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I think the monkey just flung something at me.
wah, I wanted to be first.
TDS--only place for honest reporting
That man is funny.
heh heh...how was his aim?
OT, tomorrow before the open we get JPM, current analyst expectations a rousing -$0.17/share
7 days ago: -$0.08/share
30 days ago: $0.38/share
60 days ago: $0.50/share
90 days ago: $0.63/share
AND we also get WFC before the open, they still have positive expected earnings, though over the same time frame that has declined from $0.49/share to $0.42/share.
We waz robbed by Paulson. Where are our Nobel laureates?
Got no money? Print more!
Stephen Colbert/Jon Stewart In '08
Interest rates have to go up up up.
Funny that a talk show host can observe that injecting capital into banks didn't bring Japan's economy out of the gutter.
But today this same tactic constitutes a "fresh, new cutting edge solution from our most brilliant economic minds".
Same old trash.
Shiny new box.
There was never enough money to solve this problem. All there is is time and pain, and both in plenty.
TDS has been one of the few bright spots in tv land for a long time.
anyone ever watch the conservatives attempt at humor.. i can't even remember the name of the show. i think it was canceled before the first season was even over.
I can't wait for Paulson to appear before some Congressional committee and some fearless member of Congress asks him if he thinks injecting capital is the wrong thing to do, why is he doing it? And be a bit nasty if he tries to wiggle out of the question. Very nasty in fact. In fact I'd like to see his face bloody rubbed in it.
It is certainly a sad day when we here in CA can cheer that we are ABLE to borrow our way into oblivion.
California Sells $1.465 Billion in Bonds on First Day of Offering - WSJ.com
Europe takes care of its people during hard times, poor health. This recession is going to be hard on a lot of hard working Americans who have no such safety net. The wealthy need more permanent tax cuts!
Listening to this and listening to the Roubini interview I'm struck at the cognitive dissonance. It appears very difficult for people who live on the island of Manhattan or work in the District of Columbia to get their heads around the ideas that this time the smart guys, not the dumb hicks, screwed everything up, and that the problem is at the center of the web, not on the periphery. Blame it on subprime, if it makes you feel better, and housing prices (not just subprime) provided the triggering event, but doesn't anyone remember that the pride and purpose of global capital markets is to transfer and price risk, direct and employ capital lucratively, etc. etc., not to generate alpha by providing investment returns obtained through superior execution against strategies consistent with the agreed mandate. The former is macroeconomic fundamentals, the latter is pitchbook gibberish.
It is certainly a sad day when we here in CA can cheer that we are ABLE to borrow our way into oblivion.
I was thinking:
If muni-bonds are going to be backstopped by the treasury, then why not just bypass treauries to get tax free interest payments with the same default risk?
We Can Haz Usurious Loanz?
WASHINGTON (AP) -- The federal budget deficit soared to $454.8 billion in 2008 as a housing collapse and efforts to combat the economic slowdown pushed the tide of government red ink to the highest level in history.
The Bush administration said Tuesday the deficit for the budget year that ended Sept. 30 was more than double the $161.5 billion recorded in 2007.
It surpassed the previous record of $413 billion set in 2004. Economists predicted a far worse number next year as the costs of the government's rescue of the financial system and the economic hard times hit the government's balance sheet.
Some analysts believe that next year's deficit could easily top $700 billion, giving the next president a formidable challenge.
The Decabox was funny, too. Why does CNBC see the need to run that many people at once?
ac- ding ding ding!
Libor falling tomorrow:
Accrued Interest: Fading fast
Notice the Velvet Fist of Government calming a market near you.
The panic is over. Get ready for the next set of problems. skip the disaster porn for now, we are nowhere near that point.
Someday this war's gonna end...
ot sure if this was posted by someone earlier. crazy volume on these releases.
and yes, we do have clawback in the most minor sense.
Treasury Announces TARP Capital Purchase Program Description
Washington- Treasury today announced a voluntary Capital Purchase Program to encourage U.S. financial institutions to build capital to increase the flow of financing to U.S. businesses and consumers and to support the U.S. economy.
Under the program, Treasury will purchase up to $250 billion of senior preferred shares on standardized terms as described in the program's term sheet. The program will be available to qualifying U.S. controlled banks, savings associations, and certain bank and savings and loan holding companies engaged only in financial activities that elect to participate before 5:00 pm (EDT) on November 14, 2008. Treasury will determine eligibility and allocations for interested parties after consultation with the appropriate federal banking agency.
The minimum subscription amount available to a participating institution is 1 percent of risk-weighted assets. The maximum subscription amount is the lesser of $25 billion or 3 percent of risk-weighted assets. Treasury will fund the senior preferred shares purchased under the program by year-end 2008. Institutions interested in participating in the program should contact their primary federal regulator for specific enrollment details.
The senior preferred shares will qualify as Tier 1 capital and will rank senior to common stock and pari passu, which is at an equal level in the capital structure, with existing preferred shares, other than preferred shares which by their terms rank junior to any other existing preferred shares. The senior preferred shares will pay a cumulative dividend rate of 5 percent per annum for the first five years and will reset to a rate of 9 percent per annum after year five. The senior preferred shares will be non-voting, other than class voting rights on matters that could adversely affect the shares. The senior preferred shares will be callable at par after three years. Prior to the end of three years, the senior preferred may be redeemed with the proceeds from a qualifying equity offering of any Tier 1 perpetual preferred or common stock. Treasury may also transfer the senior preferred shares to a third party at any time. In conjunction with the purchase of senior preferred shares, Treasury will receive warrants to purchase common stock with an aggregate market price equal to 15 percent of the senior preferred investment. The exercise price on the warrants will be the market price of the participating institution's common stock at the time of issuance, calculated on a 20-trading day trailing average.
Companies participating in the program must adopt the Treasury Department's standards for executive compensation and corporate governance, for the period during which Treasury holds equity issued under this program. These standards generally apply to the chief executive officer, chief financial officer, plus the next three most highly compensated executive officers.
The financial institution must meet certain standards, including: (1) ensuring that incentive compensation for senior executives does not encourage unnecessary and excessive risks that threaten the value of the financial institution; (2) required clawback of any bonus or incentive compensation paid to a senior executive based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate; (3) prohibition on the financial institution from making any golden parachute payment to a senior executive based on the Internal Revenue Code provision; and (4) agreement not to deduct for tax purposes executive compensation in excess of $500,000 for each senior executive. Treasury has issued interim final rules for these executive compensation standards.
Nine large financial institutions already have agreed to participate in this program, moving quickly and collectively to signal the importance of the program for the system. These healthy institutions have voluntarily agreed to participate on the same terms that will be available to small and medium-sized banks and thrifts across the nation.
HP-1207: Treasury Announces TARP Capital Purchase Program Description
"Clusterf#@k to the Poor House - Dive of Death" gets my vote.
Some analysts believe that next year's deficit could easily top $700 billion, giving the next president a formidable challenge.
Quite typical of a WSJ story. They didn't want to convey reality:
Cost of U.S. Crisis Action Grows, Along With Debt (Update1) - Bloomberg.com
The global financial crisis is turning into a bigger drain on the U.S. federal budget than experts estimated two weeks ago, ballooning the deficit toward $2 trillion.
liz, your customized exotic insult posted in previous thread.
"We have placed the first foundation stone of a new financial order," said chancellor Angela Merkel, underlining that nothing would ever be the same again in banking.
The New Financial Order, where banks are state owned and free markets are free but not too free.
What about dividents, NPR said they could take the money and hand it right back out as dividends?
Ok, chill, back to previous thread.
@ac: "If muni-bonds are going to be backstopped by the treasury, then why not just bypass treauries to get tax free interest payments with the same default risk?"
Exactly. Just bought up some CA munis (Vanguard funds) for that reason. The nice panic discount was a bonus.
