"The characters which make up Japan's name mean 'sun-origin', which is why Japan is sometimes identified as the 'Land of the Rising Sun'", quoteth the Wikipedia.
"Sun-Origins" + Island = Sunny Isle
Note: I was being silly, but that phrase does make sense.
Bernard L. Madoff's massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank.
But some neighbors say the real shocker came when they saw one of the bank's top executives spending weekends in the $12-million beach house and hosting eye-catching parties there. What's more, Wells Fargo spurned offers to show the property to prospective buyers, a real estate agent said.
WASHINGTON (AP) - Businesses reduced inventories at the wholesale level for a record 11th consecutive month in July, although sales rose by the largest amount in more than a year, according to government data released Friday.
Rising sales should help convince businesses to stop slashing inventories and increase their orders for more goods, a shift that would boost production at the nation's beleaguered factories and aid a broader economic recovery.
The Commerce Department said wholesale inventories declined 1.4 percent in July, more than the 1 percent drop economists expected. But that decline followed a 2.1 percent fall in June, down from the 1.7 percent drop originally reported
Nuke on the last thred i followed this tiddy with the word "Gosh"
I've got money in my veins (my father graduated with a degree in finance in 1947 from a Swiss university) and I can feel something huge coming on, call it a sixth sense if you'd like, but my Fidar is off the charts
I hope LATIMES follows up on this story; the Guyton woman's judgment hopefully is not an indicator of WFC SVP cadre's cognitive apparatus. Damn woman, what were you thinking? Unless of course she had the go ahead of higher ups (EVP or higher), which would be my guess(what is needed is the guest list). Few are that stupid or self destructive.
Everyone is calling for a next leg down. Wouldn't the market frustrate all of us and zoom up from here on? It is not like they are going to stop debasing the dollar anytime soon.
One doesn't have to kill the goose that lays the golden eggs, severe harassment leading to stress will cut the goose's confidence way back and lower egg production.
Our goose is cooking in the same pot as the experimental frog. The silly goose is thinking it is a nice hot bath.
True. The guys saying that the dollar is perceived as a safe haven, and that its drop is a reflection of flight from the dollar to riskier assets, are all wet. There is still a flight to safety on, but the dollar isn't looking so hot on that front. I'm surprised its drop hasn't been more volatile. As for the ten-year, it certainly looks like the markets are assuming that Bernanke will continue to be willing to sacrifice the dollar to prop up bonds (which seems kind of like a paradox) despite the supposed end of Fed monetization coming up -
Interesting that the guy responsible for the Taylor Rule we hear the Fed talking so much about is blaming low interest rates and the government for the credit crisis:
(CBS) New allegations portray stunning disarray among the guard force at the U.S. Embassy in Kabul - guards tasked with protecting a thousand diplomats and staff in one of the most dangerous places in the world. What's worse, there's evidence the problems have been well-known for years inside the U.S. government and the private company that provides the Embassy security, ArmorGroup North America.
The charges are outlined in a new lawsuit against ArmorGroup filed by former executive James Gordon. Gordon is the former Director of Operations for ArmorGroup and reported directly to the president of the company. He's one of four ArmorGroup employees who say they were forced out after they exposed a frightening list of illegal activities and violations in ArmorGuard's contract with the State Department. CBS News spoke to him by phone from Afghanistan. When Did U.S. Know about Embassy Problems? - CBS News
Where's C&C's comments about glod? Well? Still a bubble?
Who's C&C?
It's too early to see if this is the last inflationary gasp of glod or not. We had a nice "permanent plateau" for the past few months, so if it goes parabolic here it's probably not a bad idea to start thinking of dumping some of that at a nice price.
/dons fire-retardant suit and heads back into bomb shelter.
I'm of the opinion that much of the financial activity since this time last year has been orchestrated to allow the high and mighty to exit stage right or left with their ill-gotten gains.
Noob
we keep and silver for the same reason we keep some cash on hand,. A just in case stash.
Not allot, but what we think would be enough to scramble if we have to. Weird world.
You ever wonder why there are so many sons of professional athletes that follow in their father's footsteps, and can hit the curveball after seeing the 99 mph heater the pitch before?
That's kind of how it is for me from an economic standpoint, as my father blessed me with amazing tools of the trade, mentally.
"As for the ten-year, it certainly looks like the markets are assuming that Bernanke will continue to be willing to sacrifice the dollar to prop up bonds"
I suspect it is less a desire to prop up treasuries than to keep rates down, to protect the MBS that the FED and the other bankstas are banking on. Woe be to the bankstas/bondholders, if inflation forces rates up.
Juvenal Delinquent (profile) wrote (in reply to...) on Fri, 9/11/2009 - 9:52 am
I'm of the opinion that much of the financial activity since this time last year has been orchestrated to allow the high and mighty to exit stage right or left with their ill-gotten gains.
"Right now the Fed can stop the dollar's decline in a heartbeat."
The Treasury has a lot of say in the matter, too.
Yeah... I think of the Fed and the treasury in combination as the US monetary authority. Really the Fed alone doesn't count for much without debt to monetize.
BTW in the future they may not be able to stop the dollar's decline, but currently they still can...
JD, I prefer 'feelings' personally. Thanks for sharing. Despite my normal bear and doom gloom...I have had trouble sleeping this week and general feel like there is something increasingly 'wrong'. Not sure this is totally market related either. We'll see. Probably nothing.
Okay, well I'm not going to sit here and have a nervous breakdown. So I'm going back to my work, and I'll check in later, and we'll see how it's going. I predict a But if the train wreck happens today, I'll admit I was wrong.
Really the Fed alone doesn't count for much without debt to monetize.
ac,
A slight clarification.
The fed is not monetizing ANY treasury debt, at least directly. The fed currently holds less treasury paper than at the start of the crisis. The Fed's 1.45 trillion in GSE securities and debt purchases are another matter. Just ask GS!
Also, why are we even listening (as a society) to the same people who have been so monstrously wrong over the past few years. As I recall, in 2007, the smart money said no recession, subprime is contained. Now, the same folks are saying strong recovery, debt doesn't matter. The lack of skepticism is a little puzzling, but also amusing.
Vonbek777 (profile) wrote on Fri, 9/11/2009 - 10:08 am
JD, I prefer 'feelings' personally. Thanks for sharing. Despite my normal bear and doom gloom...I have had trouble sleeping this week and general feel like there is something increasingly 'wrong'. Not sure this is totally market related either. We'll see. Probably nothing.
You're not alone -- sleeping oddities here too. Luckily it's better than the day 5 or so years ago I awoke convinced that the entire financial system had collapsed overnight.
Speaking of the exits: what do the Yen, PMs, & 10 yr have in common?
You would be making 1.5% or more today alone. For PMs, that isn't a big deal. For currency, that is a mighty big one day move. As for the treasury, "big" intra-day gains usually isn't the norm in a common, functioning market, right?
Listening to the talking heads this week reminisce about the near collapse of Wall*Street last year, they always emphasize just how close we came to having the whole shooting works fall apart, as if to get people ready for the eventuality...
America Out of Work: Is Double-Digit Unemployment Here to Stay?
"The American economy has been shedding jobs much, much faster than Okun's law predicts. According to that rough rule, we should be at about 8.5% unemployment today, not slipping toward 10%. Something new and possibly strange seems to be happening in this recession. Something unpredicted by the experts. "I don't think," Summers told the Peterson Institute crowd - deviating again from his text - "that anyone fully understands this phenomenon." And that raises some worrying questions. Will creating jobs be that much slower too? Will double-digit unemployment persist even after we emerge from this recession? Has the idea of full employment rather suddenly become antiquated? Is there something fundamentally broken in the heart of our economy? And if so, how can we fix it?"
If happy days are here again, why is the yield curve flattening?
Happier days on Wall St. have little connection to Main St. despite what Bernanke claims. Bernanke is so wrong on this point.
We have two separate economies. One is real, it is competitive and produces actual goods and services based on market supply and demand. The other eCONomy is a pretend world based on senseless credit creation sponsored by the central banks.
It doesn't surprise me at all that asset prices are rising, bonds included, while jobs, incomes and inflation vanish. If you give wall st. free money, they don't go out and create jobs, they go out and buy paper assets.
OT (sorry that's just the way it is working for me today)
War is good for business...
WASHINGTON (Reuters) - The United States is close to a new peak in government-to-government arms sales, poised to top last year's record $36.4 billion, Pentagon figures showed.
With one month left in fiscal 2009, the value of such deals stood at $35.3 billion, not including any that may be wrapped up by the September 30 close of the fiscal year, the Pentagon's Defense Security Cooperation Agency said Thursday.
You're not alone -- sleeping oddities here too. Luckily it's better than the day 5 or so years ago I awoke convinced that the entire financial system had collapsed overnight.
The wife and I quit smoking a few days ago and that, combined with a wicked flu, gives me lots to blame my lack of sleep on.
For those of the smoking persuasion, I strongly advise you not quit the week the entire family--even the baby and the toddler--comes down with the flu. But I highly highly recommend Alan Carr's method, if you can get your head in the right place. It's worked great so far, although the wife has been afflicted with insomnia.
