tag:blogger.com,1999:blog-1207581886255094115.post3786973057636778658..comments2024-02-26T05:51:17.859-05:00Comments on Economic Disconnect: Bank Panic of 1907EconomicDisconnecthttp://www.blogger.com/profile/02802078645713106743noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-1207581886255094115.post-5385382953785346302013-05-10T13:23:57.962-04:002013-05-10T13:23:57.962-04:00I don't even know how I ended up here, but I t...I don't even know how I ended up here, but I thought this post was good. I don't <br />know who you are but certainly you're going to a famous blogger if you are not already ;) Cheers!<br /><br />Feel free to visit my site ... <a href="http://terhorstnet.nl/wiki/index.php?title=Gebruiker:JanetSpri" rel="nofollow">seo services</a>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-71425773021544321982010-04-08T19:05:32.922-04:002010-04-08T19:05:32.922-04:00Gawains,
I am going to excerpt some of the comment...Gawains,<br />I am going to excerpt some of the comments here in tonights post, great stuff.EconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-60742627618703599912010-04-08T16:36:24.265-04:002010-04-08T16:36:24.265-04:00Ha ha ha, he he he, ho ho ho. Let me know when I c...Ha ha ha, he he he, ho ho ho. Let me know when I can entertain you with my tales of misery and woe.GawainsGhosthttps://www.blogger.com/profile/16719480047404817864noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-25473826909969065472010-04-08T14:27:42.892-04:002010-04-08T14:27:42.892-04:00>They left the back door open and the goats got...>They left the back door open and the goats got in and shit all over the house!<br /><br />Ya did it to me again dude. It's an involuntary thing you know. I mean, I feel for you man, but that shit is funny. Seriously, maybe you should think about writing a book.regularly scheduled programmingnoreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-28931978512004478432010-04-08T12:10:47.873-04:002010-04-08T12:10:47.873-04:00Yeah, well, Regularly Scheduled, you might think i...Yeah, well, Regularly Scheduled, you might think it's funny, but it's not. It's lunacy.<br /><br />I see this all the time. Here's how the scam works.<br /><br />No credit? No problem! You too can buy a house. No down payment? No problem! We can give you a 0% down, interest-only ARM, and roll over the closing costs. It will cost you practically nothing.<br /><br />Oh, and you'll need furniture. No money? No problem! You can completely furnish your new house with no down payment and no interest for a year.<br /><br />So what these people do is fill out some paperwork. They can even lie bald faced, since no one really cares. They move into the house and furnish it. They do not make a single payment. What does it cost them? Utilities and food for a few months.<br /><br />Then, when they get the first default notice, they just rent a moving truck, load up the furniture, strip the house, and disappear.<br /><br />Great way to rennovate and refurnish a house in Mexico, where you cannot be prosecuted since the crime occurred in America.<br /><br />You guys have no idea what I deal with. And frankly, to tell you the God's honest truth, I'm more than disgusted.<br /><br />Two years ago I got this assignment on a ranch house out in the middle of nowhere. It had been completely gutted of course, but here's the thing. They left the back door open and the goats got in and shit all over the house!<br /><br />And I have to walk through this mess, while taking pictures and making notes.<br /><br />Then I get this phone call from a contractor who wants to get into the business of cleaning repossessed homes. Oh, really? You want to clean a home? I got a home for you to clean.<br /><br />After he had shovelled all the goat shit out of the house, it was a four-foot mound in the front yard that had to be hauled off.<br /><br />Needless to say, he never called me for another cleaning again.GawainsGhosthttps://www.blogger.com/profile/16719480047404817864noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-81142944769408031382010-04-08T10:23:52.031-04:002010-04-08T10:23:52.031-04:00Gawains, Almost spit coffee on the screen.
They t...Gawains, Almost spit coffee on the screen.<br /><br />They took the DRAWERS too. Too funny.regularly scheduled programmingnoreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-69702316089892999852010-04-08T07:23:24.013-04:002010-04-08T07:23:24.013-04:00"A Turbo Diesel Mustang?"
