September 20, 2008

What a week

I think I may have worked more in the last two weeks than the entire year. Coming back from Japan, I was still in Momoist mode and posting all those famous Momoi locations. Monday morning, I hear Fannie and Freddie both got put into conservatorship the week before and my jaw dropped.

But last week. LAST WEEK was when it truly hit: 150+ year old Lehman Brothers declaring bankrupcty, Merrill's completely out of nowhere sale to BofA, AIG collapsing and almost taking the entire CDS market with it prior to the financial industry calling the Fed's bluff and forcing it into a bailout, the oldest MONEY MARKET fund breaking the buck thanks to Lehman's funny that the only safe investments left are triple A rated commercial paper and T-bills. Treasury yields are so close to zero right now mattress stuffing actually seems like a good idea too. I watched even Goldman, which last year used to headline articles as the polar opposite of Bear in terms of responding to the liquidity crunch drop 30% in a day and threaten to go private. I watched Morgan Stanley sink even faster and WaMu desperately looking for buyers. Redemptions out the events chained up like fighting combos - it's only a matter of time before some disgruntled war veteran who lost his pension starts remembering "that time when he served as a sniper in Vietnam". Then maybe MSNBC can actually use "panic and blood on the streets" literally and Jim Cramer might accidentally throw out his hyperboles, pause a bit, and explode once he realizes it's actually true. At this point even the guy in the bagel cart I visit on the street corner every morning is going "Hey buddy you guys doing ok?" Well no, not really. Just Lehman going bust on Monday -> "Oh shit are we going to get anything for Lehman Aggregate what the fuck do we do now? CALL THE VENDORS" followed by lots of zoo animal braying, slide whistles, and clown sound effects. Thank heavens for Barclays.

Next week looks like it could have a few land mines left. It will be interesting to see what we'll have to deal with next. Meanwhile, here's Potemayo wearing a piece of history.

150 years

And there is still Momoi stuff I need to post...priorities, priorities.

Posted by Paranda at September 20, 2008 2:09 PM


All i can say is i don't envy anyone working in the finance industry right now. =/

Posted by: InsaneLampshade at September 22, 2008 4:08 PM

JP Morgan Chase appears to be making out like bandits, though.

(oh, later days WaMu. Hey, I didn't hurt the situation; I didn't pull my money out in a panic...people don't understand FDIC insured, I guess).

I think the worst of it is over now. Well, with the largest bank failure ever in the's hard to go below that level. Well, in theory it could, but it doesn't look like we'll get to that point.

Posted by: tenton at September 27, 2008 3:49 PM

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