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You CEO Dumbfuck, in which everything businesslike he touches turns into a steaming turd? How can you screw up a sports team in Texas? You can't, but he did.

Posted by P to the J | October 6, 2008 8:09 AM

Let's get a lawyer back in the white house.

Posted by Betsy Ross | October 6, 2008 8:10 AM

Everyone, take a look at your 401K! Yeah, that thing the GOP/Republicans want to REPLACE Social Security with. Enjoy working until you are 85 years old and having to live eating dog food in your spacious appliance box under the crumbling I-5 bridge.

Posted by Cato the Younger Younger | October 6, 2008 8:12 AM

If you had purchased $1,000 of AIG stock one year ago, you would have $42 left.

With Lehman, you would have $6.60 left.

With Fannie or Freddie, you would have less than $5 left.

But if you had purchased $1,000 worth of beer one year ago, drank all ofthe beer, then turned in the cans for the aluminum recycling REFUND, you would have had $214.

Posted by mcpain | October 6, 2008 8:21 AM

So we have a housing crisis, a credit/solvency crisis, a currency crisis, an employment crisis, an energy crisis, a political crisis, and diplomatic crises all around.

Too bad Bush is the CEO of our national Enron.

Posted by Original Andrew | October 6, 2008 8:21 AM

This crisis is caused by, in large part, by Fannie Mae and Freddie Mac. In 2005 the White House had a bill voted down by the democrats that would have provided some critical regulation. Former Treasury Secretary Snow sounded warnings.

No, you can't blame 'W for this one. Blame Barney Frank and Chucky Schummer.

Posted by raindrop | October 6, 2008 8:22 AM

raindrop @ 6,

Have you ever noticed how the Party of Personal Responsibility has a pathological inability to take responsibility for their actions?

It's always someone else's fault, isn't it? It's the Jews or the homos or the immigrants or the feminists or the liberals, blah blah blah.

Republicans truly are grotesque and pathetic.

Posted by Original Andrew | October 6, 2008 8:30 AM

@6, yeah 'cause the Democrats controlled congress in 2005...wait, congress was controlled by the Republicans.

Posted by Just Me | October 6, 2008 8:30 AM

So much for that eight hundred billion dollar boondogle that was going to save us.

Posted by Vince | October 6, 2008 8:31 AM

@ 6: please.

Posted by Mike in MO | October 6, 2008 8:35 AM

Down 9,500!

Posted by Gitai | October 6, 2008 8:40 AM

Dammit, I meant Dow 9,500.

Posted by gitai | October 6, 2008 8:41 AM

Good thing short selling has been banned, it's really restored rationality and calmness to the markets.

Posted by Bellevue Ave | October 6, 2008 8:46 AM

The Dow in many ways is not an accurate indicator of our financial health, although its pointed to all the time. I'm not trying to make things seem better by the way - the Dow in some ways masks how bad it is. The AIG was a Dow component - the day it collapsed it was replaced with Kraft Foods. Food companies aare considered a better investment during down turns (people still have to eat) so add Kraft will make the Dow look better.

When GE went to Warren Buffet for money I knew we were fucked. GE is the only comapny still a part of the Dow since its inception.

Anyone got some good rice and bean recipes?

Posted by MrEdCT | October 6, 2008 8:52 AM

Apparently I've lost $711 from my 401k, which I only started almost exactly one year ago. How's that for a return on investment? At this rate I'll be working till I'm 90...though I still have time to recover, IF we all recover.

Posted by bearseatbeats | October 6, 2008 9:06 AM

Welcome to GD2. Expect the Dow to fall below 6000 before this is over.
1/2 wrong. Both parties are culpable. Republican Phil Gramm for deregulation of the banking industry in 1999 (specifically the repeal of the Glass/Steagall act, which prohibited banks from selling securities) And the Clinton administration for opposing regulation of the CDS (Credit Default Swap) market - the collapse of which is now causing so much pain - and for which no one has a clue how to fix.

Posted by crazycatguy | October 6, 2008 9:08 AM


For instant rice, adding a little lemon juice or honey will add so zing to it. other than that...

I got nothing.

No everyone fasten your saftybelts... This shit is gonna bumpy

Posted by inferno | October 6, 2008 9:08 AM

But what goes down must come up. Don't panic.

