Friday, August 05, 2011

Nobody Asked Me, But...

1) Yesterday's stock market collapse, panic induced selling, and overall malaise has been attributed to many things, from the jobs data this week (which bears mixed news) to frustration over the austerity debt ceiling bill passed last weekend. That's not why the market dropped, in my view. For one thing, the outline of that debt deal was known for days and while the markets slid, the collapse happened four days after it was announced. We can safely ignore that as a cause. Similarly, had yesterday's horrible jobs news been enough to tank the market, the Labor Department could have whispered the numbers released today, and the panic would have stopped. So what caused it?
Italy. Well, Italy and Spain. The sense I get is that there's a big Italian bank teetering right now, and the smary money is getting out of the markets now, before the meltdown happens. Italy supposedly had its house in order, or at least was not on the level of Greece or Ireland, but between Berlusconi poo-pooing an austerity budget and rumours of bank's all a house of cards, is what I'm saying.
2) On a related note, would you pay a fee to a bank to put your money in a savings account? You might have to.
3) How will this depression end? It won't be easy. My guess is, the most effective way to end the depression is to monetize the debt (meaning print more money), risk inflation-- which in this case may actually be a good thing-- and re-run a stimulus program the right way: from the bottom up. Nobel laureate Krugman, being all shrill and unserious again...
4) A fascinating story published in The New Yorker about how SEAL Team Six got bin Laden. Not surprisingly, the 101st Moron Brigade has a problem with it.
5) The most remarkable thing about this piece is the author, former Bush special assistant David Frum, admits conservatives have it all wrong. Of course, despite the fact that he himself still identifies as a conservative and despite the fact that his views still hew conservative, he's officially a liberal.
6) The Arctic *may* (emphasis added) not be in as bad of shape as previously thought. needless to say, moron conservatives want to burn more oil. "May" is a useful term here: it all depends on wind direction. This is not a chance I'd care to bet on, if its all the same to you idiots.
7) How desperate is North Korea for money? They're stealing Bitcoins and online casino points.
8) I told you, it was just a matter of time.
9) Many of us agree, he should not have given up his day job.
10) Oh, the irony! Remember Jimmy McMillan, the New York city resident who ran for governor as the candidate of "The rent Is Too Damned HIgh" party? He faces eviction.