Carnage in the markets! Carnage in the markets! Carnage in the markets! Oops, never mind
Don’t look now, but stocks are down a whopping 1 percent in Germany and are flat in Britain and France.
U.S. markets are poised to open higher. Update: Dow up more than 200 points in early trading.
Most Asian stock markets are holding up well too. The Shanghai Composite closed down just 0.2 percent; the Hang Seng closed up 0.8 percent; Bombay’s BSE 30 closed finished the day up 2.1 percent.
Flashback: “The US stock market could suffer a devastating crash with shares losing a third of their value this week if Hank Paulson’s financial bailout plan fails, US Treasury officials have warned.”
***
Ditto Mark Levin:
The liberal uses crises, real or manufactured, to expand the power of government at the expense of the individual and private property. He has spent, in earnest, 70 years evading the Constitution’s limits on governmental power. If conservatives don’t stand up to this, who will? If they don’t offer serious alternatives that address the current circumstances AND defend the founding principles, who will? The House Republicans have done both. And I, for one, thank them.
Incidentally, if you want to buy a home or car today you can. And if your credit is decent, you can get loans at a good rate. Last week we were told that if a deal was not struck by last Friday, our economy would collapse. It has not. That is not to say the evidence of economic troubles or worse should be ignored. It is to say that now is a time for reasoned decisions based on tried and true principles, not for abandoning them. I notice that the socialist, who, for the last 30 years, has insisted that private institutions make risky loans based on non-economic reasons, still has not abandoned his policies. Socialism does not work. We shouldn’t support more of it.
Related…Lie of the day: McDonald’s can’t get credit!
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Trackbacks
- In Case You Were In Stock Bargan Hunting Mode This Morning « Beltway Snark
- Plains Feeder - No Great Depression?
- Seymour Nuts » Blog Archive » Wow, the Free Market System Works!
- Mainstream press launches one last-ditch effort to rally for a recession « Right Minded Online
- Do we really need a bailout? « Above My Pay Grade!
- Patriots And The 1st Oinker Tanks « Mcnorman’s Weblog
- U.S. Treasury Issues New $1 Bill : Ft. Hard Knox
- Jules Crittenden » The Case For Nihilism
- Don’t Believe Pundits - Watch The Markets and Underlying Volume For Armageddon Truth | Bitter Knitter
- Health Care BS - PARLIAMENT OF MORONS
- Dooooooom (Not So Much) | The Loudest Cricket
- How Chicken Little Is Making the Sky Fall | Counting Sheep
- AFNonline » Blog Archive » Tell McCain NO TO SOCIALISM!
- Manufacturing Consent: Imminent Financial Crisis or Political Theater? « Retractable Horns & Tail
- Michelle Malkin » Memo to McCain: Stop using the Sonic credit scare story
- Jumping to conclusions; The “right” and “left” making assumptions without facts « Northern Thoughts And Reflections
- The death of fiscal conservatism « The Right Daily
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Thank you, MarcoPolo! I was googling around and did manage to find another posting of it. Its a great video!
That’s one of the bright spots of all this. Rush laughed his butt off when Lehman went under — that’s who finances Alphagore’s carbon credits. Finally, justice in the world!
Years ago I flew into Providence one night and Barney Frank was on the same flight. While the rest of the “executives” on the flight carried their papers in a brief-case, Barney Frank carried his in a tattered cardboard box (thin cardboard, about 9″x11.5″x3″). All of us business travelers I was with just shook our heads. The people of Frank’s district in Mass. should be so very proud.
This financial crisis has been building momentum for 13 years, when mass marketing of sub prime lending with implied government backing began in earnest. Lots of people (some would say capitalists) made lots of money in the mortgage business. We now have about 10% of our total MBS in sub prime loans. Fannie and Freddie are ALREADY into the treasury for explicit coverage of future losses on approximately $6 trillion in mortgages. The $700 billion bailout invoice is roughly the amount of the total national sub prime portfolio. One view of the math is that if 100% of those sub prime loans were to go bad we’d need most of it. But no, those loans are backed by the property which would have some value (50% or 60% of current principal perhaps?). I researched home prices in the DC metro area since January 2000. Last year they peeked at 250% meaning a $100,000 house in Jan 2000 would be “worth” $250,000. So, we’re talking about essentially a break-even (at 2002 or 2003 prices for example)on liquidation. This “crisis” is a ginned-up power grab by the libs. Nothing more and W has been duped by Mr. Goldman Sachs himself, Paulson. Fire him now George. Do the numbers yourself.
