Rolling US Economy Into The Shitbin Thread

If the scarier claims floating around aren't actually true, then I agree.

If they were true, then DJIA should have sucked a lot more wind after the house blew up the plan. There is plenty of business in this country that doesn't necessarily need to rely on i-banks for capital. Tomorrow is a bigger day, as Tom Wolfe noted, since it's a hedge fund gate. We'll see. I am disinclined to believe Hank or Ben's prophecies when both of them have made rather transparent their disdain for the idea that they are accountable to anyone.

TOMBOT OTM.

Tomorrow is Bloody Tuesday, a redemption fest for HFs.

If they were true, then DJIA should have sucked a lot more wind after the house blew up the plan.

Hogwash. If the market accurately reflected foreseeable crises in the near future it would have tanked a long time ago.

markets are still betting congress will get something done - theyre just not quite as sure as they were before

Alfred, I believe that the necessary adjustments will either have to be taken sooner or later, and the "later" option puts us on a path to a Japan-style decade of recession and stagnation. I'd rather just cut the foot off now.

The paper this morning was saying the hedge funds are next, people are cashing out so they have to sell assets and this going to send the markets further down, but Tom is right, there's whole segments of the economy that rely on cashflow, supply and demand and not credit and capital investment and they will keep going, they'll feel the bumps but by an large they will keep going.

I feel as though all this will impact me in absolutely no way.

Unless somehow fate finally kicks in and I have to start hooking it.

I haven't checked the state of my mutual funds this month yet.

If I wind up needing non-federal loans next year it could hurt me, although so far that's not very likely. It seems that consumer goods prices will be held down somewhat by sinking demand. I'm assuming crime will go up and government services will decrease. The job market may be still be very shitty in three years when I graduate. My parents retirement will probably suffer, although I don't know if it will be to the point that I'll have to help support them. That's in the non-worst-case-scenario, anyway.

Is there a Rolling Mutual Funds Hit The Shitter thread?

Ihaven't checked my IRA for the last 6 mos.

and I just did lol

Yeah, I pledged to myself not to check mine, although I have a ROUGH idea how ugly it is.

my company chose this week to transfer our 401ks from massmutual to fidelity; maybe a good choice, but we're also locked out of them all this week.

I think my 401(k) is beating the national average! And that is the only good news.

yes, Congress will definitely get something done. but the GOP wants to play footsy with the credit markets for a couple of days by faking Democrats into voting for something that they said they'd vote for too. their little game of chicken is to force more Dems in opposing districts to vote for the thing that, while elsewhere pushing the meme that Dems are obstructionist/responsible for the failure.

in the meantime, people like Don mouth GOP talking points about how Pelosi is responsible for their little stunt

Your little lady can defend herself just fine without you puffing your chest.

i'm not 'defending' Pelosi, though of course you would frame it that way, i'm telling you to stop spouting bullshit

http://www.nytimes.com/2008/09/28/business/28melt.html

a few dudes going buck in a room bring down aig / goldman exposed / feds step in

great article!

Don's Pelosi comment was wrong, but, still, why are you in such a hurry to defend these guys? The whole pack of'em got us in this mess in the first place, so excuse me if I'm not being so charitable to Barney Frank and his rapier wit.

sorry, Al, I know you believe the "whole pack of'em" bullshit just must inherently be true, but it's wrong

one party voted for this. one party voted against it. simple as that.

of course we've seen the House GOP being political babies before, haven't we?

http://thecaucus.blogs.nytimes.com/2008/08/05/house-republicans-continue-vacation-protest/

and oh for the good old days

http://politicalwire.com/archives/2008/08/06/gingrich_threatens_government_shutdown.html

Frank is chairman of the House Finance Committee, gabbs; whether he deserves blame for this incarnation of the bill, he was in charge as this meltdown occurs, and received thousands of dollars from these banks. What's so hard to understand? You're goddamn right I'm blaming everyone.

hey guess what this thread is about economics

and we alllllll pay.

it's just nice to see congress acting like itself again after seven long years of weak sauce intermittently broken up by lockstep with the administration

one party voted for this. one party voted against it. simple as that.

