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Again, never invest in any company with "General" in its name.
Second?
Who said the last thing they do is shoot the generals?
The most exciting part of the trading day is about to begin.
What happens when all credit in the US is flowing through the Federal credit card?
Have these guys considered the consequences of their actions?
We are all Communist now.
They only have to make it another 70 days. The tension mounts.
bailouuuuut....
If there was no bailout, would anything really be worse than it is now?
Zombie banks and zombie automakers...cool
Mr. Beach writes:
What happens when all credit in the US is flowing through the Federal credit card?
That is the $10 Trillion Question. You would think Gold would rally on this continued BS, but nope...it's falling.
Keeping the "not so big 3" alive will guarantee no one will make any money assembling cars in the US, for a long time.
giveitaway
giveitaway
giveitawaynow
giveitaway
giveitaway
giveitawaynow
"The consequences of a collapse of the American automobile industry would be particularly troublesome,"
"...to the UAW."
Is there a single real economist -- or even an economist-turned-hack like Krugman -- who argues that bailing out GM is a good use of taxpayer funds?
I read a lot about extending the EITC and food stamps and unemployment insurance and infrastructure spending, with different emphasis depending on the economist's political leanings. But I have yet to see a single argument in favor of bailing out the automakers.
Feel free to prove me wrong with a counter-example.
What happens when all credit in the US is flowing through the Federal credit card?
But just imagine the number of airline miles that the FED is running up by using its cards. They can go to Pluto!
It's hard to keep up - the bailout check writer's lament.
They can go to Pluto!
They may have to, to survive The Aftermath.
"It's hard to keep up ..."
Indeed. Thanks for trying CR.
If Boeing keeps pushing back the first Dreamliner flight, I wonder how long till they stick their hand out... of course they get plenty of govt money already. Maybe Ben's helicopters will need refueling tankers?
Wow,
Look at the Dow...
and forget going 'off chart.' Yahoo keeps rescaling the graphs very nicely. Yen/dollar or the Dow...
Got Popcorn?
Neil
It is deeply disheartening that this monster credit bubble built up over the past 3 decades. And it is now double disheartening that every attempt is being made to perpetuate it.
Somewhere, someone has to have a clue.
There is such incredible malinvestment all over the world now.
By propping up the zombies, they are punishing the good businesses. By propping up the zombies, they are making it impossible for investors to sort the wheat from the chaff.
Instead investors sit on their hands.
The guys at the Fed and Treasury are geniuses. Not.
All my children are sharpening their teeth for the coming apocalypse.
Why don't you come knock on our door? You could have dinner with us.
I think that GE news is about to light up a light bulb in a lot of heads. There is just no escaping the conclusion that we are in deep doodoo.
From each according to his means,
to each according to his needs.
CR writes : It's hard to keep up.
In all your spare time
perhaps you could
have updates with a running talley of FED
& Treasury bailout funds. Similar to what
you do with the credit crisis progress updates.
Question of the day: Is the $ commitment
to socialism / crony capitalism running close
to how war in Iraq? Didn't Buffett call the new
finance Weapons of Mass Destruction (destroying
capital) ....or is it mass deception as despite
all the taxpayer $$$ there is no transparency
on both sides of the socialism/crony capitalism
to know what is really on the books.
My guess we'll. Be upside down on the deal.
"Neil writes:
Wow,
Look at the Dow..."
I call 7000 by 12/31; any takers?
small reverse gandalf @ bouncing off 8300, that hank is a real card with his mirror painting
wait a minute, what's on that mirror?
Buy a car, get a tax rebate...and deduct the interest!
CNNMoney.com: 404 Page Not Found
The three headed dog will live to see another day. I find this disturbing, but utterly predictable. The US gov't owes it to Dan Quayle for his leadership as vice president of the USA.
and down the stretch they come....
I'd rather ALL the TARP money be dumped into the auto industry than wasted on wall street.
At least autos have some value. Wall street is negative alpha - we just can't afford anymore of that.
To a large extent, the Fed's inflationary policies over the past 40 years have killed the auto & manufacturing companies of the U.S.
Anything for wall street.
What a sham(e).
Going into September, I had Dow 7500 by Spring, by yeah, Bob, now I'm your camp. I bet things really deteroriate quickly now.
Wow,
Look at the Dow..."
I call 7000 by 12/31; any takers?
Bob Dobbs | Homepage | 11.12.08 - 3:44 pm | #
How about rebates for a car that runs on CDS and MBS. Two birds with one stone.
Nemo,
About that troublesome automaker thing...
Aren't the IRA attacks in Britain known as "the Troubles".
At least they phoned in the garbage can bombs before detonation.
Bob, the Dow will fall below 7000 before Thanksgiving.
I presume the Elliott Wave guys will, this afternoon, say that we are in wave 5 down.
