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The stock market had a really good day today. Might just as well enjoy it while it lasts. We're flying Icelandic style on a frozen lake of unsustainable debt. What's not to like?
So crank up the ominous tunes!
All my life I wanted to fly
Like the birds that you see way up in the sky
Making circles in the morning sun
Flying high in the sky 'til the day is done
[I can't break away]
Like a child in his fantasy
Punching holes in the walls of reality
All my life I wanted to fly
But I don't have the wings and I wonder why
[I can't break away]
2008–2010 Icelandic financial crisis
The 2008–2010 Icelandic financial crisis is a major ongoing economic crisis in Iceland that involves the collapse of all three of the country's major banks following their difficulties in refinancing their short-term debt and a run on deposits in the United Kingdom. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.
ICE: Mortgage Delinquency Rate Increased Year-over-year in October
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From ICE: ICE First Look at Mortgage Performance: Serious delinquencies hit
17-month high while foreclosure activity remains historically muted
• At 3.45% ...
2 hours ago
8 comments:
Stag,
We're flying Icelandic style on a frozen lake of unsustainable debt. What's not to like?
It's all good. Glorious.
The eCONomy has really evolved. Boomers are never going to be able to pay off their debts.
CONgress urgently needs to fix the death tax. Boomers should be allowed to bequeath their debts to their heirs without any tax CONsequences.
Actually, things might not be as great as they seem. I'm a little CONcerned about financial "innovation" going forward.
I mean, it's not just fraud, it's Government sponsored fraud. I don't want to be a downer cow, but I'm completely stumped as to how that type of looting system can be improved. Seriously.
mab,
I don't want to be a downer cow, but I'm completely stumped as to how that type of looting system can be improved. Seriously.
Hmmm. How to improve the looting system? Interesting. That is a puzzler.
What if hockey was eliminated?
We could end that long-standing joke about going to see a fight and having a hockey game break out. It could simply go straight from fighting to looting.
Post-game celebration goes 'well' despite looting, arrests
A liquor store is looted after hockey fans celebrating the Montreal Canadiens victory over the Pittsburgh Penguins, turned violent in downtown Montreal, May 12, 2010.
Oh wait. I think you were hoping that we'd eliminate the looting. I read that wrong. Nevermind. I'm stumped.
Stag,
I think you were hoping that we'd eliminate the looting.
Goodness no. There would be tanks in the streets and the world would end.
I was just saying that it's gonna be hard to improve on the current Government sponsored looting system.
The early bird used to get the worm, but extreme leverage made sure that the worms were claimed before the early bird even got shot.
And the second mouse used to get the cheese. but then they poisoned the cheese so the second mouse died a slow painful death and actually suffered more than the first mouse.
Heck, we poisoned the entire money supply. Money market funds weren't even safe.
And now we are polluting the public debt markets if Greece, Spain & Portugal are indicators.
Like I said, the current system is going to be tough to top.
mab,
Like I said, the current system is going to be tough to top.
Perhaps we simply need a Department of Homeland Looting. Who could we have head it though? We'll need someone who is willing to think well within the box. Nothing crazy. Nothing radical.
Looting Czar Madoff might be available. He's got plenty of time on his hands these days. I think he's also be motivated to do a good job.
Madoff Beaten in Prison
Mr. Madoff spends free time in the prison library on the weekends and often watches movies, including "Lethal Weapon," according to the former inmate. He said he chatted with the admitted Ponzi schemer on Saturdays in the library and asked for financial advice: "He gave me ideas on my index funds."
Mr. Madoff advised him to diversify, saying he should invest in funds that track the S&P 500 index of stocks "where my money would be on all the stocks instead of putting my eggs into one basket," the former inmate said.
He said Mr. Madoff also warned him off of day trading. "I was trying to get into day trading and he's like, 'That's not for you. That's for individuals like me with millions to spare,' " he said.
Stag,
Perhaps we simply need a Department of Homeland Looting. Who could we have head it though?
The Fed is the Department of Homeland Looting. And I'm comfortable with Bernanke in charge although Madoff would definitely add value. It's all about lowering the bar in the new (e)CONomy.
Bernanke is a very capable looter from what I can see. Wall St. creates the bad debt, Bernanke preserves the value of the bad debt. It's a win-win!
Like me, Taleb thinks the system is more unstable than ever. I don't share his view of the ultimate outcome (hyper-inflation) though. Who knows for sure?
TIP insurance won't be cheap if inflation does get out of hand.
http://www.youtube.com/watch?v=y9XrP_QWS-M
mab,
Like me, Taleb thinks the system is more unstable than ever. I don't share his view of the ultimate outcome (hyper-inflation) though. Who knows for sure?
He seems reasonably in line with our thoughts.
You may get deflation, okay. And then one day you will have a massive panic, okay, with people buying gold or something else.
I'm certainly not going to heckle that. I think too many people expect the inflation before we've finished with the deflation. I also tend to think the "something else" part may be important. I tend to prefer toilet paper since it is still cheap. That's the problem right now. Maybe.
I do feel the need to heckle something though.
1. Taleb
2. Kneale
3. Herera
Two of these things are not like the other things, two of these things just don't belong...
1. Taleb
2. Kneale
3. Herera
Two of these things are not like the other things
Stag,
I hate to quibble, but Kneale is truly in a class of his own.
I think I know why he bugs so much too. Kneale doesn't even try and hide the fact that he is a shill. He doesn"t even try and use logical or fact based reasoning. It's a CONstant, in your face blatant shilling. All shill all the time no matter how indefensible the bull(sh%t) argument is.
mab,
I must concede your point. I see no flaw in your logic.
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