“Dollars and Sense” Radio Show Tonight! & Open Thread
By NoQuarterLive on January 4, 2009 at 4:50 PM in American Consumers, Banking Institutions, Current Affairs, Economy, Home Loan, Housing & Housing Crisis, No Quarter Blog, NoQuarter Radio, Open Thread
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SPECIAL GUEST TONIGHT
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Join us as we chat with KD, Kevin Doyle, the founder of 12th Street Capital. Kevin formerly worked at Paine Webber and Countrywide. He has extensive personal experience dealing with sub-prime originations, structured products, rating agencies, regulators, and investors. Will be an enlightening conversation and peek into this sector of the market from a true expert. DON’T MISS IT!
Don’t miss LD’s radio show tonight at 8:00 p.m. ET.. LD will take your calls at 347-677-0792.
This show gives you an hour’s worth of common sense about the economy, the markets, Wall Street and Main Street with “LD,” a Wall St. veteran who is also NoQuarterUSA blog’s financial whiz.
ABOUT OUR HOST LD: For those not familiar with his background, Larry Doyle, also known as LD, had a 23-year career on Wall Street. He worked primarily at CS First Boston, Bear Stearns, and JP Morgan Chase.
He was a mortgage trader for 15 years, and then sold securitized products and was the National Sales Manager at JPM for the last leg of his career. He is now a private investor and involved with not-for-profit activities.
Since we “bump up” the previous week’s promo — to be time-efficient — you will see comments from past weeks.
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By Sarah Palin (Release date: November 17. 2009)
LD - you might be interested in making some comments on Paulson’s trip to China and the impact of China on financing out debt.
International Hearld Tribune has a report on his trip at this link
http://www.iht.com/articles/2008/12/05/business/paulson.php
I suspect his main objective was to get some sense of their willingness to sustain our debt loads.
If Asia does not step up, Treasury will invariably have to pay more interest. I suspect that will kick of the Inflation
Holiday Greetings NO QTR
I’ll try to be there. Thanks.
Great,Dawnelle!! Bring a friend.
ok I sent out an email!
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Nothing is going to happen to Obama. If you guys haven’t notice from day one of the primary there has been an extreme effort to make absoulutely sure that obama is put into office. Even the press is in on this. Corporate America is really the one in charge here. And the politicians are their puppets now.
Lets review the timeline shall we:
First Step
The DNC changes their rules right before the election giving Caucus states almost 3 times as much sway in the election as major primary states through proportional voting. Hillary mysteriously doesn’t put any emphasis on these caucuses whereas Obama spends a huge amount of resources there. In addition, the DNC disenfranchises two states that they know will be heavily for Clinton, in order to give the illusion that Obama is ahead. They may bring them in later, if Obama can maintain his lead.
Second Step:
As the primary continues, slowly previous Clinton supporters start to switch over to Obama’s camp. A fake Rules Committee meets to include Michigan and Florida, seeing as they now hold no consequence to Obama’s victory.
Improvise:
When it looked like Hillary might actually pull ahead after Wright Scandal, Hillary “lies” about Bosnia, cutting her lead.
Third Step:
In the name of unity, Delegates actually switch votes during the DNC convention. Some states delegates (where it is not illegal–written into the states constitution) convert totally to Obama. Case in fact, Arkansas, that when over 60% to Clinton had all of their delegates go to Obama. By the way, this is blatant Disenfranchisement.
Fourth Step:
Select States that have Major Metropolitans areas that favor Obama and give them a week to vote. Relax Voter Registration in those states so that basically anyone can vote. This was all that was need to hand Obama the election. This is extreme prejudice in your face. They gave certain voters in the united states more influence in our election. This was an “in your face” election fraud. No one even cared.
An Example would be if I decided to create and experiment where I was to determine which valve produce the most water. Valve A, i allowed to stay on for a week, and valve B, I only let stay on for one day. Now, what valve do you think would produce the most water?
All the evidence is there if you take the election step by step. Now, you can shoot out some “conspiracy” fallacies by way of insults, and that would be okay. But to me, the evidence is there. Our whole government is utterly corrupt. They are working with each other and all this is nothing but a big show for us.
Why do you think they change election rules EVERY election. Our Democracy is a sham. We are nothing but slaves to corporate America.
