Holy, cow. We might want to listen to Hannity and Beck and buy some gold!! We're not going to make it!! Today's Dow results:
Maybe some of you folks were right. Maybe Obama has destroyed the economy.What did some of you guys ask me? "How's that hopey, hopey, change thing working out for ya?" Yeah, that's it. Maybe the economy was in perfect shape and we all had big bags of money when he was elected. What was the Dow on election day in 2008 any way? 14,000 points? 15,000?
Oh.........wait:
(Election Day Stock Market Report, 2008)
Maybe things weren't so rosy. I should always remember the words of President Bush just a month before election day.
This is an extraordinary period for America’s economy. Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We’ve seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money.We’re in the midst of a serious financial crisis. . . .
And if the federal government does not take action?:
More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.
Maybe things will be OK after all.
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46 comments:
As mentioned in prior posts the market crashed when Obama went ahead of McCain in the pre-election polls. Just because of a 300 point correction on election day there was and is no faith in the economic skills of Obama.
Whistling past the graveyard, counselor. Whistling past the graveyard.
Blame President Clinton, Senator Phil Gramm and Representative Jim Leach. Blame President Obama. Blame President George W. Bush. Blame Alan Greenspan. Blame Milton Friedman. Blame Angelo Mozillo. Blame Stanley O'Neill, Jimmy Cayne and Richard Fuld. This mess was a group effort. I know I 'be left some of the guilty off the list. Heck, I'm more than likely guilty by association based on the mutual funds I own.
Does the program Community Reinvestment Act that the liberal weenies threatend banks with if they didn't participate in giving bad loans to people that couldn't pay them back that triggered this whole mess ring a bell?
President's are like college coaches, I'll give them 4 years to turn it around if it was going bad when they took over. Maybe only give them 3 years if they keep telling me year after year what the previous guys record was. Point is I don't really care what Bush, Clinton or any other President did; what have you done for me lately!
It wasn't Obama that caused the Market to crash you idiots!!!
It was the crowd of Maguays that were in the Market that day buying stocks from the Florida Orange industry. When all of a sudden everyone poured their purified water on them and they turned in Gremlins and ate all the brokers. Now all the brokers are clones and can't remember how to buy and sell.
I thought everyone knew that. sheesh
The 2008 crash was caused by the COMMUNITY REINVESTMENT ACT that was created and defended by the Democrats, including Barney Frank whose rump ranger lover worked for Fanny Mae. The Republicans tried to pass legislation to pull the reigns in on the lending industry but that was blocked by Barney Frank and the Democrats.
Man we would really be in bad shape if Obama hadn't come in and saved us.
Just think how high unemployment would be (oh wait, it's still 9.2%)Just think how much the public debt would have increased. (oh wait, it went up 3.9 trillion dollars) Just think how much the price of gas would be (oh, wait it's 3.80 a gallon)
I guess if today is a guide the market will be back at 9600. by about the middle of next week.
This is mo screwed up dan a nigguh's checkbook.
On Dec 21 2012, the economy will crash like no other...
Good night Barry...
For better or worse, the economy belongs to the sitting president and that president's party. Obama won b/c the economy was tanking and the tanking was blamed on Republicans. Bush didn't cause it, there were many factors. So, Obama got elected and now the economy is his--for better or worse. If, before Nov. 2012, by some miracle, manufacturing skyrockets, unemployment drops, the Dow gains, etc., Obama will win reelection and get credit for "his" economy. If it doesn't, he will lose because "his" economy has failed. It's the risk of the office.
Clinton had the benefit of no major military conflicts and the booming of economy around the internet. Again, a great economy can get people to overlook oral sex, perjury charges, impeachment, etc.
So, as far as if Obama gets reelected, it's all in what the state of the economy is next fall. It's the economy, stupid.
