Milbank: Economic Anxiety Disorder
Submitted by
CalculatedRisk on Thu, 07/03/2008 - 6:25pm (140 comments)
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First.
The only comfort in the economy is shorting and November elections.
I worked for jerks like this at the FDIC. Try asking him for a promotion say after working 10 or 15 years in the same grade. He goes into stutter mode and turns a pale shade of green.
Shouldn't he be coding for Microsoft?
The funds states use to pay unemployment benefits are running low, raising fears of higher taxes on businesses and less money to help out-of-work employees during tight economic times.
Thirty-three states have funds below recommended levels, meaning they're at risk of running out in less than a year unless they're replenished as required under federal law. Nearly half the states could run out in less than six months.
States face dwindling unemployment insurance funds
Oh YEA.......
Misean before you start your worthless drivel on this tread STFU.
"Thirty-three states have funds below recommended levels, meaning..."
they'll lower the recommendation.
...or eliminate it altogether.
Trolls are out early...
Have that many people jumped ship from the Bush admin that there is no one left who can BS convincingly?
I'm sure that there are some real estate agents looking for work who can do better...
Seriously, 4runner... did anyone from the press office even bother to media train him?
The bad news worries state government budget forecasters, who point out the unemployment funds never fully recovered from the last recession.
Go figure.
Oh my, he is shitting himself.
At least he is an economist who understands the impending catastrophy. Maybe he doesn't speak as well as we might hope, but he exudes the fear we all should have.
Arson Surges for Foreclosed Homes Lost to Subprime
Arson Surges for Foreclosed Homes Lost to Subprime (Update1) - Bloomberg.com
Unfortunately the video worked.
Can you short the US Government?
I think they call that 'taking one for the team'. Thing is the team doesn't care anymore - they want off the field, into the showers and onto the bus as soon as possible. I think we all feel that way - January can't come fast enough.
Banks: Everything must go!
Financial firms may look to sell assets to get their balance sheets in shape. But finding buyers won't be easy.
Banks: Everything must go! - Jul. 3, 2008
Did anyone else catch this? I saw Dick Cheney peaking from behind the curtain, and the outline of a shotgun. Explains everything.
Err, "peeking."
He coulda done worse. The WaPo article mentions him as the "sacrificial lamb of the day." Perfect casting. Poor bastard.
Pity Dana Milbank had to make the vid be as much about his own snark as what Phillip Swagel had to say. I could have listened to more of that. (Not that it was actually news.)
How far down the chain is Assistant?
That was sad. A pathetic functionary of a failed administration talking to an empty room. Somehow the gravity of the situation merits better.
Good one:
It's time to hide the valuables under the mattress and get the shotgun.
Treasury prescription is: Take 2 valiums and call me in the morning.
FFDIC,
You seem to be a Dallas boy like me.
There were many hairbrained schemes in the ponzi housing market a few years ago. Interesting that it did not really take hold in the SW.
Is it that the late 80's lessons were learned well or just the luck of the draw?
There was one scheme in 2005 that was soooo outrageous it would take an hour to relay to you but it involved a developement east of Terrell in the sticks with $400,000 cookie cutter homes that they priced foreward (as if they could). Buy now price $150/ft . In 06, $175/ft and on and on.
I knew the that the end was near/here/then...
I wrote a small piece titled 'Bennie And June' about a couple who couldn't rent an apt. because they lacked enough cash for deposits, first and last month etc. so they bought a home. Anyway, their salvation was uncle Vinny who arranged to have the place torched...
I'm not sure that it merits "better" - the guy is about as credentialed as possible. I'm sure if I ran into him at 6p at a Starbucks, he'd be an interesting conversationalist. Problem is, the Republican party line isn't about you or I - it's finding a gigantic cover story for shoveling billions of tax dollars to Halliburton and Blackwater, and cutting taxes on the top 0.5%.
Swagel's job is fundamentally to lie.
