Bits Bucket For November 22, 2008
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I hate Clearwater. The mindless crap I have to listen to on co-workers’ radio stations drives me nuts. The same 15 songs are played 24 times each daily.
I broke down and bought my own boombox. Thank God for the Foo-Fighters
15 songs?? that many? that’s quite the expansive playlist compared to some.
Alright, for the sake of those of us that don’t know, what is clearwater? Is it like musak?
Clearwater is a huge conglomerate of radio stations around the country. Your listening area probably has at least 1 Clearwater station.
They save money by making carefully selected play lists and sending them to all their radio stations. Usually live DJs only in the mornings.
maybe he means Clear Channel, a company that owns lots of radio stations all over the country.
That’s it - Clear Channel - I can never remember the name..I just know the local radio stations owned by them are pretty crappy.
“That’s it - Clear Channel - I can never remember the name..I just know the local radio stations owned by them are pretty crappy.”
I think that KFI 640 AM talk radio Here in LA is owned by clearchannel.I don’t know about the other stations but i am a big listener of AM 640. Big Bill Handel Fan.
Also John & Ken often hilarious and a good corrective to the Politician idiocrats running the CA Gov’t insane asylum.
Clearwater (the city) sucks, too.
“Alright, for the sake of those of us that don’t know, what is clearwater? Is it like musak?”
My bad. I was confusing it with that paramilitary organization, Black Channel
I think you’re referring to that most excellent Doobie Brothers song “Black Water”?
I thought he was complaining about Creedence Clearwater Revival. Shows how old I am.
Who would complain about CCR? That in my books is down right sacrilegious. Sacrebleu!
Anybody who complains about Credence Clearwater Revival should be deported. After a flogging, of course.
… by Willie and the Poor Boys.
…Bring a nickel; tap your feet
Trust me..they are almost broke the banks balked at the high price going private sold off a lot of stations to other big corp radio.
My guess is we are headed for thousands of radio stations to file for BK
and lo and behold an epiphany Radio is local and local radio needs live dj’s….who would have thought?
check out my zydeco music vids…i need to update it this week
If I had to choose between listening to zydeco and being deaf, I know what my decision would be.
Ow!, that’s gonna leave a mark.
That’s my reaction to reggae, NYCityBoy. Reggae is the most boring, mindless tripe this side of Pat Matheny.
“If I had to choose between listening to zydeco and being deaf, I know what my decision would be.”
LOL
My best Bro calls Cajuns “French Okies.”
DOC
I’ll be overjoyed to see major media conglomerates going up in smoke. Maybe we’ll see the emergence of independent radio voices who actually have something to say.
Cereal you’re right. Clearwater radio sucks bad. Idiots.
Everything has gone corporate. The move to gargantuan companies has turned the world into a soulless clump of sameness. But look at what’s happening to those corporations. They are disappearing around us.
I think the future of corporate America is a huge topic to be discussed. Without the ability to constantly obtain financing through the bond market, does mega-corp America stand a chance to survive? Just look at Ford, GM and Chrysler. They can’t come up with the massive amounts to finance their operations, for whatever reason, and they appear to be toast.
It is time to look at the future of corporations and small businesses. Corporate America funds itself with credit. Small business funds itself with savings. Corporate America holds no responsibility in their local communities. If small business shuns the community the community shuns them. Corporate America is truly made up of faceless bureaucrats, hidden from the sight of most. Small business is the face of the neighborhood.
Will this collapse bring back the era of small business? A trip to a beer hall about a month ago with fellow HBBer EdHopper kicked these questions off in my mind. Is that beer hall business model coming back? I can’t say, one way or another, but I sure hope so.
This could be the decade of the un-merger. Seriously. Companies having to spin off chunks of themselves to retire debt, which has become toxic.
All those companies which spent billions of dollars to merge in other companies over the last 3-4 years, are now regretting it. Example: Oshkosh Corporation (OSK) spent $3 billion to buy JLG (a scissors-lift company) about a year ago.
The market cap of OSK has sunk from $6 billion down to about $350 million in the past year. If there was (is) a way to undo that merger, I’m sure they would do it.
The “growth through acquisition” model of business appears to be dead, at least from where I’m sitting. CEOs and CFOs who blindly pursued this business model because they thought it was what Wall Street wanted, should be strung up by their cajones…
“CEOs and CFOs who blindly pursued this business model because they thought it was what Wall Street wanted, should be strung up by their cajones…”
That seems too harsh. How about we just give them a big golden parachute? They shouldn’t be made to suffer. Knowing they’ve destroyed a company should be punishment enough. Just ask them.
Didn’t Adam Smith say that corporate monopolies are the end stage of capitalism?
I’m not sure about the unmerger. In most cases, the companies that survive will devour the weak. I’m worried we may emerge from this in 10 years with more robber barons and less corporate competition.
“Corporate competition” - that’s kind of like “military intelligence”.
Muggy asks of me:
What is it like to only trust and believe in yourself?
I’ve never liked them, but like all of you-i’ve put my trust in nameless-faceless corporations to come through for me, to provide food, shelter clothing, and more.
It wasn’t as if I had a choice. Like a $cythe, they destroyed most of the small retail stores in their way, and we said nothing, as we were more concerned with “low prices-always” weren’t we?
Corporations don’t give a good god damn about the communities they are abandoning en masse.
Nowadays we never hear about individual corporate retail locations being closed down, it’s always 149 or 88 or 63 all in one-fell-swoop.
Humpty Dumpty was a Corporation…
But…but…Humpty Dumpty was too big to fail!
So true, I have often said we sold what little culture the US had for cheap underwear.
Reminds me of a young kid I met my first day in Istanbul backin the 90s. He asked me “what’s the differnce between America and Yougurt?”…… He answered his own question:”Yogurt has more culture” and ran away laughing.
I find few talking heads on TV helpful nor do I agree with most but one quote I do believe is gospel. Those businesses that don’t need credit to operate will crush those that do.
““what’s the difference between America and Yougurt?”…… ”
One helps you sh*t…the other’s full of it…
DOC
Seems everything has been institutionalized, and not just business, but also education, health care and life as a senior citizen. Maybe even those megachurches are institutions — just show up some place where you don’t know anyone, take it in unchallenged, and go back home to your own world.
“Seems everything has been institutionalized”
No, it hasn’t. Take a deep breath.
***** Please pardon this interruption, we will return you to your regularly scheduled thong-fest momentarily*****
The guy in the cop car pulling you over is someone’s neighbor, he does not go home to the NWO bunker and go to sleep in his tin-foil sleeping bag. He has a kid in the same school as yours.
The guy that owns a local trucking company that delivers produce for Wal*Mart isn’t conspiring to starve you to death.
The lady at the corp. grocery store might “accidentally” forget to scan your baby formula.
The reason why everyone thinks the world is insane is because they are allowing themselves to believe that contrary to everyday evidence.
All of you that are in the “societal collapse FEMA camp” crowd need to realize that this bust is perhaps the perfect event to rescale our economy, and put local faces back on the far-flung, faceless corporations.
This is a good thing, and as Ben has repeatedly said, a great opportunity, not the end of the world.
Thanks, Muggy. Nice post.
Always remember that this board largely is populated by the doom & gloom “Glass Is 3/4 Empty” crowd. Not that that is necessarily a bad thing.
“Always remember that this board largely is populated by the doom & gloom “Glass Is 3/4 Empty” crowd. Not that that is necessarily a bad thing.”
Counselor: “Today, we’re going to help you learn how to see the glass as half-full instead of half-empty!”
Alcoholic: “What if the glass is half-full of sh*t!?”
DOC
Without the ability to constantly obtain financing through the bond market, does mega-corp America stand a chance to survive?
Mega-corp America owns the media truthmakers, which in turn “informs” the sheeple, who then vote for whatever Establishment-blessed puppet the Republicrat duopoly serves up. Boat-rockers like Ron Paul need not apply. The sheeple, distracted by bread and circuses, are too damn dumb to look down the road and see the incorporated global plantation being prepared for the serfs.
Trust me, Mega-Corp America and its wholly owned subsidiary, the Repubicrats, will do whatever they have to to survive.
Is that beer hall business model coming back?
Hope the beer hall putsch isn’t coming back with it.
The aladinsane Fire Department had it’s trial run this week…
We have 35,000 gallons of agua @ our beck & call, and bought a gas pump and hoses that can blast 200 gallons a minute about 100 feet with good velocity, and the out-take hose is 100 feet long, so we’ve got everything covered, especially so after carefully clearing out 150 feet of brush away from our house.
If you live in fire-prone areas (most of California) and own a pool, this is something you might want to consider buying, as lack of water pressure in firefighting efforts is going to be quite an issue, as the drought intensifies. You’ll have no such problem with this set-up, as you’ll have hours of water @ your disposal.
Everything we needed cost $700.
sounds like a good setup. Nice to hear some of you clownifornians are actually able to do something for yourself…like mow down some of the tinder around the house and prepare for a fire.
And if the whole area around you is engulfed in flames, what good will this do? Are you going to firefight in a high wind in that heat and smoke?
High winds are associated with the Santa Anas down south, we have nothing like that here, although fires make their own winds.
We’re prudent, not stupid. If conditions got out of hand, we’d be so gone…
Personally, I say prepare to the degree you can. Evacuation should be an element of the total plan. When the situation arises, you just play it by ear.
how about leaving the pump on aimed at the house as you pack up and get out of harms way?
The fire should pass before the water is used up
The hose is quite a beastie to get used to, as it’s as close as you’d get to being a fireman-as you have to keep it taut, with no kinks, as 3 gallons a second is coursing through your hands…
And you definitely need a 2-person Fire Dept. for this gig.
So the whole point of all your work is so you could tell friends that you have a hose that it takes two people to operate?
Hydraulics happens…
How about installing a gigantic sprinkler system on your house that will disperse your 3-gallons/second as you make your escape?
King,
Seems like a bit too much work…
We just store our fire fighting equipment in a goat shed, so simple.
‘So the whole point of all your work is so you could tell friends that you have a hose that it takes two people to operate?’
Hahahahaha!
hence the goat shed….
There’s an idea….why not purchase 2,500 head of goat, hire 1,250 maids-a-milking and have them squirt goat milk on your house in case of fire?
If you place doesn’t go a-flamin’, then you can use the goats to rid the ‘hood of any overgrown flora.
How have you prepared for earthquakes, aladinsane? I’d be plenty worried if I were you. The Big One is due any day now.
We aren’t near any major faults, but ones like Lone Pine in 1872 could do quite a bit of damage, were it to go off again.
Shift Happens…
“The quake was felt strongly as far away as Sacramento where citizens were startled out of bed and into the streets. Giant rockslides in what is now Yosemite National Park woke naturalist John Muir, then living in Yosemite Valley, who reportedly ran out of his cabin shouting, “A noble earthquake!” and promptly made a moonlit survey of the fresh talus piles. This earthquake stopped clocks and awakened people in San Diego, California to the south, Red Bluff, California to the north, and Elko, Nevada, to the east. The shock was felt over most of California and much of Nevada. Thousands of aftershocks occurred, some severe.”
http://en.wikipedia.org/wiki/1872_Lone_Pine_earthquake
Rural Australian government encourages prepared homeowners to stay and defend.
150′ of brush clearance is a start, but firebrands can be carried over a mile during a big windstorm. Those are only problems when they get wedged in a vent or under the eaves - easy to put out if you have alad’s setup. It’s impressive how many people have successfully defended their homes with a garden hose during the worst firestorms.
So… You mean… Alad just wasted $700?
lol
“What good will it do?…”
The trick is to let the fireball pass over, then use the pump to put out the spot fires. (Be sure to store your gas/propane in an underground concrete box, though.)
Lad, you might also want to invest in some scuba gear. If you decide to stay through the firestorm, you can hang out at the bottom of the pool until it’s over- to minimize the risk of vaporization.
So. What have you guys hosed with your new toy so far? I should think that cleaning the leaves off the patio would be a…wait for it…blast.
“So. What have you guys hosed with your new toy so far? I should think that cleaning the leaves off the patio would be a…wait for it…blast.”
snort
And THAT, I think is the missing part of that solution: a failsafe backup. Because there is a pretty good chance that If you’re there trying to keep your house from burning, you’re not going to notice when your escape is cut off. Just rig the intake to the pump so that it will cut off when you’ve still got ~3 feet of water left in the deep end.
