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Monday, September 29, 2008

Thwappety-Crunchety

Well, well, well. Extreme nerves in trading on finances in Europe.

Hypo got its money (the name is confusing, the company is really mostly in real estate finance and owns banks, and their Irish purchase, Depfa, is the main current problem) and Brad & Bing got nationalized, (summary Fortis, Hypo, Brad & Bing) but European financials are still doing badly. It's going to be a long week.

Still great coverage over at CR's, and if you have the time to read the comments, there is an interesting mix of humor, wrath, misery and knowledge available.

I'm listening to the Treasury call that has been uploaded to the internet. I got the link here. It seems to be genuine.

In the US Wachovia is on the auction block. The JIT method of bank clearances is perhaps not as efficient an innovation as for manufacturing supply chains.

I think this India Times article about the change in credit markets there conveys the best picture of what is happening around the world and why all these governments are stepping in to support banks and buy bad debt. It's hard to think of a government that isn't doing something. From the article:
With the global liquidity crunch, making easy money a thing of the past, investors in the Great Indian Infrastructure story - that needs around $400 billion in the next five years - will have the upper-hand. At stake are sectors such as oil and gas, roads, railways, telecom, urban infrastructure, SEZ, healthcare, ports and airports.
...
While financing is still available for the right kind of projects and sponsors, the scenario has changed. Blue-chip infrastructure companies could raise $3-4 billion at around 8-9% earlier. But now companies will find it much more difficult to raise even $500 million. "Financial closures of key infrastructure projects will definitely be affected. Cost of funds has gone up. Projects that look to build roads and bridges will find it difficult to find lenders. It will be more difficult for small and medium-sized entities," said Gaurav Dua, Head of Research, Sharekhan.

The government support will, then, be crucial. But apart from slower economic growth and policy stagnation, the fiscal position of central and state governments can have a bearing on infrastructure investments.
Among the major Indian moves last week was the expansion of the foreign borrowing limit from 100 million to 500 million.

The relatively sudden Asian downturn is showing up in the form of rapidly declining cargo rates and loadings, and Asian shipping company stocks are falling rapidly.

US Consumer Alert: I spoke to my brother, and although he prepaid a heating oil contract he cannot get his tank filled. I am expecting finance-driven shortages to occur across the US NE as the distribution companies have to get payment from consumers in order to buy new stocks of fuel oil. Therefore, don't wait until the last minute and don't let your stocks fall low. You could be waiting for 30 days or so for delivery if you order at exactly the wrong time, which would be when everyone else is ordering. One thing you can do is call the company and tell them you can give them a check on delivery - they are so tight for funds that it would be motivational. I got a delivery early on my Mom's house in the NE for that reason, and then I paid the distribution company extra to help them out in this period. I got a very good deal under the circs - $3.60. Still way too high for most folks, so heating oil buys will be way down this year.

Comments:
Oh my. This doesn't look so good for Bible Spice.

http://tinyurl.com/4e33b6


While some journalists say privately they are censoring their comments about Palin to avoid looking like they're piling on, pundits on the right are jumping ship. MSNBC's Joe Scarborough says Palin "just seems out of her league." National Review Editor Rich Lowry called her performance "dreadful." Dallas Morning News columnist Rod Dreher described the interview as a "train wreck." Conservative columnist Kathleen Parker urged Palin to quit the race, saying: "If BS were currency, Palin could bail out Wall Street herself."
 
And don't bother trying to buy GOLD GOLD GOLD GOLD GOLD like all the Survivalist blogs are screaming. There's been a run on it, and nobody has any left to sell.
 
Palin is out of her league but Biden's comments about President Roosevelt's speech on tv in 1929 is spot on! What nonsense!
 
Teri,

You're so right. Palin not be quite up to speed, but Biden, ohhh, that Biden!

He's dangerously ignorant!

He knows nothing!

Delaware borders no foreign nation!

Makes my blood boil!

Jesus would've hated Biden!
 
Sorry for my behavior. I'm a closet homosexual and hate my parents, but I'm too afraid to tell them off since I can't support myself financially with my sociology degree. Thats why I like Obama and I'm scared deep down that people like you may be right and he doesn't have all the answers to fulfill my sad little life.

Keep up the blogging MoM. I'll try to keep it down but as I've always been told by my SF public school teachers: I am who I am and can't control my behavior.

Could someone please point me to the nearest dong so that I may suck it?
 
Why are you people so afraid of gays?

Why don't you just live your lives, and leave people who are different from you alone?

How hard is it just to live without fear?

Jesus wasn't afraid. Why are you?
 
Ya, what kind of loser can't leave people that differ alone? Except if their opinion differs I mean, then by all means try to shut down their speech by ignorant trolling (and sucking wangs apparently, but I dont know how that helps any point you're trying to make).
 
So YT, why don't you leave me alone?

And what's your preoccupation with sucking wangs?
 
teri (small t), what kind of a posting is this? No one cares about your sexual orientation. This is an economic blog with occasional commentary about politics. In fact I would almost suspect you of attempting to discredit the left by your postings. Your postings seem to indicate you are a troll or mentally imbalanced.
 
Why are you people so afraid of gays?

Why don't you just live your lives, and leave people who are different from you alone?
-- Teri

When you're the shmuck who has to crash-retrofit the Marriage License recording for half the counties in California, "fear" is not the emotion you feel.
 
"When you're the shmuck who has to crash-retrofit the Marriage License recording for half the counties in California, "fear" is not the emotion you feel."

Dang.

It must be hard having to, you know, do a job.

Work sucks.

Sometimes they ask you to do things and, like, work and stuff.

Sorry about that.
 
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