Quotes of the day

posted at 10:40 pm on September 29, 2008 by Allahpundit

“When the government fails to pass a socialism bill and the market goes south, let it go south.”

*
“If it doesn’t get fixed in 2 weeks, by January some communities will be isolated due to no diesel for the road crews. In New York.”


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I am very concerned about how bad things are going. Not about McCain or Obama winning (or not) that is irrelevant. It is how in the bag the MSM is for Obama and how willing many are to derail the economy (both pro Obama folks and those WTO conservative anarchists who want to see a melt down to bring on a mythical conservative age).

I do not like this government intervention either, but if we are going to Ron Paul route we need to be honest about what that means. The tough love route might work in the long term, but it only works if you are consistent. A hybrid Ron Paul hands off approach with a massive Democratic entitlement expansion is a recipe to Argentina style economics. This is a very big deal and people better start wrapping their heads around that.

Mr. Joe on September 29, 2008 at 10:42 PM

Ron Paul/ Ayn Rand approach WILL work. If done fully.

I say do it.

Xolom on September 29, 2008 at 10:42 PM

Amen, bro

BobH on September 29, 2008 at 10:42 PM

“So there’s Obama, running around at the debate talking about how we’ve lost our esteem. That aggravates me like you cannot believe.”

Cardiganfox on September 29, 2008 at 10:43 PM

Listening to Obama. He has the nerve to say “regulators who looked the other way.” My God, Senator McCain. Obama has opened up the door! Get the 2004 hearings out there!

Mr_Magoo on September 29, 2008 at 10:43 PM

So which road(bailout or no bailout) move us forward?

http://www.mises.org/books/TRTS/

ninjapirate on September 29, 2008 at 10:43 PM

I just hope it doesn’t get so bad that all of my family loses their homes and we all have to live in the same house again. God, I would shoot myself.

Mark1971 on September 29, 2008 at 10:44 PM

OK, look, I am on board with a rescue plan, but that second quote is just BS.

DaveS on September 29, 2008 at 10:44 PM

Tech bubble, Y2k
We need this bailout right away
It’s the end of the world as we know it
It’s the end of the world as we know it
Al Gore Cries

- The Cat

MirCat on September 29, 2008 at 10:44 PM

Allah, what themed gang will you be joining?

lorien1973 on September 29, 2008 at 10:46 PM

Drill Drill Drill………

If the LARGE BILL passes, and they print to much money(with no Tax cut incentives), Oil prices will go up..(Oil will go short term no matter what, But they need to pass ALL IN ENERGY TO HELP TO CALM FUTURE MARKETS.. )

Chakra Hammer on September 29, 2008 at 10:46 PM

Let it burn, the bailout just perpetuates the welfare state!

dmann on September 29, 2008 at 10:47 PM

I am sorry but it is just hard to trust something that is being rammed through surrounded by scare tactics. The only saving grace is that maybe it could be tweaked when the market settles down. I am very cynical about a Secretary of Treasury who has less that four months left in office, having all of this power. And all of this because five percent of the mortgages are in default? Passing this bill makes me sick to my stomach, not passing this bill makes me sick to my stomach.

Cindy Munford on September 29, 2008 at 10:48 PM

Listening to Obama. He has the nerve to say “regulators who looked the other way.” My God, Senator McCain. Obama has opened up the door! Get the 2004 hearings out there!

Mr_Magoo on September 29, 2008 at 10:43 PM

http://www.youtube.com/watch?v=_MGT_cSi7Rs

Chakra Hammer on September 29, 2008 at 10:49 PM

Rush.

Btw, what is with the absolutism? Is the only bill Congress can ever pass? Why not just make a better bill? And since the pressure to pass it will go up if all the Paulson-types are right, Pelosi won’t be able to tell her D’s to vote against it.

Spirit of 1776 on September 29, 2008 at 10:49 PM

You want to fix the stock market? It’s easy. Find the guilty culprits indite them, arrest them, convict them. Then frog march them on national TV in orange jumpsuits and shackles to the nearest Super Max. That will set a perfect tone for the next group of interlopers who think they are smarter and better than every one else. The market will flourish.

Tommy_G on September 29, 2008 at 10:49 PM

I think we’re here

http://www.mises.org/books/TRTS/09.jpg

ninjapirate on September 29, 2008 at 10:49 PM

Socialism is Socialism, no matter how it gets dressed up.

Keemo on September 29, 2008 at 10:50 PM

MirCat on September 29, 2008 at 10:44 PM

Your right, they don’t have a great track record for getting it right do they? They sort of tried with the bird flu but just couldn’t get enough folks to ride that roller coaster, except Hugh Hewitt.