“So. What have you guys hosed with your new toy so far? I should think that cleaning the leaves off the patio would be a…wait for it…blast.”
We’ve been using it to waterboard gophers…
“We’ve been using it to waterboard gophers…”
Oh! Good one!
Yep, this week instead of buying foodstuff, I purchased a power source 89.00, headlight 14.00, weather radio 22.00, single burner 27.00 with mini propane canisters 4@ 3.00and a fancy flashlight 20.00.
I refuse to stand in line at airports so why should a food line be any different.
What type of power source for 89$$? Im seriously considering a 3000 watt Honda generator for about $2000. Having gone through a 2 day power outage accompanied by zero water pressure, Im convinced that being without water and a refrigerator is truly 3rd world.
So Lad, when you were stroking your favorite little ingot, and fantasizing about our new leader, was Timothy Geithner the Treasury Secretary in your little dream?
Why the vitrol NYC?
Because I am pissed that the Fed will be blatantly taking over the treasury? Vitriol should be flowing like water today. I wanted to give Obama the benefit of the doubt. That flew out the window with this completely ludicrous nomination. And please don’t tell me that there are so few candidates to fill that post.
I won’t to hear Obama supporters criticize him for this one. And Lad was the biggest O supporter on this blog.
How do you know the Fed will be taking over the Treasury? Geithner is going home. He was Clinton Treasury Secretary Lawrence Summer’s protege before he moved on the the NY Fed gig. Today’s WSJ suggests Summers will have a major role on Obama’s team as well. And then there is HC. This is shaping up to look much like a Clinton presidency w/o a Clinton at the helm.
Stucco, the protege comes home and the two become one. That is the scariest scenario possible. The justification is that The Fed and Treasury will be able to more closely coordinate activities during this crisis. How has that worked out so far?
Are you defending this nomination?
“Geithner is going home. He was Clinton Treasury Secretary Lawrence Summer’s protege before he moved on the the NY Fed gig.”
I think the Corleones were hoping to do that with Luca Brasi in Godfather II. Criminal organizations often like to plant their own in another family. In this instance we just have to ask, “is it The Fed or The Treasury that is playing the role of the Corleones?”.
Change we can believe in!? So far he has already backpedaled on his tax plan, fairness doctrine, card check, gays in military, and wants to expand the war on radical Islam. According to news reports he is appointing staid experienced conservative democrats (Bill Richardson, Naplatano, Clinton…) So far so good. Hey I didn’t vote for the guy but if this is the CHANGE then I can live with it. Now if I wanted all the crazy left wing crap he said he was for I would be getting pretty pi__ed right now. Hell, Richardson even wants to pass the Columbia free trade deal!!
Godfather 1
The biggest change I see is people my age being in charge, a passing of the torch…
We are an interesting generation, Barack & I were 5 years old during the Summer of Love, 7 @ Woodstock, 12 when Nixon resigned, 12 & 17 when our parents and then we-stood in long lines to buy gas, 19 when the highest interest rates ever happened, and 27 when the Berlin Wall went down.
“The biggest change I see is people my age being in charge, a passing of the torch…”
Now I’m really f—ing frightened. The people that have scared me the most the past few years are your generation. Their, “not my house” mentality is so grounded in self-interest that I doubt they will be looking to make much sacrifice for the common good.
Give us a chance.
Why? It is already becoming clear that you won’t hold each other accountable.
Politics has been for the last 16 years a catapult to riches, Clinton showed the way, and his successor was no slouch either.
But things are changing. From what i’ve read of the Great Depression, those that kept their wealth also kept very low profiles-as in bling-free zones.
Practically all of our lives, we’ve played this keeping up with the Joneses-real or imagined, to our detriment.
I feel like we have the best man for the job, as his motivation doesn’t appear to be monetary gains for himself, and that in itself is refreshing…
We are obviously entering an era of austerity, aren’t we?
And we are back to the fact that the “Era of Austerity” is being kicked off by putting the head of The Federal Reserve in charge of The Treasury Department. It does not mesh.
NYCB,
Who would you have picked for the job?
Politics as a catapult to riches…
I see where Sarah Palin has been offered $7 million for a book deal. Where’s Rowan and Martin with their “Fickle Finger of Fate Award?”
Talk about Reality TV…
Are you kidding me? That is the best argument you can put forth? I’ve already seen that from a few people.
I know who I wouldn’t have picked and his name rhymes with “Timothy Geithner”. Especially if I were the candidate promising “change”. I wouldn’t have picked some apparatchik from the Ministry of Destruction known as the Federal Reserve.
I would have only considered candidates that knew that the banking system needed a complete overhaul and that an economy built upon endless creation of debt was wrong. Do you think anybody at The Fraud thinks that way?
Keep using the “who would you pick?” argument. It seems you’ve tied yourself to this one and aren’t turning back.
Answer the question NYCityBoy- who would YOU have picked? Who’s a better choice? Personally, I’m having a hard time stomaching some of Obama’s selections because I, too, feel like it’s not the kind of “change” I was looking for. I’m tired of old Washington, something Obama criticized Clinton for. On the surface, it appears he’s taking a page right out of “old Washington. But, I also realize that there IS something to be said for experience, and an understanding of HOW the government works, and these people have both. It’s up to him to come up with new policy. We’ll see how it works out.
Seriously, NYCB, (anyone?) whom would you have preferred to see in the post?
The screenwriter in me is fascinated by how this dynamic will play out against the casting….
The naysayers who’re complaining about O’s leadership picks thusfar aren’t very savvy, are they?
Is the president-elect supposed to pick people with no governmental experience at all? I’d hazard a guess that you’d complain about that. And rightly so — we’ve seen what happens when you give a bunch of thickskulled ideologues from places like Regent University too much power.
There’s only been one Democratic administration in the past 28 years. One.
With the exception of the Hillary pick (which I disagree with), O’s leadership nominations have been strategically savvy. And even that one is savvy; it’s just a mistake, IMO. What’s he supposed to do, nominate corporate titans? Lifelong academics? Friends from the neighborhood?
He has reached back to previous administrations as well — Paul Volcker and Brent Scowcroft come to mind — but those people are generally too old to take on 24 hour jobs any more.
“The naysayers who’re complaining about O’s leadership picks thusfar aren’t very savvy, are they?”
I get it, now. If you criticize Obama you are not savvy. The bull$hit of the right is being replaced with the bull$hit of the right.
Give me millions of dollars to come up with a suitable hire and I am sure I could come up with something better than the head of The Fed.
Right off my head I will pick Bill Fleckenstein or Ron Paul for the treasury. That is real change. That is bringing in people that aren’t government drones.
Obama nominated the head of the most evil organization in the country and you tools can’t think of a single critical word. Unbelievable. You are such tools.
“The bull$hit of the right is being replaced with the bull$hit of the right.”
of the left.
How about Peter Schiff.
(Only half joking).
How about scouring the blogs to get ideas? Oh no, that would not be savvy. You need somebody from deep inside the political machine. How can anybody that isn’t a gear inside the machine possibly do the job? The thought is so un-savvy that it is frightening.
“The bull$hit of the right is being replaced with the bull$hit of the right.”
Right on.
In a way that’s true since it’s clear that big business and big money is still pulling the shots. They already got their boy Geithner in. They couldn’t ask for much more than that. The change revolution is a disguise for more of the same corporate fascism.
I would like to give Obama the benefit of the doubt, but I’m not optimistic after what I heard over the last days and mostly agree with NYCityBoy on this. I’m an outsider and read just a fraction of what you Americans read about these people, but this Geithner guy sure scares the hell out of me. Is he also a top level Illuminati guy?
The bull$hit of the right is being replaced with the bull$hit of the right.
How can we argue with impeccable logic like that?
“Seriously, NYCB, (anyone?) whom would you have preferred to see in the post?”
I want John Hussman. He is deeply knowledgeble, ground in the real world (he runs a fund), and seems to be dedicated to some higher idea of service to the larger society.
“Right off my head I will pick Bill Fleckenstein or Ron Paul for the treasury. That is real change. That is bringing in people that aren’t government drones. ”
Ron Paul is a budget slashing constitutionalist. That is precisely the opposite of what Obama stands for, Obama’s going to be a bigger spender than Bush was, and that’s hard to do.
“Obama’s going to be a bigger spender than Bush was, and that’s hard to do.”
With Geithner and Summers in the mix with Bernanke, it’s punchbowl respiking time. I doubt it will work, though, as the Fedury is out of ammo.
NYCBoy,
I agree with you…and as an Obama supporter, am very disappointed with what he’s done so far. His whole message was about “change” and his picks are so ingrained in the existing political machine that it’s rather frightening, really.
It would have been great to see Ron Paul involved somehow. The ONE person who nailed it, and tried to hold responsible those who created this entire mess. Such a shame that he was totally cast-off by the media and those who control it.
Sure hope Obama doesn’t do more damage, but I’m beginning to question his motives.
“Why the vitrol NYC?”
Because slagging scroomers is always the new black.
What cabinet position will Ron Paul get???
I’m sure they will make him Secretary of Shut the F$cK Up.
That’s such an infantile remark. Nevertheless, I couldn’t help bursting into laughter.
“That’s such an infantile remark.”
You must be new here.
LLMAO. (lurking & laughing my ass off). “We are the ones we’ve been waiting for.”
NYCB,
‘So Lad, when you were stroking your favorite little ingot’
My favorite little ingot would be my grey matter, and I like to jerk it off as much as mortally possible.
I like Timmmay’s intelligence, as much I don’t like the same-same-ness of the positions being filled. I’m getting a little Clinton acid-reflux, as is everybody.
The alternative would have been to select a bunch of people from left field that nobody’s ever heard of, that would have to learn on the job…
I think all we can do at this point is hope it all melts down in the next 60 days, so Obama can start fresh.
“The alternative would have been to select a bunch of people from left field that nobody’s ever heard of, that would have to learn on the job…”
Yes, much better to stick with the criminals that put us in this position. As Bernanke’s puppetmaster Timmmmmay should have been excluded from consideration.
I really can’t believe you would put down such a post. You voted for the “change” candidate in the hopes that he would keep things the same. For a man that thinks he’s the king of logic you look more like the jester on that one.
So far, Obama has shown a propensity towards promoting intelligence to cabinet positions, which in itself is a sea-change from the last 8 years of Know-Nothing-ism we’ve had to endure.
It took us 8 years to truly get ourselves stuck in this mess and it’s going to take quite a few years to get us out of it.
I’d rather have elite brains than dogmatic braun digging us out from under…
“I’d rather have elite brains than dogmatic braun digging us out from under…”
Yes, guys like Bernanke, with those elite brains, are doing a wonderful f—ing job.
“The alternative would have been to select a bunch of people from left field that nobody’s ever heard of, that would have to learn on the job…”
Obama is putting the Clinton Gang back in the reins of power. And the same Wall street cabal of crooks. No major house cleaning except for Bush republicrats.
There will be no major earthshaking leftist revolutionary shakeups emanating from the White house. Only a few extremist commie nutballs in congress will initiate wacky legislation such as announcing a i year moratorum on foreclosues, ect.
“Yes, much better to stick with the criminals that put us in this position. As Bernanke’s puppetmaster Timmmmmay should have been excluded from consideration.”
My gawd, I thought I was alone…very uplifting. Testify!
“So far, Obama has shown a propensity towards promoting intelligence to cabinet positions, which in itself is a sea-change from the last 8 years of Know-Nothing-ism we’ve had to endure.”
You have YET to give any concrete example of this so-called superior libbrul intellect you keep referring to, beginning with the Messiah. And saying he went to Hahhhhvahd and is a lawyer doesn’t count.
All that’s going on right now is the exchange of one type of elitists for another. Intelligence?? Please.
When Blano acts like a partisan he is the devil. When the Lad acts like a partisan he is doing it for saintly reasons.
The guy hasn’t even assumed office and you guys are having a seizure. He’s appointed many outside of the Clinton circle and has other advisors. There is something to be said for having some experience on the team. We don’t want another “Heck of job Brownie” getting an important job despite with no experience. Give him a year or two before you stroke out.
Good point. Just because the head of The Federal Reserve was given the top spot in the Treasury during a crisis created mainly by the Federal Reserve is no reason for criticism. It’s not like Obama is a Republican. If he were, then we could be critical. Instead, there needs to be silence. God bless America.
“So far, Obama has shown a propensity towards promoting intelligence to cabinet positions, which in itself is a sea-change from the last 8 years of Know-Nothing-ism we’ve had to endure.
