| Sep 15 @ 1:11 AM |
U.S. Financials crumbling?
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grumblebear
Posts: 10,491
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Bear Stearns, Fannie and Freddie, Lehman Brothers, Merrill Lynch, WaMu...
So many major institutions are crumbling, the Fed no longer has the funds to bail any more out, FDIC does not have enough funds to protect the funds in the banks expected to fail...
there is talk that the Federal Government may have to default, and file a form of bankruptcy...
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| Sep 15 @ 1:12 AM |
U.S. Financials crumbling? |
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KatiefromStafford
Posts: 2,266
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Darn, I haven't moved to the farm yet... poo.... 
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| Sep 15 @ 1:24 AM |
U.S. Financials crumbling?
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rovingnet
Posts: 1,180
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[QUOTE]there is talk that the Federal Government may have to default, and file a form of bankruptcy...
Best thing that could happen, perhaps then people would show some initiative and kick the 545 criminals in DC out...people in their respective states would have to purge their own gov'ts ... and restore the Constitutional Republic... Individual Freedom might even make a comeback! Of course, all the whiney and self loathing enemies of the Planet would have to get off whatever drugs they are on long enough to forage for food... BUT hey, might be a good thing.
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| Sep 15 @ 1:26 AM |
U.S. Financials crumbling? |
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KatiefromStafford
Posts: 2,266
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Wow, I wish Mom and Dad were around. I bet they would have some insight on what to do now... this is gonna be bad...
Rov, you are too young to remember the depression.. it was no joking matter..
Mom used to tell me stories.. 
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| Sep 15 @ 2:05 AM |
U.S. Financials crumbling?
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Angel54214
Posts: 14,056
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Obama Calls on the Bush Administration to Guarantee Taxpayers Do Not Pay Fannie Mae and Freddie Mac CEO Severance Packages
http://obama.senate.gov/
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| Sep 15 @ 2:08 AM |
U.S. Financials crumbling? |
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KatiefromStafford
Posts: 2,266
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Darn straight! They drove them into the ground, now they get to walk away with millions while we bail out Mac and Mae? I don't think so!
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| Sep 15 @ 2:43 AM |
U.S. Financials crumbling?
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Novalite
Posts: 3,092
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Obama Calls on the Bush Administration to Guarantee Taxpayers Do Not Pay Fannie Mae and Freddie Mac CEO Severance Packages
That probably got him another 2% vote. And, rightfully so. McCain missed the opp.
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| Sep 15 @ 3:09 AM |
U.S. Financials crumbling? |
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KatiefromStafford
Posts: 2,266
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As soon as I get home from work, I am turning on CNN. This is gonna be a rocky day...
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| Sep 15 @ 3:21 AM |
U.S. Financials crumbling?
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Novalite
Posts: 3,092
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I think so. Harping up here how insulated we are and crap. I don't believe that. They have 25 year old kids buying half million dollar houses on 40 year mortgages that are paying $2000 a month which is nothing but interest, all figuring that the oil economy will solve all problems but nobody accounts for what nobody expects.
Scary for some. One of the rare times I'm glad I'm fluid. 
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| Sep 15 @ 4:54 AM |
U.S. Financials crumbling? |
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rovingnet
Posts: 1,180
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Yeah, my mom & dad and my grandparents used to tell me stories about the depression... let's see they grew their own food... had their own smokehouse and fruit cellars and did quite well without the gov't tellling them what the hey to do... and without depending on the gov't to feed them... Not that that would cross any of the pampered, lilly livered, whiney, subserviant, cry baby, slaves to the techno age minds... much less get them to put their ass to anything as dirt as farming or hunting...
And everyone in the communities chipped in to help each other out like real folks do...
I was 10 before we moved out of the ghetto area and I never knew we were poor because my folks knew how to keep a veg garden and dad & I would go to the smoke lockers and wheel & deal for meat... & go hunting and fishing...
For everyone who doesn't know already the Great Depression figures weren't as bad as the last two so-called repressions here in the States.
Geez! What a bunch of pansies... Best learn to grow some food and hunt for meat... you may have to... course you may have to forfeit your cable tv and blackberries...
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| Sep 15 @ 5:02 AM |
U.S. Financials crumbling?
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KatiefromStafford
Posts: 2,266
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yeah, dang, there goes my internet..
