Quote of the day
posted at 10:45 pm on October 10, 2008 by Allahpundit
“This is a period like none of us has ever seen before.”
GreenRoom
- Syria, Russia: It all looks different from out there
- Hot Air Survey Results: CPAC Edition
- ‘Playboy’ bunny who cabby thought was vampire sues NYPD for abuse
- Embalmer penalized for speaking ill of dead sues to get license back
- Obama attempting to ‘get his groove back’ with young voters
- NYT hails the safety net: Poor hardest hit
- 9pm “Whitney Houston DEAD, latest developments, CPAC, Maine Caucuses”
- Why isn’t Sarah running?
- Contraception mandate: MSM stuck in “narrative capture”?
- ObamaCare architect: Health insurance premiums will rise, not fall, under law
Hot Links
|
|
Feeds
Blowback
Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.
Trackbacks/Pings
Trackback URL
Comments
Comment pages: 1 2 Next »
Thank you O ‘Oracle of the tresury’…I’ll sleep better tonight knowing what a frim grip you have on the situation…another bail out tomorrow morning is it then?
AUINSC on October 10, 2008 at 10:48 PM
So, it’s up to this. Socialism will save us. Wow.
stonemeister on October 10, 2008 at 10:49 PM
If only we had a Messiah…
BobH on October 10, 2008 at 10:50 PM
Isn’t Paulson a democrat? He has to be an Obama plant.
Elizabetty on October 10, 2008 at 10:51 PM
Well no duh, Sherlock. Now tell us how you’re going to fix it.
SoulGlo on October 10, 2008 at 10:52 PM
Buy Ford Motor stock and hold it for 5 years.
profitsbeard on October 10, 2008 at 10:53 PM
Must . . .Not . . . Make . . .Joke . . .About . . .^*((!$^ . . .*^ . . .@^*%^(&@#
- The Cat
MirCat on October 10, 2008 at 10:54 PM
That’s what she said.
- Michael Scott
lorien1973 on October 10, 2008 at 10:56 PM
Spirit of 1776 on October 10, 2008 at 10:57 PM
It was socialism that got us into this mess.
Riposte on October 10, 2008 at 10:59 PM
Are those banks going to continue to make risky loans? If so, keep our money out of it for the love of pete.
It’s simple.
“Can you pay back this loan”? “No”. “We are done here, goodbye”.
“Can you pay back this loan”? “Yes”. “Here’s an application, fill it out in triplicate and be sure to sign at the bottom and be ready to show proof of citizenship and employment”.
Hog Wild on October 10, 2008 at 11:00 PM
Crashes don’t cause depressions. Plans do.
patrick neid on October 10, 2008 at 11:04 PM
So let’s repeat the mistakes our government made when they created the Great Depression. What a tool.
Tom Blogical on October 10, 2008 at 11:06 PM
If I’m gonna give away cash I’d rather give it to an actual charity.
Darth Executor on October 10, 2008 at 11:06 PM
hmm…the Federal Government buys into the market and a new form of Fascism has begun.
theguardianii on October 10, 2008 at 11:07 PM
Darth-
Check back in 5 years.
profitsbeard on October 10, 2008 at 11:10 PM
The government cannot even manage its own money.
Why does anyone think the government can run the banks.
Kini on October 10, 2008 at 11:10 PM
I’m sure the guvmint will do an honest, competent job on running our banking system.
Didn’t they also run that Freddie and Fannie thing?
PattyJ on October 10, 2008 at 11:10 PM
There are some stocks out there that are poised to make some real money when this all passes.
Not just Ford.
Kini on October 10, 2008 at 11:12 PM
Just as long as those in the guvmint don’t have a “D” by their representation.
Kini on October 10, 2008 at 11:14 PM
I’m really anxious to hear a lot more from him…under testimony…under oath…under threat of perjury charges.
Star20 on October 10, 2008 at 11:14 PM
Just wail til Dear Leader gets his hands on you.
Sounder on October 10, 2008 at 11:16 PM
I retire in 5 yrs. Will my stocks regain their value by then?
jgapinoy on October 10, 2008 at 11:16 PM
Speaking of the Messiah…
I have no doubt stocks will come back strong once the panic and fear subsides and McCain gets elected.
