Late Thursday night, the federal government seized WaMu, Washington Mutual in one of the largest bank failures in American History. Except for… possibly, JP Morgan Chase, now the largest purchaser of subprime institutional bank failures, behind Bank of America with Countrywide. With so many purchase/merger/firesales in such a short time, Federal Officials are becoming worried [...]
Selections and text of yesterdays George Bush Presidential Speech on the Economy:
Behold, disaster shall go forth from nation to nation …
And at that day the slain of the LORD
shall be from one end of the Earth
even to the other end of the Earth . . .
The first angel sounded:
And hail and fire followed, mingled with [...]
Thus Spake Zager and Evans:
In the year 2525, If man is still alive, If woman can survive, They may find:
In the year 3535, Ain’t gonna need to tell the truth, tell no lies, Everything you think, do, or say, Is in the pill you took today
In the year 4545, Ain’t gonna need your teeth, won’t [...]
Despite its vaunted efficiency, the market system built on rewarding risk is fundamentally inefficient. When times are good the long-term thinkers are shouted down. Money talks and “we’re making money” resounds so loudly in the lobbys of the brokerages that the squeaks of the long term crowd are laughable. The problem it turns out is [...]
The recent bailout of insurance giant A.I.G. has brought back a dead author from the grave. Jack London, known for his early 20th century stories of the wild Alaskan frontier, was reached at the Pineview Nursing home in Wasilla, Alaska, where he was recuperating from being dead for over half a century. “…Yes,” he spoke [...]
The Iron Heel, by Jack London: With Insurance Company A.I.G. now in Federal control, the US is well on its way to becoming a socialist state. The Iron Heel, written in 1912, is all about the Federal Control of A.I.G. and the Banks. While it may have seemed paranoid for the last, oh, 100 years [...]
Its true: David Foster Wallace has apparently committed suicide. In a proto-bloggian world of misnomers, unknowns, complexity beyond human comprehension, and empty celebrity gossip truths, there are still a few soldiering on in the old ranks of modernist literature and the ‘big’ novel… and every time we lose one of them, the world grows [...]
BTW.. the Fannie Mae/Freddie Mac thing seems symptomatic, because its happening in politics as well. Obama, who was the clear winner of the election 2008– his chances in the prediction markets as high as 2-1 over McCain, is slipping. Our view is that the reason for this is that he, Obama, has gone to the [...]
Goose Hunting and Nascar Out Goosebumps, Car Naps In
With Rumsfelds resignation and steep loses in the House and Senate America is seeing a shift away from Nascar racing, Goose hunting, and church cookies. It is not clear what …
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