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More than 90,000 trades worth $13.9 billion (£7.6 billion) were left unsettled when Lehman collapsed and it will take “many months or years” to sift through the wreckage, said Tony Lomas, the lead administrator at Price Waterhouse Coopers (PWC).


One small drop in the bucket.


I am a little tired of you trying to lord it over everyone because you lived in a tent. I lived in a volksawagen bus when I did not have money to pay my rent - big deal. Heck of a lot more practical then living under tarps, when the bus, which was running, cost me less then two weeks of manual labor. In fact, I had to learn how to tune an engine with points in the distributor, and how to take out half the engine compatrment just to replace the generator. So what, I don't go bragging about it every posting. And when I went to protest, I did not go on anyone else's dime either. I don't think I am anyone's hero because I did that, or because I turned my back on family money. I said Kusinich and Paul should run on one ticket because the media could not ignore that and now you are on it. I also said talk to Marcy Kaptur instead of that fat windbag Franks. I guess you are now figuring out that she is the real deal.


Hey, I said the same thing just the other day! I should have mentioned the Paul/Kuchinich ticket idea months ago, when I first though about it. Thus I could now be proud of having made a positive contribution to the debate.

Nothing wrong with people debating ideas and taking good ones on board. Looks like the sign of a constructive debate. All these valuable contributions being appropriated by others... Better just keep your own blog, calvino. I'll piggyback on Elaine's and thank her, like a good guest.

Elaine is overbearing and domineering yes, but isn't that part of her charm? What do you think revolutionaries arising from obscurity were like in the past? If there were to be a revolution, it takes not only clear vision, but energy and ruthlessness to lead it.

As for living in a tent, it's just a reflection of the mentality of pioneers that's missing in modern Credit-Card-Bubble&Bail-Out Americans. Again, should she be modest about it, when the truth needs to be told? I myself got into some debt while returning to college as a mature student. My equally austere Japanese girlfriend would berate me for my indulgent ways. Now as a graduate in debt, I realize I sacrificed my freedom for at least one year. She also seemed to be lording me over, bless her, when it was I who needed some scolding.

I said before that when fear strikes on the sight of a collapsing system, people, the "sheeple" don't just change their attitudes, they metamorphose. The term is rude awakening. Others were of the opinion that people are too trapped by propaganda for there to be any hope. I still think that a collapse that is clearly the responsibility of financiers and Government will kill the faith in the system as a Leibnitz style Best of all Possible Worlds, that is the basis of the American Dream, thus waking people up and leading to radical change. It's the job of people like Elaine to have a well thought out alternative, with specific policy actions ready for implementation. The alternative is despair, which always leads to violence and in turn to charismatic, populist tyrants.

One thing is clear though: a recession cannot be managed out of existence by the media. Since there are no outside culprits handy and only yesterday "the fundamentals were sound", it will be the keepers of the faith to take the blame.

Of course I could be wrong, but since we have no way to know, it pays to be optimistic. We might just be on the eve on one of History's occasional pleasant surprises, the return of the Republic. So let's not fall into the arms of History's second cousin from her mother's side: Despair.

Elaine Meinel Supkis

Dear Calvino,

Number one, I wasn't in DC to protest. I was there to WITNESS. I did what I set out to do: talked to politicians, got a sense of what was going on and then got good information from the hearings, information the press didn't bother covering. I couldn't do that on my income. It was impossible.

Second: when talking about TARPs it is good to talk about how real world tarps work: not so hot. They are not the same as a real roof.

Third: I lived in a tent set-up with a child as well as a husband who was very ill. And did well, not poorly. People need to know this is possible! People are understandably scared. You are scared, it shows in your writing.

Why are you so bitter?

Blunt Force Trauma

Pre-market DOW has it down 131 points to 11,016. Should be an interesting day.


If the CDS counterparties all "pair up" by bank consolidations, don't the CDS liabilities cancel one another out and disappear?

Blunt Forcs Trauma

Citigroup to buy Wachovia banking operations


Elaine Meinel Supkis

Things are collapsing fast, aren't they? No surprise here. Once again, it is good to read last year at this time, here at Culture of Life News.

Bear of Little Brain

Aye, and when I were't lad, we lived in't shoebox in't middle 't road but, ooh, we were 'appy!


