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Rt.66
ParticipantSpeculation derived from actual data:
DataQuick reports 9,866 NODs fro San Diego in 2Q 2009 and 3518 Trustees Deeds Recorded (signal homes were lost to foreclosure) for San Diego 2Q 2009 for a total of 13384.
Forclosures are continuing at a rapid pace and many are not being sold but rather are being added to the backlog. So for this 3 month period we have 13384; we add in the large shadow inventory of REOs left over from previous quarters still sitting on bank books, plus we can add 3rd quarter 2009 foreclosures and NODs so far.
Then we need to subtract the portion of REOs that actually get sold and short sales that actually go through. Even assuming the inventory did not GROW (which I bet it did) can we assume from this DATA that RT and RealQuests current numbers of 13267 and 10297 respectively are not by any description, outrageous.
ParticipantSpeculation derived from actual data:
DataQuick reports 9,866 NODs fro San Diego in 2Q 2009 and 3518 Trustees Deeds Recorded (signal homes were lost to foreclosure) for San Diego 2Q 2009 for a total of 13384.
Forclosures are continuing at a rapid pace and many are not being sold but rather are being added to the backlog. So for this 3 month period we have 13384; we add in the large shadow inventory of REOs left over from previous quarters still sitting on bank books, plus we can add 3rd quarter 2009 foreclosures and NODs so far.
Then we need to subtract the portion of REOs that actually get sold and short sales that actually go through. Even assuming the inventory did not GROW (which I bet it did) can we assume from this DATA that RT and RealQuests current numbers of 13267 and 10297 respectively are not by any description, outrageous.
ParticipantSpeculation derived from actual data:
DataQuick reports 9,866 NODs fro San Diego in 2Q 2009 and 3518 Trustees Deeds Recorded (signal homes were lost to foreclosure) for San Diego 2Q 2009 for a total of 13384.
Forclosures are continuing at a rapid pace and many are not being sold but rather are being added to the backlog. So for this 3 month period we have 13384; we add in the large shadow inventory of REOs left over from previous quarters still sitting on bank books, plus we can add 3rd quarter 2009 foreclosures and NODs so far.
Then we need to subtract the portion of REOs that actually get sold and short sales that actually go through. Even assuming the inventory did not GROW (which I bet it did) can we assume from this DATA that RT and RealQuests current numbers of 13267 and 10297 respectively are not by any description, outrageous.
ParticipantSpeculation derived from actual data:
DataQuick reports 9,866 NODs fro San Diego in 2Q 2009 and 3518 Trustees Deeds Recorded (signal homes were lost to foreclosure) for San Diego 2Q 2009 for a total of 13384.
Forclosures are continuing at a rapid pace and many are not being sold but rather are being added to the backlog. So for this 3 month period we have 13384; we add in the large shadow inventory of REOs left over from previous quarters still sitting on bank books, plus we can add 3rd quarter 2009 foreclosures and NODs so far.
Then we need to subtract the portion of REOs that actually get sold and short sales that actually go through. Even assuming the inventory did not GROW (which I bet it did) can we assume from this DATA that RT and RealQuests current numbers of 13267 and 10297 respectively are not by any description, outrageous.
ParticipantWe’ve just interviewed Janet Tavakoli for our first episode of The Keiser Report. If you don’t know her, you should. She wrote a fantastic book, Dear Mr. Buffett. Max and I are on our second read of it. You really must get this book if you want to understand derivatives from one of the foremost experts on it who writes in plain English about how these financial tools became instruments for widespread fraud that then led to financial crisis. She also gives loads of positive advice and insight.
Here is a summary she provided for MaxKeiser.com on where she thinks we are today two years since the crisis began:
“Regarding the outlook, my analysis is grim. I am not a doomsayer, I follow the cash, and so far, I’ve been correct, and the government has been wrong. Here’s the situation. We are at greater risk of a total meltdown due to a deflationary collapse than we were in 2007. After the greatest Ponzi scheme in the history of the capital markets, we’ve seen history’s greatest fiscal and monetary expansion, but it hasn’t worked. Debt levels of consumers and business exceed the capacity to repay.”
ParticipantWe’ve just interviewed Janet Tavakoli for our first episode of The Keiser Report. If you don’t know her, you should. She wrote a fantastic book, Dear Mr. Buffett. Max and I are on our second read of it. You really must get this book if you want to understand derivatives from one of the foremost experts on it who writes in plain English about how these financial tools became instruments for widespread fraud that then led to financial crisis. She also gives loads of positive advice and insight.
