Montclair resident pleads guilty in $45m ponzi

From Bloomberg:

NJ woman pleads guilty in $45 mln Ponzi scheme

A New Jersey woman on Tuesday pleaded guilty to running a $45 million Ponzi scheme in which she promised to invest money in real estate, but instead gambled some of it at casinos.

Federal prosecutors said Antoinette Hodgson, 58, pleaded guilty to one count of wire fraud and one count of conspiracy before U.S. Magistrate Judge Ronald Ellis in Manhattan federal court. She had been charged in June. [ID:nN16167326]

Hodgson is expected to be sentenced to between 51 and 63 months in prison, and fined as much as $1 million.

The Montclair resident also agreed to forfeit $5 million, her stake in 24 properties she bought as part of the scheme and a Dunkin’ Donuts franchise in Arizona, prosecutors said.

From Bloomberg:

New Jersey Woman Admits to Ponzi Scheme, U.S. Says

Antoinette Hodgson, 58, of Montclair, New Jersey, entered her plea today to conspiracy and wire fraud in Manhattan federal court. Hodgson paid off early investors in her business with funds from later participants and spent some of their money on herself, U.S. Attorney Preet Bharara said in a statement.

“Hodgson promised investors high rates of return,” Bharara said. “Most of the $45 million she received from investors was immediately used to repay other investors.”

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169 Responses to Montclair resident pleads guilty in $45m ponzi

  1. grim says:

    From CNBC:

    More Sellers Cut US Home Prices for 3rd Month

    More U.S. homeowners slashed their asking prices for a third straight month in August to lure buyers into a market hindered by high unemployment, a study showed Wednesday.

    Owners cut prices on 26 percent of homes for sale last month, up from 25 percent in July and the highest since a matching 26 percent in October 2009, real estate website Trulia.com said.

    Lingering job market weakness, a hefty supply of foreclosed homes and soft demand after the homebuyer tax credit ended in April kept buyers in the driver’s seat in many markets.

    “Nationwide, sellers continue to slash prices and this is a worrisome trend,” said Pete Flint, Trulia’s chief executive.

  2. grim says:

    From the Star Ledger:

    Gov. Christie outlines cuts to N.J. workers’ pension, benefits

    Gov. Chris Christie Tuesday outlined a series of cuts to public workers’ pension and benefits he said are needed to keep the massive retirement system solvent, while unions said the plan was unfair and even illegal.

    Christie’s bid to fix what one municipal official called a “ticking time bomb” would raise the retirement age, rework the formula to make pensions less lucrative and require workers to pay more for health care, among other changes. The reforms, which would also roll back an across-the-board 9 percent increase granted in 2001, would affect more than 780,000 current employees and retired workers in the pension systems — including judges, teachers, state workers and firefighters.

    Christie also proposed requiring workers to pay 30 percent of their health care premiums and increase copays. He said this would prompt workers to pay more attention to the underlying costs and and save the system money. Public workers either currently put a percentage of their salary toward health care cost or will soon, based on a law passed in March.

  3. grim says:

    From CNBC:

    Bank Repossession of Homes Sets New Record in August

    The nation’s banks repossessed a record number of homes in August, according to industry sources. RealtyTrac, an online foreclosure sale site, will release its monthly numbers on Thursday, but sources there confirm the number of repossessions will come in just shy of 100,000 for the month.

    That is the highest since the site began tracking in 2005. July’s repossession number was the second highest on record. The last highest was 93,777 in May of 2010.

    Notices of Default, which are the first step in the foreclosure process, are up slightly but mostly thanks to a jump in California, where the numbers had been artificially low of late, as banks tried to modify borrowers.

    “With respect to the NOD increase, I think it is the modification redefault wave beginning to build and new modifications slowing to a trickle, indicating banks have lost their primary borrower re-leveraging tool,” says mortgage industry consultant Mark Hanson.

    Yesterday J.P. Morgan Chase (NYSE: jpm) cited the “shadow inventory” of foreclosed properties as one of their primary reasons for pushing back their expectations for a housing recovery as far as 2014. No question, a growing supply of repossessed properties will put further downward pressure on home prices, especially given the current 12.5 month supply of existing homes already for sale.

  4. Nomad says:

    CNBC: More sellers cut home prices –

    Seems like this is the case in MontCo and ChesterCo. Next leg down. Dust has not settled on housing prices declining. The experts whose views are broadcast widely tend to temper their comments. Wonder what they really think.

    In Jan of ’09, Ivy Zelman predicted the bottom of the housing market to be in 2012. Looking like it is a pretty accurate call.

    http://www.totalnoid.com/2009/01/23/ivy-zelman-says-housing-bottom-2012/

    Our home shopping has been further delayed.

  5. Sas3 says:

    http://voices.washingtonpost.com/postpartisan/2010/09/the_tea_party_from_rebellion_t.html

    I could buy a parrot and train it to say, ‘tax cuts,’ but at the end of the day, it’s still a parrot, not a conservative.

  6. Shore Guy says:

    It could beea conservative parrot.

  7. Shore Guy says:

    “Nationwide, sellers continue to slash prices and this is a worrisome trend,” said Pete Flint, Trulia’s chief executive”

    Worrisome? Worrisome! Gimme a freaking break. How is housing becoming more affordable a “worrisome trend”? How is housing coming more into line with a 100-year trend line a “worrisome trend”?

  8. Shore Guy says:

    be a, too

  9. chicagofinance says:

    chicagofinance says:
    Your comment is awaiting moderation.

    My latest story from the front lines. New business setting up a 401(k) for employees. As a courtesy I make appointments for the entire staff to help them enroll. The owners had no idea going in, but even with a fully vested immediate company match, half the employees declined to participate. Several even told me they were actively withdrawing money despite penalty……..eeek…

  10. chicagofinance says:

    chicagofinance says:
    Your comment is awaiting moderation.

    September 15, 2010 at 7:48 am
    chicagofinance says:
    Your comment is awaiting moderation.

    September 14, 2010 at 11:07 pm
    bar stool: I recall grim stating the 40% was on a real basis not nominal FWIW. Also, there is some financial sector bloodletting to come, so do not be so sure about what the future of NYC holds. The Obamunism confiscatory tax policies are going to hit NYC like a firestorm.

  11. chicagofinance says:

    unmod
    \

  12. Mr Wantanapolous says:

    “A New Jersey woman on Tuesday pleaded guilty to running a $45 million Ponzi scheme in which she promised to invest money in real estate, but instead gambled some of it at casinos.”

    Sounds like a great candidate for our next Treas Sec.

  13. Mr Wantanapolous says:

    “Nationwide, sellers continue to slash prices and this is a worrisome trend,” said Pete Flint, Trulia’s chief executive.”

    If I was 50.5, I would agree.

  14. Mr Wantanapolous says:

    “Yesterday J.P. Morgan Chase (NYSE: jpm) cited the “shadow inventory” of foreclosed properties as one of their primary reasons for pushing back their expectations for a housing recovery as far as 2014. No question, a growing supply of repossessed properties will put further downward pressure on home prices, especially given the current 12.5 month supply of existing homes already for sale.”

    [3],

    Yet, Grim is wrong since the crap is down “only” 20%? Who is the simpleton on the bar stool?

