Posted on 09/15/2008 1:16:57 PM PDT by illiac
Bad day for Wall Street
(Excerpt) Read more at finance.google.com ...
> Market fears regulation
Some smart regulation would have prevented this mess. The problem is that the business was deregulated, but the safety nets were left in place, thereby insuring that greedy sons of b!tches could gamble with taxpayer money and not have to assume any risk.
I hope that the SOBs who bankrupted their companies gambing on the taxpayer’s dime get stripped of every cent they own before taking a dime of mine. But that won’t happen, because these people own the government (GOP **and** Dims, a pox on both their pocket-picking houses)
Wall Street has taken advantage of a Washington that looks away from deregulation and unrestricted mergers and acquisitions. Organizations are allowed to get ‘too big to fail’, with the axe falling on taxpayers. Any expectations of the market policing itself has fallen aside, victim to hauling in personal bonus amounts of staggering numbers.
The ‘financial services sector’ has grabbed the nation’s economy by the throat bringing up-to-date the robber barons of old by seizing on the government’s ability to create money, their lifeblood of growth but not wealth.
No sense to blame Bush, money growing on trees has the support of both parties. In the words of Wallace ‘there’s not a dime’s worth of difference between the two parties’. Sorry I’ve been around a while. There are no statesman leaders with long-term future vision, there are only politicians who only see as far as the next election. And a media that only wants to talk about lipstick. FUBAR. God Bless America.
(everything is on sale again!!)
What's the rush? More drops and better bargains are yet to come ;-)
>>So I take it you are looking for the end of times?<<
Not necessarily. The depression and subsequent war was not the end of times.
Truth be told though, I am always on the lookout. I sometimes wonder if Revelation 17 and 18 are not talking about the US. Which makes Revelation 18:4 rather poignant.
You are so right. The Republicans need to respond now with some great facts and marketing (which they never seem to have). God help us as the media will make this Bush’s failed policies too. Time to come out swinging but I’m not hopeful they can or will.
Proving your cat did not succumb to the 90s style greed, narcissism, and hubris which really ratcheted up in the Klintoon 1990s, when people believed the hype about a new economy, new financial metrics, etc. and which caused the stock market bubble.
Greed and hubris, from the home purchasers who wanted to get in on the sure bet even if they had no down payment and couldn’t afford a fixed mortgage (”Flip this house”), to the real estate companies, appraisers, and mortgage brokers very willing to lend (commissions to be made!), to, most importantly, the SOBs on Wall Street who created AAA rated Bonds, many of which are now worthless and causing firms around the globe to collapse.
Of course, many of those fat cats responsible have retired with multimillion dollar packages, and Washington was too stupid (including the Bush administration) to see what was happening.
Now, we have Obama, who would make the situation much, much worse and move us right into socialism.
Come on. This isnt going to be 1929.
The basic structure of the economy is still solid.
There must have been massive sell offs right at closing, because I checked about a minute before and it was only down 348 or so.
1) Death of Lehman
2) Goldman Sachs earnings tomorrow (GS is usually very gloomy)
3) Morgan Stanley earnings Wednesday (but this could actually be an upside surprise)
NOTE: Last huge dump we had was July 14 when these same bank giants reported earnings coupled with the news of the Bear Stearns...this time it's Lehman.
4) It's options week.
Look for the bottom to be in today or in coming days, not weeks.
Come out of us because of our sins?
Greed is Good.
The problem here is that our government and its fake banks (The Fed, Fannie, Freddie) created this mess. When people “flip” houses they buy them, fix them up, and sell them at a higher price. They are providing a great service.
What does the government do? It encourages you to borrow MORE from the banks by letting you write off the interest.
The fake banks provide the credit that the other banks then pass off to the borrowers. All of this stinks not of greed but of unmitigated socialism. McBama want more regulation. But the answer is to go back to the free market and stop “helping” people buy houses.
Watch Wall Street. Great movie...and America is still a malfunctioning corporation in need of restructuring.
Buy Gold.
Investors buy in an imaginary world, there is no reality in value in any market today. When you buy a $5 widget for $50 or $500 you perpetuate this imaginary world. It is a fun game for the players who always make out with bags of cash while all the millions of suckers see their investments evaporate and are left asking, “what happened?”
Ham on a roll? LOL!
“Market fears regulation from Obama if he wins (that’s in the back of the markets mind). Though I am surprised the market hasn’t been rallying since it became clear McCain would win.”
Perhaps the market is also worried about the regulations that McCain would impose as well.
http://www.reuters.com/article/politicsNews/idUSWBT00969020080915?feedType=RSS&feedName=politicsNews
Cost averaging...
If the economy can still grow despite rabid oil, energy, and steel hikes, I think we'll be okay before long.
I think greed is bad. When people are willing to look the other way, when fradulent AAA paper is created, worrying only about their own self interest, and then that money is used to lend to uncredit worthy borrowers, eventually the whole ponzi scheme comes down.
If you mean that hard, honest work to make a profit and get ahead are good, then I’d agree. But I don’t call that greed. That is capitalism. Reasonable regulations on lending standards should have, and could have prevented this real estate ponzi scheme.
As the mechanic says, you can pay me now or you can pay me later. This will be a lot more expensive to fix in the future. 500 points loss on the dow is a lot of equity, probably at least $100 billion. It would have been a lot cheaper to guarantee a sale of Lehman, which most likely would have ended up costing nothing, or been profitable in the long run.
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.