Wednesday, September 02, 2009

Buy Buy Buy


I know this sounds strange but stick with me. I want everyone reading this to invest in California. Dive in the deep end. I mean giving the Golden State every penny you can find in the seat cushions. All in, double down, pedal to the metal Casey Serin type reckless abandon. Here's the deal via the LATimes:
California sets short-term debt sale for Sept. 21-23 September 1, 2009 | 2:24 pm
California’s planned sale of up to $10.5 billion in short-term notes is scheduled for the week of Sept. 21, Treasurer Bill Lockyer’s office said today.

The debt, known as revenue anticipation notes, or RANs, will bridge the gap between near-term state spending and tax revenue expected later in the fiscal year.

The money raised also will repay a $1.5-billion loan that JPMorgan Chase & Co. made to the state last week.
...


Why do I want to help California? Easy. There's an out. Here it is:

If individual investors don’t like the final yield, they can rescind their orders.

You’ll have to have a brokerage account to buy the notes. The investment banks handling the sale will be led by JPMorgan, Citigroup Global Markets and De La Rosa & Co.

----

So there's the plan. We sandbag the b@st@rds. They are predicting 1-3% rates? Complete bullshit. Similar recent offerings are commanding 5% easy. But that doesn't matter because we are all going to reject the loan via the terms outlined above. We leave them with a very public vote of no confidence.

34 comments:

1.44MB said...

Ahh and people wonder why we stay in California.

Behold the power of ass in hotpants.

Rob Dawg said...

Be thankful I didn't use the governor in a speedo picture.

wagga said...

Linky appears to be recursive.

Are you telling us we've hit bottom?

Property Flopper said...

Rob - you've got it all wrong. It's Rent!, Rent!, Rent!.

If you buy an ass like that, it just swells up instantly and no longer fits into shorts*. You want to just rent it, so you can change to a new one if you like.

*Note: Yes, I will admit that the ass already doesn't fit into the shorts and that is part of the fun. Once bought, they no longer fit, but not in a good way.

averagerainfall said...

Well Walrus, here's the latest article about you-know-who:

How to get out of debt the Casey Serin way: try not to think about it

Article claims Serin "still owes" $190,000 ... dunno where that came from. Shouldn't it be much higher including all the taxes owed due to debt forgiveness?

Anyway, the reporter is sycophantic to Casey, as usual. Disgusting.

Rob Dawg said...

link fixed. sometimes blogger does weirder things than fliptard.

Son of Brock Landers said...

JPMorgan is not going to let this one fail since 10% of proceeds go to pay them off. That and their fees for handling the bond sale.

Thanks for the photos. Those outfits remind me of Vegas more the Cali for some reason.

averagerainfall said...

Hey Rob, the GSPG saga is over.

Casey sold his remaining shares. He implied it was around 1 million shares on a Twitter update, so he cashed out around $10,000. Never mind that his parents still owe at least four times that to pay off the investment in the first place.

tj and the bear said...

Now THAT's getting behind in a good way!!!

p.s.: About damn time you posted some cheesecake. :-)

Northern Renter said...

Oh my God!

I just thought of a way that Casey could make a fair bit of money with very little work. It would be completely legal yet somewhat immoral. It would only work for him. Should I describe it.. what if he reads this and thinks "Good idea, I'll do that!" Well, what the heck.

He ought to get in touch with some boiler room operation and do pump and dump for them, but with a crucial difference. If they want something to dump, he should get on the message boards and pump it, using his real name. Anybody with half a brain would immediately flee that stock. Casey couldn't be arrested for trying to dump it because he would show that he was supporting it. Damn... he could make some nice change doing that.

Oh well, it would probably be a bit too much like work for him.


NR

PS I agree with TJ re cheesecake.

w said...

Mmmm...cherry cheescake!

Property Flopper said...

My hope is that when the real estate bust finally hits bottom, it'll look like one of those two.

Jean ValJean said...

You mean, flat and wide?


But I could go for "exposed". That I would agree with.

