TARP Is Thrown Over Roofless Banks

September 28, 2008

Elaine Meinel Supkis

I just got the TARP bill. Some in Congress hope to torpedo this bill but I don't think they can succeed since the top people want it passed no matter how unpopular it is. Each opponent is given one minute to register their ire. Maybe yelling, 'YOU WILL BE SORRY!' should be used? Well, it will pass like all the other Hail Mary passes thrown by the central banks, the leaders and the legislators have worked: not at all. For far from probing what is wrong, they are throwing a tarp over the burning bank business in the hopes this will smother the whole mess. It won't work. And that is due to the fact, the Derivatives Beast is bigger than the banks.

$700-billion Wall Street bailout plan is unveiled

The House is likely to vote on the bill Monday, congressional staffers said. But the plan faces fierce opposition from Republicans and Democrats angry at what they say is a taxpayer bailout of Wall Street "fat cats." As the House opened for an unusual Sunday session, lawmakers from both parties rose, one after another, for one-minute speeches denouncing the agreement -- and signaling a continuing struggle as policymakers and their staff work out the final details.

"This morning we should be very much alarmed," said Rep. Scott Garrett (R-N.J.), addressing taxpayers directly. "Obviously, Washington is not listening to your wishes. Those who used to work for Goldman Sachs will support this deal. . . . Those who have blocked reform in the past will support this deal. I will not support this deal."

Rep. Marcy Kaptur (D-Ohio) railed against the agreement and the Wall Street financiers who would be helped. "These criminals have so much political power they can shut down the normal legislative process," she said.

Rep. Ted Poe (R-Texas) rose to compare the administration's urgings to rush a bailout plan to the pressure exerted on Congress to act after the Sept. 11 terrorist attacks.

"This is the same politics of fear we're hearing from the financial fat cats on Wall Street," Poe said. "Backroom deals trouble me because they usually turn out to be bad deals for America."

The conservative Texan was followed and echoed by the staunchly liberal Rep. Dennis J. Kucinich (D-Ohio), who said, "The $700-billion bailout is driven by fear, not fact."

Since the Derivatives Beast is bigger than the entire banking system of the entire planet earth, yes, fear is called for. 'Oh my god! Look at that thing! It is taller than the Burj Dubai, whatever that is!' Or, 'It is bigger than Madonna's pointy bras!' Or how about, 'It is as big as the garbage circling in the North Pacific Gyre!' Finding the appropriate metaphor is hard work for this thing the bankers, themselves birthed and bred, raised and fed is bigger than all other monetary, banking, economic or any other possible thing we use numbers to describe. Except for Zimbabwe inflation which is now totally in the grip of the Goddess of Inflation who is happily running that up to infinity pretty fast.

This is what happens when we dwaddle for several years: instead of focusing on what is obviously wrong from the get-go, we end up screaming and running in circles. Everyone wants to fix this mess but fixing it is impossible unless we first recognize what is wrong! This takes time. Alas, it requires overcoming vast seas of money injected into the political system to encourage our Representatives to not look at the monster, this Beast, as it was growing. So instead of attending to its vast girth and size, it was studiously ignored.

Now that it wants to eat its fathers who fed it the rest of the planetary financial systems, now Congress and the ruler of America wake up from their happy dreams to lasso this creature. Only they are not doing this! They want to feed more money into a system that had epic, huge, insane amounts of money, both fake and counterfeit, flooding the entire economic systems!

Click here for the PDF of the entire proposed bill:

SEPTEMBER28, 2008
110THCONGRESS 2nd SESSION H. R. ll

To provide authority for the Federal Government to purchase certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES: A BILL

To provide authority for the Federal Government to purchase certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes.

I lived in a tent complex for ten years. It was covered with huge tarps. Every fall, I would have to recover the entire thing with new tarps. If I failed to do this, the entire thing would disintegrate. Once, when it was a very stormy year, I had to put on the annual tarps in a very violent windstorm. I had to use logging chains and the ox team to yank it over. At one point, I lost control of the tarp and it whipped up into the air. It flapped with great energy and I hauled on the lines to pull it back down. The oxen strained to haul it over the peak and I had to tie it to the oak trees on the forest side.

It was very frightful. So I know all about tarps! Having lived under them for ten years, I assure everyone, solid roofs are far, far better! And this bill is no solid roof over the US economy. It is a temporary tarp that will flap in the economic winds even if we tie it down with logging chains.

