…back in 2008 and early 2009, Spanish regulators were riding high after their country’s banks seemed to have dodged the financial crisis with minimal losses. A big reason for their success, the regulators said, was an accounting technique called dynamic provisioning. By this, they meant that Spain’s banks had set aside rainy- day loan-loss reserves…
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Economics, Housing, Lee's Free Thinking, Must Read
North Las Vegas Crisis An Example of Why To Stop Crying, “Shadow Inventory!”
by Lee Adler • • 0 Comments
The sad story of North Lost Wages, Nevada, is an example of why the “shadow inventory” issue is a toothless bogeyman for the US as a whole. Not only did the bubble create false pricing. It caused the construction of entire “false communities,” based largely on speculative purchases never intended for occupancy. This bubble activity…
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Euro zone turmoil boosts London property stampede | Reuters
by Newswires • • 0 Comments
Worsening financial and political turmoil in southern Europe caused a surge of interest in London property last month with buyers from Greece and Spain showing strongly among investors seeking a safe haven for their money. The number of Greeks searching for homes costing more than 1.5 million pounds ($2.4 million) on the website of property…
Bears Chat, Best of the Forums
Four Time Bombs That Will Blow Up Wall Street
by a Wall Street Examiner • • 0 Comments
Paul Farrell’s latest…
Put Goldman Sachs CEO Lloyd Blankfein in jail for six months, and all this will stop, all over Wall Street and America, a former congressional aide tells Matt Taibbi in his latest Rolling Stone attack, “Why Isn’t Wall S…
Bears Chat, Best of the Forums
The 1677 Statute of Frauds: History We Neglect at Our Peril
by a Wall Street Examiner • • 0 Comments
The 1677 Statute of Frauds: History We Neglect at Our Peril
. . .
Now consider the impact of MERS (might as well be word of mouth), robosigners (corrupt process), dubious affidavits (perjury), neglect of the paper trail (sheer anarchy), and Florida…
Economics, Liquidity Trader Complete
Dear Professor Krugman
by Lee Adler • • 1 Comment
Paul Krugman had a lengthy piece in the Times over the weekend–something to the effect of what’s wrong with the economics profession. Having the attention span of a gnat, I could not even begin to read the whole thing, but I did manage to get through a couple of paragraphs when I got to one…
