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<p>Until they address the issue of the millions of squatters that are going to lose their homes, all they've done is put a bandage on a leaky dam.</p> <p>The real damage is going to be on the consumer, not the high-net-worth hedge fund investors. </p> <p>Where is the education here? The...

<p>I would have asked him about this chart. Mr.Mozillo, is this a chart of the increasing pigmentation in your skin through 2007 or the rise in Countrywide REOs?</p> <p><img alt="" src="http://bp3.blogger.com/_A2btxwmKXXg/RsyCUlW71rI/AAAAAAAAAr0/oqgndAl_mAg/s400/Foreclosure_Chart.gif" /></p>

<p>awgee said: "I wonder if the bidders realize that if CFC goes under, there will be $2 bil less that goes to the common stock holders, and CFC is now paying 7.25% on that $2 bil when they could have got money from the Fed discount window for 5.75%. "</p> <p>I was curious about this too...

<p>Religion exists to serve a basic human need. Personally, I'm not sure I'll ever believe in a higher being...</p> <p><a href="http://youtube.com/watch?v=fdVucvo-kDU">Youtube Video</a></p>

<p>Alt-Tab is definitely my most used shortcut. </p> <p>Followed closely by Alt-D to change web address and F5 to refresh.</p>

<p>They are FDIC insured. But if our country goes the way of Rome, who knows!... </p>

<p>>>>In other words, WAMU doesn't have enough in reserves to cover the potential lost?<<<</p> <p>That question is much too difficult to answer. </p> <p>For example, deposits in a bank can change very quickly as we saw last week when some people were panicking and taking their money out of...

<p>Interestingly, there are a few banks that may be in even worse condition than Countrywide. WaMu is one of these. As in the credit market, it's too difficult to tell how bad things are because events have not yet been fully played out. But at least it gives one insight into the exposure of...

<p>Tomorrow should be interesting.</p> <p>Commentary from RealMoney:</p> <p>>>>The FDIC releases its Quarterly Banking Profile for the second quarter on Wednesday, August 22. This release will show the status on non-mortgage related real estate lending. There are several categories to worry...

<p>Huge grumblings today on Wall Street for a Fed Funds rate cut. </p> <p>IMO , the Fed has already blinked. They can't <strong><em>not</em></strong> cut rates when the economic data starts to come in showing that the poor housing market is starting to affect other areas of the economy.</p>...

>>>W<em>hy not?</em> <p>The economy isn't a isolated silos. If housing literally became as illiquid as many hope. i.e. no sales until market equilibrium is reached. OC will look like Flint MI after GM closed the plants.<<<</p> <p>I was hoping for a reasonable explanation other than doom...

<p>>>>If you have the cash to buy it with cash, you won't want it. <<<</p> <p>Why not?</p>

The yield on the 3-month T-Bill, currently at 2.81%, has surpassed last weeks panic low. This may be signalling more news on the credit markets this week. Something is amiss here or perhaps it is just left over tremors from last week.

<p>Today eerily reminds me of January 2001 when Greenspan started his notorious rate cuts. </p> <p>It temporarily propped the market for a few weeks, but eventually the market went down painfully for another 2 years.</p> <p>Only by lowering rates to historic proportions, creating another...

<p>The biggest problem will continue to be the increasing number of foreclosures (ie. squatters losing their homes) and total lack of buyers to absorb current inventory.</p> <p>Until this problem is addressed, I agree that the underlying problem is still out there whether or not the credit...

<p>More commentary (ala Tony Crescenzi of RealMoney):</p> <p>>>>The idea that the need for a cut in the fed funds rate is now reduced is weakened substantially by the puny economic benefit that the cut in the discount rate will impart, and, more importantly, by the fragile state of investor...

<p>Do not underestimate the psychological effect. For example, financial markets around the world were tumbling the last few days and as a result look at all the doom and gloom posts here. People were even jokingly, but understandably so, wanting to put cash under their mattress.</p>...

<p>I didn't think it would be so soon!</p> <p>The discount rate is the rate that the Fed charges to make direct loans to banks. The fed funds rate, however, remains at 5.25%. As I said before, the pressure on the economy will be too great for the Fed not to act. Is the fed funds rate...

<p>>>>Eva - I am not saying it is true. I was just saying the market was behaving like the big players thought it was true. I wouldn't know if the Fed was meeting. I am the last to find out anything. And If I knew I certainly wouldn't tell anyone. I'd cover my shorts. <<<</p> <p>awgee - I...

>>>OCC, <p>What did you buy?<<<</p> <p>Index options and a few ETFs.</p>