September 30 at 1:11PM
The Mood on Wall Street
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The Bail Out a Ponzi Scheme with the taxpayers the last guys to sign on. All we have to do is find some old AMWAY salesmen to unload this bad paper after we buy it.
Democracy works if the Senate and House sense that 100 to 1 persons are against the PONZI Bail Out. Otherwise there are a bunch of crooks scheming to make themselves rich running the Congress. Is this Niave?!?
should photoshop a bunch of people raining in the background.
Of course it would be precisely ironic if a plummeting executive killed the sign holder. I'd laugh.
What about the executives who have to jump because there is a program?
White men cain't jump, my friend.
Not One Penny, Unless Speculators & Market Abusers, are Dealt With First.
I'm sorry. I"m just not convinced. Didn't Hoover throw money at the stock market, in a desperate attempt, to fix it? The depression ensued, and America was even worse off.
I'm sorry. I really, truly hope I'm wrong, and we're not gonna just heap $700 Billion cow dung patties at the fan and watch them disperse, worldwide, into the hands of speculators, and people who game the market up, then down, and watch the dominoes fall, as they pocket the gambling money.
I know the financial people's heads are exploding right now, but most of America doesn't really have that much money to invest in the stock market, we're losing our homes, our jobs, and if we haven't declared bankruptcy, the cost of energy and gas has become the only extra expenditure we can afford. Forget going to Disneyland, forget the vacations, forget all the extra stuff we used to be able to afford. We reached our credit limit, long ago, and maybe it's time to say the same thing to Bush, and this mile high debt we're already facing.
Yes, I feel fear, about what could happen to Main street, but aren't Main street's banks, local banks, doing just fine? In fact, investing locally, may be our best solution. I don't want to bail out the world, or world markets. I have a strong, strong feeling, that this bailout is a trap, for Democrats, and I have a sinking feeling, that the market is going to crash no matter how much money we throw at it, because we have speculators abusing the system, and creating a rigged market that they can play like a violin.
I feel like this is almost like blackmail – "ooooh – bail us out, or everything is going to crash! Panic! Gimme the money now!"
I just don't trust that. It's waaaaaaaaaay too much money to just throw around at these crazed ants on the NYSE floor. I'm sorry.
Give me a bill, that creates jobs. Give me a bill, that creates wealth, starting with a mighty foundation, from the BOTTOM up, not just expect the greedy, to spread the wealth. No. It is the prosperous workers and the average joe's of this country, who buy stuff and get the economy rolling. If we have a hard time finding a loan, then set up a Wall Street Welfare Fund account, and let us borrow from the $700 Billion.
I realize, I'm ignorant. I realize, I'm no expert. But it just seems like common sense. We're supposed to roll the dice, and toss this money, into the abyss of these crooked bankers? Before we've cracked down on all the corruption, short selling, speculating and gaming the market? I don't think so. Some may think the tide has turned, and that people are becoming sufficiently scared out of their minds, by the mania about the crash, but many, many people are also planning to flood Congress, with calls, tomorrow. No bailout.
If they want to fix the market. Be smart about that money, and create opportunity, ot just a line of credit. Sooner or later, it'll it be time to pay it back. Without jobs, we won't be able to afford that, either. If there's a way to fix this through the FDIC, which the Democrat from Ohio who opposed it, says, then let's do that. The Republican from St. Paul says too, that they were able to deal with the crisis in the 80s, and she was a tax lawyer, with a lot of experience with banking. I think, the Washington Establishment, both Democrat and Republican, are falling for a chicken little scenario, that yeah, is an ugly situation, but bailing it out, could be even worse.
I know there's a lot of pressure, and I almost caved in, thinking, oh no, what if I'm wrong, and what if we don't bail them out and what if what they're saying is true. But, every time they predict economic Armageddon, Wall St. figures it out, and they press on, and eventually, bounce back.
At this point, I do believe them, there is a credit crisis, and yes, the news is bad, and yes, I do believe we need to address it. But rushing into some foolhardy – throw money now, ask questions later, plan just isn't wise. I don't think it'll fix anything. I think it'll sink us into a worse hole, that will be harder to crawl out out of, and, it may not even fix Wall St., as long as the speculation and the short selling and the gaming of the market, continue.
