so i guess last week's debacle wasnt "our" fault for NOT supporting the xfer of wealth called the "bailout"?
o... and importantly.. this week we will begin to see the fall out of the derivatives auctions... fannie and freddie? they are in default state and on the hook for trillions more... we aint seen nuttin yet.
the bailout did exactlty squat to address any of the problems, merely threw money down the same black hole
lucky hussein
· 1 year ago
not true. stock market is not the credit market.
Reason0Politics1
· 1 year ago
whats 'not true" lucky? are you implying that the equities markets are not tied to the credit markets? when most of the dollar values at play at any given time is margin inflated? come on.. credit =equities =debt
they are joined at the hip. the same players are entangled in all markets, and therefor they are all relevant
sukabi1
· 1 year ago
What, you mean a $700,000,000.00 <strike>bailout</strike> rescue isn't restoring confidence??? Who could have possibly foreseen THAT???
And there goes another Trillion bucks down the shitter.
kladinvt
· 1 year ago
You missed a few zeros. $700,000,000,000.00 is the figure.
sukabi1
· 1 year ago
you're right... but by the time this has ended $700,000,000,000.00 is going to be a drop in the bucket to what the final cost will be... should probably add on 8 to 10 more zeros...
kladinvt
· 1 year ago
Maybe we can ask the Zimbabweans to show us how to print $10,000,000.00 notes. We would only need 70,000 of 'em to clear this debt.
sukabi1
· 1 year ago
yeah, isn't it great... McCain's getting his wish that all Americans be "rich"....
mikeyDe
· 1 year ago
George Walker Hoover Bush.
He said today that we sent him to Washington to put out just this kind of fire. Finally we know the truth. Poppy got him all those jobs in which he failed horribly at managing things when all Junior really ever wanted to be was a fireman. Do I remember a picture of Bush wearing a fireman's hat?
Reason0Politics1
· 1 year ago
re posting this here from an earlier thread because I am proud of this post...
I also must add a laugh that this site and many others I post to mocked people like myself that were against the "bailout" . when last mondays crash, etc, we were being told we were being "vengeful", seeking pain, retribution etc for this position. what a joke. So, now we have their"bailout' and see..nothing changes.
its plain bad business to throw good money after bad.
re distributing more wealth from the working poor to the wealthy elite does NOT solve this problem. its didnt a month ago, 1 year ago, or today. more cash welfare for the rich wont stop this. our entire global economy is built on a house of cards: central Banks and their fiat currency. Every civilization that has tried this system, eventually fails. This is failing too, and no amount of borrowed, printed, worthless paper can substitute for a currency backed by tangible value.
the sooner more people start to understand the CRIME of the federal reserve System, the sooner we can shrug it off. Until then, endless bust and booms will be managed all designed to pipeline wealth from the people to the elite 1% of the top 1%. this is yet just another in a long line of these managed bust and booms designed to force "borrowing" even more money from the fed and its sister systems globablly. Money that the systems do not even have; it gets created when its borrowed. then we, as a nation, pay interest on money the bank didnt even posses! In these scandalous process, we pay with tangibles ( property, business, etc ) for the fake money we borrowed. Its a system designed to enslave us all, and we are seeing how successful it is. Soon, the Fed and other central banks, will own ALL the real property globally, as collateral for the worthless fake money they loaned.
this isnt conspiracy theory, this is fucking fact. do a little research and educate yourselves.
whether its Marxism, or capitalism , the system all is designed to do one thing; MONOPOLIZE ALL Business. Work for the company store. The ULTIMATE Feudalism. We toil for the top 1% of the 1% to have everything, while we are left with nothing.
John Aravosis
· 1 year ago
We didn't mock you, we simply presented the facts, that the credit markets were frozen and the economy was on the verge of crashing down last week. Your solution was to do nothing for a while and hope the credit markets weren't really frozen. But they were. Yes, I'm mocking you a little bit now, but only because you chose to mock first :-)
Reason0Politics1
· 1 year ago
John, the credit markets are just as frozen now as they were last week, Sir. Thats the point. Any solution offered by the people that caused this problem will only enhance the problem. thats my point. Once again though, i appreciate your blog and celebrate you and your staff for being here!