It took us 8 years to truly get ourselves stuck in this mess and it’s going to take quite a few years to get us out of it.
I’d rather have elite brains than dogmatic braun digging us out from under…”
That’s the best you got? A condescending declaration of superior intellect?
The Bush boys weren’t stupid, they had a conflict of interest……and it looks like we’re going to get more of the same. The only difference is that the pipe smokers in the professors’ lounge approve of this bunch so they won’t whine as much.
“Good point. Just because the head of The Federal Reserve was given the top spot in the Treasury during a crisis created mainly by the Federal Reserve is no reason for criticism. It’s not like Obama is a Republican. If he were, then we could be critical. Instead, there needs to be silence. God bless America.”
Just wait, once that trick stops working they’re gonna break the race card out. Then they can shut you up all legal like.
“My favorite little ingot would be my grey matter, and I like to jerk it off as much as mortally possible.”
You’re starting to remind me of my best friend who is a high-powered, successful attorney in NYC. He has read every book in the universe, despises everday people, aced the LSAT and nearly every test imaginable, and can barely bring himself to “deal” with the public… things like ordering a bagel from someone who hasn’t read Kant and casually communicating with someone other then a federal judge.
Whatever may come, I do enjoy peering into the Aladiscope.
Let’s see:
According to Muggy, i’m short, fat, bald and hate the hoi polloi.
Some people just eat their Jung…
Hmmm…your best friend doesn’t sound like a particularly nice person or very happy, for that matter.
I’ve met a far amount of people like who the only thing going them is their high level of intelligence and personally, I’d rather hang out with “normal” people.
(I don’t know about the analogy to Alad, either, so not a judgement on him in this context…)
And some people can’t deal with reality because they’ve Freud their brains.
“According to Muggy, i’m short, fat, bald and hate the hoi polloi.”
Don’t forget about the thong! You like to run around in a thong.
i’m getting a visual, and it ain’t that pretty at all.
Hmm…. I’ve pictured alad as an E. Abbeyesque figure.
I love a mystery, so let’s keep it that way…
I find scantily clad women much more attractive to the eye, than those attired in their birthday suits.
Now I’m picturing Edward Abbey in a bikini. Thanks a lot, man.
“Some people just eat their Jung…
I Kant imagine that.
“Some people just eat their Jung…”
I’ve never read one sentence of Jung, so I guess that makes me a flyover country heathen idjit.
Guess I should have gone to Hahhhhvahd.
Trumping one’s lack of intelligence is so last century…
‘I’ve never read one sentence of Jung, so I guess that makes me a flyover country heathen idjit.’
Well, Blano, I once wasted a fair amount of time reading that philosophy crap. I believed I would learn how to think correctly, and was curious about the nature of thought itself, wondered about our place in the Universe, yada yada yada…
One day I flung some polemic or other across the room, slapped my notes aside and shouted ‘That does it!’ I forget the provocation, probably it was Hegel, he makes me crazy, what a dingle he is, inTOLERABLE–I last touched his drivel when I used a few books to make paper mache headgear for a Procession of Species parade–or I just suddenly realized that this stuff was almost entirely written by persons who were writing it because they couldn’t get laid and had nothing better to do with their precious time in the sunlight.
Then I went out and drank beer at a bar and giggled and flirted with cute boys, so at least the story ends well.
Nowadays, of course, I get all my philosphy from cookbooks, and I am much more enlightened than I ever was before.
Know nothing retards build out my projects. Intelligentia should be building my country. We got rid of the know nothing retards on Nov4.
“Intelligentia should be building my country.”
That worked great in Russia in 1917. What a joke!
Sneering intellectual in handcuffs: “Bureaucrat!” (from Dr. Zhivago)
“The aladinsane Fire Department had it’s trial run this week…”
What is it like to only trust and believe in yourself?
Lol.
Those that fail to prepare, prepare to fail.
And those that fail to hold their own side accountable lose all of their credibility.
relax.
Like some old Nobel-Prize winning economist said on the PBS Newshour last night, what’s happening right now is like the blood (credit) in our veins has seized up, but our hands are still functioning.
This sucker’s going down in the next 2 months, HARD.
What does that mean? So, this Scream Team being put together should make me feel confident?
And: (drum roll): “Winners never quit; quitters never win”.
Advice from my high school wrestling coach.
I get a kick out of simplistic, dualistic prescriptions for action. That they customarily have little to do with reality does not detract from their exhortatory brilliance.
Also:
If you’re not part of the solution, you’re part of the problem.
Those not busy living are busy dying (or something like that from Dylan)
“He not busy being born is busy dying”
“And people who never win AND never quit are idiots.” - Despair.com
“If you’re not part of the solution, you’re part of the precipitate.”
At least that’s my motto.
That does leave the posibility (or problem) of being supernate, but that would bring on a discussion of Nietzsche–a thinker not much mentioned on the HBB, but probably should be.
How’d that Y2K preparation work out for you, Aladinsane?
Anybody here have an udea for a potential future disaster? We need to open a factory, make some crap, and sell it to the paranoid.
My biggest concern leading up to Y2K was, “Will the trails that I like to hike on in the mountains, still be there after computer systems crash?”
Thankfully they were spared….
“What’s it like to only trust and believe in yourself?”
Less heartbreaking.
“Less heartbreaking.”
So most people you interact with screw you over? Take advantage of you? I don’t understand.
“Less heartbreaking.”
So most people you interact with screw you over? Take advantage of you? I don’t understand. Please tell me you’re just riffing for the hell of it and you really don’t mean that.
Fire-readiness is always good.
NYCCityBoy does have a point, though, about what happens when the whole neighborhood is up in flames.
Also, if the drought got so bad that there’s no water pressure for fighting fires, are they really going to allow pools other than as cisterns? (You’d definitely need a cover to prevent evaporation.)
Whatever you do, don’t get a new pool if your old one is kind of dying. The fix may be worse than the problem.
Our backyard has almost no grass left after the crazed pocket bulldozer driver finished slaughtering the (larger) empty hole where our old pool used to be. The sideyard has 6 inch deep ruts. The old pool location apparently forced a kink in the sewer to route it around. Naturally, the new pool extends into this pipe corner area so now I have a temporarily patched sewer pipe protruding into my new pool hole.
And now I find that I didn’t think far enough ahead and get the fire fighting equipment optional upgrade. Maybe we could have improvised with a super fountain.
Goodness, I sure hope you’re joking about all your pool problems.
Nah, they are not really problems, just the normal wear and tear when you try and dig a new huge hole in the middle of your backyard. We actually had it easy because the old huge hole was already there, so things like finding the sewer line were much less likely. The pool guys claim they found a buried Volkswagon once.
I was just surprised at how devasatated the back yard looks after a day of the tractor spinning around in it. We didn;t have that much new grass in our budget.
What the Hell does that have to do with Clearwater radio???
Wow, bro, that’s one hell of an orphaned post. Congrats!
Somebody adopt the wayward radio signal. :>
http://www.latimes.com/business/la-fi-banks22-2008nov22,0,2185538.story
Downey savings just bit the dust, along with two other banks. 3 bank failures anounced late friday. Timing is important when announcing these things so as to not rile up the sheeple and initiate panic bank runs.
But the Dow was up 494 points on a short squeeze. Doesn’t that make it all better?
I was talking to a co-worker yesterday. She is Irish and not very well versed in things financial. So, she is the typical consumer. She was telling me about her brother in Ireland. The short story is that he needs to sell a house. He has it listed at 200,000 euros. He paid 80,000 euros. It won’t sell. I told her he should lower the price. She replied, “but it’s worth 200,000.”
I told her, “it’s not worth 200,000 if nobody will pay that. It’s worth less.” Silence in Midtown.
I asked her what the Irish were doing in this recession. She said that a lot of construction guys were moving to Australia, where the work is. I asked her what they plan to do when building comes to a halt in Australia. Silence in Midtown.
Franklin Delano Obama better get the massive building projects going here in the U.S. That will get our construction guys back to work. I’m sure I will be hearing that soon from co-workers. I will ask them, “who’s going to pay for it? We are broke.” Silence in Midtown.
who’s going to pay for it?
We are already facing massive deflationary pressure. Printing the money will not cause inflation and will prevent further losses from retirement funds which have been run on by debt repayment failures.
The bigger question I have is lets say we allow the economy to collapse, (which is most likely will anyway) who is going to pay all those SS and retirement checks each month? Who will bail out your local bank when the FDIC has exhausted all their cash? Who will pay all the unemployment bennies when the unemployment funds are gone? Who will pay for our police, fire, teacher and prison guard salaries? Who will pay for anything?
Is printing the money in the face of that alternative such a bad thing when we get to keep all those things to a great extent and get new infrastructure to boot as equity?
The fact is you and I and everyone else ALREADY has to pay for this mess. The number I believe most agree on is $175,000 for each breathing American. To satisfy ALL of our indebtness (Govt, Corporate and Personal) which currently stands at some $60 T and climbing fast!
How does our petroleum-centric economy just start printing money for internal projects while keeping the goods and oil flowing from other countries. We are nowhere near energy self-reliant. On paper your post sounds good. How does it turn into reality? We are broke and when the foreigners finally figure it out they aren’t going to want to keep pumping their resources to us.
the new deal failed in 37
we’ve already dealt
war
katrina
rebate
bailout
it won’t work
Shhhh! People need their school book heroes now more than ever so they’ll go out and shop.
Besides, a magazine at the drugstore this morning featured the president elect and Abe Lincoln on the cover - so I think they’re skipping over FDR altogether.
Saw the esteemed President-elect on the cover of Men’s Health. Say, what? He’s been hanging out at the gym, making comments on gays in the military….worthwhile endeavors, to be sure, but it took him a long time to make any comments to make Wall STreet a little less skittish. Get a grip, man.
NYCboy
How about a couple of Billion for the 2nd ave subway…lets put crews on the whole line building it in 2 years not 10.
or adding another tunnel under the east river and to jersey…tons of really needed jobs
we should have built another GWB to jersey for trucks only and got them off the Cross Bronx
Or for 40 years they wanted to add a bridge ( or a tunnel) across long island sound to get from 1-95 to long island There are two places it could be built that is a shorter distance then the midtown tunnel is to manhattan…
That’s just for starters…
Are we going to do that with Federal money? How do you think other states are going to feel about pumping billions and billions of dollars into New York City? They might just reply, “Drop Dead”.
Well the argument is simple most New Yorkers Dont drive.
That’s why the idea of putting tolls on the east river bridges is Bloombergs major screwup….it will cause miles of traffic backups the feeder streets couldn’t handle the backups.
Lots of people don’t have ezpass especially if they are out of state…so we would need at least a cash lane or two coming off the 59th street bridge…..it would add so much costs to everyday things.
Maybe if they did something backwards like put tolls on the bridges but increase the subways by 50% in the off peak hours..so you are not waiting 20 minutes for a train and then another 20 min for a transfer…
I am about a Mile and a Half from the 59th bridge, and when there is a major accident it backs up down the LIE and van dam st to the side roads where i cant even get out of my driveway. So i can imagine what tolls would do.
I think you missed my point. The City is broke. The money would have to come from The Feds. And I don’t think the rest of the country is too concerned with the fate of NYC and Wall Street. I think the rest of the country will take great joy in hearing of the hardships of Fantasyland.
agreed but if the BIG O wants to employ construction workers and all the associated jobs… we do need it here
a lot more the rural kansas
Ford to City: DROP DEAD
“How do you think other states are going to feel about pumping billions and billions of dollars into New York City? They might just reply, “Drop Dead”.”
They’ve been doing it for years with the Big Dig in Bahston, and nobody raises a peep, so I think you’ve nothing to worry about.
Apples and bowling balls. Did Boston cause a global financial meltdown before they started the Big Dig?
No, but it’s still raises nary a peep with anybody.
I was just referring to the billions and billions comment. I missed your point. Sorry.
“Franklin Delano Obama better get the massive building projects going here in the U.S. That will get our construction guys back to work”
Is that all the construction workers from other countries, or will that be the unemployed American worker? Wait I just had a thought, there are no american construction workers.
Does Latin American and South American count?
There’s no doubt that O will create a work program of some sort throwing massive amounts of freshly printed money for infrastructure work. Sadly, the profits of the work will go to big construction companies using cheap illegal labor-not unemployed facory workers.
