Market Update: DOW closes under 8300…down 212..

grizzly1

Bad, berry berry bad..Art Cashin was using 8300 as his barometer for a second leg down in a stagflation W shaped recovery this morning….and of course PIMCO’s Bill Gross said consumer behavior has changed for at least a generation and we can expect a new normal GDP of 2.5%, he reiterated this view this morning on CNBC….

DOW closes down 212.51 to 8292.45

S & P down 26 to 897.33 (under 900)

NAS down 49, ouch, to 1796.68

NYSE staying open til 4:15 to process orders held up in computer trouble earlier today….

TOTUS got on tv (shockah right, lol) earlier,  ostensibly to talk about the bad job numbers but really to explain why passing his GINORMOUS ENERGY TAX would somehow help the economy, m’kay….NOT!

Hang on for a bumpy ride…and please call your Critters, or better still go to a local Tea Party, the Critters are home for the Independence Day Weekend, maybe a call to the local office would help them remember what America is all about, and it aint bailouts and taxes…

July 2, 2009. Tags: , , , . Economy, Finance, Labor Department, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

Comic Con 2009 – 7/24 – 7/25 – Sherrilyn Kenyon….

BMRcomicon_ecardv5

July 2, 2009. Tags: , , , , , . Entertainment, Fantasy, gaming, graphic art, Horror, Music, Popular Culture, Saturday Morning Cartoons, Sci Fi, Suspense, True Blood, Twilight, Urban Fantasy. Comments off.

Sci Fi UK picks up ‘Legend of the Seeker’…

legend-of-the-seeker-poster1

Awesome! From DigitalSpy:

Sci Fi has picked up the UK rights to Sam Raimi’s Legend of the Seeker….

Sci Fi has acquired the 22-episode first season from Disney-ABC-ESPN Television, as well as the upcoming second season.

Legend of the Seeker is yet another exciting addition to the channel’s summer primetime schedule,” said Charlotte Ashton, VP of programming & marketing at NBC Universal Global Networks UK. “The sword-n-sorcery sub-genre has a worthy new hero in Legend of The Seeker, which we expect the UK audience to fully embrace.”

Legend will air on Sci Fi (UK) from August 13.

Vodpod videos no longer available.

Season 1 Finale- Reckoning last Part 5/5, courtesy of kamelia9500, see her channel or Hulu for the complete episode

more about “Sci Fi UK picks up ‘Legend of the See…“, posted with vodpod

July 2, 2009. Tags: , , , , , , . Entertainment, Fantasy, Fiction, Legend of the Seeker, Popular Culture, Sci Fi. Comments off.

Them! – “Ant mega-colony takes over world” – BBC

Via Glenn at Instapundit, BBC Earth News:

A single mega-colony of ants has colonised much of the world, scientists have discovered.

Argentine ants living in vast numbers across Europe, the US and Japan belong to the same inter-related colony, and will refuse to fight one another. The colony may be the largest of its type ever known for any insect species, and could rival humans in the scale of its world domination.

(more…)

July 2, 2009. Tags: , , , , . Film, Horror, Popular Culture, Sci Fi, Science. Comments off.

Market Mover: June job losses much worse than expected..-467k…

by marvinsdad Creative Commons - Attribution

by marvinsdad Creative Commons - Attribution

Much worse than economists expected -Bill Gross of PIMCO is on CNBC again talking about the new normal and the change in consumers for ‘a generation’…Gird your loins…DOW futures down 120, Gross says stagflation,  1-2% growth for a number of years…

CNBC:

Employers cut 467,000 jobs in June, far more than expected, while the unemployment rate rose to 9.5 percent, the government said on Thursday in a report that showed a labor market continuing to struggle with a deep recession.

The June job losses were more than 100,000 greater than the 363,000 consensus of Wall Street economists polled by Reuters and broke a four-month trend of moderation in job losses.

The jobless rate of 9.5 percent compares with 9.4 percent in May and was the highest since a matching unemployment rate in August 1983. Analysts had expected the rate to rise to 9.6 percent

While job losses in June were spread across all sectors, the June figures showed the steepest declines in services, which fell 244,000 after a 107,000 drop in May.Professional and business services fell 118,000, while government employment fell 52,000. Manufacturing was one of the few sectors to show a smaller drop in June, falling 136,000 after a 156,000 fall in May.

July 2, 2009. Tags: , , , , . Economy, Finance, Labor Department, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Housing Update: HUD Expands Making Home Affordable Refis to up to 125% LTV…

Our many previous posts on the MakingHomeAffordable program here

Team TOTUS has finally moved on this, something we at MiM have been asking for, for ages it seems, most recently in a June 5th post.

This is a hugely important update for CA, AZ, NV, FL- courtesy of WSJ:

…Strapped borrowers with mortgages worth up to 125% of their home’s value will now be eligible to refinance under the program, as long as they are not behind on their payments. Currently, the program caps eligibility at a loan-to-value ratio of 105%.

In addition, mortgage finance companies Fannie Mae and Freddie Mac said they would offer incentives to lenders to encourage certain underwater borrowers with 30-year fixed-rate mortgages to refinance into shorter-term loans…

Shorter Term Loans for Refis:

…Fannie Mae said it would offer a 0.50% price reduction on charges to lenders for loans with a loan-to-value ratio above 105% and terms of 20 and 25 years.

Freddie Mac said it would limit unspecified special pricing to 25-year loans that are refinanced through the administration’s program. The mortgages must also have a loan-to-value ratios between 105% and 125%, the company said.

In a statement, the companies’ regulator, Federal Housing Finance Director James B. Lockhart, said borrowers who switch to shorter-term loans would be able to rebuild equity in their homes more quickly. Borrowers who qualify for such loans would save interest costs over the life of the mortgage, but would also see their monthly payments increase….

PMI/MIP waived on many loans:

…Fannie and Freddie normally require mortgage insurance for loans greater than 80% of the home’s value. But under the refinancing program, borrowers with mortgages worth 80% to 125% of their home’s value can refinance without having getting mortgage insurance or purchasing additional coverage….

Effective Dates:

…Fannie Mae said it would begin accepting for delivery the expanded loan-to-value mortgages on Sept. 1.

Freddie Mac said it would begin immediately accepting the higher LTV mortgages for borrowers refinancing through their current servicer. For borrowers applying through a Freddie Mac-affiliated lender, the higher caps would become available Oct. 1….

The bad news is unless FAN/FRED offer a 3% rate for all or something, the Fed’s efforts to maintain low 10yr rates failed, and all the debt has resulted in higher bond yields, so our 30 yr rates are now back up…

…However, rising rates could hamper the program’s reach. Refinancing volume has dropped off sharply since April, when the average rate on a 30-year fixed-rate mortgage hit 4.78%, according to Freddie Mac’s weekly survey of its lenders. The average rate on a 30-year mortgage was 5.42% last week….

July 2, 2009. Tags: , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics. Comments off.

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