Rolling US Economy Into The Shitbin Thread

hey guess what just news cycle the fact that it now costs $160 to fill up a GMC Yukon did not stop the financial sector from being in a fuck ton of trouble

what's the trickle-down from lehman and bear stearns getting killed? how long can merrill lynch and fannie/freddie drag out putting their losses on the books?

Right. I, and I assume Aimless, were being sarcastic.

-- BIG HOOS aka the steendriver, Friday, July 4, 2008 7:16 PM (4 days ago) Bookmark Link

I don't think Aimless was being sarcastic. I hope he wasn't. I on the other hand was.

hello all. just thought i'd stop by to share the bizarre info that we were up considerably in June from last year, and are WAY up so far from last year's July as well.

i think this may just be proof that A) idiots are actually spending those stupid rebate checks and B) musicians are by and large, idiots. so don't get your hopes up.

I was just thinking about Malthus the other day, and how he probably never would have guessed that as affluence increases, the birth rate decreases AND consumption increases by an degree that more than makes up for it.

A lot of the 19th century economists (or at least the first half of the century or so) never really got to grips with Humanity's ability to manufacture demand.

Well, that's still good news, BB.

PS You don't need proof that musicians are by and large stupid. Next you'll try to prove to me that there cannot be more than everything.

I wonder when Obama will get around to this topic -- once all the faith-based groups are funded?

They're doing even more funding of that right now!

obama on economy and bankruptcy today:

http://www.time.com/time/politics/article/0,8599,1820883,00.html

WE GONNA DIE

Now what.

(the dow, the nasdaq, and the s&p 500 all dropped more than 2% today)

Boohoo.

maybe I'll just stop the 401k nonsense and party hard.

TAKE THE HIT

Boohoo.

-- Ned Raggett, Wednesday, July 9, 2008 4:11 PM (Yesterday) Bookmark Link

i'm glad that you read this thread, ned, because this story about cheap jones beach concert tix may amuse you.

:-)

and if not that story, then my shitty linking abilitiesmight ;_;

The only reason to be concerned with one-day stock gains/losses is if you're about to buy something or about to sell something.

Fannie Mae and Freddie Mac to be bailed out by taxpayers?

me

http://www.youtube.com/watch?v=XHNpSDSbjTg

"Oh my God."

are you putting out a buy?

"I- I- I- I- I- I-"

the OFHEO dude who said they were "adequately capitalized" had better fucking pray he's right or I'm about to have to change this thread title to something more emphatic

Holy mackeral, Freddie and Fannie both down 40% to open trading today.

Chart at the top of the page at this moment = yikes

my Dad just called me pissed off about this >:0

Did he demand that you flood the market with cheap cotton futures?

so it's ok today to say ... WE GONNA DIE?!?

seriously ... this statement of principles on how to solve this current financial mess is why i heart calculated risk as much as i do.

holy shit I knew they were in trouble but didn't know it was that bad

wau

xp:http://general.south-derbys.gov.uk/revenue/focusonfraudawareness/pics/10.gif

"We noted that the world economy is in good condition and growth is more evenly distributed across regions. ... We anticipate a smooth adjustment of global imbalances which should take place in the context of sustained and robust economic growth."

- G8 Summit communiqué, June 8, 2007, Heiligendamm

from the same document:

"While noting the positive contribution (sic) of hedge funds to financial-market stability, we also want to minimise systemic risks by increasing transparency and market discipline on the part of all parties involved."

http://www.mokummarketing.com/blog/wp-content/uploads/2008/03/head-in-sand-2.JPG

"We noted that the world economy is in good condition and growth is more evenly distributed across regions. ... We anticipate a smooth adjustment of global imbalances which should take place in the context of sustained and robust economic growth."

- G8 Summit communiqué, June 8, 2007, Heiligendamm

-- Tracer Hand, Friday, 11 July 2008 17:37 (8 minutes ago) Bookmark Link

from the same document:

"While noting the positive contribution (sic) of hedge funds to financial-market stability, we also want to minimise systemic risks by increasing transparency and market discipline on the part of all parties involved."

-- Tracer Hand, Friday, 11 July 2008 17:38 (7 minutes ago) Bookmark Link
http://gispro.files.wordpress.com/2007/06/bullshit.jpg

yeah, that "CHRIST! Did a cow shit in here?" quote from kentucky fried movie is a pretty good summary of the economy today.

I love how the graph is mincing around just above 11000, like it's ready to jump in but is afraid the water might be a little too cold

http://www.davemanuel.com/images/dead_cat_bounce.jpg

Phil Gramm 'expert' lolz

this seems like a good time to post modok with a moustache
http://s89230137.onlinehome.us/BBC/blogfiles/MODOK_moustache.gif

I thought that when the tech bubble burst the Big Dow would find its support at around 8000. Little knew I then, apparently. Still, it wouldn't shock me if it gets there now, over this housing bubble.

One thing that puzzles me about the current crisis - it seems sort of common sense to me that any little thing can push an already teetering mortgage over the brink - a rise in gas and food prices, a layoff, etc., and it seems like those little things are on the rise. Do *analysts* consider that simple fact when they evaluate the mortgage and mortgage securities businesses? Like are their projections based on the assumption that things will follow their current trend instead of getting worse? And if so, is that why we keep getting *more bad news* surprises?

yeah, i'm really an amateur about economics, but i'm kind of surprised that the fannie mae/freddie mac bombshell happened now and not sometime months ago. why is this?

Short-sellers piling in, maybe?

Does the 95% "institution owned" statistic for both of these companies have something to do with their semi-government-backed structure?

A perfect photo for today (though I don't think it was taken today, sadly):

http://latimesblogs.latimes.com/laland/images/2008/07/11/k3uny1nc.jpg

Actually that deserves a 'Caption this photo' thread...

Caption this photo (Fannie Mae/Freddie Mae/economic collapse edition)

Does the 95% "institution owned" statistic for both of these companies have something to do with their semi-government-backed structure?

Well I imagine that contributed to the view that these were relatively safe investments that encouraged institutional investors to hold them. That could also be contributing to the free-fall, if all these institutions decide to get out at once.