60 Minutes: House of Cards

[Borat]

FLU, didn’t defense spending decline a lot under Bush I? I was working in defense around that time and I remember tons of layoffs in the 1990-1991 timeframe. Remember “Falling Down”? That came out in early 93 so the script had probably been written in 90-91, and it’s all about a laid off defense worker in LA. So I’m not sure it had anything to do with democrats being in power because we had a democrat congress under Reagan as well as Bush, right? And there was tons of spending in the 80s. We didn’t get a Republican congress until 94. I guess my only point is that defense spending doesn’t seem to correlate with party as much as is often thought. Both parties like to send pork home to their constituents and defense projects are always popular. So I don’t see it ending even if Hillary gets elected. She votes for all the wars and stuff just like everybody else. If anything she might be like Margaret Thatcher and try to be even tougher because she’s afraid of being seen as weak. The only way I see it ending is when the Chinese quit picking up the tab. Just thinking out loud…

[SHILOH]

This reinforces what I have thought about rating agencies..
and the supposed securities analysts…the new breed of them through the 90s to now…are not to be believed.
AAA BONDS now 50 cents on the dollar.

Thanks for that superb rating analysis!

And the homeowners….It was “fine” as a long as the value is going up..up..up..
Says a woman who says “why pay a $3200 mortgage payment on a 1200 SF house? IN STOCKTON?? She didn’t figure that out before?

These buyers were stupid to begin with…but now they are parroting the line….I didn’t know, realize…etc..they wised up real fast on how to pass the buck. But it does appear in Stockton…it’s epidemic.

Now they’re spinning it “Free Money”…uh…free means you don’t pay it back. A contract for repayment does not mean “free.”

Who knows…maybe the guv was paying people to buy homes.

[SHILOH]

This reinforces what I have thought about rating agencies..
and the supposed securities analysts…the new breed of them through the 90s to now…are not to be believed.
AAA BONDS now 50 cents on the dollar.

Thanks for that superb rating analysis!

And the homeowners….It was “fine” as a long as the value is going up..up..up..
Says a woman who says “why pay a $3200 mortgage payment on a 1200 SF house? IN STOCKTON?? She didn’t figure that out before?

These buyers were stupid to begin with…but now they are parroting the line….I didn’t know, realize…etc..they wised up real fast on how to pass the buck. But it does appear in Stockton…it’s epidemic.

Now they’re spinning it “Free Money”…uh…free means you don’t pay it back. A contract for repayment does not mean “free.”

Who knows…maybe the guv was paying people to buy homes.

[SHILOH]

This reinforces what I have thought about rating agencies..
and the supposed securities analysts…the new breed of them through the 90s to now…are not to be believed.
AAA BONDS now 50 cents on the dollar.

Thanks for that superb rating analysis!

And the homeowners….It was “fine” as a long as the value is going up..up..up..
Says a woman who says “why pay a $3200 mortgage payment on a 1200 SF house? IN STOCKTON?? She didn’t figure that out before?

These buyers were stupid to begin with…but now they are parroting the line….I didn’t know, realize…etc..they wised up real fast on how to pass the buck. But it does appear in Stockton…it’s epidemic.

Now they’re spinning it “Free Money”…uh…free means you don’t pay it back. A contract for repayment does not mean “free.”

Who knows…maybe the guv was paying people to buy homes.

[SHILOH]

This reinforces what I have thought about rating agencies..
and the supposed securities analysts…the new breed of them through the 90s to now…are not to be believed.
AAA BONDS now 50 cents on the dollar.

Thanks for that superb rating analysis!

And the homeowners….It was “fine” as a long as the value is going up..up..up..
Says a woman who says “why pay a $3200 mortgage payment on a 1200 SF house? IN STOCKTON?? She didn’t figure that out before?

These buyers were stupid to begin with…but now they are parroting the line….I didn’t know, realize…etc..they wised up real fast on how to pass the buck. But it does appear in Stockton…it’s epidemic.

Now they’re spinning it “Free Money”…uh…free means you don’t pay it back. A contract for repayment does not mean “free.”

Who knows…maybe the guv was paying people to buy homes.

[SHILOH]

This reinforces what I have thought about rating agencies..
and the supposed securities analysts…the new breed of them through the 90s to now…are not to be believed.
AAA BONDS now 50 cents on the dollar.

Thanks for that superb rating analysis!

And the homeowners….It was “fine” as a long as the value is going up..up..up..
Says a woman who says “why pay a $3200 mortgage payment on a 1200 SF house? IN STOCKTON?? She didn’t figure that out before?

These buyers were stupid to begin with…but now they are parroting the line….I didn’t know, realize…etc..they wised up real fast on how to pass the buck. But it does appear in Stockton…it’s epidemic.

Now they’re spinning it “Free Money”…uh…free means you don’t pay it back. A contract for repayment does not mean “free.”

Who knows…maybe the guv was paying people to buy homes.

[kewp]

Thanks for that superb rating analysis!

A friend of mine that work in the financial services industry in NYC says this wasn’t much of a surprise to him as ratings work is about as low on the totem pole as you can get career-wise.

[kewp]

Thanks for that superb rating analysis!

A friend of mine that work in the financial services industry in NYC says this wasn’t much of a surprise to him as ratings work is about as low on the totem pole as you can get career-wise.

[kewp]

Thanks for that superb rating analysis!

A friend of mine that work in the financial services industry in NYC says this wasn’t much of a surprise to him as ratings work is about as low on the totem pole as you can get career-wise.

[kewp]

Thanks for that superb rating analysis!

A friend of mine that work in the financial services industry in NYC says this wasn’t much of a surprise to him as ratings work is about as low on the totem pole as you can get career-wise.

[kewp]

Thanks for that superb rating analysis!

A friend of mine that work in the financial services industry in NYC says this wasn’t much of a surprise to him as ratings work is about as low on the totem pole as you can get career-wise.

[barnaby33]

In 2005 and 2006 San Diegans bought around 100,000 houses and condos. 25-30% of those had no equity in their houses to begin with (zero down). Every single one of these is distressed and non-recourse.

Actually only a first mortgage is non-recourse in Ca. Refinances, seconds and HELOCs are recourse. HELOCs are callable too.

Josh

[barnaby33]

In 2005 and 2006 San Diegans bought around 100,000 houses and condos. 25-30% of those had no equity in their houses to begin with (zero down). Every single one of these is distressed and non-recourse.

Actually only a first mortgage is non-recourse in Ca. Refinances, seconds and HELOCs are recourse. HELOCs are callable too.

Josh

[barnaby33]

In 2005 and 2006 San Diegans bought around 100,000 houses and condos. 25-30% of those had no equity in their houses to begin with (zero down). Every single one of these is distressed and non-recourse.

Actually only a first mortgage is non-recourse in Ca. Refinances, seconds and HELOCs are recourse. HELOCs are callable too.

Josh

[barnaby33]

In 2005 and 2006 San Diegans bought around 100,000 houses and condos. 25-30% of those had no equity in their houses to begin with (zero down). Every single one of these is distressed and non-recourse.

Actually only a first mortgage is non-recourse in Ca. Refinances, seconds and HELOCs are recourse. HELOCs are callable too.

Josh

[Author]

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