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    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

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    Edited to add: 6 of 10 are banks. Insolvent banks (AIG isn't a bank, but bailed out just the same).
    Last edited by screwball; 12-03-2012 at 09:04 PM.
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    Quote Originally Posted by screwball View Post
    Some people actually try to trade this. Companies who pay large dividends are the prime target.

    You find the ex-dividend date (which is the day you must own the stock to get the payment)and buy a day or so before, then after that day you dump the stock, but you still get the money because you owned it on that day. The dividend is then paid on a later date.

    In the case of Oracle, rather you try to play that game or not, pays .06 cents per share. Not much really, considering companies like XOM (.57 cents) or LMT (1.15 cents) for example, are a much better return.

    Doing the math, for every 100 shares of ORCL you get $6 bucks, compared to XOM ($57.00) or LMT ($115.00) for example. Depending on the stock move that day, this trade can make you a little, or lose you a little. If you happen to catch it on the wrong day, the downward move will wipe out your dividend profit and then some.

    At the end of the day, it's all about the math/profit and how many shares you own. Some people own boatloads of the stock and they use the dividend as part of their income, others, not so much. Depends on the situation.

    In this case (thinking the tax debate may play into this) does anyone think a company is doing this so someone can get the quarterly dividend payments early and then dump the stock?

    Watch the tape and see what happens. Should be interesting. I'm not sure why they are doing this. The stock has been a dog since mid 2011. That might tell us something.
    I know someone who used to do that. But he said the margins were thin becuase sometimes you get the price drop after ex-div for the dividend, and you can get stuck upside down in a stock for a period of time before it recovers.

    The big thing here is that these companies suddenly act like a non-dividend paying stock in 2013, and one must wonder if dividend chasers and/or income funds will be scared away from these holdings for the better part of 2013 because of it. Some funds may also have dividend requirements, and this suddenly becomes a bit gray in that regard.
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    Quote Originally Posted by ballmich View Post
    I know someone who used to do that. But he said the margins were thin becuase sometimes you get the price drop after ex-div for the dividend, and you can get stuck upside down in a stock for a period of time before it recovers.

    The big thing here is that these companies suddenly act like a non-dividend paying stock in 2013, and one must wonder if dividend chasers and/or income funds will be scared away from these holdings for the better part of 2013 because of it. Some funds may also have dividend requirements, and this suddenly becomes a bit gray in that regard.
    I did it a few times, but not many. Usually when I was bored. Sometimes it worked out ok, other times not. A buddy of mine did it all the time, but he was playing with much much more than I was. Finally he got his *** handed to him and he quit. I don't think he did his DD well enough. I did it when I thought the technicals were in my favor to begin with. He was just looking at the dates and rates. Opps. People have been doing this for a long time. I'm not convinced it's really a good strategy for consistent profits.

    To your second paragraph, I agree. It will be interesting what happens going forward. I wouldn't own ORCL to begin with, and the .06 per share is squat as far as I'm concerned, but others may think different. Hard to tell what the funds will do but; after looking at the population of ugly pooches I've seen in peoples funds, they may not do anything.

    Anyone who has a retirement account and gets a monthly statement should look up what they hold, and what's in the fund. It might really really surprise you.
    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

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    Sheila Bair on Capital Account.

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    I didn't want screw to miss this ZH post:

    In a Bloomberg story titled, appropriately enough "Treasury Scarcity to Grow as Fed Buys 90% of New Bonds" we read that "the Fed, in its efforts to boost growth, will add about $45 billion of Treasuries a month to the $40 billion in mortgage debt it’s purchasing, effectively absorbing about 90 percent of net new dollar-denominated fixed-income assets, according to JPMorgan Chase & Co." Actually that's incorrect and it is more like 100%. What is however 100% correct is what the bolded means in plain language: it is now accepted that the Fed will outright monetize all gross US issuance. Let us repeat this sentence for those who just had flashbacks to Adam Fergusson's "When money dies." The Fed is now monetizing practically all net new debt.
    And of course this is why they effectively, can never unwind the Fed's Balance Sheet....

    Why is this important? Simple: when the time comes for the Fed to unwind its balance sheet, if ever, the reverse Flow process will be responsible for deducting at least 24% of US GDP at the time when said tightening happens. If ever.
    Time For Bernanke To Retract His Sworn Testimony To Congress | ZeroHedge
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    This is nuts. I would not want to be the guy who crossed the Ukraine.... That's an almost certain death mark. Whatever he got paid to do this, he should spend quickly.

