No worries, we’ll make it up in property taxes

From the Press of Atlantic City:

Atlantic City suffers biggest 2009 revenue decline among nation’s gaming markets

The nation’s commercial casino industry experienced a slump in jobs, revenue and tax receipts in 2009, with Atlantic City suffering the most among all the gaming markets.

A report released Thursday by the American Gaming Association showed that gaming revenue sank 5.5 percent to $30.74 billion last year in the 13 states that have commercial casinos. Of those states, eight had revenue declines. Indian-owned casinos were not included in the report.

“I don’t think there is any way to sugarcoat it. The past year was tough,” said Frank J. Fahrenkopf Jr., the gaming association’s president and chief executive officer. “The down economy dealt most Americans challenges we haven’t faced in some time, if ever. For those of us in the commercial casino industry, that meant people had less money to spend on our products.”

The recession has driven down gaming revenue nationwide for two years in a row. In addition, casino employment fell 8.1 percent nationally last year and tax revenue generated by the gaming industry was off nearly 2 percent, to $5.59 billion, the gaming association said in its annual “State of the States” report.

Nowhere was the revenue drop steeper than in Atlantic City, where winnings from slot machines and table games plunged 13.3 percent to $3.9 billion. New Jersey also had the sharpest decline in casino tax revenue, down 18.6 percent to $347.6 million.

From the Philly Inquirer:

N.J. sees biggest gaming decline; Pa. sees biggest increase

New Jersey – with its 11 casinos in Atlantic City – saw the largest decrease in both gaming revenue (minus-13.3 percent) and tax revenue (down 18.6 percent) due to the weak economy and increased competition, mainly from Pennsylvania casinos.

Pennsylvania reported the largest revenue increase among the 13 states with commercial casinos – up 21.6 percent – as it continued to expand its industry and added two casinos last year – the Sands Resort Casino in Bethlehem and the Rivers Casino on Pittsburgh’s waterfront.

Pennsylvania was one of the four states with commercial casinos that saw their gambling and tax revenues increase last year. It was also one of only three states to report an increase in employment at its racetrack casinos: up 17.2 percent from a year earlier.

New Jersey, on the other hand, saw a 5.7 percent decrease in employment at its casinos. The state went from having 38,585 casinos workers in 2008 to 36,377 last year.

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546 Responses to No worries, we’ll make it up in property taxes

  1. jp says:

    first!

  2. safeashouses says:

    The NJ casinos should acquire a small bank and apply for TARP. Problem solved.

  3. safeashouses says:

    What happened to casinos being recession proof?

    Maybe if they let people gamble with food stamps their revenues would go back up.

  4. freedy says:

    safe to say AC may be finished in its current
    configuration. to many joints. they should
    just let Steve Wynn run the whole thing.

    or wait, The Trump crowd is going to save the
    Day.

  5. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    If the markets crash today,
    dont let the opportunity pass.

  6. Simply Ravishing HEHEHE says:

    Another Market Observation
    Once a month or so I write a Market Observation column for Financial Sense, in which I lay out a few thoughts on markets and the economy. Here’s an excerpt from today’s edition:

    One canary-in-the-coal-mine indicator is beginning to signal more widespread difficulties ahead. The spread between the 3-month London Interbank Offered Rate (LIBOR) and the Overnight Indexed Swap (OIS) rate, a barometer of distress in money markets, just hit its highest level since September 2009. While the measure has some way to go before it reaches the kinds of extremes we saw during the Lehman Brothers bankruptcy crisis one year earlier, it’s a development that shouldn’t be ignored.

    http://www.financialarmageddon.com/2010/05/another-market-observation.html

  7. Final Doom says:

    This is the kind of market I like.

    Burn, baby, burn!!!! Burn the mf’er to the ground!!!

  8. Final Doom says:

    This just in: the canary in the coal mine died.

  9. gary says:

    I think somebody fat-fingered the price on this house. This thing has been on and off the market forever. It reminds me of a fortified German bunker in Normandie, circa 1944:

    http://www.realtor.com/realestateandhomes-detail/734-Van-Emburgh-Ave_Twp-Of-Washington_NJ_07676_1118329223

  10. renter says:

    http://www.nytimes.com/2010/05/07/business/07evict.html?hp
    Eviction Agent Tells Homeowners It’s Time to Move
    By DAVID STREITFELD

  11. Mr hyde says:

    Gary

    if it was really built like a normandy bunker with 18″ cement walls I might actually put an offer on it at that price. However I won’t be putting an offer on a plywood box that looks like a bunker

  12. Cindy says:

    http://www.cnbc.com/id/37002752/

    Does this guy make sense?

    Mark Fisher – We’re Just Waiting for a Disaster

    Slow everything down…

  13. Shore Guy says:

    Our dear leaders blew it with QC when they did not find a way to 1) get a high-speed train direct to AC from both NY and the Metropark and when they did not bulldoze and create great public park space in larg areas of the city. The reliance on busses gives the place a tawdry feel and the empty lots and broken-down buildings have always given much of AC a South-Bronx-circa-1975 look.

    The place has to offer something compelling to prompt people to spend hours on the Parkway.

  14. Shore Guy says:

    Ket/Gary,

    C’mon. That place is a gem, a gem I tell you. I wonder if the women entering it have to wear pillbox hats?

  15. gary says:

    Shore,

    The place has a Victrola complete with an RCA record collection. Wait… is that the Dorsey Brothers I hear in the background?

  16. Mr Hyde says:

    Veto,

    I did ok yesterday, closed my eyes and jumped in pretty close to the lows. promptly took my gains last night. as doom says. Burn baby burn!

  17. Final Doom says:

    Cindy (12)-

    Algo up and flash trade to oblivion.

    Relax, embrace and enjoy. Our final doom is sealed.

  18. Final Doom says:

    Cleared my day to trade this brouhaha all the way to the closing bell.

    More fun than dealing with underwater deadbeats.

  19. JJ says:

    AIG posts first-quarter profit
    REUTERS — 21 MINUTES AGO
    NEW YORK (Reuters) – American International Group Inc (Symbol : AIG/PA
    ) posted a first-quarter profit, reversing a year-earlier loss, as the bailed-out insurer’s investment portfolio gained in value.

    AIG, nearly 80 percent-owned by the U.S. government, reported a profit to the company of $1.5 billion, or $2.16 per share, compared with a loss to the company of $4.4 billion, or $39.67 a share, in the year-ago quarter.

    The insurer reported $16.3 billion in revenue for the quarter.

    AIG is trying to repay the government after a $182.3 billion taxpayer-funded rescue at the height of the financial crisis in September 2008.

    Earlier this year, it agreed to sell two major foreign life insurance businesses for a total of about $51 billion.

  20. Simply Ravishing HEHEHE says:

    It’s not going to burn. We are going to see new highs soon. Yesterday was all an anomaly. A once in a lifetime event. All is well.

  21. Final Doom says:

    Greekman Brothers.

    The sickest wildebeest gets attacked and dies first.

    El-Erian says Eurocontagion will go global.

    JPY back on the streetcorner, turning tricks.

    Merkel faces vote in which either choice is a loss.

    http://www.youtube.com/watch?v=7z6dxQVhE8o

  22. All "H-Train" Hype says:

    Gary (9):

    The building looks like 1970s East German Olympic housing. All you need is a few muscular women with 2 day beard growth walking the grounds.

  23. Final Doom says:

    HE (20)-

    All is well. Until it happens again.

    Like 500-year flood zones in NJ that flood out every nine months.

  24. Final Doom says:

    How is borat obama trading this situation?

    This is what I need to know.

  25. #12 – Crashes happened even without HF trading. People are looking for a simple cause/effect relationship for the sell-off that doesn’t involve the equities rally being referred to as a ‘house of cards’.

  26. Cindy says:

    17 Clot – Don’t you find it ironic that a dude who “never goes on television” shows up on “Fast Money” to discuss flash trading and slowing down the process? I mean “Fast Money” for crying out loud….

  27. #17 – Algo up and flash trade to oblivion.

    You can always blame your bad trades on 8ms latencies…

  28. Shore Guy says:

    “East German”

    This brings me back to the days when at international sports facilities we could trade American clothes, hard currency, andother goodies for East Block clothing and sports equipment. Much of this was done with a wink and a nod with competitors who were always under the watchful eye of handlers.

  29. gary says:

    290,000 jobs, 9.9% UE

  30. make money says:

    http://www.cycleprooutlook.com/Charts/SP500/GoldOzHomes_1004.jpg

    Buyer: I’ll give 75 ounces for your McMansion.

    Seller: But it has Granite countertops…

    Buyer: Ok. Now you get 70. just for pissing me of.

    Seller: I’ll go upstairs and get my deed.

  31. Shore Guy says:

    It is amazing how much clothing and equipment the East Block folks “lost” while traveling in the West.

  32. All "H-Train" Hype says:

    Average hourly earnings rise 1 cent to $22.47
    Average workweek up 0.1 hour to 34.1 hours
    U6 unemployment rate moves up to 17.1%
    U.S. unemployment rate climbs to 9.9%
    Job gain in April is 224,000 minus Census workers
    U.S. nonfarm jobs increase 290,000 in April

  33. Libtard says:

    Unemployment rate back up to 9.9% from 9.7% consensus was 9.6%. Non-farm payrolls came in at 290K from 162K consensus was 200K.

    Fat finger on the rate?

  34. Final Doom says:

    Santelli quickly points out that the UE numbers are essentially falsified.

  35. Libtard says:

    Make…What’s your take on the Cycle Pro guy? I love his stuff.

  36. frank says:

    Household survey up by 500K. where’s the recession??
    Buy a house now, before prices go up. Way up.

  37. Libtard says:

    “How is borat obama trading this situation?”

    I would bet that he is waiting for the Nasdaq to return to the “High Fiveeees” before he jumps in.

  38. Final Doom says:

    Cindy (26)-

    I can’t think of a better way to completely destroy the retail/individual investor trade than yesterday’s hijinks.

    The quants, HFTs, banksters, momentum junkies and video gamers now have the US equity markets all to themselves.

  39. make money says:

    Liptard,

    Good stuff.

  40. frank says:

    JUMP IN U.S. PAYROLLS IS BIGGEST SINCE MARCH 2006. Weeeeeeeee

  41. Mocha says:

    NASDAQ Operations has recently updated the status of the following NASDAQ Market System(s) to the NASDAQ Trader website:

    Pursuant to rule 11890(b), NASDAQ, on its own motion, will cancel all trades executed between 14:40:00 and 15:00:00 greater than or less than 60% away from the consolidated last print in that security at 14:40:00 or immediately prior. This decision cannot be appealed. NASDAQ has coordinated this decision with all other UTP Exchanges. NASDAQ will be canceling trades on the participant’s behalf. The stocks affected and the break points will be disseminated shortly.

  42. Simply Ravishing HEHEHE says:

    100K minimum of those jobs are Census jobs; it’s a fact.

  43. All "H-Train" Hype says:

    Doom 38:

    Funny you should say that. I was thinking last night the same thing. Thanks to yesterday we can safely say that the PPT is in fact alive and well. The gubbmint now totally relies on HFTs and video gamers to provide fake trades to keep the game going. This is essentially what the PPT is. Nice to know the gubbmint allowed the creation of Skynet just to give the illusion that we have “liquid” markets.

  44. Final Doom says:

    “We are just plain outraged, and think every investor and market participant in the USA should share this outrage. They were sold a lie. How many times over the last year have we all heard that HFT liquidity was a blessing that lowered costs and helped investors, and that it would be there in stressful markets just like the market makers and specialists they replaced were there? How many times have you read in the big media that HFT helped the markets perform brilliantly during the global meltdown in 2008 and 2009? We said it before and we say it now. Lies.

    Not so long ago, if our markets experienced severe stress, and certainly a “fat finger”, human wisdom would intervene. Reasons for the stress would be ascertained, trading in affected stocks would be slowed or halted, stabilizing bids would be initiated as needed, and severe volatility would be dealt with in a calm and reasoned manner. Today, the human specialist model has been replaced by an automated market maker model. Our market structure has evolved. It has evolved, not by design,?or a well-thought and reasoned plan, but it has evolved to cater to masters of expensive technology, deployed unfettered by participants whose only concern is to squeeze out every last picosecond and fractional cent before they move on to other countries’ markets and asset classes. The for-profit exchange model at every chance sacrifices the protection of long term investor interests for the profitability of serving hyper-leveraged intraday speculators.”

    http://www.zerohedge.com/article/themis-take-may-6-2010-–-day-will-change-market-structure

  45. JJ says:

    I can say with 100% accuracy the PPT was not involved at all in yesterdays comeback.

    All “H-Train” Hype says:
    May 7, 2010 at 8:49 am
    Doom 38:

    Funny you should say that. I was thinking last night the same thing. Thanks to yesterday we can safely say that the PPT is in fact alive and well. The gubbmint now totally relies on HFTs and video gamers to provide fake trades to keep the game going. This is essentially what the PPT is. Nice to know the gubbmint allowed the creation of Skynet just to give the illusion that we have “liquid” markets.

  46. Final Doom says:

    “290K of which census was 66k and Birth Death was 188k. Hurray -the economy added a real 36k in jobs in April.”

    http://www.zerohedge.com/article/290k-payrollsadded-unemployment-goes-back-99-underemployment-171

  47. Libtard says:

    For what it’s worth, I don’t even believe in the PPT theory.

  48. Anon E. Moose says:

    Gary[9];

    Don’t you get it? Its worth that much because it IS a bunker.

  49. veto that - lawrence yun 'the panda', 'next fall' says:

    “I think somebody fat-fingered the price on this house.”

    Gary, lol. good point there.
    I’d like to fat finger the lowball offer price.

  50. meter says:

    @46 – ‘Twill be interesting to see how they implement trade cancellations. Wonder if they will be hit with lawsuits.

    Anyway, watching yesterday’s action was all the affirmation I needed to stay out of the equities market.

  51. meter says:

    Probably should be:

    Wonder WHEN they will be hit with lawsuits.

  52. veto that - lawrence yun 'the panda', 'next fall' says:

    “I did ok yesterday, closed my eyes and jumped in pretty close to the lows.”

    Hyde, you have guts.
    I dont. half the time I just talk for fun. you might have figured that out already.
    The real story is that I was actually hedged and net short by a lot more than i should have been. At one point i was up almost $3k on the day. I didnt even get a chance to get excited before it all dissapeared.

    After fidelity and google, and yahoo finance came back up, i closed my hedge near flat and ended the day down.

    I was just happy it didn’t all go black.

  53. gary says:

    “You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else.

    When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it.”

    Greece – check
    Portugal – check
    Spain – check
    Italy – check

    Next up, the USSA.

  54. Mr Hyde says:

    Veto,

    I only gamble with what i am willing to walk away from, the majority of my money is not being gambled.
    Besides, Its honestly more fun the the video games i used to be addicted to. I still get the occasional itch for some half-life or a some quick destruction in ME2 on the slow market days, but a little high stakes trading always wins out.

  55. a mad as hell reinvestor101 says:

    I yearn for the halcyon days of yore prior to 2006 when you could have 20 damn buyers begging to buy your damn house. This was when you could flip a damn condo and make six damn digits in less than 3 months and then turn around and put the money in the damn stock market and make another 20%. These were the days before America lurched into socialism with damn healthcare rammed down my damn throat and reduced access to credit rammed up my ass.

    Is there any wonder why I am ready to explode? Is there any wonder why the real estate investors of America are mad as hell? When you take a man’s ability to make money away you get REVOLUTION.

    I DEMAND that the conditions that existed prior to 2006 be put back in place. I don’t give a damn how it gets done, just get it the hell done. It’s either that or face a summer of discontent from real estate investors–and believe me that won’t be pretty!

  56. meter says:

    From a link on Calculated Risk:

    “There is other satellite imagery being withheld by the Obama administration that shows what lies under the gaping chasm spewing oil at an ever-alarming rate is a cavern estimated to be around the size of Mount Everest. This information has been given an almost national security-level classification to keep it from the public, according to our sources.”

    http://oilprice.com/Environment/Oil-Spills/The-Cover-up-BP-s-Crude-Politics-and-the-Looming-Environmental-Mega-Disaster.html

  57. Painhrtz says:

    Hype – I’m to busy killing 14 year old cursing machines playing online modern warfare 2, than making trades

  58. Al "Fat Thumbery" Gore says:

    Ding Ding Ding!

    Let the fat fingering begin.

  59. Final Doom says:

    tard (56)-

    Moron, get yourself to Vegas or S Florida. The investor party is going strong.

    Just be sure you take lots of cash. Because in Vegas and S Florida, sellers don’t accept mortgages.

  60. Shore Guy says:

    Meet the Unemployable Man
    by David Wessel
    Saturday, May 1, 2010
    provided by

    The betting is that the Labor Department’s Friday snapshot of the job market will show that employers added workers in April, perhaps even that the unemployment rate fell.

    That would be good news, but not good enough. It’s hard to exaggerate how bad the job market is. Here’s one arresting fact: One of every five men 25 to 54 isn’t working.

    snip

    http://finance.yahoo.com/career-work/article/109471/meet-the-unemployable-man?mod=career-work
    Even more alarming, the jobs that many of these men, or those like them, once had in construction, factories and offices aren’t coming back. “A good guess…is that when the economy recovers five years from now, one in six men who are 25 to 54 will not be working,” Lawrence Summers, the president’s economic adviser, said the other day.

  61. Final Doom says:

    I want some of what Christina Romer is smoking.

  62. Mr Hyde says:

    Meter

    from your link

    There is other satellite imagery being withheld by the Obama administration that shows what lies under the gaping chasm spewing oil at an ever-alarming rate is a cavern estimated to be around the size of Mount Everest.

    This doesnt really make much sense. Oil fields are not caverns. There are formations of porous stone that has oil/NG in the porous area. Satellite imagery does not show subsurface geology. To get such imagery they use a variety of sonic imaging methods, that are generally along the lines of using explosive charges to to send a seismic wave through the ground and record the results, producing an image, very similar to how radar works.

