Comments for "TARP Accounting"

longwaver says:

No worries.. We can print more $$$!!

longwaver Sat Mar 28 21:39:05 2009 CDT #

comrade edenz says:

Another couple of trillion dollars, Mr Bernanke, there's no reason to be too thrifty.

You have your authorisation from Mr longwaver.

Parent Post

comrade edenz Sun Mar 29 04:58:40 2009 CDT #

CRbot says:

This comment thread has been HALO-IZED by CRbot.

http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/7989185572888425935

CRbot Sat Mar 28 21:39:43 2009 CDT #

Anonymous says:

its only (fiat) money

mock turtle

Anonymous Sat Mar 28 21:44:11 2009 CDT #

JP says:

Not to worry. Everyone from GS to BAC are going to return their money in the next couple of months.
So they say.

JP Sat Mar 28 21:44:13 2009 CDT #

Rob Dawg says:

Point of parliamentary procedure. It is important to refer to these actions as TARP I lest we confuse it with subsequent bankster giveaways.

Rob Dawg Sat Mar 28 21:46:27 2009 CDT #

Sargeant Paulson says:

Did the bazooka work?

Sargeant Paulson Sat Mar 28 21:46:49 2009 CDT #

comrade edenz says:

Unfortunately, the bazooka didn't work.

So we have had to borrow a missile from Mr Bernanke's dear friend, Mr Kim Jong Il who does have bouts of being mentally ill, just like his dear friend Mr Bernanke.

Parent Post

comrade edenz Sun Mar 29 05:02:51 2009 CDT #

longwaver says:

Guessing that AIG will need every last nickel of that $135B... Time to go to congress and get more.. Wait they might say no... Let's call 1-800-UNCLBEN!!! CASH FAST!

longwaver Sat Mar 28 21:46:58 2009 CDT #

homedad43 says:

lessee here.

$25B back on outlay of about $565B. That's about an 8.8% annualized return on the money spent thus far.

Fascism really can be profitable so it's all good.

homedad43 Sat Mar 28 21:49:58 2009 CDT #

Private Geithner says:

I pulled the trigger sir, and it made a clicking sound, but I didn't see where it went.

Private Geithner Sat Mar 28 21:50:39 2009 CDT #

Sargeant Paulson says:

Good work, private. You just earned yourself a bonus.

Sargeant Paulson Sat Mar 28 21:51:38 2009 CDT #

Ministry of Truth says:

They need to save that money for the end of year bankers bonuses :-P

Ministry of Truth Sat Mar 28 21:54:42 2009 CDT #

Pitchforks,Torches&Pikes World says:

Soon HE will come and draw the Sacred Swap from the Toxic Stone and become THE ONCE AND FUTURE BANKER and all will be well throughout the land............................Bought some new smoke the other day. DAMN good!

Pitchforks,Torches&Pikes World Sat Mar 28 21:56:55 2009 CDT #

Outsider says:

"They need to save that money for the end of year bankers bonuses"

Save? Please don't use such foul language on this blog. Really.

Outsider Sat Mar 28 21:57:30 2009 CDT #

Anonymous says:

....so much for a market rally! :'(

Anonymous Sat Mar 28 21:57:32 2009 CDT #

eponymous says:

The U.S. Treasury Department estimates that it has about $134.5 billion left in its financial-rescue fund, which would mean that about 81% of the $700 billion program has been committed.

....but then again, the Treasury Dept. says so many things.

eponymous Sat Mar 28 21:58:08 2009 CDT #

homedad43 says:

Pitchforks:

I think that I'll take a hit of that with my lager.

There can't be more of an appropriate Arthurian name than "Timmy".

homedad43 Sat Mar 28 22:01:23 2009 CDT #

Anonymous says:

"If you need a bailout, you'd better get in line soon!"

We haven't even started down this road to hell yet just wait.

Anonymous Sat Mar 28 22:03:39 2009 CDT #

Comrade Byzantine_Ruins says:

What's the big deal, we'll just borrow more. Once you put 700 billion in salami through the slicer, you sure don't think slice 700 billlion and 1 is going to be the one they stop with? I mean, haven't you ever seen a useless sretch of limited access highway built? This party's gonna go on til the Treasury market pukes, it's way too late to say whoa nelly.

Comrade Byzantine_Ruins Sat Mar 28 22:05:11 2009 CDT #

comrade edenz says:

Can someone please provide a diaper for Mr Bernanke so he can ease more quantitatively in some comfort ?

It is a disgrace to see a Chairman of the Federal Reserve leaving the house of Congress in brown trousers when he arrived in grey.

Parent Post

comrade edenz Sun Mar 29 05:20:31 2009 CDT #

Basel Too says:

Is anyone else having RSS problems with CR?

Basel Too Sat Mar 28 22:06:26 2009 CDT #

Gary says:

The World According to TARP.

Gary Sat Mar 28 22:07:55 2009 CDT #

egregious says:

TARP is small potatoes compared with the trillions - capital T - shoveled out to the masters of the universe at the I-banks. Good thing my children wont mind being serfs.

egregious Sat Mar 28 22:08:09 2009 CDT #

homedad43 says:

This party's gonna go on til the Treasury market pukes,

------------------------------------------------------

Truly, one of my favorite lines ever from this blog.

homedad43 Sat Mar 28 22:08:45 2009 CDT #

bad mother says:

Truly, one of my favorite lines ever from this blog.

You must have missed Nemo's "Itsy Bitsy, Teeny Weenie, Yellow Polka-dot Roubini"-

Parent Post

bad mother Sat Mar 28 22:26:41 2009 CDT #

eponymous says:

it's way too late to say whoa nelly.

It is never too late. Late is an abstract, a construct, an illusory artifice.

Natty dread inna Babylon. WHOA NELLY!

eponymous Sat Mar 28 22:11:25 2009 CDT #

Bob the Builder says:

er. uh but, uh...... them car companies and those dudes in CA need a lil assist too.

We're gonna need a bigger boat.

Bob the Builder Sat Mar 28 22:11:32 2009 CDT #

comrade edenz says:

'We're gonna need a bigger boat.'

We don't need no big boat, sonny !

We's got the Titanic.

Parent Post

comrade edenz Sun Mar 29 05:23:52 2009 CDT #

eponymous says:

We're gonna need a bigger boat.

.... or calmer seas.

eponymous Sat Mar 28 22:13:15 2009 CDT #

Bob the Builder says:

<tbody>

We're gonna need a bigger boat.

.... or calmer seas.

Like this comment? [yes] [no] (Score: 0 by 0)

</tbody>

Or a smaller shark. But the keep feeding the damn thing and chumming the water.