Thanks Wisdom - should I just send my estimated tax payments to you instead? Maybe we can pair up, ya know, like pen pals, and each CA employee can find a backstopped investor to be friends with, and fork over his money to.
the Daily show links NEVER never run on my pc...
: (
China is going to be taking it in the shorts over the next year. Their export markets are the Eurozone and USA; both of which are going to have negative consumption growth rates. Of course, that means that the Chinese govt will have fewer dollars to put into Treasuries, which will push yields up.
Actually sounded like a complement.
So they were smart enuf to have fire, sold something honest, and may live thru these inneresting times?
Ok by me.
https://www.nationalcity.com/personal-banking/products-services/everyday-banking/pages/checking/Cash.asp?WT.mc_id=prem150
And I adore TDS and Colbert.
I don't listen to regular news anymore. Waste of time.
Going to eat; will check tomorrow and see if chill has produced a more amusing insult.
This joint is like a 20 hour a day hypnotizing graduate level semenar(sp?) that everyone in the world is invited to. No credit, but everyone learns a lot.
Regarding older folks working past retirement age:
Now that we treat our bodies like aging classic sports cars, to be lovingly restored at any cost, of course folks are going to work until they simply can't.
It used to be that you retired when you couldn't work any more, then soon after you died.
Then, to reduce unemployment, we invented Social Security and health insurance (paid for by the large number of younger Boomer workers), and old folks could live comfortably for a really long time.
Now, Social Security doesn't cover the bills, and ponzi, bureaucratized health insurance turns out to be unaffordable. But folks won't just keel over and die of old age, so now they're working again.
The next surge in unemployment will occur in the next few years, in part because Boomers are unable to retire but their kids need to feed their grandkids. More people seeking work at a time of few jobs = raging unemployment growth...
Now if we could just get Triumph, the Insult Comic Dog to hit up wall street
We will help feed our grandkids.
@Geoff "should I just send my estimated tax payments to you instead"
We need a third party. Someone's gotta pay Uncle Sam so I can get my checks so I can buy the California Munis...
so, Dubai potentially insolvent, Moody's says according to FT. Abu Dhabi to the rescue if need be...
ok, so back on my horse about sovereign credit ratings. the first country, like the first big bank that went, will send shock waves. but this time no bailout, just war. or capitulation and reinvention of currency/debt.
"Publicly recorded debt levels have reached 103 per cent of 2006 GDP, the latest available figure, without including the leverage assumed by aggressive investment companies such as Istithmar and Dubai International Capital."
FT.com / UK - Dubai debt puts emirate at risk in slowdown
ok, off to Herald Square to negotiate with the first bars for Zombiecon...
3 generations all living in a 3 bedroom split level ranch coming to a neighborhood near you, soon.
Think of the future archeologists as they uncover the ruins of Dubai. The futures great pyramids.
3 generations all living in a 3 bedroom split level ranch coming to a neighborhood near you, soon
That's "five bedroom, four garage on 2 1/2 acres, no grandkids" to you, thank you very much.
Ok, I've indulged my doom and gloom for the day. Be kind to each other.
Broward Horne writes:
3 generations all living in a 3 bedroom split level ranch coming to a neighborhood near you, soon
That's "five bedroom, four garage on 2 1/2 acres, no grandkids" to you, thank you very much.
OOOHHH!
Wonder what Dubai's GDP is going to do with oil prices in the toilet?
Dodd Planning Credit Crisis Aid Package for Consumers
Dodd Planning Credit Crisis Aid Package for Consumers (Update1) - Bloomberg.com
U.S. Senate Banking Committee Chairman Christopher Dodd said he will offer legislation to help consumers weather the credit crunch, including a 90-day foreclosure freeze and credit-card lending protections.
``These are areas where I think the American consumer can benefit,'' Dodd, a Connecticut Democrat, told reporters in Washington today after a meeting with Treasury Secretary Henry Paulson.
Dodd wants to include his proposals in economic-stimulus legislation he said may be taken up during a lame-duck session of Congress. He aims to build on the Treasury Department's plan to use $250 billion of taxpayer funds to purchase stakes in financial companies to shore up a banking system roiled by the biggest housing slump since the Great Depression.
The measure would also include provisions to curb predatory lending and allow bankruptcy judges to modify mortgages for struggling borrowers, Dodd said.
``It seems to me appropriate that we take steps to provide some relief for the consumer,'' given how much assistance the government is providing to companies, Dodd said.
How's it going to work out for the %%+ or 65+ cant afford to retire types, when it turns out the usual place they try to get a job when needed is now i major contraction. Have any of you looked at the square feet per capita retail sales numbers. It is frightening. That, and automation and there arent going to be that many retail jobs around, and when these broke older people try to grab them, they can pretty much count on minimum wage. So much for the good life. Oh, and good thing we were so worried about medicare and social security being underfunded that we decided to spend the fix money on the banksters and fraudsters. Talk about a screwed up country. Will Bush declare a do-over before he leaves office?
What was Dodd's position on passing that bankruptcy reform thingy again...?
When the most honest economic commentary in the nation is aired on Comedy Central, you know the end is near.
Thank God it's almost 4:20.
Broward Horne writes:
3 generations all living in a 3 bedroom split level ranch coming to a neighborhood near you, soon
That's "five bedroom, four garage on 2 1/2 acres, no grandkids" to you, thank you very much.
That's because you can't get laid and you blame women for your problems. Fro example: From your Homepage:It's been an unpleasant surprise to discover that most women suck
CSC - if you tell us funny stories, we'll allow you to start 7 minutes early.
"We have placed the first foundation stone of a new financial order," said chancellor Angela Merkel, underlining that nothing would ever be the same again in banking.
Using crises caused government negligence and incompetence as an excuse for reconstructing the system to further favor the government is the essence of malevolent fascism.
Was late to work this morning. Thought, since I'm now a big banker now, they'd send a car for me.
Heads should roll!!
ac writes:
"We have placed the first foundation stone of a new financial order," said chancellor Angela Merkel, underlining that nothing would ever be the same again in banking.
zoom to 2013:
Many devloped nations are begging banks to loan them money because domestic reserves and foreign lending have dried up
John Stewart is stealing our jokes. "Turning Japanese" is so played. CR is the knife edge of cynicism and gallows humor.
"It is certainly a sad day when we here in CA can cheer that we are ABLE to borrow our way into oblivion."
In Soviet California, the debt sells you.
I can't believe they got that trash off for less than 6%. Final yields will be set Thursday, but guesses are between 3.75% and 4.5%, all tax free.
When Obama is elected, he is going to cut defense spending severely and raise taxes.
Which is a good thing.
Dubai's not alone: UK now has Debt > GDP:
http://www.independent.co.uk/news/business/news/nationalisation-pushes-debt-to-100-per-cent-of-gdp-960334.html
(Hat tip to David Merkel's Aleph Blog.)
The UK has limited room to issue more debt. This will impede further bailouts in the event the credit crisis takes another turn for the worse.
The U.S. might have a couple trillion left but it depends upon how you count the state debts (muni bonds) - which would be part of the UK national debt I believe since they have a unified government.
When Obama is elected, he is going to cut defense spending severely and raise taxes.
Which is a good thing.
Why would contractionary fiscal policy be a good thing in a recession?
That's because you can't get laid and you blame women for your problems. Fro example: From your Homepage:It's been an unpleasant surprise to discover that most women suck
Yes, it's been pretty unpleasant to discover how petty and annoying most of them are.
However, my sex life is quite fine, thank you very much, you missed the "orgy" entries.
J is awesome in bed.
good day, sir!
``It seems to me appropriate that we take steps to provide some relief for the consumer,'' given how much assistance the government is providing to companies, Dodd said.
What have they ever done to successfully provide "relief to the consumer"?
