Rolling US Economy Into The Shitbin Thread

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.

im totally going to ride the next bubble to riches ive decided

do we know what its going to be yet btw

woops

I don't think anyone is saying that we can avert a fairly painful recession. I think that the fear of imminent global financial collapse has receded a bit though.

yeah the current plan seemed obv but now the hard part is creating a new regulatory framework.

meanwhile, rejkjavik fap?

1.00 USD = 110.037 ISK
United States Dollars Iceland Kronur
1 USD = 110.037 ISK 1 ISK = 0.00908786 USD

yeah the current plan seemed obv but now the hard part is creating a new regulatory framework

Buffett's partner Charlie Munger has some interesting ideas on that score:

http://www.nakedcapitalism.com/2008/10/charlie-munger-leash-and-collar-wall.html

A pint in Iceland is about 500IKR, so prob not.

less than five bucks a pint? sounds fine to me

yeah word. do vikings expect tips

do we know what its going to be yet btw

― joseph sixpack (ice crӕm), Tuesday, October 14, 2008 5:41 PM (2 hours ago) Bookmark

green

soylent green?

as in weed btw

soylent weed is people!!!

"I've got some really killer Chong here. Try it, dude."

I don't think anyone is saying that we can avert a fairly painful recession. I think that the fear of imminent global financial collapse has receded a bit though.

Haha yeah I think most people have looking at a mere recession as being the best case scenario for some time now.

It's rude to tip in iceland.

Also I'm not sure those are valid rates. it was 350+ to the pound when the krona dropped off the market.

http://www.nytimes.com/2008/10/14/opinion/14herbert.html?_r=1&oref=login