Posted on 10/15/2008 1:19:39 PM PDT by cal08sun
The stock market has not run into problems because the government hasn't done enough to support the financial system. It has fallen off a cliff because monetary and fiscal authorities are doing the wrong things. America's two most powerful economic officials, both unelected, Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson, embrace a 21st - century "New Deal," when our problems cry out for economic Darwinism. The Paulson - Bernanke prescriptions are the problem and the stock market knows it.
(Excerpt) Read more at econsense.blogtownhall.com ...
Toss in Bush/Pelosi/McCain/Obama/Reid/Dodd/Frank/Boehner/Shadegg/Schumer/Cantor as part of the problem.
Kill The socialism!!!
http://www.petitiononline.com/Nobail1/petition.html
I work in the markets, and believe me, Wall Street sees Bernanke as a complete tool, utterly incompetent. As for Paulson, verdict is still out for many, but a lot of people are suspicious of his Goldman connections. Personally I think he’s a crook.
Bernanke and Paulson are the “tools” Bush was referring to.
“Obama crash”
Call it what it is and I wish the business talking heads would also....after all, they always say the stock market is forward looking.
It wouldn’t hurt for McCain to say it either, but I no longer expect him to take off the gloves.
0bama does not know what a tax cut is and as such will never be able to enact one....
And they were selected by that admirable bastion of conservative thought, that brain-dead RINO who never saw a liberal spending bill he didn’t like....anybody wanna fill in the blank??!!
Why is it that whatever government touches turns to sh*t?
The “government” has become little more than a sanctioned mob boss. Once big Gov gives you money, THEY OWN YOU. They get their foot in the door, do youz a little favor and badda-bing, badda-boom-—THEY call ALL the shots.
These banks and any other institution that takes the cash will fork over Big Gov Mob Boss an even bigger cut than before, and there is nothing anyone can do except fuggetaboutit!
Of course it will all be “For The People” but it will be for some people more than others.
Uncertainty is hurting the market. That and supposedly hedge funds selling to prepare for redemptions.
A very good friend of mine is a CFO, or was. He retired at 43 and now he just consults when he feels like it. He said the CEO at the huge conglomerate he was working with is as crooked as can be. The CEO’s company holds lots of stock of other companies and my buddy says they frequently sell, knowing everyone is going to follow their lead and the stock tanks. A couple of weeks or so later, they buy it up at rock bottom prices.
Yeah, that’s common. You can create the same short-term effect with S&P futures, I’m told (don’t do stuff like that myself). There is an interview of Jim Cramer explaining how he used to do it.
Paulson & Bernanke are small potatoes compared to what may hit the economy come inauguration day.
.oh, they’re only all like that, many have many sets of books, I know, I was a “helper” long ago...
Inauguration day in 2001 is what hit the economy.
Economic chaos as tedium.
How quickly we've become accustomed to a banana republic economy.
All I know is that the day before the bailout the stock market was up slightly and hanging in there. The day after the bailout, boom! My understanding of economics, actions, reactions, will probably never get much deeper than that. It seems simple enough. Always go back to the last thing you did before the catastrophe occurred, especially if you didn’t know what you were doing.
Hedge funds being forced to liquidate?
They're worse than the mob. Paulson had the chairman of Wells Fargo (Richard Kovacevich) locked in a room and wouldn't let him leave (essentially under indefinite arrest) until he agreed to go along with Paulson's plan to "bailout" the banks, which means Wells Fargo has to pay 9% interest to the government on additional billions of dollars Wells Fargo didn't want, as well as giving up a significant portion of control of the bank to government bureaucrats.
Before the "deal", Wells Fargo was an island of stability due to their prudent business practices and responsible stewardship of their deposits. Now, they are essentially guaranteed to have their profit margins cut in half.
Make no mistake, Paulson is a villain. He even threatened to make up some excuse to have the treasury take over Wells Fargo if they didn't comply with his demands.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.