Drunk on their own juices and stale farts, investors on Wall Street faced a harsh reality today – some for the first time – as they came to grips with the fact that a DJIA of 14,000 might just be unsustainably high and correct itself. Harshly.
Whaddya mean, the market can go down? – an anguished investor
Ex Chairman Greenspan spoke up today and told us pretty much nothing that we could not have figured out for ourselves.
First of all, let’s recognize that this is a once-in-a-half-century, probably once-in-a-century type of event… – former Federal Reserve chief Alan Greenspan
I’m just shocked. Of course, the DJIA isn’t the cause of the problems, it’s just a symptom. A symptom of extreme terror brought on by a rather rash run of hedonism on the part of investment bankers – which allowed the system to get far more momentum than it ever should have.
Ah well, that’s what capitalism is all about, right? It’ll all correct itself and move right along, right? Yes and no. Bailing out Fannie and Freddie was necessary, as much as it chokes me to say. Bear Stearns was a warning shot – if you stayed the wobbly course after that warning, you pretty much tied your own noose.
What is totally unknown is how many of these remaining lending institutions will be bailed out with money taken from taxpayers to save their money. Got that? Ultimately your money and livelihood is in danger, so we’re going to take some other money of yours and paint certain institutions of our choosing with rainbow colors to make it all work out right in the end. Maybe. If no one panics about it. Trust us.
The latest word I got was that the fed may make it so an institution that has both mortgages and private financial branches may be allowed to lend money from the private savings part to the risky mortgage side. But what happens if it goes wrong? All go boom, fed steps up and gives people their money out of a pool of… their money.
We have politicians crying for infusions of money for local economies, companies crying to be bailed out, other politicians asking for extensions on unemployment benefits, and over here we need tax credits to stimulate business in this area… everybody is piling on with their needs. Has anyone stopped to ask where all this $%*^&#@ money is going to COME FROM?
Well, apparently it is not coming in an equitable fashion from ill-performing top execs with golden parachutes.
Sort of related… in The Scotsman. Actually really related.
Really fun photoshop. Invisible things that are sort of there.
Injure a child in the commission of a crime… fry him. Throwing a baby out of the car? The kid was only 4 months old, you pig.
Al Qaeda imploding due to worldwide Muslim backlash? Excuse me while I hold my breath. Well, ok, I guess I can see how other terrorist organizations (Hamas, for example) are providing frills – bags of peanuts, pillows and blankets, in-explosion movies, etc. – and making it a real festive affair to kill infidels instead of just suicide-suicide-suicide.
I like this bicyclist’s discussion of problems faced by bicyclists in this country. It is done in a non-whining analytical way, and a lot of it makes sense. At least it does from this bicyclist’s viewpoint.
A while ago I linked a site that sold underwear that looked skid-marked, and they were actually made that way so they could act as a “Uh Hands Off” money safe.
Now, protect your sandwich from the lunch-stealing twits from work… with culture-bags.
Huh. How about that? Laser induced transmutation of radioisotopes.
[Note: I had originally put in an article about devil worshippers who killed, cooked, and ate their friends, but it was just too damn dark. Yes Virginia there is such thing as Evil.]
Zero tolerance run amok. Boy suspended for using broken pencil sharpener. Apparently it had a sharp blade in it. It’s good thing they caught the little bastard before he used his shiv to dead somebody.