State of the Union

Considering what a detached fom reality self-congratulatory circle jerk the Presidential State of the Union address is, we can take stock of ouselves through writers like economist Nouriel Roubini and his insightful article about where this isolvency crisis could possibly lead us and the rest of the world. Warning: it’s not for the feint of heart.

735 days on market? I don’ t know what you are talking aobut
The days on market (DOM) scam that realtwhores like to play just got easier to pull off in some markets. The winding down of the financial crisis we’re facing just gets further postponed– yet again.

Honest, offisher, I didn’t know you was behind me
However, there is some good news. Patrick.net points us toward a blogger who notices Fannie Mae and Freddie Mac’s recent “deal” with the NY Attorney General means they just might stop accepting fraudulent appraisals. Boo-ya.

The cupboard soon to be bare
Pensions, 401(k)’s, all that retirement money we’ve socked away for decades to help pad our retirement years might not be there when we get there for the simple fact is that not only did plan managers buy a lot of CDO’s, but a little known public agency that insures against private pension failures ook a look at their books and decided their only chance of remaining solvent was to take their chances and gamble on the stock market. Maybe they feel doomed anyway, so why not blow the rest of the wad on roulette? [MSN]

Long Term Capital Who? Exactly.
Who is better positioned to comment on those “exploding time-bombs” know as deriviatives- CDO’s, ABS, ARS, MBS, etc. et al than Warren Buffett? Our correspondent from sunny Nebraska has a few choice words about these “products” and the chuckers who lobbed them down court like hand grenades, unable to recall if they pulled the pin. Take it away, Warren.

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