justbizness45's Account Talk

[justbizness45]

Yeah, and he dropped this nice little nuke near the end of the article:


"The FSC has not only limited insurance company exposure to Fannie, Freddie and Ginnie bonds and mortgage-backed securities, but has decided that existing credit ratings are meaningless.

The Insurance Bureau at the Financial Supervisory Commission in Taipei announced revised rules on how insurance companies can treat investments in mortgage-backed securities (MBS). The FSC says it cannot see how the United States will develop a valid mechanism to assess the credit quality of MBS issued by US federal housing loan agencies, namely Fannie Mae, Freddie Mac and Ginnie Mae."

That's right folks. Taiwan's primary regulator for insurance companies has ruled that:

1. Ratings issued by our so-called "agencies" are worthless.
2. Agency securities can no longer be considered sovereign, "money good" debt.

Now maybe you think this is funny.

It is not funny. In fact, there is absolutely nothing funny about it.

This is how we lose our credit access worldwide.

It has now officially started and what Taiwan has done will spread.

Count on it."

http://market-ticker.denninger.net/archives/626-To-Our-Government-CUT-IT-OUT-NOW.html

Uhhhh,:embarrest: that one wasn't there when I posted. His Wed. post was bad enough. My bejezus factor just went up another notch.

 

[justbizness45]

Yeah, and he dropped this nice little nuke near the end of the article:


"The FSC has not only limited insurance company exposure to Fannie, Freddie and Ginnie bonds and mortgage-backed securities, but has decided that existing credit ratings are meaningless.

The Insurance Bureau at the Financial Supervisory Commission in Taipei announced revised rules on how insurance companies can treat investments in mortgage-backed securities (MBS). The FSC says it cannot see how the United States will develop a valid mechanism to assess the credit quality of MBS issued by US federal housing loan agencies, namely Fannie Mae, Freddie Mac and Ginnie Mae."

That's right folks. Taiwan's primary regulator for insurance companies has ruled that:

1. Ratings issued by our so-called "agencies" are worthless.
2. Agency securities can no longer be considered sovereign, "money good" debt.

Now maybe you think this is funny.

It is not funny. In fact, there is absolutely nothing funny about it.

This is how we lose our credit access worldwide.

It has now officially started and what Taiwan has done will spread.

Count on it."

http://market-ticker.denninger.net/archives/626-To-Our-Government-CUT-IT-OUT-NOW.html

Does this mean Taiwan says don't loan on American Securities?? If worldwide credit dries up does that make us like Iceland? Anyone want to weigh in on this?

 

[wv-girl]

Does this mean Taiwan says don't loan on American Securities?? If worldwide credit dries up does that make us like Iceland? Anyone want to weigh in on this?

Bingo. At least that is my take also. Can you say "third-world-country"? Here's another question.

If the US defaults on its loans to other countries, we won't be able to defend ourselves. If our money is worthless, how can we pay our military or have supplies in which to defend ourselves? Looks like we were more than robbed, this might be bordering on treason in a backhanded way.
What a horrible thought.

 

[justbizness45]

Bingo. At least that is my take also. Can you say "third-world-country"? Here's another question.

If the US defaults on its loans to other countries, we won't be able to defend ourselves. If our money is worthless, how can we pay our military or have supplies in which to defend ourselves? Looks like we were more than robbed, this might be bordering on treason in a backhanded way.
What a horrible thought.

WV-girl, thanks for stopping by. Your comments are most welcome. Let's just hope that this doesn't spread. :worried:

 

[wv-girl]

WV-girl, thanks for stopping by. Your comments are most welcome. Let's just hope that this doesn't spread. :worried:

thanks JB. I guess I was tired when I wrote this. Did'nt mean for it to sound so morbid.
it seems(at least right now) that the rest of the world is worse off than we are. Some consulation huh. Hey, maybe the leaders will follow the Bible in the day of Jubilee, where all debts are forgiven, and we all start over. Nah, people are just too greedy. too bad. Could be a peaceful ending for all. but that is too simple(or is it?). I sincerely hope that we don't have another world war. Looks like Russia is losing its shirt.

 

[Rod]

Hey, maybe the leaders will follow the Bible in the day of Jubilee, where all debts are forgiven, and we all start over.

And then comes the one world currency.

You see where that will lead us, right???

NOT

 

[wv-girl]

And then comes the one world currency.

You see where that will lead us, right???

NOT

Unfortunetly(sp) it seems we are headed that way, with the euro collapsing, etc. I just never thought I would see it in my lifetime. I hope we don't cause I plan to be around a long time. Things are deterorating at such a rapid rate, it is head-spinning. What's your take, if I may ask, as far as the Bible goes?

 

[justbizness45]

Unfortunetly(sp) it seems we are headed that way, with the euro collapsing, etc. I just never thought I would see it in my lifetime. I hope we don't cause I plan to be around a long time. Things are deterorating at such a rapid rate, it is head-spinning. What's your take, if I may ask, as far as the Bible goes?

As far as the Bible goes I am a believer but not the student I should be. :embarrest: If I remember correctly the 4th nation must fall. Some think that is the US. When that happens the 10 nations will rise to be ruled by the anti-christ. Our currency would have to go the way of the peso for that to happen, IMO. I don't think we are there yet. Been a long time since I read Revelation. Please anyone correct me if I mis-spoke a detail.

