1 Doom in the morning,
Doom at night,
Doom in the afternoon's all right.

2 Hey man, no comments for me to slobber on.  I guess this thread is dead already.  You people need to pick up on your game. 

3 26 years in this business and I have never seen it this bad and uncertain- have you?

4 It's hard out there for a pimp.

5 All blogging is DOOM blogging now.

6 Acommunity organizer's love is different from that of a square's. 

7 45,000 Verizon Workers Go On Strike Over Contract
Damn Monty, you're good!

Right now I'm sitting on Strawberry Square in the near-bankrupt capital of Harrisburg, PA.  As I came in this morning by Greyhound Bus, driven by "the nicest driver Greyhound has to offer, although not the best"  (this driver's shtick was hilarious even at 3 in the morning ), I saw a line of red-clad Verizon workers circling the block.  CWA peoples.  Their chant was...uncreative.

"What do we want?!" asked the head honcho though his bullhorn.

"A contract!" the line of CWA workers yelled back, albeit half-heartedly.

"When do we want it?!?"

"Now!"

Like I said, uncreative and childish to boot. 

This little march of petulance isn't helping your case, jackasses.  Neither does the lame-o "corporate greed" signs.

8 (I filed this under "A pimp's work is never done", and cross-referenced it in "Keeping my pimp-hand strong." If you let those situations get out of control, you might as well just give up your corner and start selling insurance door to door.)
Gee willikers, gotta keep an eye on your bottom bitch. Do you know what I am saying?

9 Monty--
In my humble opinion, the Pied Piper seems awfully calm about this downgrade and meanwhile China is screaming that the dollar is done. Do you have an opinion that this might be a purposeful  move to do just that in order to move toward "global governing and money systems"? I'm telling you, every time I see someone spending an ungodly amount of money on something that I consider non-essential, I cringe to think that they are not paying attention. Don't get me wrong, I am not a tightwad or jealous of people who have and can spend...it just makes me uneasy that ignorance appears to be bliss.

10 The Steyn piece served quite well as a DOOM offering yesterday. His new book is out, and he thinks Monty is an incurable optimist. The jacket cover has Uncle Sam on a morgue slab with a toe tag.
 
Oh and Andy did a fine job depressing us while you were shaking off the last of the DTs.

11 our future selves (or our children) will be smarter, kinder, more prudent, and more willing to pay down debt than we are ourselves

Or they'll be willing to void all outstanding US treasuries and let the chips fall where they may. 'Why should we be paying for this crap,' and all that. Of course, that still means paying for it, just in a different way.

12

Just when I think they can't top themselves:

Obama Administration will issue waivers (what could go wrong?) to school systems for testing under NCLB.  Link is at Drudge.

Can't demonstrate the teachers unions SUCK, now can we?

 

13 Obama was not a professor. From what I've gleaned, he was a adjunct lecturer (surprise), who also was habitually late for classes or didn't show up at all (surprise, again).

14

I hate these idiots.  I really do.  But I hate the people who let them get away with this stupid shit.  It's just insane.

By all means, let's blame S&P.  Really, progress?  That's a new low even for your limited analytical abilities.  The very last actors in the roll call of incomptence in this disaster (yeah, they stunk the place up in the subprime stupidity) are the ratings agencies.   

15 My friends all say if I just filter the economy, catnip and squeaky-toy rates will remain favorable.

Link.

16

Obama was not a professor. From what I've gleaned, he was a adjunct lecturer (surprise), who also was habitually late for classes or didn't show up at all (surprise, again).

Old habits must die hard.  He's an adjunct President who is habitually late or doesn't show up at all.

17

Being smart is no guarantee against being dead wrong.

I would argue that it's a guarantee that you will be dead wrong.  Theory is so lovely and beautiful and pristine and pure and reality is analog and messy and mucks up the theory.  Obviously, the answer is that reality is wrong. 

18 Why am I having trouble feeling sorry for those "super-debtors"? Oh, it's probably because many of them are idjits. That one girl? Nearly $200K to go to NYU film school? Let me help - my brother did that - he's a 39 year old bartender now - and he DID make films after school - that girl! is quite the gambler! Filmmaking involves a lot of self-motivation, wrangling favors and friends, doing HELLSA work yourself for no money for a long time just to get a film made. It's about a zillion times harder than self-motivating to be a painter or sculptor.

19 S&P felt enough courage to do the most mind-numbingly stupid thing in the world, declare a yardstick to be only 34.72"

progressoverpeace, I get that you're angry/scared, but come on. S&P only acknowledged that the yardstick has been thrown away and we're back to defining a foot as the length of the king's, er, foot. And our king is "short."

the basis of the global financial system - the US dollar.

Today's US federal government, therefore the dollar, and therefore the global financial system are all unsustainable lies. The sooner this is understood, the sooner plans reflecting reality can be made (no SS, no free health care in any meaningful way, etc.)