So we can "bail" out the Wall St gang to the tune of $1.5T, and GAURANTEE their year-end bonuses to the tune of $45B, but not Detroit? $45B in bonuses to the top bankers, but not a little more than half of that to keep GM and Ford and Chrysler alive?
Oh, and those legacy costs? You mean pensioners? Why can't those old folks just skip their meds, or eat Alpo for Christ's sake, whatever it takes to keep C and GS in bonuses!
PPT trying to save the day...Paulson must be back at his desk hitting the buy butto
Gone, baby, gone. That was a nice ride.
Must be all sellers, no takers/buyers (except the PPT); volume is unexceptional:
Shark Investing - Volume Charts
The House of Stark had it right: Winter Is Coming.
Green (up) futures purchases now emerging:
Quote.com U.S. Markets - Futures Quotes and Charts - Chart for ES Z8
Could someone refresh my memory? Do zombies eat each other, or just the rest of us?
techinal bounce of 850
I agree Angry Saver. On CNBC yesterday they said Bush was opposing the automaker bailout on "philosophical grounds." I nearly lost my lunch. What "philosophical ground" does he and his admin (and congress) have to stand on at this point? More like quicksand.
What you all don't count on is the fact that Hoopajoop exercise their debt options and convert themselves into more hoopajoop at exactly 3:45 pm every trading day.
HERE COMES THE ROCKETSHIP TO SAVE THE DOW
err, technical
All buy orders right now have the name - TARP, LLC on them - anyone know who that is?
We shall gorge on grief at Summerhill...
The House of Stark had it right: Winter Is Coming.
And the Ravens circle.
Burn! Sell! Down! Crash! Crater! Fall!
When the Dow was at 12,500.. I made a bet with a friend of mine that it would breech 9,000.. it happened WAY faster than I thought.
I figure 6,500 now.. ugh.
Philosophically, they voted Democrat.
pumpage starting a 3:42, after 30 minutes+ of lower lows
USD/YEN? How long before currency becomes the issue at hand.
WHOOOOOOOOOOOOOOOOOOOSH
GO LONG HOOPAJOOP
GO LOOOOOOOOONG
Why does the PPT allow things to get so out of hand?
pumpage dies @ 8331
do we breach 850 or bounce again?
"Philosophically, they voted Democrat."
Naw, they voted Plutocrat.
I am very curious as to when the next wave of collapsing real estate prices and how far they will decline .
Leave aside the issue of anger at the stock market precluding the masses from believing in it again anytime soon.
When it takes a move of >4% to get anyone to notice, who's going to be interested in the market once it's back to 1% days?
Google Finance is frozen up.
Probably a PPT tactic.
How about a bit of levity to go with your horrendous bailout and currency devaluation?
Trouble for Japanese Banks
In pseudo-reality, where we find ourselves, if the nations of the world come to an international system of carbon cap and trade - vesting massive, yearly renewing assets to underdeveloped countries, putting a value to underdevelopment as it were, and allowing them to be traded with developed nations for paper-imaginary-fiat stuff...
Couldn't that add a massive amount of fake, fiat value to the world economy? Enough to vault it out of the tank?
I've been drinking.
ppt just doesn't seem to have their heart in it lately
regime change?
Paulson says he will never apologize for changing his strategy when facts change. What facts changed? The negative Bond sales?
Did China give an ultimatum?
looks like an air lock stalled the pump
Simple explanation for the bounce: you don't think the green suit and green wall was a coincidence, do you? Nope, it's phase II of Operation Go Green. Years in the planning.
PPT retired after the election. Rallies at end of day are normal due to short covering.
83, anybody for 8200?
Break and stay 400 down!
Yes We Can!
we will miss ppt
This crisis is getting boring.
the audacity of a broken pump
So the only companies we are not bailing out are McDonalds, Budweiser, Remmington, and Trojan?
Wave 5 down 660 SPX?
More green (up) futures pump action underway.
The PPT is not yet dead.
Quote.com U.S. Markets - Futures Quotes and Charts - Chart for ES Z8
OK now dump some srs calls?
We cannot continue going down on such light volume. Rally into mid-December commences soon. 1075 (ice) target.
Hadn't noticed the change in GOOG today. Wow. Lots of nerdy Nerf frustration going to be vented tonight.
The kids are not so fond of the walking dead.
You SHALL NOT PASS...850 and 8300!
GE Wins FDIC Insurance for Up to $139 Billion in Debt (Update1)
By Rachel Layne and Rebecca Christie
Nov. 12 (Bloomberg) -- General Electric Co. said the U.S. government agreed to insure as much as $139 billion in debt for lending arm GE Capital Corp., the second time in a month it has turned to a federal program designed to help companies during a global credit crunch.
