Armageddon Open Discussion

With all eyes on the market this morning, why bother posting something about real estate.

Predictions for closing prices on the Dow, S&P, Gold and Oil are due in by noon.

This entry was posted in Economics, Risky Lending. Bookmark the permalink.

339 Responses to Armageddon Open Discussion

  1. Mike says:

    Good Morning New Jersey

  2. serenity now says:

    Anyone else think this crash was purposely engineered to force people
    out of market into treasuries?…….USG needs to sell alot of bonds especially
    now that China may be losing their appetite for our debt. Dow may close
    much lower today …. but the PPT will be buying stock on the cheap.
    I am starting to sound like a conspiracy theory guy.

  3. grim says:

    Gold futures up to 1707, DOW futures down 233

  4. grim says:

    What’s an Armageddon Monday without Dr Doom, from CNBC:

    Soft Patch Delusion Is Dashed: Roubini

    Influential economist Nouriel Roubini has warned hopes that the recent slowdown was temporary have been dashed and predicted the US and other advanced economies will have a second “severe recession”.

    Writing in Monday’s Financial Times, the founder of Roubini Global Economics said: “America’s recent data have been lousy: there has been little job creation, weak growth and flat consumption and manufacturing production. Housing remains depressed. Consumer, business and investor confidence has been falling, and will now fall further.”

    “Even worse, leading indicators of global manufacturing are slowing sharply—both in the emerging economies like China, India and Brazil, and export-oriented or resource-rich countries such as Germany and Australia,” Roubini wrote.

    “The US downgrade will hasten demands for fiscal reduction, but America in particular should commit to look for significant cuts in the medium term, not an immediate fiscal drag that will worsen growth and deficits.”

    “Since this is a crisis of solvency as well as liquidity, orderly debt restructuring must begin,” said Roubini.

    “This means across-the-board reduction on the mortgage debt for the roughly half of America’s households that are underwater, and bail-ins for creditors of banks in distress.”

  5. Dissident HEHEHE says:

    I am still laughing about this ECB bond purchase program. Good luck with that. Anyway I can short that other than buying Gold?

  6. grim says:

    How is gold at parity with platinum? Commodities experts please chime in, but doesn’t the lack of the historical gap make Pt a screaming buy? Isn’t this the commodities equivalent of Calculated Risk’s “Distressing Gap”?

  7. Mike says:

    “across-the-board reduction on the mortgage debt for the roughly half of America’s households that are under water”And what do the people that are not under water get? SUCK A WEENY ROUBINI

  8. grim says:

    Could be worse, NYC could be burning.

  9. grim says:

    Sorry Bergen.

    From the Record:

    Medco deal prompts fears of job cuts in Bergen

    When Medco Health Systems Inc. of Franklin Lakes announced in late July that it would be acquired by St. Louis-based Express Scripts, neither company said anything about job losses.

    But history has shown that in these takeovers, the company being acquired often sheds jobs as the two companies combine corporate functions.

    That could mean hundreds of job cuts in Bergen County, where Medco has about 2,800 workers and is the third-largest employer — as well as New Jersey’s largest public company by revenue.

    “You have a lot of duplicate personnel,” said Helene Wolk, an analyst who follows Medco for Sanford C. Bernstein & Co. in New York. “We estimate that about a third of the operating expenses of the combined entity, which would include headquarters staff, could be eliminated post-merger.

    “It’s going to hit Medco harder,” she continued. “There’s likely to be a bias toward keeping Express Scripts employees versus Medco employees.”

    “While New Jersey is already struggling with high unemployment, the buyout of Medco could result in a significant loss of New Jersey jobs and another hit on our economy,” Sen. Frank Lautenberg, D-N.J., said in a statement when the merger was announced. “I am closely examining this deal to make sure New Jersey’s interests and consumer choice, not just corporate profits, are taken into account.”

    Medco employs more than 20,000 people, including about 4,000 in New Jersey, with 1,200 working in its highly automated pharmacy in Willingboro in South Jersey. In Bergen County, Medco’s employees work mostly in finance, technology, sales, marketing, account management and data analysis. About 1,700 people work at the headquarters in Franklin Lakes, which also includes a pharmacy operation. The rest of the North Jersey employees work in leased space in Montvale and Fair Lawn.

  10. grim says:

    For those thinking that the GSE foreclosure dump will result in cheap houses that Joe 6 can buy, I’d say think otherwise. My money is these get sold in bulk, as portfolios, to large companies or investors (Bulk sales ala RTC) or transferred into a new property management/rental/Section 8 management gse.

    Just like Mike eludes to above, the patient, conservative little guy is going to screwed by Uncle Sam every single time. Can’t wait to see the outrage here when Hovnanian buys hundreds of Jersey homes for pennies on the dollar with the intent of tearing them down and building McMansions at a mind numbing profit.

  11. grim says:

    From HousingWire:

    Fannie, Freddie pressured to rent more foreclosures

    Sen. Jack Reed (D-R.I.) sent a letter to the chief regulator of Fannie Mae and Freddie Mac, urging the two companies to convert their repossessed properties into rental units and pool them for sales to investors.

    Fannie Mae repossessed 53,697 properties through foreclosure in the second quarter, roughly flat from the previous quarter. While that is down from more than 68,800 repossessions one year ago, Fannie said the total was artificially depressed due to extended delays in the foreclosure process.

    These delays will continue to push expenses up and delinquency rates elevated for a company that has already pulled more than $104 billion in bailouts from the Treasury Department and reported another $5 billion in losses for the quarter.

    “Moreover, Fannie Mae believes these changes in the foreclosure environment will delay the recovery of the housing market because it will take longer to clear the housing market’s supply of distressed homes, which typically sell at a discount to nondistressed homes and, therefore, negatively affect overall home prices,” the company said in its financial report released Friday.

  12. Neanderthal Economist says:

    Updated Neanderthal Economist charts…
    http://www.scribd.com/fullscreen/61802574? access_key=key-2lrvbquak4es2jbt0apn

    Is it too late to change my prediction from 30% to 100% crash from peak?

  13. Neanderthal Economist says:

    “And what do the people that are not under water get?”
    Mike, short answer is nothing but it would lower prices so i’m all for it. They used a program like this during depression and it helped.

  14. Al Mossberg says:

    Looks like the battle for 1764 has begun early.

  15. Neanderthal Economist says:

    “How is gold at parity with platinum?”
    Grim, not a commodity expert but I think this has to do with gold and silver being used as money, representing a fear of sovereign over indebtedness; whereas all other metals and commodities are hedging other types of risks, im guessing.

  16. Comrade Nom Deplume says:

    Politically, I don’t know how this plays out, but both sides go into max spin mode for the next 15 months.

    I also think this gives Romney a boost.

  17. Al Mossberg says:

    16.

    Romney? Lol.

  18. Juice Box says:

    Yikes, gold is at $1,712.

    Jesse’s Cafe did warn years ago that if you saw the price of gold jump $100 in a day, there was real trouble coming, people piling into futures when there is such short supply.
    Gold is up about $60 in the last 6 hours, so we may see what he meant today if things keep going like this, with the Fear factor in full effect.

  19. veets (12)-

    Welcome to my world. Take a deep breath, and learn to love the stench of death.

    “Is it too late to change my prediction from 30% to 100% crash from peak?”

  20. There will be a large riot in some US city by the end of the year.

    The violence in England will continue to escalate.

    Other than that, I’m predicted out.

  21. Also, the paper gold market will fail. I just don’t know when. Dimon & co. are experts at price suppression.

  22. Dissident HEHEHE says:

    You mean government stimulus doesn’t work?

    Decade of Fiscal Stimulus Yields Nothing but Debt: Caroline Baum

    “When George W. Bush took up residence in the White House in January 2001, total U.S. debt stood at $5.95 trillion. Last week it was $14.3 trillion, with $2.4 trillion freshly authorized by Congress Tuesday.

    Ten years and $8.35 trillion later, what do we have to show for this decade of deficit spending? A glut of unoccupied homes, unemployment exceeding 9 percent, a stalled economy and a huge mountain of debt. Real gross domestic product growth averaged 1.6 percent from the first quarter of 2001 through the second quarter of 2011. ”

    http://www.bloomberg.com/news/2011-08-05/decade-of-fiscal-stimulus-yields-nothing-but-debt-caroline-baum.html

  23. Confused In NJ says:

    It wasn’t that long ago, but many observers seem to have forgotten the lessons of those thrilling days of yesteryear, including that debt matters far more than equities and the law of diminishing returns appears to apply to government bailouts. Oh, and that the global economy is only as strong as the banking system, which is built on a very shaky foundation of trust, confidence and derivatives contracts that nobody really understands

  24. Neanderthal Economist says:

    Actually im not that negative as I don’t underestimate our ability to melt up or melt sideways. We wont default on anything. When it all goes to hell they just host an ‘accord’ and change the rules.

  25. Dissident HEHEHE says:

    I thought Bergabe would be announcing QE3 with the S&P at 1150. We might be in the 800s before he gets to make his grand proclamation. I put 15K into BEARX in May figuring this Summer would be a sh*tshow and after sweating it a bit it’s finally paying off. Too many plates in the air to keep spinning.

    This is a nice addition to the mix? I wonder how many US banks are counterparties with these turds?

