tag:blogger.com,1999:blog-4921988708619968880.post2762412935743893689..comments2024-02-28T22:03:57.237-05:00Comments on The Automatic Earth: Debt Rattle, October 30 2008: Swamps and SwapsIlargihttp://www.blogger.com/profile/09698428009501267664noreply@blogger.comBlogger43125tag:blogger.com,1999:blog-4921988708619968880.post-78850912052189650632008-11-22T08:21:00.000-05:002008-11-22T08:21:00.000-05:00Thank you very much for your post. Absolutely exce...Thank you very much for your post. Absolutely excellent information and very useful for me. Great done and keep posted. Looking forward to reading more from you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-9674048652807546772008-10-31T15:55:00.000-04:002008-10-31T15:55:00.000-04:00el pollo,No, not a bit of it! Thanks for being for...el pollo,<BR/><BR/>No, not a bit of it! Thanks for being forthright and asking. The remark, of course, referred to the Volvo bit.<BR/><BR/>--------<BR/><BR/>Thanks OC for mentioning Mish's update.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-226390694406578872008-10-31T14:26:00.000-04:002008-10-31T14:26:00.000-04:00Nate,For now demand is dropping more than supply, ...Nate,<BR/><BR/><I>For now demand is dropping more than supply, but this is cementing in Peak Oil, and quite soon, the 'market will always average 10% a year' adherents will find that energy supply limits will preclude any economic rebound in the bud, despite monetary printing.</I><BR/><BR/>Agreed. I think oil, and probably gold as well, will bottom early in this deflationary episode, and at Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-23833780604971501332008-10-31T13:09:00.000-04:002008-10-31T13:09:00.000-04:00Ilargi wrote:If higher oil prices were, as has bee...Ilargi wrote:<BR/><I>If higher oil prices were, as has been suggested, the straw that broke the Ponzi's back...</I><BR/><BR/><B>Whoever makes any such suggestion doesn't know what they're talking about. Peak oil has no influence whatsoever on the collapsing financial markets."</B><BR/><BR/>Agree and disagree. Agree that high oil prices last year were not catalyst for market selloff, though the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-62227759281231254292008-10-31T13:06:00.000-04:002008-10-31T13:06:00.000-04:00CRHoly Batshit el pollo, that is one big egg to la...CR<BR/><BR/>Holy Batshit el pollo, that is one big egg to lay!<BR/><BR/>Is that comment in reference to my modest proposal regarding how to fix CDS's?el gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-28088881794835669752008-10-31T12:51:00.000-04:002008-10-31T12:51:00.000-04:00" That was not charity on the part of the bank but...<I>" That was not charity on the part of the bank but a cold-blooded economic calculation, that in the majority of cases, it would take a lower loss by changing mortgage terms than by foreclosing..."<BR/><BR/>I'm sorry. I'm lost here."</I><BR/><BR/>Dan, this is because the loans are not on the banks' books anymore these days, they were packaged into securities and sold in separate tranches.<BR/><Ilargihttps://www.blogger.com/profile/09698428009501267664noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-18457049132398278482008-10-31T12:47:00.000-04:002008-10-31T12:47:00.000-04:00"So are they correct regarding no growth is possib...<I>"So are they correct regarding no growth is possible after Peak Oil, but fail to understand that the present financial collapse is not due to Peak Oil?<BR/><BR/>.... a transfer of wealth from "the people" to their selected elites prior to the anticipated economic or financial collapse that would have been naturally induced by Peak Oil. "</I><BR/><BR/>Pretty good.Ilargihttps://www.blogger.com/profile/09698428009501267664noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-31154597426471429212008-10-31T12:45:00.000-04:002008-10-31T12:45:00.000-04:00"Volvo Truck Orders Decline 99.63 percent; Auto In...<I>"Volvo Truck Orders Decline 99.63 percent; Auto Industry Faces Crash in US,"<BR/><BR/>Holy Batshit el pollo, that is one big egg to lay!</I><BR/><BR/>Those numbers were in a Debt Rattle quite a few days ago.Ilargihttps://www.blogger.com/profile/09698428009501267664noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-78233902706567912642008-10-31T12:34:00.000-04:002008-10-31T12:34:00.000-04:00dan w if you are lost try Fredat itulip. He says "...dan w if you are lost try <A HREF="http://www.itulip.com/forums/showthread.php?p=57193#post57193" REL="nofollow">Fred</A>at itulip. <BR/><BR/>He says " no deflation" and then goes on to describe what I can only think of as deflation:<BR/><BR/>"<I>You see crowded stores and low prices–crowded because the equilibrium price between the cost of goods that stores pay and prices that customers can Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-36714994218858064492008-10-31T12:23:00.000-04:002008-10-31T12:23:00.000-04:00Ilargi said: "Peak Oil has no influence whatsoever...Ilargi said: "Peak Oil has no influence whatsoever on the collapsing financial markets."