The TARP Bank Bail Bill:

SEC. 2. PURPOSES. The purposes of this Act are—

(1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and

(2) to ensure that such authority and such facilities are used in a manner that—

** (A) protects home values, college funds, retirement accounts, and life savings;

**(B) preserves homeownership and promotes jobs and economic growth;

**(C) maximizes overall returns to the taxpayers of the United States; and

**(D) provides public accountability for the exercise of such authority.

Good grief. Talk about a lunacy! First, the reason we no longer have 'liquidity' is because we don't have 'stability'. No nation running trade, government budget and its savings in the red can lend more and more money to itself. It just cannot! This is the very definition of 'instability'. Congress knows this and ignores this. They stupidly and maliciously voted to spend nearly a trillion dollars on our flagging empire of military domination of this planet! The misspending in this sector is amazing. And it grew by 6%, a totally unsustainable growth rate!

Now, the Treasury is supposed to 'protect home values'. HAHAHA. If this is so, then first we must reset values to reflect reality. The definition of any bubble is, it is too expensive. When the Tulip Mania began to collapse, there were government moves to maintain the value of bulbs at the bubble rates. So all sorts of things were tried. For example, forcing people backing out of contracts to pay up. All this did was cause the remaining funds to flee Holland!

Every time any bubble pops, the same thing happens: the government wages a futile battle to drive values of grossly overpriced equities or commodities back to the highest points when the bubble burst! The futility of this is painfully obvious! This is why, by 1900, it was universally recognized that bubbles were bad! This is the excuse JP Morgan and the others gave for forming the Federal Reserve: they would prevent bubbles using their superior knowledge.

HAHAHA. Being a bunch of gnomes, they couldn't do this. Instead, they would lie low until enough people forgot the many stupid things the Federal Reserve's banking gnomes did behind closed doors and a new bubble is launched. They became the ones who would launch bubbles by loosening lending to the point, anyone could get a loan for any reason, even to bid up tulip bulb values.

All the pious talk about making us all richer as well as encouraging industry, etc is all hogwash. Industry is dying in America. It is dying thanks to the Japanese carry trade, free trade and our desire for oil imports as well as cheap consumer goods. This TARP bill fixes none of this.

TARP torpidity:

FUND.—The term ‘‘Fund’’ means the Troubled Assets Insurance Fund established under section 102.
*snip*
(8) TARP.—The term ‘‘TARP’’ means the troubled asset relief program established under section 101.

(9) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means—

(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and

(B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.

This was due to Gollum Paulson demanding a Ring of Power. He wanted to decide which tulip bulbs to buy and thus, support Goldman Sachs traders who hold a zillion bulbs of every description. Now, this must get past a committee. Rats, says Gollum. He will eat raw fish tonight.

TARP topsy turvy:

b) MEMBERSHIP.—The Financial Stability Over-
sight Board shall be comprised of—(1) the Chairman of the Board of Governors of the Federal Reserve System;

(2) the Secretary [Treasury];

(3) the Director of the Federal Home Finance Agency;

(4) the chairman of the Securities and Exchange Commission; and

(5) the Secretary of Housing and Urban Development.

(c) CHAIRPERSON.—The chairperson of the Financial Stability Oversight Board shall be elected by the members of the Board from among the members.

NOT ONE OF THESE CLOWNS IS ELECTED. They are all untouchable by voters. This kind of reminds me of things like 1789 France!

The immediate trigger for the Revolution was King Louis XVI’s attempts to solve the government’s worsening financial situation. In February 1787, his finance minister, Loménie de Brienne, convened an Assembly of Notables, a group of nobles, clergy, bourgeoisie, and bureaucrats selected in order to bypass the parlements, special courts with the power to register royal edicts, who saw themselves as upholders of traditional constitutional constraints on the monarchy. The Controller-General of Finances, Charles Alexandre de Calonne, asked the Notables to approve a new land tax that would, for the first time, include a tax on the property of nobles and clergy. The assembly did not approve the tax, but instead demanded that Louis XVI call the Estates-General, a representative assembly of the estates of the realm, last called in 1614. On 8 August 1788, the King agreed to convene the Estates-General in May of 1789. By this time, Jacques Necker was in his second turn as finance minister.

I will note here that nearly every Republican at the hearings I was at demanded tax cuts, not meaningful reforms! They don't want to pay ANY taxes! Just like France 200 years ago, the US is in a tax crisis that isn't being fixed. It is being made worse. France declared bankruptcy with its revolution and fixed the ensuing mess with Napoleon setting out to loot all neighboring countries. Hitler tried to fix Germany's financial woes the same way. This committee is all appointed members who were appointed by Bush. They are about the least trust-worthy people in America.

This is a way for Congress to avoid responsibility for the mess we are in. They voted to undo all the Great Depression laws, for example. The GOP who ran things when this stupidity was created are no longer in charge but I don't see the Democrats rushing to fix this, either.

TARP targets:

SEC. 105. REPORTS.