 

[justbizness45]

I totally missed out on the market excitement today. I didn't even get a chance to look at a computer until after 1600 west coast time.

Sunday night my SAR unit was called out on a rescue up in Snoqualmie National Forest near the Alpental Ski Resort. The climber was rescued above the ice line and helo evacuated him out about 0230 Monday morning. He survived with a broken C2 vertebrae. He will walk again, but that isn't why I mention this. My team got up on the mountain about 0130 in the morning and we were the reserve force in case the helo couldn't get him we were going to carry him the 4 miles back to base in a stretcher (2 previous helo attempts had failed due to high winds). So Monday night as we laid under our tarp shelters waiting for daylight I realized how gorgeous the sky was. Every star in the universe seemed to be out and for awhile I was cleansed of all my stress and worries with the market and eveything else. It was refreshing to say the least. The second thing I realized was that over 1/2 of the people on that ridge with me waiting to pack this guy out were teenagers. That's right folks, Explorer Scouts. Teenagers who took time from their busy lives to help save a life. This election can happen, the market can go to crap and it really doesn't matter. As long as there are parents raising youth who care as much as this, then America will survive and the future of our children is guaranteed. The world may be different, but as long as we are raising leaders like this there is light at the end of the tunnel. I am so blessed to be allowed to work with young people of this quality. Have a great day, I did. JB45

 

[justbizness45]

Still 50C/50G. Yesterday's action was great, however I was disappointed in the sell off the last hour today. Maybe profit taking? Makes you wonder how many more cash strapped hedge funds are out there selling. I haven't seen KDs new video posted anywhere else so here it is:

http://www.youtube.com/watch?v=3-_-IKcoULE

Scary stuff......:worried: Stay safe and make sure you have dry powder. Based on this video I may bail back to "G".

 

[justbizness45]

Don Harrold's latest:

http://www.youtube.com/watch?v=cjKmcBpGBrs

I'm ready to boycott CNBC. Those guys are idiots.

IMHO.

 

[justbizness45]

Another interesting read:

http://market-ticker.denninger.net/

 

[justbizness45]

If the market stays up for another hour I am going to sell the strength and go 100G. I don't think the July lows will hold another test and we are in for some new lows next month. Rrrbbbit, Rrrbbbit

This month will alway be ingrained in my memory as Black October.

 

[justbizness45]

I sold it, 100G COB today. I really don't expect much upward action and next month could be worse. If KD is correct and many of the foreign banks are leveraged 60 and 80 times then they are in for a world of hurt that will drag our markets down when their bubble bursts. It may be close with all the money being injected into the foreign banks. I don't think they can print it fast enough to stop the inevitable. Either way Monday is a new month with new IFTs.

+4.38 for the week, -20.52 for the month. At least my DCAing made some money before I got out. Good luck next month folks. May it be better for all.

 

[justbizness45]

Still 100G.

Interesting item from Don Harrold on the awesome reporting of MSNBC:

http://uk.youtube.com/watch?v=UwpOycllqTQ

Another interesting opinion, Cramer in "stocks" and getting tomatoes thrown at him.

http://market-ticker.denninger.net/

Have a great day tomorrow and good luck in stocks for those of you in them,

 

[KevinD]

Still 100G.

Interesting item from Don Harrold on the awesome reporting of MSNBC:

http://uk.youtube.com/watch?v=UwpOycllqTQ

Anybody even listenin' to me? Anybody even hear me say this stuff?

:laugh: :laugh: :laugh:

 

[justbizness45]

KevinD, thanks for stopping by.

From a Bloomberg article on the CDS numbers that were posted on the fourth:

The most comprehensive report on unregulated credit-default swaps didn't disclose bets in the section of the more than $47 trillion market that helped destroy American International Group Inc., once the world's biggest insurer.
A report by the Depository Trust and Clearing Corp. doesn't include privately negotiated credit-default swaps that insurers such as AIG, MBIA Inc. and Ambac Financial Group Inc. sold to guarantee securities known as collateralized debt obligations. It includes only a ``small fraction'' of contracts linked to mortgage securities, according to Andrea Cicione at BNP Paribas SA in London.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aKKRHZsxRvWs&refer=home

There is still alot of hurt coming from this area of the economy worldwide.

 

[justbizness45]

I pulled the trigger early and got out of the rally last week. As a result I went to 100G at 954 on the S&P. The close today at 904 is around 5% lower. I would like to see at least 860 (-10%) to buy back in @ 50%. Depending on the jobs report it could be seen tomorrow or Monday. Non-farm payrolls (expected -200K) and the unemployment reports (expected 6.3%) both come out around 0830 ET so we might have a good idea of direction by 1200 if they come in below expectations. As always lately there is no way to predict what the 1530-1600 time frame will bring though.

 

[Gumby]

As always lately there is no way to predict what the 1530-1600 time frame will bring though.

That is where FRTIB has us. It can be a totally different world in 4 hours...There is no way to tell if you do an IFT before noon if the market will be up or down at the close. The FRTIB should give us at least until 3:00 PM EST for the IFT to count that day.

It doesn't seem to do much good to complain though.

 

[justbizness45]

I was just reviewing my posts and realized I didn't post my move on the 7th. I wen 80G, 10C, 10S on COB 11/7. I did manage to get it into the tracker though. Still there as of today.