Please don't feed the trolls!
where's chicken little when you need her?
Whoa! What is up with the Dow rising and falling within days of each other. Maybe Bjork can do something. So sad so sad.
let's just hope food is still going to be available....
I can't seem to wrap my head around this. It doesn't help that I know nothing of Iceland.
Looks like we'll be boiling shoes for soup sooner or later.
Björk to the rescue?
REALITY CHECK, INVESTMENT ALTERNATIVE: If you had purchased $1000 of Delta Airlines stock one year ago, you would have $49 today. If you had purchased $1000 of AIG stock one year ago, you would have $33 today. If you had purchased $1000 of Lehman Brothers stock one year ago, you will have $0 today. However, if you had purchased $1000 worth of beer one year ago, drank all the beer, then turned in the aluminum cans for recycling, you would have received $214 today at redemptions. Based on the above, the best current investment plan is to drink heavily & recycle. It is called the 401-KEG Plan.
Hold it: what kind of beer gives you those #s?
BTW, the pissy one called to say that he forgot to credit the Calculated Risk blog for the above Public Service Announcement...
Sweet merciful Christ, Ford closed at $2 a share.
Isn't Iceland up by Alaska? On, you know, the NY side?
Stephen Harper says he can see Iceland from his house.
I will be interested to see how things are when we arrive for our LONG anticipated trip to Reykjavik in November. EEEK!
Raymond,
This is actually the best news ever for your Icelandic vacation. With their now worthless currency, Iceland has become a cheap place to visit! This is shocking as Iceland has, for years, been the most expensive place in Europe to visit.
Bring on the Reykjavik nightlife!! 
>>What is up with the Dow rising and falling within days of each other.
To distract myself from looking at the financial websites, I want to try and parse this sentence.
First of all, the Dow *hasn't* risen in seven sessions straight, so that part is inaccurate.
Furthermore, the fact that the Dow hasn't risen and fallen "within days of each other" is most unusual. Usually that's exactly what happens: up a bit one day, down a bit the next.
Thank you for wasting two minutes of my life I'll never get back.
I'm not sure the cited article says Pakistan is next. Reading it doesn't tell me that at all.
It is a shame that one of the oldest nations in existence is so hurt by this crisis -- but, welcome to bad decision-making 101. Iceland's banks' investments were heavily tied to our real-estate market and the creative financing involved in it.
Reading an AP article recently that noted that from the DJI high exactly one year ago, we had fallen over 20 per cent (the DJI is now off almost 40 per cent), I was curious how far we'd have to go to mirror previous recessions. The tech bubble burst resulted in a loss of just short of half the DJI's value, and in '73-'74, there was a similar loss of value. I wonder where the floor is. I wonder what it's going to mean for a lot of retirees who're living on a combination of social security and IRAs and other instruments...I don't know enough about finances to know how much retirees' typical financial resources are liable to the stock market. Anyone?
Iceland will have to go back to selling fish. And their genes.
http://dagskra.ruv.is/streaming/...d/?
file=4398074
I'm going to stock up on champagne now to use for barter later. Bean seeds sound like a good investment too ...
And one animal rights activist I know had this to say about Iceland:
"Well maybe that will stop their whaling industry."
Seriously. He said that. And they wonder why people accuse them of liking animals more than humans.
Elsie, for too many retirees this means it's time to snort a big-girl bump of Geritol and get back on the stick!
Miss Dow is already off 39.3% from last year's peak. That's nearly half the percentage drop from 1929 to the lows of The great Depression. Yet the Dow didn't recover to its 1929 level until 1954!
Oh my god.
I knew I'd have to sell my ass to survive and looks like my half-dream-half-nightmare is coming true.
I've been investing in my 401k for 30 years and never saw much more than a 10-14 % return, now my portfolio is down over 25% and falling eachday. How can that happen in less than 1 month? I am beginning to think the stock market is corrupt and average joe's like me are going to pay dearly for our faith in the American system. Those old depression era folks who never trusted the market may have the last laugh.
More Shitburgers for Breakfast:
U.S. President George W. Bush, in a statement Friday morning, plans to assure nervous investors that the U.S. government is making moves to stabilize financial markets.
“Following the market’s continued volatility this afternoon, the president will deliver a statement in the Rose Garden tomorrow morning,” White House spokeswoman Dana Perino said Thursday. “He will assure the American people they can be confident their economic officials are aggressively taking every action to stabilize our financial system.”
The statement will be around 10 a.m., though the White House is still finalizing the details.
