We'll all be pretty tanked tonight.

)O(

Presididn't still MIA?
Thu, 10/09/2008 - 13:07 — earl (not verified)
Presididn't still MIA?

I thought he was MBA?

)O(

...only we do. The big players have already left with your money.

Dow goes below 9,000 and McThatone comes out swinging!......against Ayers! http://news.yahoo.com/s/ap/20081009/ap_on_el_...

What better example of the Republican priorities that got us into this mess in the first place?

A Sign of the Times: E-Trade Baby Leaps From His Crib
http://satiricalpolitical.com/?p=3841

Ain't free market capitalism great!

Hey...I got an idea...let's privatize HEALTHCARE! and Social Security...and eliminate Medicaid and Medicare and unemployment insurance...and those nasty college loans are destroying America...

If you want blame, it can't be on joe six pack. loaning money has had rules for many years, bad loans are the work of loaning professionals that have masters degrees. how can this crisis be blamed on the little guy. it can't.

Omg. Mitch McConnell is morphing into Jesse Helms before our very eyes http://www.huffingtonpost.com/

like this country doesn't need a HUGE wake-up call. It may be unpleasant but we're all in need of a lot of self-examination.

The White House will be in foreclosure before The Obamas get to stock the fridge ...

Let's not pretend
Thu, 10/09/2008 - 13:15 — Blue Lensman
like this country doesn't need a HUGE wake-up call. It may be unpleasant but we're all in need of a lot of self-examination.

If I examined myself any closer, I'd be giving myself prostate exams.

)O(

The silver lining is maybe now the annoying narcissism will end.

only in reverse.

Obama is a TERRORIST!! Pass it on!

Can't wait for the markets to open tomorrow!

Quick...put on Cramer!...he'll save us!

8579 is WAY below 9000

Remember, in today’s dollars, the DOW was at $12,300 when W took office, jan 2001.

Finally!!!

The Reckoning
Taking Hard New Look at a Greenspan Legacy
http://www.nytimes.com/2008/10/09/business/ec...

"Not only have individual financial institutions become less vulnerable to shocks from underlying risk factors, but also the financial system as a whole has become more resilient.” — Alan Greenspan in 2004

The fu**ing KING of deregulation talking out of his ass in 2004.

They should suspend the markets through next week. It's being fueled by fear, and we need to let the entire situation calm down. In the meantime, we get the best economic minds together and develop some real (world wide) solutions to this crisis; solutions that benefit the PEOPLE, not corporations.

That's what a REAL President would do; it's what President Obama WILL do, but of course we have to wait until January for him to take office.

What this asshole we have now will do is an entirely different matter; this crisis calls for real, creative, constructive, intervention. IT IS NOT the kind of problem that the free market is going to fix by itself. We've seen what the greedy, self serving, assholes on Wall Street can do. We need to put an end to corporate greed once and for all, and put regulations in place that have real consequences if they aren't followed.

This is a crisis of epic proportions my friends; nothing else matters at this point. Fuck McSame and Palin and their attempts to focus this election on shit that does not matter!

"It's the end of the world as we know it. It's the end of the world as we know it...and I feel..."

Horrible.

The Good Book says...money is the root of all evil.

Now...there is less evil in the world!

Hail Bush!

McCain '08!!!

Nationalization of the banks is the ONLY solution.

Krugman pointed this out at least 2 weeks ago.

Back in 1992, after trying everything else, nationalization of the banks is how Sweden ended their meltdown.

The UK announced yesterday that the UK govt is buying shares in troubled banks, thus BOTH injecting capital into the banks to free up credit liquidity AND getting something in return.

In the Swedish example, the govt took over the banks, turned them around (at a profit) and then let them go public.

Paulson is ONLY NOW "considering" spending part of the $700 BILLION to buy shares in failing banks ("before the end of October"), despite 2 weeks of numerous economists imploring him to do so.

He's just letting it all go to hell so he & his well heeled cronies can buy up lotsa stuff at fire sale prices.

It's ALWAYS what they do when one of their manufactured bubbles collapses. They get out early with bundles of cash (Paulson got over half a BILLION), then let the bubble crash & scoop up the pieces.

DISASTER CAPITALISM AT ITS BEST

Blue Lensman
Bush should declare Martial Law and force a little calming down.

...being gunned down on your own street by your own military is starting to look like an option.

Due to declining economic conditions...McDonalds and Burger King have jointly announced that all items on the $1 menu will cost $1.25.

Also, to avoid appearing insensitive to the economic suffering of the American People...the name of the Happy Meal will be changed to the "Well..At Least You Have Your Health" Meal.

Now is a GREAT time to invest. Buy low sell high. You just have to be careful about what you buy of course. Buy some now to average your losses. Buy more when it goes lower.

At some point, we will hit bottom. Then it's the waiting game till the next big boom.

My dad is your typical Baby-boomer. He believes that you have good credit, own your own home, and plan for your retirement.

We make about the same amount of money. I'm dirt poor and he drives the new car. Every few years he refinances his house. 20 years ago the house was worth $80,000; he owed about $60,000 on it. The house was worth about $350,000; he owes $300,000 on it. My father has burrowed about $17,000 a year against his house to support his "Middle Class" life style.

His home is now losing value. The banks are not going to refinance his house. Without the ability to go deeper into debt, he cannot pay his bills.

This kind of behavior is typical of Baby-boomers. They have been driving up real estate prices and burrowing money against it for years to support their lifestyle.

