Showing posts with label bust. Show all posts
Showing posts with label bust. Show all posts

Friday, 13 November 2020

THE EYE OF THE STORM

yo!.. they think it's all over... innit? 


here in palookaville..

folks alla watchin a msm...

but it ain't news..

itta distraction..

it's called hazing..

get an keep yo attention..

wiv daft stuff..

lak trump an bollox lak at..


FAT LADY NOT SINGIN YET


Virus Growth Uncontrolled

On November 2st the U.S. had a 44% increase in daily COVID-19 to 93,581. The chart below indicates the second wave of infections did not decline to the first wave low. Thus, experts forecast a third winter wave peak of cases will be higher than the second spring wave peak...

Economic Activity Contracts


Unemployment Rises


Personal Income Falls


Consumers Miss Rent and Home Mortgage Payments


Rent and Mortgage Moratoriums Fail


Consumers Use Credit Cards To Make Payments


Small Business Landlords Default on Mortgages


Home Owners Default on Mortgages


Consumer Spending Dives


..For investors, this is the time to prepare for a possible severe economic storm coming this winter. Scott Minerd, Global CIO at Guggenheim, observes that we have a pause now giving us time to prepare for an economic whirlwind:

“the relative calm  we feel in the markets right now isn’t the end of the storm, it is just the eye, it may seem like there is no storm at all…yet the worst is yet to come.”

check out the full article..


and this..

https://slopeofhope.com/2020/11/pfuck-pfizer.html


an don't forget..

this is all just my own opinions..

based upon articles from the www..

so don't go doin stuff..

this is all just fo fun...

read the disclaimer..


and this comment from mish's site..

12 hrs

Here are the daily case:death numbers for November (USA)

so far, 

from worldometer..

Nov 1 Su 71,321:399

Nov 2 M 88,905:522

Nov 3 T 94,463:1199

Nov 4 W 108,352:1200

Nov 5 Th 118,204:1125

Nov 6 F 132,540:1248

Nov 7 Sa 127,894:1035

Nov 8 Su 109,659:544

Nov 9 M 127,316:641

Nov 10 T 135,653:1346

Nov 11 W 142,808:1478

Nov 12 Th 151,033:1090 (so far today)

The trend of new cases is exploding in the US. One only has to compare numbers to a week earlier. Every single day this week the case numbers increased by over 30k compared to 7 days earlier. Hospitalizations are increasing several thousand per day as well. If hospitals fill up like they did during the first wave, the US is going to see some ugly death numbers again.

Trump is still in charge until inauguration day. What is he doing about it? Tweeting, golfing, having tantrums, and firing people.

Worst President ever.

Realist
Realist


Sunday, 10 May 2020

THINGS TO DO WITH BILLIONS WHEN YOU'RE DEAD

yo!.. royally fucked... innit!


in palookaville..

it's much worse than you think..


THEY THINK IT'S ALL OVER


all a big palookas..

are opening up a conomys..

they don't give a fuck..

about anybody else..

people losin money..

people losin jobs..

people goin nutz..

business goin bust..

palookas need ta git elected..

priority calls..

fuck you..


IT IS NOW


never mind the bollocks..

no need ta plan..

don't test, don't tell..

ain't nuthin but..

a little bitty flu..



COMING UP


nobody could have forseen this..

it's not governments fault..

the fed has got our backs..

the president will protect the people..

all the jobs will be back soon..

making palookaville great again.. 

 


 

 


Wednesday, 22 April 2020

SLICK OIL : THE BOOM THAT WAS

yo!.. sick not slick... innit!
 
 
dig this man..
 
they want ta fill..
 
the great palookaville lake..
 
with something so crude..
 
it will kill alla fish..
 
this calls fo a mass debate..
 
 
THE GREAT OIL SPILL


 

Also on Tuesday, the Texas Railroad Commission punted on the idea of mandating production cuts. Two of the three commissioners were uneasy with the idea of voting on the proposal. Ryan Sitton, the one commissioner in favor of requiring a 20 percent cut in the state’s production, argued that not voting was itself a decision, allowing the market to mete out production cuts in a disorderly fashion. “I don’t believe that inaction on our part is acceptable,” Sitton said.

Meanwhile, there are other ideas for government intervention. The oil and gas industry is lobbying the Federal Reserve to loosen its $600 billion lending facility to allow drillers to use funds to repay debt, according to Reuters.

In addition, the “Treasury [Department] could guarantee loans to distressed firms in return for equity stakes or senior debt, and Washington could use its voting shares to compel shut-ins (i.e., as part of a bargain with OPEC+),” ClearView Energy Partners wrote in a note to clients.

