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Scots Taffer on 15/9/2008 at 02:40

Tonight (http://www.cnbc.com/id/26708319) one of the world's largest securities firms, Merrill Lynch, sold to Bank of America (for about half of what it was worth a year ago) under what can only be argued as a government-secured deal, and (http://money.cnn.com/2008/09/14/news/companies/lehman_brothers/index.htm?cnn=yes) the fourth largest investment bank, Lehman Brothers, will file for bankruptcy by midnight.

How the fuck can this not be the endgame right here?

When is the government backed propping of ailing institutions going to finally hit home?

What can be done at this stage to stop this whole fucking system from dying?

ARRGGHHH

(http://dealbook.blogs.nytimes.com/2008/09/14/aig-seeks-fed-aid-to-survive/index.html?hp) Also, the largest insurance company is asking for $40bn or it goes under too.

All in one fucking week.

BEAR on 15/9/2008 at 02:46

I'm glad I don't have enough to worry about losing it.

I'm glad that Bush will hand Obama a country in such good shape. If he doesn't have it running at 1000% efficiency in a week they'll hound him to the ends of the earth.

Seriously though, I imagine this has probably happened before and probably will again. Worst comes to worst I'll just move back home and blow the road and live off the land (actually would be kind of nice) for a couple decades while they get things working again.

Also, hopefully RBJ will break from his self-imposed media blackout to explain to us all what the hell any of that means.

Scots Taffer on 15/9/2008 at 02:58

He'll be too broken up about (http://www.chicagotribune.com/news/chi-wallace-link,0,4286140.storylink) David Foster Wallace committing suicide.

theBlackman on 15/9/2008 at 03:00

Quote Posted by BEAR

[...]

Seriously though, I imagine this has probably happened before and probably will again. Worst comes to worst I'll just move back home and blow the road and live off the land (actually would be kind of nice) for a couple decades while they get things working again. [...]

:thumb: :thumb:

You are one of the few who could probably do it. Got an acre or three I can buy. Something with a acre or two wooded. I need the logs to build a cabin.

paloalto90 on 15/9/2008 at 03:37

The consolidation of wealth and power continues!
Kind of like the great depression when banks could buy farms at half price.

BEAR on 15/9/2008 at 03:39

Quote Posted by theBlackman

:thumb: :thumb:

You are one of the few who could probably do it. Got an acre or three I can buy. Something with a acre or two wooded. I need the logs to build a cabin.

We've got 100 acres, steep but with plenty of good farmland (used to all be farmed, grew up in the last 30 years but we've cleared a good bit). It has its downsides but its calming to know its there when I get sick of the rest of the world ;-) Luckily, its back-woods enough that the knowledge of working without machines is still there, if buried a little. My parents both learned from the old timers (and there are a few left) how to plow with horses etc, and inside most old barns are the tools needed (if a little out of repair). There would be a pretty sharp transition, but certainly doable. And there would be no better people to be with in that situation.

I know its silly and pretty off topic, but I can't help but think of stuff like that. I think that more or less we all fail or succeed together, and isolationist thinking is probably counter productive, but a part of me finds the thought very exciting. Literally probably half of the people in our county have fairly significant gardens (and my mom is the gardening master), so starvation would probably be the least of our worries. I'd have to stock up on books and rifles/ammo though, but plenty of the later to be found as well (hurray for moonshine being currency again!)

Eventually I plan to build a cabin up there, we've got the timber pretty much wherever I want to build. Just saw it down and don't even have to move it :)

Scots Taffer on 15/9/2008 at 03:50

Quote Posted by BEAR

I think that more or less we all fail or succeed together, and isolationist thinking is probably counter productive

An article I read recently had the following excellent quote:

We believe in capitalism when there are obscene profits, but we prefer socialism when it comes to losses.

theBlackman on 15/9/2008 at 03:59

Quote Posted by BEAR

[...]how to plow with horses etc, and inside most old barns are the tools needed (if a little out of repair). There would be a pretty sharp transition, but certainly doable. And there would be no better people to be with in that situation.
[...]

Been there done that. I can farm pretty well, handle an axe, adze and hand tools. I'd need to brush up on my smithy skills, and relearn how to locate and fire clay. But I've survived with birchbark pots and buckets, so I reckon I could survive.

Sounds like heaven from here, although I'm looking for the same in the northwest (Oregon or Washington). As soon as I get this place together to sell. :)

demagogue on 15/9/2008 at 04:05

Haha, I like the NYTimes financial blog's "light-hearted break" (http://dealbook.blogs.nytimes.com/2008/09/14/amid-potential-chaos-a-light-hearted-break/) mood music to bring some levity to one of the darkest days on wall street.

TBE on 15/9/2008 at 04:14

Great, I'm sure our 401K accounts are all going to tank now :( I already lost half in 2001. Now goes the other half I about recovered back? This sounds like 1929 all over again.