Let's talk Economy

[sneekula]

Since anyone of us main street beings knows more about the real economy than 400 Wall Street kissing economy professors combined, here is a look how to present the state of the economy:
http://www.thedailyshow.com/video/index.jhtml?videoId=186052&title=clusterf#@k-to-the-poor-house

[ZZucker]

I love Jon Steward's approach to all that spin in the news. This one is a already a classic:
http://www.thedailyshow.com/video/index.jhtml?videoId=186056&title=awkward-loan-interview

Many people here at the hospital have pulled their money out of WaMu bank. Not quite sure were they are going to put it? Maybe bury it in the backyard? Might just as well do that, since the banks hardly pay any interest and the government takes what little there is as income tax. An Asian friend of mine recommends buying real gold jewelry.

[GrimJack]

Have you been to hulu.com? They keep 2 weeks of most tv.

I love the clusterf**k to the poorhouse that Jon starts the show with.

[Dave Sinkula]

http://hotair.com/archives/2008/09/26/video-financial-crisis-in-10-minutes-or-less/

[GrimJack]

http://hotair.com/archives/2008/09/26/video-financial-crisis-in-10-minutes-or-less/

I have to put you on restriction, Dave. I just don't want to open another tab for you until you post a quote from the site you are pointing to -- you are cluttering my FireFox session with saliva-spewing right-wing (how do you guys fly - all your planes have 2 right wings) web-sites you send me to.

That was a pretty interesting article then I tried to read the 'blowback' and yewww, so vitriolic

[Dave Sinkula]

Is it no different from "your side"?

[platinum8]

Since anyone of us main street beings knows more about the real economy than 400 Wall Street kissing economy professors combined, here is a look how to present the state of the economy:
http://www.thedailyshow.com/video/index.jhtml?videoId=186052&title=clusterf#@k-to-the-poor-house

Really this video gives useful message to people.

[Lardmeister]

Since anyone of us main street beings knows more about the real economy than 400 Wall Street kissing economy professors combined, here is a look how to present the state of the economy:
http://www.thedailyshow.com/video/index.jhtml?videoId=186052&title=clusterf#@k-to-the-poor-house

Economy professors in US institutions must all be on some sort of Wall Street contract that forces them to brown-nose with full power. Well, you know the rich eat better.

[Dave Sinkula]

Dominoes: Large Euro, US Banks On The Brink

[GrimJack]

I did not know that the Fed had fan-fic

Bernanke, trying not to slip in the patches of blood on the floor, struggled with Greenspan. The older man moved like a snake that moved like a former Fed Chairman who moved like a ninja. At last, Bernanke got a solid grip on Greenspan’s collar and hurled him through the fourth wall, knocking you to the ground.

Improvising a tourniquet from the remains of the snake left over from the earlier simile, Bernanke moved on through the hallways.

[vegaseat]

Normally the free market balances things out, but when the the Federal Reserve Banking System in the US comes in with ridiculously low interest rates, that are less the half the inflation rate, things turn unreal and unbalanced.

The banks are sitting on so much freshly printed money that they will give out loans to almost anybody. A feeding frency starts in a hurry, leading to a massive bubble.

The bubble burst and those who made money quickly stash it away in some forgeign shelter, those who lost cry out for help from the same folks who created the missery in the first place.

The US Federal Reserve was created by politicians under rather shady circumstances. Look what Fed had for leadership lately. There was Alan Greenspan (no he is not related to me), a man who could not put his thoughts into any understandable sentences. Now we have the bearded guy, who hasn't said anything worthwhile either.

Just my observation.

[Lardmeister]

Normally the free market balances things out, but when the the Federal Reserve Banking System in the US comes in with ridiculously low interest rates, that are less the half the inflation rate, things turn unreal and unbalanced.

The banks are sitting on so much freshly printed money that they will give out loans to almost anybody. A feeding frency starts in a hurry, leading to a massive bubble.

The bubble burst and those who made money quickly stash it away in some forgeign shelter, those who lost cry out for help from the same folks who created the missery in the first place.

The US Federal Reserve was created by politicians under rather shady circumstances. Look what Fed had for leadership lately. There was Alan Greenspan (no he is not related to me), a man who could not put his thoughts into any understandable sentences. Now we have the bearded guy, who hasn't said anything worthwhile either.

Just my observation.

We all know that! You are preaching to the choir.

