Tuesday, March 13, 2007

loan: n. An act of lending


Yeah right. Nowadays "lending" means speculating with OPM and making your money on the front end.

61 comments:

Anonymous said...

furst baby!

Stephanie J. said...

Age before beauty.

Rob Dawg said...

Careful, I've got klowns Ms. Beauty.

Anonymous said...

Guns before age, beauty, or brains....so get out of my way

Anonymous said...

For an old schooler like myself, getting paid on the front end is an interesting concept. I guess if you're willing to roll the dice and don't care about the risk to your credit, you live large for awhile.

Tsunami said...

I think most of us saw the subprime lending problem coming, but I’d be more interested in learning what the Astute ExUrb Observers have to say about the economic effects of Halliburton’s Dubai move...

Rob Dawg said...

Halliburton moving to Dubai is the most American, patriotic and selfless thing possible. By doing so H affirms our freedom od travel and commerce and more. By doing so H votes with their feet concerning taxes and international commitments. H sends a message that California doesn't and any child understands. Don't kill the goose that lays the golden eggs.

Lou Minatti said...

Ya know, I didn't think there would be a bailout of the FBs. I didn't see how it would be possible. Moreover, like everyone else here I wasn't one of the millions of DICKS who participated in this stupid mania. I played by the rules by scrimping and saving and putting money down for a 15-year fixed rate loan, with no refis for mad money. We bought out house the way our parents and grandparents did. A bailout is repugnant to me.

Then I read Chris Dodd's comments today. I think the assholes in Washington will attempt some sort of bailout that will cost you and me a shitpile of money.

Anonymous said...

How about just a shitpile? The money's been pilfered.

Akubi said...

Regarding 7:13 Halli/Dubai comment...
You've gotta be kidding Rob Dawg.
Golden fucking eggs my ass!!!

Akubi said...

It really irritates me how underreported the Hal-f-ing-burton shit is in MSM. If you’re not kidding I’ll never add another dirty penny to your tip jar.

ratlab said...

Halliburton has been losing business to the French. One of the reasons is not having a home base in the Middle East. And if you're going to have a home base in the Middle East, it might as well be Dubai. It's the Vegas of the Arab world, minus the gambling.

Anyhow, what better what to start winning back some of those contracts than to make your presence in Dubai.

Akubi said...

P.S. I'm Tsunami among plenty of other names.

Anonymous said...

I work for a Halli oil/gas service co. competitor (there are four main players - Halli, Schlum, WFT and Baker). Halli's move makes sense - the MENA region is the pot of gold to the oil/gas service companies and Schlum has been beating us all up out there. The money is the O&G business is not stateside for us - it's in the field.

PMSPMS

Anonymous said...

If anyone really believes there won't be some sort of FB bailout, they are kidding themselves.

Election in '08 coincides with the worsening FB "crisis"

Minorities, women, old people, and any other group you can think of will be screaming how victimized they are by the evil moneylenders

Screaming groups = motivated voters

Oh, it might be hidden in increased taxes/fees/interest....but SOMEBODY has to pay for this crap and the only ones left with any money are the people who play by the rules....such as Lou. Institutions and Corps will simply do the usual "pass through".

It's coming....I feel it in my bones.

Precious Roy said...

Re: Halliburton,

I'm with Rob Dawg on this on. In many cases, it just makes business sense to move out of the US.

Its the same reason I moved out of MA to TX, and will likely never move to CA. There were things I loved about MA, and the times I visited CA on business, I found it to be a beautiful state. But in both cases: too damn expensive, too many taxes, and too few employment opportunities. And as a chemical engineer, I'll be very surprised if my career doesn't require me to move overseas. I would love to be based here in my native country for the rest of my career, but the current economic realities aren't likely to allow that option.

I'll be very surprised if other US oil and gas companies don't eventually follow Halliburton's example.

Akubi said...

K, ranting doesn’t get one anywhere, so I’ll stop. However, I do have many, many concerns about the overall state of affairs in this country and would be interested in the thoughts of the economists, armchair economists, historians, politicians, armchair politicians, vague theorists and most importantly Ethicists have to say about this Halliburton issue.

Precious Roy said...

I probably should add that many recruiters and career advisers (I'm in grad. school, so I talk to a lot of them) are saying that _not_ getting international experience under your belt early will be a fast career killer.

So, companies with HQ overseas are much more attractive to many of the top students nearing graduation than the companies with domestic HQs and operations.

