While the leaders managed to paper over any rifts by the time they emerged from their meeting, their lack of agreement on a British-style guarantee of loans made between banks worried economists.
If other countries do not follow the same course as Britain, they said, it could destabilize the financial system, because money may flow to Britain from countries without those same guarantees.
“You now have the full faith and credit of the British government standing behind the banking system,” said Barry Eichengreen, a professor of economics at the University of California, Berkeley. “The British could suck deposits from continental Europe and even the United States.”
UPDATE: Numorous readers have informed me of a small proofing error in my headline. Apparently she was found guilty of abusing powers, not puppies.
TED spread in real terms
Ethan has been posting a TED spread watch for the past week or so, and we all get that a bigger number is bad, and the size of the number right now is very very bad. NPR this morning helped me put the meaning of that number into perspective.
The reporter (Adam Davidson) interviews a bank to bank short term loan broker. The short of it is that there are dozens of banks on thier "looking for money to borrow" board and none on the "have money to lend" board. They say there hasn't been any traffic between banks brokered by them for THREE WEEKS. The brightest news in the story is that the broker heard from another broker about another firm that had a bid (that is A bid. a single bid) for a sell this week.
It seems to not matter how high the TED spread gets at this point. The global liquidity market is dry. a higher TED can't make it any more messed up.
“All of the things they said about Barack Obama in the TV, on the TV, at their rallies, and now on Youtube and everything else,” Biden said — referring to McCain and Palin tying Obama to Weatherman bomber Bill Ayers and accusing him of “palling around with terrorists.”
“John McCain could not bring himself to look Barack Obama in the eye and say the same things to him,” he said to cheers. “In my neighborhood, you got something to say to a guy, you look him in the eye and you say it to him.“
And we have not yet even felt the full economic brunt here. I fear we may be at that moment just before the tsunami hits — when the birds take flight and the insects stop chirping because their acute senses can feel what is coming before humans can.
TRUTH IN ADVERTISING
I wasn't even thinking about it, but I was struck by how old McCain looked as he hobbled around the floor of the town hall debate.
...Howard wrote an acronym with an explanation on a dry-erase board in his seventh-grade social-studies class at Marianna Middle School. It said, “C.H.A.N.G.E. - Come Help A (N-word) Get Elected.”
Silly Republicans! Seventh graders can't vote!
Seriously tho, I dread the shitstorm of racism we're going to get if Obama is elected.
THE GETAWAY
A bank in my old college town was robbed by criminals who made their getaway on bicycles. Twice.
"To show that a character is in such dire financial straits that he's literally "lost his shirt", the otherwise naked character will resort to wearing a large barrel◊ held up with suspenders. Primarily seen in cartoons. This image probably came from a punishment for public drunkenness in Germany and England, where drunks had to wear a booze barrel (a "drunkard's cloak" or a "new-fashioned cloak"). It's unclear how barrel wearing became associated with bankruptcy (perhaps from the assumption that public drunkards are always hard up for money?), but the trope stuck."
I have never been overly political, and I am purposely registered as ‘unaffiliated’ in California, as I’ve never felt that a two-party system was inherently democratic. I’ve also never been an alarmist nor have I been a rabid politico. Several events, both public and private in nature, have led me to the point where I simply cannot look away from what’s happening right now.
I am a student of journalism, political science and law, holding degrees/backgrounds in all three. What we’re seeing now is nothing short of terrifying if people take a step back and do some basic analysis on a macro level.
What this horrible McCain/Palin campaign is doing is reminiscent of the worst of the 1930’s. Whipping uneducated, mindless acolytes into a violent – perhaps literally – frenzy, stirring fear and playing our citizens against themselves and each other. We’ve seen ‘journalism’ in Sean Hannity broadcast a disgusting and totally false propaganda hit piece in furtherance of this movement. We’ve even recently seen a quasi-nationalization of our main business – credit – much like what happened 70+ years ago.
I’ve never been an alarmist nor someone to lean towards the melodramatic, but am I wrong in feeling as though our governmental system and very freedom could be at stake in the coming weeks? This terrifies me, and has prompted me to act.
If half of the credit problem is that no one has any confidence in anyone else, the general air of doom that accompanies the Dow dipping under 10,000 doesn't help.
The Dow at four figures, instead of five, is psychologically important.
While I enjoy watching the The Ultimate Fighter, I dislike the effect it's had on the UFC. The organization has worked too hard to push the careers of the fighters who appeared on the tv show. They are talented amateurs, but most of them aren't ready for prime time. Not that you could tell from watching UFC events, which are filled with alumni from the reality show. The announcers rave about them and discount their opponents. When they lose, the announcers act like it's either a huge upset or a bad decision. Many of them are excellent fighters with the potential to become superstars. They just need more experience. And I don't really want to pay the PPV charge to watch them get that experience.
That said, some of the fighters from the show deserve the spotlight. Season 1 winner Forrest Griffin is the current UFC light heavyweight champion. Above, season 2 winner Rashad Evans gives a highlight reel performance in his recent fight against former light heavyweight champ Chuck Liddell.