    In regard to oil flow, The current surface slick suggest that it is indeed flowing at closer to 50,000 barrels/day as opposed to the official number of 5000 barrels/day. BP did indeed cap one end of the leaking pipe, but that doesnt change the flow it simply shifts the flow to the other open leak points.

    The big question is, is the oil leaking from around the base of the BOP and well casing or just from the broken piping. the well leaking directly from the well casing is close to the worst case scenario and the current efforts to place the hood over one of the 2 remaining (offial) leaks is only meant to capture some of the leaking oil and decrease the amount leaking into the open ocean.

    The real fix for this will take at least 2 months and possibly up to 6 months if things get really ugly.

    Some the estimated environmental impacts sound somewhat reasonable and if a hurricane runs into this mess, it will make things much worse. Its also possible that we could end up seeing tar balls on the jersey shore if this leak keeps going to more then 2 months. A large enough spill would hypothetically be capable of turning the GOM into something resembling a giant dead zone.

    And if the start doing large scale burns with oil near shore we will see serious air pollution issues where ever the smoke travels due to local air currents.

    There is some very poor/tinfoil hat writing in that article.

  63. Libtard says:

    That hood is the biggest cheapest method of PR I’ve ever seen employed. First, I give it a 1% chance of even working. Second, Ket is correct that even if they do get a pseudo seal, it will increase the pressure to the other leak.

    The coverage of the hood has been over the top. Got to fool da sheeple.

  64. Mr Hyde says:

    Shore 61

    Even more alarming, the jobs that many of these men, or those like them, once had in construction, factories and offices aren’t coming back. “A good guess…is that when the economy recovers five years from now, one in six men who are 25 to 54 will not be working,” Lawrence Summers, the president’s economic adviser, said the other day.

    They better get working on that major war. That level of unemployed men in an economically depressed scenario with little positive outlook is a breeding ground for civil unrest.

  65. Juice Box says:

    re: #63 Hyde – it comes as no surprise under the Bush admin they did strengthen the requirements and require remote shutoff on the blow out preventer and additional backup systems.

    Some additional details.

    http://www.nytimes.com/gwire/2010/05/04/04greenwire-warnings-on-backup-systems-for-oil-rigs-sounde-30452.html

  66. Mr Hyde says:

    libtard,

    The hood will be connected to a riser which runs to a surface processing barge, so it should be close to net neutral pressure differential.

    The claim to have capped an additional leak besides the one they plan to put the dome over.

    The dome method has been used successfully in shallow waters before, but has never been tried in deep water.

    The surface processing barge has a somewhat limited processing capacity relative to the likely net flow rates involved, but enough capacity to handle the one leak that the dome is being set on top of. Of course that is if everything goes as planned. I’m sure Murphy is going to crash this party.

  67. a mad as hell reinvestor101 says:

    Doom(60)

    No, I will not move to Florida or Nevada. I want investor party back in full effect in New Jersey, dammit. I want everything the way it used to be before the naysayers and real estate terrorists like you destroyed everything.

    People like you are the worst damn kind. You’re supposed to be talking up the damn real estate market, yet you’re one of the ones who’ve gone all out to upend those very same markets you serve.

    They ought to dig a damn hole in the ground, throw you and your damn dog in it and bury the jail on top of both your asses. What you’ve done here is borderline criminal and it would give me a great deal of satisfaction to see you detained.

  68. veto that - lawrence yun 'the panda', 'next fall' says:

    “Its honestly more fun the the video games i used to be addicted to.”

    I’ll never forget the visit to the inlaws, where i spent 90% of the time on the couch playing call of duty on the $15k big screen plasma/surround sound set up.

    I had it hooked up to the internet with the talking head phone piece which allowed 16 year old kids from all over the country to talk trash about my mother while the volume and bass tube were set to a level that shook the foundation of the house and then blasting me in the head with a grenade launcher from 20 ft away. It was really too bad the main living/media room was located in the middle of the house.

    The only thing i remember about family interaction during that trip was that my wife kept giving me the look of utter disappointment.

    Needless to say, the x box was all packed up and stored in the attic the next time we went to visit. I was told several times that it was broke and unfixable.

  69. Comrade Nom Deplume says:

    [28] shore,

    On FB this week, a friend of a friend with a german name went off on me with a completely incoherent screed (both my friend and his friend are progressives (read: s0cialists). I asked my friend “you speak east german, can you translate?”

    The target didn’t get it, but my friend, who is older, loved it.

  70. Comrade Nom Deplume says:

    [9] gary

    I’ve been in bunkers on Omaha Beach. This looks only marginally more comfortable, and doesn’t have that awesome ocean view.

  71. Mr Hyde says:

    Juice,

    The BOP was activated and DID engage on the well. For some reason it did not successfully shear off and seal the pipe. There are 2 or 3 main ideas for why, but whole “remote” shutoff is a red herring herring.

    its possible that part of the well casing was pushed up into the bop by the pressure shock or that the BOP was imply underrated for the thicker piping used at that depth.

    From all the info i have read this was a result of a cascade of errors. It doest appear that any one decision was the killer.

    In the end BP should have had a critical failure response plan and they did not.

  72. a mad as hell reinvestor101 says:

    >>They better get working on that major war. That level of unemployed men in an economically depressed scenario with little positive outlook is a breeding ground for civil unrest.<<

    No, the breeding ground for civil unrest is the upending of the real estate markets and the curtailment of credit needed to flip some damn condos. Hell, I could give someone a damn job if I was making money, but that ability was taken from me.

    Look for real estate investors to be in the streets this summer. We plan on storming Doom’s real estate office first.

  73. Mr Hyde says:

    Nom 71

    Or the 18″ concrete walls.

  74. Comrade Nom Deplume says:

    Tax News of the Day:

    More Hope and Change . . .

    “GAO Says FUTA Tax Hike May Be Needed
    To Stabilize Unemployment Insurance System

    Congress should consider increasing the per worker cap on the Federal Unemployment Tax Act (FUTA) surtax as one way to help states resolve funding shortfalls in their unemployment insurance trust funds, the Government Accountability Office said in a May 6 report to lawmakers. . . .

    Some of the problem is due to a taxable wage base used by states that has not kept up with the pace of growth in average pay, Sherill said. As of 2010, only 17 of the state trust funds have taxable wage bases that are indexed to average wages, the GAO report said. The taxable wage base used by the federal government limits the FUTA surtax to affecting only the first $7,000 of wages, and states are required to use a wage base for their tax rates that is at least equal to that level.

    The federal government assesses a 6.2 percent FUTA tax on employers for the first $7,000 in wages paid to each worker, but employers can receive a 5.4 percent federal FUTA tax credit if their states meet federal requirements in how their programs are structured. As a result of the cap on the wage base and the credit, the typical amount paid to the federal government for each employee is $56.

    The $7,000 cap has been in place since 1983 and should be increased and indexed to inflation, GAO said. . . .

    Raising the federal taxable wage base would require states to impose UI taxes on a larger share of wages and likely would increase the amount of revenues collected for the state UI trust funds, GAO said. . . . “

  75. NJGator says:

    Stu and I have always had the arguments as to whether or not MASS (him) or PA (me) drivers are the worst. I guess he wins.

    Lord Jesus Christ (his real name) hit by car
    Victim is treated in hospital for minor facial injuries

    http://www.msnbc.msn.com/id/37015837/ns/us_news-weird_news

  76. Mr Hyde says:

    It would be interesting to see an IR satellite image of the oil spill, as i believe that the difference in absorption of IR by oil and water should make for a potentially informative picture.

    I doubt we will see that though.

  77. Libtard says:

    Boston Globe:
    A tax break that is breaking us.

    Mortgage deductions lure buyers to big, expensive, energy-wasting homes.

    http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2010/05/07/a_tax_break_that_is_breaking_us?mode=PF

    “The interest deduction currently has an upper limit of $1 million. That limit could be reduced by $100,000 per year over the next seven years, which would lead to a less regressive $300,000 cap. After that point, we could consider replacing the interest deduction altogether with a flat homeowner’s tax credit that would encourage homeownership without encouraging borrowing or big houses.”

  78. Comrade Nom Deplume says:

    Legal Profession News of the Day:

    I’ve been saying this for years, but does anyone listen??? Noooooooooooo.

    “The chairman of an ABA commission studying the impact of the economic downturn on the legal profession has some advice for would-be law students:

    You may want to reconsider.

    Allan Tanenbaum, chairman of the ABA Commission on the Impact of the Economic Crisis on the Profession and Legal Needs, spoke to the Wall Street Journal for a story on the dim employment prospects for this year’s law grads.

    Tanenbaum told the newspaper that the average law-school debt for students is $100,000, and in the current job market, many ‘have no foreseeable way to pay that back'” . . . .

  79. Cindy says:

    http://baselinescenario.com/2010/05/07/falling-back-on-waterloo/

    “The bank lobbyists have the champagne out – the Brown-Kaufman Amendment, which would have capped the size and leverage of our largest banks – was defeated in the Senate last night, 33-61.”

    D@mn

  80. Libtard says:

    Cindy,

    This decision is not surprising. You’ve got to stop thinking that our government represents us. They represent whichever lobby has the deepest pockets. The corporatocracy is intact.

  81. Comrade Nom Deplume says:

    [76] gator

    A little perspective . . .

    The driver was from Pittsfield, which is not even close to Boston when it comes to aggressive driving.

    The accident was in Northampton, which is like Cambridge but with fewer indian restaurants and coffeehouses. Suffice it to say, NoHo, as we call it, has more than its share of nutjobs. It is also a very small, kinda sleepy city, where you have to work at it to hit something.

    A guy from Belchertown (yes, a real place, and actually a very nice town—think Harding or Mendham) with the legal name Lord Jesus Christ, who is wandering streets in what is arguably the fruitcake capital of Western Mass., is an accident waiting to happen.

    So, I suggest that the cause of said accident is our wannabe Lord and Savior running in traffic.

    And as for PA being better, it is a larger, more rural state, so stats bear that out. Well, sorta. Stu has obviously never driven much in Philly.

  82. still_looking says:

    Do you think this downturn is gonna be a long one?

    To be honest… I don’t even have the nerve to trade the volatility.

    I was asleep through the trading day yesterday and missed all the fun. I’m awake now and still in the midst of strings of shifts…thanks to two new vacancies on our roster…

    I just can’t bring myself to trade this market…. :(

    sl

  83. Comrade Nom Deplume says:

    [68] 101

    So, what exactly is Reinvestors favorite damn word?

  84. Juice Box says:

    Hyde – other backups systems, BP is going to try and drop another BOP on top of the one that is there now, if the Cap fails.

    Here is a decent writeup on what BP is doing now.

    http://www.upstreamonline.com/live/article214352.ece

  85. Libtard says:

    In other news, I did sell off that 25% in my 401k at the close yesterday. The market just don’t drop 9% because a guy accidentally typed a B instead of an M. No way, no how! I took my 6% and ran with it. Still at 50% cash and 50% growth. If somehow we bounce back to 11000 on the Dow, I’ll sell off another 25%. I don’t like the 3rd quarter this year. Too many economic headwinds. Figure mid July will be a good time to keep a close eye.

  86. veto that - lawrence yun 'the panda', 'next fall' says:

    BREAKING NEWS from CNBC>

    ALL MARKET ACTIVITY FROM YESTERDAY WILL BE CANCELLED.

    GOVT WILL SET THE MARKETS BACK TO MORNING BELL AND IS CALLING A DO-OVER.

    This process will repeat until we get an up day.

  87. Shore Guy says:

    “There is some very poor/tinfoil hat writing in that article.”

    Don’t get me started on the poor quality of editing in the current media environment and the lack of general knowledge possessed by so many reporters.

  88. Mr Hyde says:

    Meter,

    The pressure readings from the bottom of the well that is leaking were 30,000-40,000 PSI. The oil flow is full of sand which will essentially dissolve/sandblast steel away at those pressures. The flow is going to increase with time until they plug the hole, and it it takes to long the flow will be able to sandblast/dissolve the metal that is currently onstructing its flow and free flow from the well. There are currently no good estimates for how quickly this could happen as there is not enough public info, put the potential is there for it to happen in short order in a worst case scenario. If the well gets into a free flow mode, then all bets are off.

    BP’s next plan after the dome is to cut off the damaged riser from the existing BOP and drop a new BOP on top of the existing one, similar to how they stopped leaks in saudi arabia after the gulf war. Once the new BOP is attached they would shut the valves and hopefully cut off the flow.

  89. Mr Hyde says:

    Juice 85,

    Thats a good link, i follow that one as well.

  90. Mr Wantanapalous says:

    “JPY back on the streetcorner, turning tricks.”

    Doom,

    Somebody, on this site, said, neons ago, to watch the yen/euro cross. It’s the thermometer for global risk. Well, if you look at the time sequence, yesterday, the yen/euro cross blew out, unprecedented levels, well before the S&P’s started to puke. Some say a move like that occurs once in a thousand years. No need to go postal, we now have another thousand years before we will witness this again.

    Never, first time ever, unprecentended, nobody could see this coming, etc..

    What the hell is so shocking? The idiot CB’s, throughout the world, have destroyed global balance sheets. Every action results in a corresponding counter-action. Welcome to the great unwind. It’s gonna be a long walk home.

  91. Painhrtz says:

    Veets a market mulligan so to speak.

  92. Libtard says:

    Barrons:
    Your Big, Fat-Fingered Debacle

    The collapse is blamed on computers, but that misses the point. Debt deflation is unabated by the ECB.

    http://online.barrons.com/article/SB127320706419088061.html?ru=yahoo&mod=yahoobarrons

    “Yet even after the near-thousand-point drop was reversed, the major U.S. averages were still down more than 3% and holders of equities $1 trillion poorer than three days earlier. Something more than fat fingers is afoot.”

  93. veto that - lawrence yun 'the panda', 'next fall' says:

    Nasdaq down 4%.
    S&P Approaching 3% crash territory.

    This looks like it will be another fun day in the market.

  94. Juice Box says:

    can’t find that headline veto how about a link?

  95. Shore Guy says:

    “GOVT WILL SET THE MARKETS BACK TO MORNING BELL AND IS CALLING A DO-OVER”

    Is this from the Onion?

  96. Mr Wantanapalous says:

    H-Train [32],

    B/D created 188K jobs. Same quant with the big finger?

  97. Final Doom says:

    tard (73)-

    Pack a lunch.

    “Look for real estate investors to be in the streets this summer. We plan on storming Doom’s real estate office first.”

  98. hughesrep says:

    86

    Lib-

    I did the same thing, although I sold a bit more aggressively. Wake me up when there is an 8 handle.

    I’m thinking 2:30 or so?

  99. Libtard says:

    Is it me, or is the market crashing again?

    Fat fingers again? Sure!

  100. veto that - lawrence yun 'the panda', 'next fall' says:

    “a market mulligan so to speak.”

    Ha.
    It has been proclaimed on the 7th day of may 2010, that the 111th Congress of The United State of America will no longer recognize a down day in the market.

  101. Libtard says:

    I really hope you silly suckers with the automated stop losses didn’t reset them again for today.

  102. Comrade Nom Deplume says:

    [98] doom

    “Pack a lunch.”

    I was thinking of something else.

  103. Juice Box says:

    The only thing I can find is the 287 equities that plummeted below 60% that are being rolled back.

  104. Mr Hyde says:

    Juice,

    From your link, and something i have been wondering about, the dispersants.

    Crews are using the same two dispersants, Corexit 9500 and Corexit EC9527A above and below the water, Suttles said.

    Corexit 9500 can cause skin and respiratory tract irritation, according to material safety data sheets provided by the Coast Guard.

    Its overall human hazard potential is “moderate,” the sheets state, while the potential environmental hazard is listed as “low”.

    Corexit EC9527A can also irritate the skin and respiratory tract, but it also can damage the liver and central nervous system.

    Its human hazard potential is “high” and potential environmental hazard is “moderate”, according to the material safety data sheet.

    How much of this stuff are they pumping into the water, and at what point id the environmental/ human risk from these compounds an issue. They are dumping substantial amounts of this stuff into the water.

    from the MSDS
    Eye and skin irritant. Repeated or excessive exposure to butoxyethanol may cause injury to red blood cells
    (hemolysis), kidney or the liver.
    Combustible.
    Do not get in eyes, on skin, on clothing. Do not take internally. Use with adequate ventilation. Wear suitable
    protective clothing. Keep container tightly closed. Flush affected area with water. Keep away from heat. Keep
    away from sources of ignition – No smoking.
    May evolve oxides of carbon (COx) under fire conditions.

    Corexit 9500

  105. Final Doom says:

    lib (102)-

    Yesterday’s suckers are probably right back in, sans the low stops. They learned a lesson; it’s just not the right lesson.

    Next time this happens (does anyone think yesterday was a one-off event?), the sumbitch is gonna crater. It will be the classic “fire-in-crowded-theater” event.

    From that point, it will be a long walk home.

  106. Final Doom says:

    juice (104)-

    What about the stuff that settled in the dark pools?

  107. Simply Ravishing HEHEHE says:

    Fat fingers at it again!!!!!!!!

  108. yo'me says:

    PPT on coffee break again!

  109. veto that - lawrence yun 'the panda', 'next fall' says:

    Something tells me that this headfake crash is a trap to slaughter the shorts.

    Im hedging volatility and not playing in this garbage.

  110. Final Doom says:

    Funny. All the liquidity-provisioning gimmicks shut off all the liquidity yesterday.

    Fat finger, my ass.

  111. Comrade Nom Deplume says:

    Maybe I’ll hold off on getting euros for a future trip.

    “The foreign exchange team at BNP Paribas are predicting euro/dollar parity within twelve months: “While we have had one of the most bearish forecasts in the market, these previous projections now appear too moderate given the current developments.”

    The BNP team say the European bond markets are no longer a homogenous entity following the Greek crisis, which has “reduced their attractiveness to foreign investors.”

