“Shocked, shocked I am that my efforts to make selfishness a virtue by labeling it ‘conservatism’ have resulted in self-interested, ignorant Republican candidates who can no longer convince a majority of voters to pull the lever against their own interests.”
Hundreds of hedge funds will fail and policy makers may need to shut financial markets for a week or more as the crisis forces investors to dump assets, New York University Professor Nouriel Roubini said.
“We’ve reached a situation of sheer panic,” Roubini, who predicted the financial crisis in 2006, told a conference of hedge-fund managers in London today. “There will be massive dumping of assets” and “hundreds of hedge funds are going to go bust,” he said. … “Systemic risk has become bigger and bigger,” Roubini said at the Hedge 2008 conference. “We’re seeing the beginning of a run on a big chunk of the hedge funds,” and “don’t be surprised if policy makers need to close down markets for a week or two in coming days,” he said.
Keep in mind, fellow Stinquers, that the costs of the accountants, law firms, and bankers that will be cleaning up after the Bush administration’s administration of our economy will be over and above what cash we’re injecting into the banks and insurance companies we now own.
The credit crunch claimed its first sovereign scalp last night as Iceland readied itself to accept an International Monetary Fund (IMF) bailout. … The IMF may provide about $1 billion in emergency cash for Iceland with the balance lent by Norway, Sweden and Denmark and additional money possibly coming from Russia and Japan. … The IMF is likely to attach stringent conditions to the loan, including the stipulation that Iceland quickly deleverage its three nationalised banks Kaupthing, Landsbanki and Glitner.
Who’s next? Pakistan? California? Did you forget Poland?
Blogger John Cole was a believer in Peak Wingnut, but I never have been. One reason is that I know the scope and depth of the Wingnut supply. Also, as we have learned in recent weeks, there is a huge untapped source of Wingnut in Alaska. It’s also the case that, for every major wingnut, there are at least ten thousand minor-league wingers out there spouting nonsense.
From his first answer, however, it was
clear Frum had a very different agenda: to attack Rachel Maddow.
Discussing the “ugliness of tone” in American politics, he said that
Maddow’s show, “unfortunately, is itself an example of that problem.”
He then compared her tone to the hateful outbursts of some McCain-Palin
supporters:From his first answer, however, it was clear Frum had a very
different agenda: to attack Rachel Maddow. Discussing the “ugliness of
tone” in American politics, he said that Maddow’s show, “unfortunately,
is itself an example of that problem.” He then compared her tone to the
hateful outbursts of some McCain-Palin supporters:
Perhaps it is our job at NRO is tell our readers only what they want to hear, without much regard to whether it is true. Perhaps it is our duty just to keep smiling and to insist that everything is dandy - that John McCain’s economic policies make sense, that his selection of Sarah Palin was an act of statesmanship, that she herself is the second coming of Anna Schwartz, and that nobody but an over-educated snob would ever suggest otherwise.
Who knows? Perhaps if I do that enthusiastically enough, somebody somewhere might even pour me a free drink or invite me onto the airwaves for a 3 minute Monday morning sunrise interview. And after all: What else could I possibly want?
Frum is an atavistic, vicious little fuck who deserves to be dragged from his home and beaten to a pulp with the bones of his victims. He, along with Perle, Bolton, Wolfowitz, and others, is responsible for the deaths of hundreds of thousands and the destruction of our economy. Sadly, he will never pay the price for his crimes.
An international literary parody contest, the
competition honors the memory (if not the reputation) of Victorian
novelist Edward George Earl Bulwer-Lytton (1803-1873). The goal of the
contest is childishly simple: entrants are challenged to submit bad
opening sentences to imaginary novels. Although best known for “The
Last Days of Pompeii” (1834), which has been made into a movie three
times, originating the expression “the pen is mightier than the sword,”
and phrases like “the great unwashed” and “the almighty dollar,”
Bulwer-Lytton opened his novel Paul Clifford (1830) with the immortal
words that the “Peanuts” beagle Snoopy plagiarized for years, “It was a
dark and stormy night.”