These people aren't willing to look past their own arrogance, conceit, and desire for power long enough to question their own abilities.
One day history may judge that to be the root cause of all the problems we currently face.
"so, Dubai potentially insolvent, Moody's says according to FT. Abu Dhabi to the rescue if need be..."
If oil stays below $80 or so, you're going to see more stories like this coming out of OPEC countries. I keep waiting to hear about the first riots in Venezuela, where Chavez has been spending money like a drunken Wall Street investment banker.
Seems like if the Chinese were going to invade Taiwan and take it back sometime soon would be logical. The US military is worn down, we're on our knees financially, and the Chinese govt will need a distraction to keep their population in line. They'd wait until after Jan 20th, of course. Would the American people really rally to push China back? Somehow I don't think so.
Why would contractionary fiscal policy be a good thing in a recession?
In the short-term it certainly won't be. But the country appears to be in danger of going bankrupt - we're borrowing and spending more and more money without generating sustainable economic growth. At least consider that there are worse fates than short term economic downturns.
re: Dodd's plan to help consumers -
eyes up Visa
Hmm...
looks at short list
Hmmm...
"Would the American people really rally to push China back? Somehow I don't think so."
Americans won't even go fight our own wars, let alone fight for Taiwan.
Haven't you noticed the Army Advantage Fund, offering recruits $40k to sign up, taking felons, lots more high school dropouts, etc.
Land of the free and and the home of the shopper.
Currently Smoking Cannabis writes:
John Stewart is stealing our jokes. "Turning Japanese" is so played. CR is the knife edge of cynicism and gallows humor.
Currently Smoking Cannabis | Homepage | 10.14.08 - 7:22 pm | #
Well, on the flip side, the poster who posts here as "Notorious AIG" should give a hat tip to the Daily Show, where that line originated.
@sm_landlord on CA debt: "3.75% and 4.5%"
Some additional color:
The Vanguard California muni funds (VCAIX, VCITX) both went down in price today, so the yields are rising. Reported yields were 4.33% and 4.85% yesterday.
The state revenue anticipation notes will run cheaper that these "fund averages" of longer-term bonds, since they're shorter term and higher quality, but it's still a high price to pay.
California tax-exempt muni money market yields are down to 3.62% from being over 5% earlier, so at least the state is hitting a (relative) bid in the market.
Disclosure: I generally have about 10-15% of my portfolio in some combination of VCTXX, VCAIX, VCITX and SGCXX (Wells Fargo Calif. Muni Money Market).
"Why would contractionary fiscal policy be a good thing in a recession?"
Because the crap needs to be wiped out of the system. Think of it as a painful but necessary trip to the bidet.
Nostrovia,
re: Dubai
this stood out, "Moody's does not rate Dubai's government, but six government-related bodies have received A1 to A3 ratings on the perception of federal support."
It's deja vu all over again...
ac;
"At least consider that there are worse fates than short term economic downturns."
Sure: long term economic downturns. Converting an economy to new industries after the last ones are dead, not before. This could get a lot worse...
The Vanguard California muni funds (VCAIX, VCITX) both went down in price today, so the yields are rising. Reported yields were 4.33% and 4.85% yesterday.
Interesting... I wonder if we're finally seeing a broad based capital flight from US debt. That seems to happen every time the latest bailout reverses the flight to safety effect.
Christ. Use the word "orgy" and your website gets mobbed. HERE, then, already, damn it -
http://www.realmeme.com/roller/page/realmeme?entry=a_bit_much
This is my favorite entry, though -
http://www.realmeme.com/roller/page/realmeme?entry=ripped
Damn voyeurs.
Where's Elvis when you need him?
"Why would contractionary fiscal policy be a good thing in a recession?"
Because the crap needs to be wiped out of the system. Think of it as a painful but necessary trip to the bidet.
Nostrovia,
Comrade Misean is Dope
You mean wasting resources to make stuff that isn't needed is a bad thing and needs to be stopped?
Madness!
Because the crap needs to be wiped out of the system. Think of it as a painful but necessary trip to the bidet.
Personally, I'm hoping for a soft landing and an orderly unwind rather than a hard crash. That's what this is about. Financial crises are particularly perilous because they threaten otherwise solvent and viable firms. That's what made the Depression so severe.
And with firms as stressed as they are, the last thing we need to do is raise taxes and worry about the budget. Let's cross that bridge when we get out of the recession. I agree that significant long term reform is necessary. The first step, once we're out of this mess, would in my mind be to reinstitute PAYGO.
Nikkei futures anyone? Ta
So is Jon Stewart gonna be the next WH Press Sec'ty? I sure hope so...
The tax savings WFC is going to see from the Wachovia takeover is making its way into the MSM.
Wells Fargo could do well with Wachovia deal
The money quote: Well Fargo Chairman Dick Kovacevich said of the IRS change: "It was an element that gave us clarity on an area of uncertainty."
Reuters reports "Nikkei to slip".
Nikkei to slip as Wall St hurt by recession worry
| Reuters
ac,
"You mean wasting resources to make stuff that isn't needed is a bad thing and needs to be stopped?
Madness!"
I knoooow! I mean granite countertops, ginormous sub zero refrigerators, and H2's are NEEDED by $70k/yr families.
How the hell does a guy watch football, and a gal watch that dancing show without a 42" high def plasma TV, bought on 0% no payments for 12 months.
Fer crissakes this is 'merica. Don't we have a Glod given right to have our cake, McMansion, SUV, HDTV, private jet, etc., and eat it too.
erm...Oh wait...I think we're going to eat it, too.
Nostrovia,
Nikkei in a slip....ooooo...sounds exciting.
OT: I am a fairly active trader, and pay close attention to the wash sale rule. My BIL just told me that if I'm audited, my losses could be disallowed based on trades I made in my Keough account. True?
"and a gal watch that dancing show"
Yeah right. Nice try, man. Do you like Lance and Lacey or Brooke and Derek?
dr munch;
I would ask your CPA about that.
But you could certainly argue that since your Keough has different goals, tax treatment, and time horizons, it would not be a wash sale.
Nobody,
"I agree that significant long term reform is necessary. The first step, once we're out of this mess, would in my mind be to reinstitute PAYGO."
Sorry. No cake for you. See you have this whole first step, once out of the mess thingy going. Nope. First step is grabbing a shovel and start shoveling the mess. Sending Heracles into the Stygian Stables with a couple o' cans of Lysol ain't gonna work this time.
Nostrovia,
@Nobody: "The first step, once we're out of this mess, would in my mind be to reinstitute PAYGO."
I think this time around we hit the bond-market-imposed national debt ceiling sooner than we expect. Pay-Go will be implemented whether we like it or not, and it won't be "Pay-Go with a $400 billion/year deficit" either.
China and Japan are in a position to implement a debt ceiling upon us any time they wish.
But if they don't there's a good chance that other countries (mainly in Europe) will get to experience this first (higher debt/GDP and worse fiscal positions), so maybe we might actually learn something before it's our turn.
Pay-go turned out to be a charade anyway. I think we'll need to actually make some hard choices.
I Laughted-I Cried...........For those who talk about Maria B. and her possible sexual feelings as the market goes......Today at 3:30 with the market down and just before going on break Maria said "I fell IT being positive when we come back" IT Nudge Nudge Wink Wink
CSC,
""and a gal watch that dancing show"
Yeah right. Nice try, man. Do you like Lance and Lacey or Brooke and Derek?"
Bwahahahahahaha!
Glad that came up as I was reaching for the beer.
Nostrovia,
"I keep waiting to hear about the first riots in Venezuela, where Chavez has been spending money like a drunken Wall Street investment banker."
sm_landlord | Homepage | 10.14.08
Not only that but hasn't sunk a dime into production. Article today said production was off already by 30% or so.
