Bearwithme Posted December 6, 2002 Report Share Posted December 6, 2002 Who are we going to make fun of now?? Greenie and only Greenie?? "WASHINGTON (Reuters) - U.S. Treasury Secretary Paul O'Neill on Friday abruptly announced his resignation, ending a two-year tenure marred by public gaffes and criticisms of his ability to be the U.S. economy's chief spokesman. Link to comment Share on other sites More sharing options...
Guest yobob1 Posted December 6, 2002 Report Share Posted December 6, 2002 Probably more important than O'Neil is Lindsey leaving (quitting, canned or laif-off). Lindsey was the one who knew how things really worked. With him gone we can expect a whole lot of ignorance on the economic front eminating from the Out House. I heard on the radio this morning that the revised estimates on the cost of a war with Iraq range from 99 billion to over 1 trillion, which is a pretty remarkable spread. Knowing how well governement is at estimating the cost of anything you can probably take the 1 trillion figure and add about 50%. Wouldn't it be better just to buy Sadam off? We could throw in a free trip to the space station with the Russians. They're about due for a launch accident anyway. Link to comment Share on other sites More sharing options...
Bearwithme Posted December 6, 2002 Author Report Share Posted December 6, 2002 I think our country should think of Saddam in a more familial manner. His atrocities were fine when he was on our side, but now he is clearly not as evil though his actions as when he was our "ally" 20 years ago.. Oh well, lots of people think "war is good for the economy". Yea.. works great.. as soon as the vietnam war ended we had that booming economic time known as the 70's. Yee Haw! ...Imagine if we can get a return of those 70's interest rates, we will be deciding beween a value meal or a 3 bedroom ranch... what the heck go for the value meal.. it's only a little more expensive! I simply can't believe how moronic the general populous has become.. very scary. Link to comment Share on other sites More sharing options...
megabear Posted December 6, 2002 Report Share Posted December 6, 2002 Now there's talk of the possiblity of a new treasury secretary wanting to bring back the 30 year Bond. AND, about the possiblity of a FED rate cut next week; can you imagine? If this goes down, they are clearly in the last throes of death. Article: Yahoo Finance http://biz.yahoo.com/rb/021206/markets_bonds_6.html Link to comment Share on other sites More sharing options...
Grand Poopercycle Posted December 6, 2002 Report Share Posted December 6, 2002 Actually, I found O'Neills' candor and lack of bullshit to be a refreshing change compared to both others in the turdministration and to the typical whores that preceeded him in the job-the secular bear won't end until Rubin is perp-walked, whacked or living in a homeless mission; the current state of hell in Indonesia owes more to him than any other individual, yet nobody seems to want to explore that angle. He showed an impudent awareness that economic policy encompassed more than Wall Street, which is likely why he received such abuse in the corporate media; perhaps he will provide some interesting interview material as well in the months ahead. As a replacement, I'd like to see Larry Kurleymoe or James Glassman, someone whose lynching you'll love to see. Or perhaps Fat Karl Rove, finally held accountable for something and no longer able to rimjob illegal aliens and brainless suburban soccer skanks. Link to comment Share on other sites More sharing options...
wienerdog Posted December 6, 2002 Report Share Posted December 6, 2002 I'm going to have side with those who like O'Neil. He proved you can not honestly talk about fincance in the political arena and survive. He has proven America is nothing but a media circus where what is said is only show and what really happens is never open to debate. He seemed to know the difference between the economy and the stock market. Traits sure to be absent in the next secretary. Link to comment Share on other sites More sharing options...
Guest yobob1 Posted December 6, 2002 Report Share Posted December 6, 2002 Honest but misguided perhaps? Prior to his departure, he recently had been spouting off about how well things were looking and in general talking up the economy. Cur dog syndrome? Or delusion brought on by a parcel of questionable economic statistics? I did enjoy his candor, but I don't think he was really up to speed on a lot of things. Speaking of economic roadkill, some economist was spouting off about how the consumer debt was not a problem. He stated that, sure the debt to income ratios were very high, but so were the consumer's assets. (read that bubbleized house) Uh, the last time I checked debt was repayed out of income. It's highly unlikely that Visa will accept your 27" TV in lieu of a payment, not to mention it's damn hard to get into that little envelope. Notably non-revolving dropped 1 billion (less cars) while revolving rose 2.5 billion. Can you say living off the card? I knew you could. I wonder how many cereal box tops it takes to get your "Official Economist" certificate anyway? I've got 6 saved up; is that enough? I hear they earn big money, and it doesn't matter if they screw up, as long as they are with the consensus. Link to comment Share on other sites More sharing options...