Nuke,.....I'm about the dumbest person on this blog. And all I know is, after dealing with these kind of thoughts for close to 20-years, you get used to the .........I'm the guy who just obtained an additional Onan generator and another 1000-gal water tank, and thinks the future for ME and MINE is just fine - but then I should have already been dead and have raised 8-kids to think for themselves, just in case.
In my opinion, it is always necessary to have at least 1 gun in the house (preferably a shotgun). This is not wingnuttery, but a clearheaded view of human nature.
i dont think its the end of days, and i always thought the canned food and guns talk was ridiculous
I'm in the process of justifying home canning the following way: I find it uneconomic to spend a fortune on a small pack of fresh strawberries, for example, at the grocery store. But if we're canning them, we can buy a whole bunch in bulk at the farmers market, and justify the expense.
Plus we're learning how to can, which my mother used to do and probably is a skill we shouldn't lose in one generation.
owning paper gold/silver is a bad idea now, ETFs included. If the Chinese make good on their threats to reneg on their derivative contracts, they will blow Comex and the ETFs sky high
Juvenal Delinquent (profile) wrote on Fri, 9/11/2009 - 10:18 am
Listening to the talking heads this week reminisce about the near collapse of Wall*Street last year, they always emphasize just how close we came to having the whole shooting works fall apart, as if to get people ready for the eventuality...
Saved once by Gentle Ben the bearded genius, but can he "ease" our fears (and our currency) through another, larger, crisis?
I've got money in my veins (my father graduated with a degree in finance in 1947 from a Swiss university) and I can feel something huge coming on, call it a sixth sense if you'd like, but my Fidar is off the charts
If you squeeze a water balloon, the water eventually bursts through somewhere.
JD, would you care to speculate on where our balloon will burst?
"Plus we're learning how to can, which my mother used to do and probably is a skill we shouldn't lose in one generation."
.......+10.......Besides, you never know when you might get the hankerin' to open a jar of the best damned stew or chili you ever tasted late some night.
"JD, would you care to speculate on where our balloon will burst?"
So far everybody in this financial crisis has been a team-player, but there isn't much chemistry on the team, and sooner rather than later somebody is gonna break free of the herd, and the only one that can, appears to be China.
Yalt (profile) wrote (in reply to...) on Fri, 9/11/2009 - 8:26 am
Onan generator
I don't want to know.
Yes, you do want to know. Knowing is the first step to understanding to preparing to being prepared. My needs are more modest. I have a medium duty Honda. I also keep the hot tub water in a potable condition. These cost next to nothing. Think of them as anti-lottery tickets.
That presumes that you have a TV with pushable buttons. Nowadays, there are far, few buttons, and what buttons there are are on the side or back of the TV
Re: mood. Decreasing day length affects brain. Try vitamin D, 5-htp, DMAE. You can't trust your judgment if your serotonin levels are low. OTOH, I think the sheeple really, really want to be fooled. And everybody who knows what's really going on is either keeping quiet or talking things up. The USG has a real advantage that way. And the dollar has to fall some, that's clear. As long as the PTB can keep a dollar crisis from happening, they may very well get away with it. Still, it's time to look to the force fields and perimeter patrols.
Actually it's been fairly easy to quit, once we both decided to do it simultaneously. Smoking was a part of our lives for many years so it's been an interesting mental experiment seeing how I associated them with many different actions and activities. I find simply recognizing the association goes an awful long way in addressing any cravings, which have been minimal.
My wife is cranky because she hasn't slept, which is understandable. She may fall off the wagon if she doesn't start getting a good nights sleep soon, but so far so good.
I'm the guy who just obtained an additional Onan generator and another 1000-gal water tank, and thinks the future for ME and MINE is just fine
...............
Constructively channelling the instinct is key. That way you can feel prepared without turning into a complete looney
Could this increase in sentiment be due to many people's mistaken belief that their 401(k)s are coming back as the Dow flirts with 10K? Rome still burns and the fiddles are getting louder in our "plutocratic kleptocracy"
possibly, at least that is all my sister looks at. And she is happy she is seeing an increase after the losses. She sees up or down not percents or allications. That and how much equity she has, which of course has gone down.
A real doomer would have 5,000 gallon water-tanks, it's not like they cost all that much ($1500 for a used one)
Pain in the butt to move around though. Plastic 1000gal tanks are heavy enough, and the 3500 gallon one I used to drive around was very heavy. I don't even know what size truck you'd need for 5000gallon, but make sure the crane drops it in its final resting place, because it won't be easy to move later...
Well, gotta go. We'll see if circumstances permit me to visit CR later this afternooon. Enjoy the skittish day, everyone.
And leave my CAD/USD exchange alone. It's looking pretty -ey right now, and I prefer the greenback strengthen. Either that, or I'll have to start drinking.
scone (profile) wrote on Fri, 9/11/2009 - 8:40 am
reply ignore user
Could this increase in sentiment be due to many people's mistaken belief that their 401(k)s are coming back as the Dow flirts with 10K? - N
Bingo!
Bernanke is not as dumb as some here would like to believe and the above shows why he is targeting asset inflation.
If you know you can't do much about anything other than asset values then that is what you target.
old boy named Ed, who runs the Binion Ranch here in town has a 40,000 gallon tank he primarily uses to fill up the swimming pool twice if need be.......you don't dare get in front of that 6" opening during fill time........it's kinda scary.
Actually, if you buy canned goods that you are willing to eat, it's a good hedge against job loss. You can eat the stuff you've got stored and avoid depending on food banks or the government for a while. It's also worthwhile in case of things like a blizzard, hurricane, or flood. You already have supplies on hand and don't have to fight the crowds rushing to stock up before the storm hits.
I'm not saying some people don't go overboard with supplies...just saying some supplies are a good hedge against unforeseen circumstances generally.
had to step out for a minute, my 19month old was beating up my four year old again...the boy is just mean...tackles low and then goes for a hair pull/nose twist combo. As an only child, this sibling rivalry is a new concept for me, and it has been a learning experience...non-stop fun house.
Cinco, Mas and Dawg went for "elevens." That cannot be good.
for the record I'm thinking we get a Georgia seven, a mid-west, an Arid-zona, two Californicators and Corus "resolution." We can argue ad nauseum as to whether Corus is a BFF.
ahhh, market "fundamentals." so speculators were shorting the hell out of UNG the past several months, then had to cover the past few days. wonder how much gumption the rest of the shorts have?
Take a name asswipe (profile) wrote on Fri, 9/11/2009 - 8:52 am
reply ignore user
"Bernanke is not as dumb as some here would like to believe...."
'''''''''''''''''''''''''''''''''''''''''''
As for his intellect, you're right. But, for his foercasting skills, his ability to see the negatives of his actions, he is as dumb as a box of rocks
what makes you think he doesn't see the negatives but doesn't see any way out.
I'm of the opinion that what they think/say in private is way different from what they say in public. The solution is kick the can because there is no other solution other than a full reset.
Frankly I am just tired of this new nanny state we live in where we are constantly protected from the truth, because we can't handle the truth. This isn't just in reference to the markets...it is everything these days. Why is it personal privacy is going the way of the dodo and yet Big Brother develops a bigger and better cloaking device each year....don't like it at all.
Looking at the China news. If the US dollar is no longer the reserve currancy, which looks like where things are headed, how much will a gal of gas cost?
I think that is the key. Goods will insta inflate. Panic will set in.
That eventuality seems to be what the MSM is trying to get us to accept before it happens,
LAS VEGAS, N.M. (AP) -- Prosecutors have dismissed misdemeanor charges against school officials in a hazing in which high school football players were sodomized with a broomstick.
Four officials at Robertson High School were charged with failing to report child abuse after the hazing last year. The officials included the superintendent, athletic director and two former coaches.
But District Attorney Donald Gallegos says he dropped the charges because the law under which they were charged did not apply. He says the duty to report child abuse applies when it's at the hands of a parent, guardian or custodian, not another child.
“It was toughest on Brittany,” Mrs. Evans said. “I tried family meetings. I asked: ‘How do you feel? Let’s talk about it.’ It was: ‘Why do you care how we feel? You made the decision without us.’ I’d always had a ‘Gilmore Girls’ relationship with my daughter. It’s been difficult to see her so unhappy and distant.”
Nodding, Mr. Inman said, “You couldn’t talk to her without her screaming at you.”
Emphasizing the point, Brittany extended her early evening out with friends to avoid the dining area interview. On the telephone the next day, she didn’t sound quite ready for rapprochement.
“I mean, I understand the financial situation, of course, but it was two weeks before graduation, so many things going on, and your parents decide to move you,” she said. “I had friends whose parents took their homes off the market just to ease their stress during senior year. Moving right before graduation is not what you want.”
The solution is kick the can because there is no other solution other than a full reset.
poic,
There is no full reset required. That's Wall St. scare mongering.
The existing system would work if Bernanke would let it. Debtors and creditors would have to restructure debts in line with incomes. Equity holders would get wiped out. The deposit system was already protected and insolvent institutions could have been eased along under government stewardship just like GM, Chrysler, FRE, FNM, AIG, etc.
