Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.

Economic Meltdown for Mothers

by Crazy Horse Wed Sep 17th, 2008 at 03:42:36 PM EST

Our global digital spiderweb is momentarily on hyperactive overdrive, chronicling the demise and dying dinosaur thrashing thievery of Anglo capitalism. Sharing the billing is the public pharce masquerading as the US elections, where the ideals of the Founding Fathers wallow trampled beneath the steamroller of media inanity and megabucks.  The airwaves and cables are filled with the latest event, as many begin to forget what happened but a few hours previous.  We're watching the 200 year Decline and Fall of the Roman Empire in the time span of reality TV, 500 channels of analysis, or rather spin, included.

Thankfully for the powers that be, economic meltdown allows us to forget the daily trickle of global warming catastrophe looming even larger in the background.  But there's something even more lost, missing in the miasma that's become the media and blog discussions of the meltdown and its attendant thievery by the ruling class.

Human beings.

This is going to hurt, folks.  Let's remember that.  I've got something to say that doesn't need any graphs.


Sometime around the end of the 60's, my blood brother and i were sitting on a hillside, high as can be, flicking stones at the power lines, dreaming about the future.  Did we have to take down this perverse, invasive monster that was swallowing the world?  Hours we debated, often accompanied by the looping rings of our rocks hitting the lines.  i can't remember if my brother agreed with me, but i do know i fathomed what is still my opinion today:  the dinosaur is going to fall of its own weight, and we just have to get out from under when it happens.

Well, if you can't see the growing shadow of the giant dinosaur falling it's probably too late.

I work in an explosively expanding industry, one that is likely to keep growing for decades.  Even though windpower has nearly mortal enemies in the power wars of the energy industry, we ain't goin' nowhere, we've achieved critical mass, and we're poised for bear (or Caribou Barbie, as the case may be.)  I've got more than my share of work, while the rest of the world is berserk... and i'm even raising my rates.  Except when i fight my own demons, i look forward to each day's tasks with a satisfaction that comes not only from having helped birth this industry, but from knowing that whatever the thousand versions of our future demand that we do to "solve" the crisis, what i do each day is going to be a part of it.

But what about the people who get really hurt now.

i buy expensive organics to eat, go to restaurants when i want, fill my hours with new films and music, jump on a train if the spirit moves me, and try to surround myself with life being lived.

But what about the people who get really hurt right now.

I suppose for most people in the Anglo world it hasn't yet dawned what's happening, but from this vantage point, there's going to be a world of pain.  Pain as in fear, hunger, madness and demagogues, and a salivating media rerunning Caligula.  The people most hurt won't even know what hit them, and even if they can think for themselves, probably will not find the information to make a judgement.

But they will still hurt.

It's midday on the west coast of amurka, so i've got to get back to the work i love, though it's late evening here in my adopted island of sanity, Germany.  After so many days (and weeks and months... and years) of dissecting and analyzing the trends leading to this meltdown, i had to post this just because it's on my mind.

I'm thankful for all the detailed analysis (especially here on ET) i have to help me understand what's going on.  But i just wanted to say, the shit is hitting the fan, spraying.  Tonight i'm thinking of the people who are getting, or going to be getting, hurt.  Hurt.

Display:
I should seed a comment here.  Since i get paid in both dollars and euros, i follow the currency exchange.  There have been many times where i've seen currencies fall or rise by 20 or even fifty cents in a day, though rarely, but i have never seen the dollar drop $1.50 in an hour at the end of the trading day.

Hedgers are having a field day, but somehow i know; people are getting hurt.

i'm very thankful i have the work i have, and my trade is analysis and engineering (OK, M&A strategy included), but tonight there's an emotional override.

Crazy Horse coined a Lakota word, Itanka, which loosely translates to: My People First.  Keep your eyes wide, my friends.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

by Crazy Horse on Wed Sep 17th, 2008 at 04:18:32 PM EST
What do you mean by een the dollar drop $1.50 in an hour at the end of the trading day?

Also, the FOREX market runs 24/24. there isn't really an "end of the trading day", just a lull.

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 Wed Sep 17th, 2008 at 04:48:44 PM EST
[ Parent ]
Just that it happened in an hour, at the end of the NYSE trading day when i happened to be looking.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin
by Crazy Horse on Wed Sep 17th, 2008 at 05:01:36 PM EST
[ Parent ]
How can the dollar drop $1.50 - against what currency?

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 Wed Sep 17th, 2008 at 05:09:02 PM EST
[ Parent ]
well if $1 is worth $1.50 less then things have really gone pear shaped.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Wed Sep 17th, 2008 at 05:58:16 PM EST
[ Parent ]
I suspect it was 1.5 cents off in the last hour.....