<BR/><BR/>Ilargi, would you elaborate a bit on this?<BR/><BR/>I know that the bulk of the blame for the collapsing financial markets goes to the Federal Reserve's policies. However, some Peak Oil people have said that no economic growth is possible after we have passed Peak Oil (supposedly reached in summer ofAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-76173434517155480482008-10-31T12:17:00.000-04:002008-10-31T12:17:00.000-04:00CRMish has updated his blog and the Volvo story is...CR<BR/><BR/>Mish has updated his blog and the Volvo story is further down. The stuff on top was all about pensions, including those in Canada. That is spooky stuff. I'm guessing Canada will allow companies to extend their payment schedule on insolvent plans to the 10 years that they requested a few years ago. Right now companies have to at least get a letter of credit from a bank to guaranteeFarmerodhttps://www.blogger.com/profile/03492165772535123915noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-197260629099654852008-10-31T11:39:00.000-04:002008-10-31T11:39:00.000-04:00Gulf Citizens Beg for Bailout as Stock Rout Signal...<B>Gulf Citizens Beg for Bailout as Stock Rout Signals End of Boom </B><BR/><BR/>"Abdullah Hajeri led a march on the Emir's palace in Kuwait this week, demanding the oil-rich nation's ruler stop stocks from plunging. Adnan Mohammed Saleh, down the Persian Gulf coast in Dubai, said he wants more government protection from the global financial crisis."<BR/><BR/><A HREF="http://www.bloomberg.com/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-19131835248809619182008-10-31T11:14:00.000-04:002008-10-31T11:14:00.000-04:00RE: my last post about loan mod.Yves Smith | Oct ...RE: my last post about loan mod.<BR/><BR/>Yves Smith | Oct 31, 2008<BR/>"...The problem is that banks are NOT making loan modifications as they did in the past. That is turn is due to securitization In the old days, including in the nasty (in the Southwest and Texas) housing bear market of the early 1990s, it was standard practice for banks to modify mortgages. That was not charity on the part Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-45842659899362947612008-10-31T11:09:00.000-04:002008-10-31T11:09:00.000-04:00"Volvo Truck Orders Decline 99.63 percent; Auto In...<I>"Volvo Truck Orders Decline 99.63 percent; Auto Industry Faces Crash in US,"</I><BR/><BR/><A HREF="http://globaleconomicanalysis.blogspot.com/" REL="nofollow">Mishe's Trend Analysis</A><BR/><BR/><BR/>Holy Batshit el pollo, that is one big egg to lay!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-56365739667590923072008-10-31T11:07:00.000-04:002008-10-31T11:07:00.000-04:00from iTulip:"...I run various websites for people ...from iTulip:<BR/><BR/>"...I run various websites for people in foreclosure and whatnot. Until just a month ago, it was lender policy not to grant a homeowner a modified loan unless the homeowner met certain criteria...Most loan mods fail. In that the homeowner fails to make the new payment also. So lenders were not eager to modify a loan and go through the expense and time, and have the borrower Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-72294042618141418872008-10-31T10:05:00.000-04:002008-10-31T10:05:00.000-04:00Naomi Klein says:"...What, then, is the real purpo...Naomi Klein says:<BR/><BR/>"...What, then, is the real purpose of the bailout...Remember, the main concern among big market players, particularly banks, is not the lack of credit but their battered share prices. Investors have lost confidence in the honesty of the big financial players, and with good reason...By purchasing stakes in these financial institutions, Treasury is sending a signal to Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-41983934840943997462008-10-31T09:43:00.000-04:002008-10-31T09:43:00.000-04:00Many thanks for your gentle responses and clear ex...Many thanks for your gentle responses and clear explanations. From what I have read I don't think that TOD are suggesting that peak oil per se caused the financial collapse (banks are perfectly capable of doing that by themselves!) but rather that the high oil prices over the last year disproportionally hit the sub-primers as they spent