Here is a summary she provided for MaxKeiser.com on where she thinks we are today two years since the crisis began:
“Regarding the outlook, my analysis is grim. I am not a doomsayer, I follow the cash, and so far, I’ve been correct, and the government has been wrong. Here’s the situation. We are at greater risk of a total meltdown due to a deflationary collapse than we were in 2007. After the greatest Ponzi scheme in the history of the capital markets, we’ve seen history’s greatest fiscal and monetary expansion, but it hasn’t worked. Debt levels of consumers and business exceed the capacity to repay.”
ParticipantWe’ve just interviewed Janet Tavakoli for our first episode of The Keiser Report. If you don’t know her, you should. She wrote a fantastic book, Dear Mr. Buffett. Max and I are on our second read of it. You really must get this book if you want to understand derivatives from one of the foremost experts on it who writes in plain English about how these financial tools became instruments for widespread fraud that then led to financial crisis. She also gives loads of positive advice and insight.
Here is a summary she provided for MaxKeiser.com on where she thinks we are today two years since the crisis began:
“Regarding the outlook, my analysis is grim. I am not a doomsayer, I follow the cash, and so far, I’ve been correct, and the government has been wrong. Here’s the situation. We are at greater risk of a total meltdown due to a deflationary collapse than we were in 2007. After the greatest Ponzi scheme in the history of the capital markets, we’ve seen history’s greatest fiscal and monetary expansion, but it hasn’t worked. Debt levels of consumers and business exceed the capacity to repay.”
ParticipantWe’ve just interviewed Janet Tavakoli for our first episode of The Keiser Report. If you don’t know her, you should. She wrote a fantastic book, Dear Mr. Buffett. Max and I are on our second read of it. You really must get this book if you want to understand derivatives from one of the foremost experts on it who writes in plain English about how these financial tools became instruments for widespread fraud that then led to financial crisis. She also gives loads of positive advice and insight.
Here is a summary she provided for MaxKeiser.com on where she thinks we are today two years since the crisis began:
“Regarding the outlook, my analysis is grim. I am not a doomsayer, I follow the cash, and so far, I’ve been correct, and the government has been wrong. Here’s the situation. We are at greater risk of a total meltdown due to a deflationary collapse than we were in 2007. After the greatest Ponzi scheme in the history of the capital markets, we’ve seen history’s greatest fiscal and monetary expansion, but it hasn’t worked. Debt levels of consumers and business exceed the capacity to repay.”
ParticipantWe’ve just interviewed Janet Tavakoli for our first episode of The Keiser Report. If you don’t know her, you should. She wrote a fantastic book, Dear Mr. Buffett. Max and I are on our second read of it. You really must get this book if you want to understand derivatives from one of the foremost experts on it who writes in plain English about how these financial tools became instruments for widespread fraud that then led to financial crisis. She also gives loads of positive advice and insight.
Here is a summary she provided for MaxKeiser.com on where she thinks we are today two years since the crisis began:
“Regarding the outlook, my analysis is grim. I am not a doomsayer, I follow the cash, and so far, I’ve been correct, and the government has been wrong. Here’s the situation. We are at greater risk of a total meltdown due to a deflationary collapse than we were in 2007. After the greatest Ponzi scheme in the history of the capital markets, we’ve seen history’s greatest fiscal and monetary expansion, but it hasn’t worked. Debt levels of consumers and business exceed the capacity to repay.”
ParticipantDavid Rosenberg
“We are certainly in a deflationary state,” said David Rosenberg, chief economist and strategist with Gluskin Sheff and Associates in Toronto. “Of that, there’s no doubt.”
“I think people still have no clue as to just how weak the economy is,” Mr. Rosenberg said. Remove the “impressive medication” administered by governments, and most economies are at a virtual standstill. The U.S. economy faces a decade of stagnation, he said.
[..]”deflation will last until we see the next secular trend of expanding household balance sheets, and that is some time away” Mr. Rosenberg said.
———-
Meredith Whitney:
Anyone counting on a meaningful economic recovery will be greatly disappointed. How do I know? I follow credit, and credit is contracting. Access to credit is being denied at an accelerating pace. Large, well-capitalized companies have no problem finding credit. Small businesses, on the other hand, have never had a harder time getting a loan.
Small business loans are hard to find, and credit-card lines (a critical funding source to small businesses) have been cut by 25% since last year.
[..] more than 32% of U.S. homes are worth less than their mortgages.
Small businesses primarily fund themselves through credit cards and loans from local lenders. In the past two years, credit-card lines have been cut by over $1.25 trillion. During the same time, 10% of all credit-card accounts have been cancelled.
ParticipantDavid Rosenberg
“We are certainly in a deflationary state,” said David Rosenberg, chief economist and strategist with Gluskin Sheff and Associates in Toronto. “Of that, there’s no doubt.”