"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Wed Sep 17th, 2008 at 06:03:21 PM EST
[ Parent ]


"Life shrinks or expands in proportion to one's courage." - Anaïs Nin
by Crazy Horse on Wed Sep 17th, 2008 at 06:02:36 PM EST
[ Parent ]
'scuse me, cent and a half.

Me and the clients are always looking at thousands, and talk like that.  still a huge drop, however, though 150% is not completely out of the realm of the possible.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

by Crazy Horse on Wed Sep 17th, 2008 at 06:06:08 PM EST
[ Parent ]
Here's who gets hurt: Almost Half of SoCal House Sales are Foreclosure Resales (via Calculated Risk).

Almost half.  Think about that.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Wed Sep 17th, 2008 at 04:26:04 PM EST
There was a sign up in a toyshop today in the nearest pocket-of-affluence mini-town near here -

Because of trading conditions we will be closing on October 1st. We'd like to thank all of our customers for supporting us since 1926.

Meanwhile my near neighbours have their house on the market at £875,000.

It's a nice house, but I don't think they're going to get much interest at that price.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed Sep 17th, 2008 at 05:41:41 PM EST
[ Parent ]
I actually did a little digging around on some of the real estate sites over there the other day to see how things had moved, and I was surprised to find things beginning to fall back towards reason pretty quickly in the outer suburbs.  Still a long way to go, but it's at least getting back down to the point at which I'd guess the upper-middle might be able to get in with a little bit of breathing space.

£875k sounds awful high.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Wed Sep 17th, 2008 at 06:55:26 PM EST
[ Parent ]
We'd like to thank all of our customers for supporting us since 1926.

That's sad.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Wed Sep 17th, 2008 at 06:56:40 PM EST
[ Parent ]
That's not only sad... it hurts.  Just imagine, it's your family's firm.  (Only one letter difference from the 1930's version, farm.)

Perhaps the CEO of AIG, after his three months on the job with only $7M parachute, will take notice.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

by Crazy Horse on Wed Sep 17th, 2008 at 07:16:43 PM EST
[ Parent ]
I'm in pretty good shape here too - I have a solid list of contacts in silicon valley now.

I'm going to have to ply your brain on who I can work for in the wind industry. I've been a mixed-signal semiconductor test engineer for about eight years. I'm willing to go back if I need to and can, but I like me some wind turbines.

you are the media you consume.

by MillMan (millguy at gmail) on Wed Sep 17th, 2008 at 07:15:49 PM EST
Make sure you have your windustry understanding down pat, then ask for a meeting with Geoff Sharples at the Google green fund.  Virgin has an SF office as well, and they both need tech assistance.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin
by Crazy Horse on Wed Sep 17th, 2008 at 07:24:11 PM EST
[ Parent ]
I'll work on that while I'm on the road (I've noted it here a few times but you may not have seen it - I'm going to be traveling for a year starting in six weeks). Any books or resources in particular that I should read and memorize?

you are the media you consume.

by MillMan (millguy at gmail) on Wed Sep 17th, 2008 at 07:27:29 PM EST
[ Parent ]
... in some engineering disciplines and more recently some Grad School business and experience in finance in Hong Kong get into the sustainable energy field?


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed Sep 17th, 2008 at 08:24:57 PM EST
What really concerns me is that the growth industries, such as wind, already require such technical specialization and education that most Americans are automatically ineligible, and will have a hard time affording the education necessary to attain those kind of qualifications.

Or maybe I should just go get trained in installing solar panels...

And the world will live as one

by Montereyan (robert at calitics dot com) on Thu Sep 18th, 2008 at 01:20:57 AM EST
[ Parent ]
I don't know about that - all of the major four year engineering degrees are applicable to the wind industry, maybe with the exception of chemical, and I could be wrong on that. Electrical, mechanical, civil, probably aerospace as well (pretty similar to a mechanical engineering degree).

you are the media you consume.

by MillMan (millguy at gmail) on Thu Sep 18th, 2008 at 03:53:21 PM EST
[ Parent ]
Consider yourself lucky you're not a mathematician.

