Monday, October 06, 2008

Rearranging the furniture

Want to start out by saying, told you it wouldn’t work. The bail out that it is. Jobs still being loss, home values are still falling, and stocks too. Check the Hang Seng, the Nikkei, and the UK FTSE if you still more concerned about Jennifer Hudson New Album or Beverly Hill Chihuahua. France's economy, the second largest of the 15 countries sharing the euro, reported they were in an economic recession for the first time in 15 years. Germany's Hypo Real Estate may be the next major world bank to fail. The Munich-based bank is a conglomerate which contains DEPFA Bank, Hypo Pfandbrief Bank International and Hypo Public Finance Bank. Reports from Germany suggest that the bank needs 20 billion euros by the end of next week just to stay solvent. Even emerging markets, where it used to be safe are taking a hit. The two bills we just past are merely topical and shows how short sited our political leadership is in general. They seem to only see wall street, and not the world, let alone the street or the back road in this issue.

What the fuck does bicycle paths, tax breaks for race-track owners, for rum imported from Puerto Rico, or Hollywood film and television production companies have to do with the economy or bailing out Wall Street? The 451-page Senate bailout bill, called H.R. 1424 has dozens of tax breaks for companies. Some of the specific pork dollar values include: a $100 million tax break to benefit auto racetrack owners; $2 million tax benefit for makers of wooden arrows for children; and $192 million in rebates on excise taxes for the Puerto Rican and Virgin Islands rum industry.

I know its just me, but I never saw what these political bills, let alone 700 billion dollars (which will likely be 900 billion - a trillion) can do for the national or the global economy. Throwing money away has never been the solution for anything. They are still throwing them at bad assets. Banks all around the world are failing. These folk so myopic and ill-informed that they aint even see the chance that asset markets would possibly close one day, especially given that lenders were the one who distressed the value of the paper they held. Its cool if u got loot, or capital, but most folk now days have less than 5% capital, or liquidity on hand compared to back in the day when folks had at least one dollar for every dollar loaned.

Federal policies created this, no matter what folks say, for with out them, folk who could not afford to buy a house with zero down would have never got them – and the truth is the banks and financial institutions lobbied for these changes.

But yawl don’t hear me though. Lets look at the world around us. The Turkish government issued new Turkish lira banknotes and this past Friday. This recapitalized of its banking system included tighter regulation under a $10 billion IMF-backed lending. And we finna have a new currency standard in a few for I wont be surprised if the dollar will be 60 cents to the Euro by the endo of the year.

All I am saying is that stability of the dollar is paramount in any economic solution to this current mess; I see a secular decline in credit just as what happened in Japan. My consternation is that neither McCain nor Obama is addressing this.

We really have not had a loss in capital across this great nation, that is not the issue, but we have not had any gain in capital - that is the problem. To solve this conundrum means we have to gain more capital. Tell me how we do this Jones, fuck the dumb shit, we are thinking and breathing Americans and I say we at least deserve that. You cant take money from the private sector (as the government is doing when they take over and bail out banks) and give it back to the same said private sector. To me that is just like rearanging the furniture in your house. The 700 billion wont do jack, businesses on wall street or in the stock market dont make money unless people spend money or have money. Shold have gave it to the common person. Add to that we only have fiat money, no money of real value, in the 1930s we had real money which was on the Gold standard, and after the early 70s, no longer is our money based on the gold standard. We just print money and throw money at the problem as if it is the answer. All our politicians are doing is stopping the bleeding so the patient don’t die, or worse, just re-arranging the furniture in the house. vote

80 comments:

THE 78' MS. J said...

It is a huge problem have you thought about getting into politics yourself?

sista gp said...

as a kid, i thought politicians were smart. every day now that notion is being exponentially destroyed.

if it wasn't for those few dusty skeletons in the back of the closet, I could run for office, LOL

Torrance Stephens - All-Mi-T said...

