The market’s got a fee-vah and the only prescription is more Tim Geithner
posted at 6:25 pm on March 23, 2009 by Allahpundit
The “cash for trash” plan debuts and the result is the fifth-biggest point gain in Dow history. Has TurboTax Tim at last undone the damage from last month’s speech fiasco? Hope springs eternal:
The Treasury plan “may be a game-changer, because it’s been sprinkled with some better-than-expected economic data,” says Tom Sowanick, chief investment officer at Clearbrook Financial in Princeton, N.J. “If the tea leaves all start to line together I think this will be the beginning of a major bull market.”…
“You cannot fight this intervention,” Steve Grasso, of Stuart Frankel, told CNBC. “When you start to see the market just climb after weeks and months of being sold out, you have to participate.”
Traders tell the NYT the euphoria’s due partly to the promise of more free money and partly to the good ol’ fashioned certainty that comes with finally having a definitive plan, a point reiterated at length by one of Geraghty’s readers. Is it true, though? Hmmm:
The stock market’s latest bounce had the S&P 500 tallying its best three-day winning streak since late November, yet the CBOE Volatility Index — which measures uncertainty — edged only slightly lower, signaling ongoing wariness about the market’s direction…
“The VIX is obviously responding to the positive action in the equity markets, but the fact remains that north of 40 remains elevated in relation to where it was trading prior to the crisis,” said Dan Greenhaus, an analyst at Miller Tabak.
“There is clearly uncertainty and nervousness in the markets irrespective of the short term move higher and as long as those general feelings continue, the VIX is going to have a hard time moving considerably lower,” said Greenhaus.
Exit question: As much as I hate to agree with him, isn’t Krugman right? Isn’t this just the Paulson plan v2.0?
Update: The plan won’t work, says Henry Blodget, because toxic assets and tight credit aren’t the problem. Debt is. And he’s got the frightening graphs to prove it.
Once the banks start lending, the economy will recover. The reality: American consumers still have debt coming out of their ears, and they’ll be working it off for years. House prices are still falling. Retirement savings have been crushed. Americans need to increase their savings rate from today’s 5% (a vast improvement from the 0% rate of two years ago) to the 10% long-term average. Consumers don’t have room to take on more debt, even if the banks are willing to give it to them.
Blowback
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Alas, the bush depression is over.
/getalife
carbon_footprint on March 23, 2009 at 6:27 PM
“He who borrows is a slave to the lender.” If this moronic lack of leadership keeps up, we better learn to speak Chinese.
AubieJon on March 23, 2009 at 6:29 PM
And it only took two trillion bucks of debt to accomplish a 500 point rise in the DOW?
Soooooo….if we spend another 14 trillion dollars we don’t have, the market will jump back to 11,000 or so?
Bishop on March 23, 2009 at 6:30 PM
Hasn’t anyone slaughtered a goat to read its entrails?
Disturb the Universe on March 23, 2009 at 6:30 PM
Yep. The commenters at Calculated Risk were saying as much earlier. Smart group there…
beatcanvas on March 23, 2009 at 6:31 PM
Take the money and run. Run like hell.
nolapol on March 23, 2009 at 6:31 PM
Dead cat bounce.
Call me in 4 months when the Dow is at 3000.
omnipotent on March 23, 2009 at 6:32 PM
Tim is the man.
Wall Street showed him some love today.
getalife on March 23, 2009 at 6:32 PM
I think you’re only half way there. you need to account for inflation.
nolapol on March 23, 2009 at 6:32 PM
Plan? What Plan? You mean the one where George Soros Investments LLC will get government loans to buy up, at a heavily discounted price, all that ‘worthless’ paper that is destroying the banks balance sheets? That Plan?
Of course, ‘private investors’ understand that with those government loans come all sorts of requirements about executive compensation packages.
Skandia Recluse on March 23, 2009 at 6:33 PM
I’m not at all trusting in the DOW right now.
But if Geithner thinks it is his Sally Field moment, so be it.
myrenovations on March 23, 2009 at 6:33 PM
Several trillion dollars will buy you one day of good news.
