We have just completed two consecutive trading days when the Standard & Poor’s 500-stock index rose more than 6 percent each day — the first time that happened since 1933. They followed the first two consecutive 6 percent declines since 1933.
For the four days, the S.& P. is down 0.9 percent.
Day: November 24, 2008
Best line of the day, so far
“Continuing in his quest to assemble a so-called ‘team of rivals,’ President-elect Barack Obama today announced that he would name Angelina Jolie and Jennifer Aniston to key Cabinet positions.”
It’s just paper
Nov. 24 (Bloomberg) — The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago.
A trillion here, a trillion there, and pretty soon you’re talking real money.
Name Change
We are pleased to announce a new name for this website — NewMexiBank.
NewMexiBank is a division of NewMexiKen Bank and Blog, Inc., member TBTF1.
1 Too Big To Fail
November 24th ought to be a national holiday
Today is the birthday
… of Oscar Robertson, 70.
Whenever basketball discussions turn to naming the greatest player in history, Oscar Robertson’s name is always prominently mentioned. Red Auerbach, who coached a slew of Hall of Famers with the Boston Celtics, rates Robertson as the best, most versatile player he has ever seen. Most other basketball experts would agree: the “Big O” could do it all. He was an unstoppable offensive player; one who could score from every spot on the court and in any manner he saw fit. Robertson’s offensive prowess changed the point guard stereotype from simply a passer and “floor general” to a scorer and offensive weapon. Robertson truly had a presence on the court.
A three-time All-State selection at Indianapolis’ Crispus Attucks High School, the “Big O” was heavily recruited and opted to remain close to home at the University of Cincinnati. Robertson’s collegiate career (1957-60) was historic: he established 19 school and 14 NCAA records and led the Bearcats to a 79-9 record and two straight NCAA tournament third place finishes in 1959 and 1960. A three-time College Player of the Year and national scoring leader at Cincinnati, Robertson scored 2,973 points (33.8 ppg), placing him seventh all-time in NCAA history. (Basketball Hall of Fame)
… of Pete Best, 67. Best was the orginal drummer in The Beatles, fired in 1962 to be replaced by Ringo Starr.
… of Rock and Roll Hall of Fame inductee Donald ”Duck” Dunn, 67.
The group came together in the early Sixties at Stax Records, a studio and record store on East McLemore Avenue in Memphis. By 1962, guitarist Steve Cropper, organist Booker T. Jones and bassist Lewis Steinberg were established session musicians at Stax. They were joined on a recording date … by drummer Al Jackson, with whom Steinberg had played in the house band at Memphis’ Plantation Inn. It was during some down time at the Riley session that this lineup recorded the classic Sixties soul instrumental “Green Onions.” The definitive version of Booker T. and the MGs (which stood for “Memphis Group”) was completed in 1963, when bassist Donald “Duck” Dunn – a former schoolmate and bandmate of Cropper’s who’d been touring with the Mar-Keys, another Stax backup group – replaced Steinberg. This lineup lent instrumental fire and uncluttered rhythmic support to countless soul classics. Particularly fruitful was their relationship with Stax’s biggest star, Otis Redding. In addition to playing on virtually all of his records, the band backed him at his legendary performance at the Monterey Pop Festival in 1967 (along with the Mar-Kays) …. (Rock and Roll Hall of Fame and Museum)
… of Stanley Livingston, 58. He was Chip, the original third son on My Three Sons. Later Stanley’s brother Barry Livingston played an even younger son (when oldest brother Mike played by Tim Considine left the show).
… of Katherine Heigl, 30. That’s Dr. Isobel “Izzie” Stevens to you. NewMexiKen hopes I never get sick, but if I do I want to go to the hottie doctor hospital.
Also born on November 24th —
Junipero Serra (1713-1784)
“A priest in the Franciscan order of the Catholic Church, Junipero Serra was a driving force in the Spanish conquest and colonization of what is now the state of California.” (PBS – THE WEST)
Zachary Taylor (1784-1850)
Northerners and Southerners disputed sharply whether the territories wrested from Mexico should be opened to slavery, and some Southerners even threatened secession. Standing firm, Zachary Taylor was prepared to hold the Union together by armed force rather than by compromise.
Born in Virginia in 1784, he was taken as an infant to Kentucky and raised on a plantation. He was a career officer in the Army, but his talk was most often of cotton raising. His home was in Baton Rouge, Louisiana, and he owned a plantation in Mississippi.
But Taylor did not defend slavery or southern sectionalism; 40 years in the Army made him a strong nationalist.
(The White House)
Taylor’s early death probably delayed New Mexico’s entry into the Union by 62 years. It’s also interesting to compare this Virginian career Army officer’s thinking about the Union to another’s, that is, Robert E. Lee.
Cass Gilbert (1859-1934)
Gilbert designed the U.S. Supreme Court Building.
Henri de Toulouse-Lautrec (1864-1901)
Rosa La Rouge – À Montrouge (1886-87). Click to view larger version.
Scott Joplin (1868-1917)
The great Ragtime composer left no sound recordings, but he did make several piano rolls. It’s interesting to hear his tempo.
Dale Carnegie (1888-1955)
“Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don’t put off being happy until some future date.”
“You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.”
Carlo Lorenzini (1826-1890)
As C. Collodi, he wrote a timeless story about a wooden boy named Pinocchio, whose nose grew with every lie and whose most ardent wish was to become “a real boy.”
Best reactions of the morning, so far
“A bailout was necessary — but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will be back for more.”
“Citigroup management gets a great deal; you and I not so much.”
“The Washington Post, which is obsessed with cutting the pay of autoworkers earning $57,000 a year, did not even bother to tell readers what pay cuts Robert Rubin and other top executives at Citibank will receive as a result of conditions in its latest government bailout.”