THE 78' MS. J
naw folk jones here curse too much and actually think for himself. im just speculating like i ran shit

Keli said...
This comment has been removed by the author.
Torrance Stephens - All-Mi-T said...

sista gp
u would be a good one, better u than me folk

Keli said...

Our gov is azz backwards...add a bunch of ear marks onto a bill that is meant to lessen an economic crisis...hand a blank check to banks that took large risks, and charge citizens interest on taxes if paid late...charge former students high interest on their student loans, with no subsidizing for graduate level loans...

the problem is capitalism...greed makes the world goes round...all about the mighty dollar...consumption was at an all time high, and consumers were spending money like the government...acquiring huge deficits...banks became overzealous, approving loans that did not make good business sense.

And I disagree...I think that the government had to step in and do something...now, do I think that buying mortgage backed securities was the best idea...not sure...but I also don't think giving the money to homeowners who made poor financial decisions to begin with was a better option.

And on another note...

I hope the court rules in favor of Wells Fargo and Wachovia...if Wells Fargo can provide a solution that does not require government funding...then Citigroup needs to back the fuk up.

Torrance Stephens - All-Mi-T said...

Keli i agree completely but it is not capitalism , its cool, the problem is greed, really unfeathered greed since grees is normally held in check by fear, since the government bails fiolk out and changes the rule. let them fail is all i say, that is self correcting

IntrospectiveGoddess said...

Lawd have mercy, we our up shits creek without a paddle..I mean when they signed this bill did they really truly understand the ramifications of it? This is insane...this is not unlike the depression I mean what the fuck is the white house and the senate doing? Our tax dollars are paying their salaries and they act like we cant have a say in how they decide to use our money its just insane....God help us all.

Darius T. Williams said...

So - let's just say that we're in huge trouble...like, for real.

ziyena said...

well said ...

Z

Folk said...

Biggest problem is unqualified individuals making choices about topics they have no professional understanding of.

Second issue is the lack of term limits on the Hill that encourage power brokers to sit beyond physical use to the people but perpetual use to the private financial backers that directly benefits from having said incompetence in office.

Third issue is a corrupt dual party system that needs and requires balance from a third or fourth vital political party. There are too many agreements between the two parties we currently have. Whose only concern is not that of the American people but that of the party itself.

Fourth issue is an uninvolved American public that doesn't exercise the power of the pen, phone, internet, and vote to send instant feedback to these azzholes that knows the average American does not directly participate in the political process but instead is married to a political party.

Alex said...

At least we agree on something. Neither of us thinks Obama or McCain will do a good job.

Sure wouldn't mind trading blog roll links. Add me to yours and when you're done drop me a comment and I'll do the same.

Dope Fiend said...

American politics is treating their financial issue like a parent who doesn't pay enough attention to their unruly child, and rewards him with the materialistic, just to keep him happy. The problem is, a problem child needs devoted, time consuming attention, love and care, not a quick glance, or more money that's going to be thrown away in a desperate cry out for some real attention. Its basic business really, that this bill failed to consider, it was not a real solution. This bill did not consider, the people.

"$2 million tax benefit for makers of wooden arrows for children"
4 serious, that is some duuuuuuuuuuuuuuuumb shit right there.

The Flyyest said...

miss ya!!!!!

KELSO'S NUTS said...

JONES:

Only my opinion but this is the most important post you've written since I started coming here. Extremely profound. I am very curious to see the responses to it. I hope you get more than 100.

I'll share my thoughts on what you've written in a different forum.

For the sake of simpicity: I AGREE. Bretton Woods. Black-Scholes Option Pricing Model. Schwartz-Brennan. Keynes. Fisher. Glass-Steagall. Marx. Smith. Marcuse. Veblen. All the way down to Obama v McCain v Rest-Of-World. It's all here in your post.

Like what they said about Gogol, Buddy: All of literature is hidden in the folds of Gogol's "Overcoat."

Brilliant work.

Jackie E. said...

once again, i find your insight very thought provoking...i can always count on you to break it all the way down!

eclectik said...

Word up!

