I hit the gym this morning. The one next door to the office as I was up early enough. The thing though was that the bus got stuck in the tunnel, why is unbeknownst to me as I had my iPod on and was happy listening to my music and playing WordMole.
I did the eSpinner today at the gym and I have to say that the odometer on it has to be wrong. There is no way I actually biked 7.98 miles in twenty minutes. I fervently hope it is right but I just can't see that being the case.
The whole mortgage mess is getting even more fracked up. The housing market is seriously screwed up all because of securitization. I get that if you cannot prove you hold title to a mortgage you legally cannot foreclose on the mortgage. Makes sense to me. That is really the problem right now. The judiciary is finally smarting up and becoming activist- which means it's just a matter of time before the right gets all pissy about it, unless of course it is their houses the judges are stopping the bank from foreclosing on I am sure. More importantly it means that if the banks that own the CMBs are not getting their expected cash flows because people cannot afford or choose not to pay their mortgages anymore. No cash flows means they CMBs the owned are worth less. That means all these banks who are lying and marking these CMBs on the b/s at 100 cts on the dollar will have to eat the loss at some point. That means they will take a capital hit and have to either raise more or become impaired. This will put the TBTF idea to a serious test and it will also be a serious strain on the severely limited FDIC. I don't see how our corporatist finance overlords will allow a hideous, activist judiciary to ruin their plans...
The market loved the idea that the Fed has been telegraphing-more QE! It seems very short sighted as the Fed is telling us it is coming not because of the strength and vitality of our economy but because we are totally fracked still. Oh- and the first round did nothing to help, so sure let's try again and more this time. My belief is when the Fed drives the 10 year down below the 2% level it is over for bonds. I am not sure what to move into once that happens- all I can think of is hard assets- you know, land, precious metals, coal, oil, guns, canned goods, etc.
I finally heard back from JP. He has been busier than a one armed barber lately with his current gig. Hopefully at some point in the near future we'll be able to get together with him soon for drinks and/or dinner.
One of the songs I put on my list for the half marathon is Carmine Burana- aka the music from The Omen (the original one not the recent remake). I had never really listened to it before but it is what I started the race with and I have been listening to it a lot lately and I swear to God the song is in Klingon. I hear the choir singing about Duras, Kahless, Gowron and Worf. I am pretty sure I heard Sto-Vo-Kor and Gre'thor in there as well.
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