You can still get the best education in the world here in the US, but our country - sadly - is becoming less and less desirable to work in. In the coming years, there will probably be a major "brain drain" out of the US, just like you're starting to see in the Northeast and west coast.

Anonymous said...

Precious Roy...

I beg to differ.... I run rings around US educated engineers and technicians and I was educated in Papua New Guinea and Australia.

PMSPMS

Stephanie J. said...

@Akubi
Ranting does indeed get you somewhere; it gets you here; to rant about the boy-wonder.

Nothing wrong with blowing off some steam now and then.

@Rob
You're a klown threatener.

R-Boy said...

Someone call an economnist?

Normally economists are very optimistic about the future. I am, but not with the United States. Now, the immediate future, skilled workers are largely okay and unaffected by any silly ole changes that occur. Over time however, I fear that could be changing

First, we have the demographic bubble of the Baby Boom and its effects on debt and deficit. All the options currently on the table to solve this problem are unpalatable for the majority of the American public, mainly because they are idiots who believe the politico lies. And yes, this is a government bureaucrat saying this. I can, because it's my job to tell it like it is. So meh.

I worry about a protectionist turn in this country with relation to immigration. That won't help anything, and turning inwards will only make matters worse.

But, those concerns, the imploding housing market, foreign affairs, et. al., pale in comparison to the single most important problem the US will be facing soon. A dearth of talent. Our educational system is failing us, and more importantly, those who need its help the most, the poorer classes. In some cities, a semi-permanent underclass is being threatened with becoming a permanent one. I don't think permanent underclass and stable society fit together, do you?

END RANT

As for Halliburton, good for them, bad for the tax base. Good for the world, overall.

Now if you need me, I'll be updating my financials, then sleeping, and then toiling for the public good tomorrow, and after that, hopefully finally getting a chance to talk to FBI-SAC

Precious Roy said...

@PMSPMS

My adviser did a post-doc in Australia, and I haven't completely ruled that option out, so I can't really say anything bad about their schools. And I will concede that the US does produce some stupid engineers and scientists - I had the displeasure of working with some before returning to school. But we still have some damn good universities here (the elementary and high schools are another story).

What I was driving at is that for years, many people have traveled to the US get an education, and then stayed to work in US companies. Currently, 80% of the graduate students in my department are foreign, even though the target for recruiting is probably around 80% US students. (But the department isn't going to turn down a foreign student if not enough qualified US students come forward.) I once heard an economist refer to this effect as "the great American brain-drain". True, you can get a good education elsewhere, but I don't feel that selecting a Ph.D. program in the US has hurt the technical portion of my education.

Now, US companies are now starting move their HQs (and probably R&D) overseas for sound business reasons, and the top students and employees (US and foreign) are going to follow. In time, the research money will also follow, and more and more people will no longer come here either for work or education. At least, that's my take on the situation.

Interesting side note, some US universities are actively setting up campuses overseas, both for undergraduate and graduate studies. So it's not just the companies.

king friday the 13th said...

yeah, but do you really want to live in a world where the housing bubble deflates "natually"? I used to get indignant at the concept of the government bailout, but I'm afraid no choice remains.

We face the Sycilla of Hyperinflation or the Charibdis of Deflationary Depression. There is no middle ground left. Sounds like the government will err on the side of hyperinflation -- go read Bernanke's writings on the subject. It's how he earned the name "Helicoptor Ben".

The only difference between now and the 70s is global labor arbitrage is now possible (India + China). As in prices rise, but wages will not. It's why our recovery has been "jobless" here in the states -- all of the jobs are overseas.

king friday the 13th said...

The saddest statistic: China mints 700k engineers per year, India 300k. The USA? 70k.

It took the Soviets launching the first space satellite, Sputnik, to wake up the United States, and to motivate fixing a broken education system.

May our next "wake-up" call be something we as a nation can wake up from. This time, I'm not so sure.

TK said...

King - Last time the wake up call the spechter of WWIII hung over us. We trained children to hide under desks in case of Nuclear attack. We do need a cultural makeover and in a hurry. Unfortunately, my Generation (gen-X) is raising a lot of little snowflakes that may not survive if they don't make changes. I for one plan to do everything I can to make sure my little snowflake understands that.

Anonymous said...

I wonder why anyone would opt for higher education in the US these days. It seems to mostly consist of arguing over which spelling of woman (womyn, wimmin, wymyn) is the correct one and whether or not there is 'consensus' about anthropogenic global warming.

