Maybe a year from now we'll have "Political Failure Friday".
Governments these days seem to be intent on taking on all the liabilities of insolvent entities. Just like the consequences of giving a $500,000 loan to somebody with no job was obvious, I think the consequences of governments feasting on insolvency are obvious...
Looks to me like the bank closings take place after business hours local time. Last week with Downey and PFF on Pacific Time, we didn't get the news back East until pretty late evening.
But yeah, the FDIC employees deserve a nice long holiday weekend. Things could get very damn busy for them for the rest of the year.
"A worker at a Wal-Mart in New York Citys Long Island suburbs was killed when a throng of shoppers broke down the doors to the store early this morning and knocked him to the ground."
What is really kind of ironic about RBS being taken over by the British government is that, among the big banks, they did see this mess coming.
I remember reading some RBS commentary early this year where they were advising their clients to move their money into cash because they projected a market crash.
I got my fingers burnt a bit by underestimating the force of the rally. How long do you think this will continue until reality hits? - a few more weeks, tops?
I will now toot my horn
EvilHenryPaulson | 11.28.08 - 4:47 pm
Do you subscribe to the Elliot Wave Theory? Kondratiev wave - Wikipedia, the free encyclopedia Not the one you pay for but the study thereof. I have long been aware and tried to understand this, but since I'm not in Mensa (I'm in the other 98%, I'm a Densa) I have been left looking at squiggly lines without appreciation.
In honor of Bank Failure Friday, Nailing the coffin: White Wedding
Hey little banker what have you done
Hey little banker who's the lonely one
Hey little banker who's your savior man
Hey little banker who's the one you want
Hey little banker shot gun!
It's a nice day to start again
It's a nice day for a bank wedding
It's a nice day to start again.
Hey little banker what have you done
Hey little banker who's the only one
I've been away for so long (so long)
I've been away for so long (so long)
I let you go for so long
It's a nice day to start again (come on)
It's a nice day for a bank wedding
It's a nice day to start again.
(Pick it up)
Take me back home
There is nothin' fair in this world
There is nothin' safe in this world
And there's nothin' sure in this world
And there's nothin' pure in this world
Look for something left in this world
Start again
Come on
It's a nice day for a bank wedding
It's a nice day to start again.
It's a nice day for a bank wedding
It's a nice day to start agai
Since the FDIC announced the number of banks on the watch list has increased to 175+; I would subscribe to at least one failure this afternoon with 3 to 4 next weekend.
Nov. 28 (Bloomberg) -- JPMorgan Chase & Co. sued Parkcentral Capital Management LP, an investment firm that manages money for the family of ex-U.S. presidential candidate H. Ross Perot, claiming it owes as much as $753 million in collateral on investments
By Christopher Bjork Of DOW JONES NEWSWIRES MADRID -(Dow Jones)- Spanish real-estate company Habitat Inmobiliaria SA Friday filed for protection from creditors, in what would be the second-largest corporate failure this year in Spain.
Habitat, based in Barcelona, said that it had been hit hard by the financial crisis and real-estate downturn, making it impossible for the company to service its EUR2.3 billion debt load.
I guess I won't be seeing any more commercials in which the RBS guy takes charge of a situation (guy choking in a restaurant, among others) and saves the day, while a bunch of other guys stand around clueless.
The Canadian Press
November 28, 2008 at 5:05 PM EST
TORONTO The Toronto stock market soared more than 500 points Friday, led by a big jump in bank stocks ahead of a wave of earnings reports next week.
Nonsense, this is not true. It could never happen to us.. we are special..
Canada in recession, heading for deficit: OECD
Peter O'Neil, Europe Correspondent, Canwest News Service
Published: Tuesday, November 25, 2008
PARIS - Canada is now in a recession that will likely lead to a federal deficit, but the plunge into the red "is not alarming" because Canada's relatively strong banking sector and healthy government finances leave the country in decent shape to manage the global financial crisis, according to a major report released Tuesday.
The lies.. the lies.. our banks are the best in the world...
Bank chiefs urge Ottawa to boost economy
Canadians struggling to make payments on borrowed money
Eoin Callan, Canwest News Service
Published: Wednesday, November 26, 2008
TORONTO -- Bank chiefs on Bay Street are urging Ottawa to commit to making a major injection of cash into the economy to help stem a rising tide of bad loans, after internal bank figures showed Canadians were increasingly struggling to make payments on money they've borrowed.
Victorian, re: how long does it last
It has risen very fast, and unless some bailouts and surprises are announced very soon it might not attract cash back into the market. Pension funds have had their rules relaxed so they won't be forced to contribute. If the indices get close to 1,000/10,000 there will be a lot of people who sell out trying to pre-empt the superstition of round numbers. It would be surprising to see this year's lows broken before next year in any event. I wouldn't bet on it rising, it is safer in my opinion to wait, follow the volume, and short when it reaches whatever highs it will.
tranches of leinenkugel,
thanks, not sure how the auto bailout will be done. big risk on the stock side depending on what they do and when. Debt for equity swap seems likely. Citi stock is probably safer if you want to bet on things like that, they will eventually have a government guaranteed position in a less competitive market.
Volker the Viking,
Elliot Wave is a theory just loose enough to always be right, but never be dependable. I do believe the are some internal market mechanics that foster some behaviour, but it would be foolish to assume there is a scripted single loop repeating.
Victorian, re: how long does it last
It has risen very fast, and unless some bailouts and surprises are announced very soon it might not attract cash back into the market. Pension funds have had their rules relaxed so they won't be forced to contribute. If the indices get close to 1,000/10,000 there will be a lot of people who sell out trying to pre-empt the superstition of round numbers. It would be surprising to see this year's lows broken before next year in any event. I wouldn't bet on it rising, it is safer in my opinion to wait, follow the volume, and short when it reaches whatever highs it will.
tranches of leinenkugel,
thanks, not sure how the auto bailout will be done. big risk on the stock side depending on what they do and when. Debt for equity swap seems likely. Citi stock is probably safer if you want to bet on things like that, they will eventually have a government guaranteed position in a less competitive market.
Volker the Viking,
Elliot Wave is a theory just loose enough to always be right, but never be dependable. I do believe the are some internal market mechanics that foster some behaviour, but it would be foolish to assume there is a scripted single loop repeating.
Victorian, re: how long does it last
It has risen very fast, and unless some bailouts and surprises are announced very soon it might not attract cash back into the market. Pension funds have had their rules relaxed so they won't be forced to contribute. If the indices get close to 1,000/10,000 there will be a lot of people who sell out trying to pre-empt the superstition of round numbers. It would be surprising to see this year's lows broken before next year in any event. I wouldn't bet on it rising, it is safer in my opinion to wait, follow the volume, and short when it reaches whatever highs it will.
tranches of leinenkugel,
thanks, not sure how the auto bailout will be done. big risk on the stock side depending on what they do and when. Debt for equity swap seems likely. Citi stock is probably safer if you want to bet on things like that, they will eventually have a government guaranteed position in a less competitive market.
Volker the Viking,
Elliot Wave is a theory just loose enough to always be right, but never be dependable. I do believe the are some internal market mechanics that foster some behaviour, but it would be foolish to assume there is a scripted single loop repeating.
Recently, a significant number of Vancouver police retired in order to avoid cuts to their pensions. In announcing these retirements, the Vancouver Police Chief stated that a large number of replacements would soon have to be hired. At the same time, he said that the new people to be hired should reflect the current ethnic make-up of the city.
The Vancouver Chief of Police is not the only public official to make such statements. Prominent officials in other large cities, at Canada's crown corporations and at both the federal and provincial levels have said something similar about their hiring policies. The big question Canadians have to ask is, "Does this policy of reflecting ethnic composition make any sense?"
Well, let's consider an employment line-up of 80 people who have been waiting in line for a limited number of job openings. These 80 will represent the approximately 2 million unemployed Canadians. Suppose another 20 people suddenly arrive. These 20 represent recently-arrived immigrants. Most Canadians would say that those 20 new arrivals should get in line behind the 80 who have been there for some time. Most Canadians would say that this would be the fair thing to do.
Elliot Wave is a theory just loose enough to always be right, but never be dependable. I do believe the are some internal market mechanics that foster some behaviour, but it would be foolish to assume there is a scripted single loop repeating.
EvilHenryPaulson | 11.28.08 - 5:51 pm
Wow, thanks. Some are of the opinion that we are midst a wolf wave five of three up. You sensibilities seemed to be in sync with the theory. Some of these bear market corrections can go on for several months. I said last week that I saw this move as more a bear trap. Mind you, I don't trade the market. I study it, it is am accurate predictor if one is willing to do the work.
What we require is a final solution to the non-white immigrant ptoblem.. oops did I say too much.
D & M: the S & M Solution To Canada's Urban Problems
Dear Prime Minister Martin and Fellow MP's:
There are still a number of Canadians who refuse to see, hear or speak any evil about immigration. Among this group are those who proclaim the wonders of diversity and multiculturalism, D & M, for short. This group implies that D & M are the supreme good and that the mass immigration that has caused the D & M since the early 1990's has been a bowl of cherries for all Canadians.
Well, let's look at, hear and speak about a few of the "pits" from the bowl of cherries.
(1) Pit #1: Unprecedented Population Growth--The largest factor in the very rapid rise in the populations of Canada's three major immigration-receiving areas has been immigration. For example, Stats Can figures show that in the early stages (1991 to 1996) of Canada's mass immigration experiment, immigration accounted for about 83% of the population growth in the Greater Vancouver area. Similar figures can be cited for the Greater Toronto and Montreal areas.
(2) Pit #2: Unprecedented Traffic Growth--Since the beginning of mass
immigration, the Insurance Corporation of British Columbia reveals that well over 300,000 vehicles have been added to roads of the Greater Vancouver area. Similar figures can be found for Greater Montreal while much more dramatic figures can be found for the Greater Toronto area.
(3) Pit #3: Traffic Congestion Costs--Putting aside the health costs for people living in this increased pollution and the future costs of new road construction and new transportation involved in handling the perpetual increase in vehicles, the Vancouver Board of Trade recently stated that traffic congestion costs the Greater Vancouver area $1 Billion per year. According to the Board, the factors in the $1 Billion are the slowed movement of commercial trucks carrying goods; the added commuting and transit time for people moving around the region; and the added cost of fuel as vehicles sit idling in traffic.
(4) Pit #4: S & M Management--The Board's solution is to "manage" the
congestion. This will mean building more roads, more bridges, rapid
transit, etc. Nothing is said about immigration which is the major cause of the congestion. Nor is anything said about reducing immigration. And, of course, no evil is spoken of euphemistic D & M (Diversity and Multiculturalism), which, any sane Canadian can argue, is really a close cousin to S & M (Sadism and Masochism), in this case.
(5) Pit # 5: More S & M Management--Citizenship and Immigration's past
solution to this problem has been to direct immigrants to the smaller
centres of Canada. But the question that has to be asked is this: "What smaller centres need a perpetual inflow of 250,000+ immigrants every year?" No Canadian capable of performing the thought process could come up with a list of such places. In other words, the Citizenship and Immigration solution is another S & M solution.
As any sensible Canadian can see, the D & M platitudes have to be seen for what they really are: S & M, corrupt and simple. The future good of close to 2 million unemployed Canadians (those looking for work and those who have stopped looking) cries out for speaking, hearing and seeing the evil in Canada's immigration policies. Let's do something about the mess. S & M management is not a solution.
All were not me, the real evilhenrypaulson. From time to time there is one person who posts inflammatory stuff using my alias. The same person also uses the names satan/lucifer, one of a thousand temporary names, or one of about a dozen more moderate personas. It goes back to about 3 weeks ago and has something to do with a grudge against Canada. Don't fall for his often racist trolling.
I'm logging off for now, so you can quickly ignore the junk that follows
The lack of good employment for us in Canada is the immigrant's fault. It has nothing to do with the fact that we are a nepotistic, delusional bunch of twerps who cannot create wealth.
Hiring Foreign Workers When So Many Canadians Are Unemployed
Dear Prime Minister Martin and Fellow MP"s:
On Monday, March 15, The Province (one of two major B.C. daily newspapers, featured a front page story: "Firm To Hire Foreign Workers". As you may have been told, the story made the following points:
All were not me, the real evilhenrypaulson. From time to time there is one person who posts inflammatory stuff using my alias. The same person also uses the names satan/lucifer, one of a thousand temporary names, or one of about a dozen more moderate personas. It goes back to about 3 weeks ago and has something to do with a grudge against Canada. Don't fall for his often racist trolling.
I'm logging off for now, so you can quickly ignore the junk that follows
I don't believe someone else made those posts EvilHenryPaulson. I believe you are secretly trying to vent your pre-wwii white Canada delusion that Canuck banks are the best in the world. We don't need people like you around here
Homeowners are the only ones who cannot modify the terms of their secured debts in bankruptcy. Corporate America flocks to bankruptcy courts to do precisely this -- to restructure and reamortize loans whose conditions they find onerous or can no longer meet. Airlines are still flying and auto parts makers still operating because they have used this powerful tool of the bankruptcy process. Lehman Brothers will surely invoke it. But when the bankruptcy code was adopted in 1979, the mortgage industry persuaded Congress that its market was so tightly regulated and conservatively run that it should be exempted from the general bankruptcy rules permitting modification. How far we have come.
... More sophisticated than many borrowers, she realized she was getting an adjustable-rate mortgage. What she didn't realize was that, in the biggest "bait-and-switch" ever pulled by an entire industry, her ARM was not tied to the prime rate or any other index, as adjustable-rate mortgages have traditionally been. Her rate simply adjusted periodically, ever upward. When it hit 14 percent, her social worker's salary could no longer cover the payments.
... For more than a year, a number of legislators, academics and judges have advocated removing this ban on home mortgage modification to help stem the increasing number of foreclosures. I have twice participated in briefing sessions organized by the House Judiciary Committee, where I was lectured by lobbyists for the mortgage industry about the sanctity of contracts. I have listened to their high-priced lawyers make fallacious constitutional arguments based on discredited cases from the 1930s. (This is, incidentally, an industry that is not particularly concerned about its own contractual obligations as it tries, through various Treasury-aided programs, to stay afloat.)
... Allowing modifications is a solid solution, as evidenced by my example. This homeowner could have restructured her loan to terms resembling those of a conventional mortgage. If the court found that the market value of her home had fallen below what she owed, the secured portion that must be repaid in full would be reduced to the house's actual value; otherwise, the amount to be repaid would stay the same. The interest rate would be adjusted to reflect the prevailing market. However, because this homeowner is a riskier borrower than most, I would have raised her rate to account for that increased risk, as Supreme Court precedent requires. Instead of 14 percent, the rate would probably have been in the high single digits. This homeowner -- with her steady income -- could have made the reduced payments.
Such a solution would have been better for everyone. Obviously, it would have been good for the homeowner and the community in which she lives. Instead of another abandoned house tied up in foreclosure, her residence would be owned by a taxpaying citizen. More important, it would have been good for the lender. Whatever unknown mortgage syndicates hold pieces of this loan, they are never going to get their 14 percent return. Instead, the total recovery will be limited to the proceeds from a foreclosure sale in a depressed market. Any deficiency owed by the homeowner will be discharged as part of her bankruptcy. No one has been able to explain to me why it is not better for mortgage holders to get a fair return of principal back, albeit at a lower interest rate, than to take a lump sum through foreclosure that is probably much less than the value of the note.
All were not me, the real evilhenrypaulson. From time to time there is one person who posts inflammatory stuff using my alias. The same person also uses the names satan/lucifer, one of a thousand temporary names, or one of about a dozen more moderate personas. It goes back to about 3 weeks ago and has something to do with a grudge against Canada. Don't fall for his often racist trolling.
I'm logging off for now, so you can quickly ignore the junk that follows
Wouldn't quite a bit of the insolvency threat be alleviated if congress made CDS issued for non-hedge purposes illegal and unenforceable? Just return the purchase price and void the contracts.
"Wouldn't quite a bit of the insolvency threat be alleviated if congress made CDS issued for non-hedge purposes illegal and unenforceable? Just return the purchase price and void the contracts."