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| Sep 15 @ 6:12 AM |
U.S. Financials crumbling? |
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Nightowl001
Posts: 4,134
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For everyone who doesn't know already the Great Depression figures weren't as bad as the last two so-called repressions here in the States. Actually, the repressions in the United States were much worse during the Great Depression. People were often fired for just talking about unionizing, for instance. There was no minimum wage until 1938, and employers could come in and say, "Hey, it was a bad week. I know I said I'd pay you $3.00, but I'm only going to give you $2.(Yes, for the WEEK) and there was nothing they could do but swallow it or quit. And if they quit, there was a line waiting for their $2, and they would be at the end of the line for someone else's $2. The repressive "McCarthy Era" was pretty terrible, too. A big step backwards in civil liberties about that time.
But then, I suspect you didn't really mean repressions. 
[Edited on 9/15/2008 6:14 AM]
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| Sep 15 @ 6:13 AM |
U.S. Financials crumbling?
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Nightowl001
Posts: 4,134
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double post
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| Sep 15 @ 8:18 AM |
U.S. Financials crumbling? |
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vinnytmd
Posts: 6,004
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Leahman Brothers bankruptcy will have little effect on consumers. They are investment bankers and underwriters. It is actually a good thing that they were left to rot.
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| Sep 15 @ 8:58 AM |
U.S. Financials crumbling?
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Gallows_Humor
Posts: 8,063
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see ...I knew vinny had a brain after all... 
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| Sep 15 @ 9:05 AM |
U.S. Financials crumbling? |
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Nightowl001
Posts: 4,134
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If he had a brain, GH, he would have spelled Lehman Brother's correctly.
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| Sep 15 @ 9:07 AM |
U.S. Financials crumbling?
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Gallows_Humor
Posts: 8,063
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I heard "it" goes both ways...depending on what side of the world "it" was from....
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| Sep 15 @ 10:16 AM |
U.S. Financials crumbling? |
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Angel54214
Posts: 14,056
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Was just reading this that came in on Wall Street:
McCain: Wall Street woes point to regulation reform
JACKSONVILLE, Fla. - Wall Street turmoil underscores the need to overhaul "the outdated and ineffective patchwork quilt of regulatory oversight in Washington," Republican presidential contender John McCain said Monday.
In a statement issued in advance of market openings, the Arizona senator said he agreed there should be no taxpayer-financed bailout of Lehman Brothers even as the investment banking giant faced the specter of liquidation. Meanwhile, Merrill Lynch was selling itself to Bank of America for less than half of the iconic brokerage firm's recent value.
"It is essential for us to make sure that the U.S. remains the pre-eminent financial market of the world. This will be a highest priority of my administration. In order to do this, major reform must be made in Washington and on Wall Street," McCain said in his statement.
He added: "The McCain-Palin administration will replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street. We will rebuild confidence in our markets and restore our leadership in the financial world."
The GOP nominee underscored his message with a new campaign television commercial titled, "Crisis."
It said, "Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it. Tougher rules on Wall Street to protect your life savings. No special interest giveaways. Lower taxes to create new jobs. Offshore drilling to reduce gas prices."
Details about the size and location of the advertising buy were not immediately available.
Over the weekend, advisers both to McCain and Democratic rival Barack Obama said they did not favor a government bailout of Lehman Brothers like that previously provided to Fannie Mae and Freddie Mac. The government also help engineer the recent sale of Bear Stearns Cos. to J.P. Morgan & Co.
"I am glad to see that the Federal Reserve and the Treasury Department have said no to using taxpayer money to bailout Lehman Brothers, a position I have spoken about throughout this campaign," said McCain. "We are carefully monitoring the financial markets, including the duress at Lehman Brothers that is the latest reminder of ineffective regulation and management. Efforts must also be focused on ensuring that the deposits of hardworking Americans are protected." http://news.yahoo.com/s/ap/mccain
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| Sep 15 @ 11:13 AM |
U.S. Financials crumbling?
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RareQuestor
Posts: 1,506
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< blink >
What regulation? I'm willing to bet that quite a bit of this mess is due to the extensive deregulation that occurred during the 1980's & 1990's. I also wonder whether this situation is actually worse than it might be otherwise due to the merger mania of the '90's. If there are ten different banks and one or two fail, the effects will be limited. If there are only five banks, however, the consequences are much more severe.
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| Sep 15 @ 3:03 PM |
U.S. Financials crumbling? |
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kattsmeow
Posts: 21,272
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... let's see they grew their own food... had their own smokehouse and fruit cellars and did quite well without the gov't tellling them what the hey to do... and without depending on the gov't to feed them.
They? Lol, I did this as my sons were growing up.
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