  15. Mr Wantanapolous says:

    Nomad [4],

    From the link;

    “New York will likely shed 181,000 jobs this year, with more than 50,000 in the financial services industry alone, the firm said.”

  16. Mikeinwaiting says:

    Sas3 5 O Donnells’ win certainly has some panties in a bunch at the GOP. Don’t think the DNC is thrilled with the big picture either. Voters would elect a parrot rather that either of their people. This is very bad for the majority party. Just a thought if we elect a majority of parrots who say tax cuts , we might get them. In any event sure will be good theater with some Tea Party people in Congress screwing with both sides status quo. I wish them luck , can’t be any worse than the a**clowns we have now.

  17. sas3 says:

    “A New Jersey woman on Tuesday pleaded guilty to running a $45 million Ponzi scheme in which she promised to invest money in real estate, but instead gambled some of it at casinos.”

    The seedy, ill-defined gambling known as “RE investment” frowns up on the well defined, transparent process at casinos.

  18. stan says:

    The knucklehead who posted last night slayed me.

    “You were wrong, prices haven’t gone down 40%” Ha. You are correct, although we’re still heading down.

    Your prize, you still lost hundreds of thousands of dollars. Congrats….

  19. grim says:

    I believe I mentioned this once before but I know some of the ponzi victims.

  20. grim says:

    I was wrong on my timing too, I expected the decline to start a year earlier than it did.

    Oh well!

  21. Nomad says:

    Tuesday, September 14th, 2010, 4:54 pm

    The 30-year, fixed-mortgage rate increased last week to 4.32% from a near-record low of 4.27% the week prior, according to the Zillow Mortgage Marketplace weekly update.

    I thought mtg rates somehow benchmarked off of 10yr notes and I thought that we are seeing rates on 10 yr dropping to 1.75%.

    Always wondered how mtg rates are set, I know it is a combo of int rates, 10 yr rate along with a bit of supply and demand.

    Any of you experts care to shed more light on this and project where 30yr fixed rates will be in 1st and 2nd half of 2011?

  22. Painhrtz says:

    Shore a deceased parrot

  23. qgciewnvp says:

    VcTFeI viqjeocwyywc, [url=http://moqfrwpyeaqu.com/]moqfrwpyeaqu[/url], [link=http://plsgrtirodja.com/]plsgrtirodja[/link], http://dezzimwpswyv.com/

  24. Poltroon says:

    shore (7)-

    When you’re holding half a gazillion dollars of MBS composed of pick-a-pays, exploding option ARMs and 125% LTV shrapnel, all bound together with a sludge/paste of “prime” Arizona loans that have been 90 days rolling late since 2008.

    “How is housing coming more into line with a 100-year trend line a “worrisome trend”?

  25. Poltroon says:

    grim (20)-

    Who knew FedCo would aid and abet every Keynesian monetarist monkey bailout possible to place a false bottom under housing prices and allow banks an unlimited amount of time to buttr@pe us in broad daylight?

  26. JJ AKA John says:

    People are their own worse enemy. I know folks at Hewitt who are always preaching for employees to enroll if they get match and they don’t Even when they have a 100% safe short tern fixed income option they will say they don’t want to do it cause stocks are too risky.

    chicagofinance says:
    September 15, 2010 at 7:48 am
    chicagofinance says:
    Your comment is awaiting moderation.

    My latest story from the front lines. New business setting up a 401(k) for employees. As a courtesy I make appointments for the entire staff to help them enroll. The owners had no idea going in, but even with a fully vested immediate company match, half the employees declined to participate. Several even told me they were actively withdrawing money despite penalty……..eeek…

  27. Poltroon says:

    Mrs. Watanabe better not get too comfy.

  28. jamil says:

    doom must be excited..

    “Banks and bankers are now potential targets for the Real IRA, leaders of the dissident republican terror group have warned in an exclusive interview with the Guardian”

    those dissident republicans should be locked up asap?

  29. Poltroon says:

    jj, it’s obvious the best investment is in PSLs of NFL teams that are about to lock out their players.

  30. Poltroon says:

    If some bankers get shot in their backyards, hey…shit happens.

  31. Comrade Nom Deplume aux maison says:

    It’s 9/15. The quarterly report of individuals who have chosen to expatriate is now officially 45 days late, and 3 weeks later than average past releases.

    I am now willing to go on record and say that, IMHO, the administration is suppressing the expatriate numbers until after the mid-term elections.

  32. jamil says:

    31 comrade: I doubt the public cares too much about that, or understands the implications. Besides, the Left could just label them “The Rich” and economic traitors etc, enemy of the people.

    btw, do you have new info if Green Card holders are supposed to be included?I think they are not, at least I did not found certain family info there of people I know who gave up GC abroad.

  33. Comrade Nom Deplume aux maison says:

    [4] sas3

    I didn’t read your link. Once I got to “E.J. Dionne” I knew that it would be a hatchet job on the TEA Party, and did not need to read further.

    BTW, expect MSM and the dems to launch a new offensive on the TEA Party. If the TEA Parties are smart, they will anticipate this and have some success in deflecting the crit back on MSM and the dems. Not sure that they have enough professional muscle though.

  34. Comrade Nom Deplume aux maison says:

    [32] jamil

    The “traitor” lines are already written. But they won’t have much effect except to cause MORE expatriation (folks will act before the windows slam shut), and to scare the voters who actually think and who will wonder aloud what is driving off all of the rich? Certainly the rich who leave won’t care.

    As for GC status, it is my understanding that GC renunciants are reported. As for folks not showing up, understand that the expatriate professional community thinks that IRS games this number, and also understand that State is throwing roadblocks down to slow renunciations (including a new $450 fee to renounce).

  35. Mr Hyde says:

    Look at that JPY! Lets see if BOJ is as impotent as the Swiss central bank and their recent intervention attempts….

  36. Poltroon says:

    hyde (35)-

    You do know that in the world of currency, impotence is a plus, right?

  37. Mr Hyde says:

    …IN their recent intervention attempts….

  38. Poltroon says:

    currency = broken down old whore

  39. JJ AKA John says:

    It is if you are a Giants fan. They paid 100% cash up front for PSLs, player lock-out they are screwed,

    Jets did zero or 10% down with no credit check, no SS number, heck they would let you buy with an email address and a money order from Post Office. If thier are scabs games or a strike or even if Jets go 2 and 14 Jets will be the epicenter of the PSL subprime crisis with defaults everywhere.

    Poltroon says:
    September 15, 2010 at 9:20 am
    jj, it’s obvious the best investment is in PSLs of NFL teams that are about to lock out their players.

  40. Mr Wantanapolous says:

    Hyde [35],

    It will fail. Intervention only works when it’s a coordinated effort in conjunction with the primary trend. They will be fighting a war by themselves against a tsunami. Good Luck. That said, currency wars are set to erupt. It’s a harbinger of things to come in the debt markets.

  41. Mike says:

    Shore Guy Number 7 Exxxactly!

  42. Orion says:

    Cuba’s massive layoffs:

    http://online.wsj.com/article/SB10001424052748704190704575489932181245938.html

    (Will someone please forward this to O!)