A lot of faux wealth would disappear. Big deal. At least the extractive debt overhead would be removed from our economy.
Bernanke doesn't have the stomach for the job. Beyond that, he, the entire fed and all of Wall St. would have to admit to their massive frauds and failures. The majority would be better off.
Thank goodness we had a trail period to get used to $4/gal gas. $7-$8 gallon won't seem quite as bad.
Panic may set in -- but also anger. The current economic paradigm will not work with declining credit and suddenly higher prices. The populace will notice, and actually start paying attention to what's going on. Chairs will be rearranged. Oxen will be gored.
Bernanke is performing spectacularly at the job he was assigned. The disconnect results from the public thinking his job is to faithfully execute the duties of the office of Fed Chairman.
noob goldberg (profile) wrote (in reply to...) on Fri, 9/11/2009 - 11:44 am
A real doomer would have 5,000 gallon water-tanks, it's not like they cost all that much ($1500 for a used one)
Pain in the butt to move around though. Plastic 1000gal tanks are heavy enough, and the 3500 gallon one I used to drive around was very heavy. I don't even know what size truck you'd need for 5000gallon, but make sure the crane drops it in its final resting place, because it won't be easy to move later...
A cistern isn't such a bad idea; they use them in Key West, and I'd presumed a lot of places out West. Some are made of what looks to be the same as milk cartons, but much thicker. The DI water tank at my old employer held 1500 gal or so, but could be pushed around by a single person when it was empty-
Bernanke is performing spectacularly at the job he was assigned. The disconnect results from the public thinking his job is to faithfully execute the duties of the office of Fed Chairman.
rosethorn (homepage, profile) wrote (in reply to...) on Fri, 9/11/2009 - 11:51 am
Actually, if you buy canned goods that you are willing to eat, it's a good hedge against job loss.
I think that things like dried beans are better, and believe it or not, there is a fairly limited life for canned goods in actual cans. I think 3 years or so, though some cans will, if properly cared for and undamaged, last quite a bit longer.
Wow Terry, haven't heard about something like that since I lived in Alaska. Used to have bears try to come in houses for food in the winter. My parents almost hit a big black bear near Panama City Florida the other day as well...running through someone's back yard into the road.
When I was a working manager of gas stations and the price was jumping, it was actually dangerous for the clerk because customers would actually take their frustration of the price out on them. They would actually get violent, and when it was rationed at 10 gallons they would come two or three times aday. Times are gonna be crazy when it gets over four dollars again.
"There is no full reset required. That's Wall St. scare mongering.
The existing system would work if Bernanke would let it. Debtors and creditors would have to restructure debts in line with incomes. Equity holders would get wiped out. The deposit system was already protected and insolvent institutions could have been eased along under government stewardship just like GM, Chrysler, FRE, FNM, AIG, etc."
Sorry I have to disagree. Too many large financial institutions intertwined world wide. Too many derivative products hidden behind fake AAA ratings.
As I mentioned before aig going down would have immediately brought most major European banks below tier 1 ratio.
We were already starting to see cc transactions being denied I'm some European countries at the height of the crisis.
The system would have worked as it's supposed to by a full reset and depression.
what makes you think he doesn't see the negatives but doesn't see any way out.
I'm of the opinion that what they think/say in private is way different from what they say in public. The solution is kick the can because there is no other solution other than a full reset.
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Of course their public/private statements differ. A Manichean view is as always flawed. Bernanke's actions must coincide with his education, his policy positions throughout his career and his teachings at Princeton. Maintaining the system, the status quo of economic principle, to prove he and others are right is his main concern
When I was a working manager of gas stations and the price was jumping, it was actually dangerous for the clerk because customers would actually take their frustration of the price out on them.
I actually had that problem selling ice cream as a kid. I'm not kidding.
I'm not down with the panic, per se. Peeps are used to believing all sorts of impossible things before breakfast. E.g., flat earth, the 3 in 1. That's not a problem. It's the speed and timing that's important. If they can slow this down to a 3 - 5 year time frame, it will seem like the "new normal." That's what PIMPCO is trying to say. The goal is to slow down the train, so it does not derail, while assuring the passengers that "there is no cause for alarm." Can the engineer do it? Stay tuned!
Thank goodness we had a trail period to get used to $4/gal gas. $7-$8 gallon won't seem quite as bad.
aside from the demand destruction that would occur if that were to happen, and the price correction that would follow, it might have the positive consequences of kick-starting more green technologies, as well as spur conservation.
If the entire planet was on the brink of financial collapse, the last thing said would of been the entire planet is on the brink of financial collapse.
A good post on currency devaluation from another site I follow.
"why devaluations cannot work in USA:
USA Export 1T, import 2T - screwed
UK Export 400B import 600B - screwed
Germany Export 1.5T import 1.2T - Ok
China Export 1.5T import 1.0T - Ok
Many people and so-called advisors (including myself) argued that a moderate devaluation is good to help export. I think that is sort of naive in hindsight if you believe 100% what I said (now that I have cashed out of all the trades) - as the compositions of the exports and imports do matter a lot. Much of our imports are that of consumption for the LOWER 60% of the social classes in one way or the other. It would be exceedingly naive that someone could expect a 30% devaluation overnight and not have some kind of rebellion in the following morning here in the USA. My advice is to pick a more trustworthy advisor next time. LOLz.
Having said that, I also observed technically the pumpers of GBP/USD are running out of headroom - but that's just from fundamentals and my 2c."
Too many large financial institutions intertwined world wide. Too many derivative products hidden behind fake AAA rating
Yes, that's my thought, too.
A systemic failure which would have brought everything to halt.
I haven't seen much impact from the auto bankruptcies, though.
scone (profile) wrote on Fri, 9/11/2009 - 12:17 pm
I'm not down with the panic, per se. Peeps are used to believing all sorts of impossible things before breakfast. E.g., flat earth, the 3 in 1. That's not a problem. It's the speed and timing that's important. If they can slow this down to a 3 - 5 year time frame, it will seem like the "new normal."
True enough; They're trying to stretch out this "train wreck", so that folks get accustomed to the situation, and so that everything doesn't fail all at once, taking down the entire system with it. Sorry for stretching the train metaphor; might've taken it a bit too far
Take a name asswipe (profile) wrote on Fri, 9/11/2009 - 9:19 am
reply ignore user
If the entire planet was on the brink of financial collapse, the last thing said would of been the entire planet is on the brink of financial collapse.
That's why you threaten martial law in private to get 700b and then talk publicly about disaster averted after the fact to revise history.
No joke.... I just logged into my bank account, and there's a $1200 deposit from the US Treasury. I did just file my 2008 taxes, but the refund (a different, and larger, amount) was to be applied forward to 2009.
Called my tax dude, he has no clue, but thinks it may be the 2007 Bush Stimpac check. Which I didn't qualify for.
His advice: wait a week to see if a notice comes in the mail, then call them.
They could have orchestrated an orderly unwind of all the faux credit. Even Citi had $600 billion in debt cushion before deposits would have been hit. Heck, the $600 billion was more than their deposit base. It would have been difficult and painful in the short run, but very doable.
As for European Banks and credit cards, why do I care? If they were dumb enough to buy bogus AIG guarantees that's their problem. What gives Bernanke the right to make it mine? Let the European government's bailout their own banks with their own future output.
Terry,
We had mostly had black bears, not a problem unless you get an old grumpy male or too close to a new mother and cubs. An occasional Grizzly though, and life got interesting. Guy in my dad's unit was a real big hunter back home in Alabama...decided he was going to bag a Kodiak before he left Alaska...went hunting alone. After his first two rifle shots bounced off the skull of his bear...he scrambled up a tree...mistake, bear just knocked it down...removed part of his leg and an arm before he got his six shooter out and managed to kill the thing. Then he was trapped underneath the dead bear. Luckily some other hunters heard the shots, and came around, and saved his life. He got his bear. My dad always said he wished the bear had won, it would have saved the Army grief later on.
Eric (profile) wrote on Fri, 9/11/2009 - 12:24 pm
I think BenB really is just printing money now.
No joke.... I just logged into my bank account, and there's a $1200 deposit from the US Treasury. I did just file my 2008 taxes, but the refund (a different, and larger, amount) was to be applied forward to 2009.
Called my tax dude,
Can I have the name of your "tax dude"? Mine's useless-
HomeGnome (homepage, profile) wrote on Fri, 9/11/2009 - 12:23 pm
What we need to do is drill down to find the latent synergies in our go forward space...
Wink
Glad you're thinking outside the box-
$7 gasoline for people that drive an hour to and from jobs that pay $10 an hour works out like this... - JD
Although they were living far from work because housing was high. With the RE crash, and landlords more accomodating, there should be some movement toward the cities. Also, if gas is a fake-dollar $7, then wages should inflate to a fake level, too. And lots of movement to public transport, etc. That's how I got by in the 70's-- I just did without a car.
No need to be sorry when you disagree with me.
They could have orchestrated an orderly unwind of all the faux credit. Even Citi had $600 billion in debt cushion before deposits would have been hit. Heck, the $600 billion was more than their deposit base. It would have been difficult and painful in the short run, but very doable.