(a) IN GENERAL.—Before the expiration of the 60-day period beginning on the date of the first exercise of the authority granted in section 101(a), whichever date is earlier, or of the first exercise of the authority granted in section 102, whichever occurs first, and every 30-day period thereafter, the Secretary shall report to the appropriate committees of Congress, with respect to each such period—
*snip*
(5) SPECIAL RULE FOR APPLICATION TO EMPLOYERS PARTICIPATING IN THE TROUBLED ASSETS RELIEF PROGRAM.—

‘‘(A) INGENERAL.—In the case of an applicable employer, no deduction shall be allowed under this chapter— ‘‘(i) in the case of executive remunera- tion for any applicable taxable year which is attributable to services performed by a covered executive during such applicable taxable year, to the extent that the amount of such remuneration exceeds $500,000,

All they get is a measly half a million. Rats. I live on about 20 times less than that.

TARP Legal eagle stuff:

(A) INJUNCTION.—No injunction or other form of equitable relief shall be issued against the Secretary for actions pursuant to section 101, 105, or 108, other than to remedy a violation of the Constitution.

(B) TEMPORARY RESTRAINING ORDER.— Any request for a temporary restraining order against the Secretary for actions pursuant to this Act shall be considered and granted or denied by the court within 3 days of the date of the request.

(C) PRELIMINARY INJUNCTION.—Any request for a preliminary injunction against the Secretary for actions pursuant to this Act shall be considered and granted or denied by the court on an expedited basis consistent with the provisions of rule 65(b)(3) of the Federal Rules of Civil Procedure, or any successor thereto.

(D) PERMANENT INJUNCTION.—Any request for a permanent injunction against the Secretary for actions pursuant to this Act shall be considered and granted or denied by the court on an expedited basis. Whenever possible, the court shall consolidate trial on the merits with any hearing on a request for a preliminary injunction, consistent with the provisions of rule 65(a)(2) of the Federal Rules of Civil Procedure, or any successor thereto.

(3) LIMITATION ON ACTIONS BY PARTICIPATING COMPANIES.—No action or claims may be brought against the Secretary by any person that divests its assets with respect to its participation in a program under this Act, except as provided in paragraph (1), other than as expressly provided in a written contract with the Secretary.

(4) STAYS.—Any injunction or other form of equitable relief issued against the Secretary for ac- tions pursuant to section 101, 105, or 108 shall be automatically stayed. The stay shall be lifted unless the Secretary seeks a stay from a higher court within 3 calendar days after the date on which the relief is issued.
*snip*
(a) TERMINATION.—The authorities provided under sections 101(a) øand 102¿ shall terminate on December 31, 2009.

So, this semi-dictatorship will be for only one year? Well, the banking collapse of the Great Depression lasted for 4 years. And the depression itself lasted until WWII took care of things by destroying most economies, many cities and many millions of innocent civilians.

NYT: Citigroup and Wells Fargo were locked in a bidding war on Sunday over a possible emergency takeover of the Wachovia Corporation, people involved in the talks said.

The intense negotiations come as concern grew about Wachovia’s stability on Friday, these people said, despite a breakthrough reached Sunday by Congressional negotiators on a $700 billion bailout for the financial system.

The government, led by the Federal Reserve and Treasury Department, has been involved in the talks as well, these people said. But so far, the government is resisting pressure to help bidders by guaranteeing a part of Wachovia’s assets the way it did for Bear Stearns when it was sold to JPMorgan Chase in March.

The government has also opposed taking over Wachovia the way it did Washington Mutual last week, these people said, unless its financial position deteriorates more rapidly.

Now, on to the Derivatives Beast: Wachovia is in trouble but not to the degree that JP Morgan is in trouble with this critter. When a bank has plenty of goodies, the sharks want a bite. There is plenty of gaming still going on. The collapse is seen as opportunity still.

In Financial Food Chains, Little Guys Can’t Win

Second, according to what I hear from my betters in the world of finance, the most serious problems are not with the bundles of subprime mortgages themselves — a large but not lethal quantum as far as I can tell — but with derivatives contracts tied to subprime and other dicey debt. These contracts are superficially an attempt to “insure” against risks of default, hence the name “credit-default swaps.” In fact, they are an immense wager — which anyone with lots of money or borrowing ability can enter — about how mortgage-backed bonds, leveraged loan bonds, student loan bonds, credit card bonds and the like will perform.

These wagers entail amounts many times larger than the total of subprime loans. In fact, there are roughly $62 trillion in credit-default swap derivatives out there, compared with about $1 trillion of subprime mortgages. These derivatives are “weapons of financial mass destruction,” in the prophetic words of Warren E. Buffett. (Apparently believing that the worst is over, at least for one big investment bank, Mr. Buffett is now investing in Goldman Sachs.)