I fux witcha hard on this post...dope

e.

KELSO'S NUTS said...

@ THE 78' MS J:

What's he going to run for? City Council?

Carville said it best on C-SPAN when a woman called in and said "Mr Carville, you're a very entertaining man and you have a lot of interesting ideas, why don't you run for office?"

Carville replied: "Madam, I have a PAST. I never 'experimented' with drugs. I did great handfuls of drugs whenever possible."

Drugs won't disqualify Torrance from public office. His truth-telling, his intelligence, his scholarship and his irony will.

T. Michelle Theus said...

Preach! This is such a mess we're in...two years ago I was told I "qualified" for one of those predatory loans. I didn't take it, but ironically we're all still going to pay for it in the end *smh*

Lina said...

When I'd heard that they added 397 to a 3 page bill and that it included stuff like tax breaks for wooden arrows and shit, I was flabbergasted. I don't know, maybe its time we stop letting these mufuckas run and ruin our lives. Time that some real/informed/educated/take no bs people get into office.

Jersey Girl said...

Two words - Henry Paulson.

I think he is directly responsible for a lot of this mess.

When Lehman Brothers was going under, he pretty much just let it, 'cause sometimes, businesses fail. That's just the way it is. But when AIG was on the brink, what happened? He allowed them to borrow from Goldman Sachs and JP Morgan, its subsidiaries. How do you borrow from yourself to stay solvent? Well, the reason is 'cause if all of those companies fail, he might be in trouble! Having worked his way up through Goldman Sachs - as did the effed up governor of my state - he has a huge stake in the company's success. Once all of that was on the line, wow, we need to bail out these huge companies or the sky will absolutely fall! And where do we get 700 billion dollars? China, of course. Is it any coincidence that good ol' Hank has very strong connections with China, having been there more than 70 times when he was with Goldman? Who benefitted most from this? Paulson and his cronies. Paulson is worth more than 700 million dollars. I wonder how much of that he'd have lost if AIG was allowed to tank and go bankrupt like Lehman? Follow the money and you will find the problem every time.

Did you read the article about John McCain in Rolling Stone? It's a VERY telling piece...

Make Believe Maverick

Jersey Girl said...

crap the link didn't work.

sorry.

go to my blog and click the link there...that one works.

blackgirlinmaine said...

Bravo. Tell it like it is. Seriously it does appear that the bailout was simply a band-aid approach and a bad one at that. I was just talking to a local business owner who is mostly likely closing his doors at the end of the year after being in existence 14 years. Like you said if the average person has no loot, not much is going to change.

Right now folks is scared, even folks with a few ducats left are holding on tight. I really don't know what the answer is as far as "fixing" this problem. Then again, maybe it can't be fixed...

Anonymous said...

I woke up with a headache and the current flux of the economy (including 700B bail out plan = not enough)compounds it. My faculties are on pilot mode, so I'll come back later and respond to your post.
Too bad you're not in politics cause you would have many supporters.

Waiting for Zufan! said...

How about we pick up my comment from yesterday and put it here? I'm double dipping, but it works.

You gonna watch the big debate tonight?

On a different note, I think need to rearrange my furniture, too...

BuelahMan said...

What IF this is about something far more sinister?

http://buelahman.wordpress.com/2008/09/25/could-this-be-the-beginning-of-the-bush-dictatorship/

Veronica Wright said...

personally...i'm scared...what to do..what to do!

Chief and I aren't really feeling the crunch yet and I know I'll always be fine cause I've always been able to make a way if worse comes to worse but with a bambino in the making, I'm scared. It's not just me for me anymore. :-\

Kitty Cleopatra said...

I'm probably saying something that has already been said, but I don't have time to read all these comments! I completely agree with you. I really think the best course of action would have been to just let wall street fall on it's own sword. It would have been a priceless lesson. I know alot of people think that would have been an extreme fix, but these are extreme times and we're dealing with people who can't see beyond themselves and clearly don't see the grand picture. Which in itself is ironic, because isn't that what they get paid to do?

