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This page contains a single entry from the blog posted on December 15, 2008 9:50 AM. The previous post in this blog was Buck-a-Hit Day goes to 5,000 hits. The next post in this blog is Whole Foods vs. the feds: It's gotten personal. Many more can be found on the main index page or by looking through the archives.

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« Buck-a-Hit Day goes to 5,000 hits | Main | Whole Foods vs. the feds: It's gotten personal »

Monday, December 15, 2008

We're only halfway through this

Here's some not-so-good news about the economy.

Posted at 9:50 AM | Permalink

Comments (6)

Here's my question: We've been exploring the financial meltdown on this site for months with plenty of comments from people chastising others for not knowing what derivatives are, etc...Right?
I've read article after article in the mainstream press about the problem, and yet last night on "60 Minutes" was the first time I heard the phrases "Alt-A and Option ARM loans." And these are supposed to combine to be more trouble than Sub-primes!!! Why haven't these been mentioned before?
I can only conclude that the powers-that-be and their flunkies in the media are deliberately keeping the scope of our economic nightmare from us. Plus, I conclude that the snippy comments made here by people pretending to be experts were just so much cyber-air because they never got near this.
P.S. It also hurt watching "60 Minutes" when I realized the USC coach is a great guy. Ouch.

Posted by Bill McDonald | December 15, 2008 12:54 PM

Housing Doom blog and Housing Panic blog (among many others) have been warning about the menagerie of exotic animals that mutated in the lending garden for quite some time.

Posted by George Anonymuncule Seldes | December 15, 2008 1:44 PM

"Why haven't these been mentioned before?"
To avoid public panic, of course.
Many of us have been aware of the risks associated with ARMs for years. If the whole truth were told at once, riots would ensue. But, spread the angst over several months and the public can accept the loss in a peaceful way.

Posted by David Smoot | December 15, 2008 4:36 PM

Per George, there have been discussions and warning for years in the WSJ and various finance, real estate, and business magazines and websites. Just that the average public-school educated, clueless Joe is too busy watching ESPN or the local TV news for the days big automobile pile-up to actually think and ask questions.

Posted by Bankerman | December 15, 2008 8:38 PM

Or here.

Alleged Madoff Fraud Has Worldwide Exposure, By THE ASSOCIATED PRESS, December 15, 2008.

Damage continued to ripple from the massive fraud allegedly engineered by storied Wall Street money manager Bernard Madoff on Monday, even as investigators worked to unravel the scheme's working and its reach.
While details remained sketchy, the sudden collapse of Madoff's firm began revealing an impact far beyond the world of the ultra-wealthy and well-connected who were the mainstay of his client base. And the firm's extensive dealings with charitable foundations and other groups suggest the fraud may take a toll in unexpected places.

The 70-year-old Madoff (MAY-doff), well respected in the investment community after serving as chairman of the Nasdaq Stock Market, was arrested Thursday in what prosecutors say was a $50 billion scheme to defraud investors.

But the list of people and organizations allegedly taken by Madoff reached into the ranks of the little guy, too.

When local officials in Fairfield, Conn., heard of Madoff's arrest ''it set off every bell,'' said Paul Hiller, the town's chief fiscal officer.

The town's employees board and police and fire board -- which cover 971 workers -- had $41.9 million invested with Madoff, said Paul Hiller, Fairfield's chief fiscal officer.

Town officials immediately notified their investment fund to liquidate. ''At that point, it was too late,'' he said.

''We obviously didn't ask enough questions,'' Hiller said.

Without the Madoff funds, the town's pension funds remain safe, officials said, but the loss means they've lost their cushion.

Others, though, have no such comfort zone.