Cindy Munford on September 29, 2008 at 10:51 PM

I’ve got 7 years to retirement and I’m invested like anyone else. Lost $11,000 today and probably more tomorrow. I say let it run its course and see what happens. If you prune the dead and dying brnaches from a tree, it will grow stronger than ever. Isn’t there a Bible verse about this? Probably more than one.

Mr_Magoo on September 29, 2008 at 10:51 PM

Mr_Magoo on September 29, 2008 at 10:43 PM

I fuss at folks on here who moan and gripe about the McCain/Palin campaign, but right now it looks like they’ve conceded. McCain lets open door after open door go by, they’ve muzzled Sarah Palin, as if they’re jealous that people were showing up to see here and not McCain. It’s just maddening to watch OBambi and Biden get a free pass on their incessant lies – not from the MSM – but from McCain.

AubieJon on September 29, 2008 at 10:51 PM

You want to fix the stock market? It’s easy. Find the guilty culprits indite them, arrest them, convict them. Then frog march them on national TV in orange jumpsuits and shackles to the nearest Super Max. That will set a perfect tone for the next group of interlopers who think they are smarter and better than every one else. The market will flourish.

Tommy_G on September 29, 2008 at 10:49 PM

YEP!!! Dodd, Waters, and Barney Frank

Chakra Hammer on September 29, 2008 at 10:51 PM

I don’t know, The Donald was on Cavuto today and he was practically gleeful about the prospect of oil going into free fall. He is convinced that oil could bottom out at somewhere around $30/barrel. He kept saying, just look when they even mention that a deal is close, oil goes up. But, now it dropped $10 today b/c there was no deal. He really thinks that is a good thing and that it will help propel our economy past this mess if something doesn’t get passed.

I don’t know. It sounded good to me. He believes that those w/cash will buy up all the assets at firesale prices and this thing will not be a huge catastrophe. Oil is our blood and if it continues to fall, it is all good for our economy and for this winter. Just passing it along…

JAM on September 29, 2008 at 10:52 PM

I’m practicing for my new job.

Flores! Flores por los muertos! Los Muertos! Los Muertos!

lorien1973 on September 29, 2008 at 10:53 PM

Chakra Hammer on September 29, 2008 at 10:49 PM

Amen. If McCain doesn’t start revealing those who caused this, we’ll be an Obamanation in January.

Mr_Magoo on September 29, 2008 at 10:53 PM

I knew it, the apes are about to take over.

Me? I’m going to look for the hot chick Nova and settle down in a cave somewhere.

Bishop on September 29, 2008 at 10:54 PM

I’m with Rush.

Too many odd things going on here……looks like a setup.

1. Pelosi and Clyburn don’t whip
2. No reconsideration at the end of vote
3. No help from Barry
4. No Pelosi support from any of her committee chairs
5. Economic pain benefits them….so why resolve
6. Pelosi ‘over-the-top’ speech before vote bashing other side

Smells,…..really smells.

Starlink on September 29, 2008 at 10:51 PM

Democrats playing politics with a National Crisis to push an agenda? Sounds like a an orchestrated scheme..

http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html

Chakra Hammer on September 29, 2008 at 10:54 PM

Ain’t Obama’s fault, he voted “Present”. Just two days ago he was touting this bill as ‘covering all his points’. How come he didn’t lean on some Democrats to vote yes? That “above his paygrade”?

GarandFan on September 29, 2008 at 10:55 PM

The NRA needs to come out with an ad along the lines of the “Got Milk?” ads. And instead ask “Got Guns?”.

The bailout has been fixed for defeat. The defecrats are intentionally attempting to destroy the economy in order to usher in the USSA this November.

Are the defecrats that devious or are they just stupid? With Barney Frank and Chris Dodd at the helm bringing the fix – guys who helped bring on this mess – I don’t know.

You know how to grow and can your own veggies? Know how to “skin a buck and set a trout line”?

A country boy can survive.

Adjusting tin foil hat – or maybe off to buy ammo.

BowHuntingTexas on September 29, 2008 at 10:55 PM

I have no clue, but all kinds of tunes from Tom Jones keep playing in my head! LOL!

Who knows, but this bill is was stinky! I say go for the jugular with the Canot/Hensarling/Ryan with some Newt mixed in bill. IF the Dems push us then we can hang this turkey on them. Lower taxes, drill and get rid of SOX! How hard is that?

Forbes says something has to be done in the next few days. He was on Greta.

freeus on September 29, 2008 at 10:55 PM

“Understand what’s going on, here: liberalism is liberalism, and the liberals are in the process of stealing the country. If they succeed in this, folks, it’s going to take a generation to roll this back.”

……… at least my birthday will be remembered {09/29}.

……………….. who knew?

