Rolling US Economy Into The Shitbin Thread

(max you're a peach but too young to miss anything worth missing)

if youre really interested in living somewhere where you can buy rock and treat your neighbors like language classes you might try the bronx

There is a passage from the draft proposal for the bailout plan (via The 700 Billion Dollar Question) which makes me wonder a lot:

"Section 8: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

This sounds dubious to me. It seems to hand over a blank check to Paulson & co. That sentence somehow reminds me of of the legal war on terror which took away power from the courts and gave it to the military. What do you think?

Congress pushes back

Would there be a great big smoking crater in our financial system from the impact of one or more of these failures? Yes. Would there be collateral damage to apparently innocent bystanders in the markets and the broader economy? Of course. Would the smoking rubble of the institutional assets and liabilities of such firms require a huge clean-up effort by regulators, lawmakers, and other market participants over a period of many years? Very much so.

Would tens of thousands of lives be ruined, just like the tens of thousands of lives which have been ruined by the wholesale collapses and takeovers of Bear Stearns, Lehman Brothers, and other market casualties? Absolutely.

You know what I say to that? So the fuck what.

War is hell, mister.

Goldman Sachs is not more important than the national interest.

http://epicureandealmaker.blogspot.com/2008/09/live-and-let-die.html

http://blog.seattlepi.nwsource.com/art/library/bombstrangelove.jpg
top to bottom: free marketeers, their principles

hand-out ... predations ... pig-fuckers ... fry ... feces ... corpses ... gutter ... blind-mole cupidity ... credit-card consumerism ... imploding ... dumb blondes ... fawning ... prawns in overpriced restaurants ... lunatic and suicidal ... deserves to go down.... Bring it on.... Park Slope in the early '90s ... 60 hours a week ... cockroaches ... bike messenger ... trafficking narcotics.... shit-house ... cockroach ... caterwauling of commerce ... ripped-off ... bombarded ... junk ... hooker ... cocaine ... fist-fight ... Puerto Rican Spanish ... no people, no rushing ... buy or sell ... glad-handing smiley-face ... idiot consumer ... nth-degree madness...

― Dr Morbius ... Suggest Ban

just stay off the Mets thread, Eusatace.

lol srsly that ketcham piece was shit

http://www.simpsoncrazy.com/gallery/screenshots/lists/news_198.jpg

http://i35.tinypic.com/erzepl.jpg

beautiful

cute

I need to kwit internets

oh come on!!!!!!

haha
mine was directed at ketcham fwiw

yes we live in a society of rampant consumerism, please make your point by whining that you can't find cocaine and get beat up in new york like back you could back in golden days of 92. waaaah waaah people have opened businesses in my neighborhood - burn down the system!

have you seen those Slope businesses tho? how many pet pedicurists does one nabe need?

This thread is a shitbin.

i feel confident i can help anyone find cocaine or get beat up - i live just a few short blocks from park slope

http://cache.gawker.com/assets/images/7/2008/09/custom_1222184456199_20080923__82875236AW011_SENATE_HOLDS_fail_p1.jpg

in all honesty i would wager that i could get in more fistfights and buy more coke in the UES and other neighborhoods filled with wall-streeters

and i can do those things without fetishizing a mythological version of the lives of the poor & oppressed!!!

i hear financial types may have to cut back on their cocaine and fist fights - harsh times

maybe they can make some money teaching people puerto-rican spanish?

ayyyeee maaami!

http://rexhamilton.files.wordpress.com/2008/02/wallstreet4601.jpg
vamanos!

http://www.russiablog.org/StockBroker-MosNews.jpg
quiero un fistfight!

I know good Democrats don't click on Counterpunch, but that piece did contain the line "This is all romanticized drivel..."

(I got really depressed walking thru Washington Square the last couple weeks and realizing the NYU freshmen were born in 1990. Kids have known nothing but the worst ever in Hollywood movies, journalism, and Democrats.)

http://img.dailymail.co.uk/i/pix/2008/04_03/traderR1403_468x328.jpg

hola me llamo es cocaine!

how many pet pedicurists does one nabe need?

Ask Surmounter.

morbius is right, park slope is lame.

fight the real enemy

let me tell u i went to park slope last week and bought six cocaines and got in two fist fights and came back fluent in spanish

they have a five guys now...

so put that in your pipa and fumar it

more like cinco hombres

i like Park Slope

-- gabbneb

ocho sinkhole

this is all tom brady's fault

http://www.latimes.com/media/alternatethumbnails/photo/2008-09/42526356-23122243.jpg

Mt. Rushmore, redone.

i like Park Slope

-- gabbneb

― gabbneb

glad-handing smiley-face ... idiot consumer ...

― gabbneb

i recommend the la taqueria pablano burrito

no you should walk up a ways and go to calexico instead, it's better

calexico is nice too too but theyre not really the same type of place

I get off the F train and get Uncle Moe's veggie burrito (w. wheat) once a week.

rolling US economy into burritos

i know but mmmm enchiladas amirite

yah exactly - ill eat the taqueria burritos and the calexico enchiladas

i hope the great depression of 2008 means blue ribbon has to close, that place sucks!!!

this guy has been OTM so far...

http://www.ft.com/cms/s/0/622acc9e-8...nclick_check=1

The shadow banking system is unravelling

By Nouriel Roubini

Published: September 21 2008 17:57 | Last updated: September 21 2008 17:57

Last week saw the demise of the shadow banking system that has been created over the past 20 years. Because of a greater regulation of banks, most financial intermediation in the past two decades has grown within this shadow system whose members are broker-dealers, hedge funds, private equity groups, structured investment vehicles and conduits, money market funds and non-bank mortgage lenders.

Like banks, most members of this system borrow very short-term and in liquid ways, are more highly leveraged than banks (the exception being money market funds) and lend and invest into more illiquid and long-term instruments. Like banks, they carry the risk that an otherwise solvent but liquid institution may be subject to a self fulfilling and destructive run on its liquid liabilities.

But unlike banks, which are sheltered from the risk of a run – via deposit insurance and central banks’ lender-of-last-resort liquidity – most members of the shadow system did not have access to these firewalls that prevent runs.

---

The next stage will be a run on thousands of highly leveraged hedge funds. After a brief lock-up period, investors in such funds can redeem their investments on a quarterly basis; thus a bank-like run on hedge funds is highly possible. Hundreds of smaller, younger funds that have taken excessive risks with high leverage and are poorly managed may collapse. A massive shake-out of the bloated hedge fund industry is likely in the next two years.

---

European financial institutions are at risk of sharp losses because of the toxic US securitised products sold to them; the massive increase in leverage following aggressive risk-taking and domestic securitisation; a severe liquidity crunch exacerbated by a dollar shortage and a credit crunch; the bursting of domestic housing bubbles; household and corporate defaults in the recession; losses hidden by regulatory forbearance; the exposure of Swedish, Austrian and Italian banks to the Baltic states, Iceland and southern Europe where housing and credit bubbles financed in foreign currency are leading to hard landings.

Thus the financial crisis of the century will also envelop European financial institutions.