Granting GE Capital, which isnÂ’t a bank, access to a new Federal Deposit Insurance Corp. program may reassure investors and help the unit compete with banks that already have government protection behind their debt, said Russell Wilkerson, a spokesman for the Fairfield, Connecticut-based company. Coverage would be for about $139 billion, or 125 percent of total senior unsecured debt outstanding as of Sept. 30 and maturing by June 30.
Hey, I would like to compete as well! Wouldn't you! Sign up for the TARP today!
practically all economists dislike unions. everything they've studied have pointed out their supposed inefficiencies.
yet it's hard to ignore the unionization of western economies and their healthy economies for the last 60 years compared to the non-unionized, no middle-class counterparts. I've been to the zero middle class countries (Guatemala for instance), and the divisions are stark even though the country and its people are wonderful.
kill the UAW? long-term a good idea for the automakers. short term it's a blood bath of great middle-class jobs. no one in d.c. has ever gone long-term, so we bail them out and watch the blood trickle instead of flow.
Where are all the "Bargain Hunters"?
Don't tease the Balrog... he is feeling kinda frisky.
yep, looks like a successful defense of the line
Will the Naz hold a "15" handle today?
I'd rather ALL the TARP money be dumped into the auto industry than wasted on wall street
I foresee a future where we trade paper all day but nobody owns a car or has electricity.
I have to admit, as an Illusionist myself I'm quite impressed with how fast the Feds are creating disbelief.
How long until panhandlers insist on silver coins?
oversold, right?
short-covering rally coming up?
give me something to believe i
"Winter is coming"
Using that analogy-
Cersei = Palin
Tywin = Paulson
Failing US companies demanding aid via TARP = the others?
bargain hunters are stalking the 7500 woods.
just monetize already so we can get the inflation rally underway.
Booooo!
C'mon post close adjustment to down 400!
Is there a single real economist -- or even an economist-turned-hack like Krugman -- who argues that bailing out GM is a good use of taxpayer funds?
Nemo,
First, I don't know what a "real" economist is, but I do know we don't have a "real" free market economy.
Marie Antoinette looked at things in isolation. So did Peter in Russia. Black and white. Let them eat cake. Those views resulted in real revolutions.
The system is broken. Talking about theoretical free market principles in light of what has transpired is pointless in my view.
It's time to stop crapping on the majority in order to bailout the wealthy. It's disgusting.
ope - Naz broke down...
No We Can't!
"TARP Applies for Assistance Under Federal Program
Treasury Secretary Hank Paulson announced today that the Troubled Assets Relief Program would apply for an emergency loan of $500 billion from the Troubled Assets Relief Program. 'And, dammit, they better loan the money,' Paulson was quoted as saying."
SLG&M--
LMAO!!!
give me something to believe in
G20 meeting this weekend in DC?
The federal reserve should make a toilet that dispenses money with every flush.
Oh SNAP over 400 point decline... I guess the Hoopajoops jammed rocket engines on my plunge protection ejection chair.
So the only companies we are not bailing out are McDonalds, Budweiser, Remmington, and Trojan?
Nice observation.
We're reverting back to our American roots.
Bush, Paulson, Frank and Pelosi acting like they were snookered. Ha. They did the snookering.
"Can't anybody here play this game"....Well Casey,a game is being played here and we're all being played.
Where are all the "Bargain Hunters"?
Ministry of Truth
Circuit City
The "in" crowd makes major headway today as the Dow manages to tread water with oil and silver, but gets crushed by glod and food.
Looks like the Flame of Anor failed to dodge the fire whip...
give me something to believe in
irreverent
hoopajoops
Yup, at this rate we're gonna have to create may squeals to TARP. How many? Who knows... how many Rocky movies were there? I lost count at 4
10 points worth of sell-on-close on the Dow. Not an auspicious ending to the day.
Send lawyers, guns, and money writes:
"TARP Applies for Assistance Under Federal Program
Now, that's funny!
sorry, in meant
many sequels
Nov. 12 (Bloomberg) -- Distressed sales of commercial real estate may rise next year as about $36 billion in securitized loans written in 2006 and 2007 come due, an executive of Grubb & Ellis Co. said today.
That figure will grow to $55 billion of commercial mortgage- backed security debt due in 2012, triggering delinquencies, defaults and forced sales, said Glen Esnard, president of capital markets for the Santa Ana, California-based real estate services firm., citing research by JPMorgan Chase & Co.
``A lot of that debt is not refinanceable at its current level or current rate,'' Esnard said at a briefing for reporters today in New York.
....McDonalds' income up over 8%? So much for home cooked meals....
"TARP Applies for Assistance Under Federal Program
Treasury Secretary Hank Paulson announced today that the Troubled Assets Relief Program would apply for an emergency loan of $500 billion from the Troubled Assets Relief Program. 'And, dammit, they better loan the money,' Paulson was quoted as saying."