Can’t wait for the government taking over health care and the crash of social security. I just hope Pelosi, Frank, Dodd, and Reid are still in power and want to “fix” things so we can do this all again……….. if we even have a right to vote by then.

Seven Percent Solution on September 29, 2008 at 10:56 PM

Democrats sure know how to get drilling off the front page.

I have to wonder why this bubbling problem reached a boiling point at this particular point in time. Why not 4-5 months ago? Why not after Nov 4? Happening just six weeks before election day was bound to put the big hurt on the republican candidate. Not because of fault, but because of the predictable 24/7 pounding the MSM would deliver to the GOP candidate. Who’s responsible doesn’t matter, only the MSM’s perception does.

Having Raines as the former head as Fannie Mae couldn’t have had anything to do with the timing, ya think?

fogw on September 29, 2008 at 10:56 PM

Bishop on September 29, 2008 at 10:54 PM

Hell. Apes could do a better job in Washington.

lorien1973 on September 29, 2008 at 10:57 PM

A hybrid Ron Paul hands off approach with a massive Democratic entitlement expansion is a recipe to Argentina style economics.

Mr. Joe on September 29, 2008 at 10:42 PM

This is why I support the bailout. America hasn’t been capable of a consistent Ron Paul solution (to anything, really) in more than a century. Best to get something underway that’s acceptable before something far worse comes in its place.

spmat on September 29, 2008 at 10:58 PM

Fix the stock market? What’s wrong with it? It fixes the perception of value as well as it ever has. But if you’re looking to blame someone, look to the ones who benefit the most from this manufactured crisis – Pelosi, Reid, Franks, and of course Obama. A play straight out of the Bolshevik playbook. “The worse the better” was one of Lenin’s favorite phrases. Don’t have to look any farther to explain Pelosi’s rant.

sleepyhead on September 29, 2008 at 10:58 PM

You want to fix the stock market? It’s easy. Find the guilty culprits indite them, arrest them, convict them.

For what? Or are we just going to have Stalinist-style show trials to restore market confidence?

jic on September 29, 2008 at 10:58 PM

Democrats playing politics with a National Crisis to push an agenda? Sounds like a an orchestrated scheme..

http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html

Chakra Hammer on September 29, 2008 at 10:54 PM

That’s intriguing! I skimmed it but I’m now printing that to read before bed.

ejbentz on September 29, 2008 at 10:59 PM

And remember, Obama is just a phone call away. “Vote me Present,” he says.

mindhacker on September 29, 2008 at 11:00 PM

Newt referred to this article on Greta. People should read it. Something stinks really bad here:

Behind Insurer’s Crisis, Blind Eye to a Web of Risk

TheBigOldDog on September 29, 2008 at 11:01 PM

I don’t know, The Donald was on Cavuto today and he was practically gleeful about the prospect of oil going into free fall. He is convinced that oil could bottom out at somewhere around $30/barrel. He kept saying, just look when they even mention that a deal is close, oil goes up. But, now it dropped $10 today b/c there was no deal. He really thinks that is a good thing and that it will help propel our economy past this mess if something doesn’t get passed.

I don’t know. It sounded good to me. He believes that those w/cash will buy up all the assets at firesale prices and this thing will not be a huge catastrophe. Oil is our blood and if it continues to fall, it is all good for our economy and for this winter. Just passing it along…

JAM on September 29, 2008 at 10:52 PM

He’s right about printing to much money(Oil and the Dollar are linked) and then they need to ramp up production at home all out energy policy off shore and even ANWR, THE All IN Policy, thats Wind Conservation New technology Nuclear plants, Clean Coal, Oil Shale, All in. (if they do print more money, to help supply and to help the fears of the investors on the futures markets)

Chakra Hammer on September 29, 2008 at 11:01 PM

BTW, that article turned Newt against the bailout…

TheBigOldDog on September 29, 2008 at 11:02 PM

I’m practicing for my new job.

Flores! Flores por los muertos! Los Muertos! Los Muertos!

lorien1973 on September 29, 2008 at 10:53 PM

Too funny………….. but you have to set it up:

“…….Dark of night, mist around, long shadows from a far off light, cold wind blowing, your black veil clutched by bony hands, a withered bunch of dead flowers, and the shrill in your voice…………….. Oh, and a picture of “Obama” on every street corner reminiscent of “1984″.”

Seven Percent Solution on September 29, 2008 at 11:02 PM

Seven Percent Solution on September 29, 2008 at 10:56 PM

Happy Birthday! Mine was yesterday, double nickels.

Cindy Munford on September 29, 2008 at 11:02 PM

All in Energy policy would be a huge investment opportunity and would also be a huge job creator, for all areas of the country.

Chakra Hammer on September 29, 2008 at 11:03 PM

Seven Percent Solution on September 29, 2008 at 10:56 PM

Happy Birthday! Mine was yesterday, double nickels.