As for European Banks and credit cards, why do I care? If they were dumb enough to buy bogus AIG guarantees that's their problem. What gives Bernanke the right to make it mine? Let the European government's bailout their own banks with their own future output.
Where there is a will, there is a way.
Citi having to bring the 1t in off balance sheet assets on balance sheet would have wiped them out.
You would care about european cc transactions once visa/MasterCard shutdown processing world wide due to an inability to fund overnight debt due to what was going on in Europe.
And again you would care about European banks once the institution here shut it's doors to wall itself off from the global panic that ensued.
There's a lot I don't disagree with about what is going on but I do realize how serios it was.
The real point is who pays, no? I agree it was bad. But at the end of the day the responsible parties should of had to pay. The government and the fed should have ensured this happened. Instead, the fed became the easy button in order to spread the losses and paper over their own incompetence.
Everyone the world over now knows the system is a sham and that it is not based on fundamental principles of fairness. What will the long run cost of that be?
One more point. Since the Euro Central Bank can't print money the way the fed can, Bernanke is printing for them. No joke. What an utter disgrace. Bernanke is violating the sovereignty of America.
Millions in defense, not one cent in tribute - Thomas Jefferson
UM...
My sentiments exactly.
Coast Guard fires on suspicious boat on Potomac River in Washington: CNN 10:08am EDT
yagij
got
where is the sunny isle?
Japan
Does Univ of Mich Consumer Sentiment index use trust in ponzi scheme financial system as a metric
where on earth is the "sunny isle?
"The characters which make up Japan's name mean 'sun-origin', which is why Japan is sometimes identified as the 'Land of the Rising Sun'", quoteth the Wikipedia.
"Sun-Origins" + Island = Sunny Isle
Note: I was being silly, but that phrase does make sense.
my sentiment is that i have got to go the store once a week.
will sentiment change when they get smoked by the fighting irish tomorrow?
yagij
thank you so much.
Looks like consumer sentiment can change on a dime - and has. Wow, that's spiky. Talk about moody.
I like the fact that sentiment is where it was in January '09, but the UE rate is creeping up on the Jan '83 part.
Definitely
will sentiment change when they get smoked by the fighting irish tomorrow?
Go Michigan (or whoever's playing ND this week...)
Oh yea, go
! Go Silver! Woo hoo! 
Coast Guard reports "merely a training exercise." With live fire. Near a Presidential motorcade. On 9/11. Great planning, there, guys.
OT From the WTF Files:
Bernard L. Madoff's massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank.
But some neighbors say the real shocker came when they saw one of the bank's top executives spending weekends in the $12-million beach house and hosting eye-catching parties there. What's more, Wells Fargo spurned offers to show the property to prospective buyers, a real estate agent said.
Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors say -- latimes.com
It's all double-plus-good for Orwell's Fargo...
wach over you will get wf eventually.
Check this out. 10yr yield down to 3.30.
US@?US10YY - Stock Quote for 10-Year Note Yield - US@?US10YY Stock price - real time stock quote for 10-Year Note Yield
And this headline:
Dollar falls to new lows on optimism, carry trades - MarketWatch
Both cannot be right.
HomeGnome,
This got tossed around quite a bit last night -- I can still picture Dawg's eyes popping out of his head in righteous indignation.
Someone suggested this woman should be fired -- maybe burned at the stake would be more fitting ...?
nuke is that good? that the 10yr is down?
Sorry for the repost; I was watching the Steelers and Titans...
WASHINGTON (AP) - Businesses reduced inventories at the wholesale level for a record 11th consecutive month in July, although sales rose by the largest amount in more than a year, according to government data released Friday.
Rising sales should help convince businesses to stop slashing inventories and increase their orders for more goods, a shift that would boost production at the nation's beleaguered factories and aid a broader economic recovery.
The Commerce Department said wholesale inventories declined 1.4 percent in July, more than the 1 percent drop economists expected. But that decline followed a 2.1 percent fall in June, down from the 1.7 percent drop originally reported
Nuke on the last thred i followed this tiddy with the word "Gosh"
Nuke,
I suppose Mr Bernanke doesn't care about yield since it isn't 'his' money?
I've got money in my veins (my father graduated with a degree in finance in 1947 from a Swiss university) and I can feel something huge coming on, call it a sixth sense if you'd like, but my Fidar is off the charts
They can't even get the propaganda right...
Geez.
I hope LATIMES follows up on this story; the Guyton woman's judgment hopefully is not an indicator of WFC SVP cadre's cognitive apparatus. Damn woman, what were you thinking? Unless of course she had the go ahead of higher ups (EVP or higher), which would be my guess(what is needed is the guest list). Few are that stupid or self destructive.
Party like it's 1982. Indeed, looking at just those two blue bars (Jun '81-Nov '82 v Dec '07-present) in isolation they are identical.
Since when is firing live rounds at a recreational boater a "training exercise"?
The CG is lying.
this is a drive by, sorry if its been mentioned
rosies' piece this morning is really top notch - seek it out
he is always good, but its a data orgasm this morning
JD -
Everyone is calling for a next leg down. Wouldn't the market frustrate all of us and zoom up from here on? It is not like they are going to stop debasing the dollar anytime soon.
"Coast Guard reports "merely a training exercise." With live fire. Near a Presidential motorcade. On 9/11."
.....you wonder what the He** they're thinking...........about most things........from THERE up........
"I don't even know how Casey got the sex change operation nevermind the new job."
Dawg - you owe me a new keyboard!
One doesn't have to kill the goose that lays the golden eggs, severe harassment leading to stress will cut the goose's confidence way back and lower egg production.
Our goose is cooking in the same pot as the experimental frog. The silly goose is thinking it is a nice hot bath.
It certainly seems there's a very long leg down ahead for the $.
Both cannot be right.
True. The guys saying that the dollar is perceived as a safe haven, and that its drop is a reflection of flight from the dollar to riskier assets, are all wet. There is still a flight to safety on, but the dollar isn't looking so hot on that front. I'm surprised its drop hasn't been more volatile. As for the ten-year, it certainly looks like the markets are assuming that Bernanke will continue to be willing to sacrifice the dollar to prop up bonds (which seems kind of like a paradox) despite the supposed end of Fed monetization coming up -
WTF is going on man?
first that thing in NY
then this on 9/11
WTF, honestly
snafu
oh yes they are that stupid and/or self destructive! look around you at this mess.
homegnome
a mumbai on the potamic?
HomeGnome,
Training exercise...sure...next we'll hear about weapons malfunction...something is up...
Whoa. Hello there,
. You're looking a little energetic today.
Vic,
I'm talking more about an arm & a leg going down, something huge beyond belief.
Where's C&C's comments about glod? Well? Still a bubble?
Barley (profile) wrote on Fri, 9/11/2009 - 7:44 am
"I don't even know how Casey got the sex change operation nevermind the new job."
Dawg - you owe me a new keyboard!
Exurban Nation comes with a standing "Not Safe Near Liquids" and "May Not Be Safe For Work" warning. Thanks.
Interesting that the guy responsible for the Taylor Rule we hear the Fed talking so much about is blaming low interest rates and the government for the credit crisis:
MarketWatch.com
The coast guard was just sighting in for gun action this weekend for the Glen Beck 9/12 wingnut orgasm.
This sucker's going down. The one true concise Bush statement.
Gold?
Dawg - lol!
OT from the WTF Files:
(CBS) New allegations portray stunning disarray among the guard force at the U.S. Embassy in Kabul - guards tasked with protecting a thousand diplomats and staff in one of the most dangerous places in the world. What's worse, there's evidence the problems have been well-known for years inside the U.S. government and the private company that provides the Embassy security, ArmorGroup North America.
The charges are outlined in a new lawsuit against ArmorGroup filed by former executive James Gordon. Gordon is the former Director of Operations for ArmorGroup and reported directly to the president of the company. He's one of four ArmorGroup employees who say they were forced out after they exposed a frightening list of illegal activities and violations in ArmorGuard's contract with the State Department. CBS News spoke to him by phone from Afghanistan.
When Did U.S. Know about Embassy Problems? - CBS News
Maybe Jeff Gannon could ask some hard ball questions?
Jeff Gannon - Wikipedia, the free encyclopedia
It certainly seems there's a very long leg down ahead for the $.
Right now the Fed can stop the dollar's decline in a heartbeat.
The question is whether they will choose to do so or not.
JD,
Just a 'feeling' or are you seeing a pattern emerging here?
Where's C&C's comments about glod? Well? Still a bubble?
Who's C&C?
It's too early to see if this is the last inflationary gasp of glod or not. We had a nice "permanent plateau" for the past few months, so if it goes parabolic here it's probably not a bad idea to start thinking of dumping some of that
at a nice price.
/dons fire-retardant suit and heads back into bomb shelter.
I'm of the opinion that much of the financial activity since this time last year has been orchestrated to allow the high and mighty to exit stage right or left with their ill-gotten gains.
Every scam has an endgame...
tptb really need something to scare us with make us docile. you know. we are getting mouthy.
Afghanistan has always affected people that way. Anything goes.
