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Wonder what no announcement on LEH means?????
Frist?
fustus!
foist?
So today's trading is nullified because the BK didn't happen before 11:59?
Means that "emergency netting session" this afternoon was for nothing.
damn!
Too bad about all the work that was done by the ISDA (International Swaps and Derivatives Association) this afternoon.
According to earlier statements, all the LEH netting efforts were null and void if bankruptcy was not filed by 11:59 EDT Sunday night (several minutes ago).
i feel like i am waiting for death - or something....
Lehman BK - I'll believe it when I see it.
When exactly was the last time Paulson & Co. declined to participate in a bailout?
HONG KONG (Reuters) - U.S. equity market futures sank on Monday, pointing to a sharply lower New York open after buyout talks for Lehman Brothers faltered and a media report said insurer AIG was seeking emergency funding. S&P 500 futures fell 46.5 points, or 3.7 percent, while the Dow Jones Industrial Average futures were off 360 points, or 3.14 percent. One of the world's largest insurers, American International Group Inc, was asking the Federal Reserve for a bridge loan of $40 billion to shore up its depleted capital position, the New York Times reported.
Wall Street mauled by Lehman bankruptcy, AIG fears
| Reuters
Scuttle these garbage barges
Wow. Lots of news happened while I was out today. Nice to see things are finally loosening up.
So everything will be OK on Monday, Right?
jo6pac
The race to bottom now in fast forward.
"Means that "emergency netting session" this afternoon was for nothing."
Presumably it gave them the netting results that were not known before?
From an earlier thread it was suggested that Lehman are a saveable entity if the will is there. Seems to me that with goodwill Lehman can be unwound and made safer without it being such a big deal. If Lehman are weak and yet have a net assett base and others are stronger then removing Lehman via netting all trades seems to make sense in reducing the complexity of what is unknown.
PPT arriving on scene... black Suburbans, dark sunglasses.
After midnight thread music:
Johnny Cash, Live@ S.Quentin - Folsom Prison Blues
YouTube - Johnny Cash, Live@ S.Quentin - Folsom Prison Blues
Man, Krugman is gonna get a visit from Sheila with that post.
the netting session was a total handjob - fuld is up to something.
Maybe Fuld shot someone and they to stop some bleeding?
I kan haz my munney bak? now?
Wow. This is as worried as I've seen Professor Krugman. See his column (I've added a link)
These are the interesting times people warned us about.
Best to all.
CNBC : BoA in all stock deal for Mer.
Temasek to make 5/share.
I HATE inmates. Great song though.
As long as there's no BK, they can give third quarter bonuses. Also, it's Fuld's last chance to strut and fret his hour upon the stage.
So basically Krugman is in the hyperinflation camp?
I'd guess Fuld is hoping the Fed will blink. I mean, really, what does he care if he drags a couple more firms down? They aren't going to give him a "good citizen" award for making it easy. Maybe he's decided to try to bluff his way through to the other side. A couple days of market mayhem might "improve" everyone's attitude.
Temasek to make 5/share.
Only before the reaction hits BAC.
With the Fed now trading cash for equities, how can anyone NOT be in the hyper-inflation camp?
Fuld shot who ?
Wake me when Citi and BAC are trading in single digits.
The U.S. dollar fell against the euro on concern Lehman Brothers Holdings Inc. may file for bankruptcy after potential buyers abandoned talks and the government said it won't step in with funds.
The greenback dropped to its lowest in almost two months against the yen after Barclays Plc and Bank of America Corp. pulled out of discussions with the U.S. securities firm, spurring investors to reduce holdings of higher-yielding assets financed in Japan. U.S. stock futures and Asian shares slumped, while Treasuries rallied, as the prospect of liquidation at Lehman prompted investors to shun riskier assets.
It will really be a battle between U.S. dollar weakness and carry-trade unwind, and add to that very thin liquidity with Tokyo and Hong Kong out'' because of public holidays, said Sue Trinh, a senior currency strategist at RBC Capital Markets in Sydney.The U.S. dollar is likely to continue to weaken.''
So, that means oil back up along with hurricanes and inflation soars and then Bernanke cuts rates and the dollar falls more, and inflation increases, growth grinds to a halt and then then Bush and Coup walk away...
Fuld is a lifer - he should buy a sword and fall on it.
