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Merrill Lynch is being purchased by Bank of America for $44 billion.
The market will plunge. The dollar will drop. Oil prices will shoot through the roof and gas will be about $5/gallon with heating fuel being too high for most to afford.
Farmer's almanac forecasts a hard winter. There was a hurricane this weekend disrupting gas supplies. See what happens when financial institutions do what they've been telling us to do all these years: I'll put that on credit. Eventually, you have to pay. The Treasury knows it can't buy this one out.
Some companies have well-known problems. Among those are Washington Mutual, AIG, Sallie Mae, and Citigroup. All of them may cease to survive in their current configurations.
the government will come and bail them out... because if they don't.. china and every other creditor will swoop in and own this country.. LOL...
good ole georgie and his cronies saved us from more airplane terrorists.. but they didn't even think about our economy and market being leveraged against us. Guess paying attention in economics classes serves you better than watching john wayne movies...but tweedle dee and tweedle dum who vote in this country tend to feel better about voting for the chump who confronts every policy like a john wayne rerun...
we deserve everything we get in this country.. we have nobody to blame but ourselves...
and we'll get 4 more years of the same crap.. if we aren't in deeper sheet in 51 days... they'll finish us off in the next 4..
I'm sure the people who are planning on setting us up for more of this.. were the same people who voted for george bush 4 and 8 years ago..
if they are the majority.. then such is the direction of our country.. buy gold.. get food storage... and hope for the best
like I said.. we'll deserve everything we get
No more welfare for corporate criminals if the government rescues another huge company with American tax-payers money then we should all stop paying national taxes!
its a case of damned if you do.. damned if you don't.. if these financial giants AREN't bailed out.. the entire economy crumbles.... there is a reason why democrats promote anti-trust laws.. and its quite remarkable that durring the bush administration.. there has been virtually none.. because they like to let the "market" just determine everything..
now these companies have gotten so big that the entire economy is dependant on their success...
These companies are allowed to get so big that they can't fail.. think about it.. THAT is NOT capitalism.. when you know you are so big that every other little guy in the economy will do anything to prop you up.. you no longer have anymore risk or accountability.. their levels of greed and "fuzzy" accounting have turned out to be their own demise.. and now that there's nobody able to prop them up.. the only thing left is uncle sam... but the reality is.. its too late now.. we're up sheet creek folks.. if you haven't felt the effects of this crisis yet.. YOU WILL.. next time you try to buy a house.. or sell your house.. or get financed for ANYTHING...
The financial credit and realestate crisis cries for bigger government and higher enforcement of laws and more regulation. None of this would have happened under a Al Gore Administration.
The Republicans went insane on the degree of de-regulation they engineered, and now the chickens are home to roost.
By election day, we will be in a recession and no one will be able to deny it.
Interest rates will go up significantly, unemployment will go up a bit also. I just hope the dollar doesn't tank - or fuel prices will remain sky-high.
I think next year cooler and more intelligent heads will prevail, and additional regulation will be reintroduced into the financial markets. Since we the tax payers end up bailing out the financial institutions, they should be more carefully regulated to keep from getting into trouble.
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