This is why they system must fail before we can rebuild.

Bandos.com

ROFLMAO!!!!

santelli just left the panel dumnbfounded - again called bs to the cnbc morons

Dennis Kneale is a clown!

Again: where's the Apocalypse? I thought it would be here by now.

Anybody?

They keep Santelli in Chicago so he can't kick Denny's ass. BTW, Denny had Palin lunettes before Sarah got them.

Why are those lawns brown??

OT: LIBOR on 3-month dollar loans rose again Wednesday to 4.15 percent from 4.05 percent late Tuesday, while the 3-month Treasury bill yield dipped back to 0.62 percent Wednesday from 0.88 percent late Tuesday. Low Treasury yields indicate strong demand, and that investors are willing to make meager returns on an investment as long as it is safe.

The difference between the 3-month LIBOR and the 3-month T-bill yield, known as the "TED spread," has been hovering at around 3.5 percentage points -- the highest level in more than 25 years.

he most recent fund in the news is Commonfund’s Common Fund for Short Term Investments, a fund used by many large universities for short-term expense management. This fund has had to restrict clients from withdrawing money due to worries about losses in asset value.

While there are many funds who fall under the FDIC’s expanded insurance, there are many, such as cash-enhanced funds and short-term bond funds, that do not. Many of these funds invested in bonds that were issued, say, four years ago, and are set to mature in a year, making them eligible for purchase by these funds. Unfortunately, “a high proportion of this maturing long-term debt is financial in nature,” says Mark Howard, head of credit analysis at Barclays Capital.

This seemed like a pretty realistic picture of things going forward:

Henry Blodget: Bailout a Done Deal, So What Happens Now?

IMHO, the bailout will do nothing to solve this problem.

We need to focus moneys on productive investments--not unproductive ones. If the private sector can't or won't do that, the government must.

I'm possibly as hardened and cynical as they come but, seeing that video and children's toys left to the trash heap and thinking of how their parents feel makes me want to cry

Is paint cheaper than water... ROTFLMAO!! Bawhahahahaaa

Re: STOP NEMO CAMPAIGN

Nemo is Tanta, so how can you stop insider discretion? Call Congress!

OMG, it's Les Nessman!

(That is all.)

PS: Wow, what a wasteful nation we've become.
I am really ashamed.

This is what a depression looks like...

We know the price of everything, but the value of nothing.

So goddamn true.

Must have been a rumour popeye

The new reality, from cash-out refis to trash out REOs

Why don't they donate everything to Salvation Army? Why dump everything into a landfill?

Why on earth wouldn't they try to at least sell or donate some of the stuff that they're just throwing in the dumpster ? What a waste...

The guy they interview says specifically that they've been unable to work out scheduling with charitable organizations. That begs the question, though, of why don't the banks just contract with Goodwill (or equivalent) to trash out these homes? They (a) would get paid by the bank to do it, (b) would get a bunch of free, generally high-quality "donations", and (c) could still take everything else to the dump.

They say in the video that they have tried, but the charities are unreliable.
Brontide | 10.01.08 - 1:38 pm | #

Yep,ya show up with a trucklaod of stuff and the charity picks through it still leaving you with a ton of stuff to dispose of. It is just easier to get a dumpster and make it go away. It sucks but we have tried numerous times...

Chris

That begs the question, though, of why don't the banks just contract with Goodwill (or equivalent) to trash out these homes?

Because they don't give a fuck

Buffett The fascist, buying media that will support his bogus mutated talking head, so he can sell more bullshit to retards!

CSC should like this: Hearst also sympathized with Harry J. Anslinger in his war against marijuana. Jack Herer and others argue that Hearst's paper empire (he owned hundreds of acres of timber forests and a vast number of paper mills designed to manufacture paper from wood pulp) in the early 1930s was threatened by hemp, which: 1) like wood pulp, could also be used to manufacture paper[9] and 2) also had an advantage over wood pulp, because it could be regrown yearly as well.[9] Between 1936 and 1937, Hearst associated marijuana with hemp in his newspapers[10] and published many of the stories that Anslinger fabricated.[10] Hearst would indeed play a major part in aiding the anti-marijuana movement, which eventually led to its prohibition in the Marihuana Tax Act of 1937,[11] a law which also outlawed hemp. Other commentators[12] have subsequently pointed out that Jack Herer and others have missed that the Hearst chain was one of the biggest buyers of newsprint in the U.S. The Hearst chain had, as buyers of newsprint, a strong interest in a low price for newsprint. If anyone could produce large amounts of cheap newsprint from a new crop it would lower Hearst's purchasing cost for newsprint. The conclusion of this reasoning is that Hearst had no relevant financial interest in a ban on the cultivation of hemp.[12]

Does anyone know what happen To Lehman R3 capital ? I would love to see old Dick Fraud Fuld go to jail

America is filled with ghost towns that are left after the economy moves somewhere else. Come to the East, see Pittsburgh or towns in Maine that used to be powered by rivers. This is who we are.

ge buffett fluffer

Re: In very general terms, kids have several stuffed animals that they don't ever play with.

