RED EUROS ?

yo!...pot callin a kekkle black innit!

seems lak mebbe all not perfik in
euroland as well...

mebbe itz time fo a euro ta...
relax an..chill out...





PALOOKAVILLE FINANCIAL stardate capitulation day+12

ambrose : ..."Carsten Brzenski, chief economist at ING in Brussels, said the global crisis was now engulfing Europe with devastating speed.

"We are at imminent risk of a credit crunch. Key markets are not functioning properly. The Europeans thought the sub-prime crisis was just American rubbish that the US should clean up itself, but now they are finding out that it is their rubbish too," he said.

Data from the IMF shows that European banks hold 75pc as much exposure to toxic US housing debt as US banks themselves. Moreover they have mounting bad debts from the British, Spanish, French, Dutch, Scandinavian, and East European housing markets, where property bubbles reached even more extreme levels that in the US.

The interest spread between Italian 10-year bonds and German Bunds have ballooned to 92 basis points, the highest since the launch of the euro. Bond traders warn that the spreads are starting to reflect a serious risk of EMU break-up and could spiral out of control in a self-feeding effect.

As the eurozone slides into recession, the ECB is coming under intense criticism for keeping monetary policy too tight. The decision to raise rates into the teeth of the crisis in July has been slammed as overkill by the political leaders in France, Spain, and Italy...."Telegraph

BAIL TO THE CHIEF

don put yer muck in ah dus bin..ah dusbin..ah dusbin....Don putcher muck in ah dusbin...ah dus bin full...

yo! fear onna street innit!

PALOOKAVILLE FINANCIAL stardate capitulation day+12

peterthepainter : welllll...!...WTF..? why everone so surprise? the politix have ditched a boss...

...after the WMD anna WAR ON TERROR anna Wall st BONUS scandal...

...e gon be gone soon anyhow...an a boy gotta look affer hisell...

spider : yo! boss...it lak a french revolution innit...aristocrats wot got too rich an high falutin fo ta sociate wiya po folks...nah it be ya BONUS RICH wot drawin a fire o a people...

laverne : workin stiffs aint hadda fair shake innit...wages not risin so ay raided a equity inna shack...anna ristocrats caint get innuff on it...

beulah : en ay wraps it up inna poke an sells it as prime pork ta a suckers all ovva a wurl an a WATCHER looks on...an does nowt!

opkin : nah a workin stiffs wots payin ere mortgages is inna bate an is ringin the politix an tellin em...don yo dare man!...do not even think abaht it!

petey : the bollox is fulla it...specially a msn fo a tabloid dude...they windin alla dudes up abaht howa markit gon tank...an a wurl gon end...but it only business returnin ta normal...assets bein sold fo wot folk will pay!

zooneh : ya caint buck a market man!

chief : one word from me an ay do wot ay likes...

more later...

THREE DOLLARS : BLUE

BLUE DOLLARS
RED DOLLARS
WHITE DOLLARS

PALOOKAVILLE FINANCIAL stardate capitulation day+11

yo! blue dollar day so far...innit!...euro anna pahnd...dahn a toilet as "crisis spreads ta europe"...

cablepetey : three colours dolla be a new way o visualisin a wurl's reserve currency...

blue dollas good, red dollas bad, white dollas...watch aht below...!

it all inna handsa a politix...wot yo vote is wot yo get..!

THE DOLLA YA GET BE A DOLLA YA DESERVE...INNIT.!

AS FALLS NIAGARA...

Dow to fall to 7,000, FTSE to 3,300

peterjcooper : Consequences, consequences

..."What we have yet to see are the repercussions in terms of job losses, bankruptcies and consumer spending. It is a vicious downward spiral and when people talk about a recovery in the second half of 2009 you have to ask: why? Surely this fall-out will produce another round of bad debts, write offs at the banks and restricted credit.

So while the $700 billion bailout fills a hole, it does not get us back to business as normal. It is hard to know what would do that, except a long recession and a big shake-out of every business and bank that has not got a rock solid business model.

In this case profits are going to tumble across the board. That means the cheapness of price-to-earnings ratios in global stock markets are a mirage and highly deceptive to value investors. Try inputing a loss rather than a profit on a few stocks and see what kind of a p/e ratio you get!

As George Bush said of the US legislative process this week ‘this is not going to be pretty’. Many former lynch pins of the global economy, like the hedge funds are going to collapse. Nine out of ten hedge funds do not make enough to trigger their profit shares now, and subscribers are bailing out all over the world. .." peter j cooper

LATER THAT SAME WEEKEND..

yo! lost weekend draggin on up ere inna loff...

PALOOKAVILLE FINANCIAL stardate capitulation day+10

peteypainty : whew! ahm plum wore aht...allat proper talkin yezday...

spider : yo been ovva doin it man...alla iss upandahn inna markits gettin to ya!

peteystress : innit man! an sad too!...sucker don know which way a toyn...wot wi a fixin o a market...changin a rules...proppin up dis...bustin that...

spider : one rule fo us an annovva fo em innit!

bluepetey : it at Admiral dude...ya know...Sir Walter Paulson...one mo he bringin taters an baccy ta a party anna nex e goin dahn onna knee ta a politix...beggin em ta bankroll a party fo til affa a 'lection...

zooneh : yo speech yezday onna three colours dolla was a belta dude! yo sure gotta fix onna dolla innit!

cablepetey : ah feel bad abaht it man!...ah don lak a dis a dolla. merica bin gud ta uz
nah an agin...ah sumtimes expec too much an am givvun ta hyper-bole...

spidah : lesssee wot calmer heads is sayin...

irwin : A bailout won't wreck economy

...."So massive losses are not likely. Nor is it likely that inflation will be triggered by the bailouts already engineered by Ben Bernanke and his colleagues at the Federal Reserve System, which some estimate to have involved close to $300 billion. The net effect of the Fed’s moves has not been to increase the money supply at a dangerous rate. Experts estimate that the increase in the money supply — which, if substantial, would trigger inflation — has been lower during this “crisis” than in recent years.

Throw in another fact: the economic slowdown that is hitting America, euroland and other parts of the world will ease pressures on commodity prices, and keep labour costs from rising. That’s why economists at Goldman Sachs are confident that once the cyclical downturn is behind us, the dollar will appreciate in value.