  43. Mr Hyde says:

    Wantan

    I am guessing we will see a sharp reversal of the intervention in the same manner that a few of the recent swiss interventions got smacked back down. The intervetion games certainly make forex more interesting. You better have BOTH tight stops and some serious margin.

  44. Mr Hyde says:

    Castro for president!?!?!?!?

  45. Comrade Nom Deplume aux maison says:

    [40] BC Wanta

    I was wondering if Japan was triggering a race to the bottom. And unfortunately, shiny’s rise took out all of my limit orders at about 1250. I made money but now I am out (except for a paltry amount of physical). So this isn’t good news for me because I want a big leg down in order to reload.

  46. Mr Hyde says:

    I still say at this point we would better off with Putin as president. Somone get that guy a green card

  47. Comrade Nom Deplume aux maison says:

    ” . . . Some gold mining sites economically feasible for the first time in years, prompting mid- and large-scale operators to apply to mine on national forests and on acreage overseen by the U.S. Bureau of Land Management in the Rocky Mountains.

    “When gold goes over $1,000 an ounce, everybody becomes a miner,” said Russ Bjorklund, minerals manager with Salmon-Challis National Forest in Idaho.

    He is among federal land managers reporting a marked resurgence in gold mining, from amateurs armed with pans to corporations working hardrock mines. . . .”

    Usually this is a strong sell signal. But with political and monetary risk, I am not sure anymore.

  48. sas3 says:

    Chi, wouldn’t opting in to the 401k (thus getting the immediate match) and then withdrawing make sense — instead of not participating at all? The company match shouldn’t have any strings attached, right?

    X contribution + 100% match minus = 2X minus 10% penalty = 1.8X
    Why would they refuse free money?

  49. Yo'me says:

    Withrawal on 401k is only available on the fund the employee contributed and up to certain percentage of total amount contributed.Vested employer contribution can be withrawn at age 59.5.

  50. Orion says:

    WTF is #23?

  51. sas3 says:

    Nom, the tea partiers should have stuck to the tea part. Shouldn’t have decorated the place with bad muslin and definitely shouldn’t have bad mouthed everything coffee and chocolate.

  52. Orion says:

    Hyde @44: No, not Castro for president. O enlarging/encroaching big gov’t is my point.

  53. sas3 says:

    Yome, does that apply to distribution with penalty too? I have had the misfortune of pulling out an IRA trying to time something and roll over — didn’t work too well. But O don’t know much about liquidating an active 401k (fingers crossed — not yet).

  54. Yo'me says:

    People are their own worse enemy. I know folks at Hewitt who are always preaching for employees to enroll if they get match and they don’t Even when they have a 100% safe short tern fixed income option they will say they don’t want to do it cause stocks are too risky.

    Employee can choose which fund to invest money in.I pulled mine out of stocks and transfered to safe Bonds.Kept coming contributions in stocks,dollar averaging and will transfer again when I feel I need to.I am up 6.7 % ytd.Nothing to be proud of,but I am not down.

  55. Yo'me says:

    Rule of thumb:If they cut you a check,it is taxable and penalty applies.If you let them roll it over,no penalty or tax charges.

  56. Poltroon says:

    What, no “risk on” trade today? What gives? Everyone’s favorite carry is laying there, asking for it, but nobody’s biting?

  57. Poltroon says:

    Jamie Dimon would call this “outperformance”:

    “One would have thought AngloGold would have learned from Newmont’s hedging mistakes. Alas, who is to say that corporate officers are any better at predicting the future than the cadre of CNBC and Wall Street “analysts” who persist in seeing gold crash and burn “eventually” only to be proven wrong again and again. Today, AngloGold has announced that it is issuing just under $1.4 billion to stem the damage arising from its massively underwater hedge book which is estimated to be at around $2.4 billion. So as a result of management’s bullheadedness, it is the shareholders who have to suffer: WSJ reports that AngloGold “expects to raise gross proceeds of about $686 million by issuing 15.7 million new ordinary shares and expects to raise about $686 million by issuing a three-year mandatory convertible subordinated bond with a 6% annual coupon. The bond will be listed on the New York Stock Exchange and will convert to a similar number of shares.” End result: dilution and shareholder value loss (stock down 5%+) when the firm should be benefiting from gold’s all time record price.”

    http://www.zerohedge.com/article/anglogold-scrambling-unwind-its-24-billion-underwater-gold-hedge-book-issuing-14-billion-new

  58. Yo'me says:

    Import Prices in U.S. Rose 0.6% in August, More Than Forecast

    Pimco Makes $8.1 Billion Bet Against `Lost Decade’ of Deflation

    Indices turning positive.Does this mean we are turning from deplation to inflation

  59. Yo'me says:

    deflation

  60. jamil says:

    34 comrade “As for GC status, it is my understanding that GC renunciants are reported. ”

    My personal experience is that giving up GC abroad (at US consulate) is not reported. At least not couple of years ago.
    (it is plausible that it is included in the numbers, but at least I was unable to find the name anywhere in expatriation lists. No good search feature there).

  61. jamil says:

    sas3 “I have had the misfortune of pulling out an IRA trying to time something and roll over ”

    Was this the Real IRA ? I knew your terrorists connections..

  62. Poltroon says:

    Nic Lenoir:

    “Market wise the implications are very interesting for the USDJPY Vs. UST-JGB spread. On one hand the BPJ is buying the USD and selling JPY, on the other the Fed is buying treasuries sending the UST-JGB yield spread lower… Grab some popcorn and a soda this one is just getting started. Ultimately the relationship will break, and I think the move to sell US Treasuries based on the BOJ intervention is ill-advised. The 10Y Treasury future hit channel resistance yesterday and could possibly consolidate with support below at 123-26 and quite a bit of upside once we bypass yesterday’s highs.”

  63. Fabius Maximus says:

    Nothing changes, the GOP reach for the deficit as usual.

    Senate Republicans unveil a plan to make Bush tax cuts permanent
    http://www.washingtonpost.com/wp-dyn/content/article/2010/09/14/AR2010091406838.html

    Aides to McConnell said they have yet to receive a cost estimate for the measure. But the nonpartisan Congressional Budget Office recently forecast that a similar, slightly more expensive package that includes a full repeal of the estate tax would force the nation to borrow an additional $3.9 trillion over the next decade and increase interest payments on the national debt by $950 billion. That’s more than four times the projected deficit impact of President Obama’s health-care overhaul and stimulus package combined.

  64. Mr Hyde says:

    Orion,

    I was joking about castro. I think do however think putin might have made a better pres then O.

  65. Poltroon says:

    Yeah, the country’s totally fcuked, so make up for it by taxing my sorry white ass (and those of all the other middle class people who actually work and have a shred of equity in anything) all the way into oblivion. Better yet, let’s shred all those “rich” people, because we want to maintain our status as the biggest welfare society in the history of man.

    Those rich people won’t pick up and go anywhere…like a country that won’t vilify them, turn them upside-down and ass-r@pe them. Uh uh; no way. Capital never goes where it’s treated best.

    That will fix everything.

  66. Poltroon says:

    Castro could run the US better than the whackos now at the controls.

    Anybody see Orszag on Charlie Rose last night? What a total imbecile.