Marcus LANGFORD said...

apparently only blacks folks knew it wouldn't work (sorry to sound racist, but whatever). here in the d.c. area every other race (especially whites) except blacks were so hopeful of the bail out what it could accomplish. bull!

did you catch '60 minutes' this past sunday when the powers-that-be tried to explain this travesty they created!? there is no answer and no solution obviously, but you can't them that.

BuelahMan said...

apparently only blacks folks knew it wouldn't work

I take exception.

I live in a primarily white place in SW TN and I have yet to have spoken to anyone (mostly white) who thought this would work and was outraged that they passed the bill.

I have convinced many people to take another long look at Ralph Nader.

I also have to point out that Barack Obama must have thought it would work. He helped give it to them.

KELSO'S NUTS said...

MARCUS: R U serial? Much as I like Barack Obama and was glad for his sake that he played the role of House Whip to get the thing through, it was a large CBC swing that carried it through. Representative Artur Davis, who is one of the most progressive and admirable people in Congress, for example, voted for it. Did he become White between last Monday and last Thursday?

The last time I checked Dennis Kucinich and Ron Paul were White. JK Galbraith's son James a professor of economics at University Of Texas is and an outspoken critic of the bailout is Whiter than the makeup John McCain uses.

I just looked in the mirror myself. My complexion's kind of dark but my features are European and my family is Russian. I'M WHITE. And I've written in full-throated opposition everywhere to the bailout.

If you mean not politicians, economists, foreigners or bloggers -- merely a poll of American White opinion versus American Black opinion -- you may well be right and it wouldn't surprise me.

American Black opinion on almost every issue, though, is superior to American White opinion, in terms of both progressivity and practicality.

I'm White. I'm not American. I'm that third thing.

KELSO'S NUTS said...

MARCUS: Even after the second vote with half the CBC defecting to Paulson, I wrote in opposition.

I don't expect you to check it out because you'd be in good company. NOBODY reads our blog.

But if you're interested, here it is.

http://thedisbrimstone-dailypitchfork.blogspot.com/2008/10/no.html

Still White, btw, olive complexion. Brown hair and eyes. Short. I'm a very poor excuse for a White American.

LazyCrazyMama said...

Dude, you totally rock!

Ms. Jackson said...

the USD is actually fairing better against the Euro than it has in a long time. Current exchange rate is 1.36.

KELSO'S NUTS said...

MS JACKSON: Just a couple of questions:

(1)Do you believe the 1.36USD/EEU rate to be static and deterministic?

(2)Please tell me what you believe to be the determinants of foreign exchange rates.

(3)What do you understand this statement to mean: "I am expecting the USD to approach par against the EEU but being bullish on the EEU against the USD, I am happy about such a state of affairs."

cordieb said...

Raw. This thing is becoming huge. I saw on the news today that the credit card companies will start lowering many credit card limits. So those counting on using their credit card for Christmas, may as well start saving, perhaps putting their monies inside the television! Peace, Light and Love to you and yours. . . . CordieB.

KELSO'S NUTS said...

MS JACKSON:

Bonus question. What does this mean?

"If you have an opinion as to what the determinants of a foreign exchange position or for that matter the value of any spot or forward asset or liability, and you believe the value to obey mean-variance behavior, and moreover to be a stochastic process distributed log-normally, why might a spot value of 1.36USD/EEU be identical for my purposes as a spot value today of 1.12USD/EEU or of 1.60USD/EEU?"

RealHustla said...

I just want enough $$$ in my pocket to buy a pink cupcake err once in awhile.

Torrance Stephens - All-Mi-T said...

IntrospectiveGoddess
we reap what we sow, or dont in this case - ignorance and freedom is incompatibale this is just a real life example


Darius T. Williams
understatement folk

ziyena
thank u jones

Folk
for some reason i can tell u had a few more to add, am i right?