All bets are off if Obama gets elected.
Kini on October 10, 2008 at 11:22 PM
jgapinoy,
I was planning on retiring NEXT year. The answer is “Maybe.”
Star20 on October 10, 2008 at 11:22 PM
I thought it was the DemocRats, oh yes my bad the Socialists
Robyn S on October 10, 2008 at 11:22 PM
You are reading the wrong books.
rockhauler on October 10, 2008 at 11:23 PM
It was the Democrats socialist agenda that got us into this mess.
Kini on October 10, 2008 at 11:25 PM
I just got finished re-reading Hayek’s “The Road to Serfdom.”
The parallels are spooky.
misterpeasea on October 10, 2008 at 11:26 PM
Sigh… and in just a few short months we will turn this government ALL over to the Democrat’s hands. Wow, what a disaster. Who would have thought things could get like this?
Financial ruin on Wall street
Murdering terrorists threatening
Steep moral decline
Corruption in government
Refining marriage into meaninglessness
Religon as a whole dispised and ridiculed
Wars and rumours of more wars…
Who could have predicted this?
Like the leaves on fig trees.
petunia on October 10, 2008 at 11:31 PM
Entelechy once said, and I concur, once socialism creeps in, it’s very hard to remove it.
Yoda once said, Begun the Clone War has. The dark times are upon us
Kini on October 10, 2008 at 11:31 PM
Don’t leave out the Obama Truth Squads
Kini on October 10, 2008 at 11:34 PM
Pffft. This is no problem, at all. Just grab a couple of those mega-geniuses working on the Evil Human catastrophic global warming problem. They are, clearly, the best modelers of complex systems ever to set foot on Earth, able to accurately predict with a great degree of precision the Earth’s climate for the next 100 years, given miniscule changes in the atmospheric concentration of CO2. With brains like that, I bet they could whip up a model of the world financial system in no time and tell us exactly what caused this mess and exactly how to fix it. It’s a much simpler system than the Earth’s climate.
… Oh wait. But those same folks are the ones who led us into this financial disaster with their brilliant ideas about doing some social engineering using the economy … kind of like they are trying to do for nonexistent catastrophic global warming (though that would be really, REALLY expensive) …
progressoverpeace on October 10, 2008 at 11:35 PM
“Anderson Cooper 360,” on CNN has a new segment on “Culprits of the Collapse.” Apparently, it will be naming one “culprit” every night. So far, the “culprits” are the CEO’s of AIG and Lehman!!
Of COURSE it has to be corporate America!! It’s not like there is any possibility Barney Frank, Chris Dodd or any other Democrat is culpable!!!!!
Star20 on October 10, 2008 at 11:36 PM
Newton’s calculations were just a bit off.
Kini on October 10, 2008 at 11:40 PM
The way I see it its a good time to go bargain hunting for devalued blue chip stocks. Just a shame Ive got all my money tied up in my House atm.
Dreadnought223 on October 10, 2008 at 11:43 PM
The Vanderbilt heir of Gloria Laura Madeleine Sophie Vanderbilt, has been spinning in circles in both stories and credibility. So I doubt very much any govmint types will be profiled on his big 0 show.
Kini on October 10, 2008 at 11:49 PM
The Liberal Democratic Party should be made to
pay for this financial besmirchment and debauchery!
And the entire Liberal Party should be banished,
outlawed,and be made to pay it back,even if it
takes till the Sun burns out,or Venus burns up,
giving them an extra couple of days!!a hem(Sarc.)
canopfor on October 10, 2008 at 11:52 PM
That’s pretty odd coming on the heels of 8yrs of Republican economic policy and more years of Republican control over Congress. These perfect economic storms don’t materialize over two years.
