Shingles have arrived
Posted By RichC on October 7, 2008
I headed home to check on the arrival of the shingles for the south side of my roof in order to repair the damage left by Hurricane Ike … yes I’m in Ohio.
😀
Obama/Biden continue gains on struggling economy
Posted By RichC on October 7, 2008
As the economy struggles, Obama and Biden gain as the McCain/Palin campaign take the bruising. There seems to be a backlash against the GOP for the mess we are in? Perhaps its the Wall Street “fatcat” image or just the fact that a Republican has been in the Whitehouse for 8 years. Nevertheless, most polls have Obama up with near a comfortable 8 point lead going into the second debate and less than 30 days from the election. Unless something changes for the McCain campaign, prepare for a one party dominance this next go around.
Financial Markets reflect economic fears in America
Posted By RichC on October 6, 2008
The financial crisis is rippling around the world and that fear is being reflected on Wall Street as the DJIA dropped a full 800 points during trading on Monday, although recovered somewhat to close off only 370 points at 9955.50. Almost all stocks took a beating again today shrinking all who invest for college or retirement. Where this will “blood in the street” be enough?
Testing the new WordPress blog
Posted By RichC on October 6, 2008
Hopefully all the old posts and comments have been updated to this new 2.6.2 install of WordPress. It was not an easy task, but finally this update should correct many long standing problems associated with the old installation. Categories and tagging have been changed considerably and will require a significant database rebuild; this is something I’m not ready to work on at the moment. Nevertheless, My Desultory Blog is back in operation.
Diverting attention from the economic chaos
Posted By RichC on September 30, 2008
Life needs a little perspective. I’m spending far too much time concerned over things I have little control over — the economic mess. What I can do, is get motivated to work on my Sonex project and this video of USAF test pilot Roger Tanner and Sonex founder John Monnett might be just what I need? They are flying a Sonex Sport Aero in the clip below.
Rescue bill fails to pass in Congress
Posted By RichC on September 29, 2008
It was a rough day on Wall Street, but nothing like it will be if they aren’t able to pass a bill to keep money flowing in the U.S. When paychecks are no long being cashed and layoffs start occurring in full force, their will be blood. For most, the losses are currently just on paper as the DJIA closes at 10,365.45, down 777.68 points 7% drop. The Nasdaq and S&P 500 were even worse, down about 9% at the close … big numbers for those of us funding, or planning to fund, our children’s education and trying to be responsible about retirement.
The Republican minority in congress who thought they had enough votes to pass the rescue/bailout bill today, said that it was a “poisoned” partisan speech from House Leader Nancy Pelosi delivered before the vote that sabotaged the distasteful $700 Billion bill — nobody actually likes it, but most fear the outcome if one isn’t passed. The vote was 228-205 against the measure, with one member not voting. There was broad bipartisan opposition, so neither side can really complain, even though they will. More than 90 Democrats and 130 Republicans voted against the bill. (NYTime article)
blames today’s bill failure on Nancy Pelosi
Money lending — government, banking and us
Posted By RichC on September 29, 2008
Money lending … this wouldn’t be the first time society gets carried away with borrowing more than realistically we can pay back under the terms of a contract — what started it and is there a solution? Was it the Fannie and Freddie backed loans to those without the incomes to borrow during the 1990s? Was it the ‘market driven’ unrealistic price increases for homes and property seen over the past 10+ years? What about the excessive borrowing encouraged by lenders, either with or without enough collateral leveraging the value of a home. Some see much of the blame can be tied to these creative “pay-option” ARMs and forward looking lending based on continuing increases in home values?
I doubt it is as simple as “what ONE thing started it” or easy to point the finger at one group. Banking is certainly at fault, but then so are those of us who borrow too much and trust those we elect to oversee the banking and mortgage industry. We are where we are and the three groups need to come together and find a band-aid in hope to avert a national panic and give the banking industry time in order to restructure and get their house back in order. Going forward, even with a bailout, most homebuyers and businesses will find capital much more challenging.
Here’s an interesting look from the mortgage industry and valuation collapse in one of the hardest hit areas — California real estate. David Faber of CNBC talks with 20 year mortgage veteran Mark Hanson (his blog) from Oakland California; he offers a look into the practices that moved toward this inevitable situation.
Financial markets on pin and needles
Posted By RichC on September 29, 2008
Like many investors, I’ve been watching the reaction to the bank melting down on Wall Street. All who are invested in America (and rippling overseas) are going to be impacted in real estate value, stock value, bond security and the ability of our government to remain sound. This devaluation will no doubt slow our economy and threaten jobs, not just those jobs in the non-competitive industries (ie. Auto, etc). As all 30 DOW Industrials open Monday morning, they do it to a down side even as a $700 billion dollar rescue package seems to be inevitable; some suggest taxpayers will be required to pay even more.
Perhaps the biggest news of the morning is that Citigroup will buy Wachovia Bank for about $2.16 billion, or $1 per share, for its banking operations — Friday WB was trading for $10/share and last year it was $50/share. Wachovia will retain its wealth management and brokerage operations according to stories.
Fannie Mae and Freddie Mac comments in 2004
Posted By RichC on September 29, 2008
Although there is enough blame to go around, here’s a partisan CSPAN video that at least shows that a couple legislators were trying to get a handle on the business practices and corruptions going on over at Fannie Mae and Freddie Mac back in 2004. When people “ask where the oversight and regulators” during these practices … I look at this and say, “because we weren’t paying attention.”
https://youtube.com/watch?v=3p1Wc2NFa3w%26hl
Desultory - des-uhl-tawr-ee, -tohr-ee
- lacking in consistency, constancy, or visible order, disconnected; fitful: desultory conversation.
- digressing from or unconnected with the main subject; random: a desultory remark.