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so that's gone tits up now
what the fuck is going to happen next?
to show the scale of the issue, and try to pass it again
wouldn't have been enough
apparently the market borrowed $940billion from the Federal Reserve just in the 5 trading days last week !
Bush is actually right about something?
from what I've read about the proposed bill it was a bit rushed and fuzzy
they'd honestly be better off giving that money to US taxpayers than injecting it into the markets/using it to buy bad credit
CREAKY WAS RIGHT!
Although, it was all pretty inevitable when you take a step back. Ah, hindsight.
which is concerning.
but this guy seemed to think that the $700billion was a done deal and would easily pass through the House
Surely it is good that people are being woken up? The problems havnt, JUST occured, they have been there lying underneath
but like most people I don't really understand them and as a result was always hoping they'd go away, or we'd just get a fairly standard recession.
It's concerning that every week this is reassessed by the experts and the possible conclusions are getting more and more extreme.
they'll be taking money off us if anything.
the S&P is down over 7%
THIS IS WHAT THEY GET FOR SUCH SHITTY EARPHOE
that will probably be in the money
I really don't know. I will watch Newsnight tonight and actually listen to it for once.
S&P down 8.5% now. This is actually starting to get worrying.
what about my portfolio?!?!? ;)
are burning it for warmth and using it as toilet paper
was the wisest move i ever made.....lulz.
do the two thirds of republicans that voted ney understand that it was a republican president that led us to this?
They don't trust each other. Unfortunately, maybe Main St will have to find out the hard way they're the left and right arms of the same dying body.
The truth is it was in the 90s when these bad policies were put into place. It wasn't Bush's deregulation that fucked us. Falling home values made it impossible for tenuous borrowers to roll-over subprime mortgages into new ones. Hence foreclosures on a massive scale. Hence the collapse of our banking system. Hence the collapse of *your* banking system. (Sorry about that Europe.)
My libertarian side says fuck em. The banks knew they shouldn't make these loans in the first place. But since they govt said, "hey, loan broke-dick dude and his wife enough money for a house cos everybody deserves a house...we'll cover it" now isn't the time to back out, eh? The govt is going to have to put liquidity back into the market. The last time we had a liquidity crisis like this we called it The Great Depression...which could pale in comparison to the World Depression we're facing in today's global marketplace. Main St has to bail out Wall St or we're all fucked.
have you heard this one?
which was circulating after the AIG bail-out
I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a We
Deserve It Dividend.
To make the math simple, let's assume there are 200,000,000 bonafide
U.S. > Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and
child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
Of course, it would NOT be tax free.
So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife team has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company that
back. And, of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of
trickling out a puny $1000.00 ("vote buy") economic incentive that is
being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every
adult U S Citizen 18+!
As for AIG - liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can "never work."
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve It Dividend more than do the geniuses at AIG or in Washington DC.
And remember, The Birk plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Kindest personal regards,
T. J. Birkenmeier, A Creative Guy & Citizen of the Republic
PS: Feel free to pass this along to your pals as it's either good for
a laugh or a tear or a very sobering thought on how to best use $85
it's supposed to be pissed away back into the market
ie pissing money away is good for liquidity
horsebox manufacturers would be laughing, but the rest of us would be finished.
or he is shit at maths.
or does 85 billion divided into 200 million parts equal nowhere near 425 thousand?
he's a few decimal places out
that's the flaw
trust a spurs fan to notice
i imagine things are gonna get alot worse before they get better...but they will get better, right?
Though it took a world war to pull us out of the last depression.
might not work.
the $700billion package would equal $3,500 each - might help
BUT IT'S TOO LATE NOW
ARMAGEDDON IS COMING
OOPs - caps lock
is what's next? --> Everyman doesn't have a job anymore. The US economy is dependant upon the financial sector. Unfortunely it isn't just AIG; it's Wachova, Wamu, and every other large commercial bank. Which would end up fucking the mom and pop coffee shop. Which means I don't eat donuts anymore. And that would suck.
but on the other hand - the Dow Jones finished 777.68 points down today
and the Nasdaq lost nearly 10% too
And you have Arnie as your Governor
I voted for the stripper.