I think we should put Rep. Laura Richardson in charge of the bailout. Not don’t go jumping at me just yet.
We the lenders come with their hands out we just tell her that they are bill collectors. No money will ever exchange hands.
We =When
I never supported the concept of a bailout. I think the whole problem was created by the Democrat Majority for political gain.
How many times this week have we heard the Democrat leadership that this is NOT a partisan issue, but in less than the next breath, begin spewing hateful rhetoric aimed at Republicans? This morning was no different…
The Spin:
Dem. Deputy Whip from N.Y. said on Fox News that it was the Republican fault for the bill failing. How? He said that Pelosi and Boehner had an agreement, whereby they each “promised” to DELIVER 50 percent of their parties to vote in favor of the bill.
Conclusion:
Pelosi lived up to her part of the “bargain“, but John Boehner did not….therefore, the Republicans are to blame for this bill’s failure, and the Rebulicans are going to pay, come election day!
The partisanship will never end. The Republicans need to expose those Democrats who have sold the US taxpayer down the road, so they can be voted out. If it means losing some of the current Republicans now in office, so be it. We could use some new blood.
I’ve been looking forward to getting to a computer all day.
To reiterate what I said yesterday: hiccup.
On the down side, I’m stuck with 300 cardboard condos and no panic-stricken people to sell them to *sigh*
So, I have to wonder…
Is our little blogger thanking Nancy Pelosi for poisoning the bail-out bill, and causing it’s defeat?
strange bedfellows
Here’s a nice map from, sorry, the New York Times, showing House districts and how they voted.
Republican Senator from NH, Judd Gregg, was still pushing this “bailout” as of this morning on Fox News. He kept on saying that the American people were “misinformed” about the bailout and that it’s the only way to “calm” our markets.
I absolutely couldn’t believe this. Man, a lot of Republicans have sold out what little principles they ever really believed in. I presumed that Gregg was a “conservative.” Some conservative.
This RINO phoney needs to get voted out. He didn’t change Washington. Washington changed him.
Chicken Littles might want to read this analysis of Fed numbers over at Ace. The credit crunch today is no worse than between 2001 and 2004!
Just say No!
This is exactly what I wondered about yesterday, while I was retrieving my mail. If the credit markets are so bad, then why does my family still get 20 to 25 credit card offers in the mail every week? I had four new “offers” yesterday alone.
I believe you were referring to this. It was taken down in the U.S. but the youtube U.K. site was still working earlier:
http://uk.youtube.com/watch?v=NU6fuFrdCJY
I had to wonder around noon today with news of the DOW up 200+ without the Big Bailout by the Feds., would the increase in the DOW have been the same WITH the bailout?
I am against MOAB because it is pure socialism and will not work. However that does not mean the economy is good shape. It is the worst I have seen in my 60 years. We just had another layoff at the bank I work for.
However don’t go into denial about the economy. It sucks.
Look at the spin. It bounced because hope for a bailout later in the week. Obviously controlling the perception is more important than the truth this week (and every week).
Remember, according to McCain, it should be called a “rescue” not a “bailout.” McCain really is a liberal — he thinks that calling something a different name somehow changes its nature (i.e., “undocumented workers” versus “illegal aliens”).
Oh man… McCain is going wobbly on us.
He is now on TV actively stating that the bailout should have occured yesterday and that we need to pass it as soon as possible.
!@$%!@$ Can we start over on this whole election cycle?
I’m starting to think that both of these candidates are trying to passively-agressively sabotage their campaigns so they do not have to preside over this mess for the next 4 years.
you cannot say that given the carter years and the recession it took to cure it.
President Bush said this morning,
You are wrong Mr. President, it matters greatly what path a bill takes to become law! If a bill leads us down the path of socialism, that is the wrong path. If a bill gives tax money to private businesses, that is contrary to the Constitution and a wrong path. Passing a law that the majority of americans oppose, that is the wrong path.
