Daily Digest

Daily Digest - December 20

Sunday, December 20, 2009, 12:32 PM
  • Mauldin: The Age of Deleveraging
  • Bonus Pool Of One Bank Could Have Delayed All 2.3 Million Foreclosures in '09
  • Please Santa, Get Daddy His Job Back
  • Congress Raids Soldiers' Funds To Pay For Pork
  • Treasury Tells Obama To Block Chinese Investment In Nevada Gold Mine
  • Trillions Of Troubles Ahead
  • A Crystal Ball With Caveats And Corrections
  • A Silver Lining For 2010?
  • Another Mortgage Meltdown Dead Ahead
  • Get A Million Off Of Asking Price
  • 5% Down Payments Are Back As Mortgage Companies Swing For Fences Again
  • Moody's Reviews $143 Billion Of Jumbo-Mortgage Bonds
  • Majority In Asia Pacific To Keep On Enjoying The Good Life Through 2010
  • Chinese Government Vows To Curb Rocketing Real Estate Prices
  • Test Of New US Missile Defense To Simulate Attack By Iran
  • US Companies Shut Out As Iraq Auctions Oil Fields
  • Iraqis Say Oil Well Still Being Held By Iranians
  • Nigeria In Crisis As Militants Claim Attack On Oil Pipeline
  • India And Pakistan Fight Over Water Supply

Economy

Mauldin: The Age of Deleveraging (JRB)

"This recession was caused not by too much inventory but by too much credit and leverage in the system. And now we are in the process of deleveraging. It is a process that is nowhere near complete. While the crisis stage is over (at least for now), there is still a lot of debt to be retired on the consumer side of the equation, and a lot of debt to be written off on the financial-system side. And this is true in Europe as well, and maybe more so; but today we will look at some data in the US."

Bonus Pool Of One Bank Could Have Delayed All 2.3 Million Foreclosures in '09 (M.W.)

The parable of the unmerciful bankers: The bonus pool of just one of the big banks would have been enough money to prevent or significantly delay foreclosure for all 2.3 million people who lost their homes last year. Every 13 seconds, another American family loses their home to foreclosure. (6,600 per day) And a rapidly increasing number of them are due to the loss of employment. That's what happened to those who told their stories on Monday in Washington D.C. across from the White House and just down the street from the Bank of America building.

Please Santa, Get Daddy His Job Back (M.W.)

As a longtime Santa Claus at a suburban Chicago mall, Rod Riemersma used to jokingly tell children they would get socks for Christmas if they were naughty. This year, he stopped telling the joke. Too many children were asking for socks.

Congress Raids Soldiers' Funds To Pay For Pork (M.W.)

Every year about this time a tiny trickle of little-noticed news stories weeds its way into the papers, usually in the back sections. It’s the same narrative every year: Congress lumps all the unpassed appropriations bills together, slaps them full of pork, and quietly passes them (often in the dead of night) while everyone is already thinking about Christmas. The defense bill is always the worst and most morally reprehensible, and this year is no exception.

Treasury Tells Obama To Block Chinese Investment In Nevada Gold Mine (M.W.)

Interesting announcement from small gold miner Firstgold. The Treasury department will seek to block a planned investment from China. Ostensibly, it's a matter of national security. Firstgold replied, "This is very difficult news to receive. While we certainly respect the process CFIUS has taken to arrive at their determination, we disagree 100% with their conclusion. We fail to see the connection between US national security and our principal asset-- the Relief Canyon mine."

Trillions Of Troubles Ahead (M.W.)

Not too long ago, a billion dollars in a governmental budget was a lot of money. Then we got into hundreds of billions. People understood that this was a lot, just because of all the zeros. Now, unfortunately, the number has become small: the world "trillion," as in $1.2 trillion for health care reform, seems so tiny. But it has 12 zeroes behind it, which is so easy to forget.

A Crystal Ball With Caveats And Corrections( M.W.)

Stock market professionals see a range of possibilities for 2010 — and few are completely upbeat.

A Silver Lining For 2010? (Audio) (M.W.)

David Morgan's interview on Howe Street. If we see the Christmas Crash that Gerald Celente and others have talked about, then you can expect at least an initial decline in precious metals as global investors, traders, hedge funds and even governments offload assets and move back into the safety of short-term US treasuries.

Another Mortgage Meltdown Dead Ahead (M.W.)

