Comments on: Home Sales and Prices Drop in October

By: 3b

3b — Tue, 25 Nov 2008 18:08:13 +0000

#184 jamil:“Amid all the political and media hysteria, national output has declined by less than one-half of one percent. In fact, it may not have declined even that much– or at all– when the statistics are revised later, as they very often are.

Perhaps that is because this whole thing just started really getting interesting if you will over the last 3 months. it will be the numbers going forard that amtter, not what has alreaddy happend. I believe Mr. Sowell is way too optimistic.

We have not seen anything like this mess in our life time. I guess some people need to bw reminded of that on a daily basis.

By: Tom

Tom — Tue, 25 Nov 2008 18:01:04 +0000

“what do you do if that bad onion is the entire US financial system?”

You throw it out. You don’t try and clean it up and give everyone pills to prevent food poisoning.

Our financial systems hasn’t always been what it is today. Maybe it’s time for a change.

I worked at a company once where the entire premise was drastically changed. It involved replacing almost the entire staff from CEO down. Even changed the name. Only thing that remained was the bank accounts.

I’m not saying it’s going to be easy, but with a components that has failed so catastrophically, it’s best to remove it and put something else better in it’s place so it doesn’t take the whole country down with it.

By: kettle1

kettle1 — Tue, 25 Nov 2008 17:59:24 +0000

http://www.bloomberg.com/apps/news?pid=20602007&sid=agGWOuloIFxw&refer=govt_bonds

Fed Commits $800 Billion More to Unfreeze Lending.

By: kettle1

kettle1 — Tue, 25 Nov 2008 17:58:47 +0000

US Gov bailout to date:

4.4 trillion ( as of Nov 13)
http://tinyurl.com/5dhltm

7.7 trillion pledged on monday

and now another 0.8 trillion

Total bailout to date: 12.9 trillion

US GDP: 13 trillion

By: grim

grim — Tue, 25 Nov 2008 17:57:43 +0000

New post up, move on over.

By: BC Bob

BC Bob — Tue, 25 Nov 2008 17:55:10 +0000

“John…Why would you hump an onion?”

Stu,

Because that is the best he has had.

By: Al

Al — Tue, 25 Nov 2008 17:54:49 +0000

John Says:
November 25th, 2008 at 12:44 pm
If you drill a hole in an onion and hump it you feel better for awhile but in around ten minutes you are back where you started except your johnson smells like an onion.

POST OF THE MONTH!!!!!!!!! I Laughed so hard I had to restrain myself :)

By: HEHEHE

HEHEHE — Tue, 25 Nov 2008 17:54:07 +0000

Broke 840

By: Stu

Stu — Tue, 25 Nov 2008 17:50:56 +0000

John…Why would you hump an onion?

By: HEHEHE

HEHEHE — Tue, 25 Nov 2008 17:49:52 +0000

S&P 500 entering important test range again. Bounced last time at 841.

By: John

John — Tue, 25 Nov 2008 17:44:36 +0000

If you drill a hole in an onion and hump it you feel better for awhile but in around ten minutes you are back where you started except your johnson smells like an onion.

By: kettle1

kettle1 — Tue, 25 Nov 2008 17:40:12 +0000

Tom,

Per the TARP Act US banks now have a 0% reserve requirement. Talk about a Fiat system

By: kettle1

kettle1 — Tue, 25 Nov 2008 17:39:21 +0000

Tom

what do you do if that bad onion is the entire US financial system?

By: kettle1

kettle1 — Tue, 25 Nov 2008 17:38:02 +0000

Tom,

dont take the onion analogy to literally….

Another little problem is that every single dollar in every single bank in the US is borrowed and does not belong to the bank.

the FED currently puts net non-borrowed reserves for US banks to be at about 200 billion. The banks owe 200 billion more then they have.

And hey, the fed is actually paying the banks interest on that borrowed reserve.

hmm will by bank pay me money to borrow money from them and sit on it?

By: grim

grim — Tue, 25 Nov 2008 17:29:43 +0000

OFHEO numbers out today as well, new post coming up.