Cindy Munford on September 29, 2008 at 11:02 PM

Thank you Cindy, quatro y quatro para mi!

Seven Percent Solution on September 29, 2008 at 11:06 PM

I have to wonder why this bubbling problem reached a boiling point at this particular point in time. Why not 4-5 months ago? Why not after Nov 4? Happening just six weeks before election day was bound to put the big hurt on the republican candidate. Not because of fault, but because of the predictable 24/7 pounding the MSM would deliver to the GOP candidate. Who’s responsible doesn’t matter, only the MSM’s perception does.

Having Raines as the former head as Fannie Mae couldn’t have had anything to do with the timing, ya think?

fogw on September 29, 2008 at 10:56 PM

I am too, having a lot of problems with the timing. How did this erupt so suddenly? nobody saw this coming a month ago? and now there is just a few days to fix it or we are doomed?. It feels so much like a used car salesman job. And assuming that members of congress have all the facts and know that the world will end tomorrow, why are they playing stupid politics? I am always nervous when someone tells me that I have to buy it now because it is an opportunity of a lifetime and will be gone tomorrow, and I have no way of unequivocally knowing the truth.

neuquenguy on September 29, 2008 at 11:07 PM

I’m going to start my own soylent industry. Now where do I get the raw material to make my soy wafers….where….where do I get it…where….hmmmm…..

Bishop on September 29, 2008 at 11:07 PM

READ THIS

Quick, quick, before anyone does anything else, PASS A BILL!
Quick, quick. Don’t read it. Don’t fight it. PASS A BILL!
Quick, quick, before anyone stops to question, PASS A BILL!

Get real.

VolMagic on September 29, 2008 at 11:08 PM

The problem is systemic – not just to the credit market – it is systemic to how we do business between states. It is systemic as in “No Produce Scheduled Until Next Week” type signs in your Safeway.

If it doesn’t get fixed in 2 weeks, by January some communities will be isolated due to no diesel for the road crews. In New York.

EVERY bank will have problems with liquidity and credit? Really? So NO ONE will be making loans? NO BANKS that missed out of the orgy of MBsecurities are still doing ok with lots of cash on hand? NO smart Long Island bank magnate is waiting out there to ride in as the white knight, with liquid money for all? NONE of these ex-CEOS will hatch a scheme to pool some millions together for short-terms business loans, making themselves rich in the process?

That’s like saying “nobody starts up a restaurant in a recession”

Hogwash. Some do. And some banks will be fine.

No Diesel? Give me a freaking break. There are other centers of global finance (Paris, Tokyo, London), and other national centers of regional finance (Chicago, LA, Charlotte, Dallas, Houston, Boston). We’re acting like EVERY financial “thing” has the plague.

Not true. The ones that were overleveraged at 30-1 are in deep @$#%.

But to say that with new valuation and accounting that payroll won’t be met is pure unadulterated crap. No way on earth that say, The Gap is just going to up and close because its numbers don’t allow for payroll. I’d LOOOOVE to hear how The Gap (for an example) will fail due to this.

battleoflepanto1571 on September 29, 2008 at 11:08 PM

Just push this bill through, and then get the McCain team off their ass and hang this financial albatross around the neck of the Dems where it belongs. Let it sink them, win the election, then put in that spending freeze McCain mentioned and clean this mess up.

Or at least try. Damn this is frustrating.

brak on September 29, 2008 at 11:09 PM

Sorry, I don’t know what you wrote after Thank you, I am one of those folks the Sen. Obama disdains.

Cindy Munford on September 29, 2008 at 11:09 PM

L’shana tova! (Happy Jewish New Year’s)

I agree with Rush – the timing of this is certainly curious.
There’ll be some kind of settlement hammered out this week; this one barely failed.
I’m buying calls later this week – this will become a huge buying opportunity.
And please – stop going all Bill Paxton on us!

TexasJew on September 29, 2008 at 11:10 PM

Oh thank God.
I’ve been afraid that I was losing my mind.
Oh, wait, you mean I really am paranoid and all of this is coincidental? Bummer. dude.

rockhauler on September 29, 2008 at 11:11 PM

The FED pumped $630 BILLION of liquidity into the markets before the House voted … and the markets were down 400+ points.

I guess another $70 BILLION was the difference maker. In reality, it wasn’t. The difference is that Henry and Ben outlawed selling short which is going to have a crippling effect on the market … that cost the market 200-300 points today as the panic selling intensified.

Need a new website … FireSkeletor.com

IrishSamurai on September 29, 2008 at 11:11 PM

have to wonder why this bubbling problem reached a boiling point at this particular point in time. Why not 4-5 months ago? Why not after Nov 4? Happening just six weeks before election day was bound to put the big hurt on the republican candidate. Not because of fault, but because of the predictable 24/7 pounding the MSM would deliver to the GOP candidate. Who’s responsible doesn’t matter, only the MSM’s perception does.

