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.
― Ed, Tuesday, 8 July 2008 13:41 (fifteen years ago) link
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.
― Fluffy Bear Hearts Rainbows, Tuesday, 8 July 2008 13:57 (fifteen years ago) link
I wonder when Obama will get around to this topic -- once all the faith-based groups are funded?
― Dr Morbius, Tuesday, 8 July 2008 14:07 (fifteen years ago) link
They're doing even more funding of that right now!
― Ned Raggett, Tuesday, 8 July 2008 14:12 (fifteen years ago) link
obama on economy and bankruptcy today:
http://www.time.com/time/politics/article/0,8599,1820883,00.html
― akm, Tuesday, 8 July 2008 14:15 (fifteen years ago) link
WE GONNA DIE
― Eisbaer, Wednesday, 9 July 2008 19:50 (fifteen years ago) link
Now what.
― Ned Raggett, Wednesday, 9 July 2008 19:51 (fifteen years ago) link
(the dow, the nasdaq, and the s&p 500 all dropped more than 2% today)
― Eisbaer, Wednesday, 9 July 2008 20:00 (fifteen years ago) link
Boohoo.
― Ned Raggett, Wednesday, 9 July 2008 20:11 (fifteen years ago) link
maybe I'll just stop the 401k nonsense and party hard.
― Dr Morbius, Wednesday, 9 July 2008 20:13 (fifteen years ago) link
TAKE THE HIT
― Tracer Hand, Wednesday, 9 July 2008 21:26 (fifteen years ago) link
-- 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.
:-)
― Eisbaer, Thursday, 10 July 2008 15:55 (fifteen years ago) link
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.
― Hurting 2, Thursday, 10 July 2008 17:46 (fifteen years ago) link
Fannie Mae and Freddie Mac to be bailed out by taxpayers?
― scott seward, Friday, 11 July 2008 02:24 (fifteen years ago) link
me
― Maria :D, Friday, 11 July 2008 02:24 (fifteen years ago) link
http://www.youtube.com/watch?v=XHNpSDSbjTg
"Oh my God."
― El Tomboto, Friday, 11 July 2008 03:24 (fifteen years ago) link
are you putting out a buy?
― Maria :D, Friday, 11 July 2008 03:27 (fifteen years ago) link
"I- I- I- I- I- I-"
― El Tomboto, Friday, 11 July 2008 03:29 (fifteen years ago) link
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
― El Tomboto, Friday, 11 July 2008 03:31 (fifteen years ago) link
Holy mackeral, Freddie and Fannie both down 40% to open trading today.
― brownie, Friday, 11 July 2008 14:02 (fifteen years ago) link
Chart at the top of the page at this moment = yikes
― Tracer Hand, Friday, 11 July 2008 14:58 (fifteen years ago) link
my Dad just called me pissed off about this >:0
― bnw, Friday, 11 July 2008 15:17 (fifteen years ago) link
Did he demand that you flood the market with cheap cotton futures?
― Tracer Hand, Friday, 11 July 2008 15:24 (fifteen years ago) link
so it's ok today to say ... WE GONNA DIE?!?
― Eisbaer, Friday, 11 July 2008 15:53 (fifteen years ago) link
seriously ... this statement of principles on how to solve this current financial mess is why i heart calculated risk as much as i do.
― Eisbaer, Friday, 11 July 2008 16:13 (fifteen years ago) link
holy shit I knew they were in trouble but didn't know it was that bad
wau
― HI DERE, Friday, 11 July 2008 16:35 (fifteen years ago) link
xp:http://general.south-derbys.gov.uk/revenue/focusonfraudawareness/pics/10.gif
― VeronaInTheClub, Friday, 11 July 2008 16:36 (fifteen years ago) link
"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 16:37 (fifteen years ago) 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 16:38 (fifteen years ago) link
http://www.mokummarketing.com/blog/wp-content/uploads/2008/03/head-in-sand-2.JPG
― bnw, Friday, 11 July 2008 16:43 (fifteen years ago) link
-- Tracer Hand, Friday, 11 July 2008 17:37 (8 minutes ago) Bookmark Link
-- Tracer Hand, Friday, 11 July 2008 17:38 (7 minutes ago) Bookmark Link http://gispro.files.wordpress.com/2007/06/bullshit.jpg
― VeronaInTheClub, Friday, 11 July 2008 16:48 (fifteen years ago) link
yeah, that "CHRIST! Did a cow shit in here?" quote from kentucky fried movie is a pretty good summary of the economy today.
