Another TGRR prophecy comes true.

[The Good Reverend Roger]

LOUDLY, I START SMACKING MONKEYS AROUND!

WHO DID THIS TO YOU, BUBBA?  THAT'S RIGHT...IT WAS YOU.

[Cain]

http://www.alternet.org/story/74620/

Worth reading because of the extracts from Chalmers Johnson alone.

[Bebek Sincap Ratatosk]

Dumb question: Where are the asshats who made a killing off of this subprime loan shit? Or are that many banks really that stupid?

I heard a report on NPR that a small percentage of some of the fraudlent loans happened in Chicago. Apparently, the local thugs went to federal prison where white collar criminals were also sent. Tough Thug + Smart Nerd= Night School in the Big House.

The thugs came out of prison and started a business selling real estate. Apparently they would take homes owned by someone in the organization, buy it, appraise it at a much higher price and then approve fictional people (or other people in the group with fake id information) for loans on the property. Then they immediately sold the loans to other banks. After they did this several times, the fake identities would disappear and the real estate company closed and disappeared.

Thus leaving some bank with a big debt and property that they couldn't possibly cover the debt with.

I think there have been a number of arrests on this, and the NPR reporter was quick to stress that this wasn't THE MAIN cause, but rather an example of how badly the market was managing things, that such an obvious scam was so successful.

It was also noted that there are now several Internet businesses that you can pay a fee to and they will provide employment records and references so you can get a loan. You basically pay the $80 and they will tell any bank that you have X salary and been working there for X years... apparently some banks gave loans based on these references.

[Thurnez Isa]

the stock market slide must not be that important
since the top news story right now is Heath Ledger's autopsy

[Bebek Sincap Ratatosk]

the stock market slide must not be that important
since the top news story right now is Heath Ledger's autopsy

Bread and Circuses.

[LMNO]

Um... That's "Whole Foods", now.

[Bebek Sincap Ratatosk]

Um... That's "Whole Foods", now.

[Cain]

http://www.theatlantic.com/doc/200801/fallows-chinese-dollars

I can always count on James Fallows to cheer me up.

[East Coast Hustle]

Um... That's "Whole Foods", now.

why does everyone hate on Whole Foods?

that place is fucking awesome.

[LMNO]

Anti-union, pressures local groceries out of business, and a lot of thier "organic" stuff is questionable.



I still shop there, though.





LMNO
-hypocrite, what of it?

[Darth Cupcake]

I am slowly becoming sucked up by the Whole Foods machine.

They are anti-union, but to make up for it, they treat their employees pretty well. You only need to work there for 16 hours a week and they give you health insurance, they pay starting at a minimum of $10 an hour and give regular raises--and not like the "ten cents an hour more, congratulations!" raises most people give.

They still are full of pretentiousness, but having one literally just around the block from me has lead to me shopping there more than I normally would, and I'm starting to become fond of them. Their cheese selection is delightful. Also, lots of sexy dudes work there.

[East Coast Hustle]

I don't care if they have 6 year old bangladeshi slaves in the back.

three words: SMOKED MEAT CASE

two more words: GELATO BAR

[Jasper]

I'd go there all the time if I made more money than I "need" for gadgets and books.  The place is hard to go to if you're into food like me.  I can easily spend fifty bucks on a meal for two if I don't keep track.

[Diseris]

It's not raining on wall street yet 

[Cain]

 

They're saying that so far it wont be as bad as 1987.  So far.

Personally, I'd wait until the winter after the Beijing Olympics.  Going by the Fallows article I posted above, plus other choice readings, the Chinese are going to have serious problems sustaining a boom once the Olympics end.  And when their economy goes into the shitter, as it eventually must, it'll knock the shit out of America in terms of living standards.