STOCK MARKET WATCH, Monday November 1

[ozymandius]

Source: du

STOCK MARKET WATCH, Monday November 1, 2010

AT THE CLOSING BELL ON October 29, 2010

Dow 11,118.49 +4.54 (+0.04%)
Nasdaq 2,507.41 +0.04 (+0.00%)
S&P 500 1,183.26 -0.52 (-0.04%)
10-Yr Bond... 2.62 +0.02 (+0.58%)
30-Year Bond 3.10 +0.02 (+0.38%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Government Issues:
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Handy Links - Videos:
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    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 11

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[ozymandius]

1. Today's Reports

08:30 Personal Income Sep
Briefing.com -0.3%
Consensus 0.3%
Prior 0.5%

08:30 Personal Spending Sep
Briefing.com 0.5%
Consensus 0.4%
Prior 0.4%

08:30 PCE Prices - Core Sep
Briefing.com 0.1%
Consensus 0.1%
Prior 0.1%

10:00 ISM Index Oct
Briefing.com 54.6
Consensus 53.6
Prior 54.4

10:00 Construction Spending Sep
Briefing.com -0.8%
Consensus -0.5%
Prior 0.4%

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

[ozymandius]

2. Oil rises to near $82 as China manufacturing grows

BANGKOK – Oil prices rose to near $82 a barrel Monday in Asia as regional stock markets jumped on news that growth in Chinese manufacturing picked up pace in October.

The pickup in Chinese manufacturing suggests that China's economic recovery remains on track, bolstering expectations that its demand for crude will offset weakness in advanced economies.

In other energy trading on the Nymex, heating oil was up 1 cent to $2.25 a gallon. Gasoline dropped 2 cents to $2.06 a gallon and natural gas added 9 cents to $4.12 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices

[JDPriestly]

18. It was $3.50 to $4.25 per barrel on the spot market in 1973-1974

And that was considered to be the time of the first oil crisis. How much has the value of the dollar increased? Compare.

[Po_d Mainiac]

29. Huh? :headscratch: How much has the value of the dollar increased?

I'd say about the same as toilet paper after a couple uses.

[JDPriestly]

30. You are right. I should have written decreased. Sorry.

I was thinking about how much less can be bought with $3.50 now than could be bought back then. Super-dooper-blooper. Thanks for bringing it to my attention.

[Po_d Mainiac]

34. I knew that

Love being able to get that recycled TP reference in whenever possible:toast:

[happyslug]

35. $14.40 to $18.83 using the CPI Calculator form the US Bureau of Labor Statistics

Plug in your own numbers and dates:
http://data.bls.gov/cgi-bin/cpicalc.pl

[ozymandius]

3. Fed set to apply new stimulus, question is how

WASHINGTON (AFP) – Having tipped its hand, the Federal Reserve is likely to announce this week it will resume large-scale asset purchases to boost an economic recovery too weak to bring down high unemployment.

With the long drum roll heightening expectations, the central bank's policy-setting Federal Open Market Committee is expected to announce the second round of bond purchases, dubbed QE2, after a meeting Wednesday.

Uppermost in minds was how much the Fed will pump into the financial system, effectively printing money in an effort to lower long-term interest rates, and whether the injection will heal the ailing economy or make it worse.

The Fed already has poured in more than 1.5 trillion dollars to spark a recovery.

more

Since the hand has tipped and all the Fed's cards are known - what next? More of the same? It becomes apparent that the Fed only has one trick that, when repeatedly issued, fails to perform as intended.

[tclambert]

8. Negative interest rates!

They pay you to borrow money. That would obviously stimulate more borrowing. I better shut up now before some teabagger takes that suggestion seriously.

The Republican candidate for governor here in Michigan just said on air, "Most regulations assume people are dishonest. But most people are good, honest people. We should remove the obstacles that prevent them from moving forward."

Hmm, doesn't that mean removing ALL regulations--safety, pollution, health, criminal--that curtail ANY business activity? Then the minority who do lie, cheat, steal, commit fraud and manslaughter, those few wouldn't suffer any penalties for their malicious behavior. And that would confer a competitive advantage. Then the morally flexible, who would prefer being honest, but aren't fanatical about it, would feel they have to misbehave in order to remain competitive. Eventually, even dedicated honest people would feel they have to match the bad actors or go out of business. Semper corruptus! Tony Soprano wins!

