Streaming Family Guy Iphone

summer will be hot: great creative leap in the financial


Well here we go again: with the greatest obscenity, bankers, governments and governments are preparing to squeezing of the populace and the state for the benefit of those counterfeiters that fueled the most dramatic economic crisis of this generation.

is the "socialization of losses" in all its glory, that is to say, in total impunity, and spotlight sycophants of the press.

Reading Notes disillusioned, provide some Xanax bars, chocolate bars and boxes of shit beer, depending on your style.


* California * Alles unter

A short botox financial Schwarzennator continues its descent into hell. Grabbed by the throat by its deficit, California has just issued the IOU notes (assignats bearer on paper) and requires state employees to accept them as payment .

suspicious, large investment banks (always the same white-collar criminals: Goldman Sachs, JP Morgan and others) have already announced they would not accept filing these vouchers respite. Consequence: a parallel market develops on eBay and craigslist, where speculators offer to the holders involuntary and anxiety, a low purchase price.

Schwarzennland This brings the issue a regulation discouraging such garbage and forcing teachers to pass Chemistry notarized if they want to sell their vouchers ripoux.

"You're gonna eat it, yes, my rotten paper?" ... Difficult to say no when an employer has an android famous bodybuilder.

But always on the go with appropriate counseling, Mish Sheldock suggests to Americans of envoyer les vautours se faire voir. Et de rappeler que les citoyens américains viennent de sauver ces mêmes banquiers de la faillite avec les fonds publics, il y a six mois à peine :

Every one of those blood sucking banks was bailed out by taxpayers (California taxpayers too) and now will not take an IOU from the State of California for the citizens of California. This is disgusting.

If you have an IOU that the big banks will not cash, I recommend closing your accounts and putting them someplace that will. Please tell Wells Fargo, Bank of America, JP Morgan, and Citigroup to go to hell.

[Mish's economic analysis : "Tell Wells Fargo, Bank of America, JP Morgan and Citigroup to Go to Hell "]

We think what we want, but I soon as I have five minutes, I empty my accounts ex- Fortis , just to make it clear to Prot at Reynders and Leterme plays that do not work out with taxpayer money.


* Your emotional, Eric *

According Infinite Unknown, California merely precede other states, including the budget wavers dangerously:

"Our wallet is empty, and closed o bank IS o Credit is dried up, "Stated Gov. Arnold Schwarzenegger Saying this month that he would veto any budget bill that included new taxes beyond what he had proposed.

In Hawaii , state employees are bracing for furloughs of three days a month over the next two years, the equivalent of a 14 percent pay cut. In Idaho , lawmakers reduced aid to public schools for the first time in recent memory, forcing pay cuts for teachers.

And in California , where a $24 billion deficit for the coming fiscal year is the nation’s worst, Gov. Arnold Schwarzenegger has proposed releasing thousands of prisoners early and closing more than 200 state parks.

Meanwhile, Maine is adding a tax on candy, Wisconsin on oil companies, Kentucky and on alcohol and cellphone ring tones.
[Infinite Unknown: " Budget Crisis: States Turning to Last Resorts "]

Irreal Estates of America * *

Goodbye cows, pigs, broods: according to the Financial Times on Friday, the U.S. real estate , which has now dropped to 30% on average, may well take 14% in the gums before stabilizing: The good news

Is That In Some U.S. regions, prices Have Already Fallen so sharply - by more Often 30 Per cent - That property is its very affordable Already relating to Income and was Historical Basis.

Purpose the bad news is that houses are not yet cheap enough to prevent more price falls. On the contrary, this particular team of analysts thinks that when the problems of excess house inventory and rising unemployment are added into the model, average US house prices will still fall by another 14 per cent in the next few years – on top of the declines seen so far.

[Financial Times : " Insight: US property market central to economy "]

Quand on sait que la capacité d'emprunt desdits ménages dépend de la valeur de leur maisons, et que les pertes d'emploi aux USA continuent de s'accentuer, on a compris que les américains n'ont pas fini de se tighten the belt.

And when we know that household consumption accounts for 70% of the U.S. economy , one can easily imagine that America is not ready to get up.


