ClubOrlov Wed 2009-08-26 15:33 EDT

Welcome to Fuffland!

kollapsnik

In the unfolding global financial collapse, it is not just our accounts and balance sheets that come up short, but our language as well. What do you call a bunch of liar loans packaged into toxic assets and placed on the balance sheet of the Federal Reserve as collateral for rescue loans? J,K. Galbraith has proposed the term ``Bezzle,'' taking it to mean the eternal ebb and flow of questionable transactions within an economic cycle. Rational actors cut corners during easy times when they know no-one is looking, and then play nice again when the times change and someone starts paying attention again. But I believe that the phenomenon we are observing is something different: we need a word that describes the artifacts generated in response to irrational actors... A fuffle is an artful fake, an artifact specifically made to fool, beguile, seduce, or intimidate people into paying for it. Examples include suburbans houses and associated mortgage financing, SUVs, debt-financed college education, privately funded 401k retirement plans, US Treasury securities.

ClubOrlov; Fuffland; welcome.

Thu 2009-07-30 00:00 EDT

Clusterfuck Nation by Jim Kunstler : Bad Collateral

-- ``the colossal superfluous cretin-cargo of consumer nonsense that we've been daydreaming in gets blown away in a hurricane of change that we were not ready to believe in''

Bad Collateral; Clusterfuck Nation; Jim Kunstler.

Thu 2009-02-26 00:00 EST

Daily Kos: State of the Nation

Chocolate Covered Cotton, by billmon; ``taking a look at how the stinking heap was created''; securitized lending morphing to fatal innovation, collateralized obligations; ``full nationalization still would be less expensive and messy than creating the kind of Potemkin markets the Geither plan seems to envision''; ``ncreasingly desperate attempts to maintain a phony façade of free markets and private enterprise, in an economy now utterly dependent on the federal safety net''

Daily Kos; nation; state.

Sun 2008-11-23 00:00 EST

naked capitalism: Fed Stonewalling on Giving Details About Collateral Accepted for Loans

Collateral Accepted; Fed Stonewalling; give details; Loans; naked capitalism.

Sun 2008-11-23 00:00 EST

naked capitalism: Fed Reverses Self on Promises of Transparency, Continues to Stonewall on Collateral, Lending Disclosure

collateral; continued; Fed Reverses Self; lending disclosure; naked capitalism; promises; Stonewall; transparent.

Sun 2008-08-24 00:00 EDT

Here comes the downsizing of finance

by Martin Hutchinson (Prudent Bear); auction-rate securities (ARS); credit default swaps (CDS); ``CDS market creates many times as much risk as it hedges or transfers''; GSEs ``leveraged more than would have been possible without the governments quasi-guarantee, lobbied like to crazy to ensure they were not properly regulated and collapsed thankfully into the arms of the taxpayer as soon as ill winds began to blow...by their presence they turned the soundest product in financial markets, the home mortgage, into an obscene speculative casino, causing collateral damage of many times their own losses.'' ``much of the financial services innovation of the last generation was spurious and unsound, and needs to be done away with''

comes; downsizing; finance.

Mon 2008-08-04 00:00 EDT

London Banker: What's up with the covered bond push?

"Whenever Henry Paulson at Treasury, Ben Bernanke at the Fed and Shiela Bair at FDIC agree on anything, American taxpayers should check for their wallets...When the troubled bank nonetheless fails, our golden circle creditors get the good collateral in an expedited release from FDIC under its new policy statement. The FDIC is left with all the toxic waste assets and liability for depositor insurance claims, with no prospect of recovery"

covered bond push; London Banker; s.

Wed 2008-07-09 00:00 EDT

Tomgram: Chris Hedges, War and Occupation, American-style

Collateral Damage: What It Really Means When America Goes to War, by Chris Hedges; "The war in Iraq is now primarily about murder."

American-style; Chris Hedges; occupancy; Tomgram; war.

Mon 2008-06-23 00:00 EDT

naked capitalism: Monoline Downgrade Fallout: Muni Prices, MBIA Collateral

MBIA Collateral; Monoline Downgrade Fallout; Muni Prices; naked capitalism.

Thu 2008-06-05 00:00 EDT

Tomgram: Chris Hedges, War and Occupation, American-style

Collateral Damage: What It Really Means When America Goes to War, by Chris Hedges

American-style; Chris Hedges; occupancy; Tomgram; war.

Thu 2008-05-08 00:00 EDT

Angry Bear: Auto Loan and credit card debt bonds?

Fed accepting asset-based bonds as collateral

Angry Bear; auto loans; credit card debt bonds.

Thu 2008-04-10 00:00 EDT

naked capitalism: Buyout CLOs Used for Fed Loans

"investment banks are taking their hung leveraged buyout loans and bundling them into collatearlized loan obligations so they can use them as collateral for loans fromt the Fed"

Buyout CLOs Used; Fed Loans; naked capitalism.

Thu 2007-12-06 00:00 EST

Calculated Risk: MBS For UberNerds II: REMICs, Dogs, Tails, and Class Warfare

(collateralized mortage obligations; CMO)

Calculated Risk; Class Warfare; dog; MBS; REMICs; tails; UberNerds II.

Tue 2007-12-04 00:00 EST

Evanescent Ramblings

-- Pricing of Collateralized Debt Obligations; CDO pricing

Evanescent Ramblings.

Mon 2007-11-05 00:00 EST

naked capitalism: The Continuing Deterioration of the Collateralized Debt Obligation Market

(CDO debacle looming)

Collateralized Debt Obligation Market; continues deterioration; naked capitalism.

Sat 2007-09-22 00:00 EDT

Sudden Debt: The Real Reason For The Fed's 50 bp Cut

postulates rate cut permits funding asset-backed CP rollovers to avoid dumping collateral in depressed market

Fed's 50 bp Cut; real reason; Sudden Debt.