Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Arcanaut
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | Percent | |
| S&P Futures | 1796.1 | 2.6 | 0.14% |
| Eurostoxx Index | 3082.4 | 27.9 | 0.91% |
| Oil (WTI) | 93.46 | -0.4 | -0.40% |
| LIBOR | 0.237 | -0.001 | -0.31% |
| US Dollar Index (DXY) | 80.67 | -0.176 | -0.22% |
| 10 Year Govt Bond Yield | 2.70% | -0.01% | |
| Current Coupon Ginnie Mae TBA | 105.9 | 0.0 | |
| Current Coupon Fannie Mae TBA | 104.8 | 0.0 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.3 |
Markets are up small this morning on no major news. Bonds and MBS are up small.
We don’t have a tremendous amount of economic data this week, although we will get the minutes from the October FOMC meeting. Analysts will be looking for clues regarding December. Remember the state of play from the Sep meeting – the Fed didn’t think the economic data warranted reducing asset purchases, but some felt like they had to do it anyway, just to maintain credibility. I don’t think the credibility argument really applies anymore, although the Fed may do a token move just to say they did it. Also the market seems pretty convinced that any changes will be on the Treasury side, not the MBS side. (That doesn’t mean mortgage rates won’t go up, they will)
Earnings season is largely over, except for the retailers. I think the consensus is that this year’s holiday season will be nothing to get all excited about. We will hear from the Despot tomorrow and Lowe’s on Wednesday. Wal Mart is watching closely to see if the obamacare insurance mandates hurt sales.
The future of Fannie and Fredie is still being worked out. The Senate has to balance the demand from liberals that the mortgage market serve all markets equitably and from conservatives that the taxpayer has to be protected. The goal is to wind down F&F and replace them with a re-insurer which will cover losses over 10%. Will Ackman and Fairholme play a role in this? That will be up to the courts.
Eminent Domain: The bad idea that won’t die. Now Irvington, N.J. is considering. How many of these loans were CRA-driven in the first place? I wonder…
Filed under: Morning Report |
All Things in Moderation 
I am preemptively denouncing myself.
And, FIRST!
heh.
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Off topic family squabble:
http://tinyurl.com/k3srye7
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The new analogy being made:
http://www.nytimes.com/2013/11/18/us/politics/lesson-is-seen-in-failure-of-1989-law-on-medicare.html?pagewanted=all
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from jnc’s link:
“It is enormously different,” said Ron Pollack, the executive director of Families USA, a liberal consumer advocacy group, who supported both the new health law and the catastrophic-care program. “You had a benefit totally paid for by 40 percent of the Medicare beneficiaries, who overwhelmingly thought there was not a benefit there for them. It is understandable they were upset.”
At least he’s acknowledging that the Medicare benes did not see the benefit to the new program. Now, he won’t extend the same courtesy to those objecting.
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I’m fascinated by the new lefty meme that insurance companies practice “discrimination” and that The Abomination has ended that.
How about we let convicted DUI drivers pay the same car insurance rate as me? Cool with that?
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They’re fooling themselves if they don’t think congressional Ds won’t jump ship. The trust factor simply is not there anymore.
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“How about we let convicted DUI drivers pay the same car insurance rate as me? Cool with that?”
My preferred analogy is motorcycle vs regular auto insurance. Motorcyclists have to pay more because they cost more to insure due to the risk.
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Alethia wins a seat on the Seattle City Council
http://www.salon.com/2013/11/18/capitalism_is_a_dirty_word_meet_the_nations_new_socialist_councilmember/
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“So what we need to do is to take the machines and the factories into democratic say, democratic ownership – and the workers can contribute railcars or buses, something like that, something that is beneficial to society. And that’s something that creates jobs – it will create living wage jobs”
I think she means “steal.”
and what is it with socialists and trains?
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“Consciously, I became a socialist when I came to Seattle, and I just happened to attend a meeting where somebody from Socialist Alternative gave a speech. And for me, there was – that was exactly what I was looking for. And I haven’t looked back since then.”
Obviously not. easier to to ignore the body count that way.
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I think all of these “idle factories” she is talking about are just superfund liabilities…
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I cannot wait until the left has to defend insurance company’s Federal bailout due to The Abomination.
