Quotes of the day
posted at 10:40 pm on October 9, 2008 by Allahpundit
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“‘We’re in the middle of a very dark tunnel,’ said Brian Fabbri of BNP Paribas, referring to the worsening credit crunch. ‘Each day we see another crack in the system.’
Those cracks are quickly adding up. On average, the 52 economists surveyed now expect U.S. gross domestic product to contract in the third and fourth quarters of this year, as well as the first quarter of 2009.
This is the first time that survey forecasts for those periods have turned negative. If those predictions bear out, it would mark the first time U.S. GDP — the total value of goods and services produced — has contracted for three consecutive quarters in more than a half century. Economists put the odds of recession in the next 12 months at 89%, up from 60% in last month’s survey.”
*
“The British and American plans, though far from identical, have two common elements: injection of government money into banks in return for ownership stakes and guarantees of repayment for various types of loans…
The White House confirmed that the Treasury Department was considering taking ownership positions in banks as part of its $700 billion rescue package. But officials said the idea was less developed than the plan to buy distressed assets from banks through ‘reverse auctions.’
The goal, Treasury officials said, is a plan that would be broadly available to all banks, rather than through specific rescue packages negotiated on a case-by-case basis. That makes it likely that the government could afford to take only a small stake in any single institution.”
*
“We are all socialists now.”
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I do, but pick wisely. Microsoft would be a good place to start, or a company of similar cash reserves and less dependence on trends.
Me, I’m not touching a thing until next week. Weekends are cool down periods, a time when sellers who did freak ask themselves “WTF did I just do” and buyers start looking for the deals, rubbing their hands with glee.
Bishop on October 9, 2008 at 11:32 PM
I was just thinking the same thing. Still a little shakey, shakey in there, but then it should settle.
Kat_Mo on October 9, 2008 at 11:48 PM
Remember Congress? Vote early and often for your Congressional races. We MUST have some sort of stoppage to either one of these candidates.
If things get to bad, we leaving to go to Ireland! Luck of the Irish and all that! They made it through the potato famine and all those wars. Perhaps we could relaunch the Revolution from there?
freeus on October 9, 2008 at 11:49 PM
Wooop there it is. Who will say its the capitalists own fault and who will say this is just the excuse made by creating and then exploiting class envy?
Maybe its time to hit the reset button and start over with a default Constitution before we really do become, the USSA, United Socialist States of America.
Speakup on October 9, 2008 at 11:53 PM
Yeah, it’s shaky, but you aren’t the only one waiting for the calm, there is a lot of strategerizing go on right about now over all that fresh stock fruit just laying around on the ground. Which to pick up and which to ignore?
Check out the Russell 2000 for a list of good medium sized stock picks, those companies weather these storms with much less turmoil than the DOW 30. If you can see a light drop in stock price and no upside down bells, that’s your man right there because they will probably go right back up.
Bishop on October 9, 2008 at 11:54 PM
We Texans are wondering what planet some of you have been on lately. Was the air bad, or too much gravity or something? All the talk of the three horsemen is a bunch of hooey.
Limerick on October 9, 2008 at 11:55 PM
Ah come on, we all just wanted an excuse to buy more guns and build bunkers (guy hideouts).
Bishop on October 9, 2008 at 11:56 PM
There are only two types of people in this panic. Those who are pulling down their britches and those who are pulling them up.
Limerick on October 9, 2008 at 11:57 PM
What a terrific line.
Spirit of 1776 on October 10, 2008 at 12:00 AM
You know what’s funny?
I’ve had the busiest week of sales at my business in months.
lorien1973 on October 10, 2008 at 12:01 AM
If this keeps up, they might have to cut back on earmarks… oh, what am I saying (slaps forehead).
Mr_Magoo on October 10, 2008 at 12:02 AM
Personally, I’m almost ready to buy.
Mr_Magoo on October 10, 2008 at 12:03 AM
I’m buying in more to the 401k. Once the bodies hit the floor the survivors will have only one way to go, up. Sell if you want. Buy gold if you want. I’ll stick with the system that took us from a bunch of aborigines living in the wilderness to the wonder we are today.