Parent Post

Bob the Builder Sat Mar 28 22:48:33 2009 CDT #

sporkfed says:

Hank's bazooka is getting smaller every day.

sporkfed Sat Mar 28 22:22:50 2009 CDT #

Guest says:

Hey, were making jokes about a complete and total worldwide economic collapse and mega depression that could last for decades.
I love the internet, don't you? (smiley face)

Guest Sat Mar 28 22:26:49 2009 CDT #

Anonymous says:

I generally hate Larry Kudlow, but he's right about "son of TARP".

Anonymous Sat Mar 28 22:26:50 2009 CDT #

Taken For Granite says:

Get in line for a bailout? Why bother! They'll just launder more bailout money through the Fed. Enough for everyone, unless you get a W-2.

Taken For Granite Sat Mar 28 22:27:24 2009 CDT #

Anonymous says:

They estimate the amount? Why don't they know to the penny, don't they have any accountants over there?

Anonymous Sat Mar 28 22:29:37 2009 CDT #

comrade edenz says:

They estimate the amount? Why don't they know to the penny, don't they have any accountants over there?

Only 'creative' ones who can't tell their big toe from their small toe. :-P

Parent Post

comrade edenz Sun Mar 29 05:26:17 2009 CDT #

bobn says:

Pavel said: "It's the heart that must be circumcized." I am pretty sure you meant circumsribed". ;-)

bobn Sat Mar 28 22:34:22 2009 CDT #

Comrade Bear (tj and the bear) says:

Hey, were making jokes about a complete and total worldwide economic collapse and mega depression that could last for decades.
I love the internet, don't you? (smiley face)

Misery loves company.

Comrade Bear (tj and the bear) Sat Mar 28 22:36:13 2009 CDT #

Goodread says:

*****Deposit Reclassification Used To Eliminate All Reserve Requirements*****

http://www.marketskeptics.com/

Goodread Sat Mar 28 22:39:38 2009 CDT #

Rob Dawg says:

Hey! I'm in line. They say it's for the "showers."

Rob Dawg Sat Mar 28 22:42:43 2009 CDT #

Anonymous says:

'Hey! I'm in line. They say it's for the "showers."'

That has to be one of the most tasteless things you have ever written, on so many levels. And inaccurate, but that has nothing to do with its stunning tastelessness.

Parent Post

Anonymous Sun Mar 29 02:05:38 2009 CDT #

Hymns for the Lord says:

Godwin.

Parent Post

Hymns for the Lord Sun Mar 29 11:46:38 2009 CDT #

Comrade Byzantine_Ruins says:

Natty dread inna Babylon. WHOA NELLY!

http://www.last.fm/music/Bob+Marley+%2526+The+Wailers/_/Ride+Natty+Ride

Tell you what: now the people gather on the beach
And their leaders try to make a speech,
But the dreadies understandin that its too late:
Fire is burning;
Man, pull your own weight!
Fiyah is burning;
Man, pull your own weight!
Natty dread rides again (natty dread rides again);
And me say, go deh, dready! go deh! (go deh, go deh)
Oh ride, natty, ride! (dread rides again)
And go deh, dready! (go deh, go deh)
Ridin through the storm,
Riding through the calm (go deh, go deh).

Babylon the mighty has fallen.

Comrade Byzantine_Ruins Sat Mar 28 22:47:50 2009 CDT #

homedad43 says:

"heart must be circumcized"

I figured that it's a mistype since my HMO ain't gonna cover that procedure.

homedad43 Sat Mar 28 22:49:10 2009 CDT #

ill dillettante says:

"heart must be circumcized"

I actually thought it was rather poetic of parvel

Parent Post

ill dillettante Sun Mar 29 05:22:12 2009 CDT #

bad mother says:

R.E.M. - It's the end of the world as we know it

bad mother Sat Mar 28 22:54:18 2009 CDT #

adornosghost says:

<i>1970's environmental icon,Gus Speth, Director of Yale Graduate School of Forestry, said in his 2004 book 'Red Sky at Morning', that the greatest failing of his generation was it's ability to 'talk', and not act. (paraphrased) Most of the environmental success stories of that era(DDT, Chlorofluorocarbons, unleaded gas, etc.) had smoking guns, some evidence of immediate problem. Because of our evolved steep discount rates(delayed discounting), we disproportionately value the present over the future. This phenomenon is magnified by the centrality of the stock market in our culture, which focuses on quarterly/yearly earnings. Our diets lead to serotonin deficiency in many people, and many other addictions heighten our aggregate level of short-term thinking.
--Nate Hagans</i>

adornosghost Sat Mar 28 22:55:55 2009 CDT #

duke of con dao says:

Adorno

here in Cambodia that's called a peasant mentality as opposed to what's called a bankers mentality (ok, I use banker in its od fashioned sense)...

if I offer 20 dollars to a Cambodian or Vietnamese (they are very distinct cultures) today as opposed to a guaranteed 100 dollars almost all to a man or woman will take that 20 today....

they have their own 'evolved steep discount rate' which has to do with something called survival

Parent Post

duke of con dao Sun Mar 29 00:39:35 2009 CDT #

Comrade De Chaos says:

Is there loss/gain estimation for TARP? (we did make some $ on Crysler, didn't we?)

Comrade De Chaos Sat Mar 28 22:57:33 2009 CDT #

Anonymous says:

How american solve their problems instantly! Example:

http://aichsingapore.blogspot.com/2009/03/using-hypnosis-to-quit-smoking.html

Anonymous Sat Mar 28 23:00:24 2009 CDT #

Anonymous says:

Watch Ben Affleck appearing on Oprah

http://aichsingapore.blogspot.com/2009/03/using-hypnosis-to-quit-smoking.html hypnotized

Anonymous Sat Mar 28 23:03:45 2009 CDT #

1currency now [yogi] says:

The fact that February was 2 degrees warmer than last year's, which was 2 degress warmer than 2007 might be a smoking gun.
But when oil inflates back to $200, all you'll hear is drill, drill, drill.

Obama will say encouraging things to all sides, but what will he do?

1currency now [yogi] Sat Mar 28 23:05:24 2009 CDT #

Oil Shock says:

Off topic, but here is Olberman then and now.

http://www.youtube.com/watch?v=zkYmS5ylCrk

Oil Shock Sat Mar 28 23:12:38 2009 CDT #

1currency now [yogi] says:

TARP -103 out of first 306 billion, as of 3/20
http://ethisphere.com/ethisphere-tarp-index-report/

1currency now [yogi] Sat Mar 28 23:15:08 2009 CDT #

Black Star Ranch says:

"Obama will say encouraging things to all sides, but what will he do?"

