AMERICAblog: CNBC's Cramer on bailout: "stocks of Main Street that are about to be crushed" if no deal
blakey
· 1 year ago
Any bailout of Wall Street is flawed to the core and cannot be made right. There are plenty of ways to protect our economy without paying extortion money to the same people on Wall Street who made this mess.
It's really distressing to see how many liberal bloggers buy into this "bailout now or we're all doomed" hype.
Bostonian_Queer_in_Dallas
· 1 year ago
A coupla hundred million here...a coupla billion there....I don't know about the rest of you, but I am getting by on a mere fraction of what these assholes are robbing from this system. And yet half this idiot nation is prepared to vote for an old fart and Caribou Barbie. Someone please just shoot me right now. I don't want to live in the coming nightmare. When is Obama going to start hitting this home to the average Joe out there who is about to be screwed out of any retirement money? Naw won't mean anything. People are just too fucking stupid to see how well they are being fucked. So let the system collapse totally. Maybe then they will drop their bucket of Doritos and wake up from the couch where they were watching "America's Got Talent" and other mindless crap TV.
the_dude_abides
· 1 year ago
I thought the limits on the golden parachutes were still in.
Indigo
· 1 year ago
Bailout/no bailout. The experience of the past six months suggests that the bailouts we've already seen are moderatley successful but ultimately leave the infrastructure of mismanagement in place. That's what has to change if anything in the bailout is to hold. I'm mindful of the beach erosion along the Florida Atlantic coast. Every year the summer storms wash away sandy beaches.
Each year, the fat Republicans and the BritTourists who squat on the dunes, demand beach restoration. Dutifully, beach restoration happens. It's too expensive and the Wall Street bailout is also too expensive.
The fat Republicans and the BritTourists have got to move inland, off the dunes! The Wall Street managers have got to take their plantinum parachutes and slip away to Paraguay. We deserve better managers, we deserve a solid infrastructure. Bailouts are not about reform, they're about shoring up failing piers and failed management.
Let it fall.
smithdaleus
· 1 year ago
The best take on this crisis that I have seen is from my US House Representative Marcy Kaptur.
I have talked with her personally multiple times and she walks the walk and talks the talk.
Andrew
· 1 year ago
Chris...In this particular case your mistaken if you think the world is going to come to an end if the bailout doesn't go through come this weekend before the Asian markets open Sunday evening, and there is a very sound and proveable reason for saying that. Both sides in government were saying the same thing last Friday. Guess what. Monday came and we were still here. Ask youself what is the real problem here? When you come right down to it, the private banks that make up the Federal Reserve are in fact bankrupt and come midnight this Tuesday the 30th, without the bailout of 700 billion the entity known as the Federal Reserve will no longer exist and their game of controlling the masses with control of the money supply and interest rates will come to an end. The movers and shakers of the world during the Clinton administration moved the world towards globalization and that is why Clinton got rid of the Glass-Stegal act. There is no stopping this process. Banks around the world who have plenty of working capital already have branches throughout the U.S. I can assure you Chris, that if the Federal Reserve system goes down in flames, it only means that other banks around the world including soverign wealth funds will buy up the Fed's assetts and life will go on without missing a beat. The fact is Chris, that for the first 170 years in our countries history, we had a dollar backed by gold and silver as the Constitution called for. Then in 1913 that all changed and we went to a debt system which turned all of us into financial slaves. For every dollar the a Fed bank took in, it lent out 9. That my friend is the making of a massive ponzi scam and we all know how they end and you are seeing that process played out now. No deal by midnight Sunday, big deal. At worst, the Federal Reserve system which has screwed the average person will disappear relegated to the dust bin of history as an experiment that went very badly. Others will step in and banking will continue as it always does. The world is flooded with US dollars and as each of some of the biggest banks over the last two weeks have gone up in flames, miraculosly someone buys them out. Cramer is a ranting fool and playing chicken little in this case does nothing to solve the problem. Our Constitution calls for a US Treasury banking system with our dollars backed by something of value not dollars printed out of thin air, as we currently have under the Federal Reserve system. Impressive name, but there isn't anything Federal or governmental about it. The Fed is nothing more than a group of private banks with a fancy name that have picked the pockets of Americans from the day it was created back in 1913. After leaving office, President Wilson who allowed the Federl Reserve system to be created lamented it was the greatest mistake he had ever made. So before you and Cramer and other talking heads worry about the sky falling come Sunday evening, rest assured that the world is a really big place, and other money will immediately be found to buy out the banks of the Federal reserve system and life will go on. Having been in banking for 35 years, I can assure you the lights will go on Monday morning and life without the Federal reserve will gon on an in fact prosper. Yes, you'll even still be able to pay your bills and use your local ATM.