Having Raines as the former head as Fannie Mae couldn’t have had anything to do with the timing, ya think?

fogw on September 29, 2008 at 10:56 PM

I am too, having a lot of problems with the timing. How did this erupt so suddenly? nobody saw this coming a month ago? and now there is just a few days to fix it or we are doomed?. It feels so much like a used car salesman job. And assuming that members of congress have all the facts and know that the world will end tomorrow, why are they playing stupid politics? I am always nervous when someone tells me that I have to buy it now because it is an opportunity of a lifetime and will be gone tomorrow, and I have no way of unequivocally knowing the truth.

neuquenguy on September 29, 2008 at 11:07 PM

Because it should be obvious to everyone by now that it was an orchestrated economic terrorism attack on the market and insider trading by the Democrats that caused this for the Democrats to Gain power.. and to make the Economy an Issue during the election..

Chakra Hammer on September 29, 2008 at 11:13 PM

The gruel line forms behind me!

lorien1973 on September 29, 2008 at 11:15 PM

Maybe Limbaugh should shut up and take a college class. Get an education or something.

He seems to have some spell over House Republicans that is causing our entire economy to tank.

Listen to the smart people. Stop being idiotic and rescue America!

indythinker on September 29, 2008 at 11:15 PM

…liberals are in the process of stealing the country. If they succeed in this, folks, it’s going to take a generation to roll this back.– Rushus Magnificanus

This recession/depression, if indeed one comes, will take several years to fix. Allowing leftists to steal this country will take at least a generation to fix, if ever it can be fixed. I’m approaching retirement age, and my lifetime savings are in securities and real estate. Yet I vote for recession/depression over letting them steal the country. Recession/depression is quicker and less painful to fix than trying to win back a stolen economy.

petefrt on September 29, 2008 at 11:15 PM

Put govt. in charge. It’s like electing an arsonist to be the fire chief.

Mojave Mark on September 29, 2008 at 11:17 PM

Because it should be obvious to everyone by now that it was an orchestrated economic terrorism attack on the market and insider trading by the Democrats that caused this for the Democrats to Gain power.. and to make the Economy an Issue during the election..

Chakra Hammer on September 29, 2008 at 11:13 PM

Why did the Democrats BLOCK Regulations of Fannie And Freddie ALL THE TIME?

Who HELD LOTS OF Stocks in Lehman?(A guy named Auchi, with ties to Rezko) Lehman is Obama’s Largest Contributor.. at over 700,000

Who is on Obama’s Campaign Staff? Jim Johnson and Raines..(Fannie Mae) Hmmm

Chakra Hammer on September 29, 2008 at 11:17 PM

Let’s get every deadbeat scumbag a free house!
And let them stay there indefinitely.
Of course, the majority of people who are actually paying their bills on time will suffer with higher interest rates and be forced to subsidize all the worthless crap that caused this disaster.

Why shouldn’t we pass that bill!
Oops – we almost did..

TexasJew on September 29, 2008 at 11:17 PM

Oh…don’t worry…as soon as the bill is passed, Obama will win the election, and we will have 10,000 more Fannie Mae’s and Freddie Mac’s…well, we’ll have them even if he isn’t elected either(but we all know now he will be)…but maybe only 5,000 of them. A deceptive socialist experiment from the democrats caused this problem…and ironically, everybody seems to think only more socialism can cure it…and the one thing the democrats can deliver is socialism. I swear, I think this was what they were after all along…delibrately melt down the markets with a socialist experiment dressed up as a legitimate market operation…watch it implode…discredit capitalism, then the world is theirs. Even if it was an accident, it looks like it worked.

AUINSC on September 29, 2008 at 11:18 PM

Ok truly smart people, riddle me this, how can the stock market be so insolvent when a relatively large percentage of folks contribute to their 401K or IRA every pay period. That money is widely invested in “safe” and/or aggressive securities. How can so much money be going into the stock market and it is still hemoraging. I realize it isn’t 700 billion but it a lot and it is often.

Cindy Munford on September 29, 2008 at 11:18 PM

indythinker on September 29, 2008 at 11:15 PM

Sorry but your so called smart people got us into this.

Cindy Munford on September 29, 2008 at 11:20 PM

do not like this government intervention either, but if we are going to Ron Paul route we need to be honest about what that means. The tough love route might work in the long term, but it only works if you are consistent. A hybrid Ron Paul hands off approach with a massive Democratic entitlement expansion is a recipe to Argentina style economics. This is a very big deal and people better start wrapping their heads around that

I think most of us are resigned to the fact that Congress is going to muck up the economy whether or not we want it to. But the bill that was defeated was garbage.

