Tired of The Crash?

Market-Ticker ^ | 11/20/08 | Karl Denninger

[TigerLikesRooster]

Ping!

[ken21]

yes.

[dr_who]

Sounds to me like this Geithner dude is part of the bunch that Mr. Denninger wants canned.

[dennisw]

If what Denninger says is true the new kings of America will be gubbermint workers. Federal workers will be emperors. Gubbermint workers will collect their pensions while others slave away to pay taxes

[djf]

If we have a “greater depression”, America is finished.

During the 30’s, something like 80 percent of the people were rural. Now, the situation is almost the opposite.
City folk don’t grow beans.

This would be a nightmare scenario.

[grey_whiskers]

Obama's fault!

[dennisw]

Sounds to me like this Geithner dude is part of the bunch that Mr. Denninger wants canned

He's East Coast blueblood all the way
Wikipedia has an entry
He graduated high school from the International School in Thailand (WTF?)

http://en.wikipedia.org/wiki/Timothy_F._Geithner

He looks like an honest but incapable do gooder

[TigerLikesRooster]

Well, let them pursue "knowledge industry." I think only a few percent of the population has the enough edge to make a living out of so-called "knowledge industry."

Soon many wanna-be will find that they have better luck with plowing the field.

[Jolla]

We have transparency in balance sheets - for every firm on the exchange

Can you help me with this, why did AIG Lehman Bros, Goldman Sachs FMae Fmac GM Ford Chrysler etc etc et al, all, all of a sudden develop into a crisis? I for one (and I appear to not be the exception to the rule) cannot comprehend (I can read it but that is about it) financials, was no one able to over the past 2 or 3 quarters not see these problems developing? One other question, just what did their respective Boards of Directors do during this same time frame?

[dalereed]

“Those are the only two choices folks, and right now, you're choosing bankruptcy and Depression for all.”

Wrong, bankruptcy and Depression only for those that chose to live on credit!

get the depression going full steam, i’m ready to capitalize on the misery!!!!

[Ronzo]

Only when we the people (collectively) are either all bankrupted or we come to our senses and demand that the fraudsters be locked up and the bad debt purged by default will the system clear and both the economy and market find a sustainable bottom.

I'm all for it, but it's not going to happen. We are headed for the Greater Depression.

Well, it was a nice country while it lasted.

[dennisw]

Well, let them pursue "knowledge industry." I think only a few percent of the population has the enough edge to make a living out of so-called "knowledge industry."

Soon many wanna-be will find that they have better luck with plowing the field.

Actually many Americans are mentally suited for agricultural work and factory work and not much more
I would love to disperse our cities and send people back to hoeing cabbages, gathering eggs and shoveling manure

If a great depression sets in we should establish large rural communes where those who want to work can
Soviet style collectivism. 
I can just imagine what would would happen if meth and other drugs infect such places

At least during the Great Depression there was very minimal drug use
And very little debt

[dr_who]

I wonder if he’ll be making “business” trips to China, Dubai, and a few other non-debtor nations a month or two from now from now....

[dennisw]

This book is 30 years old but very good. He is pretty accurate about what is going on today. I still have my copy I bought in 1980 and am reading it this last week

How to Survive and Prosper in the Next American Depression, War or Revolution (Hardcover)

by Robert H. Morrison (Editor)

http://www.amazon.com/Survive-Prosper-American-Depression-Revolution/dp/0930566386

 

 

[TigerLikesRooster]

It is like a domino. You are safe as long as your next neighbor starts to fall. Domino started last year with subprime. Everybody on the domino chain was busy rationalizing that the domino fall would not reach them, that it may be stopped mid-way and the crisis could be averted, as a few previous intervention by Fed or the government had done.

However, domino continued its fall, and by the first half of this year, it hit a major domino hub where chain reaction could spread much wider and faster. Domino spread beyond financial sector and move into real economy. Credit is being destroyed, banks stop lending.

All struggling business now starts to go under. Soon some healthy ones would be in danger.

You have to also consider that people in the know have tried ans are still trying to hide the true magnitude of the problem as long as possible, hoping to avert the one catastrophic crash, which can do great damage to their interest and the general economy, and secure some escape route for them, however unlikely it would be. For a long time, the market has not been transparent. It has gotten much worse in recent months. I am sure there are still so much going on behind the scene in strict secrecy.

[TigerLikesRooster]

Correction:

as long as your next neighbor does not starts start to fall.

[dalereed]

Since I grew up durring the last one and the lessons taught me by my parents and hearing the experiences of my GG Grandfather losing his bank in the 1880s depression, the First National Bank of Pomona, i’m more than ready to not only weather the depression but planing to prosper from it.

[dennisw]

Very good take. Gerthier is an international type of guy. My bet he knows tons of high level financial people around the world

[mysterio]

But Ben told us he could stop the recession with his magic money machine.