Internal stack overflow. Core dumped.
The Iraq War is staring to look "cheap" dollar cost wise.
Please, not during lunch, ac.
I call 7000 by 12/31; any takers?
Bob Dobbs | Homepage | 11.12.08 - 3:44 pm | #
I'll take that bet, I say Nov 31st. I have a $100 Circuit City Gift Card. Bet?
Cersei = Palin
Tywin = Paulson
Failing US companies demanding aid via TARP = the others?
deflationary jane | Homepage | 11.12.08 - 4:05 pm | #
King Robert = Bill Clinton
Prince Joffrey = George W. Bush
My favorite character is Tyrion, but I can't think of a real life example.
I knew there's be a couple fans here!
I peg Paul Krugman as Tyrion...
"Where are all the "Bargain Hunters"?
Ministry of Truth
Circuit City"
I went by Circuit City last weekend. Trust me the "bargains" there are as good as the "bargains" on the S&P right now. Crap.
I want to announce my conversion to bankholdingcompanyism. Tithes collected daily, and I am backed by St.s Bernanke and Paulson.
And Obama as Jon!
What happened to the last 10-second volume spikes lately?
CR: There appears to be a crazy person talking to himself on the Credit Crisis Thread. You may want to call security.
10 points from new spx low.
If we break that bridge we might get that plunge into the deep...
The bond market is the last bubble.
From the Prudent Bear
Currently the 10-year Treasury bond yields a pathetic 3.78%, well towards the low end of its long-term historic range and well below the US inflation rate of about 5%. Including the housing finance agencies Fannie Mae and Freddie Mac debt of about $5 trillion (which is now explicitly government guaranteed) and the $4.3 trillion held in the social security trust fund, there is about $15.6 trillion of US federal debt, a total that increased by over $1 trillion in the year to September 2008 and is increasing even more rapidly currently. Add about $9 trillion of home mortgage debt and $6 trillion of high quality corporate debt (and ignoring debt of financial institutions, which can be expected to be largely matched against other debts) and you have a total outstanding amount of $30 trillion of debt subject to interest rate risk, excluding the junk and near-junk that is currently in the process of defaulting.
There are a number of reasons why Treasury bond yields and the yield curve in general are likely to rise sharply in 2009:
· Borrowing requirements. Treasury borrowed over $1 trillion in the year to September 2008; it is expected to borrow close to $2 trillion in the year to September 2009. That’s 13% of US Gross Domestic Product.
Washington (AP)--Henry "Hank" Paulson has just announce that selling will no longer be allowed on the exchanges.
It was once told to me that the best way to disprove a really bad idea, is to follow it to perfection, and to the extreme.
I'll say, why not open the floodgate to the bailout. Let the fed float 1000 trillion (what's the new term then, 1 gazillion?) in new bailout and debt.
If it's a bad idea, it will prove itself.
No need for all of us to get upset over it -- esp considering that it will happen one way or another.
A square peg WILL fit in a round hole if you're determined enough, at any cost!
I have a $100 Circuit City Gift Card. Bet?
I'll match your CC card with my Social Security account and raise you with my TIAA-CREF account.
ac: borrowing from Paulson to pay Paulson.
So much for the 18 to 20% index gains from the end of October
Tomorrow -- again, ugly claims data for unemployment; again, falling Federal tax receipts.
SPX below 800.
Yes We Can!
CRVIX is ticking up again.
Is anyone keeping tabs on the new bailout total as of today? Over 4 trillion? 5 Trillion?
Oh the insanity of it all.
1000 Trillion = A Brazilia
Anyword on that "second half recovery" we were told about???
Let's see if the Nikkei can top that!
I can't think of any reason for a hold of 830.
Bwaahaahaa!
Golden Schmucks down 11%, Morgan Stanley down 15%.
Hooray!
"I'll say, why not open the floodgate to the bailout"
Yes, hc, that is precisely the endgame. You see, the dollar will always be worth something as long as those shitheads in Asia keep on pegging to it. So, the game is afoot...let them peg to a lead anvil that has been pushed off a cliff.
RE TIAA: 6% tax free is nothing to sneeze at.
1000 Trillion = A Brazilian
Hey, I asked for a haircut, not a waxing!
"zoom writes:
I call 7000 by 12/31; any takers?
Bob Dobbs | Homepage | 11.12.08 - 3:44 pm | #
I'll take that bet, I say Nov 31st. I have a $100 Circuit City Gift Card. Bet?"
How about a $50 Sharper Image gift certificate?
And my bet is 12/31 at the latest? I'm no chartist, but a one-year chart of the Down shows a pretty regular pattern.