They are guessing that in the next three to six months the dollar will hold its value against the euro at about $1.45- $1.50 to the euro. Then, assuming that financial markets return to some semblance of normality, they are looking at euros costing $1.40. In the longer term, rising productivity and lower domestic inflation, should enable Americans to stomp across the pleasure spots of Europe, paying only $1.25 for each euro. Not as wonderful as when the eurozone currency could be had for less than a single greenback, but a big improvement over recent times when the euro cost $1.60....." The Sunday Times

peteyfairplaya : yeh! ah feels betta nah!....it were at bit abahta WHITE DOLLA wot wobbled me man...ah wunner iffn it ovva a top?

thesilversurfer : yeah verily!.. they may be calmer an wiser heads petey boy but yo doin yo best ta mek sense o a bad bitta sh*t wot goin dahn...

...onnanuvva note...I am the herald o GALACTICUS an he be goin ta suck up alla dosh onna planet an turn it inta energy fo his sen! alla banks an financial institutions gon be destroyed by DECLARATION O GALACTICUS...!

beulah : where at crummy painter dude? ah swear he nevva arahn whenna sh*t hitta fan...

peteyhero : SEND FO A WATCHER....

to be continued...

THE LOST WEEKEND

RED DOLLARS

yo!...film noir innit!...The Lost Weekend...suckers all hooked on credit...

PALOOKAVILLE FINANCIAL : stardate capitulation day+9

peteypropertalk : the story so far... suckers are goin cold turkey this weekend as credit has been withrawn...

...alone in a condo in the land of the free is a sad economy that is hooked on credit and can't break the habit....but the banks is now BUST and Admiral Paulson is down on his knees begging the politix to fix the market with
THE MOTHER of all BAILOUTS....

sh*t sticks...

...the politix, though, are baulking at the idea!.. as the workin stiffs are onna phone...anna email...an inna streets...marchin. this is because they do not want RED DOLLARS...
that is...anti-money - DEBT...

...the politix are scared that if they vote for the BAILOUT, without BLUE DOLLARS for their voters, they will be smeared with the same sh*t as the banks...

...during this lost weekend, when the politix should have gone home to bed, the bollox are having a field day sayin as how a wurl is gon end if the markets arn't fixed...
fear is being created along with the ponzi-money to force the MOTHER PLAN through...

...the dollar is now available in three colours and nobody wants the red ones...everyone wants the blue ones, you know...the ones with EQUITY the ones with some VALUE...

...trouble is, the bankers have run off with the blue dollars inna BONUS an now the red ones are destroying the blue and soon the dollar will be BLED WHITE..!


WHITE DOLLARS

this is what happens when you get addicted ta DRUGS...the first hit is always free...!

WHO TF is gonna want to hold the WHITE DOLLAR..?...a shadow of itz former self..

peteythepreacher : power, influence, status...a whole washday shot to hell...


FT : Need for action on the banking panic

"Banks are not to be trusted. This is not just the view of the public and policymakers, but that of the banks themselves. Spreads on unsecured inter-bank lending have reached unprecedented levels, particularly in dollars and, to a lesser degree, sterling. Such stresses cannot continue for long, without serious damage to both the financial system and the economy. Something has to be done. The question is: what?"

peteythepension : sooner or later this has to stop! and asset prices have to return to fair market value...in my view the propping up of asset values is just an attempt to fix the markets until after the election and will only delay the inevitable...think Japan in the 90's...

think zombie economics...

THEY AINT NO PLAN..!

yo! 'kaletski march'...innit

PALOOKAVILLE SPORT stardate capitulation day+8


MAKE A NEW PLAN STAN...DROP OFFA QUAY LEE

Save the world? Hank just didn't have a clue

The staggering incompetence of the US Treasury Secretary is now acknowledged - and is a disaster for George Bush

anatole : "Until last week, I was in a minority of one in arguing that Mr Paulson was personally responsible for suddenly turning the painful but manageable credit crunch that had been grinding away 18 months in the background of the US economy into a global catastrophe. Mr Paulson's appearances on Capitol Hill, marked by the characteristic Bush-era combination of arrogance and incompetence, are turning my once-outlandish view into conventional wisdom: Henry Paulson is to finance what Donald Rumsfeld was to military strategy, Dick Cheney to geopolitics and Michael Chertoff to flood defence.

Mr Paulson may be a former chairman of Goldman Sachs, but as US Treasury Secretary he does not know what he is doing. His recent blunders, starting with the “rescue” of Fannie Mae, have triggered unintended consequences around the world, resulting in the death-spiral of financial values. But last Friday Mr Paulson outdid even these Rumsfeldian achievements, when he demanded $700 billion from Congress for a “comprehensive and fundamental” solution to the global financial crisis, without apparently having any idea of what he would actually do....

...When further details of the Paulson plan failed to appear on Sunday it was assumed that the details were being untangled in late-night political negotiations. When there was still no plan on Monday, the view was that Mr Paulson must be holding back the details for his testimony to the Senate Banking Committee the following day. But then, to everyone's astonishment, Mr Paulson turned up to the committee on Tuesday morning with only the briefest opening statement, which simply repeated what he had already said the week before: the sky was falling and the only way to stop it was to give him authority over $700 billion in public money, to be spent in unspecified ways.

And suddenly the sky did fall down - not on the world economy, but on Mr Paulson. Consider the reactions from American politicians, including Republicans: “Stunning and unprecedented in its lack of detail”... “a $700 billion blank cheque to Wall Street”... “neither workable nor comprehensive”... “foolish waste of massive taxpayer funds”... “eerily similar to the rush to war in Iraq”. Best of all was John McCain's comment: “When we're talking about a trillion dollars of taxpayer money, ‘trust me' just isn't good enough.”..." Times

bluepetey : admiral paulson...not having a good day...innit!

PREVIOUSLY ON KALETSKI VIEW

..."Does this hyperactivity mean that the world economy is on the brink of catastrophe? Or does it suggest that the credit crunch is now almost over, and that the world economy faces only a moderate slowdown or, at worst, a mild recession?

The risks are certainly greater today than they have been since the 2001 US and European recession – and for Britain the prospects seem dimmer than at any time since 1992. But is this really, as George Soros proclaimed, in an article for the Financial Times, “the worst market crisis in 60 years”?

The claim is unequivocally wrong, since the 20 per cent fall in share prices and the US mortgage problem cannot remotely compare with the crises that racked the world economy in the 1970s and early 1980s, when inflation and interest rates soared to 20 per cent, stock markets plunged by 80 per cent in real terms, big banks fell like ninepins and unemployment was double or triple the present level...." TIMES 28 jan. 2008 my emphasis

peteythesportswriter : unemployment still risin...innit!..DEflation likely innit!..markets inna wily e coyote moment...innit...

