Office Vacancy Rate Rises Sharply
Submitted by
CalculatedRisk on Tue, 10/07/2008 - 10:29am (487 comments)
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First!
first
Took you long enough to get on this CRE story.
2nd
Drive around Silicon Valley, lots of chained up parking lots and buildings without logos on them anymore. Big Buildings, not the small ones. I have been meaning to get out with my camera and take photos.
CRE will be worse than RRE...the space will not be needed for 3-5 years. At least with RRE bums and homeless people can live there.
What would Peron do?
Market wants to test lows right now.
Convert the vacant office space to spa facilities and get a bailout from the Fed!
Well, I have a bit of cash on hand. I've been doing a lot of research, and have decided on the following asset allocation:
5% seeds and garden tools
20% topsoil and fertilizer
25% bicycle and bicycle parts
50% insulation
Suggestions from the crowd?
The Notorious A.I.G.
dont forget the cow and chickens
Nemo, I know you are joking ... but I agree everyone is on this story now.
Maybe I should pull up some of my old investment posts from 2005 - showing that housing would go first, followed by non-residential investment and consumer spending. Both are falling now.
Best,
Bill
Hmmm does this mean that there will be more urban loft space available to drive down the prices on the existing suburban wannabe loft spaces? rubs her hands together and cackles
CRE will be worse than RRE...the space will not be needed for 3-5 years. At least with RRE bums and homeless people can live there.
crispy& cole
I think worse is a relative term when both have terminal cancer.
Notorious, you forgot barbed wire and a dog.
Suggestions from the crowd?
Donate 10% of net to the charity called the "Wall Street Financial Foundation"
--
But, nothing to worry about. CRE should bottom soon because CRE was not as overbuilt as RRE.
Jas
The Notorious A.I.G.
.... the list goes on...
Straight from Chimpy's playbook (mushroom cloud):
"NYSE CEO: Situation could be "dire" if credit doesn't loosen" (marketwatch.com)
I would, but zoning laws are a bugger. I know a guy just set up a coop outside town, though. I kid you not.
Our lease was up for about 20K sqft here in San Diego.
The building owner was playing hardball. Wanted something like 2.4x the current rate.
Half the building went vacant and much more space came on line in the surrounding area.
He eventually capitulated to a small increase on our last rate.
At least he start out with big balls!
Letter From Chabad:
"Unfortunately, with the recent economic downturn, many of our donors have been compelled to scale back on their contributions, leaving us with a considerable shortfall. But scaling back on the services that we provide is simply not an option.
Therefore, on this Yom Kippur Eve, I ask you:
Please help us fill the plates of the Jewish People.
I understand that the same economic downturn that has already hit us so hard might, G-d forbid, make it difficult for you to contribute, too. But, on behalf of my extraordinarily devoted colleagues and our hundreds of thousands -- millions! -- of beneficiaries, I ask you, standing on the threshold of Yom Kippur:
Please dig deep into your personal reservoir of kindness and help others in their time of need!
Please remember: To many of the Jews who turn to us every day, we -- you! -- are their only Jewish lifeline."
Sounds like they made some disappointing investments.
A.I.G.,
Don't forget the soft Ice Cream machine. Gotta have one.
CR-
you slipped.
Staright from King Saloman's playbook (then divide the baby in half):
2:48 p.m.
[C] Citi could get 20%-25% of Wachovia deposts: report
2:47 p.m.
[C] Wells Fargo could get 75%-80% of Wachovia deposits: report
When the investment bankers leave, who fills their space? Call centers? Paintball businesses? Crack dealers?
crispy& cole writes:
Staright from King Saloman's playbook (then divide the baby in half):
2:48 p.m.
[C] Citi could get 20%-25% of Wachovia deposts: report
2:47 p.m.
[C] Wells Fargo could get 75%-80% of Wachovia deposits: report
So, Citi gets anywhere from 20-75%?
Glad they nailed that down.
they wont cut rates now. Bernanke "hinted" at it to guage the markets response, there was none, so they knoew it wont help. if they would quit trying to manage the market, they might could do something positive.
Elvis writes:
When the investment bankers leave, who fills their space? Call centers? Paintball businesses? Crack dealers?
Elvis | 10.07.08 - 2:56 pm | #
Small arms, private security, corrections.
More "positive" feedback factors.
Libor Rise to Boost Subprime ARM Defaults 10%, Citigroup Says
A couple of my friends have I/Os that are set to LIBOR...
This is me, preparing:
YouTube - A Post-Oil Man
editorial from China People's Daily
"These dollar liquidities would push forward the devaluation of the U.S dollars, and in the mean time, would force up the futures prices of petroleum, grain, gold and bulk commodities,...
