Jay Jay

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    • Sat Apr 12th 02:05 AM
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      The Fed is Terrified
      FUBAR
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    • Thu Apr 10th 00:29 AM
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      Jim Rogers: Fed Policy is 'Outrageous'
      Rogers is right and he's using my wild fire analogy for markets.
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    • Thu Apr 10th 00:11 AM
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      The Greenspan Defense
      Central planning is clueless, bring back an asset based currency and the economy will plan itself.
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    • Thu Apr 10th 00:00 AM
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      Ambac, MBIA Finally Get the Rating They Deserve
      I like the comment that the Fed will prevail because they must. Now thats some logic there.
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    • Mon Mar 17th 01:54 AM
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      Did the Fed's Move Prevent a Stock Market Panic?
      Felix, your views are myopic. With this action, and others like it, the Fed is sewing the seeds a future larger distaster. By denying the market the discipline it needs to reign in rampant speculation we create a future monster that eventually dwarfs the resources available to even the government to stop it.

      The question isn't, do you want to have corrections or not, the real question do you prefer lots of little isolated corrections, or one all consuming collapse that threatens the very system which enabled it.
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    • Wed Feb 6th 21:59 PM
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      Western Cities Top U.S. Home Price Declines
      Yes Maverick blame Greenspan. What did he do that made him so great? All he did was the easy thing, just keep easing everythime the market tries to correct. Just keep running down hill. Eventually you reach the bottom of the hill and have nowhere to go, thats where we are now. So instead of have several small corrections, we're going to have one big disaster. The market players were just doing what you'd expect when put in an interest rate environment created by Greenspan.
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    • Wed Feb 6th 00:13 AM
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      What the Housing 'Apocalypse' Prophets Aren't Revealing
      I like the argumement where the author states that saying things makes them happen. Sorry, fundamentals rule, talk just affects timing a little bit one way or the other.

      Mortgage applications are up because approval percentages are down. Lower fed rate doesn't control the longer term mortage rate, this just presses the snooze button on adjustables until the next adminstration is in office.

      The percentage of conforming loans being written is up because the percentage of suicide loans is down. This is news?
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    • Tue Feb 5th 23:31 PM
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      Inflation Expectations: Less Worrying Than They Seem
      Instead of managing expectations, how about managing inflation. Every year of +2% is followed by a year of -2% to get a net zero inflation.
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    • Thu Jan 10th 21:10 PM
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      The Case for Recession Strengthens
      Since housing prices are now getting more affordable and rents continue to trend up mildly, maybe they can change the statistic that they call the CPI to switch from rents to house prices so they can continue to lie about the inflation rate. Now if I could only eat my big screen TV and fuel my car with cheap imported clothing, everything would be okay.
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    • Thu Jan 10th 20:56 PM
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      Poole: Investment Pros, Borrowers All Contributed to Mortgage Crisis, Credit Meltdown
      Poole can try to deflect the blame from the Fed, just like Greenspan has tried but these actors he's blaming are compelled by the larger environment that the Fed has created. The borrower borrows because he sees prices going out of site, he has little to no downside risk with no money down. the broker, brokers, because he's incentivized to write as many loans as the lender will accept. The Wall Street investment houses will securitize and sell off as many mortage backs bonds as they can to maximize shareholder value. None of these things are in any way suprising outcomes of an artificilly low interest rate environment. Shame on the Fed and shame on Poole. The damage you hav caused is still being tallied. We will remember you.
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    • Thu Jan 3rd 00:20 AM
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      Existing Home Sales: Trying To Make A Bottom
      If you are losing money on your starter home, how do you have the increasingly required equity to buy a bigger stake in a losing market?
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    • Wed Jan 2nd 23:26 PM
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      Countrywide's Call For Increased Mortgage Limits Must Be Ignored
      Well written article. The distorting influence that the GSE's have had on the mortage market would take more than the space I have here to list. And just because conforming loans don't directly apply in the rich high income wealthy coastal areas doesn't mean that they don't have an effect to artificially juice the residential real estate market. Think $400k condos and trade up buyers. The unfair dominance of the conventional market due to their unearned doubious goverment backing pushes private institutions to focus on the riskier areas of lending in which the GSE's cannot directly compete.

      If you're buying a house that costs more than half million dollars, you don't need a subsidy from the tax payers. Isn't it ironic that the very GSE's that were supposed to make housing affordable have actually caused huge price inflation? How is this making housing more affordable? You know this is true because the biggest critics of reducing the GSE's say that prices will plunge to affordable levels if you attempt to control them.

      It isn't that the jumbo market is illiquid or high priced, its that the GSEs are temporarily selling loans below the real market cost by way of their insurance from tax payers.

      Mozillo is looking for a public fool to take over his private bad loans. Mortgage pros are looking to keep the party going just a little longer before they have to go get real jobs.
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    • Tue Jan 1st 16:46 PM
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      2007: How Did So Many People Miss the Signs?
      One other reason forecasters give the wrong story is that they're simply lying to maniulate public perception for the benefit of their cause. They use peoples sense that someone woudn't just out and out fabricate a story for their own benefit with straight face wearing a suit and tie. I've come to realize that the more a person has at stake, the less likely you'll get an honest answer.
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    • Fri Dec 28th 01:27 AM
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      Time to Reform the Fed?
      The answer isn't more regulation its less. Its like having a rotten railing atthe edge of a cliff. If there were none there, people would use common sense and keep their distance. Lets free ourselves of the Fed once and for all. Our biggest economic disasters have occured since they got their tenticles into our economy after they were given power in 1913. If the Fed chairman serves at the pleasure of the president, how can you say he is independant? Greenspan learned during the term of Gerorge 1, that if you don't do what your boss wants, bad things can happen.

      The taxpayers will be tapped to pay for a bank bailout under the guize that we're protecting america. Well, the New York banks aren't America, and life would go on without them or the Fed.
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    • Fri Dec 28th 01:14 AM
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      Shiller: Single-Family Housing Market Is "Grim"
      I am sorry tohear about the trouble this gentlman has had with his place. Maybe this is a message for all not to sign a contract with an arbitration clause in the future. Or demand a price reduction in line with an "as-is" sale like you'd get on a bank owned property when you bought said moldy house. Also, I wish normal people would stop with this American Dream nonsense. Its realtor talk and stinks like hard sell.
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