Vital Statistics:
Last | Change | |
S&P futures | 3269 | 6.6 |
Oil (WTI) | 35.25 | -2.29 |
10 year government bond yield | 0.77% | |
30 year fixed rate mortgage | 2.90% |
Stocks are flattish this morning after yesterday’s bloodbath. Bonds and MBS are flat as well.
COVID cases are surging in Europe, prompting many governments to institute strict social distancing measures.
Third quarter GDP rose 33%, while personal consumption rose 41%. These numbers were higher than expectations. Personal incomes fell by $540 billion after increasing $1.45 trillion in the second quarter, which was supported by government stimulus payments. Overall, the economy is improving, but it is still way below pre-COVID levels.
Initial Jobless Claims fell to 751k last week.
Corelogic reported that mortgage fraud risk fell by 26.3% YOY in the second quarter. This decrease was largely driven by a shift in the purchase / refi mix. Note that these are second quarter numbers, so they are a bit old.
Freddie Mac reported that the seriously delinquent rate fell by 13 basis points to 3.04% in September.
I will be a panelist at the IMN Mortgage Servicing Rights forum this morning at 10:45 this morning. It should be a good conference.
Filed under: Economy, Morning Report |
Wickard v Filburn, the gift that keeps on giving:
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Hope this succeeds:
https://www.cato.org/blog/judge-seattles-aid-protest-zone-might-have-been-taking
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Amusing flashback…Chris Cilliza on CNN 2 years ago:
Where does that leave us? Almost nowhere. Except that you have to know this about The New York Times: They aren’t publishing an anonymous op-ed from just anyone in the Trump administration. They especially aren’t publishing one that alleges a near-coup within the federal government among people concerned the President is not only hopelessly out of his depth but also clueless about how hopelessly out of his depth he actually is.
In short: If some midlevel bureaucrat in the Trump administration comes to the Times — or has an intermediary reach out to the Times — asking to write a piece like this one without their name attached to it, the answer would be an immediate “no.” Contrary to what Trump says on his Twitter feed, media organizations are very wary of giving anyone and everyone anonymity to make attacks.
Trusting in the good faith, ethics and journalistic standards of the NYT is like believing in Santa Claus. I’m guessing Cilliza isn’t even close to feeling as embarrassed as he should be.
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that’s the best part of this.
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Would be better if any of them cared and weren’t hacks and shills, but they are hacks and shills and they don’t care . . . so hard to feel the schadenfreude.
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What is there to be embarrassed about. He is fighting Literally. Hitler.
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He wasn’t embarassed, he was colluding with the NYT to burnish his (future) bona fides while pretending he was way more important and relevant and brave than he was.
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“The New York Times Owes the Public an Explanation
Anonymous was just a little gremlin all along.
10:25 AM ET
Graeme Wood
Staff writer at The Atlantic”
https://www.theatlantic.com/ideas/archive/2020/10/anonymous-was-just-little-gremlin/616903/
I don’t expect one to be forthcoming.
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I thought there had been rationalizations already about how he was kind of an important person in the administration, you know, technically, because . . .
Anyone who couldn’t tell from the writing that it was a relative nobody really needs to get their bullshit detector looked at.
Kind of surprised that that’s the Atlantic’s take.
Though this doesn’t surprise me: A journalistic enterprise like CNN should not employ contributors who lie to the camera without a trace of scruple
Written, I presume, without a trace of irony. Chris Cuomo?
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Dismissed with a handwave. Easy-peasy.
That’s our 4th estate.
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have you all seen this:
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Yeah. I posted the link a few weeks back.
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missed that, but you’re right. i must have watched that trailer 100 times
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I’m hopeful that they will actually release it in a movie theater.
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the haunting rendition of jingle bells is spot on.
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Gibson is perfectly cast.
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Worth a read:
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Not a fan of Greewald but I don’t know if I’d have the fortitude to leave a paying job on principal.
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I probably would not, unless the pay was really bad.
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that they would circle the wagon around Joe Biden of all people is the saddest part of all this.
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It’s always been about Trump in the end.
What’s really absurd is the rationalizations like this:
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Not clear why it changes when he becomes president-elect, or that it will (because then come mid-terms–you don’t want bad news about Biden impacting mid-term turn out!). Or why the press should intentionally not pursue stories or cover relevant information or ask hard questions in order to impact who becomes president. Why is that their job, exactly? Why do they think they have that obligation/right?
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Because Orange Man Bad and they are part of The Resistance now.
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Biden won’t get break once elected because the media will want to take him out for harris
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The saddest part (whether they are right or wrong) is that they think they can do it and nobody will notice or care . . . also that they think this in their job, not reporting or otherwise producing things people might want to read.
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The thing they do not grasp is that credibility is not something that can be debated. Even if you are able to parry all of my points about bias, it doesn’t mean i am going to be buying what you’re selling. It isn’t a debate club.
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Greenwald has balls made of iron and the size of coconuts. Good on him. Whatever he does next, I will make sure that I read.
The Intercept was pretty good at the outset. Too bad that’s collapsed.
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And Greenwald’s article about the Hunter Biden E-mails is up:
https://greenwald.substack.com/p/article-on-joe-and-hunter-biden-censored
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jnc:
And Greenwald’s article about the Hunter Biden E-mails is up:
Greenwald mentions Taibbi, which reminds me of something I have been meaning to tell you for a while now. I have to admit that all those years ago, I was wrong about Taibbi, and you were right. I’ve haven’t changed my mind about my old criticisms of his articles, but I”ve concluded that the problem was not deliberate deception or a lack of concern for truth. I think Taibbi has been perhaps the single best commentator on the American media since Trump got elected, and I have a newfound respect for him because of it. So thanks for introducing him to me.
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Thanks. Taibbi is certainly biased and comes at things with a point of view but I don’t think he’s dishonest.
Also being older and not at Rolling Stone as much has changed his tone somewhat.
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For you Scott:
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And Taibbi’s own piece on the current events.
https://taibbi.substack.com/p/glenn-greenwald-on-his-resignation
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