CNBC sez:
ASX Suspends Lehman Brothers Australia as Market Participant
The same netting out or unwind should have been required of Bear stearns when the hedge funds got into trouble so that by the time they went under they were just a smaller organisation. Instead attempts have been made to prevent what has now happened. Unless we are now going to get WW3 from my ignorant point of view i expect to see more of this unwinding or netting out to remove the potential mayhem of forced unwinding. Up to this point in time it seems banks have been able to black mail governments with horror stories which are now MSM topics.
Re: Fuld shot who
I thought someone shot Fuld?
[i] When Life hands you Lehman, Make Lehman-Aid /[i]
Best part of the whole article
(I wonder if thats how people do italics)
I can't help but wonder if Bennie and the boy's opened Pandora's Box with the bailout of anything Wall Street. I don't think main street would have missed the IB's and Countrywide. IMO the feds intentionally involved the rest of the country. We need to unwind anything Vladimir Bernanke and Hank Putin did.
The BOJ loaned on equities without causing hyperinflation. In fact, the opposite, deflation has been experienced by Japan.
Grr...how do you people make Italics and Bold!
I need emphasis help!
With the Fed now trading cash for equities, how can anyone NOT be in the hyper-inflation camp?
As usual, the question is whether money supply is expanding faster or slower than the contraction. Today, a lot of money went to money heaven. (or hell.)
I've been watching Judge Robert D. Drain's calendar on and off all evening, but nothing has changed since Friday. If he gets the case, it will probably show up in the morning when staff shows up for work.
It appears a BK has been filed ?
otherwise why would ASX suspend LEH ?
Hey! Krugman almost stole Nemo's Lehman Aid line!
[i] Hmm [/i]
[I] Hmm [/I]
This is one of those times when it sucks to be right, Mr Roubini
The US Federal Reserve announced that it would boost the Term Securities Lending Facility and the Primary Dealer Credit Facility. The move is designed to create access to liquidity ahead of tomorrow's expected announcement that investment bank Lehman Brothers has filed for bankruptcy after authorities failed to line up buyers for the troubled firm. The Fed said in a statement they have been working closely with the SEC and the Treasury department "to identify potential market vulnerabilities in the wake of an unwinding of a major financial institution and to consider appropriate official sector and private sector responses." Alluding to the recently announced $70 billion liquidity pool created by 10 top banks, the Fed also said that "the steps we are announcing today, along with significant commitments from the private sector, are intended to mitigate the potential risks and disruptions to markets."
@Nor Car: do what you tried earlier, but substitute the greater-than/less-than symbols (above the comma and period, don't know the official term, sorry) for the open/close brackets you were using.
The money supply can expand PRETTY fast if the Fed will now accept equities.
You do understand this means that a firm can now issue stock and trade it for cash?
The dollar is getting KILLED as people understand what is happening. And it ain't deflation. This is horrifying.
Nor Car I am not going to be the one to tell you!!!!!!
Grr...how do you people make Italics and Bold!
You did it right; just replace the [ and ] with the arrows above the comma and period keys.
As we write this, CNBC is reporting that Lehman Brothers, Inc. (LEH) has a notional amount of outstanding OTC positions of nearly $800 billion. Since Lehman is going into bankruptcy, what does that mean for the rest of the financial markets?
Each of these trades has a counter party, an institution that is expecting to pay off or get paid according to the terms of the agreement.
Lehman: The Counterparty Risk -- Seeking Alpha
JENGA!
JENGA!
Which piece gets pulled next?
Nor Car I am not going to be the one to tell you!!!!!!
Whoo hoo!
I bet the Supreme Court wished it had made a wiser decision on FL. Too late now.
The US financial system is nowhere near collapse. The bad actors in the system are getting their comeuppance, but the majority of commercial banks are in good shape.
There is a huge pool of global liquidity available to fund legitimate financial activity. The funny money of Wall Street and ReMax Reality are gone. For the last 10 years, the financial economy drove the real economy. That inversion of reality has just changed back to normal, with the real economy reasserting its primacy over the financial economy.
Equilibrium is being restored. Thank God.
Nor Car:
to open italics
to close italics
to open bold
to close bold
800 Billion?!? oh, I thought you said trillio
Hmm. works in preview, but you got it anyway...
Which piece gets pulled next?
I believe Fuld's future cellmate will be answering that question.
From the other thread....
Rumi68 writes:
Video - CNBC.com play=1
They don't mention the screens in this clip, but you can see them pretty clearly during the last part of the segment.
Rumi68 | 09.15.08 - 12:26 am | #
GREAT FIND Rumi!
Thanks for locating it. Screens plainly visible through the 2nd half of the clip!
