Dow drops below 11,000 for 1st time in 2 years »
Posted By ybdogsct 2 months, 4 weeks ago in Business & FinanceStocks tumbled Friday as investors focused on troubles at Fannie Mae and Freddie Mac and watched oil prices climb further into record territory. The Dow Jones fell more than 200 points and slid below the 11,000 mark for the first time in two years. Is this what Phil Gramm when the failing economy and "mental recession" is all in our heads
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ybdogsct2 months, 4 weeks ago
http://hosted.ap.org/dynamic/stories/W/WALL_STR...
"Global banks and brokerages have scrambled to sell assets and raise capital in an effort to offset nearly $300 billion of write-downs linked to the credit crisis. Meanwhile, oil continued its ascent on supply concerns. A barrel of oil vaulted to a record above $147, raising more concerns about the impact of higher prices on inflation and in turn, the overall economy.
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browntiger2 months, 3 weeks ago
That is exactly why republican party should never ever govern!
All they are is a bunch of whining crooks, that dismantlement goverment regulation, spent all SSS, created biggest corporate welfare state in the world.
Hows that for family values republican punduits:
1) Enjoy been unemployed or underemployed.
2) Enjoy your saving evaporated.
3) Enjoy your retirement loss
4) Enjoy gas prices 2x
5) Enjoy 20% decline to your house value
6) Enjoy holding money in the mattress because all banks are now insolvent.
7) Enjoy chasing your job in China & India.
Not to mention 1% work raises, not been able to afford food, and food like 3rd world country tainted with salmonella.
Republican party - is a party of crooks and human scum.
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Klarissa2 months, 3 weeks ago
from http://www.factcheck.org/search/
How many U.S. jobs have been lost since the inception of the North American Free Trade Agreement?
July 7, 2008
Actually, nearly 25 million jobs have been gained. Nearly all economic studies say NAFTA's net effect on jobs was negligible.
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Luis-CiferComment removed: User banned.1 Reply
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engineer2 months, 4 weeks ago
I'm not surprised. Ever since the banks became deregulated, this was bound to happen.
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SwampFox-82nd2 months, 3 weeks ago
If I hadn't read your other wise posts, I'd think you are one of the ignorant. I indeed know the wisdom of your post. MrCoffeeCake, where do you find these little morsels to demand thought be given? You are one funny baker, my cool friend.
Forgive my ignorance in not understanding the truth of the messenger? You one funny and crazy fox...but, lets not embarrass our ol' SwampFox, 'kay???
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Luis-CiferComment removed: User banned.5 Replies
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CHAM2 months, 4 weeks ago
Ladies and Gentlement, a Financial strain is on its way, despite some protestations from Bushies that it isn't true.
And the Stock Market has been kept up by some of the "Samples" that make up the averages.
The real pain is being felt at the checkout counters and the gas pumps. The reality is that this pain flows uphill to Corporation buyers and accountants.
The Iraqi war has sucked the life out of our economy. All corners have been cut and the rutted road lies ahead. And it all came about because a runaway Administration and certain of their top echelon - their base, War Industry, Energy Corporations, and zealot Religious Groups decided that the World was ripe for their taking.
Unfortunately for you and me, we are receiving the bill.
Doubly unfortunate is the fact that there are Bushite worshippers out there that still haven't seen the light.
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MRCOFFEECAKE2 months, 4 weeks ago
But it's Clinton's fault.
now they're all going to fire their maids and THAT will set off serious unemployment. They only worry when their precious bank account is finally rattled.
They never care what leads up to it.
Now is time to do something, because they may have to let a few crew members on their yacht go.
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Luis-CiferComment removed: User banned.2 Replies
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hyperbola2 months, 4 weeks ago
Meanwhile the Bush administration are making sure that it is average Americans and not their corrupt banker friends that will pay the cost of their crash. So Georgie jr. produces the same kind of rip-off as his father (Savings and Loan scandal).
Bernanke, Paulson outline strategy to make working class pay for Wall Street crisis
In speeches delivered Tuesday, Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Henry Paulson outlined the ruthless class policy being carried out to place the burden for the financial and housing crisis on the backs of working people....
http://money.propeller.com/story/2008/07/11/ber...
