October 9, 2008 archive

Happy Anniversary!

14,164.53, 10/9/07.

Let me take you on a quick trip back to the halcyon days of our youth, way back Friday before last.

The Dow stood at a sunny and proud 11,143.13 having gained 121.07 points that very day!

Then came the bad old politicians and they didn’t approve Wall St.’s $700 Billion Blank Check.  A number simply made up to be big enough.

Not so big now are you?

Monday the 29th of September Wall St. threw their -777.68 hissy fit.  Maria Bartiromo was particularly outraged that these mere Representatives could thwart her Saks shopping people’s will.  See, this is what you get when you don’t kiss butt!

Now that changed their Capitol Hill water carriers mind for sure.  What’s good for GM is good for the nation.  The business of America is business.

So the next day we had our dead cat bounce, +485.21, Dow at 10,850.66 a whole +263.07 for W‘s entire tenure.

Thanks for nothing.

Now hold on to your socks folks because we’re going to take one of those big shoots-

10/1 Wednesday -19.59 10,831.07
10/2 Thursday -348.22 10,482.85
10/3 Friday -157.47 10,325.38
10/6 Monday -369.88 9,955.50
10/7 Tuesday -508.39 9,447.11
10/8 Wednesday -189.01 9,258.10
10/9 Today! -678.91 8,579.19

Happy Anniversary!

Black Thursday

The stock market has just dropped 7.3%.  So far this month, the Dow has fallen nearly 25%.  In October 1929, it dropped 20%.  The market has already exceeded the crash of 1929.

Don’t like relying upon the Dow?  In the crash of 1987, the Standard and Poor’s 500-stock index dropped 20.5%.  So far, in the last eight days, the S&P 500 is down 22%.

I have no words.  The TED spread is an unbelievable 4.23 – over double the average of the last year, meaning that the premium to borrow money is so high that it is nearly impossible for any entity to do so.  Nearly 1 in 6 homeowners – almost 20%! – owe more on their mortgage that their homes are worth.

This isn’t even supposed to be possible.  Safeguards instituted after the crash of 1987 are supposed to stop trading entirely before these kinds of drops happen.  It beggars belief.

Like I said, I have no words.  But you need to pay attention to this.  One day you’ll tell your grandkids about how you were there during the crash of 2008.

Dem. Congresswoman Raps FDA On Melamine Risk Guidelines

This is my fourth diary on the melamine scandal (but first here on Docudharma), and like the financial scandals it shows no sign of going away any time soon. To this day 10,666 infants are still in Chinese hospitals fighting for their lives.

Rosa L. DeLauro (CT-3), chairwoman of the Agriculture, Food and Drug Administration Appropriations Subcommittee, issued the following statement about the FDA’s announcement that, despite potential harm to the kidneys, some melamine would not raise health concerns:

“While other countries throughout the world, including the European Union, are acting to ban melamine-contaminated products from China, the FDA has chosen to establish an acceptable level for melamine in food in an attempt to convince consumers that it is not harmful. Not only is this is an insult to consumers, but it would appear that the FDA is condoning the intentional contamination of foods.”

Four at Four

  1. Here’s a good sign. The Hill reports Bush starts preparing for transition. George W. Bush has “signed an executive order directing his staff to start preparing for” his successor. The Washington Post adds that by “creating a special council to govern the transition to a new administration in January, marking another major step toward the end of Bush’s eight tumultuous years in office.” Bush issued the order 26 days before the election.

    The transition team will be “chaired by White House Chief of Staff Joshua B. Bolten and will include at least 14 other senior officials, among them the attorney general, the national intelligence director and the national archivist.” According to CBS News, “President Clinton issued a similar Executive Order on presidential transition to his successor… though his came after the election, on Nov 27, 2000.” Bush has created such a disaster leaving the United States in such a mess that he wants to escape responsibility as soon as possible. He’s jumping the gun on the transition. Only 102 days left of Bush.

Four at Four continues with whale-killing sonar at the Supreme Court, oil prices and slavery in Dubai, and plans by the European Union to use the financial crisis as justification to ditch commitment to address the climate crisis.

The Terror Of Things Undone.

My 6 year-old daughter, Josephine, REFUSES to learn to ride her bicycle, mostly because the act of doing so doesn’t make any sense to her.

How is it possible that she can balance and steer and turn and start herself by herself without falling — SMACK — on the asphalt.

“You’re not going to let go of me, right? Right? You’ll hold on? And you’ll run with me, right? You promise you won’t let me fall and even if I fall you won’t let me be hurt? Promise? Promise PROMISE?”

I try and assure her, as best I can that its going to be alright, but we keep ending up getting emotional… and frustrated… and angry with each other because I CAN’T actually “promise PROMISE” she won’t get hurt and she can’t seem to imagine the possibility that she can DO something she’s never done before.