I find it instructive that Bush tried to scare and panic people into voting for his bailout package (insert rescue or whatever you like to the title. The fact remains the President used fear again as a tactic and now everyone is in full panic. That is not anyone else’s fault. Vast sections of the United States are responsible and it goes way beyond Republicans or the Administration. The causes are all over the map. Blaming Democrats looks just plain silly right now. Far better to come up with a solution which works. It will have to be a bipartisan effort in order to work.
lexhamfox on October 10, 2008 at 11:52 PM
Perhaps this might in the long run, unite a lot of Democrats with a lot of Republicans. Heck, no matter what party, yo dont want to see your money go worthless. My 401K like fund is in stock, not retiring for some time, but still. Lots of folks are retired and depend on their investments.
StuLongIsland on October 10, 2008 at 11:53 PM
I spoke too soon on the CNN series. They just now added SEC Chairman Chris Cox. They said “even John McCain” wants him fired and that the Democrats are also after Cox. Sorry I missed it in my earlier post. CNN isn’t JUST going after corporate America. They are also going after anybody in the Bush administration!!!
Star20 on October 10, 2008 at 11:55 PM
Perhaps, but it is an election year, so we can all stop acting silly after Tuesday November 4, 2008.
But denying a socialist agenda by democrats isn’t what got us into this mess is like believing the government can manage the banking industry. Those congressional officials overseeing the banking industry are, who?
Kini on October 11, 2008 at 12:00 AM
When banks are sued and forced to give loans to people that are not credit worthy and …. never mind.
Johan Klaus on October 11, 2008 at 12:01 AM
I’ve been reading Atlas Shrugged and the similarities to what is happening now is f*cking scary.
Ortzinator on October 11, 2008 at 12:07 AM
Show me the class action suit. Show me a case. Credit ratings and the rules around them are clear. Show me where banks were forced to lend to those with bad credit.
lexhamfox on October 11, 2008 at 12:11 AM
Yes they are. Even Rush invoked Atlas Shrugged today.
fossten on October 11, 2008 at 12:14 AM
Of course this melt down in the financial markets is the fault of Democratic/Socialism! By forcing the banks to make loans promoting a “fair society” everyone gets to be poor together. So I guess you can say that worked the way the Democrats planned!
You can talk bi-partisan all you want but this coming government is going to be Democrat controlled. And to get us out of this they are going to have to follow Republican economic theories. How likely is that? Obama already has more spending planned and promised universal health care and higher taxes on businesses etc. He practically promised socialism in that convention speech.
This is going to be a long long recession if Obama keeps his promises.
We can only hope that Obama’s proven capacity to do the convenient thing with no regard to principles will make him follow Republican economic policy. As Clinton did.
petunia on October 11, 2008 at 12:18 AM
Would you call rules to require banks to use welfare payments as “income”, a good credit risk? Google it.
Johan Klaus on October 11, 2008 at 12:19 AM
I heard that Lurch was a democrat. Any truth to that?
HornetSting on October 11, 2008 at 12:20 AM
Except no one gives a damn about railroads these days….
What role does Osama Obama play?
MrScribbler on October 11, 2008 at 12:21 AM
For the last 30 years or so, I re-read it at least once a year, usually in the fall. Didn’t do it this year. Too busy living living and fighting it in real life.
LegendHasIt on October 11, 2008 at 12:22 AM
That’s not QUITE true. Gov. Bill Richardson made this and the next three generations of the taxpayers of NM buy him one to play with.
LegendHasIt on October 11, 2008 at 12:24 AM
THe closer Axelrod’s boy gets, the further down it goes.
SouthernGent on October 11, 2008 at 12:25 AM
Then check this video out.
There was never a need for lawsuits or otherwise, it was all pretty simple. Republicans tried to regulate governments role in Fanny and Freddie, but the dumbokrats prevented it. If you think they, the Republicans, could have been more assertive, then yes. They were cowering because everyone hated Bush, who by the way won both elections but the tailcoats didn’t bring their balls with them.
The fact remains the same, this was a democratic socialist agenda
Kini on October 11, 2008 at 12:27 AM
Bloated Bill. Fat bastard. We have to haul his big butt out of office, Legend.
HornetSting on October 11, 2008 at 12:28 AM
Does this ring a bell?
Johan Klaus on October 11, 2008 at 12:29 AM
Google, Equal Credit Opportunity Act. Bad credit risk written all over it.
