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Quinta das Amoras, Vinho Tinto 2009
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Gran Sasso, Sangiovese, Terre di Chieti 2009
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Beaulieu, Cabernet, Rutherford 1999
Picos del Montgo, Tempranillo 2008
Chateau de Montmirail, Vacqueyras 2008
La Granja 360, Syrah 2009
Montgras, Carmenere Reserva 2009
Lange, Pinot Gris 2009
Columbia Crest, Horse Heaven Hills Cabernet 2008
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Trader Joe's Coastal Syrah 2009
Columbia Crest, Horse Heaven Hills Merlot 2008
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Vieux Papes Red
Domaine de l'Aujardiere, Chardonnay 2009
Santa Rita, Cabernet, Medalla Real 2007
Penfold's, Koonunga Hill Shiraz Cabernet 2008
Guild, Red, Lot #02 2008
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Columbia Winery, Merlot 2007
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Maquis Lien 2006
Scott Paul, Pinot Noir, Le Paulee 2007
Cameron, Chardonnay
B.R. Cohn, Cabernet, Silver Label 2006
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Palo Alto, Reserve Red 2008
Menguante, Garnacha 2008
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Root: 1, Cabernet 2008
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Lemelson Pinot Noir, Thea's Selection 2007
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Casal Garcia, Vinho Verde Rose
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Comments (11)
Dow 36,000 will turn out to be accurate after all -- in the New Dollar ... (just move the decimal one place over)
Posted by George Anonymuncule Seldes | February 28, 2009 1:24 AM
Yep. My previous thought that 7000 was the bottom was way too optimistic. 3600 now sounds about right.
Posted by Jack Bog | February 28, 2009 1:30 AM
The subprime mess is the first of three types of problem loans. The other 2 are just beginning to reset and the default rates and sizes will rival subprimes. In short, we can't even see the top of the bottom yet.
"Property Preservation" is one term from the new economy. Another from down in Florida is a little more direct: "Condo Vultures."
Posted by Bill McDonald | February 28, 2009 7:50 AM
I'm pretty sure the last Congress passed a bill to obviate the bank's right to treat "short sale" losses as income tax to the foreclosed property owner.
That may not apply where willfull destruction enhanced the losses. I don't remember the name of the law, but I'm certain that Bush signed it.
Posted by Mister Tee | February 28, 2009 8:51 AM
It's called the "Mortgage Forgiveness Act of 1997" (see H.R. 3648 for details), or click on the below link.
http://activerain.com/blogsview/314787/George-Bush-and-Short
Shrub gets one right!
Posted by Mister Tee | February 28, 2009 8:58 AM
Daily Journal of Come Worse.
Posted by Tenskwatawa | February 28, 2009 9:14 AM
Actually, it's "The Mortgage Forgiveness Act of 2007".
Posted by Richard/s | February 28, 2009 9:59 AM
Your right on the markets.
Looking at the historical data 1995 dow was at 4000, that's 14 years ago, certainly not inconceivable.
Regarding the income question, I know that if you "settle" the debt, you are 1099'nd for the difference between the settlement and the original value of the loan.
This applies to unsecured debt.
Never heard of mortgage defaults having this done.
Posted by b h | February 28, 2009 12:00 PM
if you "settle" the debt, you
are 1099'nd for the difference between the settlement and the original
value of the loan.
This applies to unsecured debt.
Never heard of mortgage defaults having this done.
If the mortgage debt is "nonrecourse," meaning there is no chance for the lender to get a deficiency judgment against the borrower, the taxable gain depends on the amount of the debt, not the value of the property. A famous Supreme Court case so held.
With surrender of mortgaged property in satisfaction of "recourse" debt, there's a special exception in the Code now for one's principal residence. The discharged debt in such cases is not income at all.
Posted by Jack Bog | February 28, 2009 12:43 PM
Publication of legal notices is one form of advertising revenue that the newspaper industry hasn't yet lost to Craigslist, eBay, etc.
Posted by none | February 28, 2009 3:08 PM
Regardless of the tax consequences these idiots that destroy stuff in the house before they leave should be liable for the damage. Jail time, fines, I don't know but it's just wrong.
Posted by canucken | February 28, 2009 4:36 PM