A lovely stat was released today, bank repossessions were up by 93,000 in July, up 9% from June and 6% year over year.
Fannie, Freddie and FHA in the second quarter reported that repo’s were up 13% from the first quarter and up 74% from a year ago. I just think we’re carving out a healthy bottom.(brutal sarcasm).
Banks own $14.5 billion in homes and own more homes than people right now.There is a six month supply of just “repossessed” homes on the market right now, totally separate from just normal homes that are up for sale. I’m not concerned because I know our “house on fire” jobs market will come to the rescue.
Lest we not forget the renegs on home equity loans which are going off the chart.
John Chambers spoke yesterday after CSCO”s earnings, here is a guy that has more money than Vatican City, he cares nary a wit if his growth slowed a bit, the market does though, because hundreds of millions of market valuation hung on his every word. Chambers is like the Pfizer of telcom these days, and I hate to say it, but AAPL is becoming the MSFT of high tech. Call me silly now, I will talk to you about this later. You’ve heard of too big to fail, how about to big to grow? When Apple shareholders start bitching incessantly about a special dividend..it speaks volumes. Windows was all the rage once too.
We just urinated away about $70 billion to placate and bail out bankrupt state governments and unions this week and people were rallying in front of the New York Stock Exchange this morning to extend (for the 7,000th time) unemployment benefits. . Teachers and auto workers so love this administration. Paybacks are sweet I guess. Entitlement nation.
I’m loving the new “cradle to grave” mentality of my country.
Mr. Whitaker, the all knowing Chairman of GM resigned today, he was such a staple at the company as he was “appointed” by our government just eight month ago, at the time he said he would make his best effort to learn the car business,he is replaced todayby a telecom guy who also promises to learn the car business. They will be filing for their IPO any day, I would rather explode in a Tesla product than buy a share. By the way check out Tesla’s chart.
Lower taxes will be out and higher taxes will be in soon, that should be swell for the market. I love this market because it feeds my sarcasm and jaded self on a minute to minute basis. There is literally a point of disbelief that I can opine about on a daily basis. You just cant make this shit up.
I’ve never seen a market or a government like this in my life, I came into the market about the same day Reagan was elected President, so I don’t really remember the horrifying days under Carter, the Dictator Groupie, but people tell me this is worse. Maybe not, I will have to read more.