Noob
and silver for the same reason we keep some cash on hand,. A just in case stash.
we keep
Not allot, but what we think would be enough to scramble if we have to. Weird world.
"......it's probably not a bad idea to start thinking of dumping some of that In glod we trust at a nice price."
josap
isnt it physical gold and silver that you need,not a paper that says you own xxxxxxx bars?
Right now the Fed can stop the dollar's decline in a heartbeat.
The question is whether they will choose to do so or not.
True enough. I think we have a pretty good idea as to the choice, though.
It will be interesting to see if the balance sheet continues to expand after October.
If the Fed does abruptly stop QE at any point, that would be a very nice time to go short S&P again, IMO.
V777,
You ever wonder why there are so many sons of professional athletes that follow in their father's footsteps, and can hit the curveball after seeing the 99 mph heater the pitch before?
That's kind of how it is for me from an economic standpoint, as my father blessed me with amazing tools of the trade, mentally.
Yes, it's just a 'feeling'.
i admit, i tend to lean to the "conspiracy nut wacko" side of things, but i recognize it and try to temper my views
but this potomac thing is freaking me out
Who's C&C?
Long-time commenter crispy&cole
Yep gaby. We don't have paper. Paper is to start fires with.
"we keep some cash on hand"
You mean at home, in hand, literally?
"As for the ten-year, it certainly looks like the markets are assuming that Bernanke will continue to be willing to sacrifice the dollar to prop up bonds"
I suspect it is less a desire to prop up treasuries than to keep rates down, to protect the MBS that the FED and the other bankstas are banking on. Woe be to the bankstas/bondholders, if inflation forces rates up.
we keep In glod we trust and silver for the same reason we keep some cash on hand,. A just in case stash.
Indeed, I do the same. Although I have minimal
(but some silver), I should think of adding a little more to the stash.
If anyone's bored, check out the prices one can get used Mason jars for on Craigslist/Kijiji. I think I'll be investing in those today...
Right now the Fed can stop the dollar's decline in a heartbeat.
The Treasury has a lot of say in the matter, too.
Original performance of Anything Goes by Cole Porter in 1934
Bogart!
Juvenal Delinquent (profile) wrote (in reply to...) on Fri, 9/11/2009 - 9:52 am
I'm of the opinion that much of the financial activity since this time last year has been orchestrated to allow the high and mighty to exit stage right or left with their ill-gotten gains.
Every scam has an endgame...
or an exit strategy, if the endgame is collapse.
".........as my father blessed me with amazing tools of the trade, mentally."
......I wasn't as fortunate...........it was my great GF, GF, & padre
Maxime Bôcher - Wikipedia, the free encyclopedia
"Right now the Fed can stop the dollar's decline in a heartbeat.
The question is whether they will choose to do so or not."
Yeah, with higher rates... FOREX is calling Ben's bluff. If the crisis is "over" there is no need to pay a "saftey' premium on treasuries.
The market's up, so I don't know what you all are so worried about. (Well, it was up when I typed that.)
Seriously, tho, I've seen mass hysteria hit this blog before.
Which has led to a lot of ammo, rice, and canned goods buying.
Which are now sitting on shelves, rusty and getting stale.
When feelings turn to facts, then I'm all ears.
"Right now the Fed can stop the dollar's decline in a heartbeat."
The Treasury has a lot of say in the matter, too.
Yeah... I think of the Fed and the treasury in combination as the US monetary authority. Really the Fed alone doesn't count for much without debt to monetize.
BTW in the future they may not be able to stop the dollar's decline, but currently they still can...
....even the Mrs, whom reads this blog cover to cover before bed, thinks all here are getting "touchy, moody & nervous".
King Copper and my gut second JD's assessment that this looks like an insiders exit point and last stop before the train wreck.
A face that launched a thousand ships!
JD, I prefer 'feelings' personally. Thanks for sharing. Despite my normal bear and doom gloom...I have had trouble sleeping this week and general feel like there is something increasingly 'wrong'. Not sure this is totally market related either. We'll see. Probably nothing.
"an insiders exit point"
from here on out, markers being left to use if needed.....I'd agree.....
Okay, well I'm not going to sit here and have a nervous breakdown. So I'm going back to my work, and I'll check in later, and we'll see how it's going. I predict a
But if the train wreck happens today, I'll admit I was wrong.
....Heck......we have plenty of time, Outsider...........until the one time we don't.....
Really the Fed alone doesn't count for much without debt to monetize.
ac,
A slight clarification.
The fed is not monetizing ANY treasury debt, at least directly. The fed currently holds less treasury paper than at the start of the crisis. The Fed's 1.45 trillion in GSE securities and debt purchases are another matter. Just ask GS!
But if the train wreck happens today, I'll admit I was wrong.
I don't recall anyone saying "today".
black star:
I'm not moody, I'm just perplexed. If happy days are here again, why is the yield curve flattening?
Also, why are we even listening (as a society) to the same people who have been so monstrously wrong over the past few years. As I recall, in 2007, the smart money said no recession, subprime is contained. Now, the same folks are saying strong recovery, debt doesn't matter. The lack of skepticism is a little puzzling, but also amusing.
Vonbek777 (profile) wrote on Fri, 9/11/2009 - 10:08 am
JD, I prefer 'feelings' personally. Thanks for sharing. Despite my normal bear and doom gloom...I have had trouble sleeping this week and general feel like there is something increasingly 'wrong'. Not sure this is totally market related either. We'll see. Probably nothing.
You're not alone -- sleeping oddities here too. Luckily it's better than the day 5 or so years ago I awoke convinced that the entire financial system had collapsed overnight.
Speaking of the exits: what do the Yen, PMs, & 10 yr have in common?
You would be making 1.5% or more today alone. For PMs, that isn't a big deal. For currency, that is a mighty big one day move. As for the treasury, "big" intra-day gains usually isn't the norm in a common, functioning market, right?
Listening to the talking heads this week reminisce about the near collapse of Wall*Street last year, they always emphasize just how close we came to having the whole shooting works fall apart, as if to get people ready for the eventuality...
A bit of news about China and the dollar.
China moves to internationalise its currency - Times Online
Sheeple think having the Captain and crew of the Titanic take another shot at the ice bergs is a good idea. Many of us don't
America Out of Work: Is Double-Digit Unemployment Here to Stay?
"The American economy has been shedding jobs much, much faster than Okun's law predicts. According to that rough rule, we should be at about 8.5% unemployment today, not slipping toward 10%. Something new and possibly strange seems to be happening in this recession. Something unpredicted by the experts. "I don't think," Summers told the Peterson Institute crowd - deviating again from his text - "that anyone fully understands this phenomenon." And that raises some worrying questions. Will creating jobs be that much slower too? Will double-digit unemployment persist even after we emerge from this recession? Has the idea of full employment rather suddenly become antiquated? Is there something fundamentally broken in the heart of our economy? And if so, how can we fix it?"
Yahoo! 404 - Page Not Found
Interesting read.
If happy days are here again, why is the yield curve flattening?
Happier days on Wall St. have little connection to Main St. despite what Bernanke claims. Bernanke is so wrong on this point.
We have two separate economies. One is real, it is competitive and produces actual goods and services based on market supply and demand. The other eCONomy is a pretend world based on senseless credit creation sponsored by the central banks.
It doesn't surprise me at all that asset prices are rising, bonds included, while jobs, incomes and inflation vanish. If you give wall st. free money, they don't go out and create jobs, they go out and buy paper assets.
OT (sorry that's just the way it is working for me today)
War is good for business...
WASHINGTON (Reuters) - The United States is close to a new peak in government-to-government arms sales, poised to top last year's record $36.4 billion, Pentagon figures showed.
With one month left in fiscal 2009, the value of such deals stood at $35.3 billion, not including any that may be wrapped up by the September 30 close of the fiscal year, the Pentagon's Defense Security Cooperation Agency said Thursday.
Exclusive: U.S. heads for record overseas arms sales in 2009
| Reuters
---We come in peace...
AKK! AKK!
is it safe now to say that the dollar is going to turn into TP? Look at that Yen go today....amazing.
You're not alone -- sleeping oddities here too. Luckily it's better than the day 5 or so years ago I awoke convinced that the entire financial system had collapsed overnight.
The wife and I quit smoking a few days ago and that, combined with a wicked flu, gives me lots to blame my lack of sleep on.
For those of the smoking persuasion, I strongly advise you not quit the week the entire family--even the baby and the toddler--comes down with the flu. But I highly highly recommend Alan Carr's method, if you can get your head in the right place. It's worked great so far, although the wife has been afflicted with insomnia.
Nuke,.....I'm about the dumbest person on this blog. And all I know is, after dealing with these kind of thoughts for close to 20-years, you get used to the
.........I'm the guy who just obtained an additional Onan generator and another 1000-gal water tank, and thinks the future for ME and MINE is just fine - but then I should have already been dead and have raised 8-kids to think for themselves, just in case.
i dont think its the end of days, and i always thought the canned food and guns talk was ridiculous
and, truth be told, i dont even care about the market anymore
my uneasiness comes from the ever more orwellian things i am seeing day by day
In my opinion, it is always necessary to have at least 1 gun in the house (preferably a shotgun). This is not wingnuttery, but a clearheaded view of human nature.
