So glad you wrote about this hearing and that is just amazing, brazen fiction. By the mathematics alone those CDSes were fiction but trying to claim it was the regulators and auditors fault?
Socialism would mean wealth equality would be addressed, i.e. it's for the middle classes. That's the real definition, not the Glenn Beck version. There are many forms and I'm referring to the ones practiced in Canada, Norway, Sweden, Denmark, Finland and so on.
What you mean is Corporatism or Totalitarianism. One can call the Soviet Union a totalitarian state or the Nazis. Crony Capitalism or unfettered capitalism is when a group of super elites or super rich suck up all of the money and power for themselves at the expense of the rest of the Populace and nation.
The American Government cannot fail to extend the benefits, if they are a government for the pwople.
However, as a disabled vet who ir treated as a 3rd class citizen, i am aware that we have a government for the government. We all recognize that we are heading towards socialism, and that our politicians are just fat and rich and trying to get richer by giving less to the working men and women in America,. Our government was set-up by godly men seeking the best for everyone in the country. Their successors care only for themselves, and wouldn't care if the 99% die in poverty, as long as the 1% live in wealth.
Dana Maxwell
r
Has anyone quantified anything different from the 0.6 percent of U.S. GDP loss from the trade deficit? 0.6 Percent of GDP drag from trade always sounded low.
So, does the IRS have to produce receipts, get a tax attorney and pay a penalty? Can we knock on their door and do personal interviews now?
Assuredly the people who want to eliminate the IRS and claim one does not have to pay their taxes by constitutional degree and so on are going to eat this one up!
Countries like Iceland and Brazil have weathered the crisis with lower than average unemployment in part because of very low energy trade deficits. Unlike our $300 billion oil import bill, Iceland powers itself almost entirely on geothermal. A raised middle finger to the banksters does not hurt either.
Brazil does a different but effective move with sugar cane ethanol. It is worth repeating because Oil is 60 percent of the U.S. trade deficit. How can comparatively insignificant countries do better than the U.S.? Trade is shaving at least 0.6 percent off GDP, never mind the job losses and human misery.
Thou Shalt and then inane dictates to basically screw workers and the middle classes.
Somebody please do a nice history of the IMF. I haven't paid that much attention but it seems the neo-cons have elevated themselves to new levels of grandiosity.
I'm try to make a point of graphing the private sector from the BLS and then compare ADP as a side note.
I think tomorrow's numbers are going to be bad, forget the census jobs issue, the underlying report is going to be bad. I could be wrong and employment is a lagging indicator but after writing up a series of other reports today, I fear our "Doom & Gloom" position (EP has be labeled a bunch of Wendy whiner doom & gloomers) is going be validated. We'll see.
UI has one of the largest stimulus multipliers of all approaches. But more, it's like the U.S. workforce can go to hell by this administration and this Congress (and it's the GOP who doesn't want to pass corporate tax code modifications to stop handing multinational corporations big bucks to offshore outsource your job)....
But bottom line the overall message is the U.S. worker can go to hell. They refuse to implement a true BUY AMERICAN and HIRE AMERICA direct jobs program, "Stimulus" money poured overseas, they gave contracts to overseas companies employing workers in other countries.....they absolutely REFUSE to rescind offshore outsourcing Federal and State contracts, which represent millions of jobs...
It's all pure political favoritism B.S. I think we're going into recession again and a huge reason is their refusal to favor the U.S. worker, the U.S. middle class in policy. Note they aren't doing a damn thing about the China trade deficit and literally want to pass more bad trade deals!
Wow, without the unemployment insurance, looks like out economy is headed straight from a recession to a depression. That's at least 3.3 million dollars (if each person collecting unemployment spends 1 dollar). Can we afford not to extend these benefits???
I need to go dig into Stimulus dollars, or find independent experts/economists, credible, who have analyzed. That said, the reason I posted this two metrics is I suspect this is where we're seeing Stimulus, i.e. the tax credit propping up home sales and prices, artificially, and public construction spending.
The entire residential strategy I find inane. Why they didn't simply let everyone in the country, possibly by some sort of regional calculator, take a principle reduction is beyond me. Home prices were clearly way over inflated and what does this really get long term? People are being foreclosed on, after these tax credits expire, home prices fall because they were artificially pushed up and people go underwater.
to really see the differences, i.e. pull in the XLS from both and chart them, but that said, every month I pour over the BLS statistics and clearly there is no real job creation! So, the fact that the ADP report sometimes can deviate from the BLS, and I do recall there being more deviation recently than in the past, bottom line is both say, there ain't job damn jobs.