The swaps market has been unregulated. It has been just a lot of people making bets with one another. Some of them made incredibly fortunate payoff wagers against the mortgage bonds, using credit-default swaps as their wagering vehicle. I am not sure who the big winners are, but they are out there, and the gains were big enough to cripple the part of Wall Street on the losing side of the bets.

The Office of the Comptroller of the Currency issues reports and puts out news bulletins. The last Derivatives Report was last year. There has been nothing but silence since then. But we shall revisit these matters tonight as a refresher as to why JP Morgan is really a Dead Man Walking The Plank, not a healthy banking entity. And we shall see why Goldman Sachs ran off to become a mere bank. Since they are not regulated, we have no idea what sort of garbage GS has. But we can guess!

OCC’s Quarterly Report on Bank Derivatives Activities

Third Quarter 2007

Executive Summary

• U.S. commercial banks generated $2.3 billion in revenues trading cash and derivative instruments in the third quarter of 2007, down 62% from the $6.2 billion reported in the second quarter. This decline is attributed largely to the difficult trading environment in credit markets.

• Net Current Credit Exposure increased $53 billion, or 27% from the prior quarter, to $252 billion.

• The notional amount of derivatives held by U.S. commercial banks increased $19.7 trillion to $172.2 trillion in the third quarter, 13% higher than in the second quarter. Bank derivative contracts remain concentrated in interest rate products, which represent 81% of total notionals.

• The notional amount of credit derivatives, the fastest growing product in the derivatives market, increased 19% from the second quarter to $14 trillion. Credit default swaps represent 98% of the total amount of credit derivatives.

CLICK ON ALL IMAGES TO ENLARGE!

OCC Derivatives Report 2007:

The notional amount of credit derivatives in the third quarter of 2007 rose $2.2 trillion, or 19%, to $14.0 trillion. Contracts referencing investment grade entities with maturities from 1-5 years represent the largest segment of the market at 43% of all credit derivatives notionals. Contracts of all tenors that reference investment grade entities are 73% of the market.

The notional amount for the 30 U.S. commercial banks that sold credit protection (i.e., assumed credit risk) was $6.2 trillion, an increase of $0.9 trillion from the second quarter. The notional amount for the 36 banks that purchased credit protection (i.e., hedged credit risk) was $7.8 trillion, an increase of $1.3 trillion.

As is often the case with a new and rapidly growing market, operational issues became a supervisory concern in the credit derivatives market in recent years. Currently, the OCC is working with other financial supervisors and major market participants to address infrastructure issues in credit derivatives. While significant progress has been made, the increase in credit derivatives volumes in the third quarter put a strain on processing systems, reminding the industry and supervisors of the need to identify permanent solutions to the efficient processing of credit derivatives transactions. This collaborative process is also being applied to address the processing of equity and other derivatives products, as well.

Revenues Trading revenues from cash instruments and derivative products totaled $2.3 billion in the third quarter of 2007 for all insured U.S. commercial banks, down 62% from the near-record level of $6.2 billion in the second quarter of 2007. Of the trading revenue components, interest rate revenues were the strongest, increasing 3%, or $102 million, to a record $3.1 billion. Foreign exchange revenues were also notable at $2.0 billion, a 59% increase from the previous quarter. The credit market turmoil in the third quarter caused revenues from credit trading to fall $3.5 billion to a loss of $2.7 billion. The losses in credit trading resulted from the sharp increase in credit spreads that occurred in the third quarter, creating a difficult environment for trading and hedging, particularly against correlation risks. Overall client demand was healthy as bank clients engaged in derivatives contracts to offset risks arising in highly volatile market conditions.

Look at the chart below that lists the derivatives exposure of the top 5 banks that are the ones doing 85% of the derivative trades or swaps:

Home equity LTV, according to the OCC, has tightened up by 89%. An amazing degree. All equity lines from real estate to credit cards have tightened up by more than 35%.

YIKES! The numbers are insane! JP Morgan, in particular, is the proud daddy to nearly $100 trillion in derivatives? Seriously, this is utter insanity. And how is this banking bill going to fix this stuff?

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Comments

[Jimy]

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).

http://tinyurl.com/4spgp7

One small drop in the bucket.

[calvino]

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.

[B.A.]

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.

[Shoshona]

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

http://tinyurl.com/44ousf

[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:

http://tinyurl.com/4pp2tk

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:

http://tinyurl.com/49c5xb

[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:

http://tinyurl.com/47oqok

[Bear of Little Brain]

BFT:
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).
http://www.youtube.com/watch?v=Xe1a1wHxTyo

[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:

http://tinyurl.com/43fsk3

[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.

http://tinyurl.com/424r7t

[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????

[Zulu]

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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