The Yun video is now up on CNBC.  Here is the link.

http://www.cnbc.com/id/15840232?video=831627301&play=1

lendingmaestro - 22 August 2008 02:38 PM

It looks like the sheep got sucked into another sucker’s rally today.

See…told ya so!!!

Top Stories
Dow Plunges 250 Points- AP

Funny how those “relax, we’ve got AIG” commercials are starting to approach the same level of irony as the collapsing-porch WaMu ads.

lendingmaestro - 25 August 2008 08:48 AM

lendingmaestro - 22 August 2008 02:38 PM

It looks like the sheep got sucked into another sucker’s rally today.

See…told ya so!!!

Top Stories
Dow Plunges 250 Points- AP

Whoa, slow down LM we are actually still 68 point higher than we were a week ago.

530 engineers set to move to Irvine:

http://www.forbes.com/markets/2008/08/25/amd-intel-closer-markets-equity-cx_ra_0825markets31.html

So, as nice boost for houses/condos from 300-600k.

68 points higher in a week is jibber-jabber.

I know, but I will go out on a limb here and predict the market is higher by the end of the year.

morekaos - 25 August 2008 09:39 PM

I know, but I will go out on a limb here and predict the market is higher by the end of the year.

Anyone else expecting the S& P to retest 1200 before another steep leg down in home values during winter capitulation and thus begetting further write downs, credit tightening, and the screeching halt of consumer spending?  Christmas will be interesting since so many businesses bank on the holiday season to make their numbers.  Earnings should errode significantly if consumers can’t loosen up the purse strings.  I’d love to see S& P hovering around 1100 next year but maybe I’m the only one.

Would a 28-29% decline be too much for a once-in-a-generation event?  Or will everything be back to “normal” even before housing bottoms out and stabilizes financials?

Bank profits fell by 86 percent in 2Q

WASHINGTON - U.S. banking industry profits plunged by 86 percent in the second quarter and the number of troubled banks jumped to the highest level in about five years, as slumps in the housing and credit markets continued.
Federal Deposit Insurance Corp. data released Tuesday show federally-insured banks and savings institutions earned $5 billion in the April-June period, down from $36.8 billion a year earlier. The roughly 8,500 banks and thrifts also set aside a record $50.2 billion to cover losses from soured mortgages and other loans in the second quarter.

The FDIC said 117 banks and thrifts were considered to be in trouble in the second quarter, up from 90 in the prior quarter and the biggest tally since mid-2003…more

http://ocbiz.freedomblogging.com/2008/08/26/three-oc-cities-rank-near-top-in-us-income/

Irvine median household income 2007

I wonder if that income # will represent a peak not seen for quite some time…  But >160K is impressive in any case.  It is easy to see how Sacramento became so fat and complacent.

I am surprised that Villa Park is not included.  I guess VP (and PV), is not a “city.“

Astute Observer - 26 August 2008 11:35 AM

http://ocbiz.freedomblogging.com/2008/08/26/three-oc-cities-rank-near-top-in-us-income/

Irvine median household income 2007

i am surprised not to see cupertino and many other silicon valley cities.

FDIC may borrow money from Treasury

FDIC might have to borrow money from the Treasury Department to see it through an expected wave of bank failures…The borrowed money would be repaid once the assets of that failed bank are sold. LMAO, good luck with that!

Gosh, I hope this reassures all the walking moral hazards around IHB that they’ll be getting their FDIC checks one way or the other.

I waited too long and missed signing up for a 5% CD (at Indymac).  Now I have a second chance with WaMu! 

Poor Eff.

Just to spread the word.  The best banks have not been contributing one
cent to the FDIC fund.  Not one cent.

Not that it would have enough money anyhow, but it might have enough
to save a few more banks.

As discussed on Calculated risk.

http://piggington.com/june_caseshiller_index

Ok, can a median person now afford a low priced house in SaN Diego?

A Clairmont Mesa, or Mira Mesa, sure.  Old as the hills themselves.

Buffet aquiring real estate brokerages

http://www.bloomberg.com/apps/news?pid=20601109&sid=a6vQNjd7KR0A&refer=home

Mish on the SoCal housing market.

L.A. listing prices down $9K in past week, to $400K
http://latimesblogs.latimes.com/laland/2008/09/la-listing-pric.html

China’s Central Bank in Need of Capital

China’s central bank is in a bind.

It has been on a buying binge in the United States over the last seven years, snapping up roughly $1 trillion worth of Treasury bonds and mortgage-backed debt issued by Fannie Mae and Freddie Mac.

<snip>

Still China finds itself hemmed in. If it were to curtail its purchases of dollar-denominated securities drastically, the dollar would likely fall and American interest rates could soar.

If?

Friday bank failure? Screw that…

Phony and Fraudy are rumored to be under goberment conservatorship.

Hat tip to CR for posting all the articles.

CR’s blogsters seem to think this is well nigh the end of the world.
I don’t think it’s that bad.

Since F & F are conceded to have less loxic stuff than other banks
and lenders, I think it shows how bad off everyone else is by comparison.

Lehman filed an overseas honcho.

WaMu fired their prez, ceo, head honcho, whatever he’s called.  Toll little,
way too late.  Probable the rest of the board is trying to avoid getting
fired themselves or jail.