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And the Wall(st) Came Tumbling Down
Author: BobR Date: 09/17/2008 12:34:48

Joshua 6:20-21: So the people shouted when the priests blew with the trumpets: and it came to pass, when the people heard the sound of the trumpet, and the people shouted with a great shout, that the wall fell down flat, so that the people went up into the city, every man straight before him, and they took the city. And they utterly destroyed all that was in the city, both man and woman, young and old, and ox, and sheep, and ass, with the edge of the sword.

And time respects no person--what you lift up must fall
They're waiting outside to claim my tumblin' walls
Saw my picture in the paper, read the news around my face
And now some people don't want to treat me the same
When the walls come tumblin' down
When the walls come crumblin' crumblin'
When the walls come tumblin' tumblin' down
- John Mellencamp

It wasn't the sound of trumpets, it was the sound of bells. By the time trading closed on Monday, Wall St. had lost 504 points. What was once a mighty Wall made of solid bricks like Merrill-Lynch became the rubble of an economy in deep trouble as those inside, thinking themselves safe, looked aghast at the wreckage. The Wall was made of solid bricks, but because of greed, the builders had stopped using mortar to hold it all together.

We had seen the Wall fall once before and wanted to ensure that it stood solid. The Glass-Steagall act of 1933 was created to ensure that those who worked on rebuilding the Wall used mortar to ensure the weak bricks were held in place by the strong bricks. For decades, the Wall held strong and all was well. But for some, the rewards were not enough. Some wanted to cast aside the requirements, forgetting the lessons of the past, and let the builders decide how much mortar to use.

And thus, the the demise began when the act was neutered in 1999. The companies wanted to use wire and chewing gum (credit) to hold the Wall together. Rather than stand in the way of "progress", this was allowed to happen. A kingdom that always prided itself on quality became a kingdom that allowed the Wall to become a flimsy caricature of itself so that some could reap a mighty profit.

It could not stand and it did not. There were rumblings at first as the Wall swayed and began to buckle. First, the Bear-Sterns section toppled. Next, the housing bubble that held up so much of the Wall began losing bricks at a faster and faster rate. The King stood inside the Wall and begged the people not to panic. Many people were hurt by these falling bricks and were left homeless as the bricks forced them to flee. But the King pointed to all those still in their homes and declared there really wasn't a problem.

People tried to keep working and getting by, constantly casting a wary eye at the Wall, watching it sway dangerously in the wind, waiting for the next cascade. Some people losing money as the wall crumbled thought that The Oil could make them more money, so they tried to prop up the Wall with barrels of oil. But the people rebelled and their shouts caused the Wall to crumble even more as The Oil turned out to be an equally poor substitute for the mortar.

The King tried to help out by propping up sections of the Wall that seemed to be salvagable. But this required borrowing money from neighboring kingdoms, and the King was already deep in debt. The borrowing just made the King's gold worth less. This didn't hurt the King and the rich members of the court as much as it did the common folk in the town, who often had to choose between food and wood for their fires.

The weakend Wall finally fell with a crash as once venerable bricklaying companies like Fannie Mae, Freddie Mac, Merrill-Lynch, Lehman Brothers, and AIG found themselves out of business. The bewildered townspeople looked at the pile of broken bricks and wondered: what would protect them now and in their old age?

The Court Jester chosen by the King's supporters to be his successor railed against the bricklayers, and declared that rules must be created to ensure they used proper mortar, as the evil wizard who destroyed the regulations in 1999 declared the townspeople to be whiners, all the while pulling the strings that made the Jester dance.

There was one young man in the crowd that was not a member of the King's court who declared he could fix the wall, but it would mean the rich patrons of the king would have to help more, and the regulations that ensured a well-constructed wall would have to be reinstituted and enforced. The people rallied behind him as he declared that he would be a better king than the Jester.

The people looked at the fallen Wall, and they looked at the Jester, and they looked at the young man, and they decided....

... to be continued on Nov 5th...

145 comments (Latest Comment: 09/18/2008 07:24:10 by livingonli)
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Comment by

TriSec on 09/17/2008 12:42:06

Well, good morning, my fellow fundamentals!

And how are we all today in the great fundamentalist paradise?

A prescient blog today, Bob. Got your $282? That's what it cost every man, woman, and child in the United States today to bail out AIG.

Perhaps if Los Federales, or even better, AIG's CEO went door-to-door and collected the money in person, people might begin to understand...