From the chart you can see some of the deviation and also on their website is more charting capability, but that said, uh, do you see any damn jobs in there? Either one?
Tomorrow the BLS report will be out so I want to focus on putting the magnifier on that one as best I can.
But someone trying to claim that a 5% deviation or even 10% somehow means there are jobs around ....uh, not so from either report.
Whew, that sounds very familiar cause it's the exact same thing i've gone through, and then after 11 months of trial payments,(not by my choice) they tell me they want 15k in back payments by next month WTF on an already underwater home...lol they need to open that class action to other lenders also cause my loan is with citimortgage and they must have been planning all this together because it's identical situations, npv first they told me i made too much, then too little, then the value of property/loan and i called them out on all of it. then found on their website i think by mistake the numbers plugged in and i don't know where they got their figures but it was nothing near what i supplied them, so no wonders i was denied, but seems kinda convenient that happens and now if i do get approved i get 15k + attached to my loan. They're working it out to their benefit. And they wonder why people (good people) are walking, couldn't be because they were trying to be proactive, and lied to having been told that this would Not affect credit(considering i was supposedly put in for HARP just to refi)but now left with a burden that isn't worth the hassle. something needs to be done or there will be a bigger mess than they expect, and everyone will pay!
Entirely agree. However, this is only a fraction of the story. Nearly every article I read regarding this news when it broke, was virtually a 'lifted copy' from whomever wrote the original article. In other words, no other reporter picked this story up (as far as I know now) to delve further into the background and do some investigative reporting, as Woodward and Bernstein did on the Watergate break-in. Where are our bull-dog reporters who can smell a hidden story? Here is one instance of the reporting field missing (or just tamely believing - I cannot tell which it is) the press spin from Bank of America: "These incidents (referring to what the FTC investigated) were prior to Bank of America purchasing Countrywide in June 2008..." In other words, Bank of America gets let off the hook for a miserly $108 million fine because the intimation is that "this was Countrywide doing these things, and we did not won them then" - well, for those of us who know, Bank of America was the primary funding source and, I believe, largest investor in Countrywide for MUCH longer than just June 2008. In fact, they were so closely linked that they both shared the same back-office processes and guidelines...and if ANYONE out there believes for even one SECOND that Bank of America has, and still is, not engaging in the exact same activities as Countrywide, then they were either born yesterday or incredibly naive. I should know, because I am trapped in their same game, and this story alone would make a Hollywood movie. My words to the FTC: Why did you stop at Countrywide??? Why have you not investigated Bank of America for these identical activities?
“The ADP has had a horrible record predicting the Nonfarm Payrolls number of jobs for the last year and a half. Here's a list of how the ADP number (1st column) has compared with Nonfarm Payrolls non-government jobs number (2nd column) and the Household Employment Survey (3rd column) so far this year (all figures in thousands):
Jan. -22 +16 +541
Feb. -20 +62 +308
Mar. -23 +158 +264
Apr. +32 +218 +550
May +55 +41 -35
June +13 ? ?
That's nearly a 100,000 average difference between the ADP and BLS reports.”
I in turn wrote to him:
On another blog, there is “a chart taken from the ADP report showing the percentage of change of job creation each month” has a “sample correlation = 0.95” between ADP and BLS estimates.
Would you care to comment?”
RO,
Would you care to help clarify what seems to me to be a contradiction or should we just chalk it up to “Lies, Damn Lies and Statistics?
Remember how Iceland said screw you we're not paying for the Banksters? Some macro economic stats are out and Paul Krugman overviews them. You have to see this, I guess it really helps to live in a Democracy.
A credit default swap is a very specific vehicle and would be labeled as such. a loss on derivatives or assets does not imply there is a CDS associated with it. You can have a CDO or a MBS lose value all on it's own. A CDS is a separate "investment" vehicle, while it's associated with an underlying asset class it is not or does not represent a loss on that asset class.
Just because there is a derivative does not mean there is a CDS purchased on that derivative. Also, because the Fed bought these I do not believe they in turn allowed more derivatives on them, because they are held by the Fed, they are not out into the private sector. (although these days any insanity is possible). But bottom line if they held CDSes they would be listed as such.
Ex. GS bought CDSes on a CDO from AIG. CDO tanks in value and defaults. CDS implies a contract which because the underlying asset defaulted (the CDO), AIG must pay up on the CDS. It's like insurance but insurance is not the thing insured, it's separate.
So glad you wrote about this hearing and that is just amazing, brazen fiction. By the mathematics alone those CDSes were fiction but trying to claim it was the regulators and auditors fault?
Any video clips of this?
