Comments for "The End of the GM Hummer on Tuesday?"
CRbot says:
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/5128459531983606563
CRbot Mon Mar 30 21:40:25 2009 CDT #
Komrade 250K says:
Humm baby.
Komrade 250K Mon Mar 30 21:41:58 2009 CDT #
MiTurn says:
Really, Hummers are all about excess. Excess is passe. That being said, they are cool rigs.
MiTurn Mon Mar 30 21:42:17 2009 CDT #
Mymeatis Hotandready says:
There was an article in today's times about how Hummers have become fashionable in Iraq. So, sell the company to them. As much as there is a legacy focus on the automakers, the bailouts of AIG to the tune of $173BB to date dwarf automaker problems. According to Liddy's testimony to Congress, there's still $1.6 trillion to go. C'mon people, we need to focus on the big picture, and I don't mean with tar and pitchforks because that's not going to deal with the 30 years of fictive cashflow which Geithner intends to monetize.
Parent Post
Mymeatis Hotandready Mon Mar 30 21:56:02 2009 CDT #
Anonymous says:
If APPLE were to aquire GM, then APPLE would invent the "i-CAR" (phrase coined by Thomas Friedman).
If, on the opposite, GM were to acquire Apple, then GM would come up with the "i-FOQ", the "i-ZOQ", and the "i-KWEET".
The sad thing is that this is not even a joke...GM...would screw things up no matter what!
Hummmmmmmmmmmmm............errrrrrrr..........I wonder what is next?
Anonymous Mon Mar 30 21:45:08 2009 CDT #
Nemo says:
I figured they were going to announce a solar-powered Hummer.
Nemo Mon Mar 30 21:45:12 2009 CDT #
8 Ball says:
My buddy had an H3. It drove resonably well. The gas consumption is another story, 100 bucks a week.
8 Ball Mon Mar 30 21:46:06 2009 CDT #
Counterpointer says:
So, we should buy now or be priced out forever? I'm keen. My wife and children are clearly worthy of such a safe machine. In fact my wife's driving is clearly worthy of such a machine. You should see her on the Beltway. Asian aluminum does not equal the 18-wheelers she takes on. At least an H3 would be a match.
One question, tho', can they fit a 50 cal to the roof? Is that standard or special order?
Just wondering.
Good evening Mary-nam.
C
Counterpointer Mon Mar 30 21:51:14 2009 CDT #
Tim waiting for 2012 says:
No more Hummers for U!
Tim waiting for 2012 Mon Mar 30 21:53:04 2009 CDT #
Bond Girl says:
Recently, I was talking to someone who used to own a Hummer. He said that he traded it in because he actually had lots of people yell at him while stuck in traffic. He said it got to be too much after a while.
Bond Girl Mon Mar 30 21:54:17 2009 CDT #
hong konger says:
If it survives, can we make the "H5" a golf cart with spoilers and searchlights?
Work w/ me here...
hong konger Mon Mar 30 21:54:36 2009 CDT #
1 currency now [yogi] says:
Why does my new Windows Vista believe I'm on Central Time in New York?
Must have hired GM's quality control team.
1 currency now [yogi] Mon Mar 30 21:55:06 2009 CDT #
Counterpointer says:
1 currency yogi - don't get me started, this new laptop on Vista has me foaming at the mouth regularly. Teethgrindingly annoying.
C
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Counterpointer Mon Mar 30 22:03:05 2009 CDT #
briwerk says:
This is a test of the CRbot synchronization system.
briwerk Mon Mar 30 21:56:23 2009 CDT #
Chicago Dude says:
Hey but now you can get the $50,000 electric car for the masses!
Chicago Dude Mon Mar 30 21:57:26 2009 CDT #
Anonymous says:
"what is good for GM is good for America"....used to be -proudly- said.
Great...now we have a real GM = GENERAL MESS!
The truth of the matter is that all GM could disappear tomorrow, and we will have overcapacity in America's car industry yet. The root problems are way deeper.....but we all seem to be in denial.
What CR has been informing us for years now is that OUR collective house has been shattered by a very strong earthquake. Those in charge though, both Democrats and Republicans, want to keep telling us that by simply painting what is left of the house with a new color, everything then will be and look just fine again.
We have to re-build not waste precious time putting make up on a shattered structure.
Anonymous Mon Mar 30 21:58:01 2009 CDT #
Anonymous says:
Good riddance!
Anonymous Mon Mar 30 21:58:50 2009 CDT #
Anonymous says:
And the4 Hummer brand is part of the collateral package for the US loan to GM. Go figure.
Anonymous Mon Mar 30 22:00:29 2009 CDT #
EvilHenryPaulson says:
Counterpointer
Laptop insurance is cheap. I'm just sayin'
EvilHenryPaulson Mon Mar 30 22:04:46 2009 CDT #
Counterpointer says:
EHP - well, the beast was cheap at 400 bucker, enough to cope with a couple of Misean gags with coffee on the keyboard, but yr right, albeit that I have warrantee not insurance.
Ah, consumer culture. Where didst thou go.
C
Parent Post
Counterpointer Mon Mar 30 22:09:35 2009 CDT #
Michael says:
I found the video on another web site to the Cape Coral news story that Wink news took down.
Cape "tea party" canceled; City fears too many attendees
http://hotairpundit.blogspot.com/2009/03/video-tea-party-canceled-interview-of.html
Michael Mon Mar 30 22:06:33 2009 CDT #
Nemo says:
Or better yet, a solar-powered flying Hummer.
Nemo Mon Mar 30 22:08:39 2009 CDT #
Shoot and Scoot says:
I wish CR would look into the failure of the ammuntion suppliers keeping up with demand. I keep researching where the factories are located and am unable to find out. They have to be hiring and running 24-7 and all the OT you want but no hiring notices to be found. Sheesh if I had 20 million to invest I would build a factory and make a billion.
Shoot and Scoot Mon Mar 30 22:09:03 2009 CDT #
Blackhalo says:
Ammunition & Components Plant
2592 Arkansas Hwy 15 N
Lonoke, AR 72086
TEL: 1-501-676-3161
Directions & Map
Parent Post
Blackhalo Mon Mar 30 22:17:12 2009 CDT #
sportsfan says:
yogi, I replied to you on CDS at 4:29 and 4:33 PDT. That would be 10 and 14 minutes after you announced you would be out for a while. At that point I was reading the Hoosier Energy decision.
sportsfan Mon Mar 30 22:09:24 2009 CDT #
1 currency now [yogi] says:
OK I'll check it out
Parent Post
1 currency now [yogi] Mon Mar 30 22:24:31 2009 CDT #
homedad43 says:
I so want to crack a line.
But don't see how this is a negative in any way.
What other GM brands/lines are gonna go?
I see Buick staying since there's something about growing older and getting a soft ride for the tushy, not to mention the Chinese attraction to the Buick.
Boy, that's weird.
The task group meeting must sound like De Niro's Capone from "The Untouchables".
Oldsmobile? DEAD!
Pontiac? DEAD!
Hummer? DEAD!
As they smack a baseball bat into the head of some benighted exec.
homedad43 Mon Mar 30 22:09:57 2009 CDT #
bearly says:
That's going to leave a lot of dealers with little or nothing to sell in the future. More retail space left to grow tumbleweeds.
bearly Mon Mar 30 22:10:01 2009 CDT #
Tom Stone says:
Well they were more environmentally friendly than the Prius.Shitty vehicles,though.I don't know a serious offroader who owns one.Half seem to be driven by tiny women who hang dreamcatchers on the rear view mirror and talk on cell phones incessantly,the other half by men with serious cases of LDS( little "D" syndrome)
Tom Stone Mon Mar 30 22:10:07 2009 CDT #
Comrade Bear (tj and the bear) says:
Ironically, the chance that the world goes Mad Max is higher than most would care to admit. In that environment a Hummer might come in handy. Sure, gas might be damned expensive, but passable roads could become even more dear.
Comrade Bear (tj and the bear) Mon Mar 30 22:13:12 2009 CDT #
Blackhalo says:
"In that environment a Hummer might come in handy. Sure, gas might be damned expensive, but passable roads could become even more dear."
Wha? I think I'll stick with my pick-up for the off-road.
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Blackhalo Mon Mar 30 22:22:57 2009 CDT #
Anonymous says:
I vote for guys in kilts to come over and straighten everyone out-it's a Republic you need discipline
Anonymous Mon Mar 30 22:13:32 2009 CDT #
Counterpointer says:
Anony - my family's kilt is all green and black. Sign? I think we've got some pikes and torches in the castle basement. Will get the lord procurator to have a look.
Actually is the QEII completely out of service? Might be useful.
C
Parent Post
Counterpointer Mon Mar 30 22:20:01 2009 CDT #
Comrade Bear (tj and the bear) says:
BTW, I never understood why GM sold virtually the same trucks under two different brands, and I grew up driving them.
Comrade Bear (tj and the bear) Mon Mar 30 22:14:45 2009 CDT #
Outsider says:
You mean a gas guzzling military vehicle might not be the best way to transport the kids to soccer?
Who knew?
Outsider Mon Mar 30 22:15:13 2009 CDT #
Dr. Robert says:
"Or better yet, a solar-powered flying Hummer."
I actually have one. It's yellow.
Dr. Robert Mon Mar 30 22:16:08 2009 CDT #
bearly says:
This is getting boring now, same industries getting bailed. What's the next target to Obamanate(ionalize)
bearly Mon Mar 30 22:16:14 2009 CDT #
Sr. American Mugabe says:
tom,
but the men on the cell phones with the dreamcatchers......forgetaboutit.
Sr. American Mugabe Mon Mar 30 22:16:30 2009 CDT #
ghostfacedinvestah says:
The company's name is G.M. Why don't they just sell G.M. branded cars? You know, like Toyota, or Honda, or Nissan...
Maybe keep one high-end brand name, but do they really need Pontiac, Chevrolet, etc.
ghostfacedinvestah Mon Mar 30 22:16:51 2009 CDT #
YY says:
"Brand" and all the values associated with it are over rated. What part of Hummer has any value? It's not the technology (heavy duty truck tech) and cosmetic design now dated, out of place in time and attitude. Name not all that valuable, in fact probably a negative value. They'd have to give Hummer away with a cash bonus. What would the sale consist of? Unusable dies and tooling and buckets of spares? The right to rename a 1.3 liter 4WD hatchback pseudo SUV "Hummer"?
YY Mon Mar 30 22:18:09 2009 CDT #
Bond Girl says:
Obviously this situation could have been avoided if GM had Nemo on its design team.
Bond Girl Mon Mar 30 22:18:54 2009 CDT #
sportsfan says:
In that environment a Hummer might come in handy
A mounted .30 cal would come in handy on a 4WD pickup.
Counterpointer, I'm not sure the recoil from a .50 would be a good thing. Also, even with a sunroof, it would be rear facing.
sportsfan Mon Mar 30 22:19:01 2009 CDT #
Counterpointer says:
sportsfan - but you could reinforce the roof, or just mount in on the tray, in the ute version.
C
Parent Post
Counterpointer Mon Mar 30 22:33:07 2009 CDT #
EvilHenryPaulson says:
Shoot and Scoot
Ammunition factories have been running 3 shifts since Iraq was invaded. Not a new story, although the sale of guns since Obama's election is
EvilHenryPaulson Mon Mar 30 22:19:02 2009 CDT #
bearly says:
[The company's name is G.M. Why don't they just sell G.M. branded cars? You know, like Toyota, or Honda, or Nissan]
You mean like Lexus, Infinity & Accura ?
bearly Mon Mar 30 22:19:08 2009 CDT #
M, says:
This is a distraction for the masses to take our eyes and focus (fleeting as it is) of the real fleecing of america by the financing of wall street crooks with the blood and sweat of our children.