Yah, it is very sad, and these things should be given to those that have less, but this is the mentality of people that have bought too much stuff, and the kids probably had 100's of toys, just like Ma & Pa, who probably had lots of toys and an unlimited amount of cash to be reckless with!
WMT is cutting the cost of cheap ass toys from China, so..... consumption beyond your means is stupid, and wmt is starting the shopping season today -- how stupid is that?

Yahoo!

It's not the people (not) in the video, I am sad for, it's the rest of us and the loss of our nation's sense of thrift.

I don't have a large-screen TV to throw away. Sure, I could have bought one, but my current TV still works fine.

I didn't pump out 5 kids I couldn't take care of.

I didn't buy a McMansion with nothing down and a low-low teaser rate.

All I did was work hard, save my money, and invest for my future. And what is my reward?

The chance to pay for all these massive cock-ups in perpetuity (through inflation, taxes or BOTH), while everybody else lived high on the hog.

When time is the voting starting?

Maybe Buffett is giving a thought to recapitalizing one of the planets most important corporations. Maybe GE had a tough time getting credit today. Maybe he is not a dumb venal creep. Anyone here that yesterday Massachussetts could not get credit of 400M? They came up 170M short. Ford did not rollover 1.5B today.

Maybe Buffett is signaling more than narrow self interest.

Thanks s0mebody for a quick reply!

JMS:

I'm being facetious.

I'm simply pointing out that we have time to craft a recapitalization plan that incorporates the best of what is known about financial policy.

There is no need to rush some ill-conceived bailout package through Congress.

Hi, im booboo bear. I was wescued by faireconomith frum a box hedded fur the dump.

I'm a little skwished but I'm glad I don't have to spend enternity skwished under pre-med textbooks.

"I can't get those 8-10 years back"

I wonder how many other readers really see the power of that statement. I know people making minimum wage who commute 45 mi to work. I know (literally right now) vacationing in Bermuda on a bulk $18,000 disability payment retroactive to when they applied. The RT128 corridor of Massachusetts is housing the retired and elderly while the workers commute there from NH because of the housing costs. The system is failing the people who actually work and is rapidly crumbling.

How hard is it to give tax breaks/incentives to business and residents who live and work local?

How hard is it to stop the madness?

What is crooked cannot be made straight.

Re: I saved 5 baby racoons from a dumpster just this morning!

That reminds me, I need to de-thaw a few squirrels for the bar-be tonight

Look at all the sympathy for Marion Jones, the runner-doper. But think about the second and third place finishers behind her who didn't get a shot at the Olympics because she doped herself up. Its misplaced sympathy.

Vermin can be so cute...

Actually, I just threw some bigger garbage in the can and they climbed out.

Uh oh, there may be a metaphor in there somewhere...

My sister owns a duplex in St Paul MN. Her cleaning crew is her family. I have helped her clean out after tenets for years. The first few times I was surprised by what people left behind. She has even had former tenants that expected her to send them their stuff. Let just say not much surprises me now.

JMS:

Of course it's not just a financial crisis anymore--see my earlier comments in this thread and others. But why make it worse by rushing to implement a poor piece of legislation like the Paulson Plan?

The family that was interviewed for the story doesn't look anything at all like the kind of well-educated, white-collar neighbors I have.

Which just tends to confirm what I thought before, that the people getting hurt are less-sophisticated (about money) and have lower incomes. This still isn't about prime borrowers in solid neighborhoods.

You are above the "line" still, that is all. Maybe you always will be. But the line is moving upwards rapidly. Ask any fixed income person you know today.

"Clearly the federal government needs to come in and purchase some of these "homes". If they just hold them for a couple of years, the taxpayers will see a profit!"

Why do that when the bankers have wrapped up all the "homes" into a cheap security. What a steal.

Reuters: Analyst reaction to Buffett's purchase of GE shares: "This means that we are near a trough"

Translation: Friends of Hank want you to buy, buy, buy! ... so that they can get out, out, out!

This is fun:

YouTube - McCain Palin - Sarah Palin Prepares for Debate At Camp McCain in Sedona Arizona

McCain Palin - Sarah Palin Prepares for Debate At Camp McCain in Sedona Arizona

CNN has a video John McCain's house in AZ for sale. Remember it's Cindy's money that she inherited from her father the Budweiser distributor for AZ. A Tale of Two Countries.
Video - Breaking News Videos from CNN.com

Angry Slaver,

I never looked at the 700BB like that.

Thanks for the obvious i was overlooking...

two things..

