Daily Digest

Daily Digest - August 21

Friday, August 21, 2009, 9:37 AM
  • My Bad! Woman's House Mistakenly Auctioned by Bank
  • CNBC: 'Anyone Who Owns A Suit Can Come On Television' (Humor, The Onion, Seen on ZeroHedge)
  • Nassim Taleb: A Crazier Future (Video on page)
  • Problem Children Banks (List sortable click on header)
  • The Real Bull Market: Delinquent U.S. Mortgages Break Record AGAIN
  • After Hours With Nathan Martin - Episode 17
  • MachineHead: Universal Health Care - the 5th Banderilla
  • Ron Paul: Bringing Transparency to the Federal Reserve (Video)
  • Hoenig: Let Big U.S. Banks Fail
  • Peter Schiff on Warren Buffett (Video, H/T iDoctor)
  • Warren Buffet: "Here, let me reinterpret that..."

Economy

My Bad! Woman's House Mistakenly Auctioned by Bank

You know times are tough when people are getting kicked out of their house when it’s not even for sale.

That’s what happened to Anna Ramirez after she found all of her stuff out on the front lawn of her Homestead home last week and a strange man demanding she get out of his newly purchased house.

The eviction came after Ramirez’s home was mistakenly auctioned off to the highest bidder by her bank, Washington Mutual. Usually, you get a warning before you get the boot. A foreclosure letter. Maybe a sign saying your house is up for sale. Not Ramirez, who found her belongings bashed and battered in the street.

"This came out of nowhere," Ramirez said. "The bank took the house from right under my feet."

CNBC: 'Anyone Who Owns A Suit Can Come On Television' (Humor, The Onion, Seen on ZeroHedge)

CNBC has extended an invitation to anyone who owns a suit to drop by the financial news network and be a guest expert, cohost a show with Larry Kudlow, or do whatever. "Don't worry about what kind of shape your suit is in..."

Nassim Taleb: A Crazier Future (Video on page)

Problem Children Banks (List sortable click on header)

The Real Bull Market: Delinquent U.S. Mortgages Break Record AGAIN

U.S. “delinquent mortgages” increased by 65% in the 2nd quarter of this year from the total of a year ago, according to a report from credit reporting agency Transunion. In a remark more suited to “The Daily Show” than a news article, a Transunion representative said that the “good news” was that delinquent mortgages “only” increased by 11.3% from the 1st quarter. An 11.3% quarter-over-quarter increase works out to a 50% rise on an annualized basis – and this is being called “good news”.

After Hours With Nathan Martin - Episode 17

After the formal interview concludes we twist the caps off of a few more and have a casual conversation with Nathan about investing for an uncertain future and inflation vs. deflation.

 To check out Nathan

Please don't forget to submit 3-5 minute audio clips for an upcoming podcast made up of nothing but listeners submissions. Please be a part of this groundbreaking episode!

MachineHead: Universal Health Care - the 5th Banderilla

Banderillas are the barbed sticks used in a bullfight to weaken and eventually kill the bull. By my analysis, the old bull known as Uncle Sam has four deadly banderillas planted in his neck already, which are slowly killing him. Universal health care would be the fifth.

Ron Paul: Bringing Transparency to the Federal Reserve (Video)

Hoenig: Let Big U.S. Banks Fail

“Too Big Has Failed.”

Peter Schiff on Warren Buffett (Video, H/T iDoctor)

Warren Buffet: "Here, let me reinterpret that..."

This fiscal year, though, the deficit will rise to about 13 percent of G.D.P., more than twice the non-wartime record, or four times if one backs out the recent GDP statistical forgery offered by 'imputations' and 'hedonics'. In dollars, that equates to a staggering $1.8 trillionon a cash basis, and more than $5 trillion on a liability basis.

Fiscally, we are in uncharted territory utterly insolvent since there are no examples of government's racking up liabilities and debts exceeding 5 times current GDP that have ever done anything but completely destroy the currency of their nation.

Because of this gigantic deficit, our country’s “net debt” (that is, the amount held publicly) is mushrooming. During this fiscal year, it will increase more than one percentage point per month, climbing to about 56 percent of G.D.P. from 41 percent, assuming you believe GDP as it is reported and only look at debt but perversely exclude all liabilities and obligations. .

20 Comments

Davos's picture
Davos
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Re: Dailt Digest - August 21

Peter Shciff really gets it. The newscaster I don't get. How is being a realist being a pessimist?

hucklejohn's picture
hucklejohn
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Re: Dailt Digest - August 21

I just read the headline at marketwatch.com:  http://www.marketwatch.com/story/we-saved-the-world-from-disaster-bernanke-says-2009-08-21-10100

Bernanke:  "We saved the world."

Add this to his long list of his mis-pronouncements.

Ken C's picture
Ken C
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Re: Dailt Digest - August 21
hucklejohn wrote:

I just read the headline at marketwatch.com:  http://www.marketwatch.com/story/we-saved-the-world-from-disaster-bernanke-says-2009-08-21-10100

Bernanke:  "We saved the world."

Add this to his long list of his mis-pronouncements.

 

I think he meant this:

 

Bernanke:  "We looted the world."