Idiot! Laws and regulations are supposed to protect us from the few bad apples. Setting those boundaries is the whole point. That way the honest people have a chance to compete fairly, and the rest of us don't get robbed, raped, and murdered.

He's way ahead in the polls.

[fasttense]

11. Then those very same people who voted in the RepubliCON

wonder why their puppy chow is poisoning their dog, or why all the kids toys are coated with lead and how come their spinach, ground beef and eggs are deadly to eat.

If deregulation is such a good thing how come they never deregulate traffic laws, property theft laws or assault laws?

[JDPriestly]

19. You are so right, tclambert.

And the mortgage crisis proves that you are right.

Without regulation, business becomes a race to the bottom with regard to fairness, honesty and ethics.

[Roland99]

24. Fed’s bond buys seen $500 billion to $750 billion: survey

http://www.marketwatch.com/story/feds-bond-buys-seen-500-billion-to-750-billion-2010-11-01

[Festivito]

4. Debt: 10/28/2010 13,658,812,457,389.51 (DOWN 5,078,809,833.81) (Thu)

(Down little. Although, toon retiring at 28 or 33 with pay and benefits would be nice. Good day.)
Two jobs at the same time.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,059,100,952,646.52 + 4,599,711,504,742.99
DOWN 237,760,056.32 + DOWN 4,841,049,777.49

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 311-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,219.78 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,580,192 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $43,978.38.
A family of three owes $131,935.13. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 8,456,880,619.62.
The average for the last 30 days would be 6,201,712,454.39.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 270 reports in 393 days of FY2011 averaging 6.48B$ per report, 4.45B$/day.
Above line should be okay

PROJECTION:
There are 815 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 18.7T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
10/28/2010 13,658,812,457,389.51 BHO (UP 3,031,935,408,476.43 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,097,189,426,497.80 ------------* * BHO
Endof11 +21,532,314,999,775.00 ------------| | | | | | | | | | | | | | | | | | | | | per 1B Too much to predict at this time.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
10/07/2010 -010,581,200,428.89 -
10/08/2010 -000,047,594,597.51 ----
10/12/2010 -002,308,905,840.19 -- Tue
10/13/2010 +004,079,531,881.58 ------------*********
10/14/2010 -003,450,466,367.69 --
10/15/2010 +053,297,374,376.50 ------------**********
10/18/2010 +000,841,690,317.23 ------------******** Mon
10/19/2010 +000,443,038,294.93 ------------********
10/20/2010 +001,330,613,152.94 ------------*********
10/21/2010 -003,241,964,507.19 --
10/22/2010 -000,039,023,333.21 ----
10/25/2010 +000,057,456,608.35 ------------******* Mon
10/26/2010 +000,564,111,327.93 ------------********
10/27/2010 +000,111,394,550.30 ------------********
10/28/2010 -000,237,760,056.32 ---

40,818,295,378.76 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4592792&mesg_id=4592797

[JDPriestly]

20. Festivito, according to Chalmers Johnson in Dismantling the Empire,

there are 192 countries in the United Nations, and we have at least 740 bases OVERSEAS.

How much does each American pay to support our bases overseas each month?

How much does each American pay to support the purchase of military equipment each month?

Isn't that where we should cut our budget first?

[DemReadingDU]

21. Agree, Defense and military budget should be cut

But the usual response from the GOV, is to cut social security first

[Festivito]

31. Per year 548.9B$, $1,768/American or $147/month.

548.9 billion dollars is Obama's military increase for 2011 as I found on about.com through googling.

It's blood money. We force the hand of the smaller countries and they end up giving us their country's stuff, which we bring home and feel rich and feel number one.

However, the people doing that dark work want a bigger share of the spoils, and they are taking it, leaving us holding a bloodied empty bag.

We do not know these things in the way Germans did not know the concentration camps were killing people as well.

Where do we begin? The military. The media. Ourselves?

