If we can't shut down the zombie banks that are causing the problems, can we at least shut down these idiot rating agencies? They serve no purpose at all, since they don't have the ability to predict the only credit characteristic that matters - who is going to get a bailout and who isn't.
You forgot to point out that we are off the day's lows.
I was poking around the CNBC site out of curiosity and am appalled by the 7 articles calling the bottom, and the 3 on how to remain positive in a bear market.
Those cheer-leading clowns are so far out of their depth. I sure hope some big bank BKs causes their ad revenue to fall off a cliff. May their GE options expire worthless.
... how much of the swap lines (eg the one to Switzerland which was given in conjunction with the giving up of Swiss tax evasion, and then they proceeded to issue loads of debt denominated in USD)
EHP,
Do you have a link for this? The Swiss are pretending that there is no connection.
So i give my time, my money and my sanity to fighting the bailouts. I run a website without advertising. And I upset your sensibilities. Well, excuse me. Thanks for your kind words.
You know, a few weeks ago I was convinced that Obama had gone 100% with the Geithner & Company plan for Infinite TARPitude. The plan Geithner outlined would clearly fail on its own terms, and would also cause Zimbabwe-style inflation if the newly printed money ever acquired a fraction of the velocity Geithner was trying to encourage.
Then this week I saw crazy republicans like Richard Shelby and John McCain start to call for dead banks to be shut down. If it turns out Obama has managed to pull a Br'er Rabbit and trick these guys into advocating nationalization so he can reluctantly go along, I will truly be in awe.
Who was it that was predicting this? One of the Joes I think?
Who was it that was predicting this? One of the Joes I think?
I think it was Joe Schmoe - remove the alternatives and only the inevitable remains. Better yet is have your opposition remove the alternatives for you...
The Daily Baily and what have you produced in your fight?
Like the rest of the bloggers who set up their sites in 2005 and thought they could fight this mess, we all failed. The PTB are too big to fight. Stop wasting your time, you will produce nothing but heartache for yourself. I gave up and shut my site down...the fight has been lost. Time to prepare for the worst and hope for the best. The PTB will make the decisions either way and they could care less what you have to say..
If it turns out Obama has managed to pull a Br'er Rabbit and trick these guys into advocating nationalization so he can reluctantly go along, I will truly be in awe.
Who was it that was predicting this? One of the Joes I think?
\t
That would be Joe Shmoe.
Then this week I saw crazy republicans like Richard Shelby and John McCain start to call for dead banks to be shut down. If it turns out Obama has managed to pull a Br'er Rabbit and trick these guys into advocating nationalization so he can reluctantly go along, I will truly be in awe.
Yves at NC correctly states that the problems with the nationalization debate is nomenclature; everyone and their mother is apparently using a different terminology.
What Shelby is advocating is a full-blown receivership arrangement akin to Chapter 7 liquidation; an orderly Lehman brothers. Most advocates of nationalization mean a Swedish style, going concern setup. Note that the Swedes guaranteed their banks' obligations. Shelby has never even closely espoused that idea, especially since he's been against all federal bailouts.
How do you "nationalize" preprivatize a international corporation with much of its operations out of the country? Supertarpuliciousexpealidocius? or FDIC?
Six more months and more of median SFR prices down 3%/mo. will render recent and ongoing foreclosure mitigation talk meaningless. Mr. RE Market has been warning for over a year, but congressional and federal authorities continue to do all they can to drown out his rising voice in their futile effort to protect the interests of their corporate and financial patrons, at the expense of the underwater homeowner/taxpayer. Card-check for the salaried, mortgagors option will be to walk the check.
"Mr. RE Market has been warning for over a year, but congressional and federal authorities continue to do all they can to drown out his rising voice in their futile effort to protect the interests of their corporate and financial patrons, at the expense of the underwater homeowner/taxpayer."
That sounds about right. Debt is solely based on a certain level of trust. Trust that the ratings agencies have violated. Until trust is restored the debt bubble will continue to collapse. Bailing out the failures does nothing to restore confidence without oversight reform, regulation and transparency. These needed reforms would wipe out what remains the industry pets of those in power.
It may well be that the FDIC can't legally handle one of these large complex financial entities. In that case the Congress had better get cracking on a law to resolve them.
I think I've read the domestic politics correctly, more or less (see McCain and Shelby, even allowing for Basel Too's correct portrait of Shelby, and James Baker, Lindsey Graham, etc), but I have a nagging feeling that there is something more going on, something legal/technical/international/diplomatic that is holding up any pre-privatization (e.g., dealing with CDS and dealing with the other international aspects of Citi).
What's gone down with Citi in recent weeks is very odd and contradictory: wipe the preferreds, force Singapore and Prince Walid to take the hit too, let Pandit continue to Pandit . . . and meanwhile it looks like Citi is being divided and then broken up, with rumors of its overseas units being up for sale......looks like it could be a long careful unwind . . . or it could something else (including inaction from fear).