William Amos on March 23, 2009 at 6:33 PM
Resistance is futile.
Drink the Obama kool-aid.
Sign the loyalty pledge.
/
Disturb the Universe on March 23, 2009 at 6:34 PM
Thanks for updating…that was a great article.
ladyingray on March 23, 2009 at 6:34 PM
Obama gave Wall Street a trouser-friendly kiss that you’d be screaming bloody murder about had it been Bush.
Chuck Schick on March 23, 2009 at 6:34 PM
Most of the AIG execs gave the money back.
It’s been a great day.
Except for those who wanted him to fail.
getalife on March 23, 2009 at 6:35 PM
I think you’re only half way there. you need to account for inflation.
nolapol on March 23, 2009 at 6:32 PM
My calculator doesn’t have room for that many digits; I just threw out a number and hoped no one would notice.
Bishop on March 23, 2009 at 6:36 PM
House sales went up too.
I think the markets have been worrying about those toxic assets for months and there is finally a plan they can see out there. That helps, for now.
I remember when TARP first came out there were days when the market gained over 600 points. The trick is to keep the gains. As low as the markets have been, maybe they will keep those gains. Surely there has to be a bottom.
However, this could have been accomplished without spending trillions on stimulus programs and a bloated budget and all kinds of extraneous expensive crap.
Terrye on March 23, 2009 at 6:36 PM
What I’ve been trying to figure out…
They keep talking about fixing the ability to get credit… as if that is the problem…
Yet don’t talk about investing in PRODUCING anything.
We’ve now spent Trillions of dollars, without a single tangible asset to show for it.
Its like they are spending all their money on the score keeping system, while not paying the football team… and expecting that to win the game for them.
Romeo13 on March 23, 2009 at 6:36 PM
Total pwn
blatantblue on March 23, 2009 at 6:37 PM
I give Bush credit too for not wanting it to fail.
Also, for not being a dick by attacking the President.
getalife on March 23, 2009 at 6:38 PM
C’mon, don’t be so hard on getalife. She keeps telling us she’s an independent!
Christian Conservative on March 23, 2009 at 6:38 PM
This bailout still has to be payed for. You cant take money out of an economy and put it where bad debt is.
This is punishing productivity and rewarding unproductivity.
William Amos on March 23, 2009 at 6:38 PM
Yes, because if those executives hadn’t given back their one-tenth of one-percent of the bailout money that Obambi and Dodd authorized, the world would surely have ended.
TheQuestion on March 23, 2009 at 6:38 PM
And of course now we hear that banks who received aid are recycling that money back into campaign donations.
I’m sure my little kids will be happy to know that they will have to work like dogs to cover for the lazy slugs of society (getaclue, I’m lookin’ at you).
Bishop on March 23, 2009 at 6:39 PM
getalife:
Oh please, it is one day. We have not got the bill yet.
Remember when Congress went to the Democrats and we saw the oil prices climb and the DOW go down and the unemployment go up? Let’s just give this time and see what happens.
But then again, I think you probably were happy when the meltdown came in September. McCain was ahead in the polls, and then there was this mysterious run on bank funds with $550 billion dollars withdrawn in a matter of hours… great timing for Obama. I bet that made your day. I bet you were rooting for a collapse.
Terrye on March 23, 2009 at 6:39 PM
But there are at least two, possibly three people posting under her screen name, so I think we can pick on the one who tosses out the Yeah Obama! lines. There is another one who posts on weekends, longer posts, that’s the independent.
myrenovations on March 23, 2009 at 6:40 PM
Um, Allah… None of this spending can “work”. We’re already looking at $80 trillion we don’t have and it’s growing all of the time. Why is anyone even talking about these Obama policies having a “chance” to work, they simply cannot. End of story. WAKE UP, FOLKS!
