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Tuesday, December 22, 2009

Fresh Air's Terry Gross Interviews Joshua Kosman

The coming defaulting of companies purchased by some of the largest private equity firms in 2010. Joshua Kosman is interviewed by Fresh Air's Terry Gross. The starvation of American companies by private equity firms. He predicts 1.5 million unemployed because of these potential defaults. This is an amazing story! "Predicting The Next Credit Crisis".


11 comments:

SPECTRE of Deflation said...

Jerry, I was up all night trying to come up with a politically correct Festivus Message for liberals. Here it is. (Actually saw this on the net). LOL!

Politically Correct Holiday Greeting: Humor :)

Please accept with no obligation, implied or implicit, my best wishes for an
environmentally conscious, socially responsible, low stress, non-addictive, gender
neutral, celebration of the winter solstice holiday, practiced within the most enjoyable
traditions of the religious persuasion of your choice, or secular practices of your
choice, with respect for the religious/secular persuasions and/or traditions of others,
or their choice not to practice religious or secular traditions at all and a fiscally
successful, personally fulfilling and medically uncomplicated recognition of the onset
of the generally accepted calendar year 2000, but not without due respect for the
calendars of choice of other cultures whose contributions to society have helped make
America great (not to imply that America is necessarily greater than any other country
or is the only "AMERICA" in the western hemisphere), and without regard to the
race, creed, color, age, physical disability, religious faith, choice of computer platform,
or sexual preference of the wishee.

Legal Disclaimer: By accepting this agreement, you are accepting these terms.

This greeting is subject to clarification or withdrawal. It is freely transferable with no
alteration to the original greeting. It implies no promise by the wisher to actually
implement any of the wishes for her/himself or others, and is void where prohibited by
law, and is revocable at the sole discretion of the wisher.

This wish is warranted to perform as expected within the usual application of good
tidings for a period of one year, or until the issuance of a subsequent holiday greeting,
whichever comes first, and warranty is limited to replacement of this wish or issuance
of a new wish at the sole discretion of the wisher.

Sincerely,

(Name withheld for legal, social and cultural considerations.)

To NON-PC practicing Christians and Jews, Merry Christmas, Happy Hanukkah and a very Happy New Year to all.

carlandjerry said...

Hey Spectre,

As a homespun, hardcore liberal, I accept!!!

Merry Christmas and happy new year.

jerry

SPECTRE of Deflation said...

Jerry, you will not believe this video concerning a House Bill on Homeland Security. WTF????? The Rep. reading it is from PA.

(Classified) Bill Defends Against Flesh-Eating (Classified)

http://www.youtube.com/watch?v=HWfKdKWJEkM&feature=player_embedded

carlandjerry said...

Spectre,

I believe you have been duped. There was no HR8791. There is no homeland terrorism preparedness bill. This was a hoax. The Onion created this entire rumor.

You can take down the oversized deep fryer now. We cannot have human flesh kabobs for Christmas dinner :))

take care my friend, jerry

SPECTRE of Deflation said...

Is it all just a Ponzi scheme?
by: Eric Sprott and David Franklin

http://sprott.com/Docs/MarketsataGlance/12_2009_MAAG.pdf

SPECTRE of Deflation said...

Jerry, LOL! The sad thing is I can see them doing crazy stuff like this, only we would never know about it. Thanks for pointing out what should of been obvious. By the way, did I mention the ZOMBIE BILL? :>)!!

SPECTRE of Deflation said...

Jerry, why do they love to screw the American People on Christmas Eve? Karl pens a great piece:

Fraudie/Phoney - What Does Treasury Know?

On Christmas Eve one would think you could have a nice evening with your family. Little did I know what Timmy Geithner had up his sleeve:

The two companies, the largest sources of mortgage financing in the U.S., are currently under government conservatorship and have caps of $200 billion each on backstop capital from the Treasury. Under the new agreement announced today, these limits can rise as needed to cover net worth losses through 2012.

I see. But I thought housing was getting better? That's what I heard on CNBS Tuesday when existing home sales came in "above expectations."

But then Wednesday came around and, well, new homes? They're just not selling.

Purchases dropped 11 percent to an annual pace of 355,000, lower than the lowest estimate of economists surveyed by Bloomberg News, figures from the Commerce Department showed today in Washington. The median sales price decreased 1.9 percent from November 2008.

Wait a second. How come the disparity?

Two reasons, really. The first, which the pumpers cite, is that "the tax credit was maybe going to expire." Uh huh.