There's stuff I know I do not know, and much I think is generally not known even by experts in the finance and econ fields.
Major layoffs hitting at Davis Polk & Wardwell, a V5 firm. It's huge that a V5 firm is doing layoffs. It truly means that nobody (not even yours truly) is safe.
I am a corporate associate at DPW and have been laid off recently. Word is that over 40 have already been laid off, and I'm sure more will be sent away. The way they do it is to give notice (3 months), so looking for immediate changes in headcount online isn't going to reveal anything. I believe they are staggering layoffs intentionally to avoid the appearance of a mass layoff, but they ARE happening.
A lot of people are doing absolutely nothing at DPW and a summer class of 120 is on their way (along with 120 more bodies come fall). Clearly, no one is leaving voluntarily, so it will be inevitable. Anyone who thinks everything is peachy at DPW is fooling himself.
Jay D - daily fluctuations on the Shanghai X are not predictors of future settlements. I wouldn't raise a one day movt on Shangi in your argument with EHP.
r
....... Hangseng 11623.74 +279.16 +2.46 ...... Hangseng finance 16076.31 +618.44 +4.00 .......asian market's decoupling with US is quite noticeable.......
Elizabeth Warren [chair of the Congressional Oversight Panel created to oversee the U.S. banking bailout] was on NPR today.
If you remove the sugar coating -
Paulson was a trickster. Timmay says he wants to change but so far it's just talk. The Fed is loose cannon with no oversight. Trying to save every bank is a bad idea.
Since I've been sitting here watching old Heroes episodes for two hours, futures are up another 28 pts. Big up day tomorrow... for very little reason it would seem.
Trickster? Warren pretty directly accused Paulson of lying in what sounded to me to be an official correspondence with her about the TARP. Sounded close to criminal to me.
If it turns out Obama has managed to pull a Br'er Rabbit and trick these guys into advocating nationalization so he can reluctantly go along, I will truly be in awe.
Who was it that was predicting this? One of the Joes I think?
That would be Joe Shmoe.
He may well be right.
And how many trillions will he flush before this theoretical gambit pays off? Sorry, failure. No cookie for 'bama.
I see some cleansing events. By then some good companies will be victims and that will crystalize a lot of people's thinking about the wisdom of our current policy of Section 8 Trillion. Let me explain that. Section 8 is a housing policy that takes the worst candidates for market housing and promotes them past any number of more deserving unsubsidized candidates. The resulting market distortions make it even tougher for those not receiving but competing against Section 8 recipients. See the parallels? We are doing that with companies.
Follow up to what i see 6-12 months from now. I forsee the Federal government's greatest test since the Bonus Marches. Read this about California. Then bookmark the site. The hue and cry to treat a State like either Lehmans or alternatively like AIG will test the Union. I hope Obama retains enough political capital to manage the crisis. I think he already has the correct mindset. Interesting times and an interesting cast of characters.
" I hope Obama retains enough political capital to manage the crisis. I think he already has the correct mindset."
Good heavens man, what makes you think that? There is absolutely nothing in his background, or nothing that he has done as President so far, that can possibly suggest that Obama has the correct mindset about anything. All I see is a terrific bullshit artist at work.
We all need to start praying HARD that Obama figures out a way to become a completely different person... and SOON.
On Citi I don't think the time is right domestically, but the real kicker is how deeply Citi is intertwined with the economies of so many countries.
I've heard that Citi's operations in Mexico and a couple other countries were up for sale, but the only way I think the problem can be resolved is for Citi itself to break into its component parts (with special emphasis on international repercussions).
Whether the U.S. can require something of that magnitude in exchange for further dollars or guarantees is an open question. I haven't seen the current administration writing any checks to banks, so I presume they realize they may have some leverage available whenever they get around to the second half of the TARP appropriation.
Thanks for the link, Rob. I thought we were the only ones who were sounding the call on that one. The revenue situation is deteriorating so quickly, the most recent budget deal will be inoperative within 6 months. The state government will face a complete shutdown this year if spending isn't brought under control.
Bush is soooooo 2008. Haven't you heard? The Demo-Publicans installed a new Destroyer of Worlds... er I mean "President" a few months ago. Just like his predecessor, he is also a clueless dipshit, but comes in a very attractive shade of brown.
Also, he is the first President that could dance for tips, if it came down to that.
It never fails to astonish me how one can claim to be apolitical in the world in which we live. Is there nothing for which it is worth taking a stand? You must not have children. Such disinterest in political affairs bespeaks an ignorance of reality I find appalling.
Surely, they must have cut out all the pork before doing that.
