350zCommtech's Account Talk

350 and Anidoc,

Does this last post signify that the G fund would be better than the F fund because the F fund doesn't do as well in a full recession, or are we in the expectation of a lowering of rates by the FED to avoid a recession. (decreasing interest rates generally should favor the F fund?).
 
350 and Anidoc,

Does this last post signify that the G fund would be better than the F fund because the F fund doesn't do as well in a full recession, or are we in the expectation of a lowering of rates by the FED to avoid a recession. (decreasing interest rates generally should favor the F fund?).

Actually, during a recession, the F fund is the place to be. The Feds can cut to ZER0 and we could still enter a recession. In fact, we might already be in a recession.
 
This is funny. Let the ratings war begin.:laugh:

Fitch warns it might downgrade Standard & Poor’s

By Housing Wire staff • March 8, 2008

A little satire for the weekend:

Fitch Ratings today said it might lower its ‘AAA’ rating on Standard & Poor’s, as the financial ratings business continues to reel from a complete lack of anything to actually rate in residential mortgage-backed securities. Fitch said that S&P would likely face a three-notch downgrade unless the agency could somehow drum up some RMBS or CDO business in the next few weeks.

“Actually, even a CMBS issue or two would probably be enough to boost the overall ratings level in our models,” said one Fitch analyst. “It’s not like we’re being picky here.”

The rating agency suggested that S&P might also be able to stave off a ratings downgrade if it could somehow find a way to expand the ratings business into the agency-backed mortgage market. Currently, given either an implicit or explicit government guarantee, major rating agencies do not get paid to rate mortgage-backed bond issues backed by Fannie Mae, Freddie Mac, and Ginnie Mae.

S&P, in a prepared statement, said it may try to begin rating Fannie and Freddie MBS anyway. “We remain convinced that the market will derive the same value from our ratings of Fannie and Freddie-backed mortgage securities as they already do out of our ratings for private-party MBS,” it said.

The agency didn’t specify how it expected to be paid for its efforts, but said that rating agency-backed MBS would at least help staff “remain sharp” until investor confidence returned to the secondary mortgage market.
For its part, Moody’s Investors Service said that it would look to expand its ratings universe, launching a new subsidiary in June that will compete with other ratings services such as Consumer Reports and Edmunds. “We feel that our expertise in rating things will transfer well into the consumer space,” said a senior director in Moody’s newly-formed consumer ratings group.

“We’re planning to start rating automobiles in June,” said the Moody’s director. The agency is still negotiating on its “value proposition” with key car manufacturers that it expects to pay to obtain the ratings, according to a company spokesperson.

While Moody’s doesn’t face an imminent downgrade by Fitch, it has been assigned a negative outlook by the company’s analysts. Any downgrade by Fitch would be the company’s second such move in just the past two weeks; the agency downgraded itself by two notches early last week, and now holds its own lowest investment-grade rating.http://www.housingwire.com/2008/03/08/fitch-warns-it-might-downgrade-standard-poors/
 
I know there's no good news for the market, but I'm staying in CSI. I believe Tuesdays are almost always good for the market.
 
LOL!!!!!! FRAUD!!!!! :laugh::laugh::laugh:

Glad to be in the F fund.:)

Fitch calls MBIA info destruction request 'disingenuous'

By Wallace Witkowski
Last update: 1:58 p.m. EDT March 10, 200

SAN FRANCISCO (MarketWatch) -- Stephen Joynt, the chief executive of Fitch Ratings, told MBIA Inc. on Monday it seemed "disingenuous at best" that the bond insurer asked the rating agency by email to destroy non-public information while telling the public it would work with Fitch to keep a AAA rating. On Friday, MBIA asked Fitch Ratings to withdraw insurer financial strength ratings while retaining outstanding debt obligation ratings. Joynt also told MBIA it was "considering" MBIA's request to withdraw IFS ratings, and that it was willing to waive rating fees. However, Joynt asked MBIA if it was also seeking equal concessions from the other two debt rating agencies, Standard & Poor's and Moody's.http://www.marketwatch.com/news/story/fitch-calls-mbia-info-destruction/story.aspx?guid=%7B957F2677%2DAA68%2D4A78%2D9189%2D03A2C5D9537D%7D&dist=hplatest
 
This was one of the guys trying to save the bond insurers.:laugh:

N.Y. Times: New York governor linked to prostitution

NEW YORK (AP) -- Gov. Eliot Spitzer has apologized to his family and the public, but did not elaborate on a bombshell report that he was involved in a prostitution ring.
art.gov.spitzer.gi.jpg
New York Gov. Eliot Spitzer has admitted involvement in a prostitution ring, The New York Times reports.

