Credit Crisis Indicators: Worse
Submitted by
CalculatedRisk on Wed, 10/15/2008 - 10:05am (141 comments)
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So you are calling a bottom again?
it's the bottom!
third!
Maybe start up brand new banks at the ground floor?
froth.
So what's this weekend's plan?
Don't forget Brazil is in cliff diving today.
We're stuck on the bottom in ice
Nice objective, data-driven read, CR.
No wonder Krugman likes you.
P.S. -- I hope that he admits he was wrong to support the bailout. Disappointing that, like Newt, he turned at the last minute.
excellent idea CR, thanks so much!
Neither a borrower nor a lender be.
Daily updates? Freaking awesome.
This is no longer a blog, it's a free service.
And the letters of credit situation related to shipping also appears to be getting worse.
"Credit Crisis Indicators: Worse"
The compound yield on the Vanguard California Tax Exempt Money Market fund is 3.47%, where as a week ago it was in the low 5's...so at least it looks like California municipalities are having an easier go at short term financing (at least for this week!)
Yeah Yves had a post on that yesterday. The Baltic Dry Index has gone off the edge of the world in the past few days. International trade is falling apart.
Give us the rest of the $700,000,000,000.00 or we ain't loaning nobody nothing
Comrade-Dope jg
I'm sure Paul was on the phone with congress when they insisted that direct payments be inserted into the bill.
Something is better than nothing at this point.
"The yield on 3 month treasuries: 0.14% (UGLY - Worse today)"
Taking into account the rate of inflation, you are effectively paying the US government to babysit your money.
OMG...
wtffffffffffff!!!!!!!!!!!!!!!!
http://roicopy.com/wp-content/uploads/2007/01/WindowsLiveWriter/SecretMalaaysianMonkeyTraps_8655/monkeytrap1.jpg
give me my rally
As Faireconomist pointed out, the nakedcapitalism plot on the Baltic Dry Index is zero-suppressed. The drop is indeed scary, but not quite as bad as it looks visually.
Tell me when Paulson's plans are contained.
you just have to see the picture, trust me
The Secret Pleasures of Dr. Doom - Economics - Gawker
Any links to problems with letters of credit?
OT: Ponies delayed, not doing well.
O-G-, I disagree.
The terrible system needs to be purged/reset button hit. Why delay the inevitable?
PPT coming in with hoses to put the fire out
CR,
"Here is a list of SFP sales. Two more $30 billion auctions announced today. NO PROGRESS."
Could you explain this?
"eah Yves had a post on that yesterday. The Baltic Dry Index has gone off the edge of the world in the past few days."
I posted this last week, but the two times I visited the Port of Los Angeles last week (on a Thursday and Monday), I didn't see much activity at all. A year or two ago, they were trying to run it and Long Beach 24 hours a day to keep up with the demand for (mostly) importing and exporting. What a difference.
crispy&cole: We shall see...
http://img519.imageshack.us/my.php?image=aintoveryi3.jpg
The thing I don't get (and I'm no whiz kid, so maybe I'm missing something) is how on earth the US (and Europe and everyone else) can possibly sell enough bonds to pay for all the promises they have made over the last month. At the very least, these bond sales must drown out investment in other assets. Or, perhaps the market gets so saturated that the rates offered must move substantially higher.
At some point, the math simply does not work. Are we there? The dollar amounts that are being thrown around are quite literally, staggering. Somewhere on the bottom of this giant pyrmid of debt, there must be some sort of productive enterprise that allows these debt obligations to be met, plus interest. Is there enough productive enterprise to allow the repayment of all the debt (public and private) with interest? Intuitively, it doesn't seem possible.
I wish I had the know-how to explore this idea more fully. Right now, just somewhat philosophical ramblings.
"I posted this last week, but the two times I visited the Port of Los Angeles last week (on a Thursday and Monday), I didn't see much activity at all."
I believe this is an important leading indicator for the next couple of years. And I have no idea what goes on in a shipping yard except for shipping and cursing.
what inflation?
firefight is viscious at DJ down 500 point. no hostages being taken.
waterboarding approved for any surrenders.