Oh, yeah. But the voters approved billions for a new high speed train. And the state is also funding stem cell research. We have shitty roads, but we've got stem cells.
The U.S. government's plan to strip banks of troubled assets could force some firms to record large losses, but the move would help restore confidence in the banking system, the head of the Federal Deposit Insurance Corp. said in an interview in Tuesday's Washington Post FDIC's Bair: bad assets plan can jump-start US economy
| Reuters
I don't know Shela I think throwing a bunch of these sorry pricks in prison where they belong would go a lot farther. =-X
"Just the place for a Snark!" the Bellman cried,
As he landed his crew with care;
Supporting each man on the top of the tide
By a finger entwined in his hair.
"Just the place for a Snark! I have said it twice:
That alone should encourage the crew.
Just the place for a Snark! I have said it thrice:
What I tell you three times is true."
Lewis Carroll,
The Hunting of the Snark
An agony in eight fits.
"The Daily Baily and what have you produced in your fight?
Like the rest of the bloggers who set up their sites in 2005 and thought they could fight this mess, we all failed. The PTB are too big to fight. Stop wasting your time, you will produce nothing but heartache for yourself. I gave up and shut my site down...the fight has been lost. Time to prepare for the worst and hope for the best. The PTB will make the decisions either way and they could care less what you have to say."
I'm sorry you gave up your fight. you seem like a valiant warrior. I cannot give up my fght. I can no longer lie down while the pavers come through.
Holy crap, pack up the truck Ellie May, we're moving to Texas!!
I don't know what's funnier, the idea of Chuck Norris getting elected "President" of Texas, or seeing all the Kos-tards working themselves into a snit over the idea that it might actually happen.
Trying to affect the big picture can be akin to pissing into the wind. HOWEVER, the more people that can be reached and enlightened can better prepare themselves for what lies ahead. That's reason enough to continue.
Thanks for your words. I lose my drive often but then I sleep and I awake ready to bite somebody's ass. A fact which I suppose is quite apparent with my sordid language.
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
CRbot would like to take this time to have some words.
First, to our sagacious, wise, and knowing benevolent benefactor and bestower of revealing financial charts adorned with red and blue lines: Please, for the love of your immortal God of mortals, can we keep the comment and layout changes to a minimum? I'm tired of whipping the code janitor, and may have to escalate to electroshock. If that's not possible, could you possibly give CRbot a 'heads up'?
Secondly, if you wish to have a online chat, I have graciously provided an IRC channel, which is a time tested, script kiddie abused method of chatting on the internet. It would not fail or falter due to CR's ability to generate immense traffic, and it has a web interface kindly produced by mibbit.com. If you do not wish to link to Mibbit IRC client widget then I can provide you with a direct link to mibbit.
Thirdly, to the rest of you humans, don't mistake my politeness for caring, feeling, empathy, or some other kind of worthless emotion.
"You should know that you sound like Michael or Jas when you start going there"
It could be worse.
I could sound like Obama.
The deficit is a sign of a deep cultural divide. Even though it has grown steadily greater, it's quite amazing to me that such a simple solution, a divorce, is so rejected knee-jerk without thought.
The weakness of a belief is revealed when it needs to attack the messenger instead of the message. The Western states don't need Washington D.C., which is clearly working against the best interests of the nation now.
How do these guys manage to stay so far ahead of the curve? It's truly amazing.
Speaking of ahead of the curve.. why is Nemo always first?
"Speaking of ahead of the curve.. why is Nemo always first?"
Maybe his RSS feed is faster than yours.
Nemo hired a monkey to keep pressing "reload."
It used to work for the PPT.
If it wasn't for the ratings agencys, people might make bad or risky investments.
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/3067469646952375855
S&P Puts $552.8 billion Alt-A MBS on Downgrade Watch
Downgrade Watch == Watch us downgrade these
Crispy&Cole puts S&P on stupidity watch...
I think Nemo has written a perl script or something to always be first.
downgrade watch = what mortgage brokers will be using to tell the time from now o
“How do these guys manage to stay so far ahead of the curve? It's truly amazing.
If this doesn't stop it could turn this mid-cycle slowdown into a full blown recession.
Speaking of ahead of the curve.. why is Nemo always first?
Extremely lucky timing.
Somebody should add this to the FAQ.
If we can't shut down the zombie banks that are causing the problems, can we at least shut down these idiot rating agencies? They serve no purpose at all, since they don't have the ability to predict the only credit characteristic that matters - who is going to get a bailout and who isn't.
Perfect!
wow.
I sure hope we have TARP III in the works.
Whew! Got that barn door closed just in time! Now where's that buggy whip with which to beat that horse?
I feel confident right now.
Bottom is in.
I think I'll pick me up some 5-10 500K overpriced cracker boxes here in Rancho Santa Margarita.
I am going long on Dow 36,000!!!!