20 Doom Doom Doom

Not content with giving President Obama the singular distinction of being the very first President of the United States to oversee a downgrade of our sovereign debt..

LOL, the best comment on that comes from Business Inside quoting Michelle Bachmann:

The AAA rating survived WWI, the Great Depression, and WWII but not Obama.

21 Obviously, the answer is that reality is wrong. 

I agree.

22 When I read the DOOM! I feel cold. So very, very cold.

From the Verizon article --

Verizon, the nation's largest wireless carrier, has 196,000 workers; 135,000 are non-union.
The company said union employees contribute nothing to their health care premiums.
One has to wonder if the non-union workers have to contribute to their plan.

Oh and that was of course rhetorical.

23 I'm thinking that this must the #sarc thread since everyone has failed to mentioned how, for decades, the Tea Party has been secretly plotting to force congress to dig a huge debt hole so that they could finally surface from their secrecy to sell themselves as the heroes of the day.  Fortunately for us, the left was onto their tricks.  Oh no,  they could pull the wool over the intrepid left, who feigned falling for the sinister trap by cunningly spending and printing fiat money until the country was on the verge of implosion, only to spring into action at the last minute and unmask the evil Tea Party as the villains they truly are.  Intrepid.  Did I mention intrepid? 

24 WI flirts with beginning the return to socialism

A majority of those seats are winnable but it appears they will need high turnout to win against the union machine. I cannot understand why Walker and co.'s reforms do not seem to be more appreciated by the populace but it is Wisconsin. If they want to undo all progress made, that's their problem.

25

Posted by: alexthechick at August 08, 2011 08:55 AM (VtjlW)

alex, that comes across as snark (a little) but I have actually sat in college classrooms and heard exactly that line of BS - all dressed up in academic-ese of course.

I'm sure you have too.

When reality confronts theory, reality wins.  Then liberals throw hissy fits. 

26 By all means, let's blame S&P.  Really, progress?  That's a new low even for your limited analytical abilities.  The very last actors in the roll call of incomptence in this disaster (yeah, they stunk the place up in the subprime stupidity) are the ratings agencies.  

This has been a long time coming, and S&P are probably still being generous as to our actual credit rating.  The "Grand Bargain" made one thing clear - there is no plan to pay back any of the debt we are accruing.

27 "You'd probably do just as well by having a monkey pick stocks at random."

We also do Shakespeare.

28 I hear Ramon Noodles last for a very long time in storage.  Is this true?

29 It has been hard to watch and live through. Second time I saw Obama, I got it. Cheap words, empty-catch phrases. I caught Michelle behind the curtain while Barry was on stage. She was literary, silently mouthing his speech for him. You saw the relief when he made it through (beyond the stuttering episodes) . You could see it, she was thinking, "He didn't fuck up, wow." Big smile.

30 The AAA rating survived WWI, the Great Depression, and WWII but not Obama.the Tea Party.

31

I hear Ramon Noodles last for a very long time in storage.  Is this true?

Get a case of MREs over at Amazon.

More variety.

No, "MRE" does not mean "Meal, Ready for Excretion" or "Meal, Rejected by Everybody."  Although, "Meal, Ready to Eat" clearly fails the truth in advertising test.

32 College professors tend to be Liberal because they believe that Capitalism must be an evil system since they are cruelly under paid; surely if it were fair they must be terribly valuable. No, they are paid what they are worth - which is not very much.

Of course if their far left wing ideology were to ever triumph they would be shocked to discover that the intelligentsia are the very first to be lined up against the wall and shot in a people's paradise. Cloward and Piven think they will be given Heroes of Communist Victory  awards like John Kerry got from the Vietnamese. No, what Cloward and Piven will get is to be members of the Raid Team; a couple of dead roaches to be swept out with the rest of the refuse of history.

I wonder if Bill Ayers is aware that he and his wife will be among 25,000,000 they predicted would have to be killed in the US to pave the way for the dictatorship of the Proletariat? The one thing Communists have no use for is people who make them look dumb.

33 Frankly, I think S&P is doing this with the urging of The EmptySuit.

The core issue with this whole downgrade issue is that government does not get one tiny increment smaller, even from Obama's massive expansion of it.

34 Anybody caught tasting their own tears will be prosecuted to the fullest extent of the law.

35

... Well, twenty years ago, we all thought the same thing of our future selves, and look what happened -- we turned out to be a bunch of spendthrift assholes.

 

Myself, I come here for the poetry.

36 @ progressoverpeace, That France's debt is overrated is a defensible argument. That doesn't mean that the US didn't deserve a downgrade. It's been long overdue. Pointing to France's herpes does nothing to relieve the burning from own own gonorrhea. Also: Interest rates. We've been overdue for an interest rate hike for a long time. The Fed has been keeping rates and reserve requirements artificially low for a long time, because their only idea is to shovel money, which is what got us into this mess. Cheap money is stupid money. But nobody wants to do anything that might be seen as "slowing down" this rolling juggernaut of a powder keg of a recovery. Because eveyone seems to think that our debt problem can be solved without a massive and painful correction. Everyone is wrong. It's coming.

