Rolling US Economy Into The Shitbin Thread

he was referring to the golden age before us morons who read the first section of the newspaper and have no stock holdings stepped in

back when the shitbin was a trifle more prospective than descriptive

do people really have names like Ambrose Evans-Pritchard?

i've only ever heard of e.e., wonder if they're related.

his son apparently. (and an ass, from the sound of it.)

During his time in Washington, his stories often attracted the ire of the Clinton administration, and on Evans-Pritchard's departure from Washington in 1997 a White House aide was quoted in George saying "That's another British invasion we're glad is over. The guy was nothing but a pain in the ass".

I guess being British helps explain the name. I'm kind of fond of rarely encountered saints' names, though.

http://www.guardian.co.uk/world/2008/oct/05/iceland.creditcrunch

The krona, Iceland's currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan.

!!!

wow, i wonder when that started (or became noticeable). i was in iceland for the summer and heard nothing about it, and everything was unbelievably expensive.

Dow below 10,000 this morning.

http://www.msnbc.msn.com/id/27045699/

that should make cramer's show kinda tricky. how do you go on tv for a half-hour every day and just say "sell everything now!"

won't he be telling everyone to buy next week?

The other time I remember him issuing a "get out now" call was in the fall of 1998 -- he goes into detail about it in his memoir. (Cramer was pretty much one of the first mainstream bloggers, don't you think?) Maybe Mad Money will merge with Antiques Roadshow. I do love the guy.

we gonna die

Good Stiglitz piece on how we got into this mess and how to get out:

Reversal of Fortune
http://www.vanityfair.com/politics/features/2008/11/stiglitz200811

freefall... i am too scared to look at any stocks i own :(

Dow is -28% YTD, brutal

http://www.amazon.com/Dow-2008-Different-This-Time/dp/1893958701 lol

how do you go on tv for a half-hour every day and just say "sell everything now!"

Kramer says: "Sell everything now"

the This american life this week is useful and strangely comforting @ the end

I haven't listened to that yet, but does it include bits of this interview?

http://www.npr.org/blogs/money/2008/10/hear_wamu_banker_bares_soul.html

Because I thought that was excellent. No so much "soul-baring" as just clear and informative. And pants-shittingly scary.

i don't think so -- it's like the big pool of money episode two months ago.

...and i dodn't recall WaMu getting mentioned. I listened to it twice

Oh. Well, that's a good interview, for real.

“Whatever money you may need for the next five years, please take it out of the stock market right now"

well, at least I don't need my 401k for another 20, right? right?

How can you tell how much money you need for the next 5 years, given the unpredictability of inflation rates?

Wait, in the past month or so Kramer has been absolutely dead wrong. Maybe this is good news for the economy?

haha have you only been paying attention to kramer for a month, then?

we gonna die fyi

I don't mind dying. I just don't want to suffer first.

everybody needs to read that stiglitz piece actually

Yep. Good read.

http://www.longbets.org/

Aus 1% rate cut!

Next couple of weeks to see 'emergency' rate cuts everywhere else? Hope not

On my way home yesterday I happened to spy an estate agent on tooting broadway with 2 hummer H2s parked outside, I hope the owners are living in cardboard boxes by Christmas,.

Emergency rate cuts will do diddly squat without an increase in the money supply real interest rates have sky-rocketed. Business lines of dredit (overdrafts and the like) from the major clearing banks have gone from a couple of percentage points above base to 10 points above base in many cases.

I don't suggest such moves would be successful. Lets not presume competence here

anyway, this money printing scheme will have more effects on the money supply and rates

http://www.nytimes.com/2008/10/07/business/07markets.html?hp

looooooooool

http://cache.gawker.com/assets/images/consumerist/2008/10/economistohfuck.jpg

oh; it's not real

less lol

lol

Economist would never use Verdana Bold.

^ good eye

also no life.

What the hell does: "Bush pledges "we're going to come" this economic crisis."
http://www.cnn.com/

What the hell does... it mean??

it was changed to overcome in the last 16 seconds dudes

Ha, they fixed it to "overcome"