Hi Tom, It's Me Again --- The Abyss: Archive

With U6 You Get Eggroll

Hi Tom- I feel like not being there for you in 2010 was really letting you down. The Abyss feels awful about it. But you see, Tom, The Abyss must always go where it is needed most. And as you can imagine, on a global scale, I’ve been in very high demand. Most recently, though, I’ve taken my feel-good show to three countries that are feeling the icy-hot breath of an impending...

Jan 2nd

Jan 23rd

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California Explores Reversion to "territorial...

(Mrs. Governator in her SUV on her cell phone.) Hi Tom- You might remember that The Abyss was a little skeptical about the Governator’s claims of solving Cali’s budget crisis. And maybe you recall that the state issued IOUs instead of actual payment to many of its (now mostly bankrupt) vendors. Well, it turns out that nagging little issue of the state essentially heading for a...

Nov 20th

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The Gubmint is Now 100% of 70%

Hi Tom- Sorry it’s been awhile since I posted, but The Abyss has been vacationing while the world healed itself and everything returned to okey-dokey. With The Great Recession ending in what is historically speaking an almost inconceivably short time, the .gov has made it clear it’s time to buy that house (with a tax credit that only costs each taxpayer $43,000 per transaction),...

Oct 30th

Oct 1st

Sep 27th

Watch

Hi Tom- Seems like regular folk (I know you’ve met at least a couple at some point) are starting to figure out what the .gov and Wall Street have been doing to them the past few years. And it seems they are aware that very little (if anything) has changed from the last administration (also know as the worst administration ever) to the new administration (which you woulda bet would have a...

Sep 27th

Extend and Pretend

Hi Tom- It turns out that letting the banks indefinitely delay the official accounting of their toxic mortgage loans has not brought out the absolute best in those fine folks who run them. This is called “Shadow Inventory” and it is an explicit deal between the big banks and the .gov. The goal is to engineer a way to offload this toxic debt to the US citizen (like Fannie, Freddie,...

Sep 13th

Aug 23rd

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The Recovery is Here

Hi Tom- I can’t begin to tell you how relieved and grateful The Abyss is that everyone has been rescued from the economic crisis and that the recovery has finally come. It’s truly amazing after the biggest expansion of credit and exotic leveraging in the world’s history (30 years in the making) and the most historic crash since the G-to-the-D, that it’s all good again...

Aug 23rd

Watch

I miss Circuit City, Tom. Damn Burst Bubble.

Aug 15th

Aug 14th

Mmm-hmmm. That's What I Said.

About half of U.S. mortgages seen underwater by 2011 By Al Yoon – Wed Aug 5, 5:12 pm ET NEW YORK (Reuters) – The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday. Home price declines will have their biggest...

Aug 6th

Aug 2nd

What If "The Recovery" Never Came?

Hi Tom- Hope you’re enjoying the sweet calm of the storm’s eye and the Dow once again at 9,000 (only 5,000 points below where it was when the economy was “healthy”). By the way, it’s probably an excellent time to get back into 100% cash, as the world awaits what the implications of a stock market recovery without any real signs of improvement in the fundamentals...

Jul 27th

Jul 19th

Jul 10th

Jul 9th

Unemployment Math

(Firecracker injury x-ray. Believe me, Tom, the actual photo is way worse.) Hi Tom- Lots of talk about how this 4th of July “celebration” will be more hot dogs and less steaks than in years before. Of course, it’s all caviar and champagne at Goldman Sachs (which will pay out record bonuses this year) and at Citigroup (50% raises coming soon) even though they were only saved...

Jul 3rd

Deliquencies Double on Least Risky Loans

Oh Tommy Boy, the “wealthy” are in very, very deep trouble. June 30 (Bloomberg) — Delinquency rates on the least-risky mortgages more than doubled in the first quarter from a year earlier as U.S. efforts to help homeowners failed to keep pace with job losses that pushed more borrowers toward foreclosure. Serious delinquencies on prime loans, which account for two-thirds of all...

Jun 30th

Jun 27th

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California Here I Come!

Hi Tom- As you know, The Abyss is fond of popular music. And so I was going to lead off this post with a little Phantom Planet (ok, so The Abyss is fond of kinda-popular music) when I was stopped in my tracks by the audio upload policy of the Tumblr kids. Even a giant pulsating mass of negative energy which is fed by the greed, savagery and pestilence of Wall Street and .gov minions doesn’t...

Jun 21st

Jun 20th

Bonsoir, Bourgeoisie

Fed “money” creation here: http://3.bp.blogspot.com/_FM71j6-VkNE/SjMUvXf0nnI/AAAAAAAADRM/2vFinzD78f8/s1600-h/Fed+Treasury+Purchases+6.12.09.jpg US personal wealth destruction here: http://panzner.typepad.com/.a/6a00d83451591e69e201157001a395970c-pi Seems like it’s bad when they move in opposite directions like that, doncha think Tom? And I told you there would be no more dodging the gang-related...

Jun 20th

Welcome Back

Hi Tom- Remember the fun we had in December when you discovered the whole global economy was hanging by a thread? You learned how the whole planet was put at risk by move-up home buyers and granite countertops? Then on March 9 the new .gov started farting rainbows and unicorns and you went back to minding your own business and trusting your “investment professionals” since everything was suddenly...

Jun 20th