Comment by

BobR on 09/17/2008 12:51:19

In keeping with the theme of the blog, a crash course in Economics. I would say this is a MUST READ (and an easy read), that explains why higher income taxes are actually good for the economy.

Go read it.

Now.

Comment by

wickedpam on 09/17/2008 13:04:19

:yawn: morning :hug:

Comment by

wickedpam on 09/17/2008 13:13:09

"it is what it is" Gawd! I hate that saying! What a quitter saying!

Comment by

Raine on 09/17/2008 13:18:38

Good Morning. Amazing entry this morning Bobber.

Off to read the crash course.

Comment by

TriSec on 09/17/2008 13:19:35

Sarah Palin cannot see Russia from her house.

Wasilla is inland; north of Anchorage. The nearest bit of Russia (Big Diomede Island) is a good 700 miles away.

Comment by

Mondobubba on 09/17/2008 13:21:04

Morning all :yawn:

Comment by

MNRN on 09/17/2008 13:24:29

The nurse taking Theo2100 salutes the blog of this morning. Fantastic Allegory! It reads like one of my texts.

Comment by

Scoopster on 09/17/2008 13:27:05

Mornin' all.. back in the office today woopee!

Comment by

Raine on 09/17/2008 13:27:27

My ears are bleeding!!!!

Comment by

wickedpam on 09/17/2008 13:30:25

Palin –- The Pig Wears Valentino - from TMZ.com

Sarah Palin's just your average hockey mom –- in silk shantung Valentino.

The Veep-seeker splurged for a $2,500 jacket from Saks designed by the fashion legend for her big RNC speech, reports the New York Post. It was at the urging of a team of stylists Palin's peeps have been trying to keep under the radar, so as not to confuse her hockey-mom, moose-hunting image.

The Gov's running mate's wife Cindy McCain recently took some flak for wearing big bling on stage.

Comment by

wickedpam on 09/17/2008 13:35:54

She is very stereotypical, isn't she.

Comment by

TriSec on 09/17/2008 13:42:44

Well, this is curious. I am actually on the McCain Website, I'm looking for a position paper on a particular issue.

Get a load of the front page.

Contributions to McCain-Palin Compliance Fund ("Compliance Fund") are not deductible as charitable contributions for federal income-tax purposes. *Federal law requires us to report the name, address, occupation, and employer of any contributor who gives more than $200 in an election cycle. An individual may contribute up to $2,300, a couple may contribute up to $4,600, and a federal multi-candidate PAC may contribute up to $5,000 to the Compliance Fund. Contributions to the Compliance Fund will be used solely for legal and accounting services to ensure compliance with federal law, including a portion of the cost of broadcast advertising, campaign offices, and computer/website expenses. Federal law prohibits the Compliance Fund contributions from being used for a candidate's election. Contributions from corporations, unions, government contractors, national banks, and foreign nationals without permanent residency status are prohibited.

So......McCain needs a legal fund to ensure he's complying with Federal Law?

Comment by

wickedpam on 09/17/2008 13:43:07

Palin credits electoral sucess to witchhunter

Comment by

Mondobubba on 09/17/2008 13:43:53

Quote by TriSec:

Sarah Palin cannot see Russia from her house.

Wasilla is inland; north of Anchorage. The nearest bit of Russia (Big Diomede Island) is a good 700 miles away.

You Sir, are disrespectful and sexist! How dare you challenge any word that drop from La Palin's mouth.

Comment by

velveeta jones on 09/17/2008 13:44:33

Morning all! Um........... I got nothing. I'll just go read e-z econ!

Comment by

BobR on 09/17/2008 13:45:45

I uploaded a new song (called "Planetarium") to my ReverbNation profile.

Give it a listen... :nervous:

Comment by

wickedpam on 09/17/2008 13:49:56

WTF! she says she doesn't like him or trust him but she's gonna endose him?????

Idiot!

Clinton Support to endorse McCain

Comment by

velveeta jones on 09/17/2008 13:50:19

Quote by TriSec:

Well, this is curious. I am actually on the McCain Website, I'm looking for a position paper on a particular issue.

Get a load of the front page.

Contributions to McCain-Palin Compliance Fund ("Compliance Fund") are not deductible as charitable contributions for federal income-tax purposes. *Federal law requires us to report the name, address, occupation, and employer of any contributor who gives more than $200 in an election cycle. An individual may contribute up to $2,300, a couple may contribute up to $4,600, and a federal multi-candidate PAC may contribute up to $5,000 to the Compliance Fund. Contributions to the Compliance Fund will be used solely for legal and accounting services to ensure compliance with federal law, including a portion of the cost of broadcast advertising, campaign offices, and computer/website expenses. Federal law prohibits the Compliance Fund contributions from being used for a candidate's election. Contributions from corporations, unions, government contractors, national banks, and foreign nationals without permanent residency status are prohibited.