    SocGen, Unicredit On “Brink Of Disaster”?

    Over the past 48 hours we had heard pervasive rumors that at least one, maybe more, banks in Europe are on the verge of collapse. Our thought was, naturally, Dexia, which is the modern equivalent of AIG, not to mention the bank most rescued by none other than the Federal Reserve. Well, we were wrong. And if the Daily Mail is correct, the two banks about to kick the bucket are French SocGen and Italy’s UniCredit. While the fact that these two banks are in trouble has not been lost on the market, which has been sending their CDS to near record highs, the speculation that they are far closer to implosion likely means that the equity value of the European banking sector is about to be decimated. As the News reports: “The merest hint a major bank might fall is likely to reignite panic tomorrow in the stock market, which is already feared to react badly to the credit downgrade of the U.S. by rating agency Standard & Poor’s.” Well, it’s now tomorrow.

    http://www.zerohedge.com/news/socgen-unicredit-bring-disaster

  26. Dissident HEHEHE says:

    From Michael Panzner:

    http://panzner.typepad.com/.a/6a00d83451591e69e2014e8a75ad18970d-500wi

    F’g coffee out my nose.

  27. Dissident HEHEHE says:

    BTW anybody taking investment advice by somebody as frequently wrong as I am is a moron. Chalk it up to a blind squirrel getting an acorn.

  28. gary says:

    In case anyone really gives a f*ck or is remotely interested, I just landed a 6 month contract, right-to-hire gig with a major Insurance/Financial firm. I don’t have to go into Manhattan, thank goodness.

  29. Al Mossberg says:

    Good job Gary.

  30. 3b says:

    #4 This means across-the-board reduction on the mortgage debt for the roughly half of America’s households that are underwater,

    And what do the rest of us get???

  31. Confused In NJ says:

    30.3b says:
    August 8, 2011 at 8:42 am
    #4 This means across-the-board reduction on the mortgage debt for the roughly half of America’s households that are underwater,

    And what do the rest of us get???

    B.O.H.I.C.A.

  32. JJ says:

    Huge volume at open. PPT in the house, treasury yields down. However, a violitile day. Should be wild swings. Time to pull out shopping list and put low low bids in on dream list stocks and hope bottom swings hits you limit order buy prices.

    Nobody at all worried on wall st. That is good sign.

  33. gary says:

    Rick Santelli freaking the f*ck out over the comment that the Tea Party is the cause of the S&P downgrade. I guess blaming Bush was not en vogue any longer.

  34. Painhrtz - Salmon of Doubt says:

    Congrats Gary. the way the economy is going I wold count on it being 6 months my wife got the dame run around 6 months back.

    consider your Cherios defacated in

  35. morpheus says:

    congrats gary on the new job.

    I will continue my investments in brass.

    I am too tired to make clot’s pronouncements on “doom”. Even I can smell it.

  36. 3b says:

    #28 gary: Congrats!!

  37. grim says:

    grim says:
    August 6, 2011 at 5:56 am

    Patiently waiting for the headline…

    “US Debt Downgraded, Treasuries Rally on Safe Haven Purchasing”

  38. grim says:

    From Marketwatch:

    Treasury yields head back towards 10-month lows

    Treasury prices rose on Monday, pushing yields back down towards levels not seen since October, as investors pulled funds out of stocks, many commodities and other markets fell and still sought the liquidity and safe-haven status of the U.S. debt market after Standard & Poor’s downgraded the U.S. late Friday. Yields on 10-year notes 10_YEAR -2.85% , which move inversely to prices, fell 7 basis points to 2.49%.

  39. grim says:

    We are f*cking special. Only country in the world whose debt gets downgraded, and it rallies on the news.

  40. RentinginNJ says:

    “doesn’t the lack of the historical gap make Pt a screaming buy?”

    The problem is that platinum demand is largely driven by industrial usage. About half of the platinum market is driven by demand for catalysts (mostly in cars). If the economy slows, some large sources of platinum demand could dry-up.

  41. Kettle1^2 says:

    BAC being prepped for ritual sacrifice. Fed is about to be the holder of a mortgage portfolio with some serious dirty laundry. The proposal to write down those mortgages dovetails nicely withe the ritual sacrifice.
    What version of maiden lane will this be? Maiden lane 4, 5, 6 ????

  42. JJ says:

    Treasuries Rally as Stocks Drop on U.S. Rating
    By Emma Charlton and Wes Goodman – Aug 8, 2011 8:14 AM ET

    Two-year yields fell to a record low after Japanese Finance Minister Yoshihiko Noda said U.S. Treasuries were attractive. Group of Seven nations said they will take every action necessary to stabilize financial markets after S&P on Aug. 5 lowered the U.S. rating by one level to AA+. JPMorgan Chase & Co. said any decline in Treasuries resulting from the rating reduction is unlikely to be sustained.

    Lack of clarity about the ramifications of the downgrade “is poison to the markets, and therefore we should expect volatility in the form of every risky asset class suffering,” said Kornelius Purps, a fixed-income strategist at UniCredit SpA in Munich. “This will benefit highly rated government bond markets.”

  43. Mikeinwaiting says:

    Gary, glad to hear.

  44. NJGator says:

    Grim (39) – Of course we are special. We are all just BoH. Party on!

  45. NJGator says:

    Gary (28) – Such fantastic news. We are so happy for you!

  46. yo'me says:

    Treasuries rally after a downgrade.Only in America!

    Does this confirm the dollar is still the safe haven?

  47. gary says:

    Al [29],

    Thanks. Does this mean I have to contribute to the unwinding of America? I was getting so accustomed to being part of the unfortunate masses.

  48. gary says:

    Thank you all for the well-wishes. Can I go out and buy a house now? I understand it’s contained to subprime and we’re insulated here.

  49. grim says:

    Gary congrats man

  50. Libtard in Union says:

    Way to go Gary.

  51. Al Mossberg says:

    47.

    Nah. Not your fault. NAFTA, offshoring and outsourcing. Never given in to food stamps. They will try to suck you into dependency and sometimes its necessary to claw your way out of the death trap.

  52. grim says:

    AA+ is the new AAA

  53. gary says:

    SocGen on the brink of disaster? lol! Sorry… don’t mean to laugh. LOL!! Ok, maybe I did.

  54. gary says:

    I know SAS3 will be so happy to hear he doesn’t have to work 80 hours per week now to supply my supplemental, discretionary slush fund check.

  55. Al Mossberg says:

    Grim,

    “I would rather have a division of Germans in front of me than a division of French behind me.”

    Gen. Patton

  56. Libtard in Union says:

    Dow will close at 11,200. Will bounce off of the psychologically dreaded 11K line. Another prediction, Geithner will start cheering like Warren B did yesterday.

    Nice charts Neanderthal. Who is Frank? (ha ha)

    Going to see the Mets tonight in Caesar’s Club seats sans Reyes and Murphy. The Mets should have traded Reyes as soon as he hit .350! Instead, we got a lame horse with little to no trade potential who is going to suck up payroll like BC purchases shiny.

  57. make money says:

    Gary,

    Congrats. Convert the paper they hand you into shiny immediately upon receipt.

  58. Al Mossberg says:

    Rule 48

    “(a) In the event that extremely high market volatility is likely to have a Floor-wide impact on the ability of [Designated Market Makers] to arrange for the fair and orderly opening, reopening following a market-wide halt of trading at the Exchange, or closing of trading at the Exchange and that absent relief, the operation of the Exchange is likely to be impaired, a qualified Exchange officer may declare an extreme market volatility condition with respect to trading on or through the facilities of the Exchange.

    (b) In the event that an extreme market volatility condition is declared with respect to trading on or through the facilities of the Exchange, a qualified Exchange officer shall be empowered to temporarily suspend at the opening of trading or reopening of trading following a market-wide trading halt: (i) the need for prior Floor Official or prior NYSE Floor operations approval to open or reopen a security at the Exchange (Rules 123D(1) and 79A.30); and/or (ii) applicable requirements to make pre-opening indications in a security (Rules 15 and 123D(1)).”

  59. yo'me says:

    If treasuries are on rally mode,US downgrade is really nothing to sweat about but the EU problems is what causing the selloff

  60. Kettle1^2 says:

    Gary

    congrats

  61. The Original NJ ExPat says:

    Rule 48 invoked for the open. Don’t expect real prices.

    http://www.zerohedge.com/news/boys-and-girls-its-rule-48-time

  62. gary says:

    Does this mean I have to put an end to my caffein and xan@x addiction?

  63. yo'me says:

    “trading now halts for an hour, two hours, or the rest of the day when the DJIA drops 10, 20, or 30 percent, respectively. In the afternoon, the 10% and 20% drops will halt trading for a shorter period of time, but a 30% drop will always close the exchange for the day. The rationale behind the trading halt was to give investors a chance to cool off and reevaluate their positions.”

  64. All Hype says:

    Gary:

    Congrads to you. Hope you get a perm position.

    Have a Good Day!

  65. yo'me says:

    And their off!!

  66. Juice Box says:

    Global monetary system is in crisis mode. I hear helicopter engines.

  67. photan says:

    Congrat Gary. Yes, and go easy on the caffein.

  68. Anon E. Moose says:

    Ket [41];

    BAC being prepped for ritual sacrifice. Fed is about to be the holder of a mortgage portfolio with some serious dirty laundry.