Andrew
· 1 year ago
I'd like to add one more thought Chris. When Bernanke testified to the Senate this week he spoke about a 14 trillion dollar fund that is held by Citibank. Guess who put that money up? It was the Queen of England, the Chinese and prince Alaweed of Saudi Arabia. It sits in what is known as a set asdie account at Citibank and that is the money that will help to create a new US Treasury banking system. It has been in place since early 2007 and the creeps that control the Federal Reserve and their proxies the politicians have done everything in their power to prevent the creation of our new banking system. You can read all about it at www.worldreports.org.
tbhull
· 1 year ago
Yes, but the bailout is only temporary relief. The stocks soon will again be on the edge of collapse and what then? Well for our Wall Street welfare types more government money.
The stock market should not be propped up by taxpayer dollars, otherwise, it is not a market.
By the way Chris in Paris, has someone told you to change your mind and pump up the bailout, the bailout you were so clearly against earlier? Sounds like fear may be getting to you. If thisis the case, then you are a slave to Bush's tactics much like Congressional dems. That is something to be proud of.
tbhull
· 1 year ago
This bailout marks the historic birth of a new bigger government that only seeks to protect corporate interests, rather than individual interests. I do not know when the corporate entity became superior in all respects to the individual.
The health of the fraud that is the stock market is far more important to the president and Congress than our Constitutuion, the social contract that holds us together and distinguishes us from others.
Just think of it as trickle down government. Your tax dollars go directly to the government. Then when government hands out the goddies it first goes to corporate interests and then it may trickle down to taxpayers. Such e3fficiency. Americans taxpayers are slaves.
If someone were to nuke DC I might flinch but it would be hard to cry.
Mickey7
· 1 year ago
Jim Cramer should most likely be in prison for market manipulation, not on the TV telling everyone else how to do it too. He and his ilk and colluding financial journalists are a major contributor the mess we currently find ourselves in. The only thing we can know for sure about Cramer is that if he is making a recommendation, it is to benefit himself, not out of any deep concern for the American consumer. If you want an in-depth expose of how these guys work, check out this article in Vanity Fair: http://www.vanityfair.com/politics/features/200....
bigassbelle
· 1 year ago
Just in case you think this bailout is only about saving Wall Street, think about this: 100 million Americans – about half the adult population – owns stocks directly or indirectly through mutual funds or retirement plans. No deal means your pension fund, 401(k), IRA, 529 college savings all plummet in value.
Gosh, that sounds so familiar . . . hmmm . . . where am I hearing that all the time these days? Oh yeah, it's from the Rethug wingers I'm surrounded by here in Oklahoma.
The concept of little man as shareholder and person of power within corporate America is a meme they're promoting at every turn.
Of course everyone with a retirement account will be affected and that's a shame. But they use this as the excuse for every single thieving, manipulative, feed-the-rich decision that's made. And comparatively speaking, the percentage of individual/retirement investors in the market as compared to hedge fund and CEO and other ultra-rich investors is, I suspect, very small.
It's a scare tactic ~ just like we were scared by BushCheney's terrorist-in-every-pot meme into supporting a disastrous war in Iraq.
It's probably true, but I'm sick of hearing about their grave concern for individual investors and retirees when every. single. thing. they. do. is practically designed to fuck those same individual investors and retirees.
I am certain that when this rescue is hammered out, we'll get screwed. It's the way of the world and it's more and more true in the US every day. Bend over and pass the lube.
MommaKat
· 1 year ago
Sorry, but I have to disagree with most of the comments to Chris on this issue.