Johan Klaus on October 11, 2008 at 12:32 AM
“All your banks, are belong to us!”
keving on October 11, 2008 at 12:34 AM
Go to YouTube and search Democrat Socialist Agenda and what Johan said and watch it. Hear it from the mouths of the democrats
Kini on October 11, 2008 at 12:35 AM
lexhamfox
define “forced to lend”
define “bad credit”
define “means to own a home”
define “discriminated against”
define “fair to all”
STATEMENT OF
JANET RENO
ATTORNEY GENERAL OF THE UNITED STATES
BEFORE THE
COMMITMEE ON THE JUDICIARY
UNITED STATES SENATE
CONCERNING
JUSTICE DEPARTMENT OVERSIGHT
PRESENTED ON MAY 5, 1999
Note: the above links directly to Department of Justice, official transcript, taken from doj.gov server.
Since you demand a case, suit, yada, yada, yada
the following might keep you busy for a couple of days.
First 10 results of about 345
Are you looking for a talented intern to do your research for you?
rockhauler on October 11, 2008 at 12:35 AM
Yesss!!!! I call dubs on WAMU. I hate the commercials – even I could do better than that.
trailboss on October 11, 2008 at 12:40 AM
lexhamfox
Results 1-10 of about 16,900
for acorn protests bank lending practices.
If the presence of ‘mozilla’ in the search query causes you difficulty, I’ll repeat the search using IE, if you can’t figure out how to do it by yourself.
rockhauler on October 11, 2008 at 12:46 AM
I hate to toot my own horn (no, actually I don’t min it) but let the record show the new TARP/Paulson plan is TheBigOldDog plan as described here in detail by me before the stupid bill even passed.
TheBigOldDog on October 11, 2008 at 12:48 AM
BTW, the reason the plan was changed imho is that the Chinese and Arabs backed off their threat in the last few days and now are more concerned with us saving the world financial system than just buying back the junk they got stuck with (most of which is still throwing off cash).
TheBigOldDog on October 11, 2008 at 12:55 AM
Well, it should be a little easier now. He HAS lost some weight, thanks to that Atkins Diet Personal chef of his that we NM taxpayers are paying around $70,000 a year… (+ the cost of the food, of course.)
LegendHasIt on October 11, 2008 at 12:56 AM
The Paulson quote invites a visit from Obviousman!!!
Yes, every day’s a new day, and we’ll never pass this way again. And there will never be an October 10, 2008 again!!!
(Are we actually paying this guy????)
landlines on October 11, 2008 at 1:04 AM
Might as well brag about how you developed the plan that got the taxpayers to pay $60,000 for a hammer, while you are at it.
LegendHasIt on October 11, 2008 at 1:05 AM
I did. It’s called Milspecs. Been there, done that too! LOL!
TheBigOldDog on October 11, 2008 at 1:07 AM
I’m glad SOMEONE around here is happy!
LegendHasIt on October 11, 2008 at 1:10 AM
Government policies that made home ownership change from a goal to a hobby is what got us into this mess.
The way they did it was to replace responsible lending with social engineering and the (dumb) idea that home ownership was a constitutional right of some sort, and that your ability to pay was a non-factor as long as everyone got a house. This inspired builders to build bigger houses to maximize profits rather than building “starter houses” that are more affordable for first-time home buyers.
Every house built near my 70k “starter home” that I bought 15 years ago costs at least 300k, yet the same first-time buyers are buying them and defaulting on their morgages while I remain current on mine and my neighbors do as well.
Face it, everyone got greedy. Banks were forced to make huge loans to unqualified buyers,builders built big houses on less property to maximize profits,realtors and brokers teamed up to get the mortgages and maximize their own commissions, banks then pawned the mortgages off to securities brokers who made money selling them to foreign buyers, and politicians recieved fat stacks of campaign cash from mortgage giants like Fanny and Freddie.
And everyone who pays their taxes gets to suffer for it.