WAMULLA

PALOOKAVILLE FINANCIAL stardate capitulation day+8

JPMorgan buys WaMu

cnn : "In the biggest bank failure in history, JPMorgan Chase will acquire massive branch network and troubled assets from Washington Mutual for $1.9 billion.

A road to collapse

...WaMu had been one of the most hard-hit banks during the financial crisis after it bet big, like many of its competitors, on the strength of the housing market -- only to see its fortunes sour as housing prices fell.

Following several ratings agency downgrades this week and a freefall in the company's stock, many analysts were speculating that the endgame for the embattled savings and loan was imminent...." cnn

Central banks step in as bail-out fears mount

"The Bank of England moved to inject longer term cash into money markets as part of a co-ordinated effort with the US Federal Reserve, the European Central Bank and the Swiss National Bank, following the breakdown of talks over a $700bn bail-out for the US financial system...." FT

Telegraph : "After appearing earlier to have reached a deal, the seven-hour White House meeting, which was described by Mr McCain's campaign as "a contentious shouting match", broke up after a late rebellion by Republican right-wingers against the plan's huge price-tag.

Leading Democrats, including House Speaker Nancy Pelosi, reacted so angrily to the last-minute change in Republican demands that Henry Paulson, the Treasury Secretary, got down on one knee to beg them not to disclose how badly the meeting had gone, witnesses said.

Mr McCain, the Republican presidential candidate, was personally blamed by Harry Reid, the Democratic Senate Majority Leader. "John McCain did nothing to help - he only hurt the process," Sen Reid said...." my emphasis

THATS A SOUND O A MAN WORKIN ONNA CHAIN GANG

jeff :"Having failed to deliver victory in the War on Terror, President Bush is hoping for better luck in the War on Error. His goal is to limit damage from the egregious mistakes of sub-prime mortgages; his tactics are to carpet-bomb the banking system with federal funds. The upshot, in Jeffersonian terms, is that US taxpayers are about to be enrolled in an economic chain gang....

...In place of rip-roaring markets, according to a Wall Street trader, America has embraced "trickle-down communism". This system involves the state paying "cash for trash" to benefit a few miscreants, and then hoping that some of the taxpayers' largesse will trickle down to the masses.

...Toxic rubbish will not be made to disappear by Mr Paulson's proposals. All that will be different is ownership. It will be like removing nuclear waste from a failing business and parking it in a government building. The risk moves from private to public.

It is this form of regressive redistribution that Messrs Bush and Paulson are peddling as the road to redemption for Western finance. Excuse my cynicism, but would you buy a used derivative from either of them?

After Hurricane Katrina and the flooding of New Orleans, Mr Bush's record on rescue missions does not inspire confidence. As for Mr Paulson, if he's so insightful, why, when he was earning an $18 million bonus at Goldman in 2006, did he not spot the radio-active dump piling up in his industry's back-yard?... Telegraph

coolhandpetey : goin dahn nah boss...

THIS IS THE TRUTH

yo!...cop fo dis ...was ovva at mish's an ah seen this....

AS FALLS NIAGARA

yo! innit!... a week a long time inna BAILOUT...

PALOOKAVILLE FINANCIAL stardate capitulation day+7

Admiral Paulson anna salty dogs onna dorkship TITANIC...out of Wall St.
are fighting for the inflatable life rafts that have been stowed away under CONGRESS
for the inevitable FINANCIAL EMERGENCY...

the national debt is so huge now anyway that, the hope is, no one will notice another
7 BILLION...

...there is enough hot air in congress, they believe, to inflate well beyond these paltry figures...

onna good ship BLOGOSPHERE the maroon has gone up anna bloggin stiffs is tryin ta get the workin stiffs ta get onna 'phon ta their congressperson...an ammer em flat abaht a ears....... an get em ta stop paulie from sinkin a dollah.

a week after the MOTHER plan was launched a liquidity is solidified agin anna
banks wotz BUST is sh*ttin bricks waitin fo a 'flatables ta come rescue em...

ya BANKERS wot dunnit are clean away wiya BONUS so large an heavy atta workin stiffs is gettin restless an gon get a congress ta GET THE MONEY BACK OFFA EM...

meanwhile with the alien hedge funds glued together by the Lepage glue gun anna day traders slapped silly by a VENGERS a shock an scares is goin dahn wiya villa...

VIAGRA FOR NIAGARA

ya BOOM is BUST an a BAILOUT is all ya got ta save a TITANIC but even Cathy Berberian knows...

inna current onna niagara river a TITANIC is bein swep along atta evva faster rate...
a enjin gone DROOP an a moneh be needed fo VIAGRA ta STIFFEN resolve an RESTORE CONFIDENCE...says CAPTAIN BRUSH...skipper o a titanic wen she took a wrong course...

a THREE OFFICERS are countin anna pressure buildin up inna congress steam room, fromma meltdown, ta motivate a suckers ta cough up!

Jonathan Weil : Why Mark-to-Paulson Accounting Won't Save Banks

..."The plan goes like this: Treasury will pay financial institutions above-market prices for garbage assets nobody else wants. Then, through the magic of mark-to-Paulson accounting, everybody else that owns similar stuff will use those same prices, or marks, to value the trash on their own balance sheets.

Shazam! Banks and insurance companies write up the asset values on their books. They post big profits. Their capital goes up. Everyone gets fooled. And nobody knows the difference.

Except, we do. And that's why the plan probably won't work.

Still, give Paulson and Federal Reserve Chairman Ben Bernanke credit for ingenuity. At the same time banks are begging regulators to suspend mark-to-market accounting rules so they can avoid disclosing more losses, Paulson and Bernanke instead devise a way to abuse the same rules for the same banks' benefit.

Put It in Reverse

Under Paulson's plan, Treasury would hold so-called reverse auctions for financial institutions' troubled assets. Whoever submits the lowest bid gets to sell its junky assets to Treasury for cash.

While that might look like a competitive, free-market mechanism, it's not. Once the first bid in the first auction is submitted, it may not go much lower, and it probably will be much higher than the true market value.

