- “Unsustainable” by Dr. Christopher Peters
- Creative Destruction: Bloggers Know the Problem and the Solution (Video)
- Good Things Happen to Good People: Federal Reserve Chairman Hit by High-Tech Pickpocket Ring
- Banks Sitting on Bad Mortgages, And They Aren’t Getting Any Better
- Top Holders of CRE (Chart)
- American Idiots, by Jim Quinn
- Bailout Nation Reviews (So Far)
- AP Article, can’t post but please google “Rhode Island To Shut Government Down For 12 Days”
- Obama Continues Peddling Fantasy Deficit Numbers
- Geithner – Audit the Fed Dangerous? Forget it, Get Rid of the Fed! (Video)
- Green Sharts On The NYSE!
Whitepaper with excellent charts
Four Star Video on page
According to Newsweek, last summer, just as Bernanke was beginning to deal with the first round of the financial crisis that struck Wall Street and the banking industry, he learned that his wife’s purse had been snatched by a thief. Anna Bernanke was at a Starbucks near Capitol Hill when the crook grabbed her purse from the back of her chair. It contained a checkbook for the couple’s joint Wachovia bank account, as well as her driver’s license, Social Security card, and four credit cards. The checks listed the couple’s bank account number, name, home address and phone number.
Six days later a suspect named George Lee Reid entered a Bank of America branch in Prince George’s County and posed as another identity-theft victim, identified in a federal affidavit as “K.N.”, who had previously reported his wallet stolen.
Reid allegedly deposited two fraudulent checks in the amount of $900 into K.N.’s bank account — one of which was a check from Bernanke’s checkbook. Once the checks were deposited, he then allegedly cashed two other fraudulent checks in the amount of $4,500 that were made out to K.N. from a third victim. He left the bank with $9,000 in cash, according to court records. Bernanke, who had reported the theft, suffered no financial loss, according to Newsweek.
So banks have gone from foreclosing on about 45% of their severely delinquent Alt-A loans each month to 20%.
So if you own a house that’s underwater, in practice you can probably keep living there (or collecting rent payments) for a year or so without making payments to the bank. You have 3 months before the loan is bad enough for the bank to foreclose, around 3 more months before the bank starts the foreclosure process and who knows how much longer before the bank actually moves to take possession of your home.
“In the first place, God made idiots. That was for practice. Then he made school boards.” – Mark Twain
The Titanic isn’t simply “going down”, it’s almost sunk. Yet, on a near-daily basis, the “Skipper” (aka Ben Bernanke) assures the American people that “it’s smooth sailing ahead”. Millions upon millions of “underwater” mortgages don’t lie. Trillions of dollars in “underwater loans” continue to sit on the books of U.S. banks at fantasy valuations.
“Oh yes, we have a tremendously positive stock market here. The tenor and tone is good, the volume support is ok, all looks excellent for continued rallying on an improving outlook for the global economy.”
You mean like this?
That’s a clever little search in which I asked for the highest-volume stocks with prices over ten cents (to exclude the little penny pumper stocks on the OTC market.)