[sneekula]

There are plenty of folks who drive 20 miles out of their way to fill up their gas (petrol) tank at a station that sells the stuff for 2 cents less.

[GrimJack]

Dominoes: Large Euro, US Banks On The Brink

You want dominoes - you get dominoes

[Salem]

Now, if the damage to the US banking system had been done by some external agent, GW (bless his little cotton socks) would be declaring war (with a $700Bn price tag).

But because the damage was done by a bunch of brown nosing yahoo's from the old boys club, who'll kick back some of the slush fund back to the politico's, the US tax-payer has once again been plucked and stuffed just in time for thanks-giving.

Just remember who you're thanking, and what they've given you.

[Dave Sinkula]

Americans: always willing to share. :icon_razz:

[zeroth]

Good article on how Europe is reacting, Dave. It's all tied together, banks, stocks, insurance, etc.

Did you ever reflect on the role of a stockbroker? Just a legal bookie! The stockbroker made a deal with some politicians.

This is been paralleled in the real estate market...problem is you can only lay off so far under public scrutiny...and then when someone gets caught with their pants down...well, you can't easily take him to dinner with the fishes...

[GrimJack]

Good article on how Europe is reacting, Dave. It's all tied together, banks, stocks, insurance, etc.

Did you ever reflect on the role of a stockbroker? Just a legal bookie! The stockbroker made a deal with some politicians.

This is been paralleled in the real estate market...problem is you can only lay off so far under public scrutiny...and then when someone gets caught with their pants down...well, you can't easily take him to dinner with the fishes...

I know that there are some good ideas in there but... Alternatively, you might be a Goon Show (Fire Sign Theater, Monte Python) aficionado.

[sneekula]

Americans: always willing to share. :icon_razz:

Very good find!

[sneekula]

In the news today:

The former CEO of the bankrupt Lehman Brothers, Richard Fuld, became the poster boy for Wall Street greed today as he defended the $484 million he received in salary, bonuses and stock options since 2000.

With that kind of income George Bush's taxcut makes a lot of sense. Wonder which foreign country he use to stash the loot?

[GrimJack]

I know that there are some good ideas in there but... Alternatively, you might be a Goon Show (Fire Sign Theater, Monte Python) aficionado.

I apologize zeroth - this may have been too snide - I am just shooting for some fun

[Ene Uran]

Don't you folks listen to McCain?
The American economy is fundamentally strong!

[GrimJack]

Lets have some fun with the economy today; I used this in the humor thread but what the heck:
Q: What's the difference between a Lehman trader and a pigeon?
A: The pigeon can still make a deposit on a Ferrari.

[vegaseat]

Here is Ben Stein telling us that Americans are filthy rich and shouldn't worry about the subprime crisis or whatever:
http://www.youtube.com/watch?v=-x01rhPtMLQ&NR=1

[zeroth]

I apologize zeroth - this may have been too snide - I am just shooting for some fun

If i got my feelings hurt that easily, Jack, I wouldn't be on this forum...shoot away!!

[GrimJack]

Oh, lordy AIG is now begging for another 23 billion dollars and look at how they are spending it: "AIG had drawn fire in Washington on Tuesday for spending $200,000 on hotel rooms and $23,000 on spa services at an event, just days after it got the emergency loan from the government to avoid bankruptcy in the middle of the worst credit crisis since the Great Depression." The actual total for that event looks to about $400,000

[zeroth]

Oh, lordy AIG is now begging for another 23 billion dollars and look at how they are spending it: "AIG had drawn fire in Washington on Tuesday for spending $200,000 on hotel rooms and $23,000 on spa services at an event, just days after it got the emergency loan from the government to avoid bankruptcy in the middle of the worst credit crisis since the Great Depression." The actual total for that event looks to about $400,000

I just heard they GOT $38billion more, even after the press got a hold of the spa trip!

[GrimJack]

Yeah - after 10 billion I just can't seem to keep the figures straight, sigh.

[Salem]

It's that Y2K feeling all over again.
http://news.bbc.co.uk/1/hi/business/7660409.stm

Personally, I think one extra digit is a little optimistic.

[sneekula]

Blaming a bunch of bad mortgage loans at US institutions Fannie Mae and Freddie Mac for the whole worldwide financial crisis is rather simple-minded. The main cause are loans made between investment banks all over the world, in most cases totally unregulated by any of the governments involved.