NYCityBoy
“Franklin Delano Obama better get the massive building projects going here in the U.S. That will get our construction guys back to work. I’m sure I will be hearing that soon from co-workers. I will ask them, “who’s going to pay for it? We are broke.” Silence in Midtown.”
-
Well, if the work is going towards infrastructure, wind mills etc.
Now, that would be change.
Most of the infrastructure jobs will go for wasteful projects like bridges to nowhere. Pet projects for the same people that will need to vote in such a program. You can bet there will be some pig in that bill. In many ways, wind projects are just as wasteful.
You may be right.
Just saying it would be nice if real jobs were created that mattered on real solutions towards energy….
Instead of money for construction projects, how about money for deconstruction projects?
I nominate we deconstruct every empty crap shack McMansion and send the invoice to Alan Greedscam.
Franklin Delano Obama is going to! It says so right here:
http://news.yahoo.com/s/ap/20081122/ap_on_go_pr_wh/obama_economy
President-elect Barack Obama promoted an economic plan Saturday he said would create 2.5 million jobs by rebuilding roads and bridges and modernizing schools while developing alternative energy sources and more efficient cars.
Never you worry!
No mention of other modes of transport? Fine, then next time gasoline goes to $5 a gal. I expect a lot less whining from the people.
If after this summer they still choose to make the highway construction lobby even stronger then there’s no helping them.
An interesting article in Barron’s this morning which argues that the market is getting cheap/not likely to fall much farther because of the ratio of stock market value to GDP (59%), which is currently below its long-term average.
But the accompanying chart destroys the thesis as it shows that following extremes the market consistently sinks to 40% of GDP and for entire ten-year periods following the big collapses in the 1930s and 1970s, the market traded between 40-50% of GDP. And, oh yeah, GDP ain’t going nowhere soon.
Actually interpreting the charts one would expect the S & P to bottom not here but between 400-600.
http://online.barrons.com/article/SB122732177515750213.html?mod=djemWR (may be premium content)
They also have the obligatory article about Berkshire looking like a good value now that it only trades at a 35% premium to book value (not counting the put exposure).
did anyone even bother to save a link to the last time Barron’s said the market was cheap?
And then there’s this piece of wisdom:
One of the many ironies about this year’s setback was that it was largely unanticipated because major averages began 2008 selling for a seemingly modest 16 to 17 times projected earnings, versus a peak of 25 in 2000. It turned out that profit estimates for this year were way too high.
I was just going to say that on this ‘bits and tits’ there is no bad news yet.
I hear they will be bailing out some company this weekend. Which one?
There is this item…
FDIC Seizes Three Banks, Expanding Loan-Relief Effort
By Binyamin Appelbaum
Washington Post Staff Writer
Saturday, November 22, 2008; Page D01
Federal regulators seized three banks last night, including Downey Savings and Loan Association, a large California mortgage lender, expanding what is by far the most expensive crop of bank failures in modern American history and indicating that the pace of failures is increasing.
$hittibank is on the ropes.
Bailout talks in progress. Expect an announcement before the Japanese open.
Geithner did a wonderful job with Bear Stearns and AIG. I’m sure he will do yeoman’s work on this one, as well.
White shotgun wedding with GS?
or does C just absorb the entire US government.
Prince Alla-weed should be thrilled at the proposition.
They need someone with capital not someone into whom they are going to sink capital.
If these were normal times, I could see a marriage with MS (given that the MS crew runs Shitti.)
But this is a disaster so it’s bailout time.
TARP-it
Ship it,
Citi ever weeps.
Congress-scritter: “Its not your money.”
Foreign depositors are the severe danger here. We can’t make them whole without buying a ton of foreign currency. This will put the USD under massive pressure.
—–
Asians run on Citi?
US Dollar pressure.
Gold and oil spike,
another Baltic sovereign goes under in a Herstatt risk scenario.
Lehman was Herstatt.
Me and you are both expecting a second one, possibly from left field where no one is looking.
get the IMF on the red phone, her-STAT.
Hello Herr-Statt, this is Prince Alla-walla-willa-wonka-weed calling. Can I borrow a few billion?
present company included?
Sea? See? C? Si!
About 10 years ago, the U.S. Customs auction in L.A. had a bunch of numismatic and bullion coins up for auction, several million $’s worth.
They came from some guy that phony’d-up a bunch of invoices with a letterhead that said “Fred’s Missile Parts” (or perhaps a bit more sophisticated than that?), invoiced the government for around $5 million, and they sent him a check.
It took a few years for the Feds to figure it out, and they raided his safe-deposit boxes where he had stuck away some of the proceeds…
Did they get the watch he had hidden away?
“Rectum? We nearly killed ‘em.”
So he wasn’t smart enough to stash those offshore? Or maybe he did have some stashed offshore?
Anyone who pulls something like this should buy a one-way ticket out.
He wasn’t bright enough to figure that out.
Observation: OB’s economic team members are seasoned veterans of economic management by crisis and bailout. Is there any hope for anything besides more of the same policies which have prevailed for the past eight years and before?
O supporters are going to prove to be as incapable of criticizing their guy as Bu$h supporters were of their guy.
We have spent thousands of hours on this blog determining that The Fed is the biggest problem in this country. Anybody that knows The Fed knows that the head of the NYC family is the head of the entirety of their version of, “la cosa nostra”. O is making the head of that syndicate the head of the Treasury and the O supporters won’t dare to step out of line and be critical.
The argument in favor of Geithner will be, “they can’t go with somebody the markets don’t know”. Ah yes, the “we can’t spook the market” argument. This was used to defend the waterfall of lies told by Paulson, Bernanke, etc. early on in this disaster. “They can’t tell the truth. It would crash the market.” The market crashed anyway.
We need truth and integrity to get us out of this mess. And we are to believe that a fount of such virtue has been located in The New York Federal Reserve? I lived a block from that building. Nothing about that building made me think of truth and honesty. It made me think of conspiracy and secrecy. I doubt that will change when Mr. Geithner “goes back home” to The Treasury.
But please don’t be critical O supporters. You would hate to crash the party. I see credibility flying out the window for multitudes of people.
Patience.
Just waiting for the Hilary formal announcement and then you will hear me rant.
All the major news accounts that I heard yesterday afternoon and evening said that “the markets rallied” and “cheered” when they heard who the choice was.
I’m not commenting on the choice itself, just the way that Big Media covered it. This was the regular news not the financial news.
It was a short squeeze on options expiration Friday. That rally had nothing to do with faith in The Fed’s capo di tutto capi.
No kidding City Boy! It amazes and annoys me how little the press covers/understands how the market works.
it all sounds like a set-up to me. I think they new the shorts would be covering the last hour of trade and timed the announcement.
His face is on the local papers here this morning. I can’t remember the last time an appointee got his/her face plastered all across the front page like that - especially one that isn’t really a household name already - like Condi, or Powell.
I even saw the guy several times on European TV this morning … usually they are not interested in such stuff. Well organised propaganda machine.
The names may have changed, however, yesterday’s timing indicate the behaviors will remain the same. After a while, this type of behavior will only chase liquidity out of America’s Kangaroo markets, creating an even bigger downward adjustment.
The insiders knew. The markets were Doji all day until three. Japan closed up Friday after the shellacking here in the US on Thursday. That was the first clue. They can keep it. C’s demise is evidence they are warring amongst themselves.
Thank you NYCB, for correctly illustrating the immediate strengthening of the Mob-like influence of the Fed with the Geithner appointment. Another fox in the henhouse. Another immediate “change” for the worse.
Here’s one from the Grand Canyon state - Janet Napolitano as Director of Homeland Security. Probably the worst choice possible, unless nominating an actual illegal alien drug king-pin were another option. During her tenure as Governor of Arizona, she has done everything possible to eviscerate, ignore, and thwart every attempt to secure and defend our border to the south. After all, only red-neck neocon knuckle-dragging evangs would want a secure national border, right? It is a true sign of the times when politicians promote truly destructive policies in the name of political correctness. If the highway to Hell is paved with good intentions, rest assured the the PTB are paving the way 24/7. Your tax $$$ at work.
Why in the world would The Messiah and his coterie want to cut off the flow of “Democrat on Arrival” illegal aliens? Think of the explosion of social programs that awaits. In another four years, our demographics will be such that the Democrats will have a permanent lock on the levers of power, so long as they can promise their base of social parasites that the wealth transfer from the productive classes will continue apace.
As far as expecting any relief or sanity from the Republicans, forget it. Beholden to their corporate masters, they see the masses to our south as cheap labor, nothing more.
‘The argument in favor of Geithner will be, “they can’t go with somebody the markets don’t know”.’
And just in case somebody in the markets don’t know him, the WSJ featured a supersized close-up mug shot front and center of page A1 in today’s edition. Got cult of personality?
Is the Obama administration going to be more open to working with other nations or will it be more of the Bush approach of “My Way Or The Hi-way”? I think the success of any economic & foreign relations policy will depend on how well we (USA) are able to influence world leaders to our advantage. I know, big *IF*, but I like the odds with Obama much better than with McCain.
I hear a lot of complaints but few suggested alternatives.
At least we didn’t get Larry Summers(yet). Another Goldman Sachs insider that is a cancer in our system right now. I’m not wild about Clinton as part of the administration but I would bet that the State Department will be more loyal to Obama than Clinton so Obama’s policies will override the Clinton influences.
I would like see Obama re-shuffle his cabinet in about 6-9 months to fine-tune it. Maybe get Paul Volker in the loop in economic policy and move Hillary to Health or Education and replace her with maybe Russ Feingold or Chuck Hagel for SoS.
PS: I think we need a constitutional convention too. Take the best parts of the old one and reshape it for the next 200 years. Cut back on the executive branch, re-do the election process etc..
“At least we didn’t get Larry Summers(yet).”
Guess again.
Summers to Join Obama White House, Boosts Fed Chances
By Brendan Murray and Michael McKee
Nov. 21 (Bloomberg) — Harvard University professor Lawrence Summers will join the Obama administration with a ready-made sales pitch for substantial economic stimulus and a chance that the role springboards him to the Federal Reserve.
It sounds like OB’s team will be top heavy with experts on systemic risk. Creating systemic risk — the kind of massive volatility wave that swamps out fundamental signals about which businesses are economically viable and which are losing proposition — is a natural consequence of economic management by bubbles and bailouts. Every time a massive credit tsunami washes over the economic landscape, weak hands are shaken down and strong hands with deep pockets get to pick up devalued assets at fire sale prices. Wealth gets increasingly concentrated at the top, and the rest of the little people get whatever trickles down. Lather, rinse, repeat…
It makes me sick to my stomach just thinking about this, much less seeing it first hand which, unfortunately, is just my luck.
This is pretty much the history of 19th century America in a nutshell.
Create artificial inflation via debt, default on debt, buy assets at fire sale.
Lather, rinse, repeat.
That having being said, there were no blogs and the HBB consists of the strong hands not the weak ones.
“This is pretty much the history of 19th century America in a nutshell.”
FPSS, are you saying you aren’t planning to do the same thing this time around? I sure am…
If you can be one of the ones smart enough to have cash available to buy assets at fire-sale pricing, it’s a great opportunity.
Of course, I am.
Do I look like I have st00pid tattooed on my forehead?
I am merely both pointing out the general historical pattern, and its specific applicability to the current situation.
Guess I attributed a value judgement to your comment that wasn’t there.
“At least we didn’t get Larry Summers(yet). Another Goldman Sachs insider ”
Summers was a member of the Council of Economic Advisers under president Reagan from 1982-1983. He also served as an economic adviser to the Dukakis Presidential campaign in 1988.
Summers left Harvard in 1991 and served as Chief Economist for the World Bank(1991–1993) and later in various posts in the US Dept of Tresury under Clinton.
From 1999 to 2001 he served as Sec of Treasury, a position in which he succeeded his long-time mentor Robert Rubin. In 2001, he left the Treasury and returned to Harvard as its President. Summers served as the 27th President of Harvard University from July 2001 until June 2006.
In 2006 he was a member of the Panel of Eminent Persons which reviewed the work of The United Nations Conference on Trade and Development
Good thing we have a black president, so nobody can shine too bright a light on Summers’ politically incorrect history. But what the heck…
“Let them eat pollution”: capitalism and the world environment
Aftermath of Gender Gap Remarks by Harvard President Summers
On Friday, January 14, 2005, Harvard President Dr. Lawrence Summers suggested that innate differences between men and women might be one reason fewer women succeed in science and math careers.