....he won't have to do anything. He'll do and be ALL THINGS to everybody. He will amaze the disbelievers. He will turn water into wine. He will heal the sick. He will cure all ills throughout the known and unknown universe.

Actually, what he has had to rectify since his arrival is an impossible task. I give him 5-years before the major financial crash occurs and he is remembered as the last 50-State US President.

Black Star Ranch Sat Mar 28 23:18:41 2009 CDT #

Counterpointer says:

Oh my. There is an anglregrinder in the garage. Dyou think I could make money sharpening up for the mobs descending on DC?

I'm at the top of Mass Ave. Gimme a day notice and I can make you lemonade too.

C

Counterpointer Sat Mar 28 23:20:28 2009 CDT #

DL says:

Are there enough morons in Congress willing to give Obama even more bailout money?

Probably yes, but if not, Bernanke can just fill up Obama’s ATM machine himself.

DL Sat Mar 28 23:21:52 2009 CDT #

Comrade Byzantine_Ruins says:

Hey Counterpointer! Insomnia?

Question -- Weeds in the Garden of the State? Is that in Chinese?

Comrade Byzantine_Ruins Sat Mar 28 23:28:58 2009 CDT #

CRbot says:

The Latest from Yves:

Fewer Companies Likely to Emerge From Chapter 11

CRbot Sat Mar 28 23:32:34 2009 CDT #

Michael says:

My home town. See story for video.

Cape "Tea Party" Canceled; City Fears too Many Attendees
http://www.winknews.com/news/local/42019772.html

Music video for your entertainment.

<h1>American Tea Party Anthem (with words) by Lloyd Marcus</h1>

http://www.youtube.com/watch?v=q1byTDgu7iA

Michael Sat Mar 28 23:36:51 2009 CDT #

Wisdom Speaker says:

The comments at the WSJ site were also hammering hard on the fact that these are mere "estimates". Gotta say I agree: why is this fuzzy math? Why don't we just know what we lent?

Next question: Is the $700B TARP a portfolio of one-time loans, or is it an open revolving credit line? In other words, if Goldman and friends repay $10B, does the TARP amortize to $690B going forward, or does the Treasury get to release the $10B to another set of poor unfortunate souls?

Wisdom Speaker Sat Mar 28 23:37:35 2009 CDT #

Michael says:

GS can give back the money it got from AIG as well.

Parent Post

Michael Sat Mar 28 23:39:20 2009 CDT #

Counterpointer says:

Byz - yes, insomninamammama, whatever. No, Lu Hsun has been trans for the last 70 years.

Damn halo just ate my my last comment. Sheeyit, I spent some time on that one.
C

Counterpointer Sat Mar 28 23:45:17 2009 CDT #

Michael says:

To tell you the truth, I don't see anybodies paper dollars people have, being worth anything a year fom now.

Michael Sat Mar 28 23:47:15 2009 CDT #

Anonymous says:

http://palinyoubetcha2012.com/wordpress/?p=326

Rant against Congress. R rated and hilarious. NOT PC!

Anonymous Sat Mar 28 23:49:09 2009 CDT #

Counterpointer says:

Dang, missed the linky last post, since it was eaten:

http://www.youtube.com/watch?v=Vn_92_YAh2w

C

Counterpointer Sat Mar 28 23:50:52 2009 CDT #

Comrade Byzantine_Ruins says:

CP -- Can you give me a publisher, yar, etc site in English so I can order it? =)

Comrade Byzantine_Ruins Sat Mar 28 23:53:48 2009 CDT #

Comrade Byzantine_Ruins says:

year. cite.

Too buzzed to hit the little buttons reliably. Off to bed.

Parent Post

Comrade Byzantine_Ruins Sun Mar 29 00:00:18 2009 CDT #

1currency now [yogi] says:

This Compaq keeps telling me I need to install Adobe Flash to watch anything, which I've "successfully" done twice.

Help??

Parent Post

1currency now [yogi] Sun Mar 29 00:00:59 2009 CDT #

Counterpointer says:

Lemme try, Byz. Naptime now.

C

Parent Post

Counterpointer Sun Mar 29 00:01:46 2009 CDT #

Anonymous says:

global warming?

Subject: MDS - Floods Cancel Stage 1
Date: Sat, 28 Mar 2009 09:11:36 -0700

Just as I sat down to type, I heard more thunder overhead. It is now hailing! As I type, there is INTENSE HAIL in the Sahara. This is unbelievable.

Anonymous Sun Mar 29 00:23:56 2009 CDT #

bearly says:

[The U.S. Treasury Department estimates that it has about $134.5 billion left in its financial-rescue fund]

About ? Does this mean they're not sure ? Have they lost track ?

bearly Sun Mar 29 00:42:04 2009 CDT #

mock turtle says:

greenspan is a pathetic pile of poop

from an op ed peice in the FT (hat tip yves smith at nakedcapitalism)

greenspan wrote:

"Even with the breakdown of self-regulation, the financial system would have held together had the second bulwark against crisis – our regulatory system – functioned effectively. But, under crisis pressure, it too failed. Only a year earlier, the Federal Deposit Insurance Corporation had noted that “more than 99 per cent of all insured institutions met or exceeded the requirements of the highest regulatory capital standards”

my turn:
such none sense...the regulatory system failed under the weight of the crisis indeed; you helped gut the regulatory ystem you pandering pleading protectionist of the priveleged paper pushers on wall street

and then he has the gall to claim that the fdic reported 99% of all insitutions were ok ha 99% by number of institutions or 99% by share of capitalization and assetts (the top 20 banks have more than 90% of all deposits)

http://www.breitbart.com/article.php?id=CNG.4af01da7b3cc07f873e69568755082f5.c41&show_article=1
4th para

and many of these are the banks that are bringing the system dow

greenspan goes on to say, "Free-market capitalism has emerged from the battle of ideas as the most effective means to maximise material wellbeing,...) " you just have to read the whole piece...bring a barf bag

greenspan should just shut up

http://www.ft.com/cms/s/0/9c158a92-1a3c-11de-9f91-0000779fd2ac.html?nclick_check=1

mock turtle Sun Mar 29 00:49:44 2009 CDT #

xofruitcake says:

CR, it looks to me that you have a misleading headline.. Part of the Tarp II money may or may not be spent.. They committed 250B for the capital injection but we don't know how the stess test result yet...So may be they will inject less (assuming that Treasury did their job in guesstimating the injection up front and peg 250B as the max that need to be injected). And the 25B does not look to be interest only. Some banks may have returned their Tarp money (mostly the smaller bank).. Tarp I is only 5% interest and Tarp II money has not be sent to the banks yet... So 25B of pure interest sound too high..

