The Bad News Bears meet Chicken Little..
March 1, 2008 by Dusty
The sky is falling..the sky is falling! Wall Street took a 300 point dump yesterday because that bastion of all things “sexy” Victoria’s Secret announced it took a huge hit during the holidays. Ok..I kid..but they come up short..very short by Wall Street standards. Eight percent IS a huge hit when you consider it was during the biggest buying season of the year.
Oh-fucking-well, the reality is that everything is dropping like the proverbial rock..even those considered safe. From the NYT article linked above:
Prices of municipal bonds, bank loans and high-yield debt all fell as well.
The markets for ultrasafe debt backed by the federal government and other nations were alone in posting gains. Some commodities, including gold, were also up.*snip*
Wall Street’s attention was soon riveted by a report from analysts at UBS that estimated losses to the financial system from securities backed by mortgages and other debts would total $600 billion. Until recently, many analysts had been forecasting losses in the neighborhood of $400 billion - a figure that the dwindling band of optimists in the financial markets once dismissed as vastly overblown.
Who in the hell can afford to buy high-priced sexy undies and bras when the price of gas is slated to hit four bucks a gallon soon? So now..the gents on Wall Street are beginning to pay attention, even if The Shrub yesterday had the nads to say we aren’t in a recession and its just a little burp..
More like a huge fart with a case of ..well you know..the Tijuana two-step.
Crossposted at Leftwing Nutjob
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I thought I was going to have to invest in a new laptop! I almost sprayed coffee all over my computer…very funny. It was the first line that caught my attention and made me stop and read the whole thing: I understand how some men get when they find out their woman may not be able to afford frilly underthing
But, the “Tijuana two-step”: I laughed so hard I cried 
I think I could have a teensy bit of respect for Bush if he said something to the effect of “I feel your pain”, but to pretty much answer the questions about the economy and the price of gasoline at the pump with an incoherent “D’oh?” makes me a true believe that even Barney Fife would make a better president over the current resident.
Our asshat-in-chief said he had no idea that the price of gas was going to hit the big $4..oh please..if you didn’t know then you aren’t doing YOUR job George!
And if you did know and play dumb..well hell..we have come to expect that haven’t we? Lies and the lying liars that tell them…to quote Al.
I did try to inject a little humor Dizzy..gotta laugh or we all will cry
The ‘little’ people’ are already making conscious decisions as to whether they spend their money on food or fill up the gas tank..yet the Oil companies are still recording record profits..go figure.
Poor, George his handlers always keep him in the dark, and he’s the last to know gas is headed for the $4 a gallon mark. I bet his war profiteer friends can afford spendy undergarments. It’s just a matter of time before the photoshopped pics of W & Dick dolled up in Victoria Secret’s finest feathers & silk begin to circulate on the ‘net, eh?
If we don’t stop the war and get rid of Bush’s tax cuts for the rich, Wall St. will continue to tank. I wonder when rich Republicans will clue into this. They will lose more in their portfolios than they will gain from the tax cuts.
Its ok with me, america is made up of all of us. As long as they are honest, in fact it makes me proud