McCain Ice Cream

(no subject)

S&P employee #1: By the way that deal is ridiculous
S&P employee #2: I know, right. That model definitely does not capture half the risk
S&P employee #1: We should not be rating it.
S&P employee #2: We rate every deal. It could be structured by cows and we would rate it.

Congressman: What do you think this means, Mr. Raiter?
Raiter: Um...I don't know...I guess a casual acceptance of these things.
Sean Egan (of Egan-Jones) chimes in: Perhaps that cow was particularly talented?
McCain Ice Cream

(no subject)

As I put it in a conversation with contessagrrl earlier, if the republic can survive 8 years of George W. Bush, we can survive at least 4 years of Obama. Probably. I can't pretend that I wanted McCain to win, but I'm far from excited about the coming Obama presidency. The bright side is there is a chance the republicans will get back on the small government train and stop with the crazy war mongering and disgusting budget increases. Christ, why couldn't they both lose?
McCain Ice Cream

(no subject)

Haiku2 for hawver
fed have been running
the printing presses full tilt to
bail out their banker
Created by Grahame

Haiku2 for hawver
i know i said this
last year but this time might be
even more fun shame
Created by Grahame
McCain Ice Cream

Five happy things, for real this time.

Five things:

1. My band has 7 songs in the can, and a show scheduled for December. Oh snap.
2. Thanks to our last party, I have a month's supply of vodka and tonic on hand.
3. For the first time in like 10 years I actually have a Halloween costume. I'm going as a music pirate, and handing out burned CDs. While dressed as a pirate of course.
4. Going home in November for thanksgiving, I'll be in town for 10 days. Woo woo!
5. Christ, I can't help myself: Volvo truck orders decline 99.63%, shipping news suggests World economy is toast.
McCain Ice Cream

Five happy things. Oh wait, this is me.

Today's five things:

1. Wall Street banks in $70bn staff payout
Pay and bonus deals equivalent to 10% of US government bail-out package

Aren't you glad the bailout package passed? I don't know about you, but I'm sure that buying a vacation home in the Hamptons is a much better use of my tax money than something frivolous like paying my heating bill.

2. Good news for the rest of us - Rules eased for food stamps

3. GM-Chrysler push for quick deal

Personally I'm looking forward to the end of the domestic auto industry Death March. Don't worry though, only 1 out of 12 jobs in the US are related to auto manufacturing.

4. Living Smaller
The abundant resources that accounted for the success of the large single-family suburban house—unlimited land, cheap transportation, and plentiful energy—can no longer be taken for granted.

It's good to see someone get it in regards to the absurd waste of resources that is the typical suburban home. Oh wait, this was written in 1991 and average house size has increased by almost 1000 square feet since then. Well, those plasma TVs and granite counter tops aren't going to store themselves.

5. On the bright side, at least things here aren't as bad as Iceland. Yet.
Iceland has food stocks for about 3 to 5 weeks, but needs quickly to restore a proper foreign exchange market so importers can get back to normal business and avoid shortages
Red Sox

(no subject)

Ok really, I can't make fun of JD Drew anymore. I know I said this last year, but this time I really mean it. If any of you catch me saying "J DL Drew" again, slap me.
McCain Ice Cream

Growth is gone. Over. Kaput. Finished. Get used to it.

Here is your weekly dose of doom:

1. Grain piles up in ports

"There's all kinds of stuff stacked up on docks right now that can't be shipped because people can't get letters of credit," said Bill Gary, president of Commodity Information Systems in Oklahoma City. "The problem is not demand, and it's not supply because we have plenty of supply. It's finding anyone who can come up with the credit to buy."

2. US debt clock runs out of digits

The US government's debts have ballooned so badly the National Debt Clock in New York has run out of digits to record the spiraling figure.

3. The End of Growth

The worldwide financial crisis, and the decline in available energy, mean that we may also have seen the final year of aggregate world economic growth.
Growth is gone. Over. Kaput. Finished. Get used to it.

4. Economic Meltdown in America Saves the World from Peak Oil

Imagine the New York Stock Exchange dropping from 11,000 to 3,000 or so. Imagine concurrent with that, the US dollar losing 60% of its present value on the international exchange rate, and even possibly not accepted at all for international trade. And this could happen as many, and an increasing number of voices, now warn us. Rampant breakdown of infrastructures and society, with drastic food shortages, would lead to hostile levels of civil strife and violence.

5. The only way is down

If, instead, it (Saudi Arabia) pumps less, there is little hope that other countries could make up the shortfall. In that scenario, as demand for oil continues to grow despite dwindling supplies, and as the search for substitutes proves fruitless, economic catastrophe ensues.

Bonus! The world is at severe risk of a global systemic financial meltdown and a severe global depression

At this point the risk of an imminent stock market crash – like the one-day collapse of 20% plus in US stock prices in 1987 – cannot be ruled out as the financial system is breaking down, panic and lack of confidence in any counterparty is sharply rising and the investors have totally lost faith in the ability of policy authorities to control this meltdown.
McCain Ice Cream

(no subject)

On a lighter note:

Mackerel Economics in Prison Leads to Appreciation for Oily Fillets
Packs of Fish Catch On as Currency, Former Inmates Say; Officials Carp

Unlike those more expensive delicacies, former prisoners say, the mack is a good stand-in for the greenback because each can (or pouch) costs about $1 and few -- other than weight-lifters craving protein -- want to eat it.

So inmates stash macks in lockers provided by the prison and use them to buy goods, including illicit ones such as stolen food and home-brewed "prison hooch," as well as services, such as shoeshines and cell cleaning.

There are other threats to the mackerel economy, says Mr. Linder, of Power Commissary. "There are shortages world-wide, in terms of the catch," he says. Combined with the weak dollar, that's led to a surging mack. Now, he says, a pouch of mackerel sells for more than $1 in most commissaries.
McCain Ice Cream

Q. How can you tell when a politician is lying? A. Their lips are moving.

The Bureau of Labor Statistics releases monthly reports on the unemployment rate, initial unemployment claims, total workforce numbers, etc. Now the thing is, they have no way of actually know how many jobs were created/lost by small businesses in the past month, so they use something called the "Birth/Death model". These monthly jobs adjustments are made by the BLS based on economic assumptions about the birth or death of businesses, according to estimates of where the BLS thinks we are in the economic cycle. So lets take a look at the birth/death chart for this month, and try to restrain our laughter :

Sharp eyed readers will note that I uploaded this image into my "lulz" gallery, where it most certainly belongs.

Yes ladies and gentlemen, according to government statistics, the economy added 12,000 construction jobs this month, on top of 16,000 last month. This is a lie, pure and simple. I realize that this is just the results of whatever incorrect mathematical model BLS is using, but by not scrapping that model and trying to come up with something that bears even the slightest resemblance to reality they are foisting untruths upon us. The lesson here: don't believe a goddamn thing the government says. Ever.