FFDIC,
MS remembers the post about FEW (fire equity withdrawl) for a post at Ritholtz site in early 06. I swear I posted as a joke but only with a linear conclusion. Never thought it would happen.
Sad times.
Conjure started to drool when he watched this video.
Conjure always drools when he senses fear.
Fire isn't just for cavemen. Homo Americanus finds it useful for insurance purposes as well. Look out for a bunch of fireworks starting home fires tomorrow. Fraud on the 4th of July. Seems appropriate on all levels.
Soft growth is an understatement. Select May reports. June is going to be much worse.
FL: -5.6% below estimate
http://edr.state.fl.us/reports/newsletters/nlmay08.pdf
Virginia: -13.3% YoY
http://www.finance.virginia.gov/KeyDocuments/RevenueReports/FY2007-2008/FinancialSummary-5-08.pdf
PA: -7.2% below estimate
http://www.revenue.state.pa.us/revenue/lib/revenue/2008_05_mrr.PDF
Connecticut: -10.14 YoY
http://www.ct.gov/drs/lib/drs/research/08comparstate/mon_stmt_may_2008.pdf
OT -- Is there any steroid or HGH testing in tennis? Check out the picture of Serena Williams on CNN/SI and then try to tell me that is natural.
OT: Doesn't look like Nikkei gonna break its losing streak...
Doesn't Japan celebrate the 4th of July?
The lowest atmospheric pressure ever measured was 25.69 inches, set on Oct. 12, 1979, during Typhoon Tip in the western Pacific Ocean.
There must be quite a few people that have seen and are aware of the economic barometer readings in the White House... Are we in for a Labor Day storm?
Anonymous wrote: "The funds states use to pay unemployment benefits are running low, raising fears of higher taxes on businesses and less money to help out-of-work employees during tight economic times."
My sister in Orygun was on unemployment. The routine is you get it for six months, you get a review if you are still unemployed and then you get it for six more months. Well, even before her six months were up she got a call from the state and said she will not be reviewed at the end of the current six months even if still unemployed. "Why?" she asked. The lady with the state said that they are out of funds and are not reviewing anyones $$. Scary, me thinks.
I smell fear as well. On top of banking system insolvency and oil, autos are running out of rope. The current officeholders are praying they don't have to rescue the Ford and GM bondholders...would they really let $380 billion of bondholders get stiffed? Or would the impact to pension funds and suppliers be too grave?
6 months unemployment. Start your own company or work at a gas station. 6 months? You are either incompetent or have a tattoo across your head that says "I love Charles Manson and Ishtar."
Was reading the
http://www.craigslist.org/about/best/all/
that was posted by another CR reader.
Sorry, too lazy (read drunk) to track the posting and appropriate kudos.
Long weekends with $110 rental/day for a compact from LGA does this to car less NYCers.
Clyde,
It is beyond fear. It is panic. Panic is mind freeze. Don't know what the hell to do, but please save me somehow. Panic is paralysis when a car is bearing doen at you at 50 mph. Panic is for the weak and the investment bankers.
Funny you should mention steroids, Elvis, because I've been wondering if Mrs.Bosch might be using them.
CR: Your video is working fine.
Congratulations: you learned a new skill.
Hippos in bikinis are funny but women tennis players with Guv Arnold's body make me wonder. That girl would hurt you in a compromising position. Does she have abnormally small testicles?
mp
bottle that drool, it must have aphrodisiac powers or cure cancer!
Elvis
Japan, like the rest of the world celebrates the US markets taking a break on 4th July, so we can tank on our own!
You are either incompetent or have a tattoo across your head that says "I love Charles Manson and Ishtar." --Elvis
I saw an interview on TV that was close. Some freak had a Goth spidery tattoo that ran up the side of his neck and across the side of his face. He wondered why the only job he could get was night cashier at the adult book store.
Heckuva job, Swaggie.
Indian lady reporter LOL. There's something I see here in the Sillicon Valley, good to see the reporters, so gung-ho on free trade, get a healthy dose of their own medicine.