At heart it is a fundamentally anti-intellectual society; even clinton admitted as much when he said everyone should have a college degree.

And where is all this 'global' liquidity that everyone is talking about coming from? Re-investment of people's savings? I doubt it, most people don't have savings. It's all a puppet show.

It's the age of feuilleton.

Anonymous said...

Precious:

All your points are valid. I think though, you think the US is leading things but trust me the world outside the US has changed a lot in the last decade.

I work with a lot of Yanks who come out from TX and they are "always" suprised at how advanced and progressive and go get em countries like China, India, Australia, Singapore etc are... It used to bemuse me but now it saddens me because it re-inforces to me how insular the US is now. When I grew up in PNG my neighbours were all US missionaries - a lot of them well educated - and I admired them for their smarts... Now I struggle to find a US Citizen to admire... The "engineer" class that put a man on the moon or the "academic" class that researches something seems to have disappeared for the "celebrity" class like Snowflake.

PMSPMS

TK said...

Look at the damage dandelion and his ilk have caused to the World!

Another Friendly Public Servant said...

When one chooses to work for the govt, one must take an oath. For many folks oaths mean as much as oats for some dying horse to eat; for others it means something important. This country is being fucked in the ass, but I still believe in the principals of the founding fathers and what brought my ancestors here. Yeah, a lot of fucked up shit happened, but there was once a day when folks continued to fight for what they believed in rather than turn on You Tube and tune out. Wake up folks…..!!!

Akubi said...

Thanks, Steph. I'm just angrier about much larger issues than our little turnip head...And get so angry I burn up my hard drive.

Yorkshire Pudding said...

Ha-hem...IMHO, the education system in the UK is also one of the best in the world, but I'm biased of course. :-)

I used to work as a recruitment officer for a UK university and our prime targets were international students because of the money they brought in. (Back then, UK students didn't have to pay tuition fees--even now it's nowhere near as much as you have to fork out over here). We had to compete against higher education institutions from all English-speaking nations, and our chief competitor was always the US. However, my ex-colleagues tell me this changed after 9/11 and the tightening up of the student visa requirements. A lot of UK universities had set up campuses overseas in an attempt to generate more money, erm, I mean enrol more students, so it's interesting to hear that US HE institutions are now doing the same. Maybe it's also a way round the visa problem?

Anyway...I've been keeping a close eye on the education system here in the US as this is where my kid will grow up. So far the only thing that really concerns me is the push by the religious right to teach creationism side-by-side with, or worse, instead of evolution. {{{Shudder}}} No wonder folks who want serious scientific instruction are going elsewhere...

Another Friendly Public Servant said...

For those late to the party, here are some links:


http://www.marketwatch.com/news/story/halliburtons-dubai-move----negative/story.aspx?guid=%7B1BAF9477%2D2F81%2D4624%2DBE98%2DA8AB21821E9A%7D&dist=TNMostRead

http://www.dailyfx.com/story/special_report/special_reports/Halliburton_Move_is_Not_Good_1173725526976.html

http://www.nytimes.com/2007/03/12/business/12haliburton.html?bl&ex=1174017600&e
n=ee4832392e14e21f&ei=5087%0A

http://www.newyorker.com/archive/2004/02/16/040216fa_fact

Akubi said...

Precious,
I had international experience under my belt quite early.

Yorkshire Pudding said...

Oh, and going back to the Halliburton discussion--I happen to find Dick Cheney scarier and more sinister than any clown could ever be!

Anonymous said...

I thought these cockroaches ran for cover after the fraud headlines:

http://www.keyrealtyinvestmentgroup.com/

Anyone want to be a straw buyer? No risk...sweet deal

Tsunami said...

Fuck with me and ya fuck with guy upstairs.

Tsunami said...

Yp,
Dick fucking Cheney IS Darth Vadar.

Akubi said...

Thanks again for your support, Steph. One of these days we'll have to go to Cabella's and then kick some serious ass big time.

Yorkshire Pudding said...

Tsunami:

LOL--though if that were the case, it would mean DF Cheney started out life as a perfectly decent human being who got lured to the dark side later on in life, and somehow I find that really hard to believe.

bemused guy said...
This comment has been removed by a blog administrator.
bemused guy said...

please excuse the typos - maid hasn't brought in cappuccino yet.

closer said...