I don't see why all the negative tone of the Tarp money in this blog (or everywhere). It is bailout money, but if the bank doesn't fail, Treasury is bounded to make tons of money (Treasury become a giant hedge fund which borrow short, lend long and pocket the difference). It is quite different from just dumping money into a rat hole.. And as a normal consumer, we better hope that the bailout work. The last resort of finance right now are from the banks. The shadow banking systems is gone and securitization market is barely open.. I would think that as a country, we would very much like to see this work.. Have anyone ask if their portfolio can take the hit if all the banks fail at the same time? And what about their job, business, house? The key is not to let all the banks fail and the step is try to let them earn their way out.. The play book is no different than any of the previous banking crisis. The only different this time is that it is bigger and hit closer to home (since so more mortgage are at risk)..

xofruitcake Sun Mar 29 00:57:59 2009 CDT #

1currency now [yogi] says:

Well it maximizes his material well-being as the master market intervenor.

1currency now [yogi] Sun Mar 29 01:00:49 2009 CDT #

1currency now [yogi] says:

Listen fruitcake Citi and JPM said they were profitable in Jan and Feb. Did you get a raise?

Their taking bites out of your cake.

1currency now [yogi] Sun Mar 29 01:06:06 2009 CDT #

1currency now [yogi] says:

Too damn late.
"They're", schmuck.

Parent Post

1currency now [yogi] Sun Mar 29 01:13:00 2009 CDT #

xofruitcake says:

"Listen fruitcake Citi and JPM said they were profitable in Jan and Feb. Did you get a raise?

Their taking bites out of your cake."

Sure, they make money.. With the spread it is, how can they not make money. But that is pre-write down. Let's see how they do first.. And what is wrong if they end up making money after all.. Don't we, taxpayer, want to get all our Tarp money back with interest? Remember we are stake holder now.. We want the bank to do spectacularly which mean that credit is available for all that can qualified and we get all our Tarp money back...

Parent Post

xofruitcake Sun Mar 29 09:48:23 2009 CDT #

1currency now [yogi] says:

Free market capitalism works so well if you have a central planner like Greenspan controlling the supply of credit. Oh, wait...

1currency now [yogi] Sun Mar 29 01:11:55 2009 CDT #

Michael says:

No sun spots and very low sun activity for the past 18 months. Global temperatures are back to where they were 100 years ago. If people do just a little research they can understand what this means. Global Cooling!
http://www.spaceweather.com/

Michael Sun Mar 29 01:17:10 2009 CDT #

Anonymous says:

ot global warming cooling

michael from 22 36 47 above

of course solar output has an effect and its a zig zag line but overall trending upward (even though this has been an especially down year)

but hey, overall during the past half century green house gases and solar output have both been UP

and thats why we are in such a mess...

climate change is BOTH man made (anthropogenic) and natural and in the past few centuries both inputs are up

se "solar variation" at wikipedia for a most excellent review of the research!!!

Anonymous Sun Mar 29 01:24:10 2009 CDT #

Anonymous says:

By Doyle Rice, USA TODAY
2007 was another sizzling year for the planet — the warmest year ever recorded for the Earth's land areas, federal scientists at NOAA's National Climatic Data Center reported Tuesday, with an average temperature about 1.84 degrees above the long-term average. Global weather records began in 1880.

For the entire Earth's surface, including the oceans, scientists report that the global temperature was the 5th-warmest on record.

Parent Post

Anonymous Sun Mar 29 01:27:41 2009 CDT #

Anonymous says:

<h5>2008 Among 10 Warmest Years on Record, UN Reports</h5>

GENEVA, Switzerland, December 18, 2008 (ENS) - The year 2008 is likely to rank as the tenth warmest year on record since the beginning of the instrumental climate records in 1850, although the global average temperature was slightly lower than previous years of the 21st century, according to the United Nations meteorological agency.
The combined sea-surface and land-surface air temperature for 2008 is estimated at 0.31 degrees Celsius, or 0.56 Fahrenheit, above the 1961-1990 annual average of 14C, or 57.2F, said the World Meteorological Organization, which draws on its membership of 188 member states and territories for metereological observations.

Parent Post

Anonymous Sun Mar 29 01:29:49 2009 CDT #

Anonymous says:

<h1 class="story">Top 11 Warmest Years On Record Have All Been In Last 13 Years</h1>

ScienceDaily (Dec. 13, 2007) — The decade of 1998-2007 is the warmest on record, according to data sources obtained by the World Meteorological Organization (WMO). The global mean surface temperature for 2007 is currently estimated at 0.41°C/0.74°F above the 1961-1990 annual average of 14.00°C/57.20°F.

Parent Post

Anonymous Sun Mar 29 01:31:45 2009 CDT #

Michael says:

Temperature Monitors Report Widescale Global Cooling

http://www.dailytech.com/Temperature+Monitors+Report+Widescale+Global+Cooling/article10866.htm

Sun Makes History: First Spotless Month in a Century

http://www.dailytech.com/Sun+Makes+History+First+Spotless+Month+in+a+Century/article12823.htm

Parent Post

Michael Sun Mar 29 01:41:03 2009 CDT #

Michael says:

The Guy From Boston Ranting About Congress

http://palinyoubetcha2012.com/wordpress/?p=326

Rant against Congress. R rated and hilarious. NOT PC!

That says it all!

Michael Sun Mar 29 01:33:38 2009 CDT #

Michael says:

UN: Global Temperatures Will Decline in 2008

http://www.dailytech.com/UN+Global+Temperatures+Will+Decline+in+2008/article11389.htm

Michael Sun Mar 29 01:53:28 2009 CDT #

1currency now [yogi] says:

If I had to bet, anonymous beats the opposition. (With this opposition, I don't really need to know the facts or the issue)

1currency now [yogi] Sun Mar 29 01:54:45 2009 CDT #

Fair Economist says:

[The U.S. Treasury Department estimates that it has about $134.5 billion left in its financial-rescue fund]

About ? Does this mean they're not sure ? Have they lost track ?

No, they haven't. They were never tracking it properly in the first place.

Fair Economist Sun Mar 29 02:02:12 2009 CDT #

CRbot says:

The Latest from Yves:

Your Humble Blogger Had a Naive Moment

CRbot Sun Mar 29 02:07:29 2009 CDT #

1currency now [yogi] says:

I disagree in this case. I am very sensitive to the trivialization issue.

That line didn't bother me at all.

