Posts Tagged ‘ponzi’

QE2 unveiled a/k/a Return of the Night of the Living Zombie Bankers

Wednesday, November 3rd, 2010

Full story here from ZeroHedge.

For immediate release

Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. Housing starts continue to be depressed. Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters. (more…)

FL mortgage muck

Monday, September 20th, 2010

Full story here from ZeroHedge.

The key story from this morning was the Bloomberg report that GMAC Bank had halted foreclosures in 23 states, following disturbing news from last week that rekindled the latent debate over whether servicer banks do in fact own deeds to mortgages on which they foreclose on, and whether the entire foreclosure process is in fact fraudulent (one judge found it to be so, creating a massive headache precedent for the banker community). (more…)

Gerald Celente swings for the fences

Monday, August 23rd, 2010

Interview with Max Keiser on 8/20/10. Yeah, that voice is not sexy but chances are he’s right in a big way. Better safe than sorry.

http://www.youtube.com/watch?v=h2D2y1ye6kc&feature=player_embedded#!

http://www.youtube.com/watch?v=mlX88WZrPt4&feature=player_embedded

http://www.youtube.com/watch?v=pnTETzeEm6E&feature=player_embedded

The government debt is becoming a pure Ponzi scheme

Thursday, July 29th, 2010

Full story here from ZeroHedge. More from Nassim Taleb, author of The Black Swan.

In an interview conducted with Business Week, Nassim Taleb discusses his view of the biggest black swan in the market currently, and isn’t shy to call government debt a “Pure Ponzi scheme.” – When asked where he the biggest potential source of systemic fragility is, he responds: “The massive one is government deficits. (more…)

Trillions for Wall St, zilch for you

Thursday, July 29th, 2010

Full story here from Mike Whitney.

On Tuesday, the 30-year fixed rate for mortgages plunged to an all-time low of 4.56 per cent. Rates are falling because investors are still  moving into risk-free liquid assets, like Treasuries. It’s a sign of panic and the Fed’s lame policy response has done nothing to sooth the public’s fears. The flight-to-safety continues a full two years after Lehman Bros blew up. (more…)

A major inflection point is upon us

Thursday, July 22nd, 2010

Full story here from ZeroHedge. Random entertainment found here.

A Major Inflection Point is Upon Us

I have not commented on the financial markets in a detailed way for quite some time now.  This is not because I do not have strong opinions on them, rather it is because I see the current ongoing crisis as just as much a political and social crisis as an economic one and so I am compelled to address those concerns as I think it is in that arena that the greatest dangers exist.  Additionally, the major macro investment themes that I outlined well over a year ago remain the same. (more…)

The Dodd-Frank financial ‘reform’ bill

Wednesday, July 21st, 2010

Full story here.

…Additionally it appears that we now have “financial reform” via the “Dodd-Frank” bill. I personally do not think this accomplishes anything for the economy – it consolidates power in the wrong hands while failing to address current debt levels, derivatives, and the GSEs. The market does not appear to know how to digest it – there are many discretionary powers and delayed timelines so it is difficult, if not impossible, to know all the ramifications in advance. I was recently interviewed by a European publication regarding this bill, below are their questions and my responses:
(more…)

FinReg monstrosity delays derivatives curbs until 2022

Monday, July 19th, 2010

Full story here from Webster Tarpley.

The Obama-Dodd-Frank financial regulation bill, a miserable excuse for real Wall Street reform, is now about to gain final approval in the Senate. This wretched bill is now supported by the New England liberal (meaning Wall Street) Republican clique including Olympia Snow, Susan Collins, and Scott Brown, who are joined by the notoriously corrupt reactionary Democrat, Ben Nelson of Nebraska. This bill will create a multitude of new regulations and a number of large new bureaucracies, but it is utterly devoid of any bright-line prohibitions against the causes of the financial panic which struck the United States in 2008, and which continues to the present day in the form of a world economic depression. (more…)

The Financial Con Of The Decade Explained So Simply Even A Congressman Will Get It

Monday, July 12th, 2010

Full story here from ZeroHedge.

Sometimes, when chasing the bouncing ball of fraud and corruption on a daily basis, it is easy to lose sight of the forest for the millions of trees (all of which have a 150% LTV fourth-lien on them, underwritten by Goldman Sachs, which is short the shrubbery tranche). Luckily, Charles Hugh Smith, of oftwominds.com has taken the time to put it all into such simple and compelling terms, even corrupt North Carolina congressmen will not have the chance to plead stupidity after reading this. (more…)

Why we may be seeing the system unravel in as little as 2 weeks

Thursday, July 1st, 2010

A video here. A more fleshed out version here. Don’t take his word for it, you can hear more in these places: one, two, three, four, five, six, seven, eight. Still not happy? Listen to this. Antidote to all the madness here.

I know, you may be thinking, these are ‘fringe’ or ‘reactionary’ viewpoints, ‘cos those inflatable broadcasters on CNBC say everything’s going great. Sadly, I’ve tracked back the predictions/forecasts, and they’ve proven diabolically accurate.

So, do you think things are better than they were back in July 2007, when the first cracks appeared? Just because it wasn’t an asteroid type of instant devastation, consider May 6th, where 1000 points were vaporized in a few minutes. This is why we Shadowtrade, rather than have ”stay & pray” equities positions. Believe me, I’d love to be able to just trade, buy my villa in Switzerland and have a good time. I may do that, but I still live on a planet where most of the inhabitants are struggling, and are being asked to cut their survivability even more. Bottom line: this party won’t last forever. Some folks are face down in the carpet, but no one else is touching them for fear they’d realize they were dead.