UPDATE: Greetings & Salutations….

Update: December 29th: With many thanks to WordPress, we are back online! W00T!! and BOOYAH!!

We LOVE multimedia and we were lost without it, a big HURRAH and Hip Hip Hooray for WORDPRESS!!!

Greetings readers!!

WordPress has changed their policy on video posting sometime this morning…

It now requires a fee to post videos. This would be fine and we went ahead and paid the fee.

However, WordPress does not like ANY of the videos we have tried to post. Nothing from Youtube, be it CNBC clips, MTV videos from 1986, videos posted BY THE BAND Twisted Sister themselves below are now gone and WordPress is blocking them when we try to upload saying they do not meet their security requirements….

This being the case, we have decided to discontinue the blog until further changes make it possible to once again post media…they have essentially made it a giant chatroom with still shots, which bores us…if we find another locale from which to blog we will do so…if WordPress comes back and let’s us post video we will continue our joyous blogging for another year…but after all, if we are paying for the service we could post commercial links and make a few bucks elsewhere, wordpress currently will not let us put up our AMZN or MysteriousGalaxy affiliate links either at present…

Everyone have a wonderful, happy, healthy New Year and God Bless You!!

Moderate in the Middle

(Blogging without music, clips and media to emphasize our points? UGH! We are almost as frustrated as Cramer is here)

or here for that matter…

“Wait til the Sun Shines, Nellie” being sung now LIVE on the NYSE floor, it is a tradition….may we all have a shiny happy people kind of ’09….(sing it in your head, wordpress wont let us post it… bah humbug!!)

and BSG fans GO WATCH WEBISODE 5 TODAY!! here

and Holiday Greetings from Alpha Investors:

holiday-market-chart

December 24, 2008. Tags: , , , , , , . Economy, FDIC, Film, Music, Politics, Popular Culture, Wall St. 2 comments.

No Help for Housing from Paulson: numbers continue to tank…Memo to PEBO, implement Hillary’s HOLC!

The Grinch was spotted doling out bags of dough to big financials and refusing to help homeowners…

071025_paulson_0The markets continued their downtrend yesterday after the GDP contracted by .05% and the release of additional housing data reflecting the continued collapse of the US housing market..a collapse that Treasury refuses to address at its root cause….It’s Teh Housing Stoopid!!

From WSJ:

Sales of existing homes tumbled 8.6% in November from the prior month to an annual pace of 4.49 million units, the National Association of Realtors said. The figure reflects contract closings, which lag behind sales activity, and as a result capture the credit-market turmoil that hit the economy starting in mid-September.

New-home sales declined 2.9% to an annual rate of 407,000 units, the Commerce Department said, continuing a nearly three-year decline

-snip-

A broad measure of home values by the Federal Housing Finance Agency, released Tuesday, showed prices nationwide dropping 1.1% in October from the prior month and 7.5% from a year earlier. The agency’s index, built on purchase prices of houses backing mortgages sold to or guaranteed by Fannie Mae and Freddie Mac, is down 8.8% from its April 2007 peak.

The Realtors group said the median sale price of an existing home declined to $181,300 in November, down 13.2% from a year earlier. That is the largest drop in the four-decade history of the survey and likely the sharpest decline since the Depression. The group estimates that 45% of existing-home sales are linked to foreclosures. The inventory of unsold existing homes rose 0.1% to 4.2 million in November, representing an 11.2-month supply, up from 10.3 months in October.

The Commerce Department’s sales figures showed the median price of a new home at $220,400 in November, down 11.5% from a year earlier. The average price declined 9.2% to $287,500. The inventory of unsold new homes declined 7% to 374,000 at the end of November. That represents 11.5 months of supply at the current pace, down from 11.8 months in October…

The Northeast saw a large drop in home values, ‘welcome to our nightmare’ says the Sunbelt, which has been the canary in the coalmine telling the Treasury that all is not well for the better part of two years….

From the Boston Globe:

The Massachusetts housing market experienced its worst monthly price drop in more than 20 years as concerns over the slumping US economy and the stock market worried consumers, the Warren Group reported today.

“The November median home price slumped 16.7 percent to $275,000 from $330,000 during the same month in 2007,” said the Warren Group, a Boston firm that tracks local real estate activity and that publishes Banker & Tradesman. “November’s percentage decline exceeds the monthly price drops in September and October, when median home prices were down 15.3 percent and 13.9 percent, respectively.”…

From the NYT:

…Housing values have plummeted since the peak of the market in July 2006, when the median home price was $230,200. But the housing bubble burst, sales declined, credit dried up and a flood of foreclosed homes hit the market, a combination of events that pulled median prices down 21 percent to their November levels.