Posted by Tenskwatawa | December 16, 2008 2:23 AM

WWW.SAVEOURECONOMY.COM

Posted by realdoN | December 17, 2008 11:05 PM

In Vino Veritas

Dom Martinho, Tinto 2005
Chateau St. Jean, Cabernet, California 2007
Kirkland, Napa Cabernet 2007
Revelry, The Reveler, 2007
Joseph Drouhin, Chablis 2006
Altos Las Hormigas, Mendoza Malbec 2008
Alodio, Ribeira Sacra Mencia 2007
Charles Smith, Kung Fu Girl Riesling 2008
Kiona, Lemberger 2006
Chateau Ste. Michelle, Columbia Valley Merlot 2005
Paranga, Kir-Yianni 2005
L. Guigal, Cotes du Rhone Rose 2007
Gloria Ferrer, Sonoma Brut
Kirkland, Napa Valley Meritage 2006
Abacela, Tempranillo 2006
Woodward Canyon, Columbia Valley Red
Santa Margherita, Pinot Grigio 2007
Mas Donis Barrica, Celler de Capcanes Red, 2005
Three Rivers, Merlot 2006
Raptor Ridge, Pinot Gris 2008
Lezaun, Rosado, Navarra
Lezaun, Red, Navarra
Hedges, Three Vineyards, Red Mountain 2005
Raptor Ridge, Pinot Gris 2008
Vega Sindoa, Cabernet-Tempranillo 2006
Inama, Soave Classico 2007
Alois Lageder, Lagrein Rosato 2008
Broglia, Gavi 2007
Marqués de Cáceres, Rioja Rose 2008
Spaltagna, Riserva Pinot Noir 2008
Portuga, Rose 2008
Warre's Warrior Port
Lange, Pinot Noir 2007
Chateau Guiraud, Le G, 2007
Falset, Garnacha Rose, Montsant 2006
Castello di Bossi, Chianti Classico 2004
Domaine Chandon, Pinot Noir, La Riviere Sonoma 2006
Brazin, Old Vine Zinfandel, Lodi 2006
B.R. Cohn, Silver Label Cabernet 2006
Casillero del Diablo, Cabernet 2007
Gentil Hugel, Alsace 2006
Mesoneros de Castilla, Ribero del Duero, Rosado 2008
Cor, Momentum 2007
Santa Margherita, Pinot Grigio 2006
Rubico, Lacrima di Morro d'Alba 2007
Gilstrap Brothers, Reserve Merlot 2003
Conundrum 2007
Chandler Reach, 36 Red
Santa Rita, Reserve Cabernet 2005
Marietta, Old Vine Red Lot 47
L'Ecole No. 41, Recess Red 2006
Dom Martinho, Red 2004
Beaulieu, Georges Latour 1994
Caymus, Cabernet 1995
Columbia Winery, Merlot 2005
Bergevin Lane, Columbia Valley Cabernet 2005
Savigny-les-Beaune, Les Lavieres 2003
David Hill, Reserve Merlot, Rogue Valley 2006
Educated Guess, Cabernet 2006
Maquis Lien, Red 2005
Charles Smith, Kung Fu Girl Riesling 2007
David Hill, Farmhouse White
Robert Mondavi Solaire, Cabernet 2005
Castello Monaci, Liante, Salice Salentino 2006
Ricardo Santos, Malbec 2006
Quinta da Espiga, Tinto 2006
Charles Smith, Holy Cow Merlot 2006
Charles Smith, Boom Boom Syrah 2006
Charles Smith, The Honorable Pinot Gris 2007
Santa Rita, Cabernet Reserva 2005
King Estate, Pinot Gris 2007
Gloria, Douro, Tinto 2002
Bogle, Petite Sirah Port, Clarksburg 2005
Cardwell Hill, Pinot Noir 2004
Silkwood, Red Duet Cabernet-Syrah 2004
Portuga, Vinho Branco 2006, 2007
Osborne, Solaz 2004
Santa Rita, Cabernet, Reserva 2005
Penfold's, Koonunga Hill, Shiraz Cabernet 2006
Chateau Ste. Michelle, Cabernet, Indian Wells 2004
Chateau Ste. Michelle, Merlot, Horse Heaven Hills 2004
Hannah Nicole, Red 2004
Penfold's, Koonunga Hill Shiraz Cabernet 2005
Protocolo, Red 2005
Woodbridge, Chardonnay 2006
Portuga, Vinho Branco 2006
Beaulieu, Cabernet, Rutherford 1998
Beaulieu, Cabernet, Rutherford 1996
Kirkland, Roogle Shiraz 2004
Garda, Classico Chiaretto
A to Z, Oregon Pinot Gris 2005
I Giusti & Zanza, Nemorino 2006
Treana, Marsanne-Viognier, Central Coast 2005
Fife, Syrah, "Stanford" 2000
B.R. Cohn, Silver Label Cabernet 2005
Marques de Casa Concha, Cabernet 2005
Santi, Sortesele Pinot Grigio 2006
Al Muvedre, Tinto Joven 2006
Layer Cake, Shiraz 2006
Gritti, Ca' Andrea, Umbria red 2005
Altos de Luzon, Jumilla 2004
Thomas Leithner, Zweigelt 2004
Cain Cuvee NV 3
Chateau Ste. Michelle, Merlot 2003
Meridian, Sauvignon Blanc 2005
Canoe Ridge, Merlot 2003
Paringa, Shiraz 2005

The Occasional Book

F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt

Road Work

Miles run year to date: 64
At this date last year: 28
Total run in 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269