Monday, November 3, 2008

SAR # 8308

These are the good old days.

Queuing Up: In addition to thousands of banks already in line, 1,800 companies are expected to join the handout line in Washington.

Resolute, Finally: Iraq is finally showing the sort of backbone and courage under fire that the US military has been trying to develop. Too bad for George that what they are standing up to are his threats to withdraw all economic and military support if he doesn't get his way.

Tag, You're It: Stores selling big ticket items - Sears, Home Depot, etc - are expected to lose 8% of sales because of lower limits on credit cards and more rejections for new cards. Seasonal sales are expected to decline 4%, the first decrease in over 25 years.

Left Field: On a visit to Moscow, Qaddafi said Libya was ready to host a Russian naval base as a means of deterring an US attack.

Such A Deal: After the Bush administration declined to take part in the GM/Chrysler wedding, the investment world discovered they, too, were too busy to attend the nuptials. Such a good deal, no one will finance it.

Ballot Boxing: To the GOP we are not voters, nor citizens; we are suspects. We are not to be trusted; they feel morally obliged to lie, cheat, and steal votes, to disenfranchise as many poor as possible, to suppress the vote, then the voters.

Schizos. Those who wash out of meteorological school become securities analysts - the professionals who predict that earnings for S&P 500 companies will grow by 32% in 4Q08. Do these guys get bonuses?

Accounting Definitions: An asset is a house you bought in a rising market. A liability is a house you own in a declining market.

The End of Globalization: Capesize ships now go for $6365 a day, $365 above the average daily cost of crew and fuel. There is so little shipping to be done that ports around the world are filling up with empty ships - and full ships that won't unload because no letters of credit are being accepted. No shipping, no trade. No trade, no globalization.

Grimm Fairy Tale: Deutsche Bank magically reports a profit of $575 million for 2Q08. New accounting rules let it shift over $1 billion in losses from its trading accounts to its loan ledger - and loans are not 'marked to market,' but follow the American model of 'mark to hope'.

Bend Over: Cheney and Co. are busy writing all the rules and regulations they can dream up to weaken government protection of customers and dismantle any regulations left that might hamper corporate greed. Grab your ankles.

Goodnight, Gracie: In 2Q08 US banks charged off 5.17% of all credit card balances. Doesn't sound like much, but it is $50 billion and is 42% more than the prior year. Not as big as sub-prime, but another brick in the wall.

Schadenfreude: The priciest London houses are dropping £5,000 a day in price.

Terms of Endearment: In order to get the IMF to help the country stay solvent, Pakistan would be forced to agree to cut the defense budget 30%, pay 16.7% per annum interest on the loan, never ask to reschedule debt, cut government positions eligible for pensions by 2/3rds, increase the general sales tax, and to tax all wheat at 7%. Then the IMF gets to unilaterally change the terms whenever it wants, to dictate the country's budget, and insists on a 25% kickback on all non-IMF loans Pakistan receives. See any help for the people in there? The people of Pakistan.

Endangered Species: No mortgage backed securities based on sub-prime, Alt A and other non-prime mortgages were issued in 3Q08. Another Good Idea bites the dust.

Here's the Catch: One-third of the fish taken from the oceans are ground up and fed to animals, including pen-raised fish. Each step up the food chain loses about 90% of the protein. Once we manage to overfish the little guys, there'll be nothing to feed the big guys. Remember, we're among the big guys.

Repositioning: Rumors claim Circuit City will close 155 stores and quit 12 regional markets. Bargains for Christmas!

Porn O'Graph: Unreal commercial real estate.


Anonymous said...

Terms of Endearment

It actually does not say that in that link that Pakistan agreed to the IMF terms - which I very much doubt they would given that the military runs Pakistan.

Should Pakistan agree then there will be a military coup immediately after the Pakistani government get their thieving mitts on the funds!

PS: The people of Pakistan are one of those populations for which there will be an ending, but not a happy one.

Anonymous said...

Would you consider dropping the anal rape language? I know it is common usage on these blogs, but all the same, as a non-paying customer (and therefore not even giving you my 2 cents), my druthers are that your insightful and graceful writing not be clouded that way.

Charles Kingsley Michaelson, III said...

fajensen - Thanks for the catch. Loved the PS & wish I'd said that. - ckm3