RightWinged on March 23, 2009 at 6:41 PM
This isn’t Paulson Plan 2.0. This is Paulson Plan 1.1.
phelps on March 23, 2009 at 6:41 PM
I’m still selling those April S&P 1000′s (just at a slightly higher price of coarse since you did’t buy them yet).
nolapol on March 23, 2009 at 6:42 PM
The Precedent should see if Miss Cleo is available for a slot at Treasury.
thomasaur on March 23, 2009 at 6:43 PM
I am everywhere but it is not about me.
It is about the end of a recession and great news to celebrate.
Thank you President Obama.
getalife on March 23, 2009 at 6:43 PM
Yeah, when Geithner finally revealed his magic potion today, I had a tremendous urge to punch Paulson in the nose. Did he take a dive for Timmy?
myrenovations on March 23, 2009 at 6:43 PM
The Economist had a keen point about this plan, wouldn’t banks hold on to assets that may in time turn them a hefty profit and simply put the true garbage up front to get it off the books?
rob verdi on March 23, 2009 at 6:43 PM
I guess Obama has successfully lowered expectations…brilliant.
tomas on March 23, 2009 at 6:45 PM
Isn’t the proper saying for this time that if you borrow $1000 from the bank, the bank owns you but if you borrow $1,000,000, you own the bank? In this case, the bank is China, and they loaned way more than any of that.
All else being equal, sales go up as the price goes down….
calbear on March 23, 2009 at 6:45 PM
what IS life like in that Utopian bubble? ….maybe I shoulda drank the kewl-ade
NY Conservative on March 23, 2009 at 6:46 PM
Glenn Beck and David Asman and some other guest suggested just that. Get out now!
And this big bounce today, me thinks this is the main reason
Existing Home Sales Up 5.1% in February
Anyone know any trustworthy sources to convert my deferred comp into gold?
Knucklehead on March 23, 2009 at 6:46 PM
Where are the commenters who kept talking in previous threads about how far the market had fallen since Inauguration Day and how it was all Obama’s fault?
Even if you won’t admit you were wrong, will you at least admit that it’s pretty silly to blame or credit a president with the moves of the market over the span of a couple months?
tneloms on March 23, 2009 at 6:48 PM
This is what’s disturbing , the debt is created from to much consumption/import and to little production/export.
Nothing Obama done solves that.
sucker bear market rally.
the_nile on March 23, 2009 at 6:48 PM
House sales went up 5% because home prices had their 2nd worse year-over-year drop in history- 15%.
I wouldnt break the champagne out over that.
This will further drive foreclosures and walk aways. This makes refis impossible as well.
Just because rates are low doesnt mean you get a loan.
Chuck Schick on March 23, 2009 at 6:48 PM
From their lowest point since… ever… or at least since they started keeping records of them. Multiunit housing was almost entirely responsible for the increase. A lot more renters in the future…
elgeneralisimo on March 23, 2009 at 6:49 PM
Of course existing home sales are up. The prices are plummeting. And mortgage rates are incredibly low.
The flipside is that the people trying to sell homes(like me right now) aren’t getting very good offers. And I live in a city(Houston) with a decent economy. Imagine what folks in other parts of the country are going through.
Doughboy on March 23, 2009 at 6:50 PM
Well you know getalife, if this really is the end of the recession, then Obama can cancel plans for at least 2 trillion of the taxpayer money he wants to doll out.
One day and you say it is over. You do not even know what you are talking about. And Bushbashers like you spent 8 years hoping Bush would fail. When your longed for and much anticipated recession finally got here you all practically wet your pants with glee.
Now if we get one good day on the market, you declare victory and say everyone who is not mad about Tim wants him to fail.
Well, everyone who hated Bush wanted us to lose a war too. But that was okay I guess.
Terrye on March 23, 2009 at 6:50 PM
Just heard Jessica Yellen on CNN steal my lines.
She said they held the economy hostage and they paid to get the credit going.
Of course, the President said it too.
Economic terrorism and they won.
getalife on March 23, 2009 at 6:50 PM
What getalife doesn’t get is tying your emotions or your presidency to the stock market is a bit risky…particularly with every other indicator is headed in the wrong direction …not to mention the deficits and that locomotive called INFLATION!
