The Original DailySkew

Parodies, commentaries, short stories, reviews, opinions ... you never know what you'll read next.

Tuesday, September 30, 2008

Ground Zero for the Mortgage Meltdown Part III

[Click the following links for Parts I and II.]


- Credit:
-- Since I grew up here, I had the opportunity to get credit cards when I was in college and screw up my credit.

-- People like the Venezuelan couple come to the States when they are older ... their credit history is clean, and they are not likely to make the same idiotic mistakes as a teenage college freshman away from home for the first time.

-- Back in 2005, a friend at work suggested I open an AmEx account to build my credit. This, along with a line of credit at the credit union, and another Visa card, helped us get to a point where we reestablished our credit. Also, we learned that having three lines of credit for more than a year or two is a requirement for qualifying for a mortgage, according to a lender we met.

-- Credit was only one half of the equation -- the "Debt to Equity ratio" was the other side of the equals sign. Prices had to come down, or our earnings had to go up.

-- I graduated college, and found a job making only a couple grand more per year. It would be another two to four years before my earnings could put us in a position to buy a home ... and that included going back to school to get my Masters degree.

-- We moved out of the house the summer of 2006 (my wife's cousin sensed the market was going down and decided to sell the house). We moved into a small 2/2 townhouse near my job. Rent skyrocketed to $1,285 per month.

-- The electric bill went up at this time, due to the 2004 hurricane season.

-- So ... how did the Venezuelan couple qualify for those mortgages? We're still earning more money than they are.

-- A friend of mine recently informed me of a property-exchange laundering scheme he'd heard about that might explain what happened. I searched the web and found a page at the Department of State's website that describes how "some money is also laundered through the real estate market in Margarita Island." Were they also trading properties in Venezuela for houses in the U.S., as my friend described to me?

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Monday, September 29, 2008

News Bits

M.O.T. Newswire -- Queen Pelosi trips on throne, curses noblemen under her breath. She was overheard, at which noblemen abandoned her prior to the battle for Stone Wall Street ... "This is a bad start for the Queen," stated Dr. DiCarlo. "She just regained her throne, and she almost voluntarily threw her crown away with that whisper." ... Tony Vahl congratulates the Democrat and Republican Congressmen who held firm and said no to the bailout. "The banks are are trying to rob the treasury! Unions and other political groups are trying to get money for their causes! This is a joke! The pain must happen ... the government must stop delaying the inevitable ... they've been delaying the inevitable since 2001; each time they do that, they make the problem worse." ... Rush predicts McCain landslide....


Roll call of heroes who stood against the current bailout package (they didn't pull out their wallets and buy the fear that Paulson, D, and Bush, R, have been selling):

---- NOES 228 ---

Abercrombie
Aderholt
Akin
Alexander
Altmire
Baca
Bachmann
Barrett (SC)
Barrow
Bartlett (MD)
Barton (TX)
Becerra
Berkley
Biggert
Bilbray
Bilirakis
Bishop (UT)
Blackburn
Blumenauer
Boustany
Boyda (KS)
Braley (IA)
Broun (GA)
Brown-Waite, Ginny
Buchanan
Burgess
Burton (IN)
Butterfield
Buyer
Capito
Carney
Carson
Carter
Castor
Cazayoux
Chabot
Chandler
Childers
Clay
Cleaver
Coble
Conaway
Conyers
Costello
Courtney
Cuellar
Culberson
Cummings
Davis (KY)
Davis, David
Davis, Lincoln
Deal (GA)
DeFazio
Delahunt
Dent
Diaz-Balart, L.
Diaz-Balart, M.
Doggett
Doolittle
Drake
Duncan
Edwards (MD)
English (PA)
Fallin
Feeney
Filner
Flake
Forbes
Fortenberry
Foxx
Franks (AZ)
Frelinghuysen
Gallegly
Garrett (NJ)
Gerlach
Giffords
Gillibrand
Gingrey
Gohmert
Goode
Goodlatte
Graves
Green, Al
Green, Gene
Grijalva
Hall (TX)
Hastings (WA)
Hayes
Heller
Hensarling
Herseth Sandlin
Hill
Hinchey
Hirono
Hodes
Hoekstra
Holden
Hulshof
Hunter
Inslee
Issa
Jackson (IL)
Jackson-Lee (TX)
Jefferson
Johnson (GA)
Johnson (IL)
Johnson, Sam
Jones (NC)
Jordan
Kagen
Kaptur
Keller
Kilpatrick
King (IA)
Kingston
Knollenberg
Kucinich
Kuhl (NY)
Lamborn
Lampson
Latham
LaTourette
Latta
Lee
Lewis (GA)
Linder
Lipinski
LoBiondo
Lucas
Lynch
Mack
Manzullo
Marchant
Matheson
McCarthy (CA)
McCaul (TX)
McCotter
McHenry
McIntyre
McMorris Rodgers
Mica
Michaud
Miller (FL)
Miller (MI)
Mitchell
Moran (KS)
Murphy, Tim
Musgrave
Myrick
Napolitano
Neugebauer
Nunes
Ortiz
Pascrell
Pastor
Paul
Payne
Pearce
Pence
Peterson (MN)
Petri
Pitts
Platts
Poe
Price (GA)
Ramstad
Rehberg
Reichert
Renzi
Rodriguez
Rogers (MI)
Rohrabacher
Ros-Lehtinen
Roskam
Rothman
Roybal-Allard
Royce
Rush
Salazar
Sali
Sánchez, Linda T.
Sanchez, Loretta
Scalise
Schiff
Schmidt
Scott (GA)
Scott (VA)
Sensenbrenner
Serrano
Shadegg
Shea-Porter
Sherman
Shimkus
Shuler
Shuster
Smith (NE)
Smith (NJ)
Solis
Stark
Stearns
Stupak
Sullivan
Sutton
Taylor
Terry
Thompson (CA)
Thompson (MS)
Thornberry
Tiahrt
Tiberi
Tierney
Turner
Udall (CO)
Udall (NM)
Visclosky
Walberg
Walz (MN)
Wamp
Watson
Welch (VT)
Westmoreland
Whitfield (KY)
Wittman (VA)
Woolsey
Wu
Yarmuth
Young (AK)
Young (FL)