...but the majority of commercial banks are in good shape.
Wrong.
And it ain't deflation. This is horrifying.
It is scary. This allows the presses to go into hyperdrive.
Got Popcorn?
Neil
Lola,
I'm going to bed. Don't let me sleep late and I need you to go to Lefty's for some more J&B in the morning when he opens. Goodnight.
Paul writes:
The money supply can expand PRETTY fast if the Fed will now accept equities.
It'll feel like deflation still till the velocity ramps up, which should be happening as I don't see a price decrease in consumables and essential goods.
Oops, Peconic Bay. You forgot, the Shadow system is called that for a good reason.
The dollar is getting KILLED as people understand what is happening. And it ain't deflation. This is horrifying.
Paul | 09.15.08 - 12:29 am |
Ah, having too much fun now.
But but...isn't everything fine now? They waved the magic wand and now confidence has returned.
It was funny this evening. Got a call from my father (who knows nothing of finance) and he was talking about how things are going to get better from here on out.
I was like, "Say wha?" Things are going to tank...looks like I am a fortune teller now.
So, that means oil back up along with hurricanes and inflation soars.
Are wages going up?
Is employment increasing?
Is the velocity of money increasing?
Are loans easy to get?
Are interest rates low?
Are home prices increasing?
Are equity prices increasing?
Is the rest of the world growing?
Come back in a couple of years after this deflation deleveraging. The dollar on the other hand may fall like a stone at the same time.
"No comment," is the standard line. A TV producer tries in vain to get interviews. I managed to ask one guy how he felt: "Look at all of us with boxes," he said with a grimace. "What do you think?"
As the night wears on, dozens of younger workers start coming out of the building. One yells, 'Jackals," not knowing that the crowd is made up mostly of relatives or clueless onlookers. A pair of employees walk out carrying orchids.
If equities are being accepted as collateral, how are yhey valued? At last close, par, last uptick????
Seriously, how does the Fed know how much collateral it's getting?
JP writes:
Nor Car:
to open italics
to close italics
to open bold
to close bold
JP | Homepage | 09.15.08 - 12:32 am |
I got you figured out now Smart Guy!
India: -4% on ope
Wow midnight+ and 670 users on
Don't you people need sleep?
Lehman demise could end speculative raid on taxpayers
Lehman demise could end speculative raid on taxpayers
| Reuters
Why is it I don't belive that?
Benjamin Mugabe Bernanke, not to be confused with Vladimir Bernanke or Benajamin Putin.
LEH FILED
Nor Car: For some of us, it's only 9:30.
Nor Car,
Italics: < i > Text < /i > [Remove blank spaces in between 'i' and ]
Blod: < b > Text < /b > [Remove blank spaces in between 'b' and ]
Imbed link: < a href="http://linkylinky.com >Text< /a > [Remove blank spaces between 'a' and in each]
I had trouble with these once too. I have a heart.
Economist Meredith Whitney, who has called a few shots in the past, said the global financial crisis is far from over and will get worse.
“What’s ahead is much more severe than what we’ve seen so far,” Whitney was quoted as saying in Fortune Magazine, MoneyNews.com reported.
Her “biggest concern,” she said, is that her estimates of the crisis “are way too low.”
Whitney, an economist at Oppenheimer & Co., has been right in the past, predicting the mortgage crisis last fall and troubles at Citigroup, Lehman Brothers Holding and UBS bank, MoneyNews.com reported.
Currently, “it feels like I am at the epicentre of the biggest financial crisis in history,” she said.
"No Comment" by Anonymous
As the night wears on, dozens of younger workers
start coming out of the building.
One yells, 'Jackals," not knowing that the crowd is made up
mostly of relatives or clueless onlookers.
A pair of employees walk out carrying orchids.
Looks like someone's headed for Wordloaf.
...Ugh... Remove blank spaces in between those letters 'i', 'b', 'a' and greater than/less than signs < >
CNBC: BK filed.
Rueters..
News:Lehman Brothers Holdings Inc says filing for Chapter 11 bankruptcy; says no subsidiaries will be included in filing 12:34am EDT
Business & Financial News, Breaking US & International News | Reuters.com
if equities are being accepted at the fed window as collateral then we are just a step or two from the money drop
seriously
the final last ditch effort by the fed to reflate a crashing economy will be the fed loans money directly to consumers, bypassing banks that are hoarding capital.
subsidiaries will be included in filing
subs go chap 7: instant liquidation.
Leh filed. That's what I was waiting for. I don't know if I can sleep.