While the oil market drowns in oversupply, there also seems to be a glut of unusual policy responses coming from Washington aimed at bailing out the industry.

But in the face of demand destruction on the order of 25 to 30 million barrels per day (mb/d), there is very little that the U.S. government can do to head off steep production losses and bankruptcies.
 




My Plan
  • Stop the bailouts.
  • Let the oil speculators go bankrupt.
  • Let the financers take it on the chin as well.
When Does the Crash Stop?
  1. When producers stop drilling oil that is not needed.
  2. When the speculators putting on "paper oil" trades get wiped out.
Paper Oil
Oil is another example of leveraged trades. Even more so than gold, speculators will not take delivery.
For discussion of delivery issues related to gold, please see Gold "What If?" Silliness
Only Plan We Need
It's time for personal responsibility, not bailouts of favored industries.
That's the only plan we need.
Mike "Mish" Shedlock



Sechel
 Not that it would matter I think but those production cuts Trump negotiated don't take effect for a while. OPEC is meeting to enact them sooner.

Now for the silliness.

Trump wants to buy oil from U.S. producers that they keep in the ground and safe keep for the U.S. Good luck keeping track of that. 
 Seems like a cash gift
Trump is also toying with the idea of an embargo on Saudi oil purchases.

There won't be any demand until world economies start opening up again. 
We're talking a few months but it won't be like before. 
Silly for governments, our government to try and stand in front of this. 
We need to let this play out. 
Market will address it. 
High cost sites will cap wells. 
If some firms go out of business, the oil will still be there or creditors take over the company. 
We don't need to bail out hedge funds and stock holders.
Market is projecting prices recover somewhat in a few months. 
 Politicians should make note of that


Being honest is painful but freeing. Once all the ugliness is exposed to sunlight, then healing becomes possible. As long as reality is cloaked, hidden, explained away, etc., the destruction only deepens until complete collapse of the masquerade is the only possible outcome.
We've reached that point: we can no longer deny the U.S. economy is little more than a grab-bag of skims, scams, fraud and corruption. Even if Covid-19 vanished from the Earth tomorrow, or the entire economy opened tomorrow, the collapsing of the fraud bubble cannot be reversed, any more than the addict can be "cured" with some makeup to mask the devastation and clean clothing to hide all the tracks.
Let's start with the most risible fraud: "value." Every skim and scam claims to be "creating value" for shareholders, customers, the planet, etc. But it's all fraud and lies. No value is being created; what's really happening is entrenched insiders have established corrupt relationships that funnel income streams into their own pockets at the expense of everyone else, who must be kept in the dark about how the skim/scam actually works.
 
We don't just have financial bubbles that are popping; we have bubbles in trust and credibility that are popping, too. All the lies, skims, scams, excuses, frauds, bezzles, artifices, profiteering, promotional schemes and rackets are unraveling, not because the virus shut down the economy but because the enormity of all the corruption, lies and fraud is now so great that the entire status quo is collapsing under its own weight.
 
THE CENTRAL SCRUTINIZER
 heh heh heh..
 so ya see..
here in palookaville..
we got alla bases covered..
heads we win..
 tales you lose..
innit!
 
 
 

Friday, 7 August 2015

INTEREST IN RATES

WTF Do I know about anything? 

I'm just a babe who likes to party.

I do however read other folk's blogs

Just look in the side bar to see.

Here at uBABE Financial we don't read the mainstream press

Well not much

We read Mish mostly

So this is what we think about interest rate hikes

Forget it

aint goin ta happen

 anytime soon

Why?

Because governments are bust as well as banks

They spent all tomorrows money yesterday

So how they gonna let interest rates that they must pay on their debt 

rise?

no brainer innit.

Also

The ZIRP is all that's proppin up the economy

Tech boom

construction boom

property boom

stocks boom.

Well it all be gonna be evaperate

IF rates rise.

So forget it

go back to sleep.

Dream on innit...


an o course this jus my opinion so

take no notice sukkers..



Sunday, 22 February 2009

BYE BYE EURO GOODBYE

yo!...free meal deal...innit!



PALOOKAVILLE FINANCIAL
capitulation day
+153...


..all the talk here in palookaville is about...

...the euro...


WHO PAYS THE PIPER...INNIT!


...will it be saved by german largesse?...

...or sunk by revolt at german diktat?...




...don't panic! don't panic!...


...they won't like it up em!...

...who the germans or the 'others'..?


...this thing has further to run...

...has legs as they say...

...everybody march in step...


...and don't mention the goose..!.



HOLIDAY OF HOLIDAYS


...beulah an me are lookin forward...

...to more holidays in italy and spain...