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Sunday, September 28, 2008

Drudge style headline: Somali Pirates want 20 million for Ukrainian ship

"WE WANT RANSOM, NOTHING ELSE," SAYS PIRATE SPOKESMAN
SUDAN DENIES CONNECTION...
RUSSIAN CREW MEMBER DIES...




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News bits

Queen Pelosi regains throne; Paulson agrees to exile ... Caffeine remains legal ... Bailout plan supported by Kermit ... Darktruths.com endorses Obama ... 93 days until the end of 2008 ... The Realtor and his Editors are mum about the next storyline for 2009 ...

Saturday, September 27, 2008

Drudge style headline concerning Somali Pirates hijacking Ukrainian vessel

35 MILLION DOLLAR RANSOM DEMAND
EGYPTIAN SHIP AND CREW FREED
MALAYSIAN TANKER RELEASED FOR 2 MILLION DOLLARS
FRANCE DEMANDS ACTION
PROVOKED WRATH OF RUSSIA AND U.S.



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McCain vs. Obama Debate Coverage

Post Debate Reaction:
Damian: tie.


Stephanopolous - Obama wins on strategy, style, and overall.
McCain wins on accuracy.
He noticed that Obama appeared darker than he does in person, which agrees with what Vahl noticed. He also said McCain looked washed out.


Early polls - Obama wins by double digits.


Vahl: I am leaning towards McCain. He had specific plans to freeze spending, keep taxes low for me, take care of vets, and achieve foreign policy success. I'd rather have a Vice-Pres in training than a Pres in training.
When Obama talked about his Senate experience, it reminded me of when you write a resume and try to make your work history sound like more than what it was.



CBS - tie


CNN - tie


David Brooks - tie.



Vahl Debate Coverage -- due to an emergency situation, Vahl had to text message in his comments, and was not able to watch the debate in its entirety:


Obama closing statement - excellent. Presidential.


McCain attacks Obama's judgment, compares his stubbornness to Bush!


This Bin Laden line didn't work for Kerry.
Good comment about China by Obama.

Broader vision.



McCain - cannot lose in Iraq.


Obama - long way to go. Suitcase nuke threat. Supports Star Wars. Focus on Al-Qaeda in Pakistan. Regain respect. Compliments McCain.


McCain supported 9/11 commission. Against torture.


McCain is good at talking over people.


Obama supports foresight. Plan for energy. Attacks McCain on energy.


Overall, Obama appears to be taking a tough stand on every foreign policy issue. McCain appears to have a command of the details, and sounds more realistic.


Missed a lot.


Obama has a bracelet, too.


McCain mentioned Somalia. I did not understand what he meant.
He grasps the gravity of war.



Obama's got some good zingers, but his Pakistani policy sounds pie-in-the-sky.


Obama - tough decisions ... Nothing specific.
McCain - let family decide. No national healthcare.
Leaving debate coverage.


McCain - spending freeze.
Obama - scalpel line good.
McCain - nuclear power plants.


Obama - eliminate private ins for medicare. Bush zinger. Accountability.