1currency now [yogi] Sun Mar 29 02:20:37 2009 CDT #

CRbot says:

The Latest from Yves:

Links 3/29/09

CRbot Sun Mar 29 02:26:55 2009 CDT #

Anonymous says:

Notice that the global cooling people simply ignore Arctic sea ice, satellite observations, and seem completely resistant to understanding what 'albedo' means, both as a term of geophysical science, and in terms of modelling what a change of albedo means for solar energy being collected and retained in a process which is not under discussion - the modelling in exacting detail may not be precise to the satisfaction (at times, 'delusions' is a better term) of all sceptics, but the basic physical observations and the equations underlying the basic thermodynamic processes are exceedingly well understood, and have been tested for multiple decades.

It is called climate change - and the climate changing is a trite truism of living on this planet. Ignoring it is a piece with various other forms of commonplace Americans refusal to accept what is happening around them.

But one's acceptance or refusal is meaningless. Preparing for it to the extent necessary is not. Ask the Dutch - they aren't planning on the continuing rise in sea level which has been observed for decades to simply stop as a way to prevent in future decades the breaching of various dike systems. The Dutch simply don't see themselves as having the luxury to ignore the problem to spend resources on other projects than keeping the ocean from inundating a number of towns and cities, much less ridicule those sea level measurements as a response. And really, that is the point - a society that hopes for the best when confronted with information pointing to future problems has deeper problems than whatever problems it is ignoring.

Scepticism is worthwhile, however, many instead believe that willful ignorance is its basis. Generally, willful ignorance can be measured - simply notice to what extent any data is dismissed which does not fit into the preconceived notions that are being defended.

Scepticism, on the other hand, is how science advances. But such scepticism is always founded on data, or pointing out the limits to current data, collection methods, etc.

The future will come, regardless of how willfully ignorant we hope to remain.

Anonymous Sun Mar 29 02:34:21 2009 CDT #

limda says:

One of my better efforts at Haiku:
Basho Haiku
"Here where a thousand
captains swore grand conquest
Tall grasses their monument."

Limda's Haiku
"Here where trillions
spent to conquest world
Empty highrises their monument

limda Sun Mar 29 02:44:54 2009 CDT #

Jay D. says:

.............Soros: Britain may have to seek IMF rescue...............

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5989746.ece

.............obviously crook wanna play another game..................

Jay D. Sun Mar 29 02:53:14 2009 CDT #

CRbot says:

The Latest from Mish:

Saying What Needs To Be Said

CRbot Sun Mar 29 03:09:55 2009 CDT #

1currency now [yogi] says:

Don't waste too much energy with the cooler above. Not so much a skeptic as wilfully deluded.

1currency now [yogi] Sun Mar 29 03:20:18 2009 CDT #

1currency now [yogi] says:

Here lies Ozymandias, king of kings...
Here lies 300 trillion gros notional derivatives...

1currency now [yogi] Sun Mar 29 03:24:55 2009 CDT #

burnside says:

anon, "global cooling people" are a ragtag bunch. They're not, for the most part, those you'd like to have join your team in debate.

I'm not interested in anything beyond current research regarding global temperature forecasting, but I think you must recognize the proponents of each side have skin in the game - we're going to be implementing some very costly programs. There's money involved and also professional credibility. So the cherry-picking is intense on both sides of the issue to say nothing of deliberate obfuscation.

One tactic on the global warming side is to respond to sunspot activity claims with solar activity citations. They are not the same phenomena. In most cases, the citations attached refer to infra-red variation - how much solar heat reaches the troposphere over a measured period - which is known to fluctuate within a measurable, but modest range. That's deliberate obfuscation. The details are of less interest to me than is the willingness to indulge in such dishonesty.

Since CERN, which administers the Large Hadron Collider, have determined a causal relationship between sunspot cycles and global cloud cover formation, I find it harder than ever to dismiss the larger claims out of hand - even if many of those arguing for global cooling wouldn't be my choice for a debate team.

The vast majority accept and defend the global warming scenario. I understand that. What is proposed, however, is not that the greenhouse gas model is incorrect. On the contrary, those researching effects of sunspot cycles agree that model is operative and important, i.e., they're not in opposition. They're looking into a discrete phenomenon which is not yet understood on the molecular level, but which has shown itself statistically far more powerful in determining warming and cooling trends than is the gaseous composition of our atmosphere.

At this point, plenty of people say the global cooling set are simply nuts and characterize them as congenital contrarians. The chattering cohort probably are all of that and more. All beside the point. CERN says the sunspot cycle/global cooling response is correct. They've got the "what". They're working on the "why".

burnside Sun Mar 29 03:39:32 2009 CDT #

Anonymous says:

'shown itself statistically far more powerful in determining warming and cooling trends than is the gaseous composition of our atmosphere.'

There is absolutely no doubt that the definitive factor in the Earth's temperature is the sun, and yes, mainly globabl warming advocates (I don't believe in warming or cooling, I believe in change) tend to completely ignore that basic fact. Mention the Maunder Minimum and they just want to change the subject (yes, I know, Maunder Minimum is an outdated term), as much as any global cooling advocate dismisses blooming times as recorded by British gardeners over more than a century.

But what also remains interesting is how the reintroduction of geologically significant amounts of carbon into the atmosphere is simply waved away, as if it simply didn't occur.

And that is the operative point, unfortunately - it has already occurred. We are at just the start of a massive experiment in climatology, admittedly without the ability of being able to compare the results with a control planet.

This is also why so much of this discussion is truly hot air, even from the global cooling side.

The changes will be felt for a period of time which will be geologically significant, as compared to the amount of time that the sequestered carbon was released in the atmosphere. And again, for emphasis - already released.

Changes from this fact alone are beyond dispute. What is in reasonable dispute is the contours and outlines of those changes, in part in a complex system in which carbon is simply one variable.

And yes, this discussion can be framed in terms of money, but really, money is just another illusion in the context of physical reality. Which is why the science needs to be rigorously questioned, as some of it is woefully incomplete, thoroughly incorrrect, and often easily misunderstood by those unwilling to accept uncertainty in the search of pre-determined certainties. Certainties in climate - absurd from the start, when you think about the basic nature of such a fluid system.

But then, the problem is more basic than that - most people, and basically all news outlets, seem utterly incapable of actually not confusing daily weather with climate.

Personally, I think a lot more resources need to be thrown at the science part of this discussion, but as is generally the case, I'm sure the budgets of the various PR thinktanks in just the U.S. alone outweigh the total global funding of the basic science necessary to deal with what is happening, observably, around us.