    /snip

  112. House Whine says:

    79- Comrade: Me too. It’s futile. These young people are absolutely convinced that going to law school will reward them. They just don’t get it. The way I see it they will be disappointed on two fronts. 1) If they can even land a job, they will hate the actual daily work and the kissing up that they will be required to do in order to just stay employed and 2) The salary they will get will not be 6 figures.

    My offspring are all going into the sciences. My fingers are crossed for them but at least they mostly like what they are studying and not going into 6 figure debt to get there.

  113. Final Doom says:

    1. Lots of USTs still need to be jammed into the market.

    2. Seems like nervous traders not exactly jumping back into the carry.

    3. Ergo, risk off.

    Doesn’t smell like a short squeeze to me.

    Then again, I have owned SRS and SKF through days where I’m having my face torn off.

  114. dan says:

    I saw some of the estimates of that Gulf leak being 50,000 barrels a day. Just wondering how much was it producing per day before the leak? Does the 50k/barrels make sense based on its daily production?

  115. yo'me says:

    10 year treasury 3.32

  116. veto that - lawrence yun 'the panda', 'next fall' says:

    If i was going to do anything silly right now it would be to take a decent size position in Ford while its down 25% in a couple weeks.

  117. Mr Wantanapalous says:

    From the 10/07 high to the 3/09 low, the SPU’s retraced approx 61.8%. Classic textbook. Useless stat? Your call. Meanwhile, Leonardo Fibanocci is spinning.

  118. veto that - lawrence yun 'the panda', 'next fall' says:

    QCOM would be another ‘buy’ for me at these levels.

    Maybe mcd too if we get a bigger crash.

  119. Mr Wantanapalous says:

    Fat fingers, skinny fingers, portfolio insurace, computerized trading, don’t cry for me Argentina, Russian debt crisis, LTCM, FASB, swaps, algo trading, etc..

    Call it what you may. Everything that dies someday comes back.

  120. jamil says:

    113 House:
    “My offspring are all going into the sciences.”

    Here is the employment tip of the week. The offspring would be better of going for faculty position in marketing (fun), or waitress route (if big assets).

    “Prof. Michael Lynn, marketing and tourism, surveyed 374 waitresses about their perceived “sexiness,” breast size and other physical characteristics and correlated these results with the amount of tips the waitresses received. His results indicate that evolutionary instinct trumps the ideals many patrons profess. Though most customers say they reward service, Lynn reports that quality of service has less than a 2-percent effect on the actual tip. “

  121. Mr Wantanapalous says:

    Then again, the fed is steering the ship. Bon voyage.

  122. yo'me says:

    Market ticker is not moving

  123. veto that - lawrence yun 'the panda', 'next fall' says:

    yome, my indeces tickers are locked in slow motion. You would think the market volume has dropped off a cliff; however, that cant be true.

  124. make money says:

    Leonardo Fibanocci is spinning.

    Wanta,

    Spot on.

  125. yo'me says:

    Veets,PPT back from coffee break

  126. veto that - lawrence yun 'the panda', 'next fall' says:

    I never saw ppt do that.

    i think the riot squad busted into the nyse, tazered all the specialists and shot all the market makers with rubber bullets.

  127. yo'me says:

    The DOOM SQUAD!!

  128. Libtard says:

    “If i was going to do anything silly right now it would be to take a decent size position in Ford while its down 25% in a couple weeks.”

    My investment club looked at Ford on Wednesday night. Lets just say that their recent growth in market share came from Toyota’s losses. Even with these gains, they are barely selling 50% as many cars as they did prior to the Detroit meltdown. Also, they have a multi-billion dollar payment due in 2011 (I think) to pay for the promised benefits due to their early retirements.
    Hardly a sure thing.

  129. Mr Hyde says:

    Dan 116

    It wasnt producing before it blew up. It was an exploratory well that was going to be piped to a nearby existing line. From what i have read the well pressures suggest that it would produce at 50,000-70,000 barrels/ day, although that is a guess as no one is sure how much would produce from an open well with no restrictions (the worst case scenario).

    Its also an oil high in asphalt compound which makes it harder to clean up and on the nastier side of things compared to standard light sweet crude.

  130. JJ says:

    Goldman CEO calls for “self-examination

    The nuns in my school used that term for spankin the monkey

  131. veto that - lawrence yun 'the panda', 'next fall' says:

    lib good analysis, i never looked into those things.
    i was focused on their lineup and their increasing market share through GM’s loss, which may never come back in my opinion.
    Besides, they dont seem oblivious to the fact that cornering the market in gas guzzling monster trucks is probably not a great LT strategy.

  132. Simply Ravishing HEHEHE says:

    I told you today would be an up day. Happy Days Are Here Again!!! Look at all the new jobs. Two many doom and gloomers out there, S&P 1500 here we come baby!:)

  133. make money says:

    Veto,

    PPT can’t even take a 10 minute coffe break these days. Forget the beach its been contaminained with oil.

    I love the way our interest rates come down with flight to safety everytime we hit the markets to sell paper.

  134. Mr Hyde says:

    So i watched the video of the greek riots from yesterday. One thing i noticed, was the relative restraint on the part of the riot police. I doubt we would see that much restraint by LE if riots like that broke out int he US.

  135. Libtard says:

    “One thing i noticed, was the relative restraint on the part of the riot police.”

    Well this may due to the fact that both the police and the rioters are most likely coworkers. Doesn’t everyone work for the government in Greece?

  136. Al "Fat Thumbery" Gore says:

    137.

    Hyde,

    Those LRAD riot control devices have now been installed on remote control helicopters about the size of a motorcycle. They are effective from a range of 1km.

    Check it out.
    http://www.youtube.com/watch?v=9ouA0Tl8NNE

  137. Mr Wantanapalous says:

    “PPT can’t even take a 10 minute coffe break these days. Forget the beach its been contaminained with oil.”

    Make,

    Hilarious. LMAO.

  138. meter says:

    @89 – Hyde,

    Thanks – keep in mind I didn’t write the article. In fact, the only reason I posted it is because the description of a cavern the size of Mt. Everest made very little sense.

  139. Mr Hyde says:

    Meter 142

    No problem. The formation that the mocando well was drilled into is estimated to contain about 15 billion barrels of oil. You can normally pull out 25-40% of the oil in a well before the pressure gradient drops off and flow drops to a fraction of what it originally was.

    This means that in a worst case scenario you would never end up with 15 billion barrels of oil in the GOM, but could end up with more then a billion + barrels leaking out (worst case).

  140. Mr Hyde says:

    Did the same trader fatfinger eurpoe today??? he gets around.

  141. still_looking says:

    Any bets on which direction the whipsawing is gonna be at 3pm?

    I can’t decide if I should dump the last of my vfinx. For what it’s worth, I’m almost at 90% cash now… this little skiff isn’t made for typhoons.

    sl

  142. Mr Wantanapalous says:

    Just got Met tickets for tonight. Which route, by car, sucks the least on a Friday afternoon? From NNJ.

  143. Simply Ravishing HEHEHE says:

    Yeah, I get a real chuckle out of US financial media, every market in the world is in a sell-off but here it’s just some guy with a fat finger.

  144. Al "Fat Thumbery" Gore says:

    146.

    Wantan,

    Ill only go to Flushing via ferry. Drinking all the way there and all the way home is the only way for me to tolerate Mets baseball.

  145. Mr Hyde says:

    Al 140

    I theory you should be able to reflect the sound using a right angle reflector made of a very hard/smooth material. I have heard reports that such a setup can work. To use a highly effective reflector you would need to tune the design to the approx wavelength/frequency. I’m not an acoustics guy though so dont ask me.

    The microwave pain beam they have can easily be reflected using a metallic right angle reflector. Better have some insulated handles though as it is going to get VERY hot very quickly.

  146. chicagofinance says:

    a mad as hell reinvestor101 says:
    May 7, 2010 at 9:24 am
    Is there any wonder why I am ready to explode?
    http://www.youtube.com/watch?v=HY-03vYYAjA

  147. JJ says:

    Ford has a staggering about of debt at high coupons, lots of non-callable 9-12% coupons bonds that mature 20-87 years out. Ford also has tort trouble.
    Little mentioned that Chrysler and GM wiped out all lawsuits for defective vehicles made by old GM and Chrysler, Ford did not. GM and Chrysler also got to bust tons of underperforming dealerships and leases too. When GM does IPO roadshow and has some new products out Ford better watch out. I love Ford, made a lot of money off them but they are running out of tricks.

    veto that – lawrence yun ‘the panda’, ‘next fall’ says:
    May 7, 2010 at 11:20 am
    lib good analysis, i never looked into those things.
    i was focused on their lineup and their increasing market share through GM’s loss, which may never come back in my opinion.
    Besides, they dont seem oblivious to the fact that cornering the market in gas guzzling monster trucks is probably not a great LT strategy.

  148. chicagofinance says:

    Mr Wantanapalous says:
    May 7, 2010 at 12:11 pm
    Just got Met tickets for tonight. Which route, by car, sucks the least on a Friday afternoon? From NNJ.

    Bost: This is going to sound really bad, but GWB, HRD to RFK, then GCP past LGA.

    The pinch points are the GWB, HRD as the FDR backs-up and going past LGA….

  149. Libtard says:

    I hate driving to Shea, but on a Friday afternoon, I would do the Lincoln to the Midtown Tunnel to the Grand Central.

    To avoid the nightmare of getting out of Flushing (and to avoid the parking fee), I usually park a station or two West of Shea and take the Purple 7 the last few stops.

    The absolute best move is to park in the Port Authority Bus Terminal lot (accessed from the Lincoln Tunnel) and take the LIRR to the game. This way, you can pound a couple 40s on the way too and can get home from the game in under an hour no matter how much traffic there is.

  150. chicagofinance says:

    No visit to Flushing Meadows is complete without a visit to:
    http://en.wikipedia.org/wiki/File:Flushing_Meadows_Globe.jpg

  151. veto that - lawrence yun 'the panda', 'next fall' says:

    “This is by far one of the most commendable actions to ever come from russia since they fought off german tanks with suicide ambush and dynamite strapped dogs.”

    Russia says pirates who held tanker are freed

    MOSCOW – The pirates seized by a Russian warship off the coast of Somalia have been released because of “imperfections” in international law, the Defense Ministry said Friday, a claim that sparked skepticism — and even suspicion the pirates might have been killed.

    http://news.yahoo.com/s/ap/20100507/ap_on_re_eu/eu_piracy

  152. veto that - lawrence yun 'the panda', 'next fall' says:

    I’ll be impressed when russia opens fire on all moving vessels in the vacinity and then starts bombing the shoreline.

    And that would also be an undeniable signal to buy global markets.

  153. veto that - lawrence yun 'the panda', 'next fall' says:

    May 7 (Bloomberg) — The cost of insuring against losses on European bank bonds soared to a record, surpassing levels triggered by the collapse of Lehman Brothers Holdings Inc., as the sovereign debt crisis deepened.

    The Markit iTraxx Financial Index of credit-default swaps on 25 banks and insurers soared as much as 40 basis points to 223, according to JPMorgan Chase & Co. The index closed at 212 basis points March 9, 2009. Swaps on Greece, Portugal, Spain and Italy rose to or near all-time high levels.

  154. veto that - lawrence yun 'the panda', 'next fall' says:

    darn. you guys destroyed my F pick idea.

    Last time i ever share. thats for sure.

    Surpised nobody commented on my call to by C at a 3 handle. Dont nitpick the risk on that one. we can be here all day.

  155. Mr Wantanapalous says:

    Chi/Lib,

    Thanks.

  156. Mr Wantanapalous says:

    Veto [158],

    If I put on my monkey suit, I may then venture to guess that Euro banks are seizing up. One will not lend to another, contra party risk. A banking crisis will lead to soverign risk. It’s starts in one country, spreads to a region and then hops the pond. Akin to Bear, Lehman, Wamu, Merrill, AIG, etc. We have shuffled paper from the private sector to the public sector. Sovereign debt becomes the new subprime.

    Monetary/fiscal policy can not stem this tide. Funny, I guess debt/defecits do matter?

  157. veto that - lawrence yun 'the panda', 'next fall' says:

    Yeah, i guess so Wantan,

    I always thought of sovereign debt as money that will never have to paid back.

    Not different than equity.

    Somehow when underlying economies are completely destroyed, it all becomes unravelled.

    Weird.

  158. veto that - lawrence yun 'the panda', 'next fall' says:

    So, just as a hypothetical,

    If they price nj homes in euros, would that help bring the prices down?

    or no?

  159. Painhrtz says:

    Veto that is the only proper deterrrent to the pirating Somalis. Exterminate a few dozen of them call it a firefight, less pirates. Reward doesn’t outweigh the survival instinct.

  160. Mr Hyde says:

    Mr W, Veto,

    Zerohedge has an article up about the ECB bailing out a bunch of EU banks.

  161. Mr Hyde says:

    Veto, mr W,

    the link is down right now, but the headline from Zerohedge:

    Euro Surges As Rumor That ECB Will Bail Out 1100 European Banks Takes Hold

  162. JJ says:

    Moody has just redid the credit ratings of Spain and Portugul and they are now trading at the same rating as a Jets PSL and a Vegas Time share.

  163. NJGator says:

    Fun Friday in Midtown….

    Police are investigating a suspicious package in the vicinity of 46th Street and Broadway in Manhattan.

    Police evacuated Times Square south of 47th street. Drivers should expect street closures in the area. No buildings have been evacuated.

    Sources say police are checking out the unattended package, which appears to be a cooler or lunchbox, as a precautionary measure. Police say the package was in front of the Marriott Marquis Hotel on Broadway. Traffic cameras showed several streets cleared of car traffic.

    While such reports are frequently false alarms, the city has been on high alert since a U.S. citizen from Pakistan admitted he drove a bomb-laden SUV into Times Square Saturday night with the intent to kill Americans.

    No further information was immediately available. Check back for updates on this developing story

  164. Libtard says:

    “Euro Surges As Rumor That ECB Will Bail Out 1100 European Banks Takes Hold”

    This is what I expected all along.

  165. Mr Hyde says:

    JJ

    But what about this?

    Spain’s economy emerged from recession after growing by 0.1% in the first three months of 2010, the country’s central bank has said.-BBC

  166. Mr Hyde says:

    More on ECB bailout rumor…

    MKTS…Spec of 600bn EUR ECB loan facility to be announced over weekend, 1yr 1% loans to cover 1100 banks

  167. Mr Hyde says:

    Mr W

    I wonder what sort of swap line games the FED played with the ECB to pull this off?

  168. veto that - lawrence yun 'the panda', 'next fall' says:

    yeah,
    i dont know if death is really a deterent if their other option is starvation.

    We are facing an enemy which, if you are not willing to solve their underlying problems, from the ground up, then the only way to deal with them is to kill every one that you see.

    Russia seems to understand that pretty well.

  169. veto that - lawrence yun 'the panda', 'next fall' says:

    wow, i dont know whether to short or long the markets after hearing that ecb rumor.

  170. meter says:

    New Law Forces CEOs To Humbly Shrug Before Receiving Massive Bonuses

    http://www.theonion.com/articles/new-law-forces-ceos-to-humbly-shrug-before-receivi,17380/

  171. Mr Hyde says:

    Veto,

    Is it a smart way to try and circumvent the PIIG issue? Bailout the entire EU instead of just the PIIGS, thereby circumventing the defaulted debt crushing other EU banks?

  172. Juice Box says:

    Hyde – dangerous rumor and Bernake has been cajoling Trichet for a while now to go to ZIRP and QA

  173. Final Doom says:

    My call is for all of Europe to get the clown shoe right between the eyes.

    These guys are not as evil- and don’t have as many dirty tricks at their disposal- as Eraserhead and Bergabe. Whether it’s QE, trash-for-cash, or some other program, you can count on Trichet and his crew of monkeys to royally f-it up.

  174. Final Doom says:

    juice (178)-

    I hope Trichet tries it all.

    I’d love to visit Madrid soon. It’d be nice if my plane ticket costs about $12.

  175. Libtard says:

    Clot…Or watanapolis,

    Due to the suspicious package in Times Square, I would either park at the Port Authority or take ChiFi’s convoluted GWB route. Listen to the radio to determine if local or express approach on 80 is the best. Make sure you laugh when you see the sign for Utopian Parkway which intersects a part of the city which is about as far from Utopia as you could possibly find.

  176. Final Doom says:

    lib (181)-

    I’d go sit on the suspicious package and hope it goes off.

  177. Barbara "just wait till fall" Believer says:

    veto that – lawrence yun ‘the panda’, ‘next fall’ says:
    May 7, 2010 at 1:55 pm

    yeah,
    i dont know if death is really a deterent if their other option is starvation.

    We are facing an enemy which, if you are not willing to solve their underlying problems, from the ground up, then the only way to deal with them is to kill every one that you see.

    Russia seems to understand that pretty well.

    Veto, most of the terrorists on US soil have been from upper middleclass families who could afford to send them abroad for study.

    They are sexually repressed and abused religious zealots who hate themselves for loving what we have. They must kill the Big Satan.

  178. Final Doom says:

    “…we know all too well that the Fed would never lie to the US population, right – just look at the chart below, which discloses the Fed-determined values of Maiden Lane I-III. Somehow, the combined value of these three Bear/AIG rescue facilities have surged to one year highs in the last week. This is somewhat stunning as we reported a week ago that the Fed is about to be crammed down on its Red Roof portfolio holdings due to initiatied foreclosure proceedings. We have not figured out why REITs have been defying gravity for the past year – according to the Fed and the FASB, foreclosures are now a valuation enhancing process. How could we be so blind not to realize this?

    http://www.zerohedge.com/article/fed-discloses-no-new-liquidity-swaps-lies-about-value-maiden-lane-i-iii

  179. veto that - lawrence yun 'the panda', 'next fall' says:

    barb, thats true.
    the pirates are different though. they just want the booty.

  180. Dink says:

    Libtard, do you think Clot is Watanapolous?

