by suspect mortgage brokers, appraisers, short-term investors, and loan officers, Swecker, flanked by FBI executives and Justice Department prosecutors, revealed.
In one operation, six individuals were arrested Thursday in Charlotte, charged with bank fraud for their roles in a multimillion-dollar mortgage fraud, officials said. The two-year investigation found fraudulent loans that exposed financial institutions and mortgage companies to $130 million in potential losses, they said.
Also Thursday, federal agents in Jacksonville arrested two people and executed seven search warrants in connection with an alleged scheme designed to defraud banks of $22 million, officials said.
The number of open FBI mortgage fraud investigations has increased more than five-fold in the past three years, from 102 probes in 2001 to 533 as of June 30 this year, the FBI said. The potential losses are staggering, and many financial institutions are cooperating with investigators.
Officials noted mortgage industry sources have reported more than 12,000 cases of suspicious activity in the past nine months, three times the number reported in all of 2001.
While the FBI described mortgage-related fraud as a nationwide problem, it said the levels of illegal activity are worse in some locations than in others.
States identified as the top 10 "hot spots" for mortgage fraud are Georgia, South Carolina, Florida, Michigan, Illinois, Missouri, California, Nevada, Utah and Colorado.
"It's bad in Georgia, the Atlanta area," said John Gillies, chief of the FBI's Financial Institutions Fraud Unit. "It was bad in the Charlotte area, but we've had a lot of undercover activity there that's helped push the problem into South Carolina."
i hope somebody investigates why the investigators failed to put a stop to it
------------------------------------------------
further proof of its intention, meltdown of the middle class, this didn't happen per chance- and all will pay, even those with great credit and financially responsible, as more homes go into foreclosure all homeowners( values continue to go down) and renters(as rents also will go higher) will lose
in detroit 1 out of every 33 homes is in foreclosure, this has a domino effect in the community that impacts both socio and economically that is devasting, especially to an area of the country that is very fragile to begin with ( ie detroit was rated the most dangerous to live in this past year)....what does that speak as people to allow this erosion and decay to take place and continue throughout this country, my deceased grandparents all born pre 1905 wouldn't believe what has happened in this country the last 25 years if they were still alive
we have many great people, just few great leaders
On this holiday be thankful for the many blessings, but also reflect on the times, and the poor fortunes of many in this country
posted
The two-year investigation found fraudulent loans that exposed financial institutions and mortgage companies to $130 million in potential losses, they said.
the sick part is that the financial institutions that bought those 100 million$ bundles turned them in to 2billion$ margin accounts and then proceeded to trade the crap out of them....
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
Yep. Most of my long range money is already shifted (retirement funds) still buying on the way down for the long range gains but the major capital is protected. I'll be looking to cap major buys beginning in Feb. In the meantime there are some big bottom plays coming. And I should be left holding some nice chips come next spring. Dats my thinking anyway.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
| IP: Logged |
posted
That's not surprising, why shouldn't it be down?
Not much a person can count on right now. A lot of folks are feeling behind the 8-ball.
Foreclosure numbers up here in Minnesota 2005 - 2700 2006 - 4100 2007 - estimated to be at 12,000 by years end.
They say a good chunk of these homes being foreclosed on were rented out which is hurting the rental market also.
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
| IP: Logged |
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
| IP: Logged |
posted
Fundamentals yes. Which ones actually deserve to be where they have been or came from over the last 6 - 7 years. Tic toc. TA better match up with the FA imo.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
| IP: Logged |
UBS Writes Down $10 Billion, Singapore Injects Capital
By Reuters | 10 Dec 2007 | 09:53 AM ET
UBS revealed a $10 billion writedown and an emergency injection of funds from Singapore and the Middle East, making it the biggest victim of the U.S. subprime crisis to date among major European banks. http://www.cnbc.com/id/22178101 -------------------------------------------------------------
Washington Mutual Cutting Dividend and Jobs
By JAD MOUAWAD Published: December 11, 2007
Washington Mutual, one of the country’s largest lenders, said yesterday that it would exit the subprime lending business, cut its dividend and eliminate 3,150 jobs.
In an effort to regain liquidity in the face of losses and bad loans next year, the company plans to raise $2.5 billion by selling convertible shares. It will reduce its dividend by nearly three-quarters, to 15 cents a share, from 53 cents. http://www.nytimes.com/2007/12/11/business/11lend.html
this chit is is beginning to stink.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
What do you guys think, are we gonna see another rate cut today?
If so, how much and is it a good thing or a bad thing economy-wise?
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
| IP: Logged |
Chunking an ice cube into a bathtub full of boiling water won't make it suddenly come to comforting body temperature, but time can.....
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
| IP: Logged |
quote:Originally posted by Jo4321: Well, it was a quarter point, and so far, the market is taking it as a bad thing. DOW just dropped about 150 points in 5 minutes.
up until the jobs report yesterday? everybody was expecting 50 basis points...
the jobs report came in too strong for a full half point...
nothing seems to add up anymore Jo...
i dunno where all the jobs are coming from...
except Xmas part-timers?
the jobs report came in at a "perfect" gain of 94,000 jobs for November - barely beating consensus by being neither too hot nor too cold.
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
| IP: Logged |