    Was there ever any doubt that they(we) were all along?

  69. yo'me says:

    PPT working hard at the open

  70. Pat says:

    Gary, that’s great for you. Was always hoping you’d eventually throw in the towel and move down here.

  71. gary says:

    Pat,

    I moved? :) Did someone forget to tell me something? No move, just landed a job.

  72. Anon E. Moose says:

    Juice [67];

    Global monetary system is in crisis mode. I hear helicopter engines.

    Oh! Does Ben need to hire more helicopter pilots? Federal job with all the benies/never get fired — I’ll do a third act on my career and leverage expand my flying skills for that. After the green paper drops they may need pilots to stay on to man the gunships.

  73. Pat says:

    No, I was hoping you’d eventually give up NJ and move down here.

  74. Pat says:

    I’m going to get my third cup of coffee….

  75. Al Mossberg says:

    Look at that raid on gold going on right now.

  76. 3b says:

    #41 ket: Do you really think they will let BAC go??

  77. Mikeinwaiting says:

    Juice 67 more like a B-52 on the radar.

  78. Juice Box says:

    BAC – they split off the bad mortgages into it’s own “bad”unit back in Feburary. 6 million plus mortgages more than 60 days late over a trillion dollars worth. Mozillo’s mess.

    Will be an easy transfer to say China for their UST. Perhaps we should ship over the mortgages in a shipping container with Mozillo.

  79. Outofstater says:

    Congrats Gary. Company I know of usually hires people on short term contracts first. If they work out, then they are hired permanently with benefits. A contract worker just went permanent last month after his boss and co-workers begged mgmt to keep him.

  80. Juice Box says:

    Congrats Gary. It is not Chubb I hope. I heard they are moving operations.

  81. gary says:

    Pat,

    I gave up NJ a long time ago. They’re holding me hostage here. ;)

  82. gary says:

    Juice,

    It’s not Chubb. :)

  83. freedy says:

    gary ,but at least your in Bergen county

  84. Comrade Nom Deplume says:

    Heard Baron Biggs saying he is “getting out of the way” of this market.

    Clot. Just change yr handle to Stench of Death.

  85. #53 – Gary – SocGen on the brink of disaster? lol! Sorry… don’t mean to laugh. LOL!! Ok, maybe I did

    Don’t know if this helps, but there are some awfully worried faces at 1221 this morning.

  86. Anon E. Moose says:

    Bloomberg: Geithner Says European Nations Must Get ‘Fiscal House’ in Order

    Glass House… stone…; pot… kettle… black… racist… (sidebar on medical marijuana). This stuff really writes itself; I can’t believe that Nanny Mike and his empire make billions off of it.

  87. Comrade Nom Deplume says:

    (17) al

    Hey, I think what I think.

    Gary, Congrats. Hope it sticks.

  88. Simply Ravishing HEHEHE says:

    Congrats Gary!

  89. Juice Box says:

    re: #87 -Moose now that Timmay is back on the job and not dreaming of a corner office at 200 West St, we can expect him to start a trade war with everyone out there.

  90. Anon E. Moose says:

    Nom [88];

    Re: Weidner – I worked with an alum… he’s remarkably well-adjusted. I woudn’t know what to say to the guy. I woudn’t mind seeing it fold — or the polite version, merger with another institution. It might send a signal to the market about putting out too many grads. Not that Weidner is unique in that particular sin, but the lesson could be that there is no longer the excess to tolerate childish cr@p, and when somethings got to give, the PITA puts themselves at the top of the list.

  91. gary says:

    Toshiro,

    1221 should be nervous! When we got downsized in 2008, they didn’t look us in the eye once, nor did they shake our hands or wish us well. What goes around, comes around. I feel for you if you are still with the company. I hope you don’t have to go through it or get affected.

  92. gary says:

    NEW YORK (Reuters) – The insurer AIG is suing Bank of America Corp (NYSE:BAC – News) to recover more than $10 billion of losses from a “massive fraud” on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank.

    The wild dogs are circling the wounded fawn:

    http://finance.yahoo.com/news/AIG-sues-BofA-for-10-billion-rb-2884649640.html?x=0&sec=topStories&pos=1&asset=&ccode=

  93. mrdenis says:

    closing DOW 10892 …..S&P 1157

  94. Al Mossberg says:

    93,

    “The wild dogs are circling the wounded fawn”

    Someone might want to tell BofA to stop wearing the wildabeast cologne. The tigers are out of the cage.

  95. gary says:

    All this excitement makes one want to go out and buy a house, doesn’t it. :o

  96. Al Mossberg says:

    -351

    Money flowing into some of the miners. This is good to see.

  97. Kettle1^2 says:

    3b

    yes. Once the bulk of the mortgage libilities are clear of BofA they are no longer TBTF. At that point the ritual sacrifice may begin and their deposits get handed to JPM or one of the other top political donors.

    They can then pass off BofA as an evil bank that has been cleaned up. “look ma I cleaned up the banking system”. The sacrifice of BofA may also give the other TBTF more juice to prop them up.

    Just my official janitorial opinion

  98. #92 – I feel for you if you are still with the company. I hope you don’t have to go through it or get affected.

    I’m still with the consulting company I was before. I left SocGen at the end of `08, took a 2+ year tour of hedge fund land and came back here about a month ago for what is supposed to be a 6 month project. If SocGen is impacted it would only affect me in a tertiary way.
    They have gotten much much cheaper here in the time I was away, which is saying a lot as they were a bunch of misers to begin with.

    Congrats on the new job btw!

  99. NjescaPee says:

    Gary, congratulations and best of luck on your new job.

  100. Happy Renter says:

    Congrats, Gary. Now that you have a paycheck coming in, do your part for the American Dream and head on up to Brigadoon-on-Hackensack for some skittle-collecting and house hunting.

    [10] “Can’t wait to see the outrage here when Hovnanian buys hundreds of Jersey homes for pennies on the dollar with the intent of tearing them down and building McMansions at a mind numbing profit”

    Yeah right. What’s that tag line Gary often uses …

    Sell? Sell to whom?

  101. Kettle1^2 says:

    If BofA gets sacrificed then Charlotte NC RE stands to get wacked. My understanding is that BofA incomes drive a lot of the Charlotte area “wealth”.

  102. Comrade Nom Deplume says:

    DOw closes down 227

    Gold closes at 1699.

    My 0.02

  103. gary says:

    Again, thank you all for the kind well-wishes! :)

  104. SAS says:

    no surprize about this downgrade. this news is as old as Tim Conway’s stupid jokes on Laugh-in.

    its just a chance to buy. no big deal. move along and learn to speak mandrin or germen.

    SAS

  105. NY FHLB downgraded to AA+

  106. FHLB of Cincinatti cut to AA+

  107. Looks like they’re going to cut FHLBs across the board. DJI down 348 in response.

  108. gary says:

    45,000 Verizon workers on strike because they have to pay more towards benefits. In two years from now, when they’re replaced, they’ll be praying to find a health plan for less than $1000/month that will protect them from catastrophe as they attempt to make a living with their two part-time temp jobs.

  109. Simply Ravishing HEHEHE says:

    Alot of the speculative plays are really getting smacked.

  110. Kettle1^2 says:

    This should be fun:

    Reuters Insider: “Announcements should be expected this morning about effects to corporations from S&P’s downgrade of U.S. credit rating, David Beers, head of S&P’s sovereign ratings.”

  111. Comrade Nom Deplume says:

    Bloomberg reporter suggests rating agencies will be “regulated”, probably in reprisal for downgrade and to prevent further downgrades.

  112. Fiddy Cents on the Dollar says:

    I don’t recall if this E-Trade Baby Loses Everything in the Stock Market was first posted here or on another web-site. At any rate, it is funny…..and so appropriate today.

    http://www.youtube.com/watch?v=W4hfdaC7eL4

  113. 3b says:

    #01 Yes. Do not let the housing reval scare you off. The Unicorns are out protesting that now, as it may give the wrong impression to would be buyers. Oh and the town has to borrow the 200K to pay for the reval

  114. JJ says:

    Citi is lucky I guess they were so weak they did not have money to buy Wachovia, Countrywide, Merril or Wamu.

    Amazing AIG at 24 or so but it you take their all time high and cancel reverse split the all time high is around $1,000 a share, BAC and C all of them super nuts.

    Not one of my low balls hit, I put in 20 buys on blue chips at 10% off yesterdays closing price. It is a small bloodbath.

  115. Libtard in Union says:

    The rating agencies are a joke. Having the government regulate them is even more of a joke. Our government is bought by the same a-holes who profit off of the sham that is the rating agencies.

  116. gary says:

    Oblama needs to appoint a czar to form a committee to oversee a study that can research the possibility of funding a department that will regulate the ratings agencies.

  117. Libtard in Union says:

    3b (114): Towns can no longer bond to pay for tax refunds. Can they still bond to pay for revals?

  118. Al Mossberg says:

    Obama speaking at 1pm today? Bullish for metal.

  119. Libtard in Union says:

    When Obama speaks, nobody listens!

  120. gary says:

    Al [119],

    Obama will blame the terror1st Tea Party and then will grab a pack of Kools and hit the golf course.

  121. SAS says:

    “Obama speaking at 1pm today? ”

    on the Oprah show? or The View?