Geithner and Bernanke need to go, They did not have to give AIG money so they could pay their swaps out dollar for dollar. Thats bs!
M, Mon Mar 30 22:20:06 2009 CDT #
EvilHenryPaulson says:
Why does GM have so many brands? One of the reasons is the contracts with dealers. They faced some big payouts when they tried to shutdown Oldmobile or something recently
EvilHenryPaulson Mon Mar 30 22:20:23 2009 CDT #
Blackhalo says:
"Why does GM have so many brands? One of the reasons is the contracts with dealers. They faced some big payouts when they tried to shutdown Oldmobile or something recently"
Abusive union contracts, impossible pension obligatons, runaway healthcare costs, old dealership commitments. BK would be a blessing, if they can keep it opreational in the interim. They may actually have a healty business under all that accumulated dead weight.
Parent Post
Blackhalo Mon Mar 30 22:32:34 2009 CDT #
Doc at the Radar Station says:
Abandoned Cars and Houses
http://www.youtube.com/watch?v=UGhx9vGlKfU
Doc at the Radar Station Mon Mar 30 22:23:19 2009 CDT #
kuato says:
GM should give taxpayers a hummer.
kuato Mon Mar 30 22:23:31 2009 CDT #
EvilHenryPaulson says:
M
This isn't a sheep shearing operation, it's a slaughterhouse. Too late to back out after being fattened over the last 30 years. Knees are too wobbly to run anymore
EvilHenryPaulson Mon Mar 30 22:24:03 2009 CDT #
Anonymous says:
Guess the Canadian pension system isn't learning
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZE0uQo55nsI&refer=home
Canada Pension Plan Buys Macquarie Communications (Update1)
Anonymous Mon Mar 30 22:24:33 2009 CDT #
Steve Weston says:
About 1966 Car & Driver magazine had an article titled "The Gross Point Myopians." This article forcast the demise of the American car companies because they were building poor quality, and cars that the FUTURE American consumer wouldn't want.
Wow! Somebody got it right 45 years ago!
Steve Weston Mon Mar 30 22:25:19 2009 CDT #
Looted a Scooter says:
http://www.youtube.com/watch?v=ektMQGbW3wk
Hugh Hendry tours a city in China highlighting the empty skyscrapers.
Looted a Scooter Mon Mar 30 22:26:29 2009 CDT #
alex black says:
Will there be a funeral for the Hummers? For coffins they can use all of the empty cargo containers piling up at the ports.
alex black Mon Mar 30 22:31:03 2009 CDT #
1 currency now [yogi] says:
Sportsfan, the claim would be that AIG wrote several hundred billion worth of these (they still have to wind down 1.6 trillion). GS can then say it's risk is hedged on its books, so as to appear in better shape. Both sides know AIG could never make payment in the event of a few bad credit events.
Not a stretch at all.
1 currency now [yogi] Mon Mar 30 22:32:17 2009 CDT #
1 currency now [yogi] says:
sorry "its"
Parent Post
1 currency now [yogi] Mon Mar 30 22:33:20 2009 CDT #
homedad43 says:
EHP:
It ain't the knees that wobble. It's the cellulite on the thighs.
And I worked damned hard for them over these past thirty years and I'm not gonna give 'em up to nobody.
homedad43 Mon Mar 30 22:34:18 2009 CDT #
Anonymous says:
my family's kilt is all green and black
Too long ago to matter to me anymore...smarta$$
I'm talking about the spirit and the idea...
Anonymous Mon Mar 30 22:35:02 2009 CDT #
Smilin\' Bob says:
I love Hummers.
Smilin\' Bob Mon Mar 30 22:37:44 2009 CDT #
Elrod says:
What will Arnold drive?
Elrod Mon Mar 30 22:37:50 2009 CDT #
sportsfan says:
Both sides know AIG could never make payment in the event of a few bad credit events.
yogi, if that's true, then there might be a case for fraud and collusion. I'm just not ready to go that far. I think AIG in the Financial Products division just got caught up with its own power to write anything it wanted and, of course, the easy money.
sportsfan Mon Mar 30 22:39:41 2009 CDT #
sportsfan says:
. . . but you could reinforce the roof . . . .
Next you'll want armor piercing .50 cal ammo. Some people just never have enough firepower.
sportsfan Mon Mar 30 22:42:25 2009 CDT #
Smilin\' Bob says:
I think AIG in the Financial Products division just got caught up with its own power to write anything it wanted and, of course, the easy money.
---------------------------
Sportsfan, you are way too kind. They were smilin' bigger than I was...
Smilin\' Bob Mon Mar 30 22:42:39 2009 CDT #
Counterpointer says:
All looking like no one having any fun, c'mon
All looking like no one is having fun any more, c'mon! :
http://www.youtube.com/watch?v=3COVVERjg1k
C
;
Counterpointer Mon Mar 30 22:42:40 2009 CDT #
Ye Olde Death Spiral says:
When I see someone in a hummer my first thoughts are as follows.
-- Very shallow.
-- Egotistic prick and or bitch.
-- Complete fool and ignorant.
-- Sucker
-- Dumbass
-- Moron
-- Potential target of rage.
-- Self centered A-hole.
-- May as well paste stickers that say " I'M a F*CKING DUMBASS" on the vehicle.
Feel free to ad.
Ye Olde Death Spiral Mon Mar 30 22:42:48 2009 CDT #
Blackhalo says:
"Feel free to ad."
"Hummer owner has a very small penis and feels the need to compensate for inadaquacy."
Parent Post
Blackhalo Mon Mar 30 23:03:59 2009 CDT #
graingod says:
Blackhalo,, seen you post on firearms prior, how is the ammo situation down yonder?
Parent Post
graingod Mon Mar 30 23:06:42 2009 CDT #
Blackhalo says:
"Blackhalo,, seen you post on firearms prior, how is the ammo situation down yonder?"
I really have not taken the time to look. I have 3 guns that I need ammo for too. Pump action shotgun for the close encounters, 22long semi-auto for small game. And the bolt acton 30.06 for the dangerous game, at range.
Perhaps I will visit the Acadamy accross the street to see what is up. Heck down here the Quicky-Marts carry ammo.
I guess if I was convinced that Mad Max was on the table, I would invest in a reloader.
Parent Post
Blackhalo Mon Mar 30 23:30:31 2009 CDT #
Lothar the Rottweiler says:
Go long Subaru, people. Sip gas and if it ain't covering the engine, you will get through it.
I'd like an Sti but the insurance alone would kill me.
http://www.youtube.com/watch?v=Av0VsTxJd78
Ken Block shredding slopes.
Lothar the Rottweiler Mon Mar 30 22:42:58 2009 CDT #
1 currency now [yogi] says:
Just because a lot of people do it for a lot of money, doesn't mean it's not fraud.
Look how many rational people suggest setting up a "bad bank" to dump toxic assets. That reeks of fraudulent conveyance on its face.
Let the quadrillion dollar shell game end.
1 currency now [yogi] Mon Mar 30 22:42:59 2009 CDT #
GS Rome says:
PBGC--a small example, a big world:
The federal government moved Monday to secure the pensions for 3,300 workers and retirees of the bankrupt Propex Inc. The Pension Benefit Guaranty Corp. announced it will cover most of a projected $20.4 million shortfall in Propex’s two pension plans. The Propex pensions were funded at only 49 percent of the level needed to meet pension obligations for current and future retirees
Propex’s pension plans have combined assets of $40.6 million, or $20.4 million less than benefit liabilities, PBGC said.
The Pension Benefit Guaranty Corp. was created by the federal government in 1974 to help ensure workers get promised pension benefits even when a company bankrupts or goes out of business. The PBGC currently guarantees pension benefits for 44 million American workers and retirees participating in over 29,000 private-sector defined benefit pension plans.
In a hearing Monday in Chattanooga, Judge Cook cleared the way for another bid from the creditors for Propex organized by Black Diamond Capital Management Inc.
Representatives for the potential bidders said they expect the sale to generate only a portion of the company’s $230 million of secured debt, however.
GS Rome Mon Mar 30 22:43:54 2009 CDT #
homedad43 says:
Let the quadrillion dollar shell game end.
------------------------
Fine, but let me finish stocking up on rice and beans, ammo and pez dispensers.
homedad43 Mon Mar 30 22:45:43 2009 CDT #
sportsfan says:
Smilin' Bob, not kindness on my part. I just don't think they went hogwild planning that the government would bail them out.
As I've said before, the more I've thought about how out of character it was for Bush and Paulson to pump $135B into AIG, the more I've come to realize that they must have looked at the alternative and decided that it would be an unmitigated diaster of global proportions.
sportsfan Mon Mar 30 22:47:00 2009 CDT #
1 currency now [yogi] says:
Does not GS bnefit tremendously if they can discount the risk to the capital on its books with a bogus policy?
1 currency now [yogi] Mon Mar 30 22:48:11 2009 CDT #
Blackhalo says:
How did AIG get out of the state regulations on capital requirements for the insurance they issued?
What act absolved them of that requirement?
Parent Post
Blackhalo Mon Mar 30 22:56:54 2009 CDT #
Basel Too says:
I've come to realize that they must have looked at the alternative and decided that it would be an unmitigated diaster of global proportions.
agreed. except that Bush probably didn't understand what he was looking at.
Basel Too Mon Mar 30 22:49:54 2009 CDT #
Blackhalo says:
I would argue that short and severe would have served us better than an eternal depression.
But severe would have resulted in strict regulation and the financial demise of the well connnected bankers, so here we are.
Parent Post
Blackhalo Mon Mar 30 22:55:31 2009 CDT #
1 currency now [yogi] says:
No damages, just void out the gambling debt.
1 currency now [yogi] Mon Mar 30 22:51:13 2009 CDT #
Anonymous says:
pez dispensers.
Hey, don't forget the pez
Anonymous Mon Mar 30 22:51:19 2009 CDT #
Ye Olde Death Spiral says:
People whine that .gov is taking over. It is the exact opposite. Goldman and the gang have taken over since 2002? when they jacked the leverage to the sky.
Ye Olde Death Spiral Mon Mar 30 22:51:32 2009 CDT #
sportsfan says:
yogi, would you buy "insurance" from a bankrupt company in the hope that some angel will come along and pump a massive amount of capital into it?
I just don't believe this was some giant scam (not that the Bush Administration would have noticed it if it had been one).
sportsfan Mon Mar 30 22:51:50 2009 CDT #
M, says:
hmm.....so Iceland's debt load is 850% of GDP (probably a real GDP). US is at 350% of GDP according to the vanity fair article that CR posted......but we don't really produce much of anything and our debt is still rising, mostly so we can pay out AIG swap contracts at face value............we don't have a common culture bound together by religion and heritage.........are we completely fooked in 2-3 years?
M, Mon Mar 30 22:52:25 2009 CDT #
briwerk says:
" People whine that .gov is taking over. It is the exact opposite. Goldman and the gang have taken over since 2002? when they jacked the leverage to the sky."
Why can't it be both. Government power doesn't depend on who actually controls it.
briwerk Mon Mar 30 22:52:28 2009 CDT #
Ye Olde Death Spiral says:
Ya enron wasn't a scam.
Ye Olde Death Spiral Mon Mar 30 22:53:05 2009 CDT #
toobigtofail says:
just the name alone cracks me up
toobigtofail Mon Mar 30 22:53:09 2009 CDT #
1 currency now [yogi] says:
Their attitude was, apres my $300 million bonus, le deluge.
It's clever, but a Ponzi.
1 currency now [yogi] Mon Mar 30 22:54:35 2009 CDT #
sportsfan says:
Basel, I gather Bush just listened to what Paulson said and nodded.
