Now that the monetary system has crashed and barely exists for 3 months, the big question is, what is next!
The monetary system is in shambles
If you bail it on out, only getting worse;
You might be gettin' tired of takin a gamble
Go with that doo doo doo doo doo Lyndon stuff;
The leveraged buyouts are left in the lurch now;
The crashin bankers, say, nothing you can do;
The Dems and Repubs have hit the floor, wow;
Saying it's time to get a little of that old LaRou;
Doo, Doo, doo doo doo doo;
Report from the Daily Morgue:
Merrill Lynch announced it will report a quarterly loss, after writing off $5 billion in mortgages, mortgage backed securities (MBS) and collateralized debt obligations (CDO). This has caused the biggest freakout, because ML is a lot smaller than the other firms taking $3-4 billion in losses.This compares with a UBS write-off of $3.4 billion, and Citibank of almost $6 billion, announced earlier this week.
Washington Mutual, the largest U.S. Savings and Loan, wrote off $1.39 billion.
With more than 100 mortgage companies closed or sold off this year, Bloomberg quotes Mark Adelson, a mortgage consultant in NY City, saying that the trouble in mortgages has just begun. "The alarm is going off from the detector on the ocean floor, but the tsunami hasn't hit the shore yet."
photo, John Fogerty, Revival, Creedence song, http://yu.ac.kr/~bwlee/gifs/bmpcv.jpg
Sunday, October 7
American System Revival needed for Finances
Friday, October 5
We can't pay the mortgage any more- say the Beatles
We can't pay the big Mortgage anymore
the mortgage anymore, the mortgage anymore (2x)
When they sold me the new mortgage
Thought it perfect for the Submarine
Now I'm yellow and yellower
When I think we can't pay it back.
Arms and IOs kicking in
After 3 years, pay twice as much
It is really, a sea of green;
For our yellow Submarine;
It seems everything got mortgaged, and re-mortgaged, even the Yellow Submarine. Isn't time to go with LaRouche's Homeowner and Bank Protection Act? Otherwise, the situation just gets worse and worse and the chain reaction goes around the world.
Wednesday, October 3
Crazy About Digital Cameras
You can see that I am crazy about digital cameras. If you look back a few blog posts, you can see the picture I got at the Jennifer Lopez, Marc Anthony appearance in the Bronx. The camera I used, the Olympus FE-190 is not a bad camera, but it needs a bit more power. What I'm really interested now is a Kodak EasyShare Z712, which has a 12x optical zoom, a lot more than a 3 or 4x optical zoom. That way it gets pictures that are really publishable. My picture do get published with articles that I write for a Harlem-based giveaway paper.
This post is sponsored by ritzcamera.com.
Anyway, see what you can get at digital cameras. When I take pictures of my young son, I prefer to use the Olympus FE-190 or similar cameras. After all, you can take time setting up the shot, it really is much easier. Then you download it onto your computer, and you can print it in your home, or outsource it to the many services that will print pictures for you. You can even photograph the real estate you want to sell.
Tuesday, October 2
Crunch Finger
(to the tune of "Goldfinger"
Crunch Finger;
He's the man who wants to crunch credit
This could be it;
Strangled monetary system (doo doo doo)
Going down because debt just overwhelms
And drowns the realm;
Marketplace talk will drone on and on;
But you know what phase you've come upon;
Because endless cash, inflation is the name;
For the end of this endless game;
He loves only gold, only gold, only gold!!!!
With the credit crunch, we are into the Dr. No range of the universe, that is, no way out, without some ideas from Larouche. Here is an example why:
Pending U.S. Home Sales Plunge to Record Low
Oct. 2, 2007 (LPAC)--The National Association of Realtors' index of pending sales of existing-homes, fell to 85.5 in August, a sharp drop of 6.5% from July of 2007, and of 21.5% from August of 2006, the NAR announced Oct. 2. The index, which sits at its lowest level on record, measures the number of Americans who have signed contracts to buy previously owned homes, although the transaction has not yet closed. The index's deterioration, which fairly closely indicates future home sales, shows that the housing collapse in the U.S. is a good way from its bottom.
"Fewer [mortgage] contracts were being written because of mortgage-availability issues," said Lawrence Yun, the NAR's senior economist. "More than 10 percent of sales contracts fell through at the last moment in August," Yun said. "The impact was greater in high-cost markets that are more dependent on jumbo mortgages. In some areas, as much as 30% of signed contracts were falling through in August."
In a related development, during August, United Kingdom banks approved the fewest home mortgages,-- 109,000-- since April, as the British real estate market implodes.
image at http://www.hollywood-diecast.com/007goldfinger.jpg
Getting Ready for the Holidays
This post sponsored by couponchief.com.
