Today, on March 29, we have the opportunity of a lifetime to save millions from losing their homes and hold accountable the big banks that caused this crisis.
Right now, the 50 state Attorneys General are in critical negotiations with the big banks. The outcome of these negotiations could mean the difference between millions of struggling homeowners finally getting the help they need from their lenders, or the big banks continuing with business as usual, foreclosing on families needlessly.
Bank of America, Wells Fargo, JPMorgan Chase, and other big banks could easily walk away scott-free, if thousands of us don’t call our Attorneys General tomorrow.
Read 5 reasons to call your Attorney General today
The time is now to collectively fight back. We can work together to demand that the big banks are held accountable for their crimes.
Your Attorney General needs to make a choice - either side with YOU and be a hero to homeowners and communities by going toe-to-toe with the big banks, OR side with the big banks and let them continue to devastate our communities.
It’s time to demand that our Attorneys General deliver nothing less than a strong settlement against the big banks. Make the call!
Thanks for all that you do,
PICO National Network
Alliance for a Just Society
National People's Action
IAF Southeast
Alliance of Californians for Community Empowerment
STATE AG NAME PHONE
Alabama Luther Strange (334) 242-7300
Alaska John J. Burns (907) 465-3600
Arizona Tom Horne (602) 542-4266
Arkansas Dustin McDaniel (800) 482-8982
California Kamala Harris 510-622-4500
916-323-8270 (main comment voicemail)
Colorado John Suthers 303-866-4500
Connecticut George Jepsen (860) 808-5318
Delaware Beau Biden (302) 577-8338
District of Columbia Irvin Nathan (Acting) (202) 727-3400
Florida Pam Bondi (850) 414-3300
Georgia Sam Olens (404) 656-3300
Hawaii Mark Bennett (808) 586-1500
Idaho Lawrence Wasden (208) 334-2400
Illinois Lisa Madigan (312) 814-3000
Indiana Greg Zoeller (317) 232-6201
Iowa Tom Miller (515) 281-5164
Kansas Derek Schmidt (785) 296-2215
Kentucky Jack Conway (502) 696-5300
Louisiana James “Buddy” Caldwell (225) 326-6000
Maine William Schneider (207) 626-8800
Maryland Douglas F. Gansler (410) 576-6300
Massachusetts Martha Coakley (617) 727-2200
Michigan Bill Schuette (517) 373-1110
Minnesota Lori Swanson (651) 296-3353
Mississippi Jim Hood (601) 359-3680
Missouri Chris Koster (573) 751-3321
Montana Steve Bullock (406) 444-2026
Nebraska Jon Bruning (402) 471-2682
Nevada Catherine Cortez Mastro (775) 684-1100
New Hampshire Michael Delaney (603) 271-3658
New Jersey Paula T. Dow (609) 292-8740
New Mexico Gary King (505) 827-6000
New York Eric Schneiderman (518) 474-7330
North Carolina Roy Cooper (919) 716-6400
North Dakota Wayne Stenehjem (701) 328-2210
Ohio Mike DeWine (614) 466-4320
Oklahoma Scott Pruitt (405) 521-3921
Oregon John Kroger (503) 378-4400
Pennsylvania William H. Ryan, Jr. (Acting) (717) 787-3391
Rhode Island Peter Kilmartin (401) 274-4400
South Carolina Alan Wilson (803) 734-3970
South Dakota Marty Jackley (605) 773-3215
Tennessee Robert E. Cooper Jr. 615-741-3491
Texas Greg Abbott (512) 463-2100
Utah Mark Shurtleff (801) 538-9600
Vermont William Sorrell (802) 828-3173
Virginia Ken Cuccinelli (804) 786-2071
Washington Rob McKenna (360) 753-6200
West Virginia Darrel V. McGraw (304) 558-2021
Wisconsin J.B. Van Hollen (608) 266-1221
Wyoming Bruce A. Salzburg (307) 777-7841
Tuesday, March 29, 2011
David Rosenberg On QE3 ETA
As we wave goodbye to David Rosenberg, with his last free Breakfast with Dave issue coming out today, we present his most recent free thoughts on QE3.
QE3 WILL COME BUT NOT AS EARLY AS MR. MARKET WOULD LIKE
Portfolio managers as a group are running their funds overweight equities by an average of 67% relative to their typical benchmarks. And polls show that one-third of them believe QE3 is coming this summer. We already know that this Bernanke-led Fed is willing to be extremely aggressive, but as we saw in 2010, the hurdle is high for quantitative easing. We need (i) signs of a double-dip, (ii) a stock market correction of at least 15%, and (iii) deflation, not inflation. How on earth will the Fed be able to do anything at all by then if headline inflation is running north of 4% and the other central banks of the world are either snuggling policy or moving in that direction ? unless the central bank really wants to trash the dollar. We are certainly not inflationists and still see deflation in credit, real wages and housing prices.