Guess the only country who buys at full price from him? Yep,us. His little latin communist club all buy at a discount. How's that working now?
Chris
sm landlord: I cetainly will ask my CPA. I only take stock advice (not accounting advice) from blogs. Accounting advice could be risky.
Anonymouse, are you out there? I'd be interested in hearing your take on today's market action and if you are still as optimistic as you have been for the last week. Thanks.
On the funny side:
this was an eventless day on the markets (aside from the rush for the exit at the open...)
but I managed to make it more "exciting": broker's web site went "off" for quite a bit (although the JAVA platform kept working), and when it came back a huge storm shut down the PC I was trading on: I had forgotten to reload the software for the "power system" last time I reconfigured the PC...
ac,
"You mean wasting resources to make stuff that isn't needed is a bad thing and needs to be stopped?
Madness!"
I knoooow! I mean granite countertops, ginormous sub zero refrigerators, and H2's are NEEDED by $70k/yr families.
But just think what a blessing our glorious politicians would be bestowing upon the beleaguered consumer if they simply gave them the means to go even deeper in debt to the Chinese to cover their entire house in granite slabs and travertine tiles.
As responsible Americans we need to embrace and encourage this kind of divine generosity.
Larry Kudlow said that we have planted "A Mustard Seed Garden"BWAHAHAHAHAHAHAHA
@ac: "I wonder if we're finally seeing a broad based capital flight from US debt."
So far it's just muni debt. All the state muni bond funds have been in distress, right?
Even with today's selloff (on rising supply), the 10-year Treasury is still right around 4%.
I'll not get worried about our national debt ceiling being imposed on us until/unless the 10-year cracks 5% while the economy is still in the toilet. But that's still the biggest bogey on my "hyperinflationary warning radar".
Because if we can't borrow any more and yet Uncle Sam hasn't been cured of his spending addictions, we will start truly printing.
Just for funny.
Cobra,
"Not only that but hasn't sunk a dime into production."
He's been ordering Petroleos de Venezuela to spend money on welfare projects. Funny, when you don't reinvest in company infrastructure, how that whole production (and thus cash flow thingy) falls.
Oh well...
Nostrovia,
Today I was in an business that played the local top 40 station in the waiting area. About half of the commercials were for car dealerships and their pitch was "Cars are still selling and we are still lending money. Come on in and see how easy it is to still get a loan with us!" Over and over again. Considering those around me, I have the feeling there will be a lot of new Altimas sporting Raiders stickers this Christmas.
In other news, after listening to today's top 40, I am no longer embarrassed that I used to breakdance on sheets of cardboard and know all the words to "White Lines."
I went looking for personal accounts of the problems up in Iceland.
Found this blog entry:
http://blog.scope.is/marketing_safari/2008/10/surreal-reykjav.html
It feels surreal to drive the streets of downtown Reykjavik. The banks are lid up and people are working there. The logoÂ’s are still outside the houses. The ads are still running saying how wonderful and trustwurthy the banks are. Range Rovers and BMWs are still filling the streets and the parking lots. Bankers in their suit walk the streets with heavy eye brows. ThereÂ’s a strange silence.
ItÂ’s like we know the system is broken, we know itÂ’s gone, but we canÂ’t see it. We canÂ’t tell whatÂ’s real, whatÂ’s still there, and what are just the ghosts of yesterday, when Iceland was one of the richest countries in the world. A pale reflection of the golden age in Icelandic economy which is now going up in flames. WhereÂ’s the smoke?
"Someone's gotta pay Uncle Sam so I can get my checks so I can buy the California Munis..."
Ain't gonna be me this is a great time to be a bum.
Speaking of covering the entire house in travertine tiles, check out Housing Kaboom's report on a house in a working-class distant LA exurb with a marble-floored garage.
So far it's just muni debt. All the state muni bond funds have been in distress, right?
Even with today's selloff (on rising supply), the 10-year Treasury is still right around 4%.
Well, it it's been the relentless sell off in the 10 year despite the plunge in stocks that's got me scratching my head.
I think this time around we hit the bond-market-imposed national debt ceiling sooner than we expect.
That, of course, is the wild card.
We canÂ’t tell whatÂ’s real, whatÂ’s still there, and what are just the ghosts of yesterday, when Iceland was one of the richest countries in the world.
Of course it never was one of the richest countries in the world.
The markets merely created the temporary illusion that it was.
I suspect the same thing applies to Dubai.
ac,
"But just think what a blessing our glorious politicians would be bestowing upon the beleaguered consumer if they simply gave them the means to go even deeper in debt to the Chinese to cover their entire house in granite slabs and travertine tiles.
As responsible Americans we need to embrace and encourage this kind of divine generosity."
Perhaps we're to be taught a lesson:
"Lead the people with administrative injunctions and put them in their place with penal law, and they will avoid punishments but will be without a sense of shame. Lead them with excellence and put them in their place through roles and ritual practices, and in addition to developing a sense of shame, they will order themselves harmoniously." (Analects II, 3)" Confucious.
Nostrovia,
Thanks CR!
You, through Jon Steward, made me laugh.
Comrade Misean is Dope | Homepage | 10.14.08 - 7:58 pm |
That is why I like the company I work for. Another letter today. CFO. Yep its rough. Freight levels actually look o.k.. We want to purchase more companies(cash)but he came right out and said the deals just are not that great YET.
Oh,more good news for Chavez. Thunderhorse is supposed to start producing the end of this year in the GOM. 300k barrels of oil/day. Almost 3M cu ft gas. My brother mentioned they are still crankin to get everything back up from the cane. Can you say 50$ oil? 78 and change just today...
Chris
BTW, you guys noticed I suppose the resitance level for SPX: 1040
that figures
Fair Economist | Homepage | 10.14.08 -
As a guy who has turned wrenches for 20 years I approve of that gargage!!!
Granted,you are not going to fix shit in it but hey...If it comes with the house. I would keep the Cobra in it !!
Chris
"Lead the people with administrative injunctions and put them in their place with penal law, and they will avoid punishments but will be without a sense of shame. Lead them with excellence and put them in their place through roles and ritual practices, and in addition to developing a sense of shame, they will order themselves harmoniously." (Analects II, 3)" Confucious.
I'm sorry but I must reject any belief system that does not acknowledge endless shopping orgies as being the pinnacle of human achievement.
Let's not encourage people to be short-sighted and unenlightened.
ac writes:
"Well, it it's been the relentless sell off in the 10 year despite the plunge in stocks that's got me scratching my head."
There's probably been some supply indigestion ever since the Treasury whacked the market with the surprise re-openings in old notes ($40 bn so far, I believe).
But there's also been some wild moves along the curve, which may reflect position liquidation amongst levered investors.
Nobody's had too good an explanation of what's going on; at least nothing that's easily explained.
There's probably been some supply indigestion ever since the Treasury whacked the market with the surprise re-openings in old notes ($40 bn so far, I believe).
But there's also been some wild moves along the curve, which may reflect position liquidation amongst levered investors.
Nobody's had too good an explanation of what's going on; at least nothing that's easily explained.
Yeah, I suspect part of this has simply been hedge funds dumping their most liquid holdings to raise cash.
But the fact that it keeps going without pull backs and seems unresponsive to motions in other markets has got me wondering.
Recently I bought a 13-week t-bill -- treas. direct -- and got about 1.5%; this when the secondary market was about 0.5%.
I am sincerely hoping that I'll get more than 6% again. When I was getting that the economy was alright. What's the problem with higher rates?
Chris - I thought Cobra meant the gunship... oh well, thats almost as cool.
The Iceland story about the world going on, like nothing happened, makes a lot of sense. The time for weeping and gnashing of teeth will come soon enough. When it does being in close quarters with a flock of Icelanders will be as bad as a bunch of FOB Koreans.
