Monday, September 22, 2008

Economic Doomsday Clock

Another Monday, but not a typical Monday! It seems like it has been over 3 months where new information and drama makes almost every day seem like it's own story. Thanks to all the loyal readers that hit my blog and others like it to try and understand what is happening. Now if only 20% of this country would take 30 minutes to get a clue, we could really get somewhere.

Real American Patriots
If you only read the major newspapers or watch the mainstream media you would have zero idea just what is happening today. We should give thanks to some of my personal heroes that have helped me to learn, and have made the attempt to shed some light on the farce that is unfolding. Here are my American Patriots, and this list could go on:
1. Michael Shedlock: With concise and revealing logic, Mish really breaks things down so even I can understand them. Great ability to see through the smoke deployed by our officials, and he pulls no punches. Thanks Mish.

2. Minyanville: The entire crew at Minyanville is both entertaining and clairvoyant. It would seem that if you were reading the "Random Thoughts". "5 Things You Need to Know", and Mr.Practical columns you knew before any of this happened how it would all play out. You simply cannot get that kind of talent anywhere else. Thanks guys.

3. Calculated Risk: Real time analysis that has no peer. The comments section of this site often is the best source of debate and idea exchange out there. With the awesome real world experience of Tanta added on, this site is excellent. Thanks to CR and Tanta for their efforts.

4. Barry Ritholtz: The man behind the site "The Big Picture" easily has the highest traffic of most any financial blog. Even with that kind of mainstream exposure, Barry pulls no punches and serves nobodies interests but his readers desire for good information. A rarity indeed. Thanks Barry.

There are others like Karl Denninger and Naked Capitalism that also strive to bring light to the financial shadows. You need these folks during this time, and I wish we had more of them.

Economic Doomsday Clock

The Doomsday Clock was started in 1947 as a visual cue to raise awareness of the dangers facing the world. From Wikipedia:
The Doomsday Clock is the symbolic clock face, maintained since 1947 by the Board of Directors of the Bulletin of the Atomic Scientists, at the University of Chicago. Using the analogy of the human race being at a time that is "minutes to midnight", wherein midnight represents "catastrophic destruction". Originally, the analogy represented the threat of global nuclear war, but since includes climate-changing technologies, "new developments in the life sciences and nanotechnology that could inflict irrevocable harm"

To hear Hank Paulson tell it, we were at somewhere around 2 seconds to midnight last Thursday and Friday. This impending calamity is what pushed the rush to action for the biggest taxpayer funded bailout in the history of the world. I propose that an addendum be added to any bill where we get a "Doomsday Clock" time check on the financial system. This way we can all get upset and sad when it gets closer to midnight and ecstatic when we are farther away. I feel this idea will have the kind of fear inducing power that the Treasury Secretaries words have not had to this point.

I have a new poll up tonight based on the "Economic Doomsday Clock" theme;

What time is it on the Economic Doomsday Clock?
-It is after 11pm, and my mother always said "Nothing Good Happens After 11pm!"
-It is about 11:45; there is still time to get a handle on runaway government spending
-It is 2 minutes to midnight; store water and guns
-Too late; Apocalypse!

Please vote and pass this around.

Have a good night.


watchtower said...

"Economic Doomsday Clock"

Hmmmmmm, I've heard that in the days of old when they beheaded people that sometimes they would pick the severed head up and the eyes would still be blinking and the mouth trying to say something...yeah, that's where I think we're at.

I think we will be blinking and trying to speak till 2010...then lights out.

Anonymous said...

If these clowns don't quit dinking around on a witch hunt on the short sellers to keep propping this market up with intentional intervention we are a hell of a lot closer to 12 then 11. Not only will there not be anyone to buying if this starts rolling down hill the more they do this the higher the risk as it is getting increasingly harder to hedge your position.
Bucky an treasuries don't seem to care for higher budget deficits that will come with "the plan" but commodities are cheering which is just what we don't need. Bucky goes and it's all over, targets I've seen is 62 on the index.
We are very close to this is IT.


Michael Panzner said...

Many people believe that my book, Financial Armageddon (first published in March 2007), and my blog of the same name (, published since December 2006) has also helped them to understand the Great Unraveling.

watchtower said...

Wow, Michael Panzner stopped by, I've been hitting his website for over a year now and find it enlightening usually.

getyourselfconnected said...

Holy Guacamole! Michael Panzer read a post of mine! I am really honored and amazed. I alwyas stop by his site, Financial Armageddon and my blog is listed on his blogroll. Thanks you so much Michael for the special treat of leaving a comment! Too cool!

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