Say a Prayer of Thanks to the EU
Before you go to bed tonight say a little prayer of thanks to the EU's Sunday actions. It made all the difference in the world to the market openings today around the world.
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Lux Umbra Dei
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Apropos is paul krugman's column today:
http://www.nytimes.com/2008/10/13/opinion/13krugman.html?
"All across the executive branch, knowledgeable professionals have been driven out; there may not have been anyone left at Treasury with the stature and background to tell Mr. Paulson that he wasn’t making sense."
"Luckily for the world economy, however, Gordon Brown and his officials are making sense. And they may have shown us the way through this crisis."
October 13, 2008 2:31 PM | Reply | Permalink
thanks Jacob for the link. Did you hear that Krugman just collected a Nobel Prize in Economics?
October 13, 2008 3:09 PM | Reply | Permalink
Yep, and a particular thanks to Gordon Brown. He's smart, he's tough, he's shite at politics... and he's Scottish! Seriously, the UK is, if anything, in a worse position than the US, with London SO dependent on finance. Fortunately, Brown has been pilloried for being too-cautious, too little too late, yesterday's man, and had collapsed in the polls. All of which seems to have provide the requisite push needed for him to act more decisively.
Let's hope it starts something positive. This recession's gonna be ugly, just on its own merits, and I was NOT looking forward to facing it amidst a total financial meltdown.
And kudos to Krugman, eh? That made me genuinely happy. Not that he's the best economist in the world, but just to se the prize NOT go to yet another right-wing quantitative dipshit. Those guys have eaten academia, and reduced our young Economics brainpower to gray goo. We need another Keynes, but if Krugman could become the next Galbraith, I'd be happy.
Thanks Lux. Rec'd. Whether it shows up or not!
October 13, 2008 3:32 PM | Reply | Permalink
Yes a tip of the Canary Wharf bowler to Brown and Darling... Knighthoods for both, I say.
As they say, "If it's not Scottish, its crap!" [this has to be said in a sawney brogue]
October 13, 2008 10:55 PM | Reply | Permalink
Ok well, it won't let me Rec, Lux. But I'll send you a half-pound of good karma, ok? (And some frankfurters.)
October 13, 2008 3:38 PM | Reply | Permalink
Call me a groupie -- or now a "follower" -- Lux, but when you endorse a person, or an action by anyone, I feel as though someone way smarter than I am has fairly analyzed the situation. Makes me feel optimistic -- someone whose opinion I respect is paying attention. So thanks. (I'd rec if I could, but I can't so I will when I can.)
October 13, 2008 4:07 PM | Reply | Permalink
Nicest words I've heard all week! Thanks WV. I am not always worth following as I often let out my mischievous side!
But usually the blogs are serious! :)
October 13, 2008 10:57 PM | Reply | Permalink
Amen.
October 13, 2008 4:26 PM | Reply | Permalink
Thank you sincerely, all of you for those kind words above. I mean it.
It makes me want to get serious and live up to expectations.
If its any reciprocity, each of you I consider among the "elite" of TPM though your presentational styles be ever so different. I have been having trouble posting since the upgrade so lets hope this belated acknowledgement will go through.
In the meantime, please don't be upset if the market tomorrow doesn't perform up to today's standards. Perhaps a sovereign wealth fund dropped a few hundred billion today, perhaps some Asian money came winging in...we won't be seeing another 900 point gain day for a while. But on the flip side we won't be seeing a 900 point drop again if all goes well.
Most likely a prolonged choppiness trending gradually downward for another few months, but nothing to get worried about, we are very close to the floor. Q3 09 should be about the start of a prolonged upswing.
Poor man's market service Lux
October 13, 2008 10:45 PM | Reply | Permalink