Never underestimate the stupidity of investors

GM confirms expanding IPO by 31 percent
GM to expand number of shares by 31 percent in offering; deal could become largest US IPO http://finance.yahoo.com/news/GM-confirms-expanding-IPO-by-apf-3081307171.html?x=0&sec=topStories&pos=5&asset=&ccode=

DETROIT (AP) -- Just a day before its historic return to the New York Stock Exchange, General Motors announced Wednesday that it would expand its initial public offering of common shares by 31 percent.

The Detroit company, responding to higher-than-expected demand for its shares, said it will raise the size of its IPO to 478 million common shares from the previously announced 365 million shares. Most of the common stock will be sold by the U.S. government, which is trying to unload what is now a 61 percent stake in the country's largest automaker.

   I'm not disparaging individual investors. They're largely out of the market. I'm disparaging crooked fund managers who buy on behalf of individual investors (IRAs, pensions, etc) and they're the "dumbasses" who are pouring money into the GM IPO. In any case, GM's a dinosaur that should've died and stayed dead. Taxpayers were tapped to give it a lifeline and now GM is coming back - a lumbering dinosaur that's facing extinction in another 10 years. Til then, enjoy the IPO, trade the shares, and watch the roller coaster commence. 

Virtual Real Estate Mania

I thought this was ironic. And dumb. Don't forget dumb.

Panama City Beach Luxury Home Foreclosure of the Day

   Youtube has become the spamming ground of choice for businesses seeking to gain exposure for the products that they sell. I look at the daily foreclosure offerings from time to time and this one caught my eye. As an added bonus, a midi version of Lady Gaga's "Poker Face" kicks the video off. From the video's sparse description:

"2,700 square foot home in The Preserve coming on the market in Panama City Beach, Florida."

   The guy in the video mentions that the house was built in 2005. That was the height of the boom when cheap construction materials were used to build homes as soon as possible to fill demand. Were substandard materials used to build this house? Who knows. I know I wouldn't buy a house that was built in the past 10 years. The house looks okay from the outside but the dining room that they show isn't a selling point with its green walls and droopy hanging light from Home Depot.

Getting back into the groove

   Coming back to work after a vacation isn't easy. There's too much on my mind right now and a there are a lot of new projects that we're working on. The trading has also been ripe for the pickings both yesterday and today. So yeah, things are busy and I'm weighing my options. I enjoy writing and all that but trading's more... lucrative.

   Then again, it's not just about the money, man. Life should be about learning new things, exploring the world, and gaining new experiences in endeavors that aren't the same old shit day in and day out. I'm experiencing internal conflict concerning direction and it sucks to be me at the moment. 

   Anyway, when I was in Vegas, I took a few hours to look at some real estate out there but the situation's as dismal as I've been ranting about on Realestatr. My projection for recovery remains 2018-2019. Things should be returning to normal for me soon but I've got a lot on my mind. Cya.

Housing and Financial Stability Forum 2010

I'm back in New York but I've been catching up on everything. I was in Vegas for a multi-day wedding. Yep, a multi-day wedding. Ever go to one of those? Oh, it's ostentatious and... sinful. Everything that happened in Vegas will unfortunately, stay in Vegas. Maybe I'll include the stories in my memoirs when I'm 100 years old and somewhat famous. -J-Sonoma

Real Estate Downfall

J-Sonoma's back in New York but he didn't make it to work today. He should be back tomorrow. Anyway, in the following video, a real estate speculator comes to terms with reality.

Property Billionaire Sam Zell Interview

J-Sonoma returns from vacation tomorrow. Here's a blurry Bloomberg interview with Sam Zell talking about Freddie and Fannie:

Driscoll Middle School Trick Play

J-Sonoma will return from vacation on Wednesday of this week. Til' then, here's a video that serves as a tribute to how the bankers looted American taxpayers.

J-Sonoma's on vacation so we're half-assing his page. Literally

Mortgage Modification Video LOL

J-Sonoma is on vacation. Until he returns, us temps are going to be half-assing it on his pages. Sorry J but we don't have your payscale. This lady in the video talks about something related to real estate.