This is not the first time that you have chosen the wrong path Mr. President, You chose the wrong path on immigration, and on the stimulus bill. Please try to get it right this time.
Yes I can. I remember those years very well. This is worse.
Know this is a little off topic , however, if any thing is needed now its a positive attitude and happyscrapper you are needed. I can’t tell what is going to happen to our border guards by looking at our conservative leadership.
I can tell you exactly how the MSM and limpdems act when Chicken Liberal starts screaming about the sky.
Right now I hear some very, very, loud screaming.
Bush leads us to socialism, Obama to marxism. We must continue to fight these guys.
A friend of mine sent me this 5 year old NY TImes article. OOOOOPS!
Another McCain ad that they will be too timid to broadcast!
“The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies.
It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.” Democrats pushed back. “Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing”.
“These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis”, said Barney Frank of Massachusetts , the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed. “I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
by every objective measure that time was worse. inflation 20%, unemployment over 10% during the early 80s…come on.
Mister P: good point about the weak value of the dollar earlier. It’s the elephant in the room. I’d still rather let the free market figure out its own fate than let the government do it. I won’t have social security when I get older, unless our government decides to wait until the last minute to figure that out. I’m not depending on them to financially take care of us then, and I’m not expecting them to financially take care of us now.
Regarding my use of the word “decade” when reflecting on the Dow, I meant it loosely, as in give or take a few years. 13 years ago, Dow at 5000. Six years ago, Dow at 7000. Today, over 10000. I’m trying to remain optimistic. I feel that the market will still bounce back from this, though not immediately, and as long our government doesn’t screw it u—
—Uhhh, scratch that.
Using a stable investing strategy is wise right now (I know, I come off sounding like I just said, “breathing is what smart people do, George”).
Yes, I’m simplifying things horrendously. Told’ja I wasn’t an economist.
This is madness. Republicans MUST, at this point, pass some kind of bill. I fear that the failure to do so yesterday may have just cost them the presidential election. It’s a dark day, when I call the office of Rep. Diana DeGette, D-CO, and thank her for voting the right way, but I did yesterday. So many people got screwed when no bill was passed. That will get hung on the Republicans and it WILL cost McCain many votes. Idiots! I don’t either McCain or Obama has a clue on how to handle this economic crisis, but I think the Repubs gave it to Obama yesterday.
quite the opposite. and if its SOOOOO VITAL TO OUR NATION why didn’t the democrats pass it? they have the votes.
who? the bureacrats? please.
Mr. P, you work for a bank? No wonder those institutions are in trouble. If the DOW fell like a lead balloon the day the Bailout was suppose to be past, why on Earth would the DOW rise with hopes that MAYBE the bill would pass later on in the week? Your logic eludes me there. The market bounces back (lots of stocks on sale for those who want to buy) the day after the bill fails. How high would it have gone had the bill actually passed is a fair question. Did anyone really expect a 700+ rise or is 200-300 the expected increase? We have that without the bill.
Dow up 355 as I write this.
the press is full of:
so how much have we made back today with the market up 345 points? the world will never know…..
talk about an agenda…
No, there is no MUST. I might go for a PROBABLY, but not a must. There are too many unexplored potential solutions at this point.
A week ago, they were saying there was only ONE solution, but now miraculously they are going back and reviewing things to find a better solution – and that is AFTER a weekend of backroom negotiations.
Wait, what am I saying???? I killed myself yesterday because the world came to an end….hmmmm
Thank You, Bob On Staten Island … I’ve been asking the same question. What reason for optimism does the market have driving its rise today in the wake of the completely ineffective display of congressional “leadership” yesterday with regard to a bill that was supposedly a “done deal?” If that’s what’s driving the market up today, there are a lot of idiots throwing good money after bad.
Or, the alternative – maybe some people are realizing that the situation isn’t as dire as the chicken littles have stated and are taking advantage of a great buying opportunity.
Also, it’s even more notable that this is occurring on the last day of the fiscal quarter.
Wow – not really. Not that it couldn’t get there, but certainly not now.
