NewsGang and Gillmor Gang IRC Transcripts for 09/29/2008

Gillmor Gang 09.29.08

Session Start: Mon Sep 29 00:00:00 2008
Session Ident: #newsgang-live
2008/09/29 [15:58] <@TinaGillmor> Gillmor Gang about to start
2008/09/29 [15:59] <@TinaGillmor> Andrwe Keen and Michael Markman joining
2008/09/29 [16:00] <@theagent> stream is up
2008/09/29 [16:00] <@theagent> have fun.. going for lunch
2008/09/29 [16:02] <+kshep> So is NGL on hiatus, rescheduled, or just done?
2008/09/29 [16:04] <@TinaGillmor> kshep we will announce new NewsGang scheduling very soon
2008/09/29 [16:05] <+WebPixie> Gillmor Gang today right now?
2008/09/29 [16:05] <+WebPixie> got it
2008/09/29 [16:08] <+Karoli> (silent scream at close of dow down 735 pts)
2008/09/29 [16:08] <@TinaGillmor> thought it was 614?
2008/09/29 [16:08] <@TinaGillmor> no?
2008/09/29 [16:12] <+Karoli> no, institutional trading drove it down further
2008/09/29 [16:12] <+Karoli> 735pts
2008/09/29 [16:13] <+WebPixie> msnbc says -738.42 right now
2008/09/29 [16:14] <+WebPixie> bigger dow numbers, bigger number corrections?
2008/09/29 [16:14] <+WebPixie> meant bigger size corrections
2008/09/29 [16:14] <+WebPixie> i don't have any money to send those rich guys - i'm non-unretired
2008/09/29 [16:15] <+WebPixie> would love to be unretired!
2008/09/29 [16:15] <+WebPixie> thinking of volunteering in the lab at the va hospital nearby
2008/09/29 [16:16] <+kshep> if you're living paycheck-to-paycheck, any disruption of the steady state can kill you
2008/09/29 [16:16] <+WebPixie> volunteer jobs don't pay anything though - don't even get reimbursed for mileage
2008/09/29 [16:16] <+kshep> hah
2008/09/29 [16:16] <+WebPixie> hahahahaha
2008/09/29 [16:16] <+WebPixie> i really AM rolf
2008/09/29 [16:17] <+mstearne> Hottest License Plate - I saw this the other day: http://moveitforward.blogspot.com/2008/09/wall-st-hottest-license-plate.html
2008/09/29 [16:17] <+WebPixie> i thought it was 'cause it was right after lunch om tje west cpast
2008/09/29 [16:17] <+WebPixie> coast
2008/09/29 [16:17] <+WebPixie> on the west coast
2008/09/29 [16:17] <+Karoli> 777 magic number now
2008/09/29 [16:18] <@TinaGillmor> come on guys... is that the final number now?
2008/09/29 [16:18] <+Karoli> not 738 any more
2008/09/29 [16:18] <+Karoli> -777
2008/09/29 [16:18] <+WebPixie> what a cosmic number but i'm not sure it's the close yet
2008/09/29 [16:18] <@TinaGillmor> really
2008/09/29 [16:18] <@TinaGillmor> hmm
2008/09/29 [16:18] <+mstearne> Yes market closed: -777.68
2008/09/29 [16:19] <+Karoli> dow down 7% Nasdaq 9% s&P 8.74%
2008/09/29 [16:19] <+WebPixie> now mccain's guy said this really hurts mccain and palin
2008/09/29 [16:19] <@TinaGillmor> jeez that's quite a number... what will tomorrow hold?
2008/09/29 [16:20] <+WebPixie> scheuster is giving holtz-eakin all kinds of hell
2008/09/29 [16:20] <+Karoli> better spin is that it's an effort to leave things in such a mess that democrat can't do anything
2008/09/29 [16:20] <+Karoli> not capitulation
2008/09/29 [16:20] <+Karoli> manipulation
2008/09/29 [16:20] <+kshep> NASDAQ down 199.61 (9.14%)
2008/09/29 [16:20] <+WebPixie> too bad nobody noticed the OTHER big story on capitol hill, but that's what this distraction was really all about anyway
2008/09/29 [16:20] <+kshep> Dow down 77.68 (6.98%)
2008/09/29 [16:21] <+kshep> 13-wk T-bill down 45.78%
2008/09/29 [16:21] <+WebPixie> The report on the investigation of the firing of the us attorneys was presented today...no biggie
2008/09/29 [16:21] <+WebPixie> no big deal at all
2008/09/29 [16:21] <+Karoli> webpixie I have that to read. i think there
2008/09/29 [16:22] <+WebPixie> just a little deal compared to investor's $ woes
2008/09/29 [16:22] <+Karoli> is some big news in there but I want to read through it first.
2008/09/29 [16:22] <+kshep> 13wk t-bill had tanked earlyier in the month
