I did a lot of work for these guys in Oakland. They made a positive difference in some very rough neighborhoods. The talking heads at Fox disgust me. I just want to grab them by the scruff of their necks and rub their noses in it. Turn off Fox. I don’t watch their news, I don’t watch their shows and I don’t watch their football games. Just because you say the same thing over and over again doesn’t make it true. It just makes you a moron.
Did you know Rachel Maddow was from Castro Valley? Yup.
Check out this blow by blow coverage of the Bill and Ted’s Excellent Ponzi Scheme. I’ve read some very interesting stuff about how Paulson handled the distribution of the TARP money. Here’s Teddy’s letter to Paulson. Asshat. And now all that’s left is a bitter pill.Â I’m shocked that anyone associated with LandAmerica would name a company BackInTheBlack.Â Seriously.Â It ought to be called BetterDeadThanRed.Â So whoever UnitedTech is, they just got the Default Services and BackInTheBlack.Â I call bullshit.
There is a lot of speculation about the shadow inventory. Some folks don’t even believe it exists. Here’s some helpful hints:
- You can’t modify a loan if there isn’t enough income to qualify for it
- The banks aren’t taking property back right now
- Foreclosureradar.com is wrong.
Why aren’t the banks taking property back? Simple. They can’t post a loss and keep the Federal Government off their asses. So they don’t take back the properties. If they don’t take it back they don’t have to post the loss on that asset. No loss equals no loss. Equals big bonuses can flow to executives, the Government leaves them alone and it’s business as usual. Keep in mind, Paulson forced nine banks to take TARP money. Those guys paid it back as quickly as they could because no one wanted to end up like Rick Wagoner. It has nothing to do with anything more than a bunch of spoiled brats trying to hang on to the corporate teat that they suckle from. Showing any more loss this year will send up the red flags, so these guys are leaving these assets out there. Every day I hear another story about a guy who’s been living in a house and hasn’t made a payment in a year, two years, 18 months. There’s a ton of them. In the last two days I heard about two in Alamo. One each day. Really. It’s that bad.
What’s that smell?Â Dinty Moore.Â Holy crap they stunk up the place.Â How much longer can they bleed money like this?Â $23.7 million dollar loss.Â Ouch mon.Â Over at the Bloodless Empire, they posted profits of $.59 per share.Â Nice work if you can get it.Â Poor Parker Kennedy had to deal with those pesky employee separation and lease termination costs of $4 million.Â Yup.Â One made money the other didn’t.