Beg to differ, andy. Kikkei is chugging away. Must be mining stocks, because they're drilling down -75.27 for a 12 day streak not seen since 1954.
That's what you get for working 5-day work weeks. They should be like us. If you're closed on Friday, you can't tank another 100 points.
(I've got a feeling yesterday's Dollar rally is going to get spanked when London opens in 2h27m.)
Sorry. Missed closing bold tag.
2% bounce back here, suckers rally.
its early and I am celebrating for you all too...
glug, glug.
WTF, Yahoo's still a $29B company; what do they do exactly?
Perhaps the world will simply require China to float its currency.
WTF, Yahoo's still a $29B company; what do they do exactly?
OldSkool
The build and sell 4x as many cars as GM?
Or they are Bear Stearns?
That's what you get for working 5-day work weeks.
funny thing is you get more national holidays in Japan. They make up for by not taking sick or vacation leave, and also coming in on Saturday when the situation warrants.
Elvis writes:
WTF, Yahoo's still a $29B company; what do they do exactly? --OldSkool
Confused too. If it's Yahoo, they sell free email. If you're asking about Bear Stearns, I think they sell expensive coffee.
"and also coming in on Saturday when the situation warrants." Troy
To sing Loverboy hits on their karoke machines after an all night bender at The House of Sake?
That's what you get for working 5-day work weeks.
Utah goes to 4-day workweek to save energy
Business, financial, personal finance news - CNNMoney.com
They will put in 10-hour days, Monday through Thursday, and have Fridays off, freeing them to golf, shop, spend time with the kids or do anything else that strikes their fancy.
OldSkool | 07.04.08 - 12:42 am | #
WTF, Yahoo's still a $29B company; what do they do exactly?
I would ask WTF with Google. Great stuff, use it constantly as I do MS, and Linux. Does that justify a hefty premium.
Google office closings
"Oil prices have ratcheted up over the past nine years and the dollar has depreciated for more than six years. Nevertheless, as long as a central bank is not creating an excessive amount of money, these relative price pressures ought to be transitory," Sandra Pianalto, president of the Federal Reserve Bank of Cleveland and a voting member this year of the Federal Open Market Committee, explained in a speech last month.
"As consumers spend more money for higher-priced petroleum and agricultural goods," she continued, "they eventually have less money to spend on other goods and services. Other relative prices must then fall."
Why Bernanke wants to stay on the sidelines - Jun. 26, 2008
Hahaha. Where do they get this stuff? The WB has better writers. Overall inflation is going to be fine but civilization might revert back to nothing more than slavery for food and heating your shanty. Next improvement of CPI is going to include a Fantasy adjustment. Everything that could exist but doesn't because people are too poor to pay for it will always be dropping in price. The price of a diamond encrusted unicorn pony has dropped .4% this month, 5.6% year over year, which is offsetting the rise in food prices. According to hedonic pricing, apples aren't more expensive -- you are just paying extra because they are so much redder this year!
And if these prices aren't transitory, well, welcome to slavery. We should have a whole thread dedicated to coming up with names for our new caste system. I suggest one of the lower castes be called McDonaldans.
I can do better than that.
Geez, so I guess the o-crowd can call me anytime.
I got the chops for this economy- I did grad school at Temple. Used to live on campus. Then moved to Fishtown my last two years. Rode my bike to school or took the el to the subway.
Show no fear.
A.G. gimme a call. Our bro O is gonna need some serious historical mojo, none of that U of C crap.
Someday this war's gonna end..
"Other relative prices must then fall."
My cousin and sister-in-law were worth a lot more money last year. Relative values blow.
AllenM,
Ever have a friend with a van with no seats in the back at Temple? Just wondering...
No economic dread can prosper where people are confident and hopeful.
We've only just begun!
YouTube
- carpenters -We've Only Just Begun
OldSkool | 07.04.08 - 12:51 am | #
Utah goes to 4-day workweek to save energy
Didnt oil/energy prices bring about 5 day week from 6 day week in the 70's (Saturday used to be a working day for you young folks).
