DrEast
09-18-2008, 02:48 PM
And giving me flashbacks to the U.S.S.R.'s central bank's closing days, when everyone involved was desperate to get rich in other currencies while their own system collapsed around them.
But I'm sure it's just a coincidence.
In the meanwhile, Wall Street is reacting well to the news, apparently, jumping up a bit on all the various indexes. Apparently people can't remember all the way back to TWO DAYS AGO, when Dowdaq ended in the green between Black Monday and Black Wednesday. So, who else is thinking that this latest umpty-billion dollar debacle by the Fed will have more or less the same effect as the last few umpty-billion dollar debacles have? In other words, Dow etc.'s headed deep red soon, tomorrow if it follows the patterns it has, and we get to watch our government run around like chickens etc. while both major candidates claim that they can fix a problem they're both heavily invested in.
That's the fun part. The sad part is that nobody will learn the proper lessons from all this and actually disband the simultaneously ridiculously-easy-to-abuse, almost-impossible-to-use-correctly fiat currency/central reserve/fractional reserve banking system. 'Cause governments NEED infinite money to function, yo. Without that unlimited power, how will they ever ascend unto godhood?
I say almost impossible to use correctly, but the truth is that it IS absolutely impossible to use correctly, because money's true value can only be judged when it's actively changing hands. This makes a debt-backed currency system akin to a house built with boards that are constantly altering their length. Eventually the structure collapses.
Sigh. But then, I'm financially pessimistic and theologically optimistic. Maybe someone else has a different take.
DrEast added to this post, 337 minutes and 18 seconds later...
"Stocks swayed on both sides of unchanged throughout the session. But they spiked in the final hour on a news report that Treasury Secretary Henry Paulson is looking to create a more long-term solution to the current credit crisis, perhaps creating an independent agency to take bad loans off bank balance sheets.
The market was "definitely rallying on the Paulson rumors," said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams. He said that the hope would be that if the government takes the bad assets off the banks' balance sheets, they'll start lending again.
The Treasury Department denied that Paulson had made any comments and said it does not comment on rumors." - from CNN
Good Lord, let's hope this one is just a rumor.
But I'm sure it's just a coincidence.
In the meanwhile, Wall Street is reacting well to the news, apparently, jumping up a bit on all the various indexes. Apparently people can't remember all the way back to TWO DAYS AGO, when Dowdaq ended in the green between Black Monday and Black Wednesday. So, who else is thinking that this latest umpty-billion dollar debacle by the Fed will have more or less the same effect as the last few umpty-billion dollar debacles have? In other words, Dow etc.'s headed deep red soon, tomorrow if it follows the patterns it has, and we get to watch our government run around like chickens etc. while both major candidates claim that they can fix a problem they're both heavily invested in.
That's the fun part. The sad part is that nobody will learn the proper lessons from all this and actually disband the simultaneously ridiculously-easy-to-abuse, almost-impossible-to-use-correctly fiat currency/central reserve/fractional reserve banking system. 'Cause governments NEED infinite money to function, yo. Without that unlimited power, how will they ever ascend unto godhood?
I say almost impossible to use correctly, but the truth is that it IS absolutely impossible to use correctly, because money's true value can only be judged when it's actively changing hands. This makes a debt-backed currency system akin to a house built with boards that are constantly altering their length. Eventually the structure collapses.
Sigh. But then, I'm financially pessimistic and theologically optimistic. Maybe someone else has a different take.
DrEast added to this post, 337 minutes and 18 seconds later...
"Stocks swayed on both sides of unchanged throughout the session. But they spiked in the final hour on a news report that Treasury Secretary Henry Paulson is looking to create a more long-term solution to the current credit crisis, perhaps creating an independent agency to take bad loans off bank balance sheets.
The market was "definitely rallying on the Paulson rumors," said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams. He said that the hope would be that if the government takes the bad assets off the banks' balance sheets, they'll start lending again.
The Treasury Department denied that Paulson had made any comments and said it does not comment on rumors." - from CNN
Good Lord, let's hope this one is just a rumor.