There may not be much of a monetary system by the time of the holidays, with all the crashing real estate. However, maybe Santa Claus will reorganize the monetary system too. In the meantime, Coupon Chief has some really great deals for you.
Being that we are on the internet, who can avoid going crazy about Dell Computers coupons. And that is exactly what I will do. There are lots of Dell Electronics coupon codes to choose from, not just computers, to get offers and coupons and deals, oh my!
Then there is Blue Nile coupons, which means online jewelry. Who can resist a chance to impress their mate with some lovely silver, gold or diamonds, during Hanukah and Christmas? The Blue Nile Diamond Earrings coupons are definitely worth a look. Check out the offers, deals and coupons.
Sunday, September 30
Want to Make Money on Home Foreclosures?
Yes, the ways of the Ruling Class are harsh, but us peons have to adapt to them. Many are losing their homes now because of bad Adjustable Rate Mortgages (ARMs), Interest Only (IO) Mortgages, and other such scams. You do have the opportunity to make money on these suckers' pain, if you have the right foreclosure information.
Please, resist the urge to feel guilty. If you do not buy these California forclosures someone else will buy them. In life, certain events are destined to happen, it is just a question of who will benefit and make a great investment. If you can buy these homes at a low price, you will sell them at a higher price and make money.
With Florida foreclosures, if anything, this is doubly true. If you check out the link, you will see all the information that you need to participate in hot Florida real estate and home auctions. The rules for these auctions are rather severe, so you better know what you are doing. Get the picture wise guy?
Wednesday, September 26
Jennifer Lopez and Marc Anthony hit the Bronx
On the lighter side, Jennifer Lopez, a.k.a. Jay-lo, and her husband, Marc Anthony came back to the Bronx on Tuesday morning, September 25th. They are beginning a two month tour together, and opened it with an appearance to kids at PS 36, at 1070 Castle Hill Avenue, promoting the school-based running program “Orange Laces.”
Children dressed up in orange t-shirts, and waved orange pom-poms, courtesy of ING Bank, the Dutch Mega-bank which sponsors the running program. The kids anxiously waited for Jennifer Lopez and Marc Anthony. Jennifer is known for her hit songs such as “Waiting for Tonight” as well as starring in a string of movies. Husband Marc Anthony is known for singing songs such as “I Need to Know”, as well as his portrayal of Salsa legend Hector Lavoe, together with Ms. Lopez, in the movie, “El Cantante”. Both Jennifer and Marc were born and raised in New York City, Jennifer in the Bronx, and Marc in Manhattan.
The school Principal, Ms. Nilda Rivera has been credited with boosting academic performance and test achievement levels at PS 36, nicknamed “the Rising Star” school. Thanks were given to “Live Nation”, which is running the Jennifer/Marc tour, and to ING, which is sponsoring the programs “Orange Laces” and “Run for Something Better.” Also on the podium was Borough President Carrion.
This is the first tour ever for Jennifer Lopez. The tour will open in Atlantic City, NJ and hit 20 cities over the next six weeks. One dollar of each ticket sale will be donated to the school running program Orange Laces, a tax deductible charity. See www.orangelaces.com . ING Bank is also the sponsor of many adult marathons, including the upcoming New York Marathon of November 4th 2007.
The goal of the running program is to help fight obesity among youth. ING has been sponsoring marathons around the world, and now kids in the school-based program receive medals and other awards if they run over 26 miles. About $1 million has been spent on this program at 10 schools and 14 parks around the Bronx.
When Marc and Jennifer first arrived, they spent a long time touring the school, while being broadcast on large video screens, meeting students all around the building. There were applause and shrieks of delight when they finally came on stage in the auditorium. Mark Anthony remarked that he knew the Principal, Ms. Rivera, from going to school in Manhattan and that she and other teachers were “a huge part of my youth.” “The kids are our biggest resource.” Jennifer Lopez said she was overwhelmed by the tremendous amount of enthusiasm and love that she received. She remarked that the “Orange Laces” program encourages students to run, and that running helped her when she was a student. It helped give her the energy to reach her goals. All and all, this was a tremendous day for the students of PS 36, Jennifer and Marc, and the people of the Bronx.
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Monday, September 24
This is What they call being Successful?
You buy worthless stocks at inflated prices and get the government to bail you out! Ah well, that's why they get the big bucks and the rest of us watch in awe of their brilliance.