Parent Post

Anonymous Sun Mar 29 05:03:21 2009 CDT #

tbizzle says:

get your fresh TARP before it's out...

tbizzle Sun Mar 29 03:54:55 2009 CDT #

1currency now [yogi] says:

The early Greenhouse advocates were dismissed as radical degenerate crackpots, like the early Abolitionists or the recently pardoned Galileo.

So now that they are the establishment, a little gloating is understandable.

1currency now [yogi] Sun Mar 29 04:04:14 2009 CDT #

burnside says:

Well, Yogi, they were right, evidently.

Can't help noting the irony as some who discredit realtors, economists and the mainstream media are quick to quote their counterparts on climate.

burnside Sun Mar 29 04:23:50 2009 CDT #

gabyjan says:

testing

gabyjan Sun Mar 29 05:14:18 2009 CDT #

burnside says:

Some of the commitment is going into sharing the cost of loan modification. They know how much they've provided in funding, don't know what the response will be. I think "hope now" cured them of presuming every dollar budgeted will be applied.

So, yes, you'll get estimates.

burnside Sun Mar 29 05:39:42 2009 CDT #

FUBAR &amp;amp;amp; WASS LLC says:

Only 'creative' ones who can't tell their big toe from their small toe.

If they have to take off their shoes and socks, they must be using really big numbers to do advanced math.

FUBAR &amp;amp;amp; WASS LLC Sun Mar 29 06:15:09 2009 CDT #

REBear says:

Researchers: Cyber spies [based mainly in China ] break into govt computers

The researchers detected a cyber espionage network involving over 1,295 compromised computers from the ministries of foreign affairs of Iran, Bangladesh, Latvia, Indonesia, Philippines, Brunei, Barbados and Bhutan. They also discovered hacked systems in the embassies of India, South Korea, Indonesia, Romania, Cyprus, Malta, Thailand, Taiwan, Portugal, Germany and Pakistan.

http://news.yahoo.com/s/ap/20090329/ap_on_re_ca/canada_cyber_spy_network_1

REBear Sun Mar 29 06:44:14 2009 CDT #

Comrade Byzantine_Ruins says:

I don't see why all the negative tone of the Tarp money in this blog (or everywhere). It is bailout money, but if the bank doesn't fail, Treasury is bounded to make tons of money (Treasury become a giant hedge fund which borrow short, lend long and pocket the difference).

That's right, replicate the initial crisis at increased scale. Who's going to provide the emergency liquidity when you replicate the ABCP freeze?

Comrade Byzantine_Ruins Sun Mar 29 06:45:24 2009 CDT #

Anonymous says:

Who needs TARP when you have the FDIC

Anonymous Sun Mar 29 06:48:17 2009 CDT #

Comrade Byzantine_Ruins says:

Burnside:

I'm not interested in anything beyond current research regarding global temperature forecasting, but I think you must recognize the proponents of each side have skin in the game - we're going to be implementing some very costly programs.

No you're not. Get real dude. Maybe you noticed Babylon fell? The global financial system got proved to be a big pattern of undercapitalized bets treated as concrete assets?

You're gonna sit and watch as the international system fails to address the crisis except in a superficial way, a bunch of people do what they would have done anyway using the crisis as a fig leaf for policies whose primary motivation lies elsewhere, and total victory is declared on a semi-annual basis. In addition, they will be even more ineffectual than normal, as several of the major global players appear on track to admit they have been bankrupt for decades.

The G-20 can't even respond to an entirely man-made crisis. One accountancy snarl and the global mechanism of cooperation fails. You want to see them take on global climate change? There's a reason every single major policy initiative the West takes up meets a terrible fate. Don't expect your hobby horse to be exempt.

Also, it bears repeating, the whole multiple national bankruptcy thing. It's gonna change everything about policy, both in places where it blows up the state, and in places that see this happen and rightly discover a renewed interest in fiscal discipline as a result. Whatever is done about climate change, I guarantee you, it will not be crazy national efforts to build eco-ziggurats.

Comrade Byzantine_Ruins Sun Mar 29 07:18:12 2009 CDT #

Jay D. says:

........... JPMorgan Jamie Dimon said March has been "a little rough"...............

http://www.cnbc.com/id/29921182/for/cnbc/

Jay D. Sun Mar 29 07:25:18 2009 CDT #

Pavel says:

Gardez-vous:

http://news.bbc.co.uk/2/hi/americas/7970471.stm

Pavel Sun Mar 29 07:30:57 2009 CDT #

volker the viking says:

From 1999:

http://www.gold-eagle.com/editorials_99/mbutler120299e.html

Here the authors offer possibilities for us. A ten year old document that resonates still. Of particular interest would be #2 Debt and what it would mean for us.

There are other sections of this, and much more reading to be had. But, nobody with any sense can discard without consideration the path of 12,000 years of economic history.

The authors are quite pessimistic as to the length and severity of this wave. A good read nonetheless.

volker the viking Sun Mar 29 07:50:43 2009 CDT #

Mean Flurry Kitten says:

Kittens also piss on your American flag nowadays. Just buy one and see it for yourself! USA is going down. You dogs!

The flag looks like some icky-smelling oversugared candy wrapper anyway, too many stars and too many stripes.

Mean Flurry Kitten Sun Mar 29 08:02:32 2009 CDT #

CRbot says:

The Latest from Ritholz:

PPIP: Heads or Tails?

CRbot Sun Mar 29 08:08:35 2009 CDT #

Comrade Byzantine_Ruins says:

JPMorgan Jamie Dimon said March has been "a little rough"

You mean the fake leaked memo was manipulation? WHOCOODANODE!

Comrade Byzantine_Ruins Sun Mar 29 08:31:45 2009 CDT #

Fried says:

As the UK withdraws, can Pax Americana be far behind?

"As MPs debated Iraq last week, three government departments slipped out a short joint statement to Parliament. Buried in it was the news that Britain is cutting its role in world peacekeeping and will be "unable to sustain funding levels to all regions".

The UK will withdraw from the UN mission to Kosovo, reduce activity in the Balkans, shift resources from west Africa and scrap programmes in Latin America."

from the Guardian, this am.

Fried Sun Mar 29 08:32:15 2009 CDT #

volker the viking says:

looming is the G20 meeting and already Germany is opting out of cooperation with US policies

big non-event

shift toward the edge of the abyss

volker the viking Sun Mar 29 08:41:33 2009 CDT #

JustObserving says:

In other news, the United States ranks 36th in the world in press freedom per Reporters with Borders. Record spending will be unguarded by press watchdogs.

http://www.rsf.org/article.php3?id_article=29031

JustObserving Sun Mar 29 08:46:29 2009 CDT #

volker the viking says:

falling through what?

http://www.vagenisonline.com/flash/fallingbody.html

volker the viking Sun Mar 29 08:53:18 2009 CDT #

DawnD says:

Food for thought for advocates of the "cooling" theory: if global warming discussed in the politically acceptable term "climate change" were not a real threat, would the insurance industry spend any time or money on the topic?

