Nasty day on Wall Street. Did you enjoy watching all that money burn?
About The Author
BooMan
Martin Longman a contributing editor at the Washington Monthly. He is also the founder of Booman Tribune and Progress Pond. He has a degree in philosophy from Western Michigan University.
Yes and no. Yes because maybe with the market’s continuing screams, the government will actually do something. No because, like Krugman, I fear they’ll see those screams as a debt crisis rather than an employment crisis.
Yeah, I was watching Bloomberg and I have to admit it was fascinating and oddly satisfying watching that % figure just going down and down.
I haven’t regarded wall street as anything other than a rigged casino for years anyway
If he were to come out with a plan that exceed the $4 Trillion reduction but included additional revenue, the GOP might have a tough time saying now.
Say he came out for a $5 Trillion deficit reduction package, backloaded with revenue, the raters would almost immediately support it. That would put the GOP in an indefensible situation given the market turmoil.
It would leave Obama in the White House, though. So it’s unacceptable.
When that awful Negro is out of the White House, then they’ll talk.
Backloaded items rarely happen. Do you think Wall Street knows this?
They are saying that today was the biggest single day loss on wall street ever. Fun.
That’s bullshit if you talk about percentages.
October 1987 – drop of 25% in one afternoon.
Oh, btw, did that money flow from the stocks to T-bills?
Apparently so. The are buying US debt at a ridiculously low rate of interest.
What metric are they using for that? It wasn’t the biggest point or percentage loss based on the DJIA.
yeah they are saying now its just from 2008. maybe I misread it the first time.
Wouldn’t surprise me at all if those little details were in the ‘fine print’. Profitable sensationalism and all that jazz.
I wasn’t watching. I work all day.
When Wall St has a good day, I work all day.
When Wall St has a bad day, I work all day.
I make no money, but I do it.
I think you have lyrics to a song there.
Seconded.
The heat breaks records, I work all day.
The snow piles up, I work all day.
The bridge falls down, I work all day
I got no money, I work all day.
I think that one’s been written already. A lot.
🙂
I’d enjoy it if I didn’t have debt issues of my own to worry over… See some Consequences for trying to play nice with Maniacs who are incapable of nicety..
The wife and I moved our retirements into cash the weekend before August 2, just in case.
Then the debt ceiling deal was announced, and I thought, Yeah, well, I’m still glad I didn’t stay in. I pay my home insurance every year, too. This was still a smart move.
Then, KABLOOEY!
I’m still in cash. I’m going to buy low like a mofo one of these days.
But, no, I still don’t like to see this. I’d rather be wrong.
I moved most but not all of my equity position into MM.
Good on you. Those of us who are already retired and living off investments don’t have that option.
And Tweety leads the show with the dow’s drop and “What is Your Plan Mr President”. Tweety says that the President came out today and blamed the downgrade on the Tea Party. Accordign to Tweety, “it’s not the time for blame Mr President…it’s time for leadership”. And then Tweety brings out Ed Rendell and Michael Steele to discuss it the President’s lack of leadership. I’ve already switched the channel.
And that is what the MSM takes away from the Presidents Press Conference. But hey, next time President Obama needs to try harder.
I’d be interested to see how the “national news” anchors cover it, cause the “partisan” press has already taken a side.
Did I enjoy watching all that money burn?
Yes, I did.
Why?
Because as Malcolm X said 50+ years ago about JFK’s own part in the ongoing criminal conspiracy that we laughingly refer to as “The Federal Government” :
One way or another if we are going to survive as a nation (or in any other form, in point of fact) we are going to be forced to undergo a large “correction.”
Will it be easy?
No.
Will millions of dreams die?
Yes.
But as the prophet Eddie “Cleanhead” Vinson sang lo these many years ago…
Bet on it.
As I have been saying so often and to so little avail here and elsewhere over the past 7 years or so…it’s time to wake the fuck up.
Bet on that as well.
Like dat.
Watch.
Later…
AG
Arthur Gilroy reminds me of those evangelical TV preachers who are obsessed with Armageddon. Did anyone ever watch Jack Van Impe?
“So, Rexella, what’s in the news today?”
“Well, Jack, there was an earthquake in Turkey.”
“Revelation 16:24 talks about earth quakes in the end times. What else?”
“Twenty seven people were killed in a war in Rwanda.”
“‘And the third horseman was war.’ I tell you people, the end times are upon us. We see the evidence every day. When is America going to wake up and realize that the reign of Our Lord is at hand?”
It’s really just the paint job that’s different.
Great.
London and three other cities in the U.K are burning.
The U.S. government is at a virtual standstill/deadlock. Its international debt exceeds its GNP by two times or more and the debt raters are signaling that its credit rating may drop another level or two soon.
The entire Arabic world is either enmeshed in or near revolution…at best they are criminal kleptocracies.
Demonstrations in Israel (Of all places!!!) about rising costs.
The entire EuroZone looks like it may collapse from the weight of its own debt bubble.
Political and environmental conditions are contributing to humanitarian crises in various parts of Africa that make the Croat/Serbian problems of the last decade look like a tempest in a teapot.
Radical right-wing movements are forcing the government of the U.S. further and further towards bankruptcy and its inevitably ensuing financial collapse.
And your solution is try to make me look like some foolish paranoid?
Please.
I have lived through:
The (entirely political) assassinations of JFK, RFK, MLK Jr. and Malcolm X.
The Watergatization of Richard Nixon.
The VietNamization of our military.