This is a good idea Harry. I wonder the same thing myself. The only thing I can think of is that the big bankers must think they will benefit by keeping the CDS.
But that would the rational thing to do.. We believe in appearances and half-truths, not rationality
Harry Cheddar writes:
Wouldn't quite a bit of the insolvency threat be alleviated if congress made CDS issued for non-hedge purposes illegal and unenforceable? Just return the purchase price and void the contracts.
Perhaps an administrative agency (i.e. the SEC) could promulgate the rule you seek, but so far no agency has jurisdiction over CDS. Probably better to establish a forward-looking rule such as one forcing all CDS participants to clear through a central exchange by a certain future date and requiring that all parties to post a deposit in order to participate.
Volker,
Do you think the bloggers here have this Crash figured out or are on the right track to understanding this mess? Or do we know anything more now with all the observations posted here since the Bubble burst?
This blog is technically 'unmonitered' I think but I don't see any progress in the clarity in knowing who caused what when and why? The bloggers who ask tough questions are chased off these blogs usually.
Just seems like a lot of chatter and noise lately with some links to the day by day stuff. Any good theories by observers or analysts out there that haven't been chased away and feel free to post?
I think it went down when passive-aggressive losers would not accept honest discussions of facts, but rather chose to sabotage/ slander in the uniquely canuck way.
o.jeff writes:
"Wouldn't quite a bit of the insolvency threat be alleviated if congress made CDS issued for non-hedge purposes illegal and unenforceable? Just return the purchase price and void the contracts."
In the US, you cannot force the unwinding of a contract which was legal at the time it was made.
However, the Federal Govt could force regulated banks to take any of a number of forward-looking actions. They could even institute a procedure for making anyone with access to the Federal Reserve window to run off their CDS book, except for those being traded on exchanges.
A year ago, there would have been an unbelievable swarm of lobbyists trying to stop such an action. Now, the discussion would only be about how and when to implement.
Did anyone notice the pressrelease on the FDIC page about them opening up the bidding process for non-FDIC memebers? Who would this include? Seemed very odd to me....
Satan,
'chose to sabatoge and slander'
This is how the mainstream and 'alternative' media(and most internet blogs) operates when the digging gets too deep and the politically incorrect areas are crossed!
Just seems like a lot of chatter and noise lately with some links to the day by day stuff. Any good theories by observers or analysts out there that haven't been chased away and feel free to post?
the guest | 11.28.08 - 6:59 pm
I use it as a gauge for where we are in the process, try to add my own slant 9which is more Plebeian and street level than most), and ask a question or attempt to start a dialogue about this or that.
I am sometimes surprised that some post here with something worth considering and then poof never see them again. But hey, this medium, ya gotta love it. I don't know who the hell you are and care even less. It's just good to make contact.
Look, we are in "Dr. Stragelove" now.. major Kong is going to ride the bomb.. that is all he has been ever trained to do.
Did anyone notice the pressrelease on the FDIC page about them opening up the bidding process for non-FDIC memebers? Who would this include? Seemed very odd to me....
However we get out of this, it will not be anything anyone could have predicted.
It will be a purple and gold striped and screaming orange dotted swan. I think some of it will arise out of the uncounted economy, which is pretty huge. Maybe streams of money from the dope dealers will save us. Which is only a part of the uncounted economy.
The law has allowed several exceptions for ex post facto laws, specifically in post-conviction criminal issues. The argument is always the policy interest of society in general. It seems constitutionality and rule of law have not been the top priority recently. With de facto socialization of much of the financial sector, it seems a relatively small exception to the ex post facto rule to void non-hedge CDS.
It will be a purple and gold striped and screaming orange dotted swan. I think some of it will arise out of the uncounted economy, which is pretty huge. Maybe streams of money from the dope dealers will save us. Which is only a part of the uncounted economy.
lawyerliz | 11.28.08 - 7:09 pm | #
I take it you're not a bird person?
The libertarian in me says make it legal and tax the shit out of it. Wanna win the war? Well, get to it. And you know what? What, he asked, lost in a rumination. You just might have something there.
" We are different"
" It will be the same this time around"
"It will be totally different this time around"
" The future can be predicted with certainty"
"Trust me, I am a ________."
lawyerliz - i'm in the neighborhood, trying to avoid dunkin donutz. Got a burning question to you. - how can we get in touch? I'd say email cr but he's hiking. Gotta junk email you can share?
who_cares will you promise to in the future refrain from spamming the comments under your different handles? It ruins it for everyone. We already lost CSC the last time you flared up
I am shocked at the banal discussion around banning CDS that were not for hedging!
do you feel the same way about banning all stock options that are not for hedging?
and what is a hedge and what is the instrument being hedged is really interchangeable.. since most distressed CDS trade upfront - there is not much difference in buying a bond to hedge a CDS..
you guys are smarter than this - i think - to fall for this bogeyman..
People turn to reason only after all their delusions fail
__
The libertarian in me says make it legal and tax the shit out of it. Wanna win the war? Well, get to it. And you know what? What, he asked, lost in a rumination. You just might have something there.
What else does the uncounted economy consist of?
Volker the Viking | 11.28.08 - 7:13 pm | #
__
So with this attack in MumBomBai are you all ready for the security restrictions from airplanes to be extended to hotel stays? In light of the reports that some of the terrorists may have checked into hotels and loaded them up with guns and bombs....
Not like you could pay for a hotel with cash recently anyway. Or maybe without credit card?
But don't worry, government will do everything possible to prevent the 1:1000000 terrorist attack but you'll still be free to trample and shoot your fellow citizens at the mall.
New all time A2/P2 spread high : 517 basis points Volume is low, so perhaps a bit flukey, but the low volume this week is a bad indicator in and of itself.
Baltic dry down a little more to a new all-time inflation-adjusted low too, 715. At these rates financial incentives are to mothball ships and not really ship anything and the Capesize anchored index is nearing new highs at 105.
The main question facing us is: planned or unplanned.
The Crash. Planned or accident or Fate.
When you decide this...it will have an effect on your Worldview.
As long you cannot accept valid criticism, I cannot promise anything. I do not make up stuff, my dislike for certain groups is based on my long associations with them.
While I do not go out of my way to abuse them, I will call their BS. If you cannot handle it, tough luck.
Sales this year so far ( I own a jewelry / pawn shop ) are down 15 percent . Gold buys and Jewelry loans are up 40% . I expected to see Defaults rise but they haven't yet .We normal see big redeem in October thru December (very few reedems). The Jewelry repair / custom design has not slow down. Going into black Friday I have 21 Rolex's for sale compared to 15 last year. Located near Norfolk Virginia .
who_cares I am a lurker you idiot. Either stick with one name that can be blocked, or please stop ruining this for everyone else who does not have the time to read through your spam
For example. I've have NEVER done a small business closing where I didn't find out later that cash passed under the table. Perfectly legal small business doing perfectly legitimate stuff. I doubt that there is any cash business where all the cash is reported. I have to discourage buyers from underreporting their purchase price--when there were house buyers. I have to explain that with a lower basis taxes on profits will be higher. When sob, there are some profits. In the far future. . .
I have no idea how big it all is, I just know it is big.
"I am shocked at the banal discussion around banning CDS that were not for hedging!"
I'd say a CDS is more akin to an insurance policy than a stock option. There are certainly laws against insuring third parties for speculation purposes.
Ten years ago I had a case where a company hired a keyman with health problems, bought a huge keyman policy, and then terminated him. But they refused to relinquish the policy. Paid the premiums every year. The owner bragged it was better than the lottery.
My suggestion/position is somewhere between your comment and that of Thoreau Devotee at 7:15.
Is it possible to get Congress to retroactively ban non-hedging CDS contracts and have the Supreme Court subsequently uphold the law? Maybe. But it makes more sense, to me, to identify the public policy goals associated with reigning in these contacts and then setting forth a sufficiently draconian law (with a future effective date) that prompts the parties quietly and quickly to negotiate themselves out of the current profusion of non-hedging contracts.
"who_cares I am a lurker you idiot. Either stick with one name that can be blocked, or please stop ruining this for everyone else who does not have the time to read through your spam"
Nov. 28 (Bloomberg) -- JPMorgan Chase & Co. sued Parkcentral Capital Management LP, an investment firm that manages money for the family of ex-U.S. presidential candidate H. Ross Perot, claiming it owes as much as $753 million in collateral on investments
Barley | 11.28.08 - 5:37 pm | #
Deja Vu-
The panic of 1837 began with the collapse of business and the wholesale failure of banks.
What did 'we' learn from these crashes?
Andrew Jackson lost money in the panic of 1797 and apparently did not like any banks. During Jackson's second term, he continued his war on the Bank of the United States which Jackson saw as operating as a monopoly.
Waht would Andrew Jackson or Lincoln or Kennedy 'see' today?
The spamming and useless trolling day after day is really just a reflection of our society in general. A small group of people seem to take something meant for the good of society (two examples would be this blog and securitization of assets) and warp it into something rather useless.
A bit of light hearted trolling and joking around is good IMO as it adds levity to a rather severe economic situation.
But this day after day useless, bland trolling under multiple names is meant for nothing more than driving good posters of this site and wreck a very worthwhile endeavour.
And to top it off, the quality of this type of trolling is quite atrocious.
I think Lincoln would laugh and ask why we were so worried. Now, HE had the problems.
And Kennedy had that Cuban nuclear thing, remember? My friends and I were worried we'd never live to grow up. And I really did the hide-under-the-little-wooden-desk thing as a kid.
The troller satan/lucifer is clearly of limited intelligence and is unbalanced. This loser has posted that the Canadians refused immigration to him and his family...smart Canadians. Now this racist jackazz and his spawn are in America...and since he's unemployed, has nothing to do but troll...
"What else does the uncounted economy consist of?"
Volker the Viking | 11.28.08 - 7:13
Hay sales...75k plus a year,all cash.
Custom woodworker...50k plus a year.
Field drain tile installer...50k plus.
Auto repair...As much as you want.
Tanning center...30k,all cash.
Nobody keeps records. Nobody writes anything off. All have full time income to cover all normal expenses. Most have no overhead.
In flyover this is pretty common in rural areas...
Canada is the most likely location for a bank closing this week. My family tried to immigrate there once and their racist policies denied my family because we're Indian, but it was for the best because now we rent and operate a laundromat in Seattle. The lack of industrious immigrants coupled with european-like innovation is how Canada will fail ultimately, and this crisis should start exposing the cracks in the wall. I don't have any statistics but all the pre-wwii white Canadians are due for one.
In my experience with canucks, only white canadians whose ancestors came to canada before WW2 (canucks) have such uncritical belief in their "superiority".
Almost everyone who came to canada post WW2, especially since the 1960s has a rather dim view of canada and canucks. This dim view of canada is shared by many immigrants irrespective of color or language. They range from well educated brits, US citizens, east-europeans, russians, chinese, taiwanese, indians, south-americans and the list goes on and on. Some of worst critics of canucks are brits who moved to canada in the 1960s-and 1970s.
To have a feeling of accomplishment that is not delusional, one must have some real accomplishments. The book of canadian accomplishments worthy of note is rather small- if it exists.
Of course between the media, textbooks and public discourse, canucks believe in that c**p more that north koreans believe in Kim Jung.
Now go back to raping haitians and drug-running in cyprus (canuck "peace keepers").
"Baltic dry down a little more to a new all-time inflation-adjusted low too, 715. At these rates financial incentives are to mothball ships and not really ship anything and the Capesize anchored index is nearing new highs at 105."
A couple of times, he's said something sensible fried. Canadians are a weird thing to have a snit about. I've always thought of them as politer colder Americans, with a slight tendency to be mean to French speakers.
P'd Off,
How do we know if some of the trolling is to confuse efforts and divide efforts to understand this mess and who might be pulling the strings some of which we may know as in the case of Paulson or central banking managers but maybe some of whom or which we don't know are making money on this mess.
Which is why one should decide if it(the latest Big Panic and Crash from Bubble creation) was orchestrated or random events completely unrelated to the outcome.
Then observer comments can be put into perspective as enlightening or muddying the waters or just feeble-minded silliness.
It provides "throwaway" email addresses that shouldn't get scanned by spambots. Note that the emails are readable by anyone that knows the throwaway address, so there's no guarantee of privacy.
"And Kennedy had that Cuban nuclear thing, remember? My friends and I were worried we'd never live to grow up. And I really did the hide-under-the-little-wooden-desk thing as a kid."
Thank you for this post. It is a conceit of some to assume that today is always worse than yesterday. see my link.
Lawyer Liz,
I think this debate or muted debate as to who prints our currency -private bankers or the Government Treasury- is more important than we would gather from the non-coverage of this issue by the mainstream and 'alternative' media and internet.
Lincoln wanted to continue printing 'Government Greenbacks' after te Civil War but his plan never made it since he didn't stick around. There have been efforts to curb the powers of bankers and high interest banking. I honor those efforts.
lawyerliz writes:
For example. I've have NEVER done a small business closing where I didn't find out later that cash passed under the table. Perfectly legal small business doing perfectly legitimate stuff. I doubt that there is any cash business where all the cash is reported. I have to discourage buyers from underreporting their purchase price--when there were house buyers. I have to explain that with a lower basis taxes on profits will be higher. When sob, there are some profits. In the far future. . .
I have no idea how big it all is, I just know it is big.
This is something that I am curious about as well. Are there any cash businesses running legitimately, or even close to legitimately? Particularly family owned businesses where the kids work off the books.
Is it possible for the government to data mine financial records to find the scofflaws? Comparing claimed income versus what the house, cars, vacations and other expenses add up seems to be pretty simple.
Maybe this will be the next frontier in revenue enhancement.
I tried all day to locate some silver 1oz bars (looking for 65-70 of them) and it was a rough go. Couple of local shops I talked to said they do not even bother trying to get any anymore due to the time delays in delivery. I want some silver!
Any why John F. Kennedy started printing 'U.S. Notes' to replace Federal Reserve notes
Are the multiple references to JFK related to the current showing of Oliver Stone's "JFK" this afternoon?
I was just thinking to myself how that movie seems more relevant now than when it was released in '91.
Listening to Costner say, "fascism" and "Let justice be done though the heavens fall".
As for whether The Crash was planned... I'm not sure it matters as it was inevitable anyway. Debt can never rise faster than income for indefinite periods.
"A bit of dissonance in the article. 1st paragraph - "isn't so bad". Last paragraph - "could grind to a halt."
The point that needs to be kept in mind is the looming over capacity. I was once active in the tanker trade, and it limped for decades due to over capacity as much as commodity demand. The larger players often time charter in their tonnage well in advance, and one must query what impact over capacity is having.
I think that they are all too dumb to do any of this on purpose. Look at Paulson's comments a week or so ago about everything being ok, followed shortly by Citi's bailout. I mean if you are gonna be contradicted by reality in less than a week, what motivation to lie, except you don't know what the hell is going on?
"And so I cry sometimes when Im lying in bed, just to get it all out, whats in my head.
And so I wake in the morning and I step outside and I take a deep breathe and I get real high
And I scream to the top of my lungs "Whats going On!"
Since charges are on the margin, demand weakens and everything plunges off a cliff. Too many ships, too many houses, too much commercial stuff. Drowned in our own productivity. Some of these people could have been making music or art. Can never have too much of that good stuff.
Lawyer Liz,
There a difference between 'dumb' and indifference or apathy. I spent years believing hook, line, and sinker in the two-party system.
I don't think it was 'dumb' per se...I just didn't take the time or effort to look into our system as it was taught to me in the media and 'education' system.
Apathy has got us here I believe plus a lot of 'planning' we don't scrutinize like our money system for example...
OK, I checked the FDIC site, and they did have a news release on Nov 26, regarding asset sales:
In light of the time constraints...the FDIC may apply modified deposit insurance application processes...will consider abbreviated information submissions and applications, and may issue conditional approval for Deposit Insurance, in order to qualify interested parties for the FDIC's failing institution bidders list...Investors...must have conditional approval for a charter from the responsible agency and meet the bid criteria established by the FDIC.