Faith. It all comes down to faith.

And so the two of us struggle along… me running and holding and catching and trying my best to tell her it will someday happen, even though both of us are starting to believe that its NEVER GOING TO–

Wait. Hang on…

Who Are We, Now?

Sarah Palin comes right out and says she believes in American Exceptional ism. An exceptionalism obviously rooted in her religious beliefs. Is this who America is?

On the other hand McCains other henchperson Phil Gramm, says no, we are not exceptional, in fact we are a nation of whiners.

I thought we were supposed to be rugged individualists, conquering the British, then homesteading the West, while inventing the lightbulb in our garages, or something.

Who are we?

It seems to me that for the last eight years we have been some combination of sheep and a mushroom. Kept in the dark and fed bullshit while blindly following the lead of the Worst President Ever and worshiping the new American God….greed.

We are to my eye, a nation confused by some serious bullshit artists. They have pulled and yanked on and manipulated every myth and meme of America for their own nefarious ends. Subtituting torture and war and hate for true “American Values.”

Who are we?

We are no longer an nation of small farmers out on the prairie. We are no longer a nation of engineers and scientists. We are no longer a nation of innovative small entrepreneurs. The American small business is under attack by Big Box stores. Nearly all of our industrial and manufacturing jobs are gone. Hell we have lost over a million jobs just this year. Are we now just a nation of brokers and barristas?  

I’m Not A Racist, But…

Dedicated to Chris Matthews and his handwringing over the McCain campaign’s last, desperate attempt to win through fear and smear.

It happens at the drop of a hat, when you least expect it from folks you’d normally think are just better than to utter the phrase.

And then it comes. “I’m not a racist, but…”

And when you hear it you instinctively hold onto whatever chair you’re sitting in and prepare yourself for the worst and wackiest of racist rhetoric ever to cross another human’s lips. And the folks who utter this phrase are the ones the McCain campaign is trying to appeal to, with the drumbeat of Ayers and Obama’s middle name and all the nonsense they’ve been throwing the last few days.

The only problem is it’s not working, and it probably won’t work moving forward.

Nationalization? U.S. May Buy Equity Stakes in Banks instead of Bad Debt.

Interesting news today.  Progressives like Paul Krugman, George Soros, and Jerome a Paris have suggested that the economic rescue/bailout would work better if we bought equity in the banks rather than just bad debts.  They see buying bad debt as inefficient and less likely to succeed.  It looks as if Treasury Secretary Hank Paulson is seriously considering partial nationalization of financial instiutions:  

An administration official, who spoke late Tuesday on condition of anonymity because no decision has been made, said the $700 billion rescue package passed by Congress last week allows the Treasury Department to inject fresh capital into financial institutions and get ownership shares in return.

Treasury Secretary Henry Paulson told reporters that Treasury was moving quickly to implement the $700 billion rescue effort and he specifically mentioned reviewing ways to bolster the capital of banks.

msnbc.com: White House considers bank ownership stakes

More, after the fold.

Ingrid asks THE question

As noted in McCain DisDain for being truthful, the townhall debate actually fostered some good questions.  And, for the first time in the Presidential debates and far more pointedly than has occurred in any traditional TV situation, Ingrid Jackson asked a pointed question on climate change (video):

Sen. McCain, I want to know, we saw that Congress moved pretty fast in the face of an economic crisis. I want to know what you would do within the first two years to make sure that Congress moves fast as far as environmental issues, like climate change and green jobs?

Open Thread


Buenos dias!

Bienvenidos al Abierto Thread.  

Ahmadinejad Sees Pink

Ahmadinejad Sees (Code) Pink

by Joseph Huff-Hannon (source: The Nation)

Monday, October 6, 2008


One day after announcing to the United Nations General Assembly that “the American empire in the world is reaching the end of its road,” and holding meetings with the presidents of Iraq, Kenya and Pakistan, Iranian President Mahmoud Ahmadinejad also carved out time to talk with the American peace movement.

Newsweek and Legs

A new low from Lamestream media (Faux News and others I guess) comes in the form of a photo of Sarah Palin’s legs.  Actually from my male perspective not bad but from my Knight of the Fifth Veil side just another example of media forcing people to thing below the belt about life in general.  I have blogged about getting psychic evil impressions from the staff pictures of people like John Yoo, Alberto Gonzales and Leo Strauss.   While in the lobby of my former Illuminati connected company the Newsweek copies on the table seemed to be dripping a black Satanic ooze.

If that is not bad enough the 24/7 din of below the belt “news” has to repeat and disseminate the corporate crap of diversionary, divisionary words of mass destruction.  So for today the “Satan inside” media award goes to Faux News for advancing stripper mentality memes.

Load more