    SAS

  122. gary says:

    SAS,

    LMAO!!! Brilliant!

  123. Al Mossberg says:

    Another chopper down in Afghanistan.

    “A second helicopter belonging to the US-led NATO coalition has crashed in Paktia Province in eastern Afghanistan. ”

    http://www.presstv.ir/detail/192893.html

  124. Juice Box says:

    re: Obama speaking at 1pm today?

    I have been saying it for weeks now, there will be a communications blackout and a no fly zone over 55 water street.

    Just like the Italians silenced them. Omerta folks it’s coming.

    Elio Lanutti, president of one of the consumer groups that sparked the inquiry, said: “The three ‘sisters’ – Standard & Poor’s, Moody’s and Fitch – are an erratic danger to state sovereignty in the areas of economics and finance”.

    http://www.guardian.co.uk/world/2011/aug/04/police-raid-milan-moodys-standard-poors

  125. Anon E. Moose says:

    Sas [122];

    Touché.

  126. Happy Renter says:

    “S&P fallout: Fannie and Freddie downgraded”

    http://money.cnn.com/2011/08/08/news/economy/sp_rating_ripple_effect/index.htm

    How dare they downgrade the American Dream?

    Brigadoon-on-Hackensack will, of course, retain its AAAAA rating. The Little Community That Could! (TM)

  127. Happy Renter says:

    Boom times in Philly …

    “Bus shooting video takes things to “new level”
    http://www.cbsnews.com/stories/2011/08/06/earlyshow/saturday/main20089055.shtml

  128. Nicholas says:

    I call 11213 on the DJIA at close.

  129. make money says:

    Not one of my low balls hit, I put in 20 buys on blue chips at 10% off yesterdays closing price. It is a small bloodbath

    JJ,

    Keep the orders in place until Friday and then report back.

  130. Al Mossberg says:

    The shares I bought on Friday are doing well but oil is killing me.

  131. make money says:

    Dow:Shiny ratio is 6.5:1.

    Can we just hit the reset button already and just speed this up. I think I’ll buy a Russell 2000 firm cash when I sell shiny.

  132. 3b says:

    #18 Lib: Apparently they are doing an emergence (their words) borrowing of 200k to pay for this, payable in 5 years at 40 odd thousand a year. I don’t believe there are any muni products out there right now that would be suitable to facilitate that borrowing. I assume they will be doing some sort of bank borrowing.

    This is a town that for years used to have a very nice surplus/rainy day fund. All gone.

  133. Al Mossberg says:

    Anyone need a good laugh on this doomy day? Check out the newsweek’s cover pic of Michelle Bachman. They make her look insane. LMAO.

    They should put Obama on their with a turban on standing in front of a Kenyan straw hut.

  134. JJ says:

    I swear she looks like some lady I did like 20 years ago on vacation. Craziest thing ever, her husband had this crazy problem it could not get it up unless he watched his wife do someone first. She did not give me her name as she said she had some important type job where it would ruin her if anyone found out, but I am 99% it was Michelle.

    Al Mossberg says:
    August 8, 2011 at 12:06 pm
    Anyone need a good laugh on this doomy day? Check out the newsweek’s cover pic of Michelle Bachman. They make her look insane. LMAO.

  135. Happy Renter says:

    JJ don’t jump the shark yet, we have a long way to go before the whole thing goes up in flame. :-)

  136. Anon E. Moose says:

    JJ [136];

    Why didn’t you tell us you managed an office in Utah?

  137. Comrade Nom Deplume says:

    PPT must still be at the shore.

    Clot should copyrigh Stench of Death.

  138. Kettle1^2 says:

    Some weak longs are going to get taken to the wood shed when we see a sudden liquidation in gold to cover credit downgrades

  139. Al Mossberg says:

    Gold $1,717.80 $1,719.80 $66.00
    Silver $39.47 $39.57 $1.25

    These moves are childs play to what we are going to see. JPM ups forecast to 2500 by year end. Buy the dips. Mr Sinclair says its going to get extra violent around 1764.

  140. Simply Ravishing HEHEHE says:

    “Some weak longs are going to get taken to the wood shed when we see a sudden liquidation in gold to cover credit downgrades”

    Buying opportunity of the year?

  141. Kettle1^2 says:

    144 hehe

    I will be when it approaches 1500. But that’s just what the fortune cookie told me to do.

  142. Painhrtz - Salmon of Doubt says:

    Wait a minute Michele Bachmann is sane. I already thought she was crazy.

  143. Comrade Nom Deplume says:

    Empty Suit in Chief pushes presser back half hour

  144. Mikeinwaiting says:

    O speaks, that is good for neg 100 points on the dow.

  145. Mikeinwaiting says:

    Ket I’m looking good on the short , no.

  146. Kettle1^2 says:

    I can’t wait to see some serious French riots.

    “The CDS market has come to view France as a greater default risk than the Slovak Republic, Israel, Peru, South Africa, Indonesia, Brazil, Mexico and a score of other countries that are viewed as significantly less creditworthy by S&P,” said Englander. 

  147. Kettle1^2 says:

    Mike

    looks good so far, but then again you’re asking a janitors opinion on financial matters

  148. NJGator says:

    Lib (118) – I think they can get permission from the state to finance it over a one year period. Montclair was not sure if they could do this, and of course, since they waited until the last minute to ask even though they decided to do this last year, they wound up in a situation that they could not wait for the state to reply – if they did not sign a contract right away, they were at risk for the vendor to not have enough time to complete the project for 2012 – so they voted to pay for it in cash and include it all in the 2011 tax rate.

  149. JJ says:

    She is in the “lifestyle”

    Anon E. Moose says:
    August 8, 2011 at 12:30 pm
    JJ [136];

    Why didn’t you tell us you managed an office in Utah?

  150. Comrade Nom Deplume says:

    Podium still empty. Must still be loading the teleprompter.

    Seriously, this guy is always late to the podium. Apparently, no one is as smart as him, and no one’s time is as important as his.

  151. Punch My Ticket says:

    Gunning the stops while waiting for the President. Fun time.

  152. Comrade Nom Deplume says:

    Dow approaching 400 points down.

    Can I take back my prediction?

  153. Comrade Nom Deplume says:

    Now down over 400.

    If the One blames anyone except himself, I think we will see down 500.

  154. Simply Ravishing HEHEHE says:

    Did he speak? All I see is a podium

  155. Simply Ravishing HEHEHE says:

    It’s a nice podium.

  156. Comrade Nom Deplume says:

    Duncan and Obama announced that they will not, in effect, enforce No Child Left Behind.

    Banana Republic time.

  157. Simply Ravishing HEHEHE says:

    Playa in the house!

  158. Simply Ravishing HEHEHE says:

    Does anybody really believe that markets reacted the past month to political wrangling? We have a major recession headed our way.

  159. scribe says:

    Gary,

    Congrats!

    BTW, we should have a GTG at Clot’s new beer & wine emporium!

  160. Punch My Ticket says:

    Nothing to see here, folks, move along, i.e. keep selling.

  161. Al Mossberg says:

    Someone better shut this Kenyan up before we end up -1000.

  162. Punch My Ticket says:

    I’ve heard “the river in Egypt” speech a few times before. This isn’t the best version either.

  163. Simply Ravishing HEHEHE says:

    Proposes more of the same – payroll tax cut extension, spending on infrastructure, unemployment benefit extension. Yawn. No ending wars; no significant entitlement cuts.

  164. SAS says:

    ” unemployment benefit ”

    oh.. you mean those people who want a paycheck, but don’t want to work for it?
    no wait.. you mean the MBA or engineer who can’t find a paycheck and too cool to flip a burger or push a mop.

    oh yeah.. those people.

    SAS

  165. SAS says:

    Lemon brothers.

    that still cracks me up.
    lol
    SAS

  166. Kettle1^2 says:

    An engineer or MBA going from 75 – 100k to 12/hr is still effectivly unemployed as there is no way they can cover their basic bills they committed to at the higher income level. I believe the appropriate term is underemployeed.

  167. SAS says:

    i could careless about the stupid DOW.

    please Port Authority, don’t raise the tolls over the damn GWB!!
    i already pick up blokes to get the carpool rate at the Ft. Lee bus stop and drop’em off on across the bridge.

    SAS

  168. SAS says:

    kettle,

    some may call it “underemployeed” and I agree thats the pits to be in that situation.
    but, 9/10 times.. lets call it for what it really is: a pencil neck geek who doesn’t want to work, they just want cake & ice cream all day.

    SAS

  169. Comrade Nom Deplume says:

    I said we’d see down 500 if he blames anyone other than himself.

    Down 505, after he took swipes at S+P, the Tea Party, and called for tax hikes and means-testing.

    Damn, I hate being right sometimes.

  170. SAS says:

    Drongoare,

    what is with all that text? i don’t have the bifocals on.
    just sum it up for me & keep it brief.
    SAS

  171. Simply Ravishing HEHEHE says:

    Seriously why bother making a speech if you are not going to announce something new? You need to announce some mickey mouse sort of program etc to give the bulls something to cling to.

  172. Comrade Nom Deplume says:

    Dow down 600 points. This is Obama’s Crash of 2011.

  173. Simply Ravishing HEHEHE says:

    NASDAQ down 6%

  174. RentinginNJ says:

    “Seriously why bother making a speech if you are not going to announce something new?”