Crewman writes:
The bond market is the last bubble
I thought about this in early Oct and took some positons...I think the bond market is completely wacky right now. I am also expecting the Fed will have to pay 5-6% interest on new and rolloever debt. How you have a stated domestic rate of maybe 1% but have to pay a huge multiple to refi is, well, beyond my little brain to figure out. Maybe BB will use his last bullet and cap long term rates.
OK, the GE backstop is the last straw. This is the height of idiocy; if GE can't survive without government guarantees then the USA is well and truly hosed.
"Anyword on that "second half recovery" we were told about???"
If you change that to second half (of the century) recovery than I believe that is entirely possible. But not a given by any means.
There's only one thing left that the Feds can do...
Stage a fake alien invasion.
You've been warned.
if the former i-banks fold, how will treasury fund the debt?
Yen/USD down 3pts == NIKKEI down 750pts ?
and C hit single digits...booyah!
mo' cowbell!
Whats the fund that shorts treasuries again? TLT?
crispy&cole writes:
Anyword on that "second half recovery" we were told about???
Which year?
Ian writes:
Whats the fund that shorts treasuries again? TLT
IS there one??
TBT is the 2x inverse of 10 yr +
Ian - TLT is long long-dated Treasuries.
oops 20+
TBT is the inverse
TLT is the long bond fund
IEF is 7-10 yrs
coupla others, umm SHY? is the really short term and there is one more between it and IEF at least...
Who believed that crap.. and yes, I was right that TARP would not ultimately be used to buy toxic assets.. just toxic companies. I said that a few minutes after TARP was announced.
// crispy&cole writes:
Anyword on that "second half recovery" we were told about???
crispy&cole | Homepage | 11.12.08 - 4:17 pm | # //
Barack's father wasn't a Kenyan, he was a Targaryen!?!
For the rest of you who don't get any of these references, pick up "A Game Of Thrones" and sequels for a highly engrossing read.
if GE is on the brink of financial disaster, we all might as well "hide under our desks" as we are truly F'd.
[Whats the fund that shorts treasuries again? TLT?
Ian ]
TBT 2X inverse
Stage a fake alien invasion.
You've been warned.
Broward Horne
Propaganda groundwork already laid. UFOs on CNN as if Art Bell was producing.
And since the staging of phony military attacks has been exposed....
/tinfoil hat
I have to agree with Comrade Anonymouse- the decline is getting long in the tooth, volume declining again.
That's why his eyes are purple.
"Winter is coming"
DUMB
Magnolias roll up tightly, buds secure,
Waiting out the coming of the sun,
Provident without a nervous system
Now, and since the mob of us were none
If simple trees have foresight, why not we
Who could bind up the future in the past?
If only we were wiser, less secure,
But none more ignorant than our dynasts
Sphinx and Sybil, daft Ezekiel,
One and all ignored, Elijah too,
Isaiah, Jeremiah, Samuel
Wise as trees beside the waters grew
But dumb as tongue-less sycamores they might
As well have been, for all that they were right
\t\t\t\t\tPavel
\t\t\t\t\tNovember 12, 2008
Craigslist advertising budget coming for crocs......
4:18 p.m.
[CROX] Crocs expects Q4 loss of 50c-65c a share
4:17 p.m.
[CROX] Crocs Q3 rev $174.2 mln vs $256.3 mln
4:17 p.m.
[CROX] Crocs Q3 net loss $1.79 a share vs 66c profit
Sooo... Crox guides for a 30% revenue miss?
"Whats the fund that shorts treasuries again? TLT?"
Don't forget TBT. Double your pleasure, double your fun. Should be a good entry soon if (1) stocks tank, and (2) people foolishly run to bonds.
Sure worked for me Oct 23rd!
TBT - SharpCharts Workbench : StockCharts.com
crispy&cole writes:
Anyword on that "second half recovery" we were told about???
The "recovery" is ALWAYS Exactly 6-9 Months Away. I laughed earlier this year, when they predicted a turnaround by Fall '08.
Right now, they're predicting the recovery will begin in 2nd Qtr. '09. Watch for that to become 3rd Qtr. '09 in January.
Who even buys crox?
No, squeals is about right- the whole thing makes me want to squeal like a pig, if you know what I mean.
TBT 2x inverse...appreciate the help fellas
"Stage a fake alien invasion."
Fake? Are you sure?
Who even buys crox?
crispy&cole | Homepage | 11.12.08
Just got big in Latvia.
Here's food for thought.
An unintended consequence of the TARP (bailout of the wealthy) is that our economy and political systems will change FOREVER.
Cronyism will grow and grow until all faith in our Republic and money is forever weakened.
Welcome to the new world order.
Louie Sez writes:
if GE is on the brink of financial disaster, we all might as well "hide under our desks" as we are truly F'd.
Currently Smoking Cannabis writes:
Stage a fake alien invasion.
