Friday, July 17, 2009

Economic melt down II

This is banker beaver (killing two beavers with one stone so to speak)

I was watching the Frontline program on the financial crisis of 08. Then was reading the great news from Bank of America and Citi. I think you want to keep a close eye on those two companies. While both posted record profits as of late you need to dig a little deeper to see the storm brewing. Citi just made it's big profits by selling off Smith Barney. A good move but there are still underlying factors at work there that still make Citi a bad investment. One is that they still haven't dealt with the underlying problem they face those bad loans and defaults in the credit markets. I see where housing starts have surged ahead as builders seem more confident. On the face of it that would be good news but I just read yesterday that foreclosures have also surged ahead. I haven't checked as of late about the supply of housing that's still on the books but around here I'm not seeing houses selling in short order and I live in one of the better markets.
Then ther's the 800lb Gorilla hiding in the wings that nobody talks about. That would be the Alt-A loans that are about ready to hit in force come fall and early next year. And if you think the sub-prime thing was a mess you ain't seen nothin yet. So as I said keep your eyes peeled on BofA because they have their tentacles in so many parts of American business. They are the largest bank in the U.S. and if they fail they could well bring the whole thing crashing down.
All I can say is Obama must have a real love for crisis management because we know McCain could never have been able to handle this and god forbid Palin ever got her hands on the reigns. Just be a good girl and keep catchin the fish.


dana said...

I'm baaaaack!!! My idiot daughter who is "taking care of my house" while I'm gone had filth and packages and boxes everywhere buried beneath the dust. I also found all my mail from April!!! And I"d been turned into TWO collection agencies due to her not forwarding my mail!!!


FYI I'm putting your blog in my BLOGGER'S BLOCK. I thought it was there all this time. WHY DIDN'T YOU POINT THAT OUT TO ME???

Demeur said...

Me? You know I'd never want to be a member of a club that would have me as a member.

Now take your nap and I'll get your followers to clean up the place. If you find any empty beer bottles under the couch it wasn't me.

BBC said...

And I"d been turned into TWO collection agencies due to her not forwarding my mail!!!

Like I would trust my fucking kids to look out for my business, only an idiot would do that. :-)

Sorry, but I'm not comfortable with Obama even though I like him at some levels. After all, the idiot does go to church and tries to support other religions.

Not to mention that he is just another rich politician and has his own interests to protect. And he loves Air Force One, never mind what it costs us for him to use it instead of the internet.

As for the banks, they are just learning new ways to fuck everyone out of big bucks again.

I'm rather fond of that not joining any club that would have me as a member thing, I like to lead my own parade.

Drop over for a beer one of these days, but let me know if you are coming, I go camping a lot.

Demeur said...

When are you going to open comments on your blog?

BBC said...

Bank profits not as impressive as they seem.

No shit?

BBC said...

When are you going to open comments on your blog?

When I hope that bitch is gone.

Tom Harper said...

Just what we need, another 800-pound gorilla that's "too big to fail."

BBC: Why don't you use comment moderation at your site? As you know, it works well for me :)

And yes, I know that some of those recent anonymous comments were yours. I'll print your comments as long as you don't call people names or get too carried away cussing and getting raunchy.

an average patriot said...

Screw those banks. Bank of America is going gang buster because they are screwing people. Our credit card rat went from 5 to 25% and you can not do anything about it. They said they had to pay the tarp back. Hell they are screwing us to pay the money they borrowed from us.
I understand new home starts are up only because people are trying to beat a stimulus deadline to get a $10,000 credit. I hate this crap!

S.W. anderson said...

Regarding the post, when it rains, it pours.

Next time we're up against something too big to fail, break it in pieces and sell off as many of them as possible. Then, bury the rest.

Alternatively, make the people who ran the business recklessly put their every last dime into bailing it out before putting up the first dime of taxpayer money.

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