Fannie Mae: Delinquencies Increase in January

January Fannie Mae Delinquency Rate Climbs To New Record At 5.52%, 14 bps Higher Than December, Double From Year Ago
                                       Ouch

What?
But but but the lady in the commercial said it's a great time to buy..........the bimbo from the National Association of Realtors said   "The dream of home ownership has never been so attainable"...........

I wonder........hmmmm.... I wonder if it's been a little bit toooooooo attainable and perhaps thats what got us in this heap of shit...........easy credit.....no money down....tax credits.......Option ARM's........Interest Only........No Doc........etc..
What a joke.

Time to sell........not time to buy.

While on the subject of defaults.......

March Records Fastest Ever CMBS Delinquency Deterioration In History According To TREPP

New Lens

Just picked up a lens that I have dreamt of owning for at least 5 or 6 years now.
Can't wait to go out and really play with it.
Bubba was my first victim, although a 300mm is not a portrait lens, the detail is remarkable considering it was done without using a tripod. The lens weighs a ton.

Bufflehead

Had a pair of Bufleheads on Dufresne Lake this morning. I thought the Wood ducks were small.....man these guys are tiny. It was fun watching them dive for food.

New Car

We got a new car.
A 2012 Scion XLMNOP Limited Edition

We went all out and got the two tone option...........

It's a killer ride

More Healthcare Bullshit

Dipshit Obama needs to recalculate his figures.
As Mish points out

So I again remind people that the President needs lesson in Math. Inquiring minds are listening to President Obama proclaim Health Care Premiums Will Decrease 3000%.

Assume, you pay $5,000 a year for health insurance. To see a 3000% drop, your healthcare provider would have to pay you $145,000 to take the insurance.

Yup......I can't wait till I get my check.
Calculate how much you will get here!

As I have pointed out before, and is so obvious now, is this has nothing to do with healthcare, but rather a massive tax to be placed on the middle class and businesses.

California Assembly Speaker OKs $132,000 in Staff Pay Hikes, Promotions

New Assembly Speaker John A. Pérez handed out pay increases or promotions totaling nearly $132,000 per year the day he was sworn in this month, including a $65,000 raise to his chief of staff.

Of eight staff members targeted, Sara I. Ramirez received by far the largest raise, jumping her pay from $125,256 to $190,008 for serving as Pérez's top assistant, according to documents obtained under state open-records law.

Read more:The Sacramento Bee

But yet......
California's Public Schools send out pink slips

Faced with another year of potentially deep budget cuts, California's public schools have sent out 22,000 pink slips to teachers and school employees, according to the state's superintendent.

California Governor: Lawmakers must cut more spending

Doesn't make sense...... No Pay Raises!

But hey........who cares?

"GMAC Inc. because the auto finance giant continues to lose money and can't yet repay its $16.3 billion taxpayer bailout"

"Last year, Feinberg allowed two GMAC executives to exceed the $500,000 cash cap, and granted Carpenter an annual pay package worth $9.5 million. After becoming CEO in November, Carpenter earned about $1.2 million, including about $120,000 cash, for six weeks' work."

William Black on PBS

Now, going forward, get rid of the people that have caused the problems. That's a pretty straightforward thing, as well. Why would we keep CEOs and CFOs and other senior officers, that caused the problems? That's facially nuts. That's our current system.

Glenn Beck is angry cuz they didn't blame ACORN.

This interview took place in April 09.
Another "Must Watch" for those who feel things are on the mend.

60 Minutes Last Nite

Very good piece on 60 Minutes last nite on the financial meltdown with Michael Lewis.
A must watch for those that think we are gonna pull out of this anytime soon.

"This was an episode where capitalism was almost destroyed, just by the capitalists. And, in the most sensational way, they were sort of destroyed by their own folly," Lewis told Kroft.


Watch CBS News Videos Online

Part 2


Watch CBS News Videos Online

Lehman Brothers

"Lehman has become merely the latest example of all that is broken with today's crony capitalist system.... The evident conclusion is that the core driver of modern capitalist society is fraud at its very core, and nothing short of a massive revolutionary overhaul of the political system, which is the number one defender .. of very lucrative bribes and kickbacks originating from the same rotten Wall Street that (is) nothing but a sham filled with toxic assets" Zero Hedge

Ratigan talks with Spitzer and explains to some extent what took down Lehman, but.......but seems to imply, just as the media did with Madoff, that they are the only bad apples in the basket and once we bring out the handcuffs everything will be fine. Well guess what..... they are not alone as Zero Hedge and many, many web sites have proven over the past few years that our financial system and government is one giant ponzi scheme about to implode.

Social Security to start cashing Uncle Sam's IOUs

So now we have to borrow mo money from future taxpayers and the Asians.
Unreal.

For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year. (More like hundreds of billions)

Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more. More from the article.....