Socialism would mean wealth equality would be addressed, i.e. it's for the middle classes. That's the real definition, not the Glenn Beck version. There are many forms and I'm referring to the ones practiced in Canada, Norway, Sweden, Denmark, Finland and so on.
What you mean is Corporatism or Totalitarianism. One can call the Soviet Union a totalitarian state or the Nazis. Crony Capitalism or unfettered capitalism is when a group of super elites or super rich suck up all of the money and power for themselves at the expense of the rest of the Populace and nation.
The American Government cannot fail to extend the benefits, if they are a government for the pwople.
However, as a disabled vet who ir treated as a 3rd class citizen, i am aware that we have a government for the government. We all recognize that we are heading towards socialism, and that our politicians are just fat and rich and trying to get richer by giving less to the working men and women in America,. Our government was set-up by godly men seeking the best for everyone in the country. Their successors care only for themselves, and wouldn't care if the 99% die in poverty, as long as the 1% live in wealth.
Dana Maxwell
r
Has anyone quantified anything different from the 0.6 percent of U.S. GDP loss from the trade deficit? 0.6 Percent of GDP drag from trade always sounded low.
So, does the IRS have to produce receipts, get a tax attorney and pay a penalty? Can we knock on their door and do personal interviews now?
Assuredly the people who want to eliminate the IRS and claim one does not have to pay their taxes by constitutional degree and so on are going to eat this one up!
Countries like Iceland and Brazil have weathered the crisis with lower than average unemployment in part because of very low energy trade deficits. Unlike our $300 billion oil import bill, Iceland powers itself almost entirely on geothermal. A raised middle finger to the banksters does not hurt either.
Brazil does a different but effective move with sugar cane ethanol. It is worth repeating because Oil is 60 percent of the U.S. trade deficit. How can comparatively insignificant countries do better than the U.S.? Trade is shaving at least 0.6 percent off GDP, never mind the job losses and human misery.
Talk about class warfare. The IMF has put on their blog the 10 commandments of advanced fiscal economies.
Thou Shalt and then inane dictates to basically screw workers and the middle classes.
Somebody please do a nice history of the IMF. I haven't paid that much attention but it seems the neo-cons have elevated themselves to new levels of grandiosity.
I'm try to make a point of graphing the private sector from the BLS and then compare ADP as a side note.
I think tomorrow's numbers are going to be bad, forget the census jobs issue, the underlying report is going to be bad. I could be wrong and employment is a lagging indicator but after writing up a series of other reports today, I fear our "Doom & Gloom" position (EP has be labeled a bunch of Wendy whiner doom & gloomers) is going be validated. We'll see.
UI has one of the largest stimulus multipliers of all approaches. But more, it's like the U.S. workforce can go to hell by this administration and this Congress (and it's the GOP who doesn't want to pass corporate tax code modifications to stop handing multinational corporations big bucks to offshore outsource your job)....
But bottom line the overall message is the U.S. worker can go to hell. They refuse to implement a true BUY AMERICAN and HIRE AMERICA direct jobs program, "Stimulus" money poured overseas, they gave contracts to overseas companies employing workers in other countries.....they absolutely REFUSE to rescind offshore outsourcing Federal and State contracts, which represent millions of jobs...
It's all pure political favoritism B.S. I think we're going into recession again and a huge reason is their refusal to favor the U.S. worker, the U.S. middle class in policy. Note they aren't doing a damn thing about the China trade deficit and literally want to pass more bad trade deals!
What a surprise! I'm shocked! The fed bought something at full value that isn't worth the bits it was transferred on? Gee, poor Fed.
Wow, without the unemployment insurance, looks like out economy is headed straight from a recession to a depression. That's at least 3.3 million dollars (if each person collecting unemployment spends 1 dollar). Can we afford not to extend these benefits???
I need to go dig into Stimulus dollars, or find independent experts/economists, credible, who have analyzed. That said, the reason I posted this two metrics is I suspect this is where we're seeing Stimulus, i.e. the tax credit propping up home sales and prices, artificially, and public construction spending.
The entire residential strategy I find inane. Why they didn't simply let everyone in the country, possibly by some sort of regional calculator, take a principle reduction is beyond me. Home prices were clearly way over inflated and what does this really get long term? People are being foreclosed on, after these tax credits expire, home prices fall because they were artificially pushed up and people go underwater.
to really see the differences, i.e. pull in the XLS from both and chart them, but that said, every month I pour over the BLS statistics and clearly there is no real job creation! So, the fact that the ADP report sometimes can deviate from the BLS, and I do recall there being more deviation recently than in the past, bottom line is both say, there ain't job damn jobs.
