finance

Thieves Guild: Bank of America Flubs Foreclosure, Seizes Wrong House -- AGAIN

Hat-tip Consumerist.

For some, the slogan "practice makes perfect" is a motto of encouragement to try again, try harder and achieve perfection. For Bank of America, it should be taken as a strong hint to try and do the right thing the first time, not to try and find a better way to seize the wrong house and then attempt to abstain from any recognizable responsibility.

It should be, but it's not.

BoA has apparently attempted to foreclose on the wrong house once again, according to an article by Laura Elder in the Galveston County Daily News:

Econ-Fin News Nov 29 2008 "This Is Worse Than Great Depression"

Originally posted Posted Sat, 11/29/2008 - 21:32, bumping for fresh eyes - standingup

We are in a worse situation than The Great Depression

Barry Ritholtz linked to a video of Paul Solomon of the PBS News Hour interviewing with Dr. Nassim Nicholas Taleb, famous economist and author of The Black Swan : The Impact of the Highly Improbable” and Taleb’s mentor, French mathematician, Dr. Benoit Mandelbrot, Professor Emeritus of Mathematics at Yale University. Dr. Mandelbrot, a pioneer in the development of chaos theory, is regarded as the father of fractal geometry. Both say that the present economic situation is actually more serious than the Great Depression. In fact, they fear the U.S. is in the worst situation it has been in since the American Revolution.

Economic and Financial News Nov 28, 2008

promoted by roxy for discussion ....

Economic and Financial News Nov 28, 2008

The following items have come to my attention the past few days, and, dear reader, I deem them worthy of your attention and perusal, and just generally good stuff for your edification and amusement.

Nick Benton's Corner:Barney Frank and Cantor's Lunch

Posted with permission of Nick Benton,owner/editor of the Falls Church News Press.

Barney Frabj abd Cantor's Lunch
by Nicholas Benton

Grizzled Democratic Rep. Barney Frank slapped down pretty boy GOP Rep. Eric Cantor twice in two days on national TV this week.

It was an amusing, if not so dead serious, display of superior intellect and integrity by Frank that also cut to the core of the differences between the two major parties in face of the current financial crisis, and going into the national election barely a month away.

Appearing on Wolf Blitzer's Sunday morning "Late Edition" on CNN, the two squared off to discuss the impending $700 billion Wall Street bailout legislation that failed to pass the House Monday afternoon.

While they both generally concurred about the need for such an extreme bailout, when the conversation went to how things got so bad, Frank blamed "the terrible policy of complete deregulation that got us here."

With Apologies to Percy Shelley

I met a traveler from Manhattan Island
Who said: "Those vast towers of steel and stone
Stand in the street. Near them on the ground,
Half sunk, a shattered visage lies, whose frown
And wrinkled lip and sneer of cold command
Tell that its sculptor well those passions read
Which yet survive, stamped on these lifeless things,
The hand that mocked them and the heart that fed.
And on the pedestal these words appear:
`My name is Finance, King of Kings:
Look on my works, ye mighty, and despair!'
Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare,
The lone and level streets stretch far away.

Meanwhile back at the ranch--News on the Economic front

Even though the Labor Department is known to massage its statistics, the numbers are so bad that its latest report registers an increase in the Producer Price Index of 1.2% in July and 9.8% in the last year. CNN carries the story. Even with a dip in oil prices over the last month, CNN says that this is the highest rate of increase in the past 27 years.

The Dow is sinking and should dip below 11,000 once again. It well may test new lows in the next couple of days.

You Were On My Mind - Wall Street

I read this 3 page article in Reuters this morning which made my heart just a little bit lighter. I welcome anything that helps relieve the agony of these past months/years.....
excerpt:
Wall Street puts its money behind Obama

By Emily Kaiser - Analysis

WASHINGTON (Reuters) - Wall Street is putting its money behind Democrat Barack Obama for president, despite worries that his administration would raise taxes and take a tougher line on trade and regulation.

The Crash is past. Comes now Inflation.

-- originally posted 2008-03-02 20:23:36 -- bumped, cho

Seems to me a lot of people don’t realize the worst financial crash since 1929 has already occurred. I suppose they are waiting for a big explosive fireball and a lot of noise like in a Hollywood movie, or for the nightly news on their wide-screen televisions to show pictures of desperate bankers and brokers splattered on the sidewalks in front of 60-story temples of finance.

This diary is my humble little attempt to let these people know that the crash has already happened. It began in August. I guess they didn’t notice, but a number of financial markets have already collapsed. First, of course, there was the derivatives based on sub-prime mortgages. That seems to be about where the common consciousness stops. But before U.S. Secretary Treasury Hank Paulson and Federal Reserve Chairman Ben Bernanke (a.k.a., Captain Carnage) even lifted a finger to try and sort out the sub-prime mortgage mess, they first had to deal with the collapse of the market for Structured Investment Vehicles. Since these two crises began last summer many other financial markets have also collapsed: corporate junk bonds, asset-backed commercial paper, municipal bonds. This last was saved just last week by New York State Insurance Commissioner Dinallo basically forcing Moodys, S&P and Fitch to give AAA ratings to the monolines insurers. All these markets have pretty much ceased functioning, with not even the banks that created some of this stuff willing to buy their own product. Financial institutions have also been disappearing, especially a number of hedge funds, the most recent being this past week: Peloton, a London-based hedge fund specializing in asset-backed bonds.

CommercialPaperCollapse

World on the Brink- Depression or Hyperinflation

In August 2007, an obscure bank in Germany disclosed that it had suffered crippling losses on some financial instruments it held, which were based on a pool of sub-prime mortgages in the United States. Within days, traders in financial markets around the world were panicking as they found it nearly impossible to determine which other banks might be having the same problem, and just how large that problem was. Central banks around the world poured in money to calm troubled financial markets, and U.S. Treasury Secretary Henry Paulson made a show of declaring that the problems of the U.S.