The Crack of Doom – Week of Feb 26, 2007

One of America’s greatest 20th Century poets leads off Doom’s week.

Elizabeth Bishop was born in Massachusetts, but spent much of her early childhood in Nova Scotia, at a very small community called Great Village, just east of Lower Economy. Doomers can read this two ways, but it’s really just about a place near the Bay of Fundy.

 

 

For M.B.S., buried in Nova Scotia
                                        by Elizabeth Bishop

          Yes, you are dead now and live
only there, in a little, slightly tip-tilted graveyard
where all of your childhood’s Christmas trees are forgathered
          with the present they meant to give,
and your childhood’s river quietly curls at your side
and breathes deep with each tide.

 

Please drop anything from limericks about BBB- rated subprime tranches to links for MSM news stories into Doom’s Reply box. We’re all waiting to see how the saga continues.

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38 Comments for this entry

  1. jan-martin feddersen says:
    February 26, 2007 at 2:40 AM

    adding fuel to the fire….Norway’s $287 Billion Pension Fund May Invest in Real Estate and Private Equity

    http://immobilienblasen.blogspot.com/2007/02/adding-fuel-to-firenorways-287-billion.html

  2. jan-martin feddersen says:
    February 26, 2007 at 2:42 AM

    credit availability / kass + cara

    http://immobilienblasen.blogspot.com/2007/02/credit-availability-kasscara.html

  3. John M. says:
    February 26, 2007 at 4:52 AM

    Jan-Martin (comment #2) -

    “kass + cara” == “Cash & Carry” ?

  4. jan-martin feddersen says:
    February 26, 2007 at 5:30 AM

    looks like the paid site did´t work out…

    patrick.net links are back for free

    http://patrick.net/housing/crash.html#links

  5. jan-martin feddersen says:
    February 26, 2007 at 6:10 AM

    Greenspan Forecasts Recession (Market Expected to Rally)

    http://bigpicture.typepad.com/comments/2007/02/greenspan_forec.html

  6. wcvarones says:
    February 26, 2007 at 7:11 AM

    There once was a mortgage REIT from Nantucket
    That lent money to fools who would chuck it
    Now to piss in, they don’t have a bucket.

  7. John M. says:
    February 26, 2007 at 8:55 AM

    wc, let me propose a modest revision …

    There once was a REIT on Nantucket,
    Lent money to folks who would chuck it;
         Till the locusts despaired,
         To The Vineyard repaired …
    Now to piss in, they haven’t a bucket.

  8. twist says:
    February 26, 2007 at 12:18 PM

    WC-

    John, in addition to his other duties at Doom, is our poet laureate. : )

  9. John M. says:
    February 26, 2007 at 12:31 PM

    twist -

    Time for one last mod (in place) before 3381:

    “don’t have” -> “haven’t”

  10. poet1 says:
    February 26, 2007 at 5:30 PM

    Yale University has awarded the $100,000 Bollingen Prize in Poetry for 2007 to Frank Bidart.

    A three-judge panel said Bidart’s poems — “eerie, probing, sometimes shocking, always subtle — venture into psychic terrain left largely unmapped in contemporary poetry.”

    Now I ask you, does the “REIT from Nantucket” not meet the definition above???

  11. twist says:
    February 26, 2007 at 9:28 PM

    Poet1-

    I thought the juxtaposition of language both common and archaic in the REIT prose blended both with unusual harmony, in spite of the apparent dichotomy. It gives an unexpected twist to a traditional limerick.

    Perhaps WC and John should consider a collaborative effort for next year’s Bollingen Prize!