I’ve nearly given up on any sort of change in this country, and well before I voted for Obama. I am still happy he won, rather than McCain, as perhaps we can repeal some of the hideous policies of Bush. But, when I see the likes of Warren Buffet standing next to Obama, I am quickly reminded of the corruption that is our government.
In light of what’s transpired over the past several years, when the wealthiest American businessman is standing on stage with the president elect, it’s little cause for optimism, but rather skepticism. It only serves to strengthen the argument that there will be no change from the status quo, which is big business dictating policy, writing legislation, and ultimately, deciding what’s “right” for us citizens.
As has been talked about here before, Warren Buffet’s Berkshire Hathaway owns 20% of Moody’s, the ratings agency which was stamping AAA on all of the BBB garbage bonds passed off on investors. This was one of the most important parts of the scam, for without it there would’ve been no market for these financial time bombs. NOBODY can convince me that Buffet didn’t know what was going on. They ALL did. The President Elect seems to be in Wall Street’s pocket, not unlike his predecessors. Here we go, status quo.
The first job is to get the train back on the tracks then we can talk about change of direction. I’ll let him assume the job before I start with the criticism.
Which “hideous Bush policies” would you like to see repealed?
I am quite curious as to which specific Bush policies Obama intends to repeal after the inauguration.
I’m asking this in all seriousness.
What hideous policies? For starters, how about pulling the troops out of Iraq? The “war” is absolutely criminal. Then, maybe he can delve into disturbing things such as the Patriot Act, and it’s associated ills.
As far as what Obama intends to do, I have no idea. Do you think I’m some sort of clairvoyant or something? Jesus, I sure wouldn’t be on this blog all the time if I was. I’m just here to educate myself and try to f***cking survive this economic meltdown. I’m not one of the wealthy posters here who likes to talk about all my cash and gold. I’m just a regular guy trying to make it.
My apologies as I misread your post, and thought you were asking me what policies he intends to repeal. I’d only eaten a piece of toast all day and was getting a tad irritable. Of course, it’s not really the lack of food, but the situation with this economy.
Amen BB and Meas…. GW and his elitist crime syndicate set out to prove that govt is a failure. You couldn’t have cast a more appropriate group of losers.
From our previous dealings with pirates, way back when…
“The U.S. paid Algiers the ransom, and continued to pay up to $1 million per year over the next 15 years for the safe passage of American ships or the return of American hostages. Payments in ransom and tribute to the privateering states amounted to 20 percent of United States government annual revenues in 1800.”
http://en.wikipedia.org/wiki/First_Barbary_War
Perhaps that’s why John Adams was a one-termer.
And Bill Clinton was a two-timer.
Do you mean a two timer president? If you mean women, I believe he was a multi-timer
“If you mean women, I believe he was a multi-timer”
Monica Lewinsky is a 3-some all by herself.
Lolol CB too funny!!! But true.
Sad article from New York Times:
Many elderly in need of care cannot afford to move to senior or assisted living communities, because they can’t sell their houses.
http://www.nytimes.com/2008/11/22/us/22home.html?hp
My question is, why on earth “senior living” costs so much (thousands of dollars per month for a shitty senior “condo” - what a rip-off!)?
And also, for those elderly who are not all alone in the world, why can’t their families take care of them?
“My question is, why on earth “senior living” costs so much?”
Many if not most elderly people do not want to be a burden on their children, and in general do not really want to be around them permanently. Many reason that they have the choice of either bequeathing money or else spending the money on themselves, thus maintaining an independent lifestyle. Thus, the demand for assisted living facilities with comprehensive services is quite high, driving prices up.
Unless you live in an extreme rural area or certain areas of the rust belt, houses can be sold at some price. When people say they can’t sell their house, they mean that the price they could get for their house is too low to justify making changes.
(Whining just isn’t going to cut it anymore, even for the elderly. The sooner the NYT figures this out, the better their hope for survival.)
“And also, for those elderly who are not all alone in the world, why can’t their families take care of them?”
Good question. Something to ponder whenever someone with kids asks someone without kids: “aren’t you afraid you’ll be alone when you’re old?”
Truth: most of the seniors in old folks’ homes had kids.
Don’t know why the old lady doesn’t lower her price . Maybe the old age homes need to come down in price a bit . Health care costs have gone up 50 to 60% in the last 8 years (accordingly to a article I read a number of months ago ). Isn’t this a industry that is refusing to come down with the deflation ? I know of 2 blind people that are trapped in their homes ,but one of them refused to sell at a lower price to get
out .
I know someone else that just got their car taken away by their doctor ,
but they are up-side down on their home loan to be able to sell to go to one of those places ,(the family doesn’t want to take this person
in ,and they say they can’t drive him to the Doctor because they have to work .) Some families help and others don’t . I know for a fact that this man has given thousands to his family whenever they needed it and he was a very generous soul ,but in his time of need the children are being selfish ,especially since he has a brain tumor .
There are going to be all kinds of stories of people getting stuck because of this market .
“Health care costs have gone up 50 to 60% in the last 8 years (accordingly to a article I read a number of months ago ). Isn’t this a industry that is refusing to come down with the deflation?”
A friend’s grandma is at a “senior living community” on Long Island. The fee is $6,000 a month. I don’t get it… Why does it cost so much?
It’s far from the city, in the middle of nowhere where the land should be inexpensive. Small “apartments” look like rooms with a kitchenette in a very cheap motel. Nothing fancy. They do have a nurse on the premises, but she does not provide any care, if anything happens, the nurse just calls an ambulance. Food is horrendous and very unhealthy.
IMO, if grandma kept her house and hired a companion to take care of her, she’d be much better off than in that depressing place…
Assuming grandma didn’t have all the money tied up to the house.
But yes, I’ve never understood why people don’t just have companions who do the shopping and cleaning, and hang around to help. Would be a lot cheaper.
“Would be a lot cheaper.”
…and also think about all the jobs such demand for companions would create.
Hmmm, that’s a thought. Organize an employment agency for out-of-work former finance, RE, and mortgage workers to take care of seniors who can’t sell their houses and move into senior communities due to RE crash.
Yeah, that’s a very good idea.
The agency takes on the insurance part of the deal. Most people don’t like companions ’cause it’s hard to trust them. The agency could act as the guarantor.
This is such a Buffett play except with humans as opposed to muni bonds.
The fee is $6,000 a month. I don’t get it… Why does it cost so much? That fee works out to $200 a day. Just try to hire decent live-in help that will wait on you, cook for you & clean up after you for 24×7x365 for that kind of money. Let me know your results.
“That fee works out to $200 a day. Just try to hire decent live-in help that will wait on you, cook for you & clean up after you for 24×7×365 for that kind of money. Let me know your results.”
I’m there. I’ll do it. That’s $72k per year, and I’ll take it in cash. Just so long as I don’t have to bath the person, or change diapers, I’m all over it. I’ll do laundry, yardwork, house cleaning, cooking, shopping, you name it. Where do I sign up?
Ther is no inexpensive land on Long Island. Maybe soon, but that land was already bought.
OK CHICK……you did it……..
why can’t their families take care of them?
Well conside my parents had my grandmother live in her own apt on the 2nd floor for 15 years before we put her in a home…she was getting maybe $700 a month SS plus some meals on wheels and a helper everyday sometimes twice….
All this time she was paying less then 1/2 what a tenant would have paid … plus we paid for the heat….my parents really struggled with the $7000 property tax bill, and of course no one would help city or state with that…either freeze it of lower it ….but they would have easily paid $40,000+ a year to put her into a nursing home….
If my parents had a mortgage or high medical bills …there would be no way to have kept her in her apartment that long.
After my dad passed away, we wanted my mom to live with us. We gave her some time to mourn and then made the offer again. She now lives with us. All of us has learned to make compromises. I’m am very happy she is living with us and she is also very happy to be living with us. Right now she is going through chemotherapy, and with her living with us we can take better care of her. All of us wouldn’t have any other way.
“…with her living with us we can take better care of her. All of us wouldn’t have it any other way.”
That’s how it still is in many countries. Children grow up and leave… but then take their parents in, when their parents need them.
Imagine what’s going to happen when parents who shirked the task of raising their own children, shunting them off into Day Care kiddie kennels while they opted for a “keeping up with the Jones’” lifestyle, move into their dotage. It’s a matter of time before euthanasia becomes a legal and accepted “choice” to deal with surplus baby boomers. A lot of Day-Care and Latch Key kids may not be very well desposed to take in and care for parents who never took the time to actually BE parents to them when they were growing up.
Sammy,
Unfortunately for us, my mom or dad couldn’t afford to stay home and take care of us (at the time everything that could go wrong, went wrong). My grandparents helped out. When they couldn’t, we came home, did our homework and then went out to play. Usually by 4:00 pm my mom or dad was home. We were pretty lucky. The neighborhood I grew up in watched out for each other kids. Everyone knew each other. If we were scared, or needed help, we could always go to our neighbor’s house and vice versa.
SanFranciscoBayAreaGal,
Believe me, I make a distinction between parents who have no choice in the matter, and those who do. My comment was specifically addressed at parents who have adopted a “keep up with the Jones” lifestyle, who choose a McMansion and a new Lexus or SUV every other year over the well-being of the children they brought into this world.
As far as the parents who have no choice in the matter, i.e. single parents or low-income families living within their means but still struggling just to get by, obviously, that’s a different story.
You are a blessed person, Gal, as is your Mum. Perhaps the New Economic Reality will bring our families back together again. We lost part of our national perspective when we encouraged generational separation…the results are now obvious.
The pendulum swings.
We lost part of our national perspective when we encouraged generational separation…the results are now obvious.
———————
Absolutely. As much as this recession/depression will hurt, it would be lovely if we could all retrain our focus on relationships with people, instead of things.
Also from NY times:
Inventory rises in Manhattan illustrate a sharp deterioration in the market.
http://www.nytimes.com/2008/11/23/realestate/23deal2.html?ref=realestate
Whoo-hoo!!! Although… It’s too bad by the time the prices finally adjust to reasonable, I may be out of a job and looking to move elsewhere, wherever the jobs will be.
I hear they need “Ice Road Truckers” in Yellowknife, Northwest Territories. The pay is good. All it takes it the ability to keep your eyes open for 24 hours straight while driving 20 miles an hour in the dark and the ability to ignore the loss of feeling in extremities when the truck heater goes out.
Piece of cake…
“All it takes it the ability to keep your eyes open for 24 hours straight…when the truck heater goes out.”
That’s what Red Bull is for, and a set of extra warm socks and gloves. Piece of cake, LOL.
That is one of the shows I find addicting.
I was a teensy-weensy lad on this day way back when Camelot came undone.
Remember this gem?
Comment by aladinsane
2008-07-11 16:39:44
5. Stop repeating same message over and over and over and over and over.
MV
Tell us something about yourself. You seem like just another cipher, an attack-dog that seeks out those with views that don’t match yours.
That’s sad.
Not that we haven’t seen hundreds of those over the last few years… Maybe breaking a thousand?
Got Popcorn?
Neil
What do you want to know about me?
I don’t attack you because your views don’t match mine (in fact, we have lots of the same views). What’s sad is that you can’t even tell why you’re attacked. Here’s why:
1. You’re a religious zealot who doesn’t like religious zealots. Your religion is gold.
2. You’re constantly making predictions that don’t come true, and you do it with the tone of an Oracle. On the off chance that random factors align and one of your many predictions comes true you pat yourself on the back never realizing that even a stopped watch is right twice a day.
3. Most of your posts come across with a tone of “holier than thou”, up on a pedestal preaching, yet you hate religion.
4. Lots of your posts are aimed at showing how cool you are. Just take a gander at all your posts of today.
5. You have used alternate identities as a means of bolstering your arguments.
Nothing in these 5 reasons implies our opinions differ.
How is it that if I use your own words at you I’m “another cipher, an attack-dog”? Ironically everything you call me reflects on you because those were your own words. That’s what’s sad. And if you have to point out how cool you are, it’s proof that you’re not cool even sadder.
“3. Most of your posts come across with a tone of “holier than thou”, up on a pedestal preaching, yet you hate religion.”
I never looked at it that way, interesting. I don’t think he hates religion, though. I could be wrong, but I sort of got that he hates hypocritical Christian evangelism.
“yet you hate religion.”
I know I certainly do.
but do dogs go to heaven?
