Posted on 09/30/2008 9:26:11 AM PDT by icwhatudo
The Markets will work this out once they understand that the taxpayer isn't coming to bail them out.
Here is a plan, rebate the 700 Billion to the taxpayer and will will pay all our debts and the Banks will be solid again.
How are you with that plan?
I noticed that most of the retiring GOP members voted with the establishment as a condition of getting potential lobbying jobs in an Oprah’s Obama administration. Even Tancredo folded.
BienHoa69-70 RVN; mnehrling; Maelstorm; bayliving; Geist Krieger; peggybac; daddydoo; fight_truth_decay; snippy_about_it; BJL;Humidston; Marauder; NoGrayZone; YellowRoseofTx
for helping get this "one stop shop" contact list completed. Just to let you all know, Michelle Malkin linked to it here on her story about Rush's comments Hopefully your work will help others in contacting the "65 who took a dive". Thanks again!
good work y’all.
My congresscritter S Bachus is running un-opposed. Nothing to lose, doesn’t give a damn. As the ranking member on Fin Ser Comm he was Barney’s right hand man.
Good going Sherlock! Were ALL happy this bailout socialist crap failed. The stock market jumped back up today....no thanks to chicken littles like you who claim the sky is falling.
Thanks for starting it up. It takes 1 person to be brave enough to put it out there, so kudos to you!!
If it takes dire straights for things to made right, then I’m all for it. These Wall Street idiots have dug a huge hole all by themselves, they can build their own ladders and climb out on their own. Buying them out is Socialism. You may think that complete government control is mighty fine, but I do not.
And let’s suppose we hand over 700 billion (that we’ll have to PRINT, by the way) when will they need the NEXT 700 billion? A few weeks, a few months? If they have nothing to lose, knowing that “We The People” will bail them out, they’ll take even greater risk.
Screw them. Let them learn their lessons, but good. They made the mess, let them swim in the slop.
I love how these pundits say we don’t get it.
What they don’t get is that the American people ARE willing to suck it up, and ARE willing to do something if it’s proven necessary, but...
We aren’t willing to turn over the solution and our money to the group of business and Congressional scam artists who created this in the first place. Especially when THEY will not experience any of the ‘pain’ they are inflicting upon the rest of us ‘folks’ as BOR so quaintly call us.
This is so much bigger than the market going down. The health of the stock market is the canary in the coal mine.
Generations of class warfare have given Americans an animosity towards anyone with wealth. The problems I am concerned about are not the stock market. It is the financial system.
The government forced banks to loan to people who couldnt pay back. Those loans are coming back to haunt the system. The stock market doesnt like uncertainty so investors do not want to put their money into financial institutions for fear fo the risk.
If these institutions want to lend to others but no one is making deposits, or worse, people are pulling their $$ out, there is less money to lend. Slower economy = job losses, lower consumer confidence, more foreclosures, lower house prices..
This is not jsut about the stock market.
Here is an interesting article. Very long, but you might find it interesting.
http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html
You say “The markets will work this out once they understand the taxpayer isnt going to bail them out...
You think investors will sink their money into companies that are still facing a huge credit crunch caused by the govt forcing the banks to make loans to bad credit risks?
Housing will continue to deteriorate till this credit crunch is stopped. Fewer houses, fewer plumbers, electricians, fewer washer/dryers, fewer curtains...etc, etc..
Fewer auto loans will ripple through the economy, as well.
Think of the parts companies, tire companies...do you think they wont lay off anyone if this isnt solved quickly?
We are all intertwined here. The market is the indicator, not the cause of the health of the economy.
I take your suggestion to rebate $700B to the taxpayers as less than serious.
I would have rather seen the $150B ‘Stimulus package” this past spring go to build something like 30 nuclear power plants or 10,000 miles of new roads or something that would be around longer than a couple of weekends...
If you think you will ever see any difference in your life with the “profit” they assure you in the future that is ludicrous. Did you feel the Trillion plus dollar drop the other day.. Besides in your underwear?
You cannot expect to fix this overnight with the same den of thieves that put the economy where it is in the first place. What are you thinking? or are you?
Also you need to study how the market/economy can be a friend and not an enemy in troubled times. We are much more sophisticated than back in the days of The Great Depression, Black Monday; for example, on “the drop” electronically induced program which took over at the end on the day of which you speak and that savvy investors knew that to bring it up 200 pts before the opening of the bell the next day. Think Long Term. Always a BUYER out there.
This is all Partisan Presidential politics! Certain Democrats knowing there was a problem and holding off the “scare ya” tactics/strategy til just before the election, get their candidate in and cover up behind closed doors (like now) their involvement in this “temporary” collapse of their methods of funding their socialist programs which have bled American taxpayers dry.
