Stewie Griffin Meets Wall Street
Yeah, I know its old -- but its still very funny!
Friday, October 03, 2008 | 09:22 PM | Permalink
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That was funny, Bar, but the blatant criminalism of this Wall Street would have made ole GG blush. And since I have an opening, I should say that tonight, as you can infer from Biden's comments last night, I recognized Barack Obama, master political strategist and tactician, as not only my Presidential candidate but the final hope to restore a Republic gone woefully awry.
Posted by: CNBC Sucks | Oct 3, 2008 10:16:25 PM
Bruce in TN and anyone else of a Permabear persuasion: Are you up for another bet? I have been going long stocks (US and Japan but not Europe), on each low this week. I am now prepared to bet that the S&P finishes next week higher than today's close. Here's why:
1. Overwhelming negative sentiment
2. Possible rate cut next week by Fed/ECB
3. TARP program will reduce LIBOR gradually
4. Funds will flow from T-bills into CP
5. Flow out of Treasuries will accelerate
6. $ will reverse course and decline
7. Funds will flow into stocks and gold
8. Triple bottom in place
9. Banks ready to rally
10. Even tools on CNBC are talking crash
The usual stake?
best wishes, lb
Posted by: leftback | Oct 3, 2008 10:47:36 PM
Don't worry... Sarah will save us!
(Wink. Wink.)
Posted by: TG Randini | Oct 4, 2008 1:12:27 AM
@leftback: I'm hanging in there and have nibbled a bit here and there on some positions but am starting to lose faith in any bounce (which, of course, means we'll get a bounce, so bring it on!)........
Posted by: Jeff M. | Oct 4, 2008 1:42:44 AM
Interesting piece at Bloomberg: "LIBOR mystifies Americans"
http://www.bloomberg.com/apps/news?pid=20601109&sid=ahZ4C6T_mjfk&refer=home
-- They agreed Libor was important, even if they couldn't put their finger on why.
``Without getting real specific, I think I'm probably not competent to be talking about what is happening overseas,'' said Senator Jon Kyl, an Arizona Republican who helped shepherd passage of a $700 billion bank bailout as his party's No. 2 official.
[[Gee I'd never guess he's a politician from that answer.]]
-- Libor, set every morning in London, is what banks pay to borrow money from each other. That in turn determines prices for financial contracts valued at $393 trillion as of Dec. 31, 2007, or $60,000 for every person in the world
[[Holy shit I knew it was big but....]]
-- ``Very few Americans have ever heard of something called the Libor,'' said Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, on Oct. 1. He defined the term, then said, ``Libor jumped over 400 percent in just one day.''
[[Holy shit I knew it was going up but ;)....]]
-- White House spokesman Tony Fratto said at a press briefing this week that officials closely watch Libor, then paused.
``Raise your hand if you're familiar with the Libor rate,'' he said to two dozen reporters. Only one did, drawing nervous chuckles.
[[Holy shit I knew it was important but....]]
-- Americans' lack of financial sophistication is a cause, not just a symptom, of the credit crunch, said James Bowers, managing director of the Center for Economic and Entrepreneurial Literacy, a nonprofit group in Washington.
[[Can I get an amen?]]
The article is accompanied by an excellent graphic page explaining LIBOR. I really like the graph showing fed funds target rate vs LIBOR '01-'08. I think I'll have it tatooed on my back, or maybe pay some homies to do an enormous graffiti of it down at the high school gym.
http://www.bloomberg.com/apps/data?pid=avimage&iid=iSsHtOduiRgo
I've been reading The Economist for 15 years or so but only got into the econ/finance blogosphere in the past couple of weeks -- Cheers Barry & contributors for a great site here!
Posted by: Doublewide | Oct 4, 2008 2:41:24 AM
"I am now prepared to bet that the S&P finishes next week higher than today's close."
I would be astounded if that were to happen, mostly due to key negative economic fundamentals and the fact that congress will be out so that will remove any uncertainty from the equation.
Posted by: Blackhalo | Oct 4, 2008 7:33:17 AM
A clip is never too old if it includes Family Guy. I've never seen Wall Street, I'll have to check it out. I'm a big Michael Douglas fan, I have to admit.
Posted by: Marcus Midway | Oct 13, 2008 10:50:46 AM
