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Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,828,610 times
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Quote:
Originally Posted by bentlebee
Because most people don't think any further than tomorrow or their next pay check......
I dare to disagree with that. The economy is retracting because the ultimate consumer - an american - has started to clamp the purse strings shut. Retailers are preparing for the worst holiday sales season in decades.
Because most people don't think any further than tomorrow or their next pay check......
Very true... Just goes to further prove my theory (and it's just that, a theory, because we all know how intelligent Americans really are ! ) that majority of Americans are stupid !
Banks and financial institutions took advantage of the stupidity and got a little overzealous. After making that mistake, the correction that has come from it is going to end up being the golden goose for the same institutions with which they already capitalized on ! And it all STILL preys on stupidity... Will it ever end ?!
It seems the house of cards just found some super glue, looks like it'll be standing for quite a bit longer.
I dare to disagree with that. The economy is retracting because the ultimate consumer - an american - has started to clamp the purse strings shut. Retailers are preparing for the worst holiday sales season in decades.
I was unaware that the average American spends 99 percent of their take home pay.
Are you kidding me... This whole financial crisis is pretty much because the average person spends MORE than they make... They aren't spending because their credit dried up !
“Our assessment at this time is that this (the purchase of toxic assets) is not the most effective way to use funds,” Treasury Secretary Henry Paulson told a news conference.Paulson said the administration will continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending."
Is better than junk mortgages. At least there is a stake in the Feds own assets instead of a pure trash for cash.
The best thing to do to keep stable prices is to again simply to give tax rebates to replace commercial credit debt with Federal debt aka m2 = stable.
Well, Asia sure as hell didn't like the Paulson's shell game:
Asian Markets Fall; Nikkei Drops More than 5% - Market Overview * Asia * News * Story - CNBC.com (http://www.cnbc.com/id/27686378 - broken link)
"Asian markets were sharply lower Thursday following a steep drop on Wall Street after the U.S. backed away from its $700 billion dollar bailout plan to buy up toxic assets."
will obama step up to the plate and undo this? he is now the president so it is time that he does something about this or american consumer confidence will be completely destroyed. nobody wants to invest in a bad product. this has morphed into a 5 trillion dollar bailout so far, with no end in sight. the democratic congress set this up and now obama will enact it unless he stands against it. the one power the president has is the power of the veto!
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,694 posts, read 58,004,579 times
Reputation: 46171
Its now more certain that Paulson doesn't know how to fix this (understandably), the Market doesn't like uncertainty, but it sure can dish it out....
Hopefully, the powers will get a handle on this BEFORE they hand out all the goods, I think they finally realized $700b is 'peanuts' compared to the Toxic paper. They need to shore up the credit markets and that doesn't have to include bailing anyone out. The toxic paper is gonna need to trade on the open market to clear, some people are gonna have to lose homes, some banks are gonna have to sell off (or bury) their mortgage units. Ain't pretty, but we can't be writing blank checks for every joker that pumped the system. This insurance thing bothers me a bit, cripes.... seems there should have been a limit to leverage AT LEAST in that business...
will obama step up to the plate and undo this? he is now the president so it is time that he does something about this or american consumer confidence will be completely destroyed. nobody wants to invest in a bad product. this has morphed into a 5 trillion dollar bailout so far, with no end in sight. the democratic congress set this up and now obama will enact it unless he stands against it. the one power the president has is the power of the veto!
Ah, no, Obama is not "now the president". George Bush is still the president, and will be until Jan 20, 2009.
Floridasandy, why is it that you inject your political views into every post you make in the business/finance forum? Please take your opinions over to the politics forum where they belong.
Ah, no, Obama is not "now the president". George Bush is still the president, and will be until Jan 20, 2009.
Floridasandy, why is it that you inject your political views into every post you make in the business/finance forum? Please take your opinions over to the politics forum where they belong.
I dare to disagree with that. The economy is retracting because the ultimate consumer - an american - has started to clamp the purse strings shut. Retailers are preparing for the worst holiday sales season in decades.
I was unaware that the average American spends 99 percent of their take home pay.
I have to disagree... its not that Americans aren't spending, its nobody is LOANING them money to spend... They already spent EVERYTHING they have including their savings and FUTURE paychecks... there is no money left... Its the worst holiday cause Americans aren't willing to go into MORE debt... so the choices are go into more debt and ********* you and your families future to save Big Corporation/Big Government OR you can save yourself and your family while Big Corporations go bankrupt (and Big Government can't be corrupted as much anymore without these Big Corporations)... Apparently, Big Government thinks you should go into more debt... anything for money in the CEOs and politicians wallet while you get into more debt.. great idea, huh...
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