McCain's got jokes. Eliminate ethanol subsidies. Fixed cost funding. He's giving me the how.


How is Obama fixing healthcare, education? HOW?


McCain giving Obama the Romney treatment.


How will Obama save my taxes? I was called away.


McCain talking common sense on business tax ... Attacking ... Doubled child tax credit? Right on!


Obama rebutts ... He fixed healthcare? I missed that issue.


McCain taking shots at Obama on earmarks.


Platitudes ... Talking points.


Mcain looking at moderator. Seems relaxed. Cracks joke about age.


Sheesh - Obama's eyes look menacing on this hospital T.V. screen.



Obama looks confident. Kennedy-esque.

9:03pm: Watching PBS Coverage.


12:10pm: Rush claims Obama screwed up the White House meeting. Very interesting story. Let's see if McCain brings it up tonight.


6:19am: Overnight news indicates Obama won the White House meeting:


Both McCain and his Democratic rival, Sen. Barack Obama, would leave the White
House without comment, and the meeting was described as among the wildest in
memory. A beleaguered President Bush had to struggle to maintain order and
reassert himself. And when Democrats left to caucus in the Roosevelt Room,
Paulson pursued them, begging that they not “blow up” the legislation.

The former Goldman Sachs CEO even went down on one knee as if genuflecting, to which Speaker Nancy Pelosi (D-Cal.) is said to have joked, “I didn’t know you were Catholic.”

It was McCain who had urged Bush to call the White House meeting but Democrats made sure Obama had a prominent part. And much as they complained later of being blindsided, the whole event turned out to be something of an ambush on their part—aimed at McCain and House Republicans.

“Speaking professionally,” said one Republican aide, “They did a very good job.”

When Bush yielded early to Pelosi and Senate Majority Leader Harry Reid (D- Nev.) to speak, they yielded to Obama to speak for the assembled Democrats. And it was Obama who raised the subject of the conservative alternative and pressed Paulson on what he thought of the idea.

House Republicans felt trapped—squeezed by Treasury, House Democrats and a bipartisan coalition in the Senate. And while McCain spoke surprisingly little after asking for the meeting, he conceded that it appeared there were not the votes for the
core Paulson plan without major changes.


09/25/2008:
6:09PM: Pre-fight weigh-in:





5:00PM TONY VAHL:
Obama and McCain have entered the White House.
Photos destined for history books being taken.
Longest Presidential debate continues.




3:54PM DAMIAN HOSPITAL SAYS: Friday night...8:00PM...LIVE FROM MISSISSIPPI..it's the first debate between Obama and McCain! Tune in, folks, this is gonna be a war!






2:31PM:
It now appears both candidates are losing the debate.



12:33PM:
Rush Limbaugh: Paulson asked for McCain to return.
McCain move is a gimmick, Obama can't vote present,
Clinton "dropping neutron bombs" on Obama.



12:01PM: Obama: "Call me if you need me." Loki.
Dr. Hoffman, Enneagram Council:
Obama has officially integrated the unhealthy aspects of Enneagram type 5
- sidestepping, misdirecting, taunting McCain rather than taking a stand.



11:45AM: McCain is boxed into a corner, with no way out.
Will the Silent Majority stand up for him and his courage?



10:02AM: CNN Was Obama blindsided by McCain announcement?

9:34AM: Glenn Beck ripping Bush for not taking crisis seriously enough!
"Great depression ... McCain will lose ... Get blamed."



5:34am -- From DrudgeReport/Reuters -- Obama backs off McCain, agrees to bipartisan statement:




WASHINGTON, Sept 25 (Reuters) - Congress looked close to reaching a deal to approve a $700 billion plan to bail out the U.S. financial system ...

... After a week of pointed barbs on the campaign trail, McCain and Obama later took the unusual step of issuing a joint statement, calling Bush's plan "flawed" but urging fellow Republicans and Democrats to reach a solution.

"No matter how this began, we all have a responsibility to work through it and restore confidence in our economy. The jobs, savings and prosperity of the American people are at stake," the candidates' statement said.

"This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe."



9/24/2008:
9:15pm -- Vahl: "Is this serious enough to reschedule a foreign policy debate on Friday? Answer: Yes."

The debate now appears to be even, going into the overnight hours.



9:14pm -- ABC reaction -- "Stark terms ... $700 billion ... bad debt ... 'gov't the only one with patience and resources' ... tough case ... skepticism ... 'Terrible plan ... haven't heard any better' ... rescue plan needs to be passed quickly."




9:13pm -- "Elected officials rise to the occasion ... leaders come together to meet great tests."