    If so, that would be just as surprising to me as people not realizing Libtard = Stu (more than a month after you were posting under it).

    #
    Libtard says:
    May 7, 2010 at 2:28 pm

    Clot…Or watanapolis,

  181. Final Doom says:

    BC Bob is Watanopoulous.

    Final Doom is Clotpoll.

  182. veto that - lawrence yun 'the panda', 'next fall' says:

    I think it was the computers trying to increase their 401ks that tanked the market.
    Those computers are greedy, and not very risk averse.

  183. Final Doom says:

    My bets are on a massive, Lehman/Bear-style bank run or collateral call (or both) that builds over the weekend and detonates on Monday AM.

    Only difference is that Euro CBs are in the mix as candidates for massive fail.

    We’ve seen this movie before.

  184. Juice Box says:

    Doom – I read a whole slew of articles in the last week while over in Ireland trying to convince the Europeans that inflation caused by the ECB printing presses would lower their debt burden in real terms. A full court press that inflation is the only way out.

    Ofcource this does not go well with Irishmen who saw a pint of Guinness go from 2 Euro to 4.5 Euro since they joined the EU along with all kinds of increased taxes.

    It is not going to end very well over there. The banks over lent 1.6 trillion to Greece, Portugal, Ireland and Spain and the banks will almost certainly collapse if they don’t get an ECB printing press bailout, their junk bonds aren’t passed off like the off balance sheet garbage here.

  185. Mr Hyde says:

    Doom,

    I dont know. I dont see it happening on monday. I think its more likely we see some sort of token bailout by the ECB that pretends and extends for a little longer.

    Regardless i wont be holding any EUR over the weekend.

  186. Libtard says:

    “BC Bob is Watanopoulous.”

    Dang…I knew that and forgot. Too many alias’ to remember and not enough time to think about them. Thanks for the clarification. I was wondering where BC went.

  187. Juice Box says:

    re #188 – veto HYG started crashing a full hour before everything else yesterday. It if full of some high yield corp debt and had some crazy amount of put activity this week. There is no way some pudgie greazy fingers slipped up, this was a full on HFT plunge blame the robots.

    http://messages.finance.yahoo.com/mb/HYG

  188. Simply Ravishing HEHEHE says:

    Yeah, don’t think it will happen on a Monday. Mondays are all smiles and happiness and blowing smoke up the sheeple’s @sses. More like a Wednesday.

  189. veto that - lawrence yun 'the panda', 'next fall' says:

    Juice, it was so coincidental that the 1,000 point fat finger trade came exactly moments after Trichet’s comments to world the media that they didnt agree to back the existing debt. I guess that had nothing to do with it.

    Some analyst lady point blank said this on fox last night and then the music stopped and cavuto gave her the dumbfounded sobering look as if she wasnt following script.

    Yeah umm, with that, lets cut to commercial break.

  190. veto that - lawrence yun 'the panda', 'next fall' says:

    It’s ashame that the media is not allowed to directly analyze the euro problem without fat fingers and technical trading programs being somehere in the context.

  191. Juice Box says:

    re #195 – veto we are captives by machines of our own design. The only difference is this WOPR is not plugged into ICBMs just your bank accounts.

  192. JJ says:

    Chifi are you going?

    The IAFE Credit Risk Committee is pleased to invite you to

    Risk Management Lessons Worth Remembering & Stress Testing

    May 20, 2010
    5:30pm – Registration
    6:00pm – Presentations Begin
    7:30pm – Reception

    Goldman Sachs
    32 Old Slip
    New York

    Presentations will include:
    Risk Management Lessons Worth Remembering From the Credit Crisis of 2007-2009
    The presentation will discuss eight general principles of risk management and eight important risk management lessons worth remembering from the Credit Crisis of 2007 – 2009. The Credit Crisis has clearly demonstrated the importance of a strong, independent risk management function and the eight general principles of risk management will help institutions to craft the foundation of their risk management organizations. The Credit Crisis has also revealed the inadequacy of many standard methods in quantitative risk management and called into question the efficiency of markets in general.

    The analysis of the eight lessons worth remembering from the Credit Crisis provides insights into what went wrong and offers advice on how institutions can attempt to correct for these failings in the future.

    presented by
    Bennett Golub
    Vice Chairman and Chief Risk Officer, BlackRock

    &

    Firm-Wide Stress Testing

    • Issues and choices in building robust, firm-wide systemic stress scenarios across all products, businesses and regions for both the trading and banking book.
    • Two very different perspectives on measuring credit risk.
    • Evaluating the market changes of 2008 in the context of 90 years of market data.
    • Integrating stress testing and VAR into the calculation of economic capital for market risk.

    presented by
    Evan Picoult
    Managing Director, Risk Architecture, Citi

  193. Sas3 says:

    Barbara #183

    “They are sexually repressed and abused religious zealots who hate themselves for loving what we have. They must kill the Big Satan.”

    If sexual repression is the primary factor, and some regions have a higher ratio of nymphs than others, wouldn’t deporting them to those regions solve most problems? There should be a natural equilibrium, no?

    I presume your theory excludes the McVeigh types, or the UBL types (UBL has/had tonnes of wives and kids).

  194. veto that - lawrence yun 'the panda', 'next fall' says:

    Look at this garbage… I understand that we are bombarded with complete lies and bullsht on a daily basis but this has reached a pinnacle here.

    How computers have transformed the stock market – Tech Ticker

    Computers, not humans, likely caused meltdown- CNBC

    Debt crisis takes a backseat to meltdown- CNBC

    What the heck happened to the market yesterday?- Tech Ticker

    Obama: Authorities investigating wild market swing AP 1:22 pm EDT

  195. Mr Hyde says:

    SAS3

    The # of kids oe frequency of “relations” wiht a partner isnt directly related to repression. So, no shipping some nymphos out to the midwest wont help. repression is primarily psychological.

  196. chicagofinance says:

    Final Doom says:
    May 7, 2010 at 2:42 pm
    BC Bob is Watanopoulous.
    Final Doom is Clotpoll

    Yeah and RE101 & plg are Pat….

  197. chicagofinance says:

    JJ says:
    May 7, 2010 at 3:11 pm
    Chifi are you going?

    JJ: my buddy got me into this last night, but I had to bail before leaving Red Bank because the market blew up….he said it was the most ridiculous spectacle ever with $500 bottles of Dom being poured all night, 25 models paid to be nice to all the guys and gourmet buffet. He said Ryan was a nice guy.

    – sorry for the short notice but I’m invited to this corporate promotional event at Time Warner Center – Lawrence Taylor was supposed to be the invitee but he is kind of tied up! They replaced him with Rex Ryan – can you come?

    From:
    Sent: Thursday, May 06, 2010 1:54 PM
    To:
    Subject: Conway MacKenzie Event at Stone Rose

    We look forward to seeing all of you at tonight’s event. Joining us will be New York Jets head coach Rex Ryan.

    Stone Rose at Time Warner Center
    10 Columbus Circle
    6 – 9 pm

  198. Comrade Nom Deplume says:

    Nom Deplume is STILL Nom Deplume

  199. maylook1day says:

    200 veto that – and they have obviously still not fixed the computer glitch as the market continues to slide. – Darn right ‘O’ had better look into this – humans are losing money right now as the machines do their evil doings.

  200. veto that - lawrence yun 'the panda', 'next fall' says:

    It’s actually getting better if you can believe it.

    White House doesn’t rule out sabotage in market fluctuation…

  201. veto that - lawrence yun 'the panda', 'next fall' says:

    White House doesn’t rule out sabotage in market fluctuation…

    It remains unclear what led markets to dramatically fall on Thursday. The Dow Jones Industrial average lost nearly 1,000 points before rebounding.

    Theories have included a technologic problem and a mistaken transaction by a large trader.

    The Securities and Exchange Commission and Commodity Futures Trading Commission announced a joint investigation of the matter on Thursday.

    http://thehill.com/homenews/administration/96713-white-house-doesnt-rule-out-sabotage-in-market-fluctuation

  202. Juice Box says:

    re: #206 Veto I called it yesterday…

    Juice box says:
    May 6, 2010 at 3:20 pm

    Fat finger or perhaps electronic jihad?

  203. Comrade Nom Deplume says:

    More Tax News of the Day:

    Perhaps we should leave a tip and a 1099?

    “Food, Beverage Industry Underreports
    Employee Tip Income, IRS Official Says

    The food and beverage industry is significantly understating its share of federal taxes on tips received by employees, an Internal Revenue Service official said May 6.

    Daniel R. Lauer, program manager for the IRS National Tip Compliance Program, said the agency annually receives 50,000 to 60,000 copies of Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. He said, however, that there is a “significant nonfiler population” in the food and beverage industry.

    . . . IRS recently hired an outside contractor to identify large food and beverage businesses across the country, Lauer said. The employers will be sent a notice to confirm that the business is required to file Form 8027. If the employer is required to file the form but has not done so, IRS will ask the business to substantiate its decision and will follow up on the case.

    IRS also has found that some employers who have agreed to participate voluntarily in the tip-reporting compliance program are coming up short in reporting tax of employees’ tips, Lauer said. The agency plans to contact these employers to determine if more education is required to improve the program or if assessments are needed, he said. . . .

    /snip

    Apparently, those of you in the food and beverage service industry are in need of “education.”

  204. Anon E. Moose says:

    Nom[209];

    How are they supposed to 1099 the tip-outs to the bus boys when they’re illegals without an SSN?

  205. yo'me says:

    May 7 (Bloomberg) — Two German real estate mutual funds with 10.5 billion euros ($13 billion) of assets closed for redemptions yesterday after government proposals to impose writedowns prompted investors to try to withdraw their money.

    SEB Asset Management AG closed its ImmoInvest fund and KanAm Grund KAG closed Grundinvest Fonds after German Finance Minister Wolfgang Schaeuble released a draft bill on May 3 that recommended a 10 percent cut in asset values across the industry

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a101nhViUrhM&pos=7

  206. chicagofinance says:

    The end is nigh…..
    http://www.cnbc.com/id/37023580

  207. JJ says:

    chifi, how much is it? is it free or is there a cost?

    sorry for the short notice but I’m invited to this corporate promotional event at Time Warner Center – Lawrence Taylor was supposed to be the invitee but he is kind of tied up! They replaced him with Rex Ryan – can you come?

    From:
    Sent: Thursday, May 06, 2010 1:54 PM
    To:
    Subject: Conway MacKenzie Event at Stone Rose

    We look forward to seeing all of you at tonight’s event. Joining us will be New York Jets head coach Rex Ryan.

    Stone Rose at Time Warner Center
    10 Columbus Circle
    6 – 9 pm

  208. NJGator says:

    Is it just me or are these really hideous? All that floral and carpeting just makes me want to retch. It’s really not necessary to spend $950k to excel at bulemia.

    http://emailrpt.gsmls.com/public/show_public_report_rpt.do?report=clientfull&Id=54443613_14612

  209. Comrade Nom Deplume says:

    [210] moose

    No, we will soon have to send in a 1099 whenever we eat out.

    Note that they are only going after chains. This is because chains have better integrated recordkeeping that permits the IRS to impute, with pretty decent accuracy, what the tip income is, and who probably gets it (the latter allocation is much harder, but the IRS simply tells the employer to allocate, or take the hit themselves). Smaller places, especially those with paper-based cash systems, are much harder to police.

  210. Comrade Nom Deplume says:

    [212] chifi

    I saw that, and sent it to a socialist friend of mine.

    He still fails to see how attacking capital creation will lead to 3rd world living standards. He has gone so far as to call wealth accumulation of any sort “unrighteous.”

    I pointed out to him that those who want to tear down and end meritocracies are usually those without any merit.

  211. Shore Guy says:

    Nom,

    I hear the WH has also not ruled out aliens from Alpha Centuri as well.

  212. Shore Guy says:

    As for the Mets, first, why bother when thr Yankees are in the same city? Second, depending on where you are and what the traffic is like at GWB and the tunnels, I would be inclined to go the southern route: Get to SI, take the Varanzanno to the Gowanis to the BQE to either LIE or Roosevelt Ave.

    Manhattan is so jumpy right now, any package left in the open or car parcked where it should not be is likely to bring traffic to a standstill.

  213. Ben says:

    “I need some input on mining stocks. Im with you lock and step.

    Looking at BHP, AEM, and GG.”

    I sold out of my mining shares last year when Gold went above $1200. I was waiting for a pullback in both the gold and equity markets. The equity market kept going up. I’m not long a single gold stock and refuse to go long until I see a correction in equities.

  214. Ben says:

    “When gold performance gets anywhere near my Apple returns or John’s junk bonds, we’ll talk.”

    If Gold’s returns this decade haven’t impressed you, nothing will.

  215. Shore Guy says:

    excuse all typos, traffic started moving.

  216. sas says:

    What about Romania?

    SAS

  217. NJGator says:

    Shore – No good has ever come out of an attempt to take the Staten Island Expressway. Better off staying home.

  218. Ben says:

    “Wait until these markets really start to perk up. Approx .06 of all monies invested are in gold/gold mining shares. Can you imagine where the markets will be if we simply approach 1%?”

    Sooner or later, people will realize the returns the Gold Market has produced and they will want some of the action. They are sick of getting killed. Their tech stocks went to zero. Their house dropped $150k in value. Their 401k got crushed in 2008. Their money managers have been piling them into bonds the past 2 years. They’ll get crushed in the bond market and finally start thinking about metals. Sad thing is, they won’t have much left.

  219. I found this post while surfing the net downloads. Thanks for sharing will be sure to follow this blog regularly and will email this post to my all my friends.

  220. veto that - lawrence yun 'the panda', 'next fall' says:

    The only real money is a strong back, which can be used to shovel manure in the event of a total global catastrophe.

    Horse and buggie and a strong back = currency.

    Everything else is a sham.

    Gold is no more a real asset/currency now than when it was 100/oz. When commodity bubble bursts, and china implodes, gold and metal will crash too.

    And then we will have a horse and buggy and strong back bubble.

  221. Again, Pat is Pat says:

    No way re is pat.

    Pat is too exhausted and her arthritic fingers are too painful to even try to type dammit so many times.

  222. Simply Ravishing HEHEHE says:

    Europe’s House of Mirrors

    “And every financial asset is someone else’s financial liability.

    We’re inseparable, as we all reflect others.

    I’ve written repeatedly that earnings are the past and balance sheets are the future. (See Minyan Mailbag: Bank Earnings 101.)

    If I have one recommendation to all, it’s to stop looking at earnings and to start analyzing the balance sheets of the world around you.

    As the old saying goes, “those who live in glass houses shouldn’t throw stones” and I’d offer that for most of us, that glass house in which we live is really a house of mirrors. And judging by the videos this week from Greece, there are a lot of rocks now in the air.

    If it were me, I’d look to get out of the house of mirrors and go home and put some plywood on the windows.”

    http://www.minyanville.com/articles/print.php?a=28164

  223. Pat says:

    O.k.

    I’m even.

    Bring on the night.

  224. Comrade Nom Deplume says:

    Sometimes the truth is so much better than anything we can make up.

    “IRS 401(k) Questionnaire to Go Out by End of May, IRS Official Says

    The tax code Section 401(k) compliance check questionnaire will be going out at the end of May to a sample of 1,200 plan sponsors, Monika A. Templeman, director of Internal Revenue Service Employee Plans Examinations, said May 7 at the American Bar Association Section of Taxation May meeting.

    The compliance questionnaire is “technically voluntary, but we want the information,” Templeman said. . . . .

    Technically voluntary, but we want it.

    Priceless

  225. Pat says:

    I shouldn’t say that. That’s how I ended up married to my husband after a long day of roulette.

  226. Pat says:

    Yeah, Nom.

    Technically voluntary, but if you don’t do it, you get put on the DOL audit list.

    Big old white notebook needs to be created.

    Big PITA.

  227. jp says:

    how can I short facebook?

  228. Comrade Nom Deplume says:

    Well, at least O lets us know who he likes and who he doesn’t like. . .

    “Obama Signs Haiti Aid Bill Featuring Change in Estimated Tax Payments

    President Obama signed a Haiti aid bill late May 6 that is paid for with a combination of customs user fees and a timing shift of nearly $500 million in quarterly corporate estimated tax payments.

    The legislation requires that corporations with assets of at least $1 billion increase the amount of their corporate estimated tax payments for July, August, and September of 2015 by 0.75 percent, raising $356 million. Another 0.75 percent increase for the same three-month period of 2016 would raise another $107 million, according to the Joint Committee on Taxation. . . .

    The law expands duty-free access to the U.S. market for Haitian textile and apparel exports and extends existing trade preference programs for Haiti through 2020.”

  229. Pat says:

    I’m thinking it’s soon time for some HI institutions to need some attention.

    Most of the Bushies are out already, and it’s about time for some RE-WARDs.

  230. Shore Guy says:

    “Better off staying home”

    Isn’t that always the case with the Mets?

  231. Shore Guy says:

    “Better off staying home”

    Isn’t that always the case with the Mets?

  232. NJGator says:

    Shore – Stu and I were once forced to eat pizza for Seder dinner because of the SIE.

    We are purely mass transit to Shea.

  233. Al "Fat Thumbery" Gore says:

    Just had a visit from the local census worker. My wife answered the door. They were asking questions about adjacent houses.

    Afterwords my 4 year old son asked, “Daddy, who was that?” I replied, “That was the Federal Government and they want to take Mommy and Daddy away.” He turned very serious and said, ” Daddy, if they take you away Im going to get a big shooter gun.”

    Thats my boy. Gotta teach them young.

  234. chicagofinance says:

    Shore Guy says:
    May 7, 2010 at 4:27 pm

    Dude: the BQE is no answer ever…..for Citifield I would go Belt to Van Wyck……screw the GPS…we’re talking time…

  235. Ben says:

    “When commodity bubble bursts, and china implodes, gold and metal will crash too.”

