Deadman's picture

    One $700B bailout coming up ...

    OK, the market's up big. The bailout plan is about to be unveiled. What does it all mean? Here are my thoughts.

     

    Michael Wolraich's picture

    Men of Honor

    America is fortunate to have a choice between two men of honor this election year. In another election, the candidates might have tried to exploit the financial crisis for petty political gain. But not this year. John McCain has gone so far as to propose delaying the first debate with Barack Obama so that they can solve our crisis:

    Topics: 
    Deadman's picture

    Public skeptical of bailout? But of course ...

    We've been told for so long that everything is OK with the economy. Nothing to see here, they've said. McCain calls the economy fundamentally strong; his economic adviser calls the American people a bunch of whiners; Greenspan says we are nearing the bottom of the housing meltdown; Barney Frank dismisses the problems at Fannie Mae and Freddie Mac as overstated.

    Deadman's picture

    McCain: Above Politics or Just Stalling??

    So McCain wants to put politics aside in order to solve the economic crisis ...

    Bah! Man, maybe I'm too cynical, but I can't even imagine a more political tactic.

    McCain just gave a speech saying he wants to suspend his political campaign and postpone Friday's presidential debate until Congress agrees on legislation to solve this crisis.

    That's just silly.

    Topics: 
    Michael Wolraich's picture

    BREAKING: McCain denies deal with the Devil

    The blogosphere is abuzz with rumors about a secret deal between John McCain and Satan. A contributor to popular political blog, TPM Cafe, first broke the story last week in a post entitled, Lady MacDeath - A Faustian Bargain of Sinister Deception. According to blogger TheraP, who does not quote any sources, Satan promised John McCain the Presidency in 2008 in return for sacrificing his soul and selecting Sarah Palin to be his running mate.

    Michael Wolraich's picture

    I Say, Let 'Em Crash

    Oh things are going well my friends. This stock market crash could not have come at a better time. Just look at John McCain squirm. All we need are a few more major bankruptcies, and we'll have the election locked up. As a special bonus, the greedy bankers are getting screwed too.

    Deadman's picture

    Linehan has coached his second-to-last game

    It astounds me, but my 'Please Fire Linehan' post from two weeks ago is still getting the most traffic on my blog. It seems people care a lot more about a crappy football coach on a crappy football team than the potential collapse of the stock market and U.S. economy ... Seems about right to me!

    Topics: 
    Michael Wolraich's picture

    Rope-a-McDope

    Back in the doom-and-gloom days of...um...last week, there were a number of stalwart cheerleaders at TPM Cafe who airily assured us that Obama had everything under control. While I wasn't particularly concerned about the polls--I've seen enough elections not to get my knickers in a twist over weekly fluctuations--I had the sense that at least some of those cheerleaders would insist that all was well up to the moment of crushing defeat. The knowing assurances that Obama's hesitance to attack was part of his rope-a-dope strategy seemed the most suspect.

    Topics: 
    Deadman's picture

    A bill we'll be paying back for generations ...

    Ok, so I've admitted that the government probably had to do something to stem the financial crisis.

    Now I'm going to talk about all the ways this bailout could - and probably will - go wrong (with the caveat that all the details still haven't been worked out).

    Topics: 
    Deadman's picture

    All clear? Hardly

    The SEC has banned short-selling on financial stocks. The Treasury has guaranteed money market funds and is cooking up plans to spend hundreds of billions of dollars to buy distressed assets and save troubled banks. The market has rebounded huge, taking back all of this month's losses.

    So are we all clear??

    Hardly.

    Topics: 
    Deadman's picture

    A lot of Boo ... not so much Yah!

    Whoo-boy. Another fun day on Wall Street. I just got done watching another episode of Jim Cramer's Mad Money and I gotta vent a little bit here.

    I like Cramer. A lot of people think he's a buffoon, but I think he's incredibly smart, and he entertains and informs like few others in the business. And there is no denying his stellar record as a hedge fund manager in his former career (though I would venture that a lot of the practices he now rails against as a voice for the common man- like naked short selling - helped contribute to a lot of that performance).

    Topics: 
    Deadman's picture

    Teach your children well ...

    Many people want to know how this country got into its current economic mess. The news this weekend that some of Wall Street's biggest, most prestigious financial institutions (Merrill Lynch, Lehman Brothers, AIG) are failing and need to be rescued will raise many more questions.

    Of course, the full story is quite complicated, but one of the main drivers behind the current problems is the housing crisis, and the fact that these institutions allowed many homeowners to take on way more debt than they could handle.

    Topics: 
    Deadman's picture

    Merrill saw the light ... Now maybe we can too

    I just wanted to offer my immediate, quick, bullet-point take on the flurry of GIGANTIC market-related news today, which i

    briefly referenced last night.

    Topics: 
    Michael Wolraich's picture

    (What a) Wonderful Veep...

    with apologies to Sam Cooke

    She don't know much about history
    She don't believe in biology
    She wants to change the science books
    She wants to fire the White House cooks
    But she does know how to speak on cue
    And she knows if she makes fools of you
    What a wonderful veep she would be

    She don't know much about geography
    She don't know much foreign policy
    Don't know much about George Bush's war
    Don't know what a VP is for
    But she knows that one and one is two
    And if McCain just tells her what to do

    Michael Wolraich's picture

    Governor, you're no Hillary Clinton (or Dumb and Dumber)

    Those who know my writing here are aware that I have little love for Hillary Clinton. Had she won the nomination, I would have voted for her but not happily. But whatever her flaws, Clinton is extremely intelligent. She has a better command of public and foreign policy than any other candidate who participated in the primaries. Barack Obama, of course, is brilliant in his own right, as is Joe Biden.

    Topics: 
    Deadman's picture

    McCain may be the lipstick ... and the pig

    A struggling economy. Rising unemployment. A crumbling housing market. Ballooning national debt. Disappearing social security and Medicare funds. Surging energy and food prices. Failing financial institutions. A looming environmental catastrophe. Increasing anti-Americanism. Burgeoning terrorist threats.

    This is the reality.

    No matter your political party or ideology, these are the issues that matter.

    Topics: 
    Deadman's picture

    Please fire Linehan ...

    I understand few of my few regular readers will appreciate this particular post, but this is a matter of grave import: I really need the owners of the St. Louis Rams football team to fire their head coach.

    The guy totally ruined my day, which is an impressive feat given how much I was looking forward to it. Today, after all, was the opening game in the touch football league I help organize, as well as the first Sunday of the NFL season.

    Topics: 
    Deadman's picture

    The ties that bind ...

    I didn't want to let go.

    My brother and I were dropping off mom and dad at the airport, appreciating our last moments together after a wonderful week celebrating our cousin's wedding with a lot of other family members.

    It was while I was hugging my parents, saying my goodbyes, that I felt a sudden, powerful twinge of sadness. And I realized I didn't want to let go.

    Topics: 
    Michael Wolraich's picture

    About Face!

    Sometimes I feel as if we're all participating in some kind of psychology experiment and that any minute now, an old guy in a white coat will peer down from the heavens and tell us that we can remove our armbands and go home. Recent political events seem designed to expose our rational failings and prove that in the end, we're all just rats in a maze.

    Topics: 
    Deadman's picture

    Bullet points ...

    Been away and not able to update the blog, but a lot has gone on in the past week. i won't have the time to do a full posting for a few days, so i thought i'd throw out a bunch of quick hits, in chronological order since I began my trip.

    Topics: 

    Pages

    Latest Comments