2008/09/29 [16:22] <+Karoli> t-bills are going to keep tanking, and that's going to rock cash markets
2008/09/29 [16:22] <+Karoli> and that should concern everyone
2008/09/29 [16:22] <+WebPixie> good bye constitution, nobody cares except for the temporary money loss - on tv anyway
2008/09/29 [16:23] <+kshep> seems to be the index most volitile at the moment
2008/09/29 [16:23] <+Karoli> dang i'm getting herky-jerky performance from the audio.
2008/09/29 [16:23] <+kshep> same here
2008/09/29 [16:23] <+WebPixie> we'll just let all that stuff dianne feinstein reported go by the wayside; some harm but not file
2008/09/29 [16:23] <+WebPixie> foul
2008/09/29 [16:23] <+WebPixie> nobody will ever know or care and no one will go to jail
2008/09/29 [16:24] <+WebPixie> just like that helluva nice guy, scooter libby
2008/09/29 [16:24] <+WebPixie> glad there's no ngl today
2008/09/29 [16:24] <+Karoli> kshep on T-bill volatility, directly related to credit..hence, volatile
2008/09/29 [16:24] <+kshep> problem is one day "some guy" walked out like he was carrying the 10 comandments and said "we're in trouble, do this NOW"
2008/09/29 [16:24] <+kshep> ...and people are pushing back
2008/09/29 [16:24] <+kshep> might there be other less painful solutions?
2008/09/29 [16:24] <+kshep> might the problems be overstated?
2008/09/29 [16:25] <+WebPixie> i remember that guy, kshep
2008/09/29 [16:25] <+Karoli> WebPixie honestly, it's hard to imagine just writing it off, but I might be reading it hungry if I don't pay attention to what's going on financially
2008/09/29 [16:25] <+kshep> was this another case of Powell holding up a vial in the UN?
2008/09/29 [16:25] <+kshep> there's be a complete lack of leadership
2008/09/29 [16:25] <+WebPixie> i seem to remember somebody rolling a big horse in too, but i think that was during a different part of the story
2008/09/29 [16:25] <+kshep> education
2008/09/29 [16:26] <+kshep> Where's Perot and his graphs?
2008/09/29 [16:26] <+WebPixie> lack of attention to what the judiciary committee is doing
2008/09/29 [16:26] <+kshep> Where's Carter in his sweater?
2008/09/29 [16:27] <+WebPixie> you guys have fun worrying about the money, the a-bombs, and the terrorists...i'm going back to the hear more about what leahy and specter have to say
2008/09/29 [16:28] <+Karoli> WebPixie I don't view the US attys scandal as a trojan horse. however, it requires additional investigation
2008/09/29 [16:28] <+WebPixie> catch ya'll on the podcast.
2008/09/29 [16:28] <+kshep> andrew: when somebody actually explains the problem to them
2008/09/29 [16:28] <+Karoli> hellfire on the audio feed today or my bandwidth, more likely
2008/09/29 [16:28] <+WebPixie> all it has to do with is money...forget laws applying to the executive branch
2008/09/29 [16:28] <+kshep> ..and explains how the solution is supposed to fix it
2008/09/29 [16:29] <+WebPixie> sorry, i said i was leaving ...thanks all, bye!
2008/09/29 [16:29] <+kshep> At least the Cylons haven't attacked yet
2008/09/29 [16:30] <+kshep> Remember, it's a lot easier for Democrats to just drop their pants and give away $700B
2008/09/29 [16:30] <+kshep> Republicans are much more fiscally responsible
2008/09/29 [16:31] <+kshep> and yer credit cards are going to stop working so you won't be able to buy gas to get to work
2008/09/29 [16:31] <+kshep> so there'll be more jobs
2008/09/29 [16:31] <+kshep> available
2008/09/29 [16:33] <+mstearne> The commentators said he won, so he won.
2008/09/29 [16:34] <+kshep> they were us :-)
2008/09/29 [16:39] <+Karoli> the thing that bugs me most about this is that husband's fees tied to mkt value. nice drop for last quarter thanks congress.
2008/09/29 [16:42] <+kshep> not exactly. they said this isn't the solution
2008/09/29 [16:42] <+kshep> i.e. "You're having a heart attack, so we're going to cut off your leg"
Session Close: Mon Sep 29 16:50:19 2008

