Courtesy of HBO and TrueBloodItalia
Courtesy of BBC
Housing Double Dip revealed as New Sales plunge 17% m/m down 28% y/y to record low ~ Let the TBTF Games Begin!
Update at end of post
American Homeowners are Home Alone while Benny and the Feds continue to PROTECT TBTF BANKS as their ONE AND ONLY MANDATE.
New sales of single-family homes fell nearly 17% in February from a month earlier, coming in well below analysts’ estimates and at the lowest level recorded….
…February sales are down 28% from a year earlier….
And as we have been saying til we’re blue in the face, it is now NATIONWIDE:
In the Northeast in February, new homes sales cratered, falling 57% from January, according to the joint release from the Census Bureau and the Department of Housing and Urban Development.
Okay you say, how about prices? What is the delta, the RATE of change? It is ACCELERATING TO THE DOWNSIDE~lowest price since December 2003~
…The median sales price of new homes sold last month was $202,100, down nearly 14% from January, representing the largest monthly decline yet….
Tiny Tim and Bankster Ben have been in full save the banks, ‘extend and pretend’ on housing mode for THREE YEARS.
And where has that gotten the REAL ECONOMY~ The Main St economy? Absolutely nowhere.
Where has that gotten the TBTF? They will still fail if they take the losses they NEED to take, but they have lots of nice bonuses and dividends (Except for BofA which is the redhaired stepchild and is allowed to wither on the vine sans dividends) and Jamie Dimon was even able to produce a $20Billion line of credit for ATT to become Ma Bell, again.
The economy on Main St will NOT RECOVER until housing is addressed in a MEANINGFUL way that allows consumers to correct their balance sheets.
You know, the way the TBTF are allowed to. The way CRE is allowed to. The way every Wall St firm is allowed to, by RESTRUCTURING THE DEBT. HOLC or real mods, pick your poison.
Or we can keep IGNORING the real problem and let the banks who MADE THE STUPID LOANS be the ONLY ONES who get off with NO LOSSES TAKEN while the US consumer continues to struggle for years under the housing morass as Ben prints to infinity and beyond like a deranged Buzz Lightyear.
Update: Oh lookee here!! Chris Whalen says FAN FRED are hiding ANOTHER 100B in losses on their books! But TPTB and TBTF are claiming writing down homeowners principal will cost taxpayers? Bullshit. And don;t EVEN talk to me about moral hazard after the shxt the Fed is doing for the banks.
…Both investors and Congress need a lot more details about the purchases of defaulted loans by Fannie and Freddie. We need to know exactly how many dud loans have migrated back to the GSEs, what their loan loss reserve is, how much of that loan loss reserve is “covered” by the MIs and how much “capital” the MIs have against these exposures. The GSE are letting dead loans sit on their books in part to avoid recognizing the losses, an event that would drive many of the MIs into bankruptcy. If you look at how slow the process of final loss recognition by Fannie and Freddie is proceeding, then you’ll understand why the publicly disclosed loss rates reported by Fannie and Freddie have been falling.
Instead of demanding insurance payments, the GSEs are doing everything in their power to keep the MIs looking like going concerns so that they can count the MI “receivable” as a good asset. This is why the GSEs direct LTV based LLPAs to the MIs, to keep some cash flowing their way, and…
If there was a proper mark-to-market on the MIs (like all proper insurance/reinsurance businesses do), then the MIs would be massively insolvent. The GSEs would have to take another huge amount of capital from Treasury. Geithner and the GSEs are trying to avoid it, and to date are getting away with it….
God Bless. Thank you for the many years of film Elizabeth! I think Richard was waiting for her in heaven.
We’re huge fans of the original trilogy. Glad Wes and the cast are back. If we have to live in a YARM world, let it be with good cast and crew please.