Northern Renter said...

I think he means that it will be time to dive in.

NR

PS If anyone's bust hits their bottom, then they are quite flexible.

Jean ValJean said...

Or quite saggy. Which I'd rather not think about at the moment.

con said...

Dawg -- what does OER mean as you used it on CR (below)?

"Wait until these accidental landlords have their fantasy of OER stress tested by actually renting for a real price."

Rob Dawg said...

OER is a component of the BLS CPI calculation. Owner's Equivalent Rent. They literally ask homeowners what they think it would cost to rent the house they live in. As the reality of what they can actually get which is much lower this component of CPI which is 24-27% of the entire survey will start a cycle of deflation that no amount of printing funny money can reverse.

Peripheral Visionary said...

Off-topic, but interesting.

Best and Worst Job Markets (indeed.com)

The bottom ten are particularly telling. Note that in the top ten, DC and Baltimore(!) actually have more job postings per unemployed person rather than vice versa for every other market.

The catch with the top ten is that most have unfavorable wage to cost of living ratios, either because cost of living is high (DC, NYC) or because wages are low (Baltimore, SLC.)

Property Flopper said...

So Rob - any idea why "Steve" is pushing Casey's b-day / island launch party?

Has anyone told the real Steve about the website?

Northern Renter said...

Call me naive (you wouldnt' be the first) but I don't think Snowflake is writing Steve's blog. The style of English is just too different.

NR

Jean ValJean said...

For your viewing pleasure this weekend:

The Feral Houses of Detroit.

tj and the bear said...

I'd like to say I'm disappointed every time I come by and don't see a new post, but -- with this picture -- I'm not. :-)

con said...

FalseCasey blog has huge breaking news about Casey's latest getting scammed and old flickr streams available. The Taurus RoadTrip set is great (06)!

Dave said...

Daniel Gross gets in the act of the CRE downturn drumbeat over at Slate

The next wave has started crashing on the shore...

Lou Minatti said...

Rob should like that, Dave. The Hancock Tower has a $1.3 BILLION mortgage on it. That's a wicked pissah.

Rob Dawg said...

I have a Hancock post in the que. I actually almost got hit by some glass there.

DCprogrammer said...

Hey, whats with all the far left wing comments on CR? Are we going to let these trolls get away with this? I declare a flame war!

NHSteph said...

Hey, whats with all the far left wing comments on CR? Are we going to let these trolls get away with this? I declare a flame war!

At least there were some rugby jokes this AM...

w said...

I think it is a coordinated effort of Moveon.org, acorn, et al to hammer the internet with illogical comments right now.

wagga said...

Talking about Buy, Buy, Buy, here's a new shiny toy.

You start out with 3 million in ficticious money & buy 8 properties.

Oh that's already been done.

tk said...

STUART - A defiant Rodney McGill prayed for affliction upon his adversaries prior to his sentencing in Martin County Circuit Court, and turned his back on Judge Sherwood Bauer Jr. as he was handed a 20-year prison term for his part in fraudulently obtaining some $1 million in real estate loans.

"Jesus, Jesus, Jesus, for every witness called against me, I pray cancer in their lives, lupus, brain tumor, pancreatic cancer," McGill intoned at his counsel table prior to the start of the hearing Tuesday.

http://www.sun-sentinel.com/news/local/breakingnews/sfl-pastor-sentenced-fraud-bn090909,0,7984024.story

Property Flopper said...

CA State Assembly position open. Requirements: Must NOT be a "family values" Republican who is cheating on their wife.

If you do decide to sleep around on the wife, do NOT sleep with lobbiests who have business with the committee you are chairman of.

If you decide to ignore both of the above items, make sure the microphone in front of you is actually dead.

umbrella said...

Warm environment, sandy beaches and hot babes, these are reasonable enough why people love to live there in California. Aside from all the information you provided about the state. It really is good to live in California.

manila houses

adecco said...

Excellent post! That’s what I love about California. It’s sunny and the beaches are beautiful.

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