John Aravosis
· 1 year ago
Actually, here's a logical involved here. Just because the down drops 600 points doesn't mean it wouldn't have dropped 1200 had we not passed the bailout. As chris has already written, there are a LOT of factors casing Wall Street to be very worried about the economy. Alleviating one major one doesn't solve the problem, but it sure helps stop it from getting a lot worse.
shrrrr
· 1 year ago
John, you are right. This absolutely the way I would be look at it. But, the powers that be did a pretty bad job positioning what is really a "buy in". The did not educate the public very well about the difference bewteen the credit market and the equities market. If the government had not started to act in the most aggressive ways possible, this would be much worse. It's going to get worse, for sure, but it could be much, much worse than it is without the government.
ComradeRutherford
· 1 year ago
But the day the house voted down the welfare scheme, the DOW dropped. The day the welfare scheme was passed by the Senate, the DOW dropped. The day the welfare scheme re-passed the house, the DOW dropped. Now that Paulson is starting to hand out welfare checks to the obscenely wealthy, the DOW drops like a rock.
Why did he hand welfare checks to billionaire CEOs?
stymie
· 1 year ago
Because they are his friends co-enablers.
sukabi1
· 1 year ago
I read an article yesterday about how the European's were planning to handle their markets... Instead of pumping money down their shitters they are working together on a plan to hold those responsible for "bad decisions" (fraud) accountable, and it sounded like they were also working to isolate the US's financial "problems" to keep them from exacerbating their own problems... they called out the US's policies of deregulation and cited them as a huge part of the problem... they are trying to work out a NEW financial system for themselves...
Aren't those some of the issues that WE should be addressing, instead of flushing our money down the crapper???
KerrynowCampau
· 1 year ago
Sh*t! Sh*t! Sh*t!
They passed that 700 billion rip off, now this! Not that I ever thought it would work but it is not working sooner than I imagined.
An_American_Karol
· 1 year ago
Well, there goes the rest of my retirement monies. Like many, I will be living in a refrigerator box under the new freeway we just built here in Fresno.
Reason0Politics1
· 1 year ago
I appreciate your opinion John, but no, the "bail out" didnt address anything Brother. Well, maybe it helped out our foreign investors..China, japan, Saudi, but it did nothing to address the root cause... one mainly being the unregulated Credit Default Swaps
lucky hussein
· 1 year ago
it's a house of cards/pyramid scheme. as I understand it, we're trying to hold it up until we can take it apart...
Ginger_FL
· 1 year ago
The markets are a mess.... Think it'll be a while before they settle down. Think that 8300 prediction will probably come true very soon. Wonder if the market will fall below 9,000 by the end of the week.
Nothing to see here....Move along....
ComradeRutherford
· 1 year ago
Good thing we hardworking American taxpayers handed $700,000,000,000 in welfare checks to the obscenely wealthy last week just so exactly this would NOT happen.
ProgressiveTroll
· 1 year ago
Since we now live in a global world, this is now a global crises. All the markets are a mess. Watch the Keating 5 video. The very end explains this very well. This is just the beginning, or maybe the middle, if we're lucky. Not the end. http://www.youtube.com/watch?v=g72BuIvMbWY
Webster
· 1 year ago
But Bible Spice read off a starbucks cup that everything's going to be hunky-dory with McCain in charge.
You betcha.
Ginger_FL
· 1 year ago
-722 and falling....
Sell sell sell....
My friend said last week she'd already lost about 3,000 in her 401K...my other friend is afraid to open her statement.
An_American_Karol
· 1 year ago
As long as the focus is on the bad economy, Obama stays well ahead of McCain. I don't see the bad economy calming down in the next month. Even if the bailout works, it won't been seen until "after" the election. McCain needs to bend over and kiss his hopes for the White House goodbye. And his little dog too......best wicked witch of the west cackle here.
Ginger_FL
· 1 year ago
Oil at $89 however we're still paying $120+ prices at the pump....
Nothing to see here....Move along...
Reason0Politics1
· 1 year ago
ya..exactly ginger... and to boot..the oil companies continue to receive welfare from the fed..aint it grand?
Patriot
· 1 year ago
Bailout or no bailout, the markets will take an enormous beating all the way through the rest of the year, I suspect.
Markets and banks around the world have little confidence right now which is driving everything down.
