Another great cartoon:
~~~
Rescue Plan!
July 19, 2008 4:00pm by Barry Ritholtz
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July 18 (Bloomberg) — The Federal Reserve shouldn’t wait until financial and housing markets stabilize to raise interest rates, central bank policy maker Gary Stern said.
And just think what the rate on personal, car and home equity loans will be by the end of this year.
All this mess makes you think about the intrinsic value of something. When there is no crisis, it’s whatever is popular. However, when there is a crisis, Maslow’s Hierarchy kicks in to separate the wants from the needs. We are getting into “needs” territory now. You’ve got a whole bunch of rich people who define themselves by assets which, even in depreciating dollars, are deflating. Capital preservation is now the need stripped of it’s accustomed alpha. Soon it will be a need to preserve at least one mansion. But by that time the rest of us will be paying 23% for personal loans.
We can bring these rich folks down to earth by not buying ANYTHING except basic necessities for a couple of years. Everything would be repriced to a realistic amount. I’m definitely helping in this area. How about you? Do you really need another BMW? Does it matter whether a car is egg shaped or not?
That must be the famous Shit’s Creek.
Except we’re not just up it, we’re actually in it; lacking not only a paddle but even a boat.
David Tice sold his Prudent Bear Funds to Federated. When Blackstone and FIG were borught public, everyone thought that was the top.
Is Tice selling now his way of calling a bottom?
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a9RdFAd23Rno
I’m with you, AGG. Like dumping tea in the harbor, the only way to stop the madness may well be to just refuse to play their corrupt crooked game anymore.
No more new cars, no more car loans; used and paid for with cash is good enough. Stay in the house a lifetime and don’t get suckered into ceramic replaced by granite replaced by travertine replaced by quartz. If it’s broken fix it, if it can’t be fixed, replace it. If it’s not broken, keep using it.
Apply this to everything. Electronics, clothing, appliances, furniture, everything.
Carpool, use public transport where possible, buy used or on sale and only in cash.
In eleven months, since I first became aware of the most recent and most egregious chapter of Wall Street/Beltway excess, greed, collusion and corruption, we have reduced our total debt, including the mortgage, by 25%. In 30 more months, it will all be gone. We’re slowly unwinding our investments and moving everything to cash. I’d rather deal with losses due to inflation than deal with the constant rules rigging and robbery going on in stocks.
People didn’t fight to free this country from a corrupt old-world monarchy and my grand and great-grandparents didn’t fight to come here, escaping corrupt governments and economies, just to have their 21st century descendants turned into debt slaves. Slaves with no hope of pulling the oily hands of the rich out of our pockets except for one – just don’t play their game.
It’s Mom’s justice. If you can’t play fair, you have to go to time out. I’m imposing my own personal time out on the credit driven, status driven, crooked economy around me. I’m on strike against debt and the debt massahs and I’m not alone.
Here’s a poem for ya Cathy..
from “Chicago Poem” written in the goddamn FIFTIES by beat poet Lew Welch…
“….You can’t fix it. You can’t make it go away.
I don’t know what you’re going to do about it.
But I know what I’m going to do about it. I’m just
going to walk away from it. Maybe
A small part of it will die if I’m not around.
feeding it anymore.”
who says poets aren’t the unacknowledged legislatures of the world.
oh, and you’re not alone Cathy and AGG.
Some of us are old enough to remember the game of deferred gratification.
It’s fun, and under the circumstances, it feels pleasantly wicked to buy used, make do, barter, trade, boycott and bargain.
“i refuse to participate in America’s Eat Your Consumer For Breakfast program. Fuck ’em!”
Thank you brion. I’m keeping a copy of the poem.
CathyG and Brion,
With people like you our country has a good future. Thank you for your logical thinking and clear forceful purpose. This will take a while but we can do it with lots of grit and follow through.
well…..at least he floats