9:12pm -- King Paulson offers blueprint to solve problem. "Democratic capitalism is the best system ever devised ... moment of great challenge ... will overcome this one."



9:11pm -- "Financial securities ... families ... small businesses ... Money Market insured ... FDIC has been in existence for 75 years ... update regulatory structures ... outdated 20th century laws."



9:10pm -- The price tag -- $700 billion. Obama perks up. "Low prices ... money flows back to Treasury ... investment will be paid back."



9:09pm -- "Rescue plan ... resume flow of credit ... failed executives ... bi-partisan board ... as soon as possible." Strong sales pitch by Bush.



9:08pm -- "Spirit of cooperation." Obama is reeling. McCain trying to stand up.



9:06pm -- Bush has never sounded clearer or more cogent. This is clearly his element.



9:05pm -- "Domino effect." Vahl's prophecy revealed to be true.



9:04pm -- Bush echoes Tony Vahl's words from two years ago. V for Vindication.



9:02pm -- Bush outlines how serious the situation is in America ... this affects the "Entire economy." Obama is struggling to get on his feet at the moment. McCain clings to the ropes, catching his breath.



8:46pm -- BREAKING NEWS: Obama Accepts Bush Invitation To Meet In Washington ... Bush jumps into the ring and knocks down Obama while McCain recovers in the corner!



7:41pm -- Talk Radio and candidates taking a break. Obama was barely touched, despite the best efforts of the Wallbanger and McCain. The Silent Majority remains Silent. G. has officially endorsed Vahl's opinion.



7:18pm -- Skew. Skew. Stop the scanner. More from U.S. News and World Report:





The McCain campaign official also appeared to leave some wiggle room for the
candidate to participate in the debate. "It could still happen," he said. "But
we won't know until we get our arms around this tomorrow." GOP strategists say,
however, that after calling for the debate to be postponed, it would be almost
impossible politically for McCain to change his position.


The Commission on Presidential Debates has notified the University of Mississippi, the location of the debate, that for now the debate will proceed as scheduled.




7:15pm -- It's 2008 -- a new era. McCain's stand is viewed as weakness ... in other news, down is up, and left is right. More from U.S. News and World Report:




One longtime GOP adviser who has been involved in past presidential campaigns and debates says that McCain's move will spin out one of two ways: If he goes back to Washington and is seen as a catalyst for a palatable solution to the crisis, it will be a "great way for McCain to stop his bleeding on the economy," the adviser said. "But it can also be seen as a transparent political ploy, when he could just as easily appear at the debate, insist the discussion be all about the economy, and talk this through with Obama." The adviser's prediction: It will play out as a political ploy.


7:11pm -- Obama officially pulls ahead, as McCain's teammates walk off the field. From U.S. News and World Report:




"I'm puzzled," said longtime McCain supporter Ed Rogers, chairman of BGR Holding, a lobbying firm formerly known as Barbour Griffith & Rogers. "I think we, us McCain people, we need the debate. Not having it just freezes the board, and the status of the game right now favors Obama."

"We don't need to quit the game," he said. "We need to change the game."


7:04pm -- Savage is currently winning, uh, the debate:




Savage: "Doctor, first do no harm ... the hyppocratic oath ... I'm not voting for this hack McCain ... I'm done ... I'll vote for local issues, but I'm not voting for the Republican machine ... I'm not voting for Obama.

"These guys crash the ship, and then they ask that they give us the wheel. We'll lock you in the brig, Johnson."

Vahl: "I thought McCain was going to take a hard line against the bailout ... he's just parroting Bush? What?"



6:11pm -- The debate has begun to swung in Obama's favor.




"Savage just called McCain a 'putz'," said Vahl. "His words carry weight with independents. This may be the bailout that Obama needed in this debate."



6:01pm -- as of right now, editorial staff at DailySkew.com has declared McCain in the lead.





"His decision to suspend his campaign and go to Washington shows true
leadership and courage," stated Tony Vahl. "He's risking his entire campaign ...
he's guaranteed to get openly mocked by his opponents ... he's basically become a
target for easy criticism by Obama and his supporters.

"The bottom line, for me, is this: the dominoes are falling. I
predicted this years ago, and we're now getting into the final pages of this
Financial Crisis, so to speak. McCain has chosen to go do what he does
best -- broker a bipartisan deal.

"Obama has also made a choice -- leaving the leadership to the members of
Congress, instead of showing some true leadership.

"David Letterman can take shots at McCain all night tonight, if he wants
... it doesn't matter. McCain clearly understands the serious of the
matter.

