Yesterday the doomsayers (aka the doom and gloom leftist liberal media) were all screaming how the world was ending, that we were in a financial melt down, the start of a Depression yadda, yadda yadda. All because the silent majority got on the phone, on their fax machines etc, etc,and told Washington NO on the Bailout. The Wallstreeters panicked and the market dropped 778 points, something around 7 percent. The doom and gloomers were all saying that today (Tuesday it would drop another 1000 points.
Well the sun came up in the East (as it always does), and gosh smart money looking at the basics of the American economy decided no, the sky wasn't falling, the free Market was just doing its thing---and voila, today the market went up big time. Further, consumer confidence index for Sept went up from the month before, The dollar grew stronger against the Euro. It also was noticed that the failure of Washington Mutual bank, resulted in JP Morgan buying it up, and the bank didn't even close, but just kept doing business, nobody lost any money---and that was the biggest bank failure in the history of the United States----also financial guru's are starting to say there is plenty of available money around (note JP Morgan having just bought up Washington mutual had no problem raising 10 billion dollars -----the FDIC has about 250 billion dollars to back up bank failures, and as such can handle 4-5 big bank failures a week for a long time (all accounts are insured up to $100,000)----so maybe just maybe we don't need to panic and run up a trillion dollars of debt payable by the taxpayers-----??-----MAYBE, we should just let the market finish correcting and let congress pass whatever legislation that needs to bed past to prevent the greedy distortions from happening again. No golden parachutes for those banks that fail, maybe some legislation to assist home owners keep their homes due to layoffs or major illness (no bailout for those that just flat speculated on ever increasing housing prices and got caught being greedy) Let applaud the silent majority that kept our congress from totally panicking to the leftist media's attempt at creating a crisis that really isn't as bad as they would have us believe. No BAILOUT of those greedy firms, not with taxpayers money anyway.
Tuesday, September 30, 2008
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ReplyDeleteYou seem to forget it was the Republican Administration that started all the doomsday talk. The Market tanked more because of the actions or inactions of Bush and his band of clowns. But who cares what Wall Street does in one day or two? Trends are what matter. At this point a trend is forming, but how deep it hits is anyone's guess.
ReplyDeleteI did not favor the bailout, but one fact many folks do not realize is that this bailout was not designed as a money giveaway. It was an aquisition of risk that does have the possibility of returning all the money used plus a profit. These type of government infusions of cash have a very good record of positive returns down the road. But I am still against it.
Who might this "silent majority" be anyway? Who they really are were the people who actually spoke up. Hardly a majority. The majority is still trying to get their brains around what is going on.
The negativity blossomed about three years back, when Pelosi and Reid took over leadership of The House and Senate---also about the same time as Obama began his run for the presidency. The liberal leftist media has been beating the drums negatively about the country ever since-----but we agree, the bail out is no good for the american tax payers in the long run.
ReplyDeleteDo you even care that the negativitiy was about a real problem created by Bushco? Maybe we should have listened back then and not waited until the house was completely on fire. But then maybe you are a "shoot the messenger" kinda guy.
ReplyDeletethe sub prime fiasco we have today was made possible by the repeal of the glass seagull act, which was done under Clinton's regime. That coupled with the leftist agenda of agitating for more and more unqualified people being given loans, well here we are today with the result of all that (and yes both republicans and democrats can share the guilt), the point is what andhow are we gonna resovle today's mess. The lefties want the government to bail out the bad companies at tax payer expense, the republicans are more inclined to let the bad companies sink in their own bad decisions, and not lay the cost on the tax payers. Today we have Reid in the Senate trhying to come up with one version of a bailout bill, while Pelosi is tryhng to get another vote on the same package that got rejected on Monday---seems the lefties are having problems getting their act together. Meanwhile back in the real world life goes on, and it would seem the world isn't ending afterall like the leftist liberals would have us believe, consumer confidence is up in sept, Washington Mutual failed and was bought up by JP Morgan, (who then went out and raised 10 billion bucks----banks will lend money if the lendee has decent credit it seems, only the poor who can't afford a loan are caught up in the sub prime problem. Housing prices are falling but at a slower rate than they were indicating a bottom is forming----meanwhile the donks leading congress continue to run around saying the sky is falling, the sky is falling----its not that bad people----don't let the leftists panic ya.
ReplyDeleteWhy is it that when push comes to shove democrats always turn to Bush for the problem of the country. I always find this interesting. This all started with Bill Clintons glorious reign. I recall that in 1997 is when housing really took off and every year I wondered when the bubble would burst. I knew people buying property after property without ever living in them. Buying expensive cars, boats etc. Bush came into office and inherited an enormous mess with not only the corruptness of this Democrat party but the democrat congress for the last 3 years who is in bed with the most unscrupulous people around. A good portion of them who have also made millions with their own guilt but you don't hear the liberal media saying a thing. Barney Franks, Jamie Gorelick to name a few. Millions!!! I am so disgusted and yet they want all this money to go to Freddie and Fannie Mae where their CEO made over 90 million dollars in 3 years. Hello!!!
ReplyDeleteI am sorry Macrum but ignorance about what is happening politically just bites my butt. Why don't you listen to different people to get both sides instead of listening to only left, left wing radio and tv programs if you even do that. I challenge you to expand your mind. Turn on talk radio and I am not trying to change your mind about your vote but please understand what we as REpublicans have been dealing with for over 30 years these last 8 being dispicable and foul tasting. I can't seem to wrap my brain around all of your thinking.
The silent majority is people like me and Gary. This would be the biggest failure in the history of this country to bail us out. THis surely would lead us into a depression because as soon as Barry gets elected and claims he prevented the collapse of this country and raises taxes so astrononically on the AMerican people (small businessman) you will see the collapse of these businesses and the failure of this country.
I want to say that I am against bailing out these institutions that have been doing whatever it took to make a big buck. I do feel sorry for the homeowners that are affected by this but the majority of people that I know personally that are losing theirs houses are those that borrowed against their homes and purchased other homes speculating on turning them over to make big money. And then there are those that bought a new home and are tired of making those big payments and are realizing they over bought and would prefer downsizing and are now taking advantage of getting out of their mortgages. So here we are, the Senate and Congressman are saying that this will be an investment not a bailout. HA! I have no doubt whatsoever that I will ever see that investment profit returned to me at some point. I can envision bigger government, bigger programs and handouts, but a return for what I contribute personally - NaDa. Melanie
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ReplyDeleteTish - If ignorance bites your butt, I might ask you how does it taste? You seem have plenty for the both of us.
ReplyDeleteThe leftist will never admit they are ever wrong in their thnking, with them all things negative must be attributed to Bush---when confronted with facts they will blink at you, and mumble, "well they are all crooks"---Ask yourself this question, if we depend on government to hand out welfare for this and that, and we keep adopting new programs to give to those who do not work to earn it---who is gonna pull the wagon, once we are all on the wagon waiting for the government to give us are allowances??---if a government program doesn't pay its way---then who needs it?? All our problems today can be laid at the feet of one or another government handout. Just look at all the pork (aka bookmarks) they have loaded onto the so called bailout bill they just passed, serious look at thge hundreds of millions of dollars that congress has added---vote for McCain, and get the budget ax sharpened people.
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