* Our Notaries note a marked elevation *

Echoing this distressing news is just the Echo which announced a sharp drop in real estate Belgium (6% on apartments , who says better?) and provides a downward trend for the rest of the year:

During the first half of 2009, housing prices have softened in Brussels and the Brabant Walloon, according to figures collected by notaries in these two regions [...]

sector activity should be stronger in the second half, thanks in part to low interest rates and control of inflation.

In addition, prices should not rise again, the offer likely to increase following dismissal waves that force owners to sell their property. "Many are also those who care primarily to rebuild their savings [...]
[Echo:" Real Estate: Lower prices in Brussels and Walloon Brabant "]

In
clear to our friends notaries, Belgium will be cut in September and the market will remain steady. It is slowly starting to do a little Cosette, for us ...


* When bankers are creative *

But all is not lost in their offices on Wall Street, the financial engineers were hit cettes week by flash of genius to reduce capital costs induced rotten securities, the banksters recovering securitization .

Two very large investment banks, and BarCap Goldman Sachs , propose to issue new insurance contracts, which will be purchased by investors outside the bank guarantee and securities rotten.

Yep, you heard right: it was the color of rotten securities, the smell of rotten securities and large, unlike the history of Canada Dry, they are indeed rotten securities.

The trick lies in the fact that the old securities are guaranteed by the new, they can be returned to positive bank balance sheets, which may be reduced in proportion funds regulations required by law to balance their balance sheets , and liberate their capital again.

C'est grossier et un peu con-con, mais ces messieurs sont très sérieux avec leur grosses ficelles bien minables :

Under Goldman's idea, it would sell an insurance product to a bank with a toxic portfolio, effectively shifting the risk of the underlying assets off the balance sheet. The insurance would require far less capital to be carried against it than the original assets.[...]

Some regulators may be wary of the invention of new pooled asset derivatives, especially if they are perceived as a way to avoid regulatory capital requirements.
Some rival bankers also view the schemes with scepticism. "This is a system of capital arbitrage," said one senior banker at another investment bank. "The need for capital just miraculously Disappears. "

[Financial Times:" Banks Reinvent securitization to cut capital Costs "] Not content

raffle butter, eat it, and the smile of the dairy, white collar criminals are trying to extract a phone number of her little sister ... But what is the police? Previously, she was putting on my Berlingo PV pourrave parked two abreast Vooruitgangstraat, but now even that aargh, c is privatized!

During that time, Bloomberg tells us how Morgan Stanley's corporate bond remix frumpy Fine consolidated investments bien frais :

Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale.

Morgan Stanley is selling $87.1 million of securities that it expects to receive top AAA ratings and $42.9 million of notes graded Baa2, the second-lowest investment grade by Moody’s Investors Service, according to marketing documents obtained by Bloomberg News. The bonds were created from Greywolf CLO I Ltd., a CDO arranged in January 2007 by Goldman Sachs Group Inc. and managed by Greywolf Capital Management LP, an investment firm based in Purchase, New York.

Et, pour la bonne bouche, ce petit commentaire technique sur le label 'AAA' :

A lot of banks and insurers “cannot buy anything but AAA ,” said Sylvain Raynes, a principal at R&R Consulting in New York and co-author of “Elements of Structured Finance,” which is due to be published in November by Oxford University Press. “ You’re manufacturing AAA out of not AAA, therefore allowing those people who have AAA written on their forehead to buy .”

[Bloomberg : " Morgan Stanley Plans to Turn Downgraded Loan CDO Into AAA Bonds "]

* L'administration américaine la main dans le sac *

Pendant ce temps-là, Timothy Geithner, Reynders of Americans, self-eroticizes to the press about his PPIP's ("Public-Private Investment Programs"): refinancing programs of public-private bonds and rotten, which will soon be put into battery for the greater good ... major investment banks. A priori

programs apply only to better sides of distressed assets, assets initially labeled "AAA" . But, as noted by Mish, the securities may have all been shot doped contracts on credit default ("CDS" or "Credit Default Swaps) qui étaient sensé en garantir la solidité, et donc n'importe lequel des titres aujourd'hui en capilotade était côté AAA au départ :

Many of the securities in question would NOT have gotten their AAA rating without the "enhancement" of a CDS issued by the likes of AIG , MBIA , or AMBAC . That is how virtually all of the junior tranches got AAA ratings. So in essence, the only securities covered by the PPIP will be the "top" tranches, representing the first 50% or so in value.