You've been warned.
Broward Horne
I don't know about you two, but I'm already hiding under a desk on the mothership.
"Stage a fake alien invasion." Fake? Are you sure?
Yes. The real aliens are withdrawing over the Rio Grande.
"The "recovery" is ALWAYS Exactly 6-9 Months Away."
-Brother Shitless
So true.
Stick that post-it note on your monitor.
"Stage a fake alien invasion."
We could trade the aliens some MBSs and CDOs for a new planet.
Who even buys crox?
all those people who bought wave runners to go to the river-havasu with thier equity from their brand new home in the inland empire...
and old desert rats
History from here on out will be written by the losers.
Obama can't even fly to Hawaii for his Grandma's funeral? How callous.
How much will AmEx get? They are a bank next week I think. KKR also applied for bank status?
Louie Sez writes:
if GE is on the brink of financial disaster, we all might as well "hide under our desks" as we are truly F'd.
Yeah, but they said that about Fannie, Freddie, BS, Lehman, AIG, Etc.
Not to worry, they'll figure something out.
"We could trade the aliens some MBSs and CDOs for a new planet."
Who would trust us with a new planet? Maybe a used planet.
Crocs are for those who lack the class to wear Birkenstocks. Come on, dudes. Wrap your feet in rubber? That aint right.
Plantagenet,
I have saying that for years here, and have routinely been derided as crazy.
But now I see evidence that I am right and the tide of illegal immigration is reversing.
It will be even more shocking when the Chinese begin to flee.
That is when you know the economy is getting grim.
Is there anybody who thinks this administration's economic policy is not a total failure?
G20 is coming soon.
That should be an utterly fascinating exercise with all of the financial stress reverberating throughout the world.
Someday this war's gonna end...
croc of sh!t, is what it is.
I'm calling all my auto dealer clients and telling them to be hard money, buy here pay here lenders and buy the bad credit thier seeing so they can apply for the bailout...
Obama took time off near the close of a very busy campaign to visit his grandmother when she was ALIVE. There are those who prefer to wait for the funeral. Obama is not one of them.
These markets are approaching the Oct. lows at too high a speed for a double bottom, and the dreaded parabola and today's low closes look likely to send the indices into cover in areas like DJIA 7200, SPX 745 and NAZ 1300, down another 13% into the next bear market lower low possibly Fri-Mon.
Bush and/or OB should really just shut down the markets and declare Level 3 status for equities and corporate debt everywhere, preventing impending pension fund and margin collapse and trillions in collateral damage. It'll be very grim if they don't.
According to Denninger, the latest Treasury auction (17 day) managed to sell only $12 billion out of $150 billion offered.
Listen. If we can no longer sell debt, it's all over. All activity will be drowned out by the roaring hum of the printing press.
"I don't know about you two, but I'm already hiding under a desk on the mothership."
Perchance can you upload a virus while you are there?
croc of sh!t, is what it is.
Watch your language, there are children about.
"The "recovery" is ALWAYS Exactly 6-9 Months Away."
-Brother Shitless
Like Tom Friedman's victory in Iraq!
And Pavel - I always enjoy your poems.
can anyone explain how CORS went from 1.61 @3:30 to close at 2.15??
My calculator says thats a 31% move..in 20 minutes?!
Think it had sompin' to do with 244,000 shares crossing in the last minute of trading? On total vol of 900,000?????
Weeeeeeeeeeeeeeeeeeeee!!
Amercia, What a country!!
BUY, BUY, BUY...........
Remember that Roubini predicted market closures...
But now I see evidence that I am right and the tide of illegal immigration is reversing.
It will be even more shocking when the Chinese begin to flee.
Mexicans are having trouble crossing the border Back Into Mexico.
ew thread
Stage a fake alien invasion.
Who will beat up naughty aliens?
Barney Frank?
Come on, dudes. Wrap your feet in rubber? That aint right.
Actually its molded plastic. Real Rubber would cost over 10 bucks per pair
Obama is not one of them.
Yes, his zealous, brainwashed disciples will spin it as "he's proactive."
the first time I saw crocs I couldn't help but think of the pet rock gig...
I hate wearing a wetsuit let alone rubber surrounding my feet...
unirealist writes:
According to Denninger, the latest Treasury auction (17 day) managed to sell only $12 billion out of $150 billion offered.
Listen. If we can no longer sell debt, it's all over. All activity will be drowned out by the roaring hum of the printing pres
Yeppers, an 8% Bid to cover.
It appears that Paulson's bazooka is out of ammo.
squeezed writes:
Remember that Roubini predicted market closures...
Yeah, and he's hardly ever right.
I hate wearing a wetsuit let alone rubber surrounding my feet...
cd
It's actually not rubber; it's plastic. Rubber is too expensive.
