Damned Crisis!
Awesome comic:
Wednesday, October 15, 2008 | 04:26 PM | Permalink
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It looks like our economy hit the spike strips about 8 years back and despite all efforts is now careening off into a mall parking lot.
Should we steer away from hard objects? Or steer towards soft objects? Give me a moment while I consult the driver's ed handbook.
Posted by: wunsacon | Oct 15, 2008 4:38:16 PM
An amusing Q&A going around my desk the last few minutes:
Q: Jesus! How many more 700 point drops can we have?
A: Twelve.
Q: Exactly!
Posted by: TheUnrepentantGunner | Oct 15, 2008 4:43:41 PM
Who are these guys, anyway? Investment bank CEO's...?
Posted by: DL | Oct 15, 2008 4:43:50 PM
http://online.wsj.com/article/SB122406877778235991.html
"I don't just think we're going to test the lows. I think we're going to violate them and break lower in a big way," said Kent Engelke, managing director at the brokerage Capitol Securities Management, in Richmond, Va.
Ouch
Posted by: Robert | Oct 15, 2008 4:50:05 PM
Markets soldoff right after the bailout bill was officially passed. Now they started selling off Tue morning right after the Paulson here-banky-banky-take-these-free-billions giveaway was announced. You think the investing public has much faith left in these bastards?
Letting these guys throw money at the same old actors and strategists at banks that brought us here, without demanding real change, is like having a registered child molester babysit your 13 year old daughter. We don't do that with our daughters! Why did Paulson and co give those free billions to the same people who brought insolvency upon themselves in the first place?
Posted by: rational | Oct 15, 2008 4:58:27 PM
I wonder whether the people who run China, Japan, Saudi Arabia, and Russia recognize the relationship between the stock market and American politics, and would restrain their central bank money managers in buying US equities between now and November 4. These people control trillions of dollars. Otherwise, if they buy and give Americans the false sense of economic well being from a rising stock market (as promulgate daily by CNBC), these foreign governments run the risk of helping an obviously rash, dogmatic, belligerent, unethical, racist, and incompetent McCain and Palin administration gain control of the US nuclear arsenal and destabilize the global geopolitical picture further for the next 4 - 8 years. People keep talking about tons of money sitting on the sidelines, and there's a ton of money right overseas. I don't expect Treasury yields to go up much until Barack Obama wins.
Posted by: CNBC Sucks | Oct 15, 2008 5:00:58 PM
I can’t imagine what its like for those folks who are opening quarterly retirement account statements and witnessing its demise. That's got to be horrible!!
Pisani said on CNBC today that good news included a "tidal wave of liquidity is coming”. That’s not good news. Because normally after a tidal wave of liquidity you get a tsunami of inflation.
Posted by: Pat G. | Oct 15, 2008 5:04:27 PM
Absolute dumbest news ever from Abu Dhabi :
http://archive.gulfnews.com/business/Markets/10252078.html
Posted by: michange | Oct 15, 2008 5:10:11 PM
Ha.
Pete Najarian just chastised the people who are "in front" of the forced liquidations. What an asshat. Talk about the pot calling the kettle black. Asshat jerks like that are the ones who were constantly pounding stocks that were going higher, essentially jamming it to people who were correctly short. His ilk are always "in front" of the short squeezes, and now he's railing on the people selling in front of liquidations.
What a jerk.
- AT
Posted by: Andy Tabbo | Oct 15, 2008 5:13:25 PM
the guy, in the upper left, looking down, has to be, to me, the funniest part of it..
nice graph paper background up there..
Pisani.Piss on ye` the names, only from Poli-Sci-Fi..
Posted by: Mark E Hoffer | Oct 15, 2008 5:13:35 PM
Barry
Great comic.
As MarK Hoffer said, I love that big schnoz hanging downing the hole on the upper left.
Simply hilarious !
Posted by: ToddinFL | Oct 15, 2008 5:24:35 PM
I don't expect Treasury yields to go up much until Barack Obama wins.
Posted by: CNBC Sucks | Oct 15, 2008 5:00:58 PM
Unfortunately (or maybe fortunately) events will roll over any plans Osama or McLame might have. Not that either one has an original thought in their heads anyway.