...it really is ridiculous that we should have to buy euros...

...to spend there...

...what idiot made prices the same in all the european countries???

...but not wages!..?


...we want our cheap holidays back...

...and you want to keep your jobs...


...so come on guys...

...get with the plan...

...bring on the lire and peseta..

...set your own interest rates...

...and float...


...let the market decide what your currency is worth...


YOU KNOW IT MAKES SENSE


...so what is wrong with flexibility?...

...if the trees don't bend in the wind...

...they snap...


...we love to visit you and eat your food...

...but you are pricing us out of your market..


...let the germans and the french...

...be the expensive destinations...

...



Saturday, 7 February 2009

THE MORE I OWE, THE MORE I MAKE

yo!...some are more equal than others...innit!


PALOOKAVILLE FINANCIAL
capitulation day
+137...


...palookaville 2009...


...debt has reached the nexus phase...

...retirement is not an option...


...the debtists have passed new laws to increase debt - quantum time...


...the cure for debt is debt...


...long live the debt!...


...their friends the boomists have lobbied hard for this day...


...they believe in perpetual boom...



IGNORANCE IS STRENGTH


...nobody knows what we've done...


...they're all so f**kin thick...

...we keep them up to date with what is happening in the soaps...

...with who is F**king whom...

...they check their 'phones every minute...

...to see who is "on the bus" or "at the checkout"...

...meanwhile we f**k them over...


...we bury them in debt, we take away their savings or at least their interest...


THE MORTGAGE-GO-ROUND



...we give their money to the debtors...

...the more they owe, the more they make...


...we hate savers...

...so we rob their savings...

...we f**k up their investments...

...we rob their pension plans...

...


WAR IS PEACE


...war is good...

...it increases economic growth...

...bullets and bombs must be replaced...

...we can start a new war any time we want...

...all the twats will be watching the soaps...

...or reading about some sports or movie or soap "star"...


FREEDOM IS SLAVERY


...we will be the spender of last resort...

...all their money is ours...


...we create it...

...so we shall spend it...


...big goverment sets you free...

...cradle to grave without the need to think...

...like mushrooms, we keep you warm, in the dark...and covered in sh*t...


...we decide how much tax you will pay...

...and how we spend your money...

...we provide your education and health service...

...and we decide what quality of care you get...


...we tax your income and your spending and your saving...

...you get to decide who wins big brother...



...Ha ha ha ha ha ha ha ha ha ha ha ha...



THE GOVERNATOR


...the great depressionist artist...

...arnold terminator...

...is trying to balance the budget...


...the debtists just don geddit...

...they think the boom can be restarted...

...in time to save their bacon...


...but...


...perpetual boom is an illusion...

...the boomists have done their best...

...but...

...now it's over...

...bust follows boom as night follows day...

...

ZOMBIESTEIN

...they like to keep their money off shore...

... in tax havens and secret accounts...

...not here in zombiestein...

...land of the living dead...

...where all that moves is subsidised...

...state owned...

...insolvent...

...devalued...

...


Thursday, 5 February 2009

A DEPRESSIONIST MANIFESTO

yo!...academic...innit!



PALOOKAVILLE FINANCIAL
capitulation day
+135...


...the last great movement of the old century has died...


...debtism and all of it's proponents are discredited...

...the academy has looked in vain for it's return...

...but...

...the boomists are just a bunch of art clowns and have no substance...


SINIFICANT I TRANSENDENT


...the momentum is with the depressionists...

...they see the future as different from the past...

...where there was credit...

...there is debt...


...where there was growth...

...there is contraction...


...where there was inflation...

...deflation...


LET THERE BE SOLVENCY


...in the beginning there was trade...

...then there was finance...

...then there was leverage...

...then there was debt...

...then there was darkness...


DEBTRUNNER


...household debt has reached the nexus phase...

...but...

...incept dates have failed to retire the nexus debts...

...a new bread of financial police have been created to default the debtors...

...this is not called bankruptcy...

...this is called financial murder...


The plight facing Britain is uncannily similar to the 1930s, since prices of many assets —from shares to house prices — are falling at record rates, but the value of the debt against which they are held remains unchanged.

This “debt deflation” is among the most painful of all economic phenomena, since it means the amount families owe increases each year even if they borrow no more.


LET THERE BE LIGHT


...the banks have sought to keep us in the dark...

...they are lying about their exposure to toxic assets...

...the boomists are feeding them ever bigger gobbits of our money...

...what we get in return is...

...the mushroom treatment...

..."keep em in the dark and cover em in sh*t"


...meanwhile they continue to pay themselves huge bonuses...

...with our money...