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 Thu Sep 18th, 2008 at 04:27:35 PM EST
[ Parent ]
Or a computer scientist (not specialised in Physics modeling)

Un roi sans divertissement est un homme plein de misères
by linca (antonin POINT lucas AROBASE gmail.com) on Thu Sep 18th, 2008 at 05:27:50 PM EST
[ Parent ]
there has to be some need for analyzing wind data...

you are the media you consume.

by MillMan (millguy at gmail) on Thu Sep 18th, 2008 at 07:00:07 PM EST
[ Parent ]
I should have been clearer. The problem is that millions of Americans will have already gone through college and received a degree in another field. Debt loads and the high cost of higher education make it difficult if not impractical for those folks age 25 and up to get retrained or reeducated to hold these positions in emerging renewable industries.

And the world will live as one
by Montereyan (robert at calitics dot com) on Thu Sep 18th, 2008 at 09:16:18 PM EST
[ Parent ]
Ok. Your original statement "most Americans are automatically ineligible" didn't work.

you are the media you consume.

by MillMan (millguy at gmail) on Fri Sep 19th, 2008 at 12:49:49 AM EST
[ Parent ]
... sustainable renewable energy where chemical engineering will be in big demand.

As we move from research and development to roll-out, there will of course be a range of jobs. However the reliance on brain drain from low-income nations to fill technical professions is a problematic policy for a variety of reasons.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Fri Sep 19th, 2008 at 12:05:48 AM EST
[ Parent ]
I think we'll see a shift back towards the sciences as the US gets poorer and its citizens are forced back into industries that don't rely on disposable income. The arts and money-shuffling industries (MBAs and lawyers) are going to decline precipitously.

As a bit of a hippie deep down, the shift away from the sciences in this country doesn't bug me. Indian career values are where American values were at a few generations ago. Americans got the money and the material goods back then, and their kids saw this, and a lot of them wanted something more substantive (the rest who wanted more stuff stuck with the money shuffling industries). In a world of abundance, playing guitar for a living is a difficult but workable life in economic terms.

To be honest I'm a bit alarmed at how many leftists are equally alarmed that not everyone in this country is oriented toward inventing and building "stuff."

you are the media you consume.

by MillMan (millguy at gmail) on Fri Sep 19th, 2008 at 01:04:52 AM EST
[ Parent ]
... oriented to, but the flow of money introduces gross distortions in those sciences as well.

The issue to my mind is not the children of the middle class, but the fact that the children of lower income families who should have had the opportunity to climb the income ladder on the back of a willingness to pursue fields requiring classes with technically correct and technically incorrect answers as opposed to persuasive and unpersuasive answers were denied that opportunity for a range of reasons, including not just racist politics but also side effects of the economic policies of capturing the largest possible share of productivity gain for profit income.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Fri Sep 19th, 2008 at 01:25:14 AM EST
[ Parent ]
Excellent!

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 Sep 19th, 2008 at 03:25:43 AM EST
[ Parent ]
The house we sold in Nov. 2005 in Northridge, CA would now be worth about 65% of what we got.  Fortunately for the buyer I don't think they plan on moving and both husband and wife had good jobs, at least a year ago.  There was not much run up in prices in Arkansas and our present house might be worth more than we paid (cash) for it.  Wish I could say the same for my savings.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Sep 17th, 2008 at 11:38:19 PM EST
...Note the scale of the following store closings across America in recent weeks:
Ann Taylor closing 117 stores nationwide.
Eddie Bauer to close more stores after closing 27 stores in the first quarter.
Cache, a women's retailer is closing 20 to 23 stores this year.
Lane Bryant, Fashion Bug, Catherines closing 150 stores nationwide
Talbots, J. Jill closing stores. Talbots will close all 78 of its kids and men's stores plus another 22 underperforming stores. The 22 stores will be a mix of Talbots women's and J. Jill.
Gap Inc. closing 85 stores
Foot Locker to close 140 stores
Wickes Furniture is going out of business and closing all of its stores. The 37-year-old retailer that targets middle-income customers, filed for bankruptcy protection last month.
Levitz - the furniture retailer, announced it was going out of business and closing all 76 of its stores in December. The retailer dates back to 1910.
Zales, Piercing Pagoda plans to close 82 stores by July 31 followed by closing another 23 underperforming stores.
Disney Store owner has the right to close 98 stores.
Home Depot store closings 15 of them amid a slumping US economy and housing market. The move will affect 1,300 employees. It is the first time the world's largest home improvement store chain has ever closed a flagship store.
CompUSA (CLOSED).
Macy's - 9 stores closed
Movie Gallery - video rental company plans to close 400 of 3,500 Movie Gallery and Hollywood Video stores in addition to the 520 locations the video rental chain closed last fall as part of bankruptcy.
Pacific Sunwear - 153 Demo stores closing
Pep Boys - 33 stores of auto parts supplier closing
Sprint Nextel - 125 retail locations  to close with 4,000 employees following 5,000 layoffs last year.
J. C. Penney, Lowe's and Office Depot are all scaling back
Ethan Allen Interiors:  plans to close 12 of 300  stores to cut costs.
Wilsons the Leather Experts - closing 158 stores
Bombay Company: to close all 384 U.S.-based Bombay Company stores.
Dillard's Inc. will close another six stores this year.