Seems like we are heading for sustainability as against growth.
Sandra Pianalto's an academic heavyweight:
She earned a bachelor's degree in economics from the University of Akron and a master's degree in economics from The George Washington University.
And if these prices aren't transitory, well, welcome to slavery
rents fell to nothing during the Depression. There's your relative adjustment
Fishtown is on the right side of the "tracks" from where I live, AllenM.
dr strangemoney, I think I just pissed myself laughing.
Elvis, my relatives aren't worth a dime. They all matured beyond redemption.
The problem with comparing things to the Depression is that Dorothy was so wholesome and Tiffany-the-Trailer-Park-Meth-Whore isn't.
You mean the folks from the east who used to get vodka from their diplo friends in New York?
Or somebody else? I was there in the early/mid 90s.
Where I live fireworks are illegal. But, is juggling burning baby goats okay? Just kidding.
Oh wonderful. Another heavyweight. Does she take steroids too?
Nevertheless, as long as a central bank is not creating an excessive amount of money, I know I've heard this before. Is she related to ipod?
Sometimes at night when the moon is full and the stars are bright, I start to get tired. Good night everyone and don't forget to flush.
Happy 4th, Elvis. TTYL.
Didnt oil/energy prices bring about 5 day week from 6 day week in the 70's (Saturday used to be a working day for you young folks).
Seems like we are heading for sustainability as against growth.
-sbarrkum
Now you are getting me to wonder about the effects of the repeal of blue laws back in the '80s. It used to be illegal to sell most things on Sundays.
Blue law - Wikipedia, the free encyclopedia
In Henry Taber's Faith or Fact, he writes:
\tThe first observance of Sunday - that history records is in the fourth century', when Constantine issued an edict (not requiring its religious observance, but simply abstinence from work) reading, 'let all the judges and people of the town rest and all the various trades be suspended on the venerable day of the sun.' At the time of the issue of this edict, Constantine was a sun-worshiper; therefore it could have had no relation whatever to Christianity.
Nevertheless, as long as a central bank is not creating an excessive amount of money
They're pumping 80M bbl of oil per day out of the ground. Granted, we proceed to burn half of it up in short order but that's a lot of wealth -- ~TWELVE BILLION DOLLARS -- materializing on the world markets every day.
Inflation is money supply outracing the production of goods. More productivity means we can safely expand the money supply
The problem with comparing things to the Depression is that Dorothy was so wholesome and Tiffany-the-Trailer-Park-Meth-Whore isn't.
Judy Garland was kept so busy in her early days that the studio gave pills to stay awake during shootings and pills to go to sleep at night.
This video was provided by CSPAN. Congressman Robert Wexler questions Phillip Swagel, Assistant Secretary for Economic...
YouTube - Rep. Robert Wexler defends Homeowners Defense Act of 2007
Waning confidence follows waxing insolvency and evaporating equity, debt and asset prices. The end of inflation is in sight; as houses, shares, bonds and synthetics deflate, only the more thinly capitalized commodity markets are at last in the blow-off-bubble phase of this super cycle.
It may just be the end of the beginning, because the beginning of the end was 1913. It's taking a long time to liquidate the capital base of the USA.
Feel free to disregard this comment like the folks avoiding the old bearded prophet in the old New Yorker cartoons. You know, he's holding a sign showing, "The End Is Near." In fact, please, come up with your own optimistic punch line.
OK, WTF with the vid clip. It's stuck in park on my screen. I have the latest flash playah and no blocking. Running IE. I know I know, IE is a POS, but humor me, and what settings do I need?
Re: "ave that many people jumped ship from the Bush admin that there is no one left who can BS convincingly?
"
What about Yun, he could have made this a little more positive?
Make sure all your java is set for plug ins
buffering issue too?
wow @ that video, perhaps thats how they'd explain the war if they were more honest.
but whats with the reporter stealing the mic at the end, looks like something out of the daily show..
barley
tight underpants and patience.
otherwise pause it and let it buffer..