Spitzer says he "acted in a way that violates my obligations to my family" and says he has to spend time with his family.
Spitzer's wife stood at his side, her hands behind her back and her eyes cast downward, as he made the statement. The New York Times reported earlier in the day that Spitzer told his senior aides he was involved in a prostitution ring.
Spitzer and his wife have three daughters.
The Times reported that a person with knowledge of the governor's role believes the governor is identified as a client in court papers. Four people allegedly connected to a high-end prostitution ring called Emperors Club VIP were arrested last week.
The Web site of the Emperors Club VIP displays photographs of scantily clad women with their faces hidden, along with hourly rates depending on whether the prostitutes were rated with one diamond, the lowest ranking, or seven diamonds, the highest. The most highly ranked prostitutes cost $5,500 an hour, prosecutors said.
Prosecutors said the defendants arranged connections between wealthy men and more than 50 prostitutes in New York, Washington, D.C.; Los Angeles, California; Miami, Florida; London, England; and Paris, France.
The Times reported that the governor's travel records show he was in Washington in mid-February, and that one of the clients arranged to meet with a prostitute on the night of February 13.
The case is being handled by prosecutors in the Public Corruption unit of U.S. Attorney Michael Garcia's office. Garcia spokeswoman Yusill Scribner said the office had no comment.
Spitzer, 48, built his political legacy on rooting out corruption, including several headline-making battles with Wall Street while serving as attorney general. He stormed into the governor's office in 2006 with a historic share of the vote, vowing to continue his no-nonsense approach to fixing one of the nation's worst governments.
Time magazine had named him "Crusader of the Year" when he was attorney general and the tabloids proclaimed him "Eliot Ness."
But his stint as governor has been marred by several problems, including an unpopular plan to grant driver's licenses to illegal immigrants and a plot by his aides to smear Spitzer's main Republican nemesis.
Spitzer had been expected to testify to the state Public Integrity Commission he had created to answer for his role in the scandal, in which his aides were accused of misusing state police to compile travel records to embarrass Senate Republican leader Joseph Bruno.
Spitzer had served two terms as attorney general where he pursued criminal and civil cases and cracked down on misconduct and conflicts of interests on Wall Street and in corporate America. He had previously been a prosecutor in the Manhattan District attorney's office, handling organized crime and white-collar crime cases.
His cases as state attorney general included a few criminal prosecutions of prostitution rings and into tourism involving prostitutes.
In 2004, he was part of an investigation of an escort service in New York City that resulted in the arrest of 18 people on charges of promoting prostitution and related charges.http://www.cnn.com/2008/POLITICS/03/10/spitzer.ap/index.html
 
This is what happens in a recession. Pull your head out of the sand or watch your retirement fund drop.

Texas Instruments cuts forecasts on weak demand


By Benjamin Pimentel, MarketWatch
Last update: 5:51 p.m. EDT March 10, 2008

SAN FRANCISCO (MarketWatch) -- Texas Instruments Inc. announced late Monday narrower first-quarter revenue and earnings per share estimates with lower midpoints.

TI said it expects revenue of between $3.21 billion and $3.35 billion, compared with the previous estimate of $3.27 billion and $3.55 billion. TI's revenue target midpoint dropped to $3.28 billion, from $3.41 billion. The company also said it expects earnings per share of between 41 cents and 45 cents, compared with the previous range of 43 cents and 49 cents. The midpoint for its earnings per share target also dropped to 43 cents from 46 cents.
Analysts had expected TI to report earnings of 46 cents a share on revenue of $3.39 billion, according to a survey by FactSet Research.
Ron Slaymaker, TI's vice president and manager of investor relations, attributed the lower outlook to "weaker than expected demand from wireless."
"Revenue for analog and the remainder of the product line is generally consistent with our initial expectations," he told analysts in a conference call.
Slaymaker reaffirmed TI's strategy, saying that while "the wireless market and our revenue in that market have often fluctuated on a short-term basis, we believe the long-term trend towards smart phones represents a great opportunity for TI."http://www.marketwatch.com/news/sto...F6-D90B-4BA4-B626-DA1B41318E1D}&dist=hplatest
 
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