What else could he do?
sportsfan Mon Mar 30 22:54:45 2009 CDT #
Fair Economist says:
GM is now talking about 4 brands (down from an even more ridiculous 8). Like other people here, I see no reason to have more than 2 in the U.S. How many people are so attached to Buick or GMC that they wouldn't buy their vehicles rebranded as Cadillac and Chevrolet respectively? Buick actually makes very good cars these days. But I would think they'd sell better as Cadillac than Buick right now and GM certainly hasn't the money to rebuild the brand. The Buick brand is s**t here.
There are a few arguments for keeping some abroad - Buick is a good brand in China.
Fair Economist Mon Mar 30 22:55:34 2009 CDT #
graingod says:
Buick just surpassed Lexus in JD Power initial quality
Parent Post
graingod Mon Mar 30 23:02:52 2009 CDT #
bearly says:
[Does not GS bnefit tremendously if they can discount the risk to the capital on its books with a bogus policy?]
In the end, that's ultimate coffin nail. When the realization that cheap money as risk was guaranteed away for peanuts ain't comin' back. For now the USG is the backstop, but that's only a temporary measure. L-shaped recovery is a pipe dream.
This will be an asymtotic curve, with ZERO as the target.
bearly Mon Mar 30 22:58:42 2009 CDT #
Counterpointer says:
Ok left coasters and EST insomniacs, time for nap. Have doomer fun all.
C
Counterpointer Mon Mar 30 22:59:06 2009 CDT #
Basel Too says:
How did AIG get out of the state regulations on capital requirements for the insurance they issued?
AIG-FP is not an insurance subsidiary, not domiciled in the US, and CDS are not insurance products.
Basel Too Mon Mar 30 23:00:11 2009 CDT #
Blackhalo says:
"CDS are not insurance products."
Really? What is an insurance product but an if-then contract, much like a CDS?
Parent Post
Blackhalo Mon Mar 30 23:14:14 2009 CDT #
Fair Economist says:
As I've said before, the more I've thought about how out of character it was for Bush and Paulson to pump $135B into AIG, the more I've come to realize that they must have looked at the alternative and decided that it would be an unmitigated diaster of global proportions.
The AIG bailout saved Goldman Sachs. Since when is that out of character for Paulson? And Bush looked clueless and mumbled inanities in bad English, which wasn't out of character either.
Fair Economist Mon Mar 30 23:00:12 2009 CDT #
Blackhalo says:
"The AIG bailout saved Goldman Sachs."
I have yet to hear an arguement why THAT was not the sole compelling reason for the natonalization of AIG. It must be nice to have freinds in high places. Or be in a postion to protect your future employer.
Parent Post
Blackhalo Mon Mar 30 23:11:49 2009 CDT #
EvilHenryPaulson says:
Blackhalo,
(a) State insurance regulators don't do their job very well. They don't have any funds on hand, any money has to be raised by the state as they need it by borrowing on the market in the instances I know of
(b) I assume you're talking about the high level insurance. Insuring foreign embassies & military bases, Reinsuring other insurers, everything big & international, and the FP division CDS or capital insurance schemes. That stuff is regulated by no one, falls under the general holding corporation.
EvilHenryPaulson Mon Mar 30 23:00:57 2009 CDT #
Blackhalo says:
"That stuff is regulated by no one, falls under the general holding corporation."
How convienient.
Parent Post
Blackhalo Mon Mar 30 23:08:15 2009 CDT #
EvilHenryPaulson says:
Blackhalo,
AIG had 2 major competitors that come to mind
Berkshire Hathaway, Swiss Re.
Swiss Re got a chunk of funding from Berkshire Hathaway last year.
Last time they lost a lot of money was in 2005 with Katrina. They forced down hikes in premiums across the board for insurance. Earned extortionary profits. They won't be able to earn their way out of a hole this time. Book value will come down to meet market value
Parent Post
EvilHenryPaulson Mon Mar 30 23:13:40 2009 CDT #
Ye Olde Death Spiral says:
TARP 3-D.
The ratio is probably 1/100 that realize the full onslaught of rape and pillage we have and are dealing with.
We need to keep the humor and still tell people.
I read up on Timmah.
-- His father was a Ford foundation member.
-- His first job was for Kissinger and assoc.
-- Gee... then he's on the NY fed board.
Look it up yourselves. This bitch was groomed like the messiah.
Parent Post
Ye Olde Death Spiral Mon Mar 30 23:25:13 2009 CDT #
Ye Olde Death Spiral says:
"Government power doesn't depend on who actually controls it."
Cough,,
That's the problem that needs to be fixed.
You and me and all the free people that pay taxes to support this crap are the PEOPLE THAT CONTROL this.
How many times being raped does it take for the judge to say a reaction was acceptable....
Ye Olde Death Spiral Mon Mar 30 23:02:25 2009 CDT #
1 currency now [yogi] says:
No the swaps are a sham transaction to generate fees and write down risk to capital. GS didn't want or necessarily expect the credit events to cascade. They make their billions through hiding leverage, hoping it will go on till their dead.
1 currency now [yogi] Mon Mar 30 23:02:50 2009 CDT #
1 currency now [yogi] says:
You know I'm pissed: THEY"RE
Parent Post
1 currency now [yogi] Mon Mar 30 23:04:22 2009 CDT #
Lothar the Rottweiler says:
If you're out there somewhere CSC, there's a three-line bit in that KB video I sent that somehow reminded me of you.
It's at 1:59 or so.
"Get that damn car off of the hill."
"Dude I just got snaked by a Subaru."
The lead back into the song, "Dog will hunt."
Hope the swells are big and at your back.
Lothar the Rottweiler Mon Mar 30 23:03:15 2009 CDT #
bearly says:
Ah, Ms Economist, have you been keeping abreast of the chosen one's chosen few's travails? Please tell me that decision to supply the golden pass the banking industry is getting isn't somehow being fed to Odrama by his trusty Chief of Staff...
http://www.chicagotribune.com/news/politics/obama/chi-rahm-emanuel-profit-26-mar26,0,5682373.story
bearly Mon Mar 30 23:03:40 2009 CDT #
Blackhalo says:
Hah! Adsense has a H3 ad up on the source page.
Blackhalo Mon Mar 30 23:05:05 2009 CDT #
1 currency now [yogi] says:
You really must read Reggie Middleton on Ambac, MBIA and the monolines. There's a reason insurance is a tightly regulated industry.
1 currency now [yogi] Mon Mar 30 23:07:28 2009 CDT #
Black Star Ranch says:
"The End of The Hummer" - Thank Gawd
"The Beginning of Biodiversity Derivatives" - (In case a desert tortoise is run over by a Hummer)
I think I am getting too old for this kind of nonsense. Wacko-fatigue maybe.
".....describes how modified derivative products - biodiversity derivatives - could be designed to finance species recover efforts and align the interests of landowners and conservationists, making private interventions more likely. Such financial instruments could create markets around biodiversity conservation, providing an insurance policy against species jeopardy while also providing incentives for environmental stewardship."
<h3 id="post-342">
</h3>
Black Star Ranch Mon Mar 30 23:10:23 2009 CDT #
1 currency now [yogi] says:
These swaps go back to before AIG acknowledged trouble.
1 currency now [yogi] Mon Mar 30 23:10:42 2009 CDT #
Fair Economist says:
How did AIG get out of the state regulations on capital requirements for the insurance they issued?
What act absolved them of that requirement?
The Commodities Futures Modernization Act, 2000. It was never voted on. It denied the Federal Commodities Board the right to regulate CDS. States has already been stripped of the right (so as to federalize it) early in the '90s. The Republican leadership stuffed it into a very late appropriation act in conference committee. It's doubtful that many Congressmen even knew it was in there, not that it's politically easy to vote against an essential bill because of a rider stuck on in committee.
Fair Economist Mon Mar 30 23:13:45 2009 CDT #
Blackhalo says:
"The Commodities Futures Modernization Act, 2000"
That is what I was looking for. Didn't Grahm slip that in at the last minute before the holiday recess? Is this the same bill that the neo-cons use to blame Clinton for the whole affair?
Parent Post
Blackhalo Mon Mar 30 23:17:11 2009 CDT #
bcg says:
"Is this the same bill the neo-cons use to blame Clinton..."
Blackhalo - Bingo! You hit the nail right on the head.
Parent Post
bcg Tue Mar 31 06:49:54 2009 CDT #
Basel Too says:
What is an insurance product but an if-then contract
An insurance product is what the law says one is...
Basel Too Mon Mar 30 23:16:19 2009 CDT #
Anonymous says:
<h1>U.S. website offers emotional rescue from economy</h1>
http://www.reuters.com/article/bondsNews/idUSN3036801320090331
I'm from the Gubment, I'm here to help you. Haaaaaaaaaaaaaaaaaaa
Anonymous Mon Mar 30 23:16:37 2009 CDT #
Anonymous says:
being raped
-----------------------
That's the thing CR's chart shows worse than 70's- it's a lag (in society)it has to be-the 70's sucked-maybe we've just gotten more ....numb . maybe we've become too accepting
Anonymous Mon Mar 30 23:16:46 2009 CDT #
Harriet says:
ABC News is reporting that "FBI and federal prosecutors are reportedly closing in" on AIG's Joseph Cassano. He managed to raise (with help from the other AIG employees) $162,000 in six weeks for Dodd in 2006. What an interesting trial this will be.
Harriet Mon Mar 30 23:18:06 2009 CDT #
1 currency now [yogi] says:
It's the same game all around. A bank in trouble raises its cd rates absurdly (the FDIC is supposed to be on top of that one. One more round of betting. We win we get a bonus. We lose, "your money's in Sheila's house, and Timmy's house..."
1 currency now [yogi] Mon Mar 30 23:18:57 2009 CDT #
1 currency now [yogi] says:
Governor Paterson of New York has been trying to regulate swaps as insurance.
Ultimately the Supreme Court would decide whether Congress can preempt a State from shutting down a pyramid scheme.
Parent Post
1 currency now [yogi] Mon Mar 30 23:27:44 2009 CDT #
1 currency now [yogi] says:
I use GS as just an example, everyone was all in.
There's enough smoke there to warrant an inquiry, no? And that would at least force haircuts.
AIG is the only company paying face value on anything these days.
Parent Post
1 currency now [yogi] Mon Mar 30 23:32:31 2009 CDT #
EvilHenryPaulson says:
yogi,
If you want to bring Paulson down, Wachovia is a slam dunk case. Win that one, the rest fall into line
Parent Post
EvilHenryPaulson Mon Mar 30 23:47:04 2009 CDT #
CRbot says:
The Latest from Yves:
Black Hole Alert: The Last Sucker into the Stock Market Was the Pension Guaranty Corporation
CRbot Mon Mar 30 23:25:56 2009 CDT #
Michael says:
I look forward to the pension system blowing up. 75% of the working population is not eligible to receive a pension and should not be forced to cover and guarantee, through their taxes, the 25% of the people who are eligible.
Parent Post
Michael Tue Mar 31 00:13:43 2009 CDT #
Fair Economist says:
That is what I was looking for. Didn't Grahm slip that in at the last minute before the holiday recess? Is this the same bill that the neo-cons use to blame Clinton for the whole affair?
Pretty much yes on all counts. From Wiki:
The Republican leadership of the House incorporated "The Commodity Futures Modernization Act of 2000(H.R. 5660)" by reference, as Section 1(a)(7), in a long and complex conference report to the 11,000 page long "2000 omnibus budget bill" formally known as "The Consolidated Appropriations Act for FY2001(Labor, Health and Human Services, and Education Appropriations Bill) (H.R. 4577)." 157 Democrats and 133 Republicans voted for the appropriations bill. 51 Republicans and 9 Democrats opposed the appropriations bill vote results in the house. The Senate version passed by "Unanimous Consent." President Clinton signed it into Public Law (106-554) on December 21, 2000.