So......McCain needs a legal fund to ensure he's complying with Federal Law?

I think this is because he's taking the Federal money, so he has to "circumvent" the way money is spent, it can't be spent on his election directly.

Comment by

m-hadley on 09/17/2008 13:50:42

Excellent Post BobR :coffee:

Those margaritas kicked my butt last night. I was slightly late to work this morning :(

The last thing I remember is my doggie Tulsey licking my face and rolling over on the futon in my living room (at some point in time I must have gotten up and staggered to the bedroom, 'cause that is where I woke up this morning). Anyway, I want to the be the Under-secretary of the BIA :dance:

Cheers,

mfaye :hug:

Comment by

Mondobubba on 09/17/2008 13:54:23

Jim's Sean Hannity veered into Woody Allen there for a minute.

Comment by

Mondobubba on 09/17/2008 13:57:30

Quote by m-hadley:

Excellent Post BobR :coffee:

Those margaritas kicked my butt last night. I was slightly late to work this morning :(

The last thing I remember is my doggie Tulsey licking my face and rolling over on the futon in my living room (at some point in time I must have gotten up and staggered to the bedroom, 'cause that is where I woke up this morning). Anyway, I want to the be the Under-secretary of the BIA :dance:

Cheers,

mfaye :hug:

Faye, have I mentioned my late uncle was a wheel at the BIA? When AIM occupied the building, his office wasn't trashed. There are great photos of my uncle with his buddy, Russell Means in his FBI file.

Comment by

starling310 on 09/17/2008 14:00:13

Morning.

Great post Bobber.

This is off topic a bit, but I realized something sad yesterday; the American flag has become a joke. I was driving down the highway and I saw a Ford F-150 with about 9 full size flags flying off the back, an eagle and a flag painted on the back window and "United we stand" stickers plastered bumper to bumper.

The sad part is I didn't see this guy as Patriotic. I saw him as someone who has completely bought into the 9/11™ Propaganda.

It's make me sad that Bush&Co. has destroyed everything, including the Pride I once felt looking at the Stars and Stripes.

Comment by

Raine on 09/17/2008 14:07:13

Quote by wickedpam:

Palin credits electoral sucess to witchhunter

Nice. So he hunted wiccans and pagans?

Comment by

Mondobubba on 09/17/2008 14:07:47

Quote by starling310:

Morning.

Great post Bobber.

This is off topic a bit, but I realized something sad yesterday; the American flag has become a joke. I was driving down the highway and I saw a Ford F-150 with about 9 full size flags flying off the back, an eagle and a flag painted on the back window and "United we stand" stickers plastered bumper to bumper.

The sad part is I didn't see this guy as Patriotic. I saw him as someone who has completely bought into the 9/11™ Propaganda.

It's make me sad that Bush&Co. has destroyed everything, including the Pride I once felt looking at the Stars and Stripes.

Star, I know exactly how you feel. Is there nothing that has been cheapened by the last 7 years of Bush?

Comment by

m-hadley on 09/17/2008 14:08:12

Quote by Mondobubba:

Quote by m-hadley:

Excellent Post BobR :coffee:

Those margaritas kicked my butt last night. I was slightly late to work this morning :(

The last thing I remember is my doggie Tulsey licking my face and rolling over on the futon in my living room (at some point in time I must have gotten up and staggered to the bedroom, 'cause that is where I woke up this morning). Anyway, I want to the be the Under-secretary of the BIA :dance:

Cheers,

mfaye :hug:

Faye, have I mentioned my late uncle was a wheel at the BIA? When AIM occupied the building, his office wasn't trashed. There are great photos of my uncle with his buddy, Russell Means in his FBI file.

Mondo,

That is soooo cool, man

I have my own issues with Mr. Means, but at the time of AIM's heyday he was no doubt a major player. What exactly did your uncle do? Do you have Native ancestry? Thanks for letting me know about that aspect of your family :airhump:

Cheers,

mfaye

:hug:

Comment by

BobR on 09/17/2008 14:08:17

Quote by starling310:

Morning.

Great post Bobber.