The countries concerned will have to work out the emergency plans of their own in a bid to stabilize their own economy and financial market. Against the global financial fears, the governments will also have to join efforts to combat the financial crisis and push ahead with the reforms in the international financial and monetary systems in order to curb the hegemony wielded by the U.S dollars over the world economy. "
The Treasury's $ 700 billion rescue is a double-edged sword - People's Daily Online
And why hasn't the government bought this spare office space yet?
Have they learned nothing from the teachings of Mr. Gross?
crispy& cole
You might know the answer to the following:
Say all banks consolidated (including IBs) into one megabank. Would all the deposits be enough to improve the leverage ratio to 1:10 ?
Somehow, I doubt it.
"Paintball businesses?"
Wow. If I opened one of those here in Brooklyn I could make a small fortune.
The Notorious A.I.G.
250% Coke and Whores
And thet tell the Democrats you will declare martial law if they don't double down for you.
A couple of my friends have I/Os that are set to LIBOR...
Argento
Alot of subprime was tied to libor. I think Tanta looked it up and it was 85% or something crazy.
I think it was sold that way so that foreigners or swf's would be interested in investing in MBS. (god bless them!)
It is going to be a dangerous animal if it keeps climbing...
I see an increase in the copper supply as vultures pry anything not embedded in concrete from these vacant properties.
Vacant strip malls will make excellent soup kitchens.
add some 55 gallon water storage tanks to your list.
This article almost makes loading up on SRS when it was at $67 a few weeks ago seem like a good idea. Thanks bail out rumor ridiculous rally.
Also makes that Boston Properties purchase (backed with Goldman money) in NYC seem like a pretty bad move.
I'd like to take this time to give a hat tip to "rich". He has been like the CR of investment advice. He told you all to buy SRS and TWM a long time ago. He was right.
John Sarbanes is HOTT. Wish he were running for preznit.
That is all.
Peron would make some kind of deal with the unions, anger the church and landholders and get the country to the brink of civil war.
Believe me, We know that down here.
Speaking of BXP they got crushed in the last 2 months. I was kinda shocked.
first there was the housing, then there was the CRE, next will be the credit card...
Don't mess with business cycle...
Vacant strip malls will make excellent soup kitchens.
The Strong Fundamental
And strippers will want bowls of soup for tips. Messy. And they shouldn't trust that "New England Clam Chowder."
The Notorious A.I.G. writes:
This is me, preparing:
Dude, that cartoon guy sounds like me. I'm kind of embarrassed. Jesus, I sound nuts to myself now.
Place yer bets.. place yer bets..... Post time in 3 minutes.
o/t but funny
Lehman Bros. CEO Richard S. Fuld Jr. was reportedly attacked at the company gym shortly after it was announced that the 158-year-old company was going bankrupt last month, according to CNBC and The Telegraph of London.
"CEO Richard S. Fuld Jr. was reportedly attacked at the company gym"
Wonder if it was in the showers and the sodomy was repaid?
@CSC I think this is the best line from the clip: "Yeah, you remember that laugh when you're trying to drink piss and my windmill is pumpin' a bathtub full of water"
Sums it up...
Elvis--
For sure! Why would a hard working stripper want all that worthless paper money? Tipping with more desireable items such as ammunition and copper wire will become the best way to get extra long lap dances.
Naked Cap has a post describing research recently published which is summarized as follows:
"The unique nature of the current financial crisiscombining a house price bust, a credit crunch, and an equity price bustunlike any other one the US has experienced before, makes it difficult to assess its implications for the real economy. Barry Eichengreen recently assessed the lessons from the Great Depression (Vox 2008), but what of the evidence from modern times? However, around the world we have witnessed many such episodes of credit crunches and busts in house and equity prices. In fact, in recent work, we identified 28 credit crunches, 28 house price busts, 58 equity price busts, and 122 recessions in 21 advanced countries over 1960-2007 (Claessens, Kose and Terrones, 2008)."
Quick math says it adds up to 236 economic crises in the space of 47 years in only 21 countries, or an average of 5 crises per year. Only in the last 47 years!
PPT losing its grip--Dow back down 300.
CR, no question you were way ahead of the eight ball on the CRE story.
Ben probably thinks excess CRE is good because we will have less number of tent citites.
PPT: You IDIOTS!!! You hit the wrong button!!!
lol
WASHINGTON (AP) Consumer borrowing falls for the first time since January 1998 in another sign of weak economy. (APNEWSALERT) (3:00 PM 10/7/08)
Comrade Bagholders,
So much of that CRE is going to be worthless, can't leave them abandoned for long. Things move in.
Nostrovia,
What part of JPM's 8T derivatives belongs to PPT?
How f*cked up that lower consumer borrowing is perceived as a sign of a weak economy.
Class C is the new Class A.
Ben probably thinks excess CRE is good because we will have less number of tent citites.
Shouldn't we be putting the homeless out in the farm fields instead of the city centers? At least we could grow our own food out there.
strong:
It's very effed up.
I resent it.
