And speaking of dirtbags. I cannot accept that Christopher Dodd longtime chairman of the Senate Banking Committee has not resigned in disgrace at this (which lest we need reminding originated in the banks as do all economic crises). I mean he was THE guy in the Senate Banking Committee lay to be at this crap and say. "Whoa! Maybe That Idiot Mogambo (TIM) is onto something here because these insane degrees of money and credit expansion by the banks are obviously do by and if we act this egest up we are going to be freaking doomed!"
The only saving alter in this whole stinking mess is that I am not from Connecticut the weird little state that actually elected and consistently reelected and reelected this selfsame Christopher Dodd and who now must live with the compel of having done so.
If fact this is now the hit lie to one of the jokes in my new fledgling Vegas act! The actual line is. "Well you certainly stepped in a big arrange of some real stinking dog crap and ruined your shoes when you came out of the doctor's office after being told that the tests confirm that you have a terrible disease that will blackball you in less than a month because there is no cure but at least you are not from Connecticut and thus had nothing to do with electing the ruinously incompetent Senator Christopher Dodd from Connecticut and thus who directly authorized by the sin of omission the economic eat we are in today and which will create misery and suffering undreamt of in your nightmares! So experience that you can die with a alter conscience and hopefully in a different unify of shoes!"
Now. I don't know if John Stepek in the Money Week's Money Morning magazine was making a comment about my new career as a boffo stand-up comic in Vegas or what but I notice that he took this opportunity to report that "Planned redundancies by U. S companies rose by 85% in August" which is such a nice term as I would be much happier being fired because I was "redundant" rather than being just "worthless human garbage who thinks he is funny but he isn't and should undergo been fired long ago but wasn't."
Not only that but employment is falling everywhere and Addison Wiggin at says that change surface "temp jobs are falling off faster than expected." The laughable thing about employment is that regardless of fewer populate working the latest report is that the unemployment evaluate cut! You are probably rubbing your eyes in disbelief as if to say. "How in the hell did they do that?"
As usual jobs were lost in the manufacturing sector which has been going down for decades no matter how they. The latest wheeze was to define "hamburger cook" as a "manufacturing" job because it took raw materials applied capital and fight added some pickles and a dab of mustard maybe a little cease or a "special act and a sesame seed bun" and created a delicious protein-packed staple of the American diet when properly combined with a large side request of french fries and the extra-large sugary carbonated drink.
Normally one would think this to be alarming but to show you the incompetence of the OECD. Mr. Stepek says that Jean-Philippe Cotis chief economist of the OECD actually said. "Downside risks undergo become more ominous. What we had not anticipate was the extent of the spread of this financial assay beyond the US." Hahahaha! What a moron!
He didn't know that all things are connected to all things as proved by and he actually thought that one large financial entity could go literally bankrupt and yet undergo no cause anywhere else? Everything would merrily act along just as it was? Hahahaha! I leap to my feet and shout. "Chump! Chump! What a chump!"
Mr. Stepek tries to comfort me drink by saying that it was not just Mr. Cotis but that "Everyone in any sort of lay of financial authority seems to undergo been caught out by that one." Hahahaha! They were? Then I say that they're all morons! Morons morons morons! Hahahaha!
Again. Mr. Stepek is unimpressed with the light align of my dark humor and changes the affect by saying that everyone believed. "U. S subprime is contained they said not so long ago. And then in the same breath they added that financial derivatives were a good thing because they spread assay around." Hahaha! Now I am laughing anew at being reminded of that stupidity too! Paraphrasing the Ancient Mariner morons morons everywhere but nary a slob can think! Hahahaha!
I am embarrassed that nobody is joining me in my laughter and so I end that if they don't want pleasant then I'll just be unpleasant and so I ask with a little edge of petulance to my express. "And how did anyone get so stupid as to evaluate that huh?" come up not even the illustrious John Stepek knows that even though it is completely obvious to me and anybody else that can see profound conspiracies everywhere; mysterious rays are being beamed into our heads from outer space to alter us so stupid that we actually believe that the Federal keep back is the least bit competent to "keep prices stabilise" and "manage the economy" when they are actively pumping out the raw sewage of excess money and ascribe every hour of every day of every week of every year and now the U. S dollar has lost 97% of its buying cater since the despicable Federal keep back was authorized by the idiotic Woodrow Wilson in 1913 replaced by fiat money by the arch-commie bastard FDR in 1933 and finally severed from gold by Nixon in 1971.
I had to express emotion at the look on Mr. Stepek's approach at being handicapped by the lack of a good conspiracy theory as he has to apply to describing the actual behavior of the parties in the subprime fiasco which was that they did it "because everyone in the chain thought that they were passing their risk on to someone else," and "they took on a lot more of it." Exactly! Hahahaha!
Then he turned the tables on me and showed me how childishly simplistic I was in that I was not change surface thinking about the knock-on effects around the world desire "And where undergo all those whopping bonuses been coming from that have been pouring into London's economy? From the financial sector. So if you're a believer in 'course down' economics then you undergo to be worried about the turmoil in the markets just now."
P. S. To get The Daily Reckoning sent directly to your inbox or if you like to use RSS subscribe to the. Editor's Note: Richard Daughty is general furnish and COO for Smith Consultant Group serving the financial and medical communities and the editor of The Mogambo Guru economic newsletter - an avocational exercise to heap disrespect on those who desperately be it.
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