Is this efficiency, cronyism, both? I want to bid on a pony please!
Lawyerliz,
you remain such a model of civility, I admire your restraint.
This dimwit troll and his racist rantings against Canadians is tedious in the extreme.
Lucky Canada to have excluded this broken-backed troll and his useless family from the Great North.
I have always said that the biggest human delusion is the delusion of control. We either try to believe in it or try to make it appear that we believe in it. Your wealth and money can only hurt/help others- not directly change your destiny.
The reality is that we have no control over the universe or even our future. The best we can hope for is that our actions result in the desired outcome. It is a matter of exercising choice (free will) in a universe with the knowledge that the universe works on probability and the outcome can therefore not be guaranteed.
Broward,
Yes, dbt will d us in as outlined in the book 'The Great Reckoning' which came out in the 80's I think plus Harry Browne's warnings. Alto, the two-party system is more one party, it seems the dire warning of debt collapse were coming more from the Right(or Conservative Right, not the Neo-Cons) than the Left. But our apathy is a problem too.
fried,
If you wanna play that game, be prepared for the possibility that no person on this board who I have identified as a canuck will ever be able to post again without being spoofed.. get it canuck a**hole.
The thing is we will be fighting each other. All the buttons are being pushed. In the meantime, the chosen administrators and owners of us all will be dividing the spoils.
LMAO @ B.I.L.F. that suits me to a tee...Not much exciting to report from my end. Heavier than normal traffic this morning but lots at the mall and walmart were not full at 9am.
//KAREN HOWLETT
Globe and Mail Update
November 28, 2008 at 7:24 PM EST
The Detroit Three auto makers have until next Friday to outline their restructuring plans for their Canadian operation as well as their cash holdings.
Federal Industry Minister Tony Clement and Ontario Economic Development Minister Michael Bryant sent a joint letter to the presidents of the companies' Canadian subsidiaries on Friday, setting out their conditions in exchange for any government financing.
In the United States, the Detroit Three have warned of a catastrophic collapse of the entire U.S. economy if the government fails to throw the auto companies an emergency lifeline of $25-billion. The U.S. government has asked the companies to submit a detailed restructuring plans to Congress by next Tuesday, including an assessment of their long-term viability.
The Canadian companies are also calling on the federal and Ontario governments to provide aid to help them to survive the auto crisis.//
VIRGINIA GALT
Globe and Mail Update
November 28, 2008 at 5:34 PM EST
The Canadian dollar fell 0.39 of a cent to close at 80.84 cents (U.S.) Friday a reflection of political and economic uncertainty abroad and, to a lesser extent, in Canada.
Currency strategists said the terrorist attacks in Mumbai rattled foreign exchange markets as investors sought a safe haven in the U.S. dollar Friday morning.
It's the continued shift away from risk assets in light of the developments in Mumbai and deepening fears of global recession, so that's the backdrop, and that's supporting the greenback against most currencies, BMO economist Sal Guatieri said in an interview.
And it's possibly political uncertainty we're hearing talk about possibly another election in Canada. I'm not saying that's the main factor [affecting the Canadian dollar], but it might be on people's radar screens as well, Mr. Guatieri said.
There were reports that the three federal opposition parties plan to introduce non-confidence motions in the minority Conservative government Monday, saying Finance Minister Jim Flaherty's fiscal update provided nothing in the way of stimulus for Canada's flagging economy.
Most 'racist' stuff is actually allowed and sanctioned now by our administrators and owners who are dividing and hoarding the loot extracted from the market shakedown and strategic credit freeze.
Why would working in a laundromat qualify one as f'd up?
Employment is the means by which one exchanges labor for what passes for the medium of monetary worth. A laundromat serves a societally useful purpose. Why denigrate someone who works there? It seems to me that the alternative, particularly thievery of the wall street kind, is abhorrent.
"But the most pressing issue is the scarcity of letters of credit, the notes banks provide exporters to finance the goods being transported and guarantee payment on them. Banks' heightened risk-aversion means letter prices have soared, if they're issued at all, and that hits demand as exporters are less willing to ship goods. Addressing this lack of finance should be a priority: without it, world trade could grind to a halt."
Exit, that's the problem with the people in this country anymore. They don't value the service other's provide them. They think only they deserve to make a decent wage and everyone else be damned. I see it everyday on other blogs and in real life. The whole blame GM's failure on the autoworkers is a good example. Who does GM think they are offering benefits and retirement to those peons? Only rich, wallstreet asshats should get retirement, the rest of us should grovel at the rescue mission.
Lothar worked at a drycleaners all through high school. Perchlorethylene. Don't sniff the lint traps with the good doggie nose unless you want to be delerious.
liz, CSC swore of posting because some of the old timers had stopped posting because of the extracurricular posting going on. I think he still lurks and wish he would come back.
No, You see in canada, we white canucks do not perform useful productive jobs. We just piss around in government and government funded jobs and pretend to the best country in the world.
Let "others" do productive useful jobs, we will make sure that we underpay them .
If shipping is grinding to a halt, and you are a manufacturer or nation that requires commodities, then you would over-order. You would try to get as much as you can, as quickly as possible. You would put it in silos or something. You would hoarde.
So now Satan is Satin, and EHP is who, exactly? Which EHP asked me who I would choose for Secretary of The Treasury....as if it would ever be my choice, and that's somehow relevant to Obama's obvious choice?
I worked at a drycleaners for years. Perchlorethylene is some nasty stuff and that doesn't even get into the nasty chemicals used in the spotting process...nor the unbearable heat around the presses. We literally had people falling out on the floor during the summer, they were making 6 bucks an hour.
Ok, canadians, since we are totally OT here, I have a question. Back in '82, I asked a bank teller in Vancouver to exchange American money for Canadian money. He scoldingly told me that C $ was american (eg geographically). Recently, a Canadian said that it was an insult to be called an 'American'. What is the combined wisdom of this statistically significant sample of Canadians. Has 25 years made a difference?
Folding laundry is tedious, but extremely useful. I never do it, just toss my stuff in the drawer, but I admire people who do it. I admire people who clean the kitchen after every meal. I certainly don't scorn the Stanley Steamer carpet cleaner people. Sometimes I just get tired of fighting with people.
The war of ideas I love. The war with idiots I hate. It would be nice to say, install a carpet, and know it would be there for the next 10 years or so. Not that I am capable of installing a carpet.
"Goldman Sacks Rome writes:
OK, I checked the FDIC site, and they did have a news release on Nov 26, regarding asset sales:
In light of the time constraints...the FDIC may apply modified deposit insurance application processes...will consider abbreviated information submissions and applications, and may issue conditional approval for Deposit Insurance, in order to qualify interested parties for the FDIC's failing institution bidders list...Investors...must have conditional approval for a charter from the responsible agency and meet the bid criteria established by the FDIC."
Is this the latest variation to continue lax banking standards (NINJA loans, etc.) for unqualified participants?
I own some 1963 Red $2 & $5 'U.S. Notes'? Are you saying these are really Federal Reserve Notes?
I'm saying it's not what you think and have been led to believe. There is a great deal of disinformation out there. You have to be careful, because that disinformation is being purposely floated to misinform. Here's a link explaining all of it:
The problem is that canucks(parasites) think we are better than the host (the USA).
Ok, canadians, since we are totally OT here, I have a question. Back in '82, I asked a bank teller in Vancouver to exchange American money for Canadian money. He scoldingly told me that C $ was american (eg geographically). Recently, a Canadian said that it was an insult to be called an 'American'. What is the combined wisdom of this statistically significant sample of Canadians. Has 25 years made a difference?
rich writes:
"If shipping is grinding to a halt, and you are a manufacturer or nation that requires commodities, then you would over-order. You would try to get as much as you can, as quickly as possible. You would put it in silos or something. You would hoarde.
Wouldn't you?"
Not necessarily. If "slow down" is simply due to demand vs. supply issues you might be lulled into believing cheap tonnage was easily available. You might strike now and lock in low time charter rates or sit back to se how much better they will get (much like CRE market).
FWIW, the original derogatory was aimed at "laundromats". Not all are also drycleaners. Though I find it of some interest that the thread veered that direction.
BTW, I concur with your earlier observation, about the denigration of labor's value.
My friend, Baldor, from another planet, is amazed that earthlings fell for Paulson's ploy for 700B. He says that on his planet people would have asked questions, like "What disaster is going to befall us if you we don't give you the money?" Then they would have certainly followed-up with, "How will things go if you get the money?" No matter what Paulson said, they would then ask "Are you sure?" Baldor says that on his planet the Senate would then have called witnesses, because there is more than one economics expert on his planet. Baldor says that there would have been some discussion of the matter, because his planet's Senate prides itself on being a deliberative body.
MB...thx for the link...I'll check it out...
Is all disinformation just kooky stuff or is some of it to cover up 'dirty laundry'? Is there govt. disinfo or is it all just the kooky stuff like the Patriots For 911 Truth?
"Years ago, Mexicans would insist that they were Americans too, which of course they are, and we are Norte Americanos."
I once had an upper class Mexican client tell me that Mexicans didn't object to fact we took half their country, only that we took the half that had all the super highways, vineyards and the best restaurants.
A lot of disinformation is 90% true, but presented in such a light as to point you in a certain, but inappropriate, direction, or presented in such a context as to make you look like a kook for dispersing it.
the guest,
It's all the work of one lonely pharmacist, son of an immigrant that operated a laundroment. I don't know what else is known. Probably responsible for above 15% of total posts on this site (it's hard to keep track thanks to crcompanion, but about once a week he tries to be a bully)
Liz, who's a troll? Seriously, I've never liked that term because it's ambiguous and people tend to use it deceitfully. Not you, but there are others who throw that term around loosely. A link to what a troll is doesn't help. I don't need some Internet Jock to tell me what a troll is. I'd like to know what you think one is.
I went to Big 5 Sporting Goods about 4 hours (9:30AM) after it opened and the place was only slightly busy. (I did buy a firearm on sale, but that section was busier than normal: Of the dozen times I've visited the store, I have never noticed anyone else buying any, but today I saw 3 others!)
Around 3PM (10 hours after they opened), I stopped by Best Buy and they were still very busy with a long checkout line. Right next door at Westminster Mall, their parking lot was very full.
I'm a Canadian (been scanning the posts.. not sure if being Cdn is a good thing or not here) - being called an "American" isn't an insult.. but I would certainly correct whomever and point out that I am in fact.. Canadian.
Also - EvilHenryPaulson mentioned the canadian banks jumping up huge today - spoke to a trader who reported a large number of the orders were MOC - market on close.. basically pushed up everything across the board at close. I figure some pretty bold window dressing for the fundies as it is end of the month..
I recall when that kind of stuff was done subtly.. ah.. those were the days.
MB,
May be true that the search for truth may make faulty assumptions...but a lot of people labeled as 'kooks' are researchers who don't have a conclusion or a theory. Like Architects & Engineers For 911 Truth talk a lot of physics stuff and don't say who did wht because that's a 'mystery'.
When stuff is sealed or there's gag orders, some researchers research harder looking at timelines and physical evidence. The conspiracy theorists are many times just trolls who come off as 'kooks'...but they usually aren't the hard scientists collecting and accumulating evidence from events that have been shrouded in mystery by efforts to derail independent investigations by experts.
You think this Crash will be audited by experts. No and that will encourage independent research by experts.
Well, the phony EvilHenryPaulson is a troll. I never heard the word until about 15 months ago. And it wasn't me that called you a troll. I suppose anybody can say something trollish from time to time. I suppose that trolls might be doing something worse, if they weren't on the internet.
Maybe some trolls work for the crooks to hamper the search for the unidentified perps. or maybe some trolls just hate being attacked by the blog moderators. or maybe after the Crash really blows, blogging will be restricted by Executive Ordr.
OMFG - Morocco/Satan/Who_Cares whatever the level of self-referentiality has now gone supernova. Thanks for the tips about proxies. Very useful. Three posts in the same minute? Nicely done. You blew it.
Nov. 28 (Bloomberg) -- The Federal Reserve expanded its purchases of commercial paper to $295.1 billion and its loans to securities firms increased as the central bank uses its balance sheet to combat the worst financial crisis in seven decades.
Cash borrowing by Wall Street bond dealers from the Fed totaled $55.9 billion on Nov. 26, up from $46.6 billion a week before, while loans to commercial banks slipped. The Fed released the figures in its weekly balance-sheet report, which was a day later than usual because of yesterdays U.S. holiday.
NorkaWest - thanks for that link. I don't agree with the numbers in that some the commitments haven't had outlays (yet). For instance, the $291B for Citigroup is a guarantee, which means no money has moved (yet, AFAIK).
The Fed said the M2 money supply rose by $22.5 billion in the week ended Nov. 17. That left M2 money supply growing at an annual rate of 6.6 percent for the past 52 weeks, above the target of 5 percent the Fed once set for maximum growth. The Fed no longer has a formal target.
The Fed reports two measures of the money supply each week. M1 includes all currency held by consumers and companies for spending, money held in checking accounts and travelers checks. M2, the more widely followed, adds savings and private holdings in money market mutual funds.
During the latest reporting week, M1 declined by $3 billion. Over the past 52 weeks, M1 increased 6.8 percent. The Fed no longer published figures for M3.
When Morocco/Satan/Whattfkitsgonnabetoday all link through their homepage to the same utterly ridiculous picture, albeit better than to Jas's failed series of articles at FSU, don't you think this board deserves more than indulging the hyperactive schizophrenia of one poster?? And that poster demanding apologies? Good grief.
This is a test.
I'm starting to believe the necessity for so-called deception researchers- ex-govt. and military, scientists, etc.- that answers are needed to make sense of the collapse of the U.S. and global economy- from planted debt derivatives explosions and the other explosions that got us into endless wars that are costly in lives and fiat.
This troll debate is just a distraction to the Crash unfolding that took off from increased deregulation and the campaign for the 'Ownership Society'...just a big disrtaction possibly from events of the New Century. At ease. Troll on.
@anonymous
Don't you find it interesting that the Federal Reserve has been dumping its hoard of U.S. Treasuries...wonder how come they'd dump the safest investment holding of all?
Very interesting
FatWallet is a website where people share deals and promotion codes mostly. There are way more deals than the regular black friday fare, but they are trying to be sneaky about it Black Friday & Cyber Monday Rumors
Anyone ever consider that "trolling" is not an Internet phenomenon? Personally I think the "mainstream" media, newspapers, TV and radio is full of trolls already. What else do you call people who are far-right/far-left hardliners? I was listening to a radio show the other day and the host only wanted to speak with those he disagreed with, presumably so he could smack them down and feel good about himself... that is trolling!
I feel the same way about "conspiracy theorist" sites. They are fun to read but eventually there comes a point where you have to decide "this is the truth"... or else discover that there are alternate truths and both sides are trolling. Was interesting reading all that stuff regarding McVeigh (I think discussion came up 2 nights ago?) but its almost like someone just said, "Hey, wouldn't it be fun to see how many people I can fool with this lie regarding his tie to Iraqi's and create a grander conspiracy"?
The same with with some of the crazy 9/11 theories. It's like some people in power just wanted to make up some BS and see how many people are dumb enough to believe it. Trolling done in plain sight.
Out of the 171 confirmed casualties I would assume at least 1 bank is at least below the 50% recovery point. My guess is the FDIC has exceeded their capacity to manage new closures.
The Federal Financing Bank (FFB) is a government corporation, created by Congress in 1973 under the general supervision of the Secretary of the Treasury. The FFB was established to centralize and reduce the cost of federal borrowing, as well as federally-assisted borrowing from the public. The FFB was also established to deal with federal budget management issues which occurred when off-budget financing flooded the government securities market with offers of a variety of government-backed securities that were competing with Treasury securities. Today the FFB has statutory authority to purchase any obligation issued, sold, or guaranteed by a federal agency to ensure that fully guaranteed obligations are financed efficiently.
So, I go back here and look at this guy:
Karthik Ramanathan
Acting Assistant Secretary for Financial Markets
Mr. Ramanathan also serves as the senior member of the Treasury Financing Group. In addition, he oversees the Office of Debt Management and the Office of Government Financial Policy, as well as the operations of a set of commissions and board staff.