“I think people still have no clue as to just how weak the economy is,” Mr. Rosenberg said. Remove the “impressive medication” administered by governments, and most economies are at a virtual standstill. The U.S. economy faces a decade of stagnation, he said.
[..]”deflation will last until we see the next secular trend of expanding household balance sheets, and that is some time away” Mr. Rosenberg said.
———-
Meredith Whitney:
Anyone counting on a meaningful economic recovery will be greatly disappointed. How do I know? I follow credit, and credit is contracting. Access to credit is being denied at an accelerating pace. Large, well-capitalized companies have no problem finding credit. Small businesses, on the other hand, have never had a harder time getting a loan.
Small business loans are hard to find, and credit-card lines (a critical funding source to small businesses) have been cut by 25% since last year.
[..] more than 32% of U.S. homes are worth less than their mortgages.
Small businesses primarily fund themselves through credit cards and loans from local lenders. In the past two years, credit-card lines have been cut by over $1.25 trillion. During the same time, 10% of all credit-card accounts have been cancelled.
ParticipantDavid Rosenberg
“We are certainly in a deflationary state,” said David Rosenberg, chief economist and strategist with Gluskin Sheff and Associates in Toronto. “Of that, there’s no doubt.”
“I think people still have no clue as to just how weak the economy is,” Mr. Rosenberg said. Remove the “impressive medication” administered by governments, and most economies are at a virtual standstill. The U.S. economy faces a decade of stagnation, he said.
[..]”deflation will last until we see the next secular trend of expanding household balance sheets, and that is some time away” Mr. Rosenberg said.
———-
Meredith Whitney:
Anyone counting on a meaningful economic recovery will be greatly disappointed. How do I know? I follow credit, and credit is contracting. Access to credit is being denied at an accelerating pace. Large, well-capitalized companies have no problem finding credit. Small businesses, on the other hand, have never had a harder time getting a loan.
Small business loans are hard to find, and credit-card lines (a critical funding source to small businesses) have been cut by 25% since last year.
[..] more than 32% of U.S. homes are worth less than their mortgages.
Small businesses primarily fund themselves through credit cards and loans from local lenders. In the past two years, credit-card lines have been cut by over $1.25 trillion. During the same time, 10% of all credit-card accounts have been cancelled.
ParticipantDavid Rosenberg
“We are certainly in a deflationary state,” said David Rosenberg, chief economist and strategist with Gluskin Sheff and Associates in Toronto. “Of that, there’s no doubt.”
“I think people still have no clue as to just how weak the economy is,” Mr. Rosenberg said. Remove the “impressive medication” administered by governments, and most economies are at a virtual standstill. The U.S. economy faces a decade of stagnation, he said.
[..]”deflation will last until we see the next secular trend of expanding household balance sheets, and that is some time away” Mr. Rosenberg said.
———-
Meredith Whitney:
Anyone counting on a meaningful economic recovery will be greatly disappointed. How do I know? I follow credit, and credit is contracting. Access to credit is being denied at an accelerating pace. Large, well-capitalized companies have no problem finding credit. Small businesses, on the other hand, have never had a harder time getting a loan.
Small business loans are hard to find, and credit-card lines (a critical funding source to small businesses) have been cut by 25% since last year.
[..] more than 32% of U.S. homes are worth less than their mortgages.
Small businesses primarily fund themselves through credit cards and loans from local lenders. In the past two years, credit-card lines have been cut by over $1.25 trillion. During the same time, 10% of all credit-card accounts have been cancelled.
ParticipantDavid Rosenberg
“We are certainly in a deflationary state,” said David Rosenberg, chief economist and strategist with Gluskin Sheff and Associates in Toronto. “Of that, there’s no doubt.”
“I think people still have no clue as to just how weak the economy is,” Mr. Rosenberg said. Remove the “impressive medication” administered by governments, and most economies are at a virtual standstill. The U.S. economy faces a decade of stagnation, he said.
[..]”deflation will last until we see the next secular trend of expanding household balance sheets, and that is some time away” Mr. Rosenberg said.
———-
Meredith Whitney:
Anyone counting on a meaningful economic recovery will be greatly disappointed. How do I know? I follow credit, and credit is contracting. Access to credit is being denied at an accelerating pace. Large, well-capitalized companies have no problem finding credit. Small businesses, on the other hand, have never had a harder time getting a loan.
Small business loans are hard to find, and credit-card lines (a critical funding source to small businesses) have been cut by 25% since last year.
[..] more than 32% of U.S. homes are worth less than their mortgages.
Small businesses primarily fund themselves through credit cards and loans from local lenders. In the past two years, credit-card lines have been cut by over $1.25 trillion. During the same time, 10% of all credit-card accounts have been cancelled.
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