"This is a moment that will be remembered in history books, regardless of
the outcome (the financial crisis AND the election). Obama has, once
again, shown his poor judgment (Biden, J. Wright and his other friends from
Chicago, etc.) and missed an opportunity to show he's got what it takes.

"A debate on foreign policy tomorrow pales in comparison to what is about
to happen in Washington, D.C."



***

About this blog post: When John McCain announced he wanted to delay the debates, and Obama said no, I felt like the debates had started. Hence, this blog post.

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Friday, September 26, 2008

News bits

Somali pirates hijack Ukrainian ship, BBC World radio reports ... Washington Mutual depositors need not panic, deposits safe, says J.P. Morgan ... In sports, White Sox choking. Tony Vahl calls for Ozzie Guillen's firing ... Feds say Barry Bonds will be found guilty. Yawn ...

Multimedia message

So, Democrats in Congress, Bush, Paulson all support the bailout. Conservative Republicans are against it.

I thought Dems were against bailouts for the rich. And why are they standing with Bush? Did you know Paulson is a Democrat?

Who benefits?

Breaking News: King Paulson begs the former Queen for mercy

Both McCain and his rival, Lord Barack Obama, would leave the White Castle without comment, and the gathering was described as among the wildest in memory. A beleaguered Prime Minister Bush had to struggle to maintain order and reassert himself. And when Lords left to caucus in the Roosevelt Court, King Paulson pursued them, begging that they “blow up” the serfs.

The former Knight of Goldman Sachs even went down on one knee and genuflected, to which former Queen Nancy Pelosi, whom he ousted, is said to have joked, “I didn’t know you were Catholic.”

It was McCain who had urged Bush to call the White Castle meeting but Lordss made sure Obama had a prominent part. And much as they complained later of being blindsided, the whole event turned out to be something of an ambush on their part—aimed at McCain and Castle Noblemen.

“Speaking professionally,” said one Noblemen seer, “They did a very good job.”

When Bush yielded early to Pelosi and Lord Leader Harry Reid to speak, they yielded to Obama to speak for the assembled Lords. And it was Obama who raised the subject of the Nobleman alternative and pressed King Paulson on what he thought of the idea.

Noblemen felt trapped—squeezed by King Paulson, Castle Lords and a Coin Committee coalition in the Senate. And while McCain spoke surprisingly little after asking for the meeting, he conceded that it appeared there was not enough support for the core King Paulson plan without major changes.

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Thursday, September 25, 2008

Breaking News: King Paulson Fears Deal May Collapse

Clinton Court Messenger George Stephanopoulos Reports: King Henry Paulson fears the Stone Wall Street rescue deal is falling apart after a chaotic White Castle meeting, sources say.

King Paulson walked into the room where Lords from the countryside were caucusing after today's meeting at the White Castle and ordered them to, "Blow the serfs up with gunpowder."

Lord Barney Frank, of the Land of Mass, seatholder of the Castle Gold Committee was livid, saying, "Don't say that to us after all we've been through!"

Former Queen and now Regent Lady Nancy Pelosi said, "We're the ones trying to blow them up; it's the Castle Noblemen that are up in arms and against us."

"I know, I know. My spies have informed me," Paulson replied.

The Countryside Lords believe that Castle Noblemen, in league with various serf communities, are driving a stake into the heart of the King Paulson's plan, which was outlined and released by the Coin Committee on Thursday.

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2008 Elections: They're all idiots

In honor of a recent twitter from Gary Allen, I decided to bash all the major party presidential and vice-presidential candidates with youtube videos of their gaffes. Excuse me if I'm not rooting for your favorite team this election season -- I refuse to wholeheartedly support any politician. The very nature of their profession involves deceit, and it's a complete turn off.

However, I can't stand rooting for a team blindly either, apologizing for a candidate all the time, ignoring their faults. It's a misuse of one's intelligence and is disingenuous.

Without further adieu, here are four choice clips:









Like any of these candidates are going to solve anything.

For me, the choice for president always comes down to this: do I choose what I perceive to be the lesser of two evils, or do I exercise my Constitutional rights and vote for an independent candidate whose platform closely reflects my views (in layman's terms, throwing my vote away in the garbage can of history)?

I have only heard of a couple of independent candidates, so, at this time I'd like to link here and here. Who will you truly vote for this November?

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Snap Photography, BECAUSE YOU DEMANDED IT!




For those of you (R.A.W.) who demanded a bigger version of Waltex photos -- FOLLOW THIS LINK.

