The sky ain't falling
There’s been much talk lately on these pages about how the state of real estate, and the meltdown of the mortgage market are massive market failures. Jerome here or on ET and bonddad earlier are...
View ArticleCollateral Damage: SIV’s, MBS’s, and the crashing noise you hear...
Citibank announced it is abandoning the pretense of fobbing off worthless loans via SIV’s- Security Investment Vehicles, and taking aMoody’s may have precipitated a sub-prime scam endgame gambit by the...
View ArticleThe Foreclosure Crisis, a (Semi) Inside View
Recent diaries, such as this one have tackled the current foreclosure crisis. This diary is an attempt to explain how we got where we are from the point of view of a former Fannie Mae employee. Today I...
View ArticleFDIC Backs $312B in Wachovia MBS, etc.
While a proposal to authorize the Treasury to buy $700 billion in mortgage backed securities failed today, the FDIC guaranteed a $312 billion Wachovia portfolio with a healthy share of mortgage backed...
View ArticleThe "capital ratio" and the banking crisis
So I just figured out another technical detail to why we're having a banking crisis, and I thought I'd share. This is the explanation of how the "capital ratio" requirements and the "mark to market"...
View ArticleUnderstanding the Credit Default Swap Issue
In recent news, we learn that AIG"is rapidly running through $123 billion in emergency lending provided by the Federal Reserve, raising questions about how a company claiming to be solvent in September...
View ArticleJanuary 1, 2009: The Magic Date to Fix the Housing Crisis. Yes, We Can.
Diseases desperate grown By desperate appliances are reliev'd; Or, not at all. (Hamlet, IV,iii)To solve our economic crisis, I have previously written about the need for massive public investments....
View ArticlePolitical Interference Seen in Bank Bailout Decisions
Remember when the economic crisis first started to snowball out of control---even before the terrifying credit freeze? At that time, the main economic problem the country faced was the large number of...
View ArticleJamie's Crying
Wall Street is still reeling from one of the most wrenching periods in its history. But for Jamie Dimon, the head of the banking giant JPMorgan Chase, it was the firm’s shining moment. That's because...
View ArticleJamie Dimon - The Duck of Death
"History is written by the victors." Winston ChurchillIn the movie "The Unforgiven" a dime novel writer, W.W. Beauchamp, follows around an old gunslinger that he has christened the Duke of Death, only...
View ArticleJamie Dimon - Like A Gang Rapist With Good Hearing
Every time I write an article detailing how Jamie Dimon is no different than the other gang banksters who screwed our country over, I get some bankster defenders popping up and so I write more diaries....
View ArticleWhat Jamie Dimon Covets - Jamie Dimon Gets
You never want a serious crisis to go to waste. Rahm Emanuel I've written diaries about JP Morgan CEO Jamie Dimon that have been criticized because apparently Jamie is supposed to be a good guy who...
View ArticleJamie Dimon's Bi-Focal Windshield - Rejects Checks and Balances
In yesterday's WSJ, while JPMorgan/Chase CEO Jamie Dimon managed to give skirting approval to Obama's reforms, he also had this to say -DENIALOne ugly example that came from these companies: certain...
View ArticleJP Morgan's JAMIE DIMON - Duck Of Death is Unforgiven
"History is written by the victors." Winston ChurchillIn the movie "The Unforgiven" a dime novel writer, W.W. Beauchamp(which sounds an awful lot like bull sh**), follows around an old gunslinger that...
View ArticleJamie Dimon - Like A Gang Rapist With Good Hearing
Every time I write an article detailing how Jamie Dimon is no different than the other gang banksters who screwed our country over, I get some bankster defenders popping up and so I write more diaries....
View ArticleThe Trillion-Dollar Shadow
What secrets are hidden in the Federal Reserve's trillion-dollar shadow? Economic recovery depends on confidence, and confidence requires knowledge. But Senators like Chris Dodd and Judd Gregg don't...
View ArticleThe Rule of Law.
There is something profoundly disturbing happening here in America. Our legal system is being attacked and weakened in the name of profit and loss. It has never been more apparent than with the...
View ArticleJames Howard Kunstler of Clusterf*ck Nation
I've been wanting to say this for a long time. Thank you J. H. Kunstler for expressing it so eloquently - in your usual, passionate, way. This entry is posted in entirety - lifted that way from Zero...
View ArticleThe Mortgage Documentation Crisis
Cross-posted at The Motley MooseFor weeks there has been an emerging story which casts doubt on the validity and provenance of documents used in foreclosure proceedings nationwide:It is a legal...
View ArticleIs Wall St. Imploding, Again? Krugman: It's "very, very bad."
It's all there in Friday's NY Times. The lede atop today's business section of the gray lady tells us: "Mortgage Mess May Cost Big Banks Billions." And, it sure is beginning to look like this was the...
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