But who cares…the life of a liberal
winston on March 23, 2009 at 6:51 PM
That was never the issue. They can’t hold on to them when their market cap is obliterated. If the Assets were marked at a level where they have value (even if it is a loss) and the the banks share price has enough value to hold onto it they probably would. It’s the investors that got spooked and sold off the bank stocks to a point where their market cap did not allow them to invest at that level (leverage and mark to market combined). Compounding the issue is that everyone was (is) in the same situation as well as the market for those assets dried up. Then all hell broke loose (read, spread to the core services of the banks).
nolapol on March 23, 2009 at 6:51 PM
How often did you bash Carter and Clinton for attacking President Bush?
ladyingray on March 23, 2009 at 6:52 PM
In one day Obama has saved the economy. Truly he is the Messiah.
/sarc.
TheQuestion on March 23, 2009 at 6:52 PM
Where are the democrats now when they slammed Bush for wanting to invest social Security in the stock market ?
Why is this less risky than that ?
William Amos on March 23, 2009 at 6:53 PM
tnelmons:
I dunno, where were all those commenters who for years compared Bush to Hoover in spite of the fact that the DOW hit over 14,000 when he was President. How about some of them admitting they were wrong?
Terrye on March 23, 2009 at 6:53 PM
Obama will be giving Wall Street 93 cents on the dollar of tax payer money to make new investments.
I will keep repeating that until it sinks in.
Chuck Schick on March 23, 2009 at 6:53 PM
Theres bound to be an climb up after dumping a couple trill of cold cash over the market..hell their nipples are probably hard…but we’re broke. Some people, who have been pretty accurate in predicting the pattern thats happening, have said maybe a run up to 8-9k before a drop to about 3.5 to 4K.
Itchee Dryback on March 23, 2009 at 6:55 PM
This is a classic, and I mean with a capital C pump and dump.
Take a look at charts from 1929-1932. Lots of 5% up days followed by 10% down months/quarters.
angryed on March 23, 2009 at 6:57 PM
This is the first thing I have heard about the crisis that makes a lot of sense. Banks are not lending because people are already maxed out in debt. In the last six months I was able Obtain a HELOC, purchase a new car, and make the largest unsecured consumer loan of my life all within seconds of making the credit request. Banks are dying to lend, they are finding very few people that have the income/debt balance to justify further loans. Instead of being honest about this, the more they play up the “liquidity crisis” the more hand outs they get from the government which can float their bottom line. At least for a while.
–David
Hochmeister on March 23, 2009 at 6:57 PM
getalife:
The President said what? Are you insane? Obama will be giving more tax payer money to Wall Street and bankers than any president in history.
And I hope you are happy about it all, because chances are this is a bill your grandchildren will be paying.
I don’t think that buying up assets over a long period is necessarily a bad thing to do. I did not think Bush could just ignore the situation either.
But Obama has taken advantage of a bad situation to push an agenda through that does not have the support of most Americans and he is bankrupting the country in the process.
I remember hyper inflation and double digit unemployment, Obama had better hope that the American economy comes through and saves him..not the other way around.
Terrye on March 23, 2009 at 6:59 PM
Chuck Schick on March 23, 2009 at 6:53 PM
The ransom has been paid but taxpayers will get their money back.
getalife on March 23, 2009 at 6:59 PM
MSM: HOUSE SALES UP 5%
Reality: house sales down 5% when comparing Feb 2008 with Feb 2009. They buried that little nugget at the end of the story. But it’s what really counts.
Comparing month to month sales is like saying since June was hotter than May, that’s proof the earth is warming up.
angryed on March 23, 2009 at 7:00 PM
From what I can tell, yes. Except for one main thing. Instead of the Fed. Govt. buying the toxic assets all by itself, it’s allowing the money to be filtered through other investment firms. I don’t know how this can be anything other than a reach for more power and pull on those companies. It’s now a given that the MO of this current administration and Congress is, if you touch our money, we get to call the shots. Thus, they are trying to get as many “hands” on the money as possible. Funneling it through private investment companies is a sure way to dilute the funds as much as possible, yielding a kind of breadth that couldn‘t be achieved otherwise. I heard a few on CNBC today say as much as that, and many investors who find this to be a “positive” plan are still scared of getting involved because they don’t know what the strings are, and there are ALWAYS strings. Darn strings.
