Books. Bikes. Boomsticks.
"Hige sceal þe heardra, heorte þe cenre, mod sceal þe mare, þe ure mægen lytlað…"
It's like 1992 all over again...Remember, though, in 2000, when George Bush was repeatedly accused of "talking down" the economy? Yeah. It was a bad thing then...
The weather today in San Diego - NICE. Back to you, Joe.
Huh, what'd I miss?
“… but the radar is also picking up a squadron of Russian ICBM’s – so I wouldn’t sweat the thunderstorms!” - George Carlin
Here's a link to what I posted about it on my blog. I haven't seen the financial press pick up on it yet, but they're all so enthralled by math-geek mojo that it may take 'em a while to step back and see the elephant in the room.
Yeah, we're all going to die, eventually...... as for this thing bein' TEOTWAWKI, nope. Those who lend or borrow money for a living, or sell confidence in a company, whether or not the company actually PRODUCES anything, are going to have to make some real serious adjustments in their lives.... like maybe learn how to DO something useful......
Ya gotta love Wall Street. The Fed ponies up $85 BILLION to prevent a massive systemic shock that would have unknown consequences on the world financial markets.How does Wall Street celebrate? The DJIA drops 450 points.The next day those same traders awaken from their botched suicide attempts and see all these undervalued financial stocks out there. Result: the DJIA climbs 400 points.Blink. Blink.
Of course we are all going to die.No one gets out of this lifetime alive.
The reason the DJIA climbed was because the Govt announced it is going to buy all of the bad debt from the banks. There are no consequences to making bad decisions, as the government resorts to the printing press to fix things. I see the distant clouds of a storm called hyperinflation looming on the horizon.
The Fed is not actually creating more currency with these loans, they are just putting their hand further in the Treasury's pocket. The money already exists in the form of Treasury securities. The Treasury borrows from you and the Fed borrows from the Treasury in this situation.I'm more concerned about the junk assets (and even shares of stock!) that the Fed is accepting as collateral from these "banks." That and the increasing close relationship between Fed and Treasury. It's not supposed to work like that. Many are not aware of this, but the Federal Reserve is not an organ of the .gov. It's technically private and is supposed to be independent of both the exec and legislative branches. That independence is being compromised, IMO.
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