Mr. Ramanathan began working at the Treasury in July 2005. Prior to joining the Department, he was at Goldman, Sachs & Co. working in the New York and London offices as a dealer in the Foreign Exchange market. He focused on cash and derivative transactions for both G7 and emerging market currencies. Prior to this role, he worked as an investment banker specializing in mergers and acquisitions also at Goldman Sachs.
I have been paying attention to EvilHenryPaulson's posts for many months and have frequently struck up a dialogue. There is no way that he is the author of some of the inflammatory posts above.
We need dedicated names, and fast. How hard could it be? The software for "that name has been taken" must exist somewhere in open source format. Unfortunately I'm barely software literate or I'd try it myself.
"We need dedicated names, and fast. How hard could it be? The software for "that name has been taken" must exist somewhere in open source format. Unfortunately I'm barely software literate or I'd try it myself."
A system that tracks users is going to take more time/effort to manage unfortunately.
UB - thanks for the link to FFB. Kinda small, but did you notice the number of utilities accessing the facility? Plays to the conversation a couple of nights ago about utilities in trouble, cracking down, and potentially cutting off access to life-sustaining services. Can't say I like the look of this, heading into winter.
Rubin Defends His Role at Citi - WSJ.com
Rubin, Under Fire, Defends His Role at Citi
'Nobody Was Prepared for Crisis of '08 (What about the risk mgrs?)
Under fire for his role in the near-collapse of Citigroup Inc., Robert Rubin said its problems were due to the buckling financial system, not its own mistakes, and that his role was peripheral to the bank's main operations even though he was one of its highest-paid officials.
"Nobody was prepared for this," Mr. Rubin said in an interview. He cited former Federal Reserve Chairman Alan Greenspan as another example of someone whose reputation has been unfairly damaged by the crisis. Mr. Rubin, senior counselor and a director at Citigroup, acknowledged that he was involved in a board decision to ramp ...
Exit - intriguing, check out the 2009 repayment spike p10,2002/03 report, and that the FFB has contracted with the Treas on terms between just under 2% and just over 16%. Oww. That's gona hurt at the top end.
What I don't get is the mil spending - why is this not coming out of appropriations? Is it civ/mil?
It requires updated software, more hard-drive space, and a lot of time/effort to manage users and boot users who cause issues
transaction costs in action.
It's not scalable, either. Each new person adds a new load to administration. And from what I've seen, once you put administration in place, posters dial down their behavior closer and closer to "what's admissable", which means administrators have to figure out who is right / wrong in a complaint.
YLSB,
Yeah...there's a lot of sites that don't believe 'official versions'. Funny thing is most of the ranting on econ blogs is how deception is part of the Bust...the suspect economic data and employment numbers...the mortgage loan deception...and on and on.
Yet if you use the wrong words to describe this bubble/bust phenomenon, all of a sudden, you're a 'tin foil hat' or a 'troll' so there's some gatekeeping or editing going on IMO. A lot of it is derogatory labeling to shut up dissident or critical arguments and topics.
As far as the 911 debate, it's a hard science physics debate mostly one-sided that covers issues such as the law of gravity and fire temperatures and related achitectural engineering issues and possible building insurance issues for the future.
Broward - I won't give you linguistics this time but I will give you organizational management - I think what you're suggesting is more the big-plant formal organizational model, bound by laws, codes, norms, and able to be tested and has channels of challenge, consideration, recourse, and consequence.
Nothing like that so far exists in the bloggisphere, and for my part I hope it never does.
The reductio: CR and the CR board is not an organization. It's a mob. Rules govern mobs, by jurisdiction, but when you derive from 101 jurisdictions, there are consequences.
Have a go at Hakim Bey's Temporary Autonomous Zone and let me know what you think.
It would be trivial put in a login procedure but somebody will have to do administration. Whether it's formal or ad hoc, somebody will be making judgements, finding lost passwords, making ids, etc.
The easiest thing is to enforce a username using a password like prudentbear.com/bearchat used to and let the community enforce itself. Still susceptible to spoofers and disruption, though.
Have a go at Hakim Bey's Temporary Autonomous Zone
Okay, now you're being creepy.
Dominique threw T.A.Z. at me a couple of years ago. Coincidence?
Someone upthread was complaining about raking leaves. Stop raking leaves. Leaves are good for the earth...they decompose into and fertilize the soil. Raking leaves is a leftover tradition which has no intrinsic value.
Counterpointer, p10 consists only of loans, not appropriations. The top line is loans to foreign intersts ($1.6 billoin) to buy old American crap and some new stuff for force projection by proxy. The agency/department bringing money in by selling stuff usually cannot keep it and turns it over directly to the Treasury.
The total yearly DoD funding level is ~$450 billion. DoD is generally required to run with balanced books each year with quarterly close outs - just like every other department.
The giant hole being dug to support military and other operations rests at the Treasury level. DoD just spends what is appropriated each year.
Counterpointer(Excellent) writes:
Broward - I won't give you linguistics this time but I will give you organizational management - I think what you're suggesting is more the big-plant formal organizational model
Broward has had this on his tongue(s) for a while.
JimPortlandOR: What she didn't realize was that, in the biggest "bait-and-switch" ever pulled by an entire industry, her ARM was not tied to the prime rate or any other index, as adjustable-rate mortgages have traditionally been. Her rate simply adjusted periodically, ever upward. When it hit 14 percent, her social worker's salary could no longer cover the payments.
The manipulation of expected outcomes is the scam artist's tool of the trade. In a parallel universe, where monkeys are not slitting each other's throats, the borrower would be presented with graphs of possible payment trajectories.
Western civilization may want to consider cleaning up it's act. High levels of corruption are a long term strategic disadvantage against a fundamentalist society with functioning bonds of trust. Can the speed of progress in a fascist corporatist system win over the slow but stable high-trust system based in a religious faith?
Samir, the pathological advocate of canadian extermination because he couldn't immigrate and get a job
Certified pharmacist. Kind of a big deal. Shamed by my parents
Pizza, anyone?
Sushi
RBS to be taken over by British governement
Well, BFF, Brit style.
My bank, (The Bank of Mason Jars) is still solvent.
Maybe a year from now we'll have "Political Failure Friday".
Governments these days seem to be intent on taking on all the liabilities of insolvent entities. Just like the consequences of giving a $500,000 loan to somebody with no job was obvious, I think the consequences of governments feasting on insolvency are obvious...
And the media is still saying it is a crisis of confidence. Hah. I am confident we are in a crisis.
Since last Friday's open through today.
S&P500 +19.11%, NASDAQ +16.67%, Dow Jones Industrial Average +16.91%
I will now toot my hor
Talk about killer prices at Wal Mart.
One of their employees just got killed by the crowd rushing in to buy a Samsung 50' plasma.
Looks likte em people still are shopping.
Does Domino's Deliver to the Mojave?
Have a great hike CR. As always, thanks for the hard work.
Looks to me like the bank closings take place after business hours local time. Last week with Downey and PFF on Pacific Time, we didn't get the news back East until pretty late evening.
But yeah, the FDIC employees deserve a nice long holiday weekend. Things could get very damn busy for them for the rest of the year.
Wal-Mart Worker Dies in Stampede at New York Store (Update3) - Bloomberg.com
Killer prices kill Wal Mart employee.
"A worker at a Wal-Mart in New York Citys Long Island suburbs was killed when a throng of shoppers broke down the doors to the store early this morning and knocked him to the ground."
Those prices are low!
Didn't we figure out that when CR goes hiking banks get shut down?
What is really kind of ironic about RBS being taken over by the British government is that, among the big banks, they did see this mess coming.
I remember reading some RBS commentary early this year where they were advising their clients to move their money into cash because they projected a market crash.
EHP:
"I will now toot my horn"
- Nice Call!
I got my fingers burnt a bit by underestimating the force of the rally. How long do you think this will continue until reality hits? - a few more weeks, tops?
Killed at a Wal-Mart gate crash, priceless.
USA! USA! USA!
I'm giving thanks for buying some F last week after a few people here discussed it (can't recall who ... but thanks).
And trying not to feel too bad that I sold it Wednesday instead of today.
Good call EHP.
I will now toot my horn
EvilHenryPaulson | 11.28.08 - 4:47 pm
Do you subscribe to the Elliot Wave Theory? Kondratiev wave - Wikipedia, the free encyclopedia Not the one you pay for but the study thereof. I have long been aware and tried to understand this, but since I'm not in Mensa (I'm in the other 98%, I'm a Densa) I have been left looking at squiggly lines without appreciation.
RBS to be taken over by British governement
The next commercial will be a shotgun wedding where the bride is pregnant.
Make it happen.
In honor of Bank Failure Friday, Nailing the coffin:
White Wedding
Hey little banker what have you done
Hey little banker who's the lonely one
Hey little banker who's your savior man
Hey little banker who's the one you want
Hey little banker shot gun!
It's a nice day to start again
It's a nice day for a bank wedding
It's a nice day to start again.
Hey little banker what have you done
Hey little banker who's the only one
I've been away for so long (so long)
I've been away for so long (so long)
I let you go for so long
It's a nice day to start again (come on)
It's a nice day for a bank wedding
It's a nice day to start again.
(Pick it up)
Take me back home
There is nothin' fair in this world
There is nothin' safe in this world
And there's nothin' sure in this world
And there's nothin' pure in this world
Look for something left in this world
Start again
Come on
It's a nice day for a bank wedding
It's a nice day to start again.
It's a nice day for a bank wedding
It's a nice day to start agai
I think they are still digesting DSL on the West Coast.
but hey- domninos delivers!
Someday this war's gonna end...
Since the FDIC announced the number of banks on the watch list has increased to 175+; I would subscribe to at least one failure this afternoon with 3 to 4 next weekend.
2 people killed in a gun fight, in Toys R Us...
Shots fired at Toys R Us in Palm Desert; 2 dead | L.A. NOW | Los Angeles Times
We've been busy since noon, so the register is full of cash. The Bank of Lefty WILL NOT fail. Unless we have a stickup at closing.
Comrade lurker writes:
2 people killed in a gun fight, in Toys R Us...
Now thats the Christmas spirit
Merry Christmas, Ross!
Nov. 28 (Bloomberg) -- JPMorgan Chase & Co. sued Parkcentral Capital Management LP, an investment firm that manages money for the family of ex-U.S. presidential candidate H. Ross Perot, claiming it owes as much as $753 million in collateral on investments
Another big BK in Spain:
By Christopher Bjork Of DOW JONES NEWSWIRES MADRID -(Dow Jones)- Spanish real-estate company Habitat Inmobiliaria SA Friday filed for protection from creditors, in what would be the second-largest corporate failure this year in Spain.
Habitat, based in Barcelona, said that it had been hit hard by the financial crisis and real-estate downturn, making it impossible for the company to service its EUR2.3 billion debt load.
I guess I won't be seeing any more commercials in which the RBS guy takes charge of a situation (guy choking in a restaurant, among others) and saves the day, while a bunch of other guys stand around clueless.
We are different you see..
...
TSX soars 516 points
The Canadian Press
November 28, 2008 at 5:05 PM EST
TORONTO The Toronto stock market soared more than 500 points Friday, led by a big jump in bank stocks ahead of a wave of earnings reports next week.
At 8:1 leverage, all it takes is a mere 12.5% portfolio loss. The govi is backstopping GS debt with their higher leverage.
They all say they are fine and then voila, they require a bailout. How deep is this rat hole?
EHP - congrats on a good day! Bought some FTN last week its done ok.
Well, Christmas is coming, but maybe not so merry.
The Baltic Dry Index finally closed below 800..leading indicator..
Bloomberg.com:
Personal Finance
And the inventory of unsold houses Wednesday was once again above ll months (ll.l months)
And I think small business will make a major move after Thanksgiving for several on the bubble...
Small biz poll: Slow sales, layoffs here through holidays - Nov. 11, 2008
Good luck in 2009...
"guy choking in a restaurant"
The obstruction came flying out and hit the taxpayer. They didn't show that part.
EHP, Wow!
So the Canadian banks are going to have upside earnings "surprises"? Someone spiked the reporter's turkey with Prozac? A Canadian PPT?
Nonsense, this is not true. It could never happen to us.. we are special..
Canada in recession, heading for deficit: OECD
Peter O'Neil, Europe Correspondent, Canwest News Service
Published: Tuesday, November 25, 2008
PARIS - Canada is now in a recession that will likely lead to a federal deficit, but the plunge into the red "is not alarming" because Canada's relatively strong banking sector and healthy government finances leave the country in decent shape to manage the global financial crisis, according to a major report released Tuesday.
AP article in Huff, CRE foreclosures expected to double next year...
New Mortgage Crisis Looms, Number Of Defaults Expected To Double
The lies.. the lies.. our banks are the best in the world...
Bank chiefs urge Ottawa to boost economy
Canadians struggling to make payments on borrowed money
Eoin Callan, Canwest News Service
Published: Wednesday, November 26, 2008
TORONTO -- Bank chiefs on Bay Street are urging Ottawa to commit to making a major injection of cash into the economy to help stem a rising tide of bad loans, after internal bank figures showed Canadians were increasingly struggling to make payments on money they've borrowed.
Victorian, re: how long does it last
It has risen very fast, and unless some bailouts and surprises are announced very soon it might not attract cash back into the market. Pension funds have had their rules relaxed so they won't be forced to contribute. If the indices get close to 1,000/10,000 there will be a lot of people who sell out trying to pre-empt the superstition of round numbers. It would be surprising to see this year's lows broken before next year in any event. I wouldn't bet on it rising, it is safer in my opinion to wait, follow the volume, and short when it reaches whatever highs it will.
tranches of leinenkugel,
thanks, not sure how the auto bailout will be done. big risk on the stock side depending on what they do and when. Debt for equity swap seems likely. Citi stock is probably safer if you want to bet on things like that, they will eventually have a government guaranteed position in a less competitive market.
Volker the Viking,
Elliot Wave is a theory just loose enough to always be right, but never be dependable. I do believe the are some internal market mechanics that foster some behaviour, but it would be foolish to assume there is a scripted single loop repeating.
2 people killed in a gun fight, in Toys R Us...
"You're getting that last toy AK-47 gun over my dead body..."
Nonsense.. we are special...
Victorian, re: how long does it last
It has risen very fast, and unless some bailouts and surprises are announced very soon it might not attract cash back into the market. Pension funds have had their rules relaxed so they won't be forced to contribute. If the indices get close to 1,000/10,000 there will be a lot of people who sell out trying to pre-empt the superstition of round numbers. It would be surprising to see this year's lows broken before next year in any event. I wouldn't bet on it rising, it is safer in my opinion to wait, follow the volume, and short when it reaches whatever highs it will.
tranches of leinenkugel,
thanks, not sure how the auto bailout will be done. big risk on the stock side depending on what they do and when. Debt for equity swap seems likely. Citi stock is probably safer if you want to bet on things like that, they will eventually have a government guaranteed position in a less competitive market.
Volker the Viking,
Elliot Wave is a theory just loose enough to always be right, but never be dependable. I do believe the are some internal market mechanics that foster some behaviour, but it would be foolish to assume there is a scripted single loop repeating.
Victorian, re: how long does it last
It has risen very fast, and unless some bailouts and surprises are announced very soon it might not attract cash back into the market. Pension funds have had their rules relaxed so they won't be forced to contribute. If the indices get close to 1,000/10,000 there will be a lot of people who sell out trying to pre-empt the superstition of round numbers. It would be surprising to see this year's lows broken before next year in any event. I wouldn't bet on it rising, it is safer in my opinion to wait, follow the volume, and short when it reaches whatever highs it will.
tranches of leinenkugel,
thanks, not sure how the auto bailout will be done. big risk on the stock side depending on what they do and when. Debt for equity swap seems likely. Citi stock is probably safer if you want to bet on things like that, they will eventually have a government guaranteed position in a less competitive market.
Volker the Viking,
Elliot Wave is a theory just loose enough to always be right, but never be dependable. I do believe the are some internal market mechanics that foster some behaviour, but it would be foolish to assume there is a scripted single loop repeating.