1. home prices in my area are falling anywhere from 1-2% per month. We are back to 2004 prices and on our way to 2000 prices before it's done- at least another 20% downside
2. TED 3.30

Walk Hard - The Music Video
YouTube - Walk Hard - The Music Video

I don't feel bad for them . I save my money and buyer who bought these homes could not afford them . It's a fact of life sorry . I feel worse for future generation to pay for all the retards who want to go more in debt . We are in debt 350% of are GDP . This crash will happen so we should embrace it and try and turn this country around. The credit markets are working it's that companies have to understand cheap credit is gone.If the FED raised rates years ago and let free markets work we would not be here .

Sorry for coming in late on this one. Did anyone mention Ron Pau's interview today? He outlined again why this should not pass. Too bad no his party doesn't listen to him

"crap sandwiches for everyone"

-Paulson is still autonomous and overseeing himself.

-They have laddered in 700B. First installment of 250B available as of tonight. He has to have a note from the Pres for the rest in 250B increments.

-He buys what he wants, when he wants, from who he wants.

-Exec Comp is still safe for the big boys.

-Mark-to-Market is still dead.

-FDIC gets blank check.

-The only comfort to the taxpayers is that the "Recoup" clause at the end says that we will charge the banks for any taxpayer losses on sales of the assets...which won't be shown. But you can bet your ass their will be nothing but!

I am long pitchforks, and squirrel traps.

Passerby,

I have the opposite problem, too much rain, too many clouds, not enough warm days, too many ocean breezes, a lawn that begs to be mowed everyday, slugs, snails, salmon -- its hell anywhere yah goes

Let them sleep in their hummers.

Let them drink Starbucks.

Is it sundown yet?

I want my frickin' Pony, and I want it NOW!

Spatch writes:
OT: US House Limits Constituent Emails

404 File Not Found 208234.shtml

Sounds like the Slashdot/Fark/Digg effect has become the CR/Mish effect.

Lets see if we can melt down the Senate server today.
Spatch | 10.01.08 - 2:37 pm |

If an email is sent in the forest and not a Senator reads it, does it make a noise?

outsider,
Stuffed animals have become very cheap.

It's not about the PRICE of the stuffed animal. For goodness sake.

Does everything on this site revolve around the almighty buck?

Jeesh. This is the most merciless crowd I've ever seen. I guess no one here has ever made stupid decisions in their lives.

Actually I made a lot of stupid decisions including: sleeping on couches to build and introduce an ecommerce product that was profitable day one and is worth some money today on a oral contract..Partner died, guy who hosted server has warmer breath and widow pushed me out via court...

Settled for 80K on 1.5m company...

hard to swallow but thank god for tequila, a good woman and hope....

moral of story we all make mistakes...

We need a new stuffed animal thread, and we not right now, or we wont go home!

We want some figgy pudding
We want some figgy pudding
We want some figgy pudding
Please bring it right here!

Re: we not right now, or we wont go home!

Delete

The economy needs to fundamentally change in the workplace. Since leaving the Air Force in 2002, I've had 2 jobs with government contractors and 1 job with a Fortune 500 company. All jobs degraded into weeks of sitting at a desk with nothing to do.

Working as a software engineer and an IT analyst, I recently left the last company determined not to take another job where going to work it like going to jail. It seems, I picked the wrong time to leave a job though.

The business dynamics need to change where this 'slack' in the system is taken in and people show up to work to meet common goals. Otherwise the money is being wasted with no productive output. I'm going back to be a student for a few years and hope that this thing blows over. The government is paying for it through the GI BILL and I need to spend it before it's gone. Literally.

Re: Shares of Thornburg Mortgage Inc. surged Wednesday after the mortgage lender said it is amending its exchange offer for four classes of its preferred stock, and extending the expiration.

Up 85% ??

@Angry Saver

It's obvious to me that you know Buffett is not a market timer. He never was.

As you know, he learned that from Graham.

Sebastian, you should know that, or are you just trying to blow sunshine up someone's ass?

Dinner done, back to work.

How credible is the argument that U.S. borrowing money for the wars in Iraqistan dried up credit?

People, with all the inefficiencies in the gov't and corporations, it is easy, lucrative, and much more satisfying to work for yourself. Just figure out what you do better than others and do it.

I'm working on that. Should have done it years ago.

Good luck with that. From my experience Corporate America has trashed the relationship between performance and reward. You get points for showing up and kissing the boss's a**. Everything else is irrelevant, or even detrimental to your career.

YMMV, of course.
Captain Fish (Paper Pusher) | 10.01.08 - 2:50 pm | #

You are right of course, but imagine the boatloads of easy credit since 2002 and the fact that most businesses did not have to manage the cash flows in a strict sense. That time is coming and performance and goal setting should be important factors in the future. Hopefully. We can only hope.