Limerick on October 10, 2008 at 12:03 AM
Amen.
Thank you. I was just looking over some potentials. I don’t have a lot, but a little will go a long way I think. Ye old nest egg.
Kat_Mo on October 10, 2008 at 12:04 AM
Any idea why the Indian market is rising while everyone else is tanking? Good tax protection?
Kat_Mo on October 10, 2008 at 12:06 AM
Viewing this after reading demotivational posters was probably not a good idea. Out the window I go, it looks like I’m gonna have to jump..!
OneGyT on October 10, 2008 at 12:07 AM
You’re right. It is supposed to be four horsemen. Stop clinging to your guns and antipathy, and spend more quality time clinging to your Bible!
Laura in Maryland on October 10, 2008 at 12:07 AM
Click that last link in the quotes that links to the Telegraph and read some of the comments. It’s fun to read another country’s comments for a change. My favorite so far starts with:
“Typical Torygraph neo-Thatcherite crap.”
Mr_Magoo on October 10, 2008 at 12:08 AM
Not those horsemen. The three. The Good, The Bad, and The Ugly. None of them can outrun a 30-30.
Limerick on October 10, 2008 at 12:08 AM
Homophobic.
csdeven on October 10, 2008 at 12:09 AM
Don’t jump! If you croak, you’ll only end up voting for Obama (often & early).
Laura in Maryland on October 10, 2008 at 12:09 AM
ROTF!!!!! Winner!
Limerick on October 10, 2008 at 12:11 AM
Oh, The Horsemen. I should have known better. My bad.
Laura in Maryland on October 10, 2008 at 12:11 AM
Well, for one I think the govt owns all the banks. And I think they only lend 30% on a mortgage. My cube mate is from India but I have a difficult time understanding him, so I only pick up bits and pieces. I think the govt is much more under control there.
Mr_Magoo on October 10, 2008 at 12:12 AM
Carnage in Asia. Nikkei 225 down over 10% in just the last few hours.
MB4 on October 10, 2008 at 12:12 AM
By the looks of the stock market, a lot of people have had busy “sales” weeks. They are selling everything!
Mr_Magoo on October 10, 2008 at 12:14 AM
For all you folks ready to eat grandma, I ask….
What would Captain Walker do?
Limerick on October 10, 2008 at 12:14 AM
Are you running a kool-aid distributorship or wooden arrow factory?
Laura in Maryland on October 10, 2008 at 12:16 AM
Thanks.
Kat_Mo on October 10, 2008 at 12:16 AM
I get the strange feeling like I’m watching Bible prophecy in it’s starting stages for the end times. There has to be a one world-wide money system according to the book of Revelation. Maybe the Democrats have opened the door the the Antichrist monetary system. Figures.
Niiiiiice job Dingy Harry.
Mojave Mark on October 10, 2008 at 12:17 AM
I’m in retail, I thought I’d be eating it hard right now. But it’s been pretty good. And this is usually a slow time of year for me.
lorien1973 on October 10, 2008 at 12:17 AM
It’s been tanking too. Not open yet today. It will probably tank some more
MB4 on October 10, 2008 at 12:17 AM
Ya know….it is all about socio-economics, loans to those who’s only qualification is the color of their skin. Social programs tailored to supplement a “communities” perpetual victumhood, welfare recipients reclassified as “clients” so as not to offend them, customer service departments replacing fraud squads to ensure welfare dollars meet the needs of the “clients”. Free health care for those that would rather spend your dollars on drugs, booze and sex toys instead of Tylenol. So called Feminists who given the chance would kill Sarah Palin because of their guilty conscience, conservatives who will vote for Obama in some perverse twisted logic intended to teach the Republican party a lesson. Let it burn, burn baby burn, right to the ground.
dmann on October 10, 2008 at 12:18 AM
Can we talk about Ayers now?
mycowardice on October 10, 2008 at 12:20 AM
Some like it hot and some sweat when the heat is on
Some feel the heat and decide that they can’t go on
Some like it hot, but you can’t tell how hot ’til you try
Some like it hot, so let’s turn up the heat ’til we fry!