They will need to raise payroll taxes or extend the retirement age to like 102.

Runaway Leased Prius A Hoax?

No way say it ain't so. I mean like first they tell us the super realistic balloon boy thing wasn't true, and now they are telling me that Sikes may be fibbing? Oh man what about Santa?

It's not a crime to be the bankrupt operator of an swingers' Web site facing the prospect of taking the bus when the lease on your runaway Prius ends in a few months. But in the court of Web-driven public opinion, it doesn't look good. And that's great news for Toyota.

We did some public records searches (thanks to the help of Gawker's John Cook) and found Sikes and his wife Patty found themselves, like many in the California real estate business, on the bursting side of the real estate bubble last year. The two declared bankruptcy in June of 2008 and have a combined liability of over $700,000 dollars in debt.

How about you swingers out there......... Mr. Sikes can help you with his Adult Swingers Web Site.

A 30 minute drive in a runaway car and not once did he attempt to put it in neutral although the gear shift is on the dash only inches from the steering wheel............. but yet he reaches down and grabs the gas pedal with his hand to try to stop the car. Ya OK.

Another Toyota Recall

Chris Christie

New Jerseys new Governor Chris Christie speaks to a group of mayors and tells it like it is.
This is what is coming our way. We can no longer pretend everything is gonna be OK, and continue to kick the can down the road.

New Jersey League of Municipalities.

NJ is facing a $2.3b budget deficit out of a $29b budget. With that in mind, it's nearly impossible to fathom that our Federal Government spends twice the amount it takes in. Can you imagine NJ with a $19b budget deficit rather than a $2.3b? What kind of cuts would be needed? Now let's pretend the bozos in DC had to do the same and have a balanced budget. Wow.....no way.

Also......
Gov. Chris Christie today will create a commission to privatize as many as 2,000 state jobs beginning next January, officials said Wednesday night. 




50% of the federal budget right now goes to entitlements.
This last month we posted a record $220.9 billion budget deficit.  We took in $107 billion but spent $328 billion.
Isn't that special.  We only funded 32% of expenditures?
Remember - entitlements were half of that $328 billion.
So let's see if we can do the math here.
Entitlements were about $164 billion last month in spending.  The rest was, of course, the rest.
But we only took in $107 billion.
So even if we eliminated all entitlement spending we still did not have enough money to cover the rest.
 Read More.....

Done

Finished our tax return for the accountant.
Let's hope they got fast internet connection in the Federal prison system so I can keep on blogging.

Holy Cow

Oh man.....I was walking home and my sneakers accelerated and I couldn't stop! Shit, I was like out of control for 5 miles before marathoner Salina Kosgei from Kenya ran ahead of me and instructed me how to slow down my runaway Nike's.
During my traumatic ordeal, I tried to reach down and untie my shoelaces hoping it would slow me down......it didn't work. They retied themselves.
I tried everything...... moon-walking..... polka....... skipping...... hopscotch...... stepping in gum .....nothing worked.
They only went faster.
So I called 911.
and then Salina showed up and told me to power walk and pick my nose at the same time and suddenly my sneaks came to a standstill.
Thank God for Salina.
What would I have done without her.

Nike has not recalled the sneakers as of yet but my attorney is handling my potential injuries and compensation for future nightmares.

Give me a fuckin break..........the guy said he drove 30 miles and.......and get this....Sikes said he reached down to try to pull the accelerator up, but it "stayed right where it was."
WTF?
Ok now if the 61 year old Sikes could do this.........

 

Then I could believe he reached down and grabbed the gas pedal while driving down the road at 90 mph.
But I will assume he can't......I have a bitch of a time putting my shoes on or picking stuff up off the floor.
Go ahead...............sit in your car and reach down and grab the gas pedal and then get back to me with the results.
And really.........would you drive 30 miles and not even try.......not even try to put the car in neutral?
How pathetic.

Recovery

Yup........according to CNBC we are 8 months into the recovery.
Silly turdballs.
Some are predicting a housing turn around.......(although those folks are getting harder and harder to find) they still insist RE is a good investment.
If you are in that crowd then do not read what Karl has to say over at The Market Ticker.
The ponzi scheme is bust. Debt, piled on top of debt, piled on top of debt, and our gov is the lender of last resort.
I recall 2 or 3 years back when the media was blaming the housing crisis on the "Subprime Bums" (they would always show a black couple....go figure) and those that had RE and wanted to sell said they were gonna wait till the housing market picked up again, all I could think of is the various RMBS (Residential Mortgage Backed Securities) that showed the default rates in the different tranches.......Prime....Alt-A and Subprime.....and how those default rates were higher in the Prime and Alt-A loans, than the Subprime loans. Scratching my bald head I could not figure out how housing values could possibly reverse course.
Well they didn't and they won't........certainly not in my lifetime anyway. So plan accordingly.