This crisis has been forever in the making, and much as I hate the idea of needing a bailout, or having Paulson anywhere close to this, we need it - with modifications and protections for middle class and poor Americans for certain, but need it is an understatement. It's important to understand the undesirable effects going w/o this bailout would trigger. No one is mentioning the fact the most businesses depend on revolving 90 day loans to make payroll. Any idea just how many of us would not receive a paycheck for the foreseeable future if all credit dries up? FDIC insurance is only as good as the fund backing it, so anyone out there thinking your funds are safe in those CDs may have another thing to think about.
And that's just the tip of the iceberg... the following is a summary of things said to me and a few posts I've read over the weekend. It's on point, and while I definitely believe we need to ensure penalties are included in a bailout plan, along with protections, it highlights why we need the bailout.
The fact of the matter is that our economy virtually stopped dead in its tracks this summer, and world economies are following suit rapidly. Bernanke and Paulson know how bad it is, and how bad it will become. Credit markets are totally locked up with an unending line of major banks ready to declare bankruptcy, and soon. WAMU, the largest bank failure in US history which crashed Thursday was certainly not the last. Wachovia and National City (among others) could likely fall early next week. No lending of any sort is going on, and debt markets have ground to a complete halt. The credit system simply isn't functioning, and without that the Dow could drop 2000 - 3000 points in a week if the credit market breaks down further. The only reason the Dow hasn't already taken that dive is due to massive intervention and manipulation by the federal government.
We're on the brink of a systemic financial meltdown in the US, and world as a result, if there's a total failure of the banks to open their doors. And if that happens there will be chaos unlike anything we've ever seen. When I think of that, and consider the fact that this administration intends to activate (for the first time ever) the National Guard within the US on October 1st (to quell civil unrest), I feel incredibly uneasy with the current situation.
401k_ira
· 2 months ago
This is the great blog, I'm reading them for a while, thanks for the new posts!
All Comments
It's really distressing to see how many liberal bloggers buy into this "bailout now or we're all doomed" hype.
Each year, the fat Republicans and the BritTourists who squat on the dunes, demand beach restoration. Dutifully, beach restoration happens. It's too expensive and the Wall Street bailout is also too expensive.
The fat Republicans and the BritTourists have got to move inland, off the dunes! The Wall Street managers have got to take their plantinum parachutes and slip away to Paraguay. We deserve better managers, we deserve a solid infrastructure. Bailouts are not about reform, they're about shoring up failing piers and failed management.
Let it fall.
http://www.youtube.com/watch?v=S27yitK32ds
I have talked with her personally multiple times and she walks the walk and talks the talk.
Both sides in government were saying the same thing last Friday. Guess what. Monday came and we were still here. Ask youself what is the real problem here? When you come right down to it, the private banks that make up the Federal Reserve are in fact bankrupt and come midnight this Tuesday the 30th, without the bailout of 700 billion the entity known as the Federal Reserve will no longer exist and their game of controlling the masses with control of the money supply and interest rates will come to an end.
The movers and shakers of the world during the Clinton administration moved the world towards globalization and that is why Clinton got rid of the Glass-Stegal act. There is no stopping this process. Banks around the world who have plenty of working capital already have branches throughout the U.S. I can assure you Chris, that if the Federal Reserve system goes down in flames, it only means that other banks around the world including soverign wealth funds will buy up the Fed's assetts and life will go on without missing a beat.
The fact is Chris, that for the first 170 years in our countries history, we had a dollar backed by gold and silver as the Constitution called for. Then in 1913 that all changed and we went to a debt system which turned all of us into financial slaves. For every dollar the a Fed bank took in, it lent out 9. That my friend is the making of a massive ponzi scam and we all know how they end and you are seeing that process played out now.
No deal by midnight Sunday, big deal. At worst, the Federal Reserve system which has screwed the average person will disappear relegated to the dust bin of history as an experiment that went very badly. Others will step in and banking will continue as it always does. The world is flooded with US dollars and as each of some of the biggest banks over the last two weeks have gone up in flames, miraculosly someone buys them out.
Cramer is a ranting fool and playing chicken little in this case does nothing to solve the problem. Our Constitution calls for a US Treasury banking system with our dollars backed by something of value not dollars printed out of thin air, as we currently have under the Federal Reserve system. Impressive name, but there isn't anything Federal or governmental about it. The Fed is nothing more than a group of private banks with a fancy name that have picked the pockets of Americans from the day it was created back in 1913.