The Strong Fundamental writes:
How f*cked up that lower consumer borrowing is perceived as a sign of a weak economy.
About sums it up.
Consumer credit has record drop in August
http://www.marketwatch.com/News/Story/Story.aspx?guid={64766731-6CFF-494F-BF60-2D688ABDF0B6}&siteid=mktw
Just wondering -do all of you who talk about the PPT believe in it, or is a running joke for some of you? I can't really tell
How f*cked up that lower consumer borrowing is perceived as a sign of a weak economy.
"heroin" to "methodone" and back to "heroin" agai
"And his wife ain't gonna make love to him, because he can't afford to buy his son the GI Joe with the kung fu grip!!"--Billy Ray Valentine
OT; There are at a minimum of 25-50k condos under construction in Miami. This is on top of the 4 year supply. This translates into a decades worth of inventory.
on the CRE side, there are hundreds of empty strip malls and office buildings.
"Yes, we'd like to look at your Class C office space."
"But you are Goldman Sachs..."
"Yes, you are right. Better make that Class C strip mall space..."
Just wondering -do all of you who talk about the PPT believe in it, or is a running joke for some of you? I can't really tell
if it exists, they are doing a crappy job
So the constant delay of the WTC redevelopment has been a cunning plan to avoid the slump!
And here I thought it was just a mob ridden boondoggle.
just checked and GGP down $3.30 to about $4.40/share.
Their local mall is going to be one phenomenal flea market and paintball arcade.
Like a John Carpenter/Kurt Russell movie.
CR - yeah, a 2005 post would be just grand. silent pat on back
Just wondering -do all of you who talk about the PPT believe in it, or is a running joke for some of you? I can't really tell
virgil
I merely believe in the Patriot Act.
i've heard 401(k) is tanking, any news ?
PPT - Is who they blame when the market doesn't go their way.
Dow is on the move down. Last hour could get funky
Mall parking lots will make good staging areas. I wonder if they're already mapped up.
you slipped.
nullpointer
I caught that;)
wow. Interesting time. Pakistan BK?
Pakistan facing bankruptcy - Telegraph
Shares of Morgan Stanley tumbled by 22% in afternoon trades as concerns arose that Mitsubishi might abandon plans to acquire 20% of the investment banker, concerns that may be unfounded.
Well, all righty now, let me throw a lot of money at this rumor and make a ton.
Anonymous writes:
PPT - Is who they blame when the market doesn't go their way.
They? And who the hell are "you"? Is PPT hiding behind Anonymous? OMG!
2nd retest of yesterday's trough coming. Short term triple bottom, or a breakthrough collapse. I'm leaning toward the bottom holding for now, but I ain't putting any money on it.
Our company has some job postings for Elbonia that are looking pretty attractive right about now.
ren writes:
wow. Interesting time. Pakistan BK?
No country with nukes is officially BK.
this is an old for those of you who think jim cramer is a contra indicator,
"Even a broken clock is right twice a day"
That tears it. I am going long tobacco. Isn't smoking popular during a depression? All that standing around in line and stuff.
I heard Burker King is rolling out the BK Pakistan. It is a 1/4 pound human burger with a special secret sauce.
PPT is like supermodels. You know they exist, you've just never touched one in person.
Unless you're that SOB David Blaine.
i've heard 401(k) is tanking, any news ?
I don't know about that but my new and improved 200.5(K) is doing just fine thank you.
saying
They? And who the hell are "you"? Is PPT hiding behind Anonymous? OMG!
zirika
Fear me child. Watch for me at 2:00 and sometimes 3:00 and if it's a real emergency 3:59.
HAHAHA.
That tears it. I am going long tobacco. Isn't smoking popular during a depression? All that standing around in line and stuff.
Corey
Don't you mean "All that standing around in line and snuff?"
I thought it was just an Alcoholics Anonymous reference. O my.
PPT is weakened by the strong Kryptonite of both Bush and Bernake being on TV, one after the other.
Oh, and the copter lost a blade before takeoff when it was heisted for the precious metal content.
Elvis,
The BK Pakistan
Would you like dirt cookies with that order?
"London, Oct 7 (IANS) Pakistans foreign exchange reserves are on the brink at a mere $3 billion - enough to buy only a months supply of oil and food, a newspaper reported Tuesday.
The Daily Telegraph said that on paper the countrys central bank holds $8.14 billion of foreign currency, but if forward liabilities are included, the real reserves may be only $3 billion.
It said Pakistan had $16 billion of foreign exchange nine months ago, but high oil prices âhave combined with endemic corruption and mismanagement to inflict huge damage on the economyâ.
The report comes after President Asif Ali Zardari told the Wall Street Journal newspaper his country needs a $100 billion bail out package."
Anybody got Hanky's phone number?
Comrade Bagholders,
There is a PPT. It is an executive order titled President's Working Group on Financial Markets, or some such. It is still in force.
