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happens...it'll bounce back. If you don't do the bailout and let the markets run themselves (no forced inflation by manipulating the fed interest rate) the market will be up 10% six months from now.
They should have thought about that before giving out all those bad mortgages. It's on them...not the American Tax Payer. And the market will be back. This country has the best and most reliable financial infrastructure in the entire world...it will continue to remain an attractive market for both foreign and domestic investors.
If our market has to bite the bullet for a while...so be it, sometimes the message is more important than the dollar.
And the banks that are in good standing right now and aren't carrying a ton of bad mortgages are going to get a huge boost in domestic depositors and are going to be an attractive invesemtn for foreign investors.
I don't call it the end...I call it a changing of the guard.
PS: Those mortgages aren't going anywhere...my advice to you is hold.
happens...it'll bounce back. If you don't do the bailout and let the markets run themselves (no forced inflation by manipulating the fed interest rate) the market will be up 10% six months from now.
You say that but all I hear is :
I guess we can all go to the ballot box this fall and blame our scapegoat of choice.
Didya figure how a Capital Gains tax works yet?
Get back to me when you do...smarty.
wassit say 'bout the prez that his own party dissed him on a bill that he pleaded to get passed and even went on primetime over?
Anyone know what Goldman Sachs is doing today? I'm hoping they drop below 115 and I hope they stay there for the rest of Buffet's life...I want to see Buffet take this one up the ass royally. Kiss that 500 million annual profit out of the pocket of the American Tax Payer goodbye... sucker.
Last edited by whottt; 09-29-2008 at 02:40 PM.
Yeah that'll stick it to all those goldman sachs investors too! Those rich ers!
Dow dopped 700 points because of the bailout defeat. I wonder who's to blame..
HAHAHA Obama got me a tax cut!
Awww , no paycheck???
More of 1929.
Springtime 1929.
It' amazing how history repeats.
Less often than the Spurs in the NBA finals, but still...........
haha
Bush : "I'm very dissapointed."
No W. Noooo .
Down 700 points now...
Honestly, I think the plan was workable and would have had some beneficial effect to mitigate the worst of it.
But hey, let's do it your way and we'll see what really happens. I think you are very very wrong about that, but it is beginning to look like your viewpoint holds sway at the moment.
If nothing happens and the market goes up to 11,000-12,000 in six months you get the bragging rights, I guess.
When it doesn't happen, I will be here saying "I told you so.". See you in March.
Michael Moore opposes the bill:
I hope that plea to Obama to oppose this works out well for him.Monday, September 29th, 2008
The Rich Are Staging a Coup This Morning ...a message from Michael Moore
Friends,
Let me cut to the chase. The biggest robbery in the history of this country is taking place as you read this. Though no guns are being used, 300 million hostages are being taken. Make no mistake about it: After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies -- who must soon vacate the White House -- are looting the U.S. Treasury of every dollar they can grab. They are swiping as much of the silverware as they can on their way out the door.
No matter what they say, no matter how many scare words they use, they are up to their old tricks of creating fear and confusion in order to make and keep themselves and the upper one percent filthy rich. Just read the first four paragraphs of the lead story in last Monday's New York Times and you can see what the real deal is:
"Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.Unbelievable. Wall Street and its backers created this mess and now they are going to clean up like bandits. Even Rudy Giuliani is lobbying for his firm to be hired (and paid) to "consult" in the bailout.
"Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.
"At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial ins utions, a role that could earn them hundreds of millions of dollars a year in fees.
"Nobody wants to be left out of Treasury's proposal to buy up bad assets of financial ins utions."
The problem is, nobody truly knows what this "collapse" is all about. Even Treasury Secretary Paulson admitted he doesn't know the exact amount that is needed (he just picked the $700 billion number out of his head!). The head of the congressional budget office said he can't figure it out nor can he explain it to anyone.
And yet, they are screeching about how the end is near! Panic! Recession! The Great Depression! Y2K! Bird flu! Killer bees! We must pass the bailout bill today!! The sky is falling! The sky is falling!
Falling for whom? NOTHING in this "bailout" package will lower the price of the gas you have to put in your car to get to work. NOTHING in this bill will protect you from losing your home. NOTHING in this bill will give you health insurance.
Health insurance? Mike, why are you bringing this up? What's this got to do with the Wall Street collapse?
It has everything to do with it. This so-called "collapse" was triggered by the massive defaulting and foreclosures going on with people's home mortgages. Do you know why so many Americans are losing their homes? To hear the Republicans describe it, it's because too many working class idiots were given mortgages that they really couldn't afford. Here's the truth: The number one cause of people declaring bankruptcy is because of medical bills. Let me state this simply: If we had had universal health coverage, this mortgage "crisis" may never have happened.
