I am stealing content from Fox News! Say it ain't so, Joe.
The government does have a budget. In my opinion, it has three parts.
Number One: The trust funds holding trillions for social programs.
Number Two: Existing programs already funded by previous budgets which must by law continue to be funded unless action is taken to unfund the programs.
Number Three: Discretionary spending.
That would be programs rolling over which must be voted through the legislature, funded on the budget, and signed into law by the President PLUS new spending programs.
If we eliminated Number One from consideration, defense is the largest spending item and there fore the largest source of debt.
If we examine Number Three, defense spending will be more than 51% of the new spending programs next budget year.
Even Fox News admits defense spending is wasteful if not frivilous.
Check out this link on Bush's secret Afghanistanian Air Force.
Hint perhaps a spoiler: It's not in the air.
It's on the ground in Europe, paid for. Rotting away and no longer able to fly.
I wonder which Conservative Republicans voted for that disaster.
How did this happen? Before Obama became President, some crack head in the DOD gave half a billion dollars to a private industry company to rebuild some old planes and supply replacement parts.
What happened? The refurbished planes were crap and needed replacement parts to fly.
Where were the replacement parts? The private industry company didn't have any.
How is that possible for someone to get paid for planes which can't fly and invisible parts?
Ask a Republican. The planes will be disposed off either by us, the environment, or someone 'over there.'
Thursday, December 12, 2013
Tuesday, December 10, 2013
Got ya!
Here's a story dear to my heart. Mortgage fraud hasn't stopped. Too bad we're only chasing down the little idiots and not the Wall Street idiots.
Seems to me since the big idiots all have the same address ... we could get them all at once.
A federal agent pleaded guilty Friday in connection to a mortgage fraud scheme.
Jeffrey Morriss, 48, a Kansas City, Mo., Immigration and Customs Enforcement agent, admitted to lying to an FBI agent about the scheme, according to a report in the Kansas City Star.
Prosecutors say that Morriss lied about his child support payments, debt and monthly income on loan applications. According to the St. Louis Post-Dispatch, Morriss submitted four fraudulent applications for loans on three houses between 2007 and 2012. Morriss obtained loans for $812,000, but didn’t make full payments on the loans, the Post-Dispatch reported. The homes were foreclosed upon.
When Morriss was questioned by an FBI agent about a 2011 application, he blamed a bank employee, claiming the employee mistyped the information, according to the Star.
If Morriss’ plea agreement is accepted, he would be sentenced to three years’ probation and made to pay $12,794 in restitution.
Seems to me since the big idiots all have the same address ... we could get them all at once.
A federal agent pleaded guilty Friday in connection to a mortgage fraud scheme.
Jeffrey Morriss, 48, a Kansas City, Mo., Immigration and Customs Enforcement agent, admitted to lying to an FBI agent about the scheme, according to a report in the Kansas City Star.
Prosecutors say that Morriss lied about his child support payments, debt and monthly income on loan applications. According to the St. Louis Post-Dispatch, Morriss submitted four fraudulent applications for loans on three houses between 2007 and 2012. Morriss obtained loans for $812,000, but didn’t make full payments on the loans, the Post-Dispatch reported. The homes were foreclosed upon.
When Morriss was questioned by an FBI agent about a 2011 application, he blamed a bank employee, claiming the employee mistyped the information, according to the Star.
If Morriss’ plea agreement is accepted, he would be sentenced to three years’ probation and made to pay $12,794 in restitution.
Today's market commentary
So boring but here's what daily commentary on what's happening in finance.
Tuesday
December 10, 2013
10-YEAR NOTES 99-14 (+11) 2.814%
FN 3.5% COUPON 100-08.5 (+12)
SUPPORT 3.00%
RESISTANCE 2.45%
Overnight, the market saw better buyers and the curve flattening continued. In the U.S., the market is opening up and 2s10s is 4.5 bps flatter. MBS are 1-3 tics tighter with UIC outperforming after underperforming yesterday. The big news today was the announcement by the FHFA to increase g-fees by 10 bps on all 30-Year mortgages as well as changing LLPAs to better reflect credit risk. These fees will go into effect in March/April of 2014 for Cash/Pools. On the taper front, Bullard spoke in St. Louis yesterday and was quoted as saying "a small taper [in December] might recognize labor market improvement while still providing the Fed the opportunity to carefully monitor inflation during the first half of 2014". As market participants attempt to discern whether the Fed tapers in December, January or March it appears the market is setup to handle any/all of the above based on the size of the taper. Regardless of how much the Fed begins to taper, they will still be taking down more than the supply and as long as the market is comfortable with the speed/trajectory and with inflation levels it appears we might be able to get an orderly exit (given the price action post payrolls). The more difficult time will be in 2H14 when the technicals of the Fed vs. Origination begin to skew toward the Origination side of the equation assuming we are still near historic tights on the current coupon basis vs. 10-Yrs.
At 11:00 AM EST there is a UST buyback in the 1/18-2/43 TIPS and at 1:00 PM EST there is a $30 billion 3-Year note auction.
Yes, I read this stuff.
MBS stands for Mortgage Backed Securities
The rest of the alphabet jargon goes over my head.
