The Wall Street Examiner’s Lee Adler, Russ Winter of Winter Watch, and Aaron Krowne of the Mortgage Lender Implode-o-meter discuss the false signals of a growing economy, and other issues affecting the markets in this week’s podcast. Here’s what we covered in Part 1, free to all visitors: Ponzi house of mirrors economy with no real economic demand Japan’s public pension problem and Confederate States of America money printing Will the Fed shrink it’s balance sheet? The end of QE2 will cause dislocation Speculators are the straw men of rising oil prices. The Fed is the real villain Politics full of straw men issues Corporate kleptocrats pay almost no taxes And more! Topics covered in Part 2 for Radio Free Wall Street subscribers only: How The Fed and Treasury greased the skids for the Bernanke press briefing, but liquidity will turn more bearish on Friday The dollar index is plumbing multi year lows Gold and silver — more to run? Slamming the Case-Shiller housing index Where is housing headed. Interesting signals from the rental market The stock market outlook, near and longer term To subscribe (or listen to Part 1 in the Embedded player) click through above to access the home page for this story and follow the instructions.
“A trade-weighted measure of the U.S. dollar against a broad basket of currencies that includes the Yen, Euro and China’s Yuan is at a post-gold standard low when adjusted for inflation, according to calculations by Deutsche Bank’s economic team. The milestone could be viewed as a failure of the country’s monetary and fiscal policies upon which all paper — or fiat — currencies are based. ”
“Whenever there was a crisis, Mr Greenspan was ready with the fire extinguisher. As one bubble deflated, he would pump up a bigger one. In time, he even began to half believe the hype himself. In the event, interest rates ended his reign roughly where they began. You have to wonder what real difference the frantic series of 87 interventions in between actually made, other than to suspend the usual disciplines of markets and give wing to the fatal delusion of never-ending prosperity.”
“When Rep. Seel was asked what had happened to prevent him from showing up on time to propose the amendment, he explained that he had decided not to propose it because he was told there was no chance of it being adopted… something about it not being “germane,” whatever that means. One thing though… from what Darrell explained to me, Carl Seel must have been in a very good mood the day of his unexpected tardiness, because even though he had been previously turned down twice for his own loan modification, two days before he showed up too late to propose the amendment, Ocwen granted him a PRINCIPAL REDUCTION that reduced his mortgage to $88,000 from roughly $190,000… that’s a reduction of approximately 56% give or take a few points one way or the other.”
Good stuff… and he’s not just talking about monetary/economic policy and “Monday morning quarterbacking” that… he speaks extensively about nuts-and-bolts transparency (such as the issue of the Fed destroying its meeting transcripts, etc).
“… Ireland revises 2011 GDP growth to +0.8% from +1.7%; 2012 to +2.5% from 3.2% … ”
Discussion of the seller-funded downpayment assistance (SFDPA) racket at HUD, the ML-Implode vs. Grant America lawsuit, the latest developments and implications — for the housing market, recovery, and truth & reconciliation in our economy. Krowne is on starting at about 33:00. (Click through main link to listen; cached mp3 is here).
“Fannie Mae and Freddie Mac, aiming to quash inefficiencies clogging the home finance system, are taking a new carrot and stick approach to companies that service home loans, a federal housing finance regulator said on Thursday.”
“Connecticut homeowners facing foreclosure because of unemployment or medical bills may get to tap into $33 million in interest-free loans intended to keep distressed borrowers in their homes”
“Bernanke continues to ignore his culpability for the inflation all Americans suffer due to the Fed’s relentless monetary expansion”