Sponsored Content




Intermarkets' Privacy Policy
Support


Donate to Ace of Spades HQ!



Recent Entries
Absent Friends
Bandersnatch 2024
GnuBreed 2024
Captain Hate 2023
moon_over_vermont 2023
westminsterdogshow 2023
Ann Wilson(Empire1) 2022
Dave In Texas 2022
Jesse in D.C. 2022
OregonMuse 2022
redc1c4 2021
Tami 2021
Chavez the Hugo 2020
Ibguy 2020
Rickl 2019
Joffen 2014
AoSHQ Writers Group
A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. Also to share links to potential publishing outlets, writing help sites, and videos posting tips to get published. Contact OrangeEnt for info:
maildrop62 at proton dot me
Cutting The Cord And Email Security
Moron Meet-Ups

NoVaMoMe 2024: 06/08/2024
Arlington, VA
Details to follow


Texas MoMe 2024: 10/18/2024-10/19/2024 Corsicana,TX
Contact Ben Had for info





















« Top Headline Comments 8-9-11 | Main | Obama Is Not Smart »
August 09, 2011

DOOM gets in your eyes

DOOOOM

Yestday, the Dow sank like a holed submarine, dropping a terrifying 635 points and taking most world markets along with it. David Ranson over at Forbes tries to explain why the stock market tanked.

Why this crisis is different from 2008.

Starting from the most obvious: The two crises had completely different origins.

The older one spread from the bottom up. It began among over-optimistic home buyers, rose through the Wall Street securitization machine, with more than a little help from credit-rating firms, and ended up infecting the global economy. It was the financial sector's breakdown that caused the recession.

The current predicament, by contrast, is a top-down affair. Governments around the world, unable to stimulate their economies and get their houses in order, have gradually lost the trust of the business and financial communities.

That, in turn, has caused a sharp reduction in private sector spending and investing, causing a vicious circle that leads to high unemployment and sluggish growth. Markets and banks, in this case, are victims, not perpetrators.

Perma-bull Larry Kudlow, always able to see chicken salad in chicken shit, advises everyone not to panic.

King Putt, never one to lose an opportunity to make a bad situation worse, came out to exercise his voice some more. The markets, which had been showing signs of rallying prior to the speech, accelerated their crash-dive. Some cynics with shriveled black raisins for hearts might suggest that this is a massive "no confidence" move in our esteemed God Emperor.

London is being rocked by riots as I write this. This counts as financial news because London is a major financial hub, and this just adds to the uncertainty that many investors are feeling right now. Also, the UK is in the middle of a major austerity push, and there is a lot of free-floating anger and anxiety in Britain (and elsewhere) about what the future may hold. The "causes" of this riot almost don't matter; the fuel for this riot is the same fear and atavism that many people in the developed world are feeling. (This is how widespread the rioting is. It's not just some small, localized disturbance.)

Thanks to the pension crisis, the public sector should prepare for a "lost decade" of pay increases.

Update 1: Bret Stephens on the unparalleled genius of our God Emperor - "I don't buy it. I just think the president isn't very bright."


----------------

You have fallen into my clever vertical-twig trap! Prepare to be destroyed!

digg this
posted by Monty at 09:51 AM

| Access Comments




Recent Comments
Moron Robbie - If this is how Georgia hires attorneys, imagine how they manage elections: "I think it was grump928 who made an outstanding po ..."

Don Black: "is everyone over on the main page, slapping f5 lik ..."

JackStraw: ">>The long-shredded pretense to impartiality is su ..."

Moron Robbie - If this is how Georgia hires attorneys, imagine how they manage elections: "Wakandyass it is! ..."

Don Black: "NYR 0 COL 0 end 1st p 🏒 ..."

Alberta Oil Peon: "If the Wakandians hadn't been isolationists then t ..."

Puddleglum at work: "[i]173 167 I’ve often speculated that the re ..."

Moron Robbie - If this is how Georgia hires attorneys, imagine how they manage elections: "If the Wakandians hadn't been isolationists then t ..."

Ciampino - Bloody 'experts' again ...: "158 For being the alleged "birthplace of civilizat ..."

sock_rat_eez - these lying bastardi e stronzi have been lying to us for decades [/b][/u][/i][/s]: "got to have a spread of alternatives, amirite? ..."

Bulgaroctonus : "167 I’ve often speculated that the reason th ..."

Hairyback Guy: "Anita Bryant > All Other Female Crooners ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64