Comments on: Early Morning Swim http://firedoglake.com/2008/10/10/early-morning-swim-38/ Firedoglake weblog Tue, 24 Nov 2009 14:34:57 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: kdh22 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676953 kdh22 Fri, 10 Oct 2008 13:58:48 +0000 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676953 <p>Wow! Great story and too bad this time it’s 100x worse.</p> Wow! Great story and too bad this time it’s 100x worse.

]]> By: eCAHNomics http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676912 eCAHNomics Fri, 10 Oct 2008 13:45:07 +0000 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676912 <p>Thanks to all for compliments. *blushing*</p> <p>The only way I can cope with disaster is to become hyperrational.</p> <p>A story: On the day of the stock market crash in 1987, I was in my office calculating what the so-called wealth effect would do to consumer spending. Early afternoon, I got a call from the person who arranged research calls. I told her I knew what she wanted to know & was working on it. She arranged a research call for the close of market with a technical analyst who compared it to other stock market crashes, me on the economic implications, and the portfolio strategist on the market implications. Trading that day went on until nearly 5 o’clock, and the head of equities, a stout Cuban, marched around the trading floor with a dead cigar in his mouth telling the traders to keep on the phones & do their jobs. When trading ended, we did our research call. We did it again at 7:15 the following morning. It put rational words into the sales force mouths, that they could call clients and have a rational discussion. It was First Boston’s finest hour, and I think it was a small step in calming panic. Doesn’t look like that’s going on anywhere today.</p> Thanks to all for compliments. *blushing*

The only way I can cope with disaster is to become hyperrational.

A story: On the day of the stock market crash in 1987, I was in my office calculating what the so-called wealth effect would do to consumer spending. Early afternoon, I got a call from the person who arranged research calls. I told her I knew what she wanted to know & was working on it. She arranged a research call for the close of market with a technical analyst who compared it to other stock market crashes, me on the economic implications, and the portfolio strategist on the market implications. Trading that day went on until nearly 5 o’clock, and the head of equities, a stout Cuban, marched around the trading floor with a dead cigar in his mouth telling the traders to keep on the phones & do their jobs. When trading ended, we did our research call. We did it again at 7:15 the following morning. It put rational words into the sales force mouths, that they could call clients and have a rational discussion. It was First Boston’s finest hour, and I think it was a small step in calming panic. Doesn’t look like that’s going on anywhere today.

]]> By: Bluetoe2 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676902 Bluetoe2 Fri, 10 Oct 2008 13:39:46 +0000 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676902 <p>Keep your head down and out of the line of fire. I live in a small town that has voted Democratic in the last 4 presidential elections. Knowing they are mentally bewildered, we tolerate Republicans.</p> Keep your head down and out of the line of fire. I live in a small town that has voted Democratic in the last 4 presidential elections. Knowing they are mentally bewildered, we tolerate Republicans.

]]> By: kdh22 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676896 kdh22 Fri, 10 Oct 2008 13:36:38 +0000 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676896 <p>Thanks! I too, like many others here, appreciate your expertise. Have a great day and don’t let ‘em take you under.</p> Thanks! I too, like many others here, appreciate your expertise. Have a great day and don’t let ‘em take you under.

]]> By: eCAHNomics http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676883 eCAHNomics Fri, 10 Oct 2008 13:34:09 +0000 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676883 <p>I doubt that the Friedmanics will change their minds. They (like died-in-the-wool communists) will argue that everything went awry because the U.S. never really did what the theory said should be done.</p> <p>Many responsible economists will indeed study this episode & change their minds. However, since there have been so many crises in the past, economists in power can certainly be criticized for not paying attention.</p> I doubt that the Friedmanics will change their minds. They (like died-in-the-wool communists) will argue that everything went awry because the U.S. never really did what the theory said should be done.

Many responsible economists will indeed study this episode & change their minds. However, since there have been so many crises in the past, economists in power can certainly be criticized for not paying attention.

]]> By: Angellight http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676876 Angellight Fri, 10 Oct 2008 13:32:28 +0000 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676876 <p>The Gipper speaks — Reagan for Obama — Must See TV!</p> <p><a href="http://www.youtube.com/watch?v=IqfedYAAGEI" rel="nofollow">http://www.youtube.com/watch?v=IqfedYAAGEI</a></p> The Gipper speaks — Reagan for Obama — Must See TV!

http://www.youtube.com/watch?v=IqfedYAAGEI

]]> By: kdh22 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676871 kdh22 Fri, 10 Oct 2008 13:28:00 +0000 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676871 <p>I don’t know anything about UofC economists. What I do know is that there is going to have to be a complete overhaul of economic philosphy over the next several years. Those economists may have to rethink their positions. Obviously, what we’re going through right now has never been seen before. Not even in the 30’s. It’s a completely morphed animal. Has your economic philosophy changed recently due to this extraordinary financial situation that many countries are facing?</p> I don’t know anything about UofC economists. What I do know is that there is going to have to be a complete overhaul of economic philosphy over the next several years. Those economists may have to rethink their positions. Obviously, what we’re going through right now has never been seen before. Not even in the 30’s. It’s a completely morphed animal. Has your economic philosophy changed recently due to this extraordinary financial situation that many countries are facing?

]]> By: foothillsmike http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676868 foothillsmike Fri, 10 Oct 2008 13:27:28 +0000 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676868 <p>9 AM but not sure if that is PDT.</p> 9 AM but not sure if that is PDT.

]]> By: SouthernDragon http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676867 SouthernDragon Fri, 10 Oct 2008 13:27:26 +0000 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676867 <p>Off to swim in the great capitalist (bwahahahahahahahahaha) cesspool.</p> <p>Be good to yourselves, and all other living things.</p> <p>Namaste</p> Off to swim in the great capitalist (bwahahahahahahahahaha) cesspool.

Be good to yourselves, and all other living things.

Namaste

]]> By: Kinmo http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676865 Kinmo Fri, 10 Oct 2008 13:27:09 +0000 http://firedoglake.com/2008/10/10/early-morning-swim-38/#comment-1676865 <p>Belton, Missouri.</p> Belton, Missouri.

]]>