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Drudge style headline concerning Somali Pirates

US NAVY FIRES WARNING SHOTS
"INCIDENT UNDER INVESTIGATION"
UN BEGS FOR HELP




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Wednesday, September 24, 2008

Multimedia message

The latest from Waltex (small version). Comments, please.

myspace.com/waltex

Tuesday, September 23, 2008

Sir Dodd Makes Bid for King Paulson's Crown

M.O.T. News

Sir Christopher Dodd from the Land of Connecticut today made a spectacle of himself during a meeting with King Paulson and fellow knights -- a meeting which was broadcast live throughout the kingdom.

When King Paulson asked the knights to provide gold for the purposes of keeping certain trade routes open, Sir Dodd questioned his plan openly and without shame, for all the subjects to see.

"An incredible display, really," stated Reilly Smith, longtime constituent from Connecticut. "Politics got interesting today in the king's court."

King Paulson, who recently overthrew Queen Pelosi to take over the throne, stood his ground.

"Not that it matters," added Dr. Ricardo Holeman from the National Enneagram Council. "The good King is in trouble. Without Sir Dodd's support, there will be no funding for trade routes."

There has been speculation that Sir Dodd is interested in becoming King himself one day.

"Not likely," stated Dr. Holeman. "It's difficult for a knight to become king these days."

Sir McCain and Sir Obama, currently bidding for the position of Prime Minister, were not available for comment today.

"As Prime Minister, decision-making is not required. So, avoiding comment makes sense for them at this time," stated Dr. Holeman.

***

[Ed. Note: If you really want to know what we here at the DailySkew think about this whole Financial Crisis, click here, brave reader!]

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Analogies I've heard the past year for the Mtg/Financial Crisis

"Buying a home right now, it's like trying to catch a falling knife."

"These mortgage-backed securities are radioactive."

"These loans are toxic."

"It's like a plane crash. [The Fed] is trying to stop the free-fall, and slow the crash landing."

"When a plane crashes, don't they investigate to see if was pilot error? Where's the investigation into this mess?" [Ed. Note: The FBI is now investigating 26 banks. Finally.]


My take:

Analogies oversimplify and belittle the danger to the public.

Can Paulson, Bernanke, all the banking committee Senators, SEC chairman Cox ... can they all just admit they failed us and resign with dignity? Please?

I personally don't blame King Paulson or Bernanke, per se ... but Paulson's used to be the head at Goldman Sach's, and the appearance of impropriety is way too strong here for me to stomach. Bernanke has been weak under pressure from Wall Street, and should have held the Feds Funds Rate over 4% from last year, in order to call the traders bluff last year, instead of letting the CRISIS build to now.

Any politician that took millions in contributions from Fannie, Freddie, and banks that have ceased to exist should also resign for the good of the public.

Say no to the $700 billion bailout. Call the bluff of the traders.

***

MEANWHILE ... the Pirates of Aden continue to hold Filipino hostages against their will in Somalia....

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Random Thoughts on Financial Crisis

  • Goldman Sachs and Morgan Stanley are no longer investment banks? Breath-taking. This move is clearly a matter of perception, since neither bank was doing poorly. As far as I'm concerned, this so-called crisis has already reached it's bottom when Fannie Mae, Freddie Mac, and AIG were saved by King Paulson. There may be smaller bank failures, but the worst is over in my opinion.
  • The current reaction in the market is about one year too late.
  • When people talk about an AIG failure affecting the real economy, I have to laugh, laugh, laugh. Give me a break -- the experts need to come on down to and talk to people here in Florida. They will discover that unemployment is up, trucks are sitting idle, foreclosed homes are rotting away.
  • Speaking of foreclosed homes, I have been trying to close on a house since June ... the excuse is that banks are so swamped with foreclosures, that they can't keep up and process closing in a timely manner. I also think banks have been unwilling to put in the time and money necessary to hire and properly train staff to handle the increased volume in foreclosures.
  • The 700 billion dollar bailout deal currently being debated in Washington, D.C. -- you mean to tell me that individual banks would rather wait for the government, rather than work with individual borrowers? I have spoken to many folks down here who said they would have been willing to pay a portion of their mortgage payment to hold onto their house, rather than lose it to foreclosure. You mean to tell me that the banks would rather get pennies on the dollar from the government (with tax dollars), rather than individual borrowers? Something tells me banks have GAMBLED that they will get a better deal from the Feds! This is obscene, and SHOULD be criminal.
  • I think you will see civil lawsuits, perhaps filed by states hit hard by this CRISIS, against all the banks involved.
  • Glenn Beck had a funny bit yesterday -- they were talking about the CRISIS and how people need to stop getting into debt, pay themselves first every month ... then they took a fake caller who said, basically, "Yeah, my wife's got triplets on the way, I just bought a boat, I need to get a trailer for the boat, and I was wondering if I should take the no-annual fee deal the credit card company is offering to finance that?" They asked him what his current income was, and the caller said, "Oh, I'm unemployed ... I just use those courtesy checks from the credit card company to get by. So, what do you think I should do?"

