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Then it was Tuesday....
So the Market dumped 777 points after the Bailout Fiasco yesterday. ...and then the World Markets did respond...Asian Markets and Aussie Market opened losing 4-5% within opening hour...Now for some updates...Foreign Leaders did try to encourage some sort of Intervention because of the effects are spreading...The World has watched Bush and his Cronies Make Mistakes and Ignore Problems worldwide for 8 years.....For Once the World is needing to see Some Leadership and Some Problem Solving. The Feds are pumping alot of money into the situation,even globally ( that was barely mentioned on the news yesterday ).
This Guardian article explains how the European Markets are responding especially the Banks.
This Sydney Herald article explains how the Markets there were" brought to their knees"and they describe it honestly. More on Asian Markets from the Aussie perspective. Another European rescue is Dexia directly the result of American events.
Wachovia acquired by CitiGroup.... and it's acquisition is still confusing.Here is more on the Wachovia situation.
Another interesting post about yesterday is by Robert Reich I will be curious if he is right about this whole mess. And one of my favorite people that hangs out here , and sends me great comments and articles said this and it sums it all up :
"McCain promised enough Repug votes.Boehner promised enough Repug votes.Blunt promised enough Repug votes.
When vote time came, McCain, Boehner and Blunt failed to produce the votes.But if blame for the failure needs assessing, look no further than McBush's Repug Caucus.The market fell over 777 points, with around 2 BILLION trades being made. The Repugs failed."
More Updates through the day....Plenty Below on Palin going to Debate Camp and the horrible interview last night of McCoot and Palin on with Katie Couric, and Tina Fey as Palin, and also some George Carlin ...and in case you missed it...Dave Letterman did a beautiful tribute to Paul Newman.
and if you need some music this rainy day...some Jackson Browne might be nice.
2:30 PM Update:::::
People did call DC and complain about How the House handled this Crisis, and the Bill yesterday and why they voted the way they did. The Plan will be reworked once the House returns from the Vacation for the Jewish Holiday.
( I am a little confused why those that are not Jewish could not stay in DC and work on this...but ce la vie).
The market is up..so still labile...still volatile not a stable healthy situation.
Obama released a new ad this am that I have posted below and also gave a speech in Reno that is worth seeing and hearing...he is offering up real Leadership and working soliutions for Main Street. One idea that he offered up is FDIC increasing insurance protection up to 250,000. He is calm and thoughtful....
I will be back later...carry on folks.....
19 comments:
McInsane jumps into the bailout talks, they fall apart.
McInsane leaves for the debate (that he promised to skip unless the bailout was approved). In his absence, things get back on track - if "on track" means to enrich the wealthy at taxpayer expense.
McInsane makes a speech on Monday morn, claiming that his intervention is what gets the bailout passed by the Repugs. He also chides Barack, saying Obama's hands-off on the bailout made McInsane's intervention all the more crucial in rounding up the needed Repug votes.
The bailout fails.
McInsane blames Obama for the failure of the Repugs to garner the votes needed (the same non-existent votes McInsane claimed credit for producing.)
The hard part to swallow, for me, is had a centrist Dem been the nominee against McCain in 2000, I might have cast my vote for the man I then so respected - only to find out that behind Mr. McCain/Jekyll lurked a McCain Hyde that could have us exchanging nukes with 3 or 4 regimes while McCain was still enjoying his first breakfast in the White House!
If you believe in the 'Free Market' as most Repugs and many Dumbos do, then you must accept that the market will take care of itself and it isn't the job of the American taxpayer to bailout Wall Street criminals who stand to lose their $50 million dollar parachutes.
In 12 months or 18 months, the corporate landscape will look different as unhealthy companies disappear, are bought up or cut into 4 pieces and sold piecemeal. This is how the "Free Market' works.
But to embrace the 'Free Market' when it is doing well and then come whining to the American taxpayer -- already battered by $4.00 a gallon gas and a 20% increase in food and say, "bail us out," is outrageous.
Democracy is working. The world isn't coming to an end and the USA will survive.
JB:::
thanks for saying what you said..
Christopher::
I appreciate what you said....but here's the thing if you read my post yesterday am....you would understand WHY I am watching all this ...and watching so closely ( it's the one with the photo from my dining room)
..when people are facing losing THEIR HOMES...( and 9000 ) a day do right now...this is a very very BIG deal....when one is about to lose their home it feels like a the world is ending..or like a great Depression is starting...acknowleging this events for what they are and how much they effect people whether it be losing life savings, or a small business or a dream of a home loan to send a child to college.....