    We are out of bullets…there is nothing left to announce.

  175. Simply Ravishing HEHEHE says:

    That speech, unless it was intended to create a crash, may have been the supidest move I’ve seen a politician make than that goofy squealing speech by Howard Dean or Bush and his Mission Accomplished moment.

  176. chicagofinance says:

    It looks really tone deaf doesn’t it. Something tells me that they will regret this action for some time to come.

    gary says:
    August 8, 2011 at 10:43 am
    45,000 Verizon workers on strike because they have to pay more towards benefits. In two years from now, when they’re replaced, they’ll be praying to find a health plan for less than $1000/month that will protect them from catastrophe as they attempt to make a living with their two part-time temp jobs.

  177. chicagofinance says:

    Irrelevent you know nothing…..

    Kettle1^2 says:
    August 8, 2011 at 10:47 am
    This should be fun: Reuters Insider: “Announcements should be expected this morning about effects to corporations from S&P’s downgrade of U.S. credit rating, David Beers, head of S&P’s sovereign ratings.”

  178. chicagofinance says:

    so good

    SAS says:
    August 8, 2011 at 11:09 am
    “Obama speaking at 1pm today? ”

    on the Oprah show? or The View?

    SAS

  179. make money says:

    JJ,

    Are you a buyer of C and BAC debt today?
    TARP 2.0?

  180. make money says:

    I love it how DOW popped at -600.

  181. RentinginNJ says:

    We are out of bullets…there is nothing left to announce…

    …except maybe more quantitative easing. All you can really do at this point is print more money.

    Any guess on when Q.E.3 be unveiled?

  182. Comrade Nom Deplume says:

    Looking at doing some bottom fishing, and looking hard at Annaly and Cooper Tire.

    Anyone want to try to talk me off the ledge?

  183. Al Mossberg says:

    188.

    Tomorrow at the FOMC meeting. If it isnt then double up on the adult diapers. My bet is in.

  184. A.West says:

    Oh the humanity! Back to the minefield.

  185. chicagofinance says:

    Someone on CNBC refused to say Washington, he kept using “Buenos Aires on the Potomac”.

  186. 3b says:

    I wonder how those who might be closing on a house purchase today feel?? It is a great time to buy!!!!!

  187. JJ says:

    If you are looking at NLY try also checking out IVR, same thing but yield like 22%, also try ANH, PMT

    Also Medco (MHS) has a buy out offer on table and good company, trading way before buy-out price in sell off.

    Finally, Verzion, VZ, second highest yield in dow, sell off due to union stike and market downturn, but great bluechip

    Hold your nose and buy some high yield blue chips while the sale is on. We never get hte bottom or top right anyhow.

    Comrade Nom Deplume says:
    August 8, 2011 at 2:40 pm
    Looking at doing some bottom fishing, and looking hard at Annaly and Cooper Tire.

    Anyone want to try to talk me off the ledge?

  188. Comrade Nom Deplume says:

    [189] redux

    Also looking at Southern Co. and Waste Management. So that is now four picks that I think are reasonably safe and have decent dividends:

    Cooper Tire
    Annaly Mgt.
    Southern Co.
    Waste Management.

    That’s my view. May be optimistic. Any comments welcome.

  189. JJ says:

    Actually, if you were closing on buying a house today, it means a few weeks ago you liquidated all stocks and bonds to go to all cash for todays closing. Most likely in May and June you got out when stocks were near their highs.

    3b says:
    August 8, 2011 at 2:51 pm
    I wonder how those who might be closing on a house purchase today feel?? It is a great time to buy!!!!!

  190. Al Mossberg says:

    Live London riot cam for anyone who hasnt had their fill of the stench of death.

    http://www.aftonbladet.se/nyheter/article13437854.ab

  191. Comrade Nom Deplume says:

    [194] JJ

    Was looking at VZ. Still looking. Said no to IVR.

  192. Anon E. Moose says:

    HEHE [178];

    Seriously why bother making a speech if you are not going to announce something new? You need to announce some mickey mouse sort of program etc to give the bulls something to cling to.

    Still believing the hype… greatest orator to have ever lived (unless the teleprompter is missing); silver-tongued charmer whose talk alone can bend the will of hostile nations, etc.

    Now, able to jawbone the markets… @ 1PM before the speech, down ~300, by 2:30 PM after the speech, down ~600. Heckuva job, Barry!

  193. homeboken says:

    One issue is green in the S&P 500 – Newmont Mining, + 0.07%. What a day.

  194. NJGator says:

    Chifi 183 – Kinda reminds me of the last MTA worker strike that shut down the NYC subways. Wasn’t a whole lotta sympathy there from the folks that were stranded who didn’t have the ability to retire with a full pension at 55.

  195. Barbara says:

    Wow, a riot in London. What’s next? A rodeo in Texas?

  196. 3b says:

    #96 JJ Somehow I doubt that many of those who are closing today, liquidated anything to buy a house. The scraped together (or got as a gift), there 3.5 down payment for an FHA mtg.

  197. Comrade Nom Deplume says:

    [194] JJ

    Pulled trigger on WM. Lowball limit on Annaly. Holding on VZ and Southern co. Decided against Cooper Tire.

    Thanks for the tips.

    Also, logged on to my brokerage acct, and GLD offset my losses so much that my portfolio was down all of $37 on the day thus far.

  198. make money says:

    AL[188],

    Sold SKF and bought FAS. Bet is in. TALF and QE3 or bust?

  199. gary says:

    Does this credit rating downgrade mean Upper Haughtyville will be renamed to East Hoi Polloi?

  200. SAS says:

    “Buenos Aires on the Potomac”.

    hey…. i like that one.

    SAS

  201. Libtard at home says:

    JJ (137) – “She did not give me her name as she said she had some important type job where it would ruin her if anyone found out, but I am 99% it was Michelle.”

    You bagged Michelle Obama? It’s no wonder the president smokes.

  202. Barbara says:

    207. The male on the end with the FU scruff is kinda of nice looking. I’ll pretend that that’s JJ’s love child. Kind of young though, probably one of those corn fed girls.

  203. Happy Renter says:

    [179] “We are out of bullets”

    Present company on this board excluded, of course …

  204. Barbara says:

    Just noticed that Bachmann is sitting on her old man’s lap. What a tard.

  205. Happy Renter says:

    [190] “Buenos Aires on the Potomac”

    A beautiful, vibrant city . . .

  206. adarce80 says:

    Cargill Meat Solutions Corporation announced Wednesday a sudden voluntary recall of around 36 million pounds of ground turkey meat mainly because it could possibly be contaminated with salmonella bacteria.

    Cargill’s plant in Springdale, Arkansas, processed the suspect fresh and frozen ground turkey products between February 20 and August 2, the firm said inside of a news release.

    Federal health authorities said Tuesday that outbreak of multi-drug-resistant Salmonella Heidelberg that has killed someone and sickened 76 others in 26 states is actually traced to ground turkey products.

  207. Simply Ravishing HEHEHE says:

    QE3 tomorrow? Maybe today’s presser with Obama was to stick a toe in the water and see how the markets react if the administration stays with the status quo? At this point if they don’t announce QE3 tomorrow you are looking at probably another 3-4% drop.

  208. JJ says:

    I swear to god that is her and the husband, it was like yesterday, was Martin Luther King week 1993. I will never forget that husband. Met her in the nude jacquzzi in , she had a ground floor room and it was middle of day, 15 minutes of chit chat and we walked a few doors down to room, blinds were cracked open window cracked open, anyhow go to room, lady asked if I need to use bathoom, I go ok, out come she has lights off candle burning, and is spread eagle on bed holding a rubber. OMG this lady was crazy sceaming at the top of he lungs, F Me harder, louder and louder, I am like holding on for ride. She looked like some 30 something consertive business women, but with a way hot body. Anyhow it is all over, she goes why don’t you take a quick shower, out I go and there is Michele’s husband coming into room, he was peaking through window, hands me a Pina Collada and thanks me for getting his wife going, I pause for a minute and he goes don’t you have some friends to catch up to and the guy litterally was about to go to business. I don’t think any of the Bachman kids are mine, but one of them I think I warmed up his wifes motor first so Mr. Bachman could get busy. All in all is she was Prez she could go on TV and spread eagle and scream F Me, F me and the Dow would be up 5,000 points, this sad sack prez we have is a downer.
    Funny part was a Jamiacan Maid was waiting to do room and when I came strolling out she gave me the “I know you did the nasty look”.

    Juice Box says:
    August 8, 2011 at 3:29 pm
    JJ – do any of these kids look like you?

    The Bachmanns have five biological children ranging in age from 17 to 29

    pic

  209. JJ says:

    I swear to god that is her and the husband, it was like yesterday, was Martin Luther King week 1993. I will never forget that husband. Met her in the jacquzzi in , she had a ground floor room and it was middle of day, 15 minutes of chit chat and we walked a few doors down to room, blinds were cracked open window cracked open, anyhow go to room, lady asked if I need to use bathoom, I go ok, out come she has lights off candle burning, and is spread eagle on bed holding a rubber. OMG this lady was crazy sceaming at the top of he lungs, F Me harder, louder and louder, I am like holding on for ride. She looked like some 30 something consertive business women, but with a way hot body. Anyhow it is all over, she goes why don’t you take a quick shower, out I go and there is Michele’s husband coming into room, he was peaking through window, hands me a Pina Collada and thanks me for getting his wife going, I pause for a minute and he goes don’t you have some friends to catch up to and the guy litterally was about to go to business. I don’t think any of the Bachman kids are mine, but one of them I think I warmed up his wifes motor first so Mr. Bachman could get busy. All in all is she was Prez she could go on TV and spread eagle and scream F Me, F me and the Dow would be up 5,000 points, this sad sack prez we have is a downer.
    Funny part was a Jamiacan Maid was waiting to do room and when I came strolling out she gave me the “I know you did the nasty look”.