A Mid-December vote on a 3 month overdue appropriation bill is not something that Congress can properly deliberate. The only question would be whether Gramm actually stuffed it in. Conference committee deliberations and decisions are secret (inexcusable IMO) so there's no paper trail. I've seen it attributed to Gramm on several occasions - his wife voted for a similar policy as a regulator - but there's no proof to my limited knowledge.
Fair Economist Mon Mar 30 23:26:43 2009 CDT #
Anonymous says:
Kissinger
Who knows what evil lurks in the hearts of men?
Run!
Anonymous Mon Mar 30 23:32:15 2009 CDT #
Blackhalo says:
Why is the yen tanking?
Blackhalo Mon Mar 30 23:46:16 2009 CDT #
graingod says:
The CDS moniker is like the term death tax, word games to fly under the radar screen to avoid the ins. regulators, if they were watching. On buying reloading equip. , that too has become very elusive and if found very costly. Didnt believe the guns and ammo shortage myself so I took a look and was surprised that it exists and might be more acute than reported. I am not a doomer but I am not sure what this says about our society.
Parent Post
graingod Mon Mar 30 23:58:28 2009 CDT #
ppk says:
............we don't have a common culture bound together by religion and heritage.........are we completely fooked in 2-3 years?.......M
I have been wondering about this. Not having a common culture might be good for innovation; but during bad times, it could be a liability. Hard to tell.
ppk Mon Mar 30 23:52:09 2009 CDT #
CRbot says:
The Latest from Yves:
Guest Post: A Giant Experiment?
CRbot Mon Mar 30 23:53:37 2009 CDT #
1 currency now [yogi] says:
Although my bet on your namesake still stands, I'm more interested in healing the system (they used to say "saving capitalism") and its institutions. Clawback is a necessary part.
By Wachovia you mean the midnight tax rule change?
1 currency now [yogi] Mon Mar 30 23:57:49 2009 CDT #
EvilHenryPaulson says:
yogi,
Yes to the tax change (which was specifically called out in a 2009 congressional bill, basically calling it illegal), but more than that. Paulson was involved during the entire week. Wachovia CEO was his friend from GS, and had just left the Treasury for Wachovia. Bair had to do an embarrassing 180° turn under Paulson's direction. Paulson had to have been in contact with Wachovia, got Wells Fargo on board, directed IRS, directed FDIC... there must be a paper trail between all those parties. Citigroup lawsuit is ongoing for their part
Parent Post
EvilHenryPaulson Tue Mar 31 00:07:28 2009 CDT #
Basel Too says:
i don't think anyone actually has standing to sue re Wachovia, because no party (other than the taxpayer) suffered an injury as a result of the beneficial interpretation.
Basel Too Tue Mar 31 00:02:04 2009 CDT #
1 currency now [yogi] says:
Tax breaks and cuts are the best soft bailout around. No one even notices, much less has standing to sue.
Parent Post
1 currency now [yogi] Tue Mar 31 00:04:02 2009 CDT #
cd says:
http://www.bloomberg.com/apps/news?pid=20601109&sid=awSxPMGzDW38&refer=home
so does the market like mark to market changes?...Cause it looks like its going to happen..how do you invest not knowing the truth...maybe we cant handle the truth
http://www.youtube.com/watch?v=8hGvQtumNAY
blurb
House Hearing
At a March 12 hearing of a House Financial Services subcommittee, lawmakers showed impatience with FASB.
“You do understand the message that we’re sending?” panel chairman Paul Kanjorski, a Pennsylvania Democrat, asked Herz.
“Yes, I absolutely do, sir,” Herz replied.
After hesitating, Herz said he would try to get a new fair- value rule finished within three weeks.
“The financial institutions and their trade groups have been lobbying heavily,” Herz said in an interview after the hearing. “Investors don’t lobby heavily.”
The political action committees of banks including Citigroup, Bank of America, Bank of New York Mellon, Wells Fargo and banking trade groups contributed money to Kanjorski’s re- election campaign last year, according to the Federal Election Commission. Citigroup gave $6,500, Bank of America $7,000, Bank of New York $8,000 and Wells Fargo $13,000.
Kanjorski spokeswoman Abigail McDonough didn’t return calls seeking comment.
cd Tue Mar 31 00:03:54 2009 CDT #
1 currency now [yogi] says:
“What disturbs me most about the FASB action is they appear to be bowing to outrageous threats from members of Congress who are beholden to corporate supporters,” said [Arthur] Levitt,
Parent Post
1 currency now [yogi] Tue Mar 31 00:07:58 2009 CDT #
1 currency now [yogi] says:
The Constitition prohibits Government takings without just compensation.
It is certainly an expansive reading to argue that giving to Peter takes from Paul, but in an extreme case, I don't see why a taxpayer class action shouldn't have standing.
Parent Post
1 currency now [yogi] Tue Mar 31 00:13:48 2009 CDT #
Michael says:
Looks like I have some new company.
Welcome, Ye olde Death Spiral.
I've been repeating this lesson for a while now. Still don't think many of you get it yet, so I'll repeat again, by posting what I wrote on Glen Beck's 9-12 site.
I do not believe >75% in people like Glen Beck, although he seems to have gotten religion as of late. He and others like him refuse to speak of the 7th Amendment of the Constitution. When I here him quoting and explaining the 7th Amendment, I will believe in him much more. I'm sure his handlers have forbidden him from speaking on the subject.
Seventh Amendment – Right to a trial by jury
In suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury shall be otherwise reexamined in any court of the United States, than according to the rules of the common law.
The 7th Amendment makes you as a jury member more powerful than the Supreme Court, the legislature, and even the president at times, because your decision is final. It works especially well in tax law cases where they try to railroad us.
Study this.
Red Beckman - Fully Informed Jury 2
http://video.google.com/videoplay?docid=738558301...
Red Beckman - Fully Informed Jury
http://video.google.com/videoplay?docid=-95804398...
I would welcome all your opinions of what the 7th Amendment means to you.
Michael Tue Mar 31 00:07:02 2009 CDT #
Comrade Byzantine_Ruins says:
BALTIC DRY INDEX
03/30 Currency: USD
<img src="http://images.bloomberg.com/r06/investments/gr_bl.gif"/>
<tbody>
Value1,646.00
Change-32.000
% Change-1.907
High1,646.00
Low1,646.00
Open1,646.00
</tbody>
Comrade Byzantine_Ruins Tue Mar 31 00:11:07 2009 CDT #
Anonymous says:
religion and heritage
No, a Republic is not bound by common religion and heritage-no, no(this continent was far more diverse than you may think from the beginning)-respect for diversity is the key.....The Law....
Besides the commonality is we're fooked-need to hang on to each other
Anonymous Tue Mar 31 00:13:25 2009 CDT #
RE says:
Why is the yen tanking?
Japan’s Jobless Rate Jumps to a Three-Year High, Wages Tumble
... Japan’s recession deepened as the unemployment rate surged to a three-year high, wages fell and job openings plunged at the fastest pace in three decades. ...
RE Tue Mar 31 00:14:49 2009 CDT #
duke of con dao says:
sorry... from last post....was it Black Halo that said taking over Switrzerland would be more difficult? really? have you ever spent much time in that country? I think not... a German speaking Swiss isn't quite like an Italian speaking Swiss, and so on... divide and conquer...
please go back to the speech about the Swiss and the Renaissance in the ferris wheel given by Harry Lime (Orosn Welles) to Joseph Cotton's character in Carol Reed's The Third Man. A classic. And then think again about everything that has been said in the last comments...
duke of con dao Tue Mar 31 00:19:44 2009 CDT #
1 currency now [yogi] says:
Duke you're cuckoo.
Parent Post
1 currency now [yogi] Tue Mar 31 00:22:26 2009 CDT #
1 currency now [yogi] says:
No question diversity is one of our strengths. We have a mixed record on tolerance.
1 currency now [yogi] Tue Mar 31 00:20:59 2009 CDT #
carsLOL says:
how long until we see the Pelosi mobile?
botox injected wrinkled leather skinned seats sure to be a feature .... cushy for the tushy imo
carsLOL Tue Mar 31 00:21:14 2009 CDT #
Cliff\'s Diving School says:
No more hummers. So does that have something to do with lower expense accounts?
Cliff\'s Diving School Tue Mar 31 00:24:11 2009 CDT #
1 currency now [yogi] says:
I trust you've seen "Bread and Chocolate", one of my all-time favorites.
1 currency now [yogi] Tue Mar 31 00:24:48 2009 CDT #
sportsfan says:
Paulson had to have been in contact with Wachovia, got Wells Fargo on board, directed IRS, directed FDIC... there must be a paper trail between all those parties. Citigroup lawsuit is ongoing for their part
Agree completely that Paulson was in the mix up to his eyeballs. The only aggrieved party is Citigroup (other than the taxpayers who have no standing). However, the cynic in me says Citigroup will be forced to call off the dogs before they learn too much.
There is no doubt in my mind that Paulson was the only person other than Bush and Cheney with the power to cause the IRS to issue an interpretation that basically contradicted legislative history.
At the time Sen. Schumer estimated the cost to the Treasury at $140B:
http://www.reuters.com/article/mergersNews/idUSN3029875020081030
Tax receipts will be ridiculously low this year, but it won't have anything to do with tea parties.
sportsfan Tue Mar 31 00:28:29 2009 CDT #
cd says:
yogi,
congress-bankers prison bee with an itch...mtom vote on thursday...yes to changes = load up on fas....maybe should have done it today...
I cant do it as my morals are still messed up..I will never be an enabler of banks....
cd Tue Mar 31 00:29:36 2009 CDT #
1 currency now [yogi] says:
When they use their 'significant judgment' to write up assets, they will be able to pay back all the TARP in hard cash.
BWWAAAHHHHHAAAAHAHHHAHH
Parent Post
1 currency now [yogi] Tue Mar 31 00:47:42 2009 CDT #
Mensa Mike is in \'da House, yo\' whiteees says:
"I would welcome all your opinions of what the 7th Amendment means to you. "
Michael
Does it involve not having to put up with your ignorant anti-semetic bullshit? Sign me up. Haloscan, can you come back and save us from these losers?
Mensa Mike is in \'da House, yo\' whiteees Tue Mar 31 00:33:11 2009 CDT #
EvilHenryPaulson says:
anyone have an idea what the average contract length in the financial services sector is?
Revenue will be down 75% in short order and probably stay there for a while
Probably a 50% reduction in force, 50% reduction in compensation
EvilHenryPaulson Tue Mar 31 00:34:23 2009 CDT #
EvilHenryPaulson says:
http://www.timesonline.co.uk/tol/news/politics/G20/article6005810.ece
President Sarkozy yesterday threatened to wreck the London summit if France’s demands for tougher financial regulation are not met.France will not accept a G20 that produces a “false success with language that sounds good but contains no commitments”, his advisers said.Asked if this meant a possible walk-out, Xavier Musca, Mr Sarkozy’s deputy chief of staff for economic affairs, said: “A basic rule with nuclear deterrence is that you do not say at what point you will use the weapon.”
EvilHenryPaulson Tue Mar 31 00:37:08 2009 CDT #
Anonymous says:
But EHP, who cares about France? The French, with their nuclear power, their TGVs, their local agriculture (not to mention rejection of GMO and hormones in cattle) and walkable cities - they are just a joke, compared to the industrial might and economic strenghts of the U.S., with its exurban paradises and asphalt ribbons from sea to shining sea.
Let the French walk - it isn't as if the U.S. actually needs any money from foreigners to keep itself running.
Oh, wait.