    How A Spanish Scam Artist Punk'd The Ukraine For $1.1 Billion | ZeroHedge
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    And Deutche Bank with an interesting take, quite contrary to most other firms.

    At current PMI/ISM levels, US, Italian, German and French equity markets range between 15% and 35% overvalued using this very simplistic model. Put the other way round we are pricing in PMIs/ISM around the mid-50s level instead of the 49.5 (US), Italy (45.1), 46.8 (Germany) and 44.5 (France) we saw yesterday. Interestingly Spain's equity market is only 4% away from the -10% YoY that it's 45.3 PMI suggests it should be.
    Deutsche Bank: A 15%-35% "Hope" Premium Is Now Priced In | ZeroHedge
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    Quote Originally Posted by ballmich View Post
    I didn't want screw to miss this ZH post:



    And of course this is why they effectively, can never unwind the Fed's Balance Sheet....



    Time For Bernanke To Retract His Sworn Testimony To Congress | ZeroHedge


    There you have it Ladies and Gentlemen, lying under oath. Where's the cops? Throw this guy in the clink.
    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

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    Quote Originally Posted by Deleterious View Post
    Sheila Bair on Capital Account.

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    I listened to this this morning as I worked. Good interview. Too bad we have to depend of the Russian Times for the truth, and Ms. Lister (spelling?) is very good if you watch her at all. Sure beats the pump monkey clown show on CNBC.

    But to be fair, Bair is pimping a book. A little too late Sheila.

    But I will read her book, as much as I don't want to give her money. It's 3rd on my list.
    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

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    https://twitter.com/ReformedBroker/s...35497460105216

    Zynga announces virtual special dividend. $ZNGA
    lol

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    Quote Originally Posted by screwball View Post
    There you have it Ladies and Gentlemen, lying under oath. Where's the cops? Throw this guy in the clink.
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    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

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    Banks book record profits off Fannie and Freddie - The Term Sheet: Fortune's deals blog Term Sheet

    The notion that banks are making record profits off mortgages at a time when borrowers are paying record low rates for new loans may seem odd. The reason has to do with the fact that banks rarely hang onto their mortgages. Instead, they sell off the majority of those loans shortly after closing them, these days to Fannie and Freddie.

    Typically, banks make a small profit, around 0.3% of the loan value on those mortgage sales. But recently, the spread between what banks charge for home loans and what they can sell them for with the assistance of Fannie and Freddie has risen to about 1.8 percentage points. Paul Miller, a bank analyst at FBR Capital Markets, says the profit margins for the banks are even larger when they do government-sponsored mortgage modifications.

    "A lot of people got out of the business," says Miller. "The mortgage market is simply out of balance."

    Regulators have recently been looking into why mortgage rates, spurred on by record low interest rates, haven't fallen more. (Mortgage rates have fallen to a recent 3.4%. But that's still much higher than Fannie and Freddie funding rates, and the 10-year Treasury bond at a recent 1.6%.) On Monday, the Federal Reserve Bank of New York held an all day conference on the topic. According to attendees, the reasons discussed included a lack of competition in the mortgage market, and the fact that banks are still dealing with a high number of foreclosures. Many expect the spread between government bonds and mortgage rates to narrow in the next year. That's made some question just how long the current bank profit rebound can continue.

    "Banks are keeping mortgage rates up, so when they sell those loans to Fannie and Freddie they can make much more profit," says Bert Ely, a bank consultant. "The problem is it's not clear how sustainable those profits are."

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    Good Kingworldnews piece. Kind of a weird format, in having Art Cashin comment on an interview of Rich Yarmone... but what Yarmone has to say is not good....

    The fiscal cliff actually doesn't seem to be all that problematic. What is problematic is just that the economy is slowing and people are not coming to stores. The small retailers are saying customers are not coming into the stores. They don't have good traffic and they're losing a lot of sales to the internet.