Courtesy of DimensionFilms
Courtesy of ABC
Gee, who could have seen this coming? …Exactly…
Listen, when I was a ‘happy’ liberal Democrat, I understood our ‘dream’ foreign policy to be one in which we, the US, did not charge ahead on every worldwide issue, but one in which we led a ‘coalition of the willing’ to the table and attempted to get the parties who are actually directly impacted by the issue (in this case Arab League, UK, France and Italy (their oil supplies) to take the needed action while we lent an ‘assist’.
So how are the left all up in arms, pardon the pun, when Hillary has managed to get exactly that accomplished?
France is the figurehead leadership (and actual impetus and flyboyz, thank you Pres Sarkozy) of the coalition, Arab League signed off (7 days ago which is when President Permanent Vacation still refused to act and it appears that is when Hillary began to leak to the press that she was pushing for action and Obama was failing to lead, again) which gives us the needed ‘official intervention request’, and the Arab league also signed on to actual participation, hopefully financial also, but we won’t know anytime soon as they need ‘cover’ from their own Wahhabi factions and can’t come forward with what they have promised publicly.
That is probably why they are so pissed. Methinks it was all a facade and these neoprogressives didn’t actually want us to intervene..anywhere…ever.
Too Bad, So Sad. Hillary did what we said we would always do. Deal with it.
Now we have some on the right, whining that we shouldn’t be involved at all.
Uhhh, this guy killed Americans. Several times. He will again. He was preparing a brutal assault on 700,000 of his own people and he was a mad-dog off the leash. Once Obama had said Qaddafi, ‘had to go’, the guy wasn’t going to continue the pretense he put on for Condi Rice and Dubyah when he ‘turned over’ his WMD.
So, to sum up: we have an international coalition, with the parties most directly impacted economically and foreign policy wise taking the lead, and contributing meaningfully to the military action, we have a’ dispensation’, if you will, from the Arab League to take ourselves into the battle, and we have a country with billions in resources led by a mad-dog who has killed our people and will use the funds from those resources to do so again, as the enemy.
All a green light for action in my book.
Hillary has worked her ass off to get this done and I thank her from the bottom of my heart for serving this country and trying to get things done in the face of the incompetent, ineffective, insipid President she works for.
Leadership. You have it or you don’t. We have evidence now that Hillary is willing to make the tough calls and act when it is needed. We still don’t have that from Obama.
His hand was forced when HRC leaked to the press in a desperate bid to save the Libyan people and take out an enemy of the American people in one fell swoop.
It has been my theory that when Hillary badly fractured her wrist and was drugged up, that Obama personally signed off on Al Megrahi’s release back to Libya. The ObamaLovinMedia refuse to ask the right questions on that matter, if any questions at all.
It will be sweet justice if Al Megrahi is killed in an ally airstrike in his own Sweet Home when he may have lived longer in a Scottish prison.
I think we can get in, take out the antiaircraft batteries, make room for French and UK (and hopefully Saudi) jets to bombard his bases and leave the room needed for Qaddafi’s current associates to see the writing on the wall and throw him under the bus, into the pyre, however these things are handled in Libya.
Hillary is not stating ‘regime change’ is the motive because that will force Qaddafi to use the mustard gas he may still have. A cornered rat will pull the trigger faster. If he thinks he can hold a piece of Libya in the future we may be able to get his friends to take him out before he resorts to using WMD against his own people.
Gates, I am sad to say, clearly is all about getting out of dodge with no more engagements. That may be hypothetically the best path, but in reality it wasn’t an option for us. Hillary explained quite well yesterday the American interests here. With Egypt and Tunisia in unrest and revolution, we cannot have Qaddafi sitting between them like Boris the Spider funneling arms and mercenaries to take the entire Gulf Region into chaos.
Gates had to have his hand forced, and Hillary showed how civilian leadership of the military works. We are the best in the world, we had the assets to get this mission started off in the way most safe for the European fighter jets. Hillary made the tough call and then made the dithering Golfer in Chief make the right decision too.
God Bless the troops, the allies, and the peaceful people of the world. God Bless Hillary.