The bankers know that the Baby-boomers are not going to be able to pay this money back. The law does not allow the courts to pass on debt to a persons children. This bail out is a way for the bankers to circumvent the courts. When the government assumes the debt of the Baby-boomers; this debt will be passed on to the younger generations.

think people are still going to be able to afford to eat out?

Fine...Impeachment is off the table...
Thu, 10/09/2008 - 13:53 — Liberal AND Proud
how about Bush just leave now...we can put up a placard of him in the Oval Office...or maybe have "Be President For a Week" contests at public high schools and put one winner in each week until Jan. 20.

How about one of those cardboard stand-up photos of himself that Washington tourists visiting the White House pose next to for pictures.

)O(

American Dumpster Diving

I still remember Bush posing in front of a "Corporate Responsibility" banner in 2002, after the corporate accounting scandals, and asking myself, who is he trying to fool? George W. Bush made his family fortune from corporate irresponsibility (basically what Martha Stewart did and went to jail for), and what we're now witnessing is the predictable result from a country being "led" for eight years by someone with no ethics.

"With a tough new law, we will act against those who have shaken confidence in our markets, using the full authority of government to expose corruption, punish wrongdoers and defend the rights and interests of American workers and investors." --George W. Bush

Nice job defending workers and investors, "Tex." Here are some interesting excerpts from a 2002 article in the St. Petersburg Times:

Twelve years and 30 days ago, George W. Bush sold most of his stock in Harken Energy Corp. Now the echoes of that deal are undermining his campaign to rein in corporate wrongdoers, calm investors and revive plummeting stock markets.

The basics of Bush's entanglement with the Dallas oil exploration company can be told in three paragraphs:

In 1986, Bush joined the board of Harken when the struggling oil exploration company bought out another money-losing oil company that had, in turn, bought his troubled Bush Exploration Oil Co.

Bush was paid in Harken stock, consulting fees, discounted stock options and low-interest-rate loans by the company. In June 1990, a fateful month for Bush, he sold more than 200,000 Harken shares for nearly $850,000. But he neglected to file a required form with the Securities and Exchange Commission until eight months later.

When Harken soon reported an unexpectedly big loss and Iraq's Saddam Hussein invaded Kuwait, company shares plummeted from $4 to as low as $1.25 before the year was out.

Why did Bush sign off on the same type of loss-hiding accounting that ruined Enron and WorldCom? Bush was a director in 1989 when Harken booked a cash gain after selling its Aloha Petroleum subsidiary to insiders who used money borrowed from Harken. That deal caught the eye of the SEC, which in 1991 forced the company to restate its earnings and show a big loss for 1989.

The sequence of events poses another dilemma. When Bush sold his Harken stock in 1990, it was the year after the company cooked the books and a year before the SEC demanded a restatement of earnings so Bush was selling when the stock was artificially inflated.

The stock sale is important for another reason. The profits from the Harken shares allowed Bush to join the investor group that bought the Texas Rangers baseball franchise. When Bush and his co-owners sold the major league team in 1998, then-Texas Gov. Bush reaped $15-million, setting the financial stage for his run for president.

Since delivering his "corporate responsibility" speech July 9 on Wall Street, Bush has faced these and tougher questions each time he talks of cracking down on corporate fraud and accounting scams.

I talked to my 77 year old dad this weekend and he made a pretty good observation: "Where are all the honorable stockbrokers with the decency to jump off their tall buildings, like they did in 1929?"

Many people haven't got a clue as to what is happening or why. if you play the markets, then you should know what technical analysis is saying, and that is that if the markets are going through a 50% retracement of its previous low, the DOW would have to hit 7,200 before we get there. So we have quite a way to go and go we will.
Why is this happening? The answer is very simple. The rest of the world that has been supporting us by buying our debt in the form of Treasury notes have said NO MORE! We will no longer accept your paper I.O.U.'s. We want payment in real dollars backed by something of value, and the only thing that fits that bill is gold and silver which is why their prices have been exploding lately. After the markets closed today, gold rose $33 an ounce and even if you wanted to buy it now, you couldn't find it for love of money.
What we're witnessing is the death of the Federal Reserve system as we have known it for the last 95 years. How will this work itself out? This weekend the G-20 is going to meet at the IMF's headquarters in D.C. Paulson is already hinting that the Treasury is going to buy into banks both solvent and insolvent. Bottom line here, is that if we the people through the US Treasury buy into these private banks, then we have just nationalized them and they in effect become US Treasury banks.
In order to restore faith in the dollar, the US Congress will increase the weights and measures value of gold which is currently held artificially low at $42.50 an ounce when the rest of the world says it is worth more than $915 an ounce. Once our gold and silver is backing our dollar again as Kennedy had planned and the Fed is shuttered, a better life will begin to return. Just wait for a major announcement coming to a news channel near you. Probably sometime next week if not sooner.

I hope AIG was able to have another check written today.

As the late Mr. Carlin prophetically stated - 'They are coming for your retirement and they WILL get it, to give to their friends on Wall Street.'

How much longer can they keep this fake War of Terror going anyway? It burns up just a ton of money and civilians.

Too bad for dubya, he was hoping to go out with some facade of stability in eye-rack so he can claim to be the george washington of the middle east. Instead, he's looking at being the Herbert Hoover (or was it Hubert Heever)of the 21st century.

He was put in power by the power elites, and now he's screwed their piggybanks up royally. I wonder what plans are being made to make him look like a hero in his presidential library?

ITS UNDER NINE THOUSaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaND!!