    Juice Box says:
    August 8, 2011 at 3:29 pm
    JJ – do any of these kids look like you?

    The Bachmanns have five biological children ranging in age from 17 to 29

  210. Zack says:

    What happened to PPT today. Did they run out of bullets?

  211. Simply Ravishing HEHEHE says:

    So he’s a cuckold.

  212. Libtard at home says:

    [190] “Buenos Aires on the Potomac”

    I bet they have unicorns that sh1t Skittles there too.

  213. RentinginNJ says:

    JB,

    I think this is the headline that you were looking for:

    “Treasuries Surge After S&P Downgrade Fuels Safety Bid, Stock Indexes Sink” – Bloomberg

    http://finance.yahoo.com/news/Treasuries-Surge-After-SP-bloomberg-554564299.html?x=0&sec=topStories&pos=3&asset=&ccode=

  214. reinvestor101 says:

    >>Just noticed that Bachmann is sitting on her old man’s lap. What a tard<<

    Please. I love this woman more than Palin. This reminds me so much of the days of the Cleaver family and the innocent 50's before the stinking liberals took over the damn TV shows and starting messing up our damn morals and ruining the damn economy.

    If any of you were patriots, you'd be stepping in to buy and hold right now. Sure, it feels like a out of control speeding toboggan right now, but this sort of thing excites the hell out of me. This is when real men step the hell up and be counted rather than run like a damn scardey cat.

  215. yo'me says:

    You’re one of the “buy on the dip” crowd

    “Sold SKF and bought FAS. Bet is in. TALF and QE3 or bust?”

  216. Zack says:

    Hurry, buy that macmansion before you are priced out forever…

    We should have that “suzanne researched this” ad running on every friggin channel on TV..

  217. Juice Box says:

    -633 if it closes -666 we are doomed!

  218. 3b says:

    #17 I am friends with some, and I speak the language, so I will find out. Unicorns do have their own language you know.

  219. JC says:

    JJ #214: You are either the greatest storyteller in recorded history or there are people who would pay you a $#!+load of money for that story. The thing is, I believe you, because Marcus is clearly in a small cubbyhole behind an entire wardrobe of sequined dresses.

  220. Simply Ravishing HEHEHE says:

    S&P down 6.66% – spoooooky

  221. make money says:

    jj,[214]

    Great stuff.

  222. The Original NJ Expat says:

    I just got off the phone with my dry cleaner. I’m having him take my DOW 10,000 hat out of storage. Hope the moths didn’t get to it.

  223. Confused In NJ says:

    Paris & London could simply change their Laws to make Deportation the automatic Penalty for rioting. Problem Solved.

  224. Confused In NJ says:

    S&P lost 6.66%? 666 is a definate sign of Obimanation.

  225. yo'me says:

    Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), whose top three shareholdings declined by about $1.6 billion last week, disclosed its biggest quarterly purchase of equities in almost three years.

    Berkshire bought $3.62 billion of stock in the three months ended June 30, the most since it spent $3.94 billion in the third quarter of 2008, the Omaha, Nebraska-based company said late Aug. 5 in a filing. Equity purchases exceeded acquisitions of fixed-maturity securities for the first time since 2009.

  226. JCer says:

    JJ I sincerely hope Bachmann was better looking 20 years ago, because I wouldn’t go there. It is believable though as most of these hardcore right wingers are involved in some weird stuff.

  227. Happy Renter says:

    JJ has she tweeted you since then?

  228. Zack says:

    #230

    He probably wished he waited for this week to make his purchases. Much better prices that what he probably got for last quarter

  229. chicagofinance says:

    Gates: Everything you need to know. There is a Verizon sub-station 2 blocks from my office. I was on a coffee run and walked past the picketers coming off the line at 4:30PM. Two of them stepped into Mercedes….saving the middle class indeed….

    NJGator says:
    August 8, 2011 at 3:00 pm
    Chifi 183 – Kinda reminds me of the last MTA worker strike that shut down the NYC subways. Wasn’t a whole lotta sympathy there from the folks that were stranded who didn’t have the ability to retire with a full pension at 55.

  230. JJ says:

    She has a rock hard body.

    BTW the average Verzon workerd on Long Island makes 151K a year for a job with just a HS degree required. They are striking cause they don’t want to kick in extra for health insurance.

    Tweeted, I don’t even ask names. Funny it is not politically correct to refer to girls as the black girl, the asian girl, the spanish girl etc. But back in the day that was about all you had.

    JCer says:
    August 8, 2011 at 4:44 pm
    JJ I sincerely hope Bachmann was better looking 20 years ago, because I wouldn’t go there. It is believable though as most of these hardcore right wingers are involved in some weird stuff.

  231. xmonger says:

    You have to love Barry. He truly inspires hope that great undeserved achievement is possible to anyone in our great country. Snooki is a close second in that regard.

    Someone please wake me up when I need to get the ammo boxes out of storage.

  232. willwork4beer says:

    Gary, congratulations and best of luck with the new gig.

    JJ, I will never be able to hear Michelle Bachman speak again without thinking of your market “cheerleading” reference.

    SAS, where have you been? Welcome back and I look forward to some stories.

  233. willwork4beer says:

    In non-financial news, the first fall seasonal has hit the shelves. From Sierra Nevada. Yeah, its early. Kinda like Christmas decorations before Halloween. But the beer, called Tumbler, is pretty good. Its a brown ale that scored high ratings from BA and RateBeer. DFH Indian Brown is still my favorite brown ale but Sierra Nevada Tumbler is very good stuff. More of a session ale than the DFH at a little over 5 %.

  234. BackInJersey says:

    Regarding JJ’s comments.. Funny that MSNBC is showing a splash that says Bachmann ~Ames to Please, Funny couldn’t pass that up.

  235. SAS says:

    “SAS, where have you been?”

    like that Geoff Mack song:
    I’ve Been Everywhere.

    :)
    SAS

  236. Happy Renter says:

    [135] + [214]

    You know, now every time I see that photo of Bachmann (which seems to be making the headlines today) I just keep wondering whether she had that same dazed look on her face after meeting JJ.

  237. Comrade Nom Deplume says:

    Kettle,

    you have mail.

  238. Juice Box says:

    Heard from a relative the are sending over water cannon trucks from Northern Ireland to use in London since the riot police have none.

  239. chicagofinance says:

    Exposing a farce with prima facie evidence…..

    Standard & Poor’s said the decision to strip the U.S. of its AAA rating won’t affect companies in the country that carry the top grade.

    Johnson & Johnson (JNJ), Microsoft Corp. (MSFT), Exxon Mobil Corp. (XOM) and Automatic Data Processing Inc. (ADP), the four U.S.-based non- financial companies rated AAA, will retain the highest rating, S&P said in a statement today. The companies are expected to pay their debts even if the U.S. defaults.

    Exxon, Johnson & Johnson and Microsoft are strong financially and depend less on the U.S. than other companies do because they get much of their income from international markets, S&P said.

    While ADP earns most of its profits domestically, demand for its products has held up well and it relies little on the public sector and is diversified, according to the statement.

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  241. yo'me says:

    I wonder how much is the deficit growing . Money is pouring into treasuries lowering yields.

  242. Hmm is anyone else experiencing problems with the images on this blog loading? I’m trying to figure out if its a problem on my end or if it’s the blog. Any feedback would be greatly appreciated.

  243. Fabius Maximus says:

    #155 nom

    Seriously, this guy is always late to the podium. Apparently, no one is as smart as him, and no one’s time is as important as his.

    Sorry, I forgot you like your president, to be early to occasions.
    http://www.youtube.com/watch?v=zGpXtIFjlcc

  244. Fabius Maximus says:

    Gary congrats on the job, with the Medco news, you might be able to pick up a new place in Wyckoff, I forsee prices dropping in that town.

  245. SAS says:

    “Wyckoff”

    that town next to that cemetery? yikes!

    SAS

  246. Neanderthal Economist says:

    “Her husband had this crazy problem it could not get it up unless he watched his wife do someone first. She did not give me her name but I am 99% it was Michelle.”
    JJ, totall hillarious. But market was down 6.66% today, im trying to figure out how that reminded you to tell this one.

  247. toomuchchange says:

    SAS on unemployment:

    If you think the problem is that the unemployed won’t work, you are dead wrong.

    There’s far more unemployed people than jobs available.

    There’s millions of people out there too who never got any unemployment or have gone through the maximum number of weeks in their state. And there’s millions who haven’t worked now since 2007, 2008, 2009 or 2010, competing against the recently unemployed, new graduates and currently. Who do you think usually wins that competition? Not the long term unemployed.

