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Old May 6th, 2010, 02:45 PM
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Default Stock Market Crashing

We are down 720 points and falling...

By the way - this will snap back.
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Old May 6th, 2010, 03:24 PM
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Yikes Paul,
I'm afraid to look, sure hope it snaps back quickly....keep us posted.
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Old May 6th, 2010, 04:41 PM
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Can you imagine typing a B when you meant to type M?!?!!?!
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Old May 6th, 2010, 05:59 PM
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Quote:
Originally Posted by Marc View Post
Can you imagine typing a B when you meant to type M?!?!!?!

OOOOOOooooops! My Bad!

Just shows how jumpy investors are, these days. It doesn't take much for the market move either way.
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Old May 6th, 2010, 09:13 PM
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I hope the trouble in Greece will make the US government get serious about cutting spending and trying to get a hold on controlling the deficit. Somehow, I doubt it!!!!!
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Old May 6th, 2010, 10:04 PM
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Investors are running scared about what is happening in Greece and what threatens Spain and other countries. The IMF is already bailing out Greece but in order to do so, Greece has had to start acting fiscally responsibly and that, the Greek government has voted to do. But what you're witnessing on TV (such as the rioters who burned up a bank burning up in the process three employees still in it) is what happens when a government tells it's people that they're going to have to relinquish some of their entitlements in order to allow the country to get back its financial footing. Now, I hope folks will begin to comprehend what can happen when entitlements run rampant and then the well runs dry. Familiar with that famous book, 1984 by George Orwell? Hate to tell you sports fans, but the majority of that happened long before 1984 got here and has only grown exponentially since. Remember, Big Brother knows best.

BTW, I think it interesting that the United States contributes more financially to the IMF than the United Kingdom, France and China combined. We contribute several times what China contributes (you know, that country that everyone is touting as the new economic powerhouse).

Not only is Greece broke, but so is Spain, the UK, France, Germany and yes, we too are broke just to mention a few nations. Truth be told, just about everybody's broke!

That's generally what happens when an entity pays out more than they take in. Isn't that the primary cause of bankruptcy? Of course governments don't worry about good fiscal responsibility 'cause they just crank up the presses and print out more money. That cures everything doesn't it? Uhhh..... what do you mean when you say inflation?

In times such as these, common sense dictates that one facing such a situation must "draw in their horns" and make significant cutbacks, including entitlements. But again, just look at what is occurring in Greece and that will give you a good idea of what can happen when you do get back around to trying to get back on sound financial footing. In short, the pain is acceptable, just so long as it's the other guy whose feeling it.

How then, if you can't solve the situation that way, what else can be done? Break out your wallets sports fans and get used to the initials, VAT for Value Added Tax (oh, and in this country, not instead of the Income Tax but rather in addition to the income tax). But wait a minute, doesn't a VAT hit the poor the hardest? Yeah but that's tough, gotta' get the money, right? But don't worry, we'll just blame everything on those rich folks who own all the stock. By George, we'll get rid of these rich Capitalists.

One problem though, a huge amount of stock (probably the overwhelming number of shares) in this country is in fact, indirectly owned by the middle class and lower middle class workers. What? Yep, it's true. That stock is controlled by organizations that provide the retirement money for millions and millions of American workers.

Okay, now that we've solve the problem with a huge new VAT, let's get back to work and get those presses at the Bureau of Printing and Engraving rolling; we've got another Trillion or two to spend this year.

Todd
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Old May 7th, 2010, 03:02 AM
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Amen, Todd!
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Old May 7th, 2010, 07:18 AM
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Yes...

While it s true that Bush ran up our debt like no president before him, and I admit I was not aware of what he was doing, it has gotten far worse under this administration.

Things like entitlements are bad - we just extended the benefits for people on unemployment - which we need in some cases, and in some cases it just prolongs people being on the dole.

We don't need to have our troops all over the world. Either.

Unfortunately, this current set of politicans are the worst spenders in history - I think we all know that. A $728B "stimulus" bill that was nothing but pork for armadillos and turtles to cross roads. Even Bill Mahr last week said "when I spend $728 billion I want to see at least one railroad - even if it just goes to the mall."

"The teabaggers" as Obama just referred to them, will have their number 1 complaint in the spotlight now - the national debt. They don't look all that crazy anymore.

I thought the left would be out today just saying "this is more proof you can't trust Wall Street." This whole downturn started with the Goldman Sachs hearings. BUt I am guessing even they are scared now. If we lose the stock market recovery we lose the one part of our economy that was looking up.

We are now at the point where almost 80% of our national budget comes from debt. Most of Europe is worse off. In Greece they are over 100% - they owe more than their national debt. That only leads one place - massive inflation - the robber of everyone.
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Old May 29th, 2010, 06:33 AM
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Ice, I'd like to clarify something.

The run on the banks didn't cause the Great Depression, the "run" was a result of the economy crashing. Secondly, a great part of the panic resulted from the banks failing and millions losing all of their money before they could even pull it out.

While people have lost their investments through and as a result of failed banks during the present crisis, thus far few if any people have actually lost their savings as was the case during the Great Depression because of the existance of the FDIC which was created as a result of the Great Depression.

Todd
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Old May 29th, 2010, 08:32 AM
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Most of the people that I know are not fiscally responsible. So when they become politicians they are not going to be responsible with taxpayers money.
It's time for everyone to learn to live within their means.

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Old May 29th, 2010, 12:46 PM
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You know, Manuel, I never looked at it that way and you're absolutely rignht. If an individual is fiscally irresponsible before he/she holds elective office, then why would we expect them to be otherwise after they're elected.

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Old May 29th, 2010, 12:51 PM
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Can someone explain this to me....

If the bailout bill last of September 2008 is given credit for saving our economy from complete and utter devastation - why are we now working on a new "fiscal responsibility" bill that outlaws the concept of "too big to fail?"

Isn't that the exact description we used to justify the bailout of GM, Citibank, Goldman Sacxhs, AIG. etc? That they were too big to fail?

So - if we just pass a law that says "there is no such thing as a company that is too big to fail" does that now make it true?

I mean are politicians now so deluded that actually believe they can change reality through legislation. Isn't that a bit like passing a law saying "all high school graduates are now literate?"
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Old May 29th, 2010, 01:01 PM
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I figure that I might as well spend my money now while it's still worth something.

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Old May 29th, 2010, 01:27 PM
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Manuel - depending on your age that is a very accurate statement.

We have just had a lost decade in terms of economic growth. People said this would not be a second depression, but in terms of economic growth is has been very close to one. We haven't gone down as far, but we certainly did not get anyplace.

And please don't think I am delusional - it was Republicans as well as Democrats. It was the repeal of Sorbanes-Oxley (led by Graham and endorsed by Greenspan) allowing the cross-over of banks, stock market makers and insurance companies that led to the deregulation that caused the recent crisis. And when the bubble was apparent the hedge funds came in and bet against the system and ran the market into the ground.

But once the Republicans opened those doors, the Democrats did more than their fair share of creating the housing bubble with cheaper than dirt credit based on perpetual motion rising home values and no-salary check mortgages to anybody.

Meanwhile - every pension fund was talked into buying Triple AAA rated Mortgage-backed security bonds that are now worthless. And now our companies have adjusted to the new economy by creating far leaner corporate workforces and we know jobs are not coming back anytime soon unless we stimulate small business or create government jobs.

Since we can't create more government jobs without prinitng money - that leaves stimulating small busines by cutting taxes - a plan we have been promised just like we were promised relief from the mortgage crisis.

How many homes have been saved by our mortgage reforms? How many jobs were created with the "stimulus bill?"
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