fxfox Posted December 6, 2002 Report Share Posted December 6, 2002 mathematical formula: o'neill = anchorman of strong dollar policy dollar minus o'neill = dollar down exactly that game was played today in the forex market. Of ocurse there will be some bla bla and quak quak quak talking about o'neill over the weekend, but after all the result is: STRONG DOLLAR POLICY HAS OFFICIALLY ENDED TODAY. Link to comment Share on other sites More sharing options...
wienerdog Posted December 7, 2002 Report Share Posted December 7, 2002 fxfox, are you short the dollar? Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2002 Report Share Posted December 7, 2002 If a red x is showing up in your avatar box, go to "My Controls" and reset your avatar. Link to comment Share on other sites More sharing options...
machinehead Posted December 7, 2002 Report Share Posted December 7, 2002 fxfox - agreed, the strong dollar policy ended today. I suspect that the "weak gold" policy is over too. Link to comment Share on other sites More sharing options...
phatbubble Posted December 7, 2002 Report Share Posted December 7, 2002 I wonder how many cereal box tops it takes to get your "Official Economist" certificate anyway? I've got 6 saved up; is that enough? i've got 4. that makes 10. i hear you get a hat if you have 10. we can share it. or lease it out and resell the income stream. Link to comment Share on other sites More sharing options...
fxfox Posted December 7, 2002 Report Share Posted December 7, 2002 wiener, forex is more a market were you do daytrades, but i will go short usd/jpy for a position trade after chrsitmas, now while we enter chrsitmas season it can become quite tricky in forex, erratic moves and so on, market very good to manipulate because of light volume, so better take big position after christmas or maybe even better to wait after new years day. MH, i compare the step they made today with the plaza accord in 1985. Back then dollar was officially devalued, articles about that meeting were available for the public because newspapers did cover the story, if they wouldnt have wanted that, no newspaper on earth would have written a story. Most interesting: Dollar made its top in feb 1985 but the meeting was in sep 1985. This year dollar made its top months ago. What does that mean? With plaza accord they had the aim to make it official to the public that strong dollar policy has ended and the downmove accelerated. So if history repeats we should now be witness of a acceleration of the dollar downmove. Link to comment Share on other sites More sharing options...
machinehead Posted December 7, 2002 Report Share Posted December 7, 2002 fxfox Yes, that's right. Practically speaking, short rates have hit the floor. On the monetary side, currency devaluation is all that's left for stimulus. I do think there must be an absolute devaluation against gold, as well as a relative devaluation against other paper currencies, for it to be effective. Besides your Plaza Accord analogy, Bush's actions also remind us of when Saddam Hussein executed one of his ministers on the spot, for the edification of his other cabinet members. Bush's message to his lieutenants is clear enough: the slump is starting to cast a shadow on the next election. Fix it or you're dead meat. And don't ask stupid questions. $500 billion (5% of GDP) deficits are coming. Il Capo has spoken to his lieutenants. Expand your racket and your turf as if your life depended on it. Because it does. Link to comment Share on other sites More sharing options...
MaxxPain Posted December 7, 2002 Report Share Posted December 7, 2002 Is it possible for the gooberment to fix the economy? Maybe, but it's unlikely they will actually fix any imbalances that are going to cause the greatest depression. They could delay it, but the gooberment could actually accelerate the process if it becomes too reckless. (Hyperinflationary blowout) The gooberment has two tricks. 1. Tax cuts for the rich, 2. Mindless gooberment spending known as PORK. Machinehead is right. Huge gooberment deficits are coming. Bush just might be dumb enough to sacrifice everything to BUY reelection. These resignations actually change nothing at all. Lindsey probably designed the plan for him and O'Neil to leave. Rats jumping off a sinking ship. Who would want to be associated in history with the greatest depression ever? Link to comment Share on other sites More sharing options...
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