Who cares about TED? Look at Wells Fargo's mortgage rates:
As of 10/15/2008 01:32 PM Eastern
Product \tInterest Rate \tAPR
Conforming1 Loans
40-Year Fixed \t7.500% \t7.716%
30-Year Fixed \t6.750% \t6.987%
20-Year Fixed \t6.750% \t7.060%
15-Year Fixed \t6.500% \t6.884%
5-Year ARM \t6.125% \t6.429%
Jumbo Loans Amounts that exceed conforming loan limits1
30-Year Fixed \t9.875% \t10.061%
15-Year Fixed \t9.250% \t9.520%
10-Year ARM \t9.625% \t8.828%
5-Year ARM \t8.125% \t7.180%
FHA loan limits vary by county.
30-Year Fixed \t7.500% \t8.271%
Anyone surprised?
Nemo writes:
Neither a borrower nor a lender be.
Nemo | Homepage | 10.15.08 - 2:23 pm | #
We are in big trouble. There are people who will swear that phrase is in the bible. Seems to be the new religion of the banks.
Its from Hamlet by the way, if you didn't know. The parable of the talents is the one they should read, that's in the bible.
PPT (and yes I say this half jokingly) might be getting started early today.
Roubini = pimp ?
The big TED spread is almost entirely a function of the low treasury yields. If you look at the 3-mo LIBOR itself, it's right around it's 10 year average.
totally
It is soon going to be obvious that anything short of outright nationalization of the financial industry in the world is a recipe for diaster. While this step is ridden with problems and consequences, the option is financial apocalypse.
However this sucess of this step depends on the permenant dismissal (and possible incarceration) of every member of the senior managment of all financial firms. While many of you think "it will never happen", I think that it will eventually happen.
It will not take heroic efforts by the PPT to rocket this market back up; volume today is lighter than yesterday:
Shark Investing - Volume Charts
Whomever posted this datalink a few days ago, thanks much!
Tortoise you left out that Wells also wants 305 down.
Roubini = pimp ?
Darth Paulson
Judging by his picture yesterday, you might not be far off. He's only missing his purple fedora.
The bottom is my heart bottoming down in my stomach.
market wildfire is burning sodium: PPT waterhoses will cause an explosion.
CR, do you think cash in brokerage accounts is safe? Just your opinion...
30% I mea
Who cares about TED?
Look at Wells Fargo's mortgage rates:
Anyone surprised?
Ben Bernanke is for one
DreadLetterDay writes: "Any links to problems with letters of credit?"
Economic slump may push shipping lines into bankruptcy, says investor
Hellenic Shipping News Worldwide - Online Daily Newspaper on Hellenic and International Shipping
"...he global economic slowdown will push some shipping lines into bankruptcy as demand for commodities cools and trade slows, investor Marc Faber said...The Baltic Dry index, a measure of commodities-shipping costs, has plunged 82 percent in the past year as Chinese steelmakers have cut iron-ore imports on slower demand. Container rates have also fallen because US and European consumers are buying less Asian-made furniture, toys and clothes...
There has been an acute and significant decrease in near-term demand for shipping capacity,...The primary cause is a significant fall off in general demand driven largely by companies fears to extend cash.
Svithoid Tankers AB, a Swedish shipping line, said Monday that it intends to file for insolvency liquidation after failing to secure new financing...Companies worldwide are struggling to secure credit as the collapse of Lehman Brothers Holdings Inc. and the wider economic slowdown have caused banks to cut lending because of increased concerns about getting their money back...The credit crunch may also impact shipping by making it harder for traders to secure letters of credit, the financing notes that are to key to many transactions. The banks dont trust each other, Faber said. Some shipments may be delayed because of fears the letter of credit wont be accepted by another bank..."
CR,
Thanks for creating this credit health dashboard. It's great to have such important information aggregated in one place.
You provide an invaluable service to your readers.
Best,
At some point, the math simply does not work. The dollar amounts that are being thrown around are quite literally, staggering. Somewhere on the bottom of this giant pyrmid of debt, there must be some sort of productive enterprise that allows these debt obligations to be met, plus interest.
I don't think there is, and I think there will be a collapse of the dollar as a result. We've reached the point of no return, where this debt has rendered the dollar unable to represent productive capacity any longer. Instead it is an instrument of empty debt which will never be repaid; any productive labor would be stupid to accept dollars in payment.
This table-busting buffet of data is nice and all, but what does the Jamaican Central Bank think? We need to see the chill-out index.
I think I know a pimp when I see one...and I think I see one in nullpointer's link.
Nouriel you sly dog you. Share the wealth bro.