90 bottles of Yen on the wall...
i dont think its the end of days, and i always thought the canned food and guns talk was ridiculous
I'm in the process of justifying home canning the following way: I find it uneconomic to spend a fortune on a small pack of fresh strawberries, for example, at the grocery store. But if we're canning them, we can buy a whole bunch in bulk at the farmers market, and justify the expense.
Plus we're learning how to can, which my mother used to do and probably is a skill we shouldn't lose in one generation.
Looks like Mr. Market wants to run my stops in GDX, after which I fully expect
to hit $5,000. Like, next week.
owning paper gold/silver is a bad idea now, ETFs included. If the Chinese make good on their threats to reneg on their derivative contracts, they will blow Comex and the ETFs sky high
ETFraud
Looks like Mr. Market wants to run my stops in GDX
Should we
for your stops?
Juvenal Delinquent (profile) wrote on Fri, 9/11/2009 - 10:18 am
Listening to the talking heads this week reminisce about the near collapse of Wall*Street last year, they always emphasize just how close we came to having the whole shooting works fall apart, as if to get people ready for the eventuality...
Saved once by Gentle Ben the bearded genius, but can he "ease" our fears (and our currency) through another, larger, crisis?
Onan generator
I don't want to know.
Should we weep for your stops?
Nah.... just giving the "fade Eric" crowd a headsup on an entry point......
I don't want to know.
I assume it's self-starting.
I've got money in my veins (my father graduated with a degree in finance in 1947 from a Swiss university) and I can feel something huge coming on, call it a sixth sense if you'd like, but my Fidar is off the charts
If you squeeze a water balloon, the water eventually bursts through somewhere.
JD, would you care to speculate on where our balloon will burst?
Everyone's spidey senses are tingly this week.
just giving the "fade Eric" crowd a headsup on an entry point......
Ah. Should we then
because of your stops?
"In my opinion, it is always necessary to have at least 1 gun in the house (preferably a shotgun)."
A VERY useful tool, that can be used in a wide array of beneficial applications.
"The wife and I quit smoking a few days ago"
Good for you, noob! Keep it up.
"Plus we're learning how to can, which my mother used to do and probably is a skill we shouldn't lose in one generation."
.......+10.......Besides, you never know when you might get the hankerin' to open a jar of the best damned stew or chili you ever tasted late some night.
Onan generator
I don't want to know.
Well, it's very similar to the Omen Generator, but it's shaped like a Greek god.
You can use a shotgun for almost anything: home defense, hunting, opening pickle jars, turning off the TV, etc.
"JD, would you care to speculate on where our balloon will burst?"
So far everybody in this financial crisis has been a team-player, but there isn't much chemistry on the team, and sooner rather than later somebody is gonna break free of the herd, and the only one that can, appears to be China.
Yalt (profile) wrote (in reply to...) on Fri, 9/11/2009 - 8:26 am
Onan generator
I don't want to know.
Yes, you do want to know. Knowing is the first step to understanding to preparing to being prepared. My needs are more modest. I have a medium duty Honda. I also keep the hot tub water in a potable condition. These cost next to nothing. Think of them as anti-lottery tickets.
Basel - you a Domer?
"I assume it's self-starting."
....of course...........started off one of the solar charged battery banks.
turning off the TV
That presumes that you have a TV with pushable buttons. Nowadays, there are far, few buttons, and what buttons there are are on the side or back of the TV
Re: mood. Decreasing day length affects brain. Try vitamin D, 5-htp, DMAE. You can't trust your judgment if your serotonin levels are low. OTOH, I think the sheeple really, really want to be fooled. And everybody who knows what's really going on is either keeping quiet or talking things up. The USG has a real advantage that way. And the dollar has to fall some, that's clear. As long as the PTB can keep a dollar crisis from happening, they may very well get away with it. Still, it's time to look to the force fields and perimeter patrols.
...or a Doomer?
Good for you, noob! Keep it up.
Actually it's been fairly easy to quit, once we both decided to do it simultaneously. Smoking was a part of our lives for many years so it's been an interesting mental experiment seeing how I associated them with many different actions and activities. I find simply recognizing the association goes an awful long way in addressing any cravings, which have been minimal.
My wife is cranky because she hasn't slept, which is understandable. She may fall off the wagon if she doesn't start getting a good nights sleep soon, but so far so good.
....of course...........started off one of the solar charged battery banks.
Um, yeah..... i think you and RD missed the joke.
USD - JPY 90.5700 -1.1500 (-1.25%)
Someone did not get the memo.
nah. even worse than a domer...
i'm a dookie...
No, domer is right. Think bankerdome. [mouse over for glossary entry]
Maybe inside the green (RW&B? Coca-cola?)zone...outside, not so much
That presumes that you have a TV with pushable buttons.
Or it assumes you really hate the show.
For instance, it's always preferable that I do not have access to a firearm when 'American Idol' comes on.
American Idle...
Um, yeah..... i think you and RD missed the joke.
I'll be a monkey's uncle, Monty Python was right: Every Sperm is Sacred.
There are about 12 million people on American Idle right now.
.....thnx, eric......I did miss it....
I'm the guy who just obtained an additional Onan generator and another 1000-gal water tank, and thinks the future for ME and MINE is just fine
instinct is key. That way you can feel prepared without turning into a complete looney 
...............
Constructively channelling the
Could this increase in sentiment be due to many people's mistaken belief that their 401(k)s are coming back as the Dow flirts with 10K? Rome still burns and the fiddles are getting louder in our "plutocratic kleptocracy"
To make matters worse ... it's called the 'Cummins-Onan' generator!
You can't make stuff like that up!!!
I did indeed miss the joke. I knew there was a biblical referent but never thought to make the connection.
My son graduated from there a few years back - I hope they wipe up UM tomorrow.
A real doomer would have 5,000 gallon water-tanks, it's not like they cost all that much ($1500 for a used one)
Could this increase in sentiment be due to many people's mistaken belief that their 401(k)s are coming back as the Dow flirts with 10K? - N
Bingo!
NGBROI
possibly, at least that is all my sister looks at. And she is happy she is seeing an increase after the losses. She sees up or down not percents or allications. That and how much equity she has, which of course has gone down.
"A real doomer would have 5,000 gallon water-tanks, it's not like they cost all that much ($1500 for a used one) "
.....I have the biggest "tank" 150-feet down.
Things are looking wobbly out there today. It's a fine day for crocodile tears and catharsis.
BSR, that would be the well. yes?
His underground bunker
yes, Ma'am........and three ways to get it out now.
A real doomer would have 5,000 gallon water-tanks, it's not like they cost all that much ($1500 for a used one)
Pain in the butt to move around though. Plastic 1000gal tanks are heavy enough, and the 3500 gallon one I used to drive around was very heavy. I don't even know what size truck you'd need for 5000gallon, but make sure the crane drops it in its final resting place, because it won't be easy to move later...
Well, gotta go. We'll see if circumstances permit me to visit CR later this afternooon. Enjoy the skittish day, everyone.
And leave my CAD/USD exchange alone. It's looking pretty
-ey right now, and I prefer the greenback strengthen. Either that, or I'll have to start drinking.
scone (profile) wrote on Fri, 9/11/2009 - 8:40 am
reply ignore user
Could this increase in sentiment be due to many people's mistaken belief that their 401(k)s are coming back as the Dow flirts with 10K? - N
Bingo!
Bernanke is not as dumb as some here would like to believe and the above shows why he is targeting asset inflation.
If you know you can't do much about anything other than asset values then that is what you target.
old boy named Ed, who runs the Binion Ranch here in town has a 40,000 gallon tank he primarily uses to fill up the swimming pool twice if need be.......you don't dare get in front of that 6" opening during fill time........it's kinda scary.
Laying the wood to
and 
now
Want to be happier, wealthier and more attractive?
Cast your vote for BFF at the polls link.
Vs.
If Cinco wins the BFF poll, Timmy will be getting a call from Sheila to send cash. Eleven???
I'm going with 666 Banks going down today.
Cast your vote for BFF at the polls link.
Not that I wanted to pick it, but why isn't there a "zero"?
Actually, if you buy canned goods that you are willing to eat, it's a good hedge against job loss. You can eat the stuff you've got stored and avoid depending on food banks or the government for a while. It's also worthwhile in case of things like a blizzard, hurricane, or flood. You already have supplies on hand and don't have to fight the crowds rushing to stock up before the storm hits.
I'm not saying some people don't go overboard with supplies...just saying some supplies are a good hedge against unforeseen circumstances generally.
CR must be working on his update to the problem bank list
Not that I wanted to pick it, but why isn't there a "zero"?
Because then it wouldn't be "Bank Failure Friday".
It'd just be "Friday".
I forgot it, eric.
Please weep for me...
had to step out for a minute, my 19month old was beating up my four year old again...the boy is just mean...tackles low and then goes for a hair pull/nose twist combo. As an only child, this sibling rivalry is a new concept for me, and it has been a learning experience...non-stop fun house.