Lol, finally got a look at that piece o crap Casey in the CBS piece, man does he look like shit when he is not posing for the camera. It is definitely taking a toll on him, and it's pretty sad that his babushka wife prolly weighs more than he does now. I really enjoyed the part about how the lenders made it easy for douchebags like himself to get the loans, and how it was he who called them liar loans etc and everyone was doing it...oh shut the hell up already ya damn whiner. That Tham guy and honest Realty..who the hell are they kidding. Casey may as well call himself fibber borrower.

closer said...

as for nigel 'left a protein shake in casey' swaby, I swear can someone just write a program that automatically visits his website daily so he can just shut up? I am pretty sure by the way that Casey 'limp dick' serin has been feeding Nigel 'balding loser' swaby people's IP's and such. Remember, they got each others phone numbers for their late night talks....

bemused guy said...

I'm back & still pissed. Where is that frakkin' cappucino? ANYHOW...many of you are far more eloquent than I. Perhaps you can do something with this info I dug up. And Nigel - you thought you had balls to play with the big boys and girls? I'll wager you haven't been properly bullied since grade school. And thanks to "transparency rules" that useless blog of yours might show the RE licensing board in Utah that there are serious problems with both your honesty and competency. Cheers, matey.

"If you have a complaint relating to the honesty and competency of one of the Division’s licensees, please complete the form below and submit your complaint to the Division by fax, ,mail or in person. Please also submit all documentation that supports the complaint."
http://realestate.utah.gov/enforcement.html

closer said...

ok guys fess up, which one of you wrote the following...


60. Anonymous
March 13th, 2007 at 7:06 am Casey, remember, the first million is the toughest to make. The next 10 million are easy. Hang in their. Keep your friends close and your enemies closer and do like me, never leave your buddies behind.

And don’t post hater comments. I don’t. You may only get 2 comments that way but they will keep you going. Soon, you’ll have an award winning blog also.

Anonymous said...

Rob,

I'm finding the subprime meltdown and the corresponding stock decline to be a little frightening, like armageddon is coming, any soothing words of comfort you can offer?

Anonymous said...
This comment has been removed by a blog administrator.
Miguel said...

Is Nigel's rant another example of a subprime meltdown?

Anonymous said...

Contact Information:

Nigel Swaby
Integrity First Financial
nigel@integrityloans.com
801-558-1320
http://www.integrityfirstfinancial.com/

Integrity First Financial has been the go to company for hundreds of savy borrowers for over 10 years. Our motto is "Our name is our business". You can count on Integrity First Financial for straight up advice and expert knowledge. Feel free to contact us at any time during the application process for personalized attention. We believe the internet is a tool but it doesn't replace human contact.

Address & Driving Directions:
1495 E 3300 S, Salt Lake City, UT 84106

Voice: 801-474-3333

Fax: 801-474-1367

Email: info@integrityloans.com

NTEGRITY FIRST FINANCIAL, INC. Corporation Salt Lake City Active
Business Name:
INTEGRITY FIRST FINANCIAL, INC.
Entity Number:
2032085-0142
Registration Date:
01/09/1997

Address

1495 E 3300 S
Salt Lake City, UT 84106

Status
Status:
Active
Status Description:
Good Standing
This Status Date:
05/26/2004
Last Renewed:
10/24/2006
License Type:
Corporation - Domestic - Profit
Delinquent Date:
01/09/2008

Registered Agent
Registered Agent:
BYRON GOATES
[Search BES] [Search RPS]
Address Line 1:
1495 E 3300 S
Address Line 2:

City:
Salt Lake City
State:
UT
Zip:
84106

Additional Information
Additional Principals: N
NAICS Code: 9999
NAICS Title: 9999-Nonclassifiable Establishment
Stock Class 1 Amount: 50,000
Stock Class 1 Type: COMMON

Lobbying is Evil said...

I understand that foreign companies may not lobby the US government. Will Halliburton be regarded as foreign, and does that mean Dick goes? What company in the world wouldn't want to have the potential Senate tie-breaker on the payroll?

PS Indian tribes in CA avoid taxation by being sovereign nations, yet blatantly lobby for more casinos.

Maybe someone can quote the law.

bemused guy said...

Wow - lots o' info on Smarmy's official whearabouts.
Who is Byron Goates?
Is that Nigel's boss? To paraphrase Smarmy's post, I wonder if his bos would liketo know how he posts nonsense to his blog (as a professional) and is cavorting with someone who played the system & is blogging all about it on IAFF?

