Somewhere between the Recovery Summer and the actual recovery, this market got horrifically lost. Apparently as lost as my memories of 2nd grade and knowledge of state abbreviations (Po Pimp knows what I’m talking about). Let that be a lesson to politicians like Joe Biden; keep your fucking traps shut when you don’t know what you’re talking about. This call will haunt Dirty Joe’s legacy for all his days along with all the other dumb shit he’s said. I mean, even if you do think the Tea Party are a terrorist cell, you have to question why the second most powerful man in America is a complete idiot.
So what now that employment levels took a wrong fork at the road and are perpetually holding 10% of our population in limbo?
Well, to answer that question, I can only say this: looking back to my own classmates, I can tell you that I hated at least 1 in 10 of them. Probably more like 2 in 10.
And even my hating 3 in 10 of them is not out of the question.
So I suppose I take solace in knowing that unemployment is not so terrible after all. It could be even worse than it is and I still wouldn’t likely care about the unemployed.
And as an added bonus to the misery of people who used to annoy me, crude oil is getting eviscerated this morning.
I cannot see how we don’t sell off on these numbers. Unless people were expecting the economy to contract last quarter, this really is as bad as it gets. Without growth, America and Europe have a budget crisis they cannot escape. That means a default is unavoidable.
The costs of borrowing for the worst of breed in Europe have been creeping upward once more. And the Europeans do not have the spine to deal with the issue. They are divided heavily and looking to blame each other, even before the fallout has been witnessed.
Never underestimate the ability of heterogeneous bodies to be heterogeneous, gentlemen.
I must insist you all hold cash, for it is about to become much more valuable.
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thanks,today kinda gives me a sick feeling.
Nice advice. I presume all that hating on your classmates is irony and you do feel for the lost jobs.
No, if you knew them, the ones I’m talking about deserved to suffer.
Once we cut through that lower percentile and into the ones I like and still talk to, I will permit myself to feel remorse.
nice post
could bac sue the gov? there noted objection before the purchase of countrywide.makes me wonder. and the barney frank bill to provide mtgs to more people?
You can sue anyone for almost anything.
But remember (if my memory serves) that before Ken Lewis bought Merrill Lynch he signed an agreement to not break the deal, to much fanfare at Merrill.
Ken Lewis was an asshole of epic proportions. If he signed a similar contract while going into the Countrywide deal, then it’s Bank of America’s problem.
but remember all the to-do about him wanting to pull the plug on that deal? then the feds steped in and strong armed him (the board) into the deal.
Yeah, but if he signed a contract saying he would never pull the plug on the deal, it doesn’t matter.
Also, BAC did buy Countrywide. That amounts to complicity with the deal.
They are fucked; Countrywide is their child now.
ha, like getting bothered by your old classmates to attend “the reunion”. and what people will tell ya so you show up.