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Reply #34: Dmitry Orlov: Welcome to Fuffland! [View All]

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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-23-09 08:16 AM
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34. Dmitry Orlov: Welcome to Fuffland!

3/22/09 Dmitry Orlov: Welcome to Fuffland!

some snippets:
A fuffle is an artful fake, an artifact specifically made to fool, beguile, seduce, or intimidate people into paying for it. Ideally, the initial transaction serves as the basis of a permanent arrangement, with the victim roped into an installment plan, which keeps the payments flowing even after the fuffle itself has crumbled into a pile of dust. An even better fuffle is one that grows over time. Since a fuffle is, in essence, a fake, its useful properties, should it have any, are largely irrelevant, and so its abstract (which is to say, financial) properties come forth as being the essential ones. The most important such property is, quite obviously, size, and indeed fuffles tend to get bigger and bigger over time. This is a telltale feature of fuffles that makes them easier to identify: if something gets bigger and bigger over time while delivering the same or lesser value, then it is quite likely to be a fuffle. Also, fuffles breed: as a fuffle gets larger and larger, it produces offspring of other fuffles, which also grow. Examples come from many realms.

Take, for example, suburban and exurban houses. For a time, people couldn't get enough of them, and at one point fully half of the US population was living in them. Their square footage had increased far past what even a large family might actually need, while at the same time their cost had exceeded what an average family could afford. In the final act of suburban expansion, these fuffled houses begat fuffled mortgages: fraudulent loans clearly not intended to be repayable over their entire term but quickly rolled over into some other fraudulent monstrosity. And fuffled mortgages begat fuffled equity-backed securities. And these begat fuffled government bailouts.

Another example is America's favorite fufflemobile: the SUV. This is a truck chassis made to superficially resemble a gigantic passenger car, with none of the advantages of either and all the disadvantages of both. These were advertised as safer than cars, while they are some of the most unsafe passenger vehicles ever sold. These also grew in size and cost, while begetting fuffled auto loans, and eventually leading to fuffled automaker bailouts.

