{"id":7122,"date":"2009-02-24T22:35:22","date_gmt":"2009-02-25T05:35:22","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=7122"},"modified":"2009-02-24T22:35:22","modified_gmt":"2009-02-25T05:35:22","slug":"sorry-europe-our-president-might-just-cowboy-up","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7122\/sorry-europe-our-president-might-just-cowboy-up\/","title":{"rendered":"Sorry Europe.  Our President Might Just &#8220;Cowboy Up&#8221;"},"content":{"rendered":"<p>Bank of America is getting slaughtered by short sellers.\u00a0 The stock has plummeted to under 10% of its March, 2008 value.\u00a0 Of course, a few things happened on the way to the slaughterhouse:<\/p>\n<ul>\n<li>The bought Countrywide, America&#8217;s largest mortgage originator.<\/li>\n<li>They bought Merrill Lynch, America&#8217;s largest retail securities firm.<\/li>\n<\/ul>\n<p>Ken Lewis took on a lot of crap on the road to ubiquity.\u00a0 2009 promises to be more bad news for the financial supermarket as\u00a0 Countrywide option ARMs and\u00a0 subprime loans, originated in 2007 by Merrill Lynch unit First Franklin, become wallpaper.<\/p>\n<p><strong>Comrades Obama and Geithner will surely nationalize the Company, to better reflect its name, right?<\/strong><\/p>\n<p>&#8220;Not so fast&#8221; says Jason Schwartz of Seeking Alpha.\u00a0 Just because Obama admitted to sharing his toys in Kindergarten, that doesn&#8217;t necessarily make him a died-in-the-wool Marxist.\u00a0 <a title=\"jason schwartz\" href=\"http:\/\/seekingalpha.com\/article\/121694-eight-reasons-bank-of-america-is-going-to-20\">Schwartz chalks the whole thing up to wishful thinking by our European cousins<\/a>:<\/p>\n<blockquote><p><em><strong><span>The market is running wild <\/span><\/strong><span>on some hyped up article written in the <em>Financial Times<\/em> that claims Obama is considering nationalizing the banks. If you actually read the article you\u2019ll notice the anti-American sentiment at the very beginning when they say that \u2018nationalization has long been regarded in the U.S. as a folly of Europeans&#8230;\u2019 Ok, I get it, Europe has been right all along. Whatever. Obama\u2019s true feelings on nationalization came out in his ABC interview after Geither\u2019s banking speech when he laughed out loud and said, \u201cSweden had like five banks. We\u2019ve got thousands of banks&#8230;managing and overseeing anything of that scale&#8230;wouldn\u2019t make sense. And we also have different traditions in this country.&#8221;<\/span><\/em><\/p><\/blockquote>\n<p><span><a title=\"source documents\" href=\"http:\/\/www.ft.com\/cms\/s\/0\/2ad3b750-fd27-11dd-a103-000077b07658.html\">Source documents suggest that Schwartz might be as credible<\/a> as our <a title=\"tin foil\" href=\"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=5804\">resident &#8220;tin foil hat&#8221; theorist<\/a>:<\/span><\/p>\n<blockquote>\n<p style=\"text-align: left;\"><em>Long regarded in the US as a folly of Europeans, nationalisation is gaining rapid acceptance among Washington opinion-formers \u2013 and not just with Alan Greenspan, former Federal Reserve chairman. Perhaps stranger still, many of those talking about nationalising banks are Republicans.<\/em><\/p>\n<p style=\"text-align: left;\"><em>Lindsey Graham, the Republican senator for South Carolina, says that many of his colleagues, including John McCain, the defeated presidential candidate, agree with his view that nationalisation of some banks should be \u201con the table\u201d.<\/em><\/p>\n<\/blockquote>\n<p>&#8220;Nationalisation&#8221; sounds a whole lot more &#8220;civilized&#8221; than <a href=\"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7122\/sorry-europe-our-president-might-just-cowboy-up\/#more-7122\" class=\"more-link\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of America is getting slaughtered by short sellers.\u00a0 The stock has plummeted to under 10% of its March, 2008 value.\u00a0 Of course, a few things happened on the way to the slaughterhouse: The bought Countrywide, America&#8217;s largest mortgage originator. They bought Merrill Lynch, America&#8217;s largest retail securities firm. Ken Lewis took on a lot [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[251,8,26],"tags":[],"class_list":{"0":"post-7122","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-big-mother","7":"category-investment","8":"category-lending","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7344,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7344\/the-subprime-bank-of-america\/","url_meta":{"origin":7122,"position":0},"title":"The Subprime Bank of America","author":"Brian Brady","date":"March 6, 2009","format":false,"excerpt":"Remember those impetuous, ne'er do well subprime borrowers and those greedy subprime lenders?