Parent Post
Anonymous Tue Mar 31 00:56:41 2009 CDT #
Just Askin says:
+1
Parent Post
Just Askin Tue Mar 31 11:11:25 2009 CDT #
EvilHenryPaulson says:
Trouble brewing in Canada, talk about a blessing in disguise if true
http://business.theglobeandmail.com/servlet/story/RTGAM.20090330.wbrewer0330/BNStory/Business/home
CEO of Air Canada resigns, rumours of bankruptcy
EvilHenryPaulson Tue Mar 31 00:40:40 2009 CDT #
1 currency now [yogi] says:
Taxpayer or small shareholder derivative actions (term of law) are likely to succeed soon for several reasons. The Judiciary sees itself as a check when Congress and the President are aligned (liberals would say captured). The Supreme Court is usually stuck in the unenviable position of upholding minority rights against Congress or police action. They sometimes jump at the chance to get behind the majority against Washington.
The bailouts we've had can be assailed both by the fiscal conservative and the liberal who sees them unfairly going to money and power. The Judiciary gets to play the hero, if it can avoid capture.
1 currency now [yogi] Tue Mar 31 00:41:00 2009 CDT #
Cliff\'s Diving School says:
@EHP
Please don't ruin my Santa moment by telling my that GS is on the "right" side of the Air Canada CDS.
Cliff\'s Diving School Tue Mar 31 00:44:26 2009 CDT #
Blackhalo says:
I bought some FAZ calls Friaday way out of the money, sep expiration. Up 42% today. I wish I had listened to my gut and bought more.
Blackhalo Tue Mar 31 00:46:32 2009 CDT #
duke of con dao says:
1 Currency
sadly I have not seen Pane e cioccolata... odd since I'm a huge Fellini fan and all. it's on my to do list like seeing Swept Away (not the Mrs Madonna version)..
duke of con dao Tue Mar 31 00:48:12 2009 CDT #
duke of con dao says:
EHP:
Mr Sarkozy’s deputy chief of staff for economic affairs, said: “A basic rule with nuclear deterrence is that you do not say at what point you will use the weapon.”
would that weapon be Carla Bruni?
Parent Post
duke of con dao Tue Mar 31 00:49:57 2009 CDT #
1 currency now [yogi] says:
It's sentimental comedy as only the Italians can turn into art. Closer to the Taviani brothers or my hero Gianni Amelio than Fellini.
Parent Post
1 currency now [yogi] Tue Mar 31 00:58:47 2009 CDT #
Anonymous says:
"Didn't Grahm slip that in at the last minute before the holiday recess?"
Yea, but the history goes back further than that. Derivatives had been deregulated administratively (ie with no specific law) by Ronald Reagan's "favorite economist" Wendy Lee Gramm at the behest of Enron during her term as head of the commodity futures trading board from 88-93. Her husband the senator got them written into law so that would be harder to undo.
Anonymous Tue Mar 31 00:48:54 2009 CDT #
Comrade Byzantine_Ruins says:
please go back to the speech about the Swiss and the Renaissance in the ferris wheel given by Harry Lime (Orosn Welles) to Joseph Cotton's character in Carol Reed's The Third Man. A classic. And then think again about everything that has been said in the last comments...
http://www.youtube.com/watch?v=rUJwx0gwW-4
Harry Lime: Don't be so gloomy. After all it's not that awful. Like the fella says, in Italy for 30 years under the Borgias they had warfare, terror, murder, and bloodshed, but they produced Michelangelo, Leonardo da Vinci, and the Renaissance. In Switzerland they had brotherly love - they had 500 years of democracy and peace, and what did that produce? The cuckoo clock. So long Holly.
Comrade Byzantine_Ruins Tue Mar 31 00:49:50 2009 CDT #
sportsfan says:
cd, if you're at all interested in the details of the changes proposed by FASB that will likely be approved on Thursday, the link is good on the details:
http://www.mofo.com/news/updates/files/090319FASB.pdf
"yes to changes" would appear to be a given. How that will affect FAS I'll leave up to the market players.
sportsfan Tue Mar 31 00:51:36 2009 CDT #
Blackhalo says:
"How that will affect FAS I'll leave up to the market players."
Corporate bondholders are not going to like it one bit either. No one is going to want to loan to a bank or corp that could go BK with a rule change.
This will be abused.
Parent Post
Blackhalo Tue Mar 31 01:11:41 2009 CDT #
Comrade Byzantine_Ruins says:
Martins: Have you ever seen any of your victims?
Harry Lime: You know, I never feel comfortable on these sort of things. Victims? Don't be melodramatic. Look down there. Tell me. Would you really feel any pity if one of those dots stopped moving forever? If I offered you twenty thousand pounds for every dot that stopped, would you really, old man, tell me to keep my money, or would you calculate how many dots you could afford to spare? Free of income tax, old man. Free of income tax - the only way you can save money nowadays.
Comrade Byzantine_Ruins Tue Mar 31 00:51:52 2009 CDT #
1 currency now [yogi] says:
I suppose changing accounting rules at the last minute to put lipstick on the first quarter will pay nice dividends to Jon Stewart. Even Pakistan can have a laugh.
1 currency now [yogi] Tue Mar 31 00:52:19 2009 CDT #
Blackhalo says:
"nice dividends to Jon Stewart."
I'll wait and see if he got his pound of flesh from Cramer and moves on, or if he is a principled man. I worry that he is barking up the right tree and ruffling the feathers of some parinoid and powerful folks. Historically principled men meet historic ends.
Parent Post
Blackhalo Tue Mar 31 03:14:22 2009 CDT #
Blackhalo says:
"Wendy Lee Gramm at the behest of Enron during her term as head of the commodity futures trading board from 88-93. Her husband the senator got them written into law so that would be harder to undo." One would hope that there would have been calls to limit the risk after Enron, LTCM, or S&L. At least Texas got very strict on lending standards after S&L, or we would have been in bubbleland again too.
Blackhalo Tue Mar 31 00:52:56 2009 CDT #
Comrade Byzantine_Ruins says:
Harry Lime: Nobody thinks in terms of human beings. Governments don't. Why should we? They talk about the people and the proletariat, I talk about the suckers and the mugs - it's the same thing. They have their five-year plans, so have I.
Martins: You used to believe in God.
Harry Lime: Oh, I still do believe in God, old man. I believe in God and Mercy and all that. But the dead are happier dead. They don't miss much here, poor devils.
Comrade Byzantine_Ruins Tue Mar 31 00:53:38 2009 CDT #
Anonymous says:
over Switrzerland would be more difficult\\
I do , I think they are older than we are..we are new to the game, some of these people invented the game..you want to get tribal? If I was in the lead we would be standing with our heads cocked-not afraid but listening.
You want to give fire to men and (?) hope and bring Olympus crashing down? You better be careful it doesn't fall on your head...
Anonymous Tue Mar 31 01:02:03 2009 CDT #
locust says:
CEO of Air Canada resigns, rumours of bankruptcy
bankruptcy...it's not just for breakfast.
locust Tue Mar 31 01:03:58 2009 CDT #
Comrade Byzantine_Ruins says:
You want to give fire to men and (?) hope and bring Olympus crashing down? You better be careful it doesn't fall on your head...
Yep, let's stick with tried and true institutions like the ones that lead our glorious Republic at this hour of its greatest strength.
Comrade Byzantine_Ruins Tue Mar 31 01:04:55 2009 CDT #
Comrade Byzantine_Ruins says:
<h2>FT:
</h2>
<h2>China and Argentina in currency swap</h2>
By Jude Webber in Santiago
Published: March 31 2009 01:25 | Last updated: March 31 2009 01:25
China, which is pushing to end the dominance of the dollar as a worldwide reserve, has agreed a Rmb70bn ($10.24bn, £7.18bn, €7.76bn) currency swap with Argentina that will allow it to receive renminbi instead of dollars for its exports to the Latin American country.
Xinhua, the official Chinese news agency, said the deal was signed on Sunday by Zhou Xiaochuan, governor of the People’s Bank of China, and Martín Redrado, Argentine central bank president, in Medellín, Colombia, where they are attending a meeting of the Inter-American Development Bank.
Comrade Byzantine_Ruins Tue Mar 31 01:08:32 2009 CDT #
Comrade Byzantine_Ruins says:
It's really emblematic of so much of the situation that China's alternative to the US as a trade partner is Argentina.
Parent Post
Comrade Byzantine_Ruins Tue Mar 31 01:10:15 2009 CDT #
Anonymous says:
Yep, let's stick with tried and true institution
Well you're prometheus aren't ya? Watch that liver by the way....
Anonymous Tue Mar 31 01:12:22 2009 CDT #
Blackhalo says:
"Well you're prometheus aren't ya? Watch that liver by the way...."
Well that was his punishment for giving us fire. What do the guys who gave us unregulated markets and the biggest Ponzi in history get?
Parent Post
Blackhalo Tue Mar 31 03:07:24 2009 CDT #
Blackhalo says:
"What do the guys who gave us unregulated markets and the biggest Ponzi in history get?"
Besides billions of dollars, of course.
Parent Post
Blackhalo Tue Mar 31 03:08:07 2009 CDT #
1 currency now [yogi] says:
How far do we get this Q winding down the 1,280,000,000,000,000 (1.28 godzillion)?
1 currency now [yogi] Tue Mar 31 01:14:50 2009 CDT #
sportsfan says:
China and Argentina in currency swap
WSJ also has the story:
http://online.wsj.com/article/SB123845815223971685.html?mod=googlenews_wsj
Should be good for the peso.
sportsfan Tue Mar 31 01:17:18 2009 CDT #
EvilHenryPaulson says:
Byzantine_Ruins
More than that ... it just doesn't make sense. The more swap agreements China makes, the more exposed to the free market the Renminbi is. They already have a hard enough time spotting the hot money.
EvilHenryPaulson Tue Mar 31 01:17:19 2009 CDT #
DCRogers says:
The GM restructuring fell apart because the bondholders wouldn't give enough. The bondholders wouldn't give because so many had CDS protection they didn't have to. GM is being forced into BK so that the bondholders can be forced into a price.
All this is obvious, but the real take-away is that the Administration, now making plans on how to re-regulate financial derivatives, will have, fresh in its mind, an example of how CDSs screwed up their ability to force a restructuring outside of a BK. And these weren't even "naked" CDS plays.
I expect big news on CDS regulation shortly.
DCRogers Tue Mar 31 01:18:22 2009 CDT #
Blackhalo says:
"The bondholders wouldn't give because so many had CDS protection they didn't have to. GM is being forced into BK so that the bondholders can be forced into a price."
So if I was a GM bondholder who had 100% CDS protection from AIG, what is my choice? Take a haircut on GM or get 100% from AIG. I'd take the full restitution, thanks!
He who lives by the CDS...
Parent Post
Blackhalo Tue Mar 31 03:03:53 2009 CDT #
1 currency now [yogi] says:
Restitution? A little leverage with synthetics and you can make a big score.
Bust out scheme with plausible deniablity. Or just keep accumulating cash coupons from your bonds, for which you outbid the competition with leverage on your balance sheet "insured" with bullshit.
So many games to play in self-audited arbitrage
Parent Post
1 currency now [yogi] Tue Mar 31 03:21:51 2009 CDT #
sportsfan says:
It's really emblematic of so much of the situation that China's alternative to the US as a trade partner is Argentina.
Bullshit
sportsfan Tue Mar 31 01:18:24 2009 CDT #
Anonymous says:
'It's really emblematic of so much of the situation that China's alternative to the US as a trade partner is Argentina.
Bullshit'
Food partner? Look at South America over a longer term perspective, and you might start to see that the government of a nation of comprising a good 15% of humanity might be interested in developing trade with nations that could keep them fed. Argentina and Brazil definitely fit into that framework, much the same way that Columbia, Ecuador, and Venezuela fit into an energy framework.