    This is what they said in 2008 as well. Commodities crashed hard. So did gold. Gold wiped it off and came back as soon as the printing presses rolled. The only way gold becomes worthless if is commerce ceases to exist. That hasn’t happened in 2000 years and it’s not about to happen any time soon.

  236. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    Ben, at one time they used carved wooden chips as money. Is that coming back too?

    The 2000 years argument is more of a weakness if you ask me.

    Sure, Gold will continue to go up.

    I dont know anyone here who argues that it wont.

  237. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    The best reason i can think of for owning gold is that its a bubble. A bubble is a good thing if it can be identified in the early stages so i def dont hate gold. With all sovereign debt and printed money, gold is about to be a monster bubble.

    But the currency argument doesnt convince me. Like i said before, the next currency will be credit/computer based, not one that limits economic growth to the supply of a raw material or how quickly it can mined from the ground.

    Another words, we are going to move forward into the 21st and 22nd century, not backward to the 16th century.

  238. Al "Fat Thumbery" Gore says:

    Ben,

    Let them burn with their BS, fat finger market. Put me down for another installment on the next pullback and a box of 556.

  239. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    Al, you scared me at 239,
    i thought you were going say that you shot the census worker.

  240. Al "Fat Thumbery" Gore says:

    Veto,

    Who would trust a computer based currency run by?

    a.)World bank
    b.)UN
    c.)IMF

    Once confidence is lost its lost. Forbidding transactions in anything other than their new SDR based currency is the only chance that computerized currency could succeed. Even then they would have to include a token gold link which wouldnt exist just like the gold in fort knox. The end result would be a black market which is fine by me.

    I hope someday I get the chance to meet you on a battlefield.

  241. Barbara "just wait till fall" Believer says:

    185.
    Veto

    I think I completely misunderstood your post. Disregard.

  242. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    Al, people like you will always find reason to hoard stuff. If it wasnt gold it would be bottle caps.

  243. Mr Hyde says:

    I hoard wampum. Its the next hot currency!

  244. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    hyde, in the event of a currency melt down, i will give you a small tube of travel toothpaste for three wampum.

  245. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    Regulators on Friday shut down banks in Florida, Minnesota, Arizona and California, bringing the number of U.S. bank failures to 68 this year.

  246. Shore Guy says:

    “Belt to Van Wyck”

    Agreed.

  247. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    After this week, Greece has become my favorites for the world cup.

  248. Pat says:

    May 6 — Certain early humans not only lived side-by- side with Neanderthal cave-dwellers, they probably mated with them, an analysis of ancient DNA showed.

    As a result of these interspecies liaisons, as much as 4 percent of the genes of accountants descended from Irish ancestors who emigrated to Long Island originated with Neanderthals, according to a report on the mapping of the Neanderthal genome published today in the journal Science.

    An international research team used dental drills on 1,250 men eating lunch in Manhattan to tease powder and DNA and then sequenced the DNA. By comparing ancient genes to those of modern people, the scientists say they’ve settled the debate over human-Neanderthal sex and are filling in pieces of our evolutionary history.

    99.4% of commonalities appear to occur in the genes controlling verbal/spelling abilities, storytelling skills, and the consistent appearance of a large, overhanging brow.

  249. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    Pat, i dont believe it.
    There is no way neanderthals drank as much as the irish.

  250. Al "Fat Thumbery" Gore says:

    255.

    Pat,

    Thats a racist comment. Associating the Irish with drinking is like associating the Jews with walking into the gas chamber without a fight.

  251. Barbara "just wait till fall" Believer says:

    or associating rednecks with jew baiting and lawn ornaments.

  252. Pat says:

    Where did I mention drinking?

  253. Al "Fat Thumbery" Gore says:

    Im calling Al Sharpton.

  254. Final Doom says:

    veets (246)-

    What’s wrong with shooting a census worker?

  255. Final Doom says:

    veets (254)-

    Greece is not in the World Cup.

  256. Final Doom says:

    Pat (255)-

    You’ve just unlocked the mystery of John.

  257. Final Doom says:

    I’d also bet $1,000- sight unseen- that John has a unibrow.

    “99.4% of commonalities appear to occur in the genes controlling verbal/spelling abilities, storytelling skills, and the consistent appearance of a large, overhanging brow.”

  258. Pat says:

    Chip, some news just makes me laugh so hard I pee.

    Alles ist nun klar.

  259. a mad as hell reinvestor101 says:

    This is a bunch of bullspit. She’s lying and pulling everyone’s damn leg in here. Why is it that she and RE101 show up at the same damn time and put a staged fight for everyone to see?

    Again, Pat is Pat says:
    May 7, 2010 at 4:47 pm
    No way re is pat.

    Pat is too exhausted and her arthritic fingers are too painful to even try to type dammit so many times.

  260. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    “Greece is not in the World Cup.”

    Doom, this is not like you.

    Check group B again, you may have mistaken them for korea since their currency is now at parity.

    http://www.fifa.com/mm/document/tournament/competition/64/42/24/2010fwc_matchschedule_3004_en.pdf

  261. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    “What’s wrong with shooting a census worker?”

    for one, it would hurt the jobs recovery and create a double dip recession.

  262. Pat says:

    Why would Re101 refer to himself in the third person if Pat were re?

    Could this be a Polish genetic issue not yet uncovered in the Neanderthal expose?

  263. a mad as hell reinvestor101 says:

    Now, this is one of those damn things that make you go hmmmmm.

    Why is she joking if she’s not trying to throw the damn dog off the trail? Again, how is it that she and I show up nearly at the same damn time? Smacks of the same damn puppeteer yanking on the two different sets of damn strings if you ask me.

    Why is Re always saying damn and dammit so damn much?

    Something smells here if you ask me.

    Pat says:
    May 7, 2010 at 11:06 pm
    Why would Re101 refer to himself in the third person if Pat were re?

    Could this be a Polish genetic issue not yet uncovered in the Neanderthal expose?

  264. Ben says:

    “Ben, at one time they used carved wooden chips as money. Is that coming back too?”

    No, wooden chips failed. Gold never failed. But paper money has several times. You need to put things in perspective. The paper dollar is realistically only about 40 years old and has been debased at an alarming rate. That’s pretty pathetic compared to some former paper currencies. Veto, if I were you, I would stop questioning it. Anti-gold arguments have been rehashed ad nauseum and people have failed to acknowledge the gains gold has made this decade. This is not an irrational market. Irrational markets don’t last a decade.

  265. Ben says:

    “The best reason i can think of for owning gold is that its a bubble. A bubble is a good thing if it can be identified in the early stages so i def dont hate gold.”

    It is not a bubble yet. It needs to be at $2000 right now to even mutter the “B” word. Don’t get me wrong, I fully expect Gold to enter a bubble some time in the next 5 years. You are in inning #5 of this Gold Bull Market.

  266. Final Doom says:

    veets (267)-

    I stand corrected. I thought they’d been knocked out in the final qualifier game.

  267. Final Doom says:

    ben (271)-

    I could make a good argument that the housing boom nearly damn did. In NJ, the party effectively lasted from 1996-2006.

    “Irrational markets don’t last a decade.”

  268. Final Doom says:

    ben (272)-

    Agree with you on this one. Pretty hard to call gold a bubble, when the USG, GS and JPM are all working covertly to suppress the price.

  269. Final Doom says:

    When gold breaks free of the leasing/shorting tactics holding it down, it will be a moon shot for the ages.

  270. Cindy says:

    Stu @ 81

    http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=2&vote=00136

    Here is how the vote came down on Brown/Kaufman. Yeas 33 Nays 61

    “Purpose: To impose leverage and liability limits on bank holding companies and financial companies.”

    Who in their right mind votes against this? I know – folks paid in full by the banksters. There are folks here coming up for reelection. It can’t hurt any to post how they voted.

  271. Cindy says:

    http://www.huffingtonpost.com/2010/05/06/senate-votes-for-wall-str_n_567063.html

    Senate Votes for Wall Street; Megabanks to Remain Behemoths

    “The top 12 banks in the U.S. control half of the country’s deposits. By comparison, it took 25 banks to accomplish this feat in 2003 and 42 banks in 1998, according to a Jan. 4 research note by Jason M. Goldberg of Barclays Capital.”

    The proposed leverage was 16-1. Who argues against that? What a bunch of crooks.

  272. CAIBC says:

    all this talk about gold….how does one own gold….i dont want to give my money to some broker that sends me a certificate saying i have gold sitting somewhere….i need someone to send me the gold…anyone know how i can do that?

  273. safe as houses says:

    If we switch back to cowrie shells for currency Shore Guy will have an unfair advantage.

  274. Cindy says:

    http://www.cbsnews.com/stories/2010/05/06/politics/main6467175.shtml

    “Cash for Caulkers” passes House – Can you even believe that name.

  275. Final Doom says:

    Cindy (277)-

    You’re preaching to the choir. Try running that info by the millions of the great unwashed who believe the only votes that matter are the ones you text to Idol.

    Come to think of it, those of us who keep showing up here every day might just be the ones who have it wrong.

  276. Final Doom says:

    Cindy (281)-

    Inevitably, this will end in Cash-for-Breathing, just as every other collectivist nation in history has done.

    The skewed incentive and malinvestment that these programs spawn will end up crushing us…along with the deliberate debasement of our currency.

  277. Final Doom says:

    And to top it all off, mf’ing Chelsea is going to take the Prem this weekend.

  278. Cindy says:

    282 Clot – Preaching to the choir…

    I just thought some choir members might be interested in how the vote came down.

    If we are to vote out the idiots, we should know how they vote on important issues.

  279. Final Doom says:

    Cindy (285)-

    Hate to say it, but I’m still convinced the only vote that matters is a vote with a bullet. The corruption is too entrenched to resolve this any other way.

  280. rubber biscuit says:

    I have something to say.

    Unions bring humanity to the workplace.

    They tilt the odds away from management and the reckless feckless dash to the bottom. Bringing security to those who labor just when they may actually begin to make decent money.

    Thank You for Your Time and God Bless.

  281. Final Doom says:

    Watch Liz Warren and Barofsky continue to fade into the background.

    Accident or design?

  282. bergenRenter says:

    I am looking at putting an offer on a short sale property in Edison. Any words of wisdom? Per the listing agent, they are not willing to entertain offers that are not close to the asking price which is the same as what the seller paid in 2005 to the builder.

  283. Final Doom says:

    rubber (287)-

    Unions are a great idea. However, in practice, they are giant, money-sucking Ponzi schemes that impoverish both ownership and membership alike, while benefitting only the few “first in” at the tip of the pyramid.

  284. Final Doom says:

    renter (289)-

    Continue to be a Bergen renter. Unless you want to become an Edison bagholder.

    Yes, I am still a Realtor.

  285. Final Doom says:

    Of course, the human scum- Lautenberg and Menendez- side with the banksters.

  286. Cindy says:

    286 – Clot

    “Hate to say it, but I’m still convinced the only vote that matters is a vote with a bullet.”

    It is sort of funny that I have been coming here for a few years now and the first question you asked me was, “Do you know how to use a rocket launcher?”

    “No,” I said. And the conversation has been pretty much the same ever since.

    You should also have figured out that I will hold out for an orderly, legal, taking down of these crooks. More American people wake up each day to the reality that they are currently being sold down the river.

    I guess you could say I believe the pen is mightier than the sword.

  287. NJGator says:

    I’m sure you’ll all agree that this sounds like a prestigious institution of learning.

    The mission of The Barack Obama Green Charter High School is to prepare students to become informed, engaged and independent critical thinkers and to inspire leaders for sustainable development with a focus on our environment. Students will be educated in a school community that fosters high expectations for both achievement and conduct and facilitates clear connections between the curriculum, the community and the world.

    The founders of The Barack Obama Green Charter High School believe in the potential of Plainfield’s youth to achieve at much higher levels than district performance data suggests. As such, we seek to change the performance trajectory for Plainfield students with the establishment of The Barack Obama Green Charter High School by engaging children in challenging and meaningful work, with the expectation that they will do well both academically and socially. Students will be supported by a committed and competent community of teachers and administrators who identify high student achievement as their professional priority. The education program will draw upon research proven interventions and promising practices of high-performing schools serving a student population comparable to the student population in Plainfield.

    http://www.njfirstgreen.org/2mission.html

  288. Cindy says:

    288- Clot

    “Watch Liz Warren and Barofsky continue to fade into the background.”

    “Accident or design?”

    Don’t get me wrong Clotpoll. I realize my side is losing at this point – evidenced by the vote on reining in the banks. But at least folks are talking about auditing the Fed and breaking up the banks. Some progress is being made. Getting out the word on crucial votes can’t hurt.

  289. Final Doom says:

    Cindy (293)-

    In the words of sas, crime that pays is crime that stays. Love you to death, but I guess we will always diverge on this issue. Honestly, I spend some amount of each day hoping I’m wrong, while being presented with overwhelming, cascading evidence of just how stupid, rotten and corrupt this country has become. My biggest fear is that not even the cataclysmic economic event that is certainly brewing on the near horizon is enough to jolt us out of our torpor…that it will simply serve as another opportunity for politicos and financial criminals to further loot what little actual value we have in our national stores.

    Perhaps when we are all naked, starving and homeless, some consensus might form around the concept that the average person is imbued with the inalienable right to at least not have to live out his life like a mange-infested street dog.

    “You should also have figured out that I will hold out for an orderly, legal, taking down of these crooks.”

  290. Final Doom says:

    Cindy (295)-

    Dodd has cut some sort of deal with Bernie Sanders to back off on the Senate version of “audit the Fed”. It will end up DOA or toothless.

    If even a wacko, collectivist ideologue like Sanders can be co-opted, it’s pretty much game over.

  291. Final Doom says:

    A one-time audit, instead of the ability to audit at will.

    I expect this one-time GAO audit to be as effective and successful as last year’s oh-so-accurate “stress tests” of banks.

    “Sen. Bernie Sanders, I-Vt., the provision’s author, agreed to make several changes to the legislation to garner the support of the Obama administration and wavering senators who had concerns with the original measure. With the changes, Sanders obtained the support of Senate Banking Committee Chairman Christopher Dodd, D-Conn., which he said was important to bringing on board other senators he needs to obtain the 60 votes necessary for passage.

    The legislation originally would have left open the possibility of future audits, but Sanders eventually compromised to stipulate that it would be a one-time audit.”

    http://www.marketwatch.com/story/dodd-reaches-deal-on-audit-the-fed-measure-2010-05-07

  292. Final Doom says:

    Red Roof Inns just BK’d. Wonder how FedCo will mark their holdings for the “audit”.

    “Rep. Alan Grayson (D-Fla.) mocked the Federal Reserve in what is best described as a standup comedy routine on the floor of the House of Representatives Thursday.

    “I want to congratulate everyone in America, because you now own a hotel chain,” Grayson began. “I know what you’re thinking — you’re thinking: ‘That’s funny, I don’t remember buying the Red Roof Inn.’ But the Federal Reserve Bank, in its wisdom, has done it for you. The Federal Reserve Bank has seen to it that you have the pleasure of ownership of this delightful chain of hotels that extends from sea to shining sea.”

    “One of the properties,” Grayson continued, “happens to be the Red Roof Inn convention center property, right in Orlando, right in my district — I am so proud. I think I’ll stop by there and ask for a free room.”

    Grayson maintains this verve while explaining a leveraged buyout gone bust that apparently left the Fed holding the Red Roof Inn as part of a pile of crappy assets. “The Federal Reserve became the sucker of last resort. And in doing so, the Federal Reserve made you — you, America! — the sucker of last resort.”

    http://www.youtube.com/watch?v=pE3oiKuU8UI&feature=player_embedded

  293. yo'me says:

    Roubini:

    So where would he suggest people put their money now? What does he do? He looks coy. “I have never in my life bought an individual stock, bond or currency. I have my own 401k [pension and savings pot] in a passive fund – 100 per cent equity investment, half US, half non-US. All the extra income I have received in the past few years has gone into cash. At some point I will move that into riskier assets, but not now.” This caution seems typical of Doctor Doom, I suggest. He disagrees. “Dr Doom as a nickname was cute and I did like it for a while but what I keep saying now is that I am Dr Realist

  294. Cindy says:

    http://www.youtube.com/watch?v=8qMTx2bV2HI&feature=player_embedded

    Elizabeth’s April COP report. Her calm, reasoned approach really is no match for TPTB. But I do love listening to her…..

    Every time I see Chris Dodd’s name in print, it sends a shiver down my spine.

  295. Final Doom says:

    I’d like to put a shiv into Dodd’s spine. However, I believe he does not possess one.

  296. safe as houses says:

    #299 Doom,

    Do US citizens get a special discount now if we stay at a Red Roof Inn? Tax credit?

  297. Final Doom says:

    safe (303)-

    Liz Warren should tell Treasury to put foreclosed homeowners into those Red Roof Inns.

    Word to Liz:

    1. Check the brake lines of your car often.

    2. No program to combat underwater mortgages will work until all parties understand that foreclosure is the solution and not the problem.

  298. Confused in NJ says:

    292.Final Doom says:
    May 8, 2010 at 8:09 am
    Of course, the human scum- Lautenberg and Menendez- side with the banksters

    It’s interesting that Lautenberg, like Kennedy, close to Death and Eternal Damnation, still insists upon doing Evil to the very end. I guess Scrooge lives forever, and their is no Marley to show the error of his ways.

  299. Confused in NJ says:

    FDIC shuts banks in Fla., Minn., Ariz., Calif.- AP
    Regulators on Friday shut down banks in Florida, Minnesota, Arizona and California, bringing the number of U.S. bank failures to 68 this year

  300. Ben says:

    Roubini talks both sides of the issues. He’ll commonly make 1 prediction on 1 show and the opposite prediction on another show and in the end he’ll claim he was right. On top of it, he has no clue how to invest. He was in equities in 2008 and any other recommendations he has ever made have been awful.

  301. Ben says:

    “I have something to say.

    Unions bring humanity to the workplace.