This is off topic a bit, but I realized something sad yesterday; the American flag has become a joke. I was driving down the highway and I saw a Ford F-150 with about 9 full size flags flying off the back, an eagle and a flag painted on the back window and "United we stand" stickers plastered bumper to bumper.

The sad part is I didn't see this guy as Patriotic. I saw him as someone who has completely bought into the 9/11™ Propaganda.

It's make me sad that Bush&Co. has destroyed everything, including the Pride I once felt looking at the Stars and Stripes.

Oh definitely. We have a flag up inside, but to put one outside might make people think I'm one of those jackoffs that think Flag = Patriotism = War, ie: if you're anti-war, you're antiAmerican.

It infuriates me. Once we've taken the government back, I might feel more comfortable flying the flag again.

Comment by

TriSec on 09/17/2008 14:10:50

Ah, Starling.

Years ago, I stopped flying the American Flag from my front porch. I went two summers I think, without one, before putting out the Culpepper Minuteman flag. (Revolutionary era, white flag with coiled snake and "Don't Tread on Me".)

After the Dems won in 2006, I started flying the Bennington Flag again. (the famed "76" flag.)

September 11th this year, I put back up my tattered "old glory", which is still hanging from the porch right now.

They may have hijacked it for propaganda, but it's up to us to make it mean something again.

Comment by

BobR on 09/17/2008 14:11:27

DJ bringing out the vintage Blur!

woo-hoo!

Comment by

starling310 on 09/17/2008 14:11:33

:rofl:

:clap:

Comment by

wickedpam on 09/17/2008 14:12:10

Quote by Raine:

Quote by wickedpam:

Palin credits electoral sucess to witchhunter

Nice. So he hunted wiccans and pagans?

They targeted a woman in a town they moved into who had a divination clinic. Not sure what that is exactly. Sounds like it turned really ugly.

Comment by

wickedpam on 09/17/2008 14:12:43

wow - DJ! Wow

My ears hurt now

Comment by

starling310 on 09/17/2008 14:13:05

Thanks guys. I am glad I'm not the only one who feels this way about Old Glory.

Once Obama is in the White House, the flag will start to mean something again.

Comment by

TriSec on 09/17/2008 14:13:28

There's always this one:

http://www.earthhouse.com/images/gifts/US%20peace%20flag.jpg

Comment by

starling310 on 09/17/2008 14:14:27

Jim...funny cuz it's true.

Comment by

m-hadley on 09/17/2008 14:15:08

Quote by Mondobubba:

Quote by starling310:

Morning.

Great post Bobber.

This is off topic a bit, but I realized something sad yesterday; the American flag has become a joke. I was driving down the highway and I saw a Ford F-150 with about 9 full size flags flying off the back, an eagle and a flag painted on the back window and "United we stand" stickers plastered bumper to bumper.

The sad part is I didn't see this guy as Patriotic. I saw him as someone who has completely bought into the 9/11™ Propaganda.

It's make me sad that Bush&Co. has destroyed everything, including the Pride I once felt looking at the Stars and Stripes.

Star, I know exactly how you feel. Is there nothing that has been cheapened by the last 7 years of Bush?

Monda & Star,

I agree wholeheartedly - I used to feel patriotic when I saw the stars and stripes and I've been known to tear up when I hear God Bless America, but those days are behind me now. Don't know if they will return - much depends on the outcome of the November election :hug:

Cheers,

mfaye :gobama:

Comment by

starling310 on 09/17/2008 14:16:17

They have mini-weapons. Mini-KISS will be able to store them on their MINI-TOUR BUS.

Comment by

starling310 on 09/17/2008 14:17:39

Quote by m-hadley:

Quote by Mondobubba:

Quote by starling310:

Morning.

Great post Bobber.

This is off topic a bit, but I realized something sad yesterday; the American flag has become a joke. I was driving down the highway and I saw a Ford F-150 with about 9 full size flags flying off the back, an eagle and a flag painted on the back window and "United we stand" stickers plastered bumper to bumper.

The sad part is I didn't see this guy as Patriotic. I saw him as someone who has completely bought into the 9/11™ Propaganda.

It's make me sad that Bush&Co. has destroyed everything, including the Pride I once felt looking at the Stars and Stripes.

Star, I know exactly how you feel. Is there nothing that has been cheapened by the last 7 years of Bush?