Just the other day we noted that the total public debt tipped 10T. Here it is today:
$10,294,381,432,306.11
Given that this is an unsustainable situation - and given that we have a collection of folks here who have been watching the major players act for a fair bit of time, what might we collectively guess could be the next series of moves?
o Create a new Federally owned/operated bank?
o Create some kind of credit enhancement facility whereby some portion of credit losses on newly extended credit (say after date of announcement) would be jointly borne between the banks and a US Treasury fund?
o Create limits on the amount of capital a bank can hold in Treasury debt below a certain maturity date (i.e. no more than X% of funds can be held in 3 month bills).
o Increase interest payments on deposits at the FRB based on a metric of newly extended credit to tier 1 capital.
All of these ideas would throughly scare me - but I'm just trying to brainstorm to figure out what these creative (and call them what you will, some of the ideas to date have been quite creative - and perhaps insane) people will come up with next.
Anyone else?
Polonius, if you didn't know, and it's one of a set of stock schoolboy precepts he drops on his son, Laertes. We're meant to regard him as an ass.
OT: (But we need some cheering up this week, right?): Squirrel roughs up Iraq war veteran
Frank Garren is tough guy. The 6-foot, 4-inch former Army sergeant was awarded a Purple Heart after surviving a roadside bomb while deployed in Iraq in 2004. He knows about combat and quick reactions. [...]
You might expect a mugging in the park, but not to be attacked by a tree rodent, the 34-year-old Springfield resident said Monday. I never thought a squirrel could kick my (behind).
I think Roubini didn't get the "dismal science" notice.
party on, NR.
France says mark to myth accounting is OK in some cases....they are allowed to use internal estimates and don't have to go by previous sales.
Hmmmm, will my Broker go for that. My stocks are worth a hell of a lot more than what they are selling for.
Prof Robini: Do economists f**k under the desk, or on top?
@Barley
"Exponential"
That is all.
Somebody a few days ago--it seems forever--was making a big deal out of the S&P index going below 1050. Now it's 934, and was at least as low as 915.
Funny how that makes me a bigger fan of Roubini.
"an apartment with walls indented with plaster vulvas,"
Best laugh and mental image of the day.
Tortoise writes: "
Conforming
30-Year Fixed 6.750% 6.987%
Jumbo Loans
30-Year Fixed 9.875% 10.061%"
6.75% is still a good rate, by long term averages. 9.8% isn't all that great, but it wouldn't be the end of the world if house prices more accurately reflected local incomes.
Actually, 9.8% would help bring house prices back down to accurately reflected local incomes.
Good banks and bad banks will be separated and derivatives and pools of risk will be more regulated at a local level, that is good! In the meantime, all the fraud involved in pumping the growth cycle, associated with The Ownership Society will evaporate, that is good.
The pain, will not be good in the next few years, but this slap in the face and destruction of synthetic wealth will wake a new generation of investors up to the fact of being responsible for risk!
@ Tortoise, I am shocked. You did not make up those numbers? did you?
JimPortlandOR writes:
Prof Robini: Do economists f**k under the desk, or on top?
BAHAHA! Awesome.
"We need to see the chill-out index."
The guy who services my swamp coolers every spring is from Jamaica. His company is called "Ronnie's Chill Out"
Comrade-Dope
Rising from the ashes is not that easy. I do think that the new administration will do more than the Paul and Ben show.
I had the unfortunate pleasure of traveling in Mexico and Argentina after both went through their financial melt downs.
The middle class got hollowed out real quick. I hope that never happens here but we know the working class in the US is already decimated, so maybe the middle class is next.
OT in the spirit of the baseball playoffs: If CR commentators were baseball players and I was the manager, my batting order would be: 1) Nemo (batting lead-off, naturally), 2) Fair Economist 3) EvilHenryPaulson 4) mp (batting clean-up) 5) Misean 6) TJ and the Bear 7) Rob Dawg 8) AllenM (still a great poster but struggling to stay in the starting line-up) 9) Anonymouse (ditto). Rich would be in the line-up but apparently is on the DL right now.
Actually, 9.8% would help bring house prices back down to accurately reflected local incomes.
And when house prices become more in line with incomes that may cause mortgage rates to drop - reasonably priced houses lower default risk.
To thine own self be true. -Polonius
This one's worth keeping.
Anonymous asked about my comment: "Here is a list of SFP sales. Two more $30 billion auctions announced today. NO PROGRESS."
Could you explain this?
Basically the Treasury is auctioning off bills to provide the Fed funding for all their initiatives (this keeps the funding sterilized and therefore isn't inflationary). My feeling is when these special auctions stop or slow down that will be a positive sign that the Fed isn't peddling as fast to keep liquidity in the world. This is just a guess at an indicator on my part.