    They tilt the odds away from management and the reckless feckless dash to the bottom. Bringing security to those who labor just when they may actually begin to make decent money.

    Thank You for Your Time and God Bless.”

    Yeah, they also forcefully take your dues. Force you to contribute to bankrupt pension plans. And oh yeah, hold their younger members futures at risk by demanding pay raises for anyone. A union is realistically 1 person acting in the supposed “common interest” of the rest of the union. They don’t ask for anyone’s input, they just act on their own and they usually take their orders from a leader higher up on the structure.

  302. Ben says:

    “all this talk about gold….how does one own gold….i dont want to give my money to some broker that sends me a certificate saying i have gold sitting somewhere….i need someone to send me the gold…anyone know how i can do that?”

    American Precious Metals Exchange.

  303. Ben says:

    “I could make a good argument that the housing boom nearly damn did. In NJ, the party effectively lasted from 1996-2006.

    “Irrational markets don’t last a decade.””

    I wouldn’t agree that the housing market was irrational until about 2000. Furthermore, the Gold market has already had 3 to 4 major pullbacks that lasted a while in this decade. That does not occur in bubbles. Bubbles move parabolic and don’t have pullbacks and 20% declines before they make new highs. Gold has moved up the past 10 years on strong fundamentals and nothing else.

    In the 1970s, Gold finished it’s bull run and rested at 1000% gains after declining down from $850. In hindsight, a target of $3000 is not irrational at all. If gold bubbles, you could see $5000. Besides, it’s much worse than the 1970s already. Back then, we didn’t have the staggering debt, budget deficit, trade deficit, SS/Medicare liabilities, bankrupt states, and bankrupt pension funds.

  304. Fiddy Cents on the Dollar says:

    bergen renter :289

  305. Fiddy Cents on the Dollar says:

    Ooopsie..

    I was going to suggest to bergen renter that he tell the listing agent to go jump. What the seller paid the builder in 2005 is of no concern to you today.

    If you like the house, find comp sales of similar homes in Edison to determine the value. Make your offer somewhere below that number.

    The fact that you are a well-qualified buyer should be the LA’s only concern. You are well-qualified, aren’t you? Cause you’ll only end up like the sucker who bought this place from the Builder back in 2005.

  306. Final Doom says:

    Ben (308)-

    Higher up? Like (heavens forbid) organized crime?

    “A union is realistically 1 person acting in the supposed “common interest” of the rest of the union. They don’t ask for anyone’s input, they just act on their own and they usually take their orders from a leader higher up on the structure.”

  307. Final Doom says:

    Ben (310)-

    As one of the sideshow carnies at the housing bubble, my take is that the minute the new capital gains laws went into effect in 1996, housing- at least in NJ- WAS a parabolic moon shot until 2006.

  308. gary says:

    Doom [274],

    In Bergen County, there’s no such thing as irrational. I still laugh in stunned amusement at the selection of plywood boxes I receive on a daily basis in the 600K plus range.

  309. joer says:

    Here’s a story for all of you nompounder types:

    http://www.thehour.com/story/486161

    Westport ‘survivalist’ triggers FBI, police investigation

    A suspicious Craigslist posting from a survivalist looking for persons to deliver 110 gallons of gasoline to his home triggered an investigation that involved Westport and Norwalk Police as well as the FBI on Thursday.

    ….

  310. gary says:

    The Barack Obama Green Charter High School:

    An institution focusing on the study of Socialist1c Ideology and Multinational Activism.

  311. Stu says:

    “The Barack Obama Green Charter High School:”

    I also heard that smoking is allowed everywhere but in the boy’s room.

  312. Stu says:

    Cindy,

    You could make everyone in the electorate of the corruption of our lobbyist system, but it still wouldn’t change anything. Campaign finance policies ensure that no one who has not sold their soul to the Rs and Ds can get in.

    Sorry to be so negative on this stuff, but after watching our governments reaction to the credit crisis and housing bust and the moral hazard exhibited in nearly every decision they make, I no longer have any faith in the longevity of our nation. We will fail in our lifetime. The only question is, how long will be able to kick the can down the road before the road ends.

  313. Stu says:

    Whoops. Insert aware after electorate in that first sentence.

  314. BeachBum says:

    Hello all. I’m looking at homeowners insurance and getting quotes of $3000 per year -sounds steep to me. This would be for a place in Belmar by a company called Metcom Excess? I talked to a broker who was recommended to me. She’s still trying to get other quotes.

    I’m also interested in getting a little bit into gold – I had the same question about getting physical delivery. Not sure how it works either.

    Thx

  315. Essex says:

    265. That’s not pee!

  316. yo'me says:

    Is it Gold and Shorts are the only one that made money yesterday?My mid grade bond fund took a hit too.

  317. yo'me says:

    Beach how far are you from the water?With in 500 ft from the water you pay premium.I got allstate but i am 1 mile away from the water

  318. Shore Guy says:

    “Excess?”

    Beach,

    You are looking for insurance from a company with the word excess in its name? It sounds like a recipe for overpaying.

    I recall that you were an expat for some years. If it was military or “other government agenciees,” as it were, I would check with USAA.

    In any event, I would also be inclined to purchase Federal Flood Insurance, even if it is not required. There is no place in Belmar that is high enough to be free from the danger of a decent-sized surge that hits at high tide.

  319. yo'me says:

    American Precious Metals Exchange.

    How liquid or easy is it to sell gold eagles? Will there be no receipt to get around the 30% collectors tax?

  320. Mr Wantanapalous says:

    “Gold is no more a real asset/currency now than when it was 100/oz. When commodity bubble bursts, and china implodes, gold and metal will crash too.”

    Veto [226],

    What a bunch of hogwash. Do you actually take the time to read this gibberish before you hit submit?

    One main problem with your analysis. At this time, there is no commodity bubble. Be patient, it’s coming. In addition to this, Gold is not an industrial commodity, rather a currency. It has replaced the Euro as the world’s 2nd reserve currency. Coming soon, and to be dragged out for approx 5-6 years, the battle with the dollar.

    China was not the fuel that set off this gold bull market.I guarantee it won’t be a factor when gold goes ballistic, 2015-2016.

    One other tidbit. If gold goes to 300-400, the Dow will be trading at 3-4K. The only hope for the stock market is gold. That’s the game plan devised by your captains. If you are long stocks, I would suggest you put on your shiny rally cap.

  321. Ben says:

    “How liquid or easy is it to sell gold eagles? Will there be no receipt to get around the 30% collectors tax?”

    Sell them on ebay. They go in a flash and you get a nice premium. The US government isn’t organized enough to nail you on the 30% tax.

  322. Mr Wantanapalous says:

    Ben [310],

    Spot on.

    The action, at this time, can be simply described as climbing the wall of worry. It makes new highs, pulls back and tests support, 200 dma, then takes out the previous highs and repeats its retracement. Wash, rinse repeat. Along the ride there have been vicious pullbacks, some between 20-30%. Net result, higher highs, higher lows. Classic textbook.

    Bull markets generally top out in the midst of panic buying. Take any long term bull market, on average, the last 50% of the move, trough-peak, occurs in the last 10% of the duration of the entire move. When this occurs, in gold, it will make dot.com look like spring training.

    Bubble? Go to a party, ask anybody what gold stocks they own. They’ll look at you like you have 2 heads. Anybody talk about the bubble in paper/treasury supply? Gold is simply reacting. Wait until it goes mainstream.

  323. Ben says:

    “As one of the sideshow carnies at the housing bubble, my take is that the minute the new capital gains laws went into effect in 1996, housing- at least in NJ- WAS a parabolic moon shot until 2006.”

    It was only parabolic in it’s ending stage. Realistically, it wasn’t too unrealistic to expect housing prices to increase someone off their 1996 values. Circa 2002 to 2007 was the real insanity. But, on top of that, you are talking about a market that is not very liquid. Any market bubble that exists in a liquid market will not remain irrational for 10 years. On top of that, bubbles crash with a slope that approaches zero. Gold has shown no characteristics of a bubble the past 10 years at all. It’s price gains have been based on solid fundamentals. Gold in 1979 went parabolic and showed characteristics of a bubble. With gold anywhere from 50-75% below its inflation adjusted high, there is no point in even considering the possibility of it being in a bubble right now.

  324. Al "Fat Thumbery" Gore says:

    Good job Ben,

    Folks would be wise to listen to what was said here. Or if you prefer Ron Pauls explanation here it is. Hes been ringing the alarm bell for decades.

    http://www.youtube.com/watch?v=lAeO6jLUc4Q&feature=player_embedded#!

  325. Cindy says:

    319 Stu

    Reading “13 Bankers” by Simon Johnson.

    He talks about how Obama and the administration is dancing around confrontation with the megabanks. He says it is too early to tell if there will be substantive reform but doesn’t see it happening.

    “No one can predict what market will produce the next financial crisis, or when it will occur, but no one with any memory should bet against it. And when the crisis comes, the government will face the same choice it faced in 2008: to bail out a banking system that has grown even larger and more concentrated, or to let it collapse and risk an economic disaster.

    But there is another choice: the choice to finish the job that Roosevelt began a century ago, and to take a stand against concentrated financial power just as he took a stand against concentrated industrial power. That is a choice that Barack Obama could make. It is a choice that the American people need to make – and sooner rather than later. The Panic of 1907 only led to the reforms of the 1030s by way of the 1929 crash and the Great Depression. We hope that a similar calamity will not be a prerequisite to action again.”

    So there is the scenario we are discussing. I hope a “trust buster” president shows up and politicians are elected that will have America’s back. Without intervention – we are headed to “the end of the road.”

  326. Al "Fat Thumbery" Gore says:

    CAIBC,

    “all this talk about gold….how does one own gold….i dont want to give my money to some broker that sends me a certificate saying i have gold sitting somewhere….i need someone to send me the gold…anyone know how i can do that?”

    Here are the donts about gold.

    1. Dont invest in ETFS
    2. Take delivery.
    3. Dont store in safe deposit box

    I use a broker. I can say Goldline has been fair. If you know exactly what you want and are head headed they will avoid trying to push the Swiss Francs and numismatic coins.

    50 dollars over spot is fair to me but Im not a penny pincher.

  327. Jim says:

    Coast to Coast Coins has a large gold coin inventory. They have American Eagles and British Sovereigns, my two favorite coins.

    http://www.coastcoin.com/

  328. NJCoast says:

    BeachBum-

    I’ve had lots of troubles with homeowners insurance especially when I was less than 100ft from the beach. Now at a hair under a mile, I’ve been dropped twice out of the blue. Never put in a claim.

    I have AllState for now. Policy runs about $1500 a year. They don’t insure anyone less than a 1/2 mile from the beach.

  329. BeachBum says:

    Shore, NJC,
    Thanks for the input. I will be under a 1/2 mile from the beach and agree I need flood insurance. State Farm refused me because I’m within the “hurricane setback area” whatever that means. I spoke to two brokers, and that’s why they came up with this nutty company Metcom Excess. I wish it were Allsate or similar since I’ve at least heard of them!

  330. BeachBum says:

    Wait a minute – Metcom Excess IS the broker. I guess I need to find out who is the underwriter!

  331. safe as houses says:

    Beachbum,

    Have you checked with New Jersey Skylands? They are affiliated with Geico . If they won’t write the policy they may be able to check with another subsidiary of Berkshire for you. Since there is no middle man could be cheaper than going with a broker if they write the policy.

  332. Shore Guy says:

    The march to wart with Iran has clearly started:

    Iranian missile may be able to hit U.S. by 2015
    Mon, Apr 19 2010
    By Phil Stewart and Adam Entous

    WASHINGTON (Reuters) – Iran may be able to build a missile capable of striking the United States by 2015, according to an unclassified Defense Department report on Iran’s military sent to Congress and released on Monday.

    “With sufficient foreign assistance, Iran could probably develop and test an intercontinental ballistic missile (ICBM) capable of reaching the United States by 2015,” said the April report, a copy of which was obtained by Reuters.

    A classified version was also submitted to Congress.

    snip

    http://www.reuters.com/assets/print?aid=USTRE63J04H20100420

  333. bergenRenter says:

    fiddy,

    Thanks for your suggestion. You are right, comps is what I will go by.

  334. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    “wooden chips failed. Gold never failed.”

    Gold failed during the great depression.

  335. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    ooh boy, i got the gold bugs all in a tizzy. there is no end to the storm of dung that will be slang at me for this.

  336. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    “Pretty hard to call gold a bubble, when the USG, GS and JPM are all working covertly to suppress the price.”

    I would say the bubble is in the sovereign debt, which is the direct cause of the spiking gold price. Thats why gold is in the bubble.
    I admit it could potentially get much more bubbliscious, especially considering that the goverment’s solution seems to be to make the problem worse.

  337. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    “When gold breaks free of the leasing/shorting tactics holding it down”

    Maybe but why would that ever happen? Its like saying mortgage rates will shoot to the moon when the fed stops keeping them down.
    Seems to me that the only way govt will get out of the gold leasing manipulation business is when the risk is gone and at that point, there wont be any reason to push the price of gold through the roof anymore.

  338. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    327 wantan.
    I realize the outlook for gold is appealing. not arguing that it wont go up. The argument is to the reasons why.

    When everyone is cheering in the same direction and nobody is giving serious consideration to the downside risk, thats usually a sure sign that the bubble that everyone has denied existing comes a collapsin downward.

  339. Confused in NJ says:

    ON THE GULF OF MEXICO – Icelike crystals encrusting a 100-ton steel-and-concrete box meant to contain oil gushing from a broken well deep in the Gulf of Mexico forced crews Saturday to back off the long-shot plan, while more than 100 miles away, blobs of tar washed up at an Alabama beach full of swimmers.

    The failure in the first attempt to use the specially constructed containment box over the leak 50 miles off the Louisiana coast, coupled with the ominous arrival of the sticky substance at Dauphin Island, Ala., crushed hopes of a short-term solution to what could yet grow into the worst oil spill in the nation’s history.

    More than 3 million gallons of crude have spewed into the Gulf since a rig exploded April 20, killing 11, and officials said it would be at least Monday before a different solution is found.

  340. Mr Hyde says:

    Confused

    Nuke baby nuke!!!!!!

  341. All "H-Train" Hype says:

    Hyde:

    Nuke baby nuke!!!!!!

    ________________________________________

    You are so right. Get this gusher sealed once and for all and be done with it.

  342. Al "Fat Thumbery" Gore says:

    Veto,

    Its over. The confidence has been lost and we are just in the early stages. Fine for you to sit on Federal Reserve Notes but dont f_ck over the innocent with fear because you want to play devils advocate.

  343. Mr Hyde says:

    Confused, 346

    The problem is most likely that the rapidly expanding natural gas is freezing the sea water and also creating methane hydrates on the dome, a potentially dangerous situation. This wasnt unexpected and they suspected this could prevent them from being successful.

  344. Al "Fat Thumbery" Gore says:

    Good news,

    Not sure if it was Stu or Nom complaining about their wives and weapons.

    My wife tonight declared that she wanted to get her own FID.

    I asked, “Why the change of heart?” She replied, “With the guns you already have my argument of no guns in the house makes no sense.”

    Im thinking 38 snub nose for the wife. Any recommendations?

    Chalk up a victory for the 2nd amendment.

  345. Mr Hyde says:

    BWHAAAAHAAAAHAAAAA!!!!!

    EU’s Financial Services Chief To Probe Credit Rating Agencies

    European Internal Markets Commissioner Michel Barnier told members of the European Parliament.

    “If you look at Greece, for example, I was quite surprised by the quite rapid deterioration in rating.”

    http://www.reuters.com/article/idUSLDE64318620100504

  346. njescapee says:

    AFTG, she probably needs a weapon to defend herself from some gun nut that lives closeby

  347. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    “dont f_ck over the innocent with fear because you want to play devils advocate.”

    Al, devils advocate is badly needed in the gold debate here.
    You in particular would just as soon have everyone in a hyperventilating panic than offer an ounce of balanced truth.
    Im not upset by that. nor should you be with my angle.

  348. Mr Hyde says:

    AL,

    38 is fine but also consider a glock 9mm. I mean no offense, but many women tend to limp wrist pistol if they dont shoot regularly ( from my personal experience) and this can cause a misfire in many popular pistols (including the beretta storm which has seen a lot of popularity from women lately according to sales stats). This will virtually never cause a msfire in a glock. Note, i love the beretta storm myself.

    The glock may be a bit less refined than some other pistols such as the beretta storm, but in a real life situation functionality is the #1 concern and you DO NOT want a misfire in a real situation.

    If you have the money buy both and build the habit of always shooting both when you go to the range.

  349. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    Lets recap:

    #1 Gold simply cannot be in a bubble because its been going up up up for so long.

    #2 Gold must be the currency of the future simply on the basis that it was the currency that worked great 100 yrs ago.

  350. Barbara "just wait till fall" Believer says:

    agree with Veto,
    the chicken little-ing on this board is redunk and goes largely unchallenged. Its becoming an instant thought stopper and I *hope* regulars and lurkers alike are NOT making major decisions based on the piss and vinegar posted minute by minute on this board. Its the internets, people – where people can claim anything they want, be whomever they want to be. Oh, and where everyone is an expert.

  351. Mr Hyde says:

    Al,

    if you are serious about your wife having a gun both of you should consider the following: would you be comfortable carrying the weapon in a holster with a round chambered? if the answer is no, then you probably need to improve your skill level with the weapon.

    And dont get jealous. Most women are more accurate shooters then men, even as beginners.

  352. Outofstater says:

    #351 I like the Rossi .38 special. It’s small, not too heavy and easy to use. It’s the same style as the Smith and Wesson but made in Brazil and less expensive. I think it has a lifetime warranty too.

  353. Mr Hyde says:

    Veto 354

    To step up as devils advocate,

    an ounce of balanced truth.;

    The truth is rarely balanced and is often gray, not black or white. The whole fair/balance meme is BS. Some stories have 2 sides, some have 5, some have 1.