It is the biggest program of more free shit for people who don’t do shit ever hoisted on any nation.
quax1 on October 11, 2008 at 1:13 AM
You gotta laugh to keep from crying… I am glad they aren’t going to be using $600B to pay off the Arabs and the Chinese. That’s an improvement my friend. At least now the capital will be used where it’s needed and the chances of losing money in the long run will be drastically reduced. Not to mention the capital can be employed within the next week or 2, thus truly getting the credit markets moving again and halting the slide. Gotta look on the bright side…
TheBigOldDog on October 11, 2008 at 1:15 AM
Might as well brag about how you developed the plan that got the taxpayers to pay $60,000 for a hammer, while you are at it.
LegendHasIt on October 11, 2008 at 1:05 AM
Ten bucks went for the hammer, the rest was used for activities that we will never know about; it’s where black-ops type funding comes from.
Bishop on October 11, 2008 at 1:29 AM
rockhauler on October 11, 2008 at 12:35 AM
Those are not suits related to lending to those who were deemed to not worthy of credit. If an American has the means and passes the bank test they should be allowed to borrow. Giving everyone a level playing field to borrow and take on risk is American. It was demonstrated that banks were violating their own rules in distributing loans not by credit worthy-ness but by other factors not related to standard impartial tests… hence the ruling. African Americans and minorities not being able to service debts is not the reason why the global economy is diving. The statistics are clear on this. Merchant banks were not forced to purchase the covering derivatives valued by the supposition that house prices would keep going up.
Get over it.
lexhamfox on October 11, 2008 at 1:29 AM
Man, this global economic crisis makes my country seem so… independent.
Then hey, since China has every bodies money, why don’t they get our credit moving again?
Speakup on October 11, 2008 at 1:34 AM
China keeps buying US debt debt. They are a stakeholder in our economy as well as their own. We are not bailing them out.
lexhamfox on October 11, 2008 at 1:38 AM
Socialism über alles!!!
I can die now.
Entelechy on October 11, 2008 at 1:38 AM
No, Don’t do that. You survived it before, you can do it again.
We can get together and see if we can find Galt’s Gulch.
I think ‘Texas Jew’ may know where it is.
LegendHasIt on October 11, 2008 at 1:54 AM
If they were repeating the mistakes made in the Great Depression, they would let all the Banks fail, all the mortgages be foreclosed and all the credit and cash dry up.
Hoover let the market take its punishment and money disappeared from the market. That ended commerce and therefore jobs. This great cash contraction caused great price and value deflation making sure no one could liquidate to save their necks.
A meal was a nickel but no one had a nickel
Every man for himself under Hoover until we reached 30 percent unemployment at which point we passed trade barriers as a coup de gras
A useful read is the classic book by Ben Bernanke on the subject Essays on the Great Depression
I am grateful Bernanke is in position at the fed to influence the outcome which would be much much worse without the recent interventions.
His basic point is letting the market go into deflationary free fall is not self correcting. It requires cash influx which happened here, but of course other nations did not participate hoping the US expenditures could save them some bucks. Now, the rest of the world is going into a slo-mo crash because they did not want to pay up, and it is causing a revived undertow here in the US
US Treasuries are sucking money in as people everywhere who love money more than they love their countries enpty their banks to save their wealth.
Obama and his buddies can take a lot of bows for helping the situation. He was in lawsuits to force banks to give mortgages to underfunded buyers.
THe GOP did a good job too, as Millions (I heard 5 million)of foreclosed homes were bought by illegals, amd BOA led the pack to get the Bush White House to change rules to allow mortgages to people without papers (or any fear of collection agencies)
I just pray we do not let the market self correct. The Great Depression is the self correcting market.
I hope someone in the Executive or Legislative branch makes a move to crack down on monopolistic practices as part of the solution. Whole industries have shipped overseas and now we have de facto monopolies. I.E. China. Prices are rigged to American scale for items no longer made here and competition is smothered by selling below cost when needed.
We no longer have the gold standard. One could say we now have the Oil standard
entagor on October 11, 2008 at 1:55 AM
I’d say we now have a PULL STANDARD
LegendHasIt on October 11, 2008 at 2:02 AM
Men have become the tools of their tools.
