Rolling US Economy Into The Shitbin Thread

interesting that the pound is just about the only currency not rising against the dollar

although not surprising

It is rising, it's up a whole cent since this morning!

why the charts so rosy?

free money on its way? lot of volatility, seems everytime there is a big drop theres a rally later till the next dose of bad news and subsequent drop

all short term noise surely

there was a pretty good article about the state of the dollar in the NYTimes this weekend. Interest rate cuts logically won't stop the fall of the dollar because it'll just encourage investors to buy other currencies to get a better return on their investment.

well sure rate cuts will increase fall of dollar, but i mean if 1% is priced in and then it ended up only being 0.5% it could have a 'less negative impact' on the dollar, but a worse effect on markets as they want their crack hit of free money?

75 basis point cut to 2 1/4

limbo limbo limbo

Things are getting very weird very fast -- and will probably get even weirder, faster, as the train wreck of bad debt meets the Saint Paddy's Day Parade of bacchanalian excess at the grade-crossing of destiny. The train is carrying America's financial system, but the engine driving it is peak oil, because declining energy resources necessarily means declining capital wealth -- and declining value of all the institutions, instruments, and markers that denote that wealth or hope to profit by trading in it. The fiasco leads straight to the necessary reinvention of American life on other terms and by other means.

Yes looks like they are trying to walk the tightrope here...(shows how crazy things are that a 0.75% cut can be considered that way)

let's all hope China keeps buying dollars.

are we in negative interest rate territory yet?

we should all be keeping our savings under our mattresses.

mattresses generate back pay! should I submit this to Readers Digest y/n?

omg did anyone else see jim kramer yesterday - raaaaare form - shit was apocalyptic

it should be the caption of a New Yorker cartoon. xp

Cramer can kiss my ass.

jim cramer has been pretty amusing lately.

"Bear Stearns is gonna be fiiiiiiine!"

cramer can roll his bald head around my exponentially descending ball sack

why is your ball sack descending, burt_stanton?

i don't know :[

http://www.guardian.co.uk/commentisfree/2008/mar/16/creditcrunch.useconomy

http://image.guardian.co.uk/sys-images/Guardian/Pix/steve_bell/2008/03/18/BEARMARKET512.jpg

^ exponentially descending

oh just STFU already

the money quote:

``He sounds like Herbert Hoover in 1930,'' said Bruce Bartlett, who served as a Treasury Department economist under President George H.W. Bush.

A persuasive argument for increasing regulatory capital requirements on banks (written last November but still relevant):

Why banking remains an accident waiting to happen

It's like the executive tells young J.R. in the Gaddis novel - "Make other people's money work for you."

is anyone calling for capital controls yet? :p

Hey so maybe this is working for a minute anyway?

Shit is rallyin.

Rally, pah

Shit Dead Cat Bounced.

http://image.guardian.co.uk/sys-images/Guardian/Pix/steve_bell/2008/03/19/DOWNCLIMB512.jpg

Bounced? Dead cat is down so far today.

The Subprime Primer

is anyone calling for capital controls yet? :p

Rep. Barney Frank, chair of the House Financial Services Committee, had this to say today:

US investment banks need more regulation-Rep. Frank

water rolling downhill, etc.

Hey so maybe this is working for a minute anyway?

Shit is rallyin.

-- BIG HOOS aka the steendriver, Wednesday, March 19, 2008 12:11 PM (3 hours ago)

HAW

we have a 4-pane screen in here and right now it is like so:

TUNER 1, CSPAN 2: CEO Pay For Home Mortgage Companies
TUNER 2, CSPAN : Allegations of Fraud, Waste & Abuse in Iraq War Spending
TUNER 3, CNBC : Fannie & Freddie's Surplus Capital Requirement Cut From 30% to 20%
TUNER 4, CNN : Lou Dobbs Tonight will be discussing the dwindling US Economy with some economists (right now cafferty is reading mail about iraq)

it is no longer necessary to use cut-ups or any other particularly holistic technique to see where my country is headed

shitbin

http://www.treehugger.com/toilet-llqq-001.jpg

round the bowl down the hole roll tide roll

fuckin stan goff flippin me out with shit like this

Mark Jones eight years ago described the post-Cold War booms as the capitalist metropoles digesting the fallen Eastern Bloc, somewhat slowly, “like a snake who’s swallowed a goat.” The snake is shitting now… and starving.

The unfolding economic crisis — which surprised the mainstream commentators and analysts, but about which those crazy leftists have been Playing Cassandra for a decade — is now firmly off the tracks and roaring toward some abyss.

Maybe this
belongs in Rolling Looming Apocalypse?

haw

everybody wants to live in the end times

even I don't believe suburbanites are going to rise up. that's crazy talk

like, the suburban and exurban folks losing so much that they start a revolution because of this is like people saying microsoft is going to go out of business because everybody hates vista and the xbox is a money pit

even I don't believe suburbanites are going to rise up. that's crazy talk

-- El Tomboto, Friday, March 21, 2008 12:45 AM

this is heartening somehow

When it comes to the economy the suburban people, as they say, wouldn't know how to pour pee out of a boot if the instructions were written on the heel. They'd be just as likely to blame illegal immigrants, or too-high taxes on business.

haha yeah democracy and its attendant myths are also a good hedge against uprisings. of course everyone probably said exactly that about feudalism too

barry's column in esquire is pretty much why I love him: http://www.esquire.com/the-side/opinion/dont-fear-bear-stearns

You're supposed to raise your standard of living by working harder, being clever, earning more income -- not by using your long-term savings. And now this current generation is pretty much fucked. When push comes to shove and they go to take money out of their houses at retirement time, they’re going to find out that there ain’t a whole lot there. They better pray that Social Security is still around in 20 years -– not exactly a sure thing.

plus the fact that as a dude who runs his own firm in downtown manhattan and rolls out on the weekends to mcfuckin' richdude town, he still posts excitedly when he gets a great deal on some gadget - "Hey guys I found this 7.2 megapixel camera for only $174!!" total money nerd bro

they won't rise up, but I wonder what it'd take for a mortgage strike. Rent strikes weren't that long ago, after all.

It's important not to conflate well-grounded economic chicken littlism with grab-bag political nutso fantasizing

actually I'm not really sure why that's important at this point