How much they actually directly intervene is the question. I don't think often. However, strategically placed phone calls and Fed repos can more easily goose the market.
Nostrovia,
wow. Interesting time. Pakistan BK?
Looks like it could be bailed out with the Fed's pocket change. Bennie might as well buy some of its CCC+ bonds if he's going collateral-free. Call it an emerging market opportunity.
Comrade Baron Von Helmut III writes:
PPT is like supermodels. You know they exist, you've just never touched one in person.
But they apparently don't get out of bed for DOW less than 10,000.
From what I read recently, Japan's stock and property values are STILL less than they were in 1989. I see no reason to think that either the DOW or property values going to move back up significantly in the next decade, as many are assuming. Plus, we'll be gradually sinking further into baby boomer Medicare debt in coming decades with our aging population. If these global warming and Peak Oil doomsayers are correct, that will add to the problems.
Bottom line: try to remember 2007 because it looks like that will be the all-time peak of the American economy.
Just wondering -do all of you who talk about the PPT believe in it, or is a running joke for some of you? I can't really tell
yes. However, we don't need them any more,..we've got the Office or Financial Stability.
Calculated Risk writes:
Nemo, I know you are joking ... but I agree everyone is on this story now.
Maybe I should pull up some of my old investment posts from 2005 - showing that housing would go first, followed by non-residential investment and consumer spending. Both are falling now.
Best,
Bill
So wait a minute -- CR is "Bill"? I am thoroughly confused.
Pakistan only has 3B left?
How much do nukuler weapons go for on the black market these days?
Wow--Pakistan looking for its bailout. $100 billion sounds pretty cheap in light of recent events, plus we could secure our political situation in the area. That's more than Hank's $700B will buy us.
I'd like to take this time to give a hat tip to "rich". He has been like the CR of investment advice. He told you all to buy SRS and TWM a long time ago. He was right"
I'd second that. I took Rich's advice and am glad. Now I only worry about counterparty risk. Anyone else nervous about that?
virgil --
Just wondering -do all of you who talk about the PPT believe in it, or is a running joke for some of you?
I think some of them believe in it.
I have always found deep irony in traders screaming "PPT!" as they get squeezed out of their short positions.
Dow making another run at 9600. Third time's the charm?
The report comes after President Asif Ali Zardari told the Wall Street Journal newspaper his country needs a $100 billion bail out package.
Well, if you're sticking your hand out you might as well dream big. What do they want to do? Pave the streets of Karachi in gold?
Bottom line: try to remember 2007 because it looks like that will be the all-time peak of the American economy.
Anon
I'm thinking it was 2005.
ren-sometimes that is known as "sovereign default." The article you linked (thanks) states
"The ratings agency Standard and Poor's has given Pakistan's sovereign debt a grade of CCC +, which stands only a few notches above the default level. The agency gave warning that Pakistan may be unable to cover about $3 billion in upcoming debt payments."
This is pretty scary...forget the "war on terror"...we could see full scale civil war in Pakistan. The question is how well are the launch systems for their nukes protected? If Pakistani extremists go their hands on the nukes they would be as likely to point them at India as anyone else.
whoa! DJ at 9585
Pakistans could sell us Bin Laden.... just saying....
No, CR is CR. That's the spot in his post where he was going to insert the bill for all the information he's been providing but he goofed.
How much do nukuler weapons go for on the black market these days?
Comrade Baron Von Helmut III
Depends who they're pointed at.
Pakistans could sell us Bin Laden.... just saying....
Comrade Anonymous
Good idea;)
Thanks for the answers everyone, I guess it's a little bit of both then.
Nemo, I have a hunch that this is the one. Makes you wonder what the next support level will be?
SPX holds 1000?
Whereismyretirement writes:
Pakistans could sell us Bin Laden.... just saying....
Comrade Anonymous
I have forgotten the price on his head..
"I'd second that. I took Rich's advice and am glad. Now I only worry about counterparty risk. Anyone else nervous about that?"
Sure. But the way I look at it, if things get that bad that money isn't going to be worth much anyway. I'll have other things to keep me preoccupied.
"Bill" is just a second layer of cover. I think his real name is Zebedee.
Poor anonymouse. I hope he wasn't 4x levered long today....
Dow down 33% from high... somehow it doesn't feel like this is the bottom.
Weekly World News says Paulson used the Bat Boy to convince Congress to approve the bailout:
BAILOUT BOY | Weekly World News
I had a hunch something like that was going on behind the scenes.
-400 for the close?
what happens after we decisively break through 9600 on the dow? man the lifeboats? How much more do you think the markets can go down before consumers completely throw in the towel and savings rates out of income rise and stay back up to the 10% level where they used to reside?
Well he did say with a tight stop...
There are at a minimum of 25-50k condos under construction in Miami.
That's a big number. Can you cite any references?
war going on between buys/sells on DJ. 9600 is the frontline.