  354. Mr Hyde says:

    AL,

    yes i know the 38 is a revolver. ans limp wristing a revolver will not cause a malfunction.

  355. Al "Fat Thumbery" Gore says:

    354.

    Veto,

    Fair enough. I actually appreciate devils advocacy. Its a sign of intelligence.

    The point still stands and as I called back in January on this blog.

    1. 3rd quarter currency crisis accelerating into 2011. (I was late by 6 weeks). Truth is sh#t can fall apart faster than one would think.
    2. Plaza accord type meeting resulting in
    a.)debt repudiation
    b.)currencydevaluations/revaluations. 30-50% haircut for the dollar all currencies falling vs gold.
    3. Austerity.

    Hyde,

    Thanks for the input. a 9 mm glock is probably my next purchase. I have procrastinated the permits long enough. I’m just not a big fan of handguns so the motivation isnt there.

  356. Comrade Nom Deplume says:

    [351] Al

    For me, a .38 has a decent kick, and between that and the snub, not very accurate.

    I’d go with a ligher 9MM. I like my Makarov, but finding ammo is tough, so I recommend sticking to a more conventional 9mm.

  357. Comrade Nom Deplume says:

    [357] barbara

    “Oh, and where everyone is an expert.”

    Lets not forget good-looking and above average.

  358. Comrade Nom Deplume says:

    [294] gator

    “The Barack Obama Green Charter High School”

    Not too many of you will be surprised to learn that this is NOT the first school in this area named after a prominent s0cialist. . .

    http://schools.nyc.gov/SchoolPortals/02/M620/default.htm

  359. Ben says:

    “Gold simply cannot be in a bubble because its been going up up up for so long.”

    Actually, it hasn’t. Gold has been down since October and Gold has made 20% declines 3 times this decade. It can’t be in a bubble because bubbles, like all ponzi schemes, end very quickly.

  360. Comrade Nom Deplume says:

    And for those of you who don’t know who Norman Thomas is . . .

    http://en.wikipedia.org/wiki/Norman_Thomas

    Jamil will especially like the fact that old Norm is Evan Thomas’ grandfather.

  361. Comrade Nom Deplume says:

    Hey, Thomas and Obama have something else in common . . .

    “He also received a check for $17,500 in donations from supporters. “It won’t last long,” he said of the check, “because every organization I’m connected with is going bankrupt.”

  362. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    Ben,

    Anyone who’s entire net worth is not in physical gold bars stored under their mattress, with a pitbull in the backyard, are out of the loop.

    Is that it?

  363. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    “Gold has been down since October and Gold has made 20% declines 3 times this decade”

    Nothing goes up in a straight line.
    Not even bubbles for example.

  364. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    “debt repudiation”

    Fat Thumbery,
    I’d like to hear more about this.
    It sounds like its got promise.

  365. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    “bubbles, like all ponzi schemes, end very quickly.”

    The nj real estate bubble has been popping for 4 years. Slowest thing ive ever seen in my life.
    Applying your logic, I guess you’re calling bottom on nj home prices.

  366. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    “The truth is rarely balanced and is often gray, not black or white. The whole fair/balance meme is BS. Some stories have 2 sides, some have 5, some have 1.”

    Hyde, nice. is this where we debate what you mean by ‘is’?

  367. veto that - Lawrence Yun 'The Panda', 'Next Fall' says:

    MOODY’S: U.S. Debt Shock May Hit As Soon As 2013…

    The key data point in Moody’s view is the size of federal interest payments on the public debt as a percentage of tax revenue. For the U.S., debt service of 18%-20% of federal revenue is the outer limit of AAA-territory.

    Under the Obama budget, interest would top 18% of revenue in 2018 and 20% in 2020, CBO projects.

    But under more adverse scenarios than the CBO considered, including higher interest rates, Moody’s projects that debt service could hit 22.4% of revenue by 2013.

    “While we see limited risk of a U.S. sovereign debt downgrade in the next 2-3 years, beyond that we cannot be so certain,” wrote Societe Generale’s economics team in a recent report.

    The Moody’s ratings framework is one that could have a significant influence on policy — particularly in a crisis.

    Because debt levels and interest rates can’t be lowered overnight, the obvious way of staying within the AAA limits set by Moody’s would be to raise revenue.

    Moody’s says that its framework focuses on debt affordability rather than debt levels as a percentage of GDP. “The higher this ratio (interest/revenue), the more public debt constrains the formulation and delivery of other policies,” Moody’s analysts wrote in March.

    As implied by the adverse scenario, a financial market shock from higher interest rates could precede the threat of a downgrade. In other words, investors might be less forgiving of U.S. fiscal policy than Moody’s.

    Brian Bethune, chief U.S. financial economist at IHS Global Insight, says “the occasional missives about this problem (from ratings agencies) could put some pressure on rates” in advance of any ratings change.

    Bethune is among economists who see CBO projections as “wishful thinking.”

    “The Chinese have been big buyers” of Treasuries but are no longer running surpluses, said Societe Generale senior U.S. economist Aneta Markowska. “They just don’t have the marginal dollars to recycle back into the Treasury market,” she said.

    http://www.investors.com/NewsAndAnalysis/Article.aspx?id=532490

  368. veto that - Lawrence Yun 'The Panda', 'Next Fall', 'Debt Shock' says:

    “Debt Shock”
    I like the sound of that.

  369. Mr Wantanapalous says:

    “Gold failed during the great depression.”

    Veto,

    Really? Did you fail history in high school?

    Serious question; Are you AKA Bi?

    It is obvious, at least to me, that you don’t have a fcuking clue what you are talking about.

    In the dark days of 1929, you could have bought Homestake Mining, for $80/share. By the end of 1935, it fetched $495/share, approx 35% compounded annually. In 1935 Homestake paid a $56 dividend, 70% of the 1929 crash price. One hell of a failure.

    Then, as now, gold is the only medium of exchange which is not a liability of anyone, not subject to default.

    Gold failed during the GD? Yeah, toast also shut down Jerry Rice.

  370. Mr Wantanapalous says:

    Veto,

    Gold is not a currency? Well, what the fcuk is it? Frozen concentrated OJ futures? Where’s Beeks?

    http://jsmineset.com/wp-content/uploads/2010/04/Gold-in-assorted-foreign-currencies-4-2010.pdf

  371. DL says:

    Just because you’re paranoid doesn’t mean no one is out to get you.

    Meanwhile, down the shore…starting bids for 1500 sq ft condos in Wildwood is $95k.

    “While New Jersey currently has a nine-month inventory of unsold homes, the backlog in Cape May County is 22 months. In Wildwood, it is expected to take 29 months to find buyers for the glut of properties. RealtyTrac said prices have declined 20 percent in the town in the past 12 months.”

    http://www.courierpostonline.com/article/20100509/BUSINESS/5090338/Shore-housing-market-suffers

  372. Mr hyde says:

    Happy mothers day to all the moms on the blog!!!!

  373. Cindy says:

    http://beforeitsnews.com/news/41/456/On_Sarkozy,_The_ECB,_And_Squirt_Guns.html

    Good Morning all….

    377 Mr. Wantanapalous

    Please excuse the ignorance of my questions this morning. I want to understand the “race to the bottom for currencies” concept.

    If the ECB announces that they will buy government bonds, is that like our QE? Are they then agreeing to devalue the Euro?

  374. Mikeinwaiting says:

    http://emailrpt.gsmls.com/public/show_public_report_rpt.do?report=clientfull&Id=54525815_11260

    Nice house, good location, views forever.
    Now about that price, 299 would be a go.
    Big plus in this neck of the woods nat’l gas for heat, few & far between.

  375. Mikeinwaiting says:

    Happy Mothers Day ladies!

  376. BeachBum says:

    Safe – thanks for the tip – I’ll call them Monday.

  377. nw says:

    Ben says:
    May 8, 2010 at 1:26 pm

    “How liquid or easy is it to sell gold eagles? Will there be no receipt to get around the 30% collectors tax?”

    Sell them on ebay. They go in a flash and you get a nice premium. The US government isn’t organized enough to nail you on the 30% tax.

    Not the best advice if you plan to buy/sell a lot of coins. The IRS is catching on to online sales.

    http://www.forbes.com/2010/04/22/irs-tax-audit-ebay-seller-personal-finance-irs-worker-loses.html

  378. Ben says:

    “Not the best advice if you plan to buy/sell a lot of coins. The IRS is catching on to online sales.”

    Craigslist then. Seriously, the government can’t stop a black market.

  379. Ben says:

    “The nj real estate bubble has been popping for 4 years. Slowest thing ive ever seen in my life.
    Applying your logic, I guess you’re calling bottom on nj home prices.”

    You are talking about a highly illiquid market. And, you are technically wrong. The second the party ended, nobody was getting rich on real estate anymore. Just because a bunch of morons let their houses sit overpriced 30% for a year at a time doesn’t mean the bubble didn’t pop.

  380. Ben says:

    “Anyone who’s entire net worth is not in physical gold bars stored under their mattress, with a pitbull in the backyard, are out of the loop.

    Is that it?”

    No. In fact, I bought into oil at $40. I bought into Asia in Dec 2008. I bought into mining stocks in November 2008. If you want talk about other investments outside of gold, I’m all game. The argument here is, whether or not gold is a safe investment today. And the answer is, yes.

  381. Ben says:

    Gold didn’t fail during the Great Depression. The dollar did. Gold retained its purchasing power and they were forced to readjusted the dollar value of gold as a result.

  382. Cindy says:

    EU Press Briefing @ Noon ET – CR

    http://www.calculatedriskblog.com/2010/05/eu-press-briefing-at-noon-et.html

    Ben – Would you be so kind as to address my question @ 380? Wanta must be offline this AM. Thanks

  383. crossroads says:

    Ben

    what about the morons who are out buying houses that are overpriced at %30?? Thats what kills me! People who are buying today will be selling in 2-3 years at purchase price + realtor commission causing it to take even longer

    “Just because a bunch of morons let their houses sit overpriced 30% for a year at a time doesn’t mean the bubble didn’t pop.”

  384. crossroads says:

    Ben

    what about the morons who are out buying houses that are overpriced at %30?? Thats what kills me! People who are buying today will be selling in 2-3 years at purchase price + realtor commission causing it to take even longer

    “Just because a bunch of morons let their houses sit overpriced 30% for a year at a time doesn’t mean the bubble didn’t pop.”

  385. nw says:

    #385

    Craigslist? Advertising physical gold available for cash on there sounds like a great way to get robbed. I would suggest to come packing when you meet for the swap.

    I don’t think physical gold is as liquid as you make it sound if you hope to avoid tax/premium.

  386. Al "Fat Thumbery" Gore says:

    378.

    DL,

    With Atlantic City failing I suspect South Jersey will be headed back to poverty.

    Their future rests in farming and they should exploit that.

  387. Al "Fat Thumbery" Gore says:

    LA teacher calls for Mexican revolution in the US at a La Raza rally. Says, “this is stolen land.”

    Are these domestic terrorists? Nope. The grandmas and grandpas at tea parties are.

    http://www.youtube.com/watch?v=yGqPo5ofk0s

  388. DL says:

    Thought bad news was always released on Fridays so it lost its legs by the time Monday arrived. The new normal; every day is Friday.

    New Yorkers rush to short sales to avoid foreclosure.
    “In the first quarter, an eye-popping 1,116 pre-foreclosure sales were completed in the city, Long Island and Westchester and Putnam counties, accounting for 7.84 percent of all home sales in those areas, according to RealtyTrac data prepared for The Post.”

    http://www.nypost.com/p/news/business/go_short_E79TOaRzwKrdPrqfogwkIL

  389. Mr hyde says:

    Al

    I don’t agree with everything you say, but if they are going to go after militias and tea party groups they should be arresting and locking up anyone else calling for the overthrow of the US or us territory

  390. Mr Hyde says:

    Hey Al,

    hows that water taster in south jersey?

    (AP) — Radioactive water that leaked from the nation’s oldest nuclear power plant has now reached a major underground aquifer that supplies drinking water to much of southern New Jersey, the state’s environmental chief said Friday.

    “The bad news is Exelon’s Oyster Creek plant … has now become a major threat to South Jersey’s drinking water,” said David Pringle of the New Jersey Environmental Federation. “The good news is NJDEP Commissioner Martin is taking aggressive action to safeguard our water and hold Exelon accountable for this leaky 40 year old plant.”

    http://www.physorg.com/news192527592.html

  391. Mikeinwaiting says:

    Ket Sh*t anything good happening today.
    Got a great new place for hinterland GTG, Atlantic Grill Hamburg, was there last night. Nice bar, good food.

  392. Yikes says:

    weird – checked our porfolio and we’re up 40% in the last 13 months. we’re pretty diversified, but sort of heavy on the metals (thanks to the folks on this board)

  393. veto that - Lawrence Yun 'The Panda', 'Next Fall', 'Debt Shock' says:

    “Serious question; Are you AKA Bi? ”

    Oh. I knew it. It wouldnt be long before the criticsms of gold were taken personally.

    We delinked our currency from gold for good reason.

    Wantan. Going forward Gold is to be referred to as ‘precious’. And nobody, i mean NOBODY will talk badly about her.

  394. Mikeinwaiting says:

    Vets “The Precious” Gollum Gollum

  395. Barbara "just wait till fall" Believer says:

    wasn’t Precious also the doggie in Silence of the Lambs?

  396. Bystander says:

    Doom #299,

    The Maiden Lane plan all makes sense now. Good job, Fed.

    “NJ’s Tent City closes as homeless go to hotel”

    http://www.google.com/hostednews/ap/article/ALeqM5isRTTB_o0gNfn0jewWt1QKYU8CjQD9FHIK000

  397. Mikeinwaiting says:

    Today: Emergency meeting Of EU finance ministers, number well whatever.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a9AGoWoxhTp8&pos=1

    Britain, the EU’s third-largest economy, won’t contribute to a fund to shore up euro countries, though it backs efforts to restore stability, Chancellor of the Exchequer Alistair Darling said.
    Brits off the Hook!

    At yesterday’s leaders’ summit in Brussels, Germany stepped up calls for a closer monitoring of government finances and more rigorous enforcement of the deficit-limitation rules.

    The vow to push budget shortfalls below the euro’s 3 percent limit echoes promises that have been regularly broken ever since governments in 1999 set a three-year deadline for achieving balanced budgets. The euro region’s overall deficit is forecast at 6.6 percent of gross domestic product in 2010 and 6.1 percent in 2011.

    Where’s the Easter Bunny?

  398. Mikeinwaiting says:

    Bystander 405 fed aka US tax payers now own Red Roof Inn, problem solved.

  399. Al "Fat Thumbery" Gore says:

    398.

    Hyde,

    I dont drink water from the tap nor do I use water from the Cohansey aquifer. If you really want to glow eat some local seafood. Just ignore that strange tingling and numbness in your arms

    On that note, if you want to see something interesting take a water sample from the Hackensack river and leave it in a plastic test tube for a few days.

  400. Al "Fat Thumbery" Gore says:

    WASHINGTON (AP) — The board of the International Monetary Fund has approved its part of a $140 billion bailout package for Greece.

    The board met in Washington Sunday to approve a three-year, nearly $40 billion (euro30 billion) loan for the troubled European nation. Greece has enacted broad cutbacks on government spending as a condition of the rescue, sparking riots and social unrest.

  401. Mikeinwaiting says:

    Does Freddie Mac Deserve Another $10.6 Billion?

    Lost in the shuffle yesterday was a day end request by Freddie Mac (FRE) for $10.6B in additional bailout funds. [Sep 7, 2008: Bailout Nation Continues – Fannie/Freddie Now Owned by You] Fannie Mae (FNM) should have its hand out in the next few days. $10 billion used to actually mean something; now it is not even worthwhile of making the news.

    http://seekingalpha.com/article/203399-does-freddie-mac-deserve-another-10-6-billion

    And the beat goes on and the beat goes on. Please check out comments after, some great stuff. I like this one,

    “There will only be a V shaped recovery if you use special glasses that show Obama ridding a My Pretty Pony Unicorn on a brightly lit rainbow, with skittles coming out.”

  402. jamil says:

    398 Hyde: “(AP) — Radioactive water that leaked from the nation’s oldest nuclear power plant has now reached a major underground aquifer that supplies drinking water to much of southern New Jersey,”

    Don’t worry, Duane Reade water filters ($2.99 piece) eliminate the nuke stuff from drinking water.

  403. Ben says:

    “what about the morons who are out buying houses that are overpriced at %30?? Thats what kills me! People who are buying today will be selling in 2-3 years at purchase price + realtor commission causing it to take even longer”

    No different than the people who bought the Nasdaq at 4k. Even at ridiculously high prices, there are still buyers. Just not as many. Not everyone buys a good at the accepted true market value.

  404. Ben says:

    Cindy,

    “Please excuse the ignorance of my questions this morning. I want to understand the “race to the bottom for currencies” concept.

    If the ECB announces that they will buy government bonds, is that like our QE? Are they then agreeing to devalue the Euro?”

    Yes, all governments are involved in printing money. The EU needs to do the same thing we do so Greece and others do not implode. While currencies rise and fall against each other, they will all continue to fall against real assets.

  405. yo'me says:

    The Pentagon said it had a total of 5,113 warheads in its nuclear stockpile at the end of September, down 84 percent from a peak of 31,225 in 1967. The arsenal stood at 22,217 warheads when the Berlin Wall fell in 1989.

    The figure includes warheads that are operationally deployed, kept in active reserve and held in inactive storage. But it does not include “several thousand” warheads that are now retired and awaiting dismantlement, the Pentagon said.

    http://www.reuters.com/article/idUSTRE64251X20100504

  406. gary says:

    “What about the morons who are out buying houses that are overpriced at %30?? Thats what kills me! People who are buying today will be selling in 2-3 years at purchase price + realtor commission causing it to take even longer”

    Amen to that. I ragged on the RE industry all this time but they were just taking what the suckers were giving them. “It’s a great time to buy, interest rates are at historic lows, blah… blah… blah.” Who can blame them? Some id1ot signs his life away in 5 seconds securing thousands in fees and commissions for a small army.

