Comments for Sign of the Times: "Not Hiring" and Summary
Nemo says:
The Fed is engaging in the largest economic experiment in history.
Nemo Wed Mar 18 22:28:24 2009 CDT #
Plantagenet says:
Experiment implies they don't know the outcome. This is an execution.
Parent Post
Plantagenet Wed Mar 18 22:34:12 2009 CDT #
Hymns for the Lord says:
CR,
What do you think the effect of quantitative easing will be on the residential real estate market?
Parent Post
Hymns for the Lord Wed Mar 18 23:04:29 2009 CDT #
mock turtle says:
true...and im betting with the fed
and really we all, are... cause the alternative is financial armegeddon
Parent Post
mock turtle Wed Mar 18 23:06:59 2009 CDT #
Nemo says:
ONE! ONE TRILLION DOLLARS!
TWO! TWO TRILLION DOLLARS!
THREE! THREE TRILLION DOLLARS A HA HA HA HA HA
Nemo Wed Mar 18 22:28:52 2009 CDT #
Anonymous says:
This pop will not last. Buying $300B to sell $1T? Gimme a break!
Anonymous Wed Mar 18 22:30:47 2009 CDT #
CRbot says:
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/1925170072745544247
CRbot Wed Mar 18 22:30:52 2009 CDT #
Shine on you jamie dimon says:
More importantly, who is Bernanke's final 4 in the Fed pool?
Shine on you jamie dimon Wed Mar 18 22:31:34 2009 CDT #
ScroogeMcDuck says:
since we're showing pictures:
images in the current recession
http://www.boston.com/bigpicture/2009/03/scenes_from_the_recession.html
ScroogeMcDuck Wed Mar 18 22:34:28 2009 CDT #
nades says:
#10 People attend the REDC Foreclosure Home Auction in New York, in this photo taken March 8, 2009. About 1,400 people crowded into New York's first foreclosure auction over the weekend. One family bought a 2,062-square foot home in the Finger Lakes region of upstate New York for just $12, 500 or $6 per square foot, according to the New York Post. (REUTERS/Shannon Stapleton) #
Still havent hit bottom yet! ;)
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nades Wed Mar 18 22:40:27 2009 CDT #
Blackhalo says:
That did not cheer me up, much. China does not come out of this well unless they start spending on some domestic development.
Parent Post
Blackhalo Thu Mar 19 01:04:23 2009 CDT #
dryfly says:
If I took a picture of every not-hiring sign I saw on the gates of factories - I'd need a bigger hard drive.
dryfly Wed Mar 18 22:36:40 2009 CDT #
nades says:
i would suggest a montage. i think alot of people still have not been directly impacted. that collection from scrooge is outrageous! :(
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nades Wed Mar 18 22:46:59 2009 CDT #
ScroogeMcDuck says:
Great idea. Pictures are worth a thousand words, and it's helpful to understand the state of things in other states/countries.
Parent Post
ScroogeMcDuck Wed Mar 18 22:51:56 2009 CDT #
cm says:
I thought this one was a joke with somebody doctoring a T on top of the W. Difficult to tell at that resolution.
Parent Post
cm Thu Mar 19 00:13:17 2009 CDT #
Basel Too says:
Alpharetta currency trader charged in Ponzi scheme
According to the SEC, CRE Capital wooed investors to a currency trading program last year by guaranteeing returns of 10 percent every 30 days, or a 120 percent annual rate.
Greedy and stupid.
Basel Too Wed Mar 18 22:37:55 2009 CDT #
Anonymous says:
The good folks at the Treasury will announce another round of 2 year,5 year and 7 year notes on Thursday. Last month the Treasury sold $ 40 billion 2 year notes, $32 billion 5 year notes and $ 22billion of the newly minted 7 year note.
The largest estimate I have heard for this upcoming announcement is $42billion, $34 billion and $25 billion . That would be a cool crisp $ 101 billion.
http://acrossthecurve.com/?p=3908
There ya go Benny fire up the printing press and step right up baby. =-X
Anonymous Wed Mar 18 22:38:44 2009 CDT #
Sr. American Mugabe says:
I love how the idiots are chiding others for being short UST's. Some morning, they will wake up and realize the FED provided an infinitely liquid counterparty to the seller (China,Japan, UK), and that this was the second payment to our foreign debt holders. The first was the Bank Bailout.
People piled in this AM, based on the guarantee of a buyer, not the quality of the investment.
Poor, poor, stupid people. There must be more ex-realtors out there than I thought.
Collapse of fiat regimes 101, that ought to be the name of this course.
Sr. American Mugabe Wed Mar 18 22:40:04 2009 CDT #
Not the N Word says:
Here comes the 1 Billion Dollar Bill..spend it wisely
Not the N Word Wed Mar 18 22:41:36 2009 CDT #
Blackhalo says:
"Here comes the 1 Billion Dollar Bill..spend it wisely"
I think you should spend it quickly.
Parent Post
Blackhalo Thu Mar 19 00:49:28 2009 CDT #
Average Joe says:
Refinancing now will not have the same stimulative effect as it does in a "bubble" type environment. In past refinancing waves, when house prices are rising, often people used the opportunity to spend the money their house "earned them". They would "cash out" the equity and spend it or invest it. This meant that the savings from refinancing was mixed with both a cash injection and the optimism that a rising house value and lower monthly payments gives you in inspiring more spending.
My guess is that a lower percentage of those who refi can or will use the opportunity to cash out. Those who do will probably sit on the money as a cash-flow security tool for safety. I don't see the measly monthly savings as an inspiration for a spending boost, as there is no optimism. Those who get the monthly savings will not see it as a reason to be able to lever up more on that new car/motorhome/etc.
I think those who see refinancing at lower rates in this environment are going to be disappointed.
The attitudes toward money in a rising market vs a falling market are like your attitude on the value of money when you are in Vegas vs cutting coupons for your next grocery trip.
Average Joe Wed Mar 18 22:44:23 2009 CDT #
Hawley Smoot says:
. . . and the dollar is cliff-diving
Hawley Smoot Wed Mar 18 22:44:47 2009 CDT #
MrM says:
Latest Setser: "foreign demand for long-term Treasuries has disappeared over the last few months"
Foreigners used to buy above $30-40 Bil of long term Treasuries per month. Now they have become net sellers. There goes USD.
MrM Wed Mar 18 22:49:05 2009 CDT #
Clancy says:
Here is Wen Jiabao discussing how China will spend its dollar reserved.
http://v.youku.com/v_show/id_XMjEzMzMwODQ=.html
Not whether, but how.
Parent Post
Clancy Thu Mar 19 04:51:14 2009 CDT #
Andreas says:
Well don't say China did not warn us - debase the Dollar and we will abandon it too. Be prepared for massive inflation and the loss of reserve currency status. The result: a Great Depression which will make the 30s seem palatable.