[Festivito]

33. Debt: 10/29/2010 13,668,825,497,341.36 (UP 10,013,039,951.85) (Fri)

(Up some. Good day.)
Does this hotel have bugs?
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,069,879,047,803.52 + 4,598,946,449,537.84
UP 10,778,095,157.00 + DOWN 765,055,205.15

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 311-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,219.71 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,587,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $44,009.6.
A family of three owes $132,028.79. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 9,206,958,453.44.
The average for the last 30 days would be 6,751,769,532.52.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 271 reports in 394 days of FY2011 averaging 6.49B$ per report, 4.46B$/day.
Above line should be okay

PROJECTION:
There are 814 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 19.2T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
10/29/2010 13,668,825,497,341.36 BHO (UP 3,041,948,448,428.28 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,107,202,466,449.60 ------------* * BHO
Endof11 +20,789,821,379,093.10 ------------| | | | | | | | | | | | | | | | | | | | per 1B Too much to predict at this time.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
10/08/2010 -000,047,594,597.51 ----
10/12/2010 -002,308,905,840.19 -- Tue
10/13/2010 +004,079,531,881.58 ------------*********
10/14/2010 -003,450,466,367.69 --
10/15/2010 +053,297,374,376.50 ------------**********
10/18/2010 +000,841,690,317.23 ------------******** Mon
10/19/2010 +000,443,038,294.93 ------------********
10/20/2010 +001,330,613,152.94 ------------*********
10/21/2010 -003,241,964,507.19 --
10/22/2010 -000,039,023,333.21 ----
10/25/2010 +000,057,456,608.35 ------------******* Mon
10/26/2010 +000,564,111,327.93 ------------********
10/27/2010 +000,111,394,550.30 ------------********
10/28/2010 -000,237,760,056.32 ---
10/29/2010 +010,778,095,157.00 ------------**********

62,177,590,964.65 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4595578&mesg_id=4595590

[ozymandius]

5. Stocks' week of reckoning arrives

The U.S. stock market has priced in the Republicans gaining ground in Tuesday's midterm elections, an outcome widely seen as more business-friendly, as well as the Federal Reserve pumping billions into the economy through Treasury debt purchases. The Fed's statement on Wednesday afternoon at the end of its two-day policy meeting is widely anticipated for details of the central bank's economic stimulus plan.

Jobs will be a touchstone, with the high U.S. unemployment rate figuring into the campaign rhetoric of Democrats and Republicans alike in the midterm elections. The federal government's non-farm payrolls report, due on Friday, is expected to show a gain of 60,000 jobs in October, compared with September's loss of 95,000 jobs, according to economists polled by Reuters. The U.S. unemployment rate, however, is seen holding steady at 9.6 percent.

More earnings from S&P 500 companies and a steady stream of top-tier economic indicators will give investors more evidence of the economy's health throughout the week.

more

So Republicans are boffo for rising stock prices? Do the people who created this stupid theory remember what financial miracles Denny Hastert and Trent Lott performed?

[tclambert]

9. In a typical 8 year period, the stock market should go upabout 231%

For example, when Dubya took office, the Dow was around 10,000. After an average 8 years, it should have hit 23,000. The Republicans only came about 15,000 short of that. So they owe us 150%.

In 2000, I thought the Republicans were friendly to the stock market. And I continued to ride it too long because I bought into that bit of propaganda. Only after I lost my socks did I check the historical stats. Even under Reagan, the stock market performed under its long term average. The truth is, the Republicans SUCK at all things business and economics. They just shout real loud that they're great at it. (See Dunning Kruger effect.) And gullible suckers (one time including me) believe them.

[ozymandius]

6. Goldman Sachs Losing Edge in Fixed-Income Trading as Risk Falls

Nov. 1 (Bloomberg) -- Goldman Sachs Group Inc. is losing its edge in fixed-income trading, the firm’s biggest business and the one that led to record earnings last year.

The company’s share of fixed-income trading revenue at eight of the largest U.S. and European banks slipped to 19 percent in the third quarter from a peak of 29 percent in the last three months of 2009, according to data compiled by Bloomberg. The gap between industry leader Goldman Sachs and its nearest rival narrowed to $239 million in the quarter, the smallest amount since confidence in credit markets collapsed.

Fixed-income trading accounted for 52 percent of the New York-based company’s $45.2 billion in net revenue last year. This year, it has comprised 51 percent. That compares with 25 percent at Morgan Stanley, 23 percent at Zurich-based Credit Suisse Group AG and 13 percent at Bank of America Corp., the largest U.S. bank by assets. Goldman Sachs’s revenue for the first nine months of the year was $30.5 billion, down 14 percent from the same period in 2009.

more

Lloyd Blankfein was once in charge of GS's fixed income division.