That's because the real incentive for the banks isn't to sell their rubbish to Treasury and get cash. It's to watch the Treasury pay grossly inflated prices to others. That way, they can use those transactions for accounting purposes to mark their books to the Treasury's farcical market prices.

This presents another problem. The transaction prices coming out of these auctions may not meet the accepted definition of fair value. Under the Financial Accounting Standards Board's definition, fair value is the price ``in an orderly transaction between market participants.''.." Bloomberg..........

Kevin Hamlin : Asia Needs Deal to Prevent Panic Selling of U.S. Debt, Yu Says

Sept. 25 (Bloomberg) -- Japan, China and other holders of U.S. government debt must quickly reach an agreement to prevent panic sales leading to a global financial collapse, said Yu Yongding, a former adviser to the Chinese central bank.

``We are in the same boat, we must cooperate,'' Yu said in an interview in Beijing on Sept. 23. ``If there's no selling in a panicked way, then China willingly can continue to provide our financial support by continuing to hold U.S. assets.'' (my emphasis) - hat tip naked capitalism

bluepetey : AS FALLS NIAGARA...SO FALLS NIAGARA FALLS

capitulation posponed, gravity defied, fat lady....waitin...

am only waitin til a mornin comes...til a mornin commmmes...

THE NORTHERN ROCK

yo! domino politix innit!

PALOOKAVILEE SPORT : stardate capitulation day+6

..."gordon BROWN has turned himself into a DOMINO BANK in order to be able to draw upon the new squillion dollar BAILOUT courtesy of ADMIRAL PAULSON the American leader.

...short selling had been threatening to bankrupt his premiership and the whole of the shadow political system but this has, now, been banned by the SEC...

SAFE AS HOUSES

...there is, now, no chance of a challenge for the leadership as, should the domino BROWN fail, then no potential challenger will risk being the next domino to fall...."

petey : paulson bailout vacuum gun gon suck up alla toxic sh*t from a LABOUR ship wreck?

...nah at brown a bank he be protected from a market forces and his stock...
guaranteed by a FED...innit?

nouriel : "By requesting a status change from independent broker dealer to bank holding company, Morgan Stanley and Goldman Sachs have officially spelled the end of Wall Street as we know it. Within six months, all five investment banks – Bear Stearns, Lehman Brothers, Merrill Lynch, Morgan Stanley, and Goldman Sachs – have disappeared or are looking to merge with a commercial bank with a stable deposit base and permanent access to the Federal Reserve’s lender of last resort facilities. The unraveling of the $10 trillion shadow banking system that started with the non-bank mortgage lenders, SIVs and conduits – now with the seizing of major independent broker dealers and money market funds – is in full swing and gathering steam. Highly leveraged hedge funds might indeed be the next in line...."
The unraveling of the Shadow Banking System moves to hedge funds as Schmalpha replaces Alpha

MISH TO THE RESCUE

stardate : capitulation day+4

mish : ...Problem Defined

"Before one can work out a solution, the first step is to identify the problem. The problem is not a lack of liquidity, it is not a lack of trust, it is not lack of consumer confidence, it is not subprime lending, and in fact the problem is not housing at all.

The problem is consumers and corporations are deep in debt with no way to service that debt.

Attempts to bail out banks and brokers at taxpayer expense will do nothing but add to consumer debt, weaken the US dollar, and literally waste $700+ billion dollars that can and should go to more productive uses.

What Caused The Problem?

• The Fed
• Congress
• Fractional Reserve Lending
• The Treasury
  

The root cause of this problem is the Fed micromanaging interest rates, the Treasury cheerleading every step of the way, and Congressional sponsored spending that went wild. The critical issue that ties everything together is fractional reserve lending allows banks to borrow money (credit really) into existence with insane amounts of leverage.

To top it all off, Greenspan slashed rates to 1% fueling the biggest global housing bubble the world has ever seen. Congress needs to figure out a way to eliminate the Fed." mish

peteythepantywaist : nah!...why dint i think a that?

zooneh : cos yo jussa poxy painter dude from PALOOKAVILLE...wot lives inna garret wiya dog wotz half cat, a spider with 7 legs...anna rat wot think itta mouse!

PREZZA PAULSONs PERFECT PLAN

stardate : capitulation day+4

BBC : US banks make shock status switch

"The last two major investment banks in the US have changed their status to become bank holding companies, allowing them to take deposits from investors.

The move - part of a huge restructuring effort on Wall Street - will also give them access to Federal Reserve support."

Bloomberg : Dollar May Get `Crushed' as Traders Weigh Up Bailout

Treasury Secretary Henry Paulson's plan to end the rout in U.S. financial markets may derail the dollar's three-month rally as investors weigh the costs of the rescue.

The combination of spending $700 billion on soured mortgage-related assets and providing $400 billion to guarantee money-market mutual funds will boost U.S. borrowing as much as $1 trillion, according to Barclays Capital interest-rate strategist Michael Pond in New York. While the rescue may restore investor confidence to battered financial markets, traders will again focus on the twin budget and current-account deficits and negative real U.S. interest rates.

``As we get to the other side of this, the dollar will get crushed,'' said John Taylor, chairman of New York-based International Foreign Exchange Concepts Inc., the world's biggest currency hedge-fund firm, which manages about $15 billion...."

Bloomberg : Commodities Bottom as Speculators Vanish After Slump

"The worst may be over for commodities after the steepest rout since at least 1956 drove out speculators and the U.S. government unveiled a plan to end the worst credit-market seizure since the Great Depression.

The Standard & Poor's GSCI Index of commodities had the biggest three-day gain in 18 years, surging 8.4 percent through Sept. 19, the day U.S. Treasury Secretary Henry Paulson said the government will spend ``hundreds of billions'' to cleanse banks of mortgage-related assets. Crude oil rose 6.8 percent that day, while wheat and copper gained 3.6 percent...."

petey : will a falling dollar cause rising oil and commodities prices?

will this help the alleged recession?

new pigs inna trough man!

gold goin mad innit!...capitulation day postponed...innit!....fat lady gotta sock inner mouth........ fo nah...innit...!

p.s. don fo get a disclaimer atta top o a page...(don blame me fo doin stupid things..)

CARRY ON CRUISING

adubbly dub, dubbly dub, dobbly dubbly..dubbly dub..

yo! cappin pugwash innit!..

stardate capitulation day+4

we ere onna HMS PALOOKAVILLE..steamin outta sea to rescue survivors fromma SHIPWRECK.

the United Flakes Ship TITANIC out of Wall St. has hit a iceberg an come to a shudderin stop!

the TITANIC is holed below the water line and toxic sewage has polluted the atlantic.