    The other thing that is actually quite disturbing is that – if I go give a speech to 400 or 500 people in a specific city, for instance a Chamber event, and it's a doom and gloom speech because I am a very big bear on the economy now – this is what has been happening: Some people will always come up and say, "Hey, you know, I agreed with this, I disagreed with that." But lately they've been adding, "But you're 100% right, this economy is much weaker than anybody in the press is letting you know or leading you to believe." And out of an audience of 400, I have recently been getting 25 to 40 people coming up to me after the event saying things like, "I didn't raise my hand because we're at an event where my competitors are sitting across the table from me and I didn't want to advertise this, but I'm folding my business after Christmas. My name is on top of the 100-year-old, four generation family business, or a 75-year-old, third-generation business, and I have to shut the doors. But I don't want to do it before Christmas because then I have to answer all these questions and I'm going to be an embarrassment to my family." That's a very powerful statement.
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    David Rosenberg: Why I am bullish on Canada | Productive Conversations | Financial Post

    After all, while the U.S. economy is being propelled by housing — which does not exactly enhance the country’s productive capital stock — the Canadian expansion is no longer dependent on real estate, but now hinges more deeply on business capital spending. That is a huge qualitative difference.

    Canadian business spending today relative to GDP is running a full percentage above the long-run norm. In the U.S., it is actually now comprising a share of the economy that is about one percentage point lower than historical experience.

    So yes, it’s nice to have mass consumerism and a housing recovery, but it is business spending that builds the private-sector capital stock, that in turn generates the two things an economy needs for sustainable growth without the heavy hand of government assistance: Job creation and productivity. Relative GDP growth rates take you only so far.

    The configuration of that growth is more essential: Is it led by productivity-enhancing business spending that will perpetuate future growth, or is it conspicuous consumption and real estate, which actually have no meaningful productivity benefits and little in the way of implications for building the productive private sector capital stock?

    More at the link

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    Since I always laugh at it, I figured I should mention Facebook has had a nice bump the last month or so. Up to 27.60 from a low of 17.55.

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    How Fed Policy Distorts Home Prices | Iacono Research

    I’ve about had it with how giddy a large portion of the U.S. population has become about rising home prices.

    Don’t get me wrong, when first thinking about this, I was about as happy as anyone else to learn that property values are now rising sharply again since, after renting for six years, my wife and I finally bought a house about two years ago. So, we stand to benefit as much as anyone else.

    But, when you look at what’s driving home prices higher and how unnatural and unsustainable those factors are, suddenly the headlines sound more ominous than optimistic.

    More at the link, with pretty charts.
    Inflate away.

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    I suppose the $35 or 40 billion they get every month from Uncle Benny doesn't hurt either.

    C announced today they are laying off 11,000 I think it was. Branches to close are part of it. Stock up over 6 percent. The Saudi Prince's are happy no doubt, the workers, not so much.
    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

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    Quote Originally Posted by Deleterious View Post
    From the article:

    This is starting to sound a lot like those 2005-era stories of people with $50,000 incomes buying $500,000 houses. How you end up there is much different (liar loans and interest-only loans versus super-low mortgage rates), but the underlying instability that this sort of financing creates is not all that different.
    Benny wants another bubble. I hope these people are locking in the interest rate. This probably won't end well either.

    It's all about the Ponzi.
    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

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    3% rates are great- good luck getting one though!
    Soon as you say "rental property" those numbers change real quick.
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    I got one! Started paying it off Nov. 1. 15 year refinance.
    Two words: Costa Rica.

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    Quote Originally Posted by rhino View Post
    3% rates are great- good luck getting one though!
    Soon as you say "rental property" those numbers change real quick.
    Not only are rates higher on rentals, but I believe rental properties also typically max out at 10 years (amortized on a 30 year schedule). That's my understanding from my colleague who doubles a slum lord. Actually I think his properties are all in decent locations.
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    With the plunge in the birth rate in the US to record lows, I am starting to see a lot of bemoaning the fact there will be less slaves to pay into the ponzi. This is long term bad news for a system that only stays afloat when there are alot more people paying into the system than those who are drawing from it.
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    Quote Originally Posted by Greenwit View Post
    I got one! Started paying it off Nov. 1. 15 year refinance.
    You got 3% on a rental property?

    PM me the name of the bank you were working with!
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    Quote Originally Posted by rhino View Post
    You got 3% on a rental property?

    PM me the name of the bank you were working with!
    Oh sorry. ..... That's my home. :)
    Two words: Costa Rica.