Ginger_FL
· 1 year ago
Only good thing for me at least.... The dollar is higher against the Euro !!! Whooo Hooo....I'm waiting to buy a new dog for my breeding program and the weak dollar has been KILLING me...until recently.
CitizenTwenty
· 1 year ago
I can only imagine the terrible pummeling my 401k would be taking recently... Had I ever been able to afford to invest in one. This is the first time I can recall my being pathetically poor working out for me.
Ginger_FL
· 1 year ago
LOL, I was thinking the SAME thing!
SCLiberal
· 1 year ago
Exactly the same here!!
Webster
· 1 year ago
Anyone in Congress interested in impeachment now?
Or are the criminals Bush/Cheney just going to get off scot-free. Again.
Reason0Politics1
· 1 year ago
o..you know the spin.. it wouldn't be politically expedient to actually do their job and hold the executive responsible and accountable...
Kansaskitty
· 1 year ago
We don't have a gigantic amount of money in savings, but what we had in the stock market we sold over the last 2 years as we could see the writing on the wall long ago - and we're just hicks from Kansas! Our money is in CD's in our local banks who didn't get involved in subprime or any of the risky crap. The only thing left in stocks was in a 401K and it's now in Treasuries & a money market fund. The big thing to worry about is whether the meltdown is going to make even cash worthless eventually.
I'm very concerned about Paulson and all his conflicts of interest in this bailout. I do not trust him and now he's appointing another former Goldman Sachs (maybe that should now be called Goldman Sacks??) employee who is 35 yrs old to handle the $700 billion! Where's Congress on this? They are idiots to fall for this part of the scam.
Reason0Politics1
· 1 year ago
not idiots... just accomplices dear
Kansaskitty
· 1 year ago
Yeah - you are so right! My congresswoman voted against the swindle both times. I was very proud of her. Besides that, she would have lost her upcoming election if she hadn't voted against it - people here all hate it, hate it, hate it.
SarainKC
· 1 year ago
where are you in KS? I am in Kansas City on the Missouri side. Are you talking about Nancy Boyda?
Kansaskitty
· 1 year ago
Yes, Nancy is our representative. We love her and are so hoping she holds her seat! I know that's a seat the repubs have targeted to take back.
We live south of Overland Park about 70 miles so we are in KC frequently.
SarainKC
· 1 year ago
I'm over by Zona Rosa, in the Northland. It's weird running into someone so close to home on these sites!
I love Nancy Boyda, too and your Governor is fabulous. While you guys work to unseat Pat Roberts, we have our hands full getting rid of Sam Graves. LOL I think in 2 more elections, KS could very well go blue. Once MO gets rid of the Blunt family and Sammy Sleaze, we can work on getting rid of the Dem Blue Dogs next. :)
TomJoad
· 1 year ago
I don't mean to scare you, but warn...recheck. Are the CD's backed up by anyone that can't go bankrupt?
You don't sound like a hick at all, and I'm pretty sure you know this, but just for other folks too, remember the FDIC only unsures up to 100,000 per BANK you have an account in. Obama wanted to raise this (how long since it was last adjusted?) which would be ONE SMART MOVE to stop panic. Sure, most don't have 100 thou sitting there, but there are a number of folks that do, and it is just insane to not cover...in Denmark just now, they actually changed to cover ALL MONIES IN ANY BANK in Denmark. However much you have.
Just a thought.
Kansaskitty
· 1 year ago
Thanks for the concern. Yes, it's all covered under FDIC - I am aware that bank runs can happen in perfectly healthy banks on erroneous rumors!
The Federal Reserve and the US Treasury announced measures Monday to confront a rapidly escalating financial crisis under new emergency powers as panicked investors fled stock markets.
The central bank and Treasury said they were studying the possibility of making unsecured loans in an effort to keep credit flowing in the financial system.
The Federal Reserve said it would start to pay interest on bank deposits and expand bank loans to up to 900 billion dollars by year-end in a bid to increase liquidity.
when will somebody with a plan other than "throw more taxpayer money at it" step up and take hold of this thing?
I thought there was some rule that when they dropped a certain number (400?) they closed down?