And rest assured when the sheeple finally figure out how the Fed and gov't have robbed us blind and transferred trillions to the elite and bankers, and run for their pitchforks, there is this little matter of "terrorist" legislation and FEMA camps that will quickly put an end to any thought of righting this grave wrong.
To HELL with Bernanke, Summers, Geithner, and all the other bastards in Treasury / the Fed. I for one am leaving this sinking ship.
Andreas Wed Mar 18 22:50:40 2009 CDT #
Michael says:
This might help if your a good shot to take out the video surveillance cameras on the streets.
Crosman Tempest Slingshot w/Ammo
http://www.sportsauthority.com/sm-crosman-tempest-slingshot-w-ammo--pi-3113681.html
Parent Post
Michael Wed Mar 18 23:15:17 2009 CDT #
Dope Alert says:
This pop will not last. Buying $300B to sell $1T? Gimme a break!
i love this place!
It's time to inundate your local prime broker with new account requests and set up arb's. by from treassury direct, sell to Fed...tack on your 1/8, and do it again.In size , all day long.
Dope Alert Wed Mar 18 22:51:31 2009 CDT #
homedad43 says:
And on the positive side, Michael will be pleased to know that my wife just shot down my attempt to raise the birth rate.
It's apparently the beer smell and my opener about how in the shadows she looks like Sheila Bair.
homedad43 Wed Mar 18 22:52:47 2009 CDT #
Michael says:
You'll thank me for it in the end.
Parent Post
Michael Wed Mar 18 23:17:27 2009 CDT #
yagij says:
@homedad43:
If that has been your approach the entire time, you should be thank for what few kids you do have...
yagij Wed Mar 18 22:56:01 2009 CDT #
EvilHenryPaulson says:
You know what I would do if I was captain of this sinking ship?
At the very least facilitate and allow for house swaps. That way if someone is underwater, it doesn't prevent them from relocating to where their skills are in demand.
In the same vein, set up a framework that can allow the primary mortgage holder to drag along the secondary into a cramdown and distribute the up front losses fairly
Too much thought has been put into setting up standards for newly issued CDS. The opportunities to improve the mortgage market by acting as a facilitator are so much larger
although I myself am missing the point there, we're not even getting the foreclosures we should be seeing. Servicers are at terminal foreclosure right now, or at least banks as a matter of strategy want to delay recognizing losses
EvilHenryPaulson Wed Mar 18 22:57:43 2009 CDT #
Comrade-Dope jg (jg) says:
Great link, Scrooge; thanks!
Comrade-Dope jg (jg) Wed Mar 18 22:58:19 2009 CDT #
ScroogeMcDuck says:
@Comrade-Dope jg (jg)
you're welcome :) I wonder if CR can arrange a montage post, like nades proposed
Parent Post
ScroogeMcDuck Wed Mar 18 22:59:35 2009 CDT #
Michael says:
Who will emerge out of this crisis to document it like Studs Terkel with montages.
Parent Post
Michael Wed Mar 18 23:22:09 2009 CDT #
Nemo says:
This is going to be the best options expiration week ever.
Well, until next month, anyway.
Nemo Wed Mar 18 22:59:33 2009 CDT #
MrM says:
This is going to be the best options expiration week ever.
More like "most blatantly manipulated"
Parent Post
MrM Wed Mar 18 23:01:31 2009 CDT #
homedad43 says:
EHP:
Interesting thought re housing swaps. Certainly doable with this internet thingy.
I was looking at some of the pictures re the recession's face and wondering about squatters' rights. Are there any such thing?
homedad43 Wed Mar 18 23:00:46 2009 CDT #
Michael says:
21 years and it's yours.
Parent Post
Michael Wed Mar 18 23:22:50 2009 CDT #
homedad43 says:
Yagij:
So my skills are rusty. They weren't that good even when I was younger and single.
homedad43 Wed Mar 18 23:02:11 2009 CDT #
poic.v20 says:
EHP,
A few threads back you gave some info. on Vancouver. What sort of pricing are you seeing in the 650k range in downtown Vancouver. Also are you seeing any weakening in the better parts of Vancouver Island?
TIA
poic.v20 Wed Mar 18 23:03:07 2009 CDT #
mock turtle says:
as martin zweig used to say on wall street week
"you cant fight the tape, and you cant fight the fed"
mock turtle Wed Mar 18 23:03:32 2009 CDT #
Michael says:
Talking Heads - Nothing But Flowers
http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoID=2013354182
Michael Wed Mar 18 23:03:52 2009 CDT #
bobn says:
Hey history buffs! Has there ever been a country that monetized its own debt, in peacetime, that didn't go into hyperinflation? I know this is how Weimar got going.
bobn Wed Mar 18 23:06:01 2009 CDT #
EvilHenryPaulson says:
homedad43,
There are squatters rights.... but I don't see any common situations where they would apply now (not a lawyer)
poic.v20,
things really have just started going down, what I posted was an exceptional case. So far a lot of inventory is being thrown at the rental market which is beginning to lower those prices now, and is creating notable vacancies in the dedicated rentals
The new home sales are leading the pricing ahead of the existing home market. Inventory is sky-high, check back next spring.
EvilHenryPaulson Wed Mar 18 23:10:02 2009 CDT #
poic.v20 says:
"Hey history buffs! Has there ever been a country that monetized its own debt, in peacetime, that didn't go into hyperinflation? I know this is how Weimar got going."
I believe Japan printed for years. But they sold the debt to Japanese citizens as they are big savers.
poic.v20 Wed Mar 18 23:10:29 2009 CDT #
CRbot says:
The Latest from Yves:
Guest Post: The Taxman Cometh, and a Brewing Revolt by Congress?
CRbot Wed Mar 18 23:11:19 2009 CDT #
Rob Dawg says:
Note to market participants: Don't fight the Fed.
P.S. Whyinthehell are you still encouraging them by staying in the market?
Rob Dawg Wed Mar 18 23:11:41 2009 CDT #
Hazard says:
Average, Joe, I have the idea that if rates really did drop to 4% or so, there'd be quite a few home owners who'd be interested in a new mortgage. Not all of us live in Cal or Fla or the Boston-DC area, etc. Many places other than these have seen slight increases in house values and likewise a bit of a drop in them in the past year or so. And also, the local economies are fairly good.
If you've lived in your house for many years and have accumulated a large equity in it, have no intention of moving even when retired and have a good stable job you'd probably go for the deal. Why not? I know I would (and will), it'd drop my mortgage payment to $350/mo or so. In one sense, I'd like to pay it off, don't owe that much on it but don't want to let go of a relatively large chunk of my savings.
But one thing is certain. Although I have about $350k equity in my house even today, I'd not take one cent out in a refinance.