What of the Aliens are all gay and they're here to take love slaves?
GE is not getting any money just insurance so GE can roll it's short term loans at competitive rates. This is more about the credit crunch than GE's financial health.
My take anyway.
Jim
I hate wearing a wetsuit
You go swimming in the bay in your Skivvies?
Paulson is an alien Love Child.
""The "recovery" is ALWAYS Exactly 6-9 Months Away."
-Brother Shitless"
And analysts ALWAYS predict S&P will rise by 10% EVERY quarter.
We could trade the aliens some MBSs and CDOs for a new planet
Holy Christ, do you want to turn the entire Earth into a smoking ruin?!
Paulson announces TARP II -
"Dastardly aliens have invaded at this, our most vulnerable moment, and we seek an immediate funding of $122.68 trillion to defend the planet. Their original invasion site a remote location in the Nevada desert which is closed off to civilians or reporters. You'll just have to take our word for it that a large alien craft has landed"
Mr. Obama, can I have a job now?! I'm okay with no doing real work anymore!
On a more serious note: I live in an area of retirees and soon to be retirees. In spite of my efforts, they all had essentially all their funds in equities. Their houses have gone down by 60 %. 401 to 201'S. Medical killing them. It's been a zombification of the neighborhood.
unirealist it was not a treasury auction. it was TAF.
The question is would it be easier to manage us (if aliens were going to introduce us into the civilization of the universe) if we are broke and in debt?
NC Jim is right.
Panic over
re: Alien invasion.
This just in from Kent Brockman:
YouTube -
Liberia.
[Remember that Roubini predicted market closures...
squeezed ]
That should put a lid on the VIX. Unfortunately if that happens now I get screwed out of a crapload of Nov options contracts.
I'm putting together a convoy to Mexico. My buddy has an upholstery shop and is willing to sew us all into van seats for the trip. Bring $5000 and a camelback. We leave at midnight. 2 seats open.
Paulson is an alien Love Child.
His head looks like the tip of a penis...a really large and ugly penis.
Currently Smoking Cannabis
I want to be sewn into soft Corinthian Leather...
if GE is on the brink of financial disaster, we all might as well "hide under our desks" as we are truly F'd.
I'm not sure why GE is so special. Under Welch they morphed from an industrial powerhouse to a financial firm. While the hardware generated significant revenue (~50% I think), most of their profits came from the financial side of GE. Hardware simply served the purpose of pushing more financial and maintenance services.
Equity in the hardware subsidaries (engines, power, plastics, lighting, etc.) should be the price for receiving taxpayer assistance imho.
What does everyone think about GE at these levels - short, buy, ignore?
unirealist writes:
According to Denninger, the latest Treasury auction (17 day) managed to sell only $12 billion out of $150 billion offered.
I see the bond market the end all, blood in the streets scenario. I am sure the Russians have their hands full with their economy and China is spending $586 billion on their own infrastructure. The hedge funds will be out of money soon. WHO WILL BUY THEM?
if we are broke and in debt?
Mutually exclusive cases.
You can be broke.
Or you can be in debt.
You guys have to admit... at this point an alien invasion isn't much of a stretch from what we're already hearing and it would be more entertaining.
If the Feds couldn't float $150 billion... then credibility is truly exhausted and more extreme measures will be taken.
"And Pavel - I always enjoy your poems."
Thanks, Gary. I don't understand why I'm writing poems like that one. The grim Spirit of the Age, maybe.
Once again, I don't believe that the fundamental problem is with our economic system. I think the problem is us, and in a secular sense it's one that has never been resolved. It has happened over and over again. I'm just now reading about the collapse of the French Third Republic.
PeakVT
The whole market should be ignored... Stay away and until new leadership at the Treasury
Do your little toes grip the insides of your shoes when I say the word
Cordoba?
Cordoba.
Actually, the whole market should be banished. We need a new way.
As has been said...there is only one way a ponzi scheme can end. It doesn't matter who leads Treasury at this point.
Maybe its time for preferred treasuries.
[I am sure the Russians have their hands full with their economy and China is spending $586 billion on their own infrastructure]
And the arabs have ambitious projects going while petrodollars are doing a vanishing act.
Seriously, WHO WILL STEP UP to fund the USG ?
I think the problem is us, and in a secular sense it's one that has never been resolved. It has happened over and over again. I'm just now reading about the collapse of the French Third Republic
I agree. What I've seen in the US is a slow transformation to catering to ego. The entire economy runs on lies now, telling people what they want to hear.
I've spent a lot of time in the past year or two to try and quantify it in terms of network data mining. I know it exists, I can see it in the graphs but I can't get it granular enough to really understand it.
bearly, what?
You don't wanna volunteer?
Are you unpatriotic or what?
Buy bonds!!