MB4 on October 10, 2008 at 12:22 AM
MB4 on October 10, 2008 at 12:22 AM
A fitting tribute to the late great Robert Palmer! A true talent!
dmann on October 10, 2008 at 12:25 AM
Hell no!
mram on October 10, 2008 at 12:25 AM
MB4….the lyrics are from Powerstation, what was the name of the disc?
dmann on October 10, 2008 at 12:26 AM
I’m in retail, I thought I’d be eating it hard right now. But it’s been pretty good. And this is usually a slow time of year for me.
lorien1973 on October 10, 2008 at 12:17 AM
So you sell guns AND cyanide tablets?
Bishop on October 10, 2008 at 12:28 AM
I work for the government. Some of you can stay at my place if you pony up ass, gas, or grass.
Metro on October 10, 2008 at 12:29 AM
If you had purchased $1000 of Delta Airlines stock one year ago, you would have $49 today. If you had purchased $1000 of AIG stock one year ago, you would have $33 today. If you had purchased $1000 of Lehman Brothers stock one year ago, you will have $0 today. However, if you had purchased $1000 worth of beer one year ago, drank all the beer, then turned in the aluminum cans for recycling, you would have received $214 today at redemption. Based on the above, the best current investment plan is to drink heavily & recycle. It is called the 401-KEG Plan.
- Source
MB4 on October 10, 2008 at 12:29 AM
The point to jump in to buy is coming.
I’ve been in cash for 7 years. I’ve got roughly $85,000 in my retirement funds. I’m starting to finally salivate over these beaten down equities.
I’ve got another $48,000 in cash in non-retirement. I’m REALLY itching to move to an index stock fund or something.
Thank you Barney, Chuck, and Chris: YOU MAGNIFICENT BASTARDS YOU!
Nothing like commies to create buying opps.
Sapwolf on October 10, 2008 at 12:30 AM
I’m sure that the markets will do a quick turn-around when Obama wins the election.
Connie on October 10, 2008 at 12:31 AM
MB4. You are a genius.
Mojave Mark on October 10, 2008 at 12:31 AM
Some like it Hot.
MB4 on October 10, 2008 at 12:32 AM
Here ya go!
dmann on October 10, 2008 at 12:32 AM
GM is going to be a dynamite buy. There is NO WAY the government is gonna let GM go down. And the Japs will by it for more than it’s worth now.
Toyota could right now buy GM with money out of its petty cash.
Sapwolf on October 10, 2008 at 12:33 AM
The main difference between me and a madman is that I am not mad.
MB4 on October 10, 2008 at 12:33 AM
To help you panicky patriots through the night…
IAF scrambled to Northern border. See JP.
Limerick on October 10, 2008 at 12:36 AM
As I slap the tin-foil cap on my head…
Most of the financials I’m read are pointing to the crack-addict Silver Bugs being right… They just don’t have a clue when. What I’m referring to is that physical silver bullion is non-existent; I mean zero to be found, unless you want 1000oz bars or serious crap coin. Premium out there right now for it is WAY over paper PM cost. That is what to watch for – when all heck breaks loose, silver shorts get covered and you see a $15/oz spike in a day. You will also see another one of the four horsemen gallop through your yard.
SkinnerVic on October 10, 2008 at 12:39 AM
If times are sooooooooooo bad you can’t afford $440 bucks for a hundred shares of GM then you better get grandma ready for the BBQ.
Limerick on October 10, 2008 at 12:40 AM
Limerick on October 10, 2008 at 12:36 AM
And so it begins, nothing good can come from this UNLESS, Israel finally and mercilessly destroys Hezbollah and those that have enabled them!
dmann on October 10, 2008 at 12:41 AM
End Captal gains tax for 1 full year the money will come back.P.S. this whole mess can be traced right back to fannie may & freddie mac and the dems blocking ever effort to reain it in!!!
thmcbb on October 10, 2008 at 12:43 AM
thmcbb on October 10, 2008 at 12:43 AM
Racist!
dmann on October 10, 2008 at 12:44 AM
Dear Friend
I’m trying to choose between malnutrition, or hypothermia or a combination of both. If my car will start, and has enough gas, I might go to sleep listening to my best CD.
