Failed Auctions, China’s Tumble, Ireland’s Austerity Costs & Fleeing Stocks

Stacy Summary:  I love that there is still a debate as to whether or not we are in a Depression.

25 comments on “Failed Auctions, China’s Tumble, Ireland’s Austerity Costs & Fleeing Stocks
  1. evolutis says:

    From – [the numbers I don’t understand Department] “In New York, 6,800 financial-industry positions were added from the end of February through May, the largest three-month increase since 2008, according to the New York State Department of Labor.” …what depression Stacy?

  2. Pez says:


    Yeah Stacy, it more like the “Great Recession that Fed Economists don’t want to call a Depression for fear they get axed and go on unemployment” A rose by any other name. Tip to evolutis buy “Apple” not the stock, the fruit, so you can sell on the street corner.

  3. Pez says:

    Yes, We Really Could Be Headed Into Another Depression, Says Dan Alpert

    If these guys are talking the “D” word…and usually they’re the last to know.

  4. Brandon Sanks says:

    With a great depression in the US it will be very violent, the cities will look like warzones. We are going to need the rights to keep arms trust. Things like this will become norm. It’s Chicago my hometown in 1968.

  5. Marc Authier says:

    @Brandon Sanks
    It”s already the case.

  6. F. Beard says:


    Aren’t womens skirt lengths a Depression indicator? Perhaps you could do a walk on to Max’s show so we can see for ourselves how the Depression is progressing each week.

    Too bad about the Irish. The need for penance and suffering is built into their culture. Austerity is not the answer.

  7. nama rama says:

    It’s hopeless.

    The average Joe here is blissfuly ignorant of how screwed we are.

  8. F. Beard says:

    The average Joe here is blissfuly ignorant of how screwed we are.

    Why? Because of some bookkeeping entries on the banks balance sheets?

  9. nama rama says:

    Though I do sence an ever growing quazi-awakening thingy… going on.

  10. nama rama says:

    @F. Beard:


  11. F. Beard says:

    “Hm?” Nama Rama

    A sufficient distribution of new legal tender fiat to every adult would:

    a. enable underwater home owners to pay down their mortgages to market price levels.
    b. compensate savers for years of artificially suppressed interest rates.
    c. Fix the banks in nominal terms.
    d. Fix state tax revenues.

    Inflation risk? Maybe, but if banks were put out of the counterfeiting business via a 100% reserve requirement then the only source of new money into the system would be under government control, the Fed and US Treasury.

    Long term solution? Allow liberty in money creation, usage, and acceptance. Government money should be legal tender for government debt only (“Render to Caesar …”) while private money would be allowed to serve the private sector.

    Will it happen? Who knows but it easily could.

  12. nama rama says:

    @f. Beard:

    Thats all fine for a power-house like the US,

    Ireland is a small open economy, I fear the only solution may be a return to some sort of nation of vegetable swappers..

    Either that or we assilimate…

    Suffice to say that,If the shit DOES hit the perverbial..

    Our only saving grace might be. We are an Island nation, Plenty of Water, Wind, Wave (potential). And arable land, Enough for five times the population I guess..

  13. F. Beard says:

    Ireland is a small open economy, I fear the only solution may be a return to some sort of nation of vegetable swappers.. Nama Rama

    Hey, just repudiate the debt; tell the counterfeiting cartel to take a hike. Then return to your own currency for government debts and allow private currencies for private debts. Allow genuine capitalism to flourish and capital will flow to your country. Liberty and the rule of law is the key.

  14. nama rama says:

    @F. Beard:

    Many thanks..

  15. F. Beard says:

    Assimilate. Nama Rama

    I said no such thing. Do your own thing In Ireland. I suggest a modern equivalent of tally sticks.

  16. DoctorMeowMeow says:

    Highly recommend reading the article on Ireland, it’ll scare the hell out of you. On the depression the crash happened in 1929 and market went up and down but the underlying trend was down. They’re where people talking up the market and the economy as the whole thing slowly tanked. I think it was Lend Lease and the build up for Big II that started to pull things out.
    On China I would like to remind those who are old enough the 1980’s when the Japanese where going to own America, and the world. They where buying anything that wasn’t bolted down, financial and management gurus where saying we needed to learn from the Japanese. Now Japan is on it’s second “Lost Decade”, an aging population and up to it’s forehead in debt. The saving grace is much of Japans debt is financed internally, unlike a certain super power. China will be fascinating to watch to see what happens is China for real or Memorex?

  17. Ted K says:

    Stacy: “I love that there is still debate as to whether or not we are in a Depression”

    Now I don’t disagree that the economy is messed up, tons of corruption, debt, market inefficiencies, asymmetric information, equities overvaluations. Large banks abusing customers, abusing depositors, and abusing debtors (through usury)etc.. etc… etc…. Stacy you are very young and bright eyed. But my father is 83 Stacy. I have heard more stories than I care to hear on the topic of the Great Depression. NO, this is not a depression, as of YET. It stands a good chance of getting there though.

  18. Seosamh O'Gallunai says:

    (“Jem Casey”)

    When things go wrong and will not come right,
    Though you do the best you can,
    When life looks black as the hour of night –

    When money’s tight and is hard to get,
    And your horse has also ran,
    When all you have is a heap of debt –

    When health is bad and your heart feels strange,
    And your face is pale and wan,
    When doctors say that you need a change –

    When food is scarce and your larder bare,
    And no rashers grease your pan,
    When hunger grows as your meals are rare –

    In time of trouble and lousy strife,
    You have still got a darlint plan,
    You still can turn to a brighter life –

    By Flann O’Brien (Brian O’Nolan) in the novel “At Swim-Two-Birds” (1939)

  19. IceIce Baby says:

    Think your depressed?

    “Four years ago, Rick Oliver, 51, was struck by lightning. Ever since, he has had trouble sleeping. As a result, he regularly works on his Chevy Malibu in the middle of the night.”

    “It was during one of these late-night automotive work sessions that he was victim of another improbable experience: being mauled by a bear. ”

  20. Economics Novice says:

    2 questions about the Ireland status, One where is Lord Bono surely with his track record he could sort out all the problems of his native Ireland.Secondly does U2 pay taxes into Ireland ? last I heard NO!!!!!!
    Where the streets begin to have no name where is Bono the saint.

  21. seosamhogallunai says:

    Is it that U2 avail of Ireland’s Probono tax loopholes for the wealthy.

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