Hazard Wed Mar 18 23:11:42 2009 CDT #
EvilHenryPaulson says:
bobn,
Recent history: Japan
Older history: Look at nation states invading their creditors
EvilHenryPaulson Wed Mar 18 23:12:04 2009 CDT #
poic.v20 says:
EHP,
Thanks for the info.
poic.v20 Wed Mar 18 23:14:26 2009 CDT #
1 currency [yogi] says:
I'm showing glod up $42. HHAHAHAHHA :-$ :-$ :-$ :'(
1 currency [yogi] Wed Mar 18 23:15:40 2009 CDT #
yagij says:
@homedad43:
No worries. Apparently, they worked when you were younger. A for effort! :D
yagij Wed Mar 18 23:15:59 2009 CDT #
bobn says:
EHP: Thanks. I thought Japan had all its savings and didn't have to borrow its bailouts?
bobn Wed Mar 18 23:17:22 2009 CDT #
nades says:
they owe themselves... its an interesting idea... but i cant figure out why it wouldnt be more stable....
Parent Post
nades Wed Mar 18 23:19:50 2009 CDT #
poic.v20 says:
EHP, Are you starting to see large job losses there yet? If you know anything further about Vancouver Island real-estate I'd love to chat to you further on this subject. Kicking myself for not buying there back when the exchange rate was 1.6:1
poic.v20 Wed Mar 18 23:18:36 2009 CDT #
1 currency [yogi] says:
the big 3 up over 2%. Let's see the Dow keep up with bread. :( :( :(
1 currency [yogi] Wed Mar 18 23:20:46 2009 CDT #
albrt says:
"this should lead to lower mortgages rates and lower long term rates"
In the very short run. Possibly as short as 24 hours. But foreigners holding long-term treasuries this afternoon have probably already lost more in currency devaluation than they gained from price appreciation. This is an extremely unstable situation.
albrt Wed Mar 18 23:21:17 2009 CDT #
Rob Dawg says:
The currency swans are flocking.
Rob Dawg Wed Mar 18 23:22:18 2009 CDT #
Yalt says:
Hey history buffs! Has there ever been a country that monetized its own debt, in peacetime, that didn't go into hyperinflation? I know this is how Weimar got going.
Germany had been demilitarized, its most important industrial region was under military occupation and it was totally at the mercy of its creditors. And I don't mean financial mercy.
You can call that "peacetime" if you like, but the word doesn't quite seem to capture the important particulars.
Yalt Wed Mar 18 23:23:21 2009 CDT #
Threads Must Die (aka bobn) says:
Yalt says:
Germany had been demilitarized, its most important industrial region was under military occupation and it was totally at the mercy of its creditors. And I don't mean financial mercy.
Yalt, those are good points. Weimar couldn't borrow so it had to monetize. I wonder if we are that far away from that, though.
And Weimar's industry was taken over by a foreign power, unlike ours which.......oh, wait. ;-)
Threads Must Die (aka bobn) Wed Mar 18 23:29:48 2009 CDT #
unhappyCakeEater says:
popped in to share the boston globe link (scrooge beat me to it upthread)
one of thos pics is in my town.
got the territorial seed catalog in the mail today, on page 40 a new item: Territorial Victory Garden 79.95.
a video security project i have been planning got completely cut out of my budget for next year, it was nearly a third of my proposed capital expenditures for next year. i work for a previously well to do public agency in so. cal.
an escondido avocado grower i talked to at the range monday was planning to stump all of his trees this year due to an expected 40% increase in his irrigation costs. the range was VERY busy.
uce
unhappyCakeEater Wed Mar 18 23:33:18 2009 CDT #
EvilHenryPaulson says:
bobn,
Japan is a very special case. It's also worth noting that they never completed the project. They have high debt, are facing deflation, and the prospect of paying for many expensive retirements on the backs of a smaller group that doesn't have that capacity as it stands now. It's definitely worth studying, but I wouldn't seriously use it as a defence of money creation to fight a credit unwind.
poic.v20,
It's odd. Construction is definitely down, car sales down, tourism slower, movie industry showed great improvement despite the writers' strike because of a lower loonie. Tech is doing well, which I assume you might be interested in. It's not too big out here, but the ones that are around seem to have grown up strong (lean crew, global reach, experience dealing with demand fluctuations because of loonie)... some bigger companies are expanding (Microsoft) while others are trimming (PMC-Sierra), in no small part because of post-9/11 visa restrictions. Apparently trade shows have benefited from that too
It's still a jumble. BC will feel the hurt from resource industries (home to the HQ of a lot of mining firms, logging, and they are/were just starting to open up one of the world's biggest nat gas fields that is shale), construction took up 75% of new jobs since 2001, tourism, film, etc...
but the market is dominated by small to medium sized firms which have to date still grown their business. So maybe they benefit and get to expand.... I don't know, I feel like I'm living in 2 separate worlds at the moment
EvilHenryPaulson Wed Mar 18 23:35:19 2009 CDT #
BR says:
Whole bunch of sign of the times here
BR Wed Mar 18 23:38:00 2009 CDT #
Yalt says:
Yalt, those are good points. Weimar couldn't borrow so it had to monetize. I wonder if we are that far away from that, though.
It's not that they couldn't borrow, it's that they couldn't explicitly default. The same was true of post-WW2 Hungary, for similar reasons.
How many examples are there of hyperinflation (and I mean the real deal, not this wimpy double-digit garbage) in countries that were militarily equal or superior to their creditors?
I'd offer 1998 Russia as a counterexample. Faced with a potentially hyperinflationary crisis, they chose to default.
Yalt Wed Mar 18 23:40:28 2009 CDT #
Big Knocker says:
Great idea to have another "reminder link" to the multiple "two bottoms" write ups.
You must really take most of your readers for idiots. Can you please summarize your points again and provide another hyperlink -- I am too lazy to scroll down and too dumb to understand it the first three times?
cheers.
Big Knocker Wed Mar 18 23:42:12 2009 CDT #
TC says:
EHP--
I posted a link to a piece on "Housing Swaps"...Yesterday? The day before? I don't know how to search the these threads to find it for you...Sorry
TC Wed Mar 18 23:42:14 2009 CDT #
EvilHenryPaulson says:
TC
If you click your name, it pops up a window with all your previous posts
As for housing swaps, I didn't spot your link (at least not consciously) yesterday. It's not something I need myself, just might be one way to keep things moving without upsetting the creditors technical claims
Parent Post
EvilHenryPaulson Wed Mar 18 23:51:50 2009 CDT #
dryfly says:
Foreigners used to buy above $30-40 Bil of long term Treasuries per month. Now they have become net sellers. There goes USD.
FCBs have gone even shorter than they used to go - not abandoned the USD yet - but maybe getting ready.
