Saturday Night Open Thread
What is keeping the bees buzzing in the heartland tonite?
Speak forth in comments, and please include your town/city/state nation for entertainment purposes
Saturday, October 11, 2008 | 07:00 PM | Permalink
| Comments (153)
| TrackBack (0)
add to de.li.cious | 
digg this! | 
add to technorati | 
email this post
TrackBack
TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c52a953ef01053580509a970c
Listed below are links to weblogs that reference Saturday Night Open Thread:
Comments
I think this post from Calculated Risk is worth pondering;
"From the WSJ: U.K. Banks to Announce Bailout Details
Some of the U.K.'s largest banks are expected to detail early Monday their participation in a bailout plan that could force the departure of some of their top executives, according to people familiar with the situation.
The announcement, aimed for about 7 a.m., is expected to include details on how much will be raised from the government and private investors.
...
One plan under consideration is to shutter London stock trading to allow investors to digest the news. That plan hasn't been finalized ..."
So the Brits start with a stock market holiday and if that doesn't work do they/we move to a bank holiday?
Dale
Burke/VA/USA
Posted by: Dale | Oct 11, 2008 7:07:37 PM
I just walked 2 miles of Michigan Avenue here in my hometown of Chicago. I noticed that there were a lot of foreign tourists, mostly European. It's kind of late in the year for that.
My fiance is finishing her undergrad work in Nov and looking for a job, which is stressful considering things. Luckily, she's looking in a pharmaceuticals, people need drugs, whether things are slow or not.
We're sitting on our hands in my office. We have cash and are waiting to for prices to drop, as we expect, in the asset that we invest in.
I'm taking the lady to Holland tomorrow (Holland, Michigan) for apple picking, lighthouse looking, and plain old hang'n out.
Posted by: ElamBend | Oct 11, 2008 7:08:21 PM
What's the formula to figure out the worth of a house via its rental price? We were looking at a house that is listing at 295k but is renting at 1450/month. The formula I remember is rental price*12*7 which for this house would be 117k. Is this possible?
Posted by: huxrules | Oct 11, 2008 7:10:25 PM
I just finished listening to Paul Volcker's recent interview on Charlie Rose's website. I encourage others to take 35 minutes and do the same. Warren B also has a link to a 54 minute interview. Both are well worth the time.
Dan
Omaha, NE, USA
Posted by: Dan | Oct 11, 2008 7:10:42 PM
oh i forgot- I'm in Austin,TX
Posted by: huxrules | Oct 11, 2008 7:11:24 PM
Warren Buffet's GS and GE warrants are worthless. Misery loves company.
Camarillo, California
Posted by: Rob Dawg | Oct 11, 2008 7:15:22 PM
I'm busy prepping for Wednesday night, when I'll be playing the Debate Drinking Game in Florence, AL.
http://www.osborneink.com
Posted by: Matt Osborne | Oct 11, 2008 7:23:09 PM
Spent the day here on the farm (I'm a work from home programmer, not a farmer). We were going to heat with mostly electric this winter. We used almost all wood last year, as there is lots of wood on our land. After a few weeks of reading here, I decided to get more wood ready : ). So this afternoon was spent felling some old near dead trees. Feels good to do some honest work for a while, and hang out with the boys!
Thanks for the direction, it is working out for me...
Roseisle, Manitoba, Canada
Posted by: debreuil | Oct 11, 2008 7:24:17 PM
"Luckily, she's looking in pharmaceuticals, people need drugs, whether things are slow or not."
Not too hard to predict an outward shift in THAT demand curve over the next few months!
My neighbor is a mortgage broker for a credit union. I asked him why our neighborhood of Providence (RI) hasn't been affected much by the housing collapse. (Just judging by the lack of 'For Sale' signs). He noted that this neighborhood- starter homes of 1,000 to 2,000 sq. ft. built in the late 50's, early 70's and late 80's for the most part- don't really have that far to fall, never having been hot commodities to begin with. Smaller homes, working class ethnic (Italian, Portuguese then, increasingly Latin,African American and Cape Verdean) neighborhood with relatively little mobility and turnover.