I heard Mike Roberts (R-MI) talking about why he voted No, and discussing what he wanted to see in a plan. I can’t ind it in print, and I can’t speak for him, but he had several options available that didn’t involve tax money.

He also said Paulson is nothing but a day trader who should be replaced so they could actually work on a serious solution.

angelat0763 on September 29, 2008 at 11:20 PM

http://www.youtube.com/watch?v=_MGT_cSi7Rs

I would like to see all the tapes..

Chakra Hammer on September 29, 2008 at 11:21 PM

Because it should be obvious to everyone by now that it was an orchestrated economic terrorism attack on the market and insider trading by the Democrats that caused this for the Democrats to Gain power.. and to make the Economy an Issue during the election..

Chakra Hammer on September 29, 2008 at 11:13 PM

Rings true to me. Do you have links re insider trading?

petefrt on September 29, 2008 at 11:21 PM

Cindy Munford on September 29, 2008 at 11:18 PM

700 billion is just a made up number that represents 5% of the outstanding mortgages in the country. It is the assumed failure rate.

If this country will not absorb a 5% loss, then we have bigger problems than this.

If 700 billion will make things okay. Why not make it 2.1 trillion dollars make everything -awesome-

lorien1973 on September 29, 2008 at 11:22 PM

If you thought this bill was bad, the Democrats could make it far worse. Obama’s campaign co-chair voted against it, and the following is why:

Rep. Jesse Jackson Jr. and why he voted against the bailout bill

(Caution, heavy use of rhymes.)

Loxodonta on September 29, 2008 at 11:22 PM

Ok truly smart people, riddle me this, how can the stock market be so insolvent when a relatively large percentage of folks contribute to their 401K or IRA every pay period. That money is widely invested in “safe” and/or aggressive securities. How can so much money be going into the stock market and it is still hemoraging. I realize it isn’t 700 billion but it a lot and it is often.

Cindy Munford on September 29, 2008 at 11:18 PM

Simple. Fund managers at various firms leveraged peoples investments in risky vehicles (MBS/CDO/CDS) …

The problem isn’t a liquidity problem. It is a problem of counterparty liability and trust … there is plenty of money in the markets, but no one trusts anyone to pay them back.

A well functioning economy works on the velocity of money … assuming there is enough money in the system to facilitate commerce. The problem right now is that the velocity has crawled to halt due to a lack of trust and counterparty default/insolvency.

IrishSamurai on September 29, 2008 at 11:23 PM

Seven Percent Solution on September 29, 2008 at 11:02 PM

Heh- just don’t come to San Diego expecting easy pickings
(HEY! I’m working this side of the calle!) ;)

BillH on September 29, 2008 at 11:25 PM

Rings true to me. Do you have links re insider trading?

petefrt on September 29, 2008 at 11:21 PM

What is the The FBI investigating?

Chakra Hammer on September 29, 2008 at 11:25 PM

indythinker on September 29, 2008 at 11:15 PM

Yeah.. because it always works out when congress gets together to ‘Do Something’.

Nothing can go wrong there..

DaveC on September 29, 2008 at 11:26 PM

DaveC on September 29, 2008 at 11:26 PM

What’s worse than not getting the government you are paying for? Getting it!

Government: If you think the problems we make are bad. Wait till you see our solutions.

lorien1973 on September 29, 2008 at 11:27 PM

You know…………… What if you had a very organized, highly disciplined organization(s) that had a huge data base of the people who received the risky loans from Fanny mae and Freddy mack for the past twenty years, who were given their marching orders from the Democratic Party on who to vote for, and what to vote for, and who were promised a government funded lawyer if they could not pay their mortgage.

……… and if you had such a huge population, including 30 million illegal aliens, and all at once, someone like George Soros gave the order, “Now!”, forty days before an election, and all of a sudden, you have people not making mortgage payments, Soros behind the scene working the markets, the Democrats, and the MSM is ordered to print “PANIC”………….

Now if such a group existed, as created by ACORN and LaRaza, and it was proven that in order to win an election, they purposely manipulated the population, the market, the media, and Democratic politicians………….. would that be worth looking into?

………. as the Democrats used to fond of saying, “It’s the seriousness of the charge.”

……….. I’m just saying, if the Democrats would lie about the War on Terror and actively work for our defeat, If the Democrats would distort “Global Warming” and turn it into a new social religion just to push their socialist agenda, if the Democrats would willingly block the United States to become energy independent and leave us and our economy to the whims of OPEC, then why would they not be beyond creating a financial crisis in order to win a Presidential election?

…………. I’m just saying.

