tag:blogger.com,1999:blog-4921988708619968880.post3799116491501254610..comments2024-02-28T22:03:57.237-05:00Comments on The Automatic Earth: Debt Rattle, September 21 2008: We want this to be cleanIlargihttp://www.blogger.com/profile/09698428009501267664noreply@blogger.comBlogger75125tag:blogger.com,1999:blog-4921988708619968880.post-34597376785499831262008-09-22T23:45:00.000-04:002008-09-22T23:45:00.000-04:00BTW Greyzone, why do they keep calling Paulson a k...BTW Greyzone, why do they keep calling Paulson a king? I think maybe more a Pope giving absolution to black hearted sinners.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-35315512156040494102008-09-22T23:40:00.000-04:002008-09-22T23:40:00.000-04:00Greyzone said:Obama is no saint; in my mind he is ...Greyzone said:<BR/><BR/><I>Obama is no saint; in my mind he is the lesser of two evils. But I live in Texas, so my vote for him is moot.</I><BR/><BR/>Up here in Canada we have only one truly twisted-evil-bloody-minded party which is looking for a majority. In opposition we have three half reasonable parties who unfortunately will divide the vote against it.<BR/><BR/>At least we have the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-55836445624881065812008-09-22T14:53:00.000-04:002008-09-22T14:53:00.000-04:00greyzoneObama is no saint; in my mind he is the le...greyzone<BR/><BR/>Obama is no saint; in my mind he is the lesser of two evils. But I live in Texas, so my vote for him is moot.Unknownhttps://www.blogger.com/profile/16632600430004147895noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-5883530807861062452008-09-22T14:01:00.000-04:002008-09-22T14:01:00.000-04:00Red Sand,My apologies.Red Sand,<BR/><BR/>My apologies.Bigelowhttps://www.blogger.com/profile/16883913065391637120noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-60941598715305198522008-09-22T13:46:00.001-04:002008-09-22T13:46:00.001-04:00Bigelow - the dread is in part related to not bein...Bigelow - the dread is in part related to not being comfortable with the terminology and the differences between the various options.Red Sandhttps://www.blogger.com/profile/00468789655058139527noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-34870205249797547382008-09-22T13:46:00.000-04:002008-09-22T13:46:00.000-04:00While I deplore the Republican party today, I must...While I deplore the Republican party today, I must also remind folks who have the deluded notion that Obama will somehow save them of the following facts:<BR/><BR/>1. It was a Democrat, Bill Clinton, who pushed for higher levels of "home ownership" and thus expansion of Fannie Mae and Freddie Mac.<BR/><BR/>2. It was Democrats who blocked the reform legislation 3-4 years ago that would have Greyzonehttps://www.blogger.com/profile/03675706201111951125noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-1210967868727046032008-09-22T13:30:00.000-04:002008-09-22T13:30:00.000-04:00For anyone dreading a future conversation with som...For anyone dreading a future conversation with some sort of financial functionary, remember they are related to used car salespeople.<BR/>Also the market has gone up <I>in the long run</I> you just have to wait 20-30 years for it sometimes. And which would you rather, possibly contribute to a panic by being the first out the exits of a burning theater or being a dead but blameless victim?Bigelowhttps://www.blogger.com/profile/16883913065391637120noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-41100198179153793862008-09-22T13:04:00.000-04:002008-09-22T13:04:00.000-04:00Marianne - they're not just saying it to you. My o...Marianne - they're not just saying it to you. My other half got an email from his group plan adviser telling everyone to stay put and that those who panic and pull out lose out in the long run. I have to change over my own funds tomorrow and I'm dreading a similar type of conversation to what you've been experiencing.Red Sandhttps://www.blogger.com/profile/00468789655058139527noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-74497361505802783452008-09-22T12:40:00.000-04:002008-09-22T12:40:00.000-04:00Ilargi,Regarding your comment about the Courts stu...Ilargi,<BR/><BR/>Regarding your comment about the Courts studying the plan, in the US this would not formally happen. US jurisprudence states that there must