BOOM BOOM BROWN


...the king of the boomists...

...is trying to create a zombie state...


...you start with a client state...

...where everyone is on the payroll...

...then you bankrupt the country...

...then you reflate the bust banks and property bubble...

...then you tax everything that moves or breathes...

...until all economic life is dead...


petey : hello? anyone out there?


Saturday, 24 January 2009

ONCE-UPON-A-TIME IN THE EAST

yo!...bad day at black rock...innit!



PALOOKAVILLE FINANCIAL
capitulation day
+122...


...in palookaville everybody goes to meet the train...

...so you can understand our dismay when we are met there by four horsemen...

...three of em are wearin long dusters...


...the fourth is roy rogers...


...the american engine has failed to decouple from the eastern train...

...an now it looks like they all goin over the cliff together...

...the stuffed shirts have caused all tomorrows spending to be spent yesterday...

...an now china is full of dollars an we are full of sh*t...


ALL TOMORROWS PARTIES


...roy says that the west is finished and in particular...

...that the pound is sunk, the oil all gone an a banks in debt...


...sell evva british thang ya got boys...fill yo boots wi oil an gold...

...this sukka goin dahn...innit!...


AN IT'S AN EARLY BATH FOR STERLING


...the pound has taken an early bath...

...and everyone is laughing they bollox off...

...but the guys in the dusters is waitin fo the train...

...they have blown the bridge...

...and the great eastern is goin over...


...seems like they chinese was balancin on a wooden cross in a spaghetti eastern...

...dude with the wicked smile was playin a harmonica...

...only it was a double cross...



THE GHOST OF ELECTRICITY

Lights go out across Britain as recession hits home

Electricity demand falls as economy slows at fastest rate since 1980



China Powers Down..."The global recession has meant a big decline in demand for iron and steel. That has meant sharp decreases in electricity demand from China’s metal producers, which have been leading the country’s demand for increased electricity production.For November, the Chinese government expects total power generation to fall by 7 percent compared to November 2007. That drop follows a 4 percent decline in October. This will mark the first time in recent history that China’s power demand has fallen for two consecutive months. Falling power demand mirrors a decline in exports. In November, China’s exports fell by 2.2 percent compared to November 2007. That’s the biggest year-over-year slide in exports since April 1999. Foreign investment is also falling. According to the latest Chinese government statistics, foreign direct investment fell by 36.5 percent in November, when compared to the year-earlier period."


THE DOLLAR YOU GET YOU DESERVE


...in china they know a thing or two about dollars...

...they have all of the real ones in a box under the bed...

...peraps they know a way to enhance their value...

...maybe then sell a few...


IN THE WHITE ROOM...WITH BLACK CURTAINS



...here in palookaville the train is late...

...come to think of it...

...so is the ship...
















Wednesday, 21 January 2009

STANDS WITH A BOWL

yo!..home ta roost...innit!



PALOOKAVILLE FINANCIAL
capitulation day
+119...


...the story so far...

...a new american president has gone supernova...

...but...

the great british dictator has gone brown dwarf...



NOT THE END OF THE BEGINNING


...the weather is turning icelandic...

...but...

...so is the pound...


THE WHITE POUND

iain martin : "They don't know what they're doing, do they? With every step taken by the Government as it tries frantically to prop up the British banking system, this central truth becomes ever more obvious.

Yesterday marked a new low for all involved, even by the standards of this crisis. Britons woke to news of the enormity of the fresh horrors in store. Despite all the sophistry and outdated boom-era terminology from experts, I think a far greater number of people than is imagined grasp at root what is happening here.

The country stands on the precipice. We are at risk of utter humiliation, of London becoming a Reykjavik on Thames and Britain going under. Thanks to the arrogance, hubristic strutting and serial incompetence of the Government and a group of bankers, the possibility of national bankruptcy is not unrealistic." telegraph...


ninja : ..."All the growth in tax receipts linked to real estate and financial services was of course was nothing but an illusion. Those tax receipts are gone now, almost certainly never to return. Most of the financial firms won’t record profits for years and when they finally do, they will have years of losses to carry forward. The net result will be a giant, prolonged corporate tax shortfall.

In the meantime, the government is throwing good money after bad. This is of course plunging the country deep into debt. Just like in Iceland, although to a lesser degree relative to GDP, UK banks have liabilities in other currencies. As the pound goes into free fall, these liabilities explode in value crippling the banks. As the UK issues more debt to stabilize the banks, even more pressure is put on the pound. A vicious, debt death spiral could easily be sparked."...


jim rogers : ...“I don’t think there is a sound UK bank now, at least, if there is one I don’t know about it,” he says.