“The Treasury Department, the Federal Reserve and the FDIC all have the necessary tools to address the problems we are facing,” Perino said. “The Treasury Department is moving quickly to use new tools to improve liquidity, which is the root cause of this problem.”
“Americans should be confident that every effort is being taken to stabilize our markets.”
(The Wall Street Journal)
Survival of the fittest...Do you think that our global-society is evolving?
meanwhile, back at the ranch, grampa mcbomb and minnie moose continue their unrelenting lies and smears of obama, utterly unconcerned or clueless about the financial meltdown. the old adulterer's trophy wife is loaded, so he won't have to worry too much.
maybe the end of days is near. God is going to come back and repo the earth the way it's going.
I can honestly say I had no part of it.
[Someone Stebbins knows] "...had this to say about Iceland:
"Well maybe that will stop their whaling industry."
"Seriously. He said that. And they wonder why people accuse them of liking animals more than humans."
No, we don't wonder about that. Particluarly those of us that don't advocate for the absurd, silly-string morass of legal rights for animals. And who believe hunting could be done right, including of whales plentiful in #. That's not how the Ices, or the Japanese, do it. They're total fuckers about it. Dishonest and boundless in their hunger for it.
We support a realistic, population-viability based, low-% take that considers species protection, despite whales/dolphins being far too intelligent a group to even consider this as a *moral* option. But we've sized up the oposition.
As a cultural relativist, you seem to lack the cord to stand up to their moneyed industry. This, for lack of a better term, is a fucking shame.
Scandanavian Socialism is to blame! Hail, Mogambo!
I wish I's understood me some economics.... however, as a country with only 280,000 people total, couldn't Björk just make a medium-term loan and bail out the whole fricking place?
Too bad they can't export steam heat.
"Scandanavian Socialism is to blame! Hail, Mogambo!"
That's wrong. It is unregulated capitalism that is to blame. Iceland USED to be quite heavily socialized, in fact, it was the most socialized of the Scandinavian countries. Then, American economists decided to use Iceland as a laboratory for free-market theories. The result was a quick increase in per-capita incomes, making Icelanders some of the richest people in the world. Ultimately, they are now bankrupt with a worthless currency. This should be a lesson about regulations if nothing else.
http://en.wikipedia.org/wiki/
Eco...nomy_of_Iceland
Iceland is out of ICE ?
Did it melt..oh no....ok I'll stop 
Hmmm and Pakistan has nukes.....that could get interesting!
And lost in all the noise is this news: Canada is doing just fine. Apparently their LIBERAL government (did I yell that loud enough?) has resisted all the attempts to deregulate the financial industry over the past couple decades.
Come on, David, can't you tell I was just snarkily channelling my inner Amurrican?
¡Viva Hafnarfjörður!
How many Zimbabwean dollars is an Icelandic kroner worth?
All on John Lennon's birthday - a troubling coincidence?
JOE!
HAPPY BIRTHDAY! YAY!
Viva Capitalism!!! Success for everyone!!!
Now if we only had a non-retarded president and some money, we could go to Pakistan and "buy" their nuclear weapons from them.....
I was reading an article yesterday quoting an Icelander who wasn't too worried about the country going bankrupt: "We'll still have all the fish and sheep we can eat."
LOL @ saywhat?
Look, everyone! Obama lived in the same neighborhood as a terrist! And he's been to his home!
I can't help but wonder how much of their currency collapse wasn't "helped" by the energy companies. Iceland is blessed with LOTS of geothermal courtesy of mother nature. They had already legislated to become energy independent I think by 2050? Hydrogen produced via geothermal and all. It wouldn't take much meddling manipulation of the markets by the powerful to destroy the kroner's value. Poison the currency and the plans for independence are squashed.
If I remember what I've read correctly, I think Spain went bankrupt in both the seventeenth and the eighteenth centuries, thus contributing to its decline as a world power.
Our turn?
Oh, and happy birthday, Joe!
Stebbins, excuse me, are you trying to tell us that tortured animals do not deserve our help and sympathy any longer because the economy is collapsing due to exclusively manmade faults? Bit egotistic, don´t you think so? But then again, you are in good company. Greediness and egotism are important reasons for what is happening right now.
Know more about the problems brewing in Europe here http://moneymanagement.wordpress...-nations-under/
Right: So, will Bush-Cheney use this financial crisis an excuse to "delay" the elections? It's not like they pay any attention to the Constitution, after all.
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