Archive for September, 2008

Dow up 485.21 today

See, the kiddies at Wall and Broad tried to be petulant and stupid yesterday, but once they were put into timeout overnight, things didn’t look so scary.

Right now, it’s like the banks are playing “old maid”, except the old maid is a plague-ridden corpse and you can’t trust your neighbors at all. The economy is by no means safe or fixed or whatever “mission accomplished” euphemism one might apply here. But the sky is absolutely not falling. If the regulators would simply take action to increase transparency (and kill “mark to market“), things might ease up.

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A lack of liquidity, you say? Market is too tight?

Riddle me this: if the title of this piece is true, why did I get notices from both JP Morgan Chase and Bank of America today informing me that they had dramatically increased my credit limits? I guess I should mention that I am not wealthy, by any stretch of the imagination. If they can afford to offer me thousands of dollars more of unsecured loans, unsolicited, why can’t they help these poor, legit, mythical businesses that “might not make payroll” this week?

I call bullshit!Patrick T. Lafferty
Raconteur; Proprietor,

There is ample liquidity in the market. The problem is that all of these fine, upstanding businessmen and businesswomen know how corrupt they are themselves and therefore aren’t willing to risk lending money to anyone else because “they” could be even more corrupt. It’s almost like a lack of transparency and regulation results in an inefficient market?

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A public service announcement for all Wall St. tycoons seeking a bailout

Free market idealism embodied in hair metal!

You know where you are? You’re in the jungle baby!…It’s gonna bring you down!W. Axl Rose

Live by the jungle, die by the jungle! This is the very essence of the free market. Deal with it.

P.s. This video is terrible, but I didn’t feel like getting sued by Axl today, so I used someone else’s clip on Youtube. The song remains the same.

Edit: finally got a good version of the video!

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