37

Posted by: pretty much every philosopher, ever at August 08, 2011 08:57 AM (sOXQX)

Yup, pretty much.  I have a background in philosophy and happily admit that I would far rather live in the pretty worlds in my head (if for no other reason that in those worlds I am six feet tall and bear a more than passing resemblance to the perfect combination of Milla Jovovich and Christina Hendricks) but I also happily admit that when reality bitchslaps theory, it's the theory that has to give.  Philosophy is to attempt to explain reality, not supplant it.  Reality is a stone cold bitch and will always, always win.

One of the most frustrating things about this entire debt psychodrama is that I've been told by the MFM since I was 18 years old or so that Something Must Be Done as there Will Be A Crisis in the next 20/25/30 years.  Well, that time's up.  Nothing's been done.  The crisis is here.  Yet somehow I'm the one who is the racist teabagging terrorist for pointing out that the rum's gone.  I am displeased by this.

 

 

38

Posted by: East Coast Nanny Cop at August 08, 2011 09:04 AM (/ZZCn)

Are you sure?  It's my only source of sustainable water.  It's green!  It's renewable!  It's pH balanced!

Not buying that? 

Hi, I'm from GE, can I get a waiver?

39 No sarcasm.  Seriously.

People on the right keep banging the drum for Geitner to be forced to resign.  I don't understand this at all.  I should be clear by now that the job of President is so far beyond Obama's capabilities that it would be laughable if it weren't so devastating sad for this country, that he, Obama, should be the one who should be forced to resign.   I say this because it isn't just the U.S. that is teetering on the brink, but much of the rest of the world.  The world needs competence in the White House and Barry is not up to the job - period.

40

It's been long overdue. Pointing to France's herpes does nothing to relieve the burning from own own gonorrhea.

You have quite a way with words, Jeff.

41

There's downgrades and then there's downgrades. From AAA to AA+, that's a warning, a notice that you need to get your house in order. DeLong speaks as if the downgrade was to BBB. So while a downgrade and a 2 1/2% ten-year would seem at a glance to be incongruous, they sure aren't by definition.

Besides, markets trade on supply-and-demand, all upon expectations. The ratings are usually trailing indicators of what the markets already knew.

42

S&P Seen Surrendering to Tea Party Costing U.S. Taxpayer

(Bloomberg) Standard & PoorÂ’s, the rating company that downgraded the debt of the United States to AA+ from AAA for the first time, now finds itself assailed by investors led by billionaire Warren Buffett for making a political decision that has more to do with Tea Party politics than the financial stability of the U.S.

 

It's all Bush's the TEA Party's fault. Yes comrades, we have a new talking point. Let's beat it to death. And fuck Warren Buffett and Jimmy Buffett for that matter with a rusty goal post.

 

43

Yes, its all the Republicans fault. Who can forget this famous speech by Bwaney Fwank

44 That's a good point Cramer just made, surprising it came from cramer.  He basically said "there is a break the hedge fund wacaole game going on behind the scenes".

Monty, did you catch Sylvia Wadwa on Squawak box this morning.  I love Sylvia, she calls it as she sees it, teh female art cashin.  "Oh jean claude, jean claude I know you don't do quantitative easing but jean claude it sure looks like that's where your going even if you aren't saying"

45 Ya know I think the Yankees lost last night to Boston for one reason: The Tea Party, yeah that's the ticket, the Tea Party

46

if for no other reason that in those worlds I am six feet tall and bear a more than passing resemblance to the perfect combination of Milla Jovovich and Christina Hendricks)

We were sort of hoping you bore more than a passing resemblance to Scarlett Johansson and Megan Fox.  But hey, we're morons, we'll take what we get.

47 yes, it's too bad that the tea party had to point out to the administration that there was no more money to throw around.....and it's too bad that the rino's and libs decided to pass this piece of shit debt deal that actually didn't do anything to stop, stall or slow our economic downfall......

48 OMG!

49 I hear Ramen Noodles last for a very long time in storage.  Is this true?

They do. Make sure to store them in a larger sealed containers as the plastic package the noodles are in may deteriorate with age, and to keep mice and weevils out. Also, other foods that will last: Fancy Lads snack cakes, Yum Yum deviled eggs, or Dandy Boy apples.

50

The only reason we're still (barely) afloat right now is that the rest of the world is even more screwed than we are. 

That's a debatable proposition, but it seems to be the perception across both oceans.

51

alex, that comes across as snark (a little) but I have actually sat in college classrooms and heard exactly that line of BS - all dressed up in academic-ese of course.

I'm sure you have too.