Sacrilege!"A Turbo Diesel Mustang?"<br /><br /><br />Sacrilege!watchtowernoreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-36118766107062834872010-04-07T20:59:28.698-04:002010-04-07T20:59:28.698-04:00GYC and everyone, you might want to check this out...GYC and everyone, you might want to check this out as well...<br /><br />Hi Tom!<br /><br />http://www.devvy.com/notax.htmlS. Gompersnoreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-13941084016910569832010-04-07T20:52:09.466-04:002010-04-07T20:52:09.466-04:00One for you Mustang drivers/lovers:
A Turbo Diesel...One for you Mustang drivers/lovers:<br />A Turbo Diesel Mustang?<br />http://tinyurl.com/yhvbn4xEconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-14230803811366366042010-04-07T20:25:05.548-04:002010-04-07T20:25:05.548-04:00Glad everyone liked the old story. Seems like it ...Glad everyone liked the old story. Seems like it never really goes away.<br /><br />Dave,<br />about CR, HA! On his "mortgage rates when set by the private market and not the FED will not move!" call I offer Housing Wires take:<br />http://tinyurl.com/yjvct4n<br />Sample:<br />"What is clear is that the first round of private securitizations aren’t likely to cause wild celbrations on the Street. For one, mortgages need to be originated at roughly 6% at least to get any sort of capital flow; this was the case in previous securitization efforts, and it’s likely true now as well. The current (impossibly?) low mortgage rates do not quite hit that sort of watermark.'<br />and<br />"A huge potential investor in private RMBS issuances suggested to me that his firm wouldn’t invest until rates on the long-end start rising. “We need to see a 100bps jump in coupon for this to be profitable for just the issuer,” the investor, who asked not to be named, said."<br /><br />Only the US government can make mortgages that lose money going forward. QE2 is not just a ship!!!EconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-7462601470980106142010-04-07T11:11:19.281-04:002010-04-07T11:11:19.281-04:00DANGIT gyc, now i can't pull up CR without cra...DANGIT gyc, now i can't pull up CR without cracking up thinking about your recent (and warranted) tirades.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-60091730183698180412010-04-07T09:54:19.699-04:002010-04-07T09:54:19.699-04:00I first came about to the Panic of 1907 around the...I first came about to the Panic of 1907 around the time lehman collapsed - very interesting. <br /><br />At that time, Morgan called together the masters of the universe, locked them in the room and basically told them which ones would live and which ones would die. It worked and the US was able to kick the can down the road for another 21 years til it all blew up in their faces.Davidnoreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-13148203118552102932010-04-07T00:57:14.722-04:002010-04-07T00:57:14.722-04:00Well, I stopped reading CR months ago. He went fro...Well, I stopped reading CR months ago. He went from being an analyst to being an apologist. I have no stomach for that.<br /><br />Anyway, that's a great article, GYC. It's long, about 30 pages, detailed and involved, but also very pertinent. Of course, things are very different these days than they were in the early 1920s. Although the author's salient point that the 1920-21 recession bears a much closer resemblance to this one than the Great Depression should not be overlooked. However, it is also true that any administration that tried to deal with this recession in the way the Harding administration dealt with theirs would be committing political suicide. That doesn't mean it wouldn't be the right thing to do though.<br /><br />Today was repo day. There were probably, oh I don't know, 500 foreclosure sales on the courthouse steps. So we should be getting a lot of new assignments over the next few days. What fun that will be.<br /><br />Want to know what I did this afternoon? Well, we got a request for a full interior price opinion and repair addendum on a repossessed home listed with another company. The company is thinking of transferring it to us because it hasn't sold. Current list price, $175,000.<br /><br />Now, this house happens to be in one the nicer, established neighborhoods in north McAllen. Great location, good schools, easy access to main roads and shopping. 5 bedrooms, 4 baths, 3500+ sf, wood fence, in-ground pool. So I went over there to check it out.<br /><br />Oh, my God. It's been completely stripped! All the lights, all the interior doors are gone. So are the appliances, the a/c unit and the pool equipment. The granite counters in the kitchen are ripped out, and all the cabinet doors are gone. Same for the built-ins and bathroom vanities. But this is what really gets me. They took all the drawers too.<br /><br />Drawers? Why would you steal drawers? I mean, it's not like you can just slide them into another cabinet. You'd have to build new cabinets specifically to fit the drawers! It doesn't make any sense.<br /><br />If there's one thing I hate more than a thief, it's a stupid thief.<br /><br />So, I'm looking at about $35,000 in repairs at least. A typical homebuyer cannot purchase this house. It's not fit to live in. Only a professional investor with a lot of capital can buy something like this.<br /><br />Calling all flippers, calling all flippers. Oh, sorry, I was having a flashback.GawainsGhosthttps://www.blogger.com/profile/16719480047404817864noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-45765781622337902202010-04-07T00:15:26.825-04:002010-04-07T00:15:26.825-04:00Well said, connected!