Sarah Louise Heath Palin (born February 11, 1964) is the current governor of Alaska, Republican vice presidential candidate, a compulsive breeder, and a major lady dick.
The only thing Sarah Palin seems to enjoy more than having children is giving those children ridiculous names and inadequate sex education.
Palin served as both a city councilor and mayor of Wasilla, Alaska, a nightmare of suburban sprawl located in the armpit of the state’s two major highways. Somehow, she was elected governor of Alaska in 2006, not only becoming the first woman, but also the hottest chick ever to hold the office.
On August 29, 2008, Republican presidential candidate Senator John McCain performed perhaps the greatest political mindfuck in American history by announcing that he had chosen Sarah Palin as his running mate. Palin celebrated by ovulating.
Sarah Palin is helped inordinately by the fact that no one knows anything about her or Alaska, and probably never really will. Regardless of whether she turns out to be a disastrous pick for the McCampaign, Sarah Palin is a total MILF.
Many people lingered outside the venue like some weird sort of survivors, talking about what they'd just witnessed with mostly awed shakes of their heads. The comparisons came quickly and furiously. "Like standing behind a 747" one guy in front of me texted midway through the onslaught. I couldn't help but think of the 2007 Danny Boyle film "Sunshine," in which one of the crewmen sent on a mission to the sun becomes addicted to the power he sees when he looks at an ever-approaching sun.
It made me think that if we do enter hard times, something really strange could happen to our political culture. The Great Depression gave us fascism, communist intellectuals and all sorts of odd movements. I doubt we’re in for a Great Depression, but if times get tough I wouldn’t be surprised if we see some sort of radicalism resurface, of the sort we haven’t really seen since the 1960s.
The best thing ever would be if Sarah Palin started speaking in tongues at the debate tonight.
Highly unlikely, I know. But it would be even better if a passel of midgets came riding out on the stage on a toy fire truck and hauled her away while she did it.
God, I'm looking forward to tonight.
vacationing with John McCain
I'm a little wary of posting this, as it really feels like a swiftboat type attack. The first source I read it on (and believe me, I have a vast variety of sources...) attributes it to a professor in San Fran, though discussion reveals it probably should be attributed to another source. I'm linking to it at snopes.com, with the intention that if it proves to be a fabrication, they will break it first, or at least rather quickly.
The author of this "letter" describes her week on Turtle Island with John McCain; and paints him to be an arrogant, racist, sexist bastard.
FTFA:
Needless to say I was irritated at his large ego and his rude behavior towards his wife and other women, but decided he must have some redeeming qualities as he had adopted a handicapped child from Bangladesh. I asked him about this one day, and his response was shocking: "Oh, that was Cindy's idea - I didn't have anything to do with it. She just went and adopted this thing without even asking me. You can't imagine how people stare when I wheel this ugly, black thing around in a shopping cart in Arizona .
It's ugly, but not much more of a stretch than calling his wife a cunt at a rally...
Yields on 3-month Treasury bills. As money rushes in, the yield goes down. Lower yields signify lack of confidence in the credit market -- investors are looking for ultra-safe places to put their money.
The London Interbank Offered Rate (LIBOR). This is the amount banks charge each other for loans. A higher LIBOR signifies that banks perceive risk in these loans.
The "TED spread," or the difference between the 3-month T-bill rate and the 3-month dollar LIBOR. A rise on the TED spread signifies lack of confidence.
Of concern to McCain's campaign, however, is a remaining and still-undisclosed clip from Palin's interview with Couric last week that has the political world buzzing.
The Palin aide, after first noting how "infuriating" it was for CBS to purportedly leak word about the gaffe, revealed that it came in response to a question about Supreme Court decisions.
After noting Roe vs. Wade, Palin was apparently unable to discuss any major court cases.
There was no verbal fumbling with this particular question as there was with some others, the aide said, but rather silence.
Is here. Painted in Chicago by Bruce Elliot, with (disturbingly?) his daughter as the model.
FTA:
"I've been following her religiously," he said Monday at the bar. "I had never heard of her before, like everyone else. I find her bizarrely fascinating, even though I pretty much despise everything she stands for."
Despite their political differences, Elliott admits to a bit of a crush on the Alaska governor. He began painting her smile and trademark glasses, he said, before filling in the details: a gun, red high heels, polar bear rug, rugged Alaska landscape and a scared moose. His daughter, who looks a little like Palin and does a great impression of her, served as model for the governor's body.
pointed to the McCain campaign site til sometime today.
Gibberish
Katie Couric had a joint interview with McCain and Palin. Here is some of the incoherent nonsense from the interview:
John McCain: Of course not. But, look, I understand this day and age of "gotcha" journalism. Is that a pizza place? In a conversation with someone who you didn't hear … the question very well, you don't know the context of the conversation, grab a phrase. Gov. Palin and I agree that you don't announce that you're going to attack another country …
Couric: Are you sorry you said it?