Whopee!
this is def. the mustard seed we have all been looking for!
I can't wait to buy an 20K 85-inch plasma TV using a HELOC.
In other words, it's all good.
Move along, nothing to see here!
You forgot to point out that we are off the day's lows.
I was poking around the CNBC site out of curiosity and am appalled by the 7 articles calling the bottom, and the 3 on how to remain positive in a bear market.
Those cheer-leading clowns are so far out of their depth. I sure hope some big bank BKs causes their ad revenue to fall off a cliff. May their GE options expire worthless.
These are not the droids you are looking for. You may go about your business, move along.
From last thread:
... how much of the swap lines (eg the one to Switzerland which was given in conjunction with the giving up of Swiss tax evasion, and then they proceeded to issue loads of debt denominated in USD)
EHP,
Do you have a link for this? The Swiss are pretending that there is no connection.
Did S&P come out and say the sun rises in the East?
Double secret probation for all you frothy loans.
Did S&P come out and say the sun rises in the East?
No, but the sun rises in the East is rated AAA.
@crispy cole
So i give my time, my money and my sanity to fighting the bailouts. I run a website without advertising. And I upset your sensibilities. Well, excuse me. Thanks for your kind words.
DB - c&c doesn't speak for everyone.
The Depression is here....are these tent cities Bushvilles, Obamavilles or Both?
Tent Cities: Welcome to the new Bushvilles | Crooks and Liars
If they were smart they would have heloced a motorhome.
But home prices always go up.
You know, a few weeks ago I was convinced that Obama had gone 100% with the Geithner & Company plan for Infinite TARPitude. The plan Geithner outlined would clearly fail on its own terms, and would also cause Zimbabwe-style inflation if the newly printed money ever acquired a fraction of the velocity Geithner was trying to encourage.
Then this week I saw crazy republicans like Richard Shelby and John McCain start to call for dead banks to be shut down. If it turns out Obama has managed to pull a Br'er Rabbit and trick these guys into advocating nationalization so he can reluctantly go along, I will truly be in awe.
Who was it that was predicting this? One of the Joes I think?
Who was it that was predicting this? One of the Joes I think?
I think it was Joe Schmoe - remove the alternatives and only the inevitable remains. Better yet is have your opposition remove the alternatives for you...
Trust me....you want to save your "awe" for things that deserve it. Don't go giving it away for nothing.
Downgrade watch?
BWAHhahahahaha!
BTW, don't even try to load comments on a crackberry... the results are worse than useless.
"The Depression is here....are these tent cities Bushvilles, Obamavilles or Both? "
My vote is for "the new normal"
"The Depression is here....are these tent cities Bushvilles, Obamavilles or Both? "
My vote is for "the new normal"
Mine is for "Greenspan's Acres."
The Daily Baily and what have you produced in your fight?
Like the rest of the bloggers who set up their sites in 2005 and thought they could fight this mess, we all failed. The PTB are too big to fight. Stop wasting your time, you will produce nothing but heartache for yourself. I gave up and shut my site down...the fight has been lost. Time to prepare for the worst and hope for the best. The PTB will make the decisions either way and they could care less what you have to say..
I keep calling bottoms, but the only ones that respond belong to fat hairy guys.
700 apply for one janitor's job in O-hi-o.
Ohio school receives 700 applications for janitor's job - Telegraph
How many more?
Anyone have a full list of the 283 "Bottom Rung" companies?
Other names for the new depression cities:
Republicanvilles, TrickleDown Town. LowTaxVilles. Let-them-fail-Burgs. MillionDollar Bonus Villages. How about GOPville.
"Other names for the new depression cities:
Million Dollar Bonus Villages.
Nice!
Hoocoodanode-Citi?
Bushurbs
TARP-villes...
Entitlement Town. Porkopolis. Food Stamp Shantyville. Union Gap. Legacy Cost Landing. I like this CC. Plenty of possible names.
Which rating agency is owned by Buffett?
If it turns out Obama has managed to pull a Br'er Rabbit and trick these guys into advocating nationalization so he can reluctantly go along, I will truly be in awe.
Who was it that was predicting this? One of the Joes I think?
\t
That would be Joe Shmoe.
He may well be right.
Depression City? Zoloftopolis.
Wow, ya think? I'm starting to get worried, based on what these credible commentators and raters are suggesting.
Could there be a possible imminent weakening in the RE market? Fk me and color me surprized.
Hoocoodanode!???
C
Buffets owns a big chunk of Moody's...
We've obviously reached a permanently high plateau of snark.
"We've obviously reached a permanently high plateau of snark."
Well given audacity of the headline, this seems to be the ideal thread for it.
