Debtors blame their creditors.
A REO Mess: Fannie and Freddie's combined REO inventory increased 24% during the 3Q 2010 and now stands (empty) at 293,171, up 92% y/y. These numbers are expected to increase sharply in 4Q.
In Another Country: A court in the UK has set aside the results of an election because the winner had knowingly distorted his opponent's positions. One can dream, can't one?
Ante Up: OPEC has increased its estimate of future global petroleum demand, foreseeing a 5.4 mbd increase in demand by 2013. They did not say where that much oil was going to come from. Perhaps that's why JPMorgan and Merrill Lynch both see oil climbing to $100 a barrel – although they claimed it would be due to Bernanke dropping dollars out of helicopters.
Revised Edition: Bank of America, which just last week claimed its exposure to mortgage 'putbacks' did not exceed $13 billion, now is looking at more than $375 billion in securities that “may contain material misrepresentations and omissions.” May, mind you, they just may.
Circling the Drain: In 2008, each Alaskan got $2,069 from the Permanent Fund – their oil bonus money. This year it dropped to $1,281. In 1988, at its peak, Alaska produced 2 mbd. Today it is down to 539,000 bd. The USGS has spoiled the future by reducing its estimate of oil reserves in the National Petroleum Reserve in Alaska (NPRA) by 90%. Looks like Alaska's oil has
peaked permanently declined from its former levels of production.
Too Many Lawyers: Walgreens is suing Wegmans over the use of the letter 'W'.
Worst Person Award: For making three $2,400 political donations in violation of NBC's policy regarding impartiality, Keith Olbermann has been suspended from his avowedly partisan program. It's not like anyone mistook him for an impartial reporter.
Constituents: As the Republicans sweep into Congress ready for smaller, citizen responsive government, Spencer Bachus the likely new head of the House Financial Services Committee is set to do all he can to gut the Dodd-Frank reform bill because it would make Goldman Sachs and JPMorgan Chase less profitable. Looking out for you from day one.
Hope As Policy: Quit fretting, things are going to get better. Paul Krugman says it's bound to, because “eventually something will come along...”
Option Play: Texas Governor Rick Perry wants Uncle Sam to stop telling people they have to belong to Social Security. He would prefer that the state decide whether their
subjects employees and those of the state's counties and cities should take part.
Facts In A Certain Order: The President's trip to India will cost $200 million a day. I know because Marsha Bachmann told me so. And she knows it's true because an unidentified official in Maharashtra (one of India’s states) was quoted in the Press Trust of India . The story was later reported by FOX, so its got to be true, no? Never mind the story, remember the story-teller.
Porn O'Graph: Average earnings are below average.