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    PRAGMATIC CAPITALISM – Eliminating the Debt Ceiling Wouldn’t Cause Interest Rates to Surge
    I just read this at Euro Pacific Capital, Peter Schiff’s company. He says we should eliminate the debt ceiling so our creditors can cut us off:

    “Such a development may be the shock therapy our creditors need to finally cut us off for good. If that occurs, interest rates in the United States could finally rise to more rational levels. A significant increase in the cost of borrowing will create the mother of all fiscal cliffs. It’s too bad that Tim Geithner can’t see that one coming.”

    This is not correct. Schiff misunderstands the design of our monetary system. Our monetary system is designed in such a manner that the government harnesses the banks as funding agents. Since Primary Dealers are required to bid at Treasury auctions there is no concern over Dealers showing up to place bids and make “reasonable markets” in US government bonds. The NY Fed mandates this and ensures that they get kicked out of the club if they don’t comply.

    And interest rates on government bonds are a function of Fed policy (which is a function of economic expectations), not what these banks are willing to pay for the bonds (again, they must make reasonable markets in government bonds as mandated by the Fed). So, long rates are a function of short rates which are a function of the Fed’s future economic expectations. If inflation worries were really high the Fed would raise short rates and long rates would surge (long bonds would tank as the traders would likely anticipate the change in policy). The Fed chases economic performance (yes, at times making bad predictions) and the banks front-run the Fed. That’s how fixed income traders work. Obviously, Schiff doesn’t understand the trading dynamics at work here nor does he understand the monetary dynamics.

    It’s that simple. There will be no comeuppance in yields if the government eliminated the debt ceiling and the Fed kept rates at zero due to low inflation fears. Just like the market wasn’t worried about QE2 ending (and all the persistent fear mongering about rates surging) or the S&P downgrade or the debt ceiling debates last year. Yields remained low through all of these supposedly disastrous events. We’ve literally heard this same prediction based on the same false understanding time and time again.

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    Ok, I'll play. This is starting to get fun.

    It might be an exercise in futility, but I'm willing to do so, just for you SP. Do you want me to take that line by line and destroy the BS this guy is pushing? I read both articles for the record.

    I know going in it won't make one spit of a difference to you, or the people who are locked into the narrative he is defending/pushing. Just because it's Shiff (who I already said I wasn't a fan of (until he goes on the clown show known as CNBC and makes them squirm)) but in this case, he makes much more sense than the guy writing the article (which, as I understand it, is the guru on MMT).

    It might take a book, or if I'm lucky because I'm pretty long winded, a paragraph or 10, but I'm willing to do so. I can really sum it up in a sentence if I had to, but the reality is this;

    If you paid off all the debt, there wouldn't be any money.
    Understand that, it becomes really simple.

    Your call.
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    We must send the right message to our creditors by eliminating the debt ceiling altogether.

    In a press conference this week, Obama Administration Press Secretary Jay Carney claimed that by raising the ceiling, U.S. creditors will know that our government will meet its obligations. That is taking Orwellian doublethink to new heights of absurdity.

    (Notice the colored font)
    Do we really have to talk about this again?

    Didn't we just talk about on
    August 2, 2011 when it was raised $2.1 trillion
    February 12th 2010 when it was raised $1.9 trillion
    December 28th 2009 when it was raised $290 billion
    February 17th 2009 when it was raised $789 billion
    October 3 2008 when it was raised $700 billion
    July 30th 2008 when it was raised $800 billion

    What's the point of reminding everyone every year that we can't pay our debts and we need to borrow more money to pay off the borrowed money that we used to pay off the interest on a debt from 15 years ago?

    I mean, really people, isn't American Idol on or something? Isn't Lindsey Lohan drunk again somewhere in the world?

    This debt thing isn't important. Just numbers on a screen.


    As for Mr. Schiff's inaccuracies, my guess would be since he was talking about foreign creditors throughout his article becoming leary of our ever increasing debt limits, he would be talking about interest rates on our foreign bond prices, not our domestic borrowing rates

    No more sending Hillary over in a low cut top and a mini skirt coming home with suitcases full of money. (See, that's meant to be funny, if not slightly disturbing, because Hillary in a mini skirt and heels is not going to entice anyone to give up their dough. Foreign governments accept our paper because we are perceived as a safe credit risk.)