Posted by: p.a. | Oct 11, 2008 7:30:41 PM
Went out on a fantastic hike with the wife and dog earlier today. Getting ready to watch some playoff baseball this evening from beautiful (gorgeous fall day here today with colors blooming in full force) Minneapolis, MN.
Tomorrow am heading "home" to Massachusetts to visit my parents and hit Games 3, 4 & 5 of the ALCS at Fenway Park this week. I hope the markets and this country haven't fallen off a cliff by then. Wish I could take a complete break this week but unfortunately no can do, although playoff baseball at Fenway will be a nice diversion.
Posted by: Jeff M. | Oct 11, 2008 7:32:08 PM
Jonathan here, Boston, MA. (Blog is cheapstockhunter@blogspot.com)....
I am just wondering if Monday is capitulation day, and hoping I still have a job next month. I am also in the first time homebuyer market, so this is having a tangible impact on my life, as I probably wont be able to get a loan.
Anyway, I have enjoyed reading your posts, and was always a fan when you used to do CNBC interviews.
I just have one quick question for you tonight. I am just trying to get my arms around how big the US government balance sheet is. I know its probably complicated to to do this with precision, but I was just wondering order of magnitude.
I know that the US public equity market cap was around 15 Trillion and I believe the fixed income market is about 12 Trillion. Total value of residential housing is another 12 Trillion, I believe.
GDP was 52 Trillion, and our current account deficit is about 6%, suggesting about 3 Trillion in foriegn debt
Just wondering what our "net worth" is as a country. Do my numbers sound right?
Thanks again for your insight!
Posted by: jonathan callahan | Oct 11, 2008 7:33:52 PM
Well, the gold spot price is $849, dovetailing nicely with GLD and IAU, the two biggie "paper gold" ETFs.
The price for physical bullion, IF you can actually find any to take possesion of, is $909 and up. There's a 10oz bar on eBay bid at $9700 so far, and the auction still has a day to go. If you could actually find anyone willing to sell you a $20 liberty gold piece, you'll be shelling out around $1500 for it.
People are freaking out and piling into gold, yet we have this huge disconnect between physical and paper gold. Can't last much longer, not with these pressures.
Nikko
California
Posted by: Nikko | Oct 11, 2008 7:38:08 PM
Just finished harvesting leeks and the last of the green beans here on a sunny, but cool, day in Seattle. The thermostat is off, the sweaters are piled on. I've been leafing through Seattle City Light's pamphlet on conserving power and where to buy CFLs. I'm determined not to check my little investment portfolio at yesterday's close...don't want to ruin the day. And there's nothing I would do about it anyway.
Posted by: wildethyme | Oct 11, 2008 7:39:43 PM
So one of the big guys at the IMF announces that stocks will drop ANOTHER 20% in the near term, then stabilize.
Why the hell do certain people ever, EVER open their mouths? Look, that might happen, but i can sure as shootin' say that right now, people are listening for a single snapping branch more than usual. This is NOT helpful.
Posted by: mongbat | Oct 11, 2008 7:40:00 PM
Beautiful day here on the tundra in Minnesota. Bogeyed the last hole for an 80. Every golfer hates even numbers. Had a nice chat with my pal Gary, he was on a lake up north fishing. He sold out some still profitable bond positions this week and is resisting margin calls on a small stock account. I covered my shorts last week and am nibbling on thelong side on spec stocks that I think are ten baggers with an eye toward a democratic administration getting elected. Have been watching the house across the street fail to sell since the first of the year despite a 20% cut in price. All that and winter is coming. Be safe out there, as my union steward used to say.
Posted by: catman | Oct 11, 2008 7:40:55 PM
Jonathan: according to the goobermint's own figures, US GDP was 13 trillion in 2006. The entire combined GDP of the world is 54 trillion.