[ozymandius]

7. While banksters have championed abuse, consumer debt collectors invented it.

From Yves Smith:

The Alice Through the Looking Glass practices, of at best adherence to the mere appearance of legality, increasingly appears to pervade the nether world where financial players go in search of money they think might be due to them. And the big problem is the word “might”. Banks proceed as if there right to collect was an ironclad certainty, when both the high error rate in their own processes, plus their cutting of legal corners to save costs, shows their confidence is unwarranted.

While we have seen abuses aplenty in mortgage-land over the last six weeks, they pale compared to normal practices in the debt collection arena.

News of these abuses emerged from a NYT story:

But lawyers who defend consumers in debt-collection cases say the banks did not invent the headless, assembly-line approach to financial paperwork. Debt buyers, they say, have been doing it for years.

“The difference is that in the case of debt buyers, the abuses are much worse,” says Richard Rubin, a consumer lawyer in Santa Fe, N.M.

More often, essential background information simply is not acquired by debt buyers, in large part because that data adds to the price of each account. But court rules state that anyone submitting an affidavit to a court against a debtor must have proof of that claim — proper documentation of a debt’s origins, history and amount.

Without that information it is hard to imagine how any company could meet the legal standard of due diligence, particularly while churning out thousands and thousands of affidavits a week…..

If you have ever seen the movie "Maxed Out" then you probably have some idea about how these collection agencies operate.

[InkAddict]

16. What's to worry - docs have been including

"DICTATED BUT NOT READ" on their documentation for years too.

[AnneD]

10. Morning Marketeers...

:donut:and lurkers. Eigth Rec and it is 5:20 in the morning. Some folk are embarassing the rest of us.

Well, work has become intolerable. The stress sends my blood pressure up. I have gone on intermittent FMLA and now I am leaning to toward leaving this job by the end of this school year. I am eligable for retirement. If I can get on at a hospital that is on the TRS, I will work a few more years but I have really had enough of this job and the school district. I have reached my tipping point. I am ready to work just about anywhere else.

Hubby and I found a really good vacant home that is up for sale for taxes. We are going to put a bid on it tomorrow. Trying not to get too excited but we really hope to get it. Looks like it has a garage apt and it is in a transitional neighbourhood and no HOA. Light rail will be coming to the area soon and they are widening the streets. It is just outside the 610 loop and close to all the major highways in Houston. Wish us luck. I think this property is a sleeper.

I have to get going, I'm burning up daylight and the sun hasn't risen yet.

Happy hunting and watch out for the bears.

[Tansy_Gold]

12. Good luck on the house, Anne!

And understand this: NO JOB is worth losing your health over.



TG, NTY

[AnneD]

13. You know that...

and I know that, but they haven't seemed to grasp that. I guess when all the Nurses have left the district, they will finally get a clue.

[DemReadingDU]

22. Good luck to you AnneD

and be sure to track down the title/deed to the house to ensure it is clean and good, not fallen into that MERS blackhole.

[AnneD]

25. It sound a bit backward....

It is up for sale for taxes. By purchasing it for taxes we will be a lien holder if not the outright owner. We will have to be paid back taxes we paid plus interest if we win at the auction. If we get it then the fun begins as we search the title. I suspect there may be more taxes lurking out there and then actual repairs to the house, but it has potential. Both Hubby and I were attracted to the place-which is a good sign. It is a fixer upper but not a real dog if you know what I mean. It is worth a shot and we scraped up a small war chest. Maybe we can do a stealth bid-everyone looking at the other newer, prettier properties and they miss this one.

This is our first bid so I really don't think you luck out the first time but then again, lightening strikes, rivers flood their banks, and sometimes you can catch a break. The trick is to know a break when you see it.

[happyslug]

36. I hope you check with an attorney or someone who has knowledge on liens and tax sales

Each state (and sometime each county within a state) has its own rules as to Tax Sales. For example in Pennsylvania if you buy a home at a tax sale you buy it subject to any recorded liens on the property. I had a client that bought a home for $200, lived in it for two years and then received a foreclosure notice. The Notice was valid, the Bank was foreclosing on the mortgage it had on the house. I had to tell my client she lived in the house for two years for $200 and that was cheaper then any other place. I also told her to talk to the bank, after the house was foreclosed on, they may just sell it to her for a reasonable mortgage payment.

