patrick.net

Call it Crazy says

I wonder who the real idiot is here?? Want to tell us more fairytale stories
about the recent snows???

LOL, I won't have to, remember that you supposedly live in New Jersey, and this same snow storm front is hitting you apparently as I type this. Again, SUPPOSEDLY.

..Another Winter Storm Batters the East Coast
By DAN GOOD and MAX GOLEMBO | Good Morning America – 3 hours ago
..http://gma.yahoo.com/another-snow-storm-batters-east-coast-091549330--abc-news-topstories.html?vp=1

Ice and snow is covering roadways, creating slick driving conditions and grounding thousands of flights. Anywhere from a few inches to a foot or more of snow is expected to fall on the East Coast.

By 4:30 a.m. the snow changed to sleet in New York City, with additional ice and sleet accumulation expected this morning due to low temperatures.

A winter storm warning was issued for Philadelphia, with the city experiencing rain and sleet. Rain fell across Washington, D.C., and Baltimore.

The storm could bring over a foot of snow to Albany, N.Y. and Hartford, Ct. Boston could also get hit hard, possibly as much as 10 inches. The storm should pull out of the Northeast late this afternoon.

All of the precipitation is impacting flight schedules. According to FlightAware.com, more than 2,000 nationwide flights have been delayed, with another 2,000 canceled by 7 a.m.

Some states declared states of emergency ahead of the storm, including New Jersey and Mississippi.

The snow was falling across the Midwest Tuesday, forcing schools, businesses and government buildings to close. Almost 13 inches fell in Topeka, Kansas, making it the third-biggest snowstorm in the city's history.

OOPS, none of the above ever happened, or is happening now, according to crazy.

At the risk of sounding paranoid, but in the past Housing policy has been dictated by Social policy.

When they wanted people to expand and have families they made housing cheap.

When they wanted to spread assets and get people to spend money they turned houses into piggy banks with equity loans.

When they wanted poor people to move into the suburbs they created sub-primes.

When they wanted to force urbanization and density, they built transit and fostered the creation of apartment buildings and apodments.

So...what do they want us to do next?

Call it Crazy says

And exactly what does this have to do with sales metrics of housing during
2013, like my original article stated above???

Call it
Crazy says

I wonder who the real idiot is here?? Want to tell us more fairytale stories
about the recent snows???

You lived up to your title of idiot!!

Yeah, who's the idiot? You asked/implied something, then I prove you wrong, and you pretend that you didn't read my response, AFTER you responded to it.

It's always the same ole shit with your type, where you think that if I tire of your annoying and redundant BS that I'll stop and you'll somehow be proven right or get the agenda out that you were tasked with, like a default version of reality.

AGAIN, you made assertions with YOUR post about some supposed fraud, lies, fake stas and/or data. Why don't YOU prove, you know since you're the one claiming all that fraudulant data, that the housing market recovery is beyond ANY doubt, based upon fraudulant data, cooked numbers......whatever you kooks call them. And try doing it without some references to crank websites and your fellow kooks, but mainstream normal, level-headed and rational people.

errc says

What exactly do you fear would have happened had the govt not bailed out all
the bad actors?

Well other than the obvious social upheaval and pain for a time, it would have been more of a consolidation of wealth. There would have been a market clearing, someone would have stepped in to acquire the assets in the bankruptcy.

Who do you think that would have been? Average Joe down the street making $50k at his job?

Point is, SOME of the wealthy were overleveraged and maybe even MOST of them would have been wiped out. But not all, and those left over would have been there to purchase the productive capital at bankruptcy.

It happened even with the bailouts - Buffet bought a significant portion of GS, BAC, etc. all at pretty sweet prices. Now I know you will say that he would have been wiped out without the bailout - maybe - but the point is not every rich guy was leveraged to his eyeballs.

No bailouts would have allowed productive capital to be consolidated in fewer hands.