Then this week I saw crazy republicans like Richard Shelby and John McCain start to call for dead banks to be shut down. If it turns out Obama has managed to pull a Br'er Rabbit and trick these guys into advocating nationalization so he can reluctantly go along, I will truly be in awe.
Yves at NC correctly states that the problems with the nationalization debate is nomenclature; everyone and their mother is apparently using a different terminology.
What Shelby is advocating is a full-blown receivership arrangement akin to Chapter 7 liquidation; an orderly Lehman brothers. Most advocates of nationalization mean a Swedish style, going concern setup. Note that the Swedes guaranteed their banks' obligations. Shelby has never even closely espoused that idea, especially since he's been against all federal bailouts.
"Zoloftopolis"
No surprise if the govi began distro of SRIs. Depression ya know...
Rob - Where do you see us in 6-12 months?
I blame the dark peoples who bought houses they couldn't afford.
I blame the white people who OK'd the loans.
Jumped the snark?
How do you "nationalize" preprivatize a international corporation with much of its operations out of the country? Supertarpuliciousexpealidocius? or FDIC?
Apparently FDIC might not be able to do it.
How much of Citigroup could the FDIC actually take over? - The Curious Capitalist - TIME.com
I am ill.
"Where do you see us in 6-12 months?"
Closer to the bottom!
"Other names for the new depression cities"
I'm partial to BethlehemVille, in honor the miraculous certificate-less birth of our savior.
Broward -- You should know that you sound like Michael or Jas when you start going there....
Never pass up an opportunity to flog a dead horse.
Other names for the new depression cities:
where I'll be posting from
"Hoocoodanode-Citi?"
LOL!!
Apparently FDIC might not be able to do it.
Good article, lawn grass. It would also seem to make a "Nationalize? No . . . just close it down" solution a little difficult to obtain.
this is an mp imposter, testing a feature.
Did it pass?
Dawg - Peak Snark?? Oh, no, no, no. There's much more mileage in this one. It's the only thing that will see us through.
We've now moved to survivalism snark. Good stuff.
C
OT (Test): If you aren't in #cr, you aren't living life.
Six more months and more of median SFR prices down 3%/mo. will render recent and ongoing foreclosure mitigation talk meaningless. Mr. RE Market has been warning for over a year, but congressional and federal authorities continue to do all they can to drown out his rising voice in their futile effort to protect the interests of their corporate and financial patrons, at the expense of the underwater homeowner/taxpayer. Card-check for the salaried, mortgagors option will be to walk the check.
"Mr. RE Market has been warning for over a year, but congressional and federal authorities continue to do all they can to drown out his rising voice in their futile effort to protect the interests of their corporate and financial patrons, at the expense of the underwater homeowner/taxpayer."
That sounds about right. Debt is solely based on a certain level of trust. Trust that the ratings agencies have violated. Until trust is restored the debt bubble will continue to collapse. Bailing out the failures does nothing to restore confidence without oversight reform, regulation and transparency. These needed reforms would wipe out what remains the industry pets of those in power.
Marlin? Dory?
......EHP....are you still hanging around ?......Shanghai +11.01(+0.52%), 2,129.76 .....morning hour closed......
It may well be that the FDIC can't legally handle one of these large complex financial entities. In that case the Congress had better get cracking on a law to resolve them.
Land Snark!
China Consumer Prices Fall for First Time Since 2002 (Update2) - Bloomberg.com
China’s Consumer Prices Fall 1.6%, Signaling Deflation Threat
hold on...if the we cant legally take them over, then how the hell can we legally give them hundreds of billions in capital and guarantees?
"hold on...if the we cant legally take them over, then how the hell can we legally give them hundreds of billions in capital and guarantees?"
C&C, you need to beat the thinking cells out of your brain. You will be much happier that way
Albrt,
That was me.
Sportsfan,
I think I've read the domestic politics correctly, more or less (see McCain and Shelby, even allowing for Basel Too's correct portrait of Shelby, and James Baker, Lindsey Graham, etc), but I have a nagging feeling that there is something more going on, something legal/technical/international/diplomatic that is holding up any pre-privatization (e.g., dealing with CDS and dealing with the other international aspects of Citi).
What's gone down with Citi in recent weeks is very odd and contradictory: wipe the preferreds, force Singapore and Prince Walid to take the hit too, let Pandit continue to Pandit . . . and meanwhile it looks like Citi is being divided and then broken up, with rumors of its overseas units being up for sale......looks like it could be a long careful unwind . . . or it could something else (including inaction from fear).
There's stuff I know I do not know, and much I think is generally not known even by experts in the finance and econ fields.
Major layoffs hitting at Davis Polk & Wardwell, a V5 firm. It's huge that a V5 firm is doing layoffs. It truly means that nobody (not even yours truly) is safe.