No, folks, that's not the reason. The reason sales fell is that they're still falling everywhere. What's happening in the "existing home" sales numbers is that foreclosure sharks are taking a bite here and there, in many cases generating double counts in the "existing home sale" category, never mind the alleged data source in the first place. But even the NAR acknowledges that 33% of existing home sales were foreclosures, not actual organic "meeting of the minds" transactions! Take those out and existing home sales didn't rise 7.4%, they instead did their best imitation of a cliff-dive, with organic sales being a mere 4.38 million units (annualized), which is a mid-to-late 1990s print (and then again around the 1978 time frame!)

The Obama administration is “beginning to realize it’s not getting better and it’s not likely to get better” soon in the housing market, said Julian Mann, who helps oversee $5.5 billion in bonds as a vice president at First Pacific Advisors LLC in Los Angeles. “They don’t want the foreclosures now, so they’re saying, we’ll pay whatever it takes to continue to kick the can down the road.”

No, really?

Mark Hanson has been on this since the beginning: if you haven't read his stuff, here's a nice treatise of why we are nowhere near recovery in the housing market. Read it and weep - Timmy has.

By the way, if you're wondering what sort of trash Fannie and Freddie are holding, here's what Mark says about their "underwriting quality" during the boom years:

Many lenders, especially the big banks, had in-house DU and LP underwriting ‘trainers’ that would go around to the various mortgage branches and teach underwriters how to ‘trip’ the systems in order to achieve automated loan approvals when a declination was certain, or simply get fewer approval conditions on a loan that was borderline. Getting a loan approval out of DU/LP on a borrower with a 100% DTI — with limited documentation required on the automated findings — was not uncommon.
(SNIP)

http://market-ticker.org/archives/1789-FraudiePhoney-What-Does-Treasury-Know.html

SPECTRE of Deflation said...

U.S Soldiers Are Waking Up!

http://www.youtube.com/watch?v=sQfoFzJUsb0&feature=player_embedded#

SPECTRE of Deflation said...

Goldman Sachs and Others Investigated for Betting Against Securities They Created
Sunday, December 27, 2009

Lewis (Lee) Sachs Betting against their own securities has prompted numerous investigations of Goldman Sachs and other Wall Street institutions. Prior to the financial collapse, Goldman and others figured out a way to package risky securities, such as subprime mortgages, and sell them to investors who were told they were buying sound investments. Little did the investors know that the firms selling the synthetic collateralized debt obligations (or CDOs) turned around and bet that the CDOs would fail—costing pension funds and insurance companies billions of dollars.


“The simultaneous selling of securities to customers and shorting them because they believed they were going to default is the most cynical use of credit information that I have ever seen,” Sylvain Raynes, an expert in structured finance at R & R Consulting in New York, told The New York Times. “When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.”

In addition to Goldman, CDOs were sold and bet against by Deutsche Bank, Morgan Stanley and Tricadia Inc.—an investment company whose parent firm’s CDO management committee was overseen by Lee Sachs. Sachs is now a special counselor to Treasury Secretary Timothy Geithner.

The schemes are now being investigated by Congress, the Securities and Exchange Commission and Wall Street’s Financial Industry Regulatory Authority.
-Noel Brinkerhoff

Banks Bundled Bad Debt, Bet Against It and Won (by Gretchen Morgenson and Louise Story, New York Times)
Goldman Sachs Responds to the New York Times on Synthetic Collateralized Debt Obligations (Goldman Sachs)

carlandjerry said...

Hi Spectre,

It is all a big Ponzi scheme. There is no doubt in my mind that is what we have been dealt.

That soldier video was amazing. America is still asleep, I regretfully believe. They just won't wake up. My neighbor is spending 30k on a new single room addition to his house, while he lives on a pension and his wife is retiring without a penny, and he still has an adult disabled child living at home. I just don't get it.

Americans are sleep walking. It appears that Xmas holiday sales were weak this year, yet the stock market does not care. As long as the upper 10-20% of the income earners play in the market, it will rise until around the end of March 2010 when Bernanke will pull the zero percent give away plug from the lending drain. Then it will drop and the upper crust will buy in at newly reduced prices--for a while until they see that the entire thing is made of cards.

The other 90% of income earners have negative discretionary income and can barely hold on. What kind of country is this anyway? Oh, a place for the Ponzi schemers, those who are rich, and those who have built this nation on debt asset wealth but don't pay it off!!! This is their version of capitalism.

take care, jerry

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