Posted on 09/25/2008 5:12:03 PM PDT by GreyWolf
Krauthammer just said on FNC that if the "bailout" is not resolved tonight, the market will vote at the opening bell Friday.
Can you point me to the Article and Section of the US Constitution which authorizes Congress to spend a single dime of taxpayer money to 'bail out' anyone?
Thanks in advance.
L
Live or Die a free man sound great but are we really free.
Payroll tax, Property tax, Sales tax when does it stop.
I keep telling my wife we are going to move to the great northwest and leave civilization. So far she is not interested.
We need to be on our knees praying for guidance for our leaders. If may be to late for our country but as long as you live it is never to late for you.
This is so amazing. I am a die hard Conservative Republican, life long. Yes I work for a Large Wall Street Firm. Here is the deal, forget about the equity market, it is the Money market, Bond Market that is Frozen, that effects all of America! Last Wendsday Commercial Paper froze up. It will happen again if we do not do something, once that stops the game changes. Just like 7 day AMS it may never restart. What does that effect, everything from Visa transactions, to Payrolls, to all lines of credit, banks have stoped lending to each other.
THere has been 189 billion barrowed from the Discount Window THis week to keep things rolling. THis is not 1929, this is worst, not an equity collaspe, but a Fixed Income/Money market failure. lines of credit will be withrawn, small company that rely of that to meet its cash needs will not make payroll, companys that issue Paper for its daily liquidy needs will not beable to meet obligations.
I can handle the equity market down 2000 points, it would mean there are some great equity buys, but id the the entire financial credit market was to fail then it would change America forever. WE can not handle a 1930’s style run on the banks!
Capitalism is based on the flow of capital, if this fails, we will become a socialst country.
“If the stock market tanks, those baby boomers will have to work a few extra years, holding jobs that would be opening up for younger employees.”
The younger employees will get the jobs because their salaries will be lower. The older employees will scurry after being laid off and likely get work at half their old salaries. It’s been happening for decades already and this will just accelerate when the market tanks.
I reject your premise which hapens to be the following: To defeat socialism we must become socialists.
I didn't offer any bail-out solution. As I said, I'm "just sayin'" what will probably happen here.
You're a smart guy, think it through a bit. There's no need to accept legislation that makes the SecTreasury the King of America. There are better solutions more in tune with conservative principles and free market capitalism. There is no need to drink the socialist tea and like it.
Oh of course there are better solutions than what the SOT wants. Now look at our majority Democrat Congress, look at our traitorous media and look at the Democrat fraud Obama running for president. This is exactly what they wanted.
You are a smart guy too, so think it through. What do you think is going to happen?
I'm with you, brother. Busted my ass when I was young with overtime a given. Married a woman with the same values. Splurged on a nice riparian property. (Almost paid off). Ira-check. 401(k)-check. One other investment-a safe full of guns with 500 rds. for each. (5,000 for the .22) Will I be pissed when my investments lose 90% of their value? Yeah, for a while. But the squirrels and rabbits and deer out back better watch out. Wall Street and D.C. be damned.
I don’t know if this would happen, but I fear that it might. That does not mean the Paulson or Son of Paulson plan is the solution, however. I agree something must be done, but there is truth in the argument that a bailout now might well lead to a bigger fall later. The real question is, what is the likelihood of a total money market/bond market collapse? I’ve read so much stuff the past few days (not just here, but throughout the web) that I don’t know. Over at mises.org, their writers seem to think that a crash would not be so terrific and would be a better result. They were pretty spot on in predicting this bust, so I tend to trust them somewhat (though I totally disagree on their unequivocal anti-nationalist stance). On pure economic questions, however, they are pretty prescient.
This crisis is not about the stock market, it is about the Fixed income market! There are some people who work on the street that are Bond traders not equity traders. Right now as of today some primary dealers cannot meet T_Bill obligations, because that is the only thing people and institutions are buying and hording, all other paper is not trading, including commercial paper, overnight paper, etc!!! this will kill the money markets.. State Street and BK-Mellon are under a huge squeeze right now, as the main Money market trustees on the street!
I lost 1/3rd of my retirement in the last few months...
Wish I did... it's hard to debate the subject with no info at all.
YES Brother!!
I pay cash for everything but the house. I pay no interest to CC companies. Saved my butt off all my life and forgoed luxuries I easily could have had !!!!!!!!!!!!
I am doing fine, absolutely fine. Diversifiedso I will lose a lot, but still a lot in cash reserves.
Now people like us gotta foot the bill for incompetency...???????????
You need to understand that it’s impossible to leave your money alone. If we don’t stop the fire, you own house will burn down. And you will lose money. Big time.
The probability is good. The von Mises folks believe that once it is over, we go back to some variation of the gold standard. There is a case to be made for that, but only if you are willing to live within the limits set by the Constitution, something we haven't done since March 1933. Neither our domestic nor our overseas military postures are set up for that kind of draconian change.
I saw the following on a leftist website (Democracy Now!), and it has circulated in the gold community via Jim Sinclair's and Bill Murphy's websites.
--- BEGIN ---
Army Unit to Deploy in October for Domestic Operations
Beginning in October, the Army plans to station an active unit inside the United States for the first time to serve as an on-call federal response in times of emergency. The 3rd Infantry Division’s 1st Brigade Combat Team has spent thirty-five of the last sixty months in Iraq, but now the unit is training for domestic operations. The unit will soon be under the day-to-day control of US Army North, the Army service component of Northern Command. The Army Times reports this new mission marks the first time an active unit has been given a dedicated assignment to Northern Command. The paper says the Army unit may be called upon to help with civil unrest and crowd control. The soldiers are learning to use so-called nonlethal weapons designed to subdue unruly or dangerous individuals and crowds.
--- END ---
I read that, and I felt a tingle go down my spine -- and it wasn't the kind of tingle Chris Matthews got up his leg whenever he heard Obama.
WHY is it “tomorrow”...??????
What’s so special about tomorrow that all hell will break loose...??????
Finally someone gets it. Banks hoarding/freezing cash means everything shutdown. It doesnt matter if you have debt or not. You got money in the bank you just cannot get it. Sorry come back tomorrow.
Welcome to 1929. Have you started hoarding cash yet?
I disagree. If there is a major problem, they will leak it slowly over Friday and Monday. Two 2.5% down days are better than one 5% down day, politically speaking.
I’ve lost money before. My wife, kids and grandkids still loved me. I’ve seen panic before as well. Most people panic in a crisis. Others stay cool enough to do what has to be done. You’re a panicker.
They might have a tantrum Friday morning...
They'll vote on whether we jumped high enough when they yelled "jump".
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