After leaving office, President Wilson who allowed the Federl Reserve system to be created lamented it was the greatest mistake he had ever made.
So before you and Cramer and other talking heads worry about the sky falling come Sunday evening, rest assured that the world is a really big place, and other money will immediately be found to buy out the banks of the Federal reserve system and life will go on.
Having been in banking for 35 years, I can assure you the lights will go on Monday morning and life without the Federal reserve will gon on an in fact prosper. Yes, you'll even still be able to pay your bills and use your local ATM.
The stock market should not be propped up by taxpayer dollars, otherwise, it is not a market.
By the way Chris in Paris, has someone told you to change your mind and pump up the bailout, the bailout you were so clearly against earlier? Sounds like fear may be getting to you. If thisis the case, then you are a slave to Bush's tactics much like Congressional dems. That is something to be proud of.
The health of the fraud that is the stock market is far more important to the president and Congress than our Constitutuion, the social contract that holds us together and distinguishes us from others.
Just think of it as trickle down government. Your tax dollars go directly to the government. Then when government hands out the goddies it first goes to corporate interests and then it may trickle down to taxpayers. Such e3fficiency. Americans taxpayers are slaves.
If someone were to nuke DC I might flinch but it would be hard to cry.
Gosh, that sounds so familiar . . . hmmm . . . where am I hearing that all the time these days? Oh yeah, it's from the Rethug wingers I'm surrounded by here in Oklahoma.
The concept of little man as shareholder and person of power within corporate America is a meme they're promoting at every turn.
Of course everyone with a retirement account will be affected and that's a shame. But they use this as the excuse for every single thieving, manipulative, feed-the-rich decision that's made. And comparatively speaking, the percentage of individual/retirement investors in the market as compared to hedge fund and CEO and other ultra-rich investors is, I suspect, very small.
It's a scare tactic ~ just like we were scared by BushCheney's terrorist-in-every-pot meme into supporting a disastrous war in Iraq.
It's probably true, but I'm sick of hearing about their grave concern for individual investors and retirees when every. single. thing. they. do. is practically designed to fuck those same individual investors and retirees.
I am certain that when this rescue is hammered out, we'll get screwed. It's the way of the world and it's more and more true in the US every day. Bend over and pass the lube.
This crisis has been forever in the making, and much as I hate the idea of needing a bailout, or having Paulson anywhere close to this, we need it - with modifications and protections for middle class and poor Americans for certain, but need it is an understatement. It's important to understand the undesirable effects going w/o this bailout would trigger. No one is mentioning the fact the most businesses depend on revolving 90 day loans to make payroll. Any idea just how many of us would not receive a paycheck for the foreseeable future if all credit dries up? FDIC insurance is only as good as the fund backing it, so anyone out there thinking your funds are safe in those CDs may have another thing to think about.
And that's just the tip of the iceberg... the following is a summary of things said to me and a few posts I've read over the weekend. It's on point, and while I definitely believe we need to ensure penalties are included in a bailout plan, along with protections, it highlights why we need the bailout.
The fact of the matter is that our economy virtually stopped dead in its tracks this summer, and world economies are following suit rapidly. Bernanke and Paulson know how bad it is, and how bad it will become. Credit markets are totally locked up with an unending line of major banks ready to declare bankruptcy, and soon. WAMU, the largest bank failure in US history which crashed Thursday was certainly not the last. Wachovia and National City (among others) could likely fall early next week. No lending of any sort is going on, and debt markets have ground to a complete halt. The credit system simply isn't functioning, and without that the Dow could drop 2000 - 3000 points in a week if the credit market breaks down further. The only reason the Dow hasn't already taken that dive is due to massive intervention and manipulation by the federal government.
We're on the brink of a systemic financial meltdown in the US, and world as a result, if there's a total failure of the banks to open their doors. And if that happens there will be chaos unlike anything we've ever seen. When I think of that, and consider the fact that this administration intends to activate (for the first time ever) the National Guard within the US on October 1st (to quell civil unrest), I feel incredibly uneasy with the current situation.