Money.... (Pink Floyd was right)
cavelamb
banks such as Chase, BoA, and Citigroup are not lending is
because they are in fact operationally insolvent, not because of
any shortage of "system" liquidity. Many of the local/regional
banks are now offering 30 year fixed mortgages for 5.00% to
qualified buyers, and the 0%, 5% and 10% down deals are back.
Nationally 1 in 9 new homes/condos are vacant. Liquidity/supply
is *NOT* the problem.
for more good news ;-( see
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ah.WXkCpEdyE
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a.3xzPt6sIMU
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aInk6vXOwoB0
Ignoramus8591
> Evidence continues to mount that the reason the large national
> banks such as Chase, BoA, and Citigroup are not lending is
> because they are in fact operationally insolvent, not because of
> any shortage of "system" liquidity. Many of the local/regional
> banks are now offering 30 year fixed mortgages for 5.00% to
> qualified buyers, and the 0%, 5% and 10% down deals are back.
> Nationally 1 in 9 new homes/condos are vacant. Liquidity/supply
> is *NOT* the problem.
Everybody sort of knew this, I did as well, and said it here, but most
people were too afraid to mention it. Now the concept of a bank like
Citibank, with 2 trillion sized balance sheet, becoming insolvent and
facing a liquidity crisis, is not a pretty one, It evokes memories of
"Iceland".
I hope that Citibank liabilities are mostly dollar denominated.
I met some Citibank people out on the street, near where I work, they
set up a table and were *very* actively soliciting new accounts.
i
> for more good news ;-( see
> http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ah.WXkCpEdyE
> http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a.3xzPt6sIMU
> http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aInk6vXOwoB0
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cavelamb
> On 2009-02-20, cavelamb <cave...@earthlink.net> wrote:
>> Evidence continues to mount that the reason the large national
>> banks such as Chase, BoA, and Citigroup are not lending is
>> because they are in fact operationally insolvent, not because of
>> any shortage of "system" liquidity. Many of the local/regional
>> banks are now offering 30 year fixed mortgages for 5.00% to
>> qualified buyers, and the 0%, 5% and 10% down deals are back.
>> Nationally 1 in 9 new homes/condos are vacant. Liquidity/supply
>> is *NOT* the problem.
>
> Everybody sort of knew this, I did as well, and said it here, but most
> people were too afraid to mention it. Now the concept of a bank like
> Citibank, with 2 trillion sized balance sheet, becoming insolvent and
> facing a liquidity crisis, is not a pretty one, It evokes memories of
> "Iceland".
>
> I hope that Citibank liabilities are mostly dollar denominated.
>
> I met some Citibank people out on the street, near where I work, they
> set up a table and were *very* actively soliciting new accounts.
>
> i
>
>> for more good news ;-( see
>> http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ah.WXkCpEdyE
>> http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a.3xzPt6sIMU
>> http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aInk6vXOwoB0
>
don't get too excited, Ig.
I was just sending John's links out to friends who don't read the newsgroups
and didn't remove the newsgroup address.
I canceled the message immediately.
Whoever you use as a news server (giganews?) doesn't seem to honor cancellation
requests...
But the idea that these "bailouts" could possibly bust the government really is
news. Even if the news media doesn't want to talk about it.
Strange, that.
They seem to do so well with doom and gloom stories- but the real thing?
TOO scary to print. Might be akin to yelling "Fire" in a movie theater (that's
actually on fire?!?)
Richard
John R. Carroll
"cavelamb" <cave...@earthlink.net> wrote in message
news:gridnauBDP3M3APU...@earthlink.com...
Those were Georges cites. I didn't properly trim my reply.
JC
cavelamb
It's just not my night...
Sorry John AND George. Will attribute in the morning - when things look rosier.
RL
Wes
>I canceled the message immediately.
>
>Whoever you use as a news server (giganews?) doesn't seem to honor cancellation
>requests...
Cancels have been ignored for a while now. Think of the disruption someone could cause by
forging cancels. Self appointed vigilantes.
>
>But the idea that these "bailouts" could possibly bust the government really is
>news. Even if the news media doesn't want to talk about it.
I hope they don't start talking about it. Perception is reality to a great degree.
>
>Strange, that.
>They seem to do so well with doom and gloom stories- but the real thing?
>TOO scary to print. Might be akin to yelling "Fire" in a movie theater (that's
>actually on fire?!?)
The story is against their best interests. 401K in the toilet, home likely up side down,
massive layoffs in the news business. The reporters have a stake in this and I doubt
getting a Pulitzer for taking down a western sovereign is a career enhancer.
Wes