Posted on 09/25/2008 5:12:03 PM PDT by GreyWolf
or just say no to Capitalism.. if that is what you want. For Capitalism to work you must have the free flow of Capital.. right now that could fail. What do we do them.. Free amrket economy and Capitalism is based on trust in counterparties trading and lending to each other.. that is in question this week!
I’m with you on the problems in the muni, money market and CP markets. It’s dead. And again it’s killing my job right now. Killing it.
But I also know that my firm had the opportunity the last 3-4 years to make a ton of money by engaging in the equivalent of subprime commercial lending. But I couldn’t bring myself to do it, because I knew it was wrong to extend credit to these corporate borrowers on thin air deals and I knew that if we’d just burn a lot of good investors even though we could have sold the paper.
So my last three years were lean at work because we took a pass on a lot of this crap. Now Wall Street has the Ebola virus and it’s giving me the flu. So I say let Wall Street and the big (and small) banks and hedge funds that were part of this die. I’ll take my chances with a new honest playing field, even if we are starting with a lower wealth base as a country.
“I lost 1/3rd of my retirement in the last few months...”
Likewise. Ouch.
I’m not afraid of losing a 401k...I don’t have one.
I’m not afraid of losing money-market funds...I don’t have them.
I’m not afraid of losing money in the stock moarket...I don’t own stock.
I’m not even afraid of eating rice and beans three times a week...it’s healthy, good tasting food if you know how to do it right. (And, that’s to a degree in Culinary Arts, I do!)
What I AM afraid of is not having any food AT ALL, because I lose my JOB that I was using to pay my bills. I am afraid of losing my place to live because I lose my job. I am afraid of living out of a cardboard box underneath a bridge abument with a wife and 4 kids, starving to death.
And, the way everyone is talking, I’m beginning to think THAT IS EXACTLY WHAT’S GOING TO HAPPEN!!!!!!!!!!
Color me scared to death.
I’ve switched 180 degrees on the bailout bill. Let the fields get scorched and the wheat will grow stronger next season.
Kind of a "Tough Love" for Wall Street, and the bastards on Wall Street that brought this on us all.
I believe there will be some kind of deal, but it won't be as bad as it is now. I have faith in McCain the the Rep. House and I know they don't want to see American people suffer like that as well.
I think there will be some kind of plan by Monday morning that will make Wall Street more accountable than it is now. Until then we need to hang tight and not panic. Panic is what is escalating this already. Tomorrow should be hell
exactly
or just say no to Capitalism.. if that is what you want. For Capitalism to work you must have the free flow of Capital.. right now that could fail. What do we do them.. Free amrket economy and Capitalism is based on trust in counterparties trading and lending to each other.. that is in question this week!
"It will be VERY bad. How bad, no one knows."
Settle down, Warren.
When the stuff hits the fan, as you seem to be predicting, who's going to be the "nutsos"[sic]; The guy with 1000 cans of food in the basement and some firearms or the one weeping over the Ivy League college enrollment glossy with an empty belly?
You don't have "farming or hunting skills"?
Look alive, Skippy! Everything's on the web. Befriend a redneck. Do research and print out the good stuff before Google goes teats up.
Buy some stuff, LOT'S of stuff, with your fiat cash while you can. In the spring, take the little tykes who didn't qualify for Rutgers afield and practice shooting and hoeing.
When the venison tenderloins and bushels of tomatoes are safely stored in the Fall, CDO's and reverse default credit hedge swaps will seem like a distant nightmare. Happy hunting.
“I will not fear.
Fear is the mind-killer.
Fear is the little death that leads to greater death.”
-Frank Herbert
Thank you.
Even if things really do get that bad (and I don't think they will), I've got chickens and a garden and there's a lot more people like me than you think. If you're a decent human being and have the right attitude, we won't let you starve. Making rice and beans taste good would make you a welcome guest at our house. I'll bet you are a lot more capable than you give yourself credit for. We'll get through it. Our grandparents did.
We have plenty of free flowing capital. We have too much of it. That’s why our dollar has fallen in value since 2002. The Fed prints more money to make credit easy. It’s insane. It’s too bad Ron Paul had loony ideas about the war. He was the only candidate who understood the importance of smart monetary policy.
You have a gun right? Go rob a Democrat.
(Thunks self on forehead)
Now why didn’t I think of that!
(Thanks for the silly...I needed it.)
(You weren’t serious, were you?)
Vote for what?
They’ll vote on whether we jumped high enough when they yelled “jump”.
~~~
The Basturds Are Votin’ For How Much $$$$$$$$$$$$$$$$$$$$$$$
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
They Will Demand NEXT Week!!!
LOL !!
What a pleasant thought to end my evening with.
That is exactly what were talking about.
Pray for salvation and guidance.
Prepare for the End of the world as we know it.
Then pray some more.
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