I also think that Bush and Paulson are trying to postpone the inevitable economic depression, until after January, so whoever becomes president, will have to hang that on their head. I'm sure Paulson would have loved to have kept on saying "the economy is sound" all the way up until the new president was swore in.
It's not, and as long as Wall St. remains corrupt, no amount of bailout money, is going to fix that.
Our credit limit has been reached, why hasn't Bush's? Let's take a look at what's happening on Main Street. We don't need another line of credit, that we can't even qualify for. Who's to say, that once they grease the wheels of these banks, that they're not gonna create even more "toxic papers" that are worthless? They close their doors before the 5 years is up, and guess what? They skip out on their responsibility, to pay it back to the American People.
I'm sorry, I just don't buy it, that Bush is looking out for our best interests. Sure, investors on Wall Street, the same damn speculators, who helped game up the price of oil? Sure. I'm sure it'll help them, to keep the status quo and orgy of manipulation going, but us? No.
Let it crash. Let the price of oil come down, let the price of everything come down, to where Main street can afford it again. If you're worried about us getting loans, then let us apply for a piece of the Wall Street Welfare Fund. At low interest, and while you're at it, help us repair these toxic mortgages, so people can stay in their homes.
Some thoughts to ponder. Double digit inflation was already predicted, before the bailout news. What happens if they just print more money? Or, do they plan to put us deeper in debt to our loan shark, China. When will the market manipulation stop? Speculators gamed up the price of oil, and this country is seriously suffering.
From Market Oracle: "US Heading for Double-Digit Inflatio – Like the Burns Fed of the 1970s, the Bernanke Fed is trying to avert a chain reaction of failures. Like the decision-makers under Burns, the team under Bernanke is talking the talk of moderation, while walking the walk of inflation."
From Business Times Online :
"A leading oil industry executive has blamed speculators for driving the price of oil to record highs. Peter Voser, finance director of Shell, said that he believed that soaring oil prices were being driven by speculation and political tension, not a lack of supply. “We find it hard to explain oil at $100 a barrel. I don’t see anyone queing for fuel and nor are there any physical shortages,” Mr Voser said. “The price seems to be driven by some speculation and also has a political premium in it, rather than actually some of the fundamental drivers,” he added."
I don't always agree with Michael Moore, but on this, I'd say he's on the money:
"Having read further the details of this bailout bill, you need to know you are being lied to. They talk about how they will prevent golden parac hutes. It says NOTHING about what these executives and fat cats will make in SALARY.
According to Rep. Brad Sherman of California, these top managers will continue to receive million-dollar- a- month paychecks under this new bill. There is no direct ownership given to the American people for the money being handed over. Foreign banks and investors will be allowed to receive billion- dollar handouts.
A large chunk of this $700 billion is going to be given directly to Chinese and Middle Eastern banks. There is NO guarantee of ever seeing that money again.
… From talking to people I know in DC, they say the reason so many Dems are behind this is because Wall Street this weekend put a gun to their heads and said either turn over the $700 billion or the first thing we' ll start blowing up are the pension funds and 401( k)s of your middle class constituents.
The Dems are scared they may make good on their threat. But this is not the time to back down or act like the typical Democrat we have witnessed for the last eight years…call them now and say " NO!" If we let them do this, just imagine how hard it will be to get anything good done when President Obama is in the White House. THESE DEMOCRATS ARE ONLY AS STRONG AS THE BACKBONE WE GIVE THEM. CALL CONGRESS NOW.
I was watching the Bureau of Engraving presses on a video clip on CNN. They seemed to be printing $100s in sheets. I took a guesstimate that they were printing about $2500 a second. Let's say they can print $100M a day. That means that $700B will take 7000 days to print. I'm beginning to wonder if we can print money fast enough.
where did that come from?
@brett – do you mean where did the video clip come from? If so, it was one of their stock video clips that CNN show whenever they talk about the Treasury. I was just watching it and wondering how fast we can print money. It was just speculation on my part. Did I get your question right?