Defending your political "team" is dumb. All of these #&*^s don't give a damn about anything but contributions and their names on pointless or overreaching legislation. Sick of blind poly-ideological love and the delusioned personal identity associated with it.
we can only hope that our leaders have all their money in the stock market..i want them to lose every dime they've stolen.
3:57 - you are disgusting!
The story here is that we think it should be easy to borrow money. We're so far gone that we think it should always be easy to borrow lots of money, and if it's not then something is going horribly wrong.
Your previous post mocks us for thinking this country is old. It only took about 200 years for us to think everyone in the world owes us something and should give us a limitless line of credit. We now think that as a collective country and most of us (them) think that as individuals, too.
I know memories are short, but I am glad that Arthur reminded us all of the role that Senator Gramm played in the collapse of the house of financial cards. His quiet shepherding of the derivative deregulation bill through the political process was the nail in the coffin. When top Wall Street banking giants couldn't tell you how much derivative obligation was on their books, you knew we were moments from catastrophe. All derivatives written as individual contracts & not required to be reflected on a comprehensive balance sheet? Insanity. And we all pay the price today, while now private citizen Gramm cashes his UBS checks.
My Other Brother Darryl
*shrugs*
When I was a kid my teacher told me the Dow would never break 3000 in my lifetime.
If it keeps dropping its just a better chance to make a killing by buying low. A lot of us did that last time around and salted away some nice profits.
derivatives have $0 value, they don't own anything, make anything, sell anything..it's just another way for the bankers and politicians to screw the shit out the american taxpayers.
3:46 makes most sense,fault for all, past and present.As far as banking act the one passed in 2002 has done more damage to our entire economic system than maybe any law in history. It allowed big banks to enter into the greedy,speculative policies that caused all the recent problems we have had. I'll try to find the name of it and post later.By the way it also allowed a increase in oil speculation by big brokerage firms that drove up the price of oil this past year. No, it was not supply and demand or mid-east unrest that did that. It was specilation by the same groups that brought us the Great recession of 2007 that we are still in.
Careful Barry using GWB to defend Obama. Go back and read the excerpt you used from Bush. He plainly stated the the economy was in the dump, but, 'The One' had it all figured out how he could spend our way out of the mess. Spin it any way you want to, but, I would much rather GWB be in charge these last 3 years than Obama.
Turn out the lights the party's over. Everybody that owes more than they can pay will lose it when the banks demand payment. When 75% of the population is on the streets those that have something won't have enough guns to keep it. The sky is falling maybe not now or 12/21 but we cannot keep doing business as usual without a radical overhaul!
His watch....his fault..end of story.
Were drugs an alcohol involved?
Obama=one and done!
3 years ago today, 8/4/2008, the DOW closed at 11,734 and change. Today was 11,390 and change.
What's your point?
Did Obama drag the market down 344 points from 3 years ago, all on his own?
Let me explain the market to you...it goes up...it goes down...on any given day you have no clue what is going to happen. It's basically legalized gambling.
Place your bets, spin the wheel, there is a winner and loser on every spin.
Go Dairy Queen.
Double Fake Warren Buffet
but the bankers still end up with everything, it's a zero sum game to them..they just write off all loses and start over selling foreclosures with very little exposure to themselves..too big to fail?..of course. they are the Captains and the Kings.
5:09 - I think you may be referring to 1999's Gramm-Leach-Bliley Act, which removed many of the walls created post-Depression by Glass-Steagall, not 2002's Sarbanes-Oxley which could be considered Congress' response to the Enron and WorldCom debacles.
To the earlier commenter's assertion that our financial mess was caused by the Community Reinvestment Act (1977) - this is largely scapegoating. As someone who has authored bank CRA policies and statements, and responded on behalf of said banks to FDIC examination questionnaires, I can tell you that the CRA basically attempts to preserve access to credit facilities for low and moderate income persons, and prevent depository institutions from sucking deposits from the market they serve without addressing the viable credit needs within that market.
