Uh-oh, This Can’t Be Good for Business

October 29, 2008

***UPDATE 2****

Get the bolt cutters- youre outa here! [MSM airhead reads prompter with perfect makeup]

***UPDATE 1****

BMIT has latched on to the story. Read OCRenter’s account here.

Looks like someone drank a bit too much Kool-Aid.

Appearing in the local news and acting desperate by padlocking yourself to the front handrail (easily bypassed with a Sawzall, BTW), while at the same time trying to pass yourself off as an “expert” in the very field you claim as your “profession” is disingenuous at best, and at least as bad for business.

And another example of how, as my British friends like to point out, Americans fail to recognize irony.

So here we have yet another MSM story where the “reporter” fails to ask ANY probing or relevant questions, and just presents her- the, ahem, victim‘s, uh, story. How did this situation got to this point? I mean, c‘mon– “what is the backstory?” This is the first question on any reasonble viewer’s mind.

Failing to tell the other side of the story isn’t just irresponsible journalism (I know local TeeVeeNooze(tm) reporting isn’t REALLY journalism, but let’s pretend it is to make the point). It also foments the commonly held meme idiocy that it’s merely the banks that are to blame for the financial meltdown- and not greedy homedebtors who overleveraged themselves too.

Well, over at Housing Doom a little reasearch was in order and in the comments some answers were provided.  Ms. Reyno MEW’d to her hearts content- nearly tripling the debt on her home mortgage personal ATM.

I wonder where the money (approx. $389,000, on top of the home’s original mortgage of $200,000 ) went? It didn’t just evaporate.

“It looks more like she took advantage of the lenders than the other way around.” -twist

[California Short Sale Facilitator]

[Housing Doom]

“The mainstream media (specifically newspapers, but also radio, TV and magazines) are flailing and failing. The usual reason given is declining readership and ad revenue, but perhaps the real decline is in their relevancy, insight and truthfulness.” -Charles Hugh Smith, Mainstream Media: Masters of the Obvious, Clueless Commentary

No third act for Turdblossom

October 22, 2008

Clearly there is not confidence

October 10, 2008

… in our Feckless leaders ability to handle the Solvency Crisis.

Hell, this crisis begat another crisis: the Leadership Crisis.

Hanky Panky, Clueless Bushtard, and Bendover Bukkake are clearly in over their heads.

Trying everything and anything to try and stop a panic while avoiding/ignoring the true causes is doomed to failure, son. Didn’t yo daddy learn you that?

By all reports two out of three of the aformentioned “leaders” are pretty bright guys (if “book smarts” counts). One was the progenitor of this very crisis back in his days of working in the tranches at Goldman Sux, and I’m sure he is reveling in his handiwork. One of them is merely parroting what his handlers tell him (“repeat the same phrase over and over and there’s a chance it might become true”) and is clearly detached from the pain being felt by the people he was (sort of) elected to govern, protect, and defend the Constitution for. One of them is a student of a prior meltdown (“GD 1.0”) but unfortunately his expertise on that particluar crisis is tragically misplaced since this country’s markets are facing a completely different set of criteria this time around (See the Panic of 1873 for a more apt comparison). Oopsy.

“[I]nvestors have totally lost faith in the ability of policy authorities to control this meltdown.” –Noureil Roubini

The Housing Crisis would not have occurred had we not had Excessive Leverage and an unregulated Credit Default Swap market be allowed to get out of control. Put all three together, though, and you have a mix as potent as a cocktail Molotov.

The underlying value of the former two will be greatly affected  by how the first performs. Are the underlying assets worthless? No. But establishing a value is indeed a problem, and FUD about homedebtors walking away in the MSM exacerbates the problem.

So we have a Crisis of Solvency, followed by a Crisis of Leadership.

Which is the greater concern?

Well, this IS being handled by … (wait for it)

The Three Stooges of Financial Armageddon.

What they gonna do? [Paul Krugman]

Well done that man.

October 7, 2008

CNBS verifies reports Elmer “Dick” Fuld was attacked for financial institution’s bankruptcy:

“ ‘From two very senior sources – one incredibly senior source – that he went to the gym after … Lehman was announced as going under. He was on a treadmill with a heart monitor on. Someone was in the corner, pumping iron and he walked over and he knocked him out cold. And frankly after having watched this, I’d have done the same too.’

”  Ward determined Fuld deserved the beating based on his testimony before the committee.

”  ‘I thought he was shameless,’ Ward said. ‘I thought it was appalling. He blamed everyone. He blamed, as you say, ‘naked short sellers’ over and over in case we didn’t get the point, when in fact hedge funds like Harbinger had money locked up in Lehman and was shorting it to try and make the most of the money that they already had. He blamed everybody but himself.’ ”
[Business & Media Institute]

Hank Paulson is a MUCH bigger criminal than OJ Simpson

October 4, 2008

So to everyone celebrating his conviction, FUCK YOU, you’ve been paying attentionto this while the CRIME OF THE CENTURY was being committed right over there —> (you just had to look).

You’ve just been screwed outof TRILLIONS of dollars which will overseen by the very person most responsible for the creation of the financial crisis- the former CEO of Goldman Sucks.

You are gloating that some broken-down athlete finally got his comeuppance, as if THAT had some importance or bearing on YOUR life.

Well, congratulations, YOU are about to experience what PAYBACK IS A BITCH really means.

“Payback, but for what?” you might well ask. For taking your eye off the ball. For dereliction of duty.

For being distracted. For being stupid.

See, that’s the problem with bread and circuses.  Under the guise of a “bailout” (more like a down-payment) when it was in fact nothing more than a government-backed MONEY-LAUNDERING SCAM as well as an UNPRECEDENTED giveaway of national wealth (i.e., your taxes are about to increase by 100%), most of you were distracted by the irrelevance of OJ, American Idol, Sarah Palin, 99.9999% of television, bombast radio, Faux Nooze, et al.

Talk about fiddling while the empire is burning!

Are you prepared? Of course not, you’re an idiot who voted in crooks.

Here’s your reward for not paying attention:

“There is no constitutional authority for the government to bail out private enterprise at taxpayer expense.” –Mike Shedlock


October 1, 2008