For anyone familiar with American shopping malls and retailing, this represents a staggering part of the daily economic life of the nation, from furniture stores to clothing to video rentals to leather.
...The process has only begun and neither major party Presidential candidate has dared to mention this on the ground economic reality, because they evidently have no solutions to offer that would not jeopardize their campaign finances. Obama is tied to not only Pritzker but also to Omaha billionaire, Warren Buffett and George Soros. McCain depends on the traditional money contributions of the Republican Party which demand permanent tax reform for highest income earners and a pro-bank laissez faire treatment of millions of homeowners facing home foreclosure and asset seizure by banks.
...Hundreds of thousands of real estate brokers, small and large bankers, furniture workers and salespeople, and construction workers are unable to find work. Jobs are being cut wholesale and those working are often on reduced hours. Car sales in June plunged by 28% for Ford, 18% for General Motors and even 21% for Toyota which will mean more layoffs in coming weeks. This will be the next wave of unemployment.
...By Williams' calculations the US economy first entered recession, defined as two consecutive quarters of negative GDP growth, at the end of 2006. Ever since, the recession has deepened, dramatically so in the past 12 months. Little known is the fact that the Labor Department also publishes six different unemployment statistics from U1, U2 through to U6 being the most comprehensive. The reported "official unemployment" is the very narrowly defined U3 which stands at 5.5%. However, as Williams notes, U6 is the real measure and that officially shows 9.7% unemployed. His calculations put the figure at 13.7% actually unemployed and seeking work.
...The Arizona homebuilder continued, "Today nobody is building. Unsold home inventories are triple that of 2003. Banks no longer give easy credit for home buyers. Many realtors I know have gone two years without selling a home. Empty storefronts are becoming common. In many areas unemployment among construction trades people is 50% or more. Tens of thousands of illegal Mexicans who did most of the manual labor have returned to Mexico to find work. What now? Well, I do handyman projects of all sorts, big or small and make about 70-90% of what it takes to survive with a family of a wife and three young children. My savings make up the rest. That can't go on for too much longer. We went from affluent and comfortable to nervous and broke with diminished opportunities in just three years. We used to be the middle class."

Science without religion is lame, religion without science is blind...Albert Einstein

by vbo on Thu Sep 18th, 2008 at 12:39:01 AM EST
http://www.engdahl.oilgeopolitics.net./Financial_Tsunami/Paulson/paulson.html

Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Thu Sep 18th, 2008 at 12:41:56 AM EST
[ Parent ]
Well spotted, sir!

I know Engdahl, who gave me a preview of the article, and I posted pretty much the same quote as an LQD, here

The Contagion Spreads

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Thu Sep 18th, 2008 at 04:25:38 AM EST
[ Parent ]
Yet,  one of famous USA economist said here on TV something like this:
"Americans are clueless of what is happening, they will only start to understand when they receive their superannuation statements...
In near future if we see bank closed around our cities  we'll know we are doomed"


Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Thu Sep 18th, 2008 at 12:46:01 AM EST
[ Parent ]
"African Americans are going to be really hard-hit. African Americans really benefited from the relaxation of credit standards, which made it possible for more of us to buy our first homes. As the credit market tightens, it's almost 'last-in, first-out.' ... We don't have generations of wealth in our community. When times are hard like this, we don't have the resources in our families to turn to, to get through this."

--  Jay Ward, CEO, 1st Friday.com

"Years of reckless deregulation of Wall Street are putting our retirement security in jeopardy. ... We have the lowest level of home equity since the Great Depression. We need to regulate the economy to protect workers and consumers. Until we have real change in our national priorities, we will continue to suffer from economic policies that put corporate giants before working families."

-- Art Pulaski Executive director, California Labor Federation, Oakland

"I believe the current economic crisis could lead to a greater number of people without health care insurance, which will put an additional strain on our already broken health care system."

-- Lloyd Dean, President/CEO, Catholic Healthcare West, San Francisco

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

by Crazy Horse on Thu Sep 18th, 2008 at 05:14:32 AM EST
Yes but none of you consider the drama that City Wives face. The whole piece is shocking and I can't really pick the most infuriating piece but:

"The size of a banker's pile of money is like the size of anything else in a macho environment: you need the biggest one to show that you are good at what you do. The pile does not necessarily reflect personal greed, it reflects the need to be the best banker. It reflects how long and hard you have worked. One man I know who worked at Lehman Brothers accumulated stock in the company for decades and never got around to diversifying his portfolio. This week he saw his net worth drop from a paper high of about $100 million (£56 million) some months ago to virtually nothing.