Next, the logic is to just print and print some more, till the dollar will collapse. Since, everyone is in the dollar, the Chinese, the Japanese, the Europeans, that is the end. That is the 1923 German hyperinflation, but for the world, with no powerful outsiders to fix it. That is why I continue to ask people to look at my friend's stuff. So, Countrywide was bailed out for $25 billion already, for all the bad real estate deals. Was it worth it? The money was channeled through Citibank, Bank of America, everyone in on the dirty deal who's anyone.
The Secret of Sucessful Bankers
Buy worthless stocks at inflated prices and get the government to bail you out! Ah well, that's why they get the big bucks and the rest of us watch in awe of their brilliance...more at thepoliticalbrief.com
Next, the fear is sooo much money will be printed, so much credit issued that the dollar will collapse. Since, everyone is in the dollar, the Chinese, the Japanese, the Europeans, that is the end. That is the 1923 German hyperinflation, but for the world, with no powerful outsiders to fix it. That is why I continue to ask people to look at my friend's stuff. So, Countrywide was bailed out for $25 billion already, for all the bad real estate deals. Was it worth it? The money was channeled through Citibank, etc.
Friday, September 21
Northern Rock N Roll-- Crash n Roll
How are the markets doing? Do you care?
If it all crashed, like big Citibank; a total cataclysm;
Would it satisfy your teenage lust;
Would you give up monetarism;
-----(Lots of Jii-ism)
If the old Lady of Threadbare Street;
The Bank of England itself;
Crashed into a million pieces down;
All the bad loans on the Shelf;
----(damn the Gwe-el-efs)
Refrain:
I know it's only Northern Rock;
But it's dead meat.;
I know it's only Northern Rock;
But it's Dead meat, dead meat, yes it is....
(to the tune of the Stones' "It's Only Rock n'Roll")
Monday, September 17
More Links about Northern Rock Collapse
On the Northern Rock collapse. Is it due to investment in US subprime mortgages and real estate?
Panic at Northern Rock in the UK
Yes, it can happen here, and there. The collapse of Northern Rock has sent shock waves all over the world. When the word came that they would be bailed out by the Bank of England, this, far from reassuring everyone, created a giant panic. Here's the link.
. Of course similar bank runs have happened in the United States, with the chain of banks that Countryside Corp. owns in California. It is unclear if this collapse is due to the British market or to US subprime real estate mortgages. Here are some excerpts from Daily Telegraph (UK-London) coverage from 9/18/07-
High street scramble as savers claim money
By Paul Stokes
They were scenes more reminiscent of the last days of the Weimar Republic, the Great Depression or a stock market crash than those of a typical British high street on an unremarkable Friday morning.
# Northern Rock customers withdraw £1bn of savings
But the news that Northern Rock - one of the country's biggest mortgage lenders - had received emergency funding from the Bank of England was enough to send thousands of its customers rushing to their local branch yesterday, clutching their passbooks, in a desperate attempt to withdraw their money.
Despite being urged not to panic, fears over the lender's financial future meant queues at several branches stretched far out of the door and long into the street outside.
The determination of some to withdraw their money, was typified by 65-year-old Tony Looch at the bank's Moorgate branch, in the heart of London's Square Mile. He wanted to get his hands on his entire £135,000 worth of life savings. "I'm prepared to wait as long as it takes," he said. "I'm taking the lot out if they'll let me have it."
Saturday, September 15
Friday, September 14
Crash- From Real Estate to LBO
The big news today is that the Bank of England is bailing out the big English real estate firm Northern Rock, aka Northern Wreck, to the tune of billions of pounds. So the B Of Eng is drawn into the mess as well. Country2ide Real Estate is now getting its THIRD bailout, going up another $12 billion, to $25 billion of bail out. This is while its stock market value has decreased by 60-percent.
The big giant that is beginning to make its entry is the LBO Debt problem. The big banks have almost $500 billion in LBO (Leveraged Buyout Debt) and they have to sell it off. But what are they or the Central Banks supposed to do? One crazy idea was to loan money to the "non-banks" (hedge funds) so they could then buy the LBO debt from the banks. So you could literally have the same bank have the same asset and debit for the same transaction on the books. Very interesting.