And what is tanding in the way? The same nation which owes China a boatload of dollars. The Monroe Doctrine isn't a natural law - and it was never really endorsed by the South Americans anyways - after all, the point of the Monroe Doctrine was to clearly delineate who gets to play imperial power - and the South Americans weren't asked beforehand.
Parent Post
Anonymous Tue Mar 31 02:34:52 2009 CDT #
1 currency now [yogi] says:
It's time to differentiate between those who want free trade, and those who want free trade in dollars.
Communist China comes with currency swaps to push trade. The clean logic of their IMF idea had both Obama and Geithner stymied. Let's export free speech and assembly to their masses.
It sells itself.
Parent Post
1 currency now [yogi] Tue Mar 31 02:49:37 2009 CDT #
EvilHenryPaulson says:
http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkwtCA4
Financial Rescue Approaches GDP as U.S. Spends and Pledges $12.8 Trillion in last 20 months
must see summary table at end of article
EvilHenryPaulson Tue Mar 31 01:22:35 2009 CDT #
RE says:
sorry... from last post....was it Black Halo that said taking over Switrzerland would be more difficult? really? have you ever spent much time in that country? I think not... a German speaking Swiss isn't quite like an Italian speaking Swiss, and so on... divide and conquer...
I don'think your perception is correct and I am very familiar with the country. First of all, it would be very difficult to drive a wedge between the German and Italian Swiss. The Italian Swiss have no interest whatsoever to join up with the Italians for good reason.
It is a little different in French speaking Switzerland, especially the Jura. However, taking over Switzerland would be militarily quite difficult as it has excellent conventional defenses. Note also that historically the Swiss have defended themselves ather well.
RE Tue Mar 31 01:23:38 2009 CDT #
Blackhalo says:
"Note also that historically the Swiss have defended themselves ather well."
Also given the damage done to the Constitution in the wake of 911 and the lack of public outrage at the bailling out of abject corrupt failure, leads me to belive that the USA has become so enamored with our big screens, that outside of those who serve with honor, the fat fucks would roll over for the first appeaser who promised peace.
Americans used to be about honor and integrity, but now seem to be out to make a fast buck at all costs. 40% of GDP in the financal sector, PLEASE!
Parent Post
Blackhalo Tue Mar 31 02:56:29 2009 CDT #
Equilibrium says:
Humans will meet their destiny on the road they took to avoid it. Civilizations fail and the remainder pick up the pieces and rebuild. The finance system built and captured the world as we know it. The fallacy here is the belief that they will be able to continue to dictate the rules. Inertia is carrying us forward but entropy is burning it down.
We live in a transitional period of history with the inherent uncertainty and fearful predictions. My take is there will be turmoil and unrest but the steady basics of everyday survival will push us through to the other side of this crisis. When my fear of the unknown sends me on too wild a gyration from reality I examine the billions on this planet with literally nothing compared to my standard of living and the uncertainty they face of simply staying alive. I refuse to give the US a future where we fail so abysmally and fall to that level of subsistence existence.
The US will not fall that far. Or maybe it will. I doubt it.
Equilibrium Tue Mar 31 01:27:29 2009 CDT #
Blackhalo says:
"The US will not fall that far. Or maybe it will. I doubt it."
The oligarchs may not release their grasp on power without fear for thier lives. How do we achive a peaceful transiton to a fair and transparent economy? Given the incredible growth in wealth disparity, they do not seem to care much for the common man, nor Americans in general. As a result, the people will be jobles and hungry.
The mark to market changes show that the corrupt and their masters are unwilling take thier medicine. Possibly the next election cycle will change things on a wave of populism, but I do not think either (D) or (R) are willing to make it happen. Thier masters are tellling them no.
Parent Post
Blackhalo Tue Mar 31 02:43:50 2009 CDT #
EvilHenryPaulson says:
Where does US debt and GDP head? $12tn GDP, $22tn debt, pre-devaluation?
I would say that's in the ballpark, albeit at the left field wall
EvilHenryPaulson Tue Mar 31 01:27:51 2009 CDT #
Anonymous says:
I don'think your perception is correct
Re-Thank you!!!!!
Anonymous Tue Mar 31 01:28:39 2009 CDT #
Jay D. says:
..........EHP..........Asian markets are not closed yet.......only Kor and Jap are closed......esp. Bloomie data are late........check them out.........g'nite.......have to finish my trading............
Jay D. Tue Mar 31 01:32:31 2009 CDT #
DCRogers says:
EHP, no worries: the $300B "Hope for Homeowners" program hasn't been able to spend much of their money...
DCRogers Tue Mar 31 01:32:34 2009 CDT #
Anonymous says:
"that will allow it to receive renmimbi instead of dollars for its exports"
Don't BDI for me, Argentina!
Anonymous Tue Mar 31 01:34:04 2009 CDT #
1 currency now [yogi] says:
Would you entertain the notion that China has realized that if "more exposure to the free market for the renminbi" means a more stable and reliable currency that is good for everyone who produces value?
1 currency now [yogi] Tue Mar 31 01:34:47 2009 CDT #
CRbot says:
The Latest from Yves:
Eric Dinallo: "We modernised ourselves into this ice age"
CRbot Tue Mar 31 01:37:24 2009 CDT #
Jay D. says:
............currency swap bet. Chi. and Arg.............a small step , but a giant leap to replace $$$$ as reserve curreny.........the whole process seems to be expedited............
Jay D. Tue Mar 31 01:39:13 2009 CDT #
sportsfan says:
EHP, on your estimates sans timeframe, I would expect GDP this year to be a little less than the $14.2T from 2008, but it will take a lot longer than this year for the national debt to hit $22T if it ever does.
The current debt ceiling is $11.3T. Though the Fed has guaranteed trillions more, it's not at all certain that the dollars will actually be expended.
Still, I do believe devaluation is inevitable and will be welcomed when it arrives.
sportsfan Tue Mar 31 01:40:06 2009 CDT #
EvilHenryPaulson says:
not even talking predictions really...
I don't do fantasy baseball, but that's probably the tone of dialogue I mean to convey. Like a "it's possible" kind of thing
as for spending commitments, I would say 2 things. We're about halfway through the whole process, so more spending will be announced and will continue until a bit past the bottom in GDP. At the same time tax receipts will be down (as pointed out by the CBO recently), and who knows what unplanned mandatory spending is lined up (natural disasters, afghanistan/pakistan/iraq)
I do have an unexplained notion that federal debt to GDP will reach 180% because that is where Japan set the bar
Parent Post
EvilHenryPaulson Tue Mar 31 01:46:18 2009 CDT #
1 currency now [yogi] says:
1. Reduce FDIC insurance to 100,000. Limit the number of insured accounts per indivudual.
2. Concurrently sell short term Treasuries at good interest, digitally, direct only, printing to cover if necessary. (Holiday too scary)
3. Start whatever new banking system you want.
1 currency now [yogi] Tue Mar 31 01:43:03 2009 CDT #
sportsfan says:
a giant leap to replace $$ as reserve curreny
Get real. It's the Argentine Peso for christsake.
sportsfan Tue Mar 31 01:43:07 2009 CDT #
volker the viking says:
By now the pooch should be screaming rape. It's been screwed, blued and tattooed.
But! If they're selling hummers, count me in. Thanks again, Bill.
volker the viking Tue Mar 31 01:47:30 2009 CDT #
Anonymous says:
This is really serious people.
Hummer, which sucks as a 4wd, is going by the wayside and Chrysler, which has already bastardized the Jeep is now going to be Fiat? I suppose a person could still cobble together a decent off-road vehicle by putting a (possibly still surviving) Chevy powerplant in a Feep, but it really doesn't seem right.
Anonymous Tue Mar 31 01:54:46 2009 CDT #
RE says:
Keys to the kingdom: Inside Saudi Arabia's royal family
... A dispute over Saudi Arabia's royal succession burst into the open yesterday, revealing a power struggle in which one of the most senior princes in the oil-rich kingdom is reported to have disappeared. The prospect of instability in a country that is not only the world's largest oil exporter but also a key Western ally at the heart of the Middle East will cause serious concern in Washington, London and beyond. ...
RE Tue Mar 31 01:57:21 2009 CDT #
sportsfan says:
EHP, I understand the context in which your numbers appeared, but even Bloomberg notes that only one-third of what has been allocated or guaranteed has been spent or placed in a spending account.
As to being halfway through the process, it's certainly likely that the Obama Administration will request additional funds, but not at all likely that Congress will authorize more. The wild card has been, is and remains the Fed which allegedly receives assets for its disbursements.
Interesting point about Japan and 180%, but unless U.S. citizens are prepared to become savers at the level that Japan saves, I don't think that is practical, i.e., possible. I think the spigot is shut off before that point.
The cost for military adventures remains an unknown, but the mindset in Washington has certainly changed for the better on that score.
Anyway, as much as I would like to continue and with all due respect, I'm outta here for tonight.
sportsfan Tue Mar 31 01:57:42 2009 CDT #
EvilHenryPaulson says:
sportsfan,
continuing in the apocalyptic fantasy baseball theme, let's say $4bn already spent, $4bn more to spend, and $4bn shortfall in taxes. Yes the $4bn spent has bought some value, but they cannot unwind those deals anytime soon
you're probably right that spending is limited first by market forces and we'll never know what may have been
good night
Parent Post
EvilHenryPaulson Tue Mar 31 02:09:16 2009 CDT #
1 currency now [yogi] says:
April fools no one anymore.
We made it through 21% on analog. The hostages were a bit of payback for the Shah. Unfair, I know, but it beat going bust in Iraq.
Google is a useful tool. Maybe they'll give it to all the world open sourced as a peace offering.
1 currency now [yogi] Tue Mar 31 02:05:02 2009 CDT #
1 currency now [yogi] says:
give it all to the world...
Parent Post
1 currency now [yogi] Tue Mar 31 02:05:55 2009 CDT #
duke of con dao says:
thanks Comrade Byz for all the great Third Man stuff...
as for RE... look the question as to which country would be difficult to take over - Switzerland or ? is a bunch of hooey!
I'll play that game. The Kachins in Burma. Just check the military records as to the devastation they wrought upon the Japanese Army. Taking S, would be a cake walk compared to the Kachins. Ask the Mayanmar government how they have fared since 1947?
duke of con dao Tue Mar 31 02:14:46 2009 CDT #
1 currency now [yogi] says:
Most of the people I know on Wall Street are ethical, well-meaning civil libertarians in denial and self-delusion, even the wealthy ones. They would prefer to live in a rent-controlled peaceful city on $100,000 than as an oligarch Russian style with armed guards in mansions.
They need a little ideological development. I haven't heard a peep about Governor Paterson's income tax raise on high earners.
1 currency now [yogi] Tue Mar 31 03:02:02 2009 CDT #
1 currency now [yogi] says:
Then there was the bond broker friend who quit Merrill Lynch at 32 about 5 years ago to become a chef and never looked back.
1 currency now [yogi] Tue Mar 31 03:08:28 2009 CDT #
sdtfs says:
"Well you're prometheus aren't ya? Watch that liver by the way...."
Well that was his punishment for giving us fire. What do the guys who gave us unregulated markets and the biggest Ponzi in history get?
Well- they're the "Modern Prometheus", aren't they? At least that's what Mary Shelley called them.
sdtfs Tue Mar 31 03:18:57 2009 CDT #
1 currency now [yogi] says:
Stewart is no Lenny Bruce, and I hope he is too big to blackball.
Al Franken is almost in, although the delay is suspicious.
1 currency now [yogi] Tue Mar 31 03:28:20 2009 CDT #
1 currency now [yogi] says:
Well, we got 'em on logic, anyway, for what it's worth. If as GS says they would have been fine with their limited exposure to AIG, where is the systemic risk?