Posted by: Nikko | Oct 11, 2008 7:42:18 PM
Right now, I'm in a little town in Wyoming patting myself on the back for being a little investor who didn't run with the herd... a little paranoia last year caused me to pull back and play it safe... so, I protected my small nestegg savings. Now I'm wondering what's next? So many of the talking heads on TV are talking about when the bottom will come and when there will be a buying opportunity. I wonder if these same people think the market is going right back up to 14,000 (Dow) in a year or 2? Hmmm... that seems naive to me. What do you think?
Posted by: John Bruso | Oct 11, 2008 7:45:03 PM
"GDP was 52 Trillion"
52!!??? I've heard around $US 13T/annum. I think 52T is close to WORLD GDP for 2007.
I think I may have read on this site that all the junk mortgage 'instruments' and the insurance on them has a paper value of more than world GDP, possibly a multiple of 2 or 3 times world GDP!
Posted by: p.a. | Oct 11, 2008 7:46:23 PM
The financial climate is definitely changing...
We actually heard someone in Costco here in San Diego today explaining to his kids that their future college education was "more important than Daddy getting a new big screen TV".
Wow.....
Posted by: donna | Oct 11, 2008 7:47:55 PM
this am finished package'g last weekends wedding pics - no call yet (on cell or land) for pick up (maybe should have said in message, credit on balance ok)
day off so went across river to 2nd annual jazz fest, had a couple of import beers and a burger (bigger crowd this year - but lots room to grow)
came back to home/office/studio took new Husky puppy (12 weeks) on walk
tomorrow is the annual Burgoo fest (its road kill stew)(kidding)
http://illinoisblogging.com/2008/09/05/burgoo-festival-utica/
listen'g to History Ch on lead mine'g and process'g ... multi tasking on TBP
Oglesby in LaSalle County Illinois of USA
downstate heartland
Interstate crossings of 80 & 39
Posted by: Greg0658 | Oct 11, 2008 7:48:39 PM
well, today i stockpiled some more food and shifted focus to imported goods in case international trade breaks down. Coffee, sugar, chocolate, and even some vodka. I also got some socks and underwear. We make most of the cotton here, but i'm pretty sure most of that stuff is fabricated overseas.
anyway, if you don't have at least a month or two worth of food supply at this point, i think you're crazy.
Posted by: toddZ | Oct 11, 2008 7:53:41 PM
Read a little article about the simularities of this crash to the 1873 crash:
http://itulip.com/forums/showthread.php?p=52465
Posted by: JustinTheSkeptic | Oct 11, 2008 7:53:44 PM
HUXRULES: For you...
http://submedian.blogspot.com/2008/07/submedian-rent-vs-buy-calculator.html
Here in SF, we just finished watching the Blue Angels buzz the city from our rooftop. We also decided to call the first-ever Family Financial Planning Group, reviewing everything down to our frequent flyer miles.
Here's a question for the economists:
If the global pool of money has doubled since 2000, and much of that was going into MBS, CDOs, etc. (housing market), where will it flow once it stops sitting on the sidelines.
Can we expect a faster, more robust recovery of the equity markets, relative to what we've seen in the past, since the housing market won't be generating mortgage-related securities in such quantities?
Posted by: Patrick | Oct 11, 2008 7:55:42 PM
Enjoying the relatively cold weather in Bay Area while doing routine stuff.
There is a news on Pakistan in Newsweek. It briefly mentions that the growth of Pakistani economy was fueled by consumer spending due to Cheap credit availability.
I am in Indian so the same is a factor in India. Also, real estate in big Indian cities has increased by 2-4 times last few years.
Read similar thing about Australian and New Zeeland economies.
Even though all these economies are much smaller compared to developed nations, I am wondering how wide spread this problem is on global basis. And, has this been properly factored in recessionary expectations.
Posted by: Nawal | Oct 11, 2008 8:03:11 PM
From North East Ohio, this recession was easy to see coming.
It's damn near a depression here already.
Posted by: Owner Earnings | Oct 11, 2008 8:03:41 PM
