Rolling US Economy Into The Shitbin Thread

http://www.bertdecker.com/photos/uncategorized/wheels_off_jpeg_1.jpg

i plan to offer pencils also

the dollar is weak because americans have spent beyond their means for deacdes and had the rest of the world finance it. the war et al have been catalysts perhaps but as tombot says, it'll take a lot more than no more shock and awe o fix this shit.

china (and to a lesser extent, india) is industrializing like crazy, creating demand for commodities on a quantitively different level than the world has known to date. this means that unless the earth has an abundance of presently unknown natural resources, prices are going to new levels where there are likely to remain.

meanwhile, speaking for russia at least, despite the fact that oil production is down slightly, a significant minority of people i know believe that the nasty secret is that oil companies are not particularly bothered about boosting productino to meet higher demand because the oil they pump next year will fetch a higher price than whatever they pump this year. (admittedly we're starting to see cost inflation cutting into the crazy profits - Gazprom's financials were pretty disappointing last quarter - so that theory may get tested over the next year or so)

i just lost my job :D

wait i mean http://www.best-of-web.com/_images/080509-131410-727007.jpg

:O

btw did you guys see the bit about how 10% of china's GDP is in Fannie/Freddie bonds? scary foreign policy angle

ha we'll curb the yellow menace yet

(I assume most everybody on these threads reads barry ritholtz on the regular, which may be false)

yes, it's false - what's the link pls

http://blogs.cfr.org/setser/2008/07/12/too-chinese-and-russian-to-fail/

lol I did not see this was from CFR

Solution: stop wasting your money on the Internet and high-tech. Apparently.

wow that guy is dumb

But it's Larry Magid!

(Whoever he is.)

am i totally amateurishly zmag wrong about this or what

this is my new .sig file

Deej, what kind of job did you lose?

ps that sucks

deej sorry u lost yr job man!

i was working at a company that gets contracted to write learning materials for other companies

zzzzzzzzzzzzzzzzzzzzzz but it paid the bills

btw if anyone wants to know how to sell insurance im your man
it basically involves scaring the customer into spending more

sorry to hear the news, deej :-(

zzzzzzzzzzzzzzzzzzzzzz but it paid the bills

-- deej, Wednesday, July 16, 2008 7:54 PM (1 hour ago) Bookmark Link

I feel you on that - you're describing the job I did for the last four years and it's still hard for me to leave it to go back to school.

http://money.cnn.com/2008/07/17/news/companies/merrill_lynch/index.htm?postversion=2008071716

frack

I'm glad I keep all my krugerands in a safe under the bed

Bu-bye Citibanc!

http://i2.cdn.turner.com/cnn/2008/images/08/01/t1home.unemplt.02.fri.gi.jpg

William Greider offers a provocative history of how we got into this mess, with plenty of blame to go around for Democrats and Republicans:

http://www.thenation.com/doc/20080818/greider

<a href=http://money.cnn.com/2008/08/01/news/economy/jobs_july/index.htm?cnn=yes>;Working Men are Pissed! The Non-Working ones, too, actually.</a>

lol trolling realtor.com for sub-$1000 properties in your area is fucked up

http://www.realtor.com/search/listingdetail.aspx?ctid=72&mnp=2&mxp=2&typ=7&sid=c9a92f5e448d4fee801a0d089567be80&lid=1098352596&lsn=3&srcnt=15#Detail

commenters on bigpicture were talking about how for some properties, after paying tax debts associated w/ and fees etc. you're essentially purchasing a negative in real terms, nevermind fucking condominiums moving at "take my house... please" prices

I mean at least with a shithole SFH in a detroit suburb you get the deed to the land

the dollar's at 1.86 against the pound today although i think that's more down to the british economy tanking

Foresight!

BIN LADEN DETERMINED TO ATTACK INSIDE US MORTGAGE INDUSTRY

http://www.youtube.com/watch?v=712kRqri2No

http://online.wsj.com/article/SB122109238502221651.html?mod=hps_us_my_companies

haha oh dear

http://www.rgemonitor.com/roubini-monitor/253567/if_lehman_collapses_expect_a_run_on_all_of_the_other_broker_dealers_and_the_collapse_of_the_shadow_banking_system

It is now clear that we are again – as we were in mid- March at the time of the Bear Stearns collapse – an epsilon away from a generalized run on most of the shadow banking system, especially the other major independent broker dealers (Lehman, Merrill Lynch, Morgan Stanley, Goldman Sachs). If Lehman does not find a buyer over the weekend and the counterparties of Lehman withdraw their credit lines on Monday (as they all will in the absence of a deal) you will have not only a collapse of Lehman but also the beginning of a run on the other independent broker dealers (Merrill Lynch first but also in sequence Goldman Sachs and Morgan Stanley and possibly even those broker dealers that are part of a larger commercial bank, I.e. JP Morgan and Citigroup). Then this run would lead to a massive systemic meltdown of the financial system. That is the reason why the Fed has convened in emergency meetings the heads of all major Wall Street firms on Friday and again today to convince them not to pull the plug on Lehman and maintain their exposure to this distressed broker dealer.

haha oh dear

Meanwhile, gas prices have jumped like $1.00 overnight in places like Knoxville. No idea what it is in portland, around the detroit suburbs it's 4.19/gal

Goldman and Morgan Stanley aren't nearly as compromised as Lehman is.

If the Fed was that worried about a run on commercial banks like JPM or Citi, they would have been writing a check this weekend like they did for Bear. Or maybe Paulson's just playing for a really slow liquidation.

so do I put my money in my mattress or not?

Oh, and Lehman is filing for bankruptcy tonight:

NYT:

"According to people briefed on the matter, Lehman Brothers will file for bankruptcy protection on Sunday night, in the largest failure of an investment bank since the collapse of Drexel Burnham Lambert 18 years ago."

I know at least ten people who work for Lehman in NY. Time to check their Facebook.

yes tell us of their 'status' updates

yippee ki yay motherfuckers

yes, a lot of my oxford contemporaries went to lehman. having played football with this people, it's impossible not to enjoy this aspect of the shitbin scenario.

these people

Then this run would lead to a massive systemic meltdown of the financial system. That is the reason why the Fed has convened in emergency meetings the heads of all major Wall Street firms on Friday and again today to convince them not to pull the plug on Lehman and maintain their exposure to this distressed broker dealer.
Yeh, so, oops.

The Times is also talking about Merrill Lynch & AIG... are they all gonna collapse?

Merrill is already gone: merger with BoA