PPT is bringing in tanks and artillery
sellers just bought nuke from Pak.
Well he did say with a tight stop...
Yeah, thank goodness!
You know, I posted that asset allocation above (garden tools, soil, etc.) in jest, but I really am thinking about the benefits of investing in tangible household objects. Keep up with drops of 3% a day and it won't be much longer before stocks are worth sweet bugger all.
No cookie for you!
BATTLE CREEK, Mich. - The maker of Archway and Mother's cookies has filed for Chapter 11 bankruptcy protection in the wake of rising food and fuel costs and plans to end its U.S. operations.
I never told you guys this before, but I attended Orange Coast College with CR. In those days we called him Zoltan. He wore bubble wrap.
Congratulations PPT. Instead of down 800 in one day we'll be down 900 in two days.
Much easier to digest that way. Sort of like who infomercials price everything in "X easy payments".
The Strong Fundamental writes:
No, CR is CR. That's the spot in his post where he was going to insert the bill for all the information he's been providing but he goofed.
Oh well that's too bad -- I was ready for the speculation to run rampant about big players in the finance and banking world who are named William. Although, I suppose there's no reason we couldn't do that anyway.
We are all West Virginia now.
Damn, doesnt Michigan have it bad enough already? Now you gotta go and take more jobs from them AND take away the cookie jar?
BATTLE CREEK, Mich. - The maker of Archway and Mother's cookies has filed for Chapter 11 bankruptcy protection in the wake of rising food and fuel costs and plans to end its U.S. operations.
Barley
I'm going to stock up on the frosted animal cookies right now. Worst news I've heard in years. Years.
chicago is in the same boat with condos.
Based on their Q1 sales volumes and the condos currently in construction, they have a 10 year supply of inventory.
NYC has a lot of new towers as well.
BATTLE CREEK, Mich. - The maker of Archway and Mother's cookies has filed for Chapter 11 bankruptcy protection in the wake of rising food and fuel costs and plans to end its U.S. operations.
w're all going to be a lot healthier, or at least thinner!
Maginot line being formed at 9600. Same result in the end.
Comrade Bagholder Geoff,
If dow drops below 900, there won't be anymore 401k withdrawls...because they'll be empty.
And that's the final thing people have been draining (stupidly) to stay afloat.
Nostrovia,
WTF!!! MER October $15 puts are trading at $1.40
Somebody is betting that deal falls through! Soon!
High 8000s by the end of the week? Anyone?
Maginot line being formed at 9600. Same result in the end.
Just gives people something to shoot for plummeting past tomorrow.
Gavshire Hathaway - really??
sellers trying to land at Normandy beach.
so what happens when when io arms start resetting? and all the other "funny mortages" dont they start next year?
Makes you wonder why 9,600? How are these support levels formed anyway?
The report comes after President Asif Ali Zardari told the Wall Street Journal newspaper his country needs a $100 billion bail out package."
Anybody got Hanky's phone number?
Barley | 10.07.08 - 3:20 pm | #
I submit that this is the more important story of the day. Desperation could lead to sales of those nukes.
Then the guy in Not. AIG's video becomes the most eligible bachelor.
KFPanda, you're welcome. Thanks for the insight. I see the four horsemen riding out again in the near future. I just hope it's not through my immediate neighborhood.
Paulson's Panzers have broken through.
@Geoff:
YouTube - Panzer!
my favorite PPT news article from my favorite journalist LOL
Bush convenes Plunge Protection Team - Telegraph
I am the 2nd highest bidder on ebay for Iceland. If I had known Pakistan was going up for auction, I would have skipped lunch and freed up my cash flow.
Where is quality for 401k ?
Citizen Scotto writes:
There are at a minimum of 25-50k condos under construction in Miami.
That's a big number. Can you cite any references?
That's been talked about in the local newspapers for over a year. Jack McCabe also has stated this as well as Mike Morgan. I know that it has been said in the papers there is a decade worth of inventory bewtween what's out there and what's in the pipeline.
Go visit Miami. Cranes all over the place. Abandoned projects. Empty hi rises.
It's been written about in the Miami Herald, Sun-Sentinel, Palm Beach Post for some time now.
There's also the housing tracker by Beninger (sp?) that has over shows in S. Fl like 120,000 residences for sale.
US airstrike against P. Panzers
It's Conan soundtrack again. Radio Symphony of Rome. Doom doom doom doom doom doom beat the drums.
I'm prepared to offer free use of my guest bedroom for the right female Icelandic economic refugee.
I am the 2nd highest bidder on ebay for Iceland...
How much for CA? Can I get it on credit?
PPT back on the offensive...
We are looking at 10 years on inventory in these parts as well (at current sale rates).
Bearly, yeah. MER puts are spiking HARD. Does anyone know anything about this? There must be a rumor going around.