I must admit to suffering a...Well said, connected!<br /><br />I must admit to suffering a major case of 'ire fatigue'. I've been sooo pissed off for sooo long, almost nothing gets my dander up anymore. Nothing crisis-related surprises me anymore. Maiden Lane is holding toxic waste? BFD. The Treas, The Fed, The Pres and Congress all lied? Oh well, waddaya gonna do. My property lost value yet my property tax spiked? That's funny....TomOfTheNorthhttps://www.blogger.com/profile/06480131003518342065noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-80405505034645213452010-04-07T00:15:19.082-04:002010-04-07T00:15:19.082-04:00Well said, connected!
I must admit to suffering a...Well said, connected!<br /><br />I must admit to suffering a major case of 'ire fatigue'. I've been sooo pissed off for sooo long, almost nothing gets my dander up anymore. Nothing crisis-related surprises me anymore. Maiden Lane is holding toxic waste? BFD. The Treas, The Fed, The Pres and Congress all lied? Oh well, waddaya gonna do. My property lost value yet my property tax spiked? That's funny....TomOfTheNorthhttps://www.blogger.com/profile/06480131003518342065noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-6884089422664793042010-04-06T22:15:51.369-04:002010-04-06T22:15:51.369-04:00Gawains,
I will check it out.
Dave,
his wording i...Gawains,<br />I will check it out.<br /><br />Dave,<br />his wording is "choppy, slow growth" or some such amorphous thing. Look I love the guy and the site was one of the earliest sources for real info, but now he seems so apologetic for the FED/Treasury actions and it rankles me. I thought the aim was real reform and seeing reality not closing our eyes and pretending trillions in bailouts/backstops/etc are making a real recovery.EconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-75046439427384400062010-04-06T21:45:48.798-04:002010-04-06T21:45:48.798-04:00I'm glad you clarified - I was wondering where...I'm glad you clarified - I was wondering where you were going with the history lesson.<br /><br />I thought about you today when I was reading CR and he was spewing on about how he expected the economy to slowly improve or some b.s. like that. I wanted to reach thru the screen and strangle the guy.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-54260138979579970212010-04-06T21:12:33.541-04:002010-04-06T21:12:33.541-04:00Interesting. Here's another must read.
http:/...Interesting. Here's another must read.<br /><br />http://www.zerohedge.com/article/guest-post-great-imbalance-critique-recession-1920-21-causes-responses-and-insightsGawainsGhosthttps://www.blogger.com/profile/16719480047404817864noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-4904321712287747822010-04-06T20:55:12.709-04:002010-04-06T20:55:12.709-04:00Great post.
You are doing your research, look up ...Great post.<br /><br />You are doing your research, look up the Bankers Manifesto of 1892...S. Gompersnoreply@blogger.com