Admiral PAULSON has vowed to save the vessel at ALL COSTS and sez that the TITANIC is unsinkable and therefore will never go down!

Catain wobbleya BRUSH was onna bridge atta time o da CRASH declarin VICTORY after the shock an awe.

wobbleya : it wan me wot dunniy! it were a shot sellers innit!

paulie : i gotta 7000,000,000 dolla vacuum gun annit gon suck...

bluepetey : willya lookit at? a great AMERICAN ECONOMY dead inna water...

the toxic sh*t fromma SEWAGE BANK inside a ship don become illiquid an the suckers canna git outa it!..

the brave little HMS PALOOKAVILLE has stood off at anchor because o da toxic pong! cappin pugwash has bailed out THE ROCK an is waving not drownin..he sez...

pugwash : don't panic...don't panic...

bbc :US banks make shock status switch

"The changes should enable Goldman Sachs and Morgan Stanley to raise more funds by opening commercial banks.

The move - part of a huge restructuring effort on Wall Street - will also give them access to Federal Reserve support..

THE MOTHER OF ALL BAILOUTS - 2

tthe TITANIC has sent outa S.U.S....save our suckers!....they daren't jump ship cos o the HARD LANDIN ...inna sh*t.. and are demanding a BAILOUT...

the PIRATES wot was runnin a sewage business have got away wi a BONUS in gold and are laughing alla way from a bank!

wobbleya : do summat paulie fo da sh*t set solida an crushes a conomy ta death...

paulie : we gonna OUT SUCK the suckers!...they ainta brick gon be standin onna brick...the sh*thouse gon be supported wi po workin stiffs doh!

wobbly : yo gottit paulie save our suckers man!..do it fo yo country...do it fo the election! but above all...do it fo me!

pugwash : pirates...junk...junks fulla pirates...yo ho ho anna bottle o rum...

IT ENDED ON WALL ST.... ?

bloomberg :

``The decision marks the end of Wall Street as we have known it,'' said William Isaac, a former chairman of the Federal Deposit Insurance Corp. ``It's too bad.''

Goldman, whose alumni include Henry Paulson, the Treasury Secretary presiding over a $700 billion bank bailout, and Morgan Stanley, a product of the 1933 Glass-Steagall Act that cleaved investment and commercial banks, insisted they didn't need to change course, even as their shares plunged and their borrowing costs soared last week.

By then, it was too late. As financial markets gyrated -- the Dow Jones Industrial Average whipsawed 1,000 points in the week's last two days -- and clients defected, executives at the two firms concluded they had no choice. The Federal Reserve Board met at 9 p.m. yesterday and considered applications delivered that day, said Michelle Smith, a spokeswoman for the central bank. The decision was unanimous, she said.

`Blood in Water'

``There's blood in the water in the industry and the sharks are circling,'' Peter Kovalski, who helps oversee about $10 billion at Alpine Woods Capital Investors LLC, said at the end of last week. ``It all comes down to perception and the current trust within the community.''

ft : Goldman, Morgan Stanley to become regulated banks

Goldman Sachs and Morgan Stanley, the last surviving big investment banks on Wall Street, have become regulated banks....

ft : Emerging markets face $111bn maturing debt

A $111bn backlog of bonds that need to be refinanced over the next year has built up in the emerging market economies and raised the threat of defaults and company closures.

With the ability to raise money in the debt markets severely restricted because of the credit crisis, emerging market banks and companies could struggle to roll over the maturing debt, according to ING Wholesale Banking.

nourial : The shadow banking system is unravelling

"Last week saw the demise of the shadow banking system that has been created over the past 20 years. Because of a greater regulation of banks, most financial intermediation in the past two decades has grown within this shadow system whose members are broker-dealers, hedge funds, private equity groups, structured investment vehicles and conduits, money market funds and non-bank mortgage lenders.

Like banks, most members of this system borrow very short-term and in liquid ways, are more highly leveraged than banks (the exception being money market funds) and lend and invest into more illiquid and long-term instruments. Like banks, they carry the risk that an otherwise solvent but liquid institution may be subject to a self ­fulfilling and destructive run on its ­liquid liabilities.

But unlike banks, which are sheltered from the risk of a run – via deposit insurance and central banks’ lender-of-last-resort liquidity – most members of the shadow system did not have access to these firewalls that ­prevent runs.... " FT

ambrose : Financial Crisis: America rises to the occasion as storm heads towards brittle Europe

An almighty crash has been averted, very narrowly. There is no guarantee that the revolutionary actions of the US government will prevent a full-fledged global slump, but at least we now have a fighting chance.

By taking the colossal wreckage of the credit bubble onto its own books in a $700bn (£382bn) taxpayer sink, Washington has forestalled a run on the world banking system, and may hopefully have saved the viable core of modern capitalism.

Hank Paulson's "Super Sink" is the "game changer" we have all been waiting for in this interminable crisis. It puts a floor under the toxic debt that is bleeding the banking system to death, and ends the downward spiral of CDOs, CLOs, HELOCs, and such instruments of leveraged excess that lie at root of the credit terror. No doubt the Fed, the Treasury, and Congress have made a string of mistakes but they are now rising to the occasion - the reflexes of a wounded but still formidable superpower. The US has shown time and again that it has the institutions and flair to pull itself out of disaster....." Telegraph

liam : Financial crisis: Default by the US government is no longer unthinkable

...."But, in the run-up to the US election in November, Democrats in Congress - and even some Republicans - may decide they're simply not having it. How much more can the US taxpayer take? It sounds insane, but the liabilities being taken on by the Fed and the US Treasury are now so enormous that the government itself could default. No?" Telegraph

more telegraph :Japanese megabank to buy up to 20pc of Morgan Stanley

Japanese megabank Mitsubishi UFJ Financial Group is to buy up to 20pc of Morgan Stanley, which along with Goldman Sachs has given up its status as an investment bank.

"We have decided on investment in Morgan Stanley," a MUFG spokesman told AFP. Although he declined to give any further details.

The deal was annouced as Morgan Stanley and Goldman brought the era of the Wall Street investment bank to an end by choosing to give up their independent investment banking status to gain easier access to funds to survive the financial turmoil....