(contrary to history): Rommel's tanks unleashed by Hitler against Normandy beachhead
I've got 9622
It seems that the ten year is selling off a bit as the market is tanking...any other interpretation there?
Wave of stink bids?
CA is a Sothesby auction. Its the beaches you know.
TED back up to 3.69
CNBC talking heads were mentioning something about the MER deal only being 2/3s of the way done, and if it were to fall through....
It seems that the ten year is selling off a bit as the market is tanking...any other interpretation there?
citizen energyecon
My interpretation "The toothless roosterman is on the run. Emancipated tuna on a toasted bun."
Can't be good - we need a semi-stable Pakistan
Pakistan facing bankruptcy - Telegraph
Pakistan's foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy.
Well, judging by the put action somebody knows something about that deal going south.
Of course, maybe it is just noise from BAC crapping the bed and the market tanking....
Elvis,
Does that come with wasabi?
Here's a picture of CR:
http://www.synthstuff.com/mt/archives/cat-mascot-bill.jpg
Is the CNBC anchor crying???? I have the sound down...
Does that come with wasabi?
citizen energyecon
No, it comes with a side of bedlam, though.
Those Ted Spread numbers on Bloomberg can't be right - the time & high/low are wrong
The stock market today is more like World War One-style trench warfare. The Blietzkrieg is coming tomorrow
Pakistan facing bankruptcy - Telegraph
Mr Zardari is expected to ask the international community for a rescue package at a meeting in Abu Dhabi next month.
This gathering will determine whether the West is willing to bail out Pakistan.
I'm sure there are some parallels here:
Large Hadron Collider broke down because of bad soldering on a single connection - Telegraph
i live in sd. so when the city infrastructure goes down and the border patrol is pared back, i expect the drug cartels to move up here in masse.
so, what i stocked up on was:
1) bullet proof vests
2) army helmets
3) bullets
4) still looking for a used unmanned drone on ebay
I wonder if Bush could find Pakistan on a map. Can't be that important of a country. There is no carry-out named after them.
Pass a Bailout, and They will come.
BofA still hasn't sold out is share offering, only about 2/3 sold today.
elaine | 10.07.08 - 3:41 pm | #
You are correct. Spread at 3.52 now with a time stamp of 3:00
I kid you not. On cspan just now, The President of the United States just said:
"I appreciate your comments on the rescue placque-age"
How many connections are there in the HSC, 10,000,000? Should they check them all?
darkmatter | 10.07.08 - 3:42 pm | #
San Diego was beautiful once. So was the rest of CA. Freakin white people came and build a parking lot on paradise
CR writes:
The CRE slump is here.
I'm afraid, CR, that you ain't seen nothin' yet.
Close friend of mine is very successful San Francisco CRE broker--sales, not rental. He'd been saying it was fairly lively (into Q2) but told me last week it's almost completely dead with nothing on the horizon. Big, small, doesn't matter.
SF is entering the phase where the existing owners hang on until they go down with the ship, after which their financiers will take serious damage. Then you start getting derelict buildings. We've done this before a few times but this is aiming towards the worst in at least 40 years.
Guderian just punched through at Seda
Paulson's Panzers have broken through, will they be encircled?
Rommel's tanks running out of gas... need emergency supplies ($9583)
so, what i stocked up on was:
1) bullet proof vests
2) army helmets
3) bullets
4) still looking for a used unmanned drone on ebay
darkmatter
You got it all wrong. Stock up on mirrors, sparkly dresses, and high heels. Party time.
-400.... PPT out at Chuckie Cheeze's today.
"I appreciate your comments on the rescue placque-age"
Rescue package plaque. Get thee to the dentist.
fighting in the hedgerows... sherman tanks outgunned but in larger numbers. ($9564)
Dow 36,000! It's a new paradigm! Knowledge economy!
PPT at chuckie cheez...lol..yes, but can they afford even that?
MarketWatch - \tMitsubishi-Morgan Stanley deal to closely promptly
Stuka bombers incoming.
This market is taking more dives than Jerry Clooney.
Ehhh! Dow down almost 400. Wake me when something real happens, like 800.
second front: SP500 yielding ground
Panzers outrunning their fuel trucks ... temporary slowup in advance
This sucker is going to rise!
Kicking myself for not holding SKF from $95 after the shortban.
PPT bids up "Monster Hands" prize to 2000 skee ball tickets. Wiggly worm jumps from 25 to 200 tickets. Dozens of children ruined.
Thread music:
YouTube -
Rommel is racing towards the coast!
Ladies and gentlemen, I believe we have a breakthrough
Iceland Air just sent me this:
With the dramatic increase in the value of the US Dollar against the Icelandic Krona, Iceland is now a top bargain destination, giving consumers nearly twice the spending power compared to last year.
Wait another month. After they have run out of olive oil and chocolate it will be cheaper.