It is not racism if we do it.
Dear Prime Minister Martin and Fellow MP's:
Recently, a significant number of Vancouver police retired in order to avoid cuts to their pensions. In announcing these retirements, the Vancouver Police Chief stated that a large number of replacements would soon have to be hired. At the same time, he said that the new people to be hired should reflect the current ethnic make-up of the city.
The Vancouver Chief of Police is not the only public official to make such statements. Prominent officials in other large cities, at Canada's crown corporations and at both the federal and provincial levels have said something similar about their hiring policies. The big question Canadians have to ask is, "Does this policy of reflecting ethnic composition make any sense?"
Well, let's consider an employment line-up of 80 people who have been waiting in line for a limited number of job openings. These 80 will represent the approximately 2 million unemployed Canadians. Suppose another 20 people suddenly arrive. These 20 represent recently-arrived immigrants. Most Canadians would say that those 20 new arrivals should get in line behind the 80 who have been there for some time. Most Canadians would say that this would be the fair thing to do.
Elliot Wave is a theory just loose enough to always be right, but never be dependable. I do believe the are some internal market mechanics that foster some behaviour, but it would be foolish to assume there is a scripted single loop repeating.
EvilHenryPaulson | 11.28.08 - 5:51 pm
Wow, thanks. Some are of the opinion that we are midst a wolf wave five of three up. You sensibilities seemed to be in sync with the theory. Some of these bear market corrections can go on for several months. I said last week that I saw this move as more a bear trap. Mind you, I don't trade the market. I study it, it is am accurate predictor if one is willing to do the work.
Anyhoo...
What we require is a final solution to the non-white immigrant ptoblem.. oops did I say too much.
D & M: the S & M Solution To Canada's Urban Problems
Dear Prime Minister Martin and Fellow MP's:
There are still a number of Canadians who refuse to see, hear or speak any evil about immigration. Among this group are those who proclaim the wonders of diversity and multiculturalism, D & M, for short. This group implies that D & M are the supreme good and that the mass immigration that has caused the D & M since the early 1990's has been a bowl of cherries for all Canadians.
Well, let's look at, hear and speak about a few of the "pits" from the bowl of cherries.
(1) Pit #1: Unprecedented Population Growth--The largest factor in the very rapid rise in the populations of Canada's three major immigration-receiving areas has been immigration. For example, Stats Can figures show that in the early stages (1991 to 1996) of Canada's mass immigration experiment, immigration accounted for about 83% of the population growth in the Greater Vancouver area. Similar figures can be cited for the Greater Toronto and Montreal areas.
(2) Pit #2: Unprecedented Traffic Growth--Since the beginning of mass
immigration, the Insurance Corporation of British Columbia reveals that well over 300,000 vehicles have been added to roads of the Greater Vancouver area. Similar figures can be found for Greater Montreal while much more dramatic figures can be found for the Greater Toronto area.
(3) Pit #3: Traffic Congestion Costs--Putting aside the health costs for people living in this increased pollution and the future costs of new road construction and new transportation involved in handling the perpetual increase in vehicles, the Vancouver Board of Trade recently stated that traffic congestion costs the Greater Vancouver area $1 Billion per year. According to the Board, the factors in the $1 Billion are the slowed movement of commercial trucks carrying goods; the added commuting and transit time for people moving around the region; and the added cost of fuel as vehicles sit idling in traffic.
(4) Pit #4: S & M Management--The Board's solution is to "manage" the
congestion. This will mean building more roads, more bridges, rapid
transit, etc. Nothing is said about immigration which is the major cause of the congestion. Nor is anything said about reducing immigration. And, of course, no evil is spoken of euphemistic D & M (Diversity and Multiculturalism), which, any sane Canadian can argue, is really a close cousin to S & M (Sadism and Masochism), in this case.
(5) Pit # 5: More S & M Management--Citizenship and Immigration's past
solution to this problem has been to direct immigrants to the smaller
centres of Canada. But the question that has to be asked is this: "What smaller centres need a perpetual inflow of 250,000+ immigrants every year?" No Canadian capable of performing the thought process could come up with a list of such places. In other words, the Citizenship and Immigration solution is another S & M solution.
As any sensible Canadian can see, the D & M platitudes have to be seen for what they really are: S & M, corrupt and simple. The future good of close to 2 million unemployed Canadians (those looking for work and those who have stopped looking) cries out for speaking, hearing and seeing the evil in Canada's immigration policies. Let's do something about the mess. S & M management is not a solution.
Best wishes,
Dan Murray,
Immigration Watch Canada
EvilHenryPaulson | 11.28.08 - 5:40 pm | #
EvilHenryPaulson | 11.28.08 - 5:45 pm | #
EvilHenryPaulson | 11.28.08 - 5:46 pm | #
EvilHenryPaulson | 11.28.08 - 5:50 pm | #
EvilHenryPaulson | 11.28.08 - 5:51 pm | #
EvilHenryPaulson | 11.28.08 - 5:53 pm | #
EvilHenryPaulson | 11.28.08 - 5:54 pm | #
All were not me, the real evilhenrypaulson. From time to time there is one person who posts inflammatory stuff using my alias. The same person also uses the names satan/lucifer, one of a thousand temporary names, or one of about a dozen more moderate personas. It goes back to about 3 weeks ago and has something to do with a grudge against Canada. Don't fall for his often racist trolling.
I'm logging off for now, so you can quickly ignore the junk that follows
The lack of good employment for us in Canada is the immigrant's fault. It has nothing to do with the fact that we are a nepotistic, delusional bunch of twerps who cannot create wealth.
Hiring Foreign Workers When So Many Canadians Are Unemployed
Dear Prime Minister Martin and Fellow MP"s:
On Monday, March 15, The Province (one of two major B.C. daily newspapers, featured a front page story: "Firm To Hire Foreign Workers". As you may have been told, the story made the following points:
EvilHenryPaulson | 11.28.08 - 5:40 pm | #
EvilHenryPaulson | 11.28.08 - 5:45 pm | #
EvilHenryPaulson | 11.28.08 - 5:46 pm | #
EvilHenryPaulson | 11.28.08 - 5:50 pm | #
EvilHenryPaulson | 11.28.08 - 5:51 pm | #
EvilHenryPaulson | 11.28.08 - 5:53 pm | #
EvilHenryPaulson | 11.28.08 - 5:54 pm | #
All were not me, the real evilhenrypaulson. From time to time there is one person who posts inflammatory stuff using my alias. The same person also uses the names satan/lucifer, one of a thousand temporary names, or one of about a dozen more moderate personas. It goes back to about 3 weeks ago and has something to do with a grudge against Canada. Don't fall for his often racist trolling.
I'm logging off for now, so you can quickly ignore the junk that follows
I don't believe someone else made those posts EvilHenryPaulson. I believe you are secretly trying to vent your pre-wwii white Canada delusion that Canuck banks are the best in the world. We don't need people like you around here
Who's with me!
sm_landlord,
Wow, count me in. We don't need EHP's kind around here
Me third
Volker the Viking writes:
sm_landlord,
Wow, count me in. We don't need EHP's kind around here
Bankruptcy judge writes in Wash Post
Homeowners are the only ones who cannot modify the terms of their secured debts in bankruptcy. Corporate America flocks to bankruptcy courts to do precisely this -- to restructure and reamortize loans whose conditions they find onerous or can no longer meet. Airlines are still flying and auto parts makers still operating because they have used this powerful tool of the bankruptcy process. Lehman Brothers will surely invoke it. But when the bankruptcy code was adopted in 1979, the mortgage industry persuaded Congress that its market was so tightly regulated and conservatively run that it should be exempted from the general bankruptcy rules permitting modification. How far we have come.
...
More sophisticated than many borrowers, she realized she was getting an adjustable-rate mortgage. What she didn't realize was that, in the biggest "bait-and-switch" ever pulled by an entire industry, her ARM was not tied to the prime rate or any other index, as adjustable-rate mortgages have traditionally been. Her rate simply adjusted periodically, ever upward. When it hit 14 percent, her social worker's salary could no longer cover the payments.
...
For more than a year, a number of legislators, academics and judges have advocated removing this ban on home mortgage modification to help stem the increasing number of foreclosures. I have twice participated in briefing sessions organized by the House Judiciary Committee, where I was lectured by lobbyists for the mortgage industry about the sanctity of contracts. I have listened to their high-priced lawyers make fallacious constitutional arguments based on discredited cases from the 1930s. (This is, incidentally, an industry that is not particularly concerned about its own contractual obligations as it tries, through various Treasury-aided programs, to stay afloat.)
...
Allowing modifications is a solid solution, as evidenced by my example. This homeowner could have restructured her loan to terms resembling those of a conventional mortgage. If the court found that the market value of her home had fallen below what she owed, the secured portion that must be repaid in full would be reduced to the house's actual value; otherwise, the amount to be repaid would stay the same. The interest rate would be adjusted to reflect the prevailing market. However, because this homeowner is a riskier borrower than most, I would have raised her rate to account for that increased risk, as Supreme Court precedent requires. Instead of 14 percent, the rate would probably have been in the high single digits. This homeowner -- with her steady income -- could have made the reduced payments.
Such a solution would have been better for everyone. Obviously, it would have been good for the homeowner and the community in which she lives. Instead of another abandoned house tied up in foreclosure, her residence would be owned by a taxpaying citizen. More important, it would have been good for the lender. Whatever unknown mortgage syndicates hold pieces of this loan, they are never going to get their 14 percent return. Instead, the total recovery will be limited to the proceeds from a foreclosure sale in a depressed market. Any deficiency owed by the homeowner will be discharged as part of her bankruptcy. No one has been able to explain to me why it is not better for mortgage holders to get a fair return of principal back, albeit at a lower interest rate, than to take a lump sum through foreclosure that is probably much less than the value of the note.
So now someone is impersonating me.
OK, bu-bye.
wanker.
.
EvilHenryPaulson writes:
EvilHenryPaulson | 11.28.08 - 5:40 pm | #
EvilHenryPaulson | 11.28.08 - 5:45 pm | #
EvilHenryPaulson | 11.28.08 - 5:46 pm | #
EvilHenryPaulson | 11.28.08 - 5:50 pm | #
EvilHenryPaulson | 11.28.08 - 5:51 pm | #
EvilHenryPaulson | 11.28.08 - 5:53 pm | #
EvilHenryPaulson | 11.28.08 - 5:54 pm | #
All were not me, the real evilhenrypaulson. From time to time there is one person who posts inflammatory stuff using my alias. The same person also uses the names satan/lucifer, one of a thousand temporary names, or one of about a dozen more moderate personas. It goes back to about 3 weeks ago and has something to do with a grudge against Canada. Don't fall for his often racist trolling.
I'm logging off for now, so you can quickly ignore the junk that follows
Are pigs flying in Canuckistan...
I did not post this.
JimPortlandOR writes:
Me third
Volker the Viking writes:
sm_landlord,
Wow, count me in. We don't need EHP's kind around here
JimPortlandOR | 11.28.08 - 6:03 pm | #
Don't worry. People steal my handle and impersonate me constantly
lawyerliz writes:
And the media is still saying it is a crisis of confidence. Hah. I am confident we are in a crisis.
Excellent - pls. c Ricky Martin for
evidence - Shake Your Bon Bon was code - many saw it looming years ago.
Wouldn't quite a bit of the insolvency threat be alleviated if congress made CDS issued for non-hedge purposes illegal and unenforceable? Just return the purchase price and void the contracts.
Some of them do it poorly.
Barley | 11.28.08 - 6:06 pm |
That was not me. It was a wanna be Barley
Volker the Viking | 11.28.08 - 6:02 pm
Was not posted by me.
And they think we need a life.
"Wouldn't quite a bit of the insolvency threat be alleviated if congress made CDS issued for non-hedge purposes illegal and unenforceable? Just return the purchase price and void the contracts."
This is a good idea Harry. I wonder the same thing myself. The only thing I can think of is that the big bankers must think they will benefit by keeping the CDS.
But that would the rational thing to do.. We believe in appearances and half-truths, not rationality
Harry Cheddar writes:
Wouldn't quite a bit of the insolvency threat be alleviated if congress made CDS issued for non-hedge purposes illegal and unenforceable? Just return the purchase price and void the contracts.
Harry Cheddar | 11.28.08 - 6:21 pm | #
LOL anonimus!!!
This blog is going down the drain with Satan & Lucifer...
This blog is going down the drain with Satan & Lucifer...
the guest | 11.28.08 - 6:47 pm
That's what you'd like us to believe.
Now everyone can say they didn't post...it was someone else. -Genghis
I have a t-shirt that says "it wasn't me". Used to be a joke in our office.
But this is beyond annoying.
@ Harry Cheddar 6:21 pm
It gets complicated with ex post facto jurisprudence. Here is a link from the ever-semi-reliable Wikipedia:
Ex post facto law - Wikipedia, the free encyclopedia
Perhaps an administrative agency (i.e. the SEC) could promulgate the rule you seek, but so far no agency has jurisdiction over CDS. Probably better to establish a forward-looking rule such as one forcing all CDS participants to clear through a central exchange by a certain future date and requiring that all parties to post a deposit in order to participate.
New thread needed.
Volker,
Do you think the bloggers here have this Crash figured out or are on the right track to understanding this mess? Or do we know anything more now with all the observations posted here since the Bubble burst?
This blog is technically 'unmonitered' I think but I don't see any progress in the clarity in knowing who caused what when and why? The bloggers who ask tough questions are chased off these blogs usually.
Just seems like a lot of chatter and noise lately with some links to the day by day stuff. Any good theories by observers or analysts out there that haven't been chased away and feel free to post?
I think it went down when passive-aggressive losers would not accept honest discussions of facts, but rather chose to sabotage/ slander in the uniquely canuck way.
I agree..
o.jeff writes:
"Wouldn't quite a bit of the insolvency threat be alleviated if congress made CDS issued for non-hedge purposes illegal and unenforceable? Just return the purchase price and void the contracts."
In the US, you cannot force the unwinding of a contract which was legal at the time it was made.
However, the Federal Govt could force regulated banks to take any of a number of forward-looking actions. They could even institute a procedure for making anyone with access to the Federal Reserve window to run off their CDS book, except for those being traded on exchanges.
A year ago, there would have been an unbelievable swarm of lobbyists trying to stop such an action. Now, the discussion would only be about how and when to implement.
Doesn't CR have some .url monitoring of the pseuds? As in banning them? Sin bin?
Or some cyber version of sending them to break rocks at the Great Wall at Simatai?
C
Ahem, you are missing the big picture. If we don't do invalidate CDS like contracts, we might not have a society left. No society = no contracts!
//In the US, you cannot force the unwinding of a contract which was legal at the time it was made.//
BAck to CR's post:
Did anyone notice the pressrelease on the FDIC page about them opening up the bidding process for non-FDIC memebers? Who would this include? Seemed very odd to me....
Proxies.. heard of them?
Counterpointer writes:
Doesn't CR have some .url monitoring of the pseuds? As in banning them? Sin bin?
Satan,
'chose to sabatoge and slander'
This is how the mainstream and 'alternative' media(and most internet blogs) operates when the digging gets too deep and the politically incorrect areas are crossed!
You mean bidding on newly failed banks?
I see.
Jas is Legion.
C
Just seems like a lot of chatter and noise lately with some links to the day by day stuff. Any good theories by observers or analysts out there that haven't been chased away and feel free to post?
the guest | 11.28.08 - 6:59 pm
I use it as a gauge for where we are in the process, try to add my own slant 9which is more Plebeian and street level than most), and ask a question or attempt to start a dialogue about this or that.
I am sometimes surprised that some post here with something worth considering and then poof never see them again. But hey, this medium, ya gotta love it. I don't know who the hell you are and care even less. It's just good to make contact.
That's what it looked like to me--but I'm not a financial genius, but it seemed pretty lear to me.
Look, we are in "Dr. Stragelove" now.. major Kong is going to ride the bomb.. that is all he has been ever trained to do.