People Are Getting HURT because Bush and his criminal greedy buddies have dismantled the Financial World.....but on another level I have friends abroad and yeah they have been hurt by this too...with Bank run and lost savings...
I am not blogging about whether USA will survive, I am blogging about the Humanity Effect on alot of people...all over the world...and here in america...and the irony...if McInsane is elected...NO ONE will survive...
and I will keep watching and blogging it...because for me...it matters...alot.
JB::::
McInsane is indeed the right name...I do think there is something wrong with his brain and wonder if he has METS and or some other brain disorder...but on another level how he acts I wonder about his soul....like the way he acted at the debate, and not looking at Obama....what kind of man is that ? and how he used the Financial Crisis for his political theater...a very manipulative destructive man....
Enigma,
I wasn't saying you because I have no idea if you believe in the "Free Market' or not.
Personally, I don't but that's another discussion.
The $700 billion dollar bailout of Wall Street criminals has little to do with people losing their homes. The overwhelming majority of homeowners pay their house note each month. Mortgage lenders must be compelled to refinance people in bad mortgages into fixed paper.
But the notion of giving Henry Paulson and a check with 12 zeros behind the number "7" and trust that he -- a Bush appointee, will do what's right for you and me, is illogical. Paulson is a crook.
As to the CEO compensation, sure salaries would have been capped but not stock options. Think: Cheney and his 435,000 of Halliburton stock in the form of stock options.
Chris::
just read my post yesterday morning- the one with the photo of my home...and they maybe you will understand how and why I am blogging this..about how banks closing and landlords losing rentals and people being foreclosed is tied to this mess that we are watching...
I also blog the worldly part of it- that is part of thinking global...alot of americans can only think that what goes on here in America is important....there is a bigger picture..
I dont watch this as some kind of Investor , I watch the Fallout on Humanity...a different perspective..
8000 families are losing their homes a day...and I don't know how many more are losing their rental homes....
again read yesterday's morning post..and then maybe you will understand why I am watching all this....and care so much ....
( cuz let me tell ya- a impoverished single nurse mom has NO portfollio....)
Congress is hard at work, figuring out a solution to this crisis, COUNTRY FIRST.
Oh wait! There is a holiday-catch ya later.
Personally, I don't want Congress to figure out the solution. I'd prefer some economic experts, that are not Wall Street lackeys, or politicians playing for votes.
If this is such a huge catastrophe as the prez sez (yet I have a hard time believing anythng he says)... then lets not fool around with congress, get professionals & experts to craft a solution.
I don;t want to play games with it.... get people in who can consider all angles. I don;t want a fast quick, rife with loopholes "solution" that in the long run only causes more problems.
But here is something refreshing...
a man interviewed on PBS last night, a Florida republican, who will be voting for Obama- said:
"Wall Street has handed Obama the election"
The $700 billion dollar bailout was an 11:55PM effort by Bush to help his pals on Wall Street. He knows the clock it ticking and soon, the chance to pay back his supporters will have passed.
This bailout scheme would do nothing to help homeowners or renters. Not as long as Henry Paulson had the discretion to allocate those funds as he sees fit.
If you don't believe me, here's what A. Maslow in the Washington Post said vis a vis the bad mortgages:
"In a practical sense, the government is trying to revive the markets because buying up all the troubled assets would require far more than $700 billion.
Twenty of the nation's largest financial institutions owned a combined total of $2.3 trillion in mortgages as of June 30. They owned another $1.2 trillion of mortgage-backed securities. And they reported selling another $1.2 trillion in mortgage-related investments on which they retained hundreds of billions of dollars in potential liability, according to filings the firms made with regulatory agencies. The numbers do not include investments derived from mortgages in more complicated ways, such as collateralized debt obligations."
1.Mortgages themselves are less than half the total indebtedness: $2.3 trillion.
2. This $2.3 trillion number in mortgages is huge, but it comes to much less than the combined total estimated at $1.2 trillion in 'mortgage-backed securities,' plus $1.2 trillion in 'mortgage-related investments' ($2.4 trillion so far), plus 'collateralized debt obligations' with an unestimated paper value--thus probably about twice the rest of the Ponzi total. We can thus estimate a total in mortgage-backed financial mirages of somewhere around $5 trillion.
3. It should be pointed out that most mortgages are not in trouble. What proportion of these mortgages are business and what proportion are residential is not stated, but in any case, the overwhelming majority of people with mortgages are paying them. Notwithstanding the horrendous difficulties facing Detroit, within the realm of residential real estate, one-third of all U.S. mortgages in trouble right now are in California--where residential real estate prices went to vertiginous and unstable highs unrelated to concrete land values. (The West Coast is desirable, but it is not squeezed for space. It is not Hawaii.)