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What gets ignored by MEDIA

This link was on DrudgeReport this morning:

Group of tourists kidnapped in Egypt...

Eleven European tourists have been kidnapped along with eight Egyptians while making an off-road tour of southern Egypt.
Five Italians, five Germans and a Romanian were taken along with eight Egyptian travel guides and drivers.



MEANWHILE ... this story continues to get ignored:

Norwegian warship to fight pirates off Somalia - report

OSLO, Norway - Norway’s new warship called Fridtjof Nansen will be deployed off the coast of Somalia to fight pirates operating in the area, according to Norwegian newspaper VG. VG said the new super frigate would be stationed in the Gulf of Aden east of the mouth of the Red Sea by next spring. The Fridtjof Nansen is among the five Norwegian frigates that are being built in Spain by Nevanti Ship Yards.On Sunday, pirates hijacked Greek ship MV Captain Stephanos with 19 crew members on board composed of 17 Filipinos, a Chinese, and a Ukranian.



So, how is it that pirates kidnapping 19 people is not a bigger story than 19 tourists getting kidnapped in Egypt?

Is it racism? Do Italians, Germans, and Romanians outweight Filipinos, Chinese, and Ukranians on the MEDIA's scale of importance?

Hey, maybe ABCNBCCNNFOX can't afford a news bureau in Somalia due to cutbacks.

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King Paulson News Clippings



BBC:

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Saturday, September 20, 2008

Call to Johnny Depp and Disney -- Launch PSA pressuring U.N. to take action against Pirates

Since Johnny Depp and Disney have earned tons of income off their "Pirates of the Carribean" movie series, I wondered if they had anything to say about the current situation off the Somali Coast, where 80 Filipino Seafarers are being held hostage by Somali pirates.

The only thing I could find on a page-1 Google search was this, from ABC News (owned by Disney):


Real-Life
Pirates Can't Match 'Capt. Jack Sparrow'
Bandits Nabbed, Yacht Hostages
Rescued in Somalian High-Seas Adventure


I decided to try different searches on Johnny Depp and Disney on Google, to see if either had come out and said anything about real-life piracy. They didn't. Here's what I found instead:

The Real Jack Sparrow: He would have eaten Johnny Depp for breakfast

Pirates May Be Popular in Movies, But Piracy Remains a Threat

Disney Caught Pirating from Public Domain -- and Children!

Johnny Depp: U.S. is like a stupid puppy

The Pirates Are Back….but no Johnny Depp this time



I am calling for Johnny Depp and Walt Disney Co. to speak out against modern-day Piracy, and to use their connections to put pressure on the U.N. to defeat the pirate criminals off the Somali Coast and elsewhere. I am hopeful that this blog-post will eventually reach the ears of Johnny and the execs at Walt Disney, and that they will act to help the 80 hostages currently held by these criminals.

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DrudgeReport-style headline concerning the kidnapping of Filipino Seafarers by Somali Pirates

9 Released....
"55th ship attacked this year"
80 still held hostage....
Calls for UN Action





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Friday, September 19, 2008

DailySkew PSA: Greek Ship with Filipino Crew Hijacked by Somali Pirates (My brother-in-law)

The following is a blog post from Damian Hospital:


Jolan Besana, my sister-in-law's husband, is one of the members of the MT Centauri, a Greece-owned cargo ship. Somalian pirates armed with rocket launchers took over the ship, that has a crew of 25 or 26 Filipinos. This happened off the southern coast of Somalia. The cargo is carrying 17,000 tons of salt, and the crew and ship is being held for ransom, with the threat of death.

The pirates hijacked the ship on Wednesday night. My wife's sister no longer has any more tears left.

The Gulf of Aden- which connects the Red Sea and the Indian Ocean- was the only route the MT Centauri could have made to get back home, and it is one of the world's busiest waterways (off Mogadishu). The ship had been en route to Kenya to unload the salt.

Piracy continues to be a world wide problem, and the United Nations needs to be more involved to patrol certain waters, especially off Africa's coast.

Negotiations are taking place between the terrorists and the Greece owned shipping company. International maritime authorities are also involved. The Philippines, which can't legally give into the demands, have been trying to ban Filipino seamen to work near African coasts. In other words, it's up to private firms to raise money to get the sailors back. A German firm recently gave $1 million dollars for the release of only 8 sailors.

Somalia has said that the seafarers remain unharmed. Around 80 Filipinos are still being held hostage in Somalia from previous kidnappings.