  67. Mr Wantanapolous says:

    Nom [45],

    It is a bit, short term overbought, Bol bands are extended. I would love to see a strong retracement. It will come, but at what level? Once a market makes new, all time highs, the momentum can feed on itself and remain overbought for a long period of time. Where’s the next $100 move? Anybody’s guess. If it consolidates at the highs, watch out.

    In the long term, it’s going much higher. Central bankers are all following the same game plan, debase and destroy. You can see all this unfolding; Currency wars, trade tariffs and protectionism. There will be only one winner.

  68. Fabius Maximus says:

    Nom

    I get what your saying about K street, funnelling corportate cash etc etc etc and yes that does go on. If you want a certain job in some areas you need to be on the voter roles in the right column. If you $100K for a local campaign, get Number 1 XXX Street Property LLC giving $2K a pop and throw a beefsteak dinner to make it look legit.

    My point is that the record BP donations for the O campaign, do not pass the smell test for corporate cash.

  69. Mr Hyde says:

    Poltroon

    you’ll get a kick out of this:

    a buyer of a COMEX gold contract for delivery in September 2009 just received confirmation that the physical gold has finally been posted to his account. It is now stored in a bonded COMEX warehouse as “eligible” inventory, meaning that it could be easily transferred to a broker to become registered inventory to be available for delivery of a COMEX contract. The buyer noted that the broker’s rules for owning this particular bar have changed from past practice. The only options open to the owner are to take delivery, to leave it in storage, or to sell the bar to a broker. In the past, owners of eligible COMEX inventories could leverage it, put it out on lease, or engage in other activities which might generate a bit of income. The new limitations on how the bar may be treated I interpret as a further sign of growing physical shortage in the COMEX gold and silver inventories

    http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=13958

  70. Poltroon says:

    Why do you think they call it Crimex?

  71. Poltroon says:

    Imagine demanding delivery of oil at Cushing…and they hand you an “oil certificate”.

  72. Mr Hyde says:

    Poltroon

    can you image the incredulity on their faces if you actually showed up at Cushing with a line of tankers in order to take delivery

  73. Mr Hyde says:

    oops

    The NYSE has determined to cancel all trades in NUVEEN MARYLAND DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NWI PRC), executed at or above $10.65 between 09:48:05 am and 09:50:52 am ET today.

  74. Confused In NJ says:

    Retirement on Hold: American Workers $6 Trillion Short- Reuters
    The $6.6 trillion figure is based on projections of retirement and income for American workers ages 32-64. The study’s authors say they arrived at the amount using conservative assumptions, including a 3 percent rate of return on assets and no further cuts in pension coverage or increases in the Social Security retirement age.

  75. Mr Hyde says:

    Hey guys,
    Dont forget Shillers little CNBC piece last night:

    “this might not be a bad time to buy.”

    I mean we are currently seeing all time low mortgage rates right? Its not like housing prices are inversely proportional to interest rates.

  76. Seneca says:

    Here is one for all you commuters. NJ Transit was supposed to have an interactive lunchtime chat with Exec. Director James Weinstein via the net. It was meant to start at noon but in true NJT fashion, the web chat has “been postponed due to technical difficulty and will be rescheduled at a later time.”

    NJT, as punctual and reliable as ever.

  77. Al Gore says:

    9.

    “The owners had no idea going in, but even with a fully vested immediate company match, half the employees declined to participate. Several even told me they were actively withdrawing money despite penalty……..”

    Thats because people are finally realizing that IRA’s and 401ks are obsolete retirement vehicles. 401k’s especially. In addition, the gov is going to come after that money probably by offering a voluntary annuity in exchange for the 401k. Voluntary at first then mandatory. There are a lot of ways they can go after it. Perhaps a 3% payroll tax invested in US treasuries. Then 6% etc.

    These ideas are being bounced around in DC and no one is talking about it. I get one sniff of them passing something like this and Im taking the penalty. I stopped contributing to my old 401k 5 years ago and havent contributed to my rolled over IRA at all. That doesnt mean Im not saving for retirement.

  78. Al Gore says:

    16.

    Mike,

    Amen to that. There wont be a political solution but it will make for excellent politcal theatre. The less incumbents the better and if and when the green trash collapses Id like to have a fighting chance to keep the IMF and BIS the h_ll out of our country.

  79. Poltroon says:

    Only investments worth a damn are shiny, water and .223.

  80. Mr Hyde says:

    By the way, the 30yr mortgage rate and the Case-Shiller NY index have a correlation of -o.73 for the period of Jan 1987 to June 2010. the 10 city CS composite and the 30yr mortgage rate have a correlation of -0.72 for the same period.

  81. Punch My Ticket says:

    Comrade [31],

    File for a writ of mandamus against Secretary Timmy.

    The language in the code is clear and uses the word “shall” …

    Notwithstanding any other provision of law, not later than 30 days after the close of each calendar quarter, the Secretary shall publish in the Federal Register the name of each individual losing United States citizenship (within the meaning of section 877 (a) or 877A) with respect to whom the Secretary receives information under the preceding sentence during such quarter.
    http://www.law.cornell.edu/uscode/26/usc_sec_26_00006039—G000-.html

  82. Punch My Ticket says:

    Clot [80],

    Do not underestimate cigarettes.

  83. Poltroon says:

    seneca (77)-

    NJT is headed toward a Taggart Tunnel-type incident, just like in Atlas Shrugged.

  84. Poltroon says:

    punch (83)-

    Cigarettes? For smoking or for barter?

    That’s the one vice in which I’ve never indulged.

  85. Fabius Maximus says:

    Al from yesterday.

    Sas3 view on the DE race is a very valid one and not a wish on how he would like things should be. The Dems holding the seat is a very real outcome.

    Last year we had the discussion on the NY District 23. The moderate GOP candidate went under the bus and the conservative lost the election. A safe R seat went D. I said that this would be repeated through the primaries and into November. At the moment “lather, rinse, repeat” seems to be holding.

    I think the GOP are finally getting to the “Oh Fcuk” moment. They are finally waking up to the fact that their hard right would rather lose with a wingnut than win with a RINO. In Nevada, Harry Reid was prime to be picked off, instead of the GOP shooting a fish in a barrel, the wingnuts pulled the trigger and shot them in the foot.

    Karl Rove is down seven races in play which suggests Dems hold the Senate.

    Will the Dems win, we can’t say, a low turnout makes it a fight between the bases. But
    their odds just got a lot better.

  86. chicagofinance says:

    I got pissed off at the WSJ dIckhead who wrote the article about now being a good time to buy…wrote this on the website…

    Absolutely. This article is not the first time that Mr. Arends has written a piece of specious trash. We get this missive from the same guy who told the readership to “walk away from their mortgage” just this past February.

    As an aside, from my own research, it appears that the supply/demand argument is also seriously flawed. Sure there are many fewer potential qualified buyers out there to compete for property, but don’t be naive enough to think that sellers are not aware. “Supply” of the best properties are being withdrawn as the perception is that a seller is only out there if they are desperate. Bearing in mind the idiosyncratic nature of real estate, the “good stuff” is well subscribed and hence overpriced.