Since the market will have a heart attack unless QE3 resumes on July 1, we tend to agree. July 2 would be quite a delay and certainly "not as early as Mr. Market would like." In the meantime expect a complete washout in all asset classes with an emphasis on commodities, which will allow the FOMC to push the reset button on inflationary expectations, and announce QE3 the very next day.
QE3 WILL COME BUT NOT AS EARLY AS MR. MARKET WOULD LIKE
Portfolio managers as a group are running their funds overweight equities by an average of 67% relative to their typical benchmarks. And polls show that one-third of them believe QE3 is coming this summer. We already know that this Bernanke-led Fed is willing to be extremely aggressive, but as we saw in 2010, the hurdle is high for quantitative easing. We need (i) signs of a double-dip, (ii) a stock market correction of at least 15%, and (iii) deflation, not inflation. How on earth will the Fed be able to do anything at all by then if headline inflation is running north of 4% and the other central banks of the world are either snuggling policy or moving in that direction ? unless the central bank really wants to trash the dollar. We are certainly not inflationists and still see deflation in credit, real wages and housing prices.
Since the market will have a heart attack unless QE3 resumes on July 1, we tend to agree. July 2 would be quite a delay and certainly "not as early as Mr. Market would like." In the meantime expect a complete washout in all asset classes with an emphasis on commodities, which will allow the FOMC to push the reset button on inflationary expectations, and announce QE3 the very next day.
UTAH GOVERNOR SIGNS GOLD & SILVER LEGAL TENDER BILL!
Utah has now become the first State on our list to actually enact a sound money bill into law.
On Friday, March 25th, Gov. Gary Herbert signed HB 317, the "Utah Legal Tender Act," into law.
The law recognizes gold and silver coins issued by the federal government as legal currency in the state. The coins do not replace the current paper currency, but may be used and accepted voluntarily as an alternative.
The law exempts the sale of gold and silver coins from the state capital gains tax, since you would simply be exchanging one form of legal tender currency for another. It also calls for a committee to study alternative currencies for the State and a means for Utahans to pay their taxes with gold and silver coins.
Gold and silver coins issued by the federal government are already legal tender, of course, and can be used to purchase items and pay debts owed. However, they could only be used at the face value of the coins -- which is ridiculously lower than the value of the precious metal content of the coins. If you were to use them at the actual value of the coins, you would face a capital gains tax on the "profit" you gained over the face value.
If nothing else, this law recognizes the inanity of imposing a tax on exchanging one form of legal tender currency for another. By removing that tax and officially recognizing the legal tender status of the gold and silver coins within the State of Utah, the way is now open for good and services to be priced in both Federal Reserve Notes denominations and Gold & Silver Coins denominations; likewise, banks should now be free to offer their customers accounts denominated in legal tender gold & silver coins, so that consumers will be able to make purchases based on those accounts, using their debit cards, checks, ATM cards, etc. Banks should also easily convert FRNs to Gold & Silver Coins and vice-versa, since they will now be treated as simple currency exchanges.
So... what bank will be the first to jump on board here? Because once that happens, the floodgates will open, and billions of dollars in new banking accounts will pour into Utah banks, from people who want to use sound money that keeps its value, rather than nearly-worthless pieces of paper whose purchasing power continues to plummet.
And you know who'll be one of the first in line!
On Friday, March 25th, Gov. Gary Herbert signed HB 317, the "Utah Legal Tender Act," into law.
The law recognizes gold and silver coins issued by the federal government as legal currency in the state. The coins do not replace the current paper currency, but may be used and accepted voluntarily as an alternative.
The law exempts the sale of gold and silver coins from the state capital gains tax, since you would simply be exchanging one form of legal tender currency for another. It also calls for a committee to study alternative currencies for the State and a means for Utahans to pay their taxes with gold and silver coins.
Gold and silver coins issued by the federal government are already legal tender, of course, and can be used to purchase items and pay debts owed. However, they could only be used at the face value of the coins -- which is ridiculously lower than the value of the precious metal content of the coins. If you were to use them at the actual value of the coins, you would face a capital gains tax on the "profit" you gained over the face value.
If nothing else, this law recognizes the inanity of imposing a tax on exchanging one form of legal tender currency for another. By removing that tax and officially recognizing the legal tender status of the gold and silver coins within the State of Utah, the way is now open for good and services to be priced in both Federal Reserve Notes denominations and Gold & Silver Coins denominations; likewise, banks should now be free to offer their customers accounts denominated in legal tender gold & silver coins, so that consumers will be able to make purchases based on those accounts, using their debit cards, checks, ATM cards, etc. Banks should also easily convert FRNs to Gold & Silver Coins and vice-versa, since they will now be treated as simple currency exchanges.