Purchasing a house will eventually be like purchasing a vehicle.
When you buy a car, do you plan on using it for a while and then selling it for more than you paid for it?
No.
Do you refi your car to buy shoes or go on vacation?
No.
You use it for the purpose you bought it for, transportation.
Homes will be bought to serve a purpose.....shelter.... and not as a so called investment or a means of leverage.

Moutaineers Excited

Climbers around the world are very excited after the discovery of what will turn out to be their hardest climb in history. "Dee face of de Federal Reserve baluunce sheeet will prove to be a challuunge, it goes straight up", said Pierre Peteau an expert climber from France who will lead a 60 man team in his attempt to be the first man to reach the top. "De problum iz dat dee mountain,...... it keeps growing".
The Polish team is still digging at the base of the cliff at their attempt to be the first to reach the summit.

A Dangerous Predator

This article was in the UL the other day.

I did get a good laugh from it.
First of all it appears Dick doesn't like Canadians.
Second, what do you think drove the wolf to extinction around here? Ahhhhh da ya think it may have something ta do with hunters wanting to shoot them? Look........there's a predator.....it's killing deer. We killed all the wolves.....let's kill the coyote's.
"They're predators. The question I have is how would they interact with the deer herd, which is already under stress here?" said Stan Holz, a hunter and owner of the Village Gun Store in Whitefield.
Invasive?........WTF? Wow Dick should put on a deer costume during deer hunting season.
This fuckface really pisses me off.
Yes......coyote's hunt for food.....they are predators......they hunt to survive. They eat what they kill, to feed their young......unlike dumbass hunters that kill for the thrill to kill.
Yes Dick that was a sad story about that dog, It's also sad when they die from getting run over by a car. Is the life of a retired hunting dog more precious than a wild dog? How so? Is a house cat different from an alley cat? If a Bald Eagle got to your aquarium would you want to drive them to extinction too? Shoot those fuckin invasive birds!!!!
I can't watch, and always flick when NatGeo or similar programs show lions, crocks or other predators do what they have to do to survive. They kill to survive. Should we go and kill all predators?
If so then I better keep Gabby, Dupree and Pete inside cuz those three alone have killed more birds, chipmunks, mice and anything else around here that has a pulse and like a hunter, they kill for the thrill.......not because they have no food.
Oh and those killing machines got a deer on the ice. Oh my fuckin lord what a horrible sight it must have been for Nate to see the remains of a deer. I wonder if Dick takes Nate huntin and shows Nate how to shoot a deer, gut it, hack off what ever you can't carry.........unless you are one of those fortunate hunters that can kill one within 20 feet of ya pickmeuptruck........and then stick the head on the wall of your den for all the boys to see how big that deer was.
Give me a break.
A hunter can go out and shoot what he thought was a deer, could be a cow......dog....other hunter....and a hunter can also shoot at something and say how he knew he got him cuz there was blood on the ground.......and that's OK.
But a coyote kills a deer for food.......for survival......and that's just not right.
Shoot the fuckin thing.
The coyote's that visit my backyard during daylight hours are so skidish that I can't even walk by a window or get in position for a decent pic without them running off, but yet many try to paint an image that they are ready to pounce on us as soon as we venture from the comfort of our couch.

Now this wasn't meant for all hunters....there are OK hunters out there....... it's just I could never, and never will, be able to understand why they shoot with a gun, rather than shooting with a camera.........if it really is about the thrill of the hunt.
I do exactly what hunters do......I stalk.....wait behind cover......and shoot.
The difference is I can shoot the same subject over.....and over.....and over....year after year......err so long as those pesky coyote's don't eat them. Doh!

One More

Cats on a Treadmill - watch more funny videos

Ouch

The Nutcracker Compilation - watch more funny videos

Holy Shit

Drano Bomb Goes Off In Detroit School

DETROIT -- Students at Phoenix Multicultural School on Detroit's southwest side were evacuated Wednesday morning after a "Drano bomb" detonated inside the building, said authorities.The explosive device, made of household cleaning chemicals, went off in the hallway of the building at about 8:30 a.m., sending fumes into the air, said a school official.
Full Story

Looks Like Fun

Wall Street Rules the American People

Bizarre Spending Habits

From Congressman Ron Paul

I asked Chairman Bernanke about Federal Reserve agreements with foreign central banks and if he had had any conversations about bailing out Greece, which he flatly denied.  However, he recently announced that the Federal Reserve will be looking into Goldman Sachs’ derivative agreements with Greece.  Goldman Sachs, as we know, has “too big to fail” status with the Fed, so it is conceivable that any Greece-related catastrophic losses at Goldman Sachs will once again be passed on to taxpayers.

Read more.....

Nancy Pelosi says that the $2 trillion healthcare bill is really a jobs bill!