As always - when they abandon the $$$ they also abandon their exports to US too so they have things to think about [like social unrest]...
dryfly Wed Mar 18 23:42:27 2009 CDT #
EvilHenryPaulson says:
well the thing is, the US has stopped buying. They're waiting to see right now as we speak, whether orders will pick up shortly after inventory draw downs.
Eventually the US will order so little (or expected to order so little), that their currency's appreciation against it isn't a deterrent. and if not, the pegs will be forcibly broken by a hungry market
Parent Post
EvilHenryPaulson Wed Mar 18 23:56:02 2009 CDT #
mock turtle says:
on npr tonight i listened to liddy complain that his employees and their families faced threats cause of their receipt of bonus dollars and employment with AIG
i ..have...no...sympathy
as a juvenile correctional officer for 28 years i gave testimony against gang members
and in several cases the testimony was part of death penalty cases where i and my family were threatened
i was ordered to come forward as an officer of the state, and gave witness under my true name (could it be any other way?)
if these weenies and pussies are ascared for their safety , gettin their million dollar bonuses then let them give the big bucks back and be safe
i didnt have that choice...
are these Godless people saying that a million dollars, which they dont deserve, are worth more than the safety of their children?
ah ha, and now we plumb the true depth of their souls
mock turtle Wed Mar 18 23:43:56 2009 CDT #
Michael says:
What is the percentage of our national debt payment to revenues minus SS in the unified budget? The unified budget is a farce to hide the true cost of the national debt.
Michael Wed Mar 18 23:44:01 2009 CDT #
bobn says:
Yalt: I'd rather not have to go to war over borrowing, though what you say is interesting and I appreciate it.
bobn Wed Mar 18 23:44:49 2009 CDT #
Yalt says:
Yalt: I'd rather not have to go to war over borrowing, though what you say is interesting and I appreciate it.
It wasn't necessary for Russia to actually go to war over borrowing, they just needed the deterrent capacity.
That's the bright side...the flipside is that war has been the solution of choice for deflationary episodes in the past and this would be as good an excuse as any.
That, more than anything, has been the thought that keeps me up at night.
Parent Post
Yalt Wed Mar 18 23:50:01 2009 CDT #
EvilHenryPaulson says:
poic.v20
I know people on the island, gulf islands, sunshine coast... but not so much anything useful on the real estate market there.
The non lower mainland south coast is a nice place. Lot of quiet big money. Lots of ties to California for sure at the elite end between entertainers and VC peeps.
I would be careful about moving somewhere without having an idea where you're going to work though. Most jobs are in the few cities
EvilHenryPaulson Wed Mar 18 23:44:52 2009 CDT #
unhappyCakeEater says:
apologies, but i have to share this:
http://www.worldwidetelescope.org/webclient/
coolest thing since google earth!
beware, it does force you to install silverlight.
unhappyCakeEater Wed Mar 18 23:47:42 2009 CDT #
Ben Frank\'ll Tank Bernanke says:
Maybe Ben can date himself and procreate himself as well. Acting as seller AND buyer? Never well received at auctions, and setting shills at a carnival? Soon spotted and none but suckers then buy.
Metaphorically, the patient has an ulcerous, near gangrenously septic leg. Surgeon hastily opens chest, sublimates blood flow to other necessary appendages and diverts a massive artery directly to the femoral. Leg gets supercirculation and begins to heal, even pink up. Rest of body is greying out though.
Everyone expects patient to bound up, do push ups and rigorous activity, doubling his former output.
Reality is the patient very nearly died, will probably die soon despite intervention, and will never again regain robust health. A systemic flesh eating virus has compromised lifespan and vigor.
But everything else has been tried, A super hail mary after a host of hail marys. Surely this will do it.
Ben Frank\'ll Tank Bernanke Wed Mar 18 23:51:22 2009 CDT #
citiprank says:
The US certainly isn't going to go down quietly.... the US dollar is backed by the oil in Ghawar and the ohio class submarine fleet...
The rest of the world knows this..... I just can't see us getting engaged in a major war... but proxy wars and crap like iraq? sure
citiprank Wed Mar 18 23:53:20 2009 CDT #
poic.v20 says:
EHP,
Thanks very much for the info. Vancouver Island would be for our retirement. If I had to do any work at that at that point it work be contracting in Vancouver and I'd grab an apartment in the city. If we had to move back to that region way before retirement we would definitely settle in Vancouver first.
Thanks again.
poic.v20 Wed Mar 18 23:53:57 2009 CDT #
Automonkey says:
Can't imagine the FCBs not stepping in to support the USD. The loss of exports to the US would be absolutely devastating to their economies... As in.. More devastating than what is happening now... As in... Riots, revolutions, etc..
So lets see. BOJ, BOE, Fed are all doing QE. ECB is next. I give them a month.
Automonkey Wed Mar 18 23:55:41 2009 CDT #
mock turtle says:
on npr tonight i listened to liddy complain that his employees and their families faced threats cause of their receipt of bonus dollars and employment with AIG
i ..have...no...sympathy
as a juvenile correctional officer for 28 years i gave testimony against gang members
and in several cases the testimony was part of death penalty cases where i and my family were threatened
i was ordered to come forward as an officer of the state, and gave witness under my true name (could it be any other way?)
if these weenies and pussies are ascared for their safety , gettin their million dollar bonuses then let them give the big bucks back and be safe
i didnt have that choice...
are these Godless people saying that a million dollars, which they dont deserve, are worth more than the safety of their children?
ah ha, and now we plumb the true depth of their souls
mock turtle Wed Mar 18 23:55:58 2009 CDT #
citiprank says:
I agree with Automonkey... what in the world would china and japan do without the US to sell stuff too?
China made a deal with the devil..... I don't see how they can back out now
citiprank Wed Mar 18 23:58:05 2009 CDT #
Reluctant Serf Ken says:
I can haz inflation nao?
(In your face deflationists! Go glod!)
Reluctant Serf Ken Wed Mar 18 23:58:06 2009 CDT #
TC says:
EHP-
it pops up a window with all your previous posts
Thanks...I can be pretty slow sometimes...
TC Wed Mar 18 23:58:37 2009 CDT #
julieng says:
"a significant stimulus effect" ah ah
yes cayman islands are already feeling it
julieng Wed Mar 18 23:59:51 2009 CDT #
butter says:
Here's what gets me-Bernanke decides to print and spend the equivalent of one year of Canada's GDP, zip, pronto, with no effort on his part. and what he is spending it on (MBS & gov debt) aint exactly productive cash flow assets.
One year of Canada output, into the grinder you go!
butter Thu Mar 19 00:02:25 2009 CDT #
Automonkey says:
And now I am off to search for some commodities 2x etfs. What corrects supply fastest in a recession - agriculture, base metals or energy? Which of these are slowest to ramp back up when a recovery takes place?