    Sounds as if News Corp. is putting pressure on their staff to editorialize on behalf of advertisers……

  87. JJ AKA John says:

    chifi what are you buying now? Damm interest keeps rollin in and I need a place to park it. First time ever I have zero dependents on W2 and I have to make quarterly tax payments, curse you Ford, Citi, AIG, GMAC and all your interest checks.

  88. Mr Hyde says:

    Poltroon, Punch

    Toilet paper is a very hot commodity when things break down to barter in social chaos situations.

  89. Al Gore says:

    Looks like the bankers f_cked with the wrong bunch. These guys dont f_ck around.

    “Real IRA says it will target UK bankers”

    “Banks and bankers are now potential targets for the Real IRA, leaders of the dissident republican terror group have warned in an exclusive interview with the Guardian. Despite having only 100 activists they also said that targets in England remained a high priority.

    In an attempt to tap into the intense hostility towards the banks on both sides of the Irish border they branded bankers as “criminals” and said: “We have a track record of attacking high-profile economic targets and financial institutions such as the City of London. The role of bankers and the institutions they serve in financing Britain’s colonial and capitalist system has not gone unnoticed”
    http://www.guardian.co.uk/uk/2010/sep/14/real-ira-targets-banks-bankers

  90. Libtard says:

    “Cigarettes? For smoking or for barter?

    That’s the one vice in which I’ve never indulged.”

    Just as is the case with housing, there’s no better time than the present to get started.

  91. Al Gore says:

    86.

    Doesnt matter anyway. All of the programs are fundamentally flawed. Its over by default regardless of who occupies the house.

    The vote of no confidence is gold and silver.

  92. Libtard says:

    “Toilet paper is a very hot commodity when things break down to barter in social chaos situations.”

    Nah, the way it’s going you’ll be able to proudly wipe your @ss with Benjamins.

  93. Libtard says:

    Chi…What do you think of Greenspan’s latest. Is he officially senile?

  94. JJ AKA John says:

    I hate when in london they ask you if you want to go out back and suck on a fag

  95. RentinginNJ says:

    Okay, so I’m long gold. While I’ve traded in and out a few times to take advantage of short term blips, I’ve been generally bullish.

    My reason for getting into gold has been fear of inflation. I frankly misunderestimated (as W would say) the American public. I fully expected a deeply in-debt, out of work, house under water, American public would demand economic stimulus and more inflation (to inflate away debt, public and private, & support asset prices). Rather, people are demanding austerity from the government. On their own balance sheets, they are paying down debts and saving more. Companies are sitting on cash, but won’t spend.

    Both parties are afraid to spend. The Dems will take a beating in November and moderate Republicans have taken a beating in the primaries from fiscal conservatives. Obama won’t even use the word “stimulus” anymore.

    Either public opinion has to change or we may face Japanese style deflation. The Fed can print as much as it wants, but if no one is willing or qualified to borrow (so the money just sits there as bank reserves) and public opinion is against government spending, its hard to see the path to inflation. Can gold continue to go up in this environment?

  96. Mr Hyde says:

    Renting

    the FED is handing out money left and right. POMO? How about timmy’s recent bond purchases which he promised not to do?

    The FED is going to blow it all to hell and they don’t care because in the end they will be holding assets, tangible goods, and the other side will be hold worthless greenbacks.

    Shiny metals just happen to be particularly popular tangible assets

  97. NJGator says:

    For the GR watchers out there, I hear 76 Oxford finally went under contract. Almost 2 years on market. 3 BR 1 1/2 BA (1/2 BA in basement) with $16,200/year in taxes. Any bets on what it finally goes for?

    It’s the house that is mentioned in this NYT article. Last LP was about $539k.

    http://www.nytimes.com/2009/10/25/realestate/25njzo.html

  98. Seneca says:

    This is the headline at CNBC.com right now.
    http://www.cnbc.com/id/39192979

    “Home Price Double Dip Begins”

  99. House Hunter says:

    new little anticdote…just heard a story about my brother’s friend looking at an older house that needed work, new septic, no air conditioning, needed bathrooms updated, rotting outside deck. Offered a low ball, they cannot accept it because they have a $300,000 reverse mortgage. The house is priced at $325,000 so what happens there?
    I guess you default on that like everything else.

  100. Mr Hyde says:

    House 100

    Buy stock in Alpo?

  101. Mr Wantanapolous says:

    “The Fed can print as much as it wants, but if no one is willing or qualified to borrow (so the money just sits there as bank reserves) and public opinion is against government spending, its hard to see the path to inflation.”

    Renting [96],

    You are describing demand pull inflation. This is what the fed is trying to achieve. It will turn out to be a colossal failure. That said, they will create inflation via cost push. Through their stupidity; QE, tripling the size of their balance sheet and a smorgasbord of alphabet lending/guarantee schemes, their monopoly $ has filtered into areas where the fed did not want it to surface; grains, softs, meats, metals [look at a crb yearly chart]. Be careful what one wishes for. In the process, the dollar is continuing to slide and import prices have been impacted.

    You are correct, demand is non existent. However, by lamblasting the currency, they are creating a much bigger problem. The worst possible outcome? A crisis of confidence.

  102. Shore Guy says:

    NJEscapee,

    How is the finger picking going? Are you doing classical or Travis style?

  103. Shore Guy says:

    Is anyone here surprised that a Montclair resident was running a ponzi operation? After all, it has long sounded like the City’s elected officials have been doing the same thing.

  104. Shore Guy says:

    While I would prefer to haave one or both houses in the hands of the GOP, it may not be such a bad thing if the Dems retain control. In 1948, Truman was able to run for election against the “Do-Nothing Congress,” under Republican control. If the Dems still retain a majority, it will be hard for B.O. to cast Congress as the reason for his failures. And, if the Republicans narrow the gap enough, it will all bet destroy the Dem’s ability to ram through any bad legislation as some Dems will vote with the GOP in order to save their own seats in ’14.

  105. Shore Guy says:

    Back to the salt mine.

  106. sas3 says:

    Shore, if the blue dogs get kicked out and the progressive actually win races, that will give the dems and O a spine. They should do some filibuster reform — at least remove anonymous holds, and actual filibusters instead of “threat of filibuster and fold”.

    Of course, the way the dems are going at it, it looks like this:
    http://www.utterpants.co.uk/jokes/bearhunt.html

  107. Anon E. Moose says:

    This isn’t rocket science. The only things that are selling are the best homes with the lowest prices. It is not the case that “nobody” is buying. Buyers need to be assured of two things 1) they won’t overpay; 2) they will get their money’s worth. Sellers – you do that buy honestly listing the comps and price yourself lower than ANYTHING that has sold. Don’t try to convice a buyer that the angle of the sun on your property makes it worth more every property has something ‘unique’ about it, and what you see/pitch as a positive may just as easily be a negative to the buyer. Your in-ground swimming pool that your teenagers loved is a death trap to the next buyer’ toddlers. Don’t argue that your 1980 bathroom renovation justifies a price premium over the neighbor’s 1965 original equipment -they’re both sh!t and both need a gut job.

    You’ve got one knob to turn. If you’re not willing to do what it takes to get the property sold, they you’re not going to sell it. If the house is that valuable, strap the damn thing to your back and take it to North Carolina with you, Grandma.