Who bought Hostess brands in BK? Who bought the remnants of Merrill Lynch and Bear Stearns?

It certainly wasn't the middle class.

Most of the net worth that the middle class has is in the present value of their future labor plus the present value of their annuities due (also known as "entitlements").

I don't think you could buy Merrill Lynch with either of those.

My guess is Koch industries would have been sitting pretty in a financial system collapse. It would explain why they are so pissed about the bailouts.

Call it Crazy says

I have asked you over and over to provide data that disputes the housing
metrics in the OP, so far, crickets (and a lot of diarrhea) from you...

AGAIN, for whatever time this is, YOU, NOT ME, made the assertions, not me and you based them upon some ramblings from some crank website, not normal legit and respected critics.

You know what older people are doing? Working low wage jobs, they are not retiring. Because very few can afford to retire.

Today you are looking at housing only, tomorrow hopefully you'll see the entire picture.

Call it Crazy says

I have asked you over and over to provide data that disputes the housing
metrics in the OP, so far, crickets (and a lot of diarrhea) from you...

You're asking me to dispute something that you(or Jim Quinn) pulled from your collective asses?

Where's the definitive data and legitimate historical stats that prove any of your BS beyond any doubt?

The ONLY thing that you've linked to so far is a tirade from The Burning Platform, whose past of irrational rants and history of being devoid of many facts is known and so is appropriately referred to as a 'crank site'.

I deleted this because it double posted.

Call it Crazy says

upisdown
says

The ONLY think that you've linked to so far is a tirade from The Burning
Platform,

Really??

Yea, really. F-n scroll up. Or, better yet, I'll copy and paste the only link that you gave in the original post:

http://www.theburningplatform.com/2014/02/02/warped-distorted-manipulated-flipped-housing-market/

John Bailo says

When they wanted people to expand and have families they made housing cheap

That's the problem. This Administration does not want "Family" expansion. In fact they want to destroy the family unit.
And Insurance is proving to be as invaluable as the Teachers and curriculum they chose.

I mean they can tell the kids that they are hopeless and will never amount to much, and they should sit at home and collect SNAP while routing that the uneducated (Darker than you)man gets socially promoted all the way to the top in Government jobs with cushy retirement terms.

But all of that is for naught, if Mom and Dad are at home fucking things up, like teaching Jr to get a job, save money have a goal, save up for a car and learn all of the stuff that it takes to be a self sufficient adult in the Modern Society.

So what's a Lib to do?

Well you could crush all of the cheap used cars, insure all cars at the highest common denominator, fine families an extra $300 a month if Jr gets his drivers license, whether you let him drive your new car or not, or whether he drives a $800 fully paid for hooptie or not. But what family crisis would be complete with out the lack of suitible employment.
I bet no Kid in America is paying their own damn way, earning minimum wage, at 17 hours a week. That's not even enough to cover the gas bill.
Let alone that $300 a month premium. And I'll be damned if Mom and Dad can foot the bill, they've got you down for another $300 a month on Obamacare premiums until you're 26.

Call it Crazy says

upisdown
says

Where's the definitive data and legitimate historical stats that prove any of
your BS beyond any doubt?

That's what I keep asking from you!!! Disprove it!!

Disprove what? You've NEVER established that it was true to begin with, so that's impossible.

Call it Crazy says

Why don't you actually READ that article and you'll see where the data came
from..... Tooo much work?? Or will that take away from your diarrhea time??

Seriously? Look at f-n title of the link, along with the fact that THAT website is a known 'crank' site, or more commonly referred to as a 'collapse blog'. The recurring theme is doom and gloom, not facts.

And, as I've asked plenty of times before this, if it's such a known fact then you shouldn't have any trouble whatsoever finding a legitimate site, or facts, and data to establish what you're trying to imply. From the way you're acting, you'd think it was all over the www and on billboards too, but you have yet to link to any of those places.

Why is that?