be an actual "case or controversy" for it to be "ripe" for judicial resolution. Whether or not this is a good way of doing things any longer is debatable, however, it does not change the fact that the USSC would say any comment would be an Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-38562246010345914362008-09-22T12:35:00.000-04:002008-09-22T12:35:00.000-04:00TCB,You asked about interbank lending rates. These...TCB,<BR/><BR/>You asked about interbank lending rates. These are essentially set by banks themselves. See for instance this Wikipedia primer on <A HREF="http://en.wikipedia.org/wiki/LIBOR" REL="nofollow">LIBOR</A> (London Interbank Offered Rate).<BR/><BR/>There was quite a bit of discussion earlier in the year as to whether LIBOR represented the real rate of interbank borrowing, as banks had an Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-24705411659274264222008-09-22T12:32:00.001-04:002008-09-22T12:32:00.001-04:00Has anyone here looked at Denninger's plan?http://...Has anyone here looked at Denninger's plan?<BR/><BR/>http://www.denninger.net/letters/paulson-bernanke-senate.pdf<BR/><BR/>I like his ideas, in general, but frankly some of it is beyond my understanding.Unknownhttps://www.blogger.com/profile/16632600430004147895noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-39293236307263311012008-09-22T12:32:00.000-04:002008-09-22T12:32:00.000-04:00marianne:"The "cocky" man on the phone said he had...marianne:<BR/>"The "cocky" man on the phone said he had 10 years exp in retirement planning and deals with people who have millions of dollars and they aren't panicking."<BR/><BR/> That's just because they listen to Cocky Man.<BR/><BR/> Why not start up the chain at:<BR/>http://www.rbc.com/customercare/<BR/><BR/> As the guy from the other bank keeps saying "Its your money".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-69813829132446814962008-09-22T12:28:00.000-04:002008-09-22T12:28:00.000-04:00I remember 'before'. That was when very few were i...I remember 'before'. That was when very few were involved in the market and savings rates made saving something worth doing. People did things other than watch the big board, they had hobbies sat on the front porch, talked and played crib with their neighbours. There seemed to be time then. I could go on for a long time about this but I'm afraid I have to go check Credential Direct as I am tryingAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-15153309048071464292008-09-22T12:14:00.000-04:002008-09-22T12:14:00.000-04:00stoneleigh,This one is for you. I am angry (not w...stoneleigh,<BR/>This one is for you. I am angry (not with you) and it takes a lot to get me riled up. I had an appt with the RB today at one pm. They called to cancel - at least the guy I spoke to said it was to be cancelled - they had me scheduled with a different person than who I had initially made the appt with. <BR/>The "cocky" man on the phone said he had 10 years exp in Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-9382331305079799602008-09-22T12:11:00.000-04:002008-09-22T12:11:00.000-04:00Stoneleigh said...There's much more to life than e...Stoneleigh said...<I>There's much more to life than economics.</I><BR/><BR/>Thank you Stoneleigh, I think you have just written part two of 'The Credit Crunch' or maybe part 3 if you prefer a trilogy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-19567455422937446442008-09-22T11:57:00.000-04:002008-09-22T11:57:00.000-04:00Anon,We have much in common with the views of the ...Anon,<BR/><BR/>We have much in common with the views of the Austrian school of economics, notably on the nature of credit bubbles and that inflation and deflation are monetary phenomena. We generally don't share their politics though. Personally, I find the world view expressed by many of them to be overly simplistic, to say the least. Reducing complex system to one dimension (even an important Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-27395603637957177432008-09-22T11:49:00.000-04:002008-09-22T11:49:00.000-04:00OC and others,I do think long term rates will rise...OC and others,<BR/><BR/>I do think long term rates will rise at some point, but I'm not sure it will happen yet. If the rally does turn out to have been basically a one-day wonder, then we should see a bigger flight to safety and lower rates initially. Alternatively, if we see more market upside after today's downward move (so far), then rates could rise. I'm watching to see what short term Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-38137951278039800762008-09-22T11:27:00.000-04:002008-09-22T11:27:00.000-04:00Ron Paul on the bailout. He seems to generally agr...Ron Paul on the <A HREF="http://www.usnews.com/blogs/the-home-front/2008/09/19/ron-paul-this-bailout-wont-be-the-last.html" REL="nofollow">bailout</A>. He seems to generally agree with what I read here.