Rolling US Economy Into The Shitbin Thread

nyt savages greenspan niiice http://www.nytimes.com/2008/10/09/business/economy/09greenspan.html

Ms. Born was concerned that unfettered, opaque trading could “threaten our regulated markets or, indeed, our economy without any federal agency knowing about it,” she said in Congressional testimony. She called for greater disclosure of trades and reserves to cushion against losses.

Ms. Born’s views incited fierce opposition from Mr. Greenspan and Robert E. Rubin, the Treasury secretary then. Treasury lawyers concluded that merely discussing new rules threatened the derivatives market. Mr. Greenspan warned that too many rules would damage Wall Street, prompting traders to take their business overseas.

*mouth agape*

“We have the irony of a free-market administration doing things that the most liberal Democratic administration would never have been doing in its wildest dreams,” American financial historian Ron Chernow told The New York Times.

dow below 9000 now

http://consumerist.com/5061209/mothers-cookies-goes-out-of-business-kills-off-circus-animals

In the cat fight between market-force deflation and government-backed inflation, deflation seems to be beating the shit out of inflation right now.

i like the limp-dick day wallstreet is having right now, esp considering the DOW UP 100 OMG from 11 AM this morning

For those of you who aren't too savvy on this kind of fan-meets-feces stuff that's happening lately, if delfation beats the living shit out of inflation, then money is going to be scarce as frog hair until a shit ton of debt has been repudiated, and credit will be tighter than a howler monkey's anus for the next several years.

defaltion == v. high unemployement rates & many bankrupt businesses & people with cash in their pocket will keep it there.

Mother's Cookies Goes Out Of Business, Kills Off Circus Animals

noooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo

ooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo

Senate begins probe on AIG's allocation of bailout funds:

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN0931689720081009

ill

also lol 600 pts

jesus

So, uh, basically we're all fucked and the bailout is already revealed to be a huge fucking farce, right?

I was thinking about the American right's obsession with communism/socialism and their tendency to associate anything they oppose with it - whether its market regulation, healthcare, civil rights, etc. It seems to me that they always return to this canard because opposing Stalin/Mao/Castro/whoever was pretty much the only time the American right ended up being on the right side of history. McCarthyism, Vietnam, and other misadventures notwithstanding, this is the one issue in the 20th century that conservatism can actually conceivably claim the moral high ground on: Stalin/Mao/Castro were a bunch of totalitarian bozos who needed to be opposed, and history has largely vindicated this POV. So any time the right is trying to win an argument, they always try to steer it back to this topic as if it is the only safe rhetorical ground that they are familiar with and comfortable with defending. The problem is most issues CAN'T be related to the "glorious struggle against international communism" and thus the more time has elapsed since the end of the Cold War, the more ridiculous and desperate this tack comes across.

many x-posts

I'm hearing the "socialism" term a lot - what confuses me is hearing Obama branded as "socialist" for his health care plan, but not the entirety of Congress and Bush getting the same label for the bailout, despite the bill itself being called "socialist."

680 pts down 7.33% that's epic.

A lot of this right rhetoric is basically "Support the team, denounce the management" which has been the GOP's trick into winning elections since Nixon. What's making this election potentially historic is that many people who felt comfortable with the above are going to become disappointed/shocked en masse. It happened a little when Clinton won in 1992, but Clinton's victories were always rationalized with "that damn Perot" being a factor. If Obama wins, it won't be a Clinton style win, much to the chagrin of the Clintons.

I love the fact that the base don't get why they are losing. Barring events or an awesome Republican presidential candidate who persuades them how retarded they're being, this could be the start of a British Labour-in-the-1980s style wilderness.

Wrong thread. Sorry Tombot.

Sheeeit, I thought my "Dow will hit 1,000" post was a joke...

Mackro, do you expect Obama to renounce his "I love markets" pander? (I heard him say it.)

Is the bailout's prime benefit sposed to be psycho-lo-logical? cuz that $ "isn't in the system yet," NPR keeps saying.

my maternal Republicans-4-life family are all going crazy right now. It's interesting because they say they all like Palin, don't really like McCain, are really afraid of Obama, etc. but they're telling me things about the government that sounds like they've been reading the fucking Daily Kos! ("Brian, you know they have a cure for cancer and a cure for AIDS. They just won't give us the information because the pharmaceutical companies want to profit", etc.) So, I think there are a lot of incredibly delusional, loud, and highly conflicted Republicans right now.. and it's kinda scary, given that many of these people are a bit trigger happy, literally.

Morbs: I'm honestly surprised Obama isn't suffering more for his partaking in the bailout, or more to the point, that McCain isn't hopping on the anti-bailout bandwagon, but I was told above that being anti-bailout was bad for the election. (well, no shit, nothing is "good" right now, right?) On this issue, Obama's lucky he's against McCain and not against pretty much any other Republican candidate (stressing "this issue")

Was it literally "I <3 Markets"?

holy fuck, and i was worried about pulling out late 2 days ago

http://cache.gawker.com/assets/images/gawker/2008/10/Picture_755.jpg

All the Republicans-4-Life I know have either become vociferous Obama supporters or are depressed and moaning about how there are "no conservatives" in the government anymore. Which is basically true if your definition of conservatism is more coherent than "opposes abortion."

^^^

jimmy mod is there a version of that chart that takes inflation into acct?

wow that graph is kinda amazing - hadn't realized the volume of trading had increased so dramatically post-'87

wow my 401(k) is down 30%

Haven't checked mine. Have some in some kind of Life Sciences fund, gonna hit that cure-for-cancer jackpot.

"Brian, you know they have a cure for cancer and a cure for AIDS.

Are they Outkast??

http://www.cnn.com/2008/US/10/08/chicago.evictions/index.html?iref=mpstoryview

oh man

http://finance.yahoo.com/q?s=MMM

OH MAN

(I used to have an alert set that would ping me on the rare times this dipped below 75)

wow my 401(k) is down 30%

When mine was down 20% I was all like hmm I really should shift everything to bonds but then I got, y'know, busy at work.

Hey gabbneb, it looks like Portfolio.com, is working for the GOP now

"The stock-market plunge is good news for Barack Obama, too. I haven't done the exact calculation, but total US stock-market losses per household over the past year are now approaching the $100,000 level. There's simply no way the incumbent party can win an election in that kind of environment."

wow look at the Nikkei!!

will they suspend?

holy god. 11% in 45 minutes?

that would have auto-suspended on new York. Holy crap.

http://i35.tinypic.com/90umns.png

tomorrow is going to be a strange day.

i wish i had money to buy things with

we gonna die

i wish i was in finance right now - how fascinating!

FTSE and dow could be carnage tomorrow. Could be the big one?

emergency rate cut (again)? Do they know any other tunes?

i was at my sister's the other night, and her friend was over. dude is an i-banker and i really wanted to ask about the situation but felt it would be like asking someone about their recently murdered loved one or something

at one point do we light out for the territories

one = what

lol beer on a thursday