Wednesday, December 17, 2008

Another Great Summation

By one of the good guys.

9 comments:

Robin S. said...

Holy shit. Holy holy shit.

Holy shit.

I'm thinking lots of things right now, but I can't say them 'out loud'.

How long do you figure money market accounts have? That's where some of our 'safe money' is sitting.

blogless troll said...

No idea.

Here's some more about it.

http://www.bloomberg.com/apps/news?pid=20601087&sid=axHG.5Dvl3P4&refer=home

and

http://www.smartmoney.com/investing/mutual-funds/money-market-yields-struggle-to-stay-positive/?cid=1108?mod=smartmoney

blogless troll said...

Best line from that second link:

The good news is money funds are too important for the Fed to totally disregard them. Cutting the fed-funds target to 0.5% or below "would crush money-market mutual funds" and therefore isn't likely to happen, according to economic research firm Laffer Associates. But could the Fed drop its target to 0.75% on Tuesday afternoon when it wraps up a two-day meeting? Sure.

They cut rates to the 0.00% - 0.25% "range" yesterday.

Scott from Oregon said...

http://www.youtube.com/watch?v=ipJTqCbETog

Scott from Oregon said...

http://www.opednews.com/articles/Looming-Financial-Catastro-by-Jim-Quinn-081215-519.html

blogless troll said...

Good article, Scott.

I always knew--deep in my heart--the Red Sox were commies.

pjd said...

Our society is dominated by present self interest to the detriment of the best interests of our future generations.

It seems to me that this is limited neither to our society nor to our generation. This is base human nature.

The one thing I learned, besides that the Red Sox may be moving to Beijing where they apparently have promised public money to fund a new stadium, is that Harvard MBAs are the ones causing all the problems. (See one of the many graphs in the second link Scott provided.)

It appears that all problems start in Boston. Where is Sam Adams when you need him? (Oh, yeah, in the fridge. I'll go see how he's doing.)

Robin S. said...

Well, I care a lot because we have some of our "in case we have to live off it for a while" money in money market accounts. I can switch into the checking with a stroke, but still, it makes me nervous.

Mattress money is lookin' pretty good.

And Pete, I'm there, honey. Pass the Sam.

Chris Eldin said...

What we are experiencing is a Ponzi scheme perpetrated by the government. That's basically how I understand what's going on...
This is scary. And I agree with Robin about hiding the dough under the mattress.