Coming this Fall! The Global Financial Crash
I'm no economist, but I had a great professor who served on the board of the Dallas Federal Reserve. And while that still doesn't really qualify me either, I've told people we're heading towards a very big financial mess - possibly, the worst the world has ever seen - in the coming months. From my own simple observations, here's why I think so....
10. Several top European banks are warning of such a crisis. This is not unheard of, but the strong language they use is. (i.e. - "meltdown", "depression", etc.)
9. Feds discount-sell Bear Sterns to Chase Morgan. This was also an unprecedented move since the Federal Reserve has only done this with banks and savings and loans.
8. Auto manufacturers: Chrysler has suspended their lease program. There are more rumors of GM and Ford heading into bankruptcy later this year. That is the entire US car industry.
7. Dark times call for Dark movies: The hit films this year echo our worries and fears even in entertainment.
6. More bank failures: UK Times reports the feds have over 90 banks on their watch/failure list. Indybank
was not even on the list. Oh, and two banks with 28 branches were seized over the weekend.
5. Tax rebate? Didn't even make a ripple on the economy.
4. Credit cards: According to the trade news, people are using their cards to purchase food, gas and pay utilities - not to buy Prada
shoes, Vegas vacations or electronics.
3. Oil. a stressed-out economy doesn't need to be hit with higher petrol prices - which will affect everything.
2. Other large industry trends: Airlines, publishing, retail, etc. Pick an industry and bankruptcies, price increases, layoffs and bad news exists.
1. Mortgages: Last year, foreclosures hit a record. So far this year? They're up over 200%. Look for this to move from homes to commercial real estate this fall. Institutional investors aren't ready for that and neither are the global markets.
1a. Dollar: tied at #1 is the falling dollar with low interest rates on Treasury bills. When Europe and the Pacific basin stop buying the dollar and start selling it to save themselves? All hell will break loose.
1b. Federal Reserve: Ok
, a 3-way tie. The last set of bank failures used up 20% of the Fed's reserve for rescue, and remember, there are 90 banks on the list.
My next post will be about Unicorns, Daisey's
My Next Plan is to Teach Harley How to Paint
Harley is smart. Harley is teachable. Harley has a lot of free time at the house while we are at work. After Margaret and I watched this on CBS Sunday Morning (yeah, I feel old now that I'm watching this kind of programming),
we decided our JR needed a creative outlet. Well, that and each of 'Tillie the painting dog's' creations sell for between $1,200 and $2,100 and she has sold over 100 paintings. She basically just bites and digs at the shrouded paper. I'm betting I can teach Harley how to
sculpt. Or, at least perhaps, make interesting shaped poo.
Wish me luck.
Paging Dr. Phil Gramm...
Ok, I tried to wait a few days before posting, but I'm still mad as hell about this. What kind of arrogant, detached, stupid fuck says what this guy did last week? I mean, seriously. And I should point out here that in my college days, I supported, volunteered and even skipped class defending Congressman Gramm. But today, the entire Republican Party is soooo far out of touch with the real world. They make the Roman Emperors look like high school guidance counselors. Why on Earth (or any planet for that matter) would Phil say such a stupid thing? Besides being so far out of touch with today's America (hey, its easy to think the whole world is being 'whiners' when you're making $3mil a year and have everyone else doing your work - including wiping you apparently). But I think the Republican Party is playing 'defense' so hard this year, they can't make any offensive moves... oh sure, they can BE offensive... but don't look for any real ideas, solutions or anything materially positive to come from this group for years to come. I don't like the Democrats either. Both parties look so similar, there's really no answer for America voters this year. Sad and frightening. As a desperate measure, I'm voting for Obama. Good luck and stock your bomb shelter.
Urban Legend Taco
So today our crew had lunch at Mockingbird Station's Urban Taco
. I've been wanting to try it for weeks (as I love Mexican food). However, this visit was disappointing. In fact, 93.4% of my trips to Taco Bell
have been better. I ordered (after being rushed by a grumpy/stressed staff member) the a 7-layer salad (which was small and tossed - no layers). Several of us asked that the Cilantro be removed but that small task proved to be impossible. On top of our so-so food which took forever (it was like Time Warner Cable was running the kitchen production line
). We got high-brow attitude! Hey... My advice: If you're going to charge people 10-bux for 3 tacos, at least be nice about it. Until then, I'm going back to Taco Bell where they at least thank me for driving around to the next window and give me extra hot sauce.