German divisions being decimated. $9536
I want to move in with Warren for a while until this all blows over. Burgers, coca cola, see's candy, all the sports channels...
OK, here's another shocker to add to the pile, thanks to Brad Setser:
"But no national resembled a high-living hedge fund quite as much as Iceland. Its big banks and big firms had enormous international liabilities and enormous international assets at least in relation to Icelands small economy. And for a while, Iceland used the profits from its intermediation to live very well, running a large current account deficit....Suffice to say it is a very troubled hedge fund.
And it has apparently turned to Russia yep, Russia for emergency financial support. Icelands prime minister claimed to have no choice. Icelands friends, he claimed, all turned Iceland down (maybe they were too busy rescuing their own banks). The FT reports Geir Haarde, Icelands prime minister, said on Tuesday that the countrys friends had not offered financial assistance to his country, forcing it to seek a capital injection from Russia. Iceland earlier revealed that Russia had agreed to provide the country with a 4bn ($5.4 bn) loan as the crisis-hit country set about shoring up its foreign exchange reserves"
Might as well borrow some cash from the Medellin cartel...either way the terms of repayment are going to involve something unsavory.
Maginot line fully breached. Retreat!
well tried to play sso for just a day and a half bounce --in at 38.499 out at 37.01 FCUK!
Does anybody here actually root for the stock market to go UP? Someone here has to own stock. Or do the joys of schadenfreude outweigh the hit to one's own pocketbook?
Nova, you serious? I'd love to go. I'm just afraid the airline will BK and I'd be stuck there.
Looks like the ass is falling off going into the close.
Oh.. tomorrow gonna be uglier than Rosanne on crack.
US divisions pouring on beach $9524
Pakistani here
Time to call my uncle and get his opinion - he's the Chief Risk Officer of the Paki Central Bank. He must be having fun.
Major invasion forces assembling in the Fulda Gap ... lead panzer units see the top of the Eiffel tower on the horizon ...
DOW 36,000?
Hahahah Ben Bernanke is quite the comedian. He of course sees a liquidity problem, not a solvency problem. And he never once mentioned Credit Default Swaps, so he is either uninformed or deceitful, either way, confidence shot. Heckkuvvva Job Bennie!
No one here owns stock. You have gotta be kidding right?
The Notorious A.I.G. | 10.07.08 - 3:52 pm |
yes, I am serious. Also serious about waiting a month or two. Bring a couple cartoons of Marlboros and get lucky every night.
Time to call my uncle and get his opinion - he's the Chief Risk Officer of the Paki Central Bank. He must be having fun.
alybaba | 10.07.08 - 3:52 pm | #
do you have a blog ... that is a very interesting subject
Anon at 3:45...
I'm thinking the same thing, and why am I laughing at all this.
Man it sucks to be 34 and only be in MM for my retirement...
@ Anon, For me it's like watching a burning building. Destruction can be pretty awesome to behold. Just standing there, watching the flames lick up the sides of the building. But then you remember there are people inside, and it's not so funny anymore.
DOW 36.000?
Breaking news
Fixed that for ya
9,500 breached, cliffdiving
Ben just said "tools" again.
CNBC signing up with the Vichy regime.
spx 3 digits?
People getting crushed in the doorway trying to get out.
Born Dope Interesting Times writes:
Kicking myself for not holding SKF from $95 after the shortban"
That will teach you not to be "influenced" by "advice" on message boards (including this one)
Anon,
Probably nobody on here is long on any stock. The fundamentals support being in cash, and have for at least a year.
Panzers unit Bernecke Brigade now punching through sector 20 of the M.L.
Brits and Canadians breaking thru, US airbourne troops consolidate after bad paratroop drop. $9491
Geoff writes:
CNBC signing up with the Vichy regime.
LOL.
Does anybody here actually root for the stock market to go UP? Someone here has to own stock. Or do the joys of schadenfreude outweigh the hit to one's own pocketbook?
Most of us are:
1.In short or ultrashort positions
2.The kind of person that has been warning about the dangers of the unproductive shadow economy for a while.
3. Extremely cynical people
4. All of the above.
S&P in three digits? 1002 with 10 minutes to go...
Man it sucks to be 34 and only be in MM for my retirement...
try being an Icelander and looking at a winter filled with cod done 36 different ways.
Out Til 2010: consider yourself lucky. Many of your peers either have nothing now, or will have nothing while they hold long.
10 minutes to go, and getting worse. No rally or PPT today, guys.
Man it sucks to be 34 and only be in MM for my retirement...
really sucks to be 53 and see my retirement evaporating..
Charlie Gasparino is the Marshal Petain of our time?
In 25 years of investing. I have never seen such decimation of wealth in a matter of days.
It's almost surreal.
The PPT just screamed an obscenity and threw its helmet at the wall of traders coming at it.
Fuel trucks approaching lead Panzer units...
Man it sucks to be 34 and only be in MM for my retirement...