    And of course as Kettle points out, many of the jobs available would not pay enough to keep an above average NJ wage earner in their NJ home or former lives, or anywhere near them. Even worse, it’s also true that many of the jobs available wouldn’t keep an average NJ wage earner in their home or living their former lives, or anywhere near them.

    $10 an hour doesn’t keep two wage earners in a decent NJ life; of course it’s even worse when there’s only one wage earner. Of course, worst of all is when there’s not even the $10 an hour.

  248. 3b says:

    Ok people> Listen Up!!! I was watching Kudlow for a little bit tonight, and he said do not panic. Repeat!! Do not panic!! And, he does not believe we are going into another recession. Repeat!! We are not going into another recession.

    So there you have it from Mr. Kudlow, so stop worrying.

  249. 3b says:

    #43 All their experience in the north should help with handling the riots over there.Always thought that one of the reasons the Brits would not leave the north, was to gain experience for urban warfare in Britain.

  250. Comrade Nom Deplume says:

    (248) fabius,

    Yes, I do like it. Is that to much to ask?

  251. Fabius Maximus says:

    I struggle to understand the thinking of those on the right (and a few in here) that would rather see the destruction of America as we know it than see O get a second term. Burning down the house to try and stop O 2012 is a bit of Pyrrhic Victory.
    While I can sort of understand a knee jerk reaction to a Dem blaming a downgrade on the Tea Party,I wonder if those knee jerk people ever sit back and say “you know what, they might have a point”
    This is the funniest poll I have seem in a long time. Romny vs O Fox has O at +6.
    http://www.realclearpolitics.com/epolls/2012/president/us/general_election_romney_vs_obama-1171.html

  252. Juice Box says:

    Holy cow London riots the Army is gonna get called up soon

    Check out this video on YouTube:

    http://www.youtube.com/watch?v=MPbaQwe8PZI&feature=youtube_gdata_player

  253. Fabius Maximus says:

    I wish the GOP well. Let us take a moment and pray.

    “Lord, you are the source of every good thing,” Mr. Perry said, as he bowed his head, closed his eyes and leaned into a microphone at Reliant Stadium here. “You are our only hope, and we stand before you today in awe of your power and in gratitude for your blessings, and humility for our sins. Father, our heart breaks for America. We see discord at home. We see fear in the marketplace. We see anger in the halls of government, and as a nation we have forgotten who made us, who protects us, who blesses us, and for that we cry out for your forgiveness.”

  254. Fabius Maximus says:

    #257 Juice,

    Meh .. when they crack open the plastic bul1ets, things will get interesting.

  255. Confused In NJ says:

    LONDON (Reuters) – Rioting and looting spread across London on Monday as hooded youths set buildings and cars ablaze, smashed shop windows and hurled bottles and stones at police in a third night of violence in Britain’s worst unrest in decades

  256. Al Mossberg says:

    All that rioting in London is coming to the US when the welfare t_t is cut off or cut back. The Brooklyn neighborhood watch will be making a come back.

  257. Al Mossberg says:

    Gold 1740.

    Oil getting poleaxed.

  258. Barbara says:

    A little background music for the London Riot watching.
    You’re welcome
    http://www.youtube.com/watch?v=I7TUI_IVLCI

  259. cobbler says:

    Futures look like another 2.5% down or so… OTOH, yesterday at this time they also looked like 2.5% down or so.

  260. Mikeinwaiting says:

    Asian markets getting pole axed.

  261. Neanderthal Economist says:

    Stock crash theme song – ‘take my money’
    http://www.youtube.com/watch?v=H2jCbXiEQI4&feature=youtube_gdata_player

  262. Mikeinwaiting says:

    I gather it is 1 word Al. Glad the grammar police are asleep.

  263. Mikeinwaiting says:

    Vets check out Asia ouch!

  264. Al Mossberg says:

    268.

    Lol Mike,

    I missed that page in vocabulary. That crap in London is crazy. Check this out. The rioter punch this kid. Help him up. Then rob him anyway.

    Sick

    http://www.youtube.com/watch?v=fsRwwQJdKjE&feature=player_embedded

  265. gary (28)-

    Great news! Be sure to steal as many pencils as you can.

  266. Mikeinwaiting says:

    “F” ed up Al. Now if the kid was packing………………..

  267. Mikeinwaiting says:

    Clot still holding that triple short , very tempted today . Futures seem to be cooperating though.

  268. BAC is the sickest wildebeest. Dimon will strip them of assets and pin losses to them as they circle the drain.

    Lemon Bros. redux. This will happen- over and over- until what remains of the US banking system is forced to admit it is a giant, insolvent Ponzi.

  269. Mikey (273)-

    You usually get a great deal if you purchase Maalox by the case. :)

  270. evildoc says:

    —-I struggle to understand the thinking of those on the right (and a few in here) that would rather see the destruction of America as we know it than see O get a second term.—

    This is known as a straw man, a diversionary question whose answer is irrelevant and indeed designed to distract.

    My guess would be that the thinking of those on the right is that seeing O not get a 2nd term would be helpful for America.

    Now that I’ve straightened you out, you may proceed.

  271. relo says:

    Gary,

    Good for you. Hope it works out.

  272. Mikeinwaiting says:

    I hear you Clot, may take my profits & watch with some good scotch after tomorrow.

  273. Funny that SAS re-appears here on a classic, 2008-style bloodbath day.

  274. Mikeinwaiting says:

    More good news.

    China Inflation Quickening to 6.5% Limits Policy Response to Global Crisis

    China’s inflation accelerated to the fastest pace in three years in July, limiting the scope for monetary easing as risks to the global economy mount.

    Consumer prices climbed 6.5 percent from a year earlier, the Beijing-based National Bureau of Statistics said on its website today. That was more than the 6.4 percent median estimate in a Bloomberg News survey of 26 economists. In June, inflation was 6.4 percent.

    Shanghai stocks extended losses after tumbling into a bear market yesterday on a widening European debt crisis and Standard & Poor’s downgrade of the U.S. debt rating. Elevated inflation shows that China is still dealing with the after-effects of an unprecedented monetary expansion during the last global slump and may have limited room for more stimulus.

    “This is the kind of data that should trigger an interest rate hike, but the uncertainties in global financial markets may delay the action,” said Yao Wei, a Hong Kong-based economist with Societe Generale SA.

    The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 2.2 percent as of 10:09 a.m. local time. The gauge yesterday capped a 20 percent drop from a November high, signaling a bear market.

    http://www.bloomberg.com/news/2011-08-09/china-inflation-quickening-to-6-5-limits-policy-response-to-global-crisis.html

  275. mike (278)-

    Make sure you have plenty of narcotics to go along with that Scotch.

  276. Al Mossberg says:

    Oh sh_t.

    “The Federal Reserve said D. Nathan Sheets quit as the central bank’s chief international economic adviser after almost four years in the position and a day before policy makers meet.

    The Fed, in a statement today in Washington, didn’t say why Sheets, 46, is leaving the institution. As director of the Division of International Finance, Sheets briefed Chairman Ben S. Bernanke and other officials on economic developments outside the U.S. and represented the Fed at international meetings. ”

    http://www.bloomberg.com/news/2011-08-08/fed-s-d-nathan-sheets-resigns-as-bernanke-s-chief-international-adviser.html

  277. tard (219)

    Bachmann is like June Cleaver…on meth.

    “Please. I love this woman more than Palin. This reminds me so much of the days of the Cleaver family and the innocent 50’s before the stinking liberals took over the damn TV shows and starting messing up our damn morals and ruining the damn economy.”

  278. Mikeinwaiting says:

    Clot rest assured I will.

  279. Mikeinwaiting says:

    Al getting out of Dodge.

  280. Confused In NJ says:

    LONDON (AP) — Violence and looting raged across London and spread to three other major British cities on Tuesday, as authorities struggled to contain the country’s most serious unrest since race riots set the capital ablaze in the 1980s.

    In London, a third straight night of disorder saw buildings, vehicles and garbage dumps set alight, stores looted and police officers pelted with bottles and fireworks, as groups of young people rampaged through neighborhoods. It was an unwelcome reminder of London’s volatility for leaders organizing the 2012 Summer Olympics in less than a year.

    As authorities struggled to keep pace with unrest unfolding at flashpoints across London, the violence spread to the central city of Birmingham, the western city of Bristol and the northwestern city of Liverpool.

  281. beer (238)-

    Just got in 5 cases of River Horse’s Pumpkin (Hippolantern). Will try it on the first cool day we get & report.

  282. Nice to see the English have timed their riots to coincide with the beginning of the EPL season.

    The riots should become much more interesting once the drunken soccer hooligans join in the fun.

  283. The fuzzy cartoon bears are back, telling you to “buy the motherfooking dip in silver”.

    http://www.zerohedge.com/news/silver-bears-are-back-part-7

  284. Fabius Maximus says:

    #276 evildoc

    I don’t do straw and it is a serious question.

  285. evildoc says:

    —#276 evildoc

    I don’t do straw and it is a serious question.
    —–

    No. You had no real question, because you pretended to know the thoughts of others, in setting up the straw man question.

    If you have a real question, do ask why the Tea Party opposes the President.

    Instead, concluding (so to speak) that the Tea Party— for some reason unfathomable to reasonable folk like you favors destroying the country is the very set up for a non conversation, a straw man. I am embarrassed for you

  286. Fabius Maximus says:

    #289 Clot

    Nice to see the English have timed their riots to coincide with the beginning of the EPL season.