...Giving up investment bank status gives Morgan Stanley and Goldman greater access to Federal Reserve funds and makes it easier for them to buy retail banks, but it will also subject the two to much tighter regulation....." telegraph

bluepetey : well me hearties...ahah!...innit? the plot anna sh*t thickens...the politix gon fix the boom wotz bust...gon fix a markets so they caint go down...gon fix the 'lection? fix a dolla?

dolla gon fall...commodities gon rise?

...when a wind blows...a cradle will rock...when a bough break..cradle will fall...

an dahn will come cradle...baby an all!

halfcat : ah swear, painty dude, yo one sad sackka sh*t man...yo paintin a saddo picture here!

bluepetey : aint painted it dude...it aint art..i jus photograph it!..it already there man!
yo caint make this stuff up!

THATS BETTER...INNIT..!

ALESSANDRA CELLETTI

YO! ...THREE WISHES DUDE !

genie outa bottle...innit!

PALOOKAVILLE stardate capitulation day+3

peteythesailor : here we sit lak burks inna wilderness...

gobsmacked aint in it......F**K....F**K....F**K....

sunday mornin commin dahn...we low man...we real low...ah knowed it were bad, i knowed sh*t be commin dahn...but i did not know it would get so bad... atta politix wud sell aht a po woikin stiffs wotta still payin taxes...

FINANCIAL NEWS AND SPORT

Large Hardon Collider to be turned off for two months following damage

A faulty connection between two magnets has triggered a meltdown which will delay the world’s biggest economics experiment by two months, the BUST laboratory has admitted...

The fire brigade was called to the Large Currency Collider after the fault, which sent cable soaring by 100 bps in a section of the 17-mile underground circuit on the Swiss-French border.

Last week the CENTRAL BANKER in charge of the collider, BEN "the Atom" BERNANKY, told the Palookaville Sport that he expected to collide the first particles last week, much earlier than thought...

But the breakdown, at 11am UK time on Thursday morning, led to the release of a ton of helium used to cool the magnets that guide subatomic particles around the machines’s circuit. Engineers had to wait for oxygen levels to return to normal before they were able to weigh up the damage.

"When we do wonderful and difficult things at the very edge of our capability we can't expect everything to go smoothly, but this is the price we must pay to make the most profound discoveries about our economy."

previously on HARDON COLLIDER....

QUANTUM ECONOMICS

wow!...innit!....things just gotta whole lot worser...

pickitywhitchtheplonker : it gone quantum man! it jus turn rahn an smile at me an took this freakin great quantum leap...

ninja : “This could be the mother of year-ends. The markets will need extraordinary actions to get through it.” –Brian Sack, Macroeconomic Advisers

“If banks are unwilling to lend to other banks, then they are unwilling to lend to you and me.” –Stan Jonas, Axiom Management Partners

Once a month I update and add to a regular series of posts I call Really Scary Fed Charts.

Although I won’t update the charts until September 15th when the data comes out, I can tell you right now that going forward these charts are about to go from just “really scary”, to “crazy scary”.

bloomberg : Fed Direct Loans Lose Stigma as Banks Push Borrowing to Record

"Commercial banks that a year ago rebuffed a Federal Reserve program to provide cheaper cash may be increasingly dependent on it.

Borrowing from the Fed's discount window hit record levels in six of the past eight weeks, and reached $23.5 billion as of Sept. 10, Fed data show. By comparison, lending averaged just $779 million a week in the three months after New York Fed President Timothy Geithner urged banks to use the program.

The increasing use of the funds risks delaying banks' disposal of nonperforming assets and capital raising....."

spider : WTF? itta HARDON man...

zooneh : they swizz banks gotta huge great HARDON 'celleratin dollas faster n lite...turnin em inta genital warts by collidin em inta each other unnergrahn in europe.

beaulah : they freakin euros man..they not on side...they jus lookin aht fo theysells...while a dolla shrinkin ta wart status they HARDON is goin inta a GREAT DROOP wi alla banks BUST anna SWF'S buyin a place wi BEADS...

'cat : evva one gotta wear condoms nah ta hold dollas...price o rubber bouncin thru da roof....

Peak America

pickardthepeaker : fo get peak oil man! an fo get peak credit! deys jus noise compared ta wotz goin dahn a coz o alla dis 'celleratin...

laverne : wot is he onna bout? he just a poxy painter dude fro PALOOKAVILLE...sit inna loff alla day wi a dog wot half cat, a spider wot talk anna mouse wot look like a rat!

pickardthepolitix : y'all thank i dumb innit? but look arahn an wotta ya see? post superpower DROOP. the very thang wot made yo rich make yo poor!

yo banks is bust anna clevva bastards wot dunnit.. gottit away onner toes wi a BONUS

they particle economics anna quantum leap wot dunnit inna end...nah y'all gonna hafta save up an pay off yo debt or the QUANTUM ECONOMICS wot got yo here is gonna 'flate yo ass off inta da void...

PARTICLE ECONOMICS

yo! strufe, WTF?...

we onna bridge o da united flakes starship TURNERPRIZE as it try get free o da dreaded 'FLATION nebla anna DELEVERAGING black hole...

spider : KINOULTON!...boss!..yo gotta read this message from dorkfleet...guys gotta fix on wot caused alla shit wot goin dahn...

Large Hardon Collider is activated...

pickypainful : say whaaaat? freakin banks bin buildin a 'cellerator unner switzerlan to circulate dollar bills evva faster arahnd in circles an collidin em inna hope o findin higg's BONUS!

zooneh : FORGIVE EM, boss, FO THEY KNOW NOT WHAT THEY DO....

beulah : it da 'flation innit. they bastards caused it wi DISMAL SCIENCE

lavern : nah da BREAD ruined... yeast all chaos-ed up anna bread price risin alla time!

pickardthespacecadet : HARDON got be BIG man!.. ta cause all dis trouble...last thang we need here in space is dollars circulatin at warp speed an crashin inta wallstreet...gon cause a BIG BANG! markets gon implode inta a BLACK HOLE an DEflate a whole world economy into da void...

opkin : ah ben, wot inna fed, gee us iss day, our daily BREAD...

mish : "Before we get to addressing Roubini's blaming of the mess we are in on "free-market laissez-faire" philosophy, let's take a look at calls for Paulson and Bernanke to resign, and one other post on "Socialism For The Rich"...."

ninja : ...."The Treasury committed to invest as much as $200 billion to prevent a collapse of Fannie and Freddie, protecting investors owning more than $5 trillion of their debt and mortgage-backed securities. The U.S. budget deficit will grow next year to $438 billion, the Congressional Budget Office said today, making it harder for President George W. Bush's successor to either cut taxes or increase spending.”