(I’m trying gallows humor and nothing I’m coming up with is remotely funny. My grudge list still has too many names on it.)
rockhauler on October 10, 2008 at 12:47 AM
From yesterdays Headlines
There’s been some sideband chatter that this move is part of an upcoming Hezbollah strike into Northern Israel, the Syrains have moved to intimidate/occupy the attentions of Lebanese and UNIFIL forces. Hezbollah wants to draw the Israelis into the kill zones they’ve constructed in southern Lebanon under the noses of the “peacekeepers”
dmann on October 8, 2008 at 12:48 PM
dmann on October 10, 2008 at 12:47 AM
I can die now.
Entelechy on October 10, 2008 at 1:05 AM
Please don’t….
dmann on October 10, 2008 at 1:07 AM
While we are asleep in this world, we are awake in another one.
Tav on October 10, 2008 at 1:16 AM
dmann, a guy tried to sell me a picture of Che yesterday, in Mexico. I told him to stick it into a toilet. He looked perplexed.
Entelechy on October 10, 2008 at 1:17 AM
Tav, you must not be an atheist.
Entelechy on October 10, 2008 at 1:18 AM
God does not exist. He is being itself beyond essence and existence. Therefore to argue that God exists is to deny him.
Tav on October 10, 2008 at 1:21 AM
I believe/think you are right. There isn’t anywhere in the Bible where it talks about the “West”, in any fashion, at all. So, that tells me we don’t exist as some superpower. We are probably someone else’s possesion or a non-entity that doesn’t matter at all.
We are in the decline of our country right now. This process will be speeded up if Obama is elected because of his marxist ideas. In fact, we are in the midst of the decline of all democaracies because of the failure of the monetary systems around the world. Just like Mojave Mark said, one world-wide monetary system. The mark of the Beast, 666.
This is not going to happen overnight, but we are now on the fast track.
cjs1943 on October 10, 2008 at 1:23 AM
Tina Fey said the same thing, though she was talking about the environment.
paul006 on October 10, 2008 at 1:39 AM
More likely we are entering a period of reawakening and renewal. That which does not kill you makes you stronger.
FloatingRock on October 10, 2008 at 1:40 AM
That would be my guess, partnering with the douche who owns Progressive Insurance. Ruining currencies and markets is his speciality
Janos Hunyadi on October 10, 2008 at 1:54 AM
Mention it to McMilquetoast. I’m still not sure that he believes it, even though it’s one of his keys to an increasingly unlikely victory.
Can someone explain to me why McCain offered up that dopey $300 billion proposal? In retrospect, the way he presented it right out of the box in the debate seemed desperate. Maybe he learned of the articles that were coming about Obama being a member of the New Party, and he was trying to flank Obama…on the left. I don’t know. Sometimes, I wonder who the h*ll is advising McCain. Maybe I should be asking whether anyone is advising him. Honestly, at that debate, I was worried that he was going to resurrect Al Gore’s Social Security lockbox.
Tick-tock, McCain. Take the sentiments from your Wisconsin TH meeting to heart. At least leave your feet and stretch out your arms for the prize; don’t suffer from alligator arms as you seem to be doing.
BuckeyeSam on October 10, 2008 at 2:00 AM
It’s not surprising to me, unfortunately, that McCain has opened himself up to attacks from the right by—Obama. I saw a clip on Fox News today in which Obama attacks McCain’s socialized housing proposal, essentially, as being too socialistic for Obama’s tastes.
Ah, McCain…McCain….
FloatingRock on October 10, 2008 at 2:07 AM
Thank you for the only laugh I have had in the last week.
I’m sending that one out.
LegendHasIt on October 10, 2008 at 2:15 AM
Can someone explain to me why McCain offered up that dopey $300 billion proposal? In retrospect, the way he presented it right out of the box in the debate seemed desperate.
