Friday Open Thread | 86 comments (86 topical, 0 editorial, 0 hidden)

House Passes Bailout Bill (4.00 / 5)

ROLL CALL to come ... more important ...

Schwartzenegger petitions Treasury for $7B loan --CA has insufficient funds to make goddam payroll 15 Oct.

Diversity is the key to economic and political evolution.

by Cat on Fri Oct 3rd, 2008 at 01:50:35 PM EST

LOL (4.00 / 3)

Dow Jones down 300 points on the news. Will have post up soon.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Fri Oct 3rd, 2008 at 03:39:39 PM EST
[ Parent ]

Re: LOL (4.00 / 2)

The MSM was immediately reporting that the credit markets were still seized after the bill was signed and this lead to the point drop, so luckily there isn't any debunking needed.

you are the media you consume.

by MillMan (millguy at gmail) on Fri Oct 3rd, 2008 at 04:25:59 PM EST
[ Parent ]

Here it is (none / 1)

The Dow Jones Index is not the economy

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Fri Oct 3rd, 2008 at 04:37:49 PM EST
[ Parent ]

Re: Here it is (none / 1)

Thank you!

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Fri Oct 3rd, 2008 at 04:40:04 PM EST
[ Parent ]

de rien (none / 1)

should I post it here or is it too US-centric?

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Fri Oct 3rd, 2008 at 04:42:17 PM EST
[ Parent ]

Re: de rien (none / 1)

If you think it is US-centric you can post it on booman's :-)

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Fri Oct 3rd, 2008 at 04:44:24 PM EST
[ Parent ]

Re: de rien (4.00 / 3)

I just read the piece on dkos, and it seems to me it applies to some degree here, too, although not specifically with regard to this crisis.

Everyday the public German TV shows a couple of minutes how the stock market did, despite probably less than 5% of the population actually own stocks represented in the DAX. And of course that kind of information wouldn't be good to make investment decisions.

Given that most days are rather randomly on the stock market, and not determined by the one big news, I don't see a great newsworthyness in the stock market. In times like the current crisis, it might be newsworthy however, but you end up with one number (change of the index) and a gazillion possible explainations, why it moved now that way. For measuring the healthyness of the overall economy there are plenty of other numbers like GDP growth, unemployment etc.
On public TV, instead of stock market news, they should have a little segment, where economy is explained (e.g. how comes the money into the system, how is it prevented, that a bank simply adds a couple of zeros behind its cyber money, what are derivatives, or more controversal issues, and chage the guest experts every day).

Der Amerikaner ist die Orchidee unter den Menschen
Volker Pispers

by Martin (weiser.mensch(at)googlemail.com) on Fri Oct 3rd, 2008 at 05:36:43 PM EST
[ Parent ]

Re: de rien (4.00 / 3)

I entirely agree. Every time El Pais does a live blogging session with a stock market analyst reading meaning into noise I get angry.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Fri Oct 3rd, 2008 at 05:53:09 PM EST
[ Parent ]

Re: de rien (none / 1)

y=b1+ xb2+u

Mostly just u.........

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg

by ManfromMiddletown (manfrommiddletown at lycos dot com) on Fri Oct 3rd, 2008 at 06:27:45 PM EST
[ Parent ]

Re: de rien (4.00 / 4)

Everyday the public German TV shows a couple of minutes how the stock market did, despite probably less than 5% of the population actually own stocks represented in the DAX.

DW TV, N24, n-tv too. Annoys me to hell, too. But when the stars of our age are brokers, and our business people dream to be like American counterparts and our media people too, this is what you get.

_{*Lunatic*, n.

One whose delusions are out of fashion.}

by DoDo on Sat Oct 4th, 2008 at 06:05:30 AM EST
[ Parent ]

Re: de rien (none / 0)

Less than 5 %? More than 90 % of the Swedish public has money in shares or mutual funds.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Sat Oct 4th, 2008 at 06:44:03 PM EST
[ Parent ]

Re: de rien (4.00 / 2)

Really? And, more to the point, how many own stocks in the OMXS30 companies?

_{*Lunatic*, n.

One whose delusions are out of fashion.}

by DoDo on Sat Oct 4th, 2008 at 07:41:30 PM EST
[ Parent ]

Re: de rien (none / 0)

Very many, but most just have one or a handful of stocks, and maybe a total portfolio of just €2000-5000. Telia Sonera, Ericsson, Volvo Trucks, some bank. But most funds are index funds following OMXS30. Well, they're called "actively managed" and are horribly overpriced, but in reality they are index funds.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Mon Oct 6th, 2008 at 06:58:36 AM EST
[ Parent ]

Re: House Passes Bailout Bill (4.00 / 3)

Can we get Gray Davis back?

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Fri Oct 3rd, 2008 at 04:21:04 PM EST
[ Parent ]

Re: House Passes Bailout Bill (4.00 / 3)

Certainly not!

Gray Davis was responsible for the electricity crisis of 2001/2002 all by himself, don't you remember?

And any recollection of the Enron trading shenanigans or the fact that the legal framework that allowed California residents (including yours truly at the time) to be fleeced by the energy traders was put in place by the previous Republican Pete Wilson administration must be a figment of your imagination...

Republican's stewardship of the economy is just peachy; now can you spare some change? They have this tiny teensy lil'l $700B package to put together...

by Bernard (bernard) on Sat Oct 4th, 2008 at 05:24:58 AM EST
[ Parent ]

Re: House Passes Bailout Bill (4.00 / 2)

<sigh>

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Sat Oct 4th, 2008 at 05:39:04 AM EST
[ Parent ]

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