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alstry (35.70)

Silence The Music

Recs

13

October 14, 2008 – Comments (8)

“With turmoil in the financial markets hitting its usual roster of deep-pocket donors, the Pasadena Symphony can’t afford to stage its November concert and has cancelled the performance, co-Executive Director Tom O’Connor said Monday.”

“‘We have been hit pretty hard by what’s been occurring. We planned a gala last fall and two major supporters, IndyMac and Countrywide pulled out,’ he said, citing the failed bank and the troubled mortgage lender.”

The Pasadena Star News.

Think about this for a second....now the pullback is hitting charities, churches, and children.  Much of this could have been avoided if we simply addressed the issue earlier.  Without restructuring....the economy will continue to grind to a halt.  Unless dramatic action is taken soon, prepare for something we have never seen before......and few are prepared.....if preparation can even be had at all.

 

8 Comments – Post Your Own

#1) On October 14, 2008 at 6:01 PM, TDRH (99.84) wrote:

Lighten up a little Alstry.   I already have more cans of tuna than I ever want to eat.   Invested in the generators, diesel and fresh water resevoirs, as well as the fallout shelter, and I am fully stocked up on beer.  You have been watching too many reruns of Mad Max on TBS.

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#2) On October 14, 2008 at 6:18 PM, StKitt (31.57) wrote:

Alstry is Legend.

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#3) On October 14, 2008 at 6:21 PM, alstry (35.70) wrote:

Actually...this is not a Mad Max scenario...no reason to go to Thunderdome.......unless of course Iceland comes to America.....but I doubt it......the consequences are far more disruptive to the social fabric if we keep moving on this path.

But then again....people used to think I as a little extreme when I told them the entire banking system was insolvent......just keep hanging on.....make sure you have spicy pickles for the tuna.......then you can throw any leftovers into bloody's.

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#4) On October 14, 2008 at 6:53 PM, alstry (35.70) wrote:

I can't imbed for some reason...probably tech IQ deficient...but the last minute of the second Jon Stewert video is pretty funny:

http://calculatedrisk.blogspot.com/2008/10/first-great-depression.html

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#5) On October 14, 2008 at 9:03 PM, Harold71 (28.80) wrote:

"Lighten up a little Alstry.   I already have more cans of tuna than I ever want to eat.   Invested in the generators, diesel and fresh water resevoirs, as well as the fallout shelter, and I am fully stocked up on beer."

Holy smokes you can afford to sit back.  That's quite prepared.

For me, I've been "on edge" for basically the past 10 plus months, and recently, just as every average Joe started to get worried about the market/economy...well it all brings a little calming effect to me.  It's not over, but I'm plain tired of worrying about it.

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#6) On October 14, 2008 at 10:33 PM, milpo (95.51) wrote:

Alstry, it seems like the money that has been loaned by the FED since its inception has been arbitrarily manufactured out of thin air.  What do they do? Do they simply print it and circulate it through their sister banks arbitrarily? Is the money supply in this country simply an entry into the accounting ledger of the FED? Someone should really audit these thieves.

The national debt will never be paid off.  It is technically impossible with the existing system.  Where does the money needed to  make the interest payments on the mythical  money created by the FED come from? Do not loan repayments to the FED simply contract the money supply as these monies are eliminated  from circulation? And as our money supply shrinks do we not  have to borrow more money to continue making our interest payments?  What the hell?  I'm not an economist, but how can such a system survive? It seems to me that it is  mathematically impossible to pay of the  aggregate debt principal and the aggregate interest?  Am I wrong? Are we on, some perverse highway to global bankruptcy? Are we being forced to borrow more money to keep paying off escalating principal and interest ad infinitum?

Hang in there Alstry. I am convinced there are  some fairly disappointed bulls today having expected a more aggressive rally. By the way Alstry, when I use the word "we", I am  referring to individuals, businesses, and governments. Do  you have any idea what percentage of the national debt is private personal vs government? Does the fact that at  least $500 billion will be handed to banks give them the leverage power to lend out 10 times that amount?  We are in very deep trouble. Are we facing a financial  situation almost identical to the one faced by Germany in the  1920's?

Let's talk about CAPS. Pursuant to reviewing your blogs, which I think are conservative concerning the near and  not too distant future, I unloaded SKF, bought a basket of banks, and held on to all other inverse 2x ETF's.  Finally, short of anarchy, how do we restructure?  There are way too many feeble minded optimists out there to convince? 

 

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#7) On October 15, 2008 at 8:36 AM, TDRH (99.84) wrote:

I have been a bear from the beginning and I agree with Alstry, but I am tired of being a bear.     The government is going to continue to print money until it undermines the world economy and erases the real value of the federal deficit and the bailout.   

 Alstry, my note was not intended to be an attack on you, I am just a tired bear.   Take a challenge and find a company worth investing in, rather than shorting the entire financial sector/economy.    Sell me on its intrinsic value and growth prospects.  I will give you credit for the  pick and if it is good I will back it with real dollars.   Please no SKF, or short funds.   It can be a collection agency, or rental company, or whatever you think will prosper in the dark days ahead.

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#8) On October 15, 2008 at 9:14 AM, alstry (35.70) wrote:

TRDH,

I have been this way because we are dealing with a tsunami unlike anything in the past.  It effects everything.  Nobody is more tired of being a bear more than me.  I promise, at the appropriate time, and probably before most any other person becomes a bull......I will be the most obnoxious bull you have ever met.

In light of that, please take my next post in the fun natured and sarcastic tone intended.  But I fully expect you to come to the defense and slam me down for it.  In the end, judge me on the quality and accuracy of my blogging.....the tone is simply the wrapper.

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