Now, Pennsylvania also has what is called an "upset" sale. That is a tax sale free and clear of any liens. In Pennsylvania there is two ways to have an "upset Sale", the first way (Mostly in the counties with larger populations) is by holding a public Upset sale. My County did so till about ten years ago, when after several years of no bids the County just stop holding such public upset sales. That leaves the "Private Sale" where someone approaches the Tax office and ask to buy the property for taxes. A petition to made to the Court to permit such a sale, the previous owners and all recorded lien holders are informed (This is a duty of the person buying the house, so a good Title Search must be done before hand). After every one is informed of the date they MUST object to and the Date of the sale, the sale is held. If someone can NOT be informed by mail, then publication is required.

In Cambria County we have a lot of home/businesses that have been through a regular tax sale and now sit in the Prothonotary (What the other states call a "Clerk of Courts-Civil Docket") office waiting for anyone to ask about them and make a bid. Many are old coal rights that no one wants anymore for the coal is long gone. One happens to be an old 1900 bar-hotel which has a $50,000 9-11 mortgage on it (After 9-11, the Federal Government wanted the economy to recover so it literally gave business loans away, many are lost to the Federal Government, I suspect that is true on the above Bar-hotel. The Mortgage is recorded in the County Recorder of Deeds, no payment has been made on it is about ten years, but no one is foreclosing on it either. The Statute of limitation on Mortgages is 21 years from last payment so you have 10-15 years more to go unless you can get an upset sale AFTER informing the mortgage holder of the upset sale.

Just pointing out the problems with Tax sales. Unless you know what you are getting into it is full of traps. Each state had its own traps, I am just pointing out the traps in Pennsylvania. Check with a tax sale lawyer or real estate lawyer in the state where the property is located in (Texas I presume) and do NOT bid to much money.

[JNelson6563]

17. Lots of luck to you dear!

Hope the house turns out to be a great find and your job situation works out so that you can be happy & healthy!

Julie

[Demeter]

23. Keep your guard up, Anne!

Survival first, success after.

[AnneD]

26. These days...

survival is pretty much the defination of success.

[Demeter]

27. Exactly

[Roland99]

14. Quick out of the gate

Dow 11,158 +40 +0.36%
Nasdaq 2,521 +14 +0.55%
S&P 500 1,190 +6 +0.54%
GlobalDow 2,027 +6 +0.29%
Gold 1,359 +2 +0.13%
Oil 83.65 +2.22 +2.73%


I'm scared to look at the dollar index.

[TheWatcher]

32. They had to save it with another "Miracle" today.

Which of course for the non-kook, "Better Informed Minds", intellectual economic guru types is "Normal Market Activity."

It doesn't get more obvious than today.

But no matter what happens, it's all Good, Good, Good, and everyone who posts in this thread that it isn't should be bullied, harassed, tombstoned, jailed and charged with terrorism and hating Obama.

Oh, and be sure to STAY AFRAID.

A Printer Cartridge could blow you up AT ANY MINUTE.

Check your pants. If they aren't wet or soiled, YOU AREN'T PAYING ATTENTION , you are part of the problem, and you want the terrorists to "win."

:sarcasm:

[Roland99]

15. Ambac plunges on bankruptcy warning

Ambac plunges on bankruptcy warning
Bond insurer misses interest payment, unable to raise capital
http://www.marketwatch.com/story/ambac-misses-interest-payment-may-file-bankruptcy-2010-11-01

Shares of Ambac Financial Group Inc., already a penny stock, lost nearly half their value in Monday’s premarket after the bond insurer said it missed a Nov. 1 interest payment on its debt and warned it may file for bankruptcy by the end of the year.

The New York-based company said in a regulatory filing that its board has decided not to make a regularly scheduled interest payment on notes due in 2023.

If the interest is not paid within 30 days of the scheduled interest payment date of Nov. 1, an event of default will occur under the indenture for the notes, Ambac said.

The company, unable to raise additional capital as an alternative to seeking bankruptcy protection, is currently pursuing with an ad-hoc committee of senior debt holders a restructuring of its outstanding debt through a prepackaged bankruptcy proceeding, according to the filing.

[DoBotherMe]

28. K&R

:hi: Dana ; )