Open Thread


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  1. “watch it now. that blog traffic spike could swag some eyeballs and advertising from Jon to there and that would be considered treason”

    Au contraire. The posting over there probably led to 50+ additional posts over here to discuss it!

  2. Replacing the drilling mud with seawater too early (which reduced the downward pressure on the wellbore, and limited monitoring) seems to have been a major contributor to the accident.
    One of the RIG employees says that they disagreed with this decision but were overruled by BP.
    Houston Chronicle is the best media source on ‘what happened’ stories if anyone is interested in that angle.

  3. “BHO,

    what’s your take,
    are we looking at a real
    downturn in the near future or not?
    and if so,
    what measures should the administration
    be taking to mitigate the problem?” – Legion

    We’re looking at a real downturn right now. Well over 10% of our nominal GDP is deficit spending. The definition of a depression is a 10% contraction. Like the year-late recession call, it’s just not official yet (the admin is hiding it). It’s just a matter of time before stimulus is pulled. Mark-to-market accounting will return and when it does we will enter a deflationary spiral and probably a world war.

    The admin should do nothing and let nature take it’s course (the opposite of what Japan did). At least nothing from the top (banks, markets, etc). Maybe something from the bottom like bank deposits and subsidizing a reasonable standard of living for the poor through taxation of the wealthy. The crash is not a problem. It’s a correction/solution to a problem which was borrowing/spending far more than we produce. We can no longer service our debt so it needs to be defaulted and restructured.

    Big Banks Still Manipulating Numbers To Make You Think They’re Safer And Better Than They Are

    http://tinyurl.com/34db9wx

    More Cities on Brink of Bankruptcy

    http://tinyurl.com/36esptv

    Too much debt!

    ***Bid half off peak comps***

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