That should make yields start to crawl up and eventually spike. There is a tipping point. Nobody knows where it is, but rest assured, it is out there somewhere."

spider : boss wake up! ...'flation celleratin! -

Barratt warns house price falls acceleratin

'cat : alla 'VESTMENTS srinkin atta faster rate...itta folt o a HARDON ACCELERATOR...

press : Bankers receive death threats over 'end-of-world' experiment

"The bankers behind the world's biggest ever economic experiment have received death threats from critics who claim it could cause the end of the world.

Federals are attempting to recreate the forces that occurred in the immediate aftermath of the GREAT DEPRESSION, which created the universe.

The £5.4 trillion machine at BUST, the BANKERS, USURERS & SUCKERS TRUST based near Geneva, will be switched on this Wednesday .

Some of the HEDGE FUNDS working on the experiment, who include a FAMOUS WHINER and a former SHOE SHINE BOY, have received threatening emails and been besieged by telephone calls from worried members of the public who fear the machine could cause deleveraging and 'flation that will destroy the world."

picklesthegerkin : so ats how it appen! ....greed an hubris builds a HARDON to spin dollas atta speed o lite an itz all gon pear shape! ..nah itZ all hell let loose...chaos warpin allit touches an turnin a DOLLA inta a genital wart!

zooneh : 'KINELL! ...folks gotta wear a condom wen ay buys dollas!

THEY THINK IT'S ALL OVER...

PALLOKAVILLE stardate capitulation day +3

PRESIDENT PAULSON

TIMES : "Despite the lack of detail and absence of any signature on the $1 trillion cheque, Henry Paulson, the US Treasury Secretary, was hailed as a hero by traders on Wall Street yesterday after he managed to erase the worst week on the New York stock markets since the 1929 Crash....

...John McCain, Mr Obama’s Republican rival, however, sought to distance himself from the bailout by claiming that the Treasury’s policy in funding private-sector bailouts should be more consistent and suggested the Federal Reserve may have gone too far in its role in recent rescue operations. Only a year ago, Mr McCain had remarked that he did not know a great deal about economics....
Perhaps seeking to indicate the difference between himself and President Bush, he said that the Treasury “must have well-developed remedies for a financial crisis”.

“With billions of dollars in public money at stake, it will not do to keep making it up as we go along,” he said....

...Carl Icahn, the billionaire shareholder activist who attempted and failed to seize control of Yahoo! this year, described the bailout as crazy and inflationary hell....The Times

mish : The market called Bernanke's Bluff, and came close to a virtual meltdown.. For now, Armageddon was Postponed as Fed Intervenes In Money Markets.

The list of reasons the financial system is unsound grew massively today, by the tune of a $1.2 trillion taxpayer funded bailout designed to bail out the wealthy at the expense of the poor.

Earlier today Paulson has the gall to state "this will cost the tax payer less than the alternative".

No one bothered to ask why it should cost the taxpayer anything at all.

Furthermore, Paulson once again proved he needs simple arithmetic lessons. Shifting losses from those who should bear them (stock and bond holders of failing companies) to the taxpayers is not going to save the taxpayers a dime, rather it is going to cost them plenty, $1.2 trillion plenty as noted in US Taxpayer: A Giant Dumpster For Illiquid Assets.

The Whole Truth And Nothing But The Truth?

Of course not.

Bernanke did not really admit the truth, he only hinted at it. Congress was too dumb to pick it up. The truth is the US financial system is insolvent... mish

peteyasaddo : yo! innit!... it aint ovva...no way! a very fat lady gon sing...

sing aht lahd...sing long an deep an hard...fo a times... ay arrrre a.. channnginnn!

yo say hi I say low..I don know why you say a high...I say a low...a lower low...I don know why you say a-high...I say a-low

THE AVENGERS TAKE OVER..!!!

GREY HOUSE lawn PALOOKAVILLE stardate capitulation day +3

it lookes like the three stooges + someones brother-in-law standing outside the french doors to the greyhouse garden....giving a press conference onna state o a union after the blitz.

DOCTOR DOOM has been attacking the western economy with anti-money created out of nowhere by the one armed bandit atta LAS VEGAS FED... left THERE, as it turns out, fo a apes to find... by none other than DD hissel.

the anti-money has reacted with the ponzi-money in WALL st. to cause a massive deleveraging black hole that is turnig banks inta fallin dominoes and now the three stooges have asked the FANTASTIC FOUR to come to the rescue....

peteyapainter : yo! sh*t innit?...me an beulah here hidin inna shrubbery by the french doors atta greyhouse!
only we can see what the three stooges are wearin unner a stuffed shirts.... it be blue unnerwear...long blue unnerwear wiya 4 inna white coycle onna chests...

the tall, bald one who is meant ta be PRESIDENT paulson is really READ RICHARDS the elastic man... an he be gon stretch hissell arahnd a TOXIC 'vestments an lock em away inna negative zone.

the short, stocky guy wiya squinty eyes is ex-president brush aka the thing an he gone clobber alla investors that sell oat!

the guy next ta im is a WIZARD O OZ .. .aka the human torch an he be gon shout 'flame on' an fly arahnd a place chukkin dough atta folks onna grahnd!

lastly, the brother-in-law gon be a invisible girl an he gon disappear somewhere!

so far the FF have lost every battle to DD an now they look pretty shagged out an lost for what ta do nex...

paulson : look out! DOOM's about!
torchy : FLAME ON...
brush : ITZ CLOBBERIN TIME!
invisible girl : include me out!...

peteypantywaiste : yo! sh*eeeettttt!!! DD is winnin hans dahn anna dominoes is topplin...

AVENGERS ASSEMBLE!

Yaaaayyyyy!!!! alla gang inna countin house gone apesh*t cossa it ovva nah!!! a VENGERS ere an DD gon be whupped bad.

pretty soon alla msn wot shudda know betta is droolin allovva a beers an busted stocks is risin an a sun commin aht...

woz it the sight o CAP an BUCKY, or was it THE SCARLET WITCH? we may nevva know but all ovva a wurl markets is FIXED an a NEW DEAL is... 'vestments can only be INvestments an
go up alla time...alla suckers wot was hopin to invest atta fair price has been SLAPPED SILLY by aVENGERS anna FF...

to be continued.......