“The City of London is finished, the financial centre of the world is moving east.”
“All the money is in Asia. Why would it go back to the West? You don’t need London,” says Mr Rogers.

Mr Rogers thinks the pound is more vulnerable than the dollar or the euro.

He says the UK housing market is arguably in a worse state than that of the US, given pockets of strength in the US and prices that are sliding across the board in the UK.

Meanwhile, he says, the UK is in worse shape economically than the eurozone, where most countries are not big debtors and do not run huge trade deficits.

“If the UK discovers more North Sea oil, I might change this view,” he says. “But I don’t see that happening.” FT


ticker : ..."There is exactly one way to resolve this problem - the banks must be "crammed down" through forcible reorganization, and we must stop bailing them out and handing them money.

We cannot recapitalize them through taxpayer donations, for through that path we only delay the inevitable. We do not have the ability to "manufacture" or "borrow" the three to five trillion dollars it would take to cover those losses - a full fifty percent increase in our federal debt, on which we would pay hundreds of billions of dollars a year - forever - being a permanent drag on GDP. Such a path will only lead to more insolvency as the crimp on GDP will inevitably lead to more job losses, more credit losses and more malaise, ultimately resulting in the very collapse that the proponents of this path claim to be trying to avoid."...


THE DAY AFTER TOMORROW


matthew lynn : ..."
One thing is clear, though: The world won’t go back to the debt-fuelled, globalization-crazy world of 2007."

“Unlike previous postwar contractions, the problem the global economy now faces does not primarily stem from a temporary mismatch between output and demand,” Stephen Lewis, chief economist at Monument Securities Ltd. in London, said in a note to investors. “It arises, rather, from the breakdown of the financial system, and the process of wealth-destruction that has set in train.”

Three Tasks

The question now is how Obama can take the lead in fixing that. Here are three places he could start.

First, ditch ideological hang-ups. The debate on how to move on from the credit crunch is fast turning into trench warfare between the traditional advocates of big government and the die- hard supporters of the free market. That isn’t getting us anywhere. The free-market camp needs to recognize that there wasn’t enough supervision or regulation of the financial markets. We are going to need more rules.

Likewise, the big-government camp needs to understand that more spending and government meddling won’t fix much either. We don’t want to lose the growth, dynamism and opportunities that flowed from the free movement of money, ideas and people across borders. The path to be steered will have to lie somewhere between the two extremes.

Rules for Banks

Next, new rules on the way banks operate are needed. It is clear that the global banking system had ignored the risks building up over many years. The incentive systems had become perverse. New capital requirements will have to be devised for banks to stop excessive risk-taking. Institutions such as hedge funds and private-equity firms will have to be brought into the system: They play too big a role in the financial markets to be left unregulated. And the rules need to be global. There is no point in changes being made country-by-country. That way we lose all the benefits of globalization.

Most importantly, the imbalances need to be fixed. Too much capital was being recycled through the global financial system. Some countries -- China and Germany, for example -- exported and saved too much. Others -- the U.S. and U.K. -- imported and borrowed too much. That will have to be rectified. It is no good having one lot of countries telling everyone else to consume more unless they are also willing to consume less. That will hurt. But there is no way of avoiding it. Where the last president had a war on terror, this one needs a war on financial bubbles, and that requires a more balanced global economy."bloomberg...



peteynation : foolin alla the people alla the time is difficult...

...1997 - 2007...

smoke an mirrors...profits of wax...

...less of the benefit...

...more of the tax...



Sunday, 11 January 2009

THE MORE I SAVE...THE MORE I LOSE

yo!...hell hath no fury...innit!


PALOOKAVILLE FINANCIAL
capitulation day
+109...


...on sunset boulevard...peterthepainter lies...

...face down in vilma banky's pool...

...beulah...a famous ex gansta's moll...

...has shot him inna head with a reactivated .45...



...the lazy, painty b*stard had shrunk the pension stash...


GIRL ON A RAMPAGE



beulah : who soever seeks ta f**k up mi finances shall...pay!...

...itz that brown wot done it...

...alla msm bollox are too scared ta tell atruth...

...he caused us ta lose...

...our pension stash
...our holiday...our savins interest...


BROWN : BLAME ANYONE BUT ME


...he allas sayin it were a sub prime or it caused by america...


...he says he saved the world...that he saved the banks...


...but the banks is still bust...an they won't lend...


...an they gon be commin back fo mo...



BOULEVARD OF BROKEN DREAMS


edmond conway :..."