Something tells me the young generation won't be paying the boomers the prices they demand for their shacks.

Either the boomers will rot in place, with special property-tax grandfathering giving them 1990 taxes on their 2025-priced houses, or they will sell at much lower prices, as in: prices the younger generations can actually afford.

Unless there is wage inflation - hahahahahaha! - I see no sale at current prices.

control point says

My guess is Koch industries would have been sitting pretty in a financial system collapse. It would explain why they are so pissed about the bailouts.

Oil hit $40/barrel. Koch would have been crushed. That is the whole point, if you do nothing when does it stop?

Lehman collapses
Ok we do nothing......
Reserve Primary fund breaks the buck due to Lehman collapse
Ok we do nothing......
Just pick your poison because if we continue to do nothing it gets way way worse.

Remember the fed backstopped EVERYTHING
Bank accounts 250k, money market funds, hell they even backstopped commercial paper so GE could stay in business.

We are in a credit based world if we get rid of credit, prices and wages drop to cash values. 1.2 Trillion in printed US dollars on the planet. You do the math.

Business idea: Bag-out service, cleaning out rotting bodies and stacks of 'Doors' and 'Rolling Stones' albums from boomer houses.

Between now and 2040, they'll be dropping at the rate of one each 30 seconds - that's 2880 per day.

Talkin' 'bout their generation!

Anyone who can't see dollar signs here has a heart of stone!

yup1 says

hell they even backstopped commercial paper so GE could stay in business.

Not true GE had to rollover 5 billion a week with commercial paper it had sales of 200 billion per year. They would have lost earnings but they were not going to go BK. This was part of the charade that Immelt conned Paulson with.

yup1 says

We are in a credit based world if we get rid of credit, prices and wages drop to cash values. 1.2 Trillion in printed US dollars on the planet. You do the math.

So what. The value of currency would be higher and prices would be lower.

indigenous says

Not true GE had to rollover 5 billion a week with commercial paper it had
sales of 200 billion per year. They would have lost earnings but they were not
going to go BK. This was part of the charade that Immelt conned Paulson
with.

I'm not sure what you are saying here. Probably best to just direct me to where you read and regurgitated this from so I can review and it confirm or debunk it.

indigenous says

Not true GE had to rollover 5 billion a week with commercial paper it had sales of 200 billion per year.

lol--you've got to be kidding. What was their cash flow? If you can't tell me that, then you have no idea what their situation was.

indigenous says

So what. The value of currency would be higher and prices would be lower.

After you've been laid off and have run through your savings, I'm sure you'll take solace in the fact that the value of the dollar is higher.

control point says

indigenous says

Not true GE had to rollover 5 billion a week with commercial paper it had

sales of 200 billion per year. They would have lost earnings but they were not

going to go BK. This was part of the charade that Immelt conned Paulson

with.

I'm not sure what you are saying here. Probably best to just direct me to where you read and regurgitated this from so I can review and it confirm or debunk it.

David Stockman's book on the bailout. It is 700 pages long.

tatupu70 says

You read about as well as Reality. My position is now, and always has been, that nobody can know whether the bailouts were necessary. Because it's IMPOSSIBLE to know.

Given that, and that the consequences of no bailouts was so dire, I think it's very naive of you guys to pretend that the bailouts were a horrible idea and that things would have been fine without them.

LOL... So it's "IMPOSSIBLE to know" whether they were necessary... but "..the consequences of no bailouts was so dire..."

In other words, you believe they were absolutely necessary but simply don't have the honesty or balls to state so directly.

Paralithodes says

LOL... So it's "IMPOSSIBLE to know" whether they were necessary... but "..the consequences of no bailouts was so dire..."

In other words, you believe they were absolutely necessary but simply don't have the honesty or balls to state so directly.

You're right---I should have said--the potential consequences....

But--I have stated it honestly and directly. You guys just seem to have a very difficult time understanding it.

indigenous says

David Stockman's book on the bailout. It is 700 pages long.