There was/is nonetheless, indirect chicanery associated with CRA, as community organizers (a JWP type, perhaps) quickly learned that they could effectively greenmail banks by alleging disparate lending practices (an insufficient CRA rating would hold up plans for a new branch or other expansion). Some institutions were hoist by their own petard by choosing the expedient of writing substandard loans in underserved or minority communities as 'window dressing'.
Banks with an intelligent CRA policy and implementation simply kept a vigilance to apply uniform credit standards to all applicants, irrespective of race, zip code, census tract, or neighborhood.
More germane to the present situation, IMO, was the progressive indemnification of the private sector by the FDIC, Sally & Freddy. Remember the S&L crisis? CD buyers were getting extraordinary APRs, with no reason at all to care what kind of idiots they were doing business with, because the FSLIC was going to cover them. This was bad policy, but politically, deposit insurance was a hit.
Same with the mortgage business - and the drivers of those shenanigans were bi-partisan. With no standards being required of borrowers ('Stated income' & NINJA loans) - originators pushed these notes out the doors just as fast as they could, knowing that, being packaged for Wall Street, they'd be indemnified by F/F, and wouldn't be left holding the bag. But, they would have created mountains of fee income in the process.
In the immediate aftermath of 9/11, Greenspan thought it was a splendid idea for US homeowners to unleash home equity capital like a virtual ATM to revive a slowing economy. Unfortunately, it combined with the relatively untested G-L-B to form a perfect economic storm.
Bottom line, friends, Romans, and Countrywide - less indemnification/deposit insurance results in more responsible economic policy, as lenders/depositors become accountable for proper due diligence in their respective functions.
damn donald..go write a f'n book already...wtf..?
i bet 999% of sheeple don't know they are sheeple...that's 1 in 10,000 sheeple..bahhhh..
donald your smart.
I blame Clinton and Obama.
I wish the sky would fall and hit you in the head Barry Green!
people need to realize that governments are no longer capable of fixing the economy. they are only good at screwing it up. and today's drop was due mostly to fears about Spain and Italy's failing economies, on top of our own problems. so someone tell me what Obama should've done to avoid today's action when its so globally caused?
Stocks......
Check out how Decatur ISD did in AYP......Falling....
Falling
fallin
falling
The stock market crash is going to continue because we a country owe too much money period. The stocks reflect the amount of money folks have to buy them. The 1% have all the money and the rest of us are broke. It is a big monoply game and the people lost. A few players got it all and they have no compelling reason to play again!
Donald, You lost me at I think.
5:09 stands corrected as to the date and name of the banking act. I appreciate the detailed explaination if some what over the top. Remember the audience you are talking to. I stand by my contention of deregulation of banks and wall street over the past 25-30 years has caused more harm than good for the average person. Look at the scandels that have plagued us during that period. Savings&loan,Enron, Madoff etc. We are headed toward a wall street/banking oligarchy not a republic. Our economic system is becoming less and less based on capitalism with reasonable regulations.
dang Barry you must be a smart som bich
His watch....his fault..end of story.
5:42 PM
So does that mean Obama gets all the credit for taking out OBL?
Bush claimed the man responsible for 9/11 wasn't important.
7:21 - yeah, he's almost as boring as Wordkyle.......facts, facts, facts, blah, blah, blah......
Jeterville: I agree with you. I am debt-free, have WORKED HARD to achieve that status, and have guns. I do plan to protect it and I do agree those who are still in debt better stop running it up and get busy paying it off.
hell yea he gets credit for taking him out on his watch..but imagine if you will..what would history look like if obama were president on 911..??
I am also debt free and it is scary sometimes because I do have a large line of credit that if maxed out..I'd soon be bankrupt..who will save my ass..?
it would be King Hussien, Sadam Hussien, and Barry Hussien, and don't forget Oudey Hussien would still be on the loose...praise Alla praise Obama..you fools
the devils double looks like a bad ass movie.
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