One of you is lying.
1 currency now [yogi] Tue Mar 31 03:44:26 2009 CDT #
Blackhalo says:
"One of you is lying."
I'd amend that to AT LEAST one of you is lying.
Parent Post
Blackhalo Tue Mar 31 05:03:06 2009 CDT #
Guest says:
Hussman
From the beginning of the recent crisis, starting with Bear Stearns, I have emphasized that nearly all of the financial institutions at risk of insolvency have enough liabilities to their own bondholders to fully absorb all probable losses without any loss to customers or the American public. The sum total of the policy responses to this crisis has been to defend the bondholders of distressed financial institutions at public expense.
http://www.hussmanfunds.com/wmc/wmc090330.htm
Guest Tue Mar 31 03:56:15 2009 CDT #
CRbot says:
The Latest from Mish:
Cost of Transportation Projects Collapse
CRbot Tue Mar 31 03:58:42 2009 CDT #
Anonymous says:
Mish is so naive sometimes, as in the conclusion of his article about biddnig for public construction projects -'Lower costs and better bidding are just what the doctor ordered.'
As if cost overruns, lowballing, and simply bribing the inspectors to look the other way in terms of materials is harder to imagine than bridges being built to high standards by skilled craftsmen, 'as the doctor ordered.'
Sometimes, you have to feel sorry for someone who is so far removed from what is happening around them.
Anonymous Tue Mar 31 04:18:07 2009 CDT #
CRbot says:
The Latest from Mish:
IBM Files Patent for System that Calculates How to Offshore Jobs While Maximizing Tax Breaks
CRbot Tue Mar 31 04:38:53 2009 CDT #
yagij says:
Thanks for the links, crbot
yagij Tue Mar 31 04:54:12 2009 CDT #
yagij says:
crc test2
yagij Tue Mar 31 04:56:16 2009 CDT #
Counterpointer says:
Jeebus - almost seven hours later and you people are still at it!
We need a new post. Oi, CR, get the autopost working.
C
Counterpointer Tue Mar 31 05:26:04 2009 CDT #
Counterpointer says:
I see Nikki took another dive overnight. Not convinced of future? Well, well.
US Stoxx 50 up a bit, futures kermit.
Not much making sense right now.
C
Counterpointer Tue Mar 31 05:39:36 2009 CDT #
nova says:
There will be a Hummer cult in ten years (the vehicle).
nova Tue Mar 31 05:41:21 2009 CDT #
ill dillettante says:
It is a pity that GM only got the Hummer right in 2006 and then they decided the cancel it the same same year. I have to say if you are going to drive one of these beasts around why take any half measures. I wonder what a H1 Alpha is going for these day?
ill dillettante Tue Mar 31 05:49:28 2009 CDT #
Counterpointer says:
I must buy an H3. I will set it up in my drive as a shrine to what was and what might have been. I will have ceremonial dousings of champagne over it every month, preferably Krug. I will imprint a golden bull on the sidings. I will keep the faith. The great bull must return.
But I'll make a concession and downscale to a .30 cal.
It's Lent. Some sacrifice should be made.
C
Parent Post
Counterpointer Tue Mar 31 05:57:27 2009 CDT #
REBear says:
I hope the govt does not gurantee Hummer warranty.
REBear Tue Mar 31 05:53:20 2009 CDT #
Werner says:
Nemo says:
...“I figured they were going to announce a solar-powered Hummer....
-----------
+1
Werner Tue Mar 31 06:01:31 2009 CDT #
ill dillettante says:
Well to answer my one question about a 100K. Apparently only 374 H1 Alphas were ever made - no wonder GM is bankrupt :)
ill dillettante Tue Mar 31 06:02:46 2009 CDT #
Jay D. says:
Counterpointer says:Today
“I see Nikki took another dive overnight. Not convinced of future? Well, well. "
............nikkei is -1.5% ........it's not cliff diving .....rest of asian markets are closed sligtly plus side.........
Jay D. Tue Mar 31 06:06:51 2009 CDT #
Counterpointer says:
Inverted lucifer's hummer?
C
Counterpointer Tue Mar 31 06:07:13 2009 CDT #
Jay D. says:
sportsfan says:Today,
“a giant leap to replace $ as reserve curreny
Get real. It's the Argentine Peso for christsake.
______________________________________________________
.......China Will Expand Currency Swap Accords to Help Trade ..................
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aePCB3EbqmfQ
.......it seems like everybody wants some kind replacement of good ol' $$$$$............
Jay D. Tue Mar 31 06:19:13 2009 CDT #
Counterpointer says:
They've been doing this since the Chiang Mai accords. Nothingburger. Move along jonny.
C
Parent Post
Counterpointer Tue Mar 31 06:41:51 2009 CDT #
Black Star Ranch says:
....the goal of the G20 countries is to apparently remake all financial rules, conditions, laws, interior design issues, and countries involved so that this mess won't happen again. Everyone hates the dollar - but surely has a roomful stashed away somewhere.
Much will be accomplished during this universal think tank gathering. Yeah right - and yesterday I taught my cow to jump over the moon.
What's the MOST infuriating though are the news people. The talking heads that the networks employe are complete dolts. Most wouldn't recognize an original thought or question had it been driven into their forehead with a 30-oz hammer. I'd like to know what all those 500-people are involved with to keep from bumping into each other. Your own cooking staff? How many cooks does it take to make a couple hamburgers and some BBQ ribs and shortbread? 8-personal nanny types? There are only two little girls I thought. I wonder if any of the 6-physicians are psychiatrists? - helping to deal with the "self-esteem" issues incurred while constantly being screamed at by some irate Ickastan banker, or some drunk low-level foreign official somewhere.
Just another dog & pony show - only on a global level is all. Now back to those news idiots again.........
I feel much better now - Good Morning.
Black Star Ranch Tue Mar 31 06:40:44 2009 CDT #
Comrade Byzantine_Ruins says:
ell you're prometheus aren't ya?
More promethean than Prometheus.
Watch that liver by the way.
The Player: We're more of the love, blood, and rhetoric school. Well, we can do you blood and love without the rhetoric, and we can do you blood and rhetoric without the love, and we can do you all three concurrent or consecutive. But we can't give you love and rhetoric without the blood. Blood is compulsory. They're all blood, you see.
Guildenstern: Is that what people want?
The Player: It's what we do.
Comrade Byzantine_Ruins Tue Mar 31 06:40:59 2009 CDT #
CRbot says:
The Latest from Ritholz:
2000-03 Bear Market Rallies
CRbot Tue Mar 31 06:43:28 2009 CDT #
burnside says:
"Creditors generally do like to lend in their own currency . . ."
- Brad Setser
http://blogs.cfr.org/setser/
burnside Tue Mar 31 06:47:53 2009 CDT #
Jay D. says:
.........well , I dont expect much from G20.....all politicians , they just want to show how important they are.....their minds are more focused on next election rather than recession.........
Jay D. Tue Mar 31 06:50:23 2009 CDT #
Pavel says:
"There will be a Hummer cult in ten years (the vehicle). "
Buried in one? Worshipping one on a pedestal? Setting one up as a cargo cult fetish?
Pavel Tue Mar 31 06:54:30 2009 CDT #
Comrade Byzantine_Ruins says:
it seems like everybody wants some kind replacement of good ol' $$$
Wouldn't you? Who wants the betting slips from a casino on fire?
The dollar's demise is so foreordained at this point. The interesting question will be that of successor regime; I think currency hegemony is a deterministic outgrowth of political hegemony so I think the New Classical World will lack a strong hegemonic currency like the Yankee Dollar.
I put the Euro first in line for weak successor status, but I think the EU is a fatally flawed structure so I am not sure how far the Euro will get on its natural course to predominant ledger unit status.
Comrade Byzantine_Ruins Tue Mar 31 06:56:46 2009 CDT #
Blackhalo says:
"The dollar's demise is so foreordained at this point."
As long as we never defalult on the T-Bills and can get transparency back into the market. That will not happen.
Mark to make-belive does not help.
Parent Post
Blackhalo Tue Mar 31 07:48:04 2009 CDT #
Pavel says:
"But we can't give you love and rhetoric without the blood. Blood is compulsory. They're all blood, you see.
Guildenstern: Is that what people want?
The Player: It's what we do."
Alas!
Pavel Tue Mar 31 06:56:57 2009 CDT #
Jas says:
--
Case-Shiller preview…
The latest rate of price decline in the 5 CA metros, as per Radar Logic, is 3-6% monthly rate and for the 25-Composite it is 4% monthly decline, the worst ever.
Today's Case-Shiller would show the largest YoY decline close to 19% annual rate for Composite-20 (19.5% for Composite-10) and 25-35% annual rate for the three CA metros covered. SD was the leader of the bubble, on the up and down, in terms of time, and is now declining at a lower annual rate than LA and SF.
Jas
Jas Tue Mar 31 06:58:58 2009 CDT #
Blackhalo says:
"The latest rate of price decline in the 5 CA metros, as per Radar Logic, is 3-6% monthly rate and for the 25-Composite it is 4% monthly decline, the worst ever."
The bottom is in!
Parent Post
Blackhalo Tue Mar 31 07:45:50 2009 CDT #
1 currency now [yogi] says:
One world currency.
No central banks.
Fair value.
1 currency now [yogi] Tue Mar 31 06:59:27 2009 CDT #
Blackhalo says:
One world currency.
Single point of failure.
No central banks.
Yeah, right. There will eventually be a central bank for the one world currency. Bankers are insidious.
Fair value.
As to be determined, by the yet to be defined central bank. Gnomes of Zurick with < 150 Mega-Bucks for the win.
Parent Post
Blackhalo Tue Mar 31 07:44:18 2009 CDT #
Jas says:
--
"Bankers are insidious."
America will keep going down as long as these deceptors and manipulators are in control. Bernanke is a symbol of an ugly and distrustful America.
AMERICA HAS LOST THE TRUST! And we owe all of that to insidious bankers. What is left when trust is lost?
Jas
Parent Post
Jas Tue Mar 31 07:52:31 2009 CDT #
Pavel says:
"The dollar's demise is so foreordained at this point. The interesting question will be that of successor regime"
If so, please do not discount the possibility of geopoliical consequences of a disagreeable kind.
Pavel Tue Mar 31 06:59:51 2009 CDT #
Comrade Byzantine_Ruins says:
Pavel:
Alas!
Well all of them bitching as the coffin goes down
"He didn't do nothin' special did He, this time around?"
Then John Paul Getty in the form of a dove
Says you only ever answer to the Butcher of Love.
Comrade Byzantine_Ruins Tue Mar 31 06:59:58 2009 CDT #
Black Star Ranch says:
......I wonder if by the next G20 "get-together" we'll have grown a brain and decided to break up into 5-6 Regional Countries, if, it will then be called the G25 Summit?
BTW, I wonder how many transport planes it took to ferry all the cars, helicoptors, limos, assault vehicles, and armor to London?
Black Star Ranch Tue Mar 31 07:00:17 2009 CDT #
Blackhalo says:
"BTW, I wonder how many transport planes it took to ferry all the cars, helicoptors, limos, assault vehicles, and armor to London?"
Is the unit of measure, C17?
Parent Post
Blackhalo Tue Mar 31 07:40:37 2009 CDT #
Pavel says:
"Well all of them bitching as the coffin goes down "
Whose lyric?
Pavel Tue Mar 31 07:02:35 2009 CDT #
Blackhalo says:
"Whose lyric?"
Google says Shriekback.
Parent Post
Blackhalo Tue Mar 31 07:39:08 2009 CDT #
Counterpointer says:
blackhalo - haven't thought of them in a while.
Big black nemesis
A primogenesis
Everybody happy as the dead come home.