DavidC's picture
DavidC
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Re: Daily Digest - August 21

Karl Denninger's been busy today! Here's one of his posts

http://market-ticker.org/archives/1361-Webster-Definition-Of-Hubris-Ben-Bernanke.html

DavidC

http://market-ticker.org/

 

kenc,

Isn't Bernanke's quote in the worng tense? Shouldn't it be 'We are looting the world'?

dcm's picture
dcm
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Re: CRAMER: "CitiBank is Red Hot"

http://www.cnbc.com/id/32375678 

well...

at least he got the color right

 

 

dcm's picture
dcm
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Re: CRAMER: "CitiBank is Red Hot"

http://www.cnbc.com/id/32375678 

well...

at least he got the color right

 

 

Davos's picture
Davos
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Re: CRAMER: "CitiBank is Red Hot"
dcm wrote:

at least he got the color right

Money mouth Even myopic squirrels find nuts

arbitrage's picture
arbitrage
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Re: Daily Digest - August 21

citibank is red hot alright, as is the poker it continues to stick up the rear orifice of american taxpayers and investors. it will reach the bowels and incinerate everyone it touches as soon as the more than 2 trillion dollars plus in toxic waste it is holding, worth next to 0 in terminal value and current marketeable value, disintegrates, turning the poker molten hot. this is a stock that should be trading at 6 cents rather than 6 dollars and hopefully when traders start to change direction and mega short this stock, the government will be forced to step in and stop shorts -- "price controls" are often one of the last legs in a disintegrating market.

i'm not saying this is a good thing because i am a sadist and wishes to see the wealth of investors dissipate into thin air in the market disintegration -- but it is necessary to have a focal point to rally the public to overturn the fed/banking cartel in order to clean out the system -- this sort of event just might provide the catalyst.

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JAG
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Bernanke: "We Saved The World"

I don't even have to read this article by Mish to know its significance: Its official now, the rally is over.

dps's picture
dps
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Re: Daily Digest - August 21

someone help me out.  I can't remember what Warren's job is.  thanks ... Don

targetbuster's picture
targetbuster
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FDIC

I posted this on the comments section of the FDIC blog but just spoke with the manager of my local bank, (that is not on any FDIC watch lists). He said that their FDIC premiums had gone from 60K per year last year to over 100K per month this year. And the FDIC is just about to back up the PPIP program laiden with toxic assets??? The commercial market is about to reset and business is not great anyway.....Ha!!

Save your money boys and girls. Be happy for what ever gains you can still make in this system either via work or  investments of some sort  'cause it ain't gonna last much longer.

dcm's picture
dcm
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Re: Daily Digest - August 21

Interesting King Edward Analogy Arbitrage

come to think of it

the English and American Banks

do have things in common 

Spilldenmark's picture
Spilldenmark
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Re: Daily Digest - August 21
dps wrote:

someone help me out.  I can't remember what Warren's job is.  thanks ... Don

If I recall correctly, his job is to help invest funds for investors in the company in which he holds alot of stocks himself, Berkshire Hathaway, in which he is also the CEO. This ofcourse is a US situated company, and as such any decline in the dollar will be bad for him, and certainly he has a vested interest in delaying any decline in the dollar, if he can.

If he were to go on TV and say that Obama and co were sabotaging the economy by making decisions so moronic, it equals up to letting loose a drunken hippo in the middle of a porcelain-store, the dollar would come under fire, so he wont do that.

He clearly knows what's coming, so he's desperately trying to delay the inevitable, in order to save as much as he can.

He acts human, like pretty much everyone else. Covering his own ass.

Also of Schiff, he was on Kudlow earlier today:

kool-aid13's picture
kool-aid13
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Re: CRAMER: "CitiBank is Red Hot"

Let us also not forget that Cramer was touting Bear Stearns last August. Shall we see a repeat?

 

Ivan

idoctor's picture
idoctor
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Re: Daily Digest - August 21

Peter Schiff-Vlog-8/21/09-Raising the Debt Ceiling

This cash for clunkers really is way over the top. Why not call it Medicar to help with ones Medicare or Medicaid LOL. Beyond belief. If only  our forefathers could see us now.

edenz's picture
edenz
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Re: Daily Digest - August 21
idoctor wrote:

Peter Schiff-Vlog-8/21/09-Raising the Debt Ceiling

This cash for clunkers really is way over the top. Why not call it Medicar to help with ones Medicare or Medicaid LOL. Beyond belief. If only  our forefathers could see us now.

They are spinning in their graves. One would not imagine the US could ever find itself in such a situation. Its like a Grade B Hollywood matinee serial where the world seems to be teetering on the edge of destruction, one week after another. Then the hero appears and saves the day.

Where's our hero ?

 

 

 

idoctor's picture
idoctor
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Re: Daily Digest - August 21

Where's our hero ?

I see him.... ITs a bird no a plane wait its China-man! Really if this isn't stupid......we are a country with more resources than China & we have let our so called leaders make us dependent on them???? Talk about stupid! It is what Warren Pollock talks about the iron triangle. This country has to come to its senses & get rid of the BS. Looks like that decision will be made for us the hard way over time.

RNcarl's picture
RNcarl
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Re: Daily Digest - August 21
idoctor wrote:

Where's our hero ?

I see him.... ITs a bird no a plane wait its China-man! Really if this isn't stupid......we are a country with more resources than China & we have let our so called leaders make us dependent on them???? Talk about stupid! It is what Warren Pollock talks about the iron triangle. This country has to come to its senses & get rid of the BS. Looks like that decision will be made for us the hard way over time.

+1

Davos's picture
Davos
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Posts: 3620
Re: Daily Digest - August 21
edenz wrote:

Where's our hero ?

For me it is folks like Ron Paul, Alan Graysan, Peter Schiff.

And I have a lot of respect for bloggers like Chris, Nate, Puplava, Ritholtz, Covel and the folks in these communities.

Jeff Borsuk's picture
Jeff Borsuk
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Posts: 150
Re: CRAMER: "CitiBank is Red Hot"

Do not follow advice from anyone wearing a tie...period

Jeff

 

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