  108. Poltroon says:

    lib (93)-

    A policeman buddy of mine told me that if you wipe your ass with USD, most of it is so full of coc@ine that it will cause your sphincter to constrict and you might even get high.

    “Nah, the way it’s going you’ll be able to proudly wipe your @ss with Benjamins.”

  109. Poltroon says:

    jj (95)-

    Esepecially when it’s an American who’s asking you that question.

    “I hate when in london they ask you if you want to go out back and suck on a fag”

  110. Poltroon says:

    rent (96)-

    It isn’t, however, hard to envision a quick turnover into hyperinflation, which is a lot different than garden-variety inflation. Hyperinflation is a complete loss of faith in currency and could easily erupt in the midst of deflation. I figure that the endgame of the US economy is hyperinflation, as the Fed utlimately will not get what it truly wants, which is a sort of “controllable” inflation that will be sufficient to spark new asset bubbles, reward first movers/first access to money and punish/further impoverish average Americans.

    Gold can excel in inflationary, hyperinflationary or deflationary environments, as the widespread popularity of its ownership is first and foremost a reaction to terrible fiscal and monetary policy more than it is a pure counterplay to inflation.

  111. Poltroon says:

    ZH-

    Well, that didn’t take long. Just headline for now, will bring more asap.

    BN 11:32 *U.S. SAYS IT WILL FILE TWO NEW WTO CASES AGAINST CHINA

    BN 11:33 *U.S. SAYS WTO CHINA CASES ARE ON STEEL, FINANCIAL SERVICES

    Financial services? China? WTF is it, a giant chain letter?

  112. chicagofinance says:

    89.JJ AKA John says:
    September 15, 2010 at 1:02 pm
    chifi what are you buying now? Damm interest keeps rollin in and I need a place to park it. First time ever I have zero dependents on W2 and I have to make quarterly tax payments, curse you Ford, Citi, AIG, GMAC and all your interest checks.

    JJ: #1 everything on the curve sux……sooo; #2 found a step-up callable POS that is a 15 but might get yanked within 12-24 months, so the coupon pays up and increments, still…; #3 best idea – I need to do DD on the new Basel 3 stuff…I was talking about this issue several weeks ago….what is the new definition of Tier 1 capital? If it excludes shell Trust Preferreds, then maybe buy some juicy DIVD payers trading at a discount to face, with the hope that the parent calls them in. You get the juicy DIVD to wait and then the CAPG when the call goes down…….thoughts?

  113. Nomad says:

    U.S. Home Prices Face 3-Year Drop as Inventory Surge Looms

    The slide in U.S. home prices may have another three years to go as sellers add as many as 12 million more properties to the market.
    Shadow inventory — the supply of homes in default or foreclosure that may be offered for sale — is preventing prices from bottoming after a 28 percent plunge from 2006, according to analysts from Moody’s Analytics Inc., Fannie Mae, Morgan Stanley and Barclays Plc.

    http://www.bloomberg.com/news/2010-09-15/u-s-home-prices-face-three-year-drop-as-inventory-surge-looms.html

  114. Simply Ravishing HEHEHE says:

    HYDE,

    “I mean we are currently seeing all time low mortgage rates right? Its not like housing prices are inversely proportional to interest rates.”

    You mean to tell me that when interest rates go up, like they are going to when Bergabe’s hand gets called by the bond vigilantes, that housing prices aren’t going to go up? I always thought higher borrowing costs make assets shoot up in value

  115. Poltroon says:

    HE (115)-

    Here, in the land of skittles and unicorns, there’s no such thing as bond vigilantes. All assets here appreciate in an upward helix pattern, due to the care and forethought of our benificent leaders.

    Please to keep your blasphemous and untoward talk to yourself. Unless you want a midnight visit from the ice cream fairy and chocolate sauce patrol.

  116. make money says:

    There will be only one winner.

    Wanta,

    Is he Albanian?

  117. Poltroon says:

    “Yield must be paid” is a illusory temptation from the evil demons of the land of peanut brittle. You must reject such thoughts with all your mental might.

  118. Poltroon says:

    make (117)-

    WTF have Albanians ever won?

  119. nj escapee says:

    Shore, 103, american finger style stuff, picking it up in spurts. The weather here in the Keys has been real nice so we’ve been enjoying the outdoors this summer.

  120. JJ AKA John says:

    I did below par Trups a few weeks ago and already got a MI thing called at Par, also got some BP bonds at 8-9% a few weeks ago, added to GMAC as GM IPO valuation of GMAC asset makes them more attractive. Also added to ambac backed callable muni bonds with high coupons. Friend is telling me that find ones where stand alone muni credit makes it hard for them to get insurance elsewhere or to stand on their own, but strong enough not to BK, got a few 5-6% at par munis that way that seem to never get called. Like step up corporates. Also like any bond like Ford, Junk on way to investment grade, once it crosses fence gets a bump. Yesterday bought a BPOP bond at 68 with a sixish coupon and a 2034 maturity. Banco Popular would have been taken down already if it is going down, SNV pays a strong rate on its bond, funny bond is weak as shit but SNV stock is a buy on a few lists.

    Lucent and MBIA bonds with DD and catch a bad day in market works for a risky play. Also still like LUK bonds, also Affiinion bonds with a 11.5% coupon at 103 is interesting, callable at 105, yea private equity owned by appollo but that thing is a cash cow, affinity cards, trip insurance, credit card insurance crazy. Since owned by Private Equity it gets hit in credit markets. Also like stoneridge senior notes at par 11.5% coupon, b rating, callable but they never call it. Also like MBNA/BAC Cap income bonds around 8.5% coupon at 101.

    The best offense is a good defense in this point of yield cycle. High Coupon callable bonds near par upside on bond is limited but you protected yourself from rising yields. Also low price bonds will rise if the economy roars back and will also protect from rising yields.

    SB/MS is touting don’t be affraid to pay above par, BS an investment grade bond at 120 in a BK or rising interest rates is a huge risk compared to a year ago when the same bonds were trading at 85.

    Chifi, for fun, I opened this bond only trading account on 3-31-2007, I have done a huge amount of trading considering I do it for fun. How is my record next to Mr. Bill Gross, I beat the snot out of him.

    YTD 1-Year 3-Year Since Inception*
    +12.89% +29.00% +102.60% +183.86% 03/31/2007

    chicagofinance says:
    September 15, 2010 at 3:22 pm
    89.JJ AKA John says:
    September 15, 2010 at 1:02 pm
    chifi what are you buying now? Damm interest keeps rollin in and I need a place to park it. First time ever I have zero dependents on W2 and I have to make quarterly tax payments, curse you Ford, Citi, AIG, GMAC and all your interest checks.

    JJ: #1 everything on the curve sux……sooo; #2 found a step-up callable POS that is a 15 but might get yanked within 12-24 months, so the coupon pays up and increments, still…; #3 best idea – I need to do DD on the new Basel 3 stuff…I was talking about this issue several weeks ago….what is the new definition of Tier 1 capital? If it excludes shell Trust Preferreds, then maybe buy some juicy DIVD payers trading at a discount to face, with the hope that the parent calls them in. You get the juicy DIVD to wait and then the CAPG when the call goes down…….thoughts?

  121. JJ AKA John says:

    Chifi, this what you talking about? Here is one for sale right now that fits your new strategy.