Best Wishes.
Stop the SPAMMING
Stop the SPAMMING
Stop the SPAMMING
Stop the SPAMMING
Stop the SPAMMING
Stop the SPAMMING
i assume jas is the ump?
or is he the commish?
HIG cuts dividend from .53 to .32
Must be nice if you can borrow from the Fed and still pay out a divvy.
GH-
yet another reason.....they must have expected it to be cut altogether before this little whoosh upwards.
Ciao
MS
Gatsby,
I'm not talking to you.
JimPortlandOR writes:
Prof Robini: Do economists f**k under the desk, or on top?
I believe the old joke is: Economists do it on demand.
deb,
You are correct. This is just a transfer of debt, temporarily, from private to public hands. It still remains so large that it will impede future growth and investment. The inevitable solution is inflation because that diminishes the value of current debt. That will not begin for a while, but when it starts you want to be in areas that will ride with inflation, not be eroded by it. One way or another, excess debt will be destroyed.
O-G-, I know it will be terribly painful. I foresee starvation, even, for some. But, it is coming, whatever the Fed and Treasury does.
Still no mention of Credit Default Swaps, even though they have wrecked the worlds economy. Who the hell is Bernanke protecting? Seriously? Everyone knows they will have to declare force majeure on the garbage eventually or we will all be foraging dumpsters and living in our cars.
WHEN WILL THEY ACKNOWLEDGE AND DEAL WITH THE REAL PROBLEM?
And when house prices become more in line with incomes that may cause mortgage rates to drop - reasonably priced houses lower default risk.
ac
Copy that. And risk will decrease when supply and demand get back toward equilibrium.
ReBear, how about if I make you the fist pinch hitter off the bench?
Large mid-western trucking company Bankrupt yesterday. Our internal Baltic Dry Index. Nothing is moving.
No, no, no!
Its:
Economists do it with models.
It was our Economic Students Associations slogan before I got my degree and waltzed into the ranks of the unemployed.
And seriously, I wish baseball lineups could include 50 players.
JP: are they leveraged?
they can't fix CDS
therefore, their solution is to never let a significant CDS event occur again
no more big failures. none. does not matter who the failure is. won't be allowed. Lehman was the lesson.
Municipal bond rates are rising too. Couldn't be a worse time for it either.
States and municipalities are going to need to raise money real soon due to declining revenues. Ain't gonna be easy or cheap. Public sector layoffs are coming. So are bankrupt public pension funds.
There just ain't enough real money to go around. What a shame we wasted so much on wall street.
What a sham.
"deb writes:
The thing I don't get (and I'm no whiz kid, so maybe I'm missing something) is how on earth the US (and Europe and everyone else) can possibly sell enough bonds to pay for all the promises they have made over the last month."
Deb, it worked for Robert Mugabe. He was just re-elected (28 years in office).
Basically the Treasury is auctioning off bills to provide the Fed funding for all their initiatives (this keeps the funding sterilized and therefore isn't inflationary). My feeling is when these special auctions stop or slow down that will be a positive sign that the Fed isn't peddling as fast to keep liquidity in the world. This is just a guess at an indicator on my part.
Do you think this is part of what's scaring the longer end of the curve?
Economists do it with models?
I think economists are too late to the party and don't do it at all.
Economists like to talk about the past because they rarely ever get any in the present.
"fist pinch hitter off the bench?"
Sounds painful.
Just got back. Rolled my small IndyMac 150 day CD into another IndyMac Federal 7 month CD. 3.80% APY. We all had a good laugh about the big withdrawal I did a few days before the takeover. I was a bit concerned about going out as far as 7 months but whatinthehell it is IndyMac Federal after all.
I blame a lot of this on The Bush Coup, that took away the powers of The FTC, DOJ, FBI, SEC and thus allowed antitrust activity to explode without regulation.
We had corporations like wal-mart that had bullshit goals and mandates to expand to everywhere, where they were not:
FYI: Last year, the company added a staggering 40 million sq. ft. of retail space to its portfolio, all seemingly without breaking a sweat, lending credence to Scott's contention. Wal-Mart plans to add another 1,500 Supercenters to its base in the U.S. over the next five years, a 40% increase, or close to 300 million sq. ft. of new retail space. "I'm not trying to be flippant," Scott recently told Time magazine, "but we plan to be everywhere we're not."