BuckeyeSam on October 10, 2008 at 2:00 AM
Actually, if one accepts that the government is going to be moving into the market like gangbusters, then McCain’s way is not bad. The source of the main problem was mortgage defaults. The problem was that a little default triggered a whole cascade of losses. So, if one is going to spend money fixing a problem of leverage, it’s cheapest and most direct to go to the base, before the leverage starts getting applied. The main problem with the plan is that there is no cost to the defaulting borrower. He seems to get all sorts of goodies for being a twit. That can be remedied by forcing a penalty, such as losing their voting rights for the duration of the mortgage and a couple of other non-monetary penalties. But, if one really, really wants to stop a default problem with leverage, one is well-served by stopping the default, itself. As to what to do with the defaulters, I offered a possibility, but there could be other things thrown in to make the rest of us feel that it is almost fair, though forced by circumstances, so …
The problem is that we have lost confidence, so I’m not sure that stopping defaults solves things, though it goes a long way towards it. So, given the fact that $700 billion was already authorized and will be spent, McCain’s way of spending it is not a bad idea.
progressoverpeace on October 10, 2008 at 2:16 AM
Yeah, if you are going to be raped, it is much better to be raped by the one that just chewed a Tic-tac. instead of the one that just ate the onion and arugula salad.
LegendHasIt on October 10, 2008 at 2:35 AM
You know what we need? A new temperance movement! We need to create a massive new black-market to promulgate organized criminal enterprises that will employ under-the-table free-market principles while competing for market share until one or two powerful new criminal factions bubble to the surface and upset the present power structure that influences the biggest criminal enterprise of them all, (no, not the UN), our federal government.
Make our legislators work for their payoffs. Their problem is they have it too easy. They don’t fear anything. They’re entrenched.
/jk
FloatingRock on October 10, 2008 at 2:38 AM
NO! don’t do that. I’ve been seriously considering the last couple of days of taking a good chunk out of the money market (if there is indeed anything left in it) and investing in the stock of a few of the really cheap beer breweries.
I expect that millions (more) people will start drinking heavily for the next few years, and only Politicians, Government employees and AIG executives will be able to afford the good stuff.
LegendHasIt on October 10, 2008 at 2:53 AM
Anyone know the words to L’Internationale?
m064404 on October 10, 2008 at 5:13 AM
I’m not going near any trades until at least next week. Maybe longer, much longer if I have to.
No way will I be able to pick the real bottom so I’m going to wait until it looks like a semi-solid turnaround is already occurring. Happy to give up a few points of potential upside in exchange for a a bit more peace of mind, in this environment.
Still I can’t help but think that once-in-a-lifetime opportunity is about to knock.
Gilda on October 10, 2008 at 5:55 AM
CHECK THIS OUT! FARRAKHAN CALLS OBAMA THE MESSIAH:
http://www.youtube.com/watch?v=OowxMcVTjTE&eurl=http://worldnetdaily.com/index.php?fa=PAGE.view&pageId=77539
http://worldnetdaily.com/index.php?fa=PAGE.view&pageId=77539
POST THIS EVERYWHERE!
True_King on October 10, 2008 at 6:28 AM
Try this: http://www.johnmccain.com/Informing/News/PressReleases/96557315-1694-4d8f-9b0a-c29f0f0872e6.htm
Whoever assumes the mantle of the presidency is inheriting a can of worms. I prefer what these economists have to say about McCain’s pro-growth approach rather than the Obama income-redistributionist, investment-avarse, and protectionist mode. Obama will tax us into a pit of poverty; the outcome will be “fair,” for we will all be poor, and there will be no incentive to achieve.
onlineanalyst on October 10, 2008 at 6:51 AM
My sentiments too. If I had to guess, I’d say we hit bottom sometime early next week. By then some of the credit market remedies should begin to slowly start, and the resultant pressure on the stock market ought to begin to ease.
The country is “on sale.” I think it will be a great time to buy if there is some sense that the villains of this piece meet their proper end, and if their replacements are trustworthy.
