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October 6, 2008
Publishing News

We were just made aware of a new edition of a great Businessweek bestseller.

The revised title is:


Dow 3,600 36,000: The New Strategy for Profiting From the Coming Crises Rise in the Stock Market
by James K. Glassman & Kevin A. Hassett

Kevin A. Hassett currently serves as senior economic adviser to John McCain’s 2008 presidential campaign.

The book will come with a foreword by Hank Paulson.

Posted by b on October 6, 2008 at 15:36 UTC | Permalink
Comments

ha ha
yes, truly those were the good times…

Posted by: Dismal Science | Oct 6 2008 16:07 utc | 1

funny

Posted by: annie | Oct 6 2008 16:43 utc | 2

Lol!
And down below, customers who bought this book also bought this?

Posted by: beq | Oct 6 2008 16:54 utc | 3

Sounds like an interesting book! I’ll be sure to read it when I’m done re-reading The Long Boom
I sure liked wired for a while. Not anymore after that article. That ugly sound you hear on Wall Street? That’s reality catching up with you.

Posted by: DharmaBum | Oct 6 2008 16:57 utc | 4

Who cares about Hasset when Gramps McCain can listen to the wise sage advice of Phil Gramm? Oh Wait.

Posted by: Mac G | Oct 6 2008 16:59 utc | 5

they know no shame…

Posted by: Tangerine | Oct 6 2008 17:18 utc | 6

Jim Cramer says “Time to sell stocks.” I agree with BR. That’s a signal to buy for an intermediate trade.
(BTW: without the SEC banning shortsales, today’s drop would have been much less as the shorts would have covered (bought) after having made a decent profit 3% down.)

Posted by: b | Oct 6 2008 17:57 utc | 7

Market Meltdown: Dow Plunges Over 700 Points to 9,600 Amid Global Sell-Off

Posted by: The Long Bailout to Nowhere | Oct 6 2008 19:01 utc | 8

60 minutes has put together a clear and concise piece explaining how shadowy bankers did some dirty dancing with deregulated derivatives and turned a molehill of a mess on Main Street into a mountain of one on Wall Street:
http://calculatedrisk.blogspot.com/2008/10/60-minutes-wall-streets-shadow-market.html

Posted by: Cynthia | Oct 6 2008 22:35 utc | 9

Now how is USA diferent then Iceland:
The Second Great Depression?

The most recent flow of funds data shows that total credit market debt is $51 trillion; our GDP is $14.3 trillion. Debt as a percentage of GDP is now 356%; during the Great Depression, it was 260%. This massive buildup of leverage is just beginning to unwind; the pain will be tremendous when it gains momentum.

Posted by: vbo | Oct 7 2008 4:29 utc | 10

CDSs are merely offsetting counterpositions with a orbital centroid that oscillates around the null point. Like the magician diverting your attention with a false ‘true’, while they panic you with the fast pace of the card shuffle, as they fleece your pocket of 3/4 trillion for defense and a neoZi defense manual to get that grift spent in time for another ’emergency funding’ bill by next spring, who knows where the money went, is it under this card? is it under this card? The panic selloff is just an orderly consolidation of all our money into the Fed cartel vaults then loaned back to US at 30 percent by the Chinese bookkeeper, money mafia St. Halloween’s Day massacre, and you’re going to sell into their swindle tomorrow, aren’t you? Suckers!!!!

Posted by: Ahmed Chalabi | Oct 7 2008 5:02 utc | 11

Floyd Norris – NYT:

One economist I know — who is more worried about depression than inflation — suggested that now is a good time to invoke the Bush Doctrine, which gives us the right to intervene anywhere, with or without allies, if we think someone is doing serious harm to American national interests. He suggested the Marines should be sent to Frankfurt to take control of the European Central Bank.

Posted by: b | Oct 7 2008 6:31 utc | 12

The question that has yet to be answered is whether a severe recession or possible depression is inevitable regardless. The country has a national debt of $9.6 trillion, annual deficits of $600 billion, unfunded future liabilities of $53 trillion, a trade deficit of $600 billion, inflation of 6%, 2 wars costing $12 billion per month, and a weak currency.

Posted by: vbo | Oct 7 2008 7:24 utc | 13

In the last few years, Congress has become much more protectionist. The sale of US ports to Abu Dhabi was blocked. The acquisition of a US oil company by China was also blocked. Worldwide trade negotiations recently broke down with no agreement reached. Free trade is being threatened.
In 4 weeks, the country will likely elect Barack Obama; Congress will be overwhelmingly in the hands of the Democratic Party. Mr. Obama has made it clear that he will increase taxes on corporation and those earning more than $250,000. His plans include health coverage for all Americans and major spending initiatives on education and infrastructure. With colossal deficits, a protectionist Congress, tax increases coming, and gigantic spending initiatives, the next 4 years will be exceptionally difficult for the US. economy.
The parallels to the early 1930s are eerie.

Posted by: vbo | Oct 7 2008 10:25 utc | 14

Yes vbo. A localised and pointed example.
“Their ancestors the Vikings are better known for the way they pillaged and despoiled. But now Icelanders are offering to show the rest of the world how best to clean the planet up and protect the fragile resources of the earth.” (..) BBC news 2002, this kind of garbage was a sure sign of an economy totally derailed. In fact someone should run a correlation between countries that hyped or hype crackpot green mirages and their debt and involvement in this finance crisis. Getting energy out of nothing and making money appear out of nowhere is much the same thing – and ppl seem to believe that one will pay for the other, or the other will bring in money for the one!
Iceland is well placed energy wise, maybe that contributed? They are the no 1 in the world (per capita) for the use of geo-thermal energy, and get some 80% of their electricity from hydro. So one can call it capitalizing on a favorable position or squandering, c’est selon.
Standard Energy Profile Iceland, EIA
Iceland energy from NationMaster

Posted by: Tangerine | Oct 7 2008 14:11 utc | 15

Tangerine, I’m not sure I understand your point, if you had one. Please spell it out for us. Do you believe dependency on oil is a good thing?

Posted by: Anonymous | Oct 7 2008 14:28 utc | 16

Fed to buy massive amounts of short-term debt
it seems the the $700B bailout did nothing to ease the credit crunch. Hence this.

Posted by: jony_b_cool | Oct 7 2008 14:45 utc | 17

CAC 40: down 36.2%
EUROSTOXX: down 35.87%
DAX: down 34 %
vs. the dow down 32.3%. Oh, and the euro is in a death spiral vs the USD.
So why do you suppose that “European style” capitalism (to say nothing of that putative economic powerhouse Russia) is having such a distinctly horrible time of it? & what has Bernd Pfaffenbach to say of his country’s “more solid base” nowadays? What is the effective cost to the euro-citizen of a *total* bank guarantee covering all deposits, and what multiple of 700 billion is this number?
inquiring minds want to know.

Posted by: vaudois | Oct 7 2008 19:38 utc | 18

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