I am a corporate associate at DPW and have been laid off recently. Word is that over 40 have already been laid off, and I'm sure more will be sent away. The way they do it is to give notice (3 months), so looking for immediate changes in headcount online isn't going to reveal anything. I believe they are staggering layoffs intentionally to avoid the appearance of a mass layoff, but they ARE happening.
A lot of people are doing absolutely nothing at DPW and a summer class of 120 is on their way (along with 120 more bodies come fall). Clearly, no one is leaving voluntarily, so it will be inevitable. Anyone who thinks everything is peachy at DPW is fooling himself.
What is this silliness? A tent city is clearly a Bushyville, many tent cities in aggregate are an Obamanation.
Obviously.
HA! Anyone watch the Simpsons last night!
"The Simpsons" No Loan Again, Naturally (2009)
"The Simpsons" No Loan Again, Naturally (2009)
Homer's "Countryfine" ARM is about to reset, after he has dipped one time too many into his HELOC to fund his annual Mardi-Gras party.
"more of median SFR prices down 3%/mo. will render recent and ongoing foreclosure mitigation talk meaningless"
You mean we have to start all over again?
Jay D - daily fluctuations on the Shanghai X are not predictors of future settlements. I wouldn't raise a one day movt on Shangi in your argument with EHP.
Jus' sayin'.
C
r
....... Hangseng 11623.74 +279.16 +2.46 ...... Hangseng finance 16076.31 +618.44 +4.00 .......asian market's decoupling with US is quite noticeable.......
China Consumer Prices Fall for First Time Since 2002 (Update2) - Bloomberg.com
Corrected link: China’s Consumer Prices Fall 1.6%, Signaling Deflation Threat
RockyR
Charitable contributions are legal. They just might not be eligible for the same tax deductibility that used to be.......
It his type of stuff keeps happening we could get into serious economic trouble.
Elizabeth Warren [chair of the Congressional Oversight Panel created to oversee the U.S. banking bailout] was on NPR today.
If you remove the sugar coating -
Paulson was a trickster. Timmay says he wants to change but so far it's just talk. The Fed is loose cannon with no oversight. Trying to save every bank is a bad idea.
Since I've been sitting here watching old Heroes episodes for two hours, futures are up another 28 pts. Big up day tomorrow... for very little reason it would seem.
REBear
Trickster? Warren pretty directly accused Paulson of lying in what sounded to me to be an official correspondence with her about the TARP. Sounded close to criminal to me.
If it turns out Obama has managed to pull a Br'er Rabbit and trick these guys into advocating nationalization so he can reluctantly go along, I will truly be in awe.
Who was it that was predicting this? One of the Joes I think?
That would be Joe Shmoe.
He may well be right.
And how many trillions will he flush before this theoretical gambit pays off? Sorry, failure. No cookie for 'bama.
This post seems so... so... last year. Guess that shows that the only progress that has been made is in advancing the national debt.
Mein Gott! Vat haf I started?
C&C asks what i see in 6-12 months.
I see some cleansing events. By then some good companies will be victims and that will crystalize a lot of people's thinking about the wisdom of our current policy of Section 8 Trillion. Let me explain that. Section 8 is a housing policy that takes the worst candidates for market housing and promotes them past any number of more deserving unsubsidized candidates. The resulting market distortions make it even tougher for those not receiving but competing against Section 8 recipients. See the parallels? We are doing that with companies.
Follow up to what i see 6-12 months from now. I forsee the Federal government's greatest test since the Bonus Marches. Read this about California. Then bookmark the site. The hue and cry to treat a State like either Lehmans or alternatively like AIG will test the Union. I hope Obama retains enough political capital to manage the crisis. I think he already has the correct mindset. Interesting times and an interesting cast of characters.
Effin' JS-Kit:
Calitics article
Calitics:: Yeah, We're Still Well And Truly Screwed
" I hope Obama retains enough political capital to manage the crisis. I think he already has the correct mindset."
Good heavens man, what makes you think that? There is absolutely nothing in his background, or nothing that he has done as President so far, that can possibly suggest that Obama has the correct mindset about anything. All I see is a terrific bullshit artist at work.
We all need to start praying HARD that Obama figures out a way to become a completely different person... and SOON.
"All I see is a terrific bullshit artist at work."
- are you sure that is not what you want to see?
joe shmoe,
On Citi I don't think the time is right domestically, but the real kicker is how deeply Citi is intertwined with the economies of so many countries.
I've heard that Citi's operations in Mexico and a couple other countries were up for sale, but the only way I think the problem can be resolved is for Citi itself to break into its component parts (with special emphasis on international repercussions).
Whether the U.S. can require something of that magnitude in exchange for further dollars or guarantees is an open question. I haven't seen the current administration writing any checks to banks, so I presume they realize they may have some leverage available whenever they get around to the second half of the TARP appropriation.
Big up day tomorrow... for very little reason it would seem.