Out til 2010
Are you crazy? That is a great position. There will actually be upside to the stock market again and you can take advantage of it.
Strong, I think it's wondering where Wenck's and Moltke's divisions are...
PPT panzers appear to have redeployed at the 9500 rally point.
Run, PPT, RUNNN!!!!
NC - LOL the sale of SKF was completely mine.
I would never blame someone on a message board for my decisions.
Is deflation jane still on? She may get her wish today after all...
Dow breaks 9000 by Friday or in the next 10 minutes?
Anon writes:
Does anybody here actually root for the stock market to go UP? Someone here has to own stock. Or do the joys of schadenfreude outweigh the hit to one's own pocketbook?
It's called 'gallows humour'. I will admit that there have been a few days over the past little while in which I was absolutely petrified, but--in all honesty--it's only money.
And with the exception of a few of my wife's work-contributory stocks that haven't matured, we've been out of the stock market for ages now.
interesting protest re congressional pork. Someone sent a gift of bacon.
Package Of Bacon Forces Evacuation At Lawmaker's Office - Local News Story - WLWT Cincinnati
Ameri-kuh, f--- yeah! Ready to save the motherf---in' day-huh...
(wild guitar solo)
going to keep above 95
helmut: it was predictable. No way it could last.
People are still trying to flip houses in the Berkeley Hills. Prices only peaked there this summer. That is surreal.
PPT taken prisoner. German's fight till death $9520
Maginot line fully breached. Retreat!
"Fixed fortifications are monuments to man's stupidity," George S. Patton, Jr.
Probably applicable here, as our financial leaders seem to be fighting the last war as well...
Boo hoo for Donald Trump (what a jerk). Maybe we'll see private jets and helicopters for sale on eBay for pennies on the dollar.
In the 9400's now.
You cross this line, you die...
You cross this line, you die...
You cross this line, you die...
Yahoo Finance Headline: "Stocks Plunge Again as Investors Look to Fed for Rate Cut, Dow Down 450".
If ONLY they would cut the rates everything would be just fine!!
Kicking myself for not holding SKF from $95 after the shortban.
Born Dope Interesting Times | 10.07.08 - 3:49 pm | #
with ya there, brother
OMFG: Sullivan just said: "Trust Me, I was thinking more about them than myself"
He actually said the words "Trust Me"
CNBC rounded up and shot by US forces. $9494.
Time to break out the slow, wistful, ballad version of the Team America theme, mal.
This may be the best comment thread of all time.
to put Iceland in perspective: give iceland has 320k people, russia's capital injection would be the same as 5.4 trillion dollars!
Wow.
Observation: juxtaposition of the Maginot and Normandy analogies is more than a bit confusing.
Bridge head established, advance will continue later this week
Subprimemarine wolfpack assults FED convoy ..
Gee willy winky - When is the Lehman Bro thing? The boys better buck up and strap on and do a gut check and find some intestinal fortitude and throw one into the flats before the clock strikes midnight
I was going to ask how cheap to rent a condo in Florida for the winter. Then flashback of "Escape From New York" movie.....
Will hide out in my bunker for a while....
how do i know where the real close is?
Just wow.. NAZ down 100.. under 1800
Just wow.
Oh no no nooooooooo - no me gustaaaaa!!!!
The PPT troops seem to have been ordered to defend the S&P500 4-digit line at all costs.
When does Cramer come on? What's he going to talk about now that he recommends not being in the market? Knitting?
Uhh, Hank, thanks for agreeing to buy all the shitty CP out there, but what have you done for me lately?
Obama lovin' it.
(play on McDonald's black-America advertising)
(pun-intended)
Imagine what happens when the short ban on financials gets lifted.
Staright from King Saloman's playbook (then divide the baby in half):
This is hilarious because I had that thought the other day--just split it up. Makes everything that much scarier if they are thinking anything like be because I have no clue!
I told myself I was going to start tranching in at 10K, then 9500, then 9000...
It's going to damn quick for me...
I'm going to start day trading against Helicopter Ben's public schedule...
Yep they are flanking the DOW via the S&P500
Well, I just hope John McCain points out the obvious in tonight's debate: Our economic problems can be traced to one man, and one man only -- William Ayers.
gabyjan: about 15 min after 'close'
US and German forces agree to overnight cease fire. $9492
badger boy writes:
to put Iceland in perspective: give iceland has 320k people, russia's capital injection would be the same as 5.4 trillion dollars!
With a GDP of 11.38 Billion and that x 6,000 minimum for debt... I think its cod steaks everynight for the next 8 years
Just wait until the trades settle after close. Could be some more poopies in the diaper.
999 for a not so limited time...
Imagine what happens when the short ban on financials gets lifted.
You mean the permanent short ban?
Short ban lifts...MS, JPM, and GS go insolvent in 1 week.
OMG
999.52