Tav on October 11, 2008 at 2:04 AM
Lexhamfox
a.k.a. redlining:low income neighborhoods, high crime areas, high areas of unemployment. By forcing banks to make loans available to those neighborhoods required the banks to lower their lending standards. By pointing out the racial component of this ‘discrimination’ you obscure the lower credit rating of those neighborhoods, thus making it all about racial discrimination.
What is it that I am supposed to ‘get over’?
rockhauler on October 11, 2008 at 2:08 AM
I can’t take it. AGAIN I got off work, read the schedule next week and the SOBs still want me to come in. My truck was still in the employee parking area. The McDonalds was still frying up heart stopping fries, the Chevron station still had gas in her pumps, the traffic lights worked and my mangy mutts were still barking at me when I pulled into the drive.
Damn it! Can we get this end-of-the-world thing going already. Who the hell is in charge of this POC-Y-LIPS anywho?
Limerick on October 11, 2008 at 2:12 AM
Don’t worry, according to Newton, 2060 isn’t that far away.
Kini on October 11, 2008 at 2:18 AM
Welcome to the club.
I’d welcome an apocalypse if it would put an end to the danged “make that certain part of a man’s body larger” commercials on late night TV.
LegendHasIt on October 11, 2008 at 2:21 AM
I suggest another great read, Franklin Delano Roosevelts first Fireside Chat, which was about the bank failures
First of all, let me state the simple fact that when you deposit money in a bank, the bank does not put the money into a safe deposit vault. It invests your money in many different forms of credit — in bonds, in commercial paper, in mortgages and in many other kinds of loans. In other words, the bank puts your money to work to keep the wheels of industry and of agriculture turning around. A comparatively small part of the money that you put into the bank is kept in currency — an amount which in normal times is wholly sufficient to cover the cash needs of the average citizen. In other words, the total amount of all the currency in the country is only a comparatively small proportion of the total deposits in all the banks of the country.
—
We have had a bad banking situation. Some of our bankers had shown themselves either incompetent or dishonest in their handling of the people’s funds. They had used the money entrusted to them in speculations and unwise loans. This was, of course, not true in the vast majority of our banks, but it was true in enough of them to shock the people of the United States, for a time, into a sense of insecurity and to put them into a frame of mind where they did not differentiate, but seemed to assume that the acts of a comparative few had tainted them all. And so it became the Government’s job to straighten out this situation and do it as quickly as possible. And that job is being performed.
—
After all, there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people themselves. Confidence and courage are the essentials of success in carrying out our plan. You people must have faith; you must not be stampeded by rumors or guesses. Let us unite in banishing fear. We have provided the machinery to restore our financial system, and it is up to you to support and make it work.
It is your problem, my friends, your problem no less than it is mine.
Together we cannot fail. – FDR 1933
entagor on October 11, 2008 at 2:40 AM
Imagine a group of people…………..
They come in the light of day, and take your savings away.
They cause enough problems to cause your family to split up.
They educate your children against everything you were taught and brought up to be.
They take away your house and your job because “the government” knows better.
You are standing alone, in the cold, wondering how the United States of America, born from FREEDOM, has allowed this to happen……
You look at a handful of “fellow citizens” that once elected to power over the past thirty years, have set this all in motion, and the “Free Press” is only interested in what gay celebrity came out of the closet this month……
Pissed? Angry? You bet your ass…….
Seven Percent Solution on October 11, 2008 at 2:45 AM
Time to hold people accountable!
Seven Percent Solution on October 11, 2008 at 2:46 AM
Joe Biden has a DVD copy of that chat when it was broadcast live on television during the 1930′s.
Kini on October 11, 2008 at 2:57 AM
We’re at a bottom of some sort. The world has the weekend to ponder the ginormous rally at the end of Friday, even if it did peter out. Personlly, I wish I had an extra thou to buy calls on the S&P 500 over a two-three week range.
laelaps on October 11, 2008 at 3:05 AM
By the way….. where is greasy Joe these days?
Kini on October 11, 2008 at 4:12 AM
WHOOSH!