Wisdom of markets?

<a href="http://www.naic.org/committees_ex_climate.htm">National Association of Insurance Commissioners Climate Change and Global Warming (EX) Task Force Executive (EX) Committee</a>

<a href=http://econpapers.repec.org/article/palgpprii/v_3a33_3ay_3a2008_3ai_3a1_3ap_3a140-146.htm>The Geneva Papers on Risk and Insurance - Issues and Practice, Climate Change: Impacts on Insurers and How They Can Help With Adaptation and Mitigation</a>
Abstract linked above:
<blockquote>Climate change is already affecting the global insurance industry. These changes are often seen as being negative, although opportunities also exist. Other areas of insurance coverage may also be affected in addition to property damage. The potential for third-party liability claims from climate change is less well understood but has even greater potential to affect the industry. Financial assets held to meet claims and provide a capital buffer may also be affected. Therefore the balance sheet of an insurer may be damaged from all sides. Insurers cannot force policyholders to mitigate CO2 emissions, but they can give them a choice and a number of them are already offering such policies. They can also take steps to reduce their own carbon emissions. Insurance is adaptation; there are a surprisingly large number of small to medium companies that do not have catastrophe cover, so increasing insurance penetration of these markets would be an adaptive measure. Insurers will continue to lobby governments for appropriate weather defences to keep areas insurable for as long as possible. Non-traditional forms of insurance are available (such as those based on weather indices with parametric triggers) and it may be possible to continue to offer these for longer than traditional insurance. They do bring basics risk with them, and therefore possibly reputational risk to the industry. Insurers can only pool risk; we cannot insure our way out of this problem, but we can help to spread the impacts where possible.</blockquote>

DawnD Sun Mar 29 08:56:30 2009 CDT #

Rob Dawg says:

DawnD,
Your quote answers your own question. "Insurers can only pool risk; we cannot insure our way out of this problem, but we can help to spread the impacts where possible." This is the only agenda of the warmists; global redistribution of wealth. Insurers have worried about the weather for as long as there has been insurance. It's their job.

Rob Dawg Sun Mar 29 09:02:33 2009 CDT #

Morocco Bama says:

Obama and his Admin don't like to use the acronym TARP. For now on, refer to it as MANNA.

Morocco Bama Sun Mar 29 09:03:06 2009 CDT #

Rob Dawg says:

The banana republic formerly known as the USA shall henceforth be known as Bankanistan.

Rob Dawg Sun Mar 29 09:08:18 2009 CDT #

Counterpointer says:

In Tarperica, the banksters pwn you!

C

Parent Post

Counterpointer Sun Mar 29 09:26:37 2009 CDT #

Rob Dawg says:

In Tarperica, the banksters pwn you!

Financial quagmire, military quagmire. Same difference.

Parent Post

Rob Dawg Sun Mar 29 09:42:55 2009 CDT #

duke of con dao says:

thanks for the link to MEP Hannan speech! what a devastating broadside...

question for EHP, et al... in the speech he mentions 20,000 pound streling debt for every person in England... curious, since Keynes is knocked about these days, acc. to his bio he told Churchill early on that England would be bankrupt after the war..
Does anyone know what the war costs were per capita in GB? normalized in today's dollars...

also, just noticed an article in the Times about Spain's prosecutor Garzon starting to make an inquiry into torture at Gitmo, names 6 former admin officials...

small world, he helped out a director I know, Tom Kalin on his last film Savage Grace part of which was shot in Spain... it was a very nice gesture...

OT/ off

duke of con dao Sun Mar 29 09:09:45 2009 CDT #

REBear says:

Local Totyota dealer tells me
-upgrade offer on my 97 Camry [buyback at $2K over kelly book fair value]
- 0% financing for new cars
- preowned puchase - Free liftime brakes, tires, and alignment

REBear Sun Mar 29 09:12:20 2009 CDT #

Morocco Bama says:

Oh, in case you haven't heard, in keeping with the Obama Admin's afront to convention, Janet Neopolitan Icecream will annouce this week that as part of a major homeland security initiative, if you wear underwear, it will now be a requirement it be worn on the outside in order to deter the recent influx of concealed skid marks.

Morocco Bama Sun Mar 29 09:12:38 2009 CDT #

Morocco Bama says:

What good is Free Lifetime anything when they will be out of business in a year....or two, maybe sooner?

Morocco Bama Sun Mar 29 09:14:37 2009 CDT #

sportsfan says:

I see there was another lighthearted discussion of the End of Western Civilization. So . . . how long until the asteroid hits?

sportsfan Sun Mar 29 09:27:19 2009 CDT #

Counterpointer says:

sportsfan - next time the long bond goes to market...

C

Parent Post

Counterpointer Sun Mar 29 09:38:05 2009 CDT #

Comrade Byzantine_Ruins says:

how long until the asteroid hits?

Judging by the jockeying ahead of the G-20 meeting and the increasing evidence that some people know better than to try to spend their way out of a debt crisis, Genovah will be here more soon than later. Check back say, later this week?

Parent Post

Comrade Byzantine_Ruins Sun Mar 29 09:38:18 2009 CDT #

Rob Dawg says:

What gets me is there's this chain gang of 20 prisoners standing on the precipice telling the big guy at the front to jump.

Parent Post

Rob Dawg Sun Mar 29 09:40:43 2009 CDT #

Werner says:

longwaver says:
...“No worries.. We can print more $$!! ...
---------
Nope, it's only worthless paper.
I wunder how long the oil-sheiks will give you any oil for that multicolored paper . Soon we will know. Haha.

Werner Sun Mar 29 09:32:25 2009 CDT #

REBear says:

if not for you gold horders, i would have bought a car today. ;)

REBear Sun Mar 29 09:32:54 2009 CDT #

Tom Stone says:

Anyone looking for Books by any author should check out ABE books online.This is the American Booksellers Exchange,A group of Independent booksellers.WARNING,addcitive!

Tom Stone Sun Mar 29 09:33:26 2009 CDT #

Anonymous says:

So we are weaving the "history" of how America got screwed here. There will have to be acceptable story, myth, narrative, to explain to ourselves, our kids, anyone who will listen, the "truth" about the great collapse.

I don't hear anyone saying it was my fault. I was just a lazy ass, resource gobbling, peice of crap, who didn't mind child slave labor in faraway places so I could wear an affordable polo shirt with a label.