Definitive proof that the Bank of England saw the financial crisis coming


edmond conway : ..."As we wrote in our City Comment that day: "One statistic in particular shows precisely how exposed the City is to the bursting of the household debt bubble. At the beginning of 2001, our banks were not lending customers any more than the total amount of deposits they held. By the end of 2005, banks were lending customers £500bn in cash which simply wasn't in the vaults. Should customers default on their loans, these banks could be in trouble, having to resort to borrowing chunks of money at penal interbank rates."

Not only did the Bank's report, which can be found here (page 28 is the one on the funding gap - p30 on the pdf version), lay out the City's increased reliance on wholesale funding - it also warned that this leaves banks extremely vulnerable in the event of a slowdown. Now, the Bank was not the first to diagnose the seeds of the crisis: there were one or two hedge funds which were already trading on the likelihood of a UK banking breakdown caused by this reliance on securitisation. There were plenty of commentators warning on the excessive build-up of debt. But as far as I can tell this was about the earliest warning on the problems inherent to the UK mortgage market.

The report completely debunks the notion that the financial crisis came as a surprise to the City, or indeed the Bank. The Government had been warned explicitly not by some crackpot economist but by its own employees in Threadneedle Street about precisely how the crisis could erupt. Not only this, but the report also revealed that its "war games" plotting out scenarios including a credit crunch revealed that a debt-fuelled crisis could cause a severe UK recession, a 25pc fall in house prices and a wiping out of a third of banks' tier one capital - around £40bn at the time. It is difficult to think how it could have made more noise about the possible risks the debt build-up entailed...."


...Of course, the eventual crisis has been far greater than even this worst-case scenario, but remember that this was a warning delivered more than a year before the securitisation markets broke down in August 2007. Had it been heeded in Government, Northern Rock - not to mention the rest of the banking system - could very possibly have been saved from complete collapse. The UK could have been let off with a mild rather than severe recession. House prices could have been brought back under control, rather than booming again for another breakneck year of growth." Telegraph


HERE IS THE NEWS

...vilma banky looks out of the orangery at the leaves floatin in her new pool...

...yikes!...is that petey?...floatin there?


...petey is sayin nuthin...not because he's dead...

...thats just a minor detail inna much bigger plot...


...he's waitin fo beulah ta git dahn ta the msm bollox...


...she gon tell em fo sho...


...yo sat on yo asses an did nowt...

...while brown and his gang...


...bullied their way ta this bust...


...the plan ta bust the country was in place from the start...


...increase taxes, increase the public sector workforce, create a client state...


...put alla the voters onna state payroll, nationalise the banks...


...punish savers, rob the private pensions, complicate the tax system...


...increase treasury power, politicise the civil service...


HERE IS THE BILL


...a devalued currency...

...unsustainable public finances...

...insolvent banks...

...pension funds in deficit...

...no income for people who rely on interest on their savings...

...house price crash...

...negative equity...

...first time buyers kept out of the housing market...

...rapidly rising unemployment...

...stock market crash...

...commercial property crash...

...20% cuts in with profits policy bonuses...

...no jobs for graduates...

...middle class poverty...

...a new wave of violent robberies...

...car sales slump...

...tax revenues wiped out...

...massive national debt...


INDEXED LINKED PENSIONS FOR POLITICIANS


...and when you have gone...

...whether we recover or not...


...you and your gang will have the best pensions in the land...

safe from any inflation you will have caused...

http://www.spiderfan.org/comics/images/spiderman_amazing/032.jpg

Saturday, 10 January 2009

NEVER MIND THE CRUNCH...FEEL THE DEBT

yo!...film noir...innit!


PALOOKAVILLE FINANCIAL
capitulation day
+108...

sirens : aaaaaaahhhhhhhwwwwwwwww...
aaaaaaahhhhhhhwwwwwwwww

aaaaaaahhhhhhhwwwwwwwww....


camera : shot from below...lookin up...



...peterthepainter lies face down in the swimming pool...

...he is headshot an has forgotten how to swim...

...things are not as they once were here on sunset boulevard...

...vilma banky would not have approved...



BOULEVARD OF BROKEN DREAMS


petey : !!!glub?!bub!! blub!..


beulah : why aint the painty b*astard booked our holiday yet?

zooneh : t'currencies f**ked...innit!


simon heffer : ..."
As I expect the next few weeks to demonstrate, the horrors we are experiencing will soon be felt around Europe. Our position, which is now relatively bad, may soon start to look relatively good. That, too, should be no consolation. It will not betoken that our economic strategists have got something right; it will show, simply, that our commercial rivals are at last having as much grief as we are...."


mary an rosa : ..."With the credit crisis causing thousands of job losses in white-collar professions, ministers are engaged in crisis talks with major employers in a bid to find posts for the 400,000 students due to graduate from universities this summer.