    Didn’t see you spend much of that 35Mil, are the Barcodes ready for opening day?

    Bring it on puppy!

  287. evildoc says:

    Indeed, if we wish to offer straw man to the Left, let’s ask, “Why wouldn’t the Prez, realizing his leadership has economically destroyed our country, resign rather than further harm America”.

    Yeah, right. Of course I don’t ask that question, but the Left should appreciate it as it reflects their approach to challenging the right.

  288. Comrade Nom Deplume says:

    [256] fabius

    “While I can sort of understand a knee jerk reaction to a Dem blaming a downgrade on the Tea Party,I wonder if those knee jerk people ever sit back and say “you know what, they might have a point”

    Imagine a car careening down the highway, and three people are fighting for control of the wheel. The car crashes. Who’s at fault?

    You may see yourself as the judge or jury. I see you as one of the attorneys.

    And as for struggling to understand, well, that is to be expected. You view the world through your own set of filters, likely designed in Europe by a guy named Hobbes. This is your first failing; that you don’t understand that America has always been the anti-Europe in many ways. Notably, we chose to limit the power of the sovereign. This is important because in your worldview, which is that of Europe and of the left, the sovereign is omnipotent. There is no sphere into which the sovereign cannot go to legislate, regulate, or confiscate. However, Americans chose to put certain areas of society, property, and economy off limits to the sovereign, and to further restrain the sovereign with a republican form of government. Thus, in our system, there are lines over which the sovereign cannot tread. The tension you see in politics and the courts involves the sovereign, and those that would benefit, seeking to expand sovereign power, fighting those opposing the expansion of sovereign power. Really, that’s it. Every issue you can come up with that is susceptible to a political label can be distilled down to that concept.

    Now, you assume that those that disagree with you want to destroy “America as we know it.” Did you ever consider that America “as we know it” is, in fact, the problem? Did you also stop to consider that there are those that do not want America as you want it? You belittle the seniors who vote GOP because they are “voting against their interests.” Are they? Do you presume that their only interests are selfish ones? Can they not act out of altruism and a sense of sacrifice for their children and grandchildren? They can, but then you call them deluded or idiots.

    Finally, you and your euro-centric thinkers castigated the GOP for “daring to tamper with the Constitution” when they suggested changes to the 14th Amendment, but conveniently fail to remember that doing away with the Electoral College system also requires a constitutional amendment. Yes, if you had your pure democracy, you might not have had Bush (though later analysis shows you still would have), but remember this: The Athenians put Socrates to death by popular vote.

    Rant off

  289. Comrade Nom Deplume says:

    [276] fabius

    I had a response but it wound up in moderation. And I don’t feel like trying to get it past Grim’s filters.

  290. evildoc says:

    —I had a response but it wound up in moderation. And I don’t feel like trying to get it past Grim’s filters.—-

    Strange. My polite issues-oriented posts seem not to be filtered ;)

  291. Comrade Nom Deplume says:

    Think I found it. Let’s try it again.

    [256] fabius

    “While I can sort of understand a knee jerk reaction to a Dem blaming a downgrade on the Tea Party,I wonder if those knee jerk people ever sit back and say “you know what, they might have a point”

    Imagine a car careening down the highway, and three people are fighting for control of the wheel. The car crashes. Who’s at fault?

    You may see yourself as the judge or jury. I see you as one of the attorneys.

    And as for struggling to understand, well, that is to be expected. You view the world through your own set of filters, likely designed in Europe by a guy named Hobbes. This is your first failing; that you don’t understand that America has always been the anti-Europe in many ways. Notably, we chose to limit the power of the sovereign. This is important because in your worldview, which is that of Europe and of the left, the sovereign is omnipotent. There is no sphere into which the sovereign cannot go to legislate, regulate, or c0nf1scate. However, Americans chose to put certain areas of society, property, and economy off limits to the sovereign, and to further restrain the sovereign with a republican form of government. Thus, in our system, there are lines over which the sovereign cannot tread. The tension you see in politics and the courts involves the sovereign, and those that would benefit, seeking to expand sovereign power, fighting those opposing the expansion of sovereign power. Really, that’s it. Every issue you can come up with that is susceptible to a political label can be distilled down to that concept.

    Now, you assume that those that disagree with you want to destroy “America as we know it.” Did you ever consider that America “as we know it” is, in fact, the problem? Did you also stop to consider that there are those that do not want America as you want it? You belittle the seniors who vote GOP because they are “voting against their interests.” Are they? Do you presume that their only interests are selfish ones? Can they not act out of altruism and a sense of sacrifice for their children and grandchildren? They can, but then you call them deluded or idiots.

    Finally, you and your euro-centric thinkers castigated the GOP for “daring to tamper with the Constitution” when they suggested changes to the 14th Amendment, but conveniently fail to remember that doing away with the Electoral College system also requires a constitutional amendment. Yes, if you had your pure democracy, you might not have had Bush (though later analysis shows you still would have), but remember this: The Athenians put Socrates to death by popular vote.

  292. Al Mossberg says:

    Remember Mr. Sinclairs prediction about 1764?

    Well here it is.

  293. Comrade Nom Deplume says:

    [297] evildoc

    I use big words.

    Actually, thought I found the offending word, but still isn’t getting through. Grim’s filters are a bit mercurial in that there are certain perfectly innocent words that are off limits and I cannot figure out why.

  294. gluteus (293)-

    We’re ready for Opening Day. By that time, we should’ve given away Joey Barton on a free transfer. I hope your pathetic Gooners can sweep in and get him at the 11th hour. He should fit in well with a group who play pretty football for 88 minutes, then gag away the victory in stoppage time. If Cesc likes to drink tons of beer then beat people up at ATMs, then he and Joey should get along great.

    Nice job against the Dead Bulls, BTW. Not every team in England can get owned on their home pitch by a bunch of European has-beens and Amerikan kids a year or two out of college.

  295. Comrade Nom Deplume says:

    Finally, I leave you with this thought: Who can detect the bias in this article?

    http://news.yahoo.com/blogs/ticket/house-kills-congressional-page-program-210104192.html

    Here’s a hint: At least one of the Congressman not named yet censured for having sex with a male page was Gerry Studds.

  296. Fabius Maximus says:

    #289 evildoc,

    There is a good line in here that sums up my question. The tea party is not a “grass roots” organisation, it is a political machine. Well funded with one object to get control of the GOP and their own candidate in. If that takes down the county in the process so be it.

    http://www.ibtimes.com/articles/178682/20110712/debt-deal-budget-deficit-national-debt-obama-boehner-democrats-republicans.htm
    “But that’s where the premise mistake occurs. The Tea Party is not interested in fairness or shared sacrifice. It’s interested in … winning.

    And if the choice is compromise, eliminate some tax loopholes and maintain the U.S.’ credit rating, or no compromise and letting the U.S. default on its debt, with all of its bad ramifications, for credit markets and commerce, then the Tea Party so far has given every indication that it’s saying, “Let the U.S default on its debt. We want to win.”

  297. Fabius Maximus says:

    #294 evildoc

    Indeed, if we wish to offer straw man to the Left, let’s ask, “Why wouldn’t the Prez, realizing his leadership has economically destroyed our country, resign rather than further harm America”.

    Thats funny, if it wasn’t so sad. GWB sent the economic bus heading towards the brick wall at full speed. O took over and while he never had a chance of slowing the bus, any attempt at deflecting the angle of impact or sofening the blow is met by the wingnuts trying to grab the wheel to ensure the bus still hits the wall, straight on at full impact.

  298. Fabius Maximus says:

    #299 Clot,

    Joey will probably join Craig at Cardiff.

    I think ManU proved in DC that the blind squirel can occasionaly find a nut!

  299. evildoc says:

    ===Thats funny, if it wasn’t so sad. GWB sent the economic bus heading towards the brick wall at full speed. O took over and while he never had a chance of slowing the bus, any attempt at deflecting the angle of impact or sofening the blow is met by the wingnuts trying to grab the wheel to ensure the bus still hits the wall, straight on at full impact.
    ======

    Blah blah blah, all irrelevant to your first point. Now you perhaps want to discuss who did what and when. Your original point had nothing to do with who did what when, but was a mere strawman. Sorry, cannot let you redirect until you recognize the dysfunction of your first post. Have a good night. I’ll check in tomorrow.

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  301. Barbara says:

    How can it be a strawman when he wasn’t responding to any specific post? He was making an observation and asking a question based on that observation. You protest too much.
    http://en.wikipedia.org/wiki/Straw_man

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  305. evildoc says:

    —–How can it be a strawman when he wasn’t responding to any specific post? He was making an observation and asking a question based on that observation. You protest too much.——

    Setting up the question on false premise is sufficient. Straw man does not require being a response.

    Weak “Shakespeare” does not change that.

    cheers.

  306. Barbara says:

    You can say that about any observation made at anytime. Its meaningless.

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  308. evildoc says:

    —-Barbara says:
    August 9, 2011 at 12:00 pm

    You can say that about any observation made at anytime. Its meaningless.
    —-

    Hmmm… as nothing is referenced, this statement is meaningless. Typical.

  309. evildoc says:

    you are welcome

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