    BB&T CAP TR I CAP SECS 5.85000% 08/18/2035
    Basic Analytics
    Price (Ask) 93.366
    Yield to Worst (Ask) 6.385%
    Yield to Maturity 6.384914%

  122. yo'me says:

    Rutgers on top 25
    Slideshow of the top 25 schools whose graduates where the top-rated by recruiters

    http://online.wsj.com/article/SB10001424052748703453804575479941523656912.html

  123. Punch My Ticket says:

    Clot [85],

    For barter. Don’t smoke myself either. I like Hyde’s TP suggestion too.

    John [95],

    Re British fags, you’re being so provincial. When offered spotted dick, learn to use the right spoon.

    Various [??],

    What a bunch of inflationistas around here. Me, I’m a deflationist. No way will they manage to push the string. Nothing beats those stacks of dry fifties in the corner, and the nice assistant bank manager knows how not to trigger those unpleasant reports to TPTB.

  124. chicagofinance says:

    JJ: yes, although I NEED TO DO THE DUE DILIGENCE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    For BB&T, the ones submitted to me were CUSIPS
    05530J205
    05531B201
    05531H208

    Trusts V , VI & VII……if you get good DD on this let me know….

    I have a list of 162….most of these are qtr DIVD payers, you gave me a INT payers…..the face is $25

    123.JJ AKA John says:
    September 15, 2010 at 4:22 pm
    Chifi, this what you talking about? Here is one for sale right now that fits your new strategy.

  125. Mr Wantanapolous says:

    “No way will they manage to push the string.”

    [125]

    CRB index is up 12% since June. Just a dress rehearsal?

  126. wtf says:

    Who is it here that likes to call the president “the Kenyan”? “Al Gore”?

    http://www.youtube.com/watch?v=_NhG-sZh3qo&feature=player_embedded

    Bill Maher on Larry King: Kenyan is code for N*gg*r

  127. Mr Hyde says:

    WTF,

  128. gary says:

    wtf,

    I call him the Keynesian Kenyan which is my code word for a weak, nettled parrot with no leadership skills preaching the same dead unicorn tales, chock-full of bullsh1t. I could give a flying f*ck what color he calls himself. He’s a bullsh1t artist and a one hit wonder.

  129. jamil says:

    129 wtf “Bill Maher on Larry King: Kenyan is code for N*gg*r”

    Ah Bill Maher the Ultimate Moral Authority. He was exposed to be the White House Aid who was in charge of blackmailing opposition politicians and enemies of the President who were homosexuals. His reaction was just it was long time ago..now getting millions of taxpayer money for spouting his leftist moral authority on PBS.

  130. jamil says:

    134 oh Bill Maher, not Bill Moeyrs. So many disgusting lefties out there

  131. Essex says:

    Oh good ol Jamil. Very typical to characterize anyone who does smoke your brand a heretic — that is what is nice about the GOP — the big tent keeps on growing.

  132. Shore Guy says:

    There is enough about B.O. to dislike without dragging race into the equation. Race does not matter.

    If someone has no use for him because of his race, or mixture of races, they are fcuked up. If someone has no use for him based on policy, political orientation, boldface political moves, fine.

    I suspect that most of what different people dislike about people of various other races is really an isue of economics, education, or other cultural isues.

    Enough! with the people who dislike B.O. based on race and with those who think that most of the people who don’t like B.O. don’t like him because of race.

  133. Shore Guy says:

    “Very typical to characterize anyone who does smoke your brand a heretic”

    It is time for us as a nation to re-learn how to debat issues without going to the mattresses.

  134. Fabius Maximus says:

    #133 gary

    If the word has been co-opted as a rac1st then why use it, it just detracts from your point. If you just want to make the aliteration with Keynes, there are other ways to do it. I think Keynesian Kakistocrat would fit you needs better.

    I think I’ll start calling anyone who uses Kenyan an Arnold Palmer, (half rac1st, half b1rther).

  135. Libtard says:

    I dislike Obama because he is a corporate shill. Just like all the rest of them. Can’t wait for the tea partiers to split the republican vote and for the O man to get reelected. It should silence the sheyit out of Jamil, but then again, death couldn’t silence Jamil.

  136. Al Gore says:

    Yes, I call the president a Kenyan because he is a Kenyan. No one spends millions of dollars on legal fees hiding their college transcripts and sealing his records via executive order on the first day in office. Then of course nominating his guardian Kagan to the supreme court.

    If it walks like a duck and quacks like a duck.

    In this case. If it looks like a Kenyan and walks like a Kenyan its definitely a Kenyan.

  137. nj escapee says:

    sas3, jamil, fabian, et al, you guys keeep going blah blah blah while your repugs and democraps rob us blind. jeez it is sickening.

  138. Libtard says:

    Hey,

    W, claims to have taken political advice from Jesus. I’ll take a Kenyan over a guy who hallucinates any day of the week.

  139. Libtard says:

    That is their plan escapee. Both parties could not have scripted it better and the Jamil is Pavlov’s dog.

  140. nj escapee says:

    Can’t wait for the medicinal marijuana store to open. I need to be sedated

  141. I am the bike path says:

    Hyde, how about dialing back the racism a bit? That too much to ask? Thanks, hoss

    Mr Hyde says:
    September 14, 2010 at 9:08 am

    Yome,

    The dark side of the whole diversity aka (poor/ low income) is a great thing is often glossed over. With “diversity” comes increased crime rates and increased disciplinary issue in schools

  142. scribe says:

    John & Chi – I think you need to hold an investment seminar for us earthlings and explain that in English – over steak and ale at Arthur’s, of course.

    No joke, I really would be interested in knowing more about bond trading in the current market. Already know the basics of price, rate, yield, etc., from years ago.

  143. gary says:

    It’s an open house this weekend! Hurry, bring your checkbook, this one won’t last! And the description states: Present owner has relocated and this fine home is available for a quick close. Do not miss this great Wyckoff opportunity. Treat yourself to a new house in the new year! Cosmetic changes will make this the home you will never leave! Take advantage of the tax credit extension.

    http://www.tocr.com/listing_detail.php?njmls_number=2935876

  144. Fabius Maximus says:

    #137 Shore
    Race is one of many cards played here that shouldn’t be. Remmeber that old lady standing up in McC’s town hall and coming out with “But he’s a Musl1m!” Someone realized that they couldn’t run 2008 on policy and record. They opened Pandoras box and now there is no going back.

    O had a record that was a weak target, they couldn’t hit him on gaffes and he was running on his policies and convictions. The marriage was solid and Old school Chicago and community organizer was not strong enough. The Swiftboat came out and had to go to a bad place.

    After the election instead of regroup and fight on policies, we got Czars and Death panels and the birth of Tea. What I think people missed is that the ones behind Tea don’t care about O, they see him as a vehicle to the true goal of mainstream control of the GOP.

  145. gary says:

    With $140,000 down, your PITI will run about $4,000 per month. This, for a double-wide that needs updating. Don’t forget to add in PSE&G, phone, water, cable and another $7,000 when the furnace blows. Just your typical, average middle class affordable home. :o

  146. Al Gore says:

    148.

    Gotta love the home depot red mulch. Blends in well with the deciduous trees.