I agree with your assessment aside from the bashing of “corporate america”.
People steal, not organizations. Cheating, stealing and lying happen in the public sector as much as in the private sector.
People who like stealing will do it however they can. In fact the Obama administration looks like a great place for the dishonest as it is an extension of pay to play Chicago.
2008 was a democrat year in the making. The democrat party chose to have Obama, voters be damned.
touchet…I agree with everything you said. But, as an American…the only way I can live here it the belief that this magical country overcomes these nightmares and we will get Fraudbama out of the WH very quickly. Talk about a man who needs to get impeached. His little stunts make the Bill Clinton impeachment nonsense seem tame.
Since this is an open thread, I’d like to let everyone know that NewHampster hasn’t got power, because of the terrible ice storms up his way. It is wicked cold up there. Let’s everyone say a prayer that he gets power back real soon.
So let me get this straight. Financial Professionals like myself, should work for free to give advice to people to have no clue and who are broke? Okay, let me see, work for free for broke people. Hey I don’t mean to be jaded, but can they at least make an attempt to pay SOMETHING? How’s the professional going to survive working for free? Why do out of control spenders and deadbeats want everything for free? Who’s idea is this anyway? This is a rotten idea. If you even volunteered a couple hours in the evening, I guarantee that the advice would go in one ear and out the other. They will not stick to a plan nor will they live within their means. Sounds like Congress too doesn’t it?
Congress is the one who needs the advice but they need to pay for it.
rolling…I think the point of the piece is that for a large majority of people in this country, personal finances, the markets, etc are largely Greek. If there can be an increased understanding of these concepts then I think that financial planners would probably end up with more business not less. Ultimately people will need personal relationships to execute plans. That said, if they are not familiar with concepts or the vocabulary then they may not feel comfortable engaging people like yourself in the first place.
Oh no problemo LD in keeping it in simple terms. One of the reasons we are in this mess is because people would not take advice! They were given loans with the idea that they should raise their FICO scores given that owning helps open doors financially for them and raises their score-thus the short term low rate loan. They didn’t listen. They immediately went out and bought new furniture, TV’s and SUV”S and went deeper into debt. It has to hurt so bad that they’ll listen. Maybe I’m missing something here but the average person is too stubborn to take advice. And most don’t have the character to stick with a plan. Hitting bottom may be the only way people will open their minds and hearts to doing things differently. I’m still wondering about VP Biden’s statement of a catastrophe in Feb. It must be an economical catastrophe that he’s implying to, be it manufactured or otherwise. Oh speaking of Biden, wasn’t he one of the persons who voted to stiffen the BK laws? Some people need to BK and wipe the slate clean but even that is difficult to do now.
*******correction******
toWHO have no clueI was in VT yesterday and it looked like a scene from the Batman movie with Mr. Freeze as his nemesis. Totally surreal and definitely worth some prayers for everybody in that region….
Here’s hoping that the people in the ice storm who have Fireplaces also have carbon monoxide alarms. Carbon monxide poisoning is swift and subtle. You won’t know what hit you. It’s like being extremely drunk and on LSD.
It may take about a week for power to back on.
back up to rolling thunder’s comments about giving financial advice to the poor or broke.
i gave a poor woman some advice on how to save for her son’s college. they started to save, then bought a Wii & the boy bought a tatoo. and they own 2 vehicles & have no way to pay for them. they will be on public assistance soon.
CATS AND CHRISTMAS TINSEL
I knew that cats could sometimes eat Christmas tree tinsel, and that this could be very dangerous. Nevertheless, I loved tinsel on the tree & always used it. This year, for the first time, one of our 2 cats developed a fondness for tinsel. If your cat eats tinsel, you may see it coming out the rear end. It may drag little turds outside the litter box, and you may find these little treasures laying about. I discussed this with the vet, and he said it is quite dangerous. DO NOT try to pull out the tinsel if you see it protruding–it could screw up their intestines. Cut it off as it comes out. I immediately took all the tinsel off the tree. The cats are a higher priority–and that’s really saying something.