Phillip Swagel got to be close to 40, but looks like he's 16.
dr strangemoney,
Do not forget about geometric substitution, i.e, you will be eating a lower grade cat food instead of 20% fatty hamburger (very juicy and tender though and goes well with Whiskas).
U.S. Treasury - Office Of Economic Policy - Speeches, Testimony and Reports
For whatever reason the vid only worked from the WaPo directly. Not from CR. Pretty sure that sacrificial lamb won't see Monday. One more Bush dupe under the bus...
looks like swagels biggest qualification was that he was some cabinet secretary's son-in-law.
Japan ruling party panel calls for wealth fund
It'd be nice if the US government had some money for a SWF.
Here is Assistant Treasury Secretary Phillip Swagel last year---
AT HIS FINEST---
YouTube
- Rep. Robert Wexler defends Homeowners Defense Act of 2007
Conjure says, "May God help every American, because they're going to get their asses trampled."
Conjure says, "Har! Har! Har! Pass the rum and walk the plank!"
Wow...but on the flip side...I really can't wait for all the O-bamites to ask themselves why they were so enamored with their guy when the economy continues to detoriate.
@anoninCA -
I'm really hoping, in a way, that this does turn into a real Depression. I have this idea that in a real Depression we can organize, and unionize, and sing cool songs, and vote for Obama, and kick the butts of stupid a**holes like you who try divide us. We'll, like, actually, like, be a working class again! It'll be worth a little pain.
"Here is Assistant Treasury Secretary Phillip Swagel last year---
AT HIS FINEST---
http://youtube.com/watch?v=_Kr_Y9AJmIw"
So...ummm...I watched the whole thing...thanks for the link...and he actually did well to parry the thuggish onslaught of the neanderthal.
As for that knuckle-dragger...more and more I see that a key problem in this country is that we pay TOO much attention to presidential election and NOT ENOUGH attention to congressional elections.
Well suecris I am about as working class as it gets. Also, we already have great people like Mr. Schumer who are on the side of us working class folk...oops, sorry, actually Schumer is for the banking elite...err, nevermind.
@anoninCA - I don't know much about Schumer. From your comments here, I know more about you.
I have a brother, love him dearly, but he bought the racist crap our family doled out. You and he would enjoy drinking together and sharing your vituperative sh!t about Obama.
Prepare to be pissed off and cranky for at least 8 years - he's going to win and you're going to have to face your life as Archie Bunker on the dustpile of history.
Melamine is considered one of the vital nutrients, right? Just wanted to make sure cuz that's what I told my wife. TIA.
Elvis writes:
"OT -- Is there any steroid or HGH testing in tennis? Check out the picture of Serena Williams on CNN/SI and then try to tell me that is natural."
She looks good to me and all I can see is her f i n e, b r o w n f r a m e.
The true swing voters are the ones who don't know what the heck is going on and vote for the guy who promises the most, or the guy who looks the best.
Anyone wonder why both parties have both worked to "get out the vote"? Its because they really don't care if its an informed voter or not, they just want someone to be a lifeline R/D... the more people that can neutralize people not willing to accept the status quo...
I know some thing we should have a test like, "Name the 3 branches of the government and name the chief justice, president, 2 representatives that aren't yours and 2 standing Senators..." ... but really all we need to do is just say "if you don't know whats going on, its better you not vote..." perhaps informed voters could stoop down low enough and piss off the uninformed people by just rigging an American Idol election to show them what its like to have an election process subverted by uninformed people...
With the way this thread is going, this is on track:
Larry Harmon, longtime Bozo the Clown, dies at 83
He will be sorely missed,...oh no he won't, we've got plenty in DC to keep his namesake alive.
Again with the intense disparaging of the stupid, uninformed American electorate! Perhaps it's justified, after all, they did elect Bush in 2004 (not in 2000 by popular vote, whatever...). OK, what if I admit that Americans have been, for the last 20 years or so, uninformed? Does that mean the voters can't wake up and realize where their best interests lie?
