Life in the Empire
The Collapse
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Permalink Reply by waldopaper on
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The fix is in... there's no stopping it. Whatever initiates the collapse, (economy, energy) it will be followed by a tsunami of stupid. Linking from here:
"He recalls how when he first told his relatives that he was going to Cuba to represent prisoners who had been held for years without a trial, one of his relatives responded, "That's terrible, terrible! How can Castro do such a thing?"
Meanwhile, the dums will "run" Oboe or Shill... and as usual, snatch defeat from the jaws of victory... so we'll probably get something like Romboid... "...because he has business experience." Once again, Charlie Chikken "votes" for Col. Sanders because "...he's a military man." Not that it matters... by then, who's supposed to be "running" this klown kar will be the least of most folks' worries.
Meanwhile, may be a good idea to build a good relationship with somebody you find in the eatwell guide. No telling how fucking stupid the peeps are going to get when it comes to feeding themselves.
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Permalink Reply by BO on
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Speaking of stupid, the 2007 Darwin Awards* are out.
*Named in honor of Charles Darwin, the father of evolution, the Darwin Awards commemorate those who improve our gene pool by removing themselves from it.
A small vindication for those who are constantly amazed by the stupidity of the average human.
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Permalink Reply by curt on
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Jan was sposed to mention this, mebbe he did. I slapped the german FTimes on his desk yesterday a.m. The front page had a rare red blotch on it. In that blotch, the letters C R A S H jumped out to grab your eyes. As I was telling Jan, now they're starting to use the word themselves.
http://www.americanchronicle.com/articles/49224
Told my Boss, "die Regierung" as they say o'er here, as in my better half....to listen up to today's news. I wasn't shittin her last year when I said we need to blow all our money while we still can. Funny enough, google news searches on google.de lists loads of new articles about a global financial crisis. google.com does not.
So just what is this plan B my friends at the banks are talkin about ? The dollar crashes. Move to the Euro ? And then ?
quote: The current turmoil in the
financial marketshas all the characteristics
of a classic banking crisis,
but one that is taking place outside
the traditional banking sector, Axel Weber,
president of the Bundesbank, said... Some
Federal Reserve policymakers also
privately see comparisons between the
current distressin credit markets and
the bank runs of the 19th century,
in which savers lost confidence in banks
and demanded their money back, creating
a spiralling liquidity crisis
for institutions that had invested
this money in longer-term assets...
His comments came as Frederic Mishkin, a
Fed governor, argued for a rapid and
aggressive monetary policy response to
any fall in house prices. His diagnosis
of the financial crisis was echoed by
other experts... Paul McCulley, managing
director of Pimco, said there was
a 'run on the shadow banking system'. He
said the shadow banking system held
$1,300bn of assets that now had to be
put back onto the balance sheets of
the banks...- end quote
I'm sure the PPTs (Plunge Protection Teams) are now working overtime........here in Mainhatten. In NYC ? Prolly too late. Prolly see some suicides on Wall Street here in a month or so. Mebbe. Prolly. What the hell do I know ? Right ! Nada.
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Over here, the republicans are calling for more tax cuts for the rich, and continued rate cuts to re-inflate the housing bubble. Trickle-down is alive and well--even though everyone knows it's a fraud, and has created the biggest wealth transfer in history. The poor are just getting more poor, the rich--more rich.
No bank runs yet. But I think we're getting close. Over a trillion dollars in potential mortgage defaults, and foreclosures are going through the roof (no pun intended). I fear 2008 will prove to be like 1929. Basically, it's the same shit hitting the same fan. The economy can't survive when the top 15% essentially own everything.
Corruption and fraud have formed the foundation of this economy for a long time. Could be the rest of the world is now refusing to play along. No more dollar standard, no more cheap oil, no more loans. Ponzi schemes can't survive without new members. I think that's probably where we are. No body believes the bullshit anymore.
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Permalink Reply by littleoldme on
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We do all our banking through a credit union. Judging by the fact they're still offering loans and such, I think the credit union is still solvent, but how does one find out?
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Not sure, LOM. There isn't much transparency in the loan industry---and that's the problem.
The good news is: your savings or any CD's you might have are FDIC insured up to 100k. And typically, credit unions sell their mortgage loans to larger banks, so they have a lower probably of busting. The safest bet is to move any investments you may have into treasuries or CD's.
I have a 401k that's in a low risk 'Stable Value Fund' and is supposedly insured against default. But I read today that the insurers are just about bankrupt because just about every guaranteed interest type fund is invested in Mortgage-backed Securities--a good percentage of which will never be paid back. The problem is huge. Much larger than the media is fessing up to.
And the market tanked today because the fed has no way to fix it. This is--at this moment--the sound of shit hitting the fan.
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Yeah, I just read about the 300 point drop.
Ya know, during the great depression you heard about lots of rich fucks who lost their asses in the market and decided to take the big leap (as in, off buildings, bridges and such), it hasn't started raining rich fucks yet I guess life will go on for a bit.
I know it really is bad karma, but when they start spatting, I'll probably find it rather amusing.
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Seems the forecast has changed and it's now starting to drizzle 'rich fucks'...
Mortgage firm exec jumps to death; wife's body found home
by The Associated Press
Friday January 18, 2008, 7:17 PM
A high-ranking executive of a collapsed subprime mortgage lender jumped to his death from the Delaware Memorial Bridge on Friday, shortly after his wife's body was found inside their Burlington County home, authorities said.
http://www.nj.com/news/index.ssf/2008/01/mortgage_firm_exec_jumps_t...
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Walter Buczynski was vice president of Columbia, Md.-based Fieldstone Mortgage, a high-flying subprime mortgage lender that made $5.5 billion in mortgage loans and employed about 1,000 people as late as 2006.
However, it has since filed for bankruptcy and now has less than 20 employees. The company had recently filed court papers seeking approval to pay about $1.1 million in bonuses that would be divided among Buczynski and other staffers so the company could wind down its lending operations and go out of business.
So even if they divided it up evenly (yeah- right)... that's $55k each. Not much of a parachute (heh)...
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Permalink Reply by Mouse on
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Well there goes my inheritance! And I'm going to stagger up the stairs laughing again.
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