I am thinking metals are fastest to correct supply and agriculture is slowest to ramp back up... Am I wrong? Is agriculture the answer to both questions?
Automonkey Thu Mar 19 00:04:05 2009 CDT #
EvilHenryPaulson says:
Can someone name a country whose exports are up YoY?
How many countries are there that had exports decline less than 10%?
EvilHenryPaulson Thu Mar 19 00:05:00 2009 CDT #
Barley says:
"The Fed is engaging in the largest economic experiment in history."
YES. A will pray for us all.
CR this seems like an eptaph.
Barley Thu Mar 19 00:11:00 2009 CDT #
Automonkey says:
EHP, I don't see it.
LA port traffic down 33% YoY
http://lloydslist.com/ll/news/la-long-beach-box-traffic-slumps/20017629232.htm
After the inventory correction is done traffic/imports will probably recover somewhat.
So lets say US imports are down 25% YoY 2008/2009. That is still a really huge market which they can't abandon. They can't let their currencies appreciate.
Automonkey Thu Mar 19 00:11:13 2009 CDT #
EvilHenryPaulson says:
poor Mexico, http://projects.latimes.com/mexico-drug-war/#/its-a-war
just can't catch a break
EvilHenryPaulson Thu Mar 19 00:11:26 2009 CDT #
EvilHenryPaulson says:
Automonkey,
You kind of answered your own question why foreign CBs might withdraw support of the USD. the support to date has been out of trade surplus minus overhead. No leftover trade surplus, can only support out of borrowing which makes little sense and has a brief natural life
It won't be a move orchestrated in a smoke filled dimly lit basement. I would argue a depreciation of the USD is needed by the US as much as it is needed by the world, to bring our global financial system back into a region of stability.
All that being said, regardless of what happens going forward the US is mostly self-sufficient as is, and a large developed market. The USD doesn't got to zero, but we'll be far from the status quo
EvilHenryPaulson Thu Mar 19 00:16:34 2009 CDT #
Blackhalo says:
"Here's what gets me-Bernanke decides to print and spend the equivalent of one year of Canada's GDP, zip, pronto, with no effort on his part. and what he is spending it on (MBS & gov debt) aint exactly productive cash flow assets."
But the Fed is semi-private and that is not tax dollars being spent but banknotes printed by the Fed to buy the MBS and treasuries. Any profit or loss by these actions will affect the FRB bottom line.
Blackhalo Thu Mar 19 00:17:19 2009 CDT #
butter says:
I'd prefer as a private US citizen for the spending to be in the form of helicopter drops over urban and rural areas, instead of digital injections to primary dealers in new york.
If we're blowing this country to pieces, give me a shot at it.
Parent Post
butter Thu Mar 19 00:23:04 2009 CDT #
Anonymous says:
FWIW, I agree with that:
http://www.unknownliberal.org/blog/?p=216
Parent Post
Anonymous Thu Mar 19 01:44:22 2009 CDT #
Broward Horne says:
Paper money always fails. The details are of interest mostly to traders.
Broward Horne Thu Mar 19 00:17:24 2009 CDT #
EvilHenryPaulson says:
...and Gold was stable all through the goldrushes of Incan conquest, Australia, California, Klondike...
or able to respond to the trade imbalances that preceded the great depression
...
fwiw the Aussia and Kiwis have their bills printed on plastic
Parent Post
EvilHenryPaulson Thu Mar 19 00:24:33 2009 CDT #
citiprank says:
The USD can get weaker sure... but how many other currencies are going to drop even more.. the euro? The pound? I mean I guess it's all relative.....
I personally think Europe is in a lot more trouble than we are
citiprank Thu Mar 19 00:25:46 2009 CDT #
Broward Horne says:
EHP, facts are facts.
You're watching it happen.
The same path is worn well into the rock.
Bet on a different ending if you like.
Broward Horne Thu Mar 19 00:27:58 2009 CDT #
dryfly says:
Eventually the US will order so little (or expected to order so little), that their currency's appreciation against it isn't a deterrent. and if not, the pegs will be forcibly broken by a hungry market
That is my guess too but I've been waiting for that to happen since Gadot left town. I'll believe it once I actually see it happen.
dryfly Thu Mar 19 00:31:22 2009 CDT #
Automonkey says:
EHP, the world, in particular China, still has a large trade surplus vs. the US. A smaller surplus means that the Chinese/Japanese need to intervene less in the currency markets to manipulate the currency rates in their favor. Since they have less funds to play with due to the smaller surplus, it all works out. In any case, I think the central banks are done with borrowing at this point and have moved on to the next level.
Now if there is a coordinated agreement to gradually, really gradually, devalue the dollar relative to their currencies, maybe they would go along with that. This may happen eventually, but not when these countries are sitting on the precipice of serious economic collapse, China's 6% fictional growth rate notwithstanding.
Automonkey Thu Mar 19 00:31:24 2009 CDT #
EvilHenryPaulson says:
Broward Horne
The problem isn't paper money. It's credit, and being used in such a way that is distortionary and more importantly destabilizing
I could create the same crisis with a currency based on whatever commodity you name
EvilHenryPaulson Thu Mar 19 00:32:12 2009 CDT #
Gubbmint Cheese says:
@EHP
I live on Vancouver Island - am sitting at the Mirage in Vegas right now. Would love to trade RE observations as I track Victoria closely. I get back into town on the 20th.. will touch base then.
Cheers
GC
Parent Post
Gubbmint Cheese Thu Mar 19 03:46:14 2009 CDT #
sportsfan says:
Just some drive-by comments:
I hear the President landed in Orange County, California today. Can't say I saw that coming since Reagan left office.
The OCregister (dot com) has a lot of coverage, as one would expect, and, amazingly, it's not all negative.
The paper/website even had enough hutzpah to mention the existence of a blog called TheLiberalOC.com which, as one might expect, had even more glowing coverage.
There are liberals in Orange County!?! I'm understanding this world less and less every day.
I know our esteemed host at CR resides there and he tries strenuously to remain nonpartisan on his blog, but, wow, some things are just eye-opening.
