Jim Sinclair’s Commentary
Assuming that Fannie Mae prevails, how many more fraudulent mortgage loans are they holding?
Fannie Mae sued insurance companies, including Great American Financial Resources Inc. and The Travelers Companies, claiming they are responsible for losses on the $131 million Fannie paid for fraudulent mortgage loans. The lawsuit was filed today in federal court in Washington.
Jim Sinclair’s Commentary
Here is Fred contemplating the gold price at $1650. As you can see, he is very concerned…
Jim Sinclair’s Commentary
Where were all these geniuses in 2003?
Gold to US$1,500, silver to US$25 by year-end: Scotia
Eric Lam
With both gold and silver prices on the rise and showing no signs of slowing down, best bets for investors include producers with either better than average sustainable free cash flow, growing reserves and resources, and/or those with growing production, a new note from Scotia Capital suggested Wednesday.
David Christie, analyst with Scotia, expects gold to approach a peak of US$1,500 an ounce and silver near US$25 an ounce by year-end.
“Gold and silver prices are buoyant,” he said in a note to clients.
Gold prices rose 3% in the third quarter compared with the previous quarter, and jumped 28% compared with the third quarter of 2009, while silver prices increased 3.6% quarter-to-quarter and 29% over the third quarter of last year.
“We believe momentum is now in the precious metal camp with talks of further quantitative easing from the U.S. Fed and from other central banks,” Mr. Christie said. “We see no reason right now for gold’s long- to medium-term rise to be halted and expect it to continue to rise, with short-term corrections as it meets technical resistance.”
And with the U.S. dollar continuing to look weak in the face of other currencies, more and more investors will flee to gold as a safe haven.
Jim Sinclair’s Commentary
Mark this on your calendar as the beginning of the massive unwinding of bankrupt pension funds valuing their crap paper and securitized mortgage debt OTC derivatives at cost or better. This is all thanks to the FASB’s capitulation to political pressure. Father, before you forgive them, remember they knew exactly what they were doing when they sold their souls to the Wall Street Devils.
Pittsburgh mayor: Takeover ‘won’t be pretty’
By Bill Vidonic, PITTSBURGH TRIBUNE-REVIEW
Tuesday, October 19, 2010
Mayor Luke Ravenstahl said Monday he instructed his staff to begin preparing for a state takeover of Pittsburgh’s beleaguered pension funds because City Council rejected his parking-lease plan.
Ravenstahl, on his first day back in City Hall after an Asian business trip, said the alternative plan council proposed last week to raise money for the pension system is "illegal" and "irresponsibly" saddles the city with debt. Council today is expected to vote down Ravenstahl’s plan to raise the money by leasing parking assets, and he said he won’t lobby for members to change their minds.
"If they’re able to look in the mirror and make this decision, then we’ll all have to accept it," Ravenstahl said. The mayor previously said state management of municipal pensions could force the city to make $30 million more in annual payments into the funds, leading to severe cuts in city services or higher taxes.
Councilwoman Natalia Rudiak said Ravenstahl’s use of the word "illegal" is "something he’s used in the past, with any alternative council has proposed on anything else."
She and other members of council have a plan crafted with city Controller Michael Lamb that he is expected to explain today.
"This is a real, executable alternative to selling the city up the river for 50 years, or to a state takeover, for which (Ravenstahl) failed to negotiate acceptable conditions," Councilman Patrick Dowd said.