Black Friday Blues
All this talk about the financial collapse made me think of black friday. In this case, black friday, the day after Thanksgiving, when there are alot of sales. You can get a great deal on all sorts of stuff at Best Buy. I mean electronics, computer stuff, isn't that the best gift in the universe. You can keep better track of your stocks on the internet, with more memory or whatever. The place to go to get all this great stuff is black-friday.net. This is really great stuff, and the best part is that you don't have to wait on line in the stores to cash in. You get these great prices simply by paying them, having the raincheck, or the date check for the day after Thanksgiving. Here is a sample of the great items that will be available:10" Powered Subwoofer $199.99 ; 18 In 1 Starter Kit for Nintendo DS Lite $9.99 ; 20th Century Collection (CDs) $4.99 ; 2142 Battlefield (PC) $24.99
Advent 15" LCD TV (Doorbuster Item: 5am - 12pm Only) $129.99 ; Age Of Empires 3 (PC) $24.99 ; Amped (Xbox 360) $18.99 ; Arrested Development Season 3 $9.99
ATI X1600 Pro 512MB AGP Graphics Card $99.99 ; ATI X1600 Pro 512MB PCIe Graphics Card $99.99 ; AT&T 5.8GHz Analog Cordless Phone System with Digital Answering System $79.99 Casio Electronic Keyboard $69.99 ; Click DVD $7.99 ;Compaq AMD Athlon 3700+ Computer W/15" LCD Monitor $399.97 and a whole lot more.
This Post Sponsored by black-friday.net. Thank you to my Sponsor black-friday.net.
How do they do this miraculous deal. It seems the way it works is that you get a discount code, and then you buy the item online on the day after Thanksgiving. Sounds enough to make a Wall St broker who has just had his hedge fund disintergrate feel good. How about that?
KKR is in the KRASH KRASH righton
We have a desperate attempt to ignore the unignorable, that the system is finished. The big banks are being allowed to borrow from the European Central Bank and the Federal Reserve, to loan to the hedge funds, to buy from the banks --to get the debt off their books. According to The New York Times, Credit Suisse, Citigroup, Deutsche Bank, HSBC, Lehman, Goldman Sachs, Merril Lynch "have taken the highly unusual step of offering hedge fund clients loans of as much as 75 cents in the dollar, in an attempt to kick start the process."
As for the Alliance Boots deal--the biggest ever in Europe--already in August, KKR's eight bank underwriters abandoned selling $12 billion of mostly senior loans, and the underwriters have been saddled with the debt. Now, two sources who are involved, according to the International Herald Tribune claim that Deutsche Bank and JPMorgan Chase have found buyers for the $750 million of the "mezzanine" (highest interest/riskiest) debt, but have yet to close the deal.
If they get through this deal alive, there are only about $400 billion leveraged buyout deals to go.
Wednesday, September 12
A little Real Estate Humor
Alot of people were doubting what LaRouche said about the real estate collapse. Here is one from an organized "anti-LaRoucher" in 2005, (from Laroucheplanet.info): Post Number: 55
Registered: 9-2005
Posted From: 207.105.158.215
Posted on Friday, February 17, 2006 - 5:38 pm:
----------------------------- ----------------------------- ----------------------
Ever since ive been acquainted with the LYM (handful of years), they have been fiercely proclaiming a housing market collapse. In contrast, the housing market fiercely ascended during the interim.
I remember, month by month, the predicted collapses which had never occurred. Today, at the housing market’s maturity and amidst all the positive speculators, there are some economists predicting a dip, and rightfully so, but none are leaping into full scale economic shutdown predictions as Larouche did! –and today’s streak of housing growth is probably the reason their proclamations have faded away.
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Now after the MBS (Mortgage Backed Security) are being bought up by the Federal Reserve, just to make it look like they are worthless, I bet some "anti-LaRouchers" are feeling pretty stupid. Was the bit of cash they may pocket in this shenanigans worth it? Can you abandon their cynicism and read what LaRouche has to say at larouchepac.com? Then you can even be a plagiarist and write and say it was your own idea.
Math Help for Your Child
Yes, I have children, two to be exact. When the younger one, Benjamin needed Math Tutors to help with arithmetic, even though he was only in the 4th grade, I did not hesitate. I went to Score Learning Centers, and I have to say that I am glad that I did. His arithmetic is most better, and even that preliminary geometry was something they could help him with. Multiplication and Division too. I should help him, but sometimes I just don't have the patience, after doing real estate deals all day. That is, since my job is exhausting, and it's hard enough to be able to pay the bills. Sometimes it is worth paying someone else to do a job like tutoring for you.
My Favorite Mistake- Number Two
I woke up out of bed this morning. I saw a new day that was dawning. Then I knew I was still unemployed (Doo doo doo, doo doo doo). That really was my favorite mistake, number two. I could have kept that stupid proofreading job at Clifford Chance. But, no, I didn't want to work the fifth day, and now I have been kicked out, probably forever. And with the slump in the new deals, with the freezing up of credit, it is probably going to stay that way, whether I like it or not. If I could do something about it I would, but I don't think that is going to bring the subprime mortgages back, or the Mortgage Backed Securities back to life. Face it, the bubble is about over. Maybe if we can pass the old Geezer's legislation to stop the home foreclosures and save the banks, maybe this nightmare, just somehow, will be over.