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I have already seen some discussion of this idea, or the related idea of short-swapping (scheme where two home"owners" with similar homes in a subdivision mutually agree to buy each others' homes for a fraction of what they owe on their mortgages by getting their lenders to accept short sales--without disclosing some things, of course). Generally speaking, these schemes all have an element of fraud in them, and one can only hope that one day people will be angry enough over the consequences of such behavior and start investigating/prosecuting it.
I'm a little surprised that there aren't already reward programs to identify these sorts of offenders to lenders and law enforcement. Cockroaches don't like having light shined on them, and all it takes is a little conspicuous enforcement action to cut this sort of crap way back.
"The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks. "
Full article here (broken link)
Apparently Morgan Stanley's European Desk analysts see things similarly:
Morgan Stanley Warns (broken link)
I saw a minor bump-up in home purchase activity in one segment of the COS market that I have been watching in May...it's back pretty close to flat-line again now.
Propane in the rural COS exurbs is $2.54 a gallon now, and expected to be over $3/gallon this winter, as it was last winter. Gasoline prices are expected to remain around the $4/gal mark for an extended period, higher if the sheet heets the fan in Iran or a hurricane schwacks the Gulf Coast.
Lots of risk piling up out there. Risk on top of risk, in fact.
A few days ago, some friends in London told me house prices had already dropped 25% in their neighborhood. That could put a little dent in CO's tourism industry.....
More fuel for the fire...Colorado's largest electric utility is now asking for a whopping 38% raise in electric rates for the coming quarter. The stated cause: skyrocketing natural gas prices. Say it ain't so!!
38 percent increase in electric bill sought (broken link)
The article also notes that in a separate action, Excel is looking to raise July natural gas prices in Colorado to rates that are around 37% higher YOY.
The forces now at work in this economy are doing damage on an unprecedented scale. It's not just theory...the fact that the damage isn't there for all to see right this instant doesn't make it any less real. As the damage accumulates, and the greedy pigmen in banks and corporate boardrooms around the world reach the point where they can no longer hide what they've done, the sad reality will become apparent.
On a happier note, two pigmen from the former Bear Stearns got perp-walked from their swanky homes by the FBI this morning. Maybe they're the lucky ones...before this is all over some of their peers might instead be greeted at the door by people carrying pitchforks and a noose...
Last edited by Bob from down south; 06-19-2008 at 08:03 AM..
Most of our citizenry exhibit signs of cognitive dissidence, and simply can't handle too much reality. As for those Bears Stearns shysters-Karma Karma, baby!
Most of our citizenry exhibit signs of cognitive dissidence, and simply can't handle too much reality. As for those Bears Stearns shysters-Karma Karma, baby!
I think it's "cognitive dissonance," ... but I think some "dissidence" might be coming soon after!!
More fuel for the fire...Colorado's largest electric utility is now asking for a whopping 38% raise in electric rates for the coming quarter. The stated cause: skyrocketing natural gas prices. Say it ain't so!!
38 percent increase in electric bill sought (http://http://www.rockymountainnews.com/news/2008/jun/17/38-percent-increase-electric-bill-sought/ - broken link)
The article also notes that in a separate action, Excel is looking to raise July natural gas prices in Colorado to rates that are around 37% higher YOY.
The forces now at work in this economy are doing damage on an unprecedented scale. It's not just theory...the fact that the damage isn't there for all to see right this instant doesn't make it any less real. As the damage accumulates, and the greedy pigmen in banks and corporate boardrooms around the world reach the point where they can no longer hide what they've done, the sad reality will become apparent.
On a happier note, two pigmen from the former Bear Stearns got perp-walked from their swanky homes by the FBI this morning. Maybe they're the lucky ones...before this is all over some of their peers might instead be greeted at the door by people carrying pitchforks and a noose...
I've been following this thread for some time with interest, and I just had to interject here with a link to the story which you've alluded to:
Here's the text of the federal indictment against two former Bear Stearns fund managers. This is what Wall Street seems to consider normal behavior with your money.
Bear Stearns Indictment (broken link)
These were fund managers working for the fifth largest investment bank in the US. That begs some questions: who can you really trust your money to? And are you next?
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