<BR/><BR/>I wondered if I and S have any comments on Austrian economics, which he often mentions.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-85562245546339804832008-09-22T11:24:00.000-04:002008-09-22T11:24:00.000-04:00“The way it works is that Bush officials decree ho...“The way it works is that Bush officials decree how things will be, and then everyone -- from Congressional Democrats to the Serious Pundits -- jump uncritically and obediently on board, even if they were on board with the complete opposite approach just days earlier, and then all real dissent vanishes. That's how the country in general works. As Atrios says: "We've seen this game played before."Bigelowhttps://www.blogger.com/profile/16883913065391637120noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-67775891515404612532008-09-22T08:50:00.000-04:002008-09-22T08:50:00.000-04:00ALMOST ARMAGEDDON MARKETS WERE 500 TRADES FROM A M...<A HREF="http://www.nypost.com/seven/09212008/business/almost_armageddon_130110.htm" REL="nofollow"> ALMOST ARMAGEDDON MARKETS WERE 500 TRADES FROM A MELTDOWN</A>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-39409064177206655542008-09-22T08:26:00.000-04:002008-09-22T08:26:00.000-04:00Looks like an attempted coup to me. This is Obama'...Looks like an attempted coup to me. This is Obama's moment.He has a law degree. He knows the implications of the proposal.<BR/>Will he stand up and be counted? <BR/>The response so far from Obama and Pelosi to cap executive salaries, to get a few crumbs for the homeowner is pathetic when one looks at what is at stake!scandiahttps://www.blogger.com/profile/07924260428840006237noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-54170341239002313602008-09-22T08:07:00.000-04:002008-09-22T08:07:00.000-04:00Thank you stoneleigh for your insight about short ...Thank you stoneleigh for your insight about short term Treasury Bills (mine are 4-week) and the dollar volatility. In appreciation for both you and ilargi, I too have sent a small donation.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-45131150600166349682008-09-22T01:22:00.000-04:002008-09-22T01:22:00.000-04:00Here's the rant I ripped off to send to my congres...Here's the rant I ripped off to send to my congress critters today:<BR/><BR/><EM>So I've been reading about the proposed plan to save our financial system from implosion. You know it's serious when Bernanke and Paulson stand up in front of the Senate banking committee on a Thursday night and tell them that “we're only days away from a global financial meltdown.” Am I the only one who remembers Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-30934725251459780652008-09-22T01:09:00.000-04:002008-09-22T01:09:00.000-04:00Okay I'm a bank manager with a bunch of junk in t...Okay I'm a bank manager with a bunch of junk in the attic. Paulson comes along and says Okay I will buy it 20 cents on the dollar. Do I sell, or say sorry Paul ain't got no junk, all good stuff. Then try to pass it on to my neighbouring bank for a bundle, or maybe just keep it in the attic and hope no one notices the smell and so figures me a pillar of a bank manager?<BR/><BR/>I'm pretty sureAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-46031135861604803222008-09-22T01:00:00.000-04:002008-09-22T01:00:00.000-04:00I think that some sharp folks have looked at this ...I think that some sharp folks have looked at this plan and seen it would tie the hands of the next pres while the looting is finished up,after all ,it takes awhile to move the entire assets of the united states into private hands.<BR/><BR/> We are being robbed.<BR/><BR/> And I hope enough people in a position to do something about it can take action to stop it.<BR/><BR/><BR/> snuffyAnonymousnoreply@blogger.com