Why not ask for a temporary removal of the capital gains tax, FDIC protection, which Huckabee and so others have requested that UNDERSTAND how we an at the same time rebuild a more prosperous economy with the right. You need to excite those WITH MONEY sitting on the sidelines to be INSPIRED TO INVEST AGAIN IN AND OUT OF THIS COUNTRY. Remember most work for rich people! People that run their economy successfully even thought its a given the US Government is always trying to screw up. Take a lesson from the past economic blueprints placed into practice, and have remedied their situations of the time. I might add, look at Dublin; for example. Both presidential candidates do not understand how the economy even works, nor should even be picked to lead "this mob" in talking to Q Public on how to fix IT. McCain even admits he knows nothing about the economy. "I tried to fix it way back", he says. Well doing it and giving up on it, speaks volumes for all these Jokers. It makes both candidates look “stupid”. And President Bush, sadly to say, has been Hood-Winked again, trying to play non partisan so the Democrats will “like him”. Bush just BEGS: (Please)"Fix It"..McCain Sighs: "I Tried", The MSM spent their valuable time on talking about issues at hand such as Lipstick on a Pig, But, Obama just opens his arms, looks over the masses and promises "change".
Chicken Little Hysteria is all this is. Thank God, for some good Roosters out there!
Another note: Friend closing on his house today, sold just a couple weeks ago. House down the road just put up a sold sign. But then the housing crisis was more “regionally” felt. Gas is way down from a month ago, price of oil has dropped (investors move on) tech stocks seem favored again being in a long time low, the market is up for many savvy investors. Many Wal*Mart employees will even get bonuses in third quarter 2008.
Remember Our Troops!!!!
Go out and buy something! But use cash! Not credit.
Market is symptom of how the economy will be in the near future...
Here are a couple of interesting reads...
Cash-Starved Companies Scrap Dividends, Tap Credit to Survive
By Kelly Riddell (Bloomberg)
Carmike Cinemas Inc., the third- largest U.S. theater chain by screens, suspended its dividend, while Duke Energy Corp., owner of utilities in five U.S. states, tapped $1 billion from a credit agreement and RC2 Corp., the maker of infant and preschool products, canceled an acquisition.
The paralysis in credit markets is changing how U.S. companies do business as banks pull back on loans or make them prohibitively expensive. Some companies are closing plants and stores, postponing takeovers and grabbing any available credit in a fight for survival.
``If businesses don’t have access to capital, smaller companies in particular, they might get wiped out,’’ said Alec Young, a New York-based equity strategist at Standard & Poor’s. ``It’s impossible to quantify how expensive this crisis is going to be for Corporate America; there’s unlimited downside.’’
And here is a good clue to how this shit got started...
Fannie Mae Eases Credit To Aid Mortgage Lending (1999)
New York Times ^ | Sep 30, 1999 | Steven Holmes
http://www.freerepublic.com/focus/f-news/2094836/posts
I don’t have time to thank them all. I’ll pick out a few.
Interesting what you wrote...
There are countless articles out there that point the finger of blame to groups like ACORN & others that coerced banks (with the active assistance of the Fed Govt). Banks were threatened with boycotts and intimidation campaigns if they didnt dedicate a certain amount of $$ to ‘low income’ (read as: no credit) people...
Now we are reaping what was sown...
http://www.zombietime.com/zomblog/?p=60
Even the Daily Kos asks that question. But then, laughs, the Kos says:
"Is this part of some Republican plot to launder $700 Billion to firms friendly to them, or are they just using this crisis like so many others to their advantage"...."The only question is: will Democrats take the time to do it right, or will they be bullied by Republicans yet again?" |
Hard working, Responsible Little Renter Guy/Gal out there might get stuck bailing out an Irresponsible Guy/Gal defaulting on a mortgage where there was no money down, additional money added for furniture, etc . I know of one such case with that person getting married, child on the way and a Repro guy on the wedding day searching for his present residence to take the Pickup. Now, how to get to the Honeymoon. I guess sell off the wedding gifts? Just one case surely duplicated too many times. Everyone saw it happening and wondered... How come he/she can get a deal like that???
Just like Clinton said after the 9/11 attacks: "Bin Laden!!!" and now the former President says "The Republicans and I tried to tighten up.." that Bill Clinton is so darn clairvoyant; it's downright spooky!!
What you are going to see if you let the market work are prices going down, a stronger dollar and more stable credit.
I didn't say give the 700Billion to the taxpayers, just a million each will do.
If consumer debt is the problem, that will elimnate it over night.
But the reason why the elites don't like that plan is that THEY want the money first BEFORE it deprecates.
They don't want to get paid off in deprecated currency, but they expect the taxpayer to accept the money as it moves through the system.
In other words, this is simply a massive theft, and the elites, who are screaming about the collapse of the banking system really want to make sure they get the money FIRST so that it has it's real value.
Send a million dollar check to each American if you are REALLY worried about debt and every mortage, every credit card bill will be paid the banks will be swimming in cash.
But giving a million dollars to each taxpayer (300million?) is INFLATIONARY and deprecates the currancy, so the CREDITORS don't want to get paid off in that deprecated currancy, they want it DIRECT from the Government.
Where do you think that 700Billion is coming from-the taxpayer, why shouldn't he get the money directly and pay off his own personal bills first?
The Stock market is about making money AND losing money.
The Stock Market will make the necessary adjustments and prices will drop and some people will start to get some good buys.
This isn't about 'class envy' it is about the free market vs socialism.
If you want to risk the stock market accept the fact that it goes down as well as up.
But will McCain or Palin put on the gloves. Palin would, she has in the past; but think the VP hopeful has been reminded of "her place".
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