McCain: … and the fact …
Couric: Governor?
McCain: Wait a minute. Before you say, "is she sorry she said it," this was a "gotcha" sound bite that, look …
Couric: It wasn't a "gotcha." She was talking to a voter.
McCain: No, she was in a conversation with a group of people and talking back and forth. And … I'll let Gov. Palin speak for herself. ... Palin: Well, as Sen. McCain is suggesting here, also, never would our administration get out there and show our cards to terrorists, in this case, to enemies and let them know what the game plan was, not when that could ultimately adversely affect a plan to keep America secure.
Couric: What did you learn from that experience?
Palin: That this is all about "gotcha" journalism. A lot of it is. But that's okay, too.
"We're going have to raise import tariffs in order to protect American jobs and manufacturing."
WE'RE HOSED
House doesn't pass the bailout.
For the record, it seems like every single person in my office is opposed to this thing. I would be too, if I wouldn't keep running into stuff like this.
I'm too worried to oppose the bailout, as bad as it is.
DEBATE COMMENTARY
My laptop exploded last week and I haven't replaced it yet -- so no weekend blogging! Didja miss me?
Since we've had a few days to let the debate sink in, the conventional wisdom has started to form, and, not surprisingly, it's not good for McCain.
Look for the appearance of the following words in days to come: cranky, grumpy, crotchety, angry, mean, rude, sneering, snarling, contemptuous, off-putting, snide, boorish, and worst of all, not Presidential. SNL will probably drive the point home in a skit that will become the dominant narrative tonight, and McCain will become boxed in regarding his behavior in the second debate, much as Gore was unable to be as aggressive as he wanted in the second debate (I remember the running joke was that Gore had been medicated for the second debate). And if McCain does not tone down the contempt, it will simply feed the narrative. Or, if we are really lucky, as someone suggested in another thread, McCain will overcompensate and spend the entire time comically and creepily attempting to make eye contact with Obama (think Al Gore walking across the stage to stand next to Bush, and Bush looking at him as if to think “WTF are you doing?”).
This should be terrifying for the McCain campaign for two reasons. First, the base will not understand it. To them, a sneering, contemptuous jerk is a feature, not a bug. When they try to tone down McCain, it will turn off the diehards. Look at the reaction of the base to Palin’s RNC speech- they LOVED that she was, for all intents and purposes, nothing but an asshole the entire speech. They loved the “zingers” that were written for her. The rest of the country recoiled in horror, and Obama raised ten million the next 48 hours.
More to come as I catch up.
Friday, September 26, 2008
oops
Sept 16, 2008 -
Kissinger, speaking Monday at George Washington University along with four other former U.S. State Department secretaries, said the next president should initiate high-level discussions with Iran "without conditions," ABC News reported.
She’s a junkie-and a junkie of the worst kind: A junkie-snitch who turns in all the people who supply her habit and cover for her, and gets away with it because of her rich family connections.
Normally we here at eXiled Online would never stoop to outing a junkie. But the problem is, we all may be forced to look at this desiccated vampire’s face for the next eight years, watching this lowest form of junkie-snitch blissfully living life in a pillow-world of opiates, while her husband sends all of the less-fortunate junkies away to the federal rape-camps, merely for trying to feel as good as his wife does.
McCain is crawling into the corner with his blanket
I like Barbara Boxer:
McCain backs out of debate...
...with Bush, in California, in 2000.
McCain's campaign said the candidate confirmed to CNN on Thursday that he would not appear. But until yesterday afternoon, when rumors swirled about the pullout, McCain -- who has touted his ``straight talk'' politics -- gave no public indication that he intended to duck the nationally televised showdown.
The bait and switch on the debate left the Arizona senator -- whose favorite campaign line is ``I'll always tell you the truth'' -- wide open to blistering criticism from his rivals.
"That's why I say I, like every American I'm speaking with, were ill about this position that we have been put in. Where it is the taxpayers looking to bail out. But ultimately, what the bailout does is help those who are concerned about the health care reform that is needed to help shore up our economy. Um, helping, oh, it's got to be about job creation, too. Shoring up our economy, and getting it back on the right track. So health care reform and reducing taxes and reining in spending has got to accompany tax reductions, and tax relief for Americans, and trade -- we have got to see trade as opportunity, not as, uh, competitive, um, scary thing, but one in five jobs created in the trade sector today. We've got to look at that as more opportunity. All of those things under the umbrella of job creation." -Guess.
The Keating 5 explained in 90 seconds
What's the S&L failure bailout of $500 billion adjusted for inflation? The Westegg inflation calculator (here) says is $783 billion and change. I guess McCain really does have the experience needed to handle our current financial mess.
FIGHTIN' THURSDAY
Frank Mir is one of the coaches in the newest season of The Ultimate Fighter. Above is probably his most famous match, the fight against Tim Sylvia for the then vacant heavyweight title.
Listen carefully for referee Herb Dean's "Oh, SHIT! ...It's fuckin' broken."