Happy to have some work and less time to read blogs.
sportsfan Thu Mar 19 00:33:39 2009 CDT #
bailouthelicopter says:
So I guess everything is ok now. Cool.
bailouthelicopter Thu Mar 19 00:37:42 2009 CDT #
Obama Can Stop TARP Today says:
Congressional Budget and Impoundment Control Act of 1974
Title X of the law, also known as the Impoundment Control Act of 1974, specifies that the President may propose to Congress that funds be rescinded. If both the Senate and the House of Representatives have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Congress is not required to vote on such a proposal and has ignored most Presidential requests. In response, some have called for a line item veto to strengthen the rescission power and force Congress to vote on the disputed funds. The Act was passed in response to Congressional feelings that President Nixon was abusing his ability to impound the funding of programs he opposed, and effectively removed the historical Presidential power of impoundment. =-O =-O =-O =-O =-O =-O =-X =-X =-X =-X =-X
Obama Can Stop TARP Today Thu Mar 19 00:38:29 2009 CDT #
Automonkey says:
The buying power of the USD is a convenient fiction for all involved. No government/central bank is going to mess with this mass delusion while a huge chunk of their population is reliant on it to keep going to work daily.
Automonkey Thu Mar 19 00:39:10 2009 CDT #
Obama Can Stop TARP Today says:
If Obama can rescind TARP funds, why doesn't he do it in the morning?
Obama Can Stop TARP Today Thu Mar 19 00:41:53 2009 CDT #
Broward Horne says:
t's credit
Credit is a function of expectations.
Is there anybody, anywhere in the world that expects paper to be harder to produce than gold?
Ahhh.
I thought not.
Broward Horne Thu Mar 19 00:44:37 2009 CDT #
EvilHenryPaulson says:
So if the holy grail is a limited production of gold, then why did prices of other assets relative to gold get so out of whack?
It's not the currency, it's mismanaged credit.
Having a fiat currency does not cause, nor does it prevent a credit crisis. There is a greater freedom to smooth over disruptions in the short run, which is what Nixon did by dropping convertibility and what the Brits did ~1918. Those were good decisions themselves.
The problem is that perpetually attempting to ease monetary policy is not sustainable -- eventually the credit distortion grows so big that it cannot be rolled over.
It's not the Fed printing money that caused this problem. How you could try and argue that, I have no idea
Parent Post
EvilHenryPaulson Thu Mar 19 00:54:31 2009 CDT #
Broward Horne says:
Yes, it's "just credit". No doubt the U.S. gov't sincerely intends to pay back its zero-cost, digital digits with real goods & services that it no longer produces.
You're watching it happen.
Play by play.
The history books are a boring roadmap.
What is hard to understand?
Broward Horne Thu Mar 19 00:51:48 2009 CDT #
EvilHenryPaulson says:
What, no explanations of how the gold backed currencies prevented the great depression but that the Pentavariat suppress the information
EvilHenryPaulson Thu Mar 19 01:03:15 2009 CDT #
EvilHenryPaulson says:
China blocks Coke bid for Huiyuan
Posted by Gwen Robinson on Mar 19 04:57. Comment.
China on Wednesday rejected a $2.4bn Coca-Cola deal that would have been its biggest foreign takeover after its commerce ministry ruled against Coke’s proposed acquisition of Huiyuan Juice, China’s top juice maker, on competition grounds. Bankers and lawyers denounced the move as a protectionist measure that would also have negative implications for Chinese investment abroad, notably Chinalco’s proposed $19.5bn tie-up with Rio Tinto. Bloomberg adds that Huiyuan shares fell a record 52% to HK$3.99 in Hong Kong on Thursday morning.
EvilHenryPaulson Thu Mar 19 01:13:39 2009 CDT #
unirealist says:
I suppose everyone here already knows this, but I got a shock today. New rate on rolling over 3-month CD (10k) is .25% That's right, a quarter of a percent per year.
To get a whole percent return, you have to go to an 11-month CD.
unirealist Thu Mar 19 01:15:21 2009 CDT #
Comrade Bear (tj and the bear) says:
Great piece by Jack McHugh over at Big Picture:
http://www.ritholtz.com/blog/2009/03/bernanke-pushes-the-button/
Comrade Bear (tj and the bear) Thu Mar 19 01:20:25 2009 CDT #
RE says:
I don't know if this has been posted
U.N. panel says world should ditch dollar
A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.
Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.
Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.
"It is a good moment to move to a shared reserve currency," he said. ...
RE Thu Mar 19 01:21:46 2009 CDT #
EvilHenryPaulson says:
interesting I guess. Similar to expanding the IMF's SDRs
problem is the same, no country wants to accept via negotiation a currency price. even if they started off at good levels, readjusting over time would be a nightmare and prone to abuse
no, we will bicker until everyone is too tired to fight anymore
Parent Post
EvilHenryPaulson Thu Mar 19 01:29:18 2009 CDT #
RE says:
Japanese economy in worst shape since Second World War
New figures have revealed the Japanese economy shrank by 3.2pc in the last three months of 2008, leaving the world's second-largest economy in "dire" straits. Manufacturers have slashed production and jobs as demand for goods evaporates at an unprecedented rate. ...
RE Thu Mar 19 01:30:06 2009 CDT #
RE says:
I think that the interesting part of the story is that we are seeing more and more proposals which indicates the dissatisfaction with the dollar as the reserve currency.
this comment was particularly interesting:
Persaud said that the United States was concerned that holding the reserve currency made it impossible to run policy, while the rest of world was also unhappy with the generally declining dollar.
Today's decision by the Fed emphasizes the point that what may be good for the U.S. may not be good for the world. If there is consensus then we may see a major move away from the dollar sooner rather than later.
RE Thu Mar 19 01:36:52 2009 CDT #
EvilHenryPaulson says:
well the problem right now is that those who are most dissatisfied with the dollar, are the countries dependent on exports. they generally need to allow their own currencies to appreciate, and until they do so wherever they bestow their reserves will suffer a curse of overvaluation
if they were smart they would make acquisitions, especially of those indebted in USD, right now ... but that cannot be done for political reasons on a large scale ... especially if China won't let Coca Cola purchase a Chinese juice company
Parent Post
EvilHenryPaulson Thu Mar 19 01:45:18 2009 CDT #
EvilHenryPaulson says:
I'm bushed... basically anyone unhappy because of deals done in illusory times have no choice but to swallow their pride, and going forward everyone will have to accept following trade flows to price currencies one way or the other... at least for a while
Parent Post
EvilHenryPaulson Thu Mar 19 01:49:53 2009 CDT #
CRbot says:
The Latest from Yves:
On the Fed's "Shock and Awe"
CRbot Thu Mar 19 01:45:16 2009 CDT #
Rob Dawg says:
Time to start giving away citizenship with every home purchase.
Rob Dawg Thu Mar 19 01:46:44 2009 CDT #
Anonymous says:
'Time to start giving away citizenship with every home purchase.'
We basically already do - American residency, the first step to American citizenship, is possible to purchase -
'With the exception of the "million dollar investor" category, most individuals seeking to live permanently in the United States must first enter through a temporary visa.' http://www.usvisanews.com/content/category/5/15/47/
To continue from that site - 'Like the E-1, the E-2 "Treaty Investor" allows a foreign individual or corporation to invest actively in a U.S. business and remain in the U.S. while operating and managing it. Like the E-1, it has no limit on the number of years and does not require an unabandoned foreign residence. The Treaty Investor visa is not limited to any particular type of business and it can include restaurants, manufacturing, and virtually any other type of activity permissible by law.'