Catholic Church: “All Dogs Go To Heaven”
Presbytarian Church: “Only Humans go to Heaven. Read the Bible”
CC: “God loves all his creations, dogs included”
PC: “Dogs dont have souls, this is not open for debate”
CC:”Catholic dogs go to heaven. Presbyterian dogs can talk to their pastor”
PC: “Converting to Catholicism does not magically grant your dog a soul”
CC: “Free dogs soul with conversion”
PC: “Dogs are animals, there are not rocks in heaven either”
CC: “All rocks go to heaven”
The real question is whether gold goes to heaven?
Dominus,
omen.
Catholic gold goes to heaven, Presbyterian gold can talk to their Central Banker.
SNAP.
You the man, vozzie!
Wait a sec, folks wanna play lad-the-impaler because he mentioned the ann’y of Dallas?
Well, when the dollar doesn’t disintegrate because the world wants to give Obama and the U.S. a chance to turn things around … and it turns out the MSM and even NEWSPAPERS are doomed to be on the scene for a while longer … well, I’m sure we could fix him up with a gig writing headlines at our outpost!
Why bother?
I’m reasonably sure he’s a gold dealer p*mping gold, and a card-carrying member to the gold equivalent of the NAR.
Clue,
Reminds me of a cartoon in Mad Magazine:
See the Catholic family. The Catholic family has five children.
The Catholic family believes in rhythm control.
Boy those Catholics are off beat.
a joke that bad deserves a *rimshot*
crickets chirping….
MV:
‘Lots of your posts are aimed at showing how cool you are. Just take a gander at all your posts of today.’
You’re gonna hate me even more…
Just back from taking a drive in the Sierra, and saw 4 Black Bears today, Too Cool~
One of em’ was about 300 pounds and the Australian lady in the car in front of me on the road, got out and the bruin false charged her, (it quickly went out a few feet and then stopped) and i’ve seldom seen a woman in her 50’s move as fast as did she.
Getting back to you, you’ve told us nothing about yourself…
Ever read Mad Magazine? Crickets chirping all over the place. My favorites were Scenes we would love to see and their take on the hit movies and hit TV shows. Of course you had to look in between the panels for more of the cartoons. If I see the magazine I still flip through the pages of the magazine.
I think this was a reference to the day Kennedy was shot (could be wrong). I was a year and a half old. So was Obama. So was Geithner. ‘61 was a particularly good vintage…
University of Michigan
“The Victors”
Now for a cheer they are here, triumphant!
Here they come with corporate jets flying,
In stalwart step they’re nighing,
With shouts of vict’ry crying,
We hurrah, hurrah, we greet you now, Bail!
Far we their praises sing
For the glory and fame they’ve brought us
Loud let the bells them ring
For here they come with corporate jets flying
Far we their praises tell
For the glory and fame they’ve brought us
Loud let the bells them ring
For here they come with corporate jets flying
Here they come, Hurrah!
Bail! to the victors valiant
Bail! to the conqu’ring heroes
Bail! Out! to Michigan
The leaders and best!
Bail! to the victors valiant
Bail! to the conqu’ring heroes
Bail Out! to Michigan,
The champions of the West!
We cheer them again
We cheer and cheer again
For Michigan, we cheer for Michigan
We cheer with might and main
We cheer, cheer, cheer
With might and main we cheer!
Bail! to the victors valiant
Bail! to the conqu’ring heroes
Bail Out! to Michigan,
The champions of the West!
Ohio State 42, Michigan 7……Slim’s probably not too happy right now. They’re almost as bad as the Lions.
All bail, Maccash, thou shalt be king hereafter!
The Chicago condo collapse is picking up steam. Again this week I’ve learned of condos that sold for a quarter M in 2006 being offered up at prices well south of $100k. This time in Uptown, so it’s getting closer.
Granted, so far the places have been in marginal areas and in unremarkable buildings - but having the benefit of the recent lessons of CA and FL - its clear where this is headed.
It seems those locales that came late to the party (ex. Vancouver, NorCal, Chicago, etc.) have one thing in common: when the prices go - they’re going faster a lot sooner than the early stages on CA and FL in 2005 did.
Again this week I’ve learned of condos that sold for a quarter M in 2006 being offered up at prices well south of $100k.
At this point, I think it’s transitional neighborhoods and less desirable [read: ugly] buildings that’re taking the the first hits. I haven’t seen large-scale price reductions in my own neighborhood yet, though completed sales seem to be scarce.
In neighborhoods near mine, however — Humboldt Park and Avondale — prices are dropping much faster, especially on condo stock that was largely ill-advised in such locations.
A friend of mine just accepted a plum job at the Rock And Roll Hall of Fame in Cleveland, and is now faced with the unenviable task of selling his SFH, which is about six blocks away from me.
It’s a nice little frame house with a backyard, and it’s in pretty good shape. He and his wife are asking $409 K, roughly 150 K more than I’d think the rational price
wouldshould be. I have no idea what they paid for it, but if I recall correctly they moved into the place in late 2004 or early 2005. So too much is what they paid for it, I guess.Another friend and I had speculated about whether the housing market and the fact that this admittedly very good job is in Cleveland would put the damper on this move, but the friends are plowing full-steam ahead.
Cleveland?? Have they been to Cleveland??
What’s your beef with Cleveland?
Anything beats the f*ck out of Cleveland.
Where have all the gold shorts gone? Lease rates are now negative:
http://www.lbma.org.uk/statistics_current.htm
The 1 month LBMA gold lease rate just went from just above zero to -0.11%, and the 2 month rate is also negative. That’s right they will PAY YOU to short gold. So, if you’re willing to lease gold, sell it on for cash and stick it in a LIBOR rate account, you’ll earn the 0.11% lease rate PLUS the LIBOR.
Apparently deflationistas lack the courage of their convictions or they would be shorting the hell out of gold and making money 1. on the lease rate 2. on the LIBOR and 3. on the oft-predicted ‘gold to $100′ babble that passes for deflationista theory. Somebody tell Jas there is free money on the table.
All trades are not equal.
Risk-reward tradeoff matters. If you were willing to settle for LIBOR + 11bps, there are far better trades out there.
It has nothing to do with convictions, and everything to do with risk v/s reward.
Do tell. Which ‘trades’ have better return without having to even use your own money?
Why would I tell you?
And Buffett played this trade for a long time with silver rather than gold. When silver prices rose to the moon, he handed them the silver.
I see; another content-free post from you. No links, no facts, no nothing. Par for the course.
Why would we do your homework for you?
I would no more announce my trades and ideas than I would p*mp my grandmother out.
‘…than I would p*mp my grandmother out.’
Is she cute? Mine is. Got an unpleasantly caustic tongue, however.
‘Got an unpleasantly caustic tongue, however.’
I didn’t mean like on the SciFi channel, where the human/insect mutant spits poison and melts someone.*
I just mean gran’s a real b*tch.
*Not that I wouldn’t put that past her.
http://www.theaustralian.news.com.au/business/story/0,28124,24687337-643,00.html
Physical demand for gold (as opposed to the fraudulent and manipulated paper gold market) is going crazy. People see what’s coming and are stocking up accordingly. I expect precious metals prices to soar in the next twelve months as the manipulation breaks down and buyers on the COMEX demand physical delivery.
I expect demand for physical gold to remain strong (along with demand for dollars) so long as fear is king. After markets calm down again, all bets are off. I could see high inflation hammering stocks while physical gold either held its own or rallied upwards, or I could see stocks take off on a wave of confidence as physical gold loses favor due to waning safe-haven demand. My crystal ball is very cloudy on which of these versions of the future (or some other one) will materialize…
I spied with my own eyes an interesting commercial today.
Two companies, a mattress company and Ford dealer got together sharing a 30 sec commercial spot. I’ve not seen that before.
Business must be a little…off, lately.
Actually, that particular combination makes perfect sense. A Ford Ranger with a full size mattress in the bed - accomodations for modern age Okies.
DON’T ENCOURAGE THEM!!!
certainly does make perfect sense.
just drive it Nevada open a brothel, then file to become a bank when the free money dries up.
The next tent city begins…
‘Japanese need to work less and have more kids’
http://tinyurl.com/58ea6w
“It’s a tough challenge for workers, especially the middle- aged ones who have been taught industriousness is the most important virtue,” said Dr. Kunio Kitamura…“Going home earlier, if they can put it into action, is a way to fix the declining birthrate.”
The word `karoshi’ has entered the vocabulary to describe the phenomenon of death from overwork.
Of the married couples surveyed in 2008, 36.5 percent hadn’t had sex in the previous month, up from 34.6 percent in 2006 and 31.9 percent in 2004, Kitamura said. The couples complained they were too tired from their jobs, or that sex is “boring.”
Wha…?! ‘Boring’?? What is WRONG with those Nipponese?
I think they meant boring in the sense of having sex with the same person over and over again. Variety is the spice of life.
Cumin anyone?
Oh. Well, okay, then. The variety point is well taken and you are so very correct there.
Which leads me to the thought–perhaps the problem is that everyone in Japan looks so much alike. Well, WHAT?! It’s true! I’m not making a disparaging remark, I simply note the facts. Variety could be hard to come by.
Heck, it could be like if you went to the bar and met some cutie and were chatting each other up, and then you had to go pee, when you came back, what if you sat down at the wrong table? If you weren’t paying close attention, you might not even notice. You could just keep talking away, may as well, since everyone looks the same.
Probably happens all the time.
I wouldn’t worry about the Japanese.
Any country that produces “elder p0rn” has a lot going for it!
‘Any country that produces “elder p0rn” has a lot going for it!’
I became aware of that delightful past-time a bit ago when I was researching, ummm….like tulips or something? Whatever.
I had successfully done my best to repress the images, the article, and everything associated with the practice, and now look!
Thanks a lot, man. I prefer macaques. I just today decided this.
“Thanks a lot, man. I prefer macaques. I just today decided this.”
Watch out, that kind of language could cost you a Senate seat.
So be “coupled” and order in for a threesome (or more) from time to time.
The best of all worlds.
Hmmm. But wouldn’t it still be like peas, only more peas than before? Maybe a macaque? Or an Alan Greenspan mask.
Say, Fasty, how’s your new ‘peaceful relaxedness’ going? I decided I was wrong to accuse you of developing ennui, only my posts never made it through last night so I could urge you to accept your new lalalala-ness and see what happens. It could be like an experiment.
Well, I went out with some “friends” last night, and sure enough there was a marital spat over money.
Fun times.
Strange they can’t see the direct relation between a relatively low-key lifestyle and their stress.
What I meant to say that right around the time you hit ennui, the Universe™ conspires to throw you right into the middle of the action.
Monthly nut of afore-mentioned couple?
$12,000.
I rest my case.
Monthly nut of afore-mentioned couple?
$12,000.
I don’t think I’ve ever owned a car that cost that much. 1 month would have paid for my mortgage plus property taxes for 1 whole year a few years back.
Dude.
Monthly nut of afore-mentioned couple?
‘$12,000.’
Sweet Baby Jeebus! Serious!? You know how many macaques I could buy for that?!
Actually, I don’t know either. But I bet it’s a lot! Or at least rent them.
That is fookin’ absurd. Do those afore-mentioned people do ANYTHING but work all the time?
BTW, I hate to do this to both of you but this is the shallow end of the absurdity in this city of ours.
I know worse; a lot worse. It’s really a minor miracle that I keep it together most days.
I know worse; a lot worse. It’s really a minor miracle that I keep it together most days.
Wow. It sounds like living in Monty Python’s Flying Circus. Except everyone is actually serious and no one dresses up in drag. I would not fault you for choosing medication and/or drinking as an option.
‘BTW, I hate to do this to both of you but this is the shallow end of the absurdity in this city of ours.’
Jeeze, no wonder I shun cities and their crazed dwellers in preference to simple frogs in the forest!
The flagrantest frogs ever get is when they attack a nice soft mud-ball. Then I blush girlishly and turn my eyes away and I go plant radishes or something.
My mind reels! I can’t hear any more!
…Like what do you mean, you know a worse, a lot worse? Tell us all!
Sounds more like Fawlty Towers.
Is this why Manhattanites love take-out? Kung-POW!!!
People give “boring” as a reason over here, too, for studies about why they don’t boink as often as they think they should. And I think WTF (tee hee..)? With with the same guy (my husband), “boredom” was never a factor…(tired yes, boredom, no)
“boredom” was never a factor…(tired yes, boredom, no)’
Well, aren’t you just smug. No wonder you aren’t a plausible troll. You sound too smug.