Ginger_FL
· 1 year ago
it won't stop until they hit -1200
HereinDC
· 1 year ago
Yes 1200 points.
sukabi1
· 1 year ago
Apparently they've change the "formula" for shutting down... I thought it was 5%.... but we're over 7% down currently... someone a week or so ago said 1200 pts was the trigger... but it seems like it should be a percentage instead of an actual hard number...
Reason0Politics1
· 1 year ago
the fed is going to loan directly to state and businesses too.. that means they are continuing to consolidate their ownership of all things US. the fed.. a private banking concern... will have monopoly
Ginger_FL
· 1 year ago
-786.....
FunMe
· 1 year ago
And McCrazyCain wants to change the topic?
Unbelievable!
Does he think it's like gas prices, that it's just a temporary thing?
0.o down 785 @ 246... maybe they will suspend trading..like Russia has
Webster
· 1 year ago
Why not? They've adopted Soviet-style spying on citizens, Soviet-style incarceration without trials, and aren't the current Russian leaders making money hand-over-fist from Russian oil companies? Might as well act like the Russians in every other way.
SarainKC
· 1 year ago
As we brace ourselves for another depression, I personally don't give a fig for how some ultra priviledged white kid and his friends protested the Vietnam war and our government was when Barack Obama was an 8 year old boy over 40 years ago. I care about now. And right now the only terrorists I am concerned with are the white collar Wall Street De-regulation crowd led by McCain's economic advisor Phil Graham, threatening to put everyone in the poor house. McCain can't change the subject or run away from this. This crisis is the culmination of is entire corrupt career.
SCLiberal
· 1 year ago
Couldn't have said it better myself.
Maude
· 1 year ago
Cds in a bank are FDIC insured up to $250,000. This was passed on Friday. Paulson is a crook. This is a Panic and I bet Bush is riding his ATV. Where's Cheney?
Reason0Politics1
· 1 year ago
dear leader2, cheney, has been hiding for quite some time now... LOL.. i love it. he is such a pig
An_American_Karol
· 1 year ago
Take a few minutes to listen to this audio discussion on the global economy and the United States financial status within global context: Chris Giles, the European editor of Financial Times. http://www.npr.org/templates/story/story.php?st...
FunMe
· 1 year ago
I wonder how many people who voted for bush are happy with their vote?
They were the enablers, too!
Ginger_FL
· 1 year ago
Oil at $88 When will we see some relief at the pump??
Yeah, I know.....move along...
BarrieT
· 1 year ago
A little closer to the election?
HereinDC
· 1 year ago
72 months of GOP unfettered control of the government. January 2001 - January 2007.
This all didn't happen in just the last year or so.
Reason0Politics1
· 1 year ago
hmm..now its climbing out the hole.. anyone want to bet that the White House Committee on Financial markets ( PPT or Plunge Protection Team ) is buying up indexes?
PeteWa
· 1 year ago
Heck of an economy, Bushie.
SCLiberal
· 1 year ago
I've already voted (absentee ballot) and two of the amendment questions deal with allowing state (South Carolina) retirement funds to be put into stocks. Talk about bad timing for that kind of question!
marblex
· 1 year ago
WOW even tho you got your precious bailout, John...
All Comments
o... and importantly.. this week we will begin to see the fall out of the derivatives auctions... fannie and freddie? they are in default state and on the hook for trillions more... we aint seen nuttin yet.
the bailout did exactlty squat to address any of the problems, merely threw money down the same black hole
they are joined at the hip. the same players are entangled in all markets, and therefor they are all relevant
And there goes another Trillion bucks down the shitter.
He said today that we sent him to Washington to put out just this kind of fire. Finally we know the truth. Poppy got him all those jobs in which he failed horribly at managing things when all Junior really ever wanted to be was a fireman. Do I remember a picture of Bush wearing a fireman's hat?