Nobody at Lehman Brothers will be making a pile of money any more, real or virtual. Nor do they have an income. Or an office, a BlackBerry, a plane ticket to an important meeting out of town, a driver waiting downstairs...

...And when they do get home, how long can they afford to stay if the rent is high or a mortgage outstanding? What about the builders remodelling the kitchen? The nanny and the cleaner? How will they pay for the private school? The private health insurance? The car, the clubs, the tennis lessons? Dining out, theatre, opera? Christmas presents, holidays, charities? The accumulating pile, which to a banker serves as a report card, means many different things to those who help to spend it and to those on whom it is spent."

This is not irony. Won't anyone think of the brokers?

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Thu Sep 18th, 2008 at 09:41:16 AM EST
Worls. Smallest. Violin.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Thu Sep 18th, 2008 at 09:42:48 AM EST
[ Parent ]
After Lehman Brothers: desperate City wives - Times Online
There may also be divorces, serious depressions, alcoholism, suicide, a rise in crime, and a great deal of crushing boredom.

Everyone else's economy called. It didn't leave a message.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Sep 18th, 2008 at 10:05:56 AM EST
[ Parent ]
a rise in crime

so we're to watch out for gangs of bankers hanging round on street corners, armed with flicknives and pistols, waiting to mug hapless regular citizens?

or is it their wives that are going to be sent out to do this?

Any idiot can face a crisis - it's day to day living that wears you out.

by ceebs (ceebs (at) eurotrib (dot) com) on Thu Sep 18th, 2008 at 11:29:11 AM EST
[ Parent ]
They'd be less dangerous trying to mug people with flick knives than with credit agrrements and derivatives.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Sep 18th, 2008 at 11:41:05 AM EST
[ Parent ]
well you'd have to say that judging by past performance they have the necessary experience.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Thu Sep 18th, 2008 at 11:46:06 AM EST
[ Parent ]
Reminds me of the joke.

Lehman top brass comes home. Calls a crisis meeting with trophy wife.

"It's really bad. I'm not sure if I'm on the Barclays list, so we're going to have to make economies.

Now, if you could cook, we could fire the chef."

Trophy wife examines manicure closely.

"Darling, if you could fuck we could fire the chauffeur".

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Thu Sep 18th, 2008 at 03:45:21 PM EST
[ Parent ]
Hey, past performance is not an indication of future returns.

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 Thu Sep 18th, 2008 at 04:30:39 PM EST
[ Parent ]
Hey! We've seen this before. I think everyone loves these stories for the generous helping of righteous anger it inspires in the masses when rich people worry about their (relative) fall in wealth. And a good portion of schadenfreude at the miserable sufferings of those accustomed to 'the good life' at the first hint of financial difficulty. Let's review the 'poor rich people' we met in June:
marco:
It's Not So Easy Being Less Rich

The economy is an issue even for people who don't need the money."

Their spouses could leave them when they discover that their net worth has collapsed to eight figures from nine. Friends and business associates could avoid them as they pass their lunchtime tables at Barney's or the Four Seasons. And these snubs could trickle down to their children.

"They fear their kids won't get invited to the right birthday parties," said Michele Kleier, an Upper East Side-based real estate broker. "If they have to give up things that are invisible, they're O.K. as long as they don't have give up things visible to the outside world."

So New York's very wealthy are addressing their distress in discreet and often awkward ways. They try to move their $165 sessions with personal trainers to a time slot that they know is already taken. They agree to tour multimillion-dollar apartments and then say the spaces don't match their specifications. They apply for a line of credit before art auctions, supposedly to buy a painting or a sculpture, but use that borrowed money to pay other debts.


Aww. Isn't that precious. Heroically trying to keep up appearances in the face of diminishing 'net worth'. How darling.
by someone (s0me1smail(a)gmail(d)com) on Thu Sep 18th, 2008 at 10:40:42 AM EST
[ Parent ]
Yes but as an attitude, combine this with, say, the "lucky duckies" meme, which now merits its own wikipedia entry and it reeks of Cthulu level evil. Or, anyway, Monty Python level self-parody

The road of excess leads to the palace of wisdom - William Blake
by talos (mihalis at gmail dot com) on Thu Sep 18th, 2008 at 11:09:42 AM EST
[ Parent ]


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