Alex
u aint the only red -blooded, loving your country american - and/or pragmatist, aint about sides, but rather us, or families and kids u know

Dope Fiend
wooden arrows aint that some shit - archery?

The Flyyest
miss u too mac momma

KELSO'S NUTS
thanks folks but u say that each time i write about loot brother lol

Jackie E.
thanks baby, how is the biz coming?

eclectik
I know u know what usp, men love some money and some women and the truth


u do have love for youir folk man - mthat was CLASSIC Kelso

T. Michelle Theus
yea babe smh too, glad to see u aint left jones


Lina
babe i re read it and was mader than a mug

Jersey Girl
true dat, and they aint even person enough to tell us a trillion


blackgirlinmaine
been trying folk, and it aint even got tight yet.


Anonymous
politics aint ready for jones here man, thanks for the belief though folk


Waiting for Zufan!
naw sister, no debate for jones here i should write a post prior and say what they said LOL


BuelahMan
im finna chk it folk

Veronica Wright
u got a good man and u a good woman dont b scared k. I will do what in can - just save

Kitty Cleopatra
so ironic - now u need to be the politician

Marcus LANGFORD
i know what u saying, but we all know our america is green. and folks love or hate regardless of collor, which a function of hometraining. nice pic in the profile folk. how is the biz coming?


BuelahMan
dont rrip, u know what i wrote, hinking and breathing Americans our america is of the heart and green


KELSO'S NUTS
u know what he meant. LOL besides he saw what i wrote


LazyCrazyMama
thanks lil momma y u say that, im flattered

Ms. Jackson
LMBAO where have u been, im being sooth sayer jones - u know forward thinkin' dreamin is for sleep.

KELSO'S NUTS
they dont feel us though jones


cordieb
chk this next spring there will no student loans, at least tuituions should drop so folk can pay them


KELSO'S NUTS
lol u know fokks dont get down with monte carlo modeling jones lol, just us fools

RealHustla
u sound like my daughter lol and she dont know no better

NoRegrets said...

Here's an interesting site...

http://eldersforobama.com/

KELSO'S NUTS said...

JONES: I'm your age. I have slightly less education than you do, quite a bit more applied finance experience, quite a bit less published fiction, poetry and scholarly pieces, quite a bit more drama training and experience. You have better overall arts and humanities scholarship and practice than I do. But while you're a pro, I'm definitely a scratch player there. We are both total gearheads and have a twisted sense of humor.

So, hell yeah, I get excited when you write about economics and finance.

The combinantion is very rare. Aside from you, I've met exactly two others. One is my partner in my Russia fund business. The other is my partner in my sports betting business.

My partner in the exotic derivatives business was a history scholar and a gearhead, without poetry, but he had icewater veins and in terms of reeling in a counterparty on a trade, he could charm a wolf off a rack of lamb. And he's Uruguayan. I forgive him for being a Yankee fan because his all-time favorite player is Greg Maddux.

I'm jake with multi-faceted people, brighter than me, who express themselves well. No gassing at all here, buddy.

My point to Marcus was that of the million American Black overs he could point to -- scholarship, intellectual curiousity, good manners, and the ability to size up situations quickly -- he picked the wrong one: the bailout. That issue absolutely, positively cut across all American racial and ideological lines in about the same proportion. I think the NOES are right, but I could be wrong.

Nothing wrong with self-identity pride. That was hardly my issue with his remarks. Shit, I have no real problem with the wigged-out White Pride Off-the-Gridders as long as they stay off the grid and don't come into the city. [When I lived in the states, I mean].

Ahh, Monte Carlo, Latin Hypercube, Multiple Linear Regression, The Theory Of Finance. The General Theory Of Inflation and Unemployment. They are only gearhead topics but they are the keys to the vault for free at the local public library and on the internet. What if Ms Jackson said to herself "this stuff doesn't really interest me that much, but maybe it's worth looking into...."? And then 7 years down the road she's running a multi-billion dollar f/x fund? So, I like to run a few gearhead concepts up the flagpole to see if anyone salutes it. LOL

To the bailout, I say "Foxtrot Oscar"

Roger Wilco, Over and Out.

