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Prime X or Preparation H?
The drop continues...
INDEX BID ASK CHG
PrimeX.FRM.1 99-16 101-16 0-17
PrimeX.FRM.2 86-24 88-24 (0-04)
PrimeX.ARM.1 93-24 95-24 (0-09)
PrimeX.ARM.2 81-08 83-08 (0-07)
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Because Prime X is a burning ring of fire?
I am Sam, Sam I am
That Sam-I-am
That Sam-I-am!
I do not like that Sam-I-am
Do you like PrimeX and ham?
I do not like them, Sam-I-am.
I do not like PrimeX and ham.
Would you like them Here or there?
I would not like them here or there.
I would not like them anywhere.
I do not like PrimeX and ham.
I do not like them, Sam-I-am
Would you like them in a house?
Would you like them with a mouse?
I do not like them in a house.
I do not like them with a mouse.
I do not like them here or there.
I do not like them anywhere.
I do not like PrimeX and ham.
I do not like them, Sam-I-am.
Would you eat them in a box?
Would you eat them with a fox?
Not in a box. Not with a fox.
Not in a house. Not with a mouse.
I would not eat them here or there.
I would not eat them anywhere.
I would not eat PrimeX and ham.
I do not like them, Sam-I-am.
Would you? Could you? in a car?
Eat them! Eat them! Here they are.
I would not, could not, in a car
You may like them. You will see.
You may like them in a tree?
I would not, could not in a tree.
Not in a car! You let me be.
I do not like them in a box.
I do not like them with a fox
I do not like them in a house
I do mot like them with a mouse
I do not like them here or there.
I do not like them anywhere.
I do not like PrimeX and ham.
I do not like them, Sam-I-am.
A train! A train! A train! A train!
Could you, would you on a train?
Not on a train! Not in a tree! Not in a car! Sam! Let me be!
I would not, could not, in a box.
I could not, would not, with a fox.
I will not eat them with a mouse
I will not eat them in a house.
I will not eat them here or there.
I will not eat them anywhere.
I do not like them, Sam-I-am.
Say! In the dark?
Here in the dark! Would you, could you, in the dark?
I would not, could not, in the dark.
Would you, could you, in the rain?
I would not, could not, in the rain.
Not in the dark. Not on a train,
Not in a car, Not in a tree.
I do not like them, Sam, you see.
Not in a house. Not in a box.
Not with a mouse. Not with a fox.
I will not eat them here or there.
I do not like them anywhere!
You do not like PrimeX and ham?
I do not like them, Sam-I-am.
Could you, would you, with a goat?
I would not, could not, with a goat!
Would you, could you, on a boat?
I could not, would not, on a boat.
I will not, will not, with a goat.
I will not eat them in the rain.
I will not eat them on a train.
Not in the dark! Not in a tree!
Not in a car! You let me be!
I do not like them in a box.
I do not like them with a fox.
I will not eat them in a house.
I do not like them with a mouse.
I do not like them here or there.
I do not like them ANYWHERE!
I do not like PrimeX and ham!
I do not like them, Sam-I-am.
You do not like them. SO you say.
Try them! Try them! And you may.
Try them and you may I say.
Sam! If you will let me be,
I will try them. You will see.
Say! I like PrimeX and ham!
I do!! I like them, Sam-I-am!
And I would eat them in a boat!
And I would eat them with a goat...
And I will eat them in the rain.
And in the dark. And on a train.
And in a car. And in a tree.
They are so good so good you see!
So I will eat them in a box.
And I will eat them with a fox.
And I will eat them in a house.
And I will eat them with a mouse.
And I will eat them here and there.
Say! I will eat them ANYWHERE!
I do so like PrimeX and ham!
Thank you! Thank you, Sam-I-am
Wow, someone's got time on their hands. Go do something useful like protest evil Wall Street.
Heh, don't worry I didn't type it.
Preparation H will be needed for the student loan debacle.
Best title for a ZH post ever.
Lol!
And yet no one seems to care - S&P up 3.6.
The market will crash on an up day after 3 pm
12.50 now :)
bofa cut balance sheet by 40 billion, they are probably selling this cr*p too
How do you short Prime X. Is there an ETF?
Zero Hedge Rocks.
Whale
Man that is a friggen mess.
Even David Faber mentioned it on CNBC earlier. Said it is a favorite of traders because it can be heavily leveraged.