The Chevy, Beat.
If that's not capitulation what is?
Does that mean the voters can't wake up and realize where their best interests lie?
No, but the odds aren't good. They seem to buy into the demagogues without reservation. Rarely do I hear doubt expressed, or even rational consideration of a different viewpoint, it all has to be black and white/ good or evil.
I think it has been so very long since most Americans were aware of where their best interests lay that we think they can't find them. We're wrong. It's only going to take a few weeks/months of things going really, really wrong for most of America to begin to think.
I noticed tonight that the bus, which normally is empty on our local main drag, was filled with at least 25 people at 8:00 p.m. And had at least 12 people at 8:30 p.m.
This is change. It changes people.
I stole the premise of my post from independent podcaster Dan Carlin (dancarlin.com). He did a show on it the other day and I thought it was compelling.
Otherwise would go just go with a lottery...
Phillip Swagel. Ok, a latter day Claudius. Can you imagine how Paulson and Cheney were cracking up over cigars everytime Swagel got on television?
So who preceeded him and where did he go? Plum job at Watson Wyatt as an Uberactuary, "advising" 300 of the worlds largest pension funds. How appropriate that we had an actuary as an assistant treasury secretary.
"Rarely do I hear doubt expressed, or even rational consideration of a different viewpoint, it all has to be black and white/ good or evil."
No wonder. Presentation of false dichotomies, punch and judy, limbaugh and streisand, politics as caricature.
Effective propaganda, yes, but it is all such a distraction we're on the verge of infotaining ourselves into the ash pile.
Many in an entitlement society forget that it's our job to stem government's abuse of power. Certainly we can't expect them to restrain themselves. This requires holding them to limits, as well as generating self sufficiency on our part.
Liberty lies in the hearts of men and women. When it dies there, no constitution, no law, no court can even do much to help it. While it lies there it needs no constitution, no law, no court to save it.
They don't make them like Learned Hand anymore.
Maybe more relevant to the MBS fiasco, and to the assignation of culpability, would be the following (I'm not a lawyer, but isn't Wikipedia great?):
"Hand's judicial opinions are frequently considered classic formative statements of American contract and tort law. One of his most famous tools, commonly referred to as the calculus of negligence, first appeared in United States v. Carroll Towing.[136] This was concerned with civil tort liability in a case alleging damage after a boat-owner's failure to secure his vessel adequately at harbor. The calculus, also sometimes referred to as the "Hand Test" or "Hand Formula", is notable for its economic approach to a legal rule, an approach that is the foundation of the law and economics school of legal thought. The Hand Test requires that financial liability should be imposed for a negligent tort only if the burden of preventing the injury does not exceed the magnitude of the injury multiplied by its likelihood of occurring; it finds negligence when the actor's burden (B) is less than the probability (p) of harm, multiplied by the degree of loss (L), which can be expressed as the formula B < p × L."
Can you imagine applying that formula to the "actors" involved in the entire chain of our RE bubble madness?
Elvis writes:
"OT -- Is there any steroid or HGH testing in tennis? Check out the picture of Serena Williams on CNN/SI and then try to tell me that is natural."
It's as natural as her sister's nose.
India banned corn exports and curbed shipments of steel, seeking to boost domestic supplies and cool the fastest inflation in 13 years as world commodity prices soar.
India Bans Corn Exports to Control Domestic Prices (Update2) - Bloomberg.com
I am the great Cornholio!
from the post
What might trigger another round of economic stimulus?
"I don't, I guess I don't have an answer, I mean, you know, beyond saying we look at all the data and, um -- so, my usual line."
"my usual line" .. that's cool!
In case any of you are thinking of leaving.
THE FEDS HAVE COME UP WITH AN EXIT TAX! - NYPOST.com
suecris,
What makes you think the 'depression' will bring about all the changes you want?