Weight of Glory on March 23, 2009 at 7:00 PM
Prove it.
Chuck Schick on March 23, 2009 at 7:01 PM
So, you’re saying that Obama is responsible for any negative economic news from here on out, right?
malclave on March 23, 2009 at 7:03 PM
Weight of Glory:
I heard some guy say today that most of the money would not be coming from the government, but from the Feds and the FDIC..and I thought to myself, Who does he think the government is?
Terrye on March 23, 2009 at 7:04 PM
This is a classic strategy: instead of focusing on your side’s hypocrisy, focus on the other side’s hypocrisy. Well, if everyone does that, everyone’s right! Everyone’s a hypocrite!
I have never attributed the market’s moves to a president. Maybe it would make sense for a president who has been in office for several years like Clinton or W, but even then I’m pretty sure most economists would be hesitant to do so.
Bottom line: this should make those who blamed Obama for the market over the past two months realize that you can’t blame the market on the president so easily, especially over such a short period of time. They can scream “well the liberals did it for Bush!” all they want, how is that an actual argument? What that basically says is, “I am content with serving as a mindless attack dog for my side in order to counter the mindless attack dogs on the other side. I am not interested in an intellectually honest discussion.”
The reason to admit that they were wrong in the past is to be able to make better predictions and analyses in the future and to have more credibility when they do. That is the way to have a reasonable discussion about politics and the economy.
tneloms on March 23, 2009 at 7:05 PM
FIFY
Right_of_Attila on March 23, 2009 at 7:06 PM
tneloms:
Did it ever occur to you that the reason so many people blamed the fall in the market on Obama, was because for years they had heard every single bit of bad news blamed on Bush? It has nothing to do with hypocrisy, it is how it works.
No, I am not going to give Obama any credit until I see what happens here. There have been too many up and down days on the market in recent months.
I give Geithner credit for coming out with a plan and ending the suspense. I do think that helped the market today.
Terrye on March 23, 2009 at 7:08 PM
Bear rally.
Look on the horizon, see that giant storm a coming?
Inflation.
The biggest, baddest, nastiest tax there is.
Then combine that with the new economic phenomena – “Obamaruination” (it is still on the horizon, too, picking up steam…a tax here, more debt there…).
Once those two monstrosity economic calamities collide and mesh together in about 3, 6, 12-months….it is not going to be pretty.
albill on March 23, 2009 at 7:09 PM
It’s astounding, isn’t it? Plus, didn’t the FDIC say that it would become insolvent this year? And that was well before this plan.
Weight of Glory on March 23, 2009 at 7:09 PM
AP asked:
No. The increase in stock prices has everything with the change in the future expected growth rate of dividends per share in the stock market. What began last week and continued today is nothing other than what’s been in the cards for some time. Quoting, well, myself:
Hope this clarifies things!
ironman on March 23, 2009 at 7:09 PM
And if I remember correctly after Bush came up with TARP1 the Dow went up over 600 points. It did not last however.
Terrye on March 23, 2009 at 7:10 PM
Really? So house sales in February are always higher than in January?
radiofreevillage on March 23, 2009 at 7:10 PM
ironman:
I have heard both that the recession will be over by summer and that it will only get worse. I honestly do not know what to expect.
The debt scares me.
Terrye on March 23, 2009 at 7:11 PM
radiofreevillage:
I used to have a real estate license, and winter always sucked. No one wants to move in the winter.
Terrye on March 23, 2009 at 7:12 PM
That sounds like hypocrisy to me. Or else it’s something even worse: blaming the other side because the other side used to blame you, not because you actually think they’re at fault.
Right, this the correct attitude to take. Of course you can’t assign credit to the administration for this with any degree of confidence.
The reason I am saying this is not in order to say “I told you so!” to anyone. It’s because there is no doubt that at some point in the future (near or far) the market will turn downward, and at that point it will be very frustrating to hear people once again blame Obama.