GRAVITY POSPONED

he gets inna elevator...hic..hic..but he don't go down..!...INNIT!

game over man! BANDIT ONE...suckers NIL...

msn fulla it today...they so funny...but ay so wrong...per usual...

PANDORA IN REVERSE...INNIT..!

...alla shit guz back inna box...They gon putta dolla collida inta reverse an it create a brown hole...anti-moneh is sucked back outa a system and a grill in place ta stoppa ponzi-moneh from disappearin...

read richards ovva FF gon construc a vacuum dumpster inna negative zone ta clec an hold a hole alphabet soup a crap at woz invented inta reality by a rocket scientists in WALL ST...

the thing gonna clobber alla short sellers anna invisibles girl gon telekinet alla it out inta negative zone!...

THE WATCHER gon looka ovva way wile it all done cos, as he was lookin away while it all be created,...he don wan spoil it nah...

WOBBLYA he gon stan onna bridge o a DORKPRIZE an declare victory fo the USSA.

IT STARTED ON WALL ST.

PREVIOUSLY on capitulation day

MMMMMMMMMMMMMMMMMMMMMMMMM...................................................................

whahoppen? wattat ssahn?

sayin stop! hey..whats that sound? evvabody look whats goin down.....STOP! hey whats that sou...

itta DORKPRIZE innit.... enjin stopped...that the sahnd o silence man!

clouds hang over world stock markets and the ticking grows ever louder in the still silence...the countdown has begun and soon the alien HEDGE FUNDS will, in unison, start to attack the last surviving banks and financial stocks....

in NEW YORK the aliens are eatin skyscrapers an wall st. will nevva look a same agin....

DAY 2......PRESIDENT paulson has taken command of the United Flakes Dorkship... Turnerprize.... joined forces with the OLD EMPIRES and fired off a simultaneous $multi-billion mega liquidty torpedo.

President Paulson has also put out halucinogenic NEW IDEAS to thwart and destroy the alien HEDGE FUNDS before their relentless short attacks can liquidate WALL ST.

SUCKERS RALLY?

Markets have rallied by A LOT! on news of the emasculation of the SHORT SELLERS who have been stuck together by a Lepage glue gun fired from the Turnerprize by theWATCHER'S men.

The large bald dude inna toga takes action at last! the market, FIXED IN TIME FOR THE ELECTION, has FORGOTTEN the alleged recession and the fact that the workin stiffs is skint!

It is as if THE WIZARD OF OZ has waved his wand and all is now perfect inna perfec world!

WAIT A MO...WATSISS?

bazza's pal : " The bear raids on the banks and brokers were NOT a case of piling on by US based hedge funds. And from what he was seeing and hearing about in terms of order flow, the vast majority of the financial short selling the past week or so were being done overseas. It appears that the lion's share of shorting was coming out of overseas bourses such as London and Dubai.It may not be a coincidence that the financial short selling ban is both here and in London...

...Then there is another coincidence: The huge increase in shorting of the financials occurred on the anniversary of 9/11. And on top of that, the same institutions attacked on 9/11/01 were the ones suffering in recent days."

onna nother note...

bazza...The grand irony of all this is that Naked Shorting has been very profitable for the big broker dealers, like Morgan And Goldman and Merrill and Lehman. They have looked the other way for years, and the SEC has been AWOL on this issue.

Short sales require a locate (shares to borrow) and then a subsequent delivery. It should take less than 3 days to deliver the borrowed shares, but instead, delivery is often delayed indefinitely. Failure to deliver leads to a margin charge, which can be as high as 9-15%.

If you want to know who to blame for the past 5 years of naked shorting, you only have two places to look: The Financial brokers themselves, and the non-feasance of a feckless SEC." The Big Picture

to be continued...

ROCKIN ALL OVER THE WORLD

ninja : "Wow. Just amazing. The futures popped early in the morning on the news… then started drifting down again. While still positive, the futures look and feel limp.

Basically this action is like taking the defibrillator to a patient and just ‘giving her’… and declaring that this will ‘heal’ the twitching patient… Unfortunately the patient is long dead, and the twitching will stop when the current from the defibrillator stops.

You can’t bring back the dead with a defibrillator. You can’t bring back dead banks with more liquidity. We are heading for Japan v2.0.

Think ZERO percent interest rates and think DEFLATION. Think LOST DECADE. Think DEPRESSION. Now make all that GLOBAL.

That is what we have to look forward to." the financial ninja

peteysan : Turning japanese!..turning japanese!..yes i think so....

mish :Proactive Stupidity....China, Russia Intervene In Equity Markets

peteyski : BACK INNA USSR

bloomberg : ``It is likely that we will see a much heavier regulatory hand that, in the end, is going to saddle lots of companies with unnecessary costs and damage our market system,'' said Poole, a Bloomberg News contributor.

Foreigners' appetite for investing in the U.S. may also be tempered by the impact of the crisis on the economy. Allen Sinai, chief economist at Decision Economics in New York, said the U.S. is in for an extended recession as the financial- services industry -- a major source of increased productivity growth in the past -- consolidates.

``The federal government assumes that it can borrow whatever it wants from foreign lenders at low interest rates for as long as it wants,'' said David Walker, former comptroller of the U.S. Government Accountability Office who's now head of the Peter G. Peterson Foundation in New York. ``That's an imprudent assumption.''

peteyville : PEAK AMERICA innit,,,

THE FUGITIVE 2

it wernt me wot dunnit...they woz iss one armed bandit wi a lever wi a nob onnit.....the bastard been creatin dollas fo years outa nowhere and wi out noticin it...anti-dollas woz created inna equal amahnts.

yo! sh*t itta fan!..innit. PRESIDENT paulson has had to get help from a rest o a wurld

ta fight offa da hedgies an save democracy an apple pie....

Bloomberg : "The action is the latest attempt by central bankers to coordinate their response to the financial crisis. In December, they joined forces to boost dollar liquidity around the world after interest-rate reductions in the U.S., the U.K. and Canada failed to ease concerns about bank lending.

Failure to ease markets will see central banks inject even more cash, said Robert Barrie, an economist at Credit Suisse Group in London. Other options central banks could take include accepting greater collateral denominated in foreign currencies and increasing lending to banks abroad.

``The lack of dollars has been making the financial crisis worse around the world, which is why we now have this coordinated response,'' Barrie said."