Heard it, hell, I've spouted it.  A few years back I was a lecturer in a paralegal program for a local university and was teaching legal research.  I took my class through one of the major cases (can't sleep Lemon test will eat me) and when I got done going through the theory I looked at them and said "now let me tell you what happens when this attempts to be implemented in the real world".   One of my students replied "but but that's the opposite of what you said it should be".  Me "Yup.  Actual human beings do not react in perfectly theoretical ways."  Life is analog and messy and any theory that doesn't understand that is utter crap.  Mainly because it's not Scottish.

I wish people would react in perfectly theoretical ways.  It would be so much easier to implement Alextopia. 

52 "...now finds itself assailed by investors led by billionaire Warren Buffett"

He's a millionaire or billionaire, right? A corporate jet, right? Fuck him. He asked for Owebamaa+. Now he gets him. Good and hard.

Schadenbonerrific news that Buffet's getting a haircut... and so late in the game he won't get to see his losses rebuild.

53 Also, other foods that will last: Fancy Lads snack cakes, Yum Yum deviled eggs, or Dandy Boy apples.

Stay away from those radscorpion glands, though. They give you heartburn wicked haaaahd.

54

I wish people would react in perfectly theoretical ways.  It would be so much easier to implement Alextopia. 

When the collapse comes you'll have your shot to start from zero.

Don't screw it up.

55 I wish people would react in perfectly theoretical ways.  It would be so much easier to implement Alextopia.

Bring me to Alextopia and I will be your Huckleberry.

56 anonymous amazingly the libs think someone making 250k a year is in the same class as a millionalre/billionaire.....

57 If that were true, then they'd have taken down all of the other "AAA" sovereigns, first. 

I'm not sure the sequencing matters. I get the sense that downgrading everyone else is on their to-do list. Maybe not the Germans (I neither know nor care what they're rated right now) as everyone seems to think they're going to keep the EU afloat by themselves (they sound like they'll refuse), but certainly France and the others are on the chopping block.

Besides, investing in governments is a fool's errand anyway. folks who invest should be investing in businesses that actually do something useful.

58 phoenixgirl@60,

Yeah, they suck at math and logic but excel at pixie dust and rainbow glitter.

59 Dow futures down 260

60 Posted by: alexthechick at August 08, 2011 09:05 AM (VtjlW) I met a dad at my son's soccer game this weekend who is currently pursuing a Ph.D. In philosophy. As I was leaving, it struck me that I have never seen a job listing for "philosopher." This dude has two kids - WTF is he thinking?

61 57 What are you doing here in Harrisburg, Kratos?

It is merely a stop on the way home-home.  I was at a conference this weekend and decided to do the trip on the cheap, hence the multiple use of Greyhound buses.

62 So President Mulligan had time for golf this weekend but couldn't muster a word about the downgrade and has two fundraising events tonight?

Does the man have no shame? Again, rhetorical.

I read somewhere last week the total times he's attended these events as compared to Bush. It was off-the-charts. I wish I could find that figure again.

63 EoJ: "This dude has two kids - WTF is he thinking?"

I think, therefore I am. I think I'll be employable, therefore, I'll have a job.

64

The democrat's crowning accomplishment:  Meaningless. Rhetoric.

"We democrats are gonna bend the cost curve".

WHT does that mean? Oh yes - No budget, welfare for everyone and higher taxes and prices for everything. + death to the private sector.

65 I read somewhere last week the total times he's attended these events as compared to Bush. It was off-the-charts. I wish I could find that figure again.

Posted by: laceyunderalls at August 08, 2011 09:21 AM (pLTLS)

Lacey, is this it....looks like Obama has had 10 times the number of fundraisers as Bush.

http://tinyurl.com/6fyqzp6

66 Trouble, oh we got trouble,
Right here in River City!
With a capital "T"
That rhymes with "P"
And that stands for Pool,
That stands for pool.
We've surely got trouble!
Right here in River City,
Right here!
Gotta figger out a way
To keep the young ones moral after school!
Trouble, trouble, trouble, trouble, trouble...

67 I met a dad at my son's soccer game this weekend who is currently pursuing a Ph.D. In philosophy. As I was leaving, it struck me that I have never seen a job listing for "philosopher."

And just to give you another kick to the nads, you're probably paying for this guy's education somehow.

btw, is soccer going to be the preferred sport for The Master Race?

68

@64--Tenure.  The only job that requires a philosophy PhD is a a philosophy professor.  That being said, a philosophy degree is actually one of the more useful ones, because it means (in theory, at least) that one has mastered critical analysis and thinking, and thus is better suited to most jobs than many people who have degrees in that field because they can actually reason through things instead of just parrotting the textbook answer.*

*Potential conflict of interest/anecdote does not data--one of my degrees is a bachelor's in philosophy, it's served me well.

69 btw, is soccer going to be the preferred sport for The Master Race?

Posted by: Kratos (Ghost of Sparta) at August 08, 2011 09:24 AM (u1ltn)

Oh gawd, I hope not....the Master Race will die of boredom.