In an interview with The Daily Telegraph, John Denham, the Skills Secretary, discloses that four well-known companies - including Barclays and Microsoft - have already agreed to take part in the scheme, provisionally called the National Internship Scheme.

He also refuses to rule out bringing forward plans to raise the school leaving age to 18 as an emergency measure to prevent this year’s crop of GCSE pupils adding to the ranks of the jobless.

With unemployment already approaching two million, some experts predict that three million people - one in 10 of the workforce - could be out of work by 2010. Another 550 posts were lost yesterday [fri] as Southeastern trains, the Newcastle Building Society and Bovis Homes, the house builders, added to the grim toll of job cuts since the start of the year.

Also this week, 1,200 jobs have been cut at Nissan’s plant in Sunderland, another 1,200 people have been made redundant at Marks & Spencer and 850 at Adams, the children’s clothes chain, while 2,700 jobs are under threat at Waterford Wedgwood, the crystal and china maker...."


simon : ..."It has been said that many economists backed this week's rate cut, as if that is supposed to reassure us. The death of Sir Alan Walters reminds us of his almost lone opposition to the 364 economists who wrote to the press in 1981 saying that the monetarism practised by the Thatcher government – especially the avoidance of debt and the desire to balance the budget – was wrong. Within six or seven years, Britain was experiencing unprecedented prosperity and the country had been transformed. We then had a similar crew of economists telling us how essential entry to the European monetary system was.
I think we can all agree
that a period of silence from such people would be most welcome
...."


warburton : ..."I think from start to finish we'll do well to get away with a downturn of less than three years. If we consider that we started April-May last year, then we are hoping to get out of it in early 2011, so clearly we are in for a long haul here, with a major correction of relationships that had become entirely unsustainable. It will take time.

We should probably expect to see two years of minus signs in front of gross domestic product figures. We should be prepared for that.


simon : ..."In fact, even Mr Darling, the Chancellor, admitted this week that he really didn't have a clue what to do to put our economy back on the straight and narrow. Can we be surprised? He may have held various financial posts in government and in opposition, but usually in the shadow of Gordon Brown, and before that he was a leftie Edinburgh lawyer. I am not sure he can even read a balance sheet. I certainly wouldn't put money on many of his Cabinet colleagues being able to do so. Look down the list and try to gauge their hands-on business experience – try to gauge any real understanding about how wealth is created – and you pretty much draw a blank. If you ran a public limited company, would you ask Hazel Blears to join the board? Would you want Jacqui Smith chairing your remuneration committee? Would you be happy for Lord Rumba of Rio to sign off your accounts, or little Miliband to mastermind your product development? Quite...."


david b smith : ..."The Keynesian bandwagon has allowed the Government to go on huge spree, and the evidence from the 1990s is that you could easily have a situation where public spending holds up GDP but also induces a collapse in private sector activity which could be equivalent to the Great Depression.

The economy should return to its underlying growth trend with no permanent loss of output beyond that already caused by Gordon Brown's manic interventionism, unless the quack measures now being introduced by politicians make matters worse rather than better.

This happened with Roosevelt's New Deal and is likely to happen in the US, Britain and other modern economies.

We are producing a big package that looks like the kind of thing that got us into trouble in the 1970s. This looks much more like Edward Heath in 1972-74 than the more effective and well-thought out policies the UK carried out in the 1930s."



simon
: ..."To make matters worse, the Treasury has been politicised since 1997, so officials say what they think their masters want to hear, rather than what they should hear. The unthinkable is never thought. Economists with an alternative view are ignored and marginalised. And of course, the Opposition hasn't a clue either, or the time to have one between skiing holidays.

Only one thing will give us an economic revival. It is, and I apologise for being boring, the transfer of money from the client state to the productive and private sector of the economy. This means spending cuts and tax cuts. Everything else is simply propaganda."


andrew clare : ..."Standing there and doing nothing is really not an option. Yes, the end result will be higher inflation at some stage, and there is moral hazard in all of this, but we are beyond that point now. We have to help those people who are most vulnerable.

The Bank of England should buy assets, and I support Fathom Consulting's idea to embark on quantitative easing by buying property rather than other assets. This would get straight to the heart of the matter.

I think something like this is probably going to be needed at some point. Of course, we don't want any policy which unnaturally boosts housing market activity. But we want to make sure that we don't end up in a 1930s scenario.

We know that retail price inflation will dip this year. What we don't want is for that deflationary mindset to set in – people need to be reminded that it's a blip. We don't want them to do what the Japanese did and to start saving 15pc-20pc of their incomes."