"Bernanke is not as dumb as some here would like to believe...."
'''''''''''''''''''''''''''''''''''''''''''
As for his intellect, you're right. But, for his foercasting skills, his ability to see the negatives of his actions, he is as dumb as a box of rocks
I'm repeating last week's prediction. Today's BFF will go to 11! (Spinal Tapped Out)
Sheila will be telling 11 bank CEOs to "smell the glove".
he is as dumb as a box of rocks
Is that better or worse than a bag of hammers?
Cinco, Mas and Dawg went for "elevens." That cannot be good.
for the record I'm thinking we get a Georgia seven, a mid-west, an Arid-zona, two Californicators and Corus "resolution." We can argue ad nauseum as to whether Corus is a BFF.
Hammers crush rocks, so it would be worse
I went for 3. One relatively big one and 2 small, rural banks. The FDIC doesn't seem to have the appetite for more.
At the moment, I am the lone vote at 9 failed banks.
Some vote 9, some 11, on 9/11/9.
ahhh, market "fundamentals." so speculators were shorting the hell out of UNG the past several months, then had to cover the past few days. wonder how much gumption the rest of the shorts have?
U.S. Natural Gas Fund Short Sales Rise to Record as Fuel Drops
Take a name asswipe (profile) wrote on Fri, 9/11/2009 - 8:52 am
reply ignore user
"Bernanke is not as dumb as some here would like to believe...."
'''''''''''''''''''''''''''''''''''''''''''
As for his intellect, you're right. But, for his foercasting skills, his ability to see the negatives of his actions, he is as dumb as a box of rocks
what makes you think he doesn't see the negatives but doesn't see any way out.
I'm of the opinion that what they think/say in private is way different from what they say in public. The solution is kick the can because there is no other solution other than a full reset.
BSR are you going to power the Onan Generator on methane from the cow waste? Like solar the next free step.
this sibling rivalry is a new concept for me, and it has been a learning experience...non-stop fun house.
Vonnbek,
Don't get me wrong, parenting is a positive experience. But some days, the "joys" of parenting are a lot like the "joys" of homeownership.
I've been a ref far too often. Yowza, do them boys fight.
I'm going with 666 Banks going down today.
As a member of the Eugene Brick Throwers Union #666, I will have to go with your number JD---
Frankly I am just tired of this new nanny state we live in where we are constantly protected from the truth, because we can't handle the truth. This isn't just in reference to the markets...it is everything these days. Why is it personal privacy is going the way of the dodo and yet Big Brother develops a bigger and better cloaking device each year....don't like it at all.
Terry (profile) wrote on Fri, 9/11/2009 - 11:49 am
If Cinco wins the BFF poll, Timmy will be getting a call from Sheila to send cash. Eleven???
Been bettin' low for weeks and gettin' burned. Thought I'd try a different tack this time. Heading off to the dentist soon-
Looking at the China news. If the US dollar is no longer the reserve currancy, which looks like where things are headed, how much will a gal of gas cost?
I think that is the key. Goods will insta inflate. Panic will set in.
That eventuality seems to be what the MSM is trying to get us to accept before it happens,
We can argue ad nauseum as to whether Corus is a BFF.
I don't care if it's a BFF, I just want it done so we can stop speculating.
And so we can also begin speculating about Westernbank.
EDIT: Okay, now I'm really shutting down this computer and leaving. L8R all...
Bernanke is just book-smart, point to me where he made a living buying and selling anything?
My dad had a saying...some people might be book smart, but they've been reading the wrong books...
As for his intellect, you're right. But, for his foercasting skills
That's because you've been tricked into thinking he's "forecasting" rather than influencing expectations.
OT From the WTF Files:
LAS VEGAS, N.M. (AP) -- Prosecutors have dismissed misdemeanor charges against school officials in a hazing in which high school football players were sodomized with a broomstick.
Four officials at Robertson High School were charged with failing to report child abuse after the hazing last year. The officials included the superintendent, athletic director and two former coaches.
But District Attorney Donald Gallegos says he dropped the charges because the law under which they were charged did not apply. He says the duty to report child abuse applies when it's at the hands of a parent, guardian or custodian, not another child.
Six football players were charged in the hazing.
WTF!?!?!?!
New TV show. Wall Street banksters against the The feds, Operating lemonade stands for a profit!
I dunno. He seems pretty adroit at buying time and selling us down the river.
I just was informed by my wife that Benjamins sold Meskin' food @ "South of the Border", in the guise of being a waiter.
Some kids need to be slapped upside the head.
“It was toughest on Brittany,” Mrs. Evans said. “I tried family meetings. I asked: ‘How do you feel? Let’s talk about it.’ It was: ‘Why do you care how we feel? You made the decision without us.’ I’d always had a ‘Gilmore Girls’ relationship with my daughter. It’s been difficult to see her so unhappy and distant.”
Nodding, Mr. Inman said, “You couldn’t talk to her without her screaming at you.”
Emphasizing the point, Brittany extended her early evening out with friends to avoid the dining area interview. On the telephone the next day, she didn’t sound quite ready for rapprochement.
“I mean, I understand the financial situation, of course, but it was two weeks before graduation, so many things going on, and your parents decide to move you,” she said. “I had friends whose parents took their homes off the market just to ease their stress during senior year. Moving right before graduation is not what you want.”
You'll know when inflation is setting in. It's when the new Fed chief is an inflation fighter.
The solution is kick the can because there is no other solution other than a full reset.
poic,
There is no full reset required. That's Wall St. scare mongering.
The existing system would work if Bernanke would let it. Debtors and creditors would have to restructure debts in line with incomes. Equity holders would get wiped out. The deposit system was already protected and insolvent institutions could have been eased along under government stewardship just like GM, Chrysler, FRE, FNM, AIG, etc.
A lot of faux wealth would disappear. Big deal. At least the extractive debt overhead would be removed from our economy.
Bernanke doesn't have the stomach for the job. Beyond that, he, the entire fed and all of Wall St. would have to admit to their massive frauds and failures. The majority would be better off.
South of the Border (attraction) - Wikipedia, the free encyclopedia
---Avoid it like the plague!
Thank goodness we had a trail period to get used to $4/gal gas. $7-$8 gallon won't seem quite as bad.
Panic may set in -- but also anger. The current economic paradigm will not work with declining credit and suddenly higher prices. The populace will notice, and actually start paying attention to what's going on. Chairs will be rearranged. Oxen will be gored.
Bernanke is performing spectacularly at the job he was assigned. The disconnect results from the public thinking his job is to faithfully execute the duties of the office of Fed Chairman.
noob goldberg (profile) wrote (in reply to...) on Fri, 9/11/2009 - 11:44 am
A real doomer would have 5,000 gallon water-tanks, it's not like they cost all that much ($1500 for a used one)
Pain in the butt to move around though. Plastic 1000gal tanks are heavy enough, and the 3500 gallon one I used to drive around was very heavy. I don't even know what size truck you'd need for 5000gallon, but make sure the crane drops it in its final resting place, because it won't be easy to move later...
A cistern isn't such a bad idea; they use them in Key West, and I'd presumed a lot of places out West. Some are made of what looks to be the same as milk cartons, but much thicker. The DI water tank at my old employer held 1500 gal or so, but could be pushed around by a single person when it was empty-
Bernanke is performing spectacularly at the job he was assigned. The disconnect results from the public thinking his job is to faithfully execute the duties of the office of Fed Chairman.
Hehehehe....
. The majority would be better off.
Oye, there's the rub, matey.
Terry (profile) wrote on Fri, 9/11/2009 - 11:49 am
If Cinco wins the BFF poll, Timmy will be getting a call from Sheila to send cash. Eleven???
Won't need much for the one in Grinder Switch, TN
For those of you interested in a bear market: Bear attacks man in Aspen home - The Denver Post
rosethorn (homepage, profile) wrote (in reply to...) on Fri, 9/11/2009 - 11:51 am
Actually, if you buy canned goods that you are willing to eat, it's a good hedge against job loss.
I think that things like dried beans are better, and believe it or not, there is a fairly limited life for canned goods in actual cans. I think 3 years or so, though some cans will, if properly cared for and undamaged, last quite a bit longer.
Take a name asswipe (profile) wrote (in reply to...) on Fri, 9/11/2009 - 11:57 am
Hammers crush rocks, so it would be worse
Asswipe,
It's all that paper out there that's gonna' killl'em
Oye, there's the rub, matey.
I'm not sure why I was reminded of your "work in the ass" when I was reading about "the rub", but it happened for some reason...
Wow Terry, haven't heard about something like that since I lived in Alaska. Used to have bears try to come in houses for food in the winter. My parents almost hit a big black bear near Panama City Florida the other day as well...running through someone's back yard into the road.
When I was a working manager of gas stations and the price was jumping, it was actually dangerous for the clerk because customers would actually take their frustration of the price out on them. They would actually get violent, and when it was rationed at 10 gallons they would come two or three times aday. Times are gonna be crazy when it gets over four dollars again.
"There is no full reset required. That's Wall St. scare mongering.
