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It’s funny to watch the idiots in DC blame each other. LoL
It’s all about me me me and political interest kickbacks, not the American people ... finally someone calls it like it is
“For decades, political careerism has trumped statesmanship in Washington,” Coburn said. “Both parties have done what is safe, not what is right. The dysfunction in Washington is the belief that we can live beyond our means forever. We can’t.”
“The moment to make the hard decisions we have long avoided has arrived,” Coburn said. “There is no where left to kick the can.”
-Senator Tom Coburn, an Oklahoma Republican and a member of the so-called Gang of Six
More folly ...
Published: Monday, 8 Aug 2011 | 10:53 AM ET
By: Associated Press with CNBC.com
“Standard & Poor’s downgraded the ratings of government-sponsored enterprises Fannie Mae and Freddie Mac Monday, citing their reliance on U.S. government.”
If investors believe the S&P, mortgage interest rates should rise because of this.
Rates are headed LOWER. Money is seeking yield. Out of equities, into something else.
Since precious metals don’t pay dividends, they’re relegated to speculators. The rest of the real world is throwing it into yielding bonds, and FNM and FRE bonds still pay more than USTs.
If they truly are as safe as USTs (per S&P’s assessment that they are part of the USG, or the USG has explicit and guaranteed backing of them), they can fall even lower. I wouldn’t be surprised at 30yr fixed in the 3’s.
Chuck
“Since precious metals don’t pay dividends, they’re relegated to speculators.”
have you personally asked those who are buying gold why they are buying? Do you know that they are speculating on the price, or so you assume that buying any asset that does not pay dividends is speculative?
Reports just came our on the various central banks buying gold. Are they speculating?
Chinese citizens can walk into Chinese banks and buy gold bullion. Are they speculating on the price? And in what currency? Is it your thought that because it does not pay dividends that the Chinese and the Indians are buying gold as a speculation on the price in their currencies?
What percentage of those buying gold are speculators and do you have any evidence for your statement other yoyur premise that metals do not pay dividends therfore buyers are speculators?
please enlighten us to the benefits of buying gold awgee. are you buying for an inflation hedge? what happens when gold goes down in price? is the idea that the purchase power remains the same so you didnt really lose anything?
Can’t enlighten you, cuz I don’t know if there are any benefits to your buying gold. I am not buying gold, and I am very unsure as to what an inflation hedge is. When gold goes down in price, it goes down in price. I am a bit confuse by that last question. I have no idea if purchase power remains the same.
My comment above is trying to find out why a purchase of a particular asset is a speculation if it does not pay a dividend? Is that the commenters definition of speculation? If so, what about the people who buy an asset with the intention of retaining their wealth, saving? If a people would rather save with gold rather than an interest or dividend paying account or asset, are they spculators?
My observation is that a large number of the people who buy gold, buy it because they do not trust banks, governments, etc., not because they are speculating on a change in price in their currency.
The majority of the world’s gold is held by central banks, not know for their speculative positions. Lately, much gold has been purchased by central banks and the gold etfs. If Mr. Ponzi thinks the cental banks are speculating on the price of gold in terms of a currency, I would truly be interested in hearing about that.
My guess is that Mr. Ponzi, although knowledgable about many things, does not have a clue what he is talking about when he talks about gold and those who purchase it.
I usually buy gold for my wife!
Are you speculating when you buy her gold? And on what?
I should have added a smiley.
Oh I’m speculating alright, on getting lucky (with greater frequency)!
Investors obviously don’t believe S&P, or they just don’t care what they think.
Japan was downgraded years ago and their borrowing rates are lower than ours. I don’t know if they are lower in a real in(de)flation adjusted sense, but nominally they are lower.
JMHO ...
Investors are seeking safety, therefore despite what those (useless) credit agencies say, the USA and Japan are large developed countries with the ability to tax & print. That’s why I think there’s rotation into bonds. Think about it, if you’re a fund manager, where are you to put a billion dollars today? Not emerging markets! Not commodities!
There’s an argument to be made that the U.S. currently enjoys the privilege of borrowing at negative interest rates. The only downside, of course, is a burst of inflation which would end that situation.
If our debt were only short term - hahahahahaha! - the government would be almost morally obligated to borrow, since it’s currently profitable for them to do so.
I find it interesting how everything else is rising in price significantly over the last 24 months: fuel, food and education, yet the cost of money to purchase a home? Never been lower.
It’s funny watching the presss jump on the “but Moody’s!!!”. Moody’s is also demanding the US make more significant cuts to its deficit. How can Moody’s be at all “convinced” in a AAA rating? With cameras and microphones off, I think they are not.
>I agree with this author. Investors are obviously not sharing S&Ps; concern over the United States’s ability to meet its debt obligations. Worldwide investors are looking at their alternatives and deciding that the United States is as stable as it gets.
Actually, the biggest buyers of the US securities are:
* The Federal Reserve - 80%. Bernanke prints money and buys all excessive debt, lowering the interest rate on them.
* Social Security Trust - all pension money is invested in useless paper. If the US government defaults, the grannies won’t receive their retirement checks.
How much did the all cash buyer buy this for? I am guessing it was purchased at foreclosure auction.
nevermind - i realize someone already purchased this. i thought a cashbuyer is trying to flip it.
S&P can now look forward to yearly IRS audits from now until the end of eternity.
Hey, where is Planet Reality? His lower interest rate prediction is kicking some butt!
This was his day to gloat.
2.x% on X/1 ARMs, 3.x% on 30-yr fixed… insanity!
More home buyers are walking away from signed contracts
Realty brokers say a recent uptick in contract cancellations is surprising and worrisome. Financing issues are among the causes, and economic worries and low-ball appraisals are also busting up deals.
http://www.latimes.com/business/la-fi-harney-20110731,0,1249521.story?obref=obinsite
Financing issues are among the biggest impactors. Specifically, one’s credit score determines what the interest rate will be now, after Dodd/Frank. And guess what? The credit score you think you have is not the one the banks will use when you apply for a home loan. It may get you a $2500.00 credit card, but rules for scoring credit have gotten revised, and not in favor of the consumer. Expect up to a 50 point difference in what you believe your credit score to be, and what the ratings folks give your bank when they order your score. Thank you Liberals!