In the short term, a catastrophic deflation is quite possible. But in the long term, extremely high levels of inflation are now inevitable. Over the next two years, Alt-A and Option ARM loans face massive resets. Even with today’s low interest rates, most of these home loans will see their monthly payments adjust far higher. The result: loan losses and write-downs will balloon for banks, and mortgage holders will get hit with another wave of homeowner defaults.

Get A Million Off Of Asking Price (M.W.)

Plus a 3% cobroke for your agent and $100,000 credit-- exclusive to buyers who act now.

5% Down Payments Are Back As Mortgage Companies Swing For Fences Again (M.W.)

At this rate, we'll be back to no-money-down mortgages with three-year-teaser rates by spring.

Moody's Reviews $143 Billion Of Jumbo-Mortgage Bonds (M.W.)

Moody’s placed $143 billion of jumbo-mortgage bonds under review for downgrades because of higher loss projections as stock-market losses and pay cuts squeeze wealthy borrowers. The revisions were prompted by “the rapidly deteriorating performance of jumbo pools in conjunction with macroeconomic conditions that remain under duress.” An overhang of impending foreclosures will impact home prices negatively, with values likely to decline 9% more before bottoming.

Majority In Asia Pacific To Keep On Enjoying The Good Life Through 2010 (M.W.)

Eat, drink and be merry -- and join the majority of people in the Middle East, Africa and Asia Pacific who intend to keep on enjoying the good life in the coming year. Dining and entertainment were the top areas most of the people surveyed across the Asia Pacific and the Middle East said they were going to keep spending on over the next six months -- regardless of the global economic climate.

Chinese Government Vows To Curb Rocketing Real Estate Prices (M.W.)

China has vowed to build 1.8 million low-rent homes and 1.3 million low-priced houses next year in a bid to curb rocketing house prices. Beijing will also tighten land purchase rules to prevent hoarding, which also drives up the price of real estate. Five ministries announced a new policy that sets the down-payment requirement for land purchases at 50% of the total price. In addition, property developers must make a full payment for land purchased from the government within one year of the sale.

Test Of New US Missile Defense To Simulate Attack By Iran (M.W.)

The U.S. military's Missile Defense Agency will practice protecting the US from a simulated Iranian missile attack in an exercise using the agency's newest missile-killing technology, Pentagon officials said Friday. The January test will have a trajectory and distance resembling an intercontinental ballistic missile launch from Iran. The MDA will also be testing its new "Capability-2" technology, with upgraded software and sensors loaded inside an interceptor missile that will be fired at the fake Iranian missile.

Energy

US Companies Shut Out As Iraq Auctions Oil Fields (M.W.)

Those who claim that the U.S. invaded Iraq to get control of the country's oil reserves will be left scratching their heads by the results of last weekend's auction of Iraqi oil contracts: Not a single U..S. company secured a deal in the auction of contracts that will shape the Iraqi oil industry for the next couple of decades. Two of the most lucrative of the multi-billion-dollar oil contracts went to two countries which bitterly opposed the U.S. invasion — Russia and China.

Iraqis Say Oil Well Still Being Held By Iranians (M.W.)

Two days after Iraq said an Iranian "armed group" crossed the border into Iraq and seized the well, Iraqi Deputy Foreign Minister Labid Abawi said the occupation of well No. 4 in Maysan province's Fakka oil field continues.

Nigeria In Crisis As Militants Claim Attack On Oil Pipeline (M.W.)

Claims by Nigerian militants that they staged an attack on an oil installation have deepened fears that the country is on the verge of a constitutional crisis.The Movement for the Emancipation of the Niger Delta claimed that its fighters, armed with rocket launchers and machine-guns, had carried out a "warning strike" against a pipeline at Abonemma in Rivers state. The densely populated Niger delta has been the scene of conflict for 20 years, amid calls from its ethnic groups for a greater share of vast oil earnings.

Environment

India And Pakistan Fight Over Water Supply (M.W.)

What alarms Pakistan most is the possibility that India will gain control over the water from two Afghan rivers that flow into the volatile Pakistan border regions, where water shortages could inflame local insurgencies. Indian investment in Afghanistan has doubled since 2006, to $1.2 billion, and up to 35% of that is going into canals for local irrigation, as well as hydroelectric dams that will supply power to Iran and Turkmenistan, India's gateways to Central Asia and the Gulf.

12 Comments

idoctor's picture
idoctor
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Re: Daily Digest - December 20

Johnny Oxygen's picture
Johnny Oxygen
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Lord Christopher Monckton

Has anyone else heard what Lord Christopher Monckton has been saying about what is going on in Copenhagen? I don't know anything about this guy but he talks at length about the creation of a one world government being negotiated at Copenhagen.

