Earlier this week, the country’s first marijuana cafe opened up, which not only sells medical marijuana, but also has a restaurant where customers can eat. In a related story, the recession is over! Whoever wants a 4.50% 30-yr fixed rate conforming loan with a point back to cover closing costs, raise your hand! Well, we’re just about there. Fannie 4% securities are shuffling around 99 or 100, and when you throw some servicing-released premiums on the price, you’re easily abov... Read Full Story

  To Our Clients, Colleagues and Friends, · Lots of you wrote in about the video of that monster wave, with many of you identifying it as being on beach in Maui .  For those who missed it, go here.    Also, about 30 of you wrote it to correct us on how many years it was since JFK was shot.  Our only mea culpa is that it’s hard to edit your own writing.  And finally we got lots of comments on those 10 things you’d want people to learn in school.  Most... Read Full Story

  read this – Treasury Yield Plunge Sends Warning – By RANDALL W. FORSYTH – Collapse in note yields suggests economic distress will keep Fed on hold well into 2010 or beyond. – Barron’s ———— must read – The King Canute Economy – by Cynicus Economicus – What we are seeing … is the process of governments seeking to hold back and resist the fundamental change that has taken place. The change that I am refer... Read Full Story

  Morgan Stanley expects 10-year yields to rise 220 bps in 2010 - Posted by Edward Harrison – … Realistically, if rates spike to 5.5%, it would be a blood bath for insurers, and probably for pension funds (and hence municipalities as well). Mortgage rates would skyrocket and this would stop any housing recovery dead in its tracks. That sounds like double dip and depression to me; this is not an early 1990s economic environment.   Ironically, 5.5% rates would so... Read Full Story

    Money Trickles North as Mexicans Help Relatives – … a startling new phenomenon has been detected: instead of receiving remittances from relatives in the richest country on earth, some down-and-out Mexican families are scraping together what they can to support their unemployed loved ones in the United States. … – NY Times ———— The Young Are About to Get Shafted – Terry Savage – For years, I’ve been predicting Ame... Read Full Story

    In her new book, “Going Rogue,” Sarah Palin says she doesn’t like vegetarians. Palin says all vegetarians should go back to Vegetaria, where they came from. Unlike Conan O’Brien, from whom that line came from, many investor bulletins are not concise. And I may have seen more releases from top investors of greater length, but I really don’t remember when. If you’re not interested, skip ahead. Alphabetically: Affiliated, a lender (including correspondent division) out of ... Read Full Story

     and Speech – On the Outlook for the Economy and Policy – Chairman Ben S. Bernanke – At the Economic Club of New York, New York, New York – FRB Board andBernanke hints low-rate period may get even longer – Bloomberg – Federal Reserve chairman Ben Bernanke’s diagnosis of a weak US economy and labour market signalled that the central bank’s extended period of low borrowing costs may get even longer.  Bernanke said that “significa... Read Full Story

  Is a Second U.S. Stimulus Package Headed Our Way? - By Jon D. Markman – Money Morning ———— revenue source? – Fines for too-tall grass could rise to $1,000 a day in Jupiter – By BILL DIPAOLO – Palm Beach Post   ———— Fed Makes Monitoring Capital Foremost Concern Amid Bubble Talk – By Craig Torres and Michael McKee – Federal Reserve officials are stepping up scrutiny of the biggest U.S.... Read Full Story

  I was showing my Dad my cell phone over the weekend. He said, “Son, no one gives a damn about all the things your cell phone does. You didn’t invent it, you just bought it. Anybody can do that.” Life with Dad, always an adventure… Speaking of buying things, us taxpayers bought us another bank on Friday, although Central Bank of Stillwater, MN agreed to assume all of the failed bank’s deposits and all of its assets. Commerce Bank of Southwest Florida was taken over, and f... Read Full Story

     +    read the last paragraph - NYT: With FHA Help, Easy Loans in Expensive Areas; Barney Frank Pushes for Permanent Higher Limits – Approaching $1 Million – Posted by TraderMark – Fund My Mutual Fund andmore on no money down – The Magic of the F.H.A. – Kid Dynamite’s World ————    +   Delinquent Mortgages Equal to Three Times A Balanced For-Sale Inventory – Michael ... Read Full Story