― Eisbaer, Friday, 11 July 2008 16:51 (fifteen years ago) link
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
― Tracer Hand, Friday, 11 July 2008 16:53 (fifteen years ago) link
http://www.davemanuel.com/images/dead_cat_bounce.jpg
― Eisbaer, Friday, 11 July 2008 16:54 (fifteen years ago) link
Phil Gramm 'expert' lolz
― Dr Morbius, Friday, 11 July 2008 17:02 (fifteen years ago) link
this seems like a good time to post modok with a moustache http://s89230137.onlinehome.us/BBC/blogfiles/MODOK_moustache.gif
― El Tomboto, Friday, 11 July 2008 17:19 (fifteen years ago) link
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.
― Aimless, Friday, 11 July 2008 17:42 (fifteen years ago) link
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?
― Hurting 2, Friday, 11 July 2008 18:01 (fifteen years ago) link
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?
― goole, Friday, 11 July 2008 18:03 (fifteen years ago) link
Short-sellers piling in, maybe?
― o. nate, Friday, 11 July 2008 18:29 (fifteen years ago) link
Does the 95% "institution owned" statistic for both of these companies have something to do with their semi-government-backed structure?
― Hurting 2, Friday, 11 July 2008 18:34 (fifteen years ago) link
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
― Ned Raggett, Friday, 11 July 2008 18:36 (fifteen years ago) link
Actually that deserves a 'Caption this photo' thread...
Caption this photo (Fannie Mae/Freddie Mae/economic collapse edition)
― Ned Raggett, Friday, 11 July 2008 18:37 (fifteen years ago) link
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.
― o. nate, Friday, 11 July 2008 19:08 (fifteen years ago) link
Well I don't know enough about how that stat is calculated and how up-to-date it is. I mean if a stock is 95% institution owned, a precipitous drop like this can ONLY come from institutions selling it off. Unless the number somehow reflects the fact that everyone else has been selling and only institutions are holding.
― Hurting 2, Friday, 11 July 2008 19:34 (fifteen years ago) link
I don't think that number's very up-to-date - probably updated monthly or less, I'd guess. I'm not sure how it's calculated though I guess these institutions periodically issue reports on what they've bought and sold, so that might be the source. I think these institutions typically trade in such large blocks that they usually try to place a block with another institution if they have to sell so that they don't move the market too much, but if they really are desperate to sell and they can't find someone willing to take a large block, then I guess they might have to sell in smaller lots. I'm not sure though.
― o. nate, Friday, 11 July 2008 20:19 (fifteen years ago) link
so much for IndyMac.
― El Tomboto, Friday, 11 July 2008 22:55 (fifteen years ago) link
The company was desperate for more capital but couldn't find investors willing to put fresh funds into what looked like a crippled institution.A growing number of banks are facing a similar, if less dire, challenge, as investors who pumped billions of dollars into capital-hungry banks are now starting to balk at throwing good money after bad.An exodus of depositors added to IndyMac's woes. Deposits are the lifeblood of banks, providing them with a stable, low-cost source of cash to fund their daily operations and lending activities. After Mr. Schumer raised questions about the bank, depositors withdrew $1.3 billion in 11 days.It's unclear how much the failure will cost the FDIC.
A growing number of banks are facing a similar, if less dire, challenge, as investors who pumped billions of dollars into capital-hungry banks are now starting to balk at throwing good money after bad.
An exodus of depositors added to IndyMac's woes. Deposits are the lifeblood of banks, providing them with a stable, low-cost source of cash to fund their daily operations and lending activities. After Mr. Schumer raised questions about the bank, depositors withdrew $1.3 billion in 11 days.
It's unclear how much the failure will cost the FDIC.
― El Tomboto, Friday, 11 July 2008 22:57 (fifteen years ago) link