I come from the school that people have a basic need to do important work and feel needed. They get depressed when they know they come to work to hold down the chair for 8 hours. The flip side of this is that competition in the workplace will increase with poor management and territorial behaviors making things difficult.

we can all outsource our first's to Nemo

actually dogs are worst hit. Folks transitioning to rentals often can't take them. The rescue societies are maxed out.

I have a friend that's part of a rescue network. Along with the rescues from foreclosures, they are also getting slammed by puppy mills that have gone belly up. For a lot of folks, purebreeds were also an aspirational purchase. Very sad.

How credible is the argument that U.S. borrowing money for the wars in Iraqistan dried up credit?
Comrade Trout | Homepage | 10.01.08 - 2:50 pm

In the end both require people/countries/SWF's to continue buying up US debt. So the burden of the war might impact our "credit score".

elvis,
Your the jay leno of this program...

keep it up but ditch that white hair in the front....

why does anyone think GE is going to go bankrupt?

the capital arm made a bigger profit than both MS and GS in 3Q...GE's businesses are well positioned for the future growth areas with heavy investment in clean coal, coal liquefaction, wind turbines, nuclear power generation, infrastructure with rail and aircraft engines...so GE lowered its advisory on the year and missed its numbers, whatever, they're paying a 5% dividend and trading at a P/E ratio near 10...

Bought in OC,

Well said! Lots of friends down there still think this will not affect them in Huntington...They call me a communist with my rants....

oh well..live and learn....

cd writes:
halp,

they just won a couple huge electical grid reconstruction bids in Iraq last month also...

by any measure, business is strong for GE...i heard some rumblings about a an $8b sale of nuclear power plants to India or something like that was in the works...if McCain were to win (fat chance right now) his massive build-up of nuclear plants would be pretty much guaranteed to go to GE...either way GE wins, obama apparently is a big backer of wind turbines, GE bread and butter stuff...

"oh well..live and learn...."
cd | 10.01.08 - 3:24 pm | #

So the condos my friend bought in Long Beach in the early ninties for 12k each were a figment of our imagination ... . How soon people forget the last implosion...

Chris

korean actually, there was a half bottle of kimchee on the table

Chris,

oh how I remember, home town....
long beach is funny..Some great areas and some of the meanest...worked in drive thru dairy in north LB in late 70's as a youth. Got robbed at gunpoint, you have never seen cash fly out of a register faster and I thru in a case of beer and wine for goodwill...

Beer and cig tasted good that night....and I don't smoke...

Apparently many around here don't have young kids anymore. Stuffed animals have become very cheap. In very general terms, kids have several stuffed animals that they don't ever play with. The ones that they do play with were likely kept.

The other point is that charities will not take donated stuffed animals so if a needy kid wants one he'll have to go garbage picking because that's the only way he can get one.

cd | 10.01.08 - 3:40 pm |

Holy crap. I lived in N Long Beach.
Indiana ave,right around the corner from Pep Boys and Rally's. A very good friend owned the Cracker Barrel by the Lakewood mall...

Good times,even during the riots.

Chris

I'm baffled. The family must have known for over a year that this was coming. Why didn't they sell off all those items?

Perhaps they are mentally ill, but they seem highly irresponsible and wasteful to me.

Joe Schmoe-

Great post. I could give a rat's a_s about these people and their children. Too fuc_ing bad. Sh_t happens. I have my own life and my own problems. And part of my problems are these mutherfu_king bankers making us pay. That's a big fuc_ing problem.

And what about this "poor family" who got kicked out of their house? Whose to say that they didn't own three of these, heloc'd all of them to the hilt, emptied their lines of credit and fled the country? All the while laughing at us as we sit here and pity them.

Trust me. Their kids would be just fine with a half a million in some foreign country immune from civil reparation.

I've been as ready as anyone to blame those getting in over their heads for the result. But this video really does make me sad, especially the urn, toys and pictures. The fact that delivery trucks from charities can't keep up with the donations from this business really puts the magnitude of this in perspective.

Americans got through the GP because they stuck together and helped each other out.

Actually, this is an urban myth. Check out some contemporary accounts, or histories based on them. In fact the social fabric frayed far more than people want to remember.

Wow. And I thought things were bad in my little corner on the coast of San Diego! Those neighborhoods may as well be bulldozed. There are not enough jobs locally to sustain those communities and nobody is going to want to commute from Riverside county with gas prices never coming down! Maybe if the high speed rail goes through but that'll still be 12 or more years from now. Those houses will never sell.

She creeps me out.

BROOKLYN! writes:
Dennis Kneale is a clown!
BROOKLYN! | 10.01.08 - 1:38 pm | #

Kneale is an ASS-clow

TO: Kona | 10.01.08 - 2:00 pm

Dude, you're giving hemp a bad name. Mellow out.

Props to the bearded guy paying his 3100 a month. He should get a medal, or at least a gold star--talk about sacrificing for your country.