FYI: After Wal-Mart opened 281 new stores in the U.S. in 2007, CEO Lee Scott said that the retailer would scale back store openings and growth in 2008. This year, the retailer will open just 180 stores, with only 140 planned for 2009.
I think economists are too late to the party and don't do it at all.
wally
They are looking to see if there are any really drunk girls still there.
monta's ankle writes:
they can't fix CDS
therefore, their solution is to never let a significant CDS event occur again
no more big failures. none. does not matter who the failure is. won't be allowed. Lehman was the lesson.
monta's ankle | 10.15.08 - 2:44 pm | #
So instead of declaring force majeure on clearly illegal insurance contracts, they will pour 5-6 trillion down the rathole backstopping every single mortgage and credit card debt? That is insane. The markets are finished forever.
Gatsby, rich, like me, is rolling in the dough from his short bet (his was short the Russell 2000). He has no time for hoi polloi, now.
Economists never date beautiful models. After all, they reason, if they really were beautiful they'd already have boyfriends.
"Angry Saver writes:
Municipal bond rates are rising too. Couldn't be a worse time for it either.
States and municipalities are going to need to raise money real soon due to declining revenues. Ain't gonna be easy or cheap. Public sector layoffs are coming. So are bankrupt public pension funds."
rich predicted this along time ago. That is why I follow his thoughts now.
PPT at it again... watch out!
Damn it they're early!
An economist's porn collection is off the charts!
New thread, folks.
Monta's Ankle,
I agree, preventing defaults is the game plan. Problem is entropy always wins. 2nd law of thermodynamics. Also, command and control economies kill the golden goose.
My hope is that the new administration has a different game plan. (either party) Bush has always been about bailouts for the connected. It's his life story.
I love it how we talk about failures like lehman as if we'll have the power to stop more of them.
Allow. schmallow.
CR, any measure of problems or simply information about the CDS market would be a most welcome addition to your list. Some of us believe that this market is at the core of the recurring meltdowns (and bailouts!), so any measure of what's happening there would be of great interest, esp. once we get through the current credit "squeeze".
Baltic Dry is down again today: 851
This is now a 5-year low. It's still twice the bottom during 2001, but I'm not sure how much of that low was 9/11. Yves has both 1-year and 5-year graphs up at Naked Capitalism. The current plummet is mostly the commodities bubble popping, but not entirely.
Elvis writes:
"Angry Saver writes:
Municipal bond rates are rising too. Couldn't be a worse time for it either.
States and municipalities are going to need to raise money real soon due to declining revenues. Ain't gonna be easy or cheap. Public sector layoffs are coming. So are bankrupt public pension funds."
rich predicted this along time ago. That is why I follow his thoughts now.
Agreed, Rich is a slick dude. That said, this is the problem with CR becoming so popular: duplication. From less than 3hr ago:
States and municipalites are about to discover a new form of hell. All that short paper is about to roll at much higher rates. I expect the rates to be high enough to attract tax haven investors. Higher rates and lower revenues double hit.
Rob Dawg | 10.15.08 - 9:17 am
I think we have a ways to go before we truly bottom out. Most people say the shape of the market will be either "V" or "U". But what about an "L". I strongly feel we will flat line for a while before we see any sort of significant rebound
I think I heard once that you can't stuff hay into the behind of a donkey and get seeds to come out of its mouth.... the other example is always perfume,
Oh, and to put the A2/P2 in context: in the 73-75 recession, it peaked at 150 basis points. So the A2/P2 spread is forecasting a recession more than twice as bad as 73-75, which would be a depression in most people's minds. Current government intervention is probably exaggerating the spread, because TAF credit feeds through to AA credit better than A2/P2 credit but there's no getting around the fact that this is a very bad number.
Why are we discussing anything but 62 trillion in Credit Default Swaps? Insurance with zero reserves and zero transparency....who knows whats out there? This is the defining scam of this era!
alo-
So you think that Lehman just up and failed?
Lehman's balance sheet was is far worse shape then BSC. That they made it as far as they did can only be attributed to the power's that be picking and choosing.
It's pretty much known that BSC was punished early because they were being paid back for not participating in the LTCM bailout.
They were allowed to fail when and where they did. All part of Paulson's plan to tank it right before the election and force congress to act or "tanks would be rolling in the streets"......
That last quote is from Brad Sherman D from Sherman Oaks Ca.