It would be constructive if at this point in time everyone solidifies their stance on these issues: either the administration is responsible for all or most of these movements, in which case you should give Obama credit for bringing us to this stage, or you can’t point directly the administration next time a drop happens. Of course, the latter is the more reasonable position that any economist would support.
tneloms on March 23, 2009 at 7:16 PM
Pray for the best but prepare for the worst. The people who have been predicting the current situation for the last 2 years are projecting things to worsen. I’ll prepare according to that info. and be delighted if they are wrong.
thomasaur on March 23, 2009 at 7:18 PM
So HotAir (or rather its commenters) is basically DailyKos.
radiofreevillage on March 23, 2009 at 7:21 PM
I saw some financial talking head just say that the banks may not want to give up their toxic MBS, assuming they wrote them down correctly. Is that a realistic possibility?
Weight of Glory on March 23, 2009 at 7:21 PM
Bingo and it’s going to be realllly ugly and painful. But I will take great pleasure in watching the liberal loons and moonbats screaming when it costs them $10 bucks per text message and $5,000 bucks for their fancy new IPhones.
Knucklehead on March 23, 2009 at 7:22 PM
Fixed it for ya, AP.
Del Dolemonte on March 23, 2009 at 7:22 PM
Go long pitchforks and torches.
Under the cover of the greatest faux rally in the history of the DOW (check the volume … it was outrageously light), Ben dumped all the toxic assets from AIG/BS on the Treasury (see taxpayer)…
http://uk.reuters.com/article/companyNewsMolt/idUKTRE51Q4TE20090227
Folks, if anyone thinks today’s 500 point move was anything but manipulation, “David Copperfield” economics … you’re as economically retarded as our president. The trick to a great magician isn’t what he is doing that you see …
IrishSamurai on March 23, 2009 at 7:24 PM
From what a bunch of realtors have told me, yes. January is a bad month. There’s a lot of incentive to purchase a home before the end of December to qualify for the tax credit, so that clears out a bunch of potential buyers. Plus as you get closer to the spring, families start looking for homes so they can be moved in before the next school year begins.
From my personal experience, I’ve been trying to sell my townhouse and I had almost no one look at it from late December through most of January. Things really picked up in February though.
Doughboy on March 23, 2009 at 7:24 PM
radiofreevillage:
Or maybe Daily Kos is Hot Air.
Terrye on March 23, 2009 at 7:25 PM
I haven’t heard anyone suggest that maybe this rebound was due to all the talk about firing Timmy.
Jvette on March 23, 2009 at 7:25 PM
I just love it when lefties expect a kind of generosity of spirit from others when they themselves are so damn stingy.
Terrye on March 23, 2009 at 7:25 PM
What is with this getalife character? A parody? A paid douche to lower the discourse on conservative blogs?
Note how it’s all praise and adoration, but not facts and figures or reality.
He/she is obviously unaware of what the CBO has been saying. He/she obviously isn’t thinking about where this money is coming from, and how the more dollars we print, they less they’re worth, and we’re headed for some crazy inflation within a couple of years. He/she obviously also doesn’t realize that when you factor in medicare and social security commitments, we’re at $80 trillion in debt, and growing.
RightWinged on March 23, 2009 at 7:26 PM
Usually yes. But that wasn’t my point. My point is comparing any data month to month is a bad method. Be it housing, car sales, whatever. You compare apples to oranges, ie Feb to Feb, Jan to Jan. Why compare Jan to Feb? Why not Jan to April and Feb to Sept? Makes about as much sense.
angryed on March 23, 2009 at 7:27 PM
15 gave the money back…400 received bonuses.
$30 million out of $165 million returned
Not exactly “most” in my book.
Deanna on March 23, 2009 at 7:28 PM
tneloms:
The problem is that once Obama takes control of so much of the economy, it will be very difficult not to blame him.
If he just let nature take its course and business do its thing, I would be more likely to cut him some slack.