Thinking of gold now.
You guys care about the screens in front of the White House?
Because I can upload a quick clip to Youtube if you want...
Do it, Nemo.
emo,
go for it...send it up to youtube
"...if equities are being accepted at the fed window as collateral then we are just a step or two from the money drop"
Yup. As Conjure said when the Conjure Clock hit 12:00:00:
"If you don't know what time it is by now, I can't help you."
go for it Nemo
As recently as March, Fuld was awarded a $22 million bonus for 2007 -- a generous pay package to be sure...
time of death? Someone call it
Lehman Brothers Holdings Inc says filing for Chapter 11 bankruptcy; says no subsidiaries will be included i
Well, it's not all that exciting.
Hang on I have to extract the segment and upload.
Let me be the 500th person to post - LEhman is DONE!
oh God. conjure clock hit midnight? How is he doing?
I hope they dole out some drammamine on Wall St this morning or there's going to be vomit in the streets.
-GSD
Two day s now I have said AIG is the biggie
I had and have hoped I am wrong
Nemo...if you are out there we need some levity
Folks, the Feds are lending out Treasuries. No inflationary pressure. They are very sharp and know what they are doing. There will be no inflationary pressure, beyond what they deliberately create by buying more Treasuries, until they run out of liquid assets to loan out. THEN, and only then, they must loan cash to keep going and inflation will run wild. Or they will stop and it will be 1931 part 2.
Nemo
you are one awesome dude
I can see it all now. There are a bunch of thoroughly constipated corporate jet crews sitting in coffee shops around Washington right now, looking at their watches and drinking lousy coffee.
Their bosses have been at the White House all afternoon and evening, probably agreeing to pony up the $70 billion bailout fund, among other things.
Next weekend AIG will go under...book it!
9:43 pst ............ confirmed no LEH mass email (thru a friend)
What does this mean for WaMu??
"oh God. conjure clock hit midnight? How is he doing?"
Dumb Canuck, the Conjure Clock hit midnight and melted down several months ago.
Where have you been?
wamu goes bye bye
Futures spiking upwards. The LEH filing apparently removes some "uncertainty" from the market. Markets hate uncertainty.
Who thinks BAC is down 15% tommorow?
"What does this mean for WaMu??"
WaMu will probably be taken over or melt down within the next two weeks.
probably missed it while visiting family at cottages in the Gatineau Hills
what does this mean for wamu you ask?
the white home-made placards that offered 5% on 13 month CDs...uh
now they are gonna have to offer um, say
40% for 30 days
Well, Conjure was going to put Merrill on the Death Watch List if Lehman declared bankruptcy.
Bank of America took care of that plan.
IMHO, DSL goes tits up also. WB goes tits up. SOV goes tits up. Any others???
The sadistic part of me is mad that they took away the Market implosion?
Can't we have any fun with this mess?
LEH files for bankruptcy...
Business & Financial News, Breaking US & International News | Reuters.com
I'd prefer one implosion per week, nice and orderly, please!
Mr. Market will start beating up Wachovia, along with a lot of others.
fun you say
well if you think a root canal on an elephant tusk is fun
then ok
mp,
Aren't you in the Central timezone? Getting a little late there.
Whats the big deal about BK with chapter 11? The fed have increased the ability of banks to get lender of last resort finance. Whatever trades people have with Lehman are not being enforced yet? because of the absense of marks? and with BK there will be no forced trades unless the administrators? ok that. The fed can be the administrator. Surely it is an orderly unwind even so? Just as if they had been bought and "nettedunwound". This was a forseen event rather than something totally out of the blue.
NorCar,
'They' seem to want a U-shaped bottom. I'd rather see a V-shaped bottom. Get it over with. A sharp quick drop and recovery. Now we drag it out for another decade or so.
p.s. somebody shoot the frog on CNBC.
Some well-known, lost, but ancient wisdom
the point and purpose which was mysterious, or even vague
It says the truth is worse than you could possibly imagine
And we islanders, we'll be thinking of escape
tj, yeah, it's late, but Conjure, son of mp and I are making plans.
How could Lehman Bros. go BK? They're <a href="http://cgi.ebay.com/Lehman-Brothers_W0QQitemZ110289318047QQcmdZViewItem?hash=item110289318047&_trkparms=72%3A635|39%3A1|66%3A2|65%3A12|240%3A1318&_trksid=p3286.c0.m14>on sale on e-bay.
In order to file BK wouldn't LEH have to mark everything they own to market in order to state assets and liabilities?