\u00a0 Writing about them is sooo... 2007 but I'm happy to report that both greed and reckless abandon are alive and well today.... ...at Bank of America. Remember Ken Lewis?\u00a0 He's that sober-faced, bespectacled CEO of the Charlotte-based\u2026","rel":"","context":"In &quot;Investment&quot;","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1810,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1810\/the-countrywide-federal-bailout-act-of-2008\/","url_meta":{"origin":7122,"position":1},"title":"The Countrywide Federal Bailout Act of 2008","author":"Brian Brady","date":"August 15, 2007","format":false,"excerpt":"Have you ever felt your stomach drop? I received an e-mail, from reader Robert Kerr today, asking if I had seen Merrill Lynch's downgrade of Countrywide Financial. Merrill Lynch believes that Countrywide might face bankruptcy. Make no mistake about it, a collapse of Countrywide Financial will give everybody in the\u2026","rel":"","context":"In &quot;Real Estate&quot;","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5990,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5990\/the-tangled-web-of-tarp\/","url_meta":{"origin":7122,"position":2},"title":"The Tangled Web of TARP","author":"Brian Brady","date":"December 9, 2008","format":false,"excerpt":"It's deja vu, all over again. Republic Window and Door announced it would be closing its doors next month.\u00a0\u00a0 Republic lost over $5 million YTD and $12 million in 2006 and 2007.\u00a0 Bank of America suspended its line of credit.\u00a0 Faced with the prospect of going it without any money,\u2026","rel":"","context":"In &quot;Real Estate&quot;","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6458,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6458\/mortgages-under-management\/","url_meta":{"origin":7122,"position":3},"title":"Mortgages Under Management","author":"Brian Brady","date":"January 5, 2009","format":false,"excerpt":"\"Managing loans\" is the tail that wags the dog today.\u00a0 When I was a rookie stockbroker, the good folks at Mother Merrill taught us to \"gather assets\".\u00a0 Essentially, the firm encouraged us to pitch clients to have their assets transferred to a Merrill Lynch account.\u00a0 The strategy was that assets\u2026","rel":"","context":"In &quot;Interview&quot;","block_context":{"text":"Interview","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/interview\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":615,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/615\/how-much-commission-should-an-agent-charge\/","url_meta":{"origin":7122,"position":4},"title":"How much commission should an agent charge?","author":"Russell Shaw","date":"November 8, 2006","format":false,"excerpt":"Theoretically any company could \"take over\" almost any market by offering their services at a lower price than any of the competition. And sometimes economic theorists like to calculate just how long it is going to be until it happens in various industries. Usually those calculations are just exercises with\u2026","rel":"","context":"In &quot;Disintermediation&quot;","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2507,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2507\/what-do-you-do-about-a-3-dollar-foreclosure-you-can-take-it-in-stride-or-you-can-squish-it-like-a-bug\/","url_meta":{"origin":7122,"position":5},"title":"What do you do about a $3 billion dollar foreclosure? You can take it in stride &#8212; or you can squish it like a bug","author":"Greg Swann","date":"January 17, 2008","format":false,"excerpt":"Foreclosure is normally not a topic for amusement, but the Las Vegas real estate scene is like a brand new Hasbro game show, Monopoly.TV. The news:The developer of the $3 billion Cosmopolitan Resort & Casino says its lender, Deutsche Bank, filed a notice of foreclosure on the property for a\u2026","rel":"","context":"In &quot;Marketing&quot;","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7122","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=7122"}],"version-history":[{"count":13,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7122\/revisions"}],"predecessor-version":[{"id":7135,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/7122\/revisions\/7135"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=7122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=7122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=7122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}