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hyperbola2 months, 4 weeks ago
From The Bad To The Really Sinister
The first half of the year is over, and now all those brokerage accounts and retirement accounts will be sending out statements to hapless account holders, and it is bad news in spades. This is why the Plunge Protection Team (composed of the US Federal Reserve, the Treasury and bank insiders) tried to drive the stock markets up on Monday, June 30 - to make those account statements look not quite as bad, and, hopefully, prevent people from dumping all of their stock and bond holdings in a desperate attempt to save something before the whole idiotic, fiat-currency, unlimited-fractional-banking thing just collapses....
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hyperbola2 months, 4 weeks ago
...a new study from the Bank for International Settlements (BIS) noted that a plunge in the dollar "may happen", as the dollar has slid 14% against the euro in the past year, handing foreign investors in US dollar assets "big losses measured in dollars, and still bigger ones measured in their own currency", and which is making people so nervous that "a sudden rush for the exits cannot be ruled out completely."
... "US banks have suffered US$391 billion of losses and write-downs from mortgage-related securities since the start of 2007, according to the data compiled by Bloomberg. US banks could lose another $300 billion on real estate loans during the year ahead."
What makes this $691 billion loss so special is that "such losses could jeopardize balance sheets because the US banking system had only $1,350 billion of equity capital". Hahaha! They've lost two-thirds of the banks capital! Hahaha! Morons!
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AtheismIsRealityComment removed: User banned.
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dunkirk2 months, 4 weeks ago
Its kinda odd I never hear the Halpha bunch commenting on this after being so voval about the internet bubble under Clinton, which was kinda done the same way speculators trying to make a fast buck on companies that never made a dime.
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bruhaha2 months, 4 weeks ago
As others have said, they've slunk off trying to find a way to blame Clinton for this too.
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Grrr2 months, 4 weeks ago
Big difference. The internet bubble crashed because the companies invested in were BS in the first place. Foolish investors, period. But the capital they invested was REAL. Completely different thing now. Gas and food are skyrocketing not because of shortages, but because the dollar has fallen so hard due to deficit spending and bad investments consisting mostly of credit with very little real capital involved (allowed because there's no regulation, the ratings agencies have been lying through their teeth for years about how out of cash the banks and investment firms are, and it was such a "sure thing" -- HA), and big oil and big food are global markets. And the cost of oil will drive up everything in markets that are pretty much purely domestic and local, because most of them are so effected by transportation costs.
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tchef2 months, 3 weeks ago
The mortage industry is in trouble because the mortgage companies where selling mortgages to people who couldn't afford them. I would say that that is the same thing as investing in a company that was BS. The big difference is that they knew this would happen and they are counting on the government to bail them out.
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Grrr2 months, 3 weeks ago
Good point. People are always stockpiling weapons and forget about the massive quantities of ammunition they will need. It's best to keep just a few similar caliber weapons and a huge cache of multipurpose ammunition. Preferably something with some stopping power, yet respectful of the meat.
Praise Bob.
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saneman2 months, 3 weeks ago
Had you converted your dollars into Euros, you would have doubled your money over the last couple of years. The dollar is going by way of the Rouble unless the U.S. continues to strong arm other countries like it did to Iraq to make sure that the dollar continues to be the currency.
What's ******ing off the U.S. concerning Iran has way more to do with Iran's threat to sell its oil in Euros rather than building nuclear weapons.
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mmrhe2 months, 4 weeks ago
Who would've thought in our time we would see this? I've been wondering all week as the Iranians fired missles in the Straits why the price of oil went down!
If that doesn't highlight what a scam oil prices are, nothing will!
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CHAM2 months, 3 weeks ago
Wierd things happening in the Financial markets. But there is one certainty. If a way can be found to make me and you pay so that Wall Street boy don't lose, it will be done.
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mmrhe2 months, 3 weeks ago
Luis-Cypher
First off the name is a rip-off. Yeah I saw that movie too. Secondly, it's fitting that someone like you would kneel before the altar of unfettered capitalism!
I mean bring back the good ol' days of child labor right my brother!?
Futures Markets are great for those with access to the various ways to manipulate prices.
And if it wasn't unregulated speculation (re:Fraud!) that got us into this mess, exactly what did genius?
PS: Greed doesn't count lizard boy!
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Luis-CiferComment removed: User banned.