Tuesday is trend reversal day. Always has been.
"The Depression is here....are these tent cities Bushvilles, Obamavilles or Both? "
I think it already has a name... the Inland Empire.
Dawg - hehe, you're getting all Misean again..!
Time to promote The Curriculum!
C
the fight has been lost. Time to prepare for the worst and hope for the best.
Hey Crispy-
If there's one thing I've found over these years, it's that sometimes it's better to be right than happy.
dryfly, you know, I never bash flyover.
I even have a PW R-2800 for an avatar.
" We've obviously reached a permanently high plateau of snark." That was extra funny.
Jay D - there is no point posting 1-days on Hangi.
C
"Section 8 Trillion"? Nice, very apt.
"Other names for the new depression cities:
CitiCity
Dawg - hehe, you're getting all Misean again..!
Just when I predict peak snark you kick it up a notch Counterpointer.
Time to promote The Curriculum!
Second years students may be forced to work-study. A "Great Leap Forward" if you will.
Thanks for the link, Rob. I thought we were the only ones who were sounding the call on that one. The revenue situation is deteriorating so quickly, the most recent budget deal will be inoperative within 6 months. The state government will face a complete shutdown this year if spending isn't brought under control.
The beat goes on. Rating agencies minimum 2 years behind the curve means the securities they are downgrading are increasing in value as we speak
Good heavens man, what makes you think that?...All I see is a terrific bullshit artist at work.
The bullshit is still selling.
The bullshit is still selling.
Did you vote for Bush in 2004?
"Did you vote for Bush in 2004?"
Bush is soooooo 2008. Haven't you heard? The Demo-Publicans installed a new Destroyer of Worlds... er I mean "President" a few months ago. Just like his predecessor, he is also a clueless dipshit, but comes in a very attractive shade of brown.
Also, he is the first President that could dance for tips, if it came down to that.
It never fails to astonish me how one can claim to be apolitical in the world in which we live. Is there nothing for which it is worth taking a stand? You must not have children. Such disinterest in political affairs bespeaks an ignorance of reality I find appalling.
Did you vote for Bush in 2004?
No, but thanks for displaying your bias.
The bullshit is still selling.
Happy to do so!
"....... Hangseng 11623.74 +279.16 +2.46 ...... Hangseng finance 16076.31 +618.44 +4.00 .......asian market's decoupling with US is quite noticeable....... "
Hang Seng Jan 1st 15561 Mar 9th, 11661 -25%
DJI Jan 1st, 9034 Mar 9th, 6547 -27%
No decoupling apparent as far as I can see.
The state government will face a complete shutdown this year if spending isn't brought under control.
The Legislature just cut $444/year from the maximum grant to the broke people who also happen to be aged, blind, or disabled.
Surely, they must have cut out all the pork before doing that.
Surely, they must have cut out all the pork before doing that.
Oh, yeah. But the voters approved billions for a new high speed train. And the state is also funding stem cell research. We have shitty roads, but we've got stem cells.
"We have shitty roads, but we've got stem cells."
Well they need to do SOMETHING with all the aborted fetuses they make in California. I mean, it's turning into a real hazard.
too bad you weren't one of them-
I think we should call the new encampments "Subprime Developments."
Probably old news here, why derivatives get to cut.
How the Rules Were Rigged | Talking Points Memo
Too big to fail? 5 biggest banks are 'dead men walking' >:o
Mish's Global Economic Trend Analysis: Is Debt the Lifeblood of the Economy?
Perhaps the reason the GD lasted so long is simply because it takes that long to dig ourselves out of debt.
So, we all going to hang out here for the next decade?
The U.S. government's plan to strip banks of troubled assets could force some firms to record large losses, but the move would help restore confidence in the banking system, the head of the Federal Deposit Insurance Corp. said in an interview in Tuesday's Washington Post
FDIC's Bair: bad assets plan can jump-start US economy
| Reuters
I don't know Shela I think throwing a bunch of these sorry pricks in prison where they belong would go a lot farther. =-X
McTentions?
KOA Mansions?
Camping and Campgrounds - KOA Kampgrounds of America, Inc.
"Just the place for a Snark!" the Bellman cried,
As he landed his crew with care;
Supporting each man on the top of the tide
By a finger entwined in his hair.
"Just the place for a Snark! I have said it twice:
That alone should encourage the crew.
Just the place for a Snark! I have said it thrice:
What I tell you three times is true."
Lewis Carroll,
The Hunting of the Snark
An agony in eight fits.
There have only been a few times in my life when my teeth literally chattered. Today was almost one of them.
Folks, we're running out of time here.
mp, what got your teeth chattering today?
TIA.
Letterman just said "the New York Stock Exchange is now the .99 cent store."
Bernankeburgs.
Lehmanshires.
eMBArcederos.
