global financial crash yay!
- Thread starter sufi
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dubble-u-c
Dorkus Maximus
Shipowners Idle 20% of Bulk Vessels as Rates Collapse (Update1) :
http://www.bloomberg.com/apps/news?pid=20601087&sid=aoE181cv.tds&refer=home#
http://www.bloomberg.com/apps/news?pid=20601087&sid=aoE181cv.tds&refer=home#
woops
is not like other people
Anybody else see Oliver Sachs in the Sunday Times explaining how the credit crunch is actually going to usher in a new age of uncapitalistic good vibes?
The idea is that since everyone will be that much broker, we'll get out of the acquisitive etc. rut we've apparently been in just for the last 30 years and get into what REALLY matters... you can guess the kind of thing...
A small part of me, like 1% wants to believe! Seriously though, maybe he needed the money they offered him to offer up this kind of featherweight pop-psychological idealism?
The idea is that since everyone will be that much broker, we'll get out of the acquisitive etc. rut we've apparently been in just for the last 30 years and get into what REALLY matters... you can guess the kind of thing...
A small part of me, like 1% wants to believe! Seriously though, maybe he needed the money they offered him to offer up this kind of featherweight pop-psychological idealism?
vimothy
yurp
Michael Lewis of Liar's Poker fame writing in Portfolio on "the end of Wall Street":
http://www.portfolio.com/news-marke...2008/11/11/The-End-of-Wall-Streets-Boom#page1
http://www.portfolio.com/news-marke...2008/11/11/The-End-of-Wall-Streets-Boom#page1
nomadthethird
more issues than Time mag
That's what Oprah and Suze Orman have been saying since September, too.
vimothy
yurp
Markets tanking on deflation fears... dubble-u-c looking prescient... bank shares continue to fall... yet more money needed soon... damn.
dubble-u-c
Dorkus Maximus
Thanks for the information vimothy.
It looks like Citibank will be the next bank to fall:
http://online.wsj.com/article/SB122722907151946371.html
Also -
If one or more of the big auto manufacturers goes bankrupt, I believe the repercussions could be devastating to the economies of the US, Mexico and Canada.
--
There is one dealership offering 2 for one deals on cars.
The commercial real estate market in the US is now going to hell in a hand basket as well.
http://www.reuters.com/article/bondsNews/idUSN1933428520081119
The article linked to below and it's accompanying slide show is an anecdotal indicator of how bad it is and it does not look good:
article:
http://www.nytimes.com/2008/11/19/business/economy/19ports.html?_r=1
slideshow:
http://www.nytimes.com/slideshow/2008/11/17/business/1117-PORTS_index.html
especially this photo:
http://www.nytimes.com/slideshow/2008/11/17/business/1117-PORTS_3.html
good luck!
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This is a work of unadulterated genius
vimothy
yurp
Citi just got bailed-out, but, er, not very well:
The arithmetic on this deal doesn’t seem to work for me (feel free to help me out). Citi has over $2 trillion in assets and several hundred billions of dollars in off-balance sheet liabilities. $27 billion is a drop in the bucket. Friedman Billings Ramsey last week estimated that Citi needed $160 billion in new capital. (I’m not sure I agree with the exact number, but that’s the ballpark.) Yes, there is a guarantee on $306 billion in assets (which will not get triggered until that $27 billion is wiped out), but that leaves another $2 trillion in other assets, many of which are not looking particularly healthy. If I’m an investor, I’m thinking that Citi is going to have to come back again for more money.
Team
'From Day One' - that seems like a long way they way corps are falling ...
Includes Obama on Detroit
http://thecaucus.blogs.nytimes.com/...enting-the-economic-team/?partner=rss&emc=rss
'From Day One' - that seems like a long way they way corps are falling ...
Includes Obama on Detroit
http://thecaucus.blogs.nytimes.com/...enting-the-economic-team/?partner=rss&emc=rss
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vimothy
yurp
Everyone's pretty pissed about the bailout of Citi:
I am struck by the seeming inability to learn lessons at Treasury. When, during the whole of this financial crisis, have belated half-measures improved matters? The government might have dealt with Citigroup once and for all here, permanently removing a very large source of market uncertainty. Instead, Citi will drag on in limbo, and the timidity of the move reduces the odds that taxpayers will realise a good gain on the investment.
What's more, the clumsiness of the bail-out is sure to provide ammunition to every other bail-out seeker, and especially the Big Three. If Treasury can so fecklessly throw $20 billion in cash and $300 billion in guarantees at Citigroup, without requiring so much as a break-up, a reorganisation, or a promise to do better in the future, how is anyone supposed to argue against some help for the automakers?
One can practically hear the incoming Obama administration pleading with current Treasury officials to just don't. touch. anything. else.
What's more, the clumsiness of the bail-out is sure to provide ammunition to every other bail-out seeker, and especially the Big Three. If Treasury can so fecklessly throw $20 billion in cash and $300 billion in guarantees at Citigroup, without requiring so much as a break-up, a reorganisation, or a promise to do better in the future, how is anyone supposed to argue against some help for the automakers?
One can practically hear the incoming Obama administration pleading with current Treasury officials to just don't. touch. anything. else.
crackerjack
Well-known member
The 5p tax rise is disappointing - too small an increase, threshhold set too high. It's a trap for the Tories - who will now go into the next election at a time of massive deficits and recession arguing against taxing the rich more - and as such has more to do with politics than raising revenue.
VAT reduction is good tho - it will disproportionately benefit low-to-middle income. Not really qualified to say much about the economics of it all - but then, one thing almost everyone seems agreed on is that this is unknown territory.
Politcally, I think the Tories are playing this very badly and would've been better off broadly sticking with the Brown/Darling strategy while reiterating over and over again that it's all their fault.
VAT reduction is good tho - it will disproportionately benefit low-to-middle income. Not really qualified to say much about the economics of it all - but then, one thing almost everyone seems agreed on is that this is unknown territory.
Politcally, I think the Tories are playing this very badly and would've been better off broadly sticking with the Brown/Darling strategy while reiterating over and over again that it's all their fault.
IdleRich
IdleRich
Me neither (to be honest I've been ill and I've only just got up).
Yes, but still significant in that it's a break with their (and everyone else's) previous policy. I can't remember a time when a party actually increased income tax for the wealthy. Of course, due to the resentment of bonus culture and the super-rich (who, far from being seen as bringing wealth to society, are now, rightly or wrongly, perceived as having caused the credit crunch) this is the best opportunity for them to do it without a massive outcry.
I guess. But on the other hand, if you are so poor that you only buy necessities (eg food which doesn't carry vat) then you will not benefit.