look at this:
52Wk High: 14,279.96
52Wk Low: 7,882.51
We are on the way to losing HALF the value of the stock market.
My TSA is f-ed, many people can't retire, the economy has completely stopped, no one can get a loan.
I was just told by someone that a telecommunications business with 6 million dollars of business can only do about 100,000 a week because they can not get a loan to buy the materials needed to do the job.
That is happening all over the country.
And anyone blaming Bush over this is a true moron.
This goes way above the President.
I guess you could blame everyone who didn't listen to McCain in 2006 about Freddie and Fannie, or those who pushed loans on people who obviously didn't deserve them.
Or all the politicians who can't admit we have problems because they won't get elected. All politicians fake it, they pretend everything is fine.
I'm sick of all of 'em, look how great things are with who is in charge.
Thanks
Friday, October 10, 2008
The economy: I think we are really f-ed
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6 comments:
"And anyone blaming Bush over this is a true moron."
Well, let me add the second part. "Anyone who is not blaming Bush over this is a true moron as well".
This is much more than partisan politics.
This was created on many bubbles which never existed in first place. Politicians, Corporations, Fed, financial experts - all have failed us. There are reasons why we need regulations. There are reasons why we need checks and balances. There are reasons why you can't ignore the fundamentals of economy or lifestyle.
Unfortunately, what we see is a bunch of pirates in Wall Street blaming govt for everything while silently standing in line for billions of bail-outs!
People living beyond their means, with no money management skills or saving habits.
Politicians and their disgusting 'loyalist' crowds making everything a patrisan issue.
When do we learn a lesson? Oh well...very depressing.
"There are reasons why we need regulations."
Rule of Law is all good. I suspect you're asking for *more* regulation and *more* oversight though.
Think about this rationally. Throughout the 1900s, we've added all sorts of regulations, oversights, and government spending. Every new recession makes people clamor for a larger and larger dose.
Also remember that during the 19th century, in an age of almost no regulation and oversight, recessions still existed when markets needed to realign, but they were sharp and quickly over. Government is the problem, not the solution. True, government can do great things, even put people on the moon. But as a blunt instrument, when government screws up, it also screws up big. The $700,000,000,000.00 bailout is going to be a disaster of colossal proportions-- we're going to see a lot of corruption, in addition to the economic stagnation Japan saw in the 1990s when they tried to prevent large companies from going under. We need to stop analyzing these problems morally in terms of greed, and start analyzing them rationally in terms of the incentive structure we're creating with our laws.
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American,
No offense, but you’re a moron. Maybe not, maybe you’re just speaking on that which you have no knowledge, in which case you’re just ignorant.
Did anyone who has any sense think that we could sustain this growth on into perpetuity, without any market corrections? Does anyone believe that the “chart” of economic growth will always go straight up, without a dip, or even drop off every now and again? Did anyone ever believe we could sustain our failed welfare policies over and over again without some effect on the overall economy?
I sit here and watch the “fools” who tell us to “sell everything” and get out, thereby perpetuating the downfall.
We’ve had outstanding growth for at least two and one-half decades, there’s bound to be a "reconing" eventually.
Add to that the base reason for the fall, or at least the catalyst, billions of dollars in risky mortgages, pushed by the democrats, accepted by the republicans.
Then the dem’s blame the repub’s. Approximately 50% of the country (who apparently have no clue) believes the dem’s. And we’re on the eve of a pure socialist for president of what once was the greatest country on earth
game, a market correction is 10-20%. your numbers are about 45%. that's not a correction.
who's the ignorant one?
i agree with you an fannie and freddie, but many of the people involved are from both parties, so partisan blame is just that, partisanship.
but "push[ing] loans on people who obviously didn't deserve them" is the talking point red herring of the right. the problem was caused by people who figured out a way to make tons of money from a house of cards. they packaged mortgages into securities and sold them in ways that over-valued the underlying assets, sometimes by a factor of up to 6, and all it took was for the tip of one card to be bent and the house came tumbling down. a financial expert i heard said that a financial institution deeply invested in these leveraged "securities" could fail if less than 4% of it's mortgages went bad.
the "it's all acorn's fault" myth is an attempt to pass off the responsibility of those who built the house of cards onto one of the cards and to some how blame it on obama through association. it's phony and false.
i live in an upper-middle class neighborhood, where nearly 1 in 10 homes has a foreclosure sign. these people were not in these homes because they were poor and acorn made the banks lend them money. they were there because they made a foolish financial decision abetted by brokers and bankers who figured out how to pass on the risk.
@ Blamin:
Yes, I am a moron. Thanks. (now, you can go back to sleep in your 'republican party' uniform.)
@ Jason:
I was not promoting *more* regulations. My point was to have basic regulations. We can't have any stable system without rules, check and balances. It would be chaotic. Govt is not efficient, we all agree. But, it would be a double standard to ask for bail-out after running my company to ground!! We can't afford 'welfare' to lazy/irresponsible people or corporations.
It is not about greed. It is about responsibility and accountability. For example, pay of an average member of staff in Lehman Brothers was $335,441 (dec 14th, 2006). In 18 months, they went bankrupt. Don't tell me they didn't see it coming. It wasn't like the attack on 9/11. In Business, you can see it coming and you make adjustments accordingly. Trust me, I run a business that's highly dependent on sectors like Insurance and Banking.
What happened in the name of housing boom was criminal. There are reasons why we developed the systems of 'credit history', 'risk management' etc. If corporations chose to ignore these rules and gambled...well, too bad! We can't keep bailing them out.
What's hapening is more than 'correction'.
You can't blame Bush. He left every one of his businesses in the same straits as he's going to leave the country. But it was never his fault. He's too stupid to warrant any blame.
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