Seven Deadly Sins of the Meltdown
By Barry Ritholtz - October 27th, 2008, 4:00PM
Fabulous cartoon circulating by email — if anyone knows of the original source, please let me know –
Money is like manure. You have to spread it around or it smells. ~J. Paul Getty
Macro Notes
CFTC data, euro net shorts fall 38%Peter Boockvar
According to the CFTC weekly data for the week ended Tuesday, net shorts in the euro fell by 38% from last week's record high and are now at a 6 week low. Net shorts in the pound moved up a touch to just shy of its record high. Net longs in the Australian$ rose to the most since May '08 and net longs in the Canadian$ rose to the highest since Nov '07. Gold new longs fell to a 4 week low. Net longs in crude rose 14% and are just 12k contracts from a record high dating back to...
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October 27th, 2008 at 4:06 pm
To err is human; to forgive, divine.
October 27th, 2008 at 4:09 pm
Dow drops ~200 points in 10 minutes…
October 27th, 2008 at 4:09 pm
Source: Steve Breen, San Diego Union Tribune, 10/18/08
October 27th, 2008 at 4:11 pm
Great, just what we all need, more idiotic and stupid reminders of the devastation in the past month. Enough with the silly cartoons already.
October 27th, 2008 at 4:19 pm
Did you leave out the utter ignorance and stupidity of the American electorate?
Oh, never mind. As a registered Republican, I actually came out here to complain about that little 200-point deterioration in the Dow at the end. What is wrong with you people? Didn’t you see how Verizon beats expectations? Don’t you like their clever “Dead Zone” commercials? Never mind that we can’t make mobile phones; betcha those Finns, Germans, Japanese, and Koreans can’t make such clever commercials. Those commercials, alongside Velveeta cheese, Chicken McNuggets, Coca Cola sugar water, and Mickey Mouse videos are the bulwark of American technical superiority and ingenuity. Hail McCain!
October 27th, 2008 at 4:20 pm
We need to suspend payroll taxes as soon as possible. This is one of the few ways to stimulate demand in the way that will be beneficial to our society.
October 27th, 2008 at 4:21 pm
Love the cartoons, Barry. Keep ‘em coming!
October 27th, 2008 at 4:23 pm
CNBC just post a article called the winners of 1929.
http://www.cnbc.com/id/27404980
Guess that is envy!
October 27th, 2008 at 4:43 pm
And God said to Cain…sin is crouching at your door. Thou mayest overcome it…
Then Cain killed Abel, who was an innocent bystander to Cain’s sin.
Anyone else feeling like Abel to America’s Cain?
October 27th, 2008 at 4:54 pm
#RT:
It’s exactly what we need — to understand how we got into this mess; the cartoon really nails the problems.
Meanwhile, anybody else shorting the rallies? Off about 425 points from the day’s high; there was a beautiful uptrend line to short. Exactly the opposite of the turbocharged bull market of the late 90’s, when like clockwork the Dow would surge to new highs at the end of the day. Wonder how long this might go on for. NOT picking bottoms here!
October 27th, 2008 at 4:57 pm
@ Phil: Hedge fund forced sale?
October 27th, 2008 at 5:08 pm
How true, how utterly and disgustingly true. Beware of #7.
October 27th, 2008 at 5:09 pm
“Great, just what we all need, more idiotic and stupid reminders of the devastation in the past month. Enough with the silly cartoons already.”
Someone has been trying to catch the knives.
LOL
October 27th, 2008 at 5:26 pm
Original source: Pope Gregory I (Gregory the Great).
October 27th, 2008 at 5:32 pm
If Chinese currency drops to shit it’s rather easy for the US to pay off our debt.
Wonder if anyone has thought of this.
Korean Won worth 50% less this year than last.
October 27th, 2008 at 5:41 pm
@John Borchers: Still trying to talk yourself into being bullish I take it?
October 27th, 2008 at 5:51 pm
Except for the cartoon being mildly funny, the goals of current American society are indeed the Seven Deadly Sins (however quaint that may sound).
Better and accurate examples are readily found. Not good.
October 27th, 2008 at 6:02 pm
Barringo:
Mazza ball is still hangin’.
October 27th, 2008 at 6:14 pm
Patrick,
BINGO on the hedge fund move(s). Paulson’s PPT has gotten so transparent that the hedgies are playing him like a Stradivarus violin at least 4 times a day. What an idiot. Then again, it’s our money not his so maybe we’re the idiots.