more money on essentials, less on luxuries, and pushed them Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-57543406698844882322008-10-31T09:38:00.000-04:002008-10-31T09:38:00.000-04:00I&S,Thanks again for the most recent commentar...I&S,<BR/><BR/>Thanks again for the most recent commentary this morning. I know it must get tiresome repeating things from time to time, but on the other hand, that's really the only way to continue to spread awareness. There's another donation coming your way this month from me. Keep up the good work. I can't thank you two enough for opening my eyes over a year ago (boy, time Unknownhttps://www.blogger.com/profile/15614205920972531674noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-55448100656543821412008-10-31T09:31:00.000-04:002008-10-31T09:31:00.000-04:00Naomi Klein's explanation: The Bailout: Bush's Fin...Naomi Klein's explanation: <A HREF="http://www.naomiklein.org/articles/2008/10/bailout-bush-s-final-pillage" REL="nofollow">The Bailout: Bush's Final Pillage</A>Bevhttps://www.blogger.com/profile/09106200660390587077noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-1755381788606228862008-10-31T08:30:00.001-04:002008-10-31T08:30:00.001-04:00anon 6.28" When/if? eventually, inexorably, fallin...anon 6.28<BR/><BR/><I>" When/if? eventually, inexorably, falling supply of oil trumps falling demand, does this mean that oil prices will rise again and therefore inflation will rise?"</I><BR/><BR/>There is no inflation in the west, only rising prices in selected fields. With $30 trillion gone from equity markets alone in the past year, there certainly isn't "too much money" either.<BR/> <BR/><I>Ilargihttps://www.blogger.com/profile/09698428009501267664noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-65509795810126917002008-10-31T08:30:00.000-04:002008-10-31T08:30:00.000-04:00Anon @6:28,When/if? eventually, inexorably, fallin...Anon @6:28,<BR/><BR/><I>When/if? eventually, inexorably, falling supply of oil trumps falling demand, does this mean that oil prices will rise again and therefore inflation will rise?<BR/><BR/>I'm trying to evaluate the relative impact and gradient/timing of inflation due to resource constraints (i.e too much money chasing too few goods) vs the years of recession/depression discussed here.</I><BRStoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-3183612395313861582008-10-31T08:12:00.000-04:002008-10-31T08:12:00.000-04:00Solution to the CDS quagmireAll the major governme...Solution to the CDS quagmire<BR/><BR/>All the major government invalidate all CDS's except those actually covering their insured bonds and those bonds must be proven to be owned by the same party that owns the CDS at the time it was taken out. All premiums for invalidated CDS's must be returned.<BR/>Of course it won't happen.<BR/><BR/>Major mystery of the universe dept.<BR/><BR/>If Da Boyz set el gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-11990904522053498592008-10-31T07:13:00.000-04:002008-10-31T07:13:00.000-04:00RE: CDSIt's amazing how insidious the infection of...RE: CDS<BR/><BR/>It's amazing how insidious the infection of CDS really is. It's like the Earth has a heartworm infection, and the only way to cure it is to untangle all of the parasitic tentacles, one by one. Meanwhile, OF COURSE, the last thing anyone wants to do is come clean...have their part in this crime-of-the-century exposed for all to see.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-7043331950717942008-10-31T06:28:00.000-04:002008-10-31T06:28:00.000-04:00Can someone help me out on this one? In the UK, wh...Can someone help me out on this one? <BR/>In the UK, when inflation went to 4% the gvnr of the BoE said that the 2% above target was largely/wholely the result of higher oil prices. <BR/>When/if? eventually, inexorably, falling supply of oil trumps falling demand, does this mean that oil prices will rise again and therefore inflation will rise?<BR/>I'm trying to evaluate the relative impact and Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-30389548363162554812008-10-30T22:16:00.000-04:002008-10-30T22:16:00.000-04:00Anon 6:30Schiff has put must of his clients' money...Anon 6:30<BR/><BR/>Schiff has put must of his clients' money into Asian equities, particularly the Hong Kong and Shanghai exchanges. Also big on gold mining stocks and paper Australian gold. Anything to keep his clients' money out of USD. You crunch the numbers.<BR/><BR/>He does do a good interview because he is totally bearish on Wall Street, so he sounds on top of the game. His problem is el gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.com