70

As I was leaving, it struck me that I have never seen a job listing for "philosopher."

Of course you have, what do you think barrista means?

71 Worked the night shift, and ready for bed. I'll watch the DOOM on Fox News until I fall asleep. Here we go...

72 As I was leaving, it struck me that I have never seen a job listing for "philosopher."

Sure there are. But mostly, the jobs are posted under a synonym for "philosopher": "car wash attendant".

73 Dow futures down 300 points.

74 my kids are facing their own doom....school begins today!!!!!! time for me to make lunches .......

75 Opening bell just rang and it's down 110. 

76 the two banks about to kick the bucket are French SocGen and Italy's UniCredit.

77

Mel Brooks had it right in History of the World Part I.

The philosopher played by Mel Brooks goes into the Roman Vnemployment Office. He tells Bea Arthur he's a philosopher.

BA: So, you're a bullshit artist.

MB: Yes.

BA: Did you bullshit this week?

MB: No.

BA: Did you try to bullshit this week?

MB: Yes.

78 Dow opens 200 points down.

79

Crash - day two.

 

You can take comfort in the fact that my stock predictions are wrong 100% of the time.

80 @ 66; it's something like 47 fundraisers for the JEF to Bush's 7 to Clinton's 1 by this point in their presidency.

81 WTF....Stuart Varney has Gretchen Carlson on?!  There were no boxes of rocks available?

82 Why isn't James A. Johnson, former CEO of Fannie Mae, Democratic Party insider, and con artist par excellence sitting in front of a jury of his peers American taxpayers for leading Fannie and the U.S. economy into disaster while pocketing millions of dollars and filling the coffers of his political allies (BHO for example) with campaign contributions bribe money?  This blood-sucking leech did far worse than any 19th century railroad tycoon involved in the Credit Mobilier scandal.  If Johnson and his cronies were actually brought to justice - perhaps under RICO statutes - the dominoes might just begin to fall. 

If you haven't read Gretchen Morgenson's book about the collapse of Fannie Mae, Reckless Endangerment, do so.  Just make sure you have refilled your blood pressure meds beforehand.

83 Anyway, would be nice if some GOP scamp would have the audacity to make an offhand comment that the only thing the JEF has more time for than golf is fundraising. One can only hope.

84 btw, is soccer going to be the preferred sport for The Master Race? Fuck. NO. After watching this shit for a few weeks, I've learned that in soccer, lots of thing almost happen. Not as in "almost scored." Back that shit up a few steps. As in "almost got in a position to maybe have a chance to perhaps take a shot at the goal-". Nope. Didn't happen. Although watching kids play is a lot better than watching the pros. The kids don't spend as much time rolling around clutching a knee and crying like a giant pussy for three minutes. And then getting back up and trotting off without a limp. Hockey starts back up in a few weeks. Thank God.

85 Not as in "almost scored." Back that shit up a few steps. As in "almost got in a position to maybe have a chance to perhaps take a shot at the goal-".

And then, when the game lumbers towards the inevitable tie, everyone decides that soccer has failed them and they play a completely different game to decide who wins, a game called "shootout".

Yeah, I know hockey has kind of the same thing, but at least you get real honest-to-God fights in hockey.

86

my kids are facing their own doom....school begins today!!!!!!

Today?  Wow that's really early.

87 Today?  Wow that's really early.

Gotta get an early start on those global warming induced snow days.

88 After watching this shit for a few weeks, I've learned that in soccer, lots of thing almost happen.

Now that is a pithy summary.

Also, with kids, you can sort of understand when, after they finally get in position to take a shot, they boot the ball thirty feet over the net. When the kajillionaire "pros" do it, time and again, it's a little less understandable.

89 64 Philosophy is good for finding shit to think about to keep your mind off the fact youu are poor and starving.

90 Went to a kids soccer game once. The parents screaming from the sidelines (constant x20) words of encouragement/critique made it my last. I was wishing, hoping for the Taliban to come with stick in hand and start lashing them. But it didn't happen.

91 64  This dude has two kids - WTF is he thinking?

Tenure?

92 @Monty, You also get: - more shots on goal - everyone moves faster - collisions aplenty, from which the kids pop right back up - you're inside sitting next to a giant block of ice, not outside being roasted beneath the magnifying glass of a malevolent god.

93

I think Obama is doing a great job as President. Not much has changed in Vermont, so he must be doing just as well as the jackass Bush or better !

94 Philosophy is good for finding shit to think about to keep your mind off the fact youu are poor and starving.

Relevant.

95 markets down? let the boning commence!

96 Last night the red eye radio guy had Peter schiff on.  Schiff made a very good point, he said he ran for office cause he felt he could do something good, could help fix things but that he wouldn't want to stay, he'd just want to fix things and go home.  I think the dems/republicans are both scared of people like that.  People who run businesses, know something and just want to help.  They don't seem to want those guys and their help.

