patrick.net

indigenous says

If you really want to get an understanding of this read Stockman's book the Great Deformation.

If you really, really want to get an understanding of this read Neil Borofsky's book. Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street Barofsky was the ig for tarp trying unsuccessfully to keep paulson and geitner from simply giving the money away even to people who didn't want it. Reading his book will make you want to turn ApocolyseFuck loose on timmy boy to do his worst.

bob2356 says

If you really, really want to get an understanding of this read Neil Borofsky's book.

You imply that Stockman's book is not worth reading.
It is, it is 700 pages, covering the meltdown and the events that created the situation in the first place. This from a guy who was on Reagan's cabinet and has served as a congressman and a investment banker. Mish endorsed the book and it is also endorsed by Austrians.

If you think that Geitner is the only or main player, you have more to learn.

I'm not saying the book you endorse is not worthwhile, just that Stockman's book is really good.

It does no good to torture sociopaths. They won't learn anything from that, and worse, the torturer incurs psychic damage. Simple removal from the planet is safest and most effective.

I don't think he is the bad guy. I see him just like our president(s), a face for the public to vote for, while someone else is pulling the strings.

It's why we have a 2 party system, entrenched oligarchy that owns everything. Take one asshole out, another one comes in his place and does the same things while promising "hope and change".

Quigley says

It does no good to torture sociopaths. They won't learn anything from that, and worse, the torturer incurs psychic damage. Simple removal from the planet is safest and most effective.

You are much too practical.
I'm sure Apocalypse will thoroughly enjoy torturing him. When he's done he'll have a turkey sandwich and burp.

APOCALYPSEFUCKisShostikovitch says

Blurtman says

he didn't see his job to be that of a regulator

Exactly. This was deeply twisted, like the archbishop sniffing at the pederast priests scandal, 'well, they're old enough to wipe themselves when our priests are done with them, aren't they?'

Chair of the OCC and NY Fed president had chartered authority and visibility and clout to stay the disaster.

Have your complicit toadies head up enforcement. Enact a two-tiered justice system with selective enforcement directed soley against the powerless or those who do not pay, or do not go along. This is how things were done in the USSR.

This one is so worth repeating. Inviting him to sell his fable is a slap in the face of taxpayers. Thanks for a great comment!

APOCALYPSEFUCKisShostikovitch says

I got two and a half minutes in and could not take it any more. Geithner all but shot all the firemen who were trying to stop the arsonists on the plane when he was at the New York Fed. As president of the NY Fed, he was in a key position to grab and discipline the Wall Street gangsters. Instead, he let every regulator with a will to go after these guys fight on their own and fail. While not a direct accomplice to the crime spree, Geithner is guilty on multiple counts of suborning immense frauds. Inviting him to sell his fable - and it is; it omits all of his crimes - is sick.

I don't know how Tim Geithner could possibly think it was a good idea for him to be interviewed by Jon Stewart.

indigenous says

bob2356 says

If you really, really want to get an understanding of this read Neil Borofsky's book.

You imply that Stockman's book is not worth reading.

No I didn't. Neil was a major player in keeping tarp from becoming more of a disaster than it was. He working inside the department day in and day, He was an integral part of the entire process.

David Stockman can't begin to match that kind of knowledge. I will read stockman's book when it makes it to the library or used book stores. I'm not enriching someone who was a big part of creating the problem for doing his mea culpa dance.

I have a question about this "6% renting rule". I.E. If a place is offered at 400k, you should be ok with renting it an annual basis for 400,000 x 6% = 24,000, or 2000/month. so with rates low now, a 320k mortgage at 4.5% = $1600/month. as varmint says, $100 a month is close to $25k in price due to these low rates. Some of these HOA fees are $300/month in some gated communities. So, as a potential short term renter in one of these places, should I adjust the 6% rule a little higher since the owner nowadays has a MUCH bigger nut in HOA, as a percentage of total monthly outlay, then he did before? Or do I just say "screw you, that's your problem dopey owner, 6% is my best"? (Keeping in mind that I might be pricing myself too low to get something).

bob2356 says

Neil was a major player in keeping tarp from becoming more of a disaster than it was. He working inside the department day in and day, He was an integral part of the entire process.

That tells me what I need to know, pass.

Big Dick says

I have a question about this "6% renting rule". I.E. If a place is offered at 400k, you should be ok with renting it an annual basis for 400,000 x 6% = 24,000, or 2000/month. so with rates low now, a 320k mortgage at 4.5% = $1600/month. as varmint says, $100 a month is close to $25k in price due to these low rates. Some of these HOA fees are $300/month in some gated communities. So, as a potential short term renter in one of these places, should I adjust the 6% rule a little higher since the owner nowadays has a MUCH bigger nut in HOA, as a percentage of total monthly outlay, then he did before? Or do I just say "screw you, that's your problem dopey owner, 6% is my best"? (Keeping in mind that I might be pricing myself too low to get something).