Did anyone notice the pressrelease on the FDIC page about them opening up the bidding process for non-FDIC memebers? Who would this include? Seemed very odd to me....
typical poor typing-- that should have been "CLEAR to me"
My theory is if you commit a crime, you become a crime investigaor and investigate yourself.
However we get out of this, it will not be anything anyone could have predicted.
It will be a purple and gold striped and screaming orange dotted swan. I think some of it will arise out of the uncounted economy, which is pretty huge. Maybe streams of money from the dope dealers will save us. Which is only a part of the uncounted economy.
Also if you commit a crime it helps to control the media and lead the way to confusion and obfuscation and mystification.
The law has allowed several exceptions for ex post facto laws, specifically in post-conviction criminal issues. The argument is always the policy interest of society in general. It seems constitutionality and rule of law have not been the top priority recently. With de facto socialization of much of the financial sector, it seems a relatively small exception to the ex post facto rule to void non-hedge CDS.
The biggest human delusion - "I am in Control".
Also if you commit a crime it helps to control the media and lead the way to confusion and obfuscation and mystification.
It will be a purple and gold striped and screaming orange dotted swan. I think some of it will arise out of the uncounted economy, which is pretty huge. Maybe streams of money from the dope dealers will save us. Which is only a part of the uncounted economy.
lawyerliz | 11.28.08 - 7:09 pm | #
I take it you're not a bird person?
The libertarian in me says make it legal and tax the shit out of it. Wanna win the war? Well, get to it. And you know what? What, he asked, lost in a rumination. You just might have something there.
What else does the uncounted economy consist of?
Citibank failed on Monday, but was bailed out by the gubbmint.
If Citi had been allowed to fail, dozens of other large financial institutions would have followed.
Out banking system is a sham. Absent accounting forebearance, the entire financial system would be insolvent.
Also
" We are different"
" It will be the same this time around"
"It will be totally different this time around"
" The future can be predicted with certainty"
"Trust me, I am a ________."
lawyerliz - i'm in the neighborhood, trying to avoid dunkin donutz. Got a burning question to you. - how can we get in touch? I'd say email cr but he's hiking. Gotta junk email you can share?
It is insolvent, we are just putting makeup on a corpse that is starting to stink!
Out banking system is a sham. Absent accounting forebearance, the entire financial system would be insolvent.
Angry Saver | 11.28.08 - 7:13 pm | #
who_cares will you promise to in the future refrain from spamming the comments under your different handles? It ruins it for everyone. We already lost CSC the last time you flared up
I am shocked at the banal discussion around banning CDS that were not for hedging!
do you feel the same way about banning all stock options that are not for hedging?
and what is a hedge and what is the instrument being hedged is really interchangeable.. since most distressed CDS trade upfront - there is not much difference in buying a bond to hedge a CDS..
you guys are smarter than this - i think - to fall for this bogeyman..
People turn to reason only after all their delusions fail
__
The libertarian in me says make it legal and tax the shit out of it. Wanna win the war? Well, get to it. And you know what? What, he asked, lost in a rumination. You just might have something there.
What else does the uncounted economy consist of?
Volker the Viking | 11.28.08 - 7:13 pm | #
__
So with this attack in MumBomBai are you all ready for the security restrictions from airplanes to be extended to hotel stays? In light of the reports that some of the terrorists may have checked into hotels and loaded them up with guns and bombs....
Not like you could pay for a hotel with cash recently anyway. Or maybe without credit card?
But don't worry, government will do everything possible to prevent the 1:1000000 terrorist attack but you'll still be free to trample and shoot your fellow citizens at the mall.
New all time A2/P2 spread high : 517 basis points
Volume is low, so perhaps a bit flukey, but the low volume this week is a bad indicator in and of itself.
Baltic dry down a little more to a new all-time inflation-adjusted low too, 715. At these rates financial incentives are to mothball ships and not really ship anything and the Capesize anchored index
is nearing new highs at 105.
The main question facing us is: planned or unplanned.
The Crash. Planned or accident or Fate.
When you decide this...it will have an effect on your Worldview.
No junk email. You have junk email? I'll email you, schnaps. Fla is big. Watcha mean neighborhood?
33073
Anonymous,
As long you cannot accept valid criticism, I cannot promise anything. I do not make up stuff, my dislike for certain groups is based on my long associations with them.
While I do not go out of my way to abuse them, I will call their BS. If you cannot handle it, tough luck.
Now we know what Andrew Jackson fought so hard against.
And we know what most historians did to his reputation....
Sales this year so far ( I own a jewelry / pawn shop ) are down 15 percent . Gold buys and Jewelry loans are up 40% . I expected to see Defaults rise but they haven't yet .We normal see big redeem in October thru December (very few reedems). The Jewelry repair / custom design has not slow down. Going into black Friday I have 21 Rolex's for sale compared to 15 last year. Located near Norfolk Virginia .
who_cares I am a lurker you idiot. Either stick with one name that can be blocked, or please stop ruining this for everyone else who does not have the time to read through your spam
Any why John F. Kennedy started printing 'U.S. Notes' to replace Federal Reserve notes.
For example. I've have NEVER done a small business closing where I didn't find out later that cash passed under the table. Perfectly legal small business doing perfectly legitimate stuff. I doubt that there is any cash business where all the cash is reported. I have to discourage buyers from underreporting their purchase price--when there were house buyers. I have to explain that with a lower basis taxes on profits will be higher. When sob, there are some profits. In the far future. . .
I have no idea how big it all is, I just know it is big.
thoreau devotee writes:
"I am shocked at the banal discussion around banning CDS that were not for hedging!"
I'd say a CDS is more akin to an insurance policy than a stock option. There are certainly laws against insuring third parties for speculation purposes.
Ten years ago I had a case where a company hired a keyman with health problems, bought a huge keyman policy, and then terminated him. But they refused to relinquish the policy. Paid the premiums every year. The owner bragged it was better than the lottery.
@ Harry Cheddar 7:10 pm
My suggestion/position is somewhere between your comment and that of Thoreau Devotee at 7:15.
Is it possible to get Congress to retroactively ban non-hedging CDS contracts and have the Supreme Court subsequently uphold the law? Maybe. But it makes more sense, to me, to identify the public policy goals associated with reigning in these contacts and then setting forth a sufficiently draconian law (with a future effective date) that prompts the parties quietly and quickly to negotiate themselves out of the current profusion of non-hedging contracts.
330 is in northern Miami Dade County, I think. I'm up in the space coast at the minute. 200 miles away.
The best place to breakfast (to avoid Dunkin D's is the Pancake House. But the one I eat at is more south, 331 land.
I assume your question is more burning than that.
NC engineering firm closes.
Triangle engineering firm files for Chapter 7 - Triangle Business Journal:
In that case, best of luck!
"who_cares I am a lurker you idiot. Either stick with one name that can be blocked, or please stop ruining this for everyone else who does not have the time to read through your spam"
Liz try shnaps dot parlor (at) gmail dot com. Thx.
Be sure to spel it rite 2. Thx
Barley writes:
That sucking sound you hear...
Merry Christmas, Ross!
Nov. 28 (Bloomberg) -- JPMorgan Chase & Co. sued Parkcentral Capital Management LP, an investment firm that manages money for the family of ex-U.S. presidential candidate H. Ross Perot, claiming it owes as much as $753 million in collateral on investments
Barley | 11.28.08 - 5:37 pm | #
ummm, yeah... my new handle: typos marsto
Looks like a lot of rich people are about to get/are already poor.
Makes them hard to tax.
Deja Vu-
The panic of 1837 began with the collapse of business and the wholesale failure of banks.
What did 'we' learn from these crashes?
Andrew Jackson lost money in the panic of 1797 and apparently did not like any banks. During Jackson's second term, he continued his war on the Bank of the United States which Jackson saw as operating as a monopoly.
Waht would Andrew Jackson or Lincoln or Kennedy 'see' today?
Does it change their calorific value, as boiler fuel filler?
Makes them hard to tax.
lawyerliz | 11.28.08 - 7:32 pm | #
The spamming and useless trolling day after day is really just a reflection of our society in general. A small group of people seem to take something meant for the good of society (two examples would be this blog and securitization of assets) and warp it into something rather useless.
A bit of light hearted trolling and joking around is good IMO as it adds levity to a rather severe economic situation.
But this day after day useless, bland trolling under multiple names is meant for nothing more than driving good posters of this site and wreck a very worthwhile endeavour.
And to top it off, the quality of this type of trolling is quite atrocious.
I think Lincoln would laugh and ask why we were so worried. Now, HE had the problems.
And Kennedy had that Cuban nuclear thing, remember? My friends and I were worried we'd never live to grow up. And I really did the hide-under-the-little-wooden-desk thing as a kid.
WalMart writes:
Talk about killer prices at Wal Mart.
One of their employees just got killed by the crowd rushing in to buy a Samsung 50' plasma.
Looks likte em people still are shopping.
WalMart | 11.28.08 - 4:48 pm | #
Comrade lurker writes:
2 people killed in a gun fight, in Toys R Us...
Shop till you drop. Sad
Pissed Off In California,
Tell that your canuck buddies.
The troller satan/lucifer is clearly of limited intelligence and is unbalanced. This loser has posted that the Canadians refused immigration to him and his family...smart Canadians. Now this racist jackazz and his spawn are in America...and since he's unemployed, has nothing to do but troll...
"What else does the uncounted economy consist of?"
Volker the Viking | 11.28.08 - 7:13
Hay sales...75k plus a year,all cash.
Custom woodworker...50k plus a year.
Field drain tile installer...50k plus.
Auto repair...As much as you want.
Tanning center...30k,all cash.
Nobody keeps records. Nobody writes anything off. All have full time income to cover all normal expenses. Most have no overhead.
In flyover this is pretty common in rural areas...
fried,
speak for yourself!
Somewhat off topic, but not so much:
Hedge Fund sues WSJ for disclosure.
Apparently the fund didn't like it to become public knowledge that is wasn't doing so well.
Extend this: news released in a blog, or even comment section, that "negatively impacts" a company.
Canada is the most likely location for a bank closing this week. My family tried to immigrate there once and their racist policies denied my family because we're Indian, but it was for the best because now we rent and operate a laundromat in Seattle. The lack of industrious immigrants coupled with european-like innovation is how Canada will fail ultimately, and this crisis should start exposing the cracks in the wall. I don't have any statistics but all the pre-wwii white Canadians are due for one.
In my experience with canucks, only white canadians whose ancestors came to canada before WW2 (canucks) have such uncritical belief in their "superiority".
Almost everyone who came to canada post WW2, especially since the 1960s has a rather dim view of canada and canucks. This dim view of canada is shared by many immigrants irrespective of color or language. They range from well educated brits, US citizens, east-europeans, russians, chinese, taiwanese, indians, south-americans and the list goes on and on. Some of worst critics of canucks are brits who moved to canada in the 1960s-and 1970s.
To have a feeling of accomplishment that is not delusional, one must have some real accomplishments. The book of canadian accomplishments worthy of note is rather small- if it exists.
Of course between the media, textbooks and public discourse, canucks believe in that c**p more that north koreans believe in Kim Jung.
Now go back to raping haitians and drug-running in cyprus (canuck "peace keepers").
Fair Economist writes:
"Baltic dry down a little more to a new all-time inflation-adjusted low too, 715. At these rates financial incentives are to mothball ships and not really ship anything and the Capesize anchored index is nearing new highs at 105."
See:
Shipping Industry Heading for Dry-Dock - WSJ.com
A couple of times, he's said something sensible fried. Canadians are a weird thing to have a snit about. I've always thought of them as politer colder Americans, with a slight tendency to be mean to French speakers.
P'd Off,
How do we know if some of the trolling is to confuse efforts and divide efforts to understand this mess and who might be pulling the strings some of which we may know as in the case of Paulson or central banking managers but maybe some of whom or which we don't know are making money on this mess.
Which is why one should decide if it(the latest Big Panic and Crash from Bubble creation) was orchestrated or random events completely unrelated to the outcome.
Then observer comments can be put into perspective as enlightening or muddying the waters or just feeble-minded silliness.
lawyerliz,
Canucks are like fat bitchy teenage girls.
For those of you looking for a quick temporary email address, check:
Mailinator - Let Them Eat Spam!
It provides "throwaway" email addresses that shouldn't get scanned by spambots. Note that the emails are readable by anyone that knows the throwaway address, so there's no guarantee of privacy.
What's the weather like in the Mojave this time of year?
Any nation that defines itself by what it is not, has some issues.
I was a fat bitchy teenage girl, until I got to be a skinny sexy teenage girl. Now I am a sexy old lady. But still bitchy.
Hmmm, a trolling conspiracy theory. I love it.
who are you Paulson? henh, henh.
Comrade V -
A bit of dissonance in the article. 1st paragraph - "isn't so bad". Last paragraph - "could grind to a halt."
I meant, Who, are you Paulson. Maybe he really is, since he stole EHP's moniker.
lawyerliz writes:
"And Kennedy had that Cuban nuclear thing, remember? My friends and I were worried we'd never live to grow up. And I really did the hide-under-the-little-wooden-desk thing as a kid."
Thank you for this post. It is a conceit of some to assume that today is always worse than yesterday. see my link.
Lawyerliz,
"Now I am a sexy old lady. But still bitchy."
Does this make you a "B.I.L.F"??
Lawyer Liz,
I think this debate or muted debate as to who prints our currency -private bankers or the Government Treasury- is more important than we would gather from the non-coverage of this issue by the mainstream and 'alternative' media and internet.
Lincoln wanted to continue printing 'Government Greenbacks' after te Civil War but his plan never made it since he didn't stick around. There have been efforts to curb the powers of bankers and high interest banking. I honor those efforts.
lawyerliz writes:
For example. I've have NEVER done a small business closing where I didn't find out later that cash passed under the table. Perfectly legal small business doing perfectly legitimate stuff. I doubt that there is any cash business where all the cash is reported. I have to discourage buyers from underreporting their purchase price--when there were house buyers. I have to explain that with a lower basis taxes on profits will be higher. When sob, there are some profits. In the far future. . .
I have no idea how big it all is, I just know it is big.
This is something that I am curious about as well. Are there any cash businesses running legitimately, or even close to legitimately? Particularly family owned businesses where the kids work off the books.
Is it possible for the government to data mine financial records to find the scofflaws? Comparing claimed income versus what the house, cars, vacations and other expenses add up seems to be pretty simple.
Maybe this will be the next frontier in revenue enhancement.
I tried all day to locate some silver 1oz bars (looking for 65-70 of them) and it was a rough go. Couple of local shops I talked to said they do not even bother trying to get any anymore due to the time delays in delivery. I want some silver!
I doubt that. Inside every woman there is bitch/ witch waiting to exhale.
lawyerliz writes:
I was a fat bitchy teenage girl, until I got to be a skinny sexy teenage girl. Now I am a sexy old lady.
Sorry guest, I'm too dumb to understand the significance of the greenback thing.
I thought JJL was a girl.
Any why John F. Kennedy started printing 'U.S. Notes' to replace Federal Reserve notes
Are the multiple references to JFK related to the current showing of Oliver Stone's "JFK" this afternoon?
I was just thinking to myself how that movie seems more relevant now than when it was released in '91.
Listening to Costner say, "fascism" and "Let justice be done though the heavens fall".
As for whether The Crash was planned... I'm not sure it matters as it was inevitable anyway. Debt can never rise faster than income for indefinite periods.
Sorry if this is OT or already posted:
Sharpening consumers to a razor's edge of stimulus:
Shoppers kill employee: 404 Not Found
My precious... My precious... No one can take my precious..
All male Liz.
from the "Three Amigos":
What kind of plane was that?
It was a mail plane.
How do you know?
You didn't see it's little balls?
Exit writes:
Comrade V -
"A bit of dissonance in the article. 1st paragraph - "isn't so bad". Last paragraph - "could grind to a halt."
The point that needs to be kept in mind is the looming over capacity. I was once active in the tanker trade, and it limped for decades due to over capacity as much as commodity demand. The larger players often time charter in their tonnage well in advance, and one must query what impact over capacity is having.