My take on it? Mortgage rates are going up. Interest rates on US 10 year bonds are going up. Lots of people expect the FED to taper off on it's support for low rates. Me, too.
Tuesday
December 10, 2013
10-YEAR NOTES 99-14 (+11) 2.814%
FN 3.5% COUPON 100-08.5 (+12)
SUPPORT 3.00%
RESISTANCE 2.45%
Overnight, the market saw better buyers and the curve flattening continued. In the U.S., the market is opening up and 2s10s is 4.5 bps flatter. MBS are 1-3 tics tighter with UIC outperforming after underperforming yesterday. The big news today was the announcement by the FHFA to increase g-fees by 10 bps on all 30-Year mortgages as well as changing LLPAs to better reflect credit risk. These fees will go into effect in March/April of 2014 for Cash/Pools. On the taper front, Bullard spoke in St. Louis yesterday and was quoted as saying "a small taper [in December] might recognize labor market improvement while still providing the Fed the opportunity to carefully monitor inflation during the first half of 2014". As market participants attempt to discern whether the Fed tapers in December, January or March it appears the market is setup to handle any/all of the above based on the size of the taper. Regardless of how much the Fed begins to taper, they will still be taking down more than the supply and as long as the market is comfortable with the speed/trajectory and with inflation levels it appears we might be able to get an orderly exit (given the price action post payrolls). The more difficult time will be in 2H14 when the technicals of the Fed vs. Origination begin to skew toward the Origination side of the equation assuming we are still near historic tights on the current coupon basis vs. 10-Yrs.
At 11:00 AM EST there is a UST buyback in the 1/18-2/43 TIPS and at 1:00 PM EST there is a $30 billion 3-Year note auction.
Yes, I read this stuff.
MBS stands for Mortgage Backed Securities
The rest of the alphabet jargon goes over my head.
My take on it? Mortgage rates are going up. Interest rates on US 10 year bonds are going up. Lots of people expect the FED to taper off on it's support for low rates. Me, too.
Friday, December 6, 2013
Hans Solo Blaster
I want one and it seems the only one known to exist is for sale.
Star Wars
But can I conceal carry it? I wouldn't do it. I'd holster that sucker and waddle like a Hero. Well, any Star Wars hero except Reagan.
Star Wars
But can I conceal carry it? I wouldn't do it. I'd holster that sucker and waddle like a Hero. Well, any Star Wars hero except Reagan.
Wednesday, December 4, 2013
No duty to retreat
Is it fear that moves a homeowner to shoot another human being?
No.
I can prove it. I hate being able to prove it. I want to think more of my fellow man.
Here's the story.
A 72 year old man with Alzheimers gets lost. Happens a lot. Too often. It's the middle of the night. It's cold and dark. He wanders towards a house with a porch light on. Knocks on the door. The homeowner won't answer the door. The homeowner calls the cops. Can't wait for the cops. Gets a gun. Shoots the 72 year old man to death.
We wouldn't do that to a dog. Even a Mad Dog.
Think about it. We just shot him.
We just shot him. We don't really know why. Afterwards, the shooter can't explain it. But, at the time, it seemed like a really good idea to leave a warm, safe place. Go outside with a gun but without a flash light. And shoot.
It didn't make much news. And, the shooter won't go to jail. Won't be charged with a crime. Because that old man was dangerous. A threat to kill people. In the opinion of a gun owner.
But, can you provide me a story about a gun owner leaving the safety of a house to shoot a rabid dog?
When we see a dog in our yard, we stay inside. We call the cops. We wait for them.
It's not fear that motivates a gun owner to shoot a person. If fear made us grab a gun, walk out into the cold dark, and shoot ... we would shoot rabid animals.
Stand Your Ground gun laws and No Duty to Retreat Laws? Those create an open season on humans. A 007 license to kill people.
Read the story at No Duty to Retreat.
No.
I can prove it. I hate being able to prove it. I want to think more of my fellow man.
Here's the story.
A 72 year old man with Alzheimers gets lost. Happens a lot. Too often. It's the middle of the night. It's cold and dark. He wanders towards a house with a porch light on. Knocks on the door. The homeowner won't answer the door. The homeowner calls the cops. Can't wait for the cops. Gets a gun. Shoots the 72 year old man to death.
We wouldn't do that to a dog. Even a Mad Dog.
Think about it. We just shot him.
We just shot him. We don't really know why. Afterwards, the shooter can't explain it. But, at the time, it seemed like a really good idea to leave a warm, safe place. Go outside with a gun but without a flash light. And shoot.
It didn't make much news. And, the shooter won't go to jail. Won't be charged with a crime. Because that old man was dangerous. A threat to kill people. In the opinion of a gun owner.
But, can you provide me a story about a gun owner leaving the safety of a house to shoot a rabid dog?
When we see a dog in our yard, we stay inside. We call the cops. We wait for them.
It's not fear that motivates a gun owner to shoot a person. If fear made us grab a gun, walk out into the cold dark, and shoot ... we would shoot rabid animals.
Stand Your Ground gun laws and No Duty to Retreat Laws? Those create an open season on humans. A 007 license to kill people.
Read the story at No Duty to Retreat.
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