Terrye on March 23, 2009 at 7:29 PM
How can we be in two places at once when we’re not anywhere at all?
thomasaur on March 23, 2009 at 7:29 PM
Terrye on March 23, 2009 at 7:29 PM
The problem, ma’am, is that he doesn’t want to let capitalism work. He wants to remake our economic system into that of a European Socialist country.
kingsjester on March 23, 2009 at 7:31 PM
I don’t understand this attitude. Which lefties are you talking about? Those at DailyKos? Yes, those people are shrill idiots. Why are you even thinking about them?
Those who make this argument are basically resigning themselves to intellectually dishonest debate. Why?
Believe it or not, there are are plenty of “lefties” who take reasonable stances on many issues and don’t always blame the other side for everything. But even if there weren’t, why would you want to act like them?
tneloms on March 23, 2009 at 7:31 PM
Your total ignorance of the real estate industry is duly noted.
In many parts of the country, December, January, February and March are the slowest real estate activity months of the year. As the other commenter mentioned, no one wants to move during that time of year.
In addition, in the US snow belt, it’s more or less impossible to view a property you’re interested in buying when there are 6 feet of snow in the back yard. Sure, you can see the front of the house from the road and driveway, but you can’t walk the property in winter unless the lot the house sits on is the size of a postage stamp.
Likewise, many of a property’s best selling points aren’t at all visible in the winter months-especially elaborate plantings and perennial flower gardens, fruit orchards, etc. All of them look great in bloom, but look like crap in the winter months.
This new February house sales figure is simply a statistical anomaly, as it is primarily comprised of REO properties. Whenever it’s a buyer’s market, the market will improve.
Del Dolemonte on March 23, 2009 at 7:32 PM
Give it a day or so and people will start bailing and taking profits while they can.
Guardian on March 23, 2009 at 7:32 PM
I bet the market likes the plan. All it does in the long run is write off the financial institutions’ loses and pass them on to the taxpayer. Free money for Wall Street, what’s not to like about it?
neuquenguy on March 23, 2009 at 7:32 PM
kingjester:
Well capitalism is just so unfair doncha know. Barry wants everyone to have a fair shot. Never mind that whole silly business about earnings and productivity and markets…they are just so cold.
Terrye on March 23, 2009 at 7:32 PM
Wow, another Firesign fan. Shoes for Industry!
Del Dolemonte on March 23, 2009 at 7:33 PM
I should add that you are actually one of the more reasonable people on here, with comments like this:
So my comments mostly not directed at you except for the things you’ve said in this thread about how lefties do the same thing.
tneloms on March 23, 2009 at 7:34 PM
DelDemonte:
We used to try and get people listed in March. That way the buyers would start looking in the spring and move in the summer so that the kids would not have to move from school district to school district.
Plus, the days are longer and that makes it easier to show property.
Terrye on March 23, 2009 at 7:34 PM
tneloms:
But lefties do do the same thing, and that means that it has become standard operating procedure.
Even the media does it. And the pols do it too, when it works for them.
Terrye on March 23, 2009 at 7:36 PM
My theory and a few others here…..it’s really Allah or someone else associated with the site, to keep traffic up.
Regardless, I’m all about free speech yada yada yada, but I do believe its out of control and driving some of the more prolific members away from here and getalifes of the world need to get the boot. And thats too bad, because I enjoy reading most of the commenters here and wish I could put my thoughts into words as well of some of you guys.
The only time to get away from the trolls is late at night.
Knucklehead on March 23, 2009 at 7:36 PM
I’m not in your pissing contest, but I have to object to your characterization of Kos… acting like they’re just some fringe idiots.
THEY are the backbone of the modern Democratic Party. They ARE the left’s mainstream. Have you looked at their traffic? Have you looked at who grabs their ankles for them?
http://www.washingtonpost.com/wp-dyn/content/article/2006/06/10/AR2006061001053.html
I could go on, but I think you get the point… Especially when you consider that Dems refused to debate on Fox News, but they were all to happy to party with the Kos Kids.
RightWinged on March 23, 2009 at 7:37 PM
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