The existing system would work if Bernanke would let it. Debtors and creditors would have to restructure debts in line with incomes. Equity holders would get wiped out. The deposit system was already protected and insolvent institutions could have been eased along under government stewardship just like GM, Chrysler, FRE, FNM, AIG, etc."
Sorry I have to disagree. Too many large financial institutions intertwined world wide. Too many derivative products hidden behind fake AAA ratings.
As I mentioned before aig going down would have immediately brought most major European banks below tier 1 ratio.
We were already starting to see cc transactions being denied I'm some European countries at the height of the crisis.
The system would have worked as it's supposed to by a full reset and depression.
I used to think the same as you but not anymore.
Oye, there's the rub, matey.
broward,
That is the rub. sigh
My favorite canned item is 12 ounce Red Feather cans of NZ butter with a shelf like of like 10 years, and oh so delicious tasting...
what makes you think he doesn't see the negatives but doesn't see any way out.
I'm of the opinion that what they think/say in private is way different from what they say in public. The solution is kick the can because there is no other solution other than a full reset.
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Of course their public/private statements differ. A Manichean view is as always flawed. Bernanke's actions must coincide with his education, his policy positions throughout his career and his teachings at Princeton. Maintaining the system, the status quo of economic principle, to prove he and others are right is his main concern
When I was a working manager of gas stations and the price was jumping, it was actually dangerous for the clerk because customers would actually take their frustration of the price out on them.
I actually had that problem selling ice cream as a kid. I'm not kidding.
we were up in Katmai last June when the salmon were running - it was making me nervous seeing fresh bear pooh on the trail to the falls.
I'm not down with the panic, per se. Peeps are used to believing all sorts of impossible things before breakfast. E.g., flat earth, the 3 in 1. That's not a problem. It's the speed and timing that's important. If they can slow this down to a 3 - 5 year time frame, it will seem like the "new normal." That's what PIMPCO is trying to say. The goal is to slow down the train, so it does not derail, while assuring the passengers that "there is no cause for alarm." Can the engineer do it? Stay tuned!
Thank goodness we had a trail period to get used to $4/gal gas. $7-$8 gallon won't seem quite as bad.
If the entire planet was on the brink of financial collapse, the last thing said would of been the entire planet is on the brink of financial collapse.
A good post on currency devaluation from another site I follow.
"why devaluations cannot work in USA:
USA Export 1T, import 2T - screwed
UK Export 400B import 600B - screwed
Germany Export 1.5T import 1.2T - Ok
China Export 1.5T import 1.0T - Ok
Many people and so-called advisors (including myself) argued that a moderate devaluation is good to help export. I think that is sort of naive in hindsight if you believe 100% what I said (now that I have cashed out of all the trades) - as the compositions of the exports and imports do matter a lot. Much of our imports are that of consumption for the LOWER 60% of the social classes in one way or the other. It would be exceedingly naive that someone could expect a 30% devaluation overnight and not have some kind of rebellion in the following morning here in the USA. My advice is to pick a more trustworthy advisor next time. LOLz.
Having said that, I also observed technically the pumpers of GBP/USD are running out of headroom - but that's just from fundamentals and my 2c."
Too many large financial institutions intertwined world wide. Too many derivative products hidden behind fake AAA rating
Yes, that's my thought, too.
A systemic failure which would have brought everything to halt.
I haven't seen much impact from the auto bankruptcies, though.
scone (profile) wrote on Fri, 9/11/2009 - 12:17 pm
I'm not down with the panic, per se. Peeps are used to believing all sorts of impossible things before breakfast. E.g., flat earth, the 3 in 1. That's not a problem. It's the speed and timing that's important. If they can slow this down to a 3 - 5 year time frame, it will seem like the "new normal."
True enough; They're trying to stretch out this "train wreck", so that folks get accustomed to the situation, and so that everything doesn't fail all at once, taking down the entire system with it. Sorry for stretching the train metaphor; might've taken it a bit too far
$7 gasoline for people that drive an hour to and from jobs that pay $10 an hour works out like this...
Take home pay per day after taxes: $55
Gasoline expense per day: $35
That dog ain't gonna hunt~
p.s.: In reality these folks are working 10 hours a day, when you include the onerous drive.
you know what else will "spur conservation" -- a bankrupt populace.
What we need to do is drill down to find the latent synergies in our go forward space...
Take a name asswipe (profile) wrote on Fri, 9/11/2009 - 9:19 am
reply ignore user
If the entire planet was on the brink of financial collapse, the last thing said would of been the entire planet is on the brink of financial collapse.
That's why you threaten martial law in private to get 700b and then talk publicly about disaster averted after the fact to revise history.
I think BenB really is just printing money now.
No joke.... I just logged into my bank account, and there's a $1200 deposit from the US Treasury. I did just file my 2008 taxes, but the refund (a different, and larger, amount) was to be applied forward to 2009.
Called my tax dude, he has no clue, but thinks it may be the 2007 Bush Stimpac check. Which I didn't qualify for.
His advice: wait a week to see if a notice comes in the mail, then call them.
poic,
No need to be sorry when you disagree with me.
They could have orchestrated an orderly unwind of all the faux credit. Even Citi had $600 billion in debt cushion before deposits would have been hit. Heck, the $600 billion was more than their deposit base. It would have been difficult and painful in the short run, but very doable.
As for European Banks and credit cards, why do I care? If they were dumb enough to buy bogus AIG guarantees that's their problem. What gives Bernanke the right to make it mine? Let the European government's bailout their own banks with their own future output.
Where there is a will, there is a way.
So, then we agree.
homegnome--> +10
best-of-breed thought-leader
Terry,
We had mostly had black bears, not a problem unless you get an old grumpy male or too close to a new mother and cubs. An occasional Grizzly though, and life got interesting. Guy in my dad's unit was a real big hunter back home in Alabama...decided he was going to bag a Kodiak before he left Alaska...went hunting alone. After his first two rifle shots bounced off the skull of his bear...he scrambled up a tree...mistake, bear just knocked it down...removed part of his leg and an arm before he got his six shooter out and managed to kill the thing. Then he was trapped underneath the dead bear. Luckily some other hunters heard the shots, and came around, and saved his life. He got his bear. My dad always said he wished the bear had won, it would have saved the Army grief later on.
Eric (profile) wrote on Fri, 9/11/2009 - 12:24 pm
I think BenB really is just printing money now.
No joke.... I just logged into my bank account, and there's a $1200 deposit from the US Treasury. I did just file my 2008 taxes, but the refund (a different, and larger, amount) was to be applied forward to 2009.
Called my tax dude,
Can I have the name of your "tax dude"? Mine's useless-
Maybe i've seen 700 bears in the wild, never a problem....
HomeGnome (homepage, profile) wrote on Fri, 9/11/2009 - 12:23 pm
What we need to do is drill down to find the latent synergies in our go forward space...
Wink
Glad you're thinking outside the box-
Thank goodness we had a trail period to get used to $4/gal gas. $7-$8 gallon won't seem quite as bad
;;;;;
Gas ticked up to $3.09 yesterday
$7 gasoline for people that drive an hour to and from jobs that pay $10 an hour works out like this... - JD
Although they were living far from work because housing was high. With the RE crash, and landlords more accomodating, there should be some movement toward the cities. Also, if gas is a fake-dollar $7, then wages should inflate to a fake level, too. And lots of movement to public transport, etc. That's how I got by in the 70's-- I just did without a car.
No need to be sorry when you disagree with me.
They could have orchestrated an orderly unwind of all the faux credit. Even Citi had $600 billion in debt cushion before deposits would have been hit. Heck, the $600 billion was more than their deposit base. It would have been difficult and painful in the short run, but very doable.
As for European Banks and credit cards, why do I care? If they were dumb enough to buy bogus AIG guarantees that's their problem. What gives Bernanke the right to make it mine? Let the European government's bailout their own banks with their own future output.
Where there is a will, there is a way.
Citi having to bring the 1t in off balance sheet assets on balance sheet would have wiped them out.
You would care about european cc transactions once visa/MasterCard shutdown processing world wide due to an inability to fund overnight debt due to what was going on in Europe.
And again you would care about European banks once the institution here shut it's doors to wall itself off from the global panic that ensued.
There's a lot I don't disagree with about what is going on but I do realize how serios it was.
So who triggered the trap then?
If gas gets to $7 or $8, then only the wealthy, you know, those who live off other peoples labor, will deserve access to it.
poic,
The real point is who pays, no? I agree it was bad. But at the end of the day the responsible parties should of had to pay. The government and the fed should have ensured this happened. Instead, the fed became the easy button in order to spread the losses and paper over their own incompetence.
Everyone the world over now knows the system is a sham and that it is not based on fundamental principles of fairness. What will the long run cost of that be?
One more point. Since the Euro Central Bank can't print money the way the fed can, Bernanke is printing for them. No joke. What an utter disgrace. Bernanke is violating the sovereignty of America.
Millions in defense, not one cent in tribute - Thomas Jefferson
Or Joanna can make a killing in biodiesel. I'm already seeing cars here converted to run on vegetable oil. It's all liquefied plants anyway.
Hey,
If one looks at the chart, this latest bump is just setting the early stage for the double dip recession....