Existing home sales to be revised lower | SoWal Forum - South Walton Florida
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TNJed

Beach Fanatic
Sep 4, 2006
589
118
50
Seagrove Beach, FL
What a joke. All of it. Corruption, collusion, incompetence and fraud. Everywhere. From the Capitol steps to the SEC, CFTC, CME and now the NAR.

We better pass some laws or vote or talk some more before things get out of hand. As long as we continue to vote and pay taxes I'm sure regulators will look into this and clear it all up. Probably just a misunderstanding.

Do you know what "rehypothecation" is? It's when a brokerage (or Fed Primary Dealer such as MF Global) steals or "borrows" client funds to use as collateral to pay back creditors in order of importance beginning with CDS's. Used to be bond holders but that changed in 2005.

If you have a trading account anywhere, be it Ameritrade, Schwab, Scottrade or the late Lind Waldock, your account will be "rehypothecated" to creditors if/when they go bankrupt. Lind Waldock was the #1 commodity broker used by farmers and metal dealers to hedge their crops and businesses. All their money and accounts were and still are frozen. Money is gone and our CME had a job to guarantee funds much like the FDIC does. But they ain't stepping up to the plate either. This is outright theft and collusion which is destroying market credibility and will probably lead to much higher food prices next year as farmers will not hedge anymore but merely price in unforeseen events instead of paper insurance. It's all coming apart whether you know it or not.

Sorry for the mixed post but it's all one big pile of lies, greed and fraud. I celebrate it's exposure.


http://money.cnn.com/2011/12/13/real_estate/home_sales_revision/index.htm?hpt=hp_c1

Existing home sales to be revised lower


By Blake Ellis @CNNMoney December 13, 2011: 6:51 PM ET

NEW YORK (CNNMoney) -- If you thought the U.S. housing market couldn't get much worse, think again.


Far fewer homes have been sold over the past five years than previously estimated, the National Association of Realtors said Tuesday.


NAR said it plans to downwardly revise sales of previously-owned homes going back to 2007 during the release of its next existing home sales report on Dec. 21.


NAR's existing home sales numbers, released monthly, are a closely followed gauge of the health of the housing market.


While NAR hasn't revealed exactly how big the revision to home sales will be, the agency's chief economist Lawrence Yun said the decrease will be "meaningful."
 

scooterbug44

SoWal Expert
May 8, 2007
16,736
3,327
Sowal
Really? A brokerage can take the money I have invested and consider it their asset?

Is it all funds, or is it just money I have in my account that is not currently invested in anything?

(Either one is unacceptable, but the 2nd option worries me less.)
 

TNJed

Beach Fanatic
Sep 4, 2006
589
118
50
Seagrove Beach, FL
Good question Scooterbug. I did not explain it well as my emotions usually overpower my typing speed. As I understand it, rehypothecation is a use of only the cash in your account. The word comes from the hypothetical ownership a broker has over your account. If they "Re-hypothecate" your funds they are re-assigning them to a creditor. Much like a sub-lease but in the MF Global case it's for keeps. Though they weren't a ponzi, they went down like one as Corzine raided all cash accounts.

If you know anyone who had cash in a Lind Waldock (owned by parent company MFG) account, that cash is gone. Postions which were held were transferred to a new brokerage but still frozen. Silver and gold which were held in trust in their vaults was also rehypothecated. Either one should worry you. These are dominoes.

Make no mistake. This was an economic "hit" on commodities in order to stave off a Comex default. Gold/silver are the lynchpin and battleground for currencies. Rule of law has no place in war apparently.

http://www.zerohedge.com/news/shado...-why-breaking-tyrrany-ignorance-only-solution

http://youtu.be/zbiXPg_dAis

http://barnhardt.biz/
 

scooterbug44

SoWal Expert
May 8, 2007
16,736
3,327
Sowal
Thanks - IMO this is stealing. Those are not their assets.

Another question - if a bank fails, can it do the same to contents of your safety deposit box?
 