So... what bank will be the first to jump on board here? Because once that happens, the floodgates will open, and billions of dollars in new banking accounts will pour into Utah banks, from people who want to use sound money that keeps its value, rather than nearly-worthless pieces of paper whose purchasing power continues to plummet.
And you know who'll be one of the first in line!
Same Shite Different Day
Submitted by: Francis Soyer 032911
Yes it is another day of bad news. Bad news that Joboma and crew can order attacks on anyone or anything they so desire with impunity. Card blanch to basically do whatever they want. The economic headlines no better or at least the 33% of it in the case of housing as released in the Case Shiller data. So just another day of....
January Case Shiller Data Atrocious: "At Worst, The Feared Double-Dip Recession May Be Materializing"
Case Shiller data is out, and it is as horrible as ever. The Home Price Index came at 140.86 compared to 142.42 previously. Basically the double dip refuses to stop, and that even despite yesterday's "stunning"(ly irrelevant) pending home sales number.“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. “With this month’s data, we find the same 11 MSAs posting new recent index lows. The 10-City and 20- City Composites continue to decline month-over-month and have posted monthly declines for six consecutive months now. “These data confirm what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing."
From the release:
"Data through January 2011, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show further deceleration in the annual growth rates in 13 of the 20 MSAs and the 10- and 20-City Composites compared to the December 2010 report. The 10-City Composite was down 2.0% and the 20-City Composite fell 3.1% from their January 2010 levels. San Diego and Washington D.C. were the only two markets to record positive year-over-year changes. However, San Diego was up a scant 0.1%, while Washington DC posted a healthier +3.6% annual growth rate. The same 11 cities that had posted recent index level lows in December 2010, posted new lows in January."
The chart above depicts the annual returns of the 10-City and the 20-City Composite Home Price Indices. In January 2011, the 10-City and 20-City Composites recorded annual returns of -2.0% and -3.1%, respectively. On a monthly basis, the 10-City Composite was down 0.9% and the 20-City Composite fell 1.0% in January versus December 2010. Only San Diego and Washington D.C. posted positive annual growth rates in January 2011. These are the only two cities whose annual rates remained positive throughout 2010. Every other MSA has either moved back into or has always been in negative territory during the recent housing crisis. On a monthly basis, Washington DC was the only market where home prices rose in January, but up only 0.1%. The remaining 19 MSAs and both Composites fell during the month, with 12 of the markets and the 20-City Composite down by at least 1.0% versus December 2010.
“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. “With this month’s data, we find the same 11 MSAs posting new recent index lows. The 10-City and 20- City Composites continue to decline month-over-month and have posted monthly declines for six consecutive months now.
“These data confirm what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing. A few months ago we defined a double-dip for home prices as seeing the 10- and 20-City Composites set new post-peak lows. The 10-City Composite is still 2.8% above and the 20-City is 1.1% above their respective April 2009 lows, but both series have moved closer to a confirmed double-dip for six consecutive months. At this point we are not too far off, and that is what many analysts are seeing with sales, starts and inventory data too.
From the release:
"Data through January 2011, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show further deceleration in the annual growth rates in 13 of the 20 MSAs and the 10- and 20-City Composites compared to the December 2010 report. The 10-City Composite was down 2.0% and the 20-City Composite fell 3.1% from their January 2010 levels. San Diego and Washington D.C. were the only two markets to record positive year-over-year changes. However, San Diego was up a scant 0.1%, while Washington DC posted a healthier +3.6% annual growth rate. The same 11 cities that had posted recent index level lows in December 2010, posted new lows in January."
The chart above depicts the annual returns of the 10-City and the 20-City Composite Home Price Indices. In January 2011, the 10-City and 20-City Composites recorded annual returns of -2.0% and -3.1%, respectively. On a monthly basis, the 10-City Composite was down 0.9% and the 20-City Composite fell 1.0% in January versus December 2010. Only San Diego and Washington D.C. posted positive annual growth rates in January 2011. These are the only two cities whose annual rates remained positive throughout 2010. Every other MSA has either moved back into or has always been in negative territory during the recent housing crisis. On a monthly basis, Washington DC was the only market where home prices rose in January, but up only 0.1%. The remaining 19 MSAs and both Composites fell during the month, with 12 of the markets and the 20-City Composite down by at least 1.0% versus December 2010.
“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. “With this month’s data, we find the same 11 MSAs posting new recent index lows. The 10-City and 20- City Composites continue to decline month-over-month and have posted monthly declines for six consecutive months now.
“These data confirm what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing. A few months ago we defined a double-dip for home prices as seeing the 10- and 20-City Composites set new post-peak lows. The 10-City Composite is still 2.8% above and the 20-City is 1.1% above their respective April 2009 lows, but both series have moved closer to a confirmed double-dip for six consecutive months. At this point we are not too far off, and that is what many analysts are seeing with sales, starts and inventory data too.
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