Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
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3 A.M. CA time, watching "Squawk Box" on CNBC.

Hilarious show this morning.  Financial pundits sitting around like a bunch of gossiping old ladies.  New language being generated ... "terrorist accounts".  Like the sound of that.  And ALL OF THESE POOR PEOPLE WHO WILL BE OUT OF WORK!!!  I feel so SORRY for those worthless fuckers.

MORE!  I NEED MORE!  

HEADS!  I WANT TO SEE HEADS!  BLOODY HEADS!

They tried to assimilate me. They failed.

by THE Twank (yatta blah blah @ blah.com) on Mon Sep 15th, 2008 at 06:02:39 AM EST
More language cropping up:

PANIC

DEPRESSION

I'll keep you posted.

They tried to assimilate me. They failed.

by THE Twank (yatta blah blah @ blah.com) on Mon Sep 15th, 2008 at 06:25:51 AM EST
[ Parent ]
"AIG clinging for dear life"

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Sep 15th, 2008 at 06:32:39 AM EST
[ Parent ]
"Putting up firewalls but they're not dealing with the fire"

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Sep 15th, 2008 at 06:52:00 AM EST
[ Parent ]
On the contrary - the "fire" is lack of liquidity and they've been pumping liquidity like mad for a year.

They removed the firewalls with the repeal of Glass-Steagall and this is the result.

Note that Phil Gramm was one of the sponsors of the repeal bill and he's rumoured to be slated as McCain's Treasury Secretary. Note also that Clinton failed to veto the repeal.

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 Mon Sep 15th, 2008 at 06:58:15 AM EST
[ Parent ]
Note also that Clinton failed to veto the repeal.
The senate voted with more than 90% for that. A veto would have been overturned. You state it, as if the Bill Clinton failed to do the will of the majority or even a significant minority of democrats. He didn't. Large bipartisan support of the bill. Nobody the democrats can blame.

Der Amerikaner ist die Orchidee unter den Menschen
Volker Pispers
by Martin (weiser.mensch(at)googlemail.com) on Mon Sep 15th, 2008 at 01:26:03 PM EST
[ Parent ]
Nobody the democrats can blame.

I was personalising it in Clinton, but you're right, the rot goes deeper.

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 Mon Sep 15th, 2008 at 01:43:51 PM EST
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"We're in a business environment we've never seen before"

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Sep 15th, 2008 at 07:05:26 AM EST
[ Parent ]
Switching to CSPAN Washington Journal call-in show:

"Huge blow to capitalism in America"

"A remarkable fall from grace (Merrill)"

"Our money is falling through a sieve"

"This is unfettered capitalism (not said in a NICE way)"

A definite sense of excitement/anxiety in everyone.

They tried to assimilate me. They failed.

by THE Twank (yatta blah blah @ blah.com) on Mon Sep 15th, 2008 at 07:17:16 AM EST
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Why is nobody saying 'huge blow to market fundamentalism'?

The Washington Consensus finally eats its own...

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 Mon Sep 15th, 2008 at 07:22:36 AM EST
[ Parent ]
People bringing up similarities to the '20's Great Depression.

People are REALLY ON this A.M.  Not the usual hicks from Tenn, Ala, Miss., W. Vir. etc.

They tried to assimilate me. They failed.

by THE Twank (yatta blah blah @ blah.com) on Mon Sep 15th, 2008 at 07:24:48 AM EST
[ Parent ]
"The bank melt-down"

"Our govt. is running this big corporate welfare show.  The people need to STORM the Capitol Building"  "I'm scared!"

I LOVE IT!

They tried to assimilate me. They failed.

by THE Twank (yatta blah blah @ blah.com) on Mon Sep 15th, 2008 at 07:30:58 AM EST
[ Parent ]
Whaa...???

This is the Black Monday of the Crash of 2008. But remember the stock market continued to slide (though it didn't crash again) for several years after 1929.

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 Mon Sep 15th, 2008 at 07:34:22 AM EST
[ Parent ]
Back to Squawk Box:

People looking to the DOW to see what's next.

Drop your socks and grab your cocks, we're going to a party!

They tried to assimilate me. They failed.

by THE Twank (yatta blah blah @ blah.com) on Mon Sep 15th, 2008 at 07:46:35 AM EST
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You know what they say... 'Follow the Dow'

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 Mon Sep 15th, 2008 at 07:50:13 AM EST
[ Parent ]
Greenspan, a Neocon for certain. And an advocate for Friedman's right wing offering to value the rich before the poor, because the poor will continue to remain poor until the rich get richer. Did anyone really believe this bullshit in Europe?

by shergald on Mon Sep 15th, 2008 at 02:57:49 PM EST
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