Yes I am still cranky.

Rob Dawg said...

There's about 4 seperate discussions running here. I'm going to tease them into threads for simplicity.

TK said...

@Anon 10:21

My favorite line from Key Realty Investment Group is

"You never have to worry about your good credit will be jeopardized."

My good credit will be jeopardized? No shit sherlock!

PS I filled out the questionnaire in Casey's name. Wonder if they'll contact him.

TK said...

It's official - Serin is back in the "Up Cycle" beg new post cajoling his readers to bring some "truth" to his Wikipedia entry. Could be that the truth which is on there is what's hurting his deals, not his secrecy about them. The nerve of this jackass.

TK said...

Jesus, I don't even know where to start with this latest post. He must've been working on it for days. ENers - please make sure the integrity of the Wiki entry is maintained!!!! The funny thing here is 90% of the stuff he's written there in his defense doesn't disprove any of what is written. He just thinks everything should be couched in touchy feely words like he make rookie mistakes and poor little guy. He doesn't deny that the stuff he did was illegal - because he can't!

And this business about "my haters, I mean critics can't give me proper advice because they can't understand what I'm doing" is just ridiculous. And Casey, we don't JUST assume everything you do is shady - the corporate credit thingy was defined BY YOU as a little shady. Stop trying to edit history. We'll make certain it stays clean and honest so even when you're not, people will know the truth. I'm sure Swaby is working on a total re-write as we speak.

Anonymous said...

The Wikipedia Defense is Turnip Head's swan song.

It's over, folks. The minute L'il Snowflake is put in front of any kind of authority, he'll be unable to mount any kind of defense other than "Everyone else did it, and my broker/realtor said it was okay".

Casey, Casey, Casey.

A drug dealer will NEVER tell you it's bad to buy an 8-ball and snort your life away. And if you get caught, and tell the cops "My dealer said it was okay" will not save you, it will only amuse the cops and give them something to laugh about later over coffee and donuts.

The Defense is like Queeg's testimony in front of the Court - all we need is some ball bearings and it's perfect.

Any lawyer that might be considering defending L'il Turnip Head is going to read that Wikipedia Defense and drop the case in an instant, you have all but assured your conviction, stupid.

The public defender that will be forced to defend you is going to have a sick feeling in their stomach when they read your blog. Stupid. Get to know the phrase "plea bargain", you are going to be intimately familiar with it.

The only joy is that from reading L'Il Casey's words, this blog has gotten so far under his skin it's not funny, and I now know for sure he reads every word.

Hah, hah, hah! Are you reading this Casey? Fuck you, Casey! You are such a fucking coward, you cannot handle confrontation, all you have is lame rationalizations, a bunch of useless feel-good empty phrases you paid over 50K for, and a LOT of debt, and an almost certain future with the criminal courts of California and Utah.

PS - Fuck you too, Nigel, you slimy, weasly, cowardly little fuckface. Mr Big Man can track IP numbers and threaten people, oooooh!

I hope the organizations you belong to in a professional standing don't have a problem with you being such a slimy little dickless coward. I'm gonna ask them this week, rest assured.

FlyingMonkeyWarrior said...

@ TK
Great post and really interesting interactive graph.

FlyingMonkeyWarrior said...

First of all, taking his hurt feelings from the cyber playground to someone's work address is so uncool.
++++++++++++++

I agree, Greg Swan at Bloodhound.blogspot is one of Nigel's Buddies and a link on his sight.

He and I got into a "debate" about his ethics or lack of and he got angry and Posted my business e mail and personal information on his blog. I threatened him with breach of contract (blog user agreement) and I was ready to go to the Phoenix, AZ RE Board Regulators so he took them down.
Nigel and Swan are very bad men, imo and KC is running with a really rough crowd.
He is setting his path in store.

Rob Dawg said...

Swan is smart and dangerous. The kind of guy that gets beat up in an alley and everyone shrugs their shoulders and says 'could see that coming.' Not that I wish any harm on him but t gets real hard to lift a finger to help someone who callls you brownshirt nazi.

sid_finster said...

Damn, Casey, what a tawdry piece of self-justification! How many hours were wasted on this?

If we haterz don't understand what Casey is doing, why doesn't he do a better job of explaining
a)what he is doing; and
b)why it is not dishonest?

Or are we supposed to accept the Boy Genius' word that "good things are happening" like rapt little fan-bois, since we all know that Casey would never mislead anyone.

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