Back to basics. If foreclosures were indeed what started the current problems, and if government intervention is warranted, then government should step in by paying off people's mortgages. Help the people--homeowners--who really need the help. Help the city blocks and the streets in midsized towns that really need help. Stabilize the real estate markets by keeping nice people in their houses."
Sadly, people think this massive $700 billion dollar bailout would've gone to help the people in the middle and at the bottom. When in fact, nothing could be further from the truth.
Chris:
I appreciate that you don't live in Ohio- you have NO idea what it looks like to Watch and Live through 8000 homes a day being lost....and that you are looking at this totally differently than me....
and yeah...sometimes it is easy to see how yeah 8000 NICE people deserve to stay in their homes....( and yeah, I think the Repugs don't understand that at all and could care less)
You don't have ALL the facts on this - NONE of us do...but it is important to watch, keep an open mind and be willing to admit that this Crisis has HURT real people good people, not just Wallstreet Fat Cats...and that solutions have to be sought that protect Mainstreet Average working and working poor Americans....
Also if the credit market remains frozen it means good people can not even get loans for their kids to go to College...( just one example).
Again- I encourage before you come spouting your facts read through what I wrote yesterday at 11am....
I am for Solutions ( btw that does NOT mean I am supporting the Bailout as it was written- I did support Dodd's plan..and approach...)
I know alot more abour Foreclosure and Losing a HOME than most people...sadly.....I am speaking from the heart and also from watching and losing friends...and also from watching friends lose their retirement money ....People are hurting ....there is NO way to gloss over that....ever.
Fran::
I too don't want games played with this, I want to see Sound Solutions offered up by thoughtful people that know economics NOT Lobbyists or Wallstreet fatcats...
It is about being Proactive and thoughtful and careful...
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I am tired like everyone else...living on the edge...balancing food vs the heat and electric bill...balancing part time work with odd jobs to make ends meet....living below the poverty level while working....I am living at a lower level...I heard a Repug say yesterday "People have to learn to live at a lower level, not live higher than their means"....It angers me because I and me neighbors- NONE of us are living High off the Hog....we are barely scratching...and yet I think sometimes we are Invisible...
And About the "Bailout" , the thing that set my hair on fire. buried in it, way in the back - Bush was to be gifted 100 Billion For Bush to use at his OWN damn discretion....wow....how could they give him a dime at this point...
I also remain really worried about the Social Security and the retirement funds( like state employee accounts)...We should ask for an Audit of that money right now - I bet the "answers" would sicken us...
Allie,
I was unaware that in order to post here my opinions (spouted and typed) needed to agree in lockstep with your opinion.
I get it now.
Wow! I must have missed something.
Let me go check . . .
Nope, I don't see Allie barring Christopher from differijng with her.
I do see, please forgive the bluntness, an intelligent poster (Chris) taking himself way too seriously.
Allie disgrees with his well made argument.
Christopher gets offended, accuses Allie of some form of censorship - because she disagrees?
I don't get it.
You both have good points; you both have facts to back up your points.
Come on Chris, don't leave the game just because you want everyone to agree with you.
Hell, I'm against the current bailout, but I don't remove myself from every conversation with those who, many very reluctantly, think it needs doing.
Chris::
Please do stop this..and for my own problems with Trolls and hate mail - that I get daily- Please NEVER use my name- ONLY Enigma...thank you for understanding that....
I never deleted you or even really said anything to you-other than nicely asking you to please read my post 0.29.08 11AM post about possibly losing my HOME..and that it gives me a level of awareness that might be different than yours...
I have said over and over that the Current bailout does not take good enough care of people...
and that I am worried about all of us...But as someone who is living with the VERY real Reality of losing ones's Home....and loans for Son's Future College Education...I should be allowed to express myself on my own blog without having angry lectures thrown at me...
a quiet discussion is one thing...but there are many sides to all of this...and a little appreciation of MY Hell and Others would be appreciated....Please take a deep breath and see how you are kind of badgering me during a really painful time ?
Jack::
I am sorry..I don't know what is going on...but that we are all under alot of stress...But I do worry sometimes that people think this Crisis is just about the Fat Cats...it is not..it is about ALL of us....because sooner or later or even now the Trickle Down Effect has begun....
I did not tell him to leave or anthing like it...I just asked that he read my post from yesterday...