― gabbneb, Monday, September 29, 2008 5:14 PM (4 minutes ago)

uh by 'this' do you mean the bailout? dems were 60/40 yes, reps were 60/40 no, that's hardly simple

its somewhat simple

yes Hurting 2, right now I'm debating this whole law school thing... of course I'm taking out significantly more money than you are in loans. We'll both be stuck in this "brave new world" NYC economy in 3 years.

Working on JARNDYCE & JARNDYCE case.

If all you're worried about is money, see if you can transfer to CUNY or some decent private that will offer you more scholarship. But you sound like you're not only worried about the money, judging from that other thread.

What other thread? I'm also worried about my sanity, if you mean -every- thread.

though the truth is, the structure of NYC law schools (including tuition) is built on the old version of NYC law life, which depended on Wall Street.. Now that Wall Street will "never be the same again", it's going to have this crazy trickle down effect, from the high flying big firm and corporate lawyers, all the way down to legal aid.

The debt I'm personally taking out (though not quite as bad as those without scholarships) is built on the assumptions of the old way, which obviously doesn't exist anymore. As in, my big worry is there'll be less government, public interest, and other positions due to 1) less tax money and 2) there being fewer positions for -all- attorneys in NYC, thus raising the standards for all jobs to a ridiculous degree.

So legal education based on the old way seems incongruous with entering the scary new uncharted waters we're finding ourselves in now. $_$

please, Al, Frank has been chair under a Republican President not known for his fondness for financial services regulation and a sub-filibuster Democratic Congress for 21 months. and he has proposed legislation and held hearings. but keep believing what Billo tells you.

my retard brother billo?

hey gabbneb, does it ever get hard toeing the party line? You must be a man of incredible stamina, because you make it look easy. Dragging up Gingrich stuff is a height of desperation that I honestly didn't think you could muster.

Meanwhile, after Pelosi finally gets a bill passed, don't cry too hard when it doesn't push Congress' approval ratings above Bush.

see, what i'm worried about is wholesale structural change in the healthcare system without accounting for the debt incurred by physicians during school, coupled with a long-term recession

then again, i don't know what i'm talking about

Don how does it feel since you lost your balls betting against McCain?

Rolling US Economy Into The Shitbin Thread

(sorry Tom)

nine figures tomorrow!!

haha Shakey, NICE. It hurts a lot worse than my vasectomy did.

and in the interest of the thread, the national debt is racing towards $10 trillion.

http://calculatedrisk.blogspot.com/2008/09/national-debt-race-to-ten-trillion.html

hey gabbneb, does it ever get hard toeing the party line?

Does it ever get hard repeating GOP talking points?

Dragging up Gingrich stuff is a height of desperation that I honestly didn't think you could muster.

not really. he seems to be the 'intellect' behind the GOP young guns.

Meanwhile, after Pelosi finally gets a bill passed, don't cry too hard when it doesn't push Congress' approval ratings above Bush.

why would I care about Congress' approval rating? oh right, you were doing the Congress=Democrats conflation thing again.

I'm still unconvinced that Congress needs to do something about this. And why is there such a rush to do something? If Americans aren't soundly behind this, as I gather from polls and from what congresspeople are saying (Dems and Republicans), then doesn't this favor inaction while a better case is made for intervention?

i think thats a reasonable concern, but id think that docs would be able to lobby for debt forgiveness in exchange for indentured servitude gbx.

xpost

(geez - are these boards really in need of such "moderation" now that one isn't even allowed to digress?? not that these particular digressions would be productive but..when did this hyper-vigilance start?

ilx3 will never = the old ilx again!)

I am just being thread police because there are already lots of politics threads like "What's A Democratic Congress Going To Do?" for example

and old ILX was just as bad or worse we all know this