I think that they are all too dumb to do any of this on purpose. Look at Paulson's comments a week or so ago about everything being ok, followed shortly by Citi's bailout. I mean if you are gonna be contradicted by reality in less than a week, what motivation to lie, except you don't know what the hell is going on?
"And so I cry sometimes when Im lying in bed, just to get it all out, whats in my head.
And so I wake in the morning and I step outside and I take a deep breathe and I get real high
And I scream to the top of my lungs "Whats going On!"
Since charges are on the margin, demand weakens and everything plunges off a cliff. Too many ships, too many houses, too much commercial stuff. Drowned in our own productivity. Some of these people could have been making music or art. Can never have too much of that good stuff.
I don't have anything intelligent to say tonight. Some might argue that is the case everynight but, I will debate
that on someother occasion.
I will be eating a pumpkin pie and drinking Jim Beam for the remainder of the evening for tomorrow I must bag
the leaves I raked up this afternoon.
I hate decidous trees. Wish I was back
in California where this isn't such a problem.
Lawyer Liz,
There a difference between 'dumb' and indifference or apathy. I spent years believing hook, line, and sinker in the two-party system.
I don't think it was 'dumb' per se...I just didn't take the time or effort to look into our system as it was taught to me in the media and 'education' system.
Apathy has got us here I believe plus a lot of 'planning' we don't scrutinize like our money system for example...
OK, I checked the FDIC site, and they did have a news release on Nov 26, regarding asset sales:
In light of the time constraints...the FDIC may apply modified deposit insurance application processes...will consider abbreviated information submissions and applications, and may issue conditional approval for Deposit Insurance, in order to qualify interested parties for the FDIC's failing institution bidders list...Investors...must have conditional approval for a charter from the responsible agency and meet the bid criteria established by the FDIC.
Is this efficiency, cronyism, both? I want to bid on a pony please!
Yep, but Paulson was dumb, not apathetic. I was referring to our fearless leaders. Not you.
Lawyerliz,
you remain such a model of civility, I admire your restraint.
This dimwit troll and his racist rantings against Canadians is tedious in the extreme.
Lucky Canada to have excluded this broken-backed troll and his useless family from the Great North.
lawyerliz,
I have always said that the biggest human delusion is the delusion of control. We either try to believe in it or try to make it appear that we believe in it. Your wealth and money can only hurt/help others- not directly change your destiny.
The reality is that we have no control over the universe or even our future. The best we can hope for is that our actions result in the desired outcome. It is a matter of exercising choice (free will) in a universe with the knowledge that the universe works on probability and the outcome can therefore not be guaranteed.
Broward,
Yes, dbt will d us in as outlined in the book 'The Great Reckoning' which came out in the 80's I think plus Harry Browne's warnings. Alto, the two-party system is more one party, it seems the dire warning of debt collapse were coming more from the Right(or Conservative Right, not the Neo-Cons) than the Left. But our apathy is a problem too.
fried,
I live in Canada. S
fried,
If you wanna play that game, be prepared for the possibility that no person on this board who I have identified as a canuck will ever be able to post again without being spoofed.. get it canuck a**hole.
satan,
no way liar.
ot canadian, you indian jackazz
The thing is we will be fighting each other. All the buttons are being pushed. In the meantime, the chosen administrators and owners of us all will be dividing the spoils.
LMAO @ B.I.L.F. that suits me to a tee...Not much exciting to report from my end. Heavier than normal traffic this morning but lots at the mall and walmart were not full at 9am.
canuck subhuman.. ooops parasite.. oops pondscum
Satin is not unemployed, he is ex-wall street working in his daddy's laundromat now. If that happened to you your head would be fucked up also.
I see the Revenge of Jas Jain continues.
Whee...
//KAREN HOWLETT
Globe and Mail Update
November 28, 2008 at 7:24 PM EST
The Detroit Three auto makers have until next Friday to outline their restructuring plans for their Canadian operation as well as their cash holdings.
Federal Industry Minister Tony Clement and Ontario Economic Development Minister Michael Bryant sent a joint letter to the presidents of the companies' Canadian subsidiaries on Friday, setting out their conditions in exchange for any government financing.
In the United States, the Detroit Three have warned of a catastrophic collapse of the entire U.S. economy if the government fails to throw the auto companies an emergency lifeline of $25-billion. The U.S. government has asked the companies to submit a detailed restructuring plans to Congress by next Tuesday, including an assessment of their long-term viability.
The Canadian companies are also calling on the federal and Ontario governments to provide aid to help them to survive the auto crisis.//
Wait til the losses really pile in for the back biting and division.
Wally Bollocks,
Sorry, but That is not the case. Like the canuck racist reference to laudromats though..
Satin is not unemployed, he is ex-wall street working in his daddy's laundromat now. If that happened to you your head would be fucked up also.
See... Canada is safe
VIRGINIA GALT
Globe and Mail Update
November 28, 2008 at 5:34 PM EST
The Canadian dollar fell 0.39 of a cent to close at 80.84 cents (U.S.) Friday a reflection of political and economic uncertainty abroad and, to a lesser extent, in Canada.
Currency strategists said the terrorist attacks in Mumbai rattled foreign exchange markets as investors sought a safe haven in the U.S. dollar Friday morning.
It's the continued shift away from risk assets in light of the developments in Mumbai and deepening fears of global recession, so that's the backdrop, and that's supporting the greenback against most currencies, BMO economist Sal Guatieri said in an interview.
And it's possibly political uncertainty we're hearing talk about possibly another election in Canada. I'm not saying that's the main factor [affecting the Canadian dollar], but it might be on people's radar screens as well, Mr. Guatieri said.
There were reports that the three federal opposition parties plan to introduce non-confidence motions in the minority Conservative government Monday, saying Finance Minister Jim Flaherty's fiscal update provided nothing in the way of stimulus for Canada's flagging economy.
Satan, some sheets need folding, bwahahahahaa.
Most 'racist' stuff is actually allowed and sanctioned now by our administrators and owners who are dividing and hoarding the loot extracted from the market shakedown and strategic credit freeze.
I know I'll regret this...
Why would working in a laundromat qualify one as f'd up?
Employment is the means by which one exchanges labor for what passes for the medium of monetary worth. A laundromat serves a societally useful purpose. Why denigrate someone who works there? It seems to me that the alternative, particularly thievery of the wall street kind, is abhorrent.
"some investor guy writes: In the US, you cannot force the unwinding of a contract which was legal at the time it was made."
Actually, that was one of governments' first actions--the trick is to threaten/force you to "volunteer": Not One Cent: Federal Government Threatens Mortgage Lenders with Unprecedented Sanctions
Looks like only one tonight
http://i37.tinypic.com/4vmo1s.jpg
Note this is a joke!!!
Doesn't this sound pretty serious?
"But the most pressing issue is the scarcity of letters of credit, the notes banks provide exporters to finance the goods being transported and guarantee payment on them. Banks' heightened risk-aversion means letter prices have soared, if they're issued at all, and that hits demand as exporters are less willing to ship goods. Addressing this lack of finance should be a priority: without it, world trade could grind to a halt."
Can anybody get some TARP for shippers?
Drycleaners use benzine. Fook you up good, American dopes.
The Guest, that's simply not true about Kennedy and the notes. Ask mock turtle. I provided him with the evidence.
Has CSC abandoned us???
Commmmme baaaack CSC. . .
Exit, that's the problem with the people in this country anymore. They don't value the service other's provide them. They think only they deserve to make a decent wage and everyone else be damned. I see it everyday on other blogs and in real life. The whole blame GM's failure on the autoworkers is a good example. Who does GM think they are offering benefits and retirement to those peons? Only rich, wallstreet asshats should get retirement, the rest of us should grovel at the rescue mission.
Lothar worked at a drycleaners all through high school. Perchlorethylene. Don't sniff the lint traps with the good doggie nose unless you want to be delerious.
liz, CSC swore of posting because some of the old timers had stopped posting because of the extracurricular posting going on. I think he still lurks and wish he would come back.
Satan what do you call an Indian terrorist? Bin Drinkin.
Exit,
No, You see in canada, we white canucks do not perform useful productive jobs. We just piss around in government and government funded jobs and pretend to the best country in the world.
Let "others" do productive useful jobs, we will make sure that we underpay them .
If shipping is grinding to a halt, and you are a manufacturer or nation that requires commodities, then you would over-order. You would try to get as much as you can, as quickly as possible. You would put it in silos or something. You would hoarde.
Wouldn't you?
So now Satan is Satin, and EHP is who, exactly? Which EHP asked me who I would choose for Secretary of The Treasury....as if it would ever be my choice, and that's somehow relevant to Obama's obvious choice?
I worked at a drycleaners for years. Perchlorethylene is some nasty stuff and that doesn't even get into the nasty chemicals used in the spotting process...nor the unbearable heat around the presses. We literally had people falling out on the floor during the summer, they were making 6 bucks an hour.
Morocco bama,
I own some 1963 Red $2 & $5 'U.S. Notes'? Are you saying these are really Federal Reserve Notes?
rich writes:
"Doesn't this sound pretty serious?
[quoting] But the most pressing issue is the scarcity of letters of credit"
Yes, but only for spot market (vs. time charters).
Ok, canadians, since we are totally OT here, I have a question. Back in '82, I asked a bank teller in Vancouver to exchange American money for Canadian money. He scoldingly told me that C $ was american (eg geographically). Recently, a Canadian said that it was an insult to be called an 'American'. What is the combined wisdom of this statistically significant sample of Canadians. Has 25 years made a difference?
Isn't there a more to something safer?
Folding laundry is tedious, but extremely useful. I never do it, just toss my stuff in the drawer, but I admire people who do it. I admire people who clean the kitchen after every meal. I certainly don't scorn the Stanley Steamer carpet cleaner people. Sometimes I just get tired of fighting with people.
The war of ideas I love. The war with idiots I hate. It would be nice to say, install a carpet, and know it would be there for the next 10 years or so. Not that I am capable of installing a carpet.
Canada is there so America can plunder it's national resources without American laws.
"Goldman Sacks Rome writes:
OK, I checked the FDIC site, and they did have a news release on Nov 26, regarding asset sales:
In light of the time constraints...the FDIC may apply modified deposit insurance application processes...will consider abbreviated information submissions and applications, and may issue conditional approval for Deposit Insurance, in order to qualify interested parties for the FDIC's failing institution bidders list...Investors...must have conditional approval for a charter from the responsible agency and meet the bid criteria established by the FDIC."
Is this the latest variation to continue lax banking standards (NINJA loans, etc.) for unqualified participants?
I own some 1963 Red $2 & $5 'U.S. Notes'? Are you saying these are really Federal Reserve Notes?
I'm saying it's not what you think and have been led to believe. There is a great deal of disinformation out there. You have to be careful, because that disinformation is being purposely floated to misinform. Here's a link explaining all of it:
Edward G Griffin on EO11110
Morocco bama,
Why di the printing stop of the 1963 $2 & $5 U.S. Notes? Least I thought the printng of these notes were stopped.
The problem is that canucks(parasites) think we are better than the host (the USA).
Ok, canadians, since we are totally OT here, I have a question. Back in '82, I asked a bank teller in Vancouver to exchange American money for Canadian money. He scoldingly told me that C $ was american (eg geographically). Recently, a Canadian said that it was an insult to be called an 'American'. What is the combined wisdom of this statistically significant sample of Canadians. Has 25 years made a difference?
rich writes:
"If shipping is grinding to a halt, and you are a manufacturer or nation that requires commodities, then you would over-order. You would try to get as much as you can, as quickly as possible. You would put it in silos or something. You would hoarde.
Wouldn't you?"
Not necessarily. If "slow down" is simply due to demand vs. supply issues you might be lulled into believing cheap tonnage was easily available. You might strike now and lock in low time charter rates or sit back to se how much better they will get (much like CRE market).
Kristina
FWIW, the original derogatory was aimed at "laundromats". Not all are also drycleaners. Though I find it of some interest that the thread veered that direction.
BTW, I concur with your earlier observation, about the denigration of labor's value.
Canada is there so America can plunder it's national resources without American laws.
How true...just as is Mexico and every other vassal of the American Empire.
My ignored list is so large because one posted cannot decide on a single name
satan
lucifer
Morocco Bama
Baca
This is beyond ridiculous
My friend, Baldor, from another planet, is amazed that earthlings fell for Paulson's ploy for 700B. He says that on his planet people would have asked questions, like "What disaster is going to befall us if you we don't give you the money?" Then they would have certainly followed-up with, "How will things go if you get the money?" No matter what Paulson said, they would then ask "Are you sure?" Baldor says that on his planet the Senate would then have called witnesses, because there is more than one economics expert on his planet. Baldor says that there would have been some discussion of the matter, because his planet's Senate prides itself on being a deliberative body.
Years ago, Mexicans would insist that they were Americans too, which of course they are, and we are Norte Americanos.
I think that the parasites (canucks) think they are better than the host (USA).
MB...thx for the link...I'll check it out...
Is all disinformation just kooky stuff or is some of it to cover up 'dirty laundry'? Is there govt. disinfo or is it all just the kooky stuff like the Patriots For 911 Truth?
lawyerliz writes:
"Years ago, Mexicans would insist that they were Americans too, which of course they are, and we are Norte Americanos."
I once had an upper class Mexican client tell me that Mexicans didn't object to fact we took half their country, only that we took the half that had all the super highways, vineyards and the best restaurants.
OT-Is the President of Canada still Tim Horton?
The last time I was up there he seemed to have a campaign office on every corner.
Did he win reelection?
Satan = EHP = Freako
A lot of disinformation is 90% true, but presented in such a light as to point you in a certain, but inappropriate, direction, or presented in such a context as to make you look like a kook for dispersing it.
the guest,
It's all the work of one lonely pharmacist, son of an immigrant that operated a laundroment. I don't know what else is known. Probably responsible for above 15% of total posts on this site (it's hard to keep track thanks to crcompanion, but about once a week he tries to be a bully)
I am not particularly restrained, but I can't fathom why it is so hard to simply ignore trolls.
I guess I don't have enuf testosterone to understand. If you ignore them, they will go away.
I will have a new mantra:
Come baaack CSC!!!!
Does anyone else find it ironic that someone posting as Anonymous is making such bold claims?
I'm just glad I didn't make Anonymous' list.
Why don't you tell us who are you Anonymous? Instead of choosing to sabotage/ slander in the uniquely canuck way.
Anonymous's claims are not bold. They are apt.
The trolling is ruining the board. Take your stuff back to FSU and do something constructive.
C
I wish that I had been more of a doper in my youth, then I could try to impersonate CSC.
Liz, who's a troll? Seriously, I've never liked that term because it's ambiguous and people tend to use it deceitfully. Not you, but there are others who throw that term around loosely. A link to what a troll is doesn't help. I don't need some Internet Jock to tell me what a troll is. I'd like to know what you think one is.
Liz - please do not feed.
C
Shopping report in The OC:
I went to Big 5 Sporting Goods about 4 hours (9:30AM) after it opened and the place was only slightly busy. (I did buy a firearm on sale, but that section was busier than normal: Of the dozen times I've visited the store, I have never noticed anyone else buying any, but today I saw 3 others!)
Around 3PM (10 hours after they opened), I stopped by Best Buy and they were still very busy with a long checkout line. Right next door at Westminster Mall, their parking lot was very full.
I'm a Canadian (been scanning the posts.. not sure if being Cdn is a good thing or not here) - being called an "American" isn't an insult.. but I would certainly correct whomever and point out that I am in fact.. Canadian.
Also - EvilHenryPaulson mentioned the canadian banks jumping up huge today - spoke to a trader who reported a large number of the orders were MOC - market on close.. basically pushed up everything across the board at close. I figure some pretty bold window dressing for the fundies as it is end of the month..
I recall when that kind of stuff was done subtly.. ah.. those were the days.
Quit beating around the bush, Counterpoint. Are you leveling an accusation? If so, what is that accusation.
I agree
Sardonic writes:
Satan = EHP = Freako
I am lucifer/Baca, I am not Morcco Bama, I am not EHP
MB,
May be true that the search for truth may make faulty assumptions...but a lot of people labeled as 'kooks' are researchers who don't have a conclusion or a theory. Like Architects & Engineers For 911 Truth talk a lot of physics stuff and don't say who did wht because that's a 'mystery'.