And click on the 'Part 2' video, then drag the slider to 5m05s, keep watching, and you'll see why Jon McKnight got so much abuse from our house when we were eating our dinner tonight.
The silly twonk.
Asia stocks tumbling already
Nikkei down 5% in a matter of minutes
same in Australia and New Zealand
comment in a presidential debate speach again I will punch someone who looks like whoever said it.
but I will let them do what ever it takes to save us all from this impending doom.
thats whats happened next, seriously i didn't think anything would supprise me but them bogging off has.
Actually to tell the truth it wasnt being done in a co-ordinated enough fashion with all other countries, banks, regulating authorities, financial companies, stock exchanges and RTGS's round the globe, to be fully effective.
As it was the proposal might have brought the gov valuable breathing space to prepare.
However they've gone on holiday....how delicious.
us to avoid a holocaust, rather than say Gordon Brown/Darling/Bush/UN?
you were always a better candidate than bush.
are better candidates than bush
I'm sort of glad. It will be a welcome slap in the face for American cowboy capitalism. Their trading style and their economic system is risky, outdated and of an era of selfishness. So when it all comes crashing down, I'll laugh.
The problem is that my schadenfreude and delight at the smell of crispy fried bacon will in no way make up for the global repercussions this will usher in.
do you want your family to perish?
do you want your freinds to perish?
do you want cannibalism on the streets of camberwell?
and for those responsible to be broken down and destroyed.
It's another day of swings and roundabouts for the rich - some will lose and some will profit. They'll still be wealthy enough to see themselves through any crash, and benefit from falls in the prices of goods and labour.
Which of course is why some are quite happy to allow any 'correction to the market'.
It's the ordinary people of this world who are really going to be bearing the pain.
and civil unrest, and the fall of democratic governance, constitute 'the market correcting itself'
what you say seems to be a widely held view that is a bit blaze and falsely confident
will spare your little man.
how common this view is. It's like 'yeah, serves the bankers right'. Which is like laughing at a pilot for crashing a plane you're sitting in.
people think im a rabid trot but you dont see me saying we cant do this or that and bail out the fat cats.
People saying this are just thick turds mostly, or they listen to thick turds and take their advice from them
I don't win anything.
Ive been doing it on and off for about 25 years. The last 3 years more intensely, and for the last year with manic hystrionics when i issued a flurry of extremely doom laden threads posts and statements and comments.
All you get is people thinking you're stupid and niave, and by their refuting what you see/believe making you believe that you're mad half of the time.
I've had a vision of hell in my head for a year that I can convince no one of
I've noticed these trends too, but have only really been paying attention since 2001 properly, I admit.
I'm orchestrating a jail break from the city as we speak... I've had enough of it... more to follow in about a week's time.
tip: organic farming ;-)
On what is considered a normal days trading the currency markets have approx 3 trillion dollars exchanged (net)
This comprises of exchanges for liquidity AND exchanges for speculation (investment)
I reckon approx 3/4 is for liquidity
which means that to keep the 'Currency market' liquid from day to day over 2 trillion needs to gop back an forth (net), of course some of this might be the same money making several journeys, but still this is just for daily CURRENCY TRADING......ps this liquidity requirement is just what is necessary to do and is prompted by complex algorithms that actually calculate a non max liquidity amount, the rest of the markets are nowhere near this automatedly sophisticatedly accurate in calculating requirements.
It is my considered opinion that 700 billion is not enough to provide liquidity for the whole debt/borrowing market
so that the banks get back up on their feet again (lol at the thought)..?
this was by no means a sure fired way to fix everything.
Vince Cable has just emailed me and he says he has a plan.
Vince Cable is a pretty cool name.
does he know as much as me?
can I trust him?
I need some guidance myself you see.
fuck knows why he is a) bothering to email me, and B) thinks he can actually do something about it.
I've just read the email, he does actually sound like you:
"Gordon Brown’s response to the economic crisis has been too little, too late.
For years I warned him of the oncoming economic problems. Unsustainable levels of personal debt, mostly secured against the illusory ‘wealth' of rising, vastly inflated property prices. An economy based so heavily on debt was never going to be in a fit state to deal with global shocks like the credit crunch."