Fish breath from Hell
voodoo economist writes:
Recently I bought a 13-week t-bill ...
Short treasury futures, if you think rates are going up.
Good article for those trying to keep up on their mortgage payments
DIY Hydroponics On the Cheap - Household - Lifehacker
"Chris - I thought Cobra meant the gunship... oh well, thats almost as cool."
Fish breath from Hell
nova | 10.14.08 - 8:22 pm | #
My brother is the chopper pilot in the GOM. When I was in it was impossible to keep me off the flight line. The 53 is my favorite but the Super Cobra/Zulu model is closing in quickly. Something about 6k hp in a package that small...I still have a huge spot for the RF4B/that was my bird.
Chris
But the fact that it keeps going without pull backs and seems unresponsive to motions... has got me wondering
It might be too small.
Have you tried one of those pumps?
Ministry: If the masses have to cut back to make their mortgage payments, then it will not be worth making those mortgage payments.
I haven't seen much mention of this article. Yes, I know it's the Washington Times but... on the whole, the article ties current events together and makes sense to me....
Global creditors end U.S. spending spree - Washington Times
"Global creditors end U.S. spending spree"
One more Iceland article:
http://www.bloomberg.com/apps/news?pid=20601109&sid=am95H4YHyr50&refer=home
....
Like thousands of Icelanders, Karlsson borrowed in foreign currencies to get a cheaper loan as the benchmark domestic interest rate soared to 15.5 percent this year. With trading in the krona virtually suspended after it plunged against the euro, dollar and yen, debtors now face skyrocketing bills.
...
On Oct. 8, the central bank, Sedlabanki, abandoned a peg to the euro after just one day when it was unable to defend the rate of 131 kronur per euro. Trading effectively halted when no overseas bank could be found to accept the currency.
Commerzbank AG, Germany's second-biggest bank, said yesterday there is ``no active market'' in the krona. The last quoted price was 340 per euro, compared with 122 a month ago.
...
I bet Bjork is not Bjroke, but she might not want to invest in another swan costume.
So if everyone gets foreclosed in Iceland will anyone notice? I mean where are they going? The shelter in Greenland?
Ladies and Gentlemen:
Allow me to introduce myself: Neither the least of the best nor greatest of the worst. I have read Marx, Friedman, Engels, Hegle, Castro and Mao. I recommend to you Thomas Mann's Buddenbrooks, for some insight into ascension and decline.
ac,
"I'm sorry but I must reject any belief system that does not acknowledge endless shopping orgies as being the pinnacle of human achievement.
Let's not encourage people to be short-sighted and unenlightened."
If I did that I'd be irresponsible. Getting a hamburger today to be paid back next Tuesday is the golden path. Ask popeye.
Nostrovia,
Actually everyone in Iceland probably gets to keep what they have. It will be like Cuba. In 30 years they will still be driving the same car. Might be pulled by reindeer but what the heck. They will learn to build longboats again and try to raft into Nova Scotia.
Recently I bought a 13-week t-bill -- treas. direct -- and got about 1.5%; this when the secondary market was about 0.5%.
these kind of statement's here at CR really hurt my head.
The upside of Icelandic meltdown is that now the world also has a place to dump financial and nuclear waste.
Hopefully this will satisfy the Green Peace protestors.
sockpuppet no. 22,
"I have read Marx, Friedman, Engels, Hegle, Castro and Mao."
So have I. But I don't list them as intellectual foundations of my thought. More like giant mistakes in nonsense to be avoided at all cost.
I'd recommend Groucho and Harpo.
Harpo just had a horn IIRC.
Nostrovia,
Iceland refugees will form furry woolen wearing gangs reaking havoc. The FBI and local officials will never be able to break their secret codes. Like Windtalkers, the language is spoken by very few. Actually probably more Navajo speakers than Icelandic. Gang graffiti in runes!
Okay - one last article about Iceland.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ay1lXbUqN5Og&refer=home
Icelandic Stocks Drop 77% as Trading Resumes After 3-Day Halt
By Jakob Lindstroem
Oct. 14 (Bloomberg) -- Iceland's benchmark stock index plunged 77 percent, the biggest decline on record, as trading resumed after a three-day suspension and the nationalization of the country's largest banks.
Investors demanded a higher premium to hold Icelandic government bonds, while the price of the country's currency remained ``undetermined,'' according to TD Securities.
The Icelandic gangs will then slowly become imprisoned. The first time they meet a member of the Aryan Nation they fall over laughing.
Njorl's saga
YouTube - Monty Python - Njorl's Saga (Part II)
Nostrovia,
Roubini with that penetrating stare and all-knowing aura about him reminds me of THIS guy:
YouTube -
Icelanders represent a very interesting genetic snapshot that the world would be sorry to lose. And now they will work for peanuts...
Attention Ubernerds:
The World Chess Championship match started today in Bonn, Germany. The undisputed world champion, Viswanathan Anand of India, is defending his title against the Russian challenger, Vladimir Kramnik, himself a former world champion. The first game was a draw. Games start at 9 AM Eastern.
Somebody please give me a good reason why Bank of America hasn't been allowed to fail. They gave out liar loans to illegal aliens, bought the most corrupt mortgage lender on the planet (Countrywide), and their stinking web site crashes more often than Lindsey Lohan.
Got a tech coming in to fix the net connection in 2 days.
Talk about the cable going on the fritz before the big game!
Be checking in from the local coffee shop as I can. I'm getting to see market moves but I can't keep up with the CR comments scroll.
Summary:
Negative DOW close and a 10 year treasury sell-off one day after the CB all-in? Nikkei bottoming again?
All-in got 1 day of pop. That about says it all.
c_s
"Somebody please give me a good reason why Bank of America hasn't been allowed to fail."
Come on dude. They're too big to fail. We have to protect the financial system. If the gov't doesn't rob us and give them money, they can't loan that money back to us at interest. Where's the justice in that?
Sheesh, by now I'd think regular posters here would understand that.
Nostrovia,
Rumor has it that one of the Citadel hedge funds just blew up. Should be good for some nice tankage tomorrow!
Global trade seizing up - letters of credit issue apparently not being solved by superbucket bail.
Bloomberg.com:
Personal Finance
The Imminent Collapse Of Global Markets Is No Reason To Skimp On Four-Season Gutter Protection | The Onion - America's Finest News Source
central_scrutinizer - details??
CHICAGO (AP) – Sources have just confirmed that mortgage loan companies are contracting with Blackwater Worldwide to assist in the eviction of people still living in foreclosed homes.
HolyJuan: Xe (formerly Blackwater) Contracted to Evict People in Foreclosed Homes
Wisdom Seeker writes:
@Nobody: "The first step, once we're out of this mess, would in my mind be to reinstitute PAYGO."
I think this time around we hit the bond-market-imposed national debt ceiling sooner than we expect. Pay-Go will be implemented whether we like it or not, and it won't be "Pay-Go with a $400 billion/year deficit" either.
China and Japan are in a position to implement a debt ceiling upon us any time they wish.
The day they impose 'debt ceiling Pay-Go' on us is the same day they send out pink slips to the hundreds of millions working in US targeted export industry factories all across Asia - especially China.
And we think we would have riots if we don't get cheap big screens? Think again - THEY have the riots if we don't get cheap big screens.
Think that whole thing through for just a second before you proclaim we are at the end of the cycle. It won't be close to over until we see this again.
What a mess...
The comments on the article above are rad. I think they prove the 'born and bred dopes' hypothesis.
the US just got a whammy, didnt it?
[BOfA" stinking web site crashes more often than Lindsey Lohan
Hey, have a little consideration.
Their website works fine when there's no banking runs in progress.
dryfly,
Well that was grim.
"And we think we would have riots if we don't get cheap big screens? Think again - THEY have the riots if we don't get cheap big screens."
I think things might be different this time though.