TNJed

Beach Fanatic
Sep 4, 2006
589
118
50
Seagrove Beach, FL
It is theft indeed. A few well known economists have spoken out that their funds are gone. I know a few people personally as well. This is why I say get out of paper and all counter-party risk. Take the penalty on your 401k and get out. If you can't get out then it never really was your money to begin with was it? 401k's are just another indirect tax and control of dollars. If you don't hold it, you don't own it.

Another good question Scooterbug. SDB's are not FDIC insured. So, do you trust your neighbors or the bank? A tough dilemma. Lead and lead delivery systems make a good deterrent. They shouldn't touch SDB's regardless of what happens however there is precedent for not being able to access yours unless a Fed/IRS representative is present. Just comes down to whether you feel your goods are safer in your possession or you trust the too-big-to-fails and there won't be "bank holiday" in the name of national security and all that entails.

I'm taking advantage of the manipulation buy selling the dollar rally and buying the hard money sale. Before inflation comes the deflation scare. There may be more on the way. Fed has stated their mandate to fight deflation. Deflating now due to Euro worries so there is a panic run into dollars. After dollars turn sour what will be left to store your wealth?
 

scooterbug44

SoWal Expert
May 8, 2007
16,736
3,327
Sowal
Luckily I do not have a 401K.........or more than $50 in a brokerage account.

Sounds like it is definitely hitting the fan though! Thanks for the update.

Also appreciated the article about how the housing data is completely wrong!
 

Em

Beach Fanatic
Sep 18, 2005
1,506
884
Walton Co.
I believe TNJed is talking about financial brokerages, though this thread is about real estate, so please don't be confused about real estate brokerages taking your account money.

Scooterbug, what TNJed is talking about is no different than the gov't using your money you have in your Social Security account for other things. The gov't likes to call it surplus money.

And, while not trying to scare any artists out there, if you are an artist and you hang your art in a restaurant, hair salon, etc to sell on consignment or for promotion, AND IF the establishment declares bankruptcy, the creditors can take your art as damages, since it is considered as decoration for the business by the gov't. Ain't life just grande?

Now, back to real estate. If you want to keep up with the local real estate, I don't fudge the numbers on my reports which you can find on here or my website.
 

TNJed

Beach Fanatic
Sep 4, 2006
589
118
50
Seagrove Beach, FL
Murray is correct. Rehypothecation is a financial brokerage term and has nothing to do with real estate or NAR's 4-years of number fudging. None of this should reflect on our fine local business people. It's just the larger wheel which is coming off. Prepare accordingly. Or don't. C'est la vie!
 

SHELLY

SoWal Insider
Jun 13, 2005
5,775
802
Take the penalty on your 401k and get out. If you can't get out then it never really was your money to begin with was it? 401k's are just another indirect tax and control of dollars. If you don't hold it, you don't own it.

Whoa! Hold it right there Skippy!...that's some dangerous advice you're bandying about without knowing anything about an individuals' retirement account or background. I know this is a real estate thread, but I hope the folks reading this advice aren't as gullible as the "investulators" who threw the dice and lost the dot.condo game.

What do you know about the Securities Investor Protection Corporation (SIPC)?-- judging from your comments--apparently nothing.

To keep this thread Real Estate-centric...the NAR lied?? Gee, who saw that coming :roll:
 

beachFool

Beach Fanatic
May 6, 2007
938
442
Not meaning to jump on this real estate thread but there's some very dangerous and very wrong advice being passed about as truth.

And it ain't.

According to TNJed I should liquidate all IRAs and 401Ks and pay a 10% penalty and 35% tax to protect myself.

IRAs generally can not be set up as margin accounts if used for leverage. The SEC allows some brokerages margin but only to settle a trade. For instance you sold 10K SPY, then bought 10K VBR inside your IRA. Without margin, you would have to wait until the first trade settled before you could purchase anything else.

401K assets can not be loaned either.

Only if you sign a margin agreement can assets be loaned from a non-qualified account either

Plus SIPC insurance goes to 500K and at Pershiing there's an extra 1M.

Most importantly MF Global was doing their own investing. Outfits we use like Scottrade, Shareholders Service Group custody assets for clients, big difference. Probably TD, too.

Liquidating your 401K and IRA would be a 45% bite. It's your money if you want to give it away, knock yourself out.
 
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