[...] Given that nearly everything was initially rated AAA there is essentially no restriction on the garbage PPIP participants can speculate on.

Et, continue Mish, under the guise of partnership, it course again the public sector will go to pot, and sometimes twice a day : first because the PIPP overstate assets acquired by state banks in difficulty, the second time because the PIPP overstate the risk taken by investment banks: More importantly

, disingenuous at best It Is to Suggest The Public Is in Any Way shape or form protected When The public IS putting up 93% Of The funds while private corporations Have to put up only 7%.

Furthermore, When Speculator only put up 7%, talk of "Facilitating price Discovery In The asset-backed securities markets "IS ludicrous. This Entire Process IS specifically Designed to not only Prevent price discovery, order to encourage overpaying of assets, thereby bailing out banks and Putting the risk is Taxpayers.

[Mish's Economic Analysis: "Geithner Lies Again Prepares for Launch PPIP have "]

Thus we see where the creativity of leading bankers: it obliges the state to rework our money to mop up the mess ...

[...] this plan has not pleased the business community, which could seriously hesitate to participate in the program after a vote in Congress to cancel a text Performance bonuses paid in institutions bailed out with public funds.

Paul Krugman was the first to express their opinion on the plan, calling it "recycling the Paulson plan" unrealistic and judge him according to the plan, which aims to "use taxpayer money to inflate asset prices Toxic. "

[Tray Size Economics and Social Sciences: "The Plan Geithner "]

* Deutschland ist auch verrücht

* Not all of this in Europe? Think again! The genius of Goldman Sachs already percolated into Germany:

Deutsche Bank engineered a similar structure to Facilitate The Dismantling of risk has failed Insurer AIG, although bankers close to transaction Said That Without Government Involvement The Cost of Such A Would Be Commercially structure unfeasible.
[Financial Times: "Banks Reinvent securitization to cut capital Costs "] germain

And the state has already decided that beyond 10%, the taxpayer was going to stuff the discount of rotten securities:

Members of the Bundesrat have finally adopted on Friday the law allowing German banks to create defeasance companies within them, or "Bad banks", to evacuate their damaged assets and resume their normal credit.

One model will allow banks to offload about 230 billion of toxic securities, which will be "frozen" in an external structure to maturity, for a maximum of 20 years.

banks using the system will depreciate 10% of their assets store compared to its book value at June 30, 2008, that is to say before the earthquake of Lehman Brothers .

banks get in return for debt securities issued by the bad bank, which will backed by government guarantees .

These should give them a very good rating from credit rating agencies, thus facilitating the refinancing institutions to enable them to restart lending.

[L'Echo (afp) " Germany: Act on the 'bad banks' finally adopted "]

is no longer surprising in our columns lascivious complacency with which the reptiles of the relay Echo without comment initiatives most obscene financial authorities. I personally more likely to adhere to the comment talkingminds on the same site of the Echo:

"It's a bad decision that will benefit the banksters still ... it is negative at any point of view, it overlooks the main responsibility for bad decisions and penalizes taxpayers."

Addendum: story in advance of any counter-argument against the "One must accept that the government implement a solution," underline that the authorities can also be a "good bank " which would be much better for the taxpayer and the citizen, and beaucoupmoins for banksters. Such a solution is not even debated in the Parliaments of the governments concerned.

... Simone, there is still some Xanax?

* During that time, credit erodes always ... *

Bradford & Bingley , English nationalized financial institution last year, although controlled by the state, failed on the last monthly payment, an amount one-half billion dollars of its debt to the Private Sector: This event will trigger the initiation of many contracts credit default ("CDS" or "Credit Default Swaps).