"Change" would be to execute all the players who brought our country to its knees, do away with fractional reserve banking, restore "free markets" to the medical field, restrict insurance, eliminate foundations and restoring sanity to the defense complex. This would be a good start.
I don't hear any candidates talking about these things.
Posted by: CrackHead Banker | Oct 15, 2008 5:25:36 PM
"when the demon is at your door,
in the morning it won't be there no more,
any major dude will tell you...."
and if he is there in the morning, THAT LITTLE RED BASTARD WITH THE TRIDENT, I have my stops set already !!
Thanks for always keeping your sense of humour and a great perspective on life, Barry.
@ AT: The Fast Money wankers don't know what hit 'em. They are all mo-mo guys except for Macke who has a brain and he looks like he wants to hide under the table. No-one was laughing at being "fetal and in cash" today.
Posted by: leftback | Oct 15, 2008 5:33:09 PM
If s&p500, goes down 90 points everyday , then it will be zero in 10 days. How can DOW exist after that?.
Posted by: Sam Jacob | Oct 15, 2008 5:43:00 PM
“Investor’s Intelligence” graph going back to 1990:
http://bespokeinvest.typepad.com/bespoke/2008/07/investors-intel.html
(Still room for some more downside action, IMO).
Posted by: DL | Oct 15, 2008 5:57:59 PM
@ DL: I keep waiting for those alternating waves of reflation and deflation that we discussed ... I spent most of today crouched under the desk. This market is something else.
Still, have a small long position for tomorrow. Discipline....
Posted by: leftback | Oct 15, 2008 6:07:25 PM
OK Cramer, keep telling me that "Great Depression II," has been taken out of the picture. Actually you might be right, because this one is going to be The Mild Depression and Great Inflation. Be careful what you wish for.
Posted by: JustinTheSkeptic | Oct 15, 2008 6:14:37 PM
"Another week of hell followed by a long march on coals"
Posted by: Bob A | Oct 15, 2008 6:20:34 PM
JTS,
yeah right, that guy, pushing peeps on 'Yield' 5-6%, for a 5-year wait..
some things really are Criminal..
Icahn, though, certainly isn't one of them..
Posted by: Mark E Hoffer | Oct 15, 2008 6:24:29 PM
CNBC Sucks do us all a favor and keep your political views to yourself i'm sure most have little interest since this is a finance board.
Posted by: Richard | Oct 15, 2008 6:27:25 PM
@Sam Jacob:
When the DOW goes down to 0, it will go to the FED window and get recapitalized...
(New math..........)
Posted by: Bruce in Tennessee | Oct 15, 2008 6:49:43 PM
Barry,
You anti-spam filter bonked me because I was hitting on the rich. Whatever. You can lead a horse to water but you can't make him drink. You can lead rich bastards to logic but you can't make them think.
Posted by: AGG | Oct 15, 2008 6:51:30 PM
No jobs = No spending.
That is no spending on mortgages, credit cards, goods, services etc.
I still see this being discussed very little.
How will this economy begin to recover until people have money to spend? Even if they have some money to spend they aren't confident enough to spend what little they have left.
Even with more money and credit no American based company wants to invest in putting one American worker back to work with good pay and benefits. That is about the last thing they want to spend money on.
So without jobs and spending how do we begin to "really" recover?
Can jobs be created or do we have to wait until the American worker is the lowest cost?
Paying off mortgages isn't going to fix that.
Bailing out banks isn't going to fix that.
A handout here and there isn't going to fix that.
Bush embraced offshoring and a global economy and now ours is as good as the rest.
Kill the worker and kill the country.
RIP
Posted by: Concerned American | Oct 15, 2008 6:59:30 PM
This 37 year old thought the comic was awesome, funny is a word my wife might use, "snap" is what my 12 year old says.
Posted by: HAson | Oct 15, 2008 7:09:12 PM
William Sorten... Shame on you.
Of all the things you could have said.
I'm 46 and I also think it's awesome. OK Dude!
Posted by: notsofastfriend | Oct 15, 2008 7:10:21 PM