That’s a big if. Unfortunately, one thing that has been exposed here is that the politicians like Bush, McCain, Obama, Pelosi, etc. don’t have the expertise to lead the economy, and only react, and weakly at that, after the fact. We have a political leadership vacuum, and nobody currently in the forefront was able to assume it. This is a terrible situation to be in 3 weeks out from a pres. election. It means both sides picked the wrong guy. The economy was able for a few weeks to trump all other stories. If the carnage goes on much longer, we’ll have to make Larry Kudlow the President, and his tv panel the cabinet.
JiangxiDad on October 10, 2008 at 7:03 AM
We’re All Socialists Now,Comrades.
A quarter of a century ago (2008),in the era of the labour
manifesto(Liberal Democratic Party)that was dubbed by a mem
ber of the Labour Shadow cabinet” the longest suicide note
in history”,when one wanted to depict the absurdity of the
view of the world advanced by Tony Benn(Chris Dodd)and Mich
ael Foot(Barney Frank)one simply had to say:
“They want to nationalise the banks”!
People fell about laughing.(Like Obama Barack,Maxine Waters)
Today,it is all considerable less funny.
We are all Socialists Now.(Liberal Democratic Party!)
————————————————————
In the last Presidential debate,in the question of energy,
Obama said,that if thousands of acres,the Big Oil companys
don’t use it,they’ll will lose it!
Maxine Waters,in dragging Big Oil up for investigation on
the price of gasoline(oil),told the Oil companys,either do
something,or will take over those companys and will run them
are selfs!(The Liberal Democratic Party!)
Sounds like all along,this was planned,as if the DNC was
engineering and designing this,they couldn’t get traction
on Iraq,then came the ‘Race Card’,and now the sure fire
tactic of all,’The Economy’!
And Liberals do,what they do best,SCARING THE LIVING HELL
OUT OF THE uninformed American voter!!!!
Case in point,Old Age Pension,the Liberals scared the bejeezes out of the elderly,and that they would be eating
canned dog food!!
And out of that Newt was savaged!!!!
Call me crazy,but the Liberals know,own the banks,own the
Oil companys,and they will secure the American voter for a
thousand years,ya,I know,you’ve heard that before, from some
short guy that gave the world the volkwagon,’Peoples Car’!!
canopfor on October 10, 2008 at 7:04 AM
Quick note for all those believers in the phrase that “over time, the market is the place to be and makes money”.
When the market fell in 1929, it took 27 years to get back to the point at the peak before the decline. 27 years. The drop was from 380 to 43. From the 14,700 or so high, that would equate to the market dropping today to 1663. Most of us would consider that 1663 a ridiculous number… not possible.
The credit problem stems from financial institutions not knowing who is holding the unregulated credit default swaps… afraid to lend because the borrower could be holding these very dangerous instruments without having to report it. Suppose, just suppose, that we find a nice AAA rated company that is not in the financial sector but is holding some of these products… someone that is doing well… someone that has tons of cash…. someone that has a great looking balance sheet. The CDSs are unregulated and could be “gambled on” by anyone with sufficient cash to pay the “premiums” or with the credit rating to attract a buyer. When one or more company that is not in the financial sector takes a dive because of this, you will then find people afraid to buy the stock of any AAA rated company because, as with the banks, no one will know who has the disease and who doesn’t.
At 2:00 today, a lot of people on the other side of credit default swaps held by Lehman will have to open their kimono… AIG is just one of those suspected to be holding. It was around 12:30 last night that I heard the guess that those held by Lehman that trigger today will result in two trillion worth coming due. At that point, they will be forced to appear on some balance sheets. Someone is holding these. If they are in the financial sector, we are going to have more “banks” folding their tent and the market may or may not have already taken this into consideration… no one knows.
On the other hand, if some of those companies that become exposed today are not in the financial sector… if they are companies believed to be solid, the ridiculous becomes not only possible, but probable. The current market size of credit default swaps is over $62 trillion… many times the size of the entire stock market.