Nostrovia,
central_scrutinizer writes:
Rumor has it that one of the Citadel hedge funds just blew up.
that's to good to be true.
from the guy who wants to team up with the cme for a CDS exchange.
could'nt happen to a nicer guy.
CSC, let's leave rad where it belongs,
in the 80's.
CSC that was satire at the link you provided. Wasn't it?
My ticker is showing red across the board. Happy days are here again BS coming unglued.
Nostrovia,
I am with dryfly on pay as you go.
I think Iraq will declared a 'victory so the troops can see their families and have a parade..
Thats an easy trillion saved..
Mortgage meltdown to hit credit card users - The Red Tape Chronicles - msnbc.com
CC debt is guaranteed right?
I use 'rad' all the time.
At least I have stopped using "tits à la mode" to describe something...uh...rad.
Comrade Kristina: Total satire. Blackwater will be too tied up training to put us in boxcars for the camps.
punditry,
Oh rad...I still use it. But I'm old.
Nostrovia,
Comrade Kristina: Total satire. Blackwater will be too tied up training to put us in boxcars for the camps.
Currently Smoking Cannabis
Phew, and here I was worrying...Ah hell, more ammo anyway...I figure I can trade bullets for food eventually.
Sex, Roubini-style!
The Secret Pleasures of Dr. Doom - Economics - Gawker
Now that's my kind of professor.
I use "cool" to. Which is so 60's. But I do try not to use "Bitchen" any more.
Nostrovia,
I figure I can trade bullets for food eventually.
Comrade Kristina
In the armageddon that awaits us, I'd consider 'spending' your bullets but never trading them. You get more grub per round that way. Follow the fatties.
http://img159.imageshack.us/img159/8013/palinmccainlq1.jpg
CSC, stop, you're killing me..LMAO..
I also use 'gnarly' about 3-4 times daily. Is this dated?
Comrade Kristina,
"Phew, and here I was worrying...Ah hell, more ammo anyway...I figure I can trade bullets for food eventually."
If you're an unmarried female...I'm smitten.
If not...What a gay name.
;P
Nostrovia,
"Rad" has never been more the bomb than it is now.
LOL...Oh shit.
I'm a married female Misean and my name is Kristina. I've never been one for catchy screen names so I always just stick with my real name. I even used my real name when I was a stripper
CSC,
I still use gnarley...but like with bitchen, I try not. I've gotten "killer-mano" totally out of my system though.
Nostrovia,
This place is far out!!!
@I even used my real name when I was a stripper
Rad.
Really, it's the cats meow!
This thread appears to have jumped the shark.
Comrade Kristina: Now I am smitten as well. We have so much in common. I used to ride the rail as a regular.
Comrade Kristina,
"I'm a married female Misean and my name is Kristina. I've never been one for catchy screen names so I always just stick with my real name. I even used my real name when I was a stripper ;)"
That's HAWT! Thanks.
Nostrovia,
rad...
i have a newfound love for the high-five
and cant give up k-rad.
YouTube - They Might Be Giants - High Five
You're not really dated unless you use "bogus". That's my fav.
"This thread appears to have jumped the shark."
Well, it is a comedy thread right?
I even used my real name when I was a stripper
Comrade Kristina | 10.14.08 - 9:40 pm | #
photos or it didn't happen
This was totally tubular.
HolyJuan: George W Bush list of things to do during the last days
Comrade Misean: You sound like the stereotypical southern californian dope smokin' sand rat.
That's killer.
Recession-Plagued Nation Demands New Bubble To Invest In | The Onion - America's Finest News Source
i think knarly,gnarly is ok.
as for bulletts...
stock a few boxes of various rounds.
including shells.
when the Big A comes, there will be plenty of interesting weaponry wo be found at your feet.
the best source for these new toys will be the back doors of your local supermarket's and convenience stores.
And we think we would have riots if we don't get cheap big screens? Think again - THEY have the riots if we don't get cheap big screens.
What gives with the notion that if China has a slow down or a recession its people will riot? Seems far fetched to me.
The current generation of Chinese has lived through far tougher times than most. And many have seen vast improvements in quality of living.
Seems like another trumped up wall street pipe dream justifying never ending low rates in America. I'm taking the other side of that trade.
Comrade Kristina writes:
I'm a married female Misean and my name is Kristina. I've never been one for catchy screen names so I always just stick with my real name. I even used my real name when I was a stripper
Now, before all the guys here get out of control. Please, please tell us this was honest stripping and not slicing mortgage coupons for resale stripping.
I'm turning Japanese
I think I'm turning Japanese
I really think so
I'm turning Japanese
I think I'm turning Japanese
I really think soo
YouTube -
Currently Smoking Cannabis,
"Comrade Misean: You sound like the stereotypical southern californian dope smokin' sand rat.
That's killer."
Bwahaahahahahahahahaha!
Damn dude, I grew up in Huntington Beach. !2th strest...less than a 1/2 mile to the beach. Just a bit.
That post was so rad it was killer mano.
Nostrovia,
You guys are too new-school.
As for me, I'm hep! I gots the moxie!
P.S. I picture Bond Girl as a flapper.
PPT got a hold of the Ohio Supreme Court.
I can't really pull off the whole short haircut thing.
Comrade Misean: Dang, dude. No wonder. FV here.
Good thing this is a comedy thread, as we have drifted off into the abyss of sexual innuendo now...
LOL @ Scotto, there are a few lucky fellas out there somewhere that had their pictures taken with me at the club. That was 17 years ago though, I'm sure the wives have long since ridded their husbands of those "keepsakes"...
God, this blog has it all.
Bond Girl,
"I can't really pull off the whole short haircut thing."
That's unnecessary. Long hair rocks.
CSC,
"Comrade Misean: Dang, dude. No wonder. FV here."
Figured as much.
Gotta go and get food. BBL.
Nostrovia,
"What gives with the notion that if China has a slow down or a recession its people will riot? Seems far fetched to me. "
Not far fetched at all. I get regular updates from my father-in-law from China.
Things are getting bad in China very fast now. Rising costs, higher unemployment, higher crime etc..
6% growth in China is the equivalent of a recession here.
Many of the laid off workers are, understandably, refusing to go back to the countryside and crime and protests are a growing problem.
With 1 billion citizens the government is acutely aware of how fast this can spiral out of control.
I went to China in 2004 and was caught in a near riot that was simply due to a road being shut-down. Very scary and that was before the unemployment started.
Oh my god I love strippers.
I bet CR is hammering the keyboard to move this train along.
What would be on topic, anyway? 8-box layouts?
JP writes:
God, this blog has it all
Yes, it really does. Intellect, biting wit, breathtaking cynicism, dysfunctional comaraderie and probably the very best, in depth outlook on economics out there. I've learned much here and there is nothing I love more than learning. I also frequent the narcosphere, I'm a a big fan of Al Giordano.
as the thread has now totally degenerated-
Kunstler
peak oil nutjob, but he can really string important-sounding words together, and is always good for a giggle
@Everyone-
Thanks for an enjoyable and stimulating conversation - going to hit the sack - see you all in the morning.
-CS
"What gives with the notion that if China has a slow down or a recession its people will riot? Seems far fetched to me."
The tremendous income inequality and disparity between urban and rural areas creates a great deal of tension within the country.
Imagine having subsistence farmers living on the outskirts of NYC.
Has Conjure informed mp when his next communique will be issued?
Imagine having subsistence farmers living on the outskirts of NYC.
Imagine having 100,000,000 subsistence farmers living on the outskirts of NYC.
Not far fetched at all. I get regular updates from my father-in-law from China.
Ok. You are closer to it than me. It just seems odd that those same problems exist in almost every country, even the U.S.A.
Some members of CONgress actually thought that marshall law would result here if the bailout bill wasn't rushed through. I for one never thought we'd see that.