I also must add a laugh that this site and many others I post to mocked people like myself that were against the "bailout" . when last mondays crash, etc, we were being told we were being "vengeful", seeking pain, retribution etc for this position. what a joke. So, now we have their"bailout' and see..nothing changes.
its plain bad business to throw good money after bad.
re distributing more wealth from the working poor to the wealthy elite does NOT solve this problem. its didnt a month ago, 1 year ago, or today. more cash welfare for the rich wont stop this. our entire global economy is built on a house of cards: central Banks and their fiat currency. Every civilization that has tried this system, eventually fails. This is failing too, and no amount of borrowed, printed, worthless paper can substitute for a currency backed by tangible value.
the sooner more people start to understand the CRIME of the federal reserve System, the sooner we can shrug it off. Until then, endless bust and booms will be managed all designed to pipeline wealth from the people to the elite 1% of the top 1%. this is yet just another in a long line of these managed bust and booms designed to force "borrowing" even more money from the fed and its sister systems globablly. Money that the systems do not even have; it gets created when its borrowed. then we, as a nation, pay interest on money the bank didnt even posses! In these scandalous process, we pay with tangibles ( property, business, etc ) for the fake money we borrowed. Its a system designed to enslave us all, and we are seeing how successful it is. Soon, the Fed and other central banks, will own ALL the real property globally, as collateral for the worthless fake money they loaned.
this isnt conspiracy theory, this is fucking fact. do a little research and educate yourselves.
whether its Marxism, or capitalism , the system all is designed to do one thing; MONOPOLIZE ALL Business. Work for the company store. The ULTIMATE Feudalism. We toil for the top 1% of the 1% to have everything, while we are left with nothing.
Why did he hand welfare checks to billionaire CEOs?
Aren't those some of the issues that WE should be addressing, instead of flushing our money down the crapper???
They passed that 700 billion rip off, now this! Not that I ever thought it would work but it is not working sooner than I imagined.
Think it'll be a while before they settle down. Think that 8300 prediction will probably come true very soon. Wonder if the market will fall below 9,000 by the end of the week.
Nothing to see here....Move along....
http://www.youtube.com/watch?v=g72BuIvMbWY
You betcha.
Sell sell sell....
My friend said last week she'd already lost about 3,000 in her 401K...my other friend is afraid to open her statement.
McCain needs to bend over and kiss his hopes for the White House goodbye. And his little dog too......best wicked witch of the west cackle here.
Nothing to see here....Move along...
Markets and banks around the world have little confidence right now which is driving everything down.
The dollar is higher against the Euro !!!
Whooo Hooo....I'm waiting to buy a new dog for my breeding program and the weak dollar has been KILLING me...until recently.
Had I ever been able to afford to invest in one.
This is the first time I can recall my being pathetically poor working out for me.
Or are the criminals Bush/Cheney just going to get off scot-free. Again.
I'm very concerned about Paulson and all his conflicts of interest in this bailout. I do not trust him and now he's appointing another former Goldman Sachs (maybe that should now be called Goldman Sacks??) employee who is 35 yrs old to handle the $700 billion! Where's Congress on this? They are idiots to fall for this part of the scam.
We live south of Overland Park about 70 miles so we are in KC frequently.
I love Nancy Boyda, too and your Governor is fabulous. While you guys work to unseat Pat Roberts, we have our hands full getting rid of Sam Graves. LOL I think in 2 more elections, KS could very well go blue. Once MO gets rid of the Blunt family and Sammy Sleaze, we can work on getting rid of the Dem Blue Dogs next. :)
You don't sound like a hick at all, and I'm pretty sure you know this, but just for other folks too, remember the FDIC only unsures up to 100,000 per BANK you have an account in.
Obama wanted to raise this (how long since it was last adjusted?) which would be ONE SMART MOVE to stop panic. Sure, most don't have 100 thou sitting there, but there are a number of folks that do, and it is just insane to not cover...in Denmark just now, they actually changed to cover ALL MONIES IN ANY BANK in Denmark. However much you have.
Just a thought.
when will somebody with a plan other than "throw more taxpayer money at it" step up and take hold of this thing?
Unbelievable!
Does he think it's like gas prices, that it's just a temporary thing?
This reminded me so much of McCrazyCain/Idiot Palin:
http://www.youtube.com/watch?v=NEZv0FUPtcc
YOU'RE GOING THE WRONG WAY!
This was passed on Friday.
Paulson is a crook.
This is a Panic and I bet Bush is riding his ATV.
Where's Cheney?
Chris Giles, the European editor of Financial Times.
http://www.npr.org/templates/story/story.php?st...
They were the enablers, too!
When will we see some relief at the pump??
Yeah, I know.....move along...
January 2001 - January 2007.
This all didn't happen in just the last year or so.
No one could have predicted that.