Seriously, people only begin to worry about bonds now?
WTF is the SS "Trust Fund" stuffed with?
Puhleeze, either you understand fiat currency, or you don't.
Plainly, a lot of folks still somehow think we are constrained by a working gold standard.
Education in this country is absolutely pathetic. No wonder most economists just sit quietly in the corner and laugh.
Someday this war's gonna end...
Jaz is still buying bonds?
Tim-
nope 4/3 minumum with hoodie and booties...
I wish their was some kind of good shark repellent...
No wonder most economists just sit quietly in the corner and laugh.
Hmmm, I can think of a couple other explanations for that behavior.
Jas is all geeked up on Treasuries.
Which makes me wonder, is it better to be born and bred a dope or to convert late in life?
The consequences of a collapse of the American automobile industry would be particularly troublesome
Not as bad as the consequences of handing out free money to anyone and everyone.
This guy is moron of epic proportions.
Citizen AllenM writes:
Seriously, people only begin to worry about bonds now?
Lighten up Francis!
It wasn't a problem till we ran out of buyers
"I've spent a lot of time in the past year or two to try and quantify it in terms of network data mining."
My wife told me today that she read that google thinks it can forecast flu epidemics by mining what people search for in 'symptoms.'
Sounds eminently plausible, no?
"What I've seen in the US is a slow transformation to catering to ego. The entire economy runs on lies now, telling people what they want to hear."
I haven't watched television for years.
Cd
Glad to hear... =)
I've never witnessed as many retailers going under as seen this year. Not even in 73-74 or post 9-11.
My folks tell me this is very reminiscent of the big D. Entire industries wiped out in a matter of weeks.
cd: short board or long?
WASHINGTON (AP) - US president-elect Barack Obama announced on Wednesday that Jiang Zemin will serve in his administration as Secretary of Treasury. A press conference will be scheduled for later in the day.
As the credit tide goes out it looks like GE and Berkshire execs, among others, have been swimming without suits. Imagine nude beaches in Fairfield and Omaha.
fun board..7'8"..I'll leave the short boards for those skinny grommetts...
After hours dumping.
Saw the stupidest editorial today.
Friedman said Steve Jobs can save Detroit.
MacDailyNews - NY TImes' Friedman: How to fix broken U.S. auto industry? Get Apple CEO Steve Jobs involved
He folks I posted this on a now dead thread, but here is my take on Paulsons new plan, to long to cut and past here though as I interspersed my comments in his text:
Paulson Pulls Back the TARP
Make sure you have your sarcaism glasses on when you read it
CSC writes: "I'm putting together a convoy to Mexico. My buddy has an upholstery shop and is willing to sew us all into van seats for the trip. Bring $5000 and a camelback. We leave at midnight. 2 seats open."
Can I send a couple of the kids along? The JW's don't visit this part of the neighborhood much anymore. The kids like tight, close, places filled with people.
Jim
NC Jim
Not about GE? Why did their share price tank in late day? This ought to have been good news for GE, no?
I went completely to cash on the day the Dow topped out in October 2007. Smart people on this site: Is Roubini right that 6500 to 7000 will be the bottom? Or does all this Depression talk change the equation?
@Bob Dobbs
I agree with the 7000, but I'd argue the date is probably off by a month. Try 11/28.....
Totally stocked on popcor
Again, never invest in any company with "General" in its name.
Nemo
I know somebody that's exceptionally superstitious and she never takes any medicine that has an "X" in its name.
DuPonts have owned the largest share of GM since the 1930's. A Biderman-DuPont encouraged the South to secede, then cashed in on the war business up north. DuPont-owned United Fruit paid soldiers who massacred strikers at Cienega, Colombia in the early 1900s, then DuPonts endorsed Mussolini and their Opel company built troop carriers for Hitler. In 1934 DuPonts offered the guns, Morgan the money for an avowedly fascist move by 1 million vets to overthrow Franklin Roosevelt, but Gen. Smedley Butler blew the whistle on it.
And photo'd at Dealey Plaza on Nov. 22, 1963 was DuPont United Fruit employee Allen Dulle's waterboy, Gen. Ed Lansdale, whose specialty was shooter teams (see the website of Col. Fletcher Prouty whose colleagues recognize Lansdale in the photo).
Fast forward to the present--first to go into Iraq and try to take Iraqi oil for their own was Conoco, another DuPont family company. I could cite many more examples of DuPont crimes against humanity.
Rather than bail out the American Borghias--DuPont's GM, let it fail then reorganize and retool to make more efficient cars, rather than planet-killing monsters like the Hummer that use 2-4X what your car uses.
This is our chance to remove a murderous presence from its palace. Don't waste the chance.
I'm sick and tired of the no bank/no mega company left behind bill our government is sopporting what about us humble citizens?