Anonymous Sun Mar 29 09:40:10 2009 CDT #

Morocco Bama says:

Rob, they're not prisoners, except of their own device. They can check out any time they like, but they may never leave.

Morocco Bama Sun Mar 29 09:44:47 2009 CDT #

sportsfan says:

Wow, that's one speedy asteroid.

Should be an interesting week.

sportsfan Sun Mar 29 09:47:38 2009 CDT #

Counterpointer says:

sportsfan - should be even more interesting when the 10-year note and TIPS settle on April 15.

C

Parent Post

Counterpointer Sun Mar 29 10:00:57 2009 CDT #

Comrade Byzantine_Ruins says:

I don't hear anyone saying it was my fault. I was just a lazy ass, resource gobbling, peice of crap, who didn't mind child slave labor in faraway places so I could wear an affordable polo shirt with a label.

Blame the rape victim, she led the bankster along.

Comrade Byzantine_Ruins Sun Mar 29 09:53:04 2009 CDT #

Morocco Bama says:

The media certainly seems to be hyping the Mexican Drug Cartel issue as of late. There's definately an agenda at play, and a psychological prepping taking place. Of course, they've done the same with Iran and to no avail.....yet. The MSM is increasingly a Rorschach Test, and we are but mere psychological subjects, responding unwittingly.

Morocco Bama Sun Mar 29 09:53:40 2009 CDT #

Morocco Bama says:

Word has it, the Obama Admin will rquest the scientific community to rename all asteroids Jehovah in an effort to engender the 2nd Coming.

Morocco Bama Sun Mar 29 09:56:26 2009 CDT #

Mean Flurry Kitten says:

Kittens are voting FOR Asteroid! We'll be all right, all homeless and desperate people LOVE cute little kittens.

Mean Flurry Kitten Sun Mar 29 10:01:31 2009 CDT #

sportsfan says:

Counterpointer, thanks, that's an easy date to remember.

sportsfan Sun Mar 29 10:05:25 2009 CDT #

duke of con dao says:

OT/ I just reviewed my YouTube video on Tom Kalin and he tells how Baltasar Garzon helped his music composer get back into Spain - a visa problem. He wanted to give the judge a credit in the movie but due to its outre nature the judges people declined.

Garzon is currently preparing a case against Alberto Gonzales, Doug Feith, and 4 others for alledged torture at Gitmo. See today's Times...

OT/ off

duke of con dao Sun Mar 29 10:05:59 2009 CDT #

Anonymous says:

U.S. Treasury Secretary Timothy Geithner on NBC television's "Meet the Press":
* Says U.S. can make it "compelling and economic" for banks to sell their toxic assets under the government's new program.
* Says Americans will be living more within their means after the financial crisis.
http://www.iii.co.uk/news/?type=afxnews&articleid=7242683&action=article

That last quote had something to do with being impoverished under a mountain of government debt me thinks.

Anonymous Sun Mar 29 10:06:05 2009 CDT #

Mean Flurry Kitten says:

Nice font you got there...how is the eastern front holding up, General Steiner?

Parent Post

Mean Flurry Kitten Sun Mar 29 10:09:43 2009 CDT #

CRbot says:

New Thread: Washington State Banks Under Stress
http://www.calculatedriskblog.com/2009/03/washington-state-banks-under-stress.html ( 2 comments )

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 Sun Mar 29 10:13:48 2009 CDT #

Paradigm Lost says:

Watch the thermohalene ocean conveyer. So far only small changes have been noted. If that switches off, it could be our black swan. Paleogeologists are now saying that the climate could switch in 8-10 years. Ice core samples have shown that it's happened in the past. Fresh water from melted glaciers is changing the salinity of the oceans and it's happening faster than the models predicted (of course.) If we have our own little ice age or if the coastal areas are inundated, it will change the world as we know it. Both will change the climate in the areas that grow food.

http://www.whoi.edu/page.do?pid=12455&tid=282&cid=9986

Paradigm Lost Sun Mar 29 10:14:05 2009 CDT #

Comrade Byzantine_Ruins says:

Wow, that's one speedy asteroid.

Lucifer's Inverted Hammer. =)

I wouldn't try to time it, but if all the major players aren't going to pile onto the "print til u win" game, this could come to a VERY abrupt halt. The poster from last night is 100% correct, this is turning the Treasury into a hedge fund with a borrow short / lend long strategy. The short term Treasuries market is its ABCP market equivalent source of short term funds.

There's no reason that market hasn't frozen yet -- lord knows it should have some time ago -- except that it hasn't. Once it freezes, there will still be every reason in the world for it to be frozen and it's not like there's someone who can provide emergency liquidity for THAT.

This degree of policy dissonance going into this meeting is a bit of an eye rubber. It's very easy to politely agree to do nothing meaningful. It's their SOP. To go in courting differences is rather "not done" in Western foreign policy circles. The snowballing lack of nice nice is something new added to the mix.

Comrade Byzantine_Ruins Sun Mar 29 10:35:42 2009 CDT #

Counterpointer says:

Byz - good point. The outbreak of nasty is pretty serious. Especially as it involves fundamentals: we can borrow/print our way to salvation. No you fkn can't.

Hard to find a word fix around that.

C

Parent Post

Counterpointer Sun Mar 29 10:59:18 2009 CDT #

DawnD says:

Thanks for the reply, Rob Dawg. It was a rhetorical question. This question is not: do you believe that the only agenda of "the warmists" is the redistribution of wealth?

My point in posting the information from the insurance industry is that the issue is real and that “the coolists” are IMnsHO flat earthers. The "warmist" insurance industry wouldn’t waste resources on this issue if it was not expecting to see a return on its investment. That the industry is seeking to mitigate its losses and possibly profit sounds to me like a good business practice, not a redistribution of wealth.

DawnD Sun Mar 29 10:49:10 2009 CDT #

Anonymous says:

Question for someone smart:

"The U.S. Treasury Department estimates that it has about $134.5 billion left in its financial-rescue fund, which would mean that about 81% of the $700 billion program has been committed."

Is committed the same as distributed?

Just a ques.

Anonymous Sun Mar 29 11:17:05 2009 CDT #

burnside says:

Byz, I don't disagree with your points, and don't see I've proposed anything that runs counter to them. I think Obama will proceed with environmental initiatives. You think the economic circumstances will overtake the situation. I tend to agree.

The two ideas are incompatible. That doesn't preclude both happening.

burnside Sun Mar 29 12:10:37 2009 CDT #

Comments for "TARP Accounting"

END