When stuff is sealed or there's gag orders, some researchers research harder looking at timelines and physical evidence. The conspiracy theorists are many times just trolls who come off as 'kooks'...but they usually aren't the hard scientists collecting and accumulating evidence from events that have been shrouded in mystery by efforts to derail independent investigations by experts.
You think this Crash will be audited by experts. No and that will encourage independent research by experts.
Well, the phony EvilHenryPaulson is a troll. I never heard the word until about 15 months ago. And it wasn't me that called you a troll. I suppose anybody can say something trollish from time to time. I suppose that trolls might be doing something worse, if they weren't on the internet.
Come baaaaack, CSC.
Trolls? Aren't they those really old geezers that hang out at adult bookstores hoping to get lucky?
Isn't it a principal of info theory that the more unlikely a proposition is the more valuable it is if it's true?
That last post wasn't me. Now I'm being impersonated, and Counetrpointer, you're a jerk and guilty of false accusation. You owe me an apology.
OT-Table showing Federal bailouts (actual and committed) to date:
Government bailout hits $8.5 trillion
Maybe some trolls work for the crooks to hamper the search for the unidentified perps. or maybe some trolls just hate being attacked by the blog moderators. or maybe after the Crash really blows, blogging will be restricted by Executive Ordr.
OMFG - Morocco/Satan/Who_Cares whatever the level of self-referentiality has now gone supernova. Thanks for the tips about proxies. Very useful. Three posts in the same minute? Nicely done. You blew it.
Sorry Jas, more than the traffic will bear.
C
A troll is a big ugly imaginary beastie who hides under a bridge and eats innocent passers-by.
I am insulted that no one has impersonated me. Of course, you would all immediately know it because it would lack my style and verve.
jjl- try ebay- they have a really funny 10% off coupon going right now.
Of course, I have six lots of silver up finishing tomorrow afternoon- so I am not without a dog in the hunt.
The funny thing is the busted bose lifestyle head unit is going for more than the coins.
Go figure.
Someday this war's gonna end...
I think I will eat some leftover turkey.
Nitey nite.
Jas is one of the best...at confusing the issues.
Can we give everyone a pardon for recent and past trolldom and agree to just play nice from now on?
LawyerLiz
Nov. 28 (Bloomberg) -- The Federal Reserve expanded its purchases of commercial paper to $295.1 billion and its loans to securities firms increased as the central bank uses its balance sheet to combat the worst financial crisis in seven decades.
Cash borrowing by Wall Street bond dealers from the Fed totaled $55.9 billion on Nov. 26, up from $46.6 billion a week before, while loans to commercial banks slipped. The Fed released the figures in its weekly balance-sheet report, which was a day later than usual because of yesterdays U.S. holiday.
- Bloomberg.com
NorkaWest - thanks for that link. I don't agree with the numbers in that some the commitments haven't had outlays (yet). For instance, the $291B for Citigroup is a guarantee, which means no money has moved (yet, AFAIK).
same article
Money Supply
The Fed said the M2 money supply rose by $22.5 billion in the week ended Nov. 17. That left M2 money supply growing at an annual rate of 6.6 percent for the past 52 weeks, above the target of 5 percent the Fed once set for maximum growth. The Fed no longer has a formal target.
The Fed reports two measures of the money supply each week. M1 includes all currency held by consumers and companies for spending, money held in checking accounts and travelers checks. M2, the more widely followed, adds savings and private holdings in money market mutual funds.
During the latest reporting week, M1 declined by $3 billion. Over the past 52 weeks, M1 increased 6.8 percent. The Fed no longer published figures for M3.
Fine, I will truce but the canuck f**ckers need to stop posting first
--
NorkaWest (pretending to be La writes:
Can we give everyone a pardon for recent and past trolldom and agree to just play nice from now on?
LawyerLiz
Liz, no.
When Morocco/Satan/Whattfkitsgonnabetoday all link through their homepage to the same utterly ridiculous picture, albeit better than to Jas's failed series of articles at FSU, don't you think this board deserves more than indulging the hyperactive schizophrenia of one poster?? And that poster demanding apologies? Good grief.
C
This is a test.
I'm starting to believe the necessity for so-called deception researchers- ex-govt. and military, scientists, etc.- that answers are needed to make sense of the collapse of the U.S. and global economy- from planted debt derivatives explosions and the other explosions that got us into endless wars that are costly in lives and fiat.
This troll debate is just a distraction to the Crash unfolding that took off from increased deregulation and the campaign for the 'Ownership Society'...just a big disrtaction possibly from events of the New Century. At ease. Troll on.
@anonymous
Don't you find it interesting that the Federal Reserve has been dumping its hoard of U.S. Treasuries...wonder how come they'd dump the safest investment holding of all?
Very interesting
FatWallet is a website where people share deals and promotion codes mostly. There are way more deals than the regular black friday fare, but they are trying to be sneaky about it
Black Friday & Cyber Monday Rumors
For example HP has 40% off. Forty.
Anyone ever consider that "trolling" is not an Internet phenomenon? Personally I think the "mainstream" media, newspapers, TV and radio is full of trolls already. What else do you call people who are far-right/far-left hardliners? I was listening to a radio show the other day and the host only wanted to speak with those he disagreed with, presumably so he could smack them down and feel good about himself... that is trolling!
I feel the same way about "conspiracy theorist" sites. They are fun to read but eventually there comes a point where you have to decide "this is the truth"... or else discover that there are alternate truths and both sides are trolling. Was interesting reading all that stuff regarding McVeigh (I think discussion came up 2 nights ago?) but its almost like someone just said, "Hey, wouldn't it be fun to see how many people I can fool with this lie regarding his tie to Iraqi's and create a grander conspiracy"?
The same with with some of the crazy 9/11 theories. It's like some people in power just wanted to make up some BS and see how many people are dumb enough to believe it. Trolling done in plain sight.
Out of the 171 confirmed casualties I would assume at least 1 bank is at least below the 50% recovery point. My guess is the FDIC has exceeded their capacity to manage new closures.
Let me be first to go off topic here.
I was just looking here:
Federal Financing Bank
Federal Financing Bank
The Federal Financing Bank (FFB) is a government corporation, created by Congress in 1973 under the general supervision of the Secretary of the Treasury. The FFB was established to centralize and reduce the cost of federal borrowing, as well as federally-assisted borrowing from the public. The FFB was also established to deal with federal budget management issues which occurred when off-budget financing flooded the government securities market with offers of a variety of government-backed securities that were competing with Treasury securities. Today the FFB has statutory authority to purchase any obligation issued, sold, or guaranteed by a federal agency to ensure that fully guaranteed obligations are financed efficiently.
Karthik Ramanathan
Acting Assistant Secretary for Financial Markets
U.S. Treasury - Biography of Karthik Ramanathan, Director of the Office of Debt Management
Mr. Ramanathan also serves as the senior member of the Treasury Financing Group. In addition, he oversees the Office of Debt Management and the Office of Government Financial Policy, as well as the operations of a set of commissions and board staff.
Mr. Ramanathan began working at the Treasury in July 2005. Prior to joining the Department, he was at Goldman, Sachs & Co. working in the New York and London offices as a dealer in the Foreign Exchange market. He focused on cash and derivative transactions for both G7 and emerging market currencies. Prior to this role, he worked as an investment banker specializing in mergers and acquisitions also at Goldman Sachs.
I have been paying attention to EvilHenryPaulson's posts for many months and have frequently struck up a dialogue. There is no way that he is the author of some of the inflammatory posts above.
We need dedicated names, and fast. How hard could it be? The software for "that name has been taken" must exist somewhere in open source format. Unfortunately I'm barely software literate or I'd try it myself.
"We need dedicated names, and fast. How hard could it be? The software for "that name has been taken" must exist somewhere in open source format. Unfortunately I'm barely software literate or I'd try it myself."
A system that tracks users is going to take more time/effort to manage unfortunately.
Satan/Lucifer has an identifiable perspective which I find interesting and helpful.
Just need it to store a few million names, no?
CR seems to pulling in some ad money (a bearish sign for the intellectual health of the blog).
1 currency soon [yogi]:
I agree. Maybe Ken of Mortgage Pig fame would have suggestions. He seems to understand the plumbing of this internet thingie.
"Just need it to store a few million names, no?"
Name tracking would most likely require user logins as well.
It requires updated software, more hard-drive space, and a lot of time/effort to manage users and boot users who cause issues.
1 currency soon [yogi]:
Sorry I confused your comment with PissedOffCalifornia's comment.
My bad.
Anonymity should be respected, and satire is speech, but impersonation is fraud.
BTW Someone was spoofing my username as well.
I just got of jail, but the food was not bad!
Don't know much about cost, but I participate in other forums run by groups with very small budgets, such as squash associations.
Liz, don't believe it...
.
.
This just posted over at the Ticker Forum by "Gates".
Anybody heard of similar "bail outs" in the last 72 hours?
TIA
SeattleSun
.
.
First hand knowledge that the $300B to buy bad mortgages has hit the streets - $450k principal reduced to $195k.
Exceedingly easy terms for the first 5 years then must re-fi after 5.
$300/mo first year
Got to be a record for .gov - whats it been 3-4 days since the announcement.
There are going to be LOTS of pissed off people when they find out their neighbor got a cram down and they still get to pay full boat.
BTW the lucky irresponsible borrower got the package Fed-exed to their door today and it was for an INVESTMENT property!
FXXK ME!
"Ein Ende mitt Schreck ist besser als ein Schreck ohne Ende."
- Hans-Wilhelm Voeller
Last modified: 2008-11-28 16:11:32 by gates
2008-11-28 15:58:27
If that's currently you, great to have you back.
UB - thanks for the link to FFB. Kinda small, but did you notice the number of utilities accessing the facility? Plays to the conversation a couple of nights ago about utilities in trouble, cracking down, and potentially cutting off access to life-sustaining services. Can't say I like the look of this, heading into winter.
Wonder if there's a GAO report on this outfit.
C
Here is the URL if your interested.
TickerForum Error - Unauthorized Request
Happy belated Yank Thanksgiving southerner cousins.
Watching CNN tonight i discovered why the Terrorists attacked Mumbia. Finally.
Rubin Defends His Role at Citi - WSJ.com
Rubin, Under Fire, Defends His Role at Citi
'Nobody Was Prepared for Crisis of '08 (What about the risk mgrs?)
Under fire for his role in the near-collapse of Citigroup Inc., Robert Rubin said its problems were due to the buckling financial system, not its own mistakes, and that his role was peripheral to the bank's main operations even though he was one of its highest-paid officials.
"Nobody was prepared for this," Mr. Rubin said in an interview. He cited former Federal Reserve Chairman Alan Greenspan as another example of someone whose reputation has been unfairly damaged by the crisis. Mr. Rubin, senior counselor and a director at Citigroup, acknowledged that he was involved in a board decision to ramp ...
It's not the real CSC, he would use his real handle.
Counterpointer,
mr. google, page 1 of search using "federal financing bank gao 2007"
some interesting PDF's
He quit soon after a heated exchange with a moron. I hope it's just an extended cooling off.
1 currency soon [yogi] writes:He quit soon after a heated exchange with a moron.
It has been said, never match wits with a half-wit in public.
Exit - intriguing, check out the 2009 repayment spike p10,2002/03 report, and that the FFB has contracted with the Treas on terms between just under 2% and just over 16%. Oww. That's gona hurt at the top end.
What I don't get is the mil spending - why is this not coming out of appropriations? Is it civ/mil?
And Historically Black Universities? Huh?
C
It requires updated software, more hard-drive space, and a lot of time/effort to manage users and boot users who cause issues
transaction costs in action.
It's not scalable, either. Each new person adds a new load to administration. And from what I've seen, once you put administration in place, posters dial down their behavior closer and closer to "what's admissable", which means administrators have to figure out who is right / wrong in a complaint.
YLSB,
Yeah...there's a lot of sites that don't believe 'official versions'. Funny thing is most of the ranting on econ blogs is how deception is part of the Bust...the suspect economic data and employment numbers...the mortgage loan deception...and on and on.
Yet if you use the wrong words to describe this bubble/bust phenomenon, all of a sudden, you're a 'tin foil hat' or a 'troll' so there's some gatekeeping or editing going on IMO. A lot of it is derogatory labeling to shut up dissident or critical arguments and topics.
As far as the 911 debate, it's a hard science physics debate mostly one-sided that covers issues such as the law of gravity and fire temperatures and related achitectural engineering issues and possible building insurance issues for the future.
He would use his real handle?
What handle would that be?
Broward - I won't give you linguistics this time but I will give you organizational management - I think what you're suggesting is more the big-plant formal organizational model, bound by laws, codes, norms, and able to be tested and has channels of challenge, consideration, recourse, and consequence.
Nothing like that so far exists in the bloggisphere, and for my part I hope it never does.
The reductio: CR and the CR board is not an organization. It's a mob. Rules govern mobs, by jurisdiction, but when you derive from 101 jurisdictions, there are consequences.
Have a go at Hakim Bey's Temporary Autonomous Zone and let me know what you think.
It even has pirates. Aaaaarggghh!
C
CC
It would be trivial put in a login procedure but somebody will have to do administration. Whether it's formal or ad hoc, somebody will be making judgements, finding lost passwords, making ids, etc.
The easiest thing is to enforce a username using a password like prudentbear.com/bearchat used to and let the community enforce itself. Still susceptible to spoofers and disruption, though.
Have a go at Hakim Bey's Temporary Autonomous Zone
Okay, now you're being creepy.
Dominique threw T.A.Z. at me a couple of years ago. Coincidence?
Let me check...
Google Trends: hakim
Google Trends: bey
Okay, I take it back, it's a meme in motion. You probably picked it up later in the wave than she did.
Liz,
I like your verve.
Elmer,
Thanks for the feedback.
Someone upthread was complaining about raking leaves. Stop raking leaves. Leaves are good for the earth...they decompose into and fertilize the soil. Raking leaves is a leftover tradition which has no intrinsic value.
Broward Horne(Excellent) writes:
transaction costs in action.
I wonder if this argument makes itself or if it is helped along.
Counterpointer, p10 consists only of loans, not appropriations. The top line is loans to foreign intersts ($1.6 billoin) to buy old American crap and some new stuff for force projection by proxy. The agency/department bringing money in by selling stuff usually cannot keep it and turns it over directly to the Treasury.
The total yearly DoD funding level is ~$450 billion. DoD is generally required to run with balanced books each year with quarterly close outs - just like every other department.
The giant hole being dug to support military and other operations rests at the Treasury level. DoD just spends what is appropriated each year.
Counterpointer(Excellent) writes:
Broward - I won't give you linguistics this time but I will give you organizational management - I think what you're suggesting is more the big-plant formal organizational model
Broward has had this on his tongue(s) for a while.
JimPortlandOR: What she didn't realize was that, in the biggest "bait-and-switch" ever pulled by an entire industry, her ARM was not tied to the prime rate or any other index, as adjustable-rate mortgages have traditionally been. Her rate simply adjusted periodically, ever upward. When it hit 14 percent, her social worker's salary could no longer cover the payments.
The manipulation of expected outcomes is the scam artist's tool of the trade. In a parallel universe, where monkeys are not slitting each other's throats, the borrower would be presented with graphs of possible payment trajectories.
Western civilization may want to consider cleaning up it's act. High levels of corruption are a long term strategic disadvantage against a fundamentalist society with functioning bonds of trust. Can the speed of progress in a fascist corporatist system win over the slow but stable high-trust system based in a religious faith?
Stay tuned...
I believe that some places require leaf raking, as they can be a fire spreading hazard.
Will the temporary insanity on Wall Street end soon?
Enter lone tumbleweed...
Tumbleweed: "what the heck was that?"
Lone tumbleweed exits, stage left.
satan = lucifer = Baca = 4444444 = -------- = who_cares = meowmix = 8888888 = ....
Direct comments to
satan.aka.lucifer@gmail.com
Certified pharmacist. Kind of a big deal. Shamed by my parents