In a van?
Posted on 10/03/2008 1:34:02 PM PDT by goldstategop
Dear Forbes.com readers:
This will turn out to be the worst financial crisis since the Great Depression and the worst U.S. recession in decades.
I first said so in August and, since I wrote those words, financial and economic conditions have deteriorated further--and severely. Stock prices are sharply down and there is a risk of a market crack. Interbank and credit spreads are wider than ever since the beginning of this crisis, Lehman Brothers (nyse: LEH - news - people ) and Merrill Lynch (nyse: MER - news - people ) are gone, and soon enough Morgan Stanley (nyse: MS - news - people ) and Goldman Sachs (nyse: GS - news - people ) will need to find a larger partner with deep pockets or they risk getting into severe trouble.
(Excerpt) Read more at forbes.com ...
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
You know Goldstate, I think we are going to see small business rise to the forefront out of all of this, to me “yes” the Dow will get pummeled, but I also think that Govt views International Companies as more important then they perhaps are in fact.
Now is not the time to burden them with mandates and healthcare burdens, small businesses are a bit more agile when they are not shackled by that.
USSA
They did this to protect themselves and their buddies.
Thieving crooks and those are the nice words I am thinking.
Did you see the press conference after the vote? If the democrats claiming complete control of America and it’s financial institutions doesn’t crash the market nothing will.
They are already priming the American Sheeple for more Government Goodies.
Here’s a selection of headlines in the past 3 hours:
“Rescue Package May Not Fully Thaw Credit Markets”
“Therefore, any rally from Fed actions will be short lived.”
“Buffett: $700B Bailout may not be big enough”
“A continued correction in credit supply, fiscal receipts, investment, employment and consumer balance sheets is inevitable.”
“Experts say government’s approach comes up short”
“Bailout plan could be a disaster”
MER is gone? That’s odd...my office was still there when I got to work this morning.
You may be right. My small business doesn’t run on credit. We are light and agile, we can pare back our expenses to a bare minimum if need be, and we’ll weather this.
In a way, it's rather nice, yet scary.
Anyone else notice anything strange of this nature?
The things this guy talks about are weeks old.
All he does is whine without any solutions. What is the point of this article?
Its ridiculous.
I saw Nancy on the tube today patting democrats on the back over passing this bill, not a kind word about republicans who helped, her minion even put the blame on “The failed policies of the Bush Administration” etc.
Then I heard her use the phrase that means ruination for the country, she said it was,”Another victory for the American people”, now when I heard that I knew we were screwed!!!
Oh yeah, they were all lauding Barny Franks, showering acolades on him, and he is one of the ones RESPONSIBLE
for the whole mess...
In a van?
My business has no debt. The building was paid for as we built it with our own hands. Our inventory was laid in as we could afford to buy it, mostly at clearance and off season prices. We have to pay for the lights and insurance only.
This financial mess was visible years ago and we prepared for it.
Lucky for me, I'm in my grandfathers house ( all paid for, so is the van), so I ain't got a horse in this race.
On my drive to work each day at the same jon for 9 years, the traffic got progressively worse. I started leaving at 6:45 to beat the traffic. The summers always had less traffic on this hwy, but just like the seasons, with the start of school, traffic was always heavy. This year, the lack of traffic has been amazing. I leave later and later and still the traffic is light. Less trucks for sure, but also generally less total traffic volume.
I think a lot of people turned away after the vote. Nancy and Barney’s little speech should strike fear in the hearts of all Americans who actually care about America. They practically claimed total ownership and control of America’s financial institutions.
What exactly do you do at this jon?
I love this. The US is about to have a recession, and Canada is having a banner year just to our north!
A self manufactured depression is what we’re in store for thanks to the media.
oops, job! lol
Here is my theory. All the mortgages, good with bad, were assembled into investment packages and sold worldwide to investors including banks, mutual funds and other governments....including Russia, China, Allies, and other investors.
When they realized what they had “invested in”, they blew their tops. Unable to value these mortgage packages because of defaults, they froze credit. They have told the US to “make good” on these fraudulent packages...or else!
Having all the central banks of the world ganging up against the US in retaliation would be our death financially.
We have to make good. Interesting and ironically, the American Taxpayer will now become the “investor of last resort” for the defaulting mortgage packages. We should be seeking the hides of the US financiers, skinning alive those who did this to America.
It is time to USE the anger about all this to push the next generation of conservatives to power. Liberals are aggressive and shameless. We collectively have let the liberals teach our children and run education into the ground, and have let them do the same to government in general. We have let them take over the media and create an echo chamber for failed ideas.