    But if we continue down this path of exponentially increasing debts at some point foreign governments will stop wanting our paper and when they do, we will have to entice them with higher interest rate promises.
    "If he could have, Guillen would've tried to steal Weaver's girl, scratched Weaver's car, stolen Weaver's lunch and if he had access to a metal folding chair he probably would have tried to hit Weaver with it." -Joe Posnanski

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    In truth though, that wasn't one of Peter's best columns.
    "If he could have, Guillen would've tried to steal Weaver's girl, scratched Weaver's car, stolen Weaver's lunch and if he had access to a metal folding chair he probably would have tried to hit Weaver with it." -Joe Posnanski

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    Quote Originally Posted by rhino View Post
    We must send the right message to our creditors by eliminating the debt ceiling altogether.




    (Notice the colored font)
    Do we really have to talk about this again?

    Didn't we just talk about on
    August 2, 2011 when it was raised $2.1 trillion
    February 12th 2010 when it was raised $1.9 trillion
    December 28th 2009 when it was raised $290 billion
    February 17th 2009 when it was raised $789 billion
    October 3 2008 when it was raised $700 billion
    July 30th 2008 when it was raised $800 billion

    What's the point of reminding everyone every year that we can't pay our debts and we need to borrow more money to pay off the borrowed money that we used to pay off the interest on a debt from 15 years ago?

    I mean, really people, isn't American Idol on or something? Isn't Lindsey Lohan drunk again somewhere in the world?

    This debt thing isn't important. Just numbers on a screen.


    As for Mr. Schiff's inaccuracies, my guess would be since he was talking about foreign creditors throughout his article becoming leary of our ever increasing debt limits, he would be talking about interest rates on our foreign bond prices, not our domestic borrowing rates

    No more sending Hillary over in a low cut top and a mini skirt coming home with suitcases full of money. (See, that's meant to be funny, if not slightly disturbing, because Hillary in a mini skirt and heels is not going to entice anyone to give up their dough. Foreign governments accept our paper because we are perceived as a safe credit risk.)

    But if we continue down this path of exponentially increasing debts at some point foreign governments will stop wanting our paper and when they do, we will have to entice them with higher interest rate promises.
    A quick search will tell you it the debt ceiling has been raised 102 times since 1917. 78 times since 1960.

    They have to, and they will. Our monetary system is a giant Ponzi scheme. It's built on debt = money.
    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

  32. #2432
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    Now of course, under the pretense of fiscal responsibility, the President wants to do the most fiscally irresponsible thing imaginable — eliminate the ceiling entirely. He hopes that doing so will send a clear and unequivocal message that America will never default on its debts. However, the message may not resonate the way the President hopes. What our creditors may actually hear is that nothing will stand in the way of America’s accumulation of more debt. Such a development may be the shock therapy our creditors need to finally cut us off for good. If that occurs, interest rates in the United States could finally rise to more rational levels. A significant increase in the cost of borrowing will create the mother of all fiscal cliffs. It’s too bad that Tim Geithner can’t see that one coming.
    Edited to add link; Doing Away with Debt Ceiling Drama

    This is where Shiff goes off the rails. Where is this significant increase in the cost of borrowing going to come from when the Fed is buying all the bonds, which in turn keeps their interest rates low? The rates are being manipulated by the Fed, and have been for quite some time. This is not how a market should work.

    If the market was left to act as it should, where the cost of debt was accurately priced, our yields would look similar to the PIIGS in the EU. Uncle Benny won't let that happen (which I suppose some would say is a good thing).

    Shiff also fails to mention both parties are guilty of this, and the GOP have actually raised it more times than the democrats since 1940. I didn't verify that, but you can find the info here historical tables - see "Statutory Limits on Federal debt 1940 - Current"which is an excel spreadsheet. But that's really not relevant except for the fact Shiff is only telling part of the story. Which is why I consider him just another money manager talking his book.

    Even with that, he's only derailed his train. The MMT guru crashed long before.
    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

  33. #2433
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    Schiff really isn't clear. I agree that last bit doesn't make sense. It's certainly possible he made a mistake, but, IMO, rather unlikely that he doesn't understand how the system works as the other guy claims.