Seven Percent Solution on September 29, 2008 at 11:27 PM

http://michellemalkin.com/2008/09/23/fbi-investigating-fraud-at-fanniefreddielehmanaig/

FBI Investigating fraud at Fannie Freddie Lehman AIG

Chakra Hammer on September 29, 2008 at 11:28 PM

Seven Percent Solution on September 29, 2008 at 11:02 PM
Heh- just don’t come to San Diego expecting easy pickings
(HEY! I’m working this side of the calle!) ;)

BillH on September 29, 2008 at 11:25 PM

Juanito………….. I live in Encinitas.

Seven Percent Solution on September 29, 2008 at 11:28 PM

I’m practicing for my new job.

Flores! Flores por los muertos! Los Muertos! Los Muertos!

lorien1973 on September 29, 2008 at 10:53 PM

Dark sense of humor, but I enjoy you very much.

I liked your earlier plan to get us out of this credit crisis thing, too.

techno_barbarian on September 29, 2008 at 11:29 PM

techno_barbarian on September 29, 2008 at 11:29 PM

The John McCain idea? I think it’s brilliant. It’s really the only way he can win now.

lorien1973 on September 29, 2008 at 11:30 PM

What of the following can we assume from the vote today?:

1.The majority of our representatives don’t believe the sky will fall tomorrow.
2. The majority of our representatives want the sky to fall tomrrow
3.The majority of our representatives don’t care if the sky falls tomorrow
4. The majority of our representatives are idiots (and we are idiots for electing them)
5. The majority of our representatives are smart and cannot be fooled by the scaremongers
6.The majority of our representatives believe there is more than one way to skin the cat
7. The problem is not big enough the keep politicians from playing politics
8. No matter how big the problem is, politicians play politics
9. Nobody has a clue, really

neuquenguy on September 29, 2008 at 11:31 PM

#7 is the most important. If a city was just nuked; there would be no politics. We’d unite to react. This is a political stunt. Nothing more. Manufactured.

But, either way, I’m fattening up my dogs for dinner later this week.

lorien1973 on September 29, 2008 at 11:33 PM

The zombies of the apocalypse are already coming after the survivors!

lorien1973 on September 29, 2008 at 11:35 PM

Ok truly smart people, riddle me this, how can the stock market be so insolvent when a relatively large percentage of folks contribute to their 401K or IRA every pay period.

Cindy Munford on September 29, 2008 at 11:18 PM

The problem right now is that the velocity has crawled to halt due to a lack of trust and counterparty default/insolvency.

IrishSamurai on September 29, 2008 at 11:23 PM

Trust is a judgment response & panic an emotional response to what we see happening around us. When trust is lost, and panic sets in, it doesn’t matter how “solvent” an institution is, and reason no longer matters. It can collapse due to mass distrust or mass hysterical panic.

Lack of trust has been increasing steadily since the three major US bankruptcies. Now the panic is threatening to take over. If nothing is done to increase trust in economic security and stability, then the panic will increase exponentially until it simply runs its course.

The panic will due far more damage than can be rationally justified by the real causes of the distrust.

Loxodonta on September 29, 2008 at 11:37 PM

Just two days ago he was touting this bill as ‘covering all his points’. How come he didn’t lean on some Democrats to vote yes? That “above his paygrade”?

GarandFan on September 29, 2008 at 10:55 PM

great question

funky chicken on September 29, 2008 at 11:39 PM

When the Mexicans start running back south across the border, then I’ll worry.

Still, I’m keeping my backyard bunker within fifty feet of myself at all times.

Bishop on September 29, 2008 at 11:42 PM

http://michellemalkin.com/2008/09/23/fbi-investigating-fraud-at-fanniefreddielehmanaig/

FBI Investigating fraud at Fannie Freddie Lehman AIG

Chakra Hammer on September 29, 2008 at 11:28 PM

perhaps that’s why Pelosi lost her mind today? The dems wer all a twitter and just gleeful last Friday because they thought they had covered their behinds, but today they find out that might not be the case?

funky chicken on September 29, 2008 at 11:42 PM

Socialism is Socialism, no matter how it gets dressed up.

Keemo on September 29, 2008 at 10:50 PM

Yup. You can put lipstick on a socialist…

and it’s still gonna tell you it knows better than you how you should live your life.

soundingboard on September 29, 2008 at 11:43 PM

There are some very important things to consider in regards to this financial crisis : localized value-market liquidity.

The fundamentals of sounds financial policy should be based on mutually agreed parameters of volumized focus which take into account not only strategic asset variables, but also contract funding and distributive analysis. The management of said policy parameters need not be researched according to corporate limitations but rather part and parcel of a more distinct regimen of heirarchal institutional advising.