97 Hey buddy, try this one:  "When in doubt, fake it."  - Pope Alexander VII

98 Well, that's all fine and good in reality, Monty, but how does it work in theory?

99

My own DOOM may be coming to an end soon, though I have said that before.  I am heading to DC today for a second interview, and I have two other very live prospects here where I live, one with a bank that is actually sound and growing, and another with a university.

On the flip side, I just had to take out a loan for my son to start college in a few weeks.  Was hoping I would have a job in time to go on a tuition payment plan, but I don't, and tuition is due today.  Hopefully this will be the only year we have to borrow.  He is majoring in commercial music and I do not want him coming out with a  pile of debt.

100 Looks like the "bargain hunters" on Friday just got fuckin' OVERRULED. All indices are falling like Rosie O'Donnell skydiving on a planet with 10 times Earth gravity.

101

#100, reminds me of Richard Riordan being mayor of L.A.  He did a pretty good job and then went home.  Both the Rs and Ds tried to get him to run for Governor but he wasn't interested. 

I am pretty excited about Ron Johnson getting elected to the Senate.  I hope we see more of him soon on the economy.  He knows what it takes to create jobs in this country.  He should be the GOP spokesman on the economy from now on as far as I am concerned.

102 Myself, I come here for the poetry. Posted by: Warthog at August 08, 2011 09:05 AM (WDySP) Massive debt and downgrade Bearing down like an onrushing freight train Lots of whiskey flowing

103   (It's worth remembering that Geithner was hired by George W. Bush, not Barack H. Obama.)

Geithner was confirmed in Jan 2009, how does that make him hired by GWB not BHO?

104 #104, there was a lot of chatter on Friday that the market was manipulated to get it back up before the end of the day and allow some big investors to get out on the uptick, before today's DOOM. 

105 Remember when the liberal brain-trust assured everyone that Fannie Mae was completely sound and would never need a taxpayer bailout?

I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing.

106 Anyone who's spent 12 years or more in Washington should be regarded as a failure.

107 rockmom:

Good luck to you! I have taken out my shriveled mojo hand, waved it over a disemboweled chicken*, and muttered the gris-gris to bring you good fortune. (Unfortunately the spell also causes canker sores. So: sorry in advance about that.)

*Well...it's a frozen chicken breast fillet. I didn't have a live chicken handy. But I'm sure that Baron Samedi won't mind.

108 The size of a government is tied to the tax rate. The higher the tax rate the fewer times a dollar circulates in private enterprise before it is taxed to effectively zero.

At the Regan tax rates a dollar changes hands about eight times before taxation has reduced it to being back in government hands. This implies that government spending is around one eighth of GDP.

At the democrats desired taxation level of 90% - Government spending would be about one third of GDP since money could only change hands three times before it was back in government hands - (first transaction dollar to a dime second transaction dime to a cent - third transaction taxes the cent to zero). Of course such an economy can barely function at all - which is in line with the Democrat's goal of destroying America as we know it.

If you are going to have a large GDP even the Reagan tax rates imply a large government. Even if you set the tax rates so that the money would circulate 100 times before it was taxed to zero a future 100 Trillion dollar GDP still implies a trillion in Government spending every year.

109

Geithner was president of the New York Fed before he was named Treasury Secretary.  The White House does not appoint presidents of the regional Feds, that is done by the banks themselves. 

BTW, my husband was a college fraternity brother of the current president of the Boston Fed.

110 Yeah, I know hockey has kind of the same thing, but at least you get real honest-to-God fights in hockey.

Posted by: Monty at August 08, 2011 09:40 AM (FC+dS)

Go check out the local Latino leagues if you're looking to see fights in addition to soccer.

111

 I am heading to DC today for a second interview, and I have two other very live prospects here where I live, one with a bank that is actually sound and growing, and another with a university.

I'll cross stuff and go sacrifice a goat for you.  I like to cover all the bases. 

112 rockmom - you might want to go thru those old photos - something might be worth something to somebody

113

Thanks alex!  The jobs are all really different and I don't know which one I want the most.  I really don't want to go back to DC, but that is where all the jobs are at the moment.  The bank job would be an hour-plus commute which would suck, but it's also a good job with a good company.  The university job would be the coolest job, (with possible free tuition for my daughter down the road) but I haven't talked salary with them yet and I fear it will be too low for me to turn down one of the others if I get the offers.

I've had 7 interviews since April and no offers yet, so I am trying not to get my hopes up too much about any of these.  But if none of them turns up, it will be panic time in my house. 

114

#116 - ha, he actually has some pretty funny ones. 

I used to work for a guy who had some compromising photos of John Kerry cavorting on a beach with some babes.  But he was a liberal and would never use them against Kerry.

115 S&P has really gone Rogue, haven't they?

116 I can see 11K from my porch.  -258.65 (-2.26%)

117 Just discovered this through a Bing search. Thought I would post a short comment and compliment you on your post.
I hold on to your body And feel each move you make Your voice is warm and tender A love that I could not forsake .. thanks for a great blog!