  12. jan-martin feddersen says:
    February 27, 2007 at 12:55 AM

    china down 9% biggest tumle in a decade

    http://immobilienblasen.blogspot.com/2007/02/china-down-9-biggest-slump-in-10-years.html

  13. jan-martin feddersen says:
    February 27, 2007 at 1:34 AM

    liquidity and risk taking

    http://immobilienblasen.blogspot.com/2007/02/liquidity-and-risk-taking-jeff-saut.html

  14. jan-martin feddersen says:
    February 27, 2007 at 2:05 AM

    Does anything mean what it used to? /mish

    http://globaleconomicanalysis.blogspot.com/2007/02/does-anything-mean-what-it-used-to.html

  15. jan-martin feddersen says:
    February 27, 2007 at 3:12 AM

    Standard Chartered 2nd-Half Profit Rises 21%; Bad Loans Surge

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aBIRRtb1hgcI&refer=home

  16. jan-martin feddersen says:
    February 27, 2007 at 5:30 AM

    BankUnited: Getting a bit Testy!
    greenberg

    http://blogs.marketwatch.com/greenberg/2007/02/bankunited_gett.html

  17. jan-martin feddersen says:
    February 27, 2007 at 7:08 AM

    wci “master of desaster”

    http://immobilienblasen.blogspot.com/2007/02/wci-master-of-desaster.html

  18. oc-ed says:
    February 27, 2007 at 9:52 AM

    There once was a man from Orange County
    Who thought that a house would be bounty
    but the prices they soared
    so his money he stored
    till the bubble burst then he was ready

  19. jan-martin feddersen says:
    February 27, 2007 at 10:09 AM

    Subprime Mortgage Index Tumbles an Eighth Day,

    http://immobilienblasen.blogspot.com/2007/02/subprime-mortgage-index-tumbles-eighth.html

  20. John M. says:
    February 27, 2007 at 10:18 AM

    oc-ed -

    Yours can be left to the West Coast types. I grew up in 02420 so can delude myself about the MA market. ;)

    wc -

    After agonizing over that preposition in line one, have decided it should be on, not in as Nantucket is an island. That being said, your from is perhaps more traditional. Feel free to re-revise as you choose, it’s still your creation.

  21. poet1 says:
    February 27, 2007 at 3:33 PM

    Twist I agree, creative synergy abounds here at HD :) .

  22. jan-martin feddersen says:
    February 27, 2007 at 11:58 PM

    Kass: Short Side Never Looked So Good

    http://immobilienblasen.blogspot.com/2007/02/kass-short-side-never-looked-so-good.html

  23. jan-martin feddersen says:
    February 28, 2007 at 1:31 AM

    loan loss reserves…no worry……

    http://immobilienblasen.blogspot.com/2007/02/no-worries-loan-loss.html

  24. jan-martin feddersen says:
    February 28, 2007 at 2:11 AM

    some charts from yesterday…….and some cartoons

    http://immobilienblasen.blogspot.com/2007/02/some-charts-from-yesterdayand-some.html

  25. jan-martin feddersen says:
    February 28, 2007 at 3:42 AM

    Risk Returns, Not Just to the Subprime Market: Caroline Baum

    http://www.bloomberg.com/apps/news?pid=20601039&sid=aTVx46seG_H4&refer=home

  26. jan-martin feddersen says:
    February 28, 2007 at 3:42 AM

    China’s Market Sideshow Turns Into Main Event

    http://www.bloomberg.com/apps/news?pid=20601039&sid=aomGWwA90_IU&refer=home

  27. jan-martin feddersen says:
    February 28, 2007 at 5:59 AM

    Home Depot warns of earnings shortfall

    http://www.marketwatch.com/news/story/home-depot-warns-earnings-shortfall/story.aspx?guid=%7B991323D5%2D232F%2D431C%2D8596%2D0C02C4EC4158%7D

  28. jan-martin feddersen says:
    February 28, 2007 at 7:19 AM

    fed to the rescue…. Fed ready to act if financial crisis erupts: Geithner

    http://www.marketwatch.com/news/story/fed-ready-act-if-financial/story.aspx?guid=%7B5289F407%2DDD28%2D429C%2D841F%2D688897A39CA7%7D

  29. jan-martin feddersen says:
    March 1, 2007 at 12:45 AM

    Multiple Disasters at WCI / mish

    http://globaleconomicanalysis.blogspot.com/2007/03/multiple-disasters-at-wci.html