BTW, I do know of a real estate developer who spent the day yesterday with his buddies eagerly planning their buying. Banks here have money at decent rates and will loan it to people with good credit.
Michelle, your headlines have been absolutely priceless this week.
The market was down yesterday about 400 points before the vote….so that alone disproves any notion that a deal is driving the market. The market drives itself for the most part. It dropped another 400 after the vote, and is up over 300 today with no solution.
The only way the gov’t will be able to control the market is by having this bailout.
Cheryl Casone is her name and crying Chicken Little is her game. Yeah, I was pretty disgusted that this “brilliant” financial brain who equated Wall Street with Main Street. I couldn’t believe what she was saying. Whose side is she on?
You weren’t the only one. People were giving away 0 down mortgages like they were candy. Now the credit market is tightening. Oh, well. No more credit for deadbeats.
Because we have a reactionary media who are woefully educated in economic matters. It’s always perception rather than reality with them. The American sheeple take it like it’s gospel and internalize such bemoaning into their own lives.
Exactly. I diversified my pathetic excuse for a Roth IRA (which I’m beginning to suspect has bad management and needs to be rolled over) last year. This is a good learning opportunity for people and kids about the economy and how it functions. If you give people little pillows to pad themselves from the economic blows, they’ll never wake up to the reality that living on credit is not a healthy strategy. And the whole thing about businesses needing a credit line to cover their payroll? That’s not a good business model. You can’t prop up dysfunctional businesses forever.
Hear, hear! Exactly. If you scare the sheeple enough, such as the layabouts and fast spending, no saving slugs of our society, they’ll be crying into their lattes about how rough they have it that they have to pay the piper like Wall Street. What I find interesting is that there are many Americans of all socio-economic classes who lived large on credit for so long and thought nothing of it. My husband was one of those people. I’ve finally convinced him that it’s time to stop being a financial child and grow up already! We can live without the unnecessary toys. Let’s save for our future (like a house or a baby) and stop with the nonsense.
Life does go on. We will survive. It’s the deadbeats of our society that don’t have a plan B and don’t really understand how financially naive it is to rely “soley” on credit forever. It would be a saner world if the credit market was reigned in. It won’t be the end of the world- they’ll just have to tighten their belts like everybody else.
Ahhh, the DEMOCRATS control the house and senate. Not the republicans. My god, are the american people really this clueless?
we do NOT want the government to control the market.
Thankfully, she’s one of the few conservative bloggers I read that still has their balls left (if only metaphorically in her case).
I don’t either…..but if they pass this bailout they will.
Seriously, if you read about the history of this thing, it becomes more obvious that this is a long-range plan to take over the government by the George Soros left radicals. Are they that smart and long planning? Yes! Don’t kid yourselves about this. If you think I am over the top crazy, you have your head in the sand. This is all part of a pattern and you can see it clearly if you read the history of it and study the leftist candidate for President of the U.S. A bloodless coup is in the works. My husband even says I am becoming too radical. I don’t think so, but maybe…!
if obama wins, with new style of chicago politics, the elections will be rigged from now on…
I was going to call Tierney and thank him for voting against the bail-out. But then I heard Rush explain the REAL reason why so many democrats voted against it…
Should I call him anyway just to rub it in?
lottadawg…Thanks for that! Unfortunately, I posted a comment further along that was somewhat of a rant. So, while I am optomistic and generally a very happy person, I do get angry when I feel it is justified. I really do appreciate this blog, though, because most of the comments are upbeat and very very well stated. I am always encouraged and lifted after being here a while. Thanks also to our leader, Michelle Malkin!
30 Pcs of Silver, I agree with you that the majority of MM’s commenters don’t need to be convinced, but there’s a whole lot more of MM’s non-commenting readers who I believe would appreciate this connect-the-dots article about WHO is behind this web of lies.
Reading the American Thinker article is the first I have heard of Coward & Piven and their long-term anti-American strategy of forcing political change through ORCHESTRATED CRISIS. And I’d be willing to bet most people here had never heard this particular story before either. Apparently plenty enough people in our government know of it, because they’re trying to implement it right before our eyes.