Looks like somebody is going to have heavily leveraged pain...
Funny thing about leverage ... it works both ways.
in the tranches, expect nothing less, BiCheZ!
Prime X, Treasuries, China, student loans, no shortage of bubbles in this economy.
bubble, bubble, toil and trouble...
Is this the affect of Twist?
No, this is the effect of the underlying mortgages resetting. The bulk of ARMs reset this year, although there still is about 30% still to reset next year.
Many of these mortgages were written at teaser or introductory rates, which even with all of the curve stomping by Bernanke, were still lower than current rates, in some cases by more than 100bps.
Subprime is quite a small part of the total residential mortgage book, and consider the chaos that ensued when default rates spiked in 2006-2007. Now multiply that chaos by a factor of 10 if there is a spike in prime mortgage defaults.
Commercial real estate is about 6 months behind residential, but CRE is funded differently, and CRE mortgage stress has more to do with consumer spending (or lack thereof) than rate resets. As mentioned on ZeroHedge previously, TriX is also heading south.
http://www.markit.com/en/products/data/indices/structured-finance-indices/primex/primex.page
I'm convinced! /Colon Blow <-- See what I did there?
Zeohedge always seems to be at the forefront of breaking this or that scandal or story... with one exception. It seems to have great confidence in the little firm that goes by the name MarkIt!
It quotes CDS and now PrimeX, both of which are MarkIt! products. MarkIt! is a sham firm that is controlled by all the banks that zerohedge continually laughs at and derides. Realize that everything is manipulated. Stop running to post some breathless story about CDS or PrimeX falling... as if either were real markets to being with. CDS are sham products that are used to hurt bond markets, induces crisises without having to take action in the acutal bond market.
Wake up!
lol
CDS hurt bonds? Do options hurt stocks? Do swaps hurt FX? Does your car insurance hurt your car?
So many experts here it boggles the mind, yhoo finance must be linking to ZH now...
Actually options can hurt stocks...if you have $100k and are bearish on a stock will buying puts or the actual stock be more effective? Do you think that the various paper products that trade around gold affect the price or can be manipulated...or are you on jeff christian side that they make no difference...lol
The point (similar to the one on you head) is that MarkIt! and all their products (including CDS) are bullshit. Who provides the pricing information for all CDS that it trades...could it be Goldman Sachs, JP Morgan and Morgan Stanley.
That is another annoying trait of some zerohedgers... smug arrogance...
Your facts are bullshit and you know nothing of what you speak of. MMs can price their inventory as they wish, MarkIt just aggregates the info similar to bbg. Do you even have a MarkIt account?
You can bid for $10mm clips at a time for any liquid enough issue and i assure you, the cash price won't move unless there is some extraneous factor such as headline risk influencing both assets.
Why would having an account with MarkIt! be a requirement for knowing anything? Is your precious MarkIt! so special that ordinary people just cannot comprehend it? We all know that it aggregagtes data, but who are the big players submitting data? Could it be JP Morgan, Goldman, MS, etc? Do these entities have certain connections to a private central bank that rhymes with Wedrel Leserve?
How is it that zerohedgers whine all day about what a broken market it is, we are headed for the shitter, everything is corrupted, but... no, no, no you stupid idiot... how can you even question MarkIt!... I have an account and bid for multimillion clips and that is a legit organization, free from any tainting of those squids and vampires and zombies.
The article below is nothing new, but it makes it very clear who the owners of this market control appraratus (MarkIt!) is...
...the very villians we all hate!
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTIJ1GZBX_m4
My single point is that MarkIt! stinks like everything else!
And exactly what tool does MarkIt! have that gives you the power to see what is moving what? Can you really tell if someone BIG and CONNECTED is on a mission to try and create a problem for someone? Is it not more efficent to bid up CDS that to short the actual bonds... which would probably have to be naked...which European bank would let PIIGS bonds be lent out?!?!
It makes me sick to think that I listen to the bullshit propagated here about boohoo the market is broken, the world is ending...because CDS says it is.
Use your brain! Think!
The more I think about it, the more I am inclined to just walk away...like a pedestrian. What a stupid waste of time all of it is!
Everything is fake! Stop believing that all good news is fake...guess what... the bad news is fake too!!!!!!!!
Walk away, start anew and apart! When they say the end has come, know they are liars, when they say all is well, they are liars!