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Superb NY Times Story Tells How U.S. Economic Leaders, Particularly Greenspan, Failed To See Possibility of Derivatives Chain Reaction
Yes, Obama is energizing the young ================================= Unless some major catastrophy happens, I think McCain/McSame is history. Palin was a risky choice, that I think did work out for him, but he is not going to win with the timing of this credit crunch/meltdown.— October 11, 2008 8:51 p.m.
Brandes Takes Another Bath; This One Is in Royal Bank of Scotland
You have to feel sorry for him, it appears he is almost out of business. We must also remember that Calpers and the other big pension funds also have huge stakes in all major companies and I have a feeling that some of these public pension funds may CURRENTLY be below that 70% threshhold for legal funding levels. We're in for a rough ride.— October 11, 2008 8:47 p.m.
Bauder recommends to go short in San Diego real estate
Hmm.... it apears a 2007 law chnaged all the rules. I am positive at one time any debt discharged on a short sale was taxible income. I don't know if the 2007 law changed that or one even before it, but that used to be the rule. It is a needed change; Lots of questions have arisen from people since President Bush signed into law the Mortgage Forgiveness Debt Relief Act of 2007, whereby in certain circumstances, a homeowner does not have to pay federal income tax on debt forgiven on a loan secured by a qualified principal residence via a short sale, foreclosure, deed in lieu, loan workout or short refinance where the loan amount was reduced and forgiven in order for the homeowner to keep the property. http://www.homesalessandiego.com/blog/mortgage-de…— October 11, 2008 12:36 p.m.
Superb NY Times Story Tells How U.S. Economic Leaders, Particularly Greenspan, Failed To See Possibility of Derivatives Chain Reaction
There is no way City employees will be taking 25% pay cuts as long as they own the politicians. We have been in dire straights for 6 years now-and it was getting worse not better. San Diego will not be getting any bond money for at least 6-12 months-if then. We have big problems. But this meltdown will force us to fix the problems, one way or the other. If a BK is filed, and I think we should have filed in 2004, then all bets are off for cutting gov. employee salary and benefits. This could be the straw that broke the pension camels back and forces a BK filing. And it is not just San Diego, 40% of all muni's in CA were having unfunded pension and healthcare problems before the meltdown, I would venture to say that 100% have problems now.— October 9, 2008 11:25 p.m.
Bauder recommends to go short in San Diego real estate
I am now worried that the DJIA could fall below 8K, and if that happens our goose is cooked. Panic could cause huge sell offs from every direction. I am actually fairly worried at the moment. I think the $700+ Billion bailout is really starting to look stupid now that the market has dropped 25% in 10 days. I hope we have a big day tomorrow and things even out. Hard to predict how this one works itself out-we are in uncharted waters now.— October 9, 2008 6:08 p.m.
Superb NY Times Story Tells How U.S. Economic Leaders, Particularly Greenspan, Failed To See Possibility of Derivatives Chain Reaction
Don, I'll be honest, I am getting a little bit scared. If the market goes under 8K we are in really, REALLY, really deep doo doo. The market has dropped 25% in 10 short days. If it drops another 1K points a fear factor may cause DJIA hysteria.— October 9, 2008 4:21 p.m.
Bauder recommends to go short in San Diego real estate
If the IRS is not taxing the forgiven loan debt as income, including those that used the property as a primary residence, then the IRS have changed their rules. I have not heard that-I will admit I am not up to speed on the RE brokerage business today though.— October 9, 2008 1:26 p.m.
Superb NY Times Story Tells How U.S. Economic Leaders, Particularly Greenspan, Failed To See Possibility of Derivatives Chain Reaction
I have laid the blame for this financial mess at the hands of "Mr. Bubble" before, but for laid blame on different reasoning,by allowing the subprime mortgage mess by 1) lax regulation and by 2) keeping interest rates too low for far too long. Both factors caused 90% of this damage. Now derivatives have sunk "Mr Bubble's" reputation forever.— October 9, 2008 1:21 p.m.
Stocks Down 3% to 4%, after Plunging 8%. Markets Take Bath Overseas, Too
DJIA= 8898, Man, I wish someone would have taken that bet!— October 9, 2008 1:17 p.m.
Bauder recommends to go short in San Diego real estate
The banks are the road blocks on short sales. I personally have had numerous associates involved in short sales the last 12 months and not a single one went through-they all blew up because of bank in action. Also, any amount written off in a short sale becomes TAXIBLE INCOME for tax/IRS purposes. Another BIG road block. Banks employee some of the stupidest people around in their real estate departments. If they were smart they would contract out all real estate matters to outside brokers. Real etsate is too big a ticket item to screw up on. It is not rocket science but it does require a certain degree of sophistication (more so in income stream investments like shopping centers/office buldings/industrial buildings). Reminds me of a deal I did at the end of the last real estate downturn in 1998 on a SFR that was owned by Freddie Mac. The place had been on the market 8 months with numerous deals falling apart from unqualified buyers when I made a very fair and doable offer. Then Freddie tried to nichol and dime me over a lousy $2 grand and I got bent and told them to pound sand. The home sat vacant another 3 months when I made a second offer-15% BELOW the first 3 months earlier. That deal went through-they learned their lesson the hard way-losing 15% plus 3 months carrying costs of at least 2-4%.— October 8, 2008 5:42 p.m.