For those that supported the last bailout and are probably going to support the next one they are already talking about, come to your senses. For those in the market that choose to stay there or aren’t in but are looking at getting (back) in… well, as Ron White said, “You can’t fix stupid.”.
CC
CapedConservative on October 10, 2008 at 7:27 AM
Laura in Maryland
GM has the leading edge technology in their trucks today; and some businesses actually require trucks.
Honda cars have longevity, yes. But Honda trucks have nothing on the GM trucks.
maverick muse on October 10, 2008 at 7:51 AM
Thank you Bill Clinton, and all the people who turned a blind eye to the corruption. Mr. frank I really hope the sex was THAT GOOD. I pray that justice will prevail.
Mercy4Me on October 10, 2008 at 7:54 AM
The “Big Oil Companies” would love to be released from the leases that bind them to acres without oil to drill! Obama’s not going to release the lease obligations. He’s just taunting the industry having the legislated Democrat Majority big mouth with the big stick.
maverick muse on October 10, 2008 at 7:58 AM
Frightening stuff. Of the total 62 trillion CDS market, do you know what the value is that Lehman is responsible for?
JiangxiDad on October 10, 2008 at 8:01 AM
Touché!
maverick muse on October 10, 2008 at 8:02 AM
An economist with some time on his hands (I imagine there will be many of them shortly) should plot, over the last six months, the DJIA vs. Obama’s RCP average lead in the polls, and test for correlation. As a bonus, it might enhance our understanding of global warming.
Actually, this might be really interesting. I may try to do it but I do have a real job for now.
horatio on October 10, 2008 at 8:07 AM
The “guesstimate” I heard last night that is $2 trillion. the reality is that, because of their unregulated nature, it is anybody’s guess. I don’t think it would take nearly that much to cause even more havoc. In any case, between today and tomorrow, we should know a number. These things are like explosive booby traps in Viet Nam… maybe it’s a 5.56 cartridge that goes off when you step on it and shoots through your foot… then again, maybe it’s an unexploded 500 lb bomb. As an aside, anybody heard anything about the Russian warships heading down to visit Chavez?
CC
CapedConservative on October 10, 2008 at 8:10 AM
Every presidential campaign puts the jitters into the stock market. That so many left their money in the market as the election drew so close shows to an extent that Americans failed to distrust Obama and the consequences of everything attached to him, particularly noting the significance that those ACORN FM/FM finger prints have on our economy. The public is only now becoming acquainted with Obama, as only his own ilk and his most ardent opposition know “who Obama is” really behind the masquerading presidential mask.
You ain’t seen nothing yet.
Without the rule of law, all in ruined.
Rule of law is NOT to be ignored, and I was really amazed that McCain argued for it so successfully during the debate.
maverick muse on October 10, 2008 at 8:13 AM
Well said. It seems certain we will do a lot worse than Larry Kudlow.
I’m really trying to remain rational and positive, and take the longer, historically-informed view, but my disgust with our political class has reached an all-time high. I have lost all confidence in the clown show that is Congress.
And this election will transform the Executive branch from a vacuum into a black hole no matter who wins. (Note to the usual trolls: “black hole” in the astrophysics sense of the term, no matter how desperately you wish it could be “coded” otherwise…)
Gilda on October 10, 2008 at 8:19 AM
between today and tomorrow–CC
We’re in for another hell of a weekend.
Congress just can’t help themselves from legislating doom and gloom. Would that they would rescind the bail-out and enact a law prohibiting economic rescue plans.
We already know the only things that amalgamate success:
LOW TAXES
TRANSPARENCY WITH DEREGULATION
RULE OF LAW: NO TOLERANCE FOR CORRUPTION
That amalgamation is eschewed by Obama and embraced by McCain’s platform.
That McCain trusted Phil Gramm shows that McCain at least knows who is smart enough to grasp the overall economic picture with an eye for detailed components and relationships. Though I dislike Gramm, I abhor Paulson. There’s NO comparison between Bush’s choices and McCain’s. Bush ALWAYS opted for leaving socialist agenda driven Democrats in appointments that should never have been left to wreak such havoc as torments us now.