    Maybe Schiff will respond on his website to this. I'll check in at Euro Pacific now and then and see if he does.
    "If he could have, Guillen would've tried to steal Weaver's girl, scratched Weaver's car, stolen Weaver's lunch and if he had access to a metal folding chair he probably would have tried to hit Weaver with it." -Joe Posnanski

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  34. #2434
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    Real Estate: Is the Bottom In, or Is This a Head-Fake? | Peak Prosperity

    The mortgage industry has escaped any consequences of “robo-signing” mortgage fraud
    If the rule of law existed in more than name, this is what should have happened:

    1. MERS, the mortgage industry's placeholder of fictitious mortgage notes, would have been summarily shut down.
    2. All mortgages and derivatives based on mortgages would have been marked-to-market.
    3. All losses would be booked immediately, and any institution that was deemed insolvent would have been shuttered and its assets auctioned off in an orderly fashion.
    4. Regardless of the cost to owners of mortgages, every deed, lien, and note would be painstakingly reconstructed on every mortgage in the U.S., and the deed and note properly filed in each county as per U.S. law.

    That none of this has happened is proof that the rule of law is “optional” for financial institutions in America.

    The $25 billion mortgage fraud settlement turned a blind eye to the fraud, and now the banks are applying losses they have already booked to the $25 billion, mooting the supposed “benefit” of the settlement to consumers.

    The Federal Reserve’s purchase of mortgages – over $1.1 trillion in 2009-10 and now another $40 billion a month – is essentially a money-laundering operation in which the Fed exchanges cash for dodgy mortgages.
    Entire article is worth a read.

  35. #2435
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    Quote Originally Posted by Deleterious View Post
    Good stuff. Biggest scam in history, and nobody went to jail. Amazing. Laws are only for us serfs.

    There are countless articles on the web about the crap that went on, but not many in the MSM. You tell people about this stuff and what it means (the title, note, legal stuff) and they think your nuts. They don't want to believe the entire system is that corrupt, crooked, and opaque. So many in denial, and so many who won't/don't believe it. I even started questioning myself.

    Around the holidays when the family visits, between the eating, drinking and fun, I asked one of them about some of this stuff - to compare notes you might say. She has worked on the foreclosure/housing mess (call it what you want) industry for the last 3 years or so. First as a researcher (for lack of a better word), then a lawyer. This is real, crimes were committed, and not just a few. It was widespread fraud, plain and simple.

    They paid some fines, but basically got away with it. What's that say going forward?

    We live in a Banana Republic and nobody or no party in DC is exempt, nor any of the agencies who should have prevented all this.

    My blood is starting to boil so I better quit. Still riled up over the credit card thing (but that's for the most part settled - and I have a direct hotline to a VP should it happen again).

    Funny too, I looked at a building last night. The guy selling it is one of the biggest shyster attorney's in town. He was 5 minutes late. He started to apologize. He said he got stuck with some things that were screwed up at the bank. The bank? Tell me it ain't so. That's all it took. I went on a rant. He must think I'm nuts.

    I guess I am.
    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

  36. #2436
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    That is fantastic you looked at the building, I hope it went well. Keep us updated if you don't mind.

  37. #2437
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    The Daily Bell - I Told You So! Of Course Washington will Steal Your Retirement Benefits

    Long, and maybe a bit tin foil hat worthy. But worth the read I think.

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    Sure will. I'm interested. The price he gave me originally was too high, but the price he gave me yesterday was much different. I am going to go back with my contractor buddy in the near future so he can look at it as well. The structure is what I'm interested in, not so much what's in it. It was a business in the bottom, and apartment(s) in the top.

    Funny though, when I talked to the guy the first time, he told me he couldn't buy it because it's part of an estate settlement and he is the POA (for lack of a better word). He said he would love to buy it because he "could make a lot of money." Ha! From a slumlord shyster lawyer.

    I said "you want me to buy it and then sell it back to you?" He didn't quite know what to say, but then said "Oh, I can't do that." Why not, I don't have a problem with it? He said "well, that would be a scam" or something like that. It was all I could do to not laugh. This coming from one of the crookedest lawyers in town.

    Too funny.
    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

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    Clearly he has read more into Schiff's comments than what was actually stated.

    But he is also wrong in his rebuttal as far as how the bond market actually works. I'm not going to get into the specifics, it would take too long, but this entire write-up at Prag Cap was a complete waste. Their stuff is usually better, even when I don't agree with it.
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  40. #2440
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    Quote Originally Posted by Deleterious View Post
    The Daily Bell - I Told You So! Of Course Washington will Steal Your Retirement Benefits

    Long, and maybe a bit tin foil hat worthy. But worth the read I think.
    Yesterday's conspiracy theories can turn into tomorrows news.
    The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it - John Kenneth Galbraith

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