You could tell him that, but keep in mind that 6% rule is not consistent over time and over different regions. If there is a shortage of rental properties you will pay more no matter what.
I would go by the comps

Still cheaper to rent. The mortgage, property tax plus maintenance will cost you well over $2000 a month. unless you have a couple thousand down payment.

Wow. Geithner is so full of shit it's coming out of his ears.

WOW! The UNtrustworthy are certainly in control of what information is apparent to the people!

Say hey! This was in the Wall Street Journal on March 30, 1999. Note "... how much it will buy."

Holy cow/interesting/compelling ...!

And where is it up to date??? Right here ... see the first chart shown in this thread.
Recent Dow day is Friday, May 23, 2014 __ Level is 104.6

WOW! It is hideous that this is hidden! Is there any such "Homes, Inflation Adjusted"? Yes! This was in the New York Times on August 27, 2006:

And up to date (by me) is here:
http://patrick.net/?p=1219038&c=999083#comment-999083

WOW! The UNtrustworthy are certainly in control of what information is apparent to the people!

And "ThePublic Be Suckered"
http://patrick.net/?p=1230886

Funny that you didn't mention Toyota's recalls of over half a million cars yesterday (URL is wrong):

http://www.dispatch.com/content/stories/business/2014/05/22/0522-Toyota-recalls-466000-vehicles-globally.html

Of course, that adds to the millions recalled earlier in the year:
http://money.cnn.com/2014/04/09/autos/toyota-recall/

The extensive list of GM recalls of late is partly as a result of three things as far as I understand:

1) they are cleaning house in legal and other departments under Barra to ensure that these things are hidden within the organization -- which is quite difficult to do considering the institutional culture with respect to potential lawsuits;

2) they are increasingly using statistical methods to detect problems faster and be more proactive, so that another ignition switch problem with the massive fines doesn't happen again -- they don't want to be accused of sitting on problems again;

3) some of the recalls were previously TSBs that have been upgraded to recalls because of the ignition switch press -- the dealers had already been doing the repairs as needed

corntrollio says

The irony is that he stills says that he's just doing a little comedy show.

That is part of the hipster persona that keeps him popular with the under 40 crowd. When Colbert moves he will be talking to old folks...liberal political jokes will not carry him with that crowd.

Speaking of really funny comedies, have you ever watched the Last Man Standing?

Ten years ago I worked as an engineer for a 1000-employee bottom tier supplier of the big 3. Every new year we had to manufacture the same products for LESS money. There are 2 ways to accomplish this: become more efficient or cut corners. The latter is far easier. The products we made got shittier each year. We hid out of spec parts (including lots with cracked ABS rings). I know for a fact that suppliers above us did exactly the same. By the time GM etc got the components of an ABS system, for example, there were easily 5-25 suppliers who all cut corners to keep their businesses afloat. And don't blame the unions...the pressure came from the business owner to keep making a profit to cover his golfing habit.

I don't drive American cars anymore, not even rentals. Those 57 cent parts? There are thousands of them on our American made cars. The 18 million recalls are ONLY the ones publicly known. I only sleep at night because the odds of having 4 of my cracked ABS rings on the same car are zero.

Don't know why anyone thinks the looting of taxpayer assets is a big deal: assets, governments, and financial systems are always changing, coming and going, or fading away, as they have for millions of years.

There are whale fossils on mountain peaks. Arizona was once a lush, green area. 10,000 years ago, most of North America was covered by ice.

It's hubris to think that we can do anything about this: Try telling 2.5 billion Chinese and Indians that they can't flip shacks using funny money.

The real scam here is all the Chicken Little types who have made fortunes peddling scare stories about all this, when there is so much controversy in the economics community as to the root causes.

According to a new report by the California Association of Realtors, showing true signs of improvement, California’s housing market continued to perform better than expected in April with both the median home price and home sales increasing month to month. All signs point to further recovery in housing through 2015.
http://www.marinhomelistings.com/blog?post=CALIFORNIA-MEDIAN-HOME-PRICE-REACHES-HIGHEST-LEVEL-SINCE-DECEMBER-2007&xid=040600-02

Behzad says

Association of Realtors,

California Association of Sociopaths reports things improving....Got it!