Maybe I'm just a skeptic.
This is the kind of fiasco that brings down governments, propels societies into revolutions, and starts wars. In a few months, America will be full of angry economic losers. We're not the same nation that crowded around the old radio consoles for Franklin Roosevelt's fireside chats. Back then, we were mostly a highly-disciplined, regimented, industrial society full of citizens who mostly did what they were told to do, and mostly trusted in authority. Today we're a nation of tattooed barbarian "consumers" with no impulse control, a swollen sense of entitlement, ruled by a set of authorities ranging from one G.W. Bush to the grifter-billionaire pantheon of Wall Street CEOs -- now heading into secret bunkers with their stashes of krugerrands, freeze-dried veal Milanese, and private security squads armed with XM-8 carbines.
Someone forgot to tell this guy about the Roaring 20s.
-- but the geology and geopolitics of oil have not changed since June of this year when oil was at $147. - Kunstler the hustler
Ain't done changed frum when it were $28 either numbnutz. Ever think maybe, jus maybe the price doesn't magically transmit back into the ground causing a rational market price? Jeez, Jimbo has been riding this dead horse for two decades. You'd think even someone with his nose stuck as high in the air as his could smell it.
Imagine having subsistence farmers living on the outskirts of NYC.
Oh, better than that. Imagine ex-subsistence farmers surviving as street laborers in NYC because politically connected developers evicted them from their land. Oh, and imagine that they have virtually no prospects to get married because of the male-female imbalance.
Imagine having subsistence farmers living on the outskirts of NYC.
AC,
Go to the South. Rural poor in the U.S. is unbelievable. And not far from the cities.
Also, I've spent way too much of my life in decaying cities - Philly, Trenton, NYC, Newark, Camden, D.C., Pittsburgh, Rochester, Syracuse, Toledo. I've seen extreme income inequality for decades.
Uh, can we go back to comedy, pleeeeeeez?
"What gives with the notion that if China has a slow down or a recession its people will riot? Seems far fetched to me."
I bet your 5 minutes away from rioting if the gubbermint takes your savings/land/kids/house everything or most of the above.
Hell I would...
China has a brutal centrally planned economy. Want to extend a airport take the land and arrest the protesters, easy..
Hell I would...
Angry Saver,
You have to visit China to understand what it's like there. Think of the busiest place you've seen in the US, multiply it 10 fold and picture that every waking moment in a city of multiple millions. And it's like this in every major city in China.
As other people mentioned there's also a huge disparity between the rich and the poor there.
China needs 6% growth JUST to keep unemployment in check.
Add to that huge corruption, a collapsed stock market, falling real-estate, a populace that has a history of blowing it's fuse every so often and I certainly don't want to be there when things unravel.
Wall Street has been faking a lot, but instability in most of Asia is certainly not one thing that's being faked.
Imagine ex-subsistence farmers surviving as street laborers in NYC because politically connected developers evicted them from their land.
Some days I really think Henry George had it right.
The tremendous income inequality and disparity between urban and rural areas creates a great deal of tension within the country.
Imagine having subsistence farmers living on the outskirts of NYC.
There are tremendously poor people living in Upstate New York. (See the recent film "Frozen River") Nobody from NYC ever notices, so why would they notice if 100 million subsistence farmers were there?
Turning Japanese...hehe....he. Turning Chinese? He....someone throw me a bone now, come on. This is supposed to be a happy thread...
Proletariat Geoff writes:
Uh, can we go back to comedy, pleeeeeeez?
Or at least some good disaster porn...
jeez RD, how juicy was that bait that uCE threw out?
If this is what we can expect from a crime wave in America, we can put the guns away.
http://www.thehumorarchives.com/joke/How_not_to_rob_a_convenience_store
angry saver
We live in countries with a small amount of mobility. In China connections to the local politburo is still the most important driver for success...
Hey, 90 CR posters and we could make an enneacontabox!
Pundirty;
Yeah. I'm a sucker for Kunstler especially since I've been forced onto this near nonexistent red meat diet. I swear all 5 feet of my scars throbbed when somebody waved the Kunstler bit in my face.
expect from a crime wave in America
I figure he wanted back in the big house something fierce.
ice catch punditry-
i got nothing from the they might be giants link. kunstler fits the disaster porn AND comedy reqs
I'm looking to switch to a new broker from ameritrade. Whenever there is a major market move the online system goes down. For instance this morning it was down for about 15 minutes. I only recently started trading frequently enough to notice.
Someone recommended Interactive Brokers. Does anyone use Interactive Brokers? Do they have similar issues?
CSC,
too perfect!
UCE,
I agree Jimbo has a high humor quotient. He's gonna be insufferable if he ever turns out to be accidentally right. I do however unreservedly enjoy his EOTM (eyesore of the month).
i didnt know death-to-suburbia jim had such an effect on you Rob. that was a low blow, and im sorry. Its nice to know im not completely ignored tho
I hear ya Y.T. - same problem today for me. I have been thinking of switching, but instead, on days I know volume will be heavy, I just call apex and they pick up pretty quick. Of course, sometimes you cant get through on the phone when the site goes down. Those days, I no happy. Of course, right now, I am on the sidelines, cash boy, so I just spend my time peppering them with hatin it emails. But they stil refuse to upgrade their servers to handle the kind of activity that is becomining increasingly normal.
Unfortunately, I dont know who else might be better, but I do consistently here on this site that this problem is most common on TDA.
This is the kind of fiasco that brings down governments, propels societies into revolutions, and starts wars. In a few months, America will be full of angry economic losers. We're not the same nation that crowded around the old radio consoles for Franklin Roosevelt's fireside chats. Back then, we were mostly a highly-disciplined, regimented, industrial society full of citizens who mostly did what they were told to do, and mostly trusted in authority. Today we're a nation of tattooed barbarian "consumers" with no impulse control, a swollen sense of entitlement, ruled by a set of authorities ranging from one G.W. Bush to the grifter-billionaire pantheon of Wall Street CEOs -- now heading into secret bunkers with their stashes of krugerrands, freeze-dried veal Milanese, and private security squads armed with XM-8 carbines.
That was totally outstanding writing!
Whats an XM-8? I bet it is black and plastic.
Is there a listing available of when major corporations are to release their 3Q numbers?
UCE,
I've archived more than a decade of my busting on him.
To accessorize the National automobile slum we have invented an architecture
of occult mysticism, based on the competitive contrivance of new
metaphysics, the more incomprehensible the better. And these two cultural
developments compliment each other. In both instances the losers are the
people who have to live in America. The sad truth of the matter is that the
United States is increasingly composed of thousands of places that are not
worth caring about. The ultimate result will be a nation and a way of life
that is not worth caring about or defending.
We have accomplished something really remarkable in America. We have
perfected an individual trasportation system that can now take us with
perfect comfort and ease to places that are not worth going to and certainly
not worth living in.
This is the salient characteristic of the American town and city today. They
are places with no sense of a future. What is the destiny of the K-marts and
Burger Kings of Dallas? I ask myself this question often. It may lead to yet
another branch of metaphysics.
Funny stuff. The above from circa 1999.
YT. I've never had a problem with Etrade or Fidelity. On computer or smart phone.
I don't trade. I am in it for the long term.
conservative minority in canada.
now that is humorous!
A little thread music from America to the rest of the world:
YouTube -
I've got a hard road to travel and a rough rough way to go
Said it's a hard road to travel and a rough rough way to go
But I can't turn back, my heart is fixed
My mind's made up, I'll never stop
My faith will see, see me through
I never traded frequently until this past year and a half. Thanks to blogs such as CR I got a clue and liquidated everything last summer. And I'm still 95% cash.
My "investment" strategy this year has been to use the other 5% and play the market volatility in options which requires an increased amount trading.