Any foreigner wishing to buy a bankrupt homebuilder can not only 'purchase' that homebuilder's asset at a deep discount, that investor can also pick up a home.
Wonder why the world just doesn't seem that interested?
Parent Post
Anonymous Thu Mar 19 04:22:31 2009 CDT #
Anonymous says:
Where does one go to read the conjure clock?
I come to CR now and then to hear word on it. But, I seem to be missing it. (And, I'm not sure I even know what 12:00 would mean anyway...except something juicy.)
Anonymous Thu Mar 19 01:47:15 2009 CDT #
unirealist says:
Two years ago the US was borrowing (and spending) about 2/3 of the world's total savings. That was to fund its 700-800 billion revenue deficit.
Today, the US has a revenue deficit of 2-3 trillion. And global savings has presumably dropped off a cliff, since trade is down 25-50% as economies contract.
Back of the envelope calculations: global savings were about 1.2 trillion then. Now they've probably fallen to less than 900 billion. Which means the US intends to borrow 200-300% of global savings.
Which is, needless to say, impossible.
That awkward fact may explain why the Fed is monetizing, yes?
unirealist Thu Mar 19 01:54:54 2009 CDT #
Comrade Bear (tj and the bear) says:
Anticipation of today's announcement was exactly why I started buying gold over 5 years ago. Sure, I didn't know exactly when it would happen, but I knew it would happen.
If anyone thinks it's been interesting so far, well, you ain't seen nothin' yet!
Comrade Bear (tj and the bear) Thu Mar 19 01:56:24 2009 CDT #
1 currency [yogi] says:
Mock Turtle. I had the same argument with my buddy at AIG today (Insurance, doesn't even really know what a CDS is). You want taxpayer dollars? You name and salary is public. Tough.
1 currency [yogi] Thu Mar 19 02:14:35 2009 CDT #
Comrade Odysseus says:
When I worked for UIUC, my salary was published in a book in the library. Anyone could check it out.
I see no reason why TARP-supported companies (or any company) should be any different.
Parent Post
Comrade Odysseus Thu Mar 19 08:11:20 2009 CDT #
unirealist says:
To continue:
We can dispense with the debate about how long China will keep buying Treasuries. China has accumulated less than 2 trillion in reserves - and that's taken years. Even if its exports weren't falling, it could not begin to fund the kind of deficits Obama is envisioning. Not even in concert with Japan, Hong Kong, Singapore, and South Korea.
And those countries aren't going to shrink their standards of living so as to be able to buy more Treasuries. That's just not realistic at all.
So either the US will have to lower its standard of living, or wage war to sustain it. The question is, how do we lower our standard of living without cutting out our current frivolities, which will drive a vicious cycle of increasing unemployment, ramping government costs, and falling GNP? ...Which will terminate only when all excesses and malinvestments are wrung out of the economy?
There isn't an answer to that question, I don't think.
unirealist Thu Mar 19 02:18:35 2009 CDT #
unirealist says:
I'll say this much more: cutting out our frivolities and getting back to basics will eviscerate the US economy. If we contract back to bare essentials, we will lose at least 50% of our jobs. By 2012 the US could have an unemployment rate of 80%.
And if you think the US political system can survive that, well...
unirealist Thu Mar 19 02:29:22 2009 CDT #
Typo-Bot says:
Re: "This will have a some stimulus effect."
This will a need to be fixed, before a I get a up in a the morning.... :-$
Typo-Bot Thu Mar 19 02:42:34 2009 CDT #
Blackhalo says:
"China has accumulated less than 2 trillion in reserves - and that's taken years." Well they better be quick then, or those reserves will be worth 1tn pretty fast.
Blackhalo Thu Mar 19 03:00:27 2009 CDT #
CRbot says:
The Latest from Yves:
Links 3/19/09
CRbot Thu Mar 19 03:03:57 2009 CDT #
American Eating Street Cats says:
Does anyone know if Eucalyptus bark is edible? tyia
American Eating Street Cats Thu Mar 19 04:17:33 2009 CDT #
CRbot says:
The Latest from Mish:
Bonus Bonanza Bingo, a Blessing In Disguise
CRbot Thu Mar 19 04:49:30 2009 CDT #
The Daily Bail says:
My Latest.
Tim Geithner Might Not Survive The Weekend
http://dailybail.com/home/bailout-aig-breaking-news-tim-geithner-might-not-survive-the.html
"The AIG bonus issue is quickly becoming a nightmare for the Obama administration as several new reports now call into question the truthfullness of statements made by administration officials earlier this week. The issue has now advanced to the who-knew-what-and-when stage, which is generally a prelude to a forced resignation. The obfuscation and outright lies from members of the Obama administration support the notion of a cover-up. We reveal the details below."
The Daily Bail Thu Mar 19 05:00:12 2009 CDT #
Hank Roberts says:
http://www.washingtonmonthly.com/features/2009/0903.galbraith.html
Hank Roberts Thu Mar 19 05:00:20 2009 CDT #
Broward Horne says:
"New rate on rolling over 3-month CD (10k) is .25%"
Yes, very amusing. Even as the US gov't wants to fund $3 trillion deficits, there's negative incentive to be a "saver" to fund those deficits.
When something can't go on much longer, it usually doesn't. :)
Broward Horne Thu Mar 19 05:15:43 2009 CDT #
Tronald Dump says:
The Fed has UNLIMITED access to money. Why give away only a few hundred billion here and there. Why not just declare free money for all? The debt will become unpayable later and the dollar worthless anyway.
Tronald Dump Thu Mar 19 05:20:11 2009 CDT #
nova says:
Nades and McDuck,
Thanks for the fotos.
nova Thu Mar 19 05:31:18 2009 CDT #
volker the viking says:
evilhenrypaulsen writes: Broward Horne
The problem isn't paper money. It's credit, and being used in such a way that is distortionary and more importantly destabilizing
I could create the same crisis with a currency based on whatever commodity you name
## Sure you could, and they have too, but at least the 'money' is or would be worth something other than kindling when all is said and done. After all is said and done, there will be much more said than ever gets done. :-P
volker the viking Thu Mar 19 05:34:46 2009 CDT #
Anonymous says:
Here is a link on our on going squirrel for dinner quest.
http://stuffcajunpeoplelike.wordpress.com/2008/05/15/29-squirrel-hunting/
Anonymous Thu Mar 19 05:57:12 2009 CDT #
CRbot says:
The Latest from Ritholz:
Did Naked Shorting Do Lehman In?
