Rolling US Economy Into The Shitbin Thread

I really don't care what caused the late upswing. smash this stoopid system.

Morbs, that was punk rock

http://bigpicture.typepad.com/comments/images/2008/10/10/bank_jamaica.jpg

Morbs do you know how to make a gas bomb?

only bad jokes coming to mind...

I think McCain made an accidental point with "My fellow prisoners." ...if he didn't have 7 houses.

Berlusconi goes for the ridiculous

Berlusconi Roils Markets With Claim of Global Market Closures
By Steve Scherer

Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi roiled international markets today, first saying world leaders were discussing shutting down global financial exchanges, and then saying he didn't mean it.

Heads of government may seek to ``rewrite the rules of international finance'' in a bid to end the world market turmoil, he said at a press conference in Naples. Less than an hour later, after the White House denied any plan to shutter Wall Street, Berlusconi reversed himself, saying he was just repeating something he heard on the radio.

a little corporatism did italy good a while ago amirite

BOO YA

v freaked out @ being unemployed right now

U (you) gonna die

lolz Berlusconi what a bozo

viva italia

Berlusconi reversed himself, saying he was just repeating something he heard on the radio

You know these is crazy times when a head of state says this to make it *less* embarrassing

http://www.reuters.com/article/marketsNews/idUSN1039344020081010

But while 17 billionaires on Forbes list lost more than $1 billion in the past month, Buffett managed to boost his wealth by $8 billion to $58 billion, pushing him ahead of Gates, whose fortune fell to $55.5 billion from $57 billion.

hahahaha

amazink

Aaand Krugman wins econoNobel.

Both institutions should stop playing for time, as delay will be destructive: They should merge now with a large foreign financial institution, as no U.S. institution is sound enough and large enough to be a solid merger partner. If John Mack and Lloyd Blankfein don't want to end up like Richard Fuld, they should do a John Thain today and merge as fast as they can with other large commercial banks. Maybe Mitsubishi (other-otc: MSBHY.PK - news - people ) and a bunch of Japanese life insurers can take over Morgan.

The only institution sound enough to swallow Goldman may be HSBC (nyse: HBC - news - people ). Or maybe Nomura in Japan should make a bid for Goldman. Either way, Mack and Blankfein should sell at a major discount before they end up like Bear and are offered, in a few weeks, only a couple of bucks a share for their faltering operation. And the Fed and Treasury should tell them to hurry up, as they are both much bigger than Bear or Lehman, and their collapse would have severe systemic effects.

vs

http://www.forbes.com/2008/10/09/roubini-goldman-profit-oped-cx_lp1010praag.html

Aaand Krugman wins econoNobel.

I just saw that! I love his blog reaction.

(I guess they also figured now was not the year to give it to someone at the U. of Chicago.)

Soros on Bill Moyers Journal last Friday:

http://www.pbs.org/moyers/journal/10102008/profile.html

Probablu the best analysis of the crisis that I've seen on TV.

Probably

Soros's bailout prescription (from the FT):

How to capitalise the banks and save finance
http://www.ft.com/cms/s/0/55b32b9e-9888-11dd-ace3-000077b07658.html

but nothing, I see, on how to regulate so we don't end up right back here.

Minor details.

At least he's having a go. Instead of the Robert Peston OMG IT'S A ANOTHER FUCKING CATASROPHIC DAY!!! nature of so much so called business comment.

God, for the past week Radio 4 has sounded like it's on repeat.

but nothing, I see, on how to regulate so we don't end up right back here

I think he must have ideas on that too, but this particular piece is more focused on crisis management to get us through the immediate situation, not on long-term fixes. In any case, he is clearly in favor of common-sense regulations. In the Moyer's interview he lays the blame directly for the crisis at the feet of "free market fundamentalists" who believe that markets can regulate themselves.

God, for the past week Radio 4 has sounded like it's on repeat.

Yeah, and not just the news, every bloody programme. Or they introduce something with "And now to take your minds of the crisis in the city here's Ian Hislop*". I know it's big sodding news OK, I know it's momentous times, OK, but as a lowly citizen with no political or financial clout my whole life is not spent thinking about this. OK?

*not a real example but you get my drift.

As a renter with no savings the whole thing fascinates me and in a way I am kind of rooting for it all to continue. :/ sorry guyz

this is good: http://www.slideshare.net/eldon/sequoia-capital-on-startups-and-the-economic-downturn-presentation

A rather interesting piece by Fareed Zakaria:

There Is a Silver Lining
http://www.newsweek.com/id/163449

More signs that the Treasury is converging on a UK-style "capital injection" plan":

Treasury to Invest in `Healthy' Banks, Kashkari Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=aevZYw1yDiuA&refer=home

Interesting article that goes to show that being a short-seller in a bear market is still no guarantee of success:

Lehman collapse puts hedge fund in dire straits
http://money.cnn.com/2008/10/10/news/economy/river_boyd.fortune/?postversion=2008101012

http://media3.washingtonpost.com/wp-dyn/content/photo/2008/10/13/PH2008101300186.jpg

"Soytenly!"

http://www.salon.com/politics/war_room/2008/10/13/mccain_acorn/index.html

lul

rong thred

yay inflationary gonzo market bounce (936 pts?) - no, not like 1929 at all. safe to vote for mccain now, whew

And the winners are HSBC, Mitsubishi UFJ and Santader, plus the Chinese, Dubai and Singapore.

As a renter with no savings the whole thing fascinates me and in a way I am kind of rooting for it all to continue

me too! is all this good for us broke-renter guys in some way?

Who do you work for?

That's a good point - I work for a fairly recession-proof company right now

it could be really bad if the buy-to-let mortgage on the flat you're renting defaults and you come home to find yr stuff on the kerb, tho.

Love that the big board is crashing this morning.

it could be really bad if the buy-to-let mortgage on the flat you're renting defaults and you come home to find yr stuff on the kerb, tho.

― stet, Tuesday, 14 October 2008 14:57 (2 minutes ago) Bookmark Suggest Ban Permalink

See above the cook county Sheriff refusing to evict tennants where the banks have foreclosed on landlords.

is all this good for us broke-renter guys in some way?

probably not. harder-to-get mortgages = more people in the rental market.

+ more people renting out unsellable properties

+ more people return home after losing employment

a shitty economy is generally good for almost no one - at least short term

Roubini still preaching doom non-shocker
http://bloomberg.com/apps/news?pid=20601087&sid=a0AZ3ECSkvwc&refer=home

you have to admit that unless we are very careful this is doom delayed, rather than doom averted.