The Reaganization of our entire culture.
The honeytrapping gf Bill Clinton
The Bushization of our military, media and political systems. (Including two…not one, but two arrant thefts of a presidential election.)
And the almost total corporate takeover of our media.
And you dare to equate me to Jack Van Impe?
Fuck you!!!
Wake the fuck up.
AG
I wouldn’t say I “equate” you with Jack Van Impe.
He’s more coherent. I don’t think that he would claim that literally everything in the news proves his whack-job beliefs right. He’s much more restrained than you.
AG has a very unique perspective on things and he’s expanded alot of people’s thinking around here. He’s not always “right” in his predictions, but he makes interesting arguments that it benefits all of us to consider.
“Did you enjoy watching all that money burn?”
Yeah, it’s just hilarious watching billions disappear from pension funds, personal and civic investments, university and cultural endowments, charitable endowments, retirement accounts and such. Just hilarious.
People that find this funny, or something that only effects the wealthy, or that it will at last lead to a glorious rebirth of our institutions are freaking morons and anarchists.
Word.
But, hey, that doesn’t mean there is no sense of ironic justice involved.
Justice for who?
Eric Cantor, for one, who shorted the 10-year treasury bill.
I’d prefer not to have millions of regular people affected vs some nitwit teatard conregesscritter losing a few bucks, which in any case will be quickly recouped.
I totally agree with you.
person in the S or H, call and UNLOAD on them.
UNLOAD.
Blow the staffer OUT of the water.
The staffers are not the congresspersons, but if we can make the entire office depressed that would be VERY good indeed.
Since Boehner says he and his party got 98% of what they wanted, they obviously own 98% of today’s crash and tomorrow’s and tomorrow’s?
Almost off topic, two excellent articles in RS’s latest issue, one digging hard into Murdoch’s US tentacles and the 2nd with an update piece on Haiti.
Money quote from aid worker, “I’d like to bring some of those TeaParty activists over here for a visit and let them see what a country looks like that doesn’t have a government”
Boehner was completely full of shit when he said that, but I heartily approve of hanging that quote around his neck anyway.
I hear Somalia has lovely beaches. Let’s send some Partiers on a holiday. (Cue Dead Kennedys.)
Somalia hasn’t had a functional government in nearly 20 years. And no earthquakes or tsunamis to dampen capitalist spirits. Must be a Randian paradise, yes?
Somalia has no restrictions on gun ownership, no taxes, no government and people are free to rely on their own self reliance. Whats not to like?
It’s really too bad no one keyed in on Taibbi’s observance that the TParty crowd seems to arrive in herds of those little Medicare paid for wheelchairs, they might have STFU if those had been striken from the Medicare tab last week.
And of course they’re pretty scarce in Haiti and Somalia.
I am one of the tens of millions of people who has spent the entire Obama administration un- or under-employed, and racking up more personal debt than I like to think about just to stay alive.
I have no money in the stock market. I have no retirement funds left at all. I’ve spent it all on health care.
I know today’s downturn will hurt the economy, and thus my employment prospects, further. This is depressing for that reason. And as previous posters have noted, this hurts a lot of ordinary people quite directly.
But I am SO FUCKING TIRED of being told we are in a “recovery” because the very top economic tier of our country has been doing marginally better (or for the extremely wealthy, much better) while the vast majority of us have still been stuck in neutral or reverse. To politicians and most media, the economic travails of the vast majority of Americans simply has not existed, and I am sick to death of it. It’s like we are non-people. Another inconvenient truth.
Maybe, just maybe, now that the suffering has spread a little further, somebody will notice that our house is on fire. Maybe. A truly objective media would also mention that the nihilist Tea Party types are up in their helicopter, safe from the conflagration, spraying the fire with a firehose full of gasoline. But that’s too much to hope for.
Yeah, this is what I said — just in case anyone thinks I’m cheering on the stock market losses. I’m really sorry for your predicament, Geov 🙁
Ditto
“But I am SO FUCKING TIRED of being told we are in a “recovery” because the very top economic tier of our country has been doing marginally better (or for the extremely wealthy, much better) while the vast majority of us have still been stuck in neutral or reverse.”
I think you are taking it a bit too literally. If the economy is expanding, even a little, technically we are in ‘recovery’ even though the benefits aren’t spread equally. If we were still contracting, it would be even harder to find work let alone being underemployed.
Our system is broken. I do think there are people who do care, but the options for what can be done are very limited, maybe even non existant.
Like you I was hoping things would be much better for eveyone, myself included, but I have serious doubts for that in the foreseeable future. Hang in there and best wishes.
I understand that we have met the technical definition of a recovery. But the way the word is used, by pols and media alike, almost always conveys the implication that everyone is benefitting. The fact that most of us are not is virtually never mentioned. That’s the narrative I find so annoying (and dishonest).
Meanwhile, thanks for your supportive comments. I appreciate it. I’m just using myself as an example, though; I have an awful lot of friends, some of them very talented, who are also scrambling to get by. And these folks are mostly middle aged and well-educated, and often white – a lot of other communities are much worse off.
I did.
Are you kidding? It drove me up the wall.
But at the same time, we had it coming. After the last 2 months of nonsense…
We did this to ourselves.
Looks like Asia and Europe saw a bloodbath as well, from what I can gather.
Look forward to another day of pain in our markets.
I may be wrong on that. We may have seen bottom for now. Europe is doing well right now and futures on our indexes are high.
example: DJIA Futures are at +245 as I type this.