Ciao
MS
When the make the "New Dollars" to replace our worthless dollars, I want George Bush with a dunce hat on the One Trillion Dollar bill so I can us it to buy a loaf of bread
ew thread
Gatsby,
I think you forget dryfly. He hits cleanup on my team.
I have to go surf for porn ... ok, yard work, the derivative based system is in the process of an entropy-like change, where the expansion of chaos is going to expand and fragment. This dislocation of structure may or may not result in a new self-organizing system that has future value. IMHO, the best thing at this stage is to shut down derivative contracts and go through them like in a foreclosure process, a bankruptcy process and separate out the retarded bets from the investments that had real underlying collateral, which currently has value. Suspending derivatives will destroy IBs, but so what, they should fail, if their reason for existence is based on a congame connected to a crooked casino.
When derivatives are recognized for the fraud they represent versus viewing them as essential financial instruments -- that turning point will mark the start of a new growth cycle, but until then fraud accounting and a lack of confidence will cause more and more economic destruction. If these derivative engineers can keep people like Paulson bailing them out, we will fail as a society and there will be chaos globally.
Amen, to the yard... ; )
Yes, the TED spread is ugly, very ugly, but it's better today, not worse.
Wow, CR, someday I'd like the privilege of shaking your hand and thanking you properly for all the work you do for us.
The work and information that you and Tanta have disseminated have helped me avoid a gigantic personal financial disaster, and helped my extended family avoid massive financial losses.
I'd also like to thank the long-term CR commenters from back in August 2006, when I first encountered this site. I've learned a great deal from many of you.
Sincerely,
g
Mankind swims daily in the sea of knowledge, often emerging completely dry.
CR: keep impressing me by presenting the 5 significant financial events that might otherwise remain lost in each day's flood of msm nonsense. Not easy to find the knowledge in all this information, or the wisdom in all this knowledge.
Agree with Anonymous at 3:07PM: TED spread has improved today:
Bloomberg.com:
Personal Finance
Your promise of "a daily post" is better than Christmas. This is an excellent contribution.
I wish GE could realize your blog is worth more than a year's CNBC programming.
"Mankind swims daily in the sea of knowledge, often emerging completely dry."
Always kinda knew CR was all wet.
"...your blog is worth more than a year's CNBC programming"
Amen to that.
Whoops you mean giving people lots of money and asking them to lend does not work. Shocking.
"Mike in AZ writes:
The big TED spread is almost entirely a function of the low treasury yields. If you look at the 3-mo LIBOR itself, it's right around it's 10 year average.
Mike in AZ | 10.15.08 - 2:33 pm |"
Yeah, but what does that mean? With treasury yields at such low levels, shouldn't the 3-mo LIBOR be substantially below the 10 year average??
Seems to me the main problem is that we're not addressing the main problem.
The problem is that the financial sector is a massive chunk of each nation's economy, and since that entire sector is now insolvent world-wide, each nation must now nationalize its financial system.
Then the governments can order their respective bankers and financiers to lend to each other, which will force the credit markets open. That will be the key step to solving this crisis in the long term.
Each day of delay adds a week to our suffering, and half-measures do more harm than good.
Wawawa, look WF rates up on the web:
https://www.wellsfargo.com/mortgage/rates/
Wells Fargo is happy to give you a loan, as long as you qualify and are willing to pay such rates. Who can buy a house in the Bay Area? Shall we see an avalanche of houses $1M and more going into foreclosure? We will have to wait and see.
winjr,
Does it really make sense for LIBOR to fall to such crazy low levels? I wouldn't think so, but I could be wrong.
Dammit! I thought Cheney was gonna die today.
nullpointer writes:
you just have to see the picture, trust me
Yeah baby. That's how I roll! Doom is sexy after all.
Why are you people wishing that Cheney dies early?!!
May he live long enough to suffer punishments and jail time he truly deserves.
Things started seriously improving for me when I stopped dating that whiny Debbie Downer.
PPT coming in with hoses to put the fire out
crispy&cole | Homepage | 10.15.08 - 2:28 pm | #
That aint a hose, they are pissing on us
Surely another trillion dollars in bailout money can fix this... right?
If this is going to be a daily post is there anyway we can get come kind of key. For example is there a level worse than ugly? What does it mean to go from ugly to good? Right now the post reminds me of going through the airport and hearing "Today's terroist alert level is orange."
The day is done. The TED is spread. There is nothing to fear except beer itself....
I think with all these there is heavy chances of the credit scores going down. And i believe by that time it is important to improve the credit score.