Posted by raindrop | October 6, 2008 9:37 AM

@18 I think that's "what goes up must come down" as evidenced by your handle there. Things don't spontaneously float upward. On Earth, at least. Maybe water vapor. OK, maybe you're right. So you're saying these losses will evaporate? So global warming is good because it will cause evaporation. I see.

That's it, I'm drinkin'!

Posted by john | October 6, 2008 10:16 AM

@17: Lemons $1.49 each and honey ~$5 a pound at my local market.

Posted by rob | October 6, 2008 10:20 AM

@18,19: What goes down keeps going down unless an opposing force is applied. --Isaac Newton

Posted by rob | October 6, 2008 10:30 AM

Over the weekend I heard the best explanation of what's really happening (credit crunch, commercial paper, credit default swaps, and so on), and why what's going on with the Dow is a relatively trivial reflection of it, on an episode of This American Life, featuring the guys from Planet Money. It really is outstanding: clear and comprehensive.

And for all of you who opposed the TARP bill because there's no provision for the taxpayers assuming bank equity, there's a little surprise at the very end.

I wish there was a transcript, as hearing things like this aloud is so much slower than reading them, and has so much lower comprehension and retention, but I can't find one. Here's the show:

Posted by Fnarf | October 6, 2008 10:32 AM

Not only was it clear and comprehensive, it was scary as hell. 60 Trillion in defaulting CDS's!! That's why the 700B bailout is a joke. And now that shill Cramer on Mad Money is telling everyone today that if you don't have enough cash for the next 5 years - sell everything. Sob.....

Posted by crazycatguy | October 6, 2008 11:06 AM

Yes, down - then up. If you're going to sell stock, wait at leat until tomorrow afternoon after the bargain hunters come in and bounce it up a bit.

Posted by bruceham | October 6, 2008 11:07 AM

There will be no bounce this time.

Posted by crazycatguy | October 6, 2008 11:25 AM

yeah, theres not enough covering of shorts to allow a bounce tomorrow.

Posted by Bellevue Ave | October 6, 2008 11:46 AM

or at least not a bounce worth mentioning.

Posted by Bellevue Ave | October 6, 2008 11:48 AM

fnarf, i'm going to listen to that link the first chance i get. the first section they did was amazing, if you haven't listened to it yet.

Posted by infrequent | October 6, 2008 1:49 PM

fnarf, i'm going to listen to that link the first chance i get. the first section they did was amazing, if you haven't listened to it yet.

Posted by infrequent | October 6, 2008 1:53 PM

fnarf, i'm going to listen to that link the first chance i get. the first section they did was amazing, if you haven't listened to it yet.

Posted by infrequent | October 6, 2008 1:57 PM

sorry -- clicked "refresh" on an error page.

Posted by infrequent | October 6, 2008 1:58 PM


Posted by infrequent | October 6, 2008 2:09 PM

Regarding today's crash: What did anyone expect? The investors have no confidence in these corrupt politicians. This bailout is just one more example of the indivisible handjob stroking irresponsible CEOs and CFOs with billions so that they can run the American economy even further into the ground. So much for Keynesian economics. If the goal is to stimulate the economy, why not give the money directly to the American taxpayers? The government could do twice as much good for the economy by returning half as much money (as the bailout requires) directly to the hardworking American taxpayers. A bird in the hand is worth two in the bush administration.

Posted by John Maszka | October 6, 2008 3:43 PM

I heard that McCain is going to suspend his campaign after the debate so he can undergo plastic surgery to look like Ronald Reagan.

"My friends, now is not the time for politics, now is the time for complete transformation to another neo-con idol!!!*awkward grin*"

Posted by Mooses Against Palin (M.A.P.) | October 6, 2008 4:30 PM

The ONLY thing that WOULD work would be not spending the $900 billion (yeah, it's grown from the $700 billion) on finance companies and hedge funds giving bonus payments to CEOs and CFOs, and instead spending it on purchasing the actual underlying US-only residential-only mortgages from US firms - at COST not at triple the price.

But, that would work.

And not enrich the Party Elites of the Socialist Republican Party.

Posted by Will in Seattle | October 6, 2008 8:58 PM

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