The Great Deformation? What page?

Without the criminal bailouts (rule of law anyone?) we would have had some of the worst cronies and leeches removed from the taxpayers teats, overall a huge win! Instead we slipped into a banana republic where some are above the law - way to juice the economy! It works so well that printing money is legal and encouraged - oh wait, it isn't if you aren't part of the chosen ones doing heavenly work on the sheeple ;)

control point says

The Great Deformation? What page?

I use a Kindle so there are page numbers. But it is covered in chapter 3

indigenous says

I use a Kindle so there are page numbers. But it is covered in chapter 3

Since you are being intentionally obtuse, I will assume that this is a direct quote from his book.

indigenous says

Not true GE had to rollover 5 billion a week with commercial paper it had
sales of 200 billion per year. They would have lost earnings but they were not
going to go BK. This was part of the charade that Immelt conned Paulson
with.

http://www.sec.gov/Archives/edgar/data/40545/000119312511047479/d10k.htm#tx37537_8

In 2008, GE had revenues of $181.5B. So the "sales of 200 Billion" was an exxageration on Stockman's part.

GE had $193B in short term borrowings at the end of 2008. If they cannot roll that debt into new financings - that is the amount due.

Here, we see short-term borrowings exceeds SALES. As if sales means one f-in thing. They had $8B, net, cash flow from operating and investing activities.

If they had not been bailed out and given the ability to roll their $193B of short term debt(refinance), they do not have the cash to cover it.

If a company cannot meet its short term payables, it is Bankrupt.

If this is a direct quote from Stockman's book, Stockman is an assclown. He is being dishonest and intentionally misleading when comparing annual sales to monthly payroll payable.

control point says

GE had to rollover 5 billion a week

Where do get that it had to roll 193b?

Stockman goes on to say that GE would have had to get more expensive money to roll the debt.

But the main reason this was objectable was Immelt would have lost bonus money. But again no way would GE have gone bankrupt.

He also said that the rollover debt would have been down ABCP conduit before GE would have been caught anyway.

control point says

If this is a direct quote from Stockman's book, Stockman is an assclown.

He did serve on Reagan cabinet. I would have to think you are flattering yourself?

Did you get the data on equality referred to on the other thread?

Beep beep beep. Loading up on shorts n gold. Next few weeks should be very interesting. Companies are getting to the limit of margin expansion to meet numbers with no top line growth. Mergers and huge layoff are a coming, which is the last resort to fooling investors. Hope everyone is risk hedged cause this can get real bad quick.

indigenous says

Stockman goes on to say that GE would have had to get more expensive money to roll the debt.

Stockman's an asshole then because he is being deliberately obtuse. There was NO money to be had. At any rate. The credit market was completely frozen.

tatupu70 says

indigenous says

Stockman goes on to say that GE would have had to get more expensive money to roll the debt.

Stockman's an asshole then because he is being deliberately obtuse. There was NO money to be had. At any rate. The credit market was completely frozen.

Because someone uses logic they are an asshole? Stockman is right, there is always money to be had at the right conditions - completely frozen is utter BS. Now, if you define "completely frozen" as any interest rate above 1%, then yeah, they were fucking frozen. Didn't stop credit card companies to mail out "special offers at great rates" to anybody back then:

http://cafehayek.com/2008/10/on-frozen-credi.html

"I can’t count the number of times I’ve heard in the past few days that credit markets are now frozen in America. Such a ‘freeze’ allegedly is a main reason justifying Uncle Sam’s longed-for bailout of Wall Street.

Well, some tropical sun must be hitting at least a small part of the credit market, for yesterday’s mail brought to my son, Thomas, an offer of a credit card from American Express.

Thomas is eleven. And while his credit is pretty good with his mother and me, I’m very impressed that he’s managed to establish his credit creds so firmly with a company that, if there’s truth in today’s told tale, has scant amounts money to lend.