Gov. Palin’s line in last night’s debate is not getting enough play.
Never Again.
We should have stood up to this FIFTEEN years ago. We did not, but perhaps this is the financial 9/11 or Pearl Harbor to which we can drive passion to retake the country.
It is time for deeds and passionate action beyond words and soapbox speeches.
With the tailwind from a no longer silent majority, the new faces of Palin, Pence, Jindal, Steele and others can become the next generation possibly igniting the real change needed.
Beyond McCain and this November, regardless who wins, the 2 years until 2010 will be, IMO, the most important in American history.
One more last chance.
I’m surprised Buffet is so fortcoming. This $700 billion is just a downpayment. With nearly $60 trillion in credit derivatives on top of and tied to total credit of $50 trillion this bill won’t make much of a dent. This will not free the credit markets up and any relief will be very short term. I think the market is beginning to realize the bill everyone wanted will be of little effect.
For small business to rise to the forefront, where will they get their working capital and how will they weather the pullback in consumer spending?
it’s a Chris Farley skit
I took my cash out of the banks today....left just a little to keep the accounts open.
And John McCain is stupid enough to vote for the criminal bailout and not tell the American people who is responsible for the problem in the first place. Face it...this guy is too dumb to be president. He had an election victory thrown in his lap and managed to screw it up. For 8 years we put up with the lesser of two evils. Now it’s time to buy another Glock, another shotgun and plenty of ammo.
BTW, goldstategop, I’ll send you a local tip for a free $50 gas card by way of Freepmail. :-)
I’m not affiliated with that one, either.
Japan dealt with their economic crisis of the 90s by ever increasing bailout packages, every couple of years another but they still had 10 years of stagnation and financial institutions going to the brink of doom precipitating yet another bailout. When we decided to embrace this policy, right or wrong we committed to the same process. I am convinced we will see waves of these bailouts happening. This one is big but the ones Japan put out there were in the tens and hundreds of billions also, one after another. Fasten seatbelts, it’s going to be bumpy!
I hope so. But I’m worried that we’ll have a period like Japan. The NIKKEI peaked around 37000 in Nov. of 1989. 19 years later, it sits under 11000. People who “bought cheap” throughout the 1990s as it meandered between 15K and 20K are down 30-50% still. And price inflation has wiped them out another 50%. Now, we are not Japan, and I sincerely hope we can avoid a scenario like theirs. But I don’t think people have any idea of what we might be facing.
So what do we do now???
Apparently we are all doomed.
her minion even put the blame on “The failed policies of the Bush Administration” etc.
unfortunately that is true. he was too liberal
Smaller businesses are not as heavily dependent on credit, and they can shed employees and benefits much more easily then the mammoths can.
And most regional banks are much more solid then the Multi National ones were.
It’s different this time.
Japan produced its way out, though, and at very few cents per man-hour. We would have to run a very low rate and let the dollar go lower for that to work for us. We would also need to start seeing...ugh...common “males” as human beings and put more of them to work. ...even though the Neanderthals are so scary and all.
I’m a math teacher with tenure. They can’t make my life miserable, but they can’t outright fire me without me having a major, major screwup.
That is my take on this too. Bush has looked under pressure. We are in for some bad times.
CNBC had on someone saying ship traffic is down because no one can get insurance contracts until the rates settle down. You can’t write a bill of sale and get shipping insurance right now. Once this all settles down on 2 weeks i think things will pick up. Recessions happen about every 10 years or so no matter what. This too will pass.
http://articles.moneycentral.msn.com/News/TheEconomyDyn.aspx?cp-documentid=10855438
Another thing the Japanese had going for them was when their real estate bubble burst the average Japanese family had the equivalent of nearly $250,000 in savings. That makes a downturn much easier to ride out as opposed to having large debt loads to service. Also, the Japanese meltdown was well contained, ours won’t be as almost every major industrialized nation holds a lot of dollar denominated debt. You’re right, it is gonna be a bumpy ride.
Canada's economy is inextricably tied to ours. If we go down, they will too.
Gotta love Roubini. He’s Christopher Hitchens for the finance crowd.
such bs huh. the markets are moving inversely to obama’s tracking numbers. its being exacerbated by political turmoil. reminds me a little of 98 and the impeachment meltdown. worse but still.
As was advised to a young investor early in the Great Depression: “Buy American Can and sit on it.”
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