Our financial system is crumbling this week.

[lukethedrifter]

http://www.hulu.com/watch/55273/cnbc-or ... e-of-cards


oops, just a preview.

[greenback44]

Kinda interesting that there are no munis on that graph. Michael Shedlock is convinced some bad stuff will happen to some local governments in the not-so-distant future.

[AdmiralKird]

Kinda interesting that there are no munis on that graph. Michael Shedlock is convinced some bad stuff will happen to some local governments in the not-so-distant future.

Local govs should still be able to defease Muni's even at the current interest rates, although I wouldn't be surprised if there were one or two defaults on issues somewhere.

The Stock Market currently makes no sense. Sandisk dropped 15% in one day against the movement of the S&P500 and jumped back to its original levels in two days with no change in company news. Insight Enterprises dropped because of an accounting error when they transferred some credits to retained earnings before legally permissible; this caused their shares to drop 50% on Monday. Somehow a single accounting error in only one sector of a company's business can cause their entire value as an entity to be cut in half.

[Hungary Jack]

It's called lack of trust. Investors are extremely skittish right now.

[Jocephus]

It's called lack of trust. Investors are extremely skittish right now.

like me after having beer and taco bell...

[Jocephus]

Houses Passes Stimulus, Again Without Any Republicans

All but seven Democrats voted for the bill _ a 1,071 page, 8-inch-thick measure that combines $281 billion in tax cuts for individuals and businesses with more than a half-trillion dollars in government spending. The money would go for infrastructure, health care and help for cash-starved state governments, among scores of programs. Seniors would get a $250 bonus Social Security check.

Told that no Republican backed the measure, White House press secretary Robert Gibbs reacted by citing another number: "3.5 million jobs that we look forward to saving or creating."

Republicans said the package won't work because it has too little in tax cuts and spreads too much money around to everyday projects like computer upgrades for federal agencies.

"This legislation falls woefully short," said House GOP Leader John Boehner of Ohio. "With a price tag of more than $1 trillion when you factor in interest, it costs every family almost $10,000 in added debt. This is an act of generational theft that our children and grandchildren will be paying for far into the future."

http://www.huffingtonpost.com/2009/02/1 ... 66793.html

[TimeForGuinness]

"With a price tag of more than $1 trillion when you factor in interest, it costs every family almost $10,000 in added debt. This is an act of generational theft that our children and grandchildren will be paying for far into the future."

Geez...I wonder what the last 8 years are going to cost my children?

[Leroy]

"With a price tag of more than $1 trillion when you factor in interest, it costs every family almost $10,000 in added debt. This is an act of generational theft that our children and grandchildren will be paying for far into the future."

Geez...I wonder what the last 8 years are going to cost my children?

You're having children? Holy [expletive]!

[sighyoung]

Houses Passes Stimulus, Again Without Any Republicans

All but seven Democrats voted for the bill _ a 1,071 page, 8-inch-thick measure that combines $281 billion in tax cuts for individuals and businesses with more than a half-trillion dollars in government spending. The money would go for infrastructure, health care and help for cash-starved state governments, among scores of programs. Seniors would get a $250 bonus Social Security check.

Told that no Republican backed the measure, White House press secretary Robert Gibbs reacted by citing another number: "3.5 million jobs that we look forward to saving or creating."

Republicans said the package won't work because it has too little in tax cuts and spreads too much money around to everyday projects like computer upgrades for federal agencies.

"This legislation falls woefully short," said House GOP Leader John Boehner of Ohio. "With a price tag of more than $1 trillion when you factor in interest, it costs every family almost $10,000 in added debt. This is an act of generational theft that our children and grandchildren will be paying for far into the future."

http://www.huffingtonpost.com/2009/02/1 ... 66793.html

Too little in tax cuts? Over $300 billion in tax cuts is too small?

[GatewaySnayke]

Too little in tax cuts? I think 38 percent of it is tax cuts.