Comments on: Counterparties http://blogs.reuters.com/felix-salmon/2011/11/11/counterparties-464/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: traducere romana daneza http://blogs.reuters.com/felix-salmon/2011/11/11/counterparties-464/comment-page-1/#comment-53896 Mon, 29 Sep 2014 16:25:27 +0000 http://blogs.reuters.com/felix-salmon/?p=11067#comment-53896 Undeniably believe that which you stated. Your favorite justification seemed to be on the web the easiest thing to be aware of. I say to you, I certainly get irked while people think about worries that they plainly don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having side-effects , people could take a signal. Will likely be back to get more. Thanks

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By: RobbbL http://blogs.reuters.com/felix-salmon/2011/11/11/counterparties-464/comment-page-1/#comment-33051 Sun, 13 Nov 2011 18:21:11 +0000 http://blogs.reuters.com/felix-salmon/?p=11067#comment-33051 So what I don’t understand, with all this talk of “underwater” mortgages, is what happens if some entity happens to take your underwater property through imminent domain?

How much is “just compensation”? Do you get stiffed? Does the lender? Are you happy or sad?

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By: Danny_Black http://blogs.reuters.com/felix-salmon/2011/11/11/counterparties-464/comment-page-1/#comment-33049 Sun, 13 Nov 2011 04:43:20 +0000 http://blogs.reuters.com/felix-salmon/?p=11067#comment-33049 greycap, and italian govvies not too long ago were considered the smart play…

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By: KenG_CA http://blogs.reuters.com/felix-salmon/2011/11/11/counterparties-464/comment-page-1/#comment-33047 Sat, 12 Nov 2011 15:11:50 +0000 http://blogs.reuters.com/felix-salmon/?p=11067#comment-33047 GrayCap, Italy still has a big trade deficit – if you are shipping to Italy, would you be willing to be paid in lira, knowing Italy will be printing more of it to cover their government spending, when there are other alternatives? Italy might very well be a fabulously wealthy country, but if the wealth is in their native currency, what will it matter? The only reason the U.S. is able to get away with big trade and budget deficits is because the dollar is essentially the standard (for now).

That you are right about the perception of different economies being based on psychology is irrelevant; if people start believing, rightly or wrongly, that a currency is worthless, it will lose value until enough people change their mind. Like orange juice futures in Trading Places.

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By: Greycap http://blogs.reuters.com/felix-salmon/2011/11/11/counterparties-464/comment-page-1/#comment-33046 Sat, 12 Nov 2011 13:36:50 +0000 http://blogs.reuters.com/felix-salmon/?p=11067#comment-33046 @KenG_CA,

3rd-world countries are obliged to borrow in foreign currencies because they require foreign capital. That is not true of Italy, which is still a fabulously wealthy country. Private debt is low (mortgages are unusual), and average household net worth high (around 350K euros.) Yes, the government debt is over 100% GDP, but that’s not new: it has been for a decade. It is really only in being on the euro – a gold standard without the gold – that Italy is like a 3rd-world country. So Krugman is correct.

It is in fact somewhat peculiar that Italy should have been the next domino to fall. Their deficit – 4% – is low by European standards, and unlike e.g. the UK, they still have a (tiny) primary surplus. Sure, their government is dysfunctional, but Belgium doesn’t even have a government, and seems on the verge of splitting in two. It’s debt is nearly as high, it’s deficit much higher, yet it pays only 4.4% for money. The difference seems to be essentially psychological, a matter of perception and stereotypes.

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By: KenG_CA http://blogs.reuters.com/felix-salmon/2011/11/11/counterparties-464/comment-page-1/#comment-33045 Sat, 12 Nov 2011 07:42:00 +0000 http://blogs.reuters.com/felix-salmon/?p=11067#comment-33045 TFF is right, they are low. I looked at values of homes in my neighborhood, and they are typically 20% below what the houses are selling for (which was already depressed).

I don’t buy that so many houses are underwater. It’s a bad problem, no doubt, but it’s hard to say what all those houses are worth. A bigger problem is too many people can’t afford their payments, regardless of the “market” value.

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By: TFF http://blogs.reuters.com/felix-salmon/2011/11/11/counterparties-464/comment-page-1/#comment-33039 Sat, 12 Nov 2011 02:31:07 +0000 http://blogs.reuters.com/felix-salmon/?p=11067#comment-33039 “KenG_CA, if the Zestimates on home values are high, wouldn’t that mean that MORE houses are underwater?”

Is arguable that many of them are low.

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By: Auros http://blogs.reuters.com/felix-salmon/2011/11/11/counterparties-464/comment-page-1/#comment-33038 Sat, 12 Nov 2011 01:45:05 +0000 http://blogs.reuters.com/felix-salmon/?p=11067#comment-33038 KenG_CA, if the Zestimates on home values are high, wouldn’t that mean that MORE houses are underwater? If the true values are lower, but the mortgage values are whatever they are, that seems like the logical conclusion…

Krugman has actually addressed the issue you’re talking about re: states. Read his blog.

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