HappyScrapper #140, no, I didn’t know about the second office! LOL. My office is in my home, so I get plenty of choices for uninterrupted reading (kitchen, living room, bedroom – or even the office) once the kids are out of the house and off to school.
akoypinoy #181, you’re welcome, and you got it right. Spread the word. That’s what I’m hoping. I’m hoping people will link that article in other blogs, email it to people, print it out and give to people – because there’s TONS of people who don’t know but would be convinced by the well-researched writing of James Simpson.
OldTexan, #144, that was a great link too. That article explains how the bailout is unnecessary and it’s in language that can be understood by my friends who just don’t follow financial news and don’t understand how things can be okay without the government doing anything. I’ll be emailing that one to some folks I know. Thanks.
My favorite quote from that Jeffery Miron article is:
And all you regulars, forgive me for repeating myself, but this thread has turned over to a new page of comments – and I think people who come to a thread later don’t go back to read the previous pages. Am I right? — so I’m going to include the link again. And OldTexan’s link too.
That must-be-read article (Strategy of Manufactured Crisis) is here:
http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html
And the economist’s article explaining why the BEST RESPONSE IS NO BAILOUT can be found here:
http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html?iref=mpstoryview
PS to limmo #216 - read the articles in these links and you just might rue the day you thanked your dimocrap rep for voting for socialism.
Wow! I’m sending this to everyone I know! If McCain won’t broadcast it, we have to get it out another way. Great find!
This is all fear mongering politics and our enemies won yesterday.
Pelosi got what she wanted yesterday. Her people got to vote no and save their re-elections. The economy stays bad and people will blame Bush.
Obama got what he wanted yesterday. He will take credit for “working behind the scenes” if all goes well or he will blame McCain and the republicans for playing “partisan politics” if all goes wrong.
China got what it wanted yesterday. They bought up $1.1 trillion more of our country at a bargain price. They will buy up the home mortgage industry when they lend us the $700 billion for the
bailout rescuetakeover.Sonofdy…yes unfortunately they are that stupid. But, there may yet be hope. Rush just quoted a Rasmussen poll that said 64% of the American people don’t think Congress understands this financial situation. At least they know that much!
26% of the people thought Congress does know what it is doing and they are all voting for Obama/Biden. (I added that last part/not a part of the poll.)
$63 trillion dollars worth of derivatives and funny money instruments have been sold and resold world wide. This merry go round of pump and dump financing has come to a grinding halt.
Question is: Who pulled the plug on it and why?
This was not an accident or lack of oversight.
Globalist agenda: reduce the American standard of living permanently, hollow out the middle class, establish a smaller upper economic class to replace the once sprawling middle class, and reify an elite economic class. Eliminate the American currency….launch the North American Union. Not a question of “if”….a matter of when.
Good economic times ahead for anybody who: 1) has kept up with how to make money in a techno-service driven economy; 2) has a sound hedge against paper investments; 3) no debt; 4) lives in a properly valued home (paying what it is worth vs. what the market said it was worth in this bubble); 5) and, has some way to create something of value as a hedge against not having “employment” or a shrunken pension.
New game. Some different rules. Overall- we must have a new mindset about creating wealth and conserving our power as citizens of the Greatest Country in History.
Boo-Yah
Bear1909out.
The subprime malarkey is a small crack in this very very tenuous weak spot in the GLOBAL financial markets.
The 700 billion US are simply lifeboats for the rich US investors who stand to lose their house of card fortunes due to over exposure. The rest of us: locked down below decks to foot the bill while they escape. Only hope is that investigations are beginning.
This makes Enron look like a fire drill.
Bear1909 out.
Own my house. Pay my credit cards off every month. Have saved all my live, scrimped and economized to do so, lived well within my means. Didn’t upsize to a McMansion. Never bought a luxury car or boat. Saved money for my kids college education. No one in my family ever took out a college loan. Never took out a loan for a car. Pinched pennies and made due with my old cars ’til I could pay cash for a new one. I economized. I shopped at Thrift Stores. We didn’t vacation for years. We save for retirement. In general, we have always done without and saved every penny we could. Yesterday, I lost more of my savings in the stock market than I make I make in two years, and that’s not counting what my husband lost in his 401-K. Republicans, who I have voted for most of my life screwed me to run their political agenda and I will remember that for a long, long time. I got out of the stock market this monning and I will never go back. But those Republicans who brought this down are idiots and maybe Repubs aren’t my guys! Yesterday, they handed the presidential election to Obama and they’re so stupid, they don’t even realize it.
