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…
Tag Archive for Us Taxpayer
Latest Business Headlines, Lee's Free Thinking, Politics of the Economy
Dimon, Corzine, and Other Banksters Will Face (a) Hard Time in 2012 Says American Banker
by Lee Adler • • 1 Comment
Francine McKenna, writing for the American Banker, thinks that some big time gangbanksters may finally be called to account soon. I think the Obama administration will pull Jamie Dimon down along with Jon Corzine. They’ll do this to regain momentum with working-class voters—the 99%. Winning the November election, less than a year away, will…
Housing, Must Read
Bad Neighbor Banks: Homes toxic for neighbors, good for lenders – South Florida Sun-Sentinel.com
by Newswires • • 0 Comments
I have long made the argument that shadow inventory is a bogeyman which, like shadow boxing, won’t hurt anyone, or at least won’t hurt the housing market in most areas, more than it already has. In effect it’s a sunk cost heavily affecting particular local markets, but will not affect the majority of the US…
Housing, Liquidity Trader, Professional Edition
Employment Numbers Not Good News For Housing
by Lee Adler • • 0 Comments
Listing prices posted a second month of gains in April. This appears to be seasonal. Housing demand correlates directly with employment and the economy gained jobs in April. The gains appear to be slowing however, and that’s bad news for the future trend. When all the stimulus and Fed pumping ends, it looks like the…
Bears Chat, Best of the Forums
Allstate suit details, in black & white, how Countrywide routinely lied in making MBOs
by a Wall Street Examiner • • 0 Comments
ZeroHedge link
Notes: 1) The US taxpayer is on the hook for any of these that are bad (right? I can’t keep straight which of these deals we’re acting as backup for).
2) Countrywide = Mozillo = the guy who just happened to stroll into the room when t…
Bears Chat, Best of the Forums, Economics
It’s Just Too Gross
by Newswires • • 0 Comments
by LimeJuice2 I have a hard time reading Bill Gross anymore, or anyone talking about the US financial system/economy as if it’s a one country closed system rather than a global one. The US economy is moribund because there is no job creation. In fact, using taxpayer dollars to foment, and now trying to reflate,…
Latest Business Headlines
Obie Drinks the Kool Aid, What Would Shakespeare Say?
by Lee Adler • • 1 Comment
I like Obie, but he has drunk the Kool Aid. We are doomed. He’s listening to the advice of those very same world renowned egonomists who never saw the current mess coming. How could those who never saw it coming in the first place, and didn’t recognize it after it had already begun have any…