It's equally possible that a 'depression' could put christian fundamentalists into power, opress gay marriage, resegregate the races, put women back into the kitchen, and start WW3.
Warning So off topic it's on:
It takes 5 years to get bad guys (sometimes never):
Page not found - - CNBC.com
Oh...I forgot ... it could also roll back environmental protections. The mild pain of $4 gas has got us talking about drilling in Alaska, and off the coast of california. I heard numerous people complain that the 'polution controls' on cars and trucks are why they get such bad gas milage.
michael wrote:
It's equally possible that a 'depression' could put christian fundamentalists into power, opress gay marriage, resegregate the races, put women back into the kitchen, and start WW3.
Michael, it's not them I am worried about. It is the religious left that worries me. You know the fellows that took off the red and brown shirts for "Green" shirts. It's Validmir Illych's "usefull idiots" that I am worried about.
The OTS Mortgage Metrics report FFDIC posted a couple of threads back has some scary stuff - what struck me is from the "Newly Initiated Foreclosures" table on the bottom of p. 14 (p. 16 from pdf viewer) - while newly initiated FC's have a monthly compounded growth rate of 13.7%, the prime category has a compunded monthly growth rate of 27.3%! In Jan-08 prime is 40% of new FC's and by Mar-08 it is 50% of new FC's...and here it is July.
""suecris writes:
Again with the intense disparaging of the stupid, uninformed American electorate! Perhaps it's justified, after all, they did elect Bush in 2004 (not in 2000 by popular vote, whatever...)""
If 'they' stole the vote in 2000, why do you think they didn't steal it again in 2004? The electorate isn't that dumb, but the MSM is. People went to jail for what happened during the 2004 Ohio vote. It was worse than what happened in 2000. Ask Mr. Google.
"Misean before you start your worthless drivel on this tread STFU.
Anonymous | 07.03.08 - 10:59 pm |"
Well if I can't be famous I'll be notorious. At least my posts are identifiable.
Cheers,
energy,
Yeah and FFDIC also posted that arson article.
hoocoodanode.
Cheers,
Misean,
Were Tanta near a keyboard new adjectives would have been invented
tg,
that new "exit tax" you posted looks like it kills jg's plan to send assets to Switzerland before the election. A plan I liked. I'm guessing the congress and admin folks have already made their moves...doesn't sound like there's anything retroactive in the bill.
Chicago Business
Feds force big changes on small bank
Feds force big changes on small bank | Crain's Chicago Business
Didn't this imbicile play the dad in Back To The Future?
What do we have going on here kids?
Currency devaluation
Deficit spending
Trade deficit
Dependency on foreign investment
Service based economy
High consumer debt levels
Rising unemployment
Rising cost of necessitates
Falling housing market
Falling equity market
Tightening credit market
Negative real interest rates
Rising bankruptcies
Negative wage growth
Zombie banks
War
Falling living standards
Crumbling infrastructure
Energy dependency
Little mass transit
Falling tax revenues
Unfunded safety net liabilities
Government leaders whose financial intelligence is on par with that of a Zimbabwean
Congratulations! You have it all.
ihoVINS,
"Were Tanta near a keyboard new adjectives would have been invented"
Well DUUUUHHH!
In other news:
Bear poops in woods,
Shrubboy continues to be a moron, to the chagrin of even the dullest chimpanzee,
and The Pope is still, stubbornly Catholic.
Cheers,
Lol,
Thanks for a lot of them
Have agreat 4th
cheers
FFDIC,
"The big loss seriously cut into the banks capital, putting it below minimum levels required by the regulators."
Sheesh. Leave the little guy alone. What about what the big boys have been doing?
Gov't regulators, attacking the powerless for the benefit of the powerful for over 100 years. Trust us, we're here to help.
Cheers,
Fried
Agreed, it has a Berlin Wall kind of feel
Heart bill haha, they could have come up with something like SHAFT
(Sustainable Homeland Absence Forever Tax)
(
no humour these bureaucrats
btw this was for TG s link..