This entire fiasco is one of the strongest arguments for term limits. No special interest group would buy Congressmen if they could only be there for 8 or 12 years. The costs would be prohibitive and would only begin to pay off close to the time the member of Congress were about to be term limited.
We need term limits now more than ever!
actually they saved you. but then why blame the republicans, since if it was SO VITAL the dems could have passed it withuot them. sounds like you’re a wacko lib spouting DNC talking points.
very foolish thing to do
Limmo, keep in mind that 95 Democrats voted against the bailout. It was a bi-partisan effort.
Also, how much of your market losses were market gains? I too have seen 25% of my retirement disappear, but overall most of my hard earned cash that I have contributed is there. When you measure from the peak it skews the perception.
This doesnt logically follow. What the Republicans did yesterday is stand up for the American people. The pain of loss in the market is self-induced if one sells at a bottom. This is a cyclical fight where the American Central Bank (FED) and its cronies fleece the Country and good citizens rise up to fight.
I feel for you. Good luck.
Bear1909 out.
Thank God for Mark R. Levin. That man is ALWAYS on the side of individual liberty, and against the tyranny of the State. He’s been on fire the last month or so. I don’t get his radio show in this market, but his show is available for download every day in full at MarkLevinShow.com. Audio rewind page, it’s always there.
Speaking of Levin, he went nuclear on O’Reilly the other day after his “right wing liars” rant. The take away phrase was “utterly unencumbered with information”, and his new name, “Ted Baxter”, “The Non-Factor”.
The George S. Patton of talk radio, indeed.
Guys, what are you invested in? The market went down 7% yesterday…
Can you say bi-partisan rejection.
Government bonds pay 6%. Worked fine for me.
I’m no expert on the financial markets, but it seems to me that yesterday was part and parcel of what’s been happening in the market no matter what “crisis” we are going through.
The major players sell off to accellerate the frenzy, then re-purchase those same assets at lower prices per share. It is, and has been all about profit taking opportunities. Tomorrow, the market will be down again, as these same investors sell off and take profits. Look at the market volatility the last two years.
The best thing the government can do is change the market to market rules, create a strong oversight agency with no ties to politicians, and just get the heck out of the way.
OH MY GOD!!!!
DOW UP ALMOST 400 POINTS NOW!!!
THE SKY IS FALLING!!! THE SKY IS FALLING!!! RUN FOR YOUR LIVES!!!!
MY GOD, WHAT ARE YOU DOING STILL READING THIS COMMENT? DIDN’T YOU FREAKIN’ HEAR ME!!! THE SKY IS FALLING!!! NOW MOVE, CHOP CHOP!!!
Sorry for your losses but if you had stayed in today, as of this moment you would have made in one day what you make in one year. The stock market is not for people that don’t take stress well or prone to panic.
Does everyone see what McCain has proposed? Why did i ever bother to support this lame brain? Just when he has a chance to be a true maverick and denounce this bill for the socialist crap that it is – he incredibly proposes we spend a trillion dollars to purchase mortgages that the democrats helped give away to people who couldn’t afford it. Why does it never occur to McCain that senators Dodd and Frank are responsible for this mess and are going to get all the glory from the NY Times for solving it. What a farce – what a pathetic candidate i’ve given my money to. I was holding my nose – now i’m holding onto my wallet too.
John McCain should have had this written on his arm for that last debate. Maybe he’ll be ready with tit for the next one. Sarah Palin can certainly bring it up under the subject of how Washington and specifically democrats and dumb members of her own party need to be drummed out of Washington. People are SICK OF IT.
This should be a bill board in every swing state.
That last post was a quote from Flyoverman re: Fannie Mae and Freddie Mac regulatory oversight proposals.