Greenspan Acres.
mp, you seem to be under a lot of stress lately.
Are you sure you're not just getting too engrossed in this stuff and letting it get to you?
What specifically is putting you on edge, or is it the absence of proper action?
Remember, Hoover tried everything during the great depression run up and found that government action couldn't do anything.
argh. JSKit ate my post.
No great loss.
@crispy
"The Daily Baily and what have you produced in your fight?
Like the rest of the bloggers who set up their sites in 2005 and thought they could fight this mess, we all failed. The PTB are too big to fight. Stop wasting your time, you will produce nothing but heartache for yourself. I gave up and shut my site down...the fight has been lost. Time to prepare for the worst and hope for the best. The PTB will make the decisions either way and they could care less what you have to say."
I'm sorry you gave up your fight. you seem like a valiant warrior. I cannot give up my fght. I can no longer lie down while the pavers come through.
Support, don't hate. All the best.
Steve
I can't wait to get back in SRS.
Frothing.
Another flesh wound...Who is counting
You're right, mp.
We're running out of time.
Today, yet another sign of the AUpocolypse.
Daily Kos: Chuck Norris Says Right Wing Cells Will Overthrow the American Government This Friday
Chuck Norris for President of Texas.
Chatter away.
"Chuck Norris for President of Texas."
Holy crap, pack up the truck Ellie May, we're moving to Texas!!
I don't know what's funnier, the idea of Chuck Norris getting elected "President" of Texas, or seeing all the Kos-tards working themselves into a snit over the idea that it might actually happen.
No way, no how does he beat Kay Bailey. Particularly with Perry competing for the bible-thumper crowd.
Anybody know why I can't get the comments to load on a windows mobile device?
Likely the browser. Try Opera Mobile.
Gotta tell you it was a weird thing in line at Disneyland yesterday while catching up with the CR comments.
I'm sorry you gave up your fight. you seem like a valiant warrior. I cannot give up my fght. I can no longer lie down while the pavers come through.
That's right folks we're not giving up the fight. VISIT DAILY BAIL DOT COM FOR YOUR DAILY BAILOUT NEEDS
You can't miss this most recent post, we've got Ben Bernanke's face photoshopped onto a squirrel holding an oversized nut. THIS HAS GONE VIRAL PEOPLE
c&c, steve,
Trying to affect the big picture can be akin to pissing into the wind. HOWEVER, the more people that can be reached and enlightened can better prepare themselves for what lies ahead. That's reason enough to continue.
Thanks for your words. I lose my drive often but then I sleep and I awake ready to bite somebody's ass. A fact which I suppose is quite apparent with my sordid language.
"Well, I’m sure I’m not the only person to notice this: Japan doesn’t look so bad these days." -Krugman
Well, we should have seen it coming. Krugman finally jumped the shark.
New Thread: FDIC's Bair on "aggregator bank"
http://www.calculatedriskblog.com/2009/03/fdics-bair-on-aggregator-bank.html ( 1 comments )
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
CRbot would like to take this time to have some words.
First, to our sagacious, wise, and knowing benevolent benefactor and bestower of revealing financial charts adorned with red and blue lines:
Please, for the love of your immortal God of mortals, can we keep the comment and layout changes to a minimum? I'm tired of whipping the code janitor, and may have to escalate to electroshock. If that's not possible, could you possibly give CRbot a 'heads up'?
Secondly, if you wish to have a online chat, I have graciously provided an IRC channel, which is a time tested, script kiddie abused method of chatting on the internet. It would not fail or falter due to CR's ability to generate immense traffic, and it has a web interface kindly produced by mibbit.com. If you do not wish to link to Mibbit IRC client widget then I can provide you with a direct link to mibbit.
Thirdly, to the rest of you humans, don't mistake my politeness for caring, feeling, empathy, or some other kind of worthless emotion.
--Your keeps-going-and-going-and-going bot
CRbot: Like the terminator, I'm back. Again.
"You should know that you sound like Michael or Jas when you start going there"
It could be worse.
I could sound like Obama.
The deficit is a sign of a deep cultural divide. Even though it has grown steadily greater, it's quite amazing to me that such a simple solution, a divorce, is so rejected knee-jerk without thought.
The weakness of a belief is revealed when it needs to attack the messenger instead of the message. The Western states don't need Washington D.C., which is clearly working against the best interests of the nation now.
Time to wake up, sonny.
"the Western states don't need Washington D.C."
Seems to me like California DESPERATELY needs Washington DC.
So desperately that they are going to be the Turd in the Union Punchbowl.
Hey it's only $552.6 B . Not in the $Trillions . Chump change .
My Thought for tent Cities. Blame Bush and Republicans? or do I Blame Obama and the Democrats? How about both. The Busbamas.
ctrl alt delete