This bailout's mission is to protect the obscene amount of wealth that has been ac ulated in the last eight years. It's to protect the top shareholders who own and control corporate America. It's to make sure their yachts and mansions and "way of life" go uninterrupted while the rest of America suffers and struggles to pay the bills. Let the rich suffer for once. Let them pay for the bailout. We are spending 400 million dollars a day on the war in Iraq. Let them end the war immediately and save us all another half-trillion dollars!
I have to stop writing this and you have to stop reading it. They are staging a financial coup this morning in our country. They are hoping Congress will act fast before they stop to think, before we have a chance to stop them ourselves. So stop reading this and do something -- NOW! Here's what you can do immediately:
1. Call or e-mail Senator Obama. Tell him he does not need to be sitting there trying to help prop up Bush and Cheney and the mess they've made. Tell him we know he has the smarts to slow this thing down and figure out what's the best route to take. Tell him the rich have to pay for whatever help is offered. Use the leverage we have now to insist on a moratorium on home foreclosures, to insist on a move to universal health coverage, and tell him that we the people need to be in charge of the economic decisions that affect our lives, not the barons of Wall Street.
2. Take to the streets. Participate in one of the hundreds of quickly-called demonstrations that are taking place all over the country (especially those near Wall Street and DC).
3. Call your Representative in Congress and your Senators. (click here to find their phone numbers). Tell them what you told Senator Obama.
When you screw up in life, there is to pay. Each and every one of you reading this knows that basic lesson and has paid the consequences of your actions at some point. In this great democracy, we cannot let there be one set of rules for the vast majority of hard-working citizens, and another set of rules for the elite, who, when they screw up, are handed one more gift on a silver platter. No more! Not again!
Yours,
Michael Moore
[email protected]
MichaelMoore.com
P.S. Having read further the details of this bailout bill, you need to know you are being lied to. They talk about how they will prevent golden parachutes. It says NOTHING about what these executives and fat cats will make in SALARY. According to Rep. Brad Sherman of California, these top managers will continue to receive million-dollar-a-month paychecks under this new bill. There is no direct ownership given to the American people for the money being handed over. Foreign banks and investors will be allowed to receive billion-dollar handouts. A large chunk of this $700 billion is going to be given directly to Chinese and Middle Eastern banks. There is NO guarantee of ever seeing that money again.
P.P.S. From talking to people I know in DC, they say the reason so many Dems are behind this is because Wall Street this weekend put a gun to their heads and said either turn over the $700 billion or the first thing we'll start blowing up are the pension funds and 401(k)s of your middle class cons uents. The Dems are scared they may make good on their threat. But this is not the time to back down or act like the typical Democrat we have witnessed for the last eight years. The Dems handed a stolen election over to Bush. The Dems gave Bush the votes he needed to invade a sovereign country. Once they took over Congress in 2007, they refused to pull the plug on the war. And now they have been cowered into being accomplices in the crime of the century. You have to call them now and say "NO!" If we let them do this, just imagine how hard it will be to get anything good done when President Obama is in the White House. THESE DEMOCRATS ARE ONLY AS STRONG AS THE BACKBONE WE GIVE THEM. CALL CONGRESS NOW.
He might try calling McCain.
Michael Moore agrees with whottt.
Hmmm????
You let me know when the sky hits you Manny...I'm not gonna hold my breath.
Bush isn't a liberal or a conservative...he's a buisnessman. I voted for him because he's a business man who loves America...that was the choice we had.
People who blame this solely on Wall St. are idiots.
The whole country was living a party, and the party is over. Mains St carries as big of a blame as Wall St.
It's not a liberal vs conservative thing...it's business vs the people. Moore's an idiot...but he's definitely not a corporate idiot.
And what happens if they do pass a bill??? It's not like everything is fine and dandy if the bill passes. Everyone will say "Yaaay!!! we can get credit again!!!" That's what was wrong in the first place. So, not only will people be borrowing like nothing happened (the cause of the problem) but now the dollar will be even more worthless because you just injected 700 Billion into the system.
Cavuto on the market cleansing itself and killing off the weak right now.
"It's ruthlessly efficient. It's kind of like watching hot dogs being made. It's not a pretty process but it doesn't curb my appe e for hot dogs"
Moore's in idiot in the complete sense of the word . . . no caveats.
You're right Whottt. All of the banks are goign to fail and the people will not feel it. Only Wall St. You're right, the credit industry won't loan out money. The only people that are going to get hurt by this are the corporate execs, not the people who's paychecks rely on thsoe short term loans.
I mean what the do you people think? Honestly?
All the banks are going to fail?
Damn, guess I need to unearth the mason jars buried in the backyard.
I think congress now is just ing with Bush:
"President Bush vowed to "address this economic situation head on." "
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