According to a shill report by the California Association of Realtor shills, showing "TRUE" SHILL SIGNS of improvement, California’s housing BUBBLE continued to BUBBLE better than expected in April with both the median home price and home sales of knifecatcbers increase month to month. All shill signs point to further BUBBELY growth in overinflated housing through 2015.

indigenous says

bob2356 says

Neil was a major player in keeping tarp from becoming more of a disaster than it was. He working inside the department day in and day, He was an integral part of the entire process.

That tells me what I need to know, pass.

That's fair, you certainly wouldn't want to know exactly what happened first hand from someone who fought hard against geitner and paulson insanity. Better to read a third or fourth hand account from someone who had a major part in creating today's mess and now says how terrible it is. I'll read stockton's book soon, it's supposed to be a decent history. But it's hard to take his hypocrisy seriously.

bob2356 says

someone who had a major part in creating today's mess

Citation please...

Strategist says

Toyota certainly has no problems. What are they doing right, and why can't we do the same thing?

Gm has the third lowest recall rate .65 over the last 30 years after mercedes .41 and mazda .55 Toyota is number 7 at .80 and Ford is number 9 at .93. Do you want to rethink this statement?

Yea right those terrible gm cars. Top 5 in customer satisfaction year after year, high repeat buyers, low recall rates, #11 in jd powers quality (after 8 luxury makes, mazda, and toyota). Yep they are certainly crap boxes.

Don't let facts confuse you.

JH says

I only sleep at night because the odds of having 4 of my cracked ABS rings on the same car are zero.

Learn to brake properly and you won't have to worry about it.

justme says

I don't know how Tim Geithner could possibly think it was a good idea for him to be interviewed by Jon Stewart.

Haven't you noticed? Geithner has no shame. Whenever anyone in congress called him out on B.S., he would just make stuff up. He wants people to buy his book. The only reason I know he wrote a book is because of Stewart right now. I ain't buying it though...he's a scumbag.

I am no big fan of GM. Swore I would never buy another and haven't owned one in almost 25 years. However, I caved after driving the Chevy Volt and comparing it to other brands' cars.

Bought it one year ago. After using 8 gallons of gas in one year, and having lots of fun, I think it might be the best car I've ever owned. This car convinced me that GM might be back on track to being a good car company again.

could be worst... especially if you have a Volvo

theoakman says

bondholders had to be paid 100 cents on the dollar instead of lets say....95 cents on the dollar.

Which ones? certainly not the GM bondholders.

http://www-odi.nhtsa.dot.gov/owners/SearchResults

lot of mfg have recalls.. even Aston Martin... you think at $150K plus
it would be near perfect...

indigenous says

bob2356 says

someone who had a major part in creating today's mess

Citation please...

Supply side, trickle down, reaganomics, atlantic monthly article if you can find it. He's the one that sold this bill of goods now we have 15 trillion dollar debt that didn't trickle down.

For those of you that think cars are made worse these days than before, I present you with this:
https://www.youtube.com/watch?v=fPF4fBGNK0U

bob2356 says

Supply side, trickle down, reaganomics, atlantic monthly article if you can find it. He's the one that sold this bill of goods now we have 15 trillion dollar debt that didn't trickle down.

That is a demonstration of ignorance not a citation.

Waitingtobuy says

For those of you that think cars are made worse these days than before, I present you with this:

https://www.youtube.com/watch?v=fPF4fBGNK0U

very true, but todays cars have far more in terms of additional equipment including software ... past decades cars had few items to worry about and easy to repair.

We need both.. a good solid structure, but fewer mechanical items.. I dont need a $1000 entertainment system or extensive hoses making it impossible to change a spark plug...

indigenous says

bob2356 says

Supply side, trickle down, reaganomics, atlantic monthly article if you can find it. He's the one that sold this bill of goods now we have 15 trillion dollar debt that didn't trickle down.

That is a demonstration of ignorance not a citation.

Just following your lead.

bob2356 says

Just following your lead.

Whatever, Stockman is the real deal.

Realtors aren't the only ones who should be kept away from baseball bats.

Ben Bernanke thinks he deserves to be baseball commissioner. Problem is, he eliminated the middle class and fed them to his rich friends.

How do you fill a baseball stadium when the all the fans have been eviscerated ?

indigenous says

bob2356 says

Just following your lead.

Whatever, Stockman is the real deal.

No doubt, but he's still a hypocrite. I'll get to him soon as I see a used copy. I do like to get my information from a variety of sources with diverse viewpoints. You should try it some time.

indigenous says

theoakman says

bondholders had to be paid 100 cents on the dollar instead of lets say....95 cents on the dollar.

Which ones? certainly not the GM bondholders.

lol, you named the one group of bondholders that got screwed...oh wait, they weren't a bank. GM bondholders were fleeced.

Point not taken.