Fullblown Panic

kunstler.com ^ | January 21, 2008 | James H. Kunstler

[kms61]

the ‘stooge writer’ isn’t making the bond insurers insolvent, nor causing the markets to crater worldwide. The problems are real. Is he being hyperbolic? I hope so. I can tell you that I lived through the crash of ‘87 and was unfased by it. I wasn’t too worried about the economy after 9/11. If we can get this thing with ‘only’ a moderate recession, I’ll breathe s sigh of relief.

[Riverman94610]

If the economy crumbles like 1929,you better stock up on guns and ammunition.
Because the Day of the Locusts will be at hand.

[durasell]

A common — and somewhat bizarre fantasy — based on the idea that a crash will somehow require skills largely abandoned in post-industrial economy.

[Professional]

Day of the locusts doesn’t sound nearly as tasty or fashionable as the Day of the raccoons...

[Eyes Unclouded]

Gonna be hella bargains out there. Happy Hunting!

[Reddy]

bump

[Riverman94610]

Put another raccoon on the barbie,mate!

[djf]

Anybody out there know how to make soap?
Anybody?

We’re gonna be a stinky bunch, eh?

[Left2Right]

Helicopter Ben should have made a couple of big cuts last August and that might have made some difference. Now any cut will be too little & too late. It's not that there are an excessive number of foreclosures, per se, but rather that the reselling & repackaging of vast amounts of mortgages was done with extreme leverage & covenants on a global scale. It only took a small number of defaults in a mortgage portfolio to trigger the covenants, due the the high leverage, which started the whole ball rolling.

The light at the end of the tunnel is that when the rest of the global economy starts to take big hits, money will start flowing back into the U.S.

[Halgr]

Praying for God’s Mercy

[Professional]

1 Raccoon
1 bn Celery
3 cl Garlic; chopped
2 lg Red onions; quartered
1 lg Apple; quartered
3 Hot red peppers
1 c Vinegar
3 tb Salt

BE SURE LYMPH GLANDS OF RACCOON ARE REMOVED!!! Have someone who is experienced remove the glands as well as the skin. Pull celery apart and wash. Place all ingredients in pot with enough water to cover raccoon. Bring to slow boil and cook until tender or until fork goes in easily, about 1-2 hours depending upon size of raccoon. Remove meat from pot, cut off front and back legs; cut remainder into four pieces. Place on rack, brush with your favorite barbecue sauce. Place in 400 deg. oven; turn and baste frequently with barbecue sauce until a golden brown, 45 minutes to 1 hour. Serves 6.

[ExSES]

Helicopter Ben should have made a couple of big cuts last August and that might have made some difference.

True..., but he just might be a secret admirer of Paul Volcker!

[abigkahuna]

http://www.forbes.com/markets/feeds/afx/2008/01/22/afx4555465.html

Indian shares crash within minutes of opening bell; trade halted for an hour

MUMBAI (Thomson Financial) - Trading in the Indian markets was halted for an hour after key indices extended yesterday's losses to shed more than 10 pct minutes after the opening bell. Trading was halted with the Bombay Stock Exchange's 30-share Sensitive Index 1,716.41 points or 9.75 pct down at 15,888.94,...snip...

[Riverman94610]

Wow,a gourmet chef!
You eat well,sir.I’m a vegeterian!

[Blue_Ridge_Mtn_Geek]

A good place to track the global index futures:

and http://www.bloomberg.com/markets/stocks/futures.html

It looks to me like a moderate sized meltdown is underway (as of 1:55AM EST 1-22-08)

[abigkahuna]

Indian shares recover after trade-suspension for an hour; Sensex down 3.47 pct

MUMBAI (Thomson Financial) - Indian indices recovered after the markets re-opened at 1055 IST (0525 GMT), an hour after the trade was suspended after India's share market barometer, the Bombay Stock Exchange's 30-scrip Sensex, shed 11.5 pct within minutes of the opening bell.

Local sentiment was battered as shares across Asia tumbled on heightened fears that a US recession could spell doom for the region's exports, but investors were soothed after finance minister P. Chidambaram called for calm. The 'markets will make a new beginning at 10:55 AM,' he said.

At 1058 IST (0528 GMT), the Sensex had recovered to trade 611.17 points or 3.47 pct lower at 16,994.18.

'The worst may be over now; the market has to recover from the lows that it has hit. This sudden panic is rationally unwarranted as the fundamentals of the Indian economy cannot change overnight,' said VVLN Sastry, country head of Firstcall India Equity Advisors. http://www.forbes.com/markets/feeds/afx/2008/01/22/afx4555531.html Well some good news after the second day of Asian bloodbath. Japanese Markets still down considerably, as well as Indonesian, Australian and others.

[Blue_Ridge_Mtn_Geek]

Good ‘radar centers’ for tracking this storm’:

http://calculatedrisk.blogspot.com/

and

http://globaleconomicanalysis.blogspot.com/

plus the previously noted:

http://www.bloomberg.com/markets/stocks/futures.html

[durasell]

...in related news, India’s finance minister P. Chidambaram has boarded a plane for the U.S. where he will call for calm on the New York Stock Exchange prior to the opening bell.

[Slip18]

This post is actually funny, but absurd.

[Slip18]

Oh, sheesh, don’t buy gold. When it crashes, and it will, all the big bad wolves will take all your money and blow your house down.