Bear of Little Brain

Rock on, Elaine!

Shoshona: I've had the same notion. Let's see how it goes.

Blunt Force Trauma

...and the world markets are reflecting that fact, Elaine. All are down miserably.

The Hang Seng stands out the most; closing down 801.41 points. London's FTSE 100 is down at this hour, by 132 points. The pre-market DOW is still sliding 165 points to 10,982.

Yields on US bonds are below inflation.

Oil has fallen 5 bucks to $101. Gold is swinging up and down and is at $891 an ounce.

The British Pound is down the most in 15 years.

European Lenders Get Bailouts as U.S. Crisis Spreads (Bloomberg)

'European governments stepped in to rescue Fortis, Bradford & Bingley Plc, and Hypo Real Estate Holding AG as tremors from the U.S. credit crisis reverberated around the world.'

Full article:


You're going to "love" this.....

Goldman, Merrill Collect Billions After Fed's AIG Bailout Loans (Bloomberg)

' As much as $37 billion from federal bailout loans to American International Group Inc. has gone to investment banks including Goldman Sachs Group Inc., the firm Treasury Secretary Henry Paulson used to run.'

Full article:


Blunt Force Trauma

Allow me to clarify the following....

'The British Pound is down the most in 15 years...against the US dollar.'

Blunt Force Trauma

The B.S. just doesn't stop! If the "bill/bailout" wan't enough; if Goldman not getting $37 billion of the $85 billion used to "save" AIG wasn't enough; well here's more just designed to drive us over the edge....

Citi to buy Wachovia operations with govt help (Reuters)

'The Federal Deposit Insurance Corp on Monday said that Citigroup was buying the operations of Wachovia Corp in a deal that would see the government backstop any losses beyond $42 billion on the bank's $312 billion pool of loans.'

Full article:


Bear of Little Brain

No it isn't. £ about 1.8, was 1.4 in 2002; and there was a similar daily drop around August 13, according to my charts. We haven't even started. You ain't seen nothing yet!

BTW, the "shoebox" above references this Python sketch (apologies for not being suitably serious, but the week is young).

Blunt Force Trauma

Bear, perhaps I should have provided the link. Sorry.

"We haven't even started. You ain't seen nothing yet!"

Oh, I can well imagine, my friend.

Financial crisis: pound falls most in 15 years in wake of B&B nationalisation

'Within hours of trading opening in London, sterling was down almost four cents against the greenback to $1.8036 - the biggest intraday decline in 15 years.'

Full article:


Blunt Force Trauma

The "vote" on the "bill/bailout/hand-out for 'fat cats'" is to take place at noon.

Bear of Little Brain

Blunt: maybe, just maybe, they were right on the £ when they went to press, but I had a quick scan back and it would have to be pretty marginal, so I'm not entirely convinced; the truth rarely gets in the way of a good headline. Hardly worth making a fuss over, since I'm sure we will be able to do better soon enough. Guess I'm in one of my pedantic moods. ;-)

Blunt Force Trauma

This one is for Congress (and Bear :)). The first event; 100 yards for People With No Sense Of Direction.


Blunt Force Trauma

Bear said:

"...just maybe, they were right on the £ when they went to press, but I had a quick scan back and it would have to be pretty marginal..."

It's always is. THEY like to sensationlize even when the difference is miniscule. If the Pound were to have fallen, say, 50 cents, now THAT wound be news.

Blunt Force Trauma

Whoa! The DOW, half hour in the trading day, has donned cement boots.

It is persuing a downward trend by 332 points to 10,828.

Elaine Meinel Supkis

All our rivals want to weaken their currencies. This is the LAST GASP attempt at restarting the status quo of the Floating Currency years from 1974-2008.

WNC Observer

Defeated, 205-228!

Well, now what????


Bear, thanks for the Python link. Never seen that one. Incredible comedy. Good diversion from all the insanity in the "real world." I had to live in an old VW Bug in an abandoned shed with rats and spiders and the grass grew so thick around the place my gram couldn't get thru to leave me any food and so hunger drove me to desperate means. I now work to survive. We've come a long way baby. Don't let the detractors get to you EMS. If current conditions persist, those with hard experience may find themselves served better than most.


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