read for the Russian background of the word fuffle...
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  -STOCK MARKET WATCH, Monday March 23 ozymandius  Mar-23-09 04:41 AM   #0 
  - Market WrapUp by Tim W. Wood  ozymandius   Mar-23-09 04:47 AM   #1 
  - Today's Report  ozymandius   Mar-23-09 04:49 AM   #2 
  - U.S. Feb. existing-home inventories rise 5.2% - existing-home median price down 15.5% in past year  UpInArms   Mar-23-09 10:26 AM   #41 
  - Krugman: Financial Policy Despair  NeoConsSuck   Mar-23-09 05:00 AM   #3 
  - I've lost count of the knowledgeable voices that have been shouting about this.  ozymandius   Mar-23-09 05:09 AM   #5 
  - Who supports this plan?  spotbird   Mar-23-09 07:36 AM   #28 
  - Did You See that Citigroup Had Split Off Its Trash into a Bad Bank All By Itself?  Demeter   Mar-23-09 12:47 PM   #52 
  - Krugman: Brad DeLongs defense of Geithner (and a bit on eventual nationalization)  ozymandius   Mar-23-09 06:01 AM   #11 
     - The comments on this blog entry are interesting, to say the least.  Tansy_Gold   Mar-23-09 10:39 AM   #42 
  - Oil climbs above $52 in Asia on stock market rally  ozymandius   Mar-23-09 05:02 AM   #4 
  - World markets surge ahead of US bank crisis plan  ozymandius   Mar-23-09 05:16 AM   #6 
  - Geithner to unveil plan to combat banking crisis  ozymandius   Mar-23-09 05:22 AM   #7 
  - News of the scheme,  Ghost Dog   Mar-23-09 06:36 AM   #18 
  - OK, so China's on board, and they are far from stupid so what's the rest of the story? There's more  54anickel   Mar-23-09 12:06 PM   #51 
     - China Makes Mistakes--Then They Pressure Geithner to Bail Them Out  Demeter   Mar-23-09 05:51 PM   #78 
        - I'm thinking some sort of reversed Marshall Plan. China needs a stable market to export to and it  54anickel   Mar-23-09 09:21 PM   #89 
  - A couple of questions --  Tansy_Gold   Mar-23-09 08:37 AM   #36 
     - You Know How, Tansy; It's Just Your Basic Humanity (Squeamishness)  Demeter   Mar-23-09 05:53 PM   #79 
  - What Ritholtz says.  ozymandius   Mar-23-09 05:28 AM   #8 
  - Go here. Read Geithner's drivel for yourself.  ozymandius   Mar-23-09 05:48 AM   #9 
  - Geithner to hold "Toxic" briefing at 8:45 AM  ozymandius   Mar-23-09 05:54 AM   #10 
  - Futures are up 200 pts. DU is ecstatic.  Pale Blue Dot   Mar-23-09 06:27 AM   #15 
  - We need a new war cry for this lunacy.  Dr.Phool   Mar-23-09 07:25 AM   #26 
     - I've suggested "Trickle Down New Deal"  Birthmark   Mar-23-09 11:08 AM   #43 
     - "Lemmings, Follow Me!"  Demeter   Mar-23-09 05:54 PM   #80 
  - Does that mean  Ghost Dog   Mar-23-09 06:43 AM   #21 
  - As written it's a sure thing  notesdev   Mar-23-09 07:01 AM   #23 
     - My reading of this as well- nicely put  JCMach1   Mar-23-09 07:33 AM   #27 
     - With CDS madness still unregulated, yes, I can see that.  Ghost Dog   Mar-23-09 07:42 AM   #29 
        - Exactly, hoping the change in psychology will then boost the markets  JCMach1   Mar-23-09 07:44 AM   #30 
        - Investors can also go long on the stock of the bank selling the assets.  amandabeech   Mar-23-09 03:30 PM   #61 
     - They are still selling Credit Default Swaps?  tclambert   Mar-23-09 03:28 PM   #60 
        - Well....  notesdev   Mar-23-09 03:34 PM   #62 
           - Naked CDS Go So Well With Naked Short Sales  Demeter   Mar-23-09 05:56 PM   #81 
  - Yay! We taxpayers get to share the profits! Um, what if there aren't any?  tclambert   Mar-23-09 03:17 PM   #59 
     - And We Get ALL The Losses! Such a Deal!  Demeter   Mar-23-09 05:57 PM   #82 
  - The Real Screw Job - AIG Used as Funnel of U.S. Taxpayer Money  DemReadingDU   Mar-23-09 06:10 AM   #12 
  - forgive me if I've "got the stupid" on this....  radfringe   Mar-23-09 06:21 AM   #13 
     - IMHO...  sendero   Mar-23-09 06:25 AM   #14 
     - true - but  radfringe   Mar-23-09 06:41 AM   #19 
        - If a person has a lot of cash laying around, this wouldn't be a bad way of  54anickel   Mar-23-09 11:54 AM   #49 
        - Um, those debts are COLLATERALIZED --  snot   Mar-23-09 10:32 PM   #91 
           - EXACTLY -- and isn't that the crux of the whole thing?  Tansy_Gold   Mar-23-09 10:41 PM   #92 
     - You Are a Financial Genius!  Demeter   Mar-23-09 06:35 AM   #17 
     - laundry day  radfringe   Mar-23-09 06:43 AM   #20 