As to the cartoon, I got some great laughs. Remember RT, tragedy plus time equals comedy. Remember Clinton’s alarm clock speech? Never mind.
October 27th, 2008 at 6:22 pm
I think the cartoon was spot on. Man does not live on dry statistics alone
Most of these cartoons posted here are quite clever and true.
October 27th, 2008 at 6:25 pm
A well-known student of human psychology from antiquity identified three characteristics of human nature that majorly contribute to disorder, conflict, and suffering in human affairs:
Greed
Anger
Delusion
October 27th, 2008 at 7:00 pm
Have to be bullish now. Only forced selling margin calls etc etc selling here.
Big insider buy on BBY. $25.9M in stock.
October 27th, 2008 at 7:36 pm
Nice, but it’d be better if the very modest house in the “envy” cartoon were less meager. It should show a person with a nice, adequate house envying a bigger, grander one.
And maybe there ought to be a couple of SUVs in the driveway of the envied home.
October 27th, 2008 at 7:38 pm
@ Borchers. Totally agree that BBY is interesting. Market leader. Strong FCF. 5yr goal to double revenues to 80bn, in large part due to int’l expansion. L-T dollar should help. Top competitor is on the ropes – Circuit City fighting off bankruptcy. Not a great short-term view, but show me a company whose is.
October 27th, 2008 at 7:47 pm
Well, since my thoughts are usually random, I’ve had a couple of additional randoms..
Why would people younger than the baby boomers expect boomers to want to return to this market in any appreciable numbers? First the tech bubble losses, and now this…and boomers are too old to make up the losses between now and retirement…
hmmmmmm????
Isn’t what Paulson is doing really a transfer of wealth from taxpayers (read lower and middle classes) to those who work on Wall Street who may get to keep their job (and Henry’s job after January)…isn’t he buying back into his industry with taxpayer money? I mean, really….?
6.5% Countrywide callables reinvested today at 4.35% two year callables….no new money..
Good luck tomorrow…
October 27th, 2008 at 8:07 pm
Laughter in middle of human-made economic madness.
http://bigpicture.typepad.com/comments/2008/10/new-stock-marke.html
October 27th, 2008 at 8:11 pm
Funny stuff on CNBC poll about are you afraid about losing your job.
http://www.cnbc.com/id/27400144
One answer is:
I voted no because I am currently out of work. — Jon
LOL funny but sad.
October 27th, 2008 at 8:13 pm
Just read the interesting below piece on Brad S. blog.
”
Back in May 08, a prediction/vision was written about the dollar, stocks and commodities. The price action has vindicated that prediction.
What is interesting in that prediction is the WHOLE reasoning of why things would turn the way they did. And they turn exactly as explained in the article below.
A FASCINATING and a MUST read.
http://financialtraders.blogspot.com/2008/08/dollar-equities-stocks-and-commodities.html
October 27th, 2008 at 8:51 pm
Considering volume is pathetic these days, I guess it doesn’t take much to make or break a day. Hard to trade this market if you try to follow hourly momentum.
October 27th, 2008 at 9:49 pm
Very clever cartoons. Might as well get to the point and make the points.
October 28th, 2008 at 4:16 am
Barringo:
I may be an asshole, but I’m not an asshat.
There’s a difference.
October 28th, 2008 at 11:24 am
Did the Fed commission your work?
The root of the problem is the fraudulent and thieving fractional reserve banking system invented in 1694 to loot the people on behalf of bankers and the government. Please get a clue.
October 28th, 2008 at 1:18 pm
Big budget deficits will be on the minds of the new congress. Raising taxes and cutting entitlement programs usually has solved the problem. But a Democrat congressman named Barney Frank has a great idea,he has suggested trimming military spending by 25 percent. It would take the place of raising taxes and cutting entitlement programs. This suggestion has angered most congressmen. But with a new Democratic administration soon coming into power the suggestion by Barney Frank will be taken seriously.
Military spending is necessary if our country is to remain safe. But there is a limit to how powerful we want our armed forces to be when there is no enemy nearly strong enough to challenge us. The money saved by cutting military spending could be better used to make our nation stronger by creating more jobs. The defeat of McCain and the Republican Party in the presidential elections will remove the strongest advocates of increased military spending. We need an economy based on peace not war. Obama is a peace candidate and will be a master of international negotiations. He is loved by peace loving people all over the world. Obama understands that America has internal economic problems and making new wars will not solve them.