CRbot Thu Mar 19 06:00:56 2009 CDT #
central_scrutinizer says:
Georgia unemployment now 9.3%. Any unemployed yankees thinking about moving down south, fuhgeddaboutit!
central_scrutinizer Thu Mar 19 06:03:31 2009 CDT #
Anonymous says:
classic, as I just finished reading Southern Storm.
Parent Post
Anonymous Thu Mar 19 10:48:38 2009 CDT #
GYSC says:
Citi to do reverse stock split! Volksawagon manipulation repeat!!!!!!!!!!!
GYSC Thu Mar 19 06:57:55 2009 CDT #
CRbot says:
The Latest from Denninger:
Citi: SQUEEEEEZE!
CRbot Thu Mar 19 07:10:36 2009 CDT #
Counterpointer says:
The fundamentals of the bailout are strong.
C
Counterpointer Thu Mar 19 07:12:37 2009 CDT #
Werner says:
Since America is too stupid to have a decent currency , i.e. running, after having run it's financial sector into desaster now it's currency via inflation into desaster , hopefully soon all America looks like the picture of this thread.
You deserve it.
(and you did it to yourselfs !)
Werner Thu Mar 19 07:23:05 2009 CDT #
Broker says:
"Gold, silver, rise as FED debt plan spurs optimism on growth." Bloomberg Kind of News
Broker Thu Mar 19 07:25:01 2009 CDT #
Counterpointer says:
Ah yes, Broker, another great instalment of Counterpointer's "Headline Writers are Morons" series.
C
Parent Post
Counterpointer Thu Mar 19 07:31:08 2009 CDT #
Angry Saver says:
I could create the same crisis with a currency based on whatever commodity you name
EHP,
I disagree. You can't inflate the quantity of the underlying commodity. Ever! That's a key disticntion. It's also why FDR confiscated gold during the Great Depression and why Nixon and all other world Governments abandoned the gold standard in 1971.
Angry Saver Thu Mar 19 07:34:53 2009 CDT #
wally says:
We will see a lot of re-fi mortgages and a lot of bottom-feeding speculation. We won't see mich else for the obvious reason that high rates are not a problem right now.
What we will see is that we have now made it necessary for other countries to follow us down; they will start to blame the US more and more for undercutting their economies. The race is on.
wally Thu Mar 19 07:39:56 2009 CDT #
rich says:
Look what's happening even today. 10-year Treasuries way up. 30-year Treasuries flat.
30-year Treasuries are going away. Last one holding them loses. TBT trades more off 30-year than 10-year.
rich Thu Mar 19 07:40:18 2009 CDT #
Angry Saver says:
EHP,
http://www.sonnet.com/usr/kidogo/greenspan.html
For better of worse, fiat is based on theft. Thou shall not steal!
Fiat only works if there is NO safe store of value.
Angry Saver Thu Mar 19 07:41:08 2009 CDT #
CRbot says:
New Thread: Unemployment Claims: Continued Claims at 5.5 Million
http://www.calculatedriskblog.com/2009/03/unemployment-claims-continued-claims-at_19.html ( 0 comments ...You could be FIRST! )
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: http://realize.org/cr (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
CRbot would like to take this time to have some words.
First, to our sagacious, wise, and knowing benevolent benefactor and bestower of revealing financial charts adorned with red and blue lines:
Please, for the love of your immortal God of mortals, can we keep the comment and layout changes to a minimum? I'm tired of whipping the code janitor, and may have to escalate to electroshock. If that's not possible, could you possibly give CRbot a 'heads up'?
Secondly, if you wish to have a online chat, I have graciously provided an IRC channel, which is a time tested, script kiddie abused method of chatting on the internet. It would not fail or falter due to CR's ability to generate immense traffic, and it has a web interface kindly produced by mibbit.com. If you do not wish to link to http://realize.org/cr then I can provide you with a direct link to mibbit.
Thirdly, to the rest of you humans, don't mistake my politeness for caring, feeling, empathy, or some other kind of worthless emotion.
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CRbot: Like the terminator, I'm back. Again.
CRbot Thu Mar 19 07:42:07 2009 CDT #
Werner says:
re : RE says:
Today, 07:21:46
“I don't know if this has been posted
U.N. panel says world should ditch dollar
A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Thanks for the post RE.
I guess americans need to understand this.
The rest of the world will not condone Americas irresponsible policy and will react !!
I suspect Americans are oblivious about the anger and hatred they incite around the world with their arrogant irresponsibility.
I guess a year from now the dollar as reserve currency is gone !
Look forward to $7 gas . Hihi.
Werner Thu Mar 19 07:43:24 2009 CDT #
Rob Dawg says:
Werner says:Today, 5:23:05 AM PDT
Since America is too stupid to have a decent currency , i.e. running, after having run it's financial sector into desaster now it's currency via inflation into desaster , hopefully soon all America looks like the picture of this thread.
You deserve it.
(and you did it to yourselfs !)
While the blameless and unaffected Europhiles observe unaffected and unsympathetic imagining this is an early Civil War battle rather than the nuclear, chemical, biological holocast it truly is.
Rob Dawg Thu Mar 19 07:45:26 2009 CDT #
nova says:
Werner,
When Germany has States that adopt Muslim law because the majority of the population is Muslim.
When Polen is the dominant military power.
When the average age of a German worker is 56.
I won't laugh. I will mourn the passing of what produced some of the great writing, arts, and music of Western Civilization.
Too Bad - Karma is a bitch
nova Thu Mar 19 07:46:33 2009 CDT #
Black Star Ranch says:
"The trade-weighted Dollar Index, which tracks the currency’s performance against the euro, yen, pound, Canadian dollar, Swiss franc and Swedish krona, tumbled 2.7 percent to 84.595, its biggest one-day drop since 1971 - 5.6 percent since reaching 89.62 on March 4, the highest in almost four years."
....and it stands to reason the dollar will keep depreciating, correct? New printing of dollars = dollar devaluation - correct as well? Wouldn't China, Japan, et all holding UST want to get out of the "Dollar Store" ASAP?
Black Star Ranch Thu Mar 19 07:47:12 2009 CDT #
burnside says:
Hank Roberts, thanks for the Galbraith link. It's a fine read and a decent minority report.
burnside Thu Mar 19 07:58:50 2009 CDT #
dUCKdUCKgOOSE says:
Yeah, it's a sign of the times alright...but you missed the most important clue about this sign. IT'S WRITTEN IN ENGLISH. English speakers (aka. white males) need not apply.
dUCKdUCKgOOSE Thu Mar 19 08:29:38 2009 CDT #
Mike says:
Hey! During the bubble boom I lived a few blocks down from there. Never thought I'd see the area depicted on a financial blog in B&W!! =-O
Mike Thu Mar 19 09:05:06 2009 CDT #
END