From the chart you can see some of the deviation and also on their website is more charting capability, but that said, uh, do you see any damn jobs in there? Either one?
Tomorrow the BLS report will be out so I want to focus on putting the magnifier on that one as best I can.
But someone trying to claim that a 5% deviation or even 10% somehow means there are jobs around ....uh, not so from either report.
Whew, that sounds very familiar cause it's the exact same thing i've gone through, and then after 11 months of trial payments,(not by my choice) they tell me they want 15k in back payments by next month WTF on an already underwater home...lol they need to open that class action to other lenders also cause my loan is with citimortgage and they must have been planning all this together because it's identical situations, npv first they told me i made too much, then too little, then the value of property/loan and i called them out on all of it. then found on their website i think by mistake the numbers plugged in and i don't know where they got their figures but it was nothing near what i supplied them, so no wonders i was denied, but seems kinda convenient that happens and now if i do get approved i get 15k + attached to my loan. They're working it out to their benefit. And they wonder why people (good people) are walking, couldn't be because they were trying to be proactive, and lied to having been told that this would Not affect credit(considering i was supposedly put in for HARP just to refi)but now left with a burden that isn't worth the hassle. something needs to be done or there will be a bigger mess than they expect, and everyone will pay!
Entirely agree. However, this is only a fraction of the story. Nearly every article I read regarding this news when it broke, was virtually a 'lifted copy' from whomever wrote the original article. In other words, no other reporter picked this story up (as far as I know now) to delve further into the background and do some investigative reporting, as Woodward and Bernstein did on the Watergate break-in. Where are our bull-dog reporters who can smell a hidden story? Here is one instance of the reporting field missing (or just tamely believing - I cannot tell which it is) the press spin from Bank of America: "These incidents (referring to what the FTC investigated) were prior to Bank of America purchasing Countrywide in June 2008..." In other words, Bank of America gets let off the hook for a miserly $108 million fine because the intimation is that "this was Countrywide doing these things, and we did not won them then" - well, for those of us who know, Bank of America was the primary funding source and, I believe, largest investor in Countrywide for MUCH longer than just June 2008. In fact, they were so closely linked that they both shared the same back-office processes and guidelines...and if ANYONE out there believes for even one SECOND that Bank of America has, and still is, not engaging in the exact same activities as Countrywide, then they were either born yesterday or incredibly naive. I should know, because I am trapped in their same game, and this story alone would make a Hollywood movie. My words to the FTC: Why did you stop at Countrywide??? Why have you not investigated Bank of America for these identical activities?
Over at Bonddad, NDD writes the following:
“The ADP has had a horrible record predicting the Nonfarm Payrolls number of jobs for the last year and a half. Here's a list of how the ADP number (1st column) has compared with Nonfarm Payrolls non-government jobs number (2nd column) and the Household Employment Survey (3rd column) so far this year (all figures in thousands):
Jan. -22 +16 +541
Feb. -20 +62 +308
Mar. -23 +158 +264
Apr. +32 +218 +550
May +55 +41 -35
June +13 ? ?
That's nearly a 100,000 average difference between the ADP and BLS reports.”
I in turn wrote to him:
On another blog, there is “a chart taken from the ADP report showing the percentage of change of job creation each month” has a “sample correlation = 0.95” between ADP and BLS estimates.
Would you care to comment?”
RO,
Would you care to help clarify what seems to me to be a contradiction or should we just chalk it up to “Lies, Damn Lies and Statistics?
Remember how Iceland said screw you we're not paying for the Banksters? Some macro economic stats are out and Paul Krugman overviews them. You have to see this, I guess it really helps to live in a Democracy.
The watered down bill that won't stop TBTF or another collapse was passed in the House.
You keep mentioning the BEA but international transactions are private, as far as I am aware the Fed holdings are not reported here.
A credit default swap is a very specific vehicle and would be labeled as such. a loss on derivatives or assets does not imply there is a CDS associated with it. You can have a CDO or a MBS lose value all on it's own. A CDS is a separate "investment" vehicle, while it's associated with an underlying asset class it is not or does not represent a loss on that asset class.
Just because there is a derivative does not mean there is a CDS purchased on that derivative. Also, because the Fed bought these I do not believe they in turn allowed more derivatives on them, because they are held by the Fed, they are not out into the private sector. (although these days any insanity is possible). But bottom line if they held CDSes they would be listed as such.
Ex. GS bought CDSes on a CDO from AIG. CDO tanks in value and defaults. CDS implies a contract which because the underlying asset defaulted (the CDO), AIG must pay up on the CDS. It's like insurance but insurance is not the thing insured, it's separate.
Pages