118 NYSE invokes Rule 48.

119 Dow off 300 points 11000 points is now in sight Preznit Idjit says "Fore!"

120 TurboTax Timmah sez "TIMMAH!!!"

121 Yeah, I know hockey has kind of the same thing, but at least you get real honest-to-God fights in hockey.

Fighting is a field where I am a certified expert (7th degree black belt).  The reason the refs let people fight in hockey is that the people are standing on ice skates which slip out from underneath them when they try to throw a punch. As a result they can't get much power into their punches compared to a person standing on dry ground. That is not to say that Hockey fights are a walk in the park, but they look a lot more violent than they actually are.

122

Rockmom:

Good luck! 

123 Wipe away all the smoke and this all means just one thing:

THE TEA PARTY HAS CHANGED THE CONVERSATION

The Tea Party isn't so much of a party as it is a movement.  It is the wind in the sails of the Republican Party which was adrift in the GREAT RINO SEA.

Does this mean the end of the USA?  Of course not, rather it's salvation.  Think about this.  Do we have fewer ASSETS in the USA than we had in 2007 (before all this started falling apart)?  No, we have MORE, we have just decided they are WORTH LESS.

The reason why things are worth less is that they are sitting still.  Stuff has value when it changes hands regularly because we always assume the next guy will pay more.  Economics is nothing more than a grand ponzi scheme looking for the last sucker willing to pay the highest price. 

When stuff doesn't move because people are uncertain of the future, then we consider those assets to be worth less.  We get nervous the next guy that comes along won't pay more than we did.  We then create risky artificial assets like derivatives to cover our risk of value lost.  The snake then begins eating his own tail as riskier and riskier behavior creates more and more uncertainty.  Loans made based upon previous asset values are no longer collateralized properly and the whole banking system comes crashing down.

So, what is the answer?  The answer is to create confidence and certainty about the future.  Once that is in place, assets begin to move again, the ponzi scheme is renewed and assets are valued higher and higher.

The problem is Obama.  He has created massive uncertainty with his tax policy, Obamacare and regulations.  He isn't seeing the light.  He won't change.  He needs to lose in 2012.

124 @ 125 So, add the history of hockey and physics, and most likely fighting, to the list of things about which you know fuck-all, yet continue to issue proclamations on. Please, do go on.

125 The problem is Obama.

And Boehner, and McConnell.

126 I think Obama is doing a great job as President. Not much has changed in Vermont, so he must be doing just as well as the jackass Bush or better !
Posted by: Jenny Cooper from Vermont at August 08, 2011 09:49 AM (48wze)

Glad you admit Vermont has nothing of value to subject to the obama change. Or perhaps your admitting that Vermont has no national presence?

127

I think Obama is doing a great job as President. Not much has changed in Vermont, so he must be doing just as well as the jackass Bush or better !
Posted by: Jenny Cooper from Vermont

 

Rolling around in maple syrup can have that effect. Now please explain why people, especially the youn, are leaving Vermont in droves. Its' population is falling.

I've been to Vermont. Pretty, and a nice place to be if you're retired or on the dole. For new businesses or people trying to keep dairy farms alive, not so much. It's like Greece with a shit load of pine trees.

128 Fannie and Freddie downgraded? S&P is on a roll!

129

We should be asking Kerry for the resolution number that he submitted January 22 2009 demanding that the 'Bush tax cuts' be recinded.

 

Until then he can fuck off.

130

I think Obama is doing a great job as President. Not much has changed in Vermont, so he must be doing just as well as the jackass Bush or better !
Posted by: Jenny Cooper from Vermont

 

Average Joe strikes again? Nah. can't be. It's missing an 'A' in 'average.

131 93 Philosophy is good for finding shit to think about to keep your mind off the fact youu are poor and starving.

Posted by: Mr Pink with nothing new to add. at August 08, 2011 09:43 AM (1VMYr)
_________

Would have been funnier with a Karl Marx sockpuppet.

132 So, add the history of hockey and physics, and most likely fighting, to the list of things about which you know fuck-all, yet continue to issue proclamations on.

I just posted a picture of my Judo Rokudan certificate to my gallery on DPreview where I post as Houston Bob.


Here is the url - it is the first picture in the gallery - blow it up and read what it says.

http://www.dpreview.com/galleries/8691945377

Note the time and date on the picture and the posting.

 

133 _{"by Bob on Mon, 08/08/2011 - 09:19#1536557} Since the link for NYSE yields nothing (due to massively overloaded servers?), here's another rundown on Rule 48:"Exactly What is ‘Rule 48′"

It's gonna be a great day!"   link

134 127 Stuff has value when it changes hands regularly because we always assume the next guy will pay more.
__________

I like the cut of your cargo cult and would like to subscribe to your scriptures.