…Tell us all!
This also from the article -
`To sustain our standard of living it’s important to stem the contraction in population.’
Contraction, labor, babies - get it?? (Tee hee) I slay myself - phew!
The whole article reads like having a big family is now back on the “to do” list of Japanese workers. Have a baby and visit it every once in a while for the good of Japan!! Then cross that the off the list and go to bar.
Peter Schiff: The Truth About Bailouts
November 21, 2008
As the Federal bailout bonanza prepares to spread beyond the mortgage and financial sectors to fill Detroit’s depleted coffers, few economic or policy analysts have spared a thought for the destitution of the U.S. government itself. Put simply, our government doesn’t have enough spare cash to bailout a lemonade stand let alone a bloated and failing industry that is losing tens of billions of dollars per month. Washington can only offer funds that it has borrowed from abroad or printed. Unfortunately, the nation is in the grips of a delusion that money derived from these sources has the power to heal. But history has clearly shown that borrowed or printed money only has the power to destroy.
Citigroup stock dive rebuffs claim by Treasury’s Paulson
The financial giant’s shares lead a meltdown in financial issues just one week after Paulson says he believes ‘the banking system has been stabilized.’
By Tom Petruno
November 21, 2008
Many things that Treasury Secretary Henry M. Paulson has said about the credit crunch and financial markets have come back to haunt him.
Now many investors appear to expect a U.S. rescue of Citigroup Inc. — just one week after Paulson sought to assure the American people that the banking system has “been stabilized.”
Citigroup shares dived $1.69, or 26.4%, to $4.71, leading another meltdown in financial shares, as investors bailed out on fears that the sinking economy could torpedo the financial giant. The plunge in financial issues Thursday helped drive the Standard & Poor’s 500 index to an 11-year low.
Citigroup stock failed to get any lift from a promise by Saudi Prince Alwaleed bin Talal, who owns 4% of the firm, that he would boost his stake because he believes the shares are undervalued.
Thursday, when Paulson started to talk, he was saying something like: “Whew, that was a close one there last month, the financial system almost collapsed, but now we’re OK, we can’t ever let that happen again” - the market immediately started crashing, I’m, like, can this guy really believe what he’s saying? . . . I was trying to think of an analogy - it would be like Robert E. Lee standing in Richmond telling his troops, “Whew, that was a close one back there in Fredericksburg last month, but we’re OK now,” as the city was burning down around him. . .
Paul,
A couple of days ago you were using your imagination. I thought you might be interested in this article.
Why is a U.S. Army brigade being assigned to the “Homeland”?
http://www.salon.com/opinion/greenwald/2008/09/24/army/
“…was trying to think of an analogy…”
…”major combat operations in Iraq have ended.”
Received a voice mail on my cell yesterday from a Bank of America worker. From his tone and delivery, it would seem like this was a broker from Merrill Lynch that is hunting for new customers to help them invest their wealth. Since I’ve been a customer of BofA for 22 years and this is the first time they have ever tried to reach me, this is a bad omen. It is bad enough I constantly get calls from my assigned Schwab consultant.
It would be more accurate if you said “hunting for new customers to help them DIVEST their wealth.”
Ben,
I think it’s time to let a few trolls in. We need to redirect the knives.
There were seven and a hundred Trolls,
They were both ugly and grim,
A visit they would the farmer make,
Both eat and drink with him.
Out then spake the tinyest Troll,
No bigger than an emmet was he,
Hither is come a Christian man,
And manage him will I surelie.
from the Danish Ballad of Eline of Villenskov
——————–
you can call me vozzie.
A Clue indeed.
It’s beginning to make sense at last….
Yar. In fact, if all the trolls really ARE gone–out kneeling behind dumpsters trying to make the mortgage payment, perhaps– maybe someone here needs to pretend to be a troll, so we can flense them with joy and pleasure. Before we turn on each other like savage beasts.
Not that I don’t enjoy watching the savagery. But still.
I’ll bite.
Man oh man or woman, what are you waiting for? Real estate is a great investment. Why would you think a house is a home? It’s a sure thing, money in the bank. Don’t you know, it can only go to the Moon? Oh wait since we’re running out of land (ignore all the open space), how about buying a piece of property on the Moon? You do know real estate only goes up, up and way. Woohoo! If not the Moon, I can sell you piece of land on Mars, with a view of the canals.
You lack that certain je ne sais quoi that sets the trolls apart.
I agree with fasty. I feel dissatisfied. *lofty sniff*
But, mind you, sanfrangal, I DO appreciate the effort. Thank you. It’s just you just sound too cheerful, for one thing. A real troll would be all grumpy and defiant and like they’d spent last night crying in the bathroom.
Also, another thing, we already know you, and know you aren’t a troll.
PS. WHERE ARE MY POSTS!
‘…and like they’d spent last night crying in the bathroom.’
Or out behind the dumpster, in between customers. Frazzled, like, and sticky, and bitter.
Well, I tried. I just couldn’t draw up the grumpiness. Dang I tried, I really, really, really, tried. I guess I’m happy with all the right choices I made so far.
Let me try:
Now is an awesome time to buy. There’s a huge selection out there and it’s a buyer’s market. Interest rates are at historic lows and renting is just building someone else’s equity
Get in now before this market heads back up! Of course, it may keep going down and prices still don’t make any sense…wait a minute.
Well, I suck at being troll. I can pout very well, however, and have also been known to take the comments way too seriously.
I must agree with you that you suck at this troll stuff. We all do.
Our heart is simply not in it. You need to march into the Valley of Death with supreme confidence, and you just don’t cut it.
SIGH. We deserve a troll.
‘I can pout very well, however,’
Serious?! Me, too! *bounces in chair excitedly at having discovered a kindred spirit*
I am truly a good pouter. It comes natural to me, I have to say, so I cannot be modest here.
First I cast my eyes askance, and blink rapidly, as if to restrain the welling tears from spilling over and trickling down my cheeks, then I breathe in through my slightly open lips in a hitching style, whilst fluttering my lips in a pathetic sort of way, and then, if the situation warrants, I let my chin wobble slightly, and blink some more.
That’s my sooper-dooper pout.
If it’s just a regular pout-event then I flounce away tossing my hair indignantly, and I shout over my shoulder ‘You’re a weenie! Just a great big weenie!’ Then I fling myself down and bury my face in my folded arms and heave my shoulders about, as if I were in the grip of heart-wrenching sobs. I sob quietly, though, so I can hear the footsteps of the observing weenie coming up behind me, full of contrition and eager to apologize.
Is that how you do it?
My pout is more of the icy variety. It’s the kind where one wishes to put on long underwear and several sweaters just to occupy the same room with me. Needless to say every conversation ends with “you should just know what’s wrong”.
My daughter, I like to say, is a true genius at pouting. (I like to think she learned from the best…) She has the cute, short factor *and* can come up with the puffy eyes and a quivering lip almost spontaneously. Unfortunately for her, I have the advantage the more than 2 more decades of pouting experience and can easily outlast her.
When this is all over, both of you deserve a boudoir (Fr: to sulk) of your very own in your house.
‘She has the cute, short factor *and* can come up with the puffy eyes and a quivering lip almost spontaneously.’
Well, she sounds just adorable! You should post a video on youtube, so we can glean helpful hints!
Hey, remember when you offered your kids up for adoption? That was quite awhile ago, but I made a note of it, for in case. Also, you said YOU could be adopted as well. I don’t know about that part, because we are almost the same age, so you would not respect my wisdom and gravitas. Another thing; something tells me you would be sassy, disrespectful, and prone to stealing the car and driving away to Mexico so you could go around building sand castles on the beach.
Call it a hunch.
Another thing; something tells me you would be sassy, disrespectful, and prone to stealing the car and driving away to Mexico so you could go around building sand castles on the beach. Call it a hunch.
This is true.
We *are* all on the look out for adoption by an extremely easy going set of people (see above) who are willing to pay our bills. We are very open minded about the age, race, and religion of the perspective adopter. The only requirements are a willingness to live with adorably eccentric habits and have gobs of money. In return you get undying affection (at least as long as the money lasts), praise where ever we go, *and* our pictures on your wall.
Currently, my Mom and Dad are open to our eccentric habits, but they are broke. My in-laws, who are far less broke, are about as much fun as walking barefoot on a high tension wire above hot coals. (And they are coming to visit in less than a month!! Yippee for Vermontergal!!)
You can’t produce trolls on demand (much as I would like otherwise.)
But we do have the gold troll and a DJ troll.
Thankfully, that Oil City, PA one ran away.
But I miss the guy whose posts were incomprehensible. It was like a free acid trip in the middle of a mundane day.
‘But I miss the guy whose posts were incomprehensible. It was like a free acid trip in the middle of a mundane day.’
Yeah! Taxmeupthebootay! Taxme? TAXME! Where are yuh?
You know what? He probably got his day-pass revoked by the orderlies, when he kept hitting little girls and trees with his pretty parasol.
He was here today. He wrote like 7 words altogether - it was like poetry.
Yeah, I just noticed.
But it was an unusually lucid post almost limpid in its clarity.
It’s just not the same unless you get a full acid rush from the post.
‘Thankfully, that Oil City, PA one ran away.’
Awwwww…I found Byefl to be okay. He was quite sweet, really. His speech was like a refreshing mist of simplicity. Like oatmeal made by grandma. Like wet cardboard. Soothing, somehow.
Recall how he told us all that he would deliver lectures to anyone handy about avoiding drunkenness and loose women? And yet he never seemed to get beat up.
I remember when he suddenly quit telling us his plans. I even sadly wondered if I had anything to do with his abrupt departure, because right before he left forever I urged him to quit being so virtuous and to practice just a very few of the milder vices: calling his brother ‘raca’ or else ‘thou fool’ (Matthew 5:22), spitting his gum out and deliberately missing the garbage can, and gazing furtively at a girl’s bottom on the street…
Oh, you know what, he probably TOOK my advice, went completely overboard and is presently tied to the wall in a Parisian brothel, wearing only a ShopVac filter, a gumdrop, and with a parrot perched on his head!
Awesome!
“Thankfully, that Oil City, PA one ran away.”
No way! Speak for yourself, I loved that guy. He sold stuffed animals out of those grabber things at Perkins… How cool is that?
I don’t know anyone that does that, do you? It was nice to hear from the bubblegum machine millionaires and Oil City cheerleaders, kept things balanced around here.
Really?!?
I didn’t know that. I take it all back.
Come back, come back, all is forgiven.
‘ I loved that guy.’
Why are NONE, okay, mostly none, of my posts getting through!? Huh? I wrote one a good 10 minutes ago, praising Bye and his simple little earnest ways, and where IS it?
Was it because my post had the words ‘Parisian bro*thel’, ‘Matt*hew 5:22′, ‘Sho*p-vac’, and ‘par*rots’ in it?
I can understand how my posts last evening didn’t make it, because of the word ‘pant*y’. Ben evidently has a strong ‘pan*ty’ word filter up. But seriously, what’s wrong with ‘parr*ots’? Hmmm?
Yo. Puss.
See above.
Did I miss a troll?
Hot-diggity-damn! I need to look through the threads again.
I see what you mean. You didn’t mean a troll.
You meant that clue (née vozworth) was incomprehensible. But he’s not. He’s not lucid but he’s certainly not incomprehensible.
There was someone else. Oly, help me out! What was his name?
He possessed the lovely name of ‘taxmeupthebootay’, and his posts were indeed a delightful melange of arcane grammatical constructs, aggrieved ragings against his local county government and their offensive ‘departments of wymin’s affairs and tree plantings’, and over all of it was a liberal sprinkle of exciting punctuation.
Like if a Malibu Barbie were to throw up a squid entree while driving down the street in her pink car. It was just like that, somehow.
‘Like if a Malibu Barbie were to throw up a squid entree while driving down the street in her pink car.’
Oh, I like that one. I’m going to write it down so I can use it at my next public hearing, what’s that gonna’s be, I can’t recall, the Growth Management Act updates? Shorelines updates? A new Safeway project going in somewhere that I don’t like?
Oh, who cares: a simile like that would be useful at ANY public hearing, surely. I’ll shake my head firmly, and point my finger dramatically as I say it, and then march off triumphantly.
eye prefer,
perpsicuousness.
“I am always willing to run some hazard of being tedious in order to be sure that I am perspicuous.”
Adma Smith, The Wealth of Nations, Book I Chapter 4.