 

green_achers's picture
green_achers
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Re: Lord Christopher Monckton

Somehow, the old Monty Python "Upper Class Twit of the Year" comes to mind.

Damnthematrix's picture
Damnthematrix
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Re: Lord Christopher Monckton
Johnny Oxygen wrote:

Has anyone else heard what Lord Christopher Monckton has been saying about what is going on in Copenhagen? I don't know anything about this guy but he talks at length about the creation of a one world government being negotiated at Copenhagen.

 

OK, once and for all.......  Monckton has ZERO credibility!

This is what George Monbiot had to write about Monckton:

Monckton delivered [a speech] in October to something called the Minnesota Free Market Institute(2). In the speech, Monckton maintains that:

• He has read the treaty that will be signed at Copenhagen next week. That’s quite a feat of clairvoyance.

• The treaty says that “a world government is going to be created”.

• Greenpeace is “about to impose a communist world government on the world” and President Obama, who sympathises with that aim, will sign up to it.

These are not the first of Viscount Monckton’s interesting statements. He has claimed, in a letter to two US senators, that he is a member of the House of Lords(3). He did once put himself forward for election among his peers. His score? Nul points.

He maintains that he is a Nobel peace laureate(4), on the grounds that he is an “IPCC reviewer” (the Intergovernmental Panel on Climate Change won the peace prize with Al Gore in 2007). On the same grounds, everyone who sent an unsolicited letter to the IPCC could claim a share in the prize. But in Monckton’s case, he got a gold pin made for himself to prove it.

He contends that he won the Falklands war for Britain by persuading the British government to use biological warfare(5).

Now, on the CV attached to his announcement of his UKIP candidacy, he claims to be “responsible for invention and development of a broad-spectrum cure for infectious diseases. Patents have now been filed. Patients have been cured of various infectious diseases, including Graves’ disease, multiple sclerosis, influenza, food poisoning, and HIV.”

He spoils it all a little by boasting during one interview about telling “stories that aren’t actually true”.(6)

But why let a trifling matter like that cast a shadow over UKIP’s brilliant coup? In one new member they have landed a Nobel laureate, member of the House of Lords, saviour of the British armed forces and inventor of the universal cure. They should be feeling very pleased with themselves. Or very scared.

monbiot.com

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foote2777
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Re: Daily Digest - December 20

Sort of like this

Gordon Brown calls for new group to police global environment issues

 

hucklejohn's picture
hucklejohn
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Re: Daily Digest - December 20

http://www.globalwarmingheartland.com/expert.cfm?expertId=349

http://michellemalkin.com/2009/10/19/lord-moncktons-warning-to-america/

http://www.climatedepot.com/a/429/Flashback-April-2009-Democrats-Refuse-to-Allow-Skeptic-to-Testify-Alongside-Gore-At-Congressional-Hearing

Lord Christopher Monckton knows his stuff.  When the Democrats learned that Republicans were having Lord Monckton testify alongside Gore the Democrats cancelled both appearances so Gore would not be humiliated. 

ERODSTA's picture
ERODSTA
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Re: Lord Christopher Monckton

"If China had not been in that room you would have had a deal which would have had everyone popping champagne corks. But this was the first sign that China is emerging as a superpower, which is not interested in global government, is not interested in multilateral governance that affects its own sovereignty or growth. You could tell this lack of engagement through the process; they play a much cleverer game than anyone else. They were running rings around the Americans.

http://www.independent.co.uk/environment/climate-change/china-stands-accused-of-wrecking-global-deal-1845911.html

Damnthematrix's picture
Damnthematrix
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Re: Daily Digest - December 20
hucklejohn wrote:

http://www.globalwarmingheartland.com/expert.cfm?expertId=349

http://michellemalkin.com/2009/10/19/lord-moncktons-warning-to-america/

http://www.climatedepot.com/a/429/Flashback-April-2009-Democrats-Refuse-to-Allow-Skeptic-to-Testify-Alongside-Gore-At-Congressional-Hearing

Lord Christopher Monckton knows his stuff.  When the Democrats learned that Republicans were having Lord Monckton testify alongside Gore the Democrats cancelled both appearances so Gore would not be humiliated. 