  147. Fabius Maximus says:

    #141 Al,

    Please, he learnt that one from Hilary. Bill had hers sealed as he knew it would bit him in the a$$.

  148. Outofstater says:

    #146 I don’t think it’s about race; it’s about social class and its attendant cultures. Class is the chasm that divides us more than race does.

  149. Fabius Maximus says:

    #142 nj escapee

    Its the only way to play it for those who know that the 2nd amendment is not a realistic option. America will never be a candidate for a coup d’etat.

    Yes politics is a game and it is rigged. Think of it like Vegas. The House make the rules and they are fairly standard. Now you may find that you a few Stu’s making a living from Video poker, but for the most part people are rolling the dice and losing to the house. The house may put up with a few private side games, but you are not going to get anything too big organised. If you try to, or get to vocal in changing the rules, they will send in their own security to protect your interest.

    If you don’t play the game, you have no chance to change it and you don’t care how it runs. For those on the ground, you get a choice AC or Vegas as the main and CT/LA/PA as the green party/ Ron Pauls.

  150. jamil says:

    letarded: “W, claims to have taken political advice from Jesus.”

    Nancy Pelosi said exactly same thing.

  151. Yikes says:

    Ahhh, the Black Hole. Good times. Battery tossing is a sporting in the parking lot.

    Poltroon says:
    September 14, 2010 at 12:55 pm

    The only time I’ve ever equated “good value” with NFL tickets was when I was living in LA and got two free tickets to Raiders-Steelers with my grocery purchase at Albertson’s.

    My wife and I were treated to a Crips/Bloods gang fight before even entering the Coliseum, then a bunch of Raider fans set upon a guy in a Steelers jersey and beat him to a pulp during the national anthem.

  152. Fabius Maximus says:

    #150 gary

    That close to 208 means that you don’t have to listen to those pseudo friends of yours bang on about politics at your BBQ’s, the road noise just drowns them out.

  153. nj escapee says:

    154: Fab, fair analogy, I guess I’ll have to go with Clot and say tear it all down because it is pointless.

  154. Essex says:

    140. If the GOP actually had anyone worthwhile I would say. Hmmmmmm.
    But they don’t — so I won’t. The only hope we have is a complete breakdown and the perhaps a rebuild. Or, perhaps Chris Christie will emerge from Jersey — and save us ALL!

  155. sas3 says:

    #159 CC will be teabagged in primaries… if he takes a shot in 2012. There may be a chance in 2016.

  156. chicagofinance says:

    scribe says:
    September 15, 2010 at 9:18 pm
    John & Chi – I think you need to hold an investment seminar for us earthlings and explain that in English – over steak and ale at Arthur’s, of course.
    No joke, I really would be interested in knowing more about bond trading in the current market. Already know the basics of price, rate, yield, etc., from years ago.

    scribe: it is much more straightforward than it sounds; the curve is just the maturities going out from overnight to 30Y and taking cuts with different credit ratings; there is always a sweet spot to be found, but I basically made the comment that the entire market is offering crap.

    If you think of a balance sheet, the assets are on the left, and the capital structure that supports the asset is on the right. From top to bottom, short-term debt, long-term debt, preferred equity, common equity. If my comment is that all debt alternatives are crap, then an investor will want to continue to mine the market for income-like opportunities. In this case, preferred equity.

    However, if an investor has concerns about potential rising interest rates in the future, the further out the curve you go, the greater the potential negative impact on price all things equal. As a result, to invest in preferred securities is an even greater risk than the longest dated debt.

    So you have to get creative. The newest rumor that I socialized several weeks ago is that special debt vehicles call trust preferreds, which are basically dummy corporate entities whose sole business purpose is to be wholly owned by a bank and then issue preferred equity to raise cash, and then transfer the cash to the bank.

    Essentially, the bank was able to get extra funding and a high interest rate, but it did not count against the risk metrics / credit rating as debt. Form over substance.

    Anyway, Basel 3 basically was going to nix the current treatment. As a result, there is a chance that Trust Preferreds that are long dated or perpetual could be called back currently or in the near future. I think you can read the rest of the post and figure out the remainder.

    Remember, bonds have a face of 100 and pay semi-annual coupons. Trust preferreds (generally but not always) have a share price of $25 face and pay quarterly dividends in lieu of semi-annual coupons. Just a convention….

  157. Libtard says:

    Jamil,

    The difference between you and I is that I fault both Pelosi and Bush for their conversations with Jesus. You only find fault in Pelosi because Republicans evidently are the only ones allowed to converse with gods.

  158. Fabius Maximus says:

    #158 nj escapee

    Sad to say but stand at the back because I think you’ll be looking at the 2010 version of Kent State.

  159. Essex says:

    162. Lots of people lack the understanding that tough times can bring you. They also feel some moral superiority to others, where I simply find respect for people based on the quality of their mind or work. Others simply look to the color of skin or their origins to make a judgment.

  160. Essex says:

    I’ll go further and say most people are very unhappy. It’s the human condition. Others hide it better than others.

  161. Barbara says:

    148 Gary

    I like how they switched out the foyer fixture with a 30 dollar home depot overhead, but kept the 1971 swag lamp in the living room/den. lol

  162. Shore Guy says:

    Here is something interesting. Cheap Chinese goods made in Italy with Chineses labor under the name “Made in Italy.”

    http://www.nytimes.com/2010/09/13/world/europe/13prato.html

  163. Shore Guy says:

    From above:

    PRATO, Italy — Over the years, Italy learned the difficult lesson that it could no longer compete with China on price. And so, its business class dreamed, Italy would sell quality, not quantity. For centuries, this walled medieval city just outside of Florence has produced some of the world’s finest fabrics, becoming a powerhouse for “Made in Italy” chic.

    And then, China came here.

    Chinese laborers, first a few immigrants, then tens of thousands, began settling in Prato in the late 1980s. They transformed the textile hub into a low-end garment manufacturing capital — enriching many, stoking resentment and prompting recent crackdowns that in turn have brought cries of bigotry and hypocrisy.

    The city is now home to the largest concentration of Chinese in Europe — some legal, many more not. Here in the heart of Tuscany, Chinese laborers work round the clock in some 3,200 businesses making low-end clothes, shoes and accessories, often with materials imported from China, for sale at midprice and low-end retailers worldwide.

    It is a “Made in Italy” problem: Enabled by Italy’s weak institutions and high tolerance for rule-bending, the Chinese have blurred the line between “Made in China” and “Made in Italy,” undermining Italy’s cachet and ability to market its goods exclusively as high end.

    Part of the resentment is cultural: The city’s classic Italian feel is giving way to that of a Chinatown, with signs in Italian and Chinese, and groceries that sell food imported from China.

    But what seems to gall some Italians most is that the Chinese are beating them at their own game — tax evasion and brilliant ways of navigating Italy’s notoriously complex bureaucracy — and have created a thriving, if largely underground, new sector while many Prato businesses have gone under. The result is a toxic combination of residual fears about immigration and the economy.

    snip

  164. Essex says:

    Well, the race is on and here comes Pride up the backstretch
    Heartaches are going to the inside
    My Tears are holding back
    They’re tryin’ not to fall

    Dum Dum Dum

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