We all need to be able to talk to each other - there is no right or wrong...this is a time when we should Listening to each other...but also appreciating the Pain that is going on....Mainstreet is Hurting...it is REAL.
Chris::
When is say stop this- I mean Stop Trying to Paint me as being stupid or as censoring- that is not true...when basically we are all on the same side of this..we are all worried and angry that the WH created this living hell and mess...so we should be able to talk to each other...
especially in these times...
Christopher & Enigma make up already! I can't stand to see you mad/sad!!!
Oy this is such a shitty time!!!
Helen and Jack and anyone else...
I apologize for this kind of battle going on...I was just trying to have us all talk to each other....I was trying to explain where I am with this and why I feel the way I do...I am not up to being bullied right now.....I am really tired..
Chris is angry- and has written me offline as well- I have no idea what his problem is...I am stressed enough...I don't need battles with friends ..I really don't,.....
my top post is where I am with all of this....I do what I can...I am always hoping and trying to find the Humanity in this....and take care of all of us...that is who I am....
came across this post line.
for what is worth - don't
bring people that 'know' you
on line - given as you said
about the 'trolls' etc. etc.
also as to the 'bailout'
-now- after it failed the 1st
time - looks like it will pass
thursday - friday and it 'needs' to pass for the system not to implode ! don't have the time to 'explain' about the overlaps that would -freeze-
were the 'bailout' so called not
pass by week's end.
on a personal note,never give up,
never ever - as the army saying
goes - 'feet first' meaning stay
thru - all things - always !
wishing you the best and that
God's Grace be with you & your
family - always !
gmkz4:::
I don't understand totally what you were saying ....but if you mean the WH has played havoc with us on this or being honest- I agree....
and I thank you for your thoughts...
2nd try at it - (a) the 'problem'
-NOW- to -keep it simple- is
-NOT- the Stock Market per se
-BUT- the Credit Market - Bond
Market here and overseas !
the 700 B is Oil ! for the Engine -
the System - to Run and -NOT- Freeze Up - which it Almost Did
last week ! T-Bills were Negative Yield ! -Never Before- (b) (c)
the Oldest Money Market Fund
'broke' the Buck ! Meaning that
a depositor in 'cashing out' received less ! from what they
deposited originally - that was the
straw that 'Broke' the camel's back
-Pun Intended-
the 'overlaps' is metaphor for
saying that if we let the system
implode like blogger Chris said
to let it 'happen' - and that the
'system' would -self-correct is
-Dead Wrong- ! the Fed Chairman is
a straight shooter - meaning he is
-Not- a Washington Hack etc. etc.
stooge - pick your adjective -
and he was -Not- crying Wolf just
to cry Wolf -period.
anyway hope the above helps as to
what -Really- is the 'Problem' that
needs -fixing- by Friday latest !
oh one last thing the 700 B number ? how was it 'arrived at' ?
-'They' - Treasury -just- thought
that 700 B was Big - Large enough
to 'calm down' the Credit ! Markets -here and overseas ! Meaning it was a guess ! (1) (2)
and they didn't want to give a
Real Number so to speak ! why ?
because as blogger Chris wrote
the Mortgage Market is in the
Trillions as to the -Trades in & out and the same as to the Bond
Market (s) ! so 700 B is -not- the
Number per se but a Number Large
enough to come into the market as a 'New Player' to -calm- the 'Other' Players that -their bets - will be paid when they come
-Due- from overnight [next day] to
say one year ! sorry have to stop
now - run out of time , so to speak
have to get back to my other chores ! last you are welcome as
to thoughts expressed as to what
you are currently going thru.
PS.: We all have 1st Amnd. Free
Speech rights - but that does not
mean that gives us the 'right' to
say "...we are right..." and
"...and everyone -else-..." is wrong ! so to speak [ pun intended ]
GMKZ4
thank you...that makes much sense...I get it...thank you for thoroughly explaining it-
not in a good way...but see Bush lie all the time....now Paulson- why would he lie- unless we were or are in the shitter....
Well, now we see what happens next...
About this mess I am willing to listen to
everyone- I am trying to learn more...
but I also have to admit what I am worried about....
and believe me I treasure the 1st amend...
always...
take care...
for what is worth , your 'friend'
above [chris] went off -today
on another blog ! proof if proof
was needed that he was -way over
the line- in the personal comments
made in this post line.
needs to take a 'Chill' pill - Big
Time !
last looks like the -the rescue-
package is going to pass both
houses by friday and signed by
'W' ! just in time - by the way !
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