In looking over this offer of credit to my pre-pubescent son, I see that Thomas Macaulay Boudreaux’s qualifications for this generous offer seem to be the fact that he has a mailing address and a frequent-flyer number with a major airline.

Geez, I can only imagine what sorts of offers of credit will flood in to Thomas if and when Uncle Sam thoroughly thaws the credit markets with a bailout."

mell says

Because someone uses logic they are an asshole?

Nope, when someone deliberates lies and misleads people to sell his book--that makes him an asshole.

I don't even know where to begin wrt to your ridiculous story about Thomas getting junk mail. You seriously are using that as an example that credit markets weren't frozen?? I'm nominating that.

tatupu70 says

mell says

Because someone uses logic they are an asshole?

Nope, when someone deliberates lies and misleads people to sell his book--that makes him an asshole.

I don't even know where to begin wrt to your ridiculous story about Thomas getting junk mail. You seriously are using that as an example that credit markets weren't frozen?? I'm nominating that.

Sure, because no company and no person in the world can think for themselves and therefor must be dictated the bailout as commanded by the TBTFs. Before you nominate you should know that even Wells Fargo claimed they refused the bailout because they didn't need it but were forced to take the money anyways:

http://www.sfgate.com/business/bottomline/article/Ex-Wells-Fargo-CEO-still-mad-about-bailout-3264080.php

mell says

Sure, because no company and no person in the world can think for themselves and therefor must be dictated the bailout as commanded by the TBTFs. Before you nominate you should know that even Wells Fargo claimed they refused the bailout because they didn't need it but were forced to take the money anyways:

Who cares? wtf does that have to do with the credit markets being frozen?

tatupu70 says

errc says

What exactly do you fear would have happened had the govt not bailed out all the bad actors?

Another Great Depression. 25% official unemployment. You get the picture.

GE is on record saying they were days away from not being able to make payroll.

It would seem that to deny this would mean a repudiation of supply-side economics. I'm happy to argue against SSE, but I can't understand our rightwing friends' position?

If facilitating the top is good for the economy, why would allowing the top to collapse also be a good?

I'm still missing the point. Are you implying that prices are going to fall in the future? How will that happen if inventory isn't rising?

Call it Crazy says

Typical.... Read the original article instead of skimming to the end of the thread...

Or you could just answer my question.

Call it Crazy says

You mean 25% official unemployment (if they were calculating it the old way, right??)

Nope--I mean what I said. 25% official unemployment.

Call it Crazy says

I'd rather you read it yourself so you can figure it out...

So, you don't know then?

tatupu70 says

The free market is not always self correcting. Especially not in a few years.

Proof you have no idea what you're talking about.

Let me ask you, do you think our country's economy is still a free market economy??

indigenous says

Where do get that it had to roll 193b?

It was their short term borrowings on the balance sheet at the end of the year.

BTW, 5B * 52 weeks= 260B. Not far from it....indigenous says

Stockman goes on to say that GE would have had to get more expensive money to roll the debt.

$193B together with their long term borrowings of $330B at 3.2% higher interest rate wipes out all of their earnings. A company with no earnings becomes less credit worthy...indigenous says

But the main reason this was objectable was Immelt would have lost bonus money. But again no way would GE have gone bankrupt.

I hate saying this, but Immelt managed to negotiate a bailout and was able to borrow money at a rate that saved the shareholders billions, he deserved a bonus.

indigenous says

Did you get the data on equality referred to on the other thread?

You have a lot of questions to answer before we get there. First, if I show the data, would it change your mind? Second, why did you chose the last 6 years and the 1930s? Do you assume constant regulations over each of those periods, or do you want to see the trends for each period? If you want to see the trends, why do you focus on the early 1930s but stop. We have plenty of data after....

But if you won't agree that if proven wrong by me personally again you'll change your tune, then I'm not digging it up. Its a waste of time.