Are you at least getting some n00kie from all that euro shopping trip of mrs. vozzie?
Inquiring minds want to know.
easy big fella,
she’s looking over my shoulder….and the CC bill just got here.
/ducks/
Yo. Real estate only goes UP!!!
If you FOOLS had been out building houses instead of sitting around reading this worthless blog, you’d all be RICH!!!
Like ME!!!!
Yo.
uh-huh-uh-huh, no replies yet cause you all KNOW I’m RIGHT!!! Yo.
PS No flameing…
Dang it, flaming, flippin’ keyboard…
This is lame.
Oh c’mon, Puddytat, you wanted a troll, just cause I’m a lame troll…that’s good, isn’t it??
I agree with you, it’s TOTALLY lame.
You need to sound like you mean it.
You clearly don’t. You don’t have that Full-On Confidence™ that is the mark of a true troll.
Plus, you didn’t randomly insult someone gratuitously about something that has nothing to do with RE.
Yeah, I agree with the Puddytat.
No, no—I think we’re getting somewhere, here. I also liked the touch of spelling ‘flameing’ wrong. I think it added verisimilitude. I say a sincere ‘Thank you, Lost in Caifornia’.
Anyway, you know what’s lame, fasty, is how you and me are sitting here demanding that someone pretend to be a troll, instead of out having se*x with a Nipponese representative and a macaq*ue, or cooking rice, or pouting, or drinking various spirits, or doing all those things at once.
For me, it’s because I had a busy week and am too tired, for you, it’s because you decided to get all peaceful and relaxed and go spiritually ‘drifting down the Hudson singing la la la’.
OK, I’m outta here. Gotta go practice before I come back.
Of course, I’m right. You on the other hand were so busy sh*gging Paulson and Bernanke while Lereah, Yun and Greenspan looked on, that you wouldn’t be right if your life depended on it
See how it’s done?
Good riddance. You have a LOT to learn.
That good riddance was for Lost, not the Puddyratatatat.
No, no, no.
Read above how I was shocked out of that peace by this couple that had a marital spat about money. It was all fun and games while I was tried my level best not to laugh. In fact, I am happy to report that I failed to stop laughing.
The Universe™ always restores balance, and one of these days if we are really good, we’ll get some more trolls.
BWAHAHHAHAHAHHAHHAHAHHAHAHHAHHHHHHHHHHH!!!
Are you saying you own the TM on the whole flippin’ universe? If not you, somebody does?
‘That good riddance was for Lost, not the Puddyratatatat.’
We understood. And as a helpful hint to you, darling Losty, when you want to be in disguise you must not say ‘flippin’. It’s a giveaway.
Also, I like the ‘Puddyratatatat’ name, may I say. He IS kind of like a machine gun, after all. He even p*mps out his granma!
Ahhhh, what a good day this has been…blathering on and on upon the HBB. Do you know, it’s already getting dark out here? That’s crazy. I gotta go dig up some Jerusalem artichokes and store them safely away. I suspect that if I don’t, those evil raccoons will do it, and then I can’t eat them, because I fear raccoon spit.
Just don’t dig up any Jerusalem crickets, Oly…you know, also called Mormon crickets. And J. crickets spit, too, just like llamas and grasshoppers. Just sayin’
Did you know that Jerusalem artichokes have nothing to do with the Holy Land?
It comes from girasole (Fr: sunflower) which it is related to, which somehow got transformed into Jerusalem.
I prefer its alternate name topinambur which is an accurate onomatopoeia for what happens after you eat it.
I just struck a match for your flame Lost. Did that help?
Hey, thanks!! Posting from jumping frog country, or do frogs leap? I dunno, out in Cali for a free meal, a heckuvva a long way to go.
Been out here a whole day and I’m bored. No rattlesnakes, no Dominant Religion to poke fun at, can’t even find anyplace that serves fry sauce or green jello…what do people DO out here for cryinoutloud????
Hey, if Lad can be an Emperor and Big V can be a duck…
Where is out here Lost?
Hey, I’m in Callyfornia!! In the Sierras above Sonora. Pretty place. Now I’m lost in california…
Whoops, that question was meant for Lost in Utah, sorry…
…I am SO confused!!! LOL!!!
This is Lost in Utah. I am NOW in California. Actually, this is Lost in Utah now posting also as Lost in California…
Don’t worry if you’re confused, too…
I need a stiff drink to sober up…
Lostie,
“Hey, thanks!! Posting from jumping frog country, or do frogs leap? I dunno, out in Cali for a free meal, a heckuvva a long way to go”
I just read your post again. Duh, slaps head. Are you camping or staying with some friends? You are in the Gold Country Lostie.
Came out to stay with a good friend over T-day. Sure is different from Utarrr…
And I think I just broke my old record for inane posts…always trying to better myself, ya know…
And I think I just broke my old record for inane posts…always trying to better myself, ya know…
Goals are very important. Never lose sight of the dream…
What she said.
Lostie,
Will you make it over to Yosemite?
I’m only an hour away, hope to go a bunch.
It is obvious that if U.S major company stock prices are less than 40 years ago, then housing prices also should be the same way, it should go low, to mid 60’s prices… Have patience guys…
Actually, it doesn’t but you have very good intuition.
You have noted something important. We’re headed to 1983 prices (adjusted for wage inflaton.)
Being of the Socratic mind, see if you can figure out why 1983 and not something else.
I know, let me answer:
That was the year that the 17th General Conference on Weights and Measures defined the meter in terms of the speed of light as the distance light travels in a vacuum in 1/299,792,458 of a second.
Or was it because that was the year the Australian Dollar was floated?
Do I win another Rollex? Hey, still haven’t got the first one, you did send it???
Let ME answer:
That was the year six men walked underwater across the Sydney Harbor in 48 hours.
Right?
Your Rolex is in the post. You should be getting it any day now.
I’m going to go sit at the post office and wait. I bet I’ll be the only one in Utah with a Times Square Rolex. Or was it a Rolodex??? EIther one will be equally useful for me. Thanks.
Can you give any more hints? Right now I’m looking at a timeline of 1983 and in January alone there was quite a bit of economic activity being reported.
Forgot to add Reagan was calling for some tax increases just in the month of January.
FPSS,
Here’s another tidbit from 1983:
February 24, 1983:
* The Dow Jones industrial average closes above 1,100 for the first time at 1121.81, on expectations of U.S. economic recovery and lower oil prices.
I think the Puddytat is out hunting mice for the evening…
No, I’m listening to music and drinking some beer.
Volcker was chair until 1987, did he change monetary policy along the way?
Yes, he did. How astute of you to notice.
But D- for actually answering the problem.
I have a guess, FPSS! Is that when the stock market started surging to unsustainable levels?
Looking at the long-term S&P-to-GDP curve, there are LONG periods when it is relatively flat (40-55, 73-83), and 83 is the last time it started going through the roof.
Think we’ll go back down to 1983 levels for the S&P as well (e.g. 40% of GDP)?
What wage inflation? I expect wages to have similar fate like stocks, houses and everything else… be ready guys, by the time Obama becomes President, I don’t know what is going to be left to govern… . Happy Thanksgiving guys…
Here’s a good opinion piece.
Why buy a house?
Behold, one of the biggest myths of the American Dream
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2008/11/21/notes112108.DTL
WHOA!!!
They published that?
The cracks are showin’. Watch out below!
Great article.
Thanks, I really enjoyed reading that. He brings up some great points and I wholeheartedly agree that the idyllic postwar paradigm needs to be critically questioned.
And yes, the drive to own a house can border on pathological. Jane Addams (of Chicago’s Hull House) and her coworkers made this observation a century ago. Immigrant workers in Chicago, mostly from Eastern Europe, worked themselves to death to buy a house - and in so doing helped create an epidemic of broken families, battered wives, and deliquent children.
In the wake of an “uncommonly large jump,” San Diego unemployment is at its highest level in 13 years, which would bring you back to 2008-13 = 1995 levels. Yet fools are rushing in to buy investment properties in foreclosure sales. Has real estate ever in history gone up while unemployment was rising steeply? I seriously doubt it.
North County Times
ECONOMY: San Diego County’s jobless rate soars
By CHRIS BAGLEY - Staff Writer
Friday, November 21, 2008 9:51 PM PST
Source: California EDD
San Diego County’s jobless rate rose sharply to 6.8 percent last month, the highest rate in 13 years, a state agency reported Friday.
October’s rate represented an uncommonly large jump, from an upwardly revised 6.5 percent in September and from 4.8 percent in October 2007, according to the California Employment Development Department.
Several industries and government agencies in San Diego County have slashed jobs since October 2007, while many others have expanded more weakly than in previous years.
Sector Employment Growth since 10/07
Manufacturing 101,400 -0.4%
Retail 144,800 -2.8%
Construction 79,600 -6.8%
Health care 109,500 1.2%
Leisure 162,600 0.7%
Public schools 73,400 -3.2%
“Has real estate ever in history gone up while unemployment was rising steeply?”
This time is different. We are working on a whole new paradigm. Consumer psychology and confidence is all that is needed. Get with the program.
Sorry, comrade.
Of course, you are right.
When this whole thing has played out, I hope it’s possible to re-play all the quotes from the experts, like “San Diego has too diverse an economy” and so on. All those guys (Gin, Karevoll etc) are slowly changing their story to be in line with the facts. Soon they’ll claim they were the first to predict the bubble to burst.
More California news
1.5 million Californians out of work
County’s jobless figure is highest since 1995
By Dean Calbreath
UNION-TRIBUNE STAFF WRITER
November 22, 2008
With thousands of jobs disappearing in retail, finance and construction, unemployment in California and San Diego County last month rose to its highest point since the recession of the early 1990s.
Statewide, the unemployment rate hit 8.2 percent in October, according to data released yesterday by the state’s Employment Development Department and the U.S. Bureau of Labor Statistics. That’s up from 7.7 percent in September and 5.7 percent in October 2007.
That was the third-highest rate in the nation after Michigan and Rhode Island, which were tied at 9.3 percent. The national average was 6.5 percent.
More than 1.5 million Californians are now unemployed, putting strains on the state’s unemployment insurance fund, which was created during the Great Depression.
The state government projects that if current trends continue, the unemployment fund will be $2.4 billion in the red by the end of 2009, which would force it to borrow from the federal government for the second time in its history.
Now I understand what is wrong with our country. Lots of the flunkees elected to higher office failed this quiz, which includes the following simple questions about how a free enterprise system is supposed to work:
25) Free enterprise or capitalism exists insofar as:
A. experts managing the nation’s commerce are appointed by elected officials
B. individual citizens create, exchange, and control goods and resources
C. charity, philanthropy, and volunteering decrease
D. demand and supply are decided through majority vote
E. government implements policies that favor businesses over consumers
26) Business profit is:
A. cost minus revenue
B. assets minus liabilities
C. revenue minus expenses
D. selling price of a stock minus its purchase price
E. earnings minus assets
27) Free markets typically secure more economic prosperity than government’s centralized planning because:
A. the price system utilizes more local knowledge of means and ends
B. markets rely upon coercion, whereas government relies upon voluntary compliance with the law
C. more tax revenue can be generated from free enterprise
D. property rights and contracts are best enforced by the market system
E. government planners are too cautious in spending taxpayers’ money
US officials flunk test of Amerian history, economics, civics
Thu Nov 20, 2:24 pm ET ISI –
WASHINGTON (AFP) – US elected officials scored abysmally on a test measuring their civic knowledge, with an average grade of just 44 percent, the group that organized the exam said Thursday.
Ordinary citizens did not fare much better, scoring just 49 percent correct on the 33 exam questions compiled by the Intercollegiate Studies Institute (ISI).
“It is disturbing enough that the general public failed ISI’s civic literacy test, but when you consider the even more dismal scores of elected officials, you have to be concerned,” said Josiah Bunting, chairman of the National Civic Literacy Board at ISI.
“How can political leaders make informed decisions if they don’t understand the American experience?” he added.
87.55%
Me too. Wonder if we missed the same ones.
I just got 30 out of 33 in 2 minutes without using Google, so now I’m really frightened. When does the next ship leave this planet?
“Straw in the wind” anecdote: the department has been having its Christmas party at a local hotel in the recent years. Last year they “uninvited” my sub-group [we got an email saying we were NOT to attend]. I went anyway but noticed that they eliminated the door prizes [what do I need with another door anyway?].
This year? A potluck down the hall.
Next year? I don’t wanna know.