Rich said...

Here is a start, we need a Legislative Accountability Act put in place that requires the requester of the pork barrell spending to be identified. It's not enough to show sponsors and co-sponsors, tell the American public whose idea it was to give a wooden arrow company our money, etc. Then we can take it out on their behinds in the election. That will correct some of that bogus legislation that always ends up jumping along for the ride.

BuelahMan said...

Sorry, bro'

I don't understand your 2nd comment (does that show how white I am?)

LOL

rainywalker said...

They are just rearranging deck chairs on the Titanic while the band plays on.

Melody.Darlene said...

::sigh::

Kawana Aminata Oliver said...

I am very scared ;-(

Folk said...

I could add a few more to that list but didn't want to take up or over an already excellent post! Keep up the good work over here.

Torrance Stephens - All-Mi-T said...

NoRegrets
thanks hon, will chk it

KELSO'S NUTS
im flattered this one is no gear head just a country boy who can think. but u right this has nothing to about race age and gender and the dude from uraguay sounds like he from memphis - is he?

Rich
that will be the day them folks hem up theyself - would love to see it (loop hole free) that is

BuelahMan
LOL nope i type w 2 fingers it should have been thinking - one america - green this day and age

rainywalker
dang home come they aint hit an iceberg yet

Melody.Darlene
and how

Kawana Aminata Oliver
no fear Kelso, bulehaman and me is here lol

Torrance Stephens - All-Mi-T said...

folk
me bloga yo bloga (pig street latin) we all teach and learn from each other we the real americans

BuelahMan said...

LOL

I thought it was the honky in me.

;-)

Torrance Stephens - All-Mi-T said...

BuelahMan
wait til 2morrows post

KELSO'S NUTS said...

JONES: You used the great Don Mincher line from Jim Bouton's BALL FOUR. They had to give a one-line description of themselves for the Seattle Pilots press guide. MINCHER: "PRETTY FAIR COUNTRY BALLPLAYER"

But I know I gearhead when I see, hear or read one.

The three fellows I referred to were from NYC, Baltimore and Montevideo, respectively. From what I've come to understand, ALL were from Memphiz.

El Uruguayo was chill though. On real bad days, he never got upset. He'd just say to me "Want to go to Wendy's and get triples with cheese and some chili cheese fries?"

On really good or really tragic days, he'd say "How about Morton's? I've been dreaming of a Porterhouse and two orders of creamed spinach and lots of bourbon...desde la llegada, babudo!"

When we were bored it was "Vamonos a la parillada (Argentine mixed grill place) and either the strippers or the ballgame, let's flip for it."

We'd get into our office at 10. By noon, I'd have montecarlo-ed all the currencies and government paper in all undeveloped markets around the world. He says "Oye, dime (Yo, tell me)" I go "Polish 3-month cross versus Czech, 3 units...Peru 6 month cross versus Colombia 1 1-2 units...Greece 2 units straight long, we'll be rolling over this one so look for a cheap out of the money warrant some gueco de mierda wants to get rid of..."

He'd recheck the Reuters give me the prices and go "still good?" I'd say "GO!"

Then, I'd watch a true master at work because the synthetic NDF market in the currencies was a very small world and he knew everyone's foibles: who had a big ego and needed to prove him wrong; who was an action junkie; even a gay broker down in Florida who had a bit of an unrequited crush on El Uruguayo. He's straight but he'd have no problem flirting with the guy if he could pry loose a couple of million synthetic Drachmas!

Running fund-of-funds in Greenwich now.

James Tubman said...

this is the end of the current economic system

we can either stop it now and suffer and try to make a better system for the up and coming generations

or we can continue to go moreand more in debt and have millions of people loose their jobs and houses and completely turn into a third world country

the iraq war and all the money we spent over there kind of solidified the collapse of this economy

because all the money we used to finance iraq was money borrowed from countries like japan, china, south korea and other nations

the rich whites know they're wrong thats why they are setting up speciol forces units to deal specifically with its own citizens

the only thing we can do is buy government, state and local bonds

they are safe because the government is going to close down hospitals, cut all types of public institutions and cut welfare to pay the rich people (mainly) who own the bonds

we might as well buy them ourselves

msladydeborah said...