As likely as not, McCain will draft Romney to be Treasury Secretary. Romney’s already said he doesn’t want any staff position. And McCain’s already mentioned a Democrat off the cuff for the job. As political gestures, alliances and compromises go, I think McCain would ask Romney to the job, and Romney should take it and PROVE his effectivity in FEDERAL (global leader) government economics, not remaining limited in bragging rights to the private sector. That McCain is chesting his cards and tossing loose tangents for the press to get lost with is NOT surprising, but his own way of winning the poker game. Remember how he fooled us all with his dismissive response to the press asking “what about Palin as your running mate”!
maverick muse on October 10, 2008 at 8:34 AM
Thanks for that. One last question if you’ll indulge me. Doesn’t there have to be a knowable market price on the underlying asset to determine if any settlement is warranted? Do you know how that will work?
JiangxiDad on October 10, 2008 at 8:35 AM
That’s really a very appropriate metaphor, particularly as it applies to McCain. And ironic in the sense that McCain has been around for so long. He should be a known quantity. Instead, what he’ll do as President in so many areas is uncertain. I confess I don’t really understand the man.
JiangxiDad on October 10, 2008 at 8:42 AM
Look at it this way — if over the next 4 years the Dow returns to its high, whose capital gains rates will divert more of the recovered wealth (as and if folks opt to realize gains) into government coffers vs. investors’ hands?
Obama will take a much bigger chunk of the wealth recovery than McCain will.
DrSteve on October 10, 2008 at 9:01 AM
When is someone going to look into this to see if this was rigged or pushed the world economy off the edge by someone or group?
Financial terrorists? Why is it happening now?
Who is profiting from all this? Were the Chinese or Middle Easterners or Russians or Soros or other financial people with an agenda to ruin the U.S. financial system? Some people knew how to game the system and figured they could screw up U.S. by just investing a few billion in certain financial instruments to cause the system to break?
Has anybody heard Soros screaming that he has been wiped out financially? He was behind the collapse of the British pound over 20 years ago.
Why is this happening now right before a U.S. election where it helps one candidate?
Is this the October surprise in the election?
Financial terrorists, anybody?
There are things that have been going on that we are not be told about, but have to pay the consequences in more ways than one.
albill on October 10, 2008 at 9:28 AM
Yahoo News is using the same photo of behind the bald guy in exasperation.
jgapinoy on October 10, 2008 at 10:10 AM
Financial terrorists, anybody?
There are things that have been going on that we are not be told about, but have to pay the consequences in more ways than one.
albill on October 10, 2008 at 9:28 AM
There’s nothing hidden about it. OPEC is waging open war against the US and the rest of the developed world. The response should be to seize the gulf oil fields (if anyone complains then we are just “internationalizing” the fields that they “nationalized” not too long ago) and let the arabs/persians/muslims pound sand. That’s what we should have done on 9/12, and will have to do eventually.
progressoverpeace on October 10, 2008 at 10:56 AM
i must be the dumbest person on earth. i can not watch tv or go on the net or listen to the radio that EVERYONE IS TALKING ABOUT 700 BILlION TO RESCUE OR BAIL OUT THE ECONOMY.
it strikes me as strange that 700 is the same as we spend EVERY YEAR ON IMPORTED ENERGY. WHY IS IT THAT WE AMERIACNS can not use billions of dollars for our own energy for investment in our own economy.
TomLawler on October 10, 2008 at 1:35 PM
you might be right. 5 million illegals with bad mortgages multiplied by $100,000 per mortgage say, your looking at 500 trillion. Go ahead and gasp. Its true. Your looking at years and years of abuse of a system all coming to a head in a weeks time.
johnnyU on October 10, 2008 at 2:37 PM
I want to add also the fact energy costs were being unrelentingly pounded into our lives until we finally broke. God help us. Its gonna take a lot of fait, praying, and patience people.
johnnyU on October 10, 2008 at 2:40 PM
oops faith
johnnyU on October 10, 2008 at 2:40 PM
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