Per CNBC, JPM will buy all or part of WM. JPM is waiting for WM's stock price to stabilize.
I would like to go to bed, but if I did I would have to catch up on 1000 more posts in the morning. My head hurts.
Gotta make the donuts.
WM stock price to stablize at $0.10
mp,
I'm hitting the sack early tonight (10:30pm PT) so that I can be up for market open tomorrow. Want to see the fireworks.
WM will settle at .01
fuld is stalling for time
chapter 11 provides protection during reorganization
this is not what it seems
where does SKF open tomorrow morning?
"fuld is stalling for time"
Not good, not good at all.
OK video is uploading. But it may take a while and my little self-hosted blog is going to be painfully slow until it finishes.
Nemo,
Cool. Thanks.
SKF will probably be at $140 on open.
Does this mean house prices in US are going to collapse?
Sorry folks.... been on the phone. But in case anyone wants to see the screen up at The White House entrance, click on Rumi's link below. It's a 1:21 minute clip, and screen is plainly visible for the 2nd half....
Rumi68 writes:
Video - CNBC.com play=1
They don't mention the screens in this clip, but you can see them pretty clearly during the last part of the segment.
Rumi68 | 09.15.08 - 12:26 am | #
GREAT FIND Rumi!
Thanks for locating it. Screens plainly visible through the 2nd half of the clip!
Conjure's clock was fast. We haven't seen a meltdown yet.
I will, however, be listening for the clocktower bell to ring the hour tomorrow morning.
So basically Krugman is in the hyperinflation camp?
When the only thing you have is a bunch of non-productive professionals thinking they are entitled to everything for cheap your only outcome is some form of inflation. People are starting to get pissed about all the illegal immigrant slave labor and you don't think inflation is coming next? Doesn't matter who you vote for. They are both changemakers, and change doesn't come cheap -- not at prices these days!
ps I have significantly hedged for the fact that a bunch of lazy slobs will take their bad medicine, but mostly I'm slightly leaned towards the implementation of a lot of expensive hope implementation.
pps You can't really be snarky until you have acceptingly sacrificed half your wealth to hedges. That is liberty.
YLSP,
That was a given way before now.
News:
SEC again banning Naked Short Sales.
Short term band aid.
Good Luck.
"WM stock will settle at .01."
Jami won't complain.
Troy,
That about what I thought 130-140 give or take.
cool, I can quote in italics now? /
Can't bring myself to go to bed.
That said, wonder if Conjure's list of to-do is akin to mine?
BAC just reinvented itself into a truly "too big to fail" institution in America. Their deposits upped 300%, by Bloomberg report, over last few months? Flight to safety for depositors?
Thread music;
The Rolling Stones - Time is on my side
YouTube -
Futes diving again... let's see if we get some new lows.
anon --
SEC again banning Naked Short Sales.
Source?
All I can say is that I'm shocked it took this long for the credit bubble to burst.
If the fed had let things unwind back in 1998, we would be SOOOOO much better off now.
Instead, people followed the feds lead and bought overpriced stocks and houses. Way to go Greenspan! Way to go Bernanke!
Dingbats!
I miss Jas!
Fair Economist, Conjure's clock wasn't fast.
Everyone else's was slow.
Nemo writes:
OK video is uploading. But it may take a while and my little self-hosted blog is going to be painfully slow until it finishes.
Nemo | Homepage | 09.15.08 - 1:00 am | #
Thanks, Nemo!
for the TEOTWAWKI crowd...
SurvivalBlog.com
650 comment on the previous thread.I can remember seeing 75 comments on a thread here for the first time and thinking CR might become another HBB (Ben Jones).hasn't happened thank god.
New thread.
(My magic CR monitor gadget is working great.)
Naked Short sale Banning news from CNBC Asia - Live
Damn HaloScan is messin' up...
I saw this at Starbucks and thought it was apropos
Sundown:Music for Unwinding
Naked short selling has always been illegal. But up until it got attention from a "new ban" months back, there was no penalty defined for being caught with Failure to deliver short sales. They are everywhere and part of our regular non-functioning financial markets. It does not affect you or I shorting individual firms if we can find their shares to borrow. It does affect the ability of hedge funds and brokers to commit already illegal acts.
So where's Misean?
Did his tinfoil hat overload and kill him?
Hope not.
I think we should claw back that money the fed gave Bear Stearns sharelholders and JPM.
Seriously, That deal was illegal and should revisited. The fed had NO authority to guarantee the value of of a pruchase.