That was the sound of the whole concept flying right over someones head.
Thats OK though. I was just trying to be snide, but BigDog was too polite to rise to the bait this time.
LegendHasIt on October 11, 2008 at 4:46 AM
No. It will enslave us.
Benjamin9 on October 11, 2008 at 5:46 AM
Okay…..
http://hotair.com/archives/2008/10/10/video-subprime-loans-affirmative-action-andrew-cuomo/
Video of Cuomo announcing a settlement that is exactly that.
CRA and the ever increasing pressure on banks to lend to people simply too big of a credit risk are at the root cause of this. Credit default swaps are what multiplied it out to the magnitude it is.
Even after all of this, credit default swaps are still not regulated and a person with a credit score in the 500s can still get a 3% FHA loan with many state/local governments having programs with “down payment assistance” that are big enough to essentially put a person in a home with zero down… CRA is still on the books, so the ultimate pressure point is still there. By all means, let’s buy more horses and put them in the barn but never mind closing those doors.
CC
CapedConservative on October 11, 2008 at 6:15 AM
America was deceived into supporting this bailout.
To what end, I don’t know.
madmonkphotog on October 11, 2008 at 6:45 AM
I just read about his background…. interesting to note that he has a “long and very close relationship” with the “Chinese elites”…. guess who’s holding the debt he is so desparately trying to make good.
CC
CapedConservative on October 11, 2008 at 7:33 AM
I know that I am actually making their point, but aren’t these the same people who didn’t want the American people to put even the tiniest little bit of their Social Security contributions into the stock market because it was too risky? So if I am reading this correctly, it is okay for us to “contribute” when the stock market is in the tank but it is bad when it might actually make some money for the individual?
Cindy Munford on October 11, 2008 at 7:39 AM
Americans are treated and spoken to like small children today, by a government that seeks to provide them with their daily bread, in return for loyalty and obedience. Personal responsibility is not part of either side’s message any longer.
The new mantra is that it’s up to the government to make it work.
JiangxiDad on October 11, 2008 at 8:32 AM
Bush says we’re all in this together. No, the taxpayers werent in it, it was the politicians that drug us into it kicking and screaming.
abcurtis on October 11, 2008 at 8:38 AM
Maria Bartiromo was interviewing the head of one of the Gulf banks, for his views on the whole crisis. At the end, she asked him if this debacle would affect his area’s interest in investing in the US economy in the future. He immediately said yes, and couldn’t hide his surprise at the question.
I took his answer to mean that his bank was swimming in treasuries and dollars, and just how much more of it did we reasonably expect them to take? Why would the Chinese fundamentally be any different?
I still have my doubts about our country’s ability to finance this entire bailout without so drastically damaging the value of the dollar as to make it a joke.
I know the dollar is in high demand lately, but that may only be against currencies from countries that turned out to have as bad a banking crisis as we do, such as is the case with the Euro. The Yen and Swiss Franc seem to have done much better against the dollar. And until yesterday afternoon, so did gold.
And if European banks are guaranteeing all deposits, why won’t foreign money move out of the US and into safer banks?
The flight to safety in Treasuries certainly buoyed the dollar. But won’t that recede as the immediacy of the crisis recedes? Where will that leave the dollar? With commodities deflating, purchasing power seems to be improving,as we see with oil. But that’s demand driven.
As the plan “works”, and the markets recover, won’t the financial price we have to pay be paid out in terms of a depreciating currency? If not, then where is it exactly that we are paying? Or have we simply avoided paying by passing that entire bill on to the next generation?
Does anyone know why gold reversed yesterday, and have a prognosis of what lies in store for it in the years ahead?
JiangxiDad on October 11, 2008 at 8:48 AM
JiangxiDad on October 11, 2008 at 8:48 AM
I sure don’t know the answers to your questions but I think in the end it will be the American people who solve this problem. And probably by doing an end around of the government. I have absolutely no basis to say this or any idea how it would be done and maybe my faith in our citizens is misplaced but it is what I have so I embracing it.
Cindy Munford on October 11, 2008 at 9:02 AM
Comment pages: 1 2 Next »