• Pivotfarm
    04/20/2014 - 17:08
    As the audience went from laughter to applause, Vladimir Putin responded to the question that he had just read out on a televised debate in Russia. What was the question?

Fannie Mae

Value Expectations's picture

The Good and the Bad Of the Deficit Commission

The problem with the deficit commission's recommendations is that it's assumed deficits exist due to a lack of revenues, rather than a government that does to much. But the tax simplification achieved through the abolishment of deductions is pro-growth, and will wake the half of the country up that doesn't pay for the cost of government


Tyler Durden's picture

Guest Post: The Federal Reserve's VISA Card Statement

The Federal Reserve's VISA credit card account offers a rare glimpse into the inner workings of the secretive Fed. This leaked transcript of the Federal Reserve's VISA credit card account provides a treasure-trove of insight into the Fed's recent actions. Nothing reveals a person or institution quite so indelicately as a list of credit purchases.


Tyler Durden's picture

RealtyTrac Opines On The Coming Wave Of GSE Foreclosure Buybacks: "The Final Liability Will Be Enormous"

As if an insolvent Europe was not enough (and everything seemed so good one short month ago), foreclosure expert firm RealtyTrac opines on the issue of fraudclosure and just how big the impact will be on the GSEs, and thus, on the upstream lenders who sold Fannie and Freddie MBS that had material misrepresentations. Add this to the over 240,000 REO properties held by the GSEs, and one can see why Jim Saccacio, CEO of RealtyTrac says: "Not only do the GSEs have an REO problem, they also have a guarantee problem because they promised to make good on the securities they sold to mortgage investors. The potential liability of the GSEs is a matter of debate but there's little doubt that the final total will be enormous.” Oops.


Tyler Durden's picture

Guest Post: Currency Wars And The Fed’s Demise

The Federal Reserve has decided to buy US Treasury bills for about US$ 600 billion in all, in monthly installments of about US$ 75 billion over eight months, until June 2011. However, this action will not achieve the desired goal of economic growth, nor will it change the US labour market, this according to most analysts and security traders surveyed by Bloomberg in its quarterly “Global Poll”. In fact, more than half of 1,030 experts who took part in the survey, expressed doubts about the Federal Reserve’s move. For more than 70 per cent of them, the Fed’s second round of quantitative easing (QE2) is largely an attempt to adjust the exchange rate of the US dollar against other currencies. Thus, according to such set of views, the Federal Reserve (de facto but not de jure the US central bank) wants to redress the trading disadvantage US manufacturers have accumulated over the last few decades and cut the US trade deficit.


Tyler Durden's picture

With An Imminent Irish Bailout Looming, One Politician Opposes US Participation In The Latest European Rescue

As the US, due to its key role as primary supporter of the various IMF rescue facilities, is already intimately involved in the Greek bailout (not to mention that the US Central Bank will soon again reprise its role as key lender of dollars, once the Irish crisis flares up again next week), there are those who are already calling to prevent the US from participating in yet another European bailout (second of many). The first person to have voiced this objection is Washington Congressmwoman Cathy McMorris Rogers, who in a just issued press release notes that she had warned the administration in April that a blank check for Europe would cause a “gathering storm." She is, of course, right. She will, of course, be ignored. We hope that politicians will gradually realize what traders have known for about two years - namely that courtesy of the Bernanke put, there is just no risk left, which means ever escalating bail outs until, one day, NASA will be sending out binary message to Alpha Centauri seeking the assistance of intelligent, and more importantly, rich, life to save the earth. Until then, the all in bet (with other people's money) will simply keep getting bigger.


Tyler Durden's picture

A New Take On Buffett's "Dear Uncle Sam"... This Time Without The Skidmarks

Yesterday we all had the displeasure of reading the latest piece of sycophantic brownnosing by what has become everyone's most hated hypocrite. Today, the brilliant Sean Corrigan of Diapason Securities strikes again with the letter that should have been written. We hope someone of greater repute (not to mention circulation, reach and net income) than the NYT will grow some balls and post this.


Tyler Durden's picture

Warren's Billions Thank Uncle Sam For Bailing Them Out

Nothing quite like the billionaire whose entire fortune is invested in the successful perpetuation of the ponzi, thanking the administration for taking trillions of dollars out of the taxpayers' pocket and preserving the broken system for a few more years, just so said billionaire can wax holier than thou on the pages of the administration's newspaper and thank the administration for allowing him to swim in his nickel pool through expiration. If one tries hard enough, one can almost spot a ridiculously hypocritical vicious loop in there somewhere...


Tyler Durden's picture

State AGs And Banks Prepare Fraudclosure Settlement, Bailout Number Two For BofA Imminent

CNBC's Diana Olick reports that the investigation into the biggest financial fraud in recent history is about to be shelved: the reason, state AGs are nearing a settlement with banks, which will slap a few wrists, will see banks put some lunch money in a settlement fund, will result in some principal reductions, and everything will be well again, as banker bonuses surpass 2009 levels (as noted previously). Retroactively in perpetuity. In other news, state sponsored fraud in America is alive and well.


Tyler Durden's picture

Senate Hearing Over Fraudclosure Begins: Live Webcast, And Relevant Ted Kaufman Thoughts

Live coverage of the Senate Banking Committee's make believe grilling of Bank of America representative Barbara Desoer over fraudclosure starts live at 3:15pm, or was supposed to: just like the EU Press Conference, it is also late.


4closureFraud's picture

Nation Wide Foreclosure Fraud – No Breaks for Robo-signing Computer Stamping Files

PROBLEM “The problems were lurking in the files, as long as people were paying and values went up nobody cared. Fraud that happens during boom times comes to light in the bust.” SOLUTION “If the assignment is missing, you can create it by having the old assignee reassign it to you,” 4CLOSUREFRAUD QUESTION "What if the old assignee no longer exists?"


Tyler Durden's picture

Guest Post: Silver - Still The Investment Of A Lifetime

The mainstream media attacks on precious metals were so extreme last year that they began to border on the bizarre. The “cult of fiat” was relentless in their attempts to slander gold investors and it seemed as though no matter how well the yellow stuff did, or how dismal the dollar’s performance was, they would never get tired of the disinformation game. Fast forward a year later, however, and they have been utterly silenced. What a difference twelve short months can make…


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