Monckton is a nutcase......  I am amazed that the denialist camp even has anything to do with him!  Monckton's appearances were cancelled almost certainly because the Senate didn't want to embarass itself...!  Read all about him here:

1. Monckton’s Big Finish on International Relations in Utterly Laughable.

Here is Monckton’s big, dramatic conclusion about the negotiations around the Treaty of Copenhagen:

“I have read that [draft Copenhagen] treaty. And what it says is this: that a world government is going to be created. The word “government” actually appears as the first of three purposes of the new entity. The second purpose is the transfer of wealth from the countries of the West to third-world countries, in satisfaction of what is called, coyly, “a climate debt” ­ because we’ve been burning CO2 and they haven’t ­ and we’ve been screwing up the climate. We haven’t been screwing up the climate, but that’s the line. And the third purpose of this new entity, this government, is enforcement.

How many of you think that the word “election” or “democracy” or “vote” or “ballot” occurs anywhere in the 200-pages of that treaty? Quite right, it doesn’t appear once. So, at last, the communists who piled out of the Berlin Wall and into the environmental movement, and took over Greenpeace so that my friends who funded it left within a year, because they captured it ­ now the apotheosis as at hand. They are about to impose a communist world government on the world. You have a president who has very strong sympathies with that point of view. He’s going to sign. He’ll sign anything. He’s a Nobel Peace Prize laureate; of course he’ll sign it.

And the trouble is this; if that treaty is signed, your Constitution says that it takes precedence over your Constitution, and you can’t resile from that treaty unless you get agreement from all the other state’s parties ­ and because you’ll be the biggest paying country, they’re not going to let you out.”

There are so many obvious errors here it is hard to fathom how even Monckton believes it. Specifically:

  1. There is no draft Treaty of Copenhagen;
  2. The closest you can get to a draft treaty (the “Reordering and consolidation of text in the revised negotiating text“) is so riddled with multiple options, bracketed portions, and so on, that nobody can discern from it what the member states may eventually agree to, if anything;
  3. Section 38 of this document that Monckton references does indeed mention “government,” but only in relation to the agreed aims of this treaty. There is no proposal for “world government” in the normal use of the term, only for any body charged with implementing parts of the Treaty on behalf of the member States. Certainly there are no references to any principles associated with communism;
  4. Suggesting that President Obama has any sympathy with Communism is plainly silly (unless Monckton is also willing to declare his former boss Mrs Thatcher a communist for having a progressive income tax);
  5. The US Constitution does not, anywhere, say that Treaties supersede the Constitution. In fact, US practice has been the precise opposite,
  6. The US can unilaterally pull out of any treaty it likes, whenever it likes.

These and other errors are why politifact.com invented a new category of lie, “britches on fire”, to describe just how profoundly silly this warning is. The fact that some right wingers, including the influential Mr Ansell, take this warning at all seriously betrays a complete lack of critical thinking on their part.

2. Worst. Economist. Ever.

<MORE>

ERODSTA's picture
ERODSTA
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Re: Lord Christopher Monckton

Take the following as you will......

Ron Paul Warns of World Government with Glenn Beck

Global Governance - EU President Admits One-World Government is Here - NWO - New World Order

Nigel Farage reprimanded for criticising new EU president & foreign minister

EU president is appointed and not elected. 90% of Great Britain's laws are now created by the EU.

 

 

 

guardia's picture
guardia
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Re: Daily Digest - December 20

'I was the "bear," expecting growth in the 1-2% range.'
- http://www.frontlinethoughts.com/gateway.asp

Eesh, I think we will need a new definition of what is a "bear"...

flavian's picture
flavian
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Re: Daily Digest - December 20

Those who claim that the U.S. invaded Iraq to get control of the country's oil reserves will be left scratching their heads by the results of last weekend's auction of Iraqi oil contracts: Not a single U..S. company secured a deal in the auction of contracts that will shape the Iraqi oil industry for the next couple of decades.

They probably already have what they came for. I'm not sure if any of you has wathed Lindsey Williams latest movies. I know the guy is hard to watch, his speach is ultra-religios, dogmatic and repetitive. But this guy predicted last year the oil price rising. And last summer, when oil was 150 he said it will go to 50. So you may want to try and endure his speach in order to find out his next "predictions" that are quite interesting:

DVD 1 Tragedy is here:

DVD 2 HOPE is here:

DVD 3 Reality starts here:

gregroberts's picture
gregroberts
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Re: Daily Digest - December 20

"So you may want to try and endure his speach in order to find out his next "predictions" that are quite interesting:"

He is an annoying speaker, but the most interesting thing he said was that gold and silver is the elites money and that they don't use paper.

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