FLASH
Mrs. Obama calls African Press International (API):
Page not found « African Press International (API)
Nice CSC...
This thread appears to have jumped the shark.
Proletariat Geoff
Nah, I think CR is getting wise to give the late nighters a playground in which they can talk about anything;)
What is going on here tonight? It is a little early for this type innuedo. That is okay, though, because, later, the innuedo slowly disappears. Then, it becomes just plain wrong.
this might be interesting and informative.
Fitch: Mortgage Holdings Could Imperil Life Insurance Firms - 10/13/2008 - insurancenewsnet.com
Dare I say, "Peak Strippers"
"mykillk writes:
Is there a listing available of when major corporations are to release their 3Q numbers?"
You can check Yahoo's Finance calendar of companies earnings and conference calls, today Intel had good profits for Q3 but the outlook for Q4 was "cloudy"
US Earnings: Company Earnings Calendar - Yahoo! Finance
Just got back from San Francisco. Still a lot commercial construction and home remodeling. A few more empty store fronts than I thought there would be. Cab driver said there was still a lot of Asian money circulating, especially from Hong Kong. I overheard a sous chef at Boulevard state that "people are only buying one $180 bottle of wine instead of three or four." Some softening but no general panic yet.
if Sovereign debt does not matter than neither do earnings?
Max writes:
Imagine having subsistence farmers living on the outskirts of NYC.
Imagine having 100,000,000 subsistence farmers living on the outskirts of NYC.
Max | Homepage | 10.14.08 - 10:02 pm | #
And 30,000,000 more coming in every year - that's what's facing East Coast China.
Ya they'll pull the plug on the 'dollar cycle' any day now. And then it gets interesting real fast.
Uffda! [Bet CSC doesn't hear that on the beach everyday]...
"Some softening but no general panic yet.
steelhead"
Wait until the Viagra is gone. Panic.
Growing up in the 'burbs of DC, 'twas amazing how many kids imagined themselves to be Cali surf rats. Yeah, those OC (Ocean City) waves are gnarly!
Of course, imagining yourself a mod/suedehead/rude boy like I did didn't really make sense either....
when the traffic slows on the 5 in Oregon..
it becomes the sound of real life.
real life is quiet, hard work.
"And 30,000,000 more coming in every year - that's what's facing East Coast China."
China has too many issue facing it before it will really be a mature economy and country again. The pollution and human rights issues will lead to some type of revolt/internal war. Sooner than later. So the world domination is a bit farther than most think.
Wanna know what China can expect in two months? Look at the Baltic Dry Index today.
Bloomberg.com:
Personal Finance
I've been saying there won't be a Christmas but I didn't think it would be this bad.
speaking and talking about real life in china does not exist in this environment.
In China connections to the local politburo is still the most important driver for success...
andy in nz | 10.14.08 - 10:11 pm | #
And the CCP makes sure the People's Liberation Army is well taken care of. Not an accident the connection between PLA and some of the largest & most successful SOEs. Those are constants.
Re Granite countertops
Hey, I like my slabs of rock. At least I can use them when I cook. Boy, the irony of someone who collects shiny metal stuff with no utility carping about my countertops is something awful.
BDI.
is a functionof the expectations of globalization.
decoupling or gloabalization for the win does ot exist.
alex
cracker writes:
speaking and talking about real life in china does not exist in this environment.
Were the above posts inaccurate, dude? I read them with great interest.
Elvis, check out the Roubini post upthread. Noriel is your blood brother:)
How can you possibly produce enough sewage capacity for 750M not to mention 1B? That raw sewage goes right back at you.
just plain wrong.
globalization.
entitlements.
expectaions.
Dryfly,
Are you noticing like me that US companies are wising up and not transferring technology/engineering expertise in exchange for a lower price from China? Makes me think all may not be lost.
CSC
dude,
I just I got here.
fundamentals havent changed, only my perception.
CSC, you read them.
you dont live them.
Elvis, check out the Roubini post upthread. Noriel is your blood brother:)
Whereismyretirement
How so? Does he also have an innate ability to call the flip of a quarter?
you dont live them
That's why I read them.
Heads. See. It's wierd.
Probably a dupe, but...
In Mr. Paulson's call with Morgan Stanley's Mr. Mack, people familiar with the matter say, the CEO asked the Treasury Secretary the reason for the meeting. Mr. Paulson responded: "Come on down, we'll tell everyone at the same time," adding, "I think you'll be pleased."
At Moment of Truth, U.S. Forced Big Bankers to Blink - WSJ.com
"How so? Does he also have an innate ability to call the flip of a quarter?
Elvis"
No, turns out Dr. Doom is a party boy!
life ain't that easy
Wow:
I also frequent the narcosphere, I'm a a big fan of Al Giordano.
Comrade Kristina | 10.14.08 - 9:58 pm | #
I used to work with Al Giordano a million years ago when he was in western Mass. He's in Mexico now, right? Chasing narcos?
Mr. Paulson responded: "Come on down, we'll tell everyone at the same time," adding, "I think you'll be pleased."
Did they finally decide to release the top secret, Roswell UFO information realted to fundamental money management and investing?
am I harshing your thread. how bout a funny?
ok a diddy.
there once was a man with no bucket.
who bought some stock, that was buffett.
as the tide rolled in
he said with a grin.
FUCK YOU THIS WAS NON DILUTIVE!!!!
tip your waitress, Im here all week.
No, turns out Dr. Doom is a party boy!
Whereismyretirement
I am appalled at the implication.
Milton, he travels all around. His blog is called "The Field". He's an organizer for Obama.
http://narcosphere.narconews.com/thefield/
I think he does still keep permanent residence in Mexico but I'm not certain.
"I am appalled at the implication.
Elvis'
I know, I know...you're choir boy.
citizen allan M
libor cant fall, as the CB's wage war...
the war goes like this.
I have money, you dont.
so give me money and I'll buy your goods....
if I dont like the goods...I pay less.
now, increase the value of your fiat.
post haste.
Found scrawled on the bathroom wall at a cracker show:
There once was a rascal named Hank
Who sold out our kids to the banks
He rolled out his plan
With a raptor in hand
And then stuck Joe Sixpack with a shank
My broker said "It has to work, there is no other option". Therefore, it is FUck-d.
Ha:
His blog is called "The Field". He's an organizer for Obama.
http://narcosphere.narconews.com...s.com/thefield/
I think he does still keep permanent residence in Mexico but I'm not certain.
Comrade Kristina | 10.14.08 - 10:58 pm | #
==
Thanks, Kris. That dude's a maniac. He knows something about the Mex Mafia though, and I'd been meaning to look him up as I've lately run into some of their associates herebouts in Baltimore. Knowledge is power, they say. Plus, that dude's a maniac.
Im straight vodka out the bottle.
ask me a question.
YW Milton, he's a great writer as well. Very interesting guy, razor sharp wit...
CSC, thank you.
found in the pockets of human remains after the buring man....
There once was a thread that was fine.
I had worked for what I thought mine.
when my daddy passed.
I said with a gasp.
What worth, the value of time?
That's it... I'm calling a bottom.
Of this thread.
THREADKILLER!!!!!!
if everything is a guaranteed.
if everyone has all the money.
if everyone made all the right moves.
if, but only if, and or...
boolean logic, algorythms of levered moneys, fiat, social order and standing are fixed?
working as a function of fear of the unknown?
Do for oneself for the good of others? getting to the end of oneself.
Not Socialism,not fascism, not communism, certainly not capitaltism, then what is it.....
fear it, it's a hard road.
whats the fucking -ism?
yet to be decided.
Im straight vodka out the bottle.
ask me a question.
OK, what exactly were you trying to get across with that last comment?
In related news, Bernanke denies that there has been any pundit-box inflation, but assures us that he is watching it closely.
would it be out of line to suggest that china's 1 billion population is BS?