I am eating a piece of choclate from Belgium, a gift from my neighbors who went to Holland on their honeymoon. You know chocolate is brain food and I need it to help me craft an intelligent comment.

It is obvious that our national economic problem is in fact an international economic problem. This leads me to believe that the trend of dabbling in risky business isn't solely confined to Wall Street.

The pork in the package is a total mystery to me. I am not an econ person by a long shot. But from my perspective, adding on more to debt isn't the way to cure the problem.

I suspect that the patient is currently on artifical respiration. I am to the point where I really feel if it flat lines, so be it. If the current way of handling money affairs dies, perhaps what happens afterwards will be based on what is realistic for the national interest.

Kamika said...

T - Maybe when you get a chance you could expound on the tightening of the Commercial Paper Market and the proliferation of ridiculous stock market/brokerage schemes like "Naked Short-selling" and the like. The very schemes that got us into this mess.

You research these things so well, I'm sure your readers would appreciate your spin on them.

Jay Midnyte said...

I wonder what happens when the SEC ban on short selling expires tomorrow i think

Curious said...

I wasn't going to say anything since I'm sure it's already been said, I didn't read all the comments, but we live in a house of cards. If we let a part of the finance industry fail, the entire industry will fail because everthing is related. Everything is conected like links in a chain. And if that goes then the world economy will fail and not for a month or 2 but for years if not decades. And no one, repeat no one will not be affected.

Is the bail-out a good thing? Hell no, but again no one, not Obama, not McCain not even Buffett or my aunt Lucy has come up with a solution that will be less egregious or more effective that people will listen to. So what should we do?

Torrance Stephens - All-Mi-T said...

KELSO'S NUTS
sound like my kind of folk jones

James Tubman
the war is killing us and new school valuation accounting

msladydeborah
since when dont u leave an intelligent coment sister - thats just an excuess to eat chocolate lol

Kamika
i wrote one a while back hone here it is That’s makes 10

Jay Midnyte
dow dpwn 250 by end of day i estimate

Curious
thats the question, we dont know but the same bills that got us here remain on the books

Jay Midnyte said...

RDB
The FED cut the lending and discount rates but it really didn't make a big impact. So this could spark another commodites run ya think?

Jay Midnyte said...

nvm Torrance u were on the money the market sold off at the end and closed down 189.

There's this guy on youtube called "manoftruth" who predicted the DOW would be below 10000 and then 9000. He made that prediction almost a year ago and called it that it would occur around Fall 2008 and people were calling him a conspiracy theorist and all that. Guess he know's what he was talking about

2sweetnsaxy said...

I agree. I've always thought, if common folks can't buy anything, people at the top aren't making any money. I'm listening to the news this morning watching international markets fall and the Japanese panicking because they realize we're in a spot and can't buy their cars.

Why don't "they" get that if we don't have money to buy it all goes to hell in a handbasket? How are they going to stabilize an economy if the people responsible for putting into that economy don't have the money to do it?

Angel said...

I'm not going to say much more to what has already been said. It was a great post!

I thought my government were a joke and didn’t know what they were doing. But it looks like its everywhere, if your economy fails, so does ours, we are so intricately linked that I'm afraid for the whole world!

You said politics isn't ready for you - but the people most certainly are!

Torrance Stephens - All-Mi-T said...

Jay Midnyte
well eventually it will, but i see eventually an extension before we hit the full recession - just a delay tyactic i figure

Jay Midnyte
im no economist but i can think , connect the dots, and do math . thanks

2sweetnsaxy
I wonder the smae thing sister, i really do

Angel
thanks hon, i appreciate it and just as concerned as u are

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