If a particular financial establishment provides performance documents which highlight limited indemnification against liabilities, classic-case investment individuals should be aware that entering into exposure contracts that countervale diminished execution qualities do so at enhanced risk for unsecured gratuitites. Banks with unaffilitated fund arrangements and initial margin counterparties are those with accounting derivatives and aggregated variation loan exemptions.

Bishop on September 29, 2008 at 11:44 PM

$60 Trillion problem, the “do absolutely nothing way”

means millions and millions of Americans will Die, in short.

it will be all out “Surivival of the fittest” and all out War if we let this materialize.

Think people, conservatives like Coburn, Forbes and Newt are smart and aren’t complete lunatics but understand the philosophy. And they are sounding the Crisis alarm bells.

60 Trillion range in Credit Default Swaps!!!! TRILLION

we are very close to major companies not being able to get Credit to make Payroll. Think for a minute what that means. Not just not getting paid, but what people will do in reaction.

jp on September 29, 2008 at 11:45 PM

A hybrid Ron Paul hands off approach with a massive Democratic entitlement expansion is a recipe to Argentina style economics.

Mr. Joe on September 29, 2008 at 10:42 PM

This is why I support the bailout. America hasn’t been capable of a consistent Ron Paul solution (to anything, really) in more than a century. Best to get something underway that’s acceptable before something far worse comes in its place.

spmat on September 29, 2008 at 10:58 PM

We can go the pure ‘free market’ route, when we actually have a pure free market. We don’t, and haven’t.

Utopian branded “free market” that Paul worships is as naive and foolish thinking as textbook Socialism. Both deny reality and are recipes for disaster.

jp on September 29, 2008 at 11:49 PM

Juanito………….. I live in Encinitas.

Seven Percent Solution on September 29, 2008 at 11:28 PM

San Marcos here. Circle the wagons.

Patrick S on September 29, 2008 at 11:49 PM

I’m practicing for my new job.

Flores! Flores por los muertos! Los Muertos! Los Muertos!

lorien1973 on September 29, 2008 at 10:53 PM

Voy a tener una docena de los rojos, gringo.

VinyFoxy on September 29, 2008 at 11:51 PM

2% of Americans are farmers. The rest of us(and much of the world) are completely dependent on them, the truckers and Fuel that get the Food to our cities and the Grocery stores(Who need CREDIT) to purchase the food to then re-sell to us.

Doing nothing with what we face, is as stupid as the Paultard approach of “doing nothing” to the Islamo-Nazi/Putin/Chavez threats. Which also would like to squeeze us by Oil/gas and cause the above scenario to happen.

jp on September 29, 2008 at 11:53 PM

Think people, conservatives like Coburn, Forbes and Newt are smart and aren’t complete lunatics but understand the philosophy. And they are sounding the Crisis alarm bells.

This is like global warming/climate change in concentrated crack cocaine form.

Buddahpundit on September 29, 2008 at 11:54 PM

Voy a tener una docena de los rojos, gringo.

VinyFoxy on September 29, 2008 at 11:51 PM

60 pesos, senor.

lorien1973 on September 29, 2008 at 11:54 PM

jp on September 29, 2008 at 11:53 PM

Old ladies with 60 cats FTW.

lorien1973 on September 29, 2008 at 11:55 PM

I hear Libtard callers,call in to talk radio,their
montra is,same as Iraq,what is the hurry,President
Bush is up to something,ugh,its their very own Liberal
Party out to screw the entire American population,under
the ruse of ‘social engineering’!

Last week,I can’t remember which day,but Rush weaved
the web of liberal deceit,from Clinton’s tenure,Rino’s
goon tactics on financial institutions,right through
till now!

How strange the Liberals are acting,the same group,who
who have made this mess,and the astronomical costs to
try and straighten it out,want it paid for,and yet the
very same people will be left in charge!!

For any solution to go forward,those who have financial
blood on their hands,Pelosi,Barney,Dodd,Obama and any
other Liberal who was playing lose and fancy free with
the American tax payers money need to be removed and
allow a full investigation to go forward!

This is a monumental,catastrophic,9/11 Financial Pearl
Harbour!

And,if this mess doesn’t get disinfected by the light
of truth, the Liberal Democratic Party will be laughing
all the way to the bank!!!

And,as usual,the Lefty MSM,the Liberal Party will spin
this,and point the finger at the RNC,and if sh#t doesn’t
hit the fan,

the Liberals will spin it,

and,

Team McCian/Palin will by no fault of their own,

lose the Election,

and this cannot,cannot be allowed to happen!!!!:)

canopfor on September 29, 2008 at 11:55 PM

Just filled the extra gas cans, bought all the .223 that Cabelas had on the shelf, and the soup cans are piled up in the basement.

-eyes the neighbors suspiciously-

Bishop on September 29, 2008 at 11:55 PM

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