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I would think those remarks would require relocation as a fudicary (fiduciary?) duty to the shareholders.
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I cannot wait until the left has to defend insurance company’s Federal bailout due to The Abomination.
That is by design. Then you can nationalize them or set their rates like a utility…
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” rates like a utility…”
or Medicare. but that’s more like a cartel. parts of it anyway.
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I’ll bet Obama’ll be pissed when he reads about it in the Times.
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Shot:
As the troubled rollout of President Obama’s health care law has threatened to wreak havoc with the individual insurance market, more analysts are focusing on a program buried within Obamacare that compensates insurers for excessive losses.
Chaser:
Last Thursday, Department of Health and Human Services officials revealed that they were looking into ways of expanding the program to funnel more money to the industry.
This one’s in the house.
Yet even though it exposes American taxpayers to potentially massive financial liabilities, the Congressional Budget Office never calculated the potential costs of this program as part of its original Obamacare cost estimate, let alone an expanded version of it.
http://m.washingtonexaminer.com/cbo-never-scored-obamacares-insurer-bailout-program/article/2539342
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The hubris is unending:
“Can we get rid of inflation and recessions forever?
By Dylan Matthews, Published: November 18 at 1:19 pm”
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/11/18/can-we-get-rid-of-inflation-and-recessions-forever/
Someone needs to reread the 1965 issue of Time on “We are all Keynesians Now”
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Worth a read:
“Joe Biden Remembers Where He Was the Day John Kennedy Was Assassinated
“Whomever you were with, you just pulled aside and said, ‘Is this real? Is this really happening?'”
By Joe Biden on November 18, 2013″
http://www.esquire.com/blogs/politics/joe-biden-remembers-jfk-assassination
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Courtesy shrink on PL. This is what winning the argument looks like:
“November 18, 2013
Majority in U.S. Say Healthcare Not Gov’t Responsibility
Republicans’ attitudes on this measure have changed significantly since 2000
by Joy Wilke”
http://www.gallup.com/poll/165917/majority-say-healthcare-not-gov-responsibility.aspx
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This is what winning the argument looks like:
Smells like the time is right for Single Payer baby!!!11!1!1!!! Hello Liverpool Pathway!
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Single payer will fix it though.
She says she wants to make it clear she has no beef with Obama and Obamacare. She still believes in the Affordable Care Act. “I don’t want this to be a political thing,” she says. “I don’t want to be bashing the president. I don’t want to be bashing the ACA. I don’t want to come across as saying that. I am a big Obama fan.
“But to me there is a big problem with the way the state is handling it. It is like a big machine – you put your stuff in there and once you do it, it is impossible to do anything. You can’t get through to them [on the phone], the website is really limited. So you are stuck on this big treadmill of bureaucracy, and you know, it feels very out of control.”
This story has to be read to be believed.
http://washingtonstatewire.com/blog/rude-awakening-for-federal-way-woman-who-got-shout-out-from-president-cant-afford-obamacare-policy-after-all/#.Uoq1uZH1JMg.twitter
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“Majority in U.S. Say Healthcare Not Gov’t Responsibility”
Good. good. everything is proceeding as I have foreseen it.
Also, I really can over emphasize the fear in House Ds right now. If this were a submarine movie, we are at the scene where there’s been some damage to the sub and we’re reaching crush depth.
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“She still believes in the Affordable Care Act. “I don’t want this to be a political thing,” she says. ”
This I don’t understand. It’s inherently political. If the government is doing it, it’s political.
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The thing I’ve discovered about some people of the left is that if it’s something they want the government to do, it’s not political, it’s moral. If it’s moral than disagreement is sin.
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We’re not demanding a last-minute reprieve that threatens the stability of the entire system. What we’re asking for is clarity and competence.
My question is though, when have you ever gotten it from the Federal government? That people still have this expectation just baffles me. I know I snark alot (you’re welcome FB and Yello!) but I for the life of me cannot understand how individuals can have an expectation of the Federal government that doesn’t involve gross incompetence and massive waste.
Read more at http://observer.com/2013/11/my-obamacare-cancellation/#ixzz2l6TAlksg
Follow us: @newyorkobserver on Twitter | newyorkobserver on Facebook
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Simpsons covered it:
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