“It was a dark and stormy night;
the rain fell in torrents–except at occasional intervals, when it was
checked by a violent gust of wind which swept up the streets (for it is
in London that our scene lies), rattling along the housetops, and
fiercely agitating the scanty flame of the lamps that struggled against
Located N. Atlantic Ocean, pop. 320,000; 285,274 BR; 279,305 FB; 102,992 HB; 103,000 sq. km. lot. Excellent loc. due to global warming; first world infrastructure w/ old world charm. Extras include abundant geothermal energy, great fish stocks, and Bjork. Recently 4th most productive country in world. All reasonable offers considered. Payment methods acceptable: rubles, euros, MC, Visa, Diners Club. No personal checks, no dollar-denominated offers. Ask for Mr. Grimsson.
it’s not ok to contact this poster with services or other commercial interests
AIG executives went on luxurious retreat one week after receiving $85 billion bailout.
I say it’s time for that revolution Jefferson kept talking about.
Today, the House Oversight Committee discovered that, just one week after the federal government bailed out insurance giant AIG, company executives went on a retreat to a luxury resort. The executives spent nearly $500,000 on manicures, facials, pedicures, and massages, among other things. During a hearing today, Rep. Elijah Cummings (D-MD) asked, “Have you heard of anything more outrageous?”:
CUMMINGS: Let me describe for some of you the charges that the shareholders, taxpayers, had to pay. AIG spent $200,000 dollars for hotel rooms. Almost $150,000 for catered banquets. AIG spent $23,000 at the hotel spa and another $1,400 at the salon. They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don’t know what this is, leisure dining. Bars?
As to the zoo, I do think people roam about looking for animals to identify with. No one stares at the camels. There’s always a crowd gazing into the eyes of the chimpanzee. It is far more interesting to watch the people as they watch the animals or to watch the animals and think of people.
What? Even if those observations are accurate, why write them down? This A.E. Housman quote could not be more apt: “Nature not content with denying [her] the ability to think, has endowed [her] with the ability to write.”
Now on to our OWOTW. A long time ago here at Agitprop I had a weekly feature called the Wingnut Roundup. I had to stop though - exposure to that much right wingnuttery took its toll. Mostly it makes you want to curl up in the fetal position, but it can also result in increased alcohol comsumption and trips to the shrink to get your medication adusted (upward).
But I am going to wade back in for you, dear Stinquers. I’m not ready to revisit the lunacy of Powerline, Hugh Hewitt, or Atlas Juggs, but I can start small. Meet our OWOTW after the jump.
Couric: What other Supreme Court decisions do you disagree with?
Palin: Well, let’s see. There’s, of course in the great history of America there have been rulings, that’s never going to be absolute consensus by every American. And there are those issues, again, like Roe v. Wade, where I believe are best held on a state level and addressed there. So you know, going through the history of America, there would be others but …
Couric: Can you think of any?
Palin: Well, I could think of, any again, that could be best dealt with on a more local level. Maybe I would take issue with. But, you know, as mayor, and then as governor and even as a vice president, if I’m so privileged to serve, wouldn’t be in a position of changing those things but in supporting the law of the land as it reads today.
“Mark to Market” accounting means that you show assets on your balance sheet at their market value. Although the SEC and FASB (an organization that writes accounting rules) are resisting, the bright lights in Washingon are working to have the mark-to-market rule suspended:
Congressmen, banking lobbyists and companies including American International Group Inc. have urged the SEC to suspend fair-value accounting, saying it forces firms to report losses they never expect to incur. Federal Reserve Chairman Ben S. Bernanke and other proponents say removing the rule would erode confidence that firms are owning up to losses.
If we close our eyes, think real hard, and click our heels together three times, the toxic waste on our balance sheets will magically turn into ponies, and everybody gets one!
Representative Todd Tiahrt, a Kansas Republican, said the House probably would have approved a $700 billion bailout of financial companies yesterday had the legislation included a suspension of fair-value accounting. The House rejected the measure 228-205.
It would have passed “easily” if the rules had been suspended, Tiahrt, who opposed the legislation, said today in a Bloomberg Television interview.