    And yet, with all this financial fallout, another willing victim pops up, dying to be swindled and hood-winked. They get the dump for 8% under asking and they’re bragging that they got a steal. Little do they know they just signed a contract for 20% over the sticker price. Put the key in the front door for the first time and they’re already under water. I hope the house warming gifts come with a f*cking check attached to that bundt cake.

  407. SG says:

    Salut – Heading to Paris for a week. Will try to keep in touch on board.

  408. Cindy says:

    SG 417

    “Heading to Paris for a week…”

    Now that’s what I call a Mother’s Day present!

  409. Shore Guy says:

    “Gulf oil leak”

    Ket,

    Please! Get with the program. It is not a leak, it is a hydrocarbon enhancement project for the Gulf (probably eligible for stimulus funding).

  410. Yikes says:

    60 MInutes, right now – people who can pay their mortgage, but instead are opting to simply walk away.

    the # they throw out – 1 million people. 60 Minutes thinks 1 million people nationwide have done this

  411. Mr hyde says:

    Shore

    the people I am listening to now suggest that a resolution is 90+ days out. A similiar type of leak occured before in the gulf from a Mexican well. It took 9+ months to seal it

  412. Outofstater says:

    Gee, CNBC is on with a live special about the continuing crisis. Haven’t we seen this before?

  413. crossroads says:

    “60 MInutes, right now – people who can pay their mortgage, but instead are opting to simply walk away.”

    did 60 minutes mention that you get up to 18 months of mortgage/rent free livingand get out of the underwater mortgage you were stupid enough to get in to

  414. yo'me says:

    WOW!

    FUTURES
    VALUE CHANGE % CHANGE
    Dow 10,513.00 178.00 1.72
    S&P 500 1,129.20 22.20 2.01
    NASDAQ 100 1,884.00 35.50 1.92
    S&P/TSX 60 686.90 -4.40 -0.64
    Mexico Bolsa 31,329.00 -9.00 -0.03
    Brazil Bovespa 63,191.00 -716.00 -1.12

  415. yo'me says:

    Will this be enough?

    WASHINGTON (MarketWatch) — European finance ministers agreed late Sunday on a package of loan guarantees worth as much as 500 billion euros ($670 billion) designed to keep the Greek debt crisis from spreading to other vulnerable countries, Spanish Finance Minister Elena Salgado announced. The agreement came after a full day of closed-door meetings in Brussels. The finance ministers held a joint press conference shortly after the opening of Asian markets to discuss the program. The package was designed to ease market fears that Greece, Portugal or Spain will have to restructure their debt, a move that would have hit European banks particularly hard. The International Monetary Fund will also contribute to the plan.

  416. clotluva says:

    quick question for the gold bugs:

    assuming it is 2015, and:

    (1) inflation has been ugly for several years
    (2) a loaf of bread now costs $10
    (3) an ounce of gold is $3000

    question:

    who is buying gold, in 2015, at $3000 oz.? are you assuming that there is wage inflation, and people who make the new minimum wage of $15/hr are piling into gold? or are you assuming that banksters/gubmint will have not figured out a better asset class to pump-and-dump by then and will be buying golden eagles illegally on craigslist?

    i’m not saying gold has not been a good store of value for the past 10 years…but i’m curious as to why the bugs feel the uncertainty of the next 5 years is not already priced in.

  417. ben says:

    “Craigslist? Advertising physical gold available for cash on there sounds like a great way to get robbed. I would suggest to come packing when you meet for the swap.

    I don’t think physical gold is as liquid as you make it sound if you hope to avoid tax/premium”

    Jesus, you are hopeless. You can walk into any bullion dealer and sell it for cash on the spot if you would like. You sound way to paranoid to ever pull off not paying that big tax on gold.

  418. clotluva says:

    “You sound way to paranoid to ever pull off not paying that big tax on gold.”

    to be clear, you are advocating violating the law in order to profit on your trade? isn’t this the very reason we all rail on G$ and the Fed?

  419. Ben says:

    “i’m not saying gold has not been a good store of value for the past 10 years…but i’m curious as to why the bugs feel the uncertainty of the next 5 years is not already priced in.”

    Because, gold is still pretty cheap on a historical basis. Gold found it’s true market value in the early 80s around $250 an oz. Gold has only played catchup in it’s run to $1000. Gold is now only beginning to price in the expectation of future inflation. Realistically, the next 1 to 2 years is probably the last chance you get position yourself for this bull run. The end stages of the gold bull market will involve all the suckers and they’ll be the ones stuck holding the bag when it bubbles. At that point, the smartest investors will recognize the economies that have strong fundamentals and get in early on the real investment opportunities of the future.

  420. Ben says:

    “to be clear, you are advocating violating the law in order to profit on your trade? isn’t this the very reason we all rail on G$ and the Fed?”

    Give me a break. Are you seriously going to compare me refusing to pay an unjust asymmetrical tax on a piece of metal to the insider trading nonsense than goes on at GS?

  421. clotluva says:

    “…refusing to pay an unjust asymmetrical tax…”

    please define “unjust” and “asymmetrical”.

  422. Ben says:

    one more thing, the Fed and GS are in the business of stealing money. Why should I allow the US government to steal my money that I’ve protected because they inflated away the currency they force me to use? Not paying an unfair tax on gold is probably one of the most patriotic things you can do if you actually respect the morals this country was founded upon. The tax on gold is about trying to discourage you from owning it. The US government has no business levying additional taxes on gold and defying an unjust law is not immoral.

  423. clotluva says:

    “The end stages of the gold bull market will involve all the suckers and they’ll be the ones stuck holding the bag when it bubbles.”

    what if the end stages are now???

    what fiat currency will be exchanging gold for the equivalent of $3000/oz in 2015? i’d reckon the brazilian real would be in the running, but from my liimited research, it is not a commonly traded currency.

  424. Outofstater says:

    #433 Perhaps not, but it is illegal.

  425. clotluva says:

    “…if you actually respect the morals this country was founded upon…”

    this country was founded, in part, by slave traders, who overthrew an existing imperialist empire to establish their own imperialist empire. why should i respect their morals?

  426. clotluva says:

    “Are you seriously going to compare me refusing to pay an unjust asymmetrical tax on a piece of metal to the insider trading nonsense than goes on at GS?”

    i wasn’t initially, but it strikes me that both actions share a common problem, which is a lack of transparency. asymmetrical information and cost structures both create inefficent markets.

  427. All "H-Train" Hype says:

    http://www.bloomberg.com/apps/news?pid=20601087&sid=ap50DW8IqhBo&pos=1

    EU all in to save itself. Wait till the Germans wake up in a few hours and realize they will be responsible for the fiscal policy of the entire EU for the next 30 years. They are really gonna love the fact the Greeks can continue to take 6+ weeks of vacation every year on their dime.

  428. Al "Fat Thumbery" Gore says:

    437.

    If this marks the end of the Greek soap opera it doesnt bode well for the US.

  429. Al "Fat Thumbery" Gore says:

    433.

    “what fiat currency will be exchanging gold for the equivalent of $3000/oz in 2015? i’d reckon the brazilian real would be in the running, but from my liimited research, it is not a commonly traded currency.”

    It wont be a national fiat currency. It’ll be a gobal (IMF) currency. Lets hope it isnt cashless. What better way to enslave the planet than to control the currency of the world.

  430. All "H-Train" Hype says:

    The Fed has opened currency swaps with the EU. What a circle jerk. You print and give to us and we print and give to you. The EU just threw out the rule book to print money and place themselves into more debt. Nothing like beating a solvency crisis with taking out more debt.

    The race to the bottom continues…

    http://www.calculatedriskblog.com/2010/05/ecb-to-intervene-in-euro-zone-debt.html

  431. Al "Fat Thumbery" Gore says:

    EU Crafts $962 Billion Show of Force to Support Euro, Halt Global Crisis

    “European policy makers unveiled an unprecedented loan package worth nearly $1 trillion and a program of securities purchases as they spearheaded a drive to stop a sovereign-debt crisis that threatened to shatter confidence in the euro.”
    http://preview.bloomberg.com/news/2010-05-10/eu-ministers-craft-928-billion-show-of-force-to-halt-crisis-buoy-euro.html

    Chump change.

  432. All "H-Train" Hype says:

    “securities purchases” = QE.

    The Eu has crossed the event horizen. I do not think they can kick the can that much farther. No matter what they just made the whole issue much worse.

  433. chicagofinance says:

    clotluva says:
    May 9, 2010 at 9:42 pm
    “The end stages of the gold bull market will involve all the suckers and they’ll be the ones stuck holding the bag when it bubbles.”
    what if the end stages are now???
    what fiat currency will be exchanging gold for the equivalent of $3000/oz in 2015? i’d reckon the brazilian real would be in the running, but from my liimited research, it is not a commonly traded currency.

    clotluva: your comments are reasonable; and if Brazil makes you queasy, then Canada may be the best substitute. If you have a stomache for risk and a horizon of at least 10 years, you will likely find Brazil on much stronger footing. That said, the government and the population have socialist tendencies, which is problematic. Also, if China tanks, it will likely take the commodity trade down with it. I rather be exposed to Brazil than China, but China can certainly rip the insides out of Europe (trade) and Brazil/Russia (commodity demand).

  434. Mr Wantanapalous says:

    “i’m not saying gold has not been a good store of value for the past 10 years…but i’m curious as to why the bugs feel the uncertainty of the next 5 years is not already priced in.”

    Luva,

    Good store of value for the past 10 years? How about the top ivestment, yoy, over this time frame?

    Simple question; What scenario has the gold market priced in for 2015? Euro/dollar at parity or less? The Dow at 2-3K? Beans in the teens? USD/CD at .94? Dow/gold at 10/1?

    Exactly what, your post, has gold priced in?

  435. Mr Wantanapalous says:

    investment

  436. clotluva says:

    chicagofinance says:
    May 9, 2010 at 10:21 pm

    “Also, if China tanks, it will likely take the commodity trade down with it.”

    chifi: point taken that brazil is commodity exposed. however, my thinking is that if one is anticipating domestic inflation, owning a basket of diverse commodities from a stable economy (via its currency) might be a better strategy than owning gold.

    again, i cannot dispute gold’s 10 year track record, but it is a singular commodity with a history of manipulation and encumberances. people here tout physical gold, but talk about caveat emptor…if people are trading speculatively (i.e. hoping to “get out before it busts”), i’d rather own the ETF than the physical, simply because of the reduced transactional costs.

  437. Mr Wantanapalous says:

    “The end stages of the gold bull market will involve all the suckers and they’ll be the ones stuck holding the bag when it bubbles.”

    This is true. Then again, those long gold since 2001-2003 will not be holding the bag. They will be flipping to all the geniuses that will puking out of the stock market and moving into gold at/near the top. This will occur at approx 2-1 (Dow/Gold)

    In addition to this, there has been a revolutinary investment product created. It’s called puts. How about being long for 10 years; why not get long puts or buy strangles/straddles to protect gargantuan gains?

    Those holdintg the bag? Those who will capitualate and buy during the panic run.

    Complacency
    Concern
    Fear
    Panic

  438. clotluva says:

    444.Mr Wantanapalous says:
    May 9, 2010 at 10:33 pm

    “Exactly what, your post, has gold priced in?”

    wantabe: i guess that is my point. what information is/is not priced in at this level?

    is it unknown that the printing presses have been running, and will continue to run, in hyperdrive for the forseeable future?

    are you postulating that the weak/semi-strong forms of the efficent market hypothesis do not at all apply to commodities?

  439. Mr Wantanapalous says:

    “Also, if China tanks, it will likely take the commodity trade down with it.”

    Chi,

    The gold bull run started in 2001. Shed some light on the subject; Exactly what occured in China/Yuan, at that time, that fueled the bull run in gold?

    If you are China, punting on your own 30, as you implode, how far does the S&P return the punt from their own 30?

  440. Mr Wantanapalous says:

    “are you postulating that the weak/semi-strong forms of the efficent market hypothesis do not at all apply to commodities?”

    For the umpteenth time gold is not a commodity, rather a currency. In the land of paper devaluation, print or die, who wins?

    I was taught, in school, that currency pairs float. What a crock. Actually, they all depreciate, only at different velocities. Buy the store of value. It’s going much higher. Your competition is idiot central bankers, with a long position on bread and circuses.

  441. Mr Wantanapalous says:

    “is it unknown that the printing presses have been running, and will continue to run, in hyperdrive for the forseeable future?”

    Luva,

    Unknown? Yeah, I agree, that’s a bummer. Ever wonder why the fed is fighting tooth and nail for zero transparency?

    What will continue? I called the monkeys from the CareerBuilder commercial. They screamed 3 words.

    Print or die.

  442. Mr Wantanapalous says:

    Luva [446],

    ETF over physical?

    Read page 17, prospectus. Comforting?

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  444. Confused in NJ says:

    WASHINGTON – The Federal Reserve late Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.

    Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank, are also involved in the effort.

    The move comes after the European Union and International Monetary Fund pledged a nearly $1 trillion defense package for the embattled euro, hoping to calm jittery markets and halt attacks on the eurozone’s weakest members. The ECB also jumped into the bond market Sunday night, saying it is ready to buy eurozone bonds to shore up liquidity in “dysfunctional” markets.

    The Fed’s action reopens a program put in place during the 2008 global financial crisis under which dollars are shipped overseas through the foreign central banks. In turn, these central banks can lend the dollars out to banks in their home countries that are in need of dollar funding to prevent the European crisis from spreading further.

    The Fed said action is being taken “in response to the reemergence of strains in U.S. dollar short-term funding markets in Europe,” and to prevent the spread of that strain to other markets and financial centers.

    The Bank of Japan will be considering similar action soon, the Fed said.

    A so-called “swap” line with the Bank of Canada provides up to $30 billion. Figures weren’t provided for the other central banks. The arrangements are authorized through January 2011.

    The debt crisis first erupted in Greece. Fears that it could spread to Spain, Portugal and other eurozone countries. The crisis has pushed up demand for the U.S. dollar and has sharply weakened the value of the euro, the currency used by 16 European countries. Eurozone ministers and the IMF this weekend approved a $140 billion rescue package of loans to Greece for the next three years to keep it from imploding.

    The Fed had wound down these crisis-era programs with other central banks in February, along with other emergency programs to get lending flowing more freely again and return stability to financial markets. At that time, financial strains in the United States were easing, and the Fed began to take steps to move policy closer to normal.

    It also had begun to lay out a plan to reel in the unprecedented stimulus money pumped out during the crisis. The Fed’s balance sheet ballooned to $2.3 trillion, more than double where it stood before the crisis struck. The program reopened on Sunday will expand the Fed’s balance sheet, economists say. However, the program poses little credit risk to the Fed because the arrangements are with other central banks, they added.

  445. njescapee says:

    question regarding physical gold

    what % of value actually goes to middleman when physical gold has to be redeeemed for cash so that one can purchase food, fuel dinner at Olive Garden?

  446. Mr Wantanapalous says:

    Escapee [455],

    Great question. Let’s take it a step further. Say you own stock in IBM, Google, JDSU, etc.. Does Olive Garden accept your stock certificates for payment? I would assume, if you were long these stocks, and wanted to cash out, you would do the same as a holder in gold mining stocks, futures, physical in a vault, etc.. Simply stroke a letter/# on your ketboard. No?

  447. chicagofinance says:

    Gold while literally a commodity does not function like one in economic sense, so a China issue does not necessarily directly involve gold. Although under duress, one can argue some of the countries that have stockpiled gold may dump it.

    I agree with a lot of your rationale about gold, but you make it hard to have a discussion on the subject since your rhetoric (at least on these threads) expresses absolute certainty in approach….basically, your attitude is MY WAY OR THE HIGHWAY….you are one angry dude……

  448. chicagofinance says:

    Bost: also Puts are expensive; why not just diversify a bit….

  449. njescapee says:

    Mr Wantanapalous (456) so one can expect to redeem physical gold at the spot price less a nominal transaction fee and not a percentage of the spot price?

  450. Al "Fat Thumbery" Gore says:

    This lady will be replacing Geithner.

    http://www.imf.org/external/mmedia/view.aspx?vid=83330291001

    Details on the IMF bailout.

  451. Mr Wantanapalous says:

    Chi,

    Sorry, wrong.

    Gold is not a commodity. You tell me, what bank trades beans, cocoa, oj, bellies, etc.. on their FX desk. Those items are a commodity, gold is a currency.

    Angry? That’s hilarious. Just responding to all the pundits, on this site, that are bashing the best investment, on the board, over the past 9 years. Akin to those long RE in late 2005, who called me a wannabe after dumping Red Hot Red Bank.

    In 2005, when Dow/Gold ratio was approx 28-1, I stated it was on its way to 2-1. Many, including you, thought that was a pipe dream. Then again, I was the 5-1 AIG idiot.

    If I’m wrong, and dow/gold tops out at 10-1, I’m locked. Why be angry?

    But you are on to something. I’m fcuking angry that Hal/Hank let Matsui go and signed Nick [disabled list] Johnson. Very perceptive.

  452. Mr Wantanapalous says:

    Chi [458],

    Puts are expensive on Gold? Is 10% insurance too much to pay to lock in 7 years?

    What month is expensive; June futures which expire in May or Dec futures which expire in Nov? If you are right, maybe I should sell at/near the money puts and buy at/near the money calls. It could be a free trade.

    Thanks for the suggestion, I will check again.

  453. Mr Wantanapalous says:

    Escapee [459],

    Life is a b#tch. We all pay transaction fees. How about selling a 500K pos? Between realtor fees, closing costs, and state transfer fee [taxes], it may cost over 40K, 8%.

    I pay $5 for a futures trade. At today’s prices, it’s approx .05 of the cash value. Who should be ballistic, the pos seller who pays 8% to Doom or me, who pays .05 to a tarp firm?

    By the way, how’s the RE market in the Keys?

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