MERRY CHRISTMAS EVERYONE!
poor people have poor ways and good advice usually is unheeded or they would not remain poor-no? Everyone starts at the bottom. But it doesn’t take a rocket scientist to figure out why some people move up and others stay at the bottom. Some people just do not have ambition and are happy to take hand outs. Until our government makes people accountable who get assistance, those people won’t do it on their own. Accountability, plain and simple.
Why are these comments all dated December????
Anyway, since this is labeled as an open thread, check this video about misogynistic advertising out:
http://www.youtube.com/watch?v=zMVi4xwCuUo
*Breaking News*
Bill Richardson out as Secy of Commerce!
LMAO!!!!!
msn.com has the link to a story.
Judas served his purpose. sumanabeach
I don’t get it: what is happening to Barack’s superior judgment and prescience i.e. Richardson? It is sad how many of Barack’s associates/friends/mentors fail him, leaving the One yet again “saddened and sobered.”
LD, I got so freaked out after reading (misinterpreting) LewRockwell.com I can’t even find the thread I was on…dizzy from going over & over that list that is not compiled state by state nor alphabetically. Finally called FDIC (right before I had a total meltdown) & was told that if that list says a bank has 200,000 in assets that really means it has two hundred million, etc. Hope no one else makes my mistake & melts down.
Just….Please go see my response to you at the other thread, “Wall Street’s Next Big Trade…”.
Tim Kaine replaces Dean to head the DNC!
Oh, the bots shall love this guy (from wikipedia):
Tim Kaine has stated he is personally opposed to abortion[30] but he opposes overturning Roe v. Wade. He supports restrictions on abortion, such as requiring parental consent and banning so-called partial-birth abortions in cases where the woman’s health is not at risk.[31]
In the 2006 Senate election, Kaine supported Democratic Senate candidate Jim Webb.[32] Kaine also opposed an amendment to the Virginia Constitution that would define marriage as that between one man and one woman, though he has publicly stated that he personally opposes same-sex marriage.[33]
Did the bots just really unwittingly elect a Right winger? hahahaha.
Odrama plays politics whichever way the wind blws and the money blows in!
Question for Kevin Doyle -
is there any chance that the loan officers who made high risk Sub Prime and Alt A no document loans will be brought up on charges of fraud.
The concept of Asymetric Information for the rating agencies and the purchasers of secuities really amounts to fraud as the originators hid the risks in large pools and complex traunches.
Fiscal…there have been people in the mortgage industry who already have been brought up on charges. Regrettably the number of people charged is minimal to the amount of fraud that actually occurred.
At this juncture I do know that they are implementing new regulations for the industry but it is way too late.
Another very interesting shoe LD, Thank you. (and NQ)
Teak….thanks for the plug. Certainly no lack of material.
Looking at my notes, With a higher debt to income ratio (31%) , is that another inflationary pressure that will express it self this year?
Or will declining demand have an “oil” effect?
IE the oil market down from historic price levels seems to have taken the edge of of the holiday season bite.
The model is broken , are hedgefunds “migrating” in to unspoiled assests and will that compete with Government demands for greenbacks?
Sounds like a bad year ahead for “Small Business, and capital financing.
Just a few questions and I don’t have my thoughts orginized well at this point but again thanks for your insights.
Teak…a few points.
1. Debt/Income ratio of no more than 31% is merely a measuring guideline for people whose loan may be modified. This guideline has no influence or bearing on inflation.
2. Declining demand on what? In general, a declining demand for any commodity will bring down price which leads to a lessening of inflation. However for a number of products prices are “sticky” meaning that the prices do not come down as quickly as the underlying commodity. For example a lot of food products have not had their prices come down while the grains ahve come down. Same thing with heating oil. Even though oil has come down a lot in price the oil companies have not passed along those price declines because they bought oil or locked in oil at higher prices.
The government demand for money and financing will cause and already has caused a “crowding out” from financing by other potential borrowers.
The dynamic at work in the hedge fund industry is that investors want their money back and will continue to want their money back forcing more and more funds to go out of biz.
In regard to small businesses and financing this has to do with the crowding out concept highlighted above. In addition to the crowding out the credit standards for borrowers will also be tightened as banks will be forced to retain these loans as opposed to selling them via the originate to distribute model.
Hope this helps.
If anything does not make sense, don’t be bashful.