Posted on 09/24/2008 11:33:33 AM PDT by celtic-cat
UPDATE Wednesday 2:00 pm
I have a pretty good feeling that we will have a permit to gather on the west Capital lawn on Saturday from 10:00 AM til 6: PM, not in writing yet, but so far it looks good.
(Excerpt) Read more at tickerforum.org ...
Washington lived in a cash society - which this one is not and has not been since the last depression!
I'm curious, what did he have to say about credit default swaps?
Like I said, you don't have the slightest idea what's happening!
Have a mortgage? Yea that’s right, you can be asked to pay it off now! How about an employer? What if he has to barrow on receipts to pay you? Will you be able to eat with an IOU?
What spooked everyone last week, Thursday, that they haven't told you is that bank to bank over night lending seize - do you have any idea what that meant?
Banks were not covering each other because they didn't trust getting the money back the next day! I think you can use your imagination from here on out!
Too bad. The corrupt fat cats, and those in D.C. responsible for overseeing and regulating their buddies on Wall Street will have to do what they tell the little people to do.
Pull themselves up by their bootstraps, and don't expect any government bailouts.
Capisce?”
That's good, but the rest of the planet lives differently; so when everyone else doesn't have food, whose door do you think they will be shooting through?
The law of unforeseen consequences.
Yea, and they are full of shit (FOS); and thanks to them, they have just destroyed the Republicans in the house.
About giving someone too much power - ever have an operation or take a plane trip - I think that statement needs a rethink!
Very good idea. The larger it is, the better.
You’re correct. The Republicans literally are going to drive the economy into a deep deep recession now, through an ideological argument that has no application to the current circumstances.
This is much bigger than just the mortgage mess.
Search for: AIG’s Dangerous Collapse & A Credit Derivatives Risk Primer Financial Sense Online ^ | September 17, 2008 | Daniel R. Amerman.
Palmer posted it on 18 Sept.
Whoopie for you.
Yeah, I know. I get that reaction a lot when I suggest that households and business should make an effort to occasionally spend less than they earn.
They call me "Ol' Notary Sojac, that ol' wet blanket", and I never get invited to any of the really wild parties, either.
the fundamentals of the economy are sound soundly speaking, we have a fundamental economy sound fundamentals 'r' us
All this time, 6-12-18 months ago, the big shaky stack of swaps was already out there. The companies who were so highly leveraged that a 5% drop in their MBS valuations would make them insolvent were already out there. Bush, Bernanke, and Paulson knew all this while it was going on.
And I bet I could google up public statements made in 2008 from the Fed and the Exec Branch to the effect that "yes, there are weaknesses in some financial instruments, but it will not have a major effect on the larger economy."
Every time the Democrats have cried "recession" this year, the administration has correctly responded that as long as there is positive growth, there is no recession.
Well, they did a very good job of instilling confidence. Conservatives and liberals, PhD economists and bus drivers, Freepers and DU'ers, all seem to have taken these years of reassuring advice to heart.
Hence the reaction this week. The polls show that most Americans think that their personal economic situation is at least acceptable. For years they have been repeatedly assured that the f. of the e. continue to be s.
The administration has done such a thorough job of not scaring the public that - they're not scared.
So why is anyone surprised that they aren't calling Capitol Hill and demanding "immediate action to stave off this major crisis"??
“I don’t think you people understand this problem - wall street without proper regulation went to the casino, bet big, and lost; the only problem is they did it with OUR financial system because CONGRESS was asleep at the switch.
Paulson has come up with a free market plan that has the best chance of not costing a 10 year recession like happened in Japan in the 90’s and even possibly making a profit for the tax payers like the RTC - the guy is smart and doing his best.
If this is not done - forget your 401k, your credit card and ever getting a car loan - this is a real problem caused by those inside the beltway fiddling while the USA burned - Paulson is doing his best to save your bacon!”
Bernanke believes it was a grave mistake for the Fed to have allowed banks to fail in ‘29.
He thinks that is why a cyclical recession became a 10 yr. depression.
His priority is prevent bank failure so the same vicious cycle will not occur again.
Yes, I saw it. Now I need to whip out my Evelyn Wood Speed-reading Course, and then watch it again afterwards. :-)
I'm glad to find someone else out there understands the situation.
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