135 132 Fannie and Freddie downgraded? S&P is on a roll!

Posted by: Clueless at August 08, 2011 11:24 AM (LyOUH)

yesterday I read an article that blackrock is buying mortgage debt.  Why would they do that?

136

"A. Stocks go up and the dollar drops to new lows

B. Stocks fall and the dollar rises significantly, a pattern that has repeated several times since 2007

C. The see-saw breaks and stocks and the USD rise or fall together."

link

137 What Obama needs to do is re-focus on his Green agenda. We need to stop fracking, which is just Big Oil pouring poison into our Earth. Thank god he stopped the Gulf of Mexico drilling.

We need to at least double the price of gasoline to change people's behavior so they make the right choice. My Prius has done quite well. And my other car is a hybrid SUV (I'm embarrassed to admit it's an SUV, but it's great for antiquing. And we're thinking of adopting, so it would come in handy in that case, too. Also brings back fond memories of my Outward Bound trips.)

A good hybrid has come down in cost a lot lately. You can find some decent ones under $50k these days.

Thank god Obama is doing his best to get people out of those nasty pick-up trucks and gas-guzzlers and onto public transportation. More city buses for the masses. And don't forget bicycling. I see a good # of adult Latino men riding bicycles when I visit my sister (they bought expecting the area to gentrify), and I say good for them for caring about the planet.

We need to look at the upside of people being too poor to afford their own car. Think of all the CO2 emissions being saved.

Also, you'd be amazed at the great antique deals I've found lately. People have been selling family heirlooms at, frankly, cut-rate prices these days. It's a win-win!

138 "It provides a certain kind of cold comfort: we are doomed, but everyone else is doomed worse."

We are in charge of the WORLD! BWAHAHAHA!

139 It continues to be amusing to see which “idiots” self identify by claiming the “Tea Party Downgrade” banner.

140 the DOOM!™ has the stench of fear all over it today...

141

HeÂ’s a college professor

No, no he's not. He gave a few guest lectures as an adjunct. That is not anywhere near the same thing. It's like someone sitting in for Jay Leno on a few nights is not a late night talk show host. He's just a stand-in.

Obama was not offered a position, was not on a tenure track, did not receive tenure, and never published a jot. That's no professor. That's a dilettante.

Please do not propagate this bullshit meme. Obama's giving a few lectures was obviously orchestrated by the communists as a resume builder and to vaccinate him against charges of stupidity when (as they doubtless realized) he said something profoundly stupid (e.g., "corpse-man," "Austrian," "profit to earnings ratio")

142 Welcome back Monty. The DOOM did not disappoint.

143 Fibonacci analysis of the markets is not woo-woo numerology.

I've watched the market hit levels right on the button 1000's of times over the years while trading commodities.

The market never goes straight up and down, and the variations show repeated patterns that adhere to various Fibonacci levels (there are many.)  These days computer trading programs look for these levels and thus are probably magnify the natural rhythms which are definitely there.

It's no more woo-woo than wave theory which is a capture of group psychology in up and down impulses and testing of real trends.

144 I can understand why people think I don't know what I'm talking about - and sometimes I don't, as the episode about the history of debt during the gold standard demonstrates - However I know a lot about a lot of subjects.

Generally I learn enough about a subject to be able to see where the conventional wisdom in the subject is wrong. I haven't had a life in the normal sense - so I have had a great deal of time to devote to study during my 63 years.

I have developed a number of intellectual tools that are not widely known that greatly speed up the process of being able to tell which side of an intellectual fight is correct.

For example I have worked behind the scenes with the members of the Holocene Impact Working Group which holds that there have been a number of major impacts by comets or asteroids on the earth during the last ten thousand years.

My own sister is one of the leaders of the scientists on the other side of the debate. What good am I if I can't even convince my own sister? Well in her last email to me she got about as close to doing a forehead slap and saying "Doh" as a professional scientist is ever going to get - after I pointed out something about impactors (her specific field) that she hadn't realized.

Dallas Abbot, one of the researchers on the impact side is just about to prove that there was a major impact in 536 AD which brought down the Roman Empire and started the dark ages. This will cause a profound change in human history - we have misunderstood huge events in our recent past.

When the Holocene Impact group is finally vindicated it will mean that scientists have missed by an entire order of magnitude the risk of cometary impact on earth. Instead of being about 3% of the impact risk comets represent about 30% - what is worse, cometary impact bodies contain the large, fast moving, objects which do the most damage.

How could scientists have missed the mark by that much? Simple, they ignored the fact that comets fragment - the 3% risk factor assumes comets come in as whole bodies - like asteroids do.

Why does all of that matter - we have to get the economy working and space becomes of critical importance because our chances of being wiped out as a species are much higher than we have realized. We can do something about it - but the clock is ticking.

145 You really make it seem so uderstandable with your presentation but I find this topic before really hard to understand. It seems too complicated and very broad for me.