I happen to know that Jolan always gave food and money to African workers who helped him unload cargo in previous trips, and that he truly has a great and generous heart. He is a sailor because it is the only way he can support his family, as he had great electronic and mechanical skills that makes him a valuable crew member.

I am asking for your prayers for his safe recovery home, as he has 3 children in General Santos City in the Philippines, Jola, Jericho, and Julian. Today is Jolan's birthday, and it's heartbreaking a good man is being held captive.

Damian Hospital and Jolan Besana's first encounter in Feb. 2006

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Random Thoughts on financial markets the past few days

  • Glad to hear Rush finally acknowledge that bailouts are a bad thing ... this after being among the chorus of people praising the high level of home ownership a few years ago. Iwonder if that will bump his error rate to 1.4%.

  • At one time, I worked for EDS on a project related to Washington Mutual. When the project ended, our office closed -- my sympathies go out to the EDS employees who have now lost their jobs due to the HP merger. Anyway, prior to the office closure, I was attempting to get hired on at WaMu's Boca office, along with several other employees who, essentially, transferred over. At the time, I felt slighted by managers who had transferred over and chosen not to hire me -- now, I am grateful they thought less of me. My sympathies go out to all the employees, in Boca and elsewhere, who face losing their jobs at WaMu. I hope things work out for the best.

  • Glad to hear Savage bring up the name Elliot Spitzer. It had occurred to me yesterday that the current New York Attorney General was strangely silent on this whole crisis -- this would be a great opportunity to make a name for himself, the way Spitzer did a few years back, prosecuting executives. I mean, I'm glad he's investigating short-sellers... it just seems there are bigger fish to fry. I guess partisan politics are playing a role in who gets prosecuted during this election cycle?

  • Years ago, we did a parody about John Ashcroft being coronated King of the U.S. (Ed. Note: Overall, he was a benevolent King. Check out DailySkew Year One, page 125, for the start of the parody madness!). It appears that Hank Paulson has taken up the mantle -- call him King Paulson.


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Monday, September 15, 2008

Truly Savage Rant about Lehman Brothers Crash

I can't remember the exact words Michael Savage said, but basically he said:

"You're addicted to porn, or sports ... and you're stupefied by all the celebrity sluts ... you're a slave ... you smoke your pot and then you don't know what is happening ... why aren't you marching on Washington? Why is no one calling for an investigation into this? It's Black Monday ... 9/11 happened when Bush first came in ... and now, we're having a financial 9/11 as he leaves, on 9/15 ... the title of today's show is 'From 9/11 to 9/15: Whodunnit?' Imagine you were reading a novel ... they write these books, years after the fact, about how Rockefeller or J.P. Morgan did this or that, and the economy crashed. And now? NOBODY'S questioning this? This was done by, what, NOBODY?

"I watched CNBC for hours today. They do a great job there. One thing was missing -- they didn't call for an investigation ... Jim Cramer almost did it once ... I like Cramer ... but they know that if they call for an investigation, they lose their access to information.

"Four years ago, people were walking away in handcuffs b/c of Enron ... that's nothing compared to this. I hope the FBI is investigating....

"Normally when there's a plane crash, the first question is who did it? Was it pilot error? Well, who is the pilot here?

"I'm not saying he's guilty, but Henry Paulson, former head of Goldman Sachs ... and Goldman Sachs is the last bank standing. There were five investment banks, and now there are two. I'm not saying it's his fault, but he should resign for the APPEARANCE of impropriety."

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Sunday, September 14, 2008

Banking Crisis Quote of the Day; Side-note about Merrill Lynch

From Reuters:

But Lehman soon emerged as Wall Street's next domino as real estate loans and other toxic assets increasingly weighed on its balance sheet, especially after the collapse of Bear Stearns Cos Inc in March.

I really don't have much more to say about this that I haven't already said [Editor's Note: See The Hand that Restacks the Dominoes and The Economy: Now What? to see what Vahl said!].  I'm just glad someone else besides me is using the domino analogy.

***

On a side-note, I read that Bank of America may be acquiring Merrill Lynch for $29/share -- a real sweetheart deal.

I think this is a disaster.

You see, I'm attempting to close on a foreclosed home.  The home is owned by Countrywide -- another financial institution recently acquired by Bank of America.

Without getting into crazy technical details ... let's just say we've been trying to close on the home since JUNE.

It is now late September.

Countrywide has displayed an amazing level of incompetence.  Here is a list of examples:
  • It took a month before Countrywide realized they had to buy the home back from another bank before selling it to us.
  • It took Countrywide two months to sign the new contract, as well as to approve repairs on the home (Repairs that had to be made prior to closing, or else we wouldn't