  30. jan-martin feddersen says:
    March 1, 2007 at 1:42 AM

    U.S. Subprime Auto ABS Indexes Weaker

    http://immobilienblasen.blogspot.com/2007/02/us-subprime-auto-abs-indexes-weaker.html

  31. jan-martin feddersen says:
    March 1, 2007 at 4:43 AM

    Plundered Fortress / pump and dump at its best
    a must read!

    http://immobilienblasen.blogspot.com/2007/03/plundered-fortress-pump-and-dump-at-its.html

  32. jan-martin feddersen says:
    March 1, 2007 at 4:47 AM

    here the original link to the fortress story

    http://www.thestreet.com/funds/investing/10341308.html

  33. John M. says:
    March 1, 2007 at 4:57 AM

    Jan-Martin (comments ##31,32) -

    I am without words.

    —————————————

    “Follow the Money: Plundered Fortress”, by Brett Arends, TheStreet, February 28, 2007.

    The big problem with Sarbanes-Oxley is that even though it makes companies disclose facts in their filings, it cannot force people to read those filings. Especially when they run to 200 pages or more of fine print.

  34. John M. says:
    March 1, 2007 at 5:44 AM

    The New York Times is getting a bit weird today. Google News has the title of this story as “Calm Returns to Market, but Worries Persist Over Subprime Loans”, which somebody obviously thought wasn’t upbeat enough. But if you read into the meat of the article, you’ll see the authors have some pretty substantial concerns.

    “Soothing Words and a Stock Market Rebound”, Jenny Anderson and Vikas Bajaj, New York Times, March 1, 2007.

    Wall Street now faces risks on two fronts. First, it stands to earn less from originating, packaging and trading mortgage-backed securities. Second, it will have to absorb more of the losses from loans when borrowers are no longer making payments.

    In the past, it could demand that mortgage companies buy back defaulted loans, but such large “put back” requests have driven many lenders out of business, and big investment banks are making many more loans through subsidiaries they own. As a result, the banks retain more of the risk in the form of “residual” interest in the loans they bundle into negotiable securities, a process known as securitization.

    “The brokerage firms have done something curious: they are not abandoning subprime mortgage origination; they are taking positions,” Mr. Hintz said.

  35. jan-martin feddersen says:
    March 1, 2007 at 6:51 AM

    sears fineprint / swap losses

    http://immobilienblasen.blogspot.com/2007/03/sears-fineprint-swap-losses.html

  36. jan-martin feddersen says:
    March 1, 2007 at 8:13 AM

    Stock Market Slide Spawns Tales From the Crypt: Caroline Baum

    http://www.bloomberg.com/apps/news?pid=20601039&sid=atYc_3zJaEhY&refer=home

  37. jan-martin feddersen says:
    March 1, 2007 at 10:17 AM

    hi john,

    this fortress story is really one for the history books.

    imagine when all the private equity firms taht have done the latest deals wants to cash out…

    you better read the fineprint at page 454… :-)

  38. John M. says:
    March 1, 2007 at 8:47 PM

    Further comment #34, looks like it was a case of a headline escaping from the lab.

    “Fox Accidentally Exposes the Inner Workings of Its Propaganda Machine”, by Melanie, News Hounds, February 1, 2007.

    Roughly 20 minutes into Your World w/Neil Cavuto today (March 1, 2007), Cavuto began to introduce four guests who were going to participate in a roundtable discussion. During his introduction, the chyron at the bottom of the screen read “MEDIA TO BLAME?” and for a second, a New York Times headline appeared on the screen: “Calm Returns to Market, But Worries Persist.”

    The title of that article has been changed on the NYT website. Here is a link to the title as Fox had it, but as you can see, Fox made a major omission. It left three words off at the end: “…Over Subprime Loans.” The original title read: “Calm Returns to Market, But Worries Persist Over Subprime Loans.”

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