        - And Economically Indefensible  Demeter   Mar-23-09 06:51 AM   #22 
           - Hey, if you could afford to buy rule changes for the game that favor you, why not?  tclambert   Mar-23-09 03:41 PM   #64 
     - The Great Unraveling  Loge23   Mar-23-09 07:46 AM   #31 
  - That Cartoon Is Too Precious! Good Morning SMW and Ozy!  Demeter   Mar-23-09 06:29 AM   #16 
  - in step with R.I.P.  radfringe   Mar-23-09 07:04 AM   #24 
  - dollar watch  UpInArms   Mar-23-09 07:15 AM   #25 
  - Charles Hugh Smith: SURVIVAL+ Chapter One  DemReadingDU   Mar-23-09 08:07 AM   #32 
  - Debt: 03/19/2009 11,039,686,130,898.10 (UP 5,461,036,507.07) (Still small.)  Festivito   Mar-23-09 08:09 AM   #33 
  - Debt: 03/20/2009 11,040,807,027,558.10 (UP 1,120,896,660.00) (Still small.)  Festivito   Mar-23-09 09:14 PM   #88 
  - Dmitry Orlov: Welcome to Fuffland!  DemReadingDU   Mar-23-09 08:16 AM   #34 
  - I just read that, it's perfect: a fuffle economy or fufflnomics.  specimenfred1984   Mar-23-09 09:49 PM   #90 
  - Martin Weiss: Dangerous Unintended Consequences  DemReadingDU   Mar-23-09 08:22 AM   #35 
  - Impt. quote from the article you're quoting:  snot   Mar-23-09 11:18 PM   #93 
  - Full Commanding Denial (James Kunstler)  Tace   Mar-23-09 09:07 AM   #37 
  - Time to get out of Treasury Bills?  DemReadingDU   Mar-23-09 09:58 AM   #40 
  - Insulate your home  tama   Mar-23-09 11:44 AM   #47 
  - I hope Kunstler is right when he says...  MattSh   Mar-23-09 11:53 AM   #48 
     - There seems to be  tama   Mar-23-09 12:05 PM   #50 
  - Why do I get the feeling that somehow these guys are going to profit from Geithner's plan?  antigop   Mar-23-09 09:14 AM   #38 
  - ooo to have intimate knowledge of the REAl value of the toxics..  BelgianMadCow   Mar-23-09 11:34 AM   #44 
  - Three ladies can accurately predict the value of these toxics.  tclambert   Mar-23-09 03:50 PM   #65 
  - Ah, the usual suspects...  Karenina   Mar-23-09 11:39 AM   #46 
  - They Can Try...But Their Recent Record Is NOT Good  Demeter   Mar-23-09 12:56 PM   #53 
  - Madoff judge gets Nigerian letter from US Attorney's office.  Dr.Phool   Mar-23-09 09:24 AM   #39 
  - We'll commit fraud, continue committing fraud and you'll pay for it  specimenfred1984   Mar-23-09 11:37 AM   #45 
  - Fraud? There you go with the moral judgments again.  tclambert   Mar-23-09 03:58 PM   #67 
     - Calvinism -- where wealth is sign of grace  Tansy_Gold   Mar-23-09 05:48 PM   #77 
  - Sleight of Hand--Who's NOT in the Daily News?  Demeter   Mar-23-09 01:04 PM   #54 
  - Well, it's either that or. . . . . .  Tansy_Gold   Mar-23-09 02:41 PM   #55 
  - C'mon, I go into work early, don't check in, and you guys let the stock market go crazy.  tclambert   Mar-23-09 02:54 PM   #56 
  - Any guesses where the BS stops? Mine is still around 850 on the S&P  specimenfred1984   Mar-23-09 02:58 PM   #57 
  - I believe the term is regulatory capture.  Dr.Phool   Mar-23-09 03:15 PM   #58 
  - I seriously doubt he can do that and live  Karenina   Mar-23-09 04:14 PM   #69 
  - from "Stephanomics" -- BBC economics editor Stephanie Flanders  Tansy_Gold   Mar-23-09 03:40 PM   #63 
  - Good explanation.  Dr.Phool   Mar-23-09 03:54 PM   #66 
     - My reading of all this, including the opposition blogs/columns/etc.  Tansy_Gold   Mar-23-09 04:33 PM   #70 
        - They Could Put It In Cereal Boxes As Premiums  Demeter   Mar-23-09 05:24 PM   #74 
  - Up 6.8%?  tclambert   Mar-23-09 04:05 PM   #68 
  - My advice? SELL NOW.  truthisfreedom   Mar-23-09 04:39 PM   #71 
  - You're not alone. BoA's Bernstein says sell bank stocks.  Dr.Phool   Mar-23-09 05:24 PM   #73 
  - I Just Found Out One of My Income Streams Evaporates July 1  Demeter   Mar-23-09 06:05 PM   #83 
     - I saw that on another news site. Sorry to hear it.  Dr.Phool   Mar-23-09 07:35 PM   #86 
  - Ooh! Ahh!  RUMMYisFROSTED   Mar-23-09 04:53 PM   #72 
  - Pretty ! Shiny! Thank You!  Demeter   Mar-23-09 06:06 PM   #84 
  - Dow given Viagra and Cialis--upupup - but it won't last  katty   Mar-23-09 05:43 PM   #75 
  - Somebody Must Have Turned On Bobby McFerrin Today  Demeter   Mar-23-09 05:48 PM   #76 
  - Nine of top 10 AIG bonuses returned: NYAG Cuomo  Demeter   Mar-23-09 06:26 PM   #85 
  - I'm gonna watch "24" in a couple of minutes.  Dr.Phool   Mar-23-09 07:57 PM   #87 

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