Archive for October, 2008

thingy again. Sigh. Back in 5 min.

(But I won’t be fergettin ta vote, you betcha!)

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So weird

Before I left for Europe, it was lots of billions, but everybody whispered oh at least a trillion …

Now it’s openly several trillions at least. Do I hear tens?

C’mon you pussies, what’s with this chump change? Who’s gonna give me the first Q?

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Via Elaine Supkis, this from the Prudent Bear:

Layman’s explanation of our situation:

1. The current “Ponzi Pyramid of Death” monetary system is crumbling.

2. Right now, virtually every single large bank, medium-sized bank, hedge fund, pension fund, mutual fund, money market fund, stock broker and insurance company has failed or is failing. All the phony paper they have been trading back and forth is virtually worthless.

3. Somewhere between $10-$20 TRILLION (estimates are hard to make due to the opaque nature of the derivatives markets) in debt and derivatives “value” has been wiped off the books of the above-mentioned players.

4. The players are failing left-and-tight. ALL of the biggest, oldest Wall Street banks, plus the largest insurance company plus the two largest mortgage companies (Fannie and Freddie), plus the entire money market, plus the largest S&L (WaMu) and the fouth-largest bank (Wachovia), all failed in the span of three weeks. The rest of the thousands of institutions worldwide are mortally wounded will be toppling over soon.

5. Governments and central banks worldwide have already pumped approximately $5 trillion collectively to date to fight this systemic, sychronized, worldwide, complete, utter collapse. So far, their efforts have failed.

6. At this point, the fight will continue to the death. During these next few weeks, months, and even years the “economic convulsions” between the “Ponzi Pyramid” debt collapse destruction-deflation and government and central bank reflation/monetization/nationalization efforts will rage, with the back-and-forth battles getting wilder and wilder, until:

7. The entire world is plunged into final financial demise, with the people of all the nations suffering mightily. “Great Depression II” will ensue for the next five to ten years.

8. During this time, if the world doesn’t blow itself up in all the wars that will surely follow, tens of millions of people in the U.S. are going to learn to fear debt and living beyond their means. This is a good thing.

9.Eventually, hopefully, the U.S. pulls through in one piece, the people’s stock, bond, and housing assets are decimated, many have lost their jobs, but we all learn discipline, humility and sobriety and as a result, our national character grows.

10. We emerge as a chastened and humble nation. Exactly what we need.

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For those of us who have burned our TVs, thanks to Eli at Firedoglake for posting this vid of the “Biden-Palin Debate.” It’s amazing the degree to which Sarah Palin has singlehandedly resurrected the moribund Saturday Night Live brand, with a little help from Tina Fey.

Fav line: “I believe marriage was meant to be a sacred institution between two unwilling teenagers …”

Queen Latifah is an extra treat, with her Jon Stewart-esque reactions …

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My opinion of Bailout Capitalism

Like they say – you have to laugh, otherwise you’d just cry all day …

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Even in the sick mockery of a free country that is Cheney’s post-9/11 America, it nonetheless beggars belief that our airport security personnel are now empowered to seize your fucking laptop (or iPod, or flash drive, or Fisher-Price Speak & Spell) for no goddamn fucking reason, examine everything on it, steal anything they feel like off it, keep it as long as they want. Oh, and of course owe you not the slightest explanation.

(I’ve wondered more than once WHY HAS THERE BEEN NO MASS OUTRAGE AT THIS? And I’m still wondering.)

Anyway, via Bob Geiger I thankfully see that Russ Feingold (D-Frequently Sole U.S. Senator Who Deserves His Paycheck) has introduced a bill to put a stop to this tyrannical horseshit. Running across Bob’s excellent post on this was a bright spot indeed in my day, filled as it otherwise was with accounts of our House of Lords taking their own first crack at Grand Theft Nation.

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Senate, Media: Bringin’ the lube

What, you thought the would-be plunderers of our remaining wisps of collective wealth would just accept defeat and slither away from a mere thwarted opening salvo?

And just leave all our delectable, irresistable 300 million American arses unrammed?

Just let our perfectly enslavable grandchildren go free?

Girl, please.

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