Thanks Fly
My 401k is down about 25% from Jan 1 2008 – Yesterday. It has been a rough year, but my point was that I keep the perspective that a lot of the money I lost was actually gains that came when I rode the wave to record peaks last October.
S&P 2008 Year-To-Date Return: -23.17%
Maybe? You’re a closet lib, of course they aren’t your guys.
And we got half of it back today so far. Meanwhile, I’m up 20% today. I guess I should have gotten out too….NOT!
And to the guy saying this is the worst economy in 60 years….HA HA HA HA HA HA HA HA HA HA HA HA HA HA. Seriously, put the bottle down. You’ve had quite enough to drink today. Go home and sleep it off.
Still make low-income house loans…Here in So.Cal. the majority of people are being foreclosed on because they took all of the equity out of their houses. If they had kept the equity, they could have probably refinanced at a fixed rate, but who cares it was free money. Especially the illegals…do you think they cared that they may crash our stock market when they drove away from their mortgages in their new cars? They were probably still in shock going, what a country…all this free money in my pocket. All I had to do was give them about 14,000 and I walked away with over 100,000. Either that or…stupido Americanos!! Stupido Democrats, and lazy do nothing Repubs for letting them do it!!
Not according to almost every financial measure of the economy – unemployment, GDP, productivity growth, inflation, even consumer sentiment.
After all that careful planning and saving, you chose to put your money all in the market without diversifying? Not that smart, are you? And I agree with other posters, you are no republican and probably never were. Bye bye.
Jail the bastards and bastardetts
OMG, you mean the market goes up AND down?
This too will pass.
The video that used to be on YouTube on what caused the financial meltdown was removed because of copyright problems with the soundtrack. It’s back up, with a different soundtrack,
Burning Down The House
Classic internet nosense sob-story which of course leads in to an attack on Republicans
New technology used to introduce old story.
Not buying it.
Oh by the way, after investing in your husbands 401k and losing a “huge portion” as you say,
you compounded the loss with the penalty for withdrawal?
Not buying it!
If you got out, you shouldn’t have been in to begin with. You don’t know what you are doing. You need to invest in G Bonds then.
This thread isn’t getting thugged, is it? That sounded like propaganda to me. Kinda like using little singing, smiling kids to deliver a political message.
It is only fair to assign Republicans some blame for this fiasco. McCain and Bush KNEW about this major problem three or four years ago. They should have beaten the Dems to death with this! Instead, they made one LAME attempt at reform and then gave up and went back to allowing Congress to run amok. This is not leadership. This is quiet acquiescence to socialism and fraud.
That said, the Dems, including Pelosi, Dodd, Frank, Obama and a host of others are guilty of the worst kind of malfeasance and should be prosecuted to the fullest extent of the law, assuming they can be held accountable for what they did as legislators. I suspect they could be indicted for violating House and Senate ethics, if not for fraud. That assumes anyone in the government had the slightest interest in resolving this mess. However, both sides of the aisle are too interested in protecting each other and their favored status to do anything to resolve this institutional malfeasance.
We need change and that means voting virtually all of these corrupt politicians out of office and replacing them with new, term-limited members of congress who just might represent their districts for a few years before they become corrupted by Washington.
Vote 3rd party! Term limits NOW!
YOU WHAT?
?!?!?!?!?!?!?!?!?!?!?!?!?!?!?!?!!?!?!?!?!?!?!?!?!?!?!?!?!?!?!?!?!?!?!?!??!!??!!?!?!??!?!!??!?!?!?!??!?!?!?!?!?!??!?!?!?!??!?!?!?!?!??!?!?!?!??!?!?!?!?!??!?!!?!?
Its not a loss until you bank it. Which you just did. Someone just got rich off of your 2 years of work. Oh well, I guess you may get a small tax write-off.
If the market goes to 8000 tomorrow then you can laugh at us then. But our portfolios will still be at 11000 waiting for you to come back up to us. (wait, you’re never getting back in the market again) Most of will buy at that “8000″ too and ride it back up.
I believe a lot of the comments here miss something…..WE DIDN’T WIN YET.
Pressure still needs to be put on your representatives and senators in congress or they WILL pass this onerous piece of legislation.
This ain’t over…..
I’m sending e-mails and making phone calls again today.