THE SWIMMER

buelah : so what about our holiday inna canaries?

zooneh : yo!... jus look it how the cost has gone up...

...2008 feb. one week hotel £648
...flight £404
total £1,052

...2009 same week an hotel £946
...flight £569
total £1,515

add in euros fo spendin money at 30% more expesive...
...rate on our visa last year e131 per £1


beulah : so thats why that painty b*stard be swimmin
...

...in vilma's pool...

Thursday, 8 January 2009

BORROW YOUR WAY OUT OF DEBT

yo...the bollox are back in town...innit!


PALOOKAVILLE FINANCIAL
stardate : capitulation day
+106...


...desperate times call for desperate columns...


...it would appear that anatole has himself been crunched...


...what would mish say?...


...all roads lead to palookaville...it would seem...


Punish savers and make them spend money

Near-zero interest rates and even a tax on bank deposits are necessary to force those with cash to use it productively




I believe, in line with the vast majority of non-socialist economists, that Mr Cameron's campaign for savings is completely wrong; that “borrowing our way out of debt”, paradoxical as it sounds, is exactly the right prescription for our present problems. This paradox is easily explained: if governments or wealthy individuals increase their borrowings they replace weak debtors - bankrupt hedge funds, struggling businesses or repossessed homeowners - with strong ones and this helps to stabilise the financial system and sustain economic activity and employment. The country can borrow its way out of debt. But what I think is of little importance, especially as I have been wrong about so many aspects of this crisis - as have most conventional economists and policymakers, whose views I broadly share....


...Assuming interest rates are reduced to about 1 per cent today, it will make little difference to savers if they fall all the way to zero. To all intents and purposes, income from bank accounts will be reduced to nil.

The next logical step, although it may be politically controversial, would be to do the opposite of what the Tories suggest. Instead of reducing taxes on interest payments, the Government could tax all bank deposits and other risk-free savings. This would create a negative risk-free interest rate, encouraging savers either to invest in property, shares and other productive assets - or simply to save less and consume more. In either case, the result would be more consumption and physical investment, less unemployment and faster recovery from the slump.

In the absence of a savings tax - and even Mr Obama would probably balk at anything so controversial - there are plenty of other measures to boost consumption and investment. Most obvious are direct government spending on infrastructure; public guarantees and subsidies for business loans or home mortgages; or tax cuts and handouts, especially for those on low incomes who tend to spend all their money. The beauty of such policies in a world of zero or near-zero interest rates is that they are effectively cost free. In the present environment, extra public borrowing does not displace private employment or “crowd out” business investment.

There are plenty of objections to ever-increasing public borrowing, not just fairness and efficiency but also the moral hazard of creating a culture of state-dependence. But in a slump, when the alternative is business bankruptcies and longer dole queues, these objections make little sense.


PLEASE DO NOT ADJUST YOUR SETS


SENSE OF HUMOUR REQUIRED


beuhla : too daft ta laugh at innit!






Monday, 29 December 2008

BLOGGER OF THE YEAR

yo!...scrapin a barrel...innit?

PALOOKAVILLE FINANCIAL stardate : capitulation day+101


...in palookaville we take blogging seriously...


...as it is that most boring of times...xyear...we heah inna loft...


...are holdin a blogger o the yeah debate an vote...


peteypaint : welcome all yo dudes...ta the webs biggest blogfest...

zooneh : ahm gon vote fo mish...


beulah : WTF..!...zooneh!...yo gotta hear alla bullshit fo yo casts yo vote...

laverne : bighead git zoon...yo jus a tosssa...innit!


opkin : ninja gon be yo best fo hyper-bowl...i jus loves it when he ovva a top...

musky : he done some good posts man...

spidah : barry gotta fanciest new site innit?


halfcat : ah lak at gel from news an economics...she real sweet...
...anna stuff she write be...well good...

beulah : wimmen is smart man...they don jus bullshit...they research...

laverne : gon get me a blog one a these days...get some cred inna markets...


painteronnacisternceilin : don fo get armageddony...he done some good stuff...


zooneh : shoot! we done fo gotta market tikka...he really kicks ass man!

painteh : yeah...yo right onna moneh there zoon...

beulah : ha ha ha...thought yo woz votin fo mish?

zoon : f*ck off buely...yo stink is wot...


paintstain : cool it suckers...yo lettin a tone dahn...

opkin : wotta bout slopey and luny...they real good too...great charts...

zoon : then yo gotta include fraid ta trade...innit!


petey : (sotto voce) nb.dudes...alla these inna side bar...click em there...


LATER THAT SAME DAY



LATER STILL

painty : well i thank it be between mish anna tikka...but how will the votin go?