Still, some economists said that home prices will fall even farther before they dip low enough to entice potential home buyers. Joshua Shapiro, chief United States economist at MFR, said that some parts of the country may only be halfway through such a retrenchment….

I don’t know about you, but in the Sun Belt we are DEEP in retrenchment, waaaaay DEEP, like ‘digging to China’ deep,  our home values have dropped so far…HOLC baby, give us HOLC…

Anyone who doubts for even one second that the Fiscal Stimulus put forth by PEBO and Congress will have HOLC funds, well you’re dreaming, or you’re Larry Kudlow deep in D-E-N-I-A-L.  I thank Gawd we have a majority in Congress that will address housing out of the gate in January. Search our site for our numerous posts on housing, it is the NUMBER ONE issue in this economy, number one…in case we weren’t clear….HOUSING IS JOB ONE FOR PEBO..

The utter, abject failure of Dubyah and Paulson and Bernanke to address the root of this entire recession is a disgrace. For THREE YEARS I have watched as these maroons went from INSISTING there has NEVER BEEN a consumer led recession (in regard to the subprime collapse), to blaming it on Bear Stearns, (which would not have had an issue were it not for the dreaded CDO MBS nightmare), watched as those in the ‘know’  HA! refused to listen to people like Schiff and A. Gary Shilling, who called this three years ago, watched as they were laughed at as concern trolls…and here we are HUNDREDS OF BILLIONS later and they STILL don’t (OR WON’T) get it..it’s the HOUSING STOOPID!

Kudlow actually had a video clip from Wizard of Oz showing Dorothy’s house in the twister whenever Gary Shilling came on, they thought it was quite funny as he spoke about the imminent collapse..needless to say they aren’t showing that clip anymore…here is Kudlow perma-bull in November of 06 (when the DOW was over 12,000), talking about his Goldilocks economy (Larry apparently missed the part of that fairy tale where the BEARS scare the hell out of Goldi and chase her away..)

Go view here and here and here

Here is Gary’s current outlook…

Bernanke is finally on board and pushing rates down, but it is not enough at this late date. Now we have to contend with not only the subprime bubble pop and the reversal of the unsustainable increase in values we had from 02-05, now we have to handle the additional foreclosures that are the result of the increase in unemployment…

IOW it will take much more to address what could have been avoided in 05 had anyone listened to a certain wonky goddess I know…but there is still HOPE, (not the BS Hope for Homeowners plan that wasn’t funded or staffed by Paulson), but the real HOPE, the HOPE that comes from wonky goodness:

(AP Photo/Tom Uhlman)

(AP Photo/Tom Uhlman)

Hillary Clinton Calls on Wall Street to Shoulder Responsibility for the Foreclosure Crisis

Addresses growing economic challenges that are hurting middle class Americans

Today in New York City, Hillary Clinton challenged Wall Street to help end the foreclosure crisis that it helped to create, and vowed to introduce legislation if they fail to act. She also called for fast-acting, short-term stimulus measures to help hardworking families during this time of economic uncertainty.

Clinton would implement a three-step plan to tackle the foreclosure crisis, including: at least a 90-day moratorium on foreclosures; a freeze on the fluctuating rates on subprime loans for at least 5 years until they can be converted into fixed rate, affordable loans; restoring accountability by requiring that lenders provide status reports on the number of subprime mortgages moved from adjustable to fixed rate.

“I’m here today to call on Wall Street to do its part to help end the foreclosure crisis that is devastating middle class families and threatening our economy,” Clinton said. “Wall Street needs to be part of a comprehensive solution that brings to the table all those responsible and calls on them to do their part. Wall Street helped create the foreclosure crisis, and Wall Street needs to help solve it.

“I believe we need a new beginning in our economic policy – one that strengthens our middle class and ensures that prosperity is widely shared, and that is based on an ethic of shared responsibility. A new beginning that makes Wall Street shoulder its responsibility for this crisis, and that gives homeowners the breathing room they need. One that makes the most well-off pay their fair share and gives the middle class the help it needs for education, for health care, and for retirement.”

(more…)

December 24, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Healthcare, Hillary Clinton, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 4 comments.

Merry Christmas!!! NORAD tracks Santa…He is on his way!!!! and Happy Chanukah Adam Sandler style!!

We have family for the Holidays so posts will be limited for a few days..

Everyone have a safe, happy, healthy and joy-filled season !!!

Go see NORAD track Santa LIVE!!!

and Happy Chanukah (Hanukkah)!!!!

December 24, 2008. Tags: , , , . Entertainment, Music, Popular Culture. 1 comment.

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