For the year, ok. My point was that with the market only down 7% yesterday (and back up half of that today) it would have been tough to lose 25% yesterday.
In my active 401K, even with all of the damage done so far, I am basically sitting at January of this year. Ouch! lol
I dont even care about my other accounts because they are still up. They were created in the past when the markets were a lot lower. Not that I am concerned about this one either – because ‘Welcome to dollar cost averaging‘
had to go to the gym for a while and then take a couple of conference calls. i didnt see that there were 40+ comments while i was gone… heh
didnt even think it was a libtard pretending to be nieve about the market
This is how people lose control over their elected officials. Bloomberg wants to overturn Term Limits so he can save New York (a city doing very well…). Vote them all out.
BTW, I checked my pension fund for the latest data and found that it dropped $4.31 a share yesterday. That was the latest data I could find for that particular fund. All of the indices that I could find today indicated that almost all stocks are still rising in value.
If we can keep the government from proceeding with this fat cat bailout, I believe the market will correct itself.
We’ll see……
Dow up 490 as of this writing, according to Marketwatch.com.
Boy, they must be really, really confident of that bailout.
Oh.. look. Markets up about 4% to 5% …Someone put almost all the money back into the market and all those 401Ks.
Congress can go home now. Crisis averted.
What? But all the Wall Street Pundits used yesterday’s drop as the argument supporting the bailout? What? They were kidding?
Well.. it must be that credit thing. Ya see… all those folks with crap credit scores can’t buy a new car or a big ole house.
Wait… they’re not supposed to be getting those loans anyway? Oh.
So… what was this bailout for again?
I went to this website, printed out the article (8 pages, small print), finally had a chance to go into my second office (bathroom) and read it. For the sake of the future of democracy, this article needs to be read by every citizen in this country who cares! The interconnectedness (is that a word?) of all the activities…ecomony meldown, ACORN, Obama, the complicit MSM, Soros, etc. is so frightening, this country better wake up and SOON. I also think that the MSM’s pushing the nomination of McCain is involved. How many true conservatives and patriots really thought McCain was the best candidate? He wasn’t! But he was pushed on us as “The best hope of beating Hilary”. How did a “nobody” like Barck Obama win the nomination over Hillary? It was an unlikely win. The media pushed him and sabbotaged Hilary. All of this is becoming so obvious and insidious. I have never been a conspiracy nut, and I am not one now! This is for real, folks!
happyscrapper – not news to most of us.
I am relatively new on the internet and on this blog. Seriously, some of this stuff is brand new to me and I can hardly believe it.
I hope people aren’t panic selling now! Yesterday was WAY TOO LATE to sell unless you think the market will drop another 2000 or 3000 points this week.
I “lost money” on paper much of this year. But, I have 20 more years to go to make it back. If you are close to retirement age and are still invested in aggressive stocks you probably got hurt but your portfolio should have been allocated very differently from mine if you are 5 years from retirement.
If you have somebody managing your money and they left you this exposed you should switch managers. If you are managing your own investments then you should get some help BEFORE you sell right now! Don’t destroy yourself in a panic.
My
All in all a good day.
“Hey Barack want to see bitter?
Look at your wife”
hat:
I was wearing my hat while running errands today. While at the bank I had a young women make a snide remark about my nice hat. Wow, was I hurt; I am the sensitive type.
However another young women asked me where I got it. CafePress
Women #1 left the bank without finishing her transaction.
OH THE HORROR, THE HORROR!!! Bodies everywhere….
I am still so thankful that I killed myself yesterday before the world ended!
I lament the pain and suffering that I have left for all of you now that you must undertake the journey on your own and to fend for yourselves. But know this – be strong, dont look back for me and CARRY ON, CARRY ON… Adieu!!!
(whats that??? Up 485 points….. 485 you say….. huh…. right…. let me get back with you)
Get serious RabbidSquirrel, the World does not end until Thursday. Do you always jump the gun like this? (and you shouldn’t but if you DO take someone with you) Feel better?
The world ending? Looks the same as before. still get credit card offers and bills still need to be paid. Unless that is you can have the Big-gov come in and take over all your debt. Kill the bill!