Session Start: Mon Sep 29 16:50:19 2008
Session Ident: #newsgang-live
022008/09/29 [16:50] * Disconnected
022008/09/29 [16:50] * Attempting to rejoin channel #newsgang-live
032008/09/29 [16:50] * Rejoined channel #newsgang-live
032008/09/29 [16:50] * Topic is 'Post Debate NewsGang Live starts at 8:30'
032008/09/29 [16:50] * Set by theagent on Fri Sep 26 23:02:29
2008/09/29 [16:51] <+kshep> He's as much President as Bush is
2008/09/29 [16:51] <+kshep> so is McCain for that matter
2008/09/29 [16:51] <+kshep> McCain is Grampa Simpson
2008/09/29 [16:52] <+kshep> "We can't bust heads like we used to, but we have our ways. One trick is to tell them stories that don't go anywhere. Like the time I took the fairy to Shelbyville. I needed a new heel for my shoe so I decided to go to Morganville, which is what they called Shelbyville in those days..."
2008/09/29 [16:53] <+kshep> "So I tied an onion to my belt, which was the style at the time. Now to take the ferry cost a nickel, and in those days, nickels had pictures of bumblebees on them. Give me five bees for a quarter you'd say. Now where were we, oh ya..."
2008/09/29 [16:56] <+alwillis> We know the republicans are trying to get Obama and the democrats to be the fall guy, but they aren't falling for it
2008/09/29 [16:57] <+kshep> problem with the "fall guy" approach is there's no way it can pay off for them in this cycle
2008/09/29 [16:57] <+OliverKohl> via Dave Winer http://bit.ly/1Bt8bC
2008/09/29 [16:57] <+kshep> unless they're just trying to plan the 2012 campaign against HRC
2008/09/29 [16:57] <+kshep> nice sound effect
2008/09/29 [16:58] <+OliverKohl> That makes the McCain upcoming comment about the bailout very interesting.
2008/09/29 [16:59] <+kshep> '87 Drop (Black Monday) was 23%
2008/09/29 [16:59] <+kshep> only 508 points, however
2008/09/29 [16:59] <+Karoli> not largest as percentage. just number of points.
2008/09/29 [17:00] <+kshep> Lost 678 points on 9/17/2001
2008/09/29 [17:00] <+kshep> that was largest lost since 618 on 4/4/2000
2008/09/29 [17:00] <+kshep> not even in top 10 percentage losses
2008/09/29 [17:01] <+Karoli> market closed lower today than it was the day bush took office.
2008/09/29 [17:01] <+kshep> I think it's time for McCain/Fey
2008/09/29 [17:01] <+kshep> Tina Fey does Palin better than Palin does.
2008/09/29 [17:02] <+kshep> Sarah Palin is nothing but clips
2008/09/29 [17:02] <+kshep> When you try to boil substance down into clips, that's one thing
2008/09/29 [17:03] <+kshep> but there's nothing to boil down when it comes to Palin
2008/09/29 [17:03] <+kshep> vapor to begin with
2008/09/29 [17:04] <+mstearne> McCain claimed victory in being the champion of the bailout - before he knew it didn't pass
2008/09/29 [17:04] <+Karoli> even my GOP spouse has thrown his hands in the air at Palin choice. told me last night he was fed up with McCain
2008/09/29 [17:04] <+kshep> Today's the first day of the Obama administration. It's just going to be a slightly longer transition this time around.
2008/09/29 [17:06] <+Karoli> kshep yep that's exactly right.
2008/09/29 [17:06] <+kshep> Has McCain said he's resuming his campaign yet?
2008/09/29 [17:06] <+mstearne> That was such a touching send off!
2008/09/29 [17:06] <+mstearne> :-)
2008/09/29 [17:06] <+Karoli> bye :)
2008/09/29 [17:07] <@TinaGillmor> hope tomorrow actually arrives
2008/09/29 [17:08] <+kshep> oh, it'll arrive Tina. Fire and brimstone isn't until thursday.
Session Close: Mon Sep 29 18:24:38 2008

Session Start: Mon Sep 29 18:24:38 2008
Session Ident: #newsgang-live
022008/09/29 [18:24] * Disconnected
022008/09/29 [18:24] * Attempting to rejoin channel #newsgang-live
032008/09/29 [18:24] * Rejoined channel #newsgang-live
032008/09/29 [18:24] * Topic is 'Post Debate NewsGang Live starts at 8:30'
032008/09/29 [18:24] * Set by theagent on Fri Sep 26 23:02:29
Session Close: Mon Sep 29 21:38:54 2008

Session Start: Mon Sep 29 21:38:54 2008
Session Ident: #newsgang-live
022008/09/29 [21:38] * Disconnected
022008/09/29 [21:38] * Attempting to rejoin channel #newsgang-live
032008/09/29 [21:38] * Rejoined channel #newsgang-live
032008/09/29 [21:38] * Topic is 'Post Debate NewsGang Live starts at 8:30'
032008/09/29 [21:38] * Set by theagent on Fri Sep 26 23:02:29
Session Close: Tue Sep 30 00:00:00 2008