FFDIC - thanks for the link to the article on the Palos Hills, IL bank problems. Always appreciated your comments and insights.
Agree with Misean that in the big picture they are small a small minnow in the world of sharks, however Ma and Pa Kettle have to put their CDs and checking accounts somewhere, so FFDIC's comments are well-taken.
I have been using Bankrate.com Safe & Sound ratings as a guide in absense or addition to other information for banking decisions either locally or nationally (through my Scottrade acct) and used the test here for this bank. Sure enough, one star (worst) on scale of five.
Bankrate.com Safe & Sound (tm): Bankrate free rating system for banks, thrifts, credit unions
However I am still very suspicious of this and any rating system, especially when I see First Federal of California (FED), Huntingbank of Ohio (HBAN) and Zion of Utah (ZION), with 3, 3, and 4 stars when I have made alot of money and expect to make more on their Put options.
"What do we have going on here kids?
Currency devaluation
Deficit spending
Trade deficit
Dependency on foreign investment
Service based economy
High consumer debt levels
Rising unemployment
Rising cost of necessitates
Falling housing market
Falling equity market
Tightening credit market
Negative real interest rates
Rising bankruptcies
Negative wage growth
Zombie banks
War
Falling living standards
Crumbling infrastructure
Energy dependency
Little mass transit
Falling tax revenues
Unfunded safety net liabilities
Government leaders whose financial intelligence is on par with that of a Zimbabwean
Congratulations! You have it all.
Anonymous | 07.04.08 - 9:53 am | # "
"I don't, I guess I don't have an answer, I mean, you know, beyond saying we look at all the data and, um -- so, my usual line." - Philip Marty McFly Swagel.
puravidavid: Now THAT'S ENTERTAINMENT! To hell with summer blockbusters, CR & Tanta have the best screen writers extant. Pass the $7 soda's, $9 popcorn an free ponies!
6 months unemployment. Start your own company or work at a gas station. 6 months? You are either incompetent or have a tattoo across your head that says "I love Charles Manson and Ishtar."
Elvis, I'm glad you have never lived in a time or place where unemployment is really bad. I remember the recession of 1982. There were no jobs at gas stations, or 7-11s, or department stores, or fast food places. It really was bad enough that six months unemployment wasn't at all unusual. And I wouldn't be astonished to learn that there are places that bad right now, even if the country as a whole isn't.
My observation after watching that video.
The US is sooooo FUCKED ! I think the US depression is ALREADY here !
Protect yourself, no one else can or will.
You guys are so doom and gloom.
Look around all of you. The lunch crowd is full, malls are full and the economic data is not bad. Banks are in the shits but who gives a crap?
The economy is finally returning to normal. This is how it feels when you can't mortgage your house and buy a Mercedes and big screen tv and fancy vacation. Welcome to the real world all of you.
The bottom is not falling out and the economy is just fine. Have a drink everyone of you. This is America, the place where there is always a way to make money.
I am convinced now more than ever that perhaps re-electing President Bush was a bad idea.
Is that how AEI economists look/talk like?
Reading the WSJ editorials, I was expecting tough-looking fast-talking gunslingers.
I'll be darned.
The overall economy might be soft but at least we are #1 with this chestnut.
He is so nervous because he just lied. To bad no one called him on it. Safe to say none of those reporters should ever interview a murder suspect.
char writes:
I am convinced now more than ever that perhaps re-electing President Bush was a bad idea.
char | 07.04.08 - 3:56 pm | #
YOU THINK? Ron Paul is the only pol who seems to get it - or at least tell it like it is in terms of the economy.
Raygun, Bush, Clinton, Bush were the death of our economy. Not just stupid dubya.
Anyone with 3 brain cells and a synapse should have seen that letting ourselves become a service economy was a BAD THING.
"The bottom is not falling out and the economy is just fine. Have a drink everyone of you. This is America, the place where there is always a way to make money."
Gee, the dumbing down of America has been a GREAT SUCCESS.
Have a nice day.