Insured Institutions Who investors against a default by Bradford & Bingley, the UK mortgage lender, will have to pay out on the credit default contracts, the international regulator ruled on Thursday, after the government refused to pay the interest on the defunct bank’s debt.

The decision by the International Swaps and Derivatives Association that a credit default had occurred triggered a so-called “credit event” and will see institutions who insured investors against a default by the UK mortgage lender paying out.

[Financial Times : " Banks face Bradford & Bingley CDS pay out "]

Ce n'est pas une surprise, écrit plus loin le Financial Times. Mais cela dénote de ce que les institutions financial loss may continue even after their nationalization, which obviously does not protect creditors ...

It comes back to our more general concern about the rotten assets in general, and particularly credit default swaps [The Crisis for Dummies: "AIG ill just thinking about "].

In the Financial Times, Tony Jackson is concerned that pension funds have started to drink from consolidated obligations of the private sector ("CLOs", "Collaterized Loan Bonds"), while those cis are more than likely doomed to a decrease of 14% in 2009:

Logic suggests a lot of companies owned by private equity must be on the point of expiring under the weight of their debt. But the bankruptcy rate, though rising, is still historically low.

It is as if the insanity of the bubble years had never happened. So when will the storm finally break?

Any time now, it seems. Last year, the default rate in European leveraged loans – in effect, private equity debt – was under 5 per cent. So far this year, it is about 8 per cent. But for the full year, according to industry specialists, it could be a record 15 per cent.

[...] I don’t know whether my own pension fund is investing in leveraged loans right now, but I rather hope not .

[Financial Times: "Private equity set to Become a weapon of mass destruction "]

* Conclusion *

If you have a pill, a bottle or a tablet, mail it to me comment, thank you ...

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Crisis for Dummies

How Does A Weed Wacker Work Diagram

AIG ill just thinking about it!

For Chonique Agora [ AIG and CDS could precipitate the collapse of markets ]

"... confirmation of a serious warning on mini-crash AIG collapsed -9% and -12.8% -22% sequentially and then Monday, Tuesday and Wednesday. Apart from the difficulty to assign subsidiaries at a good price and rumors of heavy losses in the sector recurrent cursed CDS resurface. "

With the buffet a few tons of CDS shot point blank, the zombie AIG had handed over his legs this winter through good perf 'blood taxpayer (thank you, Uncle Paulson!):

"From the enormous amount injected in recent months in the U.S. insurance giant AIG to save it from bankruptcy (127 billion) , much (50 billion) was returned to the banks who sold the insurer's toxic. "

[The Crisis for Dummies" Scandal around the bailout of AIG "]

But here, the CDS are on their way, it seems that the animal does not cash out the heat of summer.

End thriller for AIG? Not so fast, because Uncle Bernanke is there with his clysthère dollars in fees, which comes from a small to inject one billion in the arteries of the institution most rotten of all international banking Capernaum:

"Credit extended by the Fed in Connection with the rescue of Insurance American International Group Inc.. rose from one billion to $ 83.4 $ 82.7 one billion last week. Last week AIG Announced That It Agreed to hand over stakes in Two overseas units to the New York Fed to Reduce icts central bank debt by $ 25 trillion. "

Source: [Bloomberg:" Fed AIG Rescued by "]

We talk too much of AIG, I think ... this makes a bit like the Bear Stearns case in early 2008, provided that you have not already forgotten the name of evil memory ... [A little reminder here: Bloomberg ]

But, panicked by the massive job losses this month June and continued through the dive of GDP and U.S. real estate, the average consumer could not continue to consume more. ... And then hello waltz CDS in the portfolio of AIG. At the risk of stress are you repeat

"all the risk of global financial pyramid is concentrated into a single weak point : CDS guarantees granted by the monoline bank for many many CDOs"

[The Crisis for Dummies " hello ... goodbye Ambac crisis! "]

With any luck, no need to wait for the crash of October 2009, the second season has just begun. Otherwise, we will have to redo Nip Tuck or resume Heroes.

But it must be said, to make us shudder nothing like the roaring and rolling eyes AIG who, supported by his horde of rotten bankers, killing our small economies Loved synthetic CDOs.

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Crisis for Dummies