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China’s High-Rise Property House Of Cards – with Jim Chanos
Now, the real argument in China seems to be – the argument I think carries the most water for the China bulls – is somehow the government is going to be able to manage this. That they’re going to let the air out of the bubble gently. That 9 guys who sit on the central committee of the country who got us into this mess are going to get us out of this mess. I wouldn’t want to bet on that.
Me either!
ICE: Mortgage Delinquency Rate Increased Year-over-year in October
-
From ICE: ICE First Look at Mortgage Performance: Serious delinquencies hit
17-month high while foreclosure activity remains historically muted
• At 3.45% ...
2 hours ago
8 comments:
Stag,
China got pwned last night. Those 9 guys need to adjust the knobs asap!
Haha! Glad you liked the Dark Cyrstal remix.
I guess the market is based on solid fundamentals; news that the SEC vote was close and proving GS commited fraud will be tough, so party on, the games continue!
mab & GYSC,
What's a 4.8% loss among friends?
China Stocks Tumble Most in Eight Months on Property Loan Curbs
The Shanghai Composite Index slumped 150.01, or 4.8 percent, to close at 2,980.3. That’s the biggest decline since Aug. 31, when the gauge fell 6.7 percent on concern a slowdown in lending growth would slow economic growth. The gauge is the world’s third worst-performing stock market this year, losing 9.1 percent, as the government unwound monetary stimulus to avert asset-price bubbles after banks extended record credit last year.
Don't mess with China they're for real!
Exponential growth will seal the deal!
They shake your profits all around!
They shake your profits up and down!
Yell C-H-I-N-A!
Go go China go!
Yell C-H-I-N-A!
Go go China go!
[pause]
We're gonna B-E-A-T!
We're gonna B-U-S-T!
We're going to beat them, bust them, that's our custom!
Come on China let's readjust them!
GOOOOOO China!
Is it halftime yet? All these cheers took a lot out of me.
Posted this in the last thread:
For those with knowledge far grander than mine, Chris Whalen highlights an Alan Boyce piece today that shows the gamble the FED was/is making with their MBS program baloney:
http://tinyurl.com/y3c36eo
I'll stick to funny videos!
GYSC,
Artificially low interest rates are just another form of price control. Never works long-term. The unintended consequences eventually overrule the intended consequences.
Price Controls
With all of the problems generated by controls, we can well ask why they are ever imposed and why they are sometimes maintained for so long. The answer, in part, is that the public does not always see the links between controls and the problems they create.
You'd think that we'd realize by now what problems were caused by artificially low interest rates in 2004.
The danger is that the painkiller may be mistaken for the cure.
Temporarily low interest rates are not a cure for what ails us. Heck, it's not even a cure for what "oils" us!
Punch Line Drum
I found a video of how Goldman is one large interconnected blob:
http://www.youtube.com/watch?v=TcKpx2DxGwY
That is nasty!
GYSC,
Raleigh 'sewer creature' surprises city officials
Ed Buchan, environmental coordinator at the Raleigh Public Utilities Department, said staff biologists have confirmed that the "creature" is actually a colony of tubifex worms.
Instant View - SEC charges Goldman Sachs with fraud
If the SEC has brought charges on one instance my guess is it will open a can of worms.
Tubifex worms!
Tubifex worms lie the rabbit hole all the way down!!!! I should have known.
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