Tomorrow's CNBC funhouse programming will be capped with a visit by Robert Steel on Mad Money with Cramer. Steel will be providing insight on the Lehman debacle. LOL
I'd just like to say thanks to all the people in the Federal Reserve and Treasury that are working hard to unwind this mess. I appreciate the fact that bankruptcy and the unwinding have been so thoroughly considered. Calling the bluff of Wall Street may be painful, but it is the Good course of action. Thank you.
I think we oughtta "claw back" every bonus paid on Wall Street since 2001.
Long shot here, but FYI, this may be why things are going slow:
Michael Milken
On March 29, 1989, financier Michael Milken was indicted on 98 counts of racketeering and fraud relating to an investigation into insider trading and other offenses. Milken was accused of using a wide-ranging network of contacts to manipulate stock and bond prices. It was one of the first occasions that a RICO indictment was brought against an individual with no ties to organized crime. Milken pled guilty to six lesser offenses rather than face spending the rest of his life in prison.
On September 7, 1988, Milken's employer, Drexel Burnham Lambert, was also threatened with a RICO indictment under the legal doctrine that corporations are responsible for their employees' crimes. Drexel avoided RICO charges by pleading guilty to lesser felonies; a RICO indictment would have almost certainly put Drexel out of business since its capital would have been tied up in its defense,[2] and banks will not extend credit to securities firms under RICO indictments.
So between Lehman and MER, how many people lost their job in NYC today?
Not enough. [Sorry!]
Anyone else find it suspicious that they announce BK just after midnight, so that the netting was all for naught?
Here's the youtube clip of the White House screens.
Don't know why it took so long for it to upload, but there it is.
Actually, I like that idea, i.e, RICO indictments, it kind of gets to the heart of this manipulated market and would be a nice finish to this corrupt era!
516 online, and its what, 1:15 AM on the east coast?
Nemo,
Thanks for the vid... interesting!
FYI: July 29th:
The SEC's crackdown against illegal naked short selling and rumor-mongering resulted in more than 50 hedge funds being slapped with subpoenas last week, according to the Wall Street Journal.
Clusterstock.com, reported, "the SEC is demanding both trading records and email correspondences" from subpoenaed firms. The inclusion of cell phone and text messaging records will undoubtedly be scrutinized. Concurrently, the NYSE Regulation Inc. is also investigating how some of its largest firms comply with false and misleading rumors that could undermine a stock's price. This is going to intensify.
Dick Fuld, CEO of Lehman Brothers (LEH), told market regulators that he has information that short-selling hedge funds colluded to bring down Bear Sterns (BSC). If Fulds's "information" is of evidentiary value, these hedge fund managers, and their cast of cohorts, could find themselves behind bars.
Hello??? Anyone reading this?
Naked Kings,
Good stuff.
The LEH filing apparently removes some "uncertainty" from the market. Markets hate uncertainty.
Oops last post was a mistake. Was going to make a lame joke about TEOTWAWKI juicing the markets. Too many martinis on this eventful night.
That's good -- wish I wrote it.
Sorry, that link is here:
Illegal Short Sellers May Face RICO Indictments
Illegal Short Sellers May Face RICO Indictments -- Seeking Alpha
I just think the delay is a legal matter and if RICO is in question, maybe Fuld is explaining some things to the cops related to some pirates he has the goods on?
So why does the WH have screens up? I don't think Bush or Cheney are trying to personally do anything with regard to the economics. Bush never does anything useful in a crisis and doesn't do much with economics either - he's delegated it to Paulson. I would expect them to be doing something political if anything. But what?
This is going to ripple through the real economy pretty quickly. I would expect the increase in unemployment to pick up speed. Going from 6.1% to 7.5%... wonder how long that will take. Hope I can stay employed myself.
I'm out, folks. Gotta check out so I can be bright-eyed and bushy-tailed tomorrow morning when the fireworks start.
Fascinating day -- tomorrow should be more of the same.
"Hello??? Anyone reading this?"
Yup, good stuff.
just remember that that unemployment # is as fraudulent as the cpi.
the total jobs # - which is around 155 mil currently, i believe - is much more meaningful and harder to fudge.
Fair Economist, that's a good question. But when you ask "What's the Bush WH hiding?" it covers a lot of territory.
Good night. Try to get some sleep.
SEC short ban news
Banks Lost Fight to Halt Bets Against Financial Firms - DealBook Blog - NYTimes.com
testing/
bold/
link/
testing
testing
d
testing
d
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