naked capitalism

tenletters says:

That has to be the picture of the year, photoshop or not.

a says:

“This past week I spoke with a business owner who had a $150,000 home equity line that he used for business purposes at the end of each year. He’d borrow for a couple months and then pay the line off. Right now, there’s nothing outstanding on the line. He has an extremely viable company, although sales have declined this year. But he manages his expenses wisely and continues to be profitable. He has a credit score over 750. He has no personal debt, other than his mortgage, and he earns in excess of $200,000 a year.

He just received a letter from his bank telling him that his equity line was cut from $150,000 to $16,000. And now, when his company needs funding for the next two months, he is scrambling to find a way to pull it all together, absent selling his stocks at significant losses.”

I’m a little tired of stories like this. What happened to businesses having cash on hand? Instead he’s borrowing for his business with his home as collateral? Isn’t that the kind of nonsense we want to end? Rather than whining about?

Anonymous says:

I like to think the photo is from Bitterroot Vally. One closed gate golfing community (small cabin/house 4-6M with mansions over 20M) destroyed the lives of many family’s, that for generations struggled to survive in its rugged beauty. Short growing season,low nutrient soil falling prices of their products and increasing energy costs were only a few of their challenges. Now compound this by the increase in property taxes this golf course brought about. With out said golfers contributing to the general cash flow of the area, schools, health or jobs. All so a few could fly their private jets from LA to get 18 holes of golf in the high snow capped landscape and fly back to LA in time for the dinner reservation.

Next time they should forgo the fatty lunch Goose liver pate and rare steaks, which now permeates their body’s via sweat, which bears can smell miles away. High protein energy bars with bad fashion wrappers for Bears.

Skippy

Megan says:

best. photo. ever.

gloomboom.com says:

Stand your ground? You got to be kidding! You only have to run faster than one other guy. Check out gloomboom.com

Anonymous says:

Ben Dancing

I think the underlying fact that all keep missing is that every action the Fed/Treasury and Wall Street has taken is still completely influenced by the bubble. The thought is if they can just get things going again all those stupidly priced “assets” will once again not look stupid.

It is the attitude of Marlon Brando in “The Freshman” where he’s spoofing his Godfather role and is on the phone with his stockbroker saying, “I dont like it when they go down.”

This bubble attitude still infests the entire system and is one reason why there’s still a long way down.

Anonymous says:

As Curly once said “How are we gonna shoot golf without guns?”

Zeke says:

Ed Bradley, who lived in Aspen Colorado, played golf with Hunter S. Thompson. Thompson kept a shotgun in his golf bag. He used it once too, to get the attention of a guy driving a combine that was throwing up a lot of chaff on the course. Bradley’s comment was “who in the hell keeps a shotgun in their golfbag” …

Tortoise says:

re: Krugman: US Auto Industry Will Probably Disappear

Well, if Michigan had control of its monetary affairs, they would devalue the Michigan Lira and their cars, almost all exported from Michigan, would have a renewed chance to again compete in the world markets. But they do not have this option.

One of the reasons I mention this (in case you are wondering) is because The Ambrose constantly brings up differences within the Euro Zone as an argument against the euro.

Another reason is related to fairness. The dollar is strong because of events beyond Michigan’s control; in particular, fiscal and monetary policy that has nothing to do with Michigan’s interests as an “exporter” of industrial products. So, even though I do not like bailouts as a matter of principle, I accept the automakers’ bailout as realpolitik.

Kady says:

Oh, so glad you are back, Yves.

Anonymous says:

It is clear: The bear wanted to join the game. Why should only the CEOs play? So who knows if they got bailed out?