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canadianrancher572 months, 3 weeks ago
The Dow is supposed to be a signal to what is going to happen in the future and yet much of the movement is based on facts from the past. When I look at what I consider the driving force behind your economy I do not look at the Dow but look at the consumer. The American consumer is just about tapped right out and I fear by next spring the picture will be far worse, the prices that are going to have to be charged for everything are going to move up dramatically in the near future and we are also going to see a hefty increase in local and school taxes as they try to cover costs. There are people out there who are using new credit cards to purchase gas for their autos hoping that the price will go down, but once the limit has been reached it is just another debt. A really cold winter in your country is going to cause people real problems with trying to decide whether to buy fuel or food. By next summer we could see a really scary situation as the middle class becomes ever poorer.
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Klarissa2 months, 3 weeks ago
You say, "The American consumer is just about tapped right".
Has it occurred to you that the American consumer has been on a buying spree for the last 6 years and doesn't need another TV, another stereo, another fancy icewater/ice cube refrigerator, game boys for their kids.
If you weren't so young you would remember when going out to eat was a once a month luxury, or saved for birthdays and anniversaries. You would know what it was like to not have show time or cable - good old rabbit ears. And a car for your teen - forget it. And $3 for a cup of coffee - make it at home.
The spoiled generation who thinks that deserve right now what their parents saved for for years.
Just what do you think the American is not going to be buying that they would if they could??
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canadianrancher572 months, 3 weeks ago
klarissa-I will agree that many American consumers are guilty of what you said but if they had not been your economy would have stalled many years ago. As for me my accountant asked me for my reciepts for entertainment and meals out when he did my income tax and said that the government would not question any amount under $1,000, this amount to me was a joke since we don't eat out, don't take trips since I work everyday and as for my car it's a 1993 mercury. My income is considered below poverty level and yet I am getting along fine am even able to save money. I learned to say NO to myself and family years ago.
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canadianrancher572 months, 3 weeks ago
In the sixties there were what they called race riots but the riots were more the result of economics difficulties cause by race, (unequal pay for similar jobs), this time it is going to be more of a class thing. The fed has a difficult choice, the bailout that is before them is not a bailout of just the rich but a bailout of all in your country and the country itself. The only solution left is to print money and to impose very strict guidelines for borrowing. the printing of money will cause hyper inflation and cause your currency to fall but the debt that your county owes is mostly in American dollars which would help it, and maybe inflation would help people pay off debt if wages grew to keep up with it and borrowing was limited. You have been living on borrowed time for quite some time and now it;s time to pay the piper.
Those who are to blame for this are the central bank, federal reserve and the treasury dept for using no discipline so that some people can become rich.
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canadianrancher572 months, 3 weeks ago
Klarissa- the debt that has been run up by your government has to do with the greed of who. I'm curious about the amount of money handled by the government compared to large business. The over spending by government is to be blamed on all governments not just libs. The spending over the 8 years has gone up 68 pec cent this is part of what Im talking about, no financial responsibility by anyone, libs or cons.
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fsev412 months, 3 weeks ago
Klarissa, wasn't it G. W. Bush who encouraged us to "spend, spend, spend after 9/11 to keep the economy energized? Wasn't the wonderful economic stimulus check we got (paid for by credit) supposed to be spent so as to reinvigorate a slow economy? Apparently a lot of people were listening and thought if they bought, bought, bought everything would be OK. Bush economists and a congress that was too worried about getting re-elected went along with the stimulus fantasy. It's fairly obvious how effective it's been.
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Luis-CiferComment removed: User banned.1 Reply
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Luis-CiferComment removed: User banned.1 Reply
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mmrhe2 months, 3 weeks ago
canadianrancher57
The problem is wages won't go up because of rising costs. It looks like we're headed toward another round of Stagflation with flat growth and rising costs mostly from energy.
And Klarissa you missed the point. The economy is driven by consumer spending like it or not. Do you really believe consumers aren't spending because they have everthing they want?
Let Them Eat Cake Klarissa!
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SwampFox-82nd2 months, 3 weeks ago
My fellow American, Luis is not his name. His real name is Lucifer. What he doesn't know is I have already been there!
I met the piece of garbage in the Swamps of South America, '61-'62. He was a coward then, he doesn't change his colors.
He and his minions had battle with us long ago. We kicked his sorry ass then, we'll do it again.
Today, he is playing like a real American. This man is garbage, I know this personally.
Now, it's best I be banned from this cool group. These scum post their garbage as though the world was built upon it. They are all lying. Had they bothered to read our history, they would know you are well versed in their meager attempts of evil over truth. Who the hell do they think they are?
If the Truth came before me, even at sixty-four, would you not think I would know the difference between Blessed Truth and a lie???
Those morons running-off at the mouth will not agree...
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