Monda & Star,

I agree wholeheartedly - I used to feel patriotic when I saw the stars and stripes and I've been known to tear up when I hear God Bless America, but those days are behind me now. Don't know if they will return - much depends on the outcome of the November election :hug:

Cheers,

mfaye :gobama:

I just felt bad that as I passed him on the highway, I rolled my eyes and thought "F*ckin' moron."

It's because it's always so empty this "United we stand" bullshite!

United my ass!

Comment by

starling310 on 09/17/2008 14:27:57

The "Economic Adjustment" must be the same as Condi Rice saying that Iraq is going through "Growing Pains."

F*Ckers.

Comment by

Mondobubba on 09/17/2008 14:30:20

Quote by m-hadley:

Quote by Mondobubba:

Quote by m-hadley:

Excellent Post BobR :coffee:

Those margaritas kicked my butt last night. I was slightly late to work this morning :(

The last thing I remember is my doggie Tulsey licking my face and rolling over on the futon in my living room (at some point in time I must have gotten up and staggered to the bedroom, 'cause that is where I woke up this morning). Anyway, I want to the be the Under-secretary of the BIA :dance:

Cheers,

mfaye :hug:

Faye, have I mentioned my late uncle was a wheel at the BIA? When AIM occupied the building, his office wasn't trashed. There are great photos of my uncle with his buddy, Russell Means in his FBI file.

Mondo,

That is soooo cool, man I have my own issues with Mr. Means, but at the time of AIM's heyday he was no doubt a major player. What exactly did your uncle do? Do you have Native ancestry? Thanks for letting me know about that aspect of your family :airhump:

Cheers,

mfaye

:hug:

For the life of me, I really couldn't tell you what Uncle W. He knew a boatload of fairly prominent Native leader types. He actually didn't patronize them, which was the mode of the BIA at the time. So the more militant factions liked him.

I am 100% WASP. You can't find somebody much whiter than I am. :)

Comment by

wickedpam on 09/17/2008 14:38:00

I love the crowd

Comment by

wickedpam on 09/17/2008 14:41:15

I had to do a new search to double check on my mortagage company - wanted to be prepared just in case. I was relieved to find it seems to be handling all this okay - their stock only dipped by like $4 on Monday

Comment by

starling310 on 09/17/2008 14:42:24

USA! USA! USA! USA!USA! USA!USA! USA!USA! USA!USA! USA!USA! USA!USA!

GWOT! GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!

USA! USA! USA! USA!USA! USA!USA! USA!USA! USA!USA! USA!USA! USA!USA!

GWOT! GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!

USA! USA! USA! USA!USA! USA!USA! USA!USA! USA!USA! USA!USA! USA!USA!

GWOT! GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!

USA! USA! USA! USA!USA! USA!USA! USA!USA! USA!USA! USA!USA! USA!USA!

GWOT! GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!GWOT!

Comment by

Mondobubba on 09/17/2008 14:48:00

Peeps, I think I am going to take the cold I woke up with and the cats back to bed. :snurfle: :hack: weeze:

Comment by

livingonli on 09/17/2008 14:51:24

:yawn: Good morning everyone.

Thanks to these stupid hours even on the nights I am off I go to bed too late. I missed the first half of the show and will have to catch it on the podcast and today I do work 4-12.

Comment by

TriSec on 09/17/2008 14:55:56

Well, bailing out AIG has had the desired effect. The Dow is off 250 points already today.

I don't think even Wall Street is buying the panacea anymore.

(Who's paying for this, Morris? - Jill at the First Avenue, Purple Rain, 1984)

Comment by

livingonli on 09/17/2008 14:58:23

When Governments crack

And systems fall

Cause unity is powerful

Lights go out

Walls come tumbling down

--Paul Weller and The Style Council.

Comment by

livingonli on 09/17/2008 15:11:52

You know something. Listening to those McCain and Palin phrases over the next 4 years may cause me to lose my mind.

Comment by

starling310 on 09/17/2008 15:16:37

I was good Jim!

I coulda been a contendah!

Comment by

livingonli on 09/17/2008 15:17:31

On Long Island now you have to live at home until you're 30 because you can't afford your own place. And I know a lot of people who do that.

Well I had my own place when I was 30. I just never got married or had kids. Then again I never wanted kids so that parts not an issue.

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And the Wall(st) Came Tumbling Down
Author: BobR Date: 09/17/2008 12:34:48

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And the Wall(st) Came Tumbling Down Author: BobR Date: 09/17/2008 12:34:48

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And the Wall(st) Came Tumbling Down
Author: BobR Date: 09/17/2008 12:34:48