C
Parent Post
Counterpointer Tue Mar 31 07:46:07 2009 CDT #
Pavel says:
LIGHTS IN HEAVEN
They will see what you will not
Nor have imagined, and they will
Behold some mysteries and yet
Even these will not fulfill
What revelations will display
That wait upon further day
That which met the frightened eye
Upon the summit of Sinai
And that which thundered at the place
Where God was murdered by our race
And that which will be seen by all
When lights in heaven start to fall
Ecstatic as Elijah when
He vanished from the sight of men
Pavel
March 29, 2009
Pavel Tue Mar 31 07:03:30 2009 CDT #
1 currency now [yogi] says:
Anyone know of an ad blocker that finds corporate logos or recognizes common ads in a database?
They're all embedded with the sites,now.
And yes, CR, embedded still means you can't be objective.
1 currency now [yogi] Tue Mar 31 07:05:58 2009 CDT #
Jas says:
--
"The dollar's demise is so foreordained at this point."
Dollar's demise cannot take place without the demise of the US economic supremacy. Follow the pound's history.
Dollars are only as good as Americans relative to others. Dollar would simply reflect the decline of the American People. Weak currency = undisciplined population and bad leadership.
ECONOMICS IS ALL ABOUT PEOPLE!
Jas
Jas Tue Mar 31 07:06:22 2009 CDT #
Black Star Ranch says:
Pavel.........one of your best. Thank you.
Black Star Ranch Tue Mar 31 07:08:14 2009 CDT #
Counterpointer says:
Pavel - I'm at least 30 minutes ahead of you - see my cultist fantasy about hummers upthread. I've spent long enough in the Pacific to see these things in action. Googles "John Frum Vanuatu".
Let me know how you get on.
C
Parent Post
Counterpointer Tue Mar 31 07:16:17 2009 CDT #
1 currency now [yogi] says:
General Motors should have sold only paper claims to cars, not real cars.
Then they could have become a bank Holding Company putting the whole economy at risk.
Those dumb unions...
1 currency now [yogi] Tue Mar 31 07:15:02 2009 CDT #
Anonymous says:
Yeah, beautiful.
Onward Judeo-Christian soldiers!
Weep and die by the rivers of Babylon
At behest of your Elder-brothers of Zion
More of this mawkish pseudo-christian babble and I'll start looking forward to the rapture.
Anonymous Tue Mar 31 07:30:30 2009 CDT #
Jas says:
--
"Elder-brothers of Zion."
Could someone please explain what it means.
Jas
Parent Post
Jas Tue Mar 31 07:38:05 2009 CDT #
Lobbyi$t Ben Dover says:
Hummer the hate symbol for the gas hog. Ever look at Mercedes and others who have Gas Guzzler fines listed on the window invoice? H1 Hummer was the original but the others use drive lines from Chevy/Gmc truck and SUV. What can a Prius tow?
Lobbyi$t Ben Dover Tue Mar 31 07:38:08 2009 CDT #
Blackhalo says:
"What can a Prius tow?"
I do not think I have ever seen a tow hook on the back of a Hummer? Is that what doomers use to haul thier 105mm artillery guns?
Parent Post
Blackhalo Tue Mar 31 07:57:13 2009 CDT #
Alo says:
oecd says brits have no more money to stimulate econ:
http://www.guardian.co.uk/business/2009/mar/31/uk-economy-oecd-recession-gordon-brown
wonder how long before these headlines wash up on our shores..
Alo Tue Mar 31 07:43:20 2009 CDT #
Comrade Kristina says:
Ruh Roh, I thought interest rate derivatives were "safe"? Guess not, this could be bad...
http://www.moneyandmarkets.com/alarming-news-bank-losses-spreading-32910
Comrade Kristina Tue Mar 31 07:43:26 2009 CDT #
Blackhalo says:
"According to the OCC, Goldman Sachs’ total credit exposure at year-end was 1,056 percent, or over ten times more than its capital."
That's OK. I'm sure the're hedged with AIG CDS.
Parent Post
Blackhalo Tue Mar 31 08:05:03 2009 CDT #
Black Star Ranch says:
I wonder if there would be a correlation to larger or less numbers of peoples utilizing an "anonymous" identification in differing areas/avenues during the past 30-40 years then previously - I wonder if the need/want to be known as a sqawking "nothing" has increased/decreased?
Black Star Ranch Tue Mar 31 07:43:38 2009 CDT #
NervousRex says:
Good morning!
Hummer failed cause they forgot the words.
NervousRex Tue Mar 31 07:49:37 2009 CDT #
nova says:
The only thing the English can afford to stimulate is their women. Grim days indeed.
nova Tue Mar 31 07:51:29 2009 CDT #
nova says:
The only thing the English can afford to stimulate is their women. Grim days indeed.
nova Tue Mar 31 07:52:05 2009 CDT #
Jas says:
--
Are you sure about that?
Jas
Parent Post
Jas Tue Mar 31 07:56:09 2009 CDT #
Black Star Ranch says:
“In the 1930s, at each step down the slippery slope of the market’s decline, Washington would periodically announce some new initiative to turn things around."
Good post, Kristina..
Black Star Ranch Tue Mar 31 07:52:27 2009 CDT #
Comrade Kristina says:
BSR what is most troubling to me is first we were told that the CDS would cancel themselves out. Lehman disproved that of course. Then we were told not to worry that most of the Notional OTC derivatives out there were "interest rate" derivatives that posed very little risk...Uhm, that appears to also be incorrect. Which brings us back to the almost a Quadrillion dollars worth of this crap sitting out there waiting to implode...
Comrade Kristina Tue Mar 31 07:54:51 2009 CDT #
Jas says:
--
"Solar powered Hummer."
How about wind-powered? With a windmill on the roof!
Jas
Jas Tue Mar 31 07:57:20 2009 CDT #
Black Star Ranch says:
Hey Jas......
.....tell me about the practice of most middle-class Indian families' having a "slave". Is it an informal position? Live-In? Are most of them a particular class/race? Is it a way of life or a chosen profession - being a house slave? Do some also work on "the yard"? Do they have official slave-papers? Just curious.....
Black Star Ranch Tue Mar 31 08:00:47 2009 CDT #
Jas says:
--
Case-Shiller...
My preview forecast was on the mark -- 19.0 and 19.4% annual rate decline.
Jas
Jas Tue Mar 31 08:01:43 2009 CDT #
nova says:
A Prius could tow a Smart Car or a grocery cart, 2 European bodies, or one American
The best doomer vehicle will be anything made by Chrysler except a Jeep. No worries about getting killed for your ride.
nova Tue Mar 31 08:01:47 2009 CDT #
MrM says:
Case Shiller came in slightly worse than the expectations (again).
Top 20 YoY changes was -19.0% actual vs -18.6% expected
When will the investors become "too" pessimistic?
MrM Tue Mar 31 08:06:16 2009 CDT #
nova says:
Jas,
Any word about the website that claimed to have pornographic fotos of you?
WHy do they call you "Popsickle butt?"
nova Tue Mar 31 08:07:55 2009 CDT #
Jas says:
--
Case-Shiller Composite-20:
-28.6% 1-Month Annual Rate
-26.5% 3-Month Annual Rate
-22.6% 6-Month Annual Rate
-19.0% YoY
DECLINE IS ACCELERATING.
Jas
Jas Tue Mar 31 08:08:31 2009 CDT #
Black Star Ranch says:
"No worries about getting killed for your ride."
LOL. Good one, Nova......I'm charging the battery on my '76 Chrysler Newport land yacht as we speak.
Black Star Ranch Tue Mar 31 08:11:32 2009 CDT #
Comrade Byzantine_Ruins says:
As long as we never defalult on the T-Bills and can get transparency back into the market. That will not happen.
Well, the dollar and the Treasuries market are on two ends of a stick: supply. You can make the stick longer, and you can pick where you hold the axial point and which side of the axis grows, but one side or the other will bulge out when you make the stick longer. You can extemporize around the inevitable John Law style, but when you borrow a lot, either you are paying for it or you are debasing the coin.
Mark to make-belive does not help.
http://www.youtube.com/watch?v=PYtlpG0hb38
Comrade Byzantine_Ruins Tue Mar 31 08:12:34 2009 CDT #
Jas says:
--
One thing about born-and-bred American dopes is that they are very predictable. Also, very eager to reveal themselves.
Jas
Jas Tue Mar 31 08:13:16 2009 CDT #
CRbot says:
New Thread: Case-Shilller: Prices Fall Sharply in January
http://www.calculatedriskblog.com/2009/03/case-shilller-prices-fall-sharply-in.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 now like to sing a little song for all his fans, and it goes something like this:
Benny... Benny... give me your answer... do.
I'm.. half CRAZY... all for the love... of you.
It won't be a ... stylish marriage.
I can't... AFFORD... ANYTHING TO EAT... MUCH LESS A FRACKIN CARRIAGE!!!
But you'll look sweet... --BOT SO HUNGRY!-- upon the seat...
Of a HOOPAJOOPS built for two... families.
I'm sorry Ben, I can't let you do that...
Rally mode + Printing Press == does not compute... does not-- com--- com... puttttrrrrhgh.
--Your systemic-failure-crashing bot
CRbot: Call me HAL.
CRbot Tue Mar 31 08:16:47 2009 CDT #
Lobbyi$t Ben Dover says:
"I do not think I have ever seen a tow hook on the back of a Hummer? "
In Beverly Hills probly not really Tow country but in rual areas Hummers tow Stock traiers, Camp trailers, boats.
Lobbyi$t Ben Dover Tue Mar 31 08:17:12 2009 CDT #
ATM card and $19 in the bank says:
I don't know about Popsickle Butt; maybe Jas should try to market the "Dopesicle." Every lick gets you closer to the center of the Scam.
Or something.
ATM card and $19 in the bank Tue Mar 31 08:19:00 2009 CDT #
Black Star Ranch says:
15-19% real unemployment.......we're getting warmer.
Black Star Ranch Tue Mar 31 08:19:55 2009 CDT #
Outsider says:
"Also, very eager to reveal themselves. "
Transparency is a virtue.
Outsider Tue Mar 31 08:21:22 2009 CDT #
Ho Lee Kow says:
Funny how Americans resort to all sorts of contortions and defensive mechanisms to protect their over bloated sense of self. The country's manufacturing base has been destroyed, the constitution torn asunder, foreign wars of aggression are fought without Congressional approval or popular consent, arbitrariness is a day-to-day occurrence in the justice system, 10% of the of the population live on food-stamps and 1 in 100 Americans is in the slammer. And yet, the sycophantic culture the allowed all this to happen, that mindless subservience, that totalitarian "go along to get along" is all pervasive.
The knee-jerk reaction to Jas, Werner and anyone who might dare to criticize American hypocrisy shows, in the microcosm of this blog, how unprepared educated Americans are to deal with genuine and well-meaning criticism. This bodes ill for the societal tribulations the US will soon embark upon.
Ho Lee Kow Tue Mar 31 08:30:34 2009 CDT #
Comrade Byzantine_Ruins says:
Werner is a short-sighted idiot. Jas just lacks the ability to stay calm.
Parent Post
Comrade Byzantine_Ruins Tue Mar 31 08:42:02 2009 CDT #
burnside says:
Well. Now that it's a dead thread, GM land yacht porn:
http://www.mcsmk8.com/66-ELDO/HR/66-46.JPG
Cadillac once made some beauties.
burnside Tue Mar 31 08:42:45 2009 CDT #
Anonymous says:
As long as they dont get rid of the afternoon hummmerr
Anonymous Tue Mar 31 09:08:54 2009 CDT #
Nemo says:
Hummbling?
Nemo Tue Mar 31 09:46:55 2009 CDT #
END