I showed a house to a couple today – they might buy it, they might not, but here’s the deal: I know what the builder will accept (and what he says he’ll accept is probably still higher than what he’ll get). Even assuming that he gets his price, there’s an identical house on the same [...]
Entries from January 2009
January 31, 2009
Healthy banks rejecting TARP funds, restrictions
Makes sense to me. The question that’s running around in my mind ( lots of room to run around there, alas) is, why bail out these bad boys at all? They fail, they fail. If I understand the bailout proponents’ argument, there’s plenty of money out there ready to resume refinancing the world economy, but it’s [...]
January 31, 2009
Not every Greenwich homebuyer works for an investment bank
But a lot do and those that work for banks that are TARP recipients may be facing a bonus deficit for the next few years, according to the WSJ. There was a flurry of showing activity the past two weeks as bonus checks for 2008 were handed out. If those lookers fear that they won’t see [...]
January 31, 2009
Banks eliminating role for mortgage brokers
JP Morgan, for instance, will now accept loan applications only from its retail branches. This is the same firm that sold investors a triple-leveraged deal in Walt Noel’s operations and then pulled its own money out when it figured out the Ponzi going on but didn’t warn its clients. Its claim that it won’t deal with [...]
January 31, 2009
Connecticut waterfront sales slow, but not in Greenwich
Tales of woe here from much of Connecticut’s coastline but note the comment from a Fairfield agent – direct waterfront sales have dried up because of their expense but 36% of all sales in town were in “beach neighborhoods” – close to, but not on the water. So people still want it, they just can’t [...]
January 31, 2009
Well okay, maybe London’s housing market will take a hit, but not Fisher Island (FL, not NY) – it’s different
Different or not, 25% of the properties on Fisher Island are for sale, and few are selling.
But even here, a haven for wealthy families since the late 1980s, the economic storms are bearing down. About a quarter of the island’s 695 condos are up for sale, roughly double the number on the market in recent [...]
January 31, 2009
While bankers starve, local Demmerkrats feast
Local politicians displayed a blithe ignorance of the troubles of their neighbors this past week while gorging on stuffed swan, swallow tails and entire roast oxen at La Scala. “Who’s Walt Noel?”, Frank Farricker mumbled around a mouthful of turkey drumstick. When told that Walter and his wife Monica had been evicted from their Round [...]
January 31, 2009
A refreshing perspective
Here’s a Wall Streeter who absolutely agrees with proposed limitation on executive pay. Assuming that no one should be permitted to earn more than the President of the United States, he adds up that pay and seems satisfied that most executives would settle for it, in the interest of putting our country first. Of course, [...]
January 31, 2009
Canadian Terrorists – I knew it!
Reader Brian Skinner sent along this un-retouched photo of the terrorists who brought down that US Air flight into the Hudson. When, of when will we finally close our borders to these perfidious canucks?
January 31, 2009
Mauling Malls
The New York Times reports that shopping malls are in trouble. I couldn’t bring myself to read all 5 pages of the article but I gather that the economy needs malls and, more important, mall shoppers, if it is to recover. If that’s true then I say, bring on the depression. I hate malls. I have [...]
January 31, 2009
No s…, Sherlock
A readers asks if it’s true that Wall Street contributed more to Obama than to McCaine. Indeed it is, and I’ll update this post with an appropriate link later today. In the meantime, here’s a hilarious article from today’s New York Times describing the outrage on the Street at Obama’s threat to attack their bonuses. The [...]
January 31, 2009
So let’s nuke ‘em – surprise!
Iran says Obama’s offer to talk shows US weakness, passivity.
January 31, 2009
Who thought publicly traded hedge funds were a good idea?
The guys who took them public, of course. Fortress has dropped 96%, ended all redemptions. Put your wallet in your pipe and smoke it.
January 31, 2009
But it can’t happen here
London luxury home prices collapse. Yeah, but our houses don’t stink of fish and chips and rancid oil. We do take out.
January 31, 2009
This is why we have jails, isn’t it?
The Colorado woman who killed two Riverside residents this week turns out to have a previous DUI conviction. No surprise there – judging from her other activities: conviction for running a pyramid scam, for instance, I’m sure she’s an alcoholic drug user from way back. What is troubling is that Colorado had a chance to save [...]
January 31, 2009
Toy Story update
I posted yesterday about new federal regulations that were going to force small toy manufacturers out of business beginning February 10th. Now comes word that the rule’s start date has been postponed a year. The cynic in me suggests that the pols realized they’d moved too quickly and lost an opportunity to collect bribes from [...]
January 31, 2009
Ah- those campaign contributions did pay off after all
Obama unlikely to toughen Wall St. pay rules . Hold off on that Prozac, for now.
January 31, 2009
Well then, Greenwich psychiatrists should do well
Economist Roubini: Risk of depression shouldn’t be underestimated. Homeowners, save that last bit of home equity for a prescription for Prozac.
January 30, 2009
Stimulus fraud – even the Associated Press gets it
Who’d have ever believed it? Main stream media is beginning to look at the pork fat oozing from the “Stimulus” bill and – surprise! – discovers that our politicians are back to the same old, same old.
WASHINGTON (AP) — They call it “stimulus” legislation, but the economic measures racing through Congress would devote tens of [...]
January 30, 2009
Bernie’s penthouse is going -is Walt and Monica’s cottage next?
The NY Post reports that brokers have been asked by the trustee overseeing the unwinding of all affairs Madoff has asked for price opinions on the penthouse in preparation for its sale. Bernie wil have to have a place to stay while awaiting trial if he’s evicted from the apartment however – could he be [...]
