Clearly I love being confused and speechless.
UPDATED with Pelosi The Raging BITCH
Because I just can’t get enough of the bailout/mortgage meltdown/we’re-all-gonna-die square dance of insanity. And the last few times I posted about it with all kinds of links to stuff that’s smarter than me, I got emails telling me thanks because apparently I’m not the only one who knew nothing about economics a week ago but now wants to learn. So here’s another post like that. Sorry it’s so long, but this is important.
Here’s a video of congressional Democrats in 2004 talking out of their asses. Highlights include:
Maxine Waters: Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines.
Gregory Meeks: … I’m just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn’t for you, I don’t think we’d be here in the first place. … There’s been nothing that indicated that’s wrong with Fannie Mae, Freddie Mac has come up on its own … The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs.
Lacy Clay: This hearing is about the political lynching of Franklin Raines.
Barney Frank: I don’t see anything in this report that raises safety and soundness problems.
FYI, regarding the outstanding Raines, Ed Morrissey points out:
Unfortunately for the Democrats at this hearing, Raines then doubled down and demanded that the SEC give a second opinion on his business practices. After an investigation, the SEC agreed with Falcon and demanded that Fannie Mae restate its earnings all the way back to 2001 — at which point Raines’ fraud got uncovered. OFHEO had been correct, and the Democrats in this committee meeting had done their level best to interfere with the regulator to cover up for Raines’ fraud.
Morrissey also has some genuinely fascinating - by which I mean horrifying and infuriating because now Democrats are now denying this shit has anything to do with anything - articles from 1999 - 1999!!!! - by both the LA Times and the New York Times.
LA Times in 1999:
Lenders also have opened the door wider to minorities because of new initiatives at Fannie Mae and Freddie Mac–the giant federally chartered corporations that play critical, if obscure, roles in the home finance system. Fannie Mae and Freddie Mac buy mortgages from lenders and bundle them into securities; that provides lenders the funds to lend more.
In 1992, Congress mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. It has aimed extensive advertising campaigns at minorities that explain how to buy a home and opened three dozen local offices to encourage lenders to serve these markets. Most importantly, Fannie Mae has agreed to buy more loans with very low down payments–or with mortgage payments that represent an unusually high percentage of a buyer’s income. That’s made banks willing to lend to lower-income families they once might have rejected.
New York Times in 1999:
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
By the way, it’s RACIST! to even talk about this. I know because I read it on a couple of lefty blogs today.
Stanley Kurtz writes about what “community organizing” really means - for Barack Obama specifically - and what it might possibly have to do with what’s going on. You really should read the whole thing even though it’s long.
In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes - and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.
In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it.
… Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster.
One key pioneer of ACORN’s subprime-loan shakedown racket was Madeline Talbott - an activist with extensive ties to Barack Obama. She was also in on the ground floor of the disastrous turn in Fannie Mae’s mortgage policies.
…[In April 1992], aided by ACORN organizer Sandra Maxwell, Talbott announced plans to conduct demonstrations in the lobbies of area banks that refused to attend an ACORN-sponsored national bank “summit” in New York. She insisted that banks show a commitment to minority lending by lowering their standards on downpayments and underwriting - for example, by overlooking bad credit histories.
By September 1992, The Chicago Tribune was describing Talbott’s program as “affirmative-action lending” and ACORN was issuing fact sheets bragging about relaxations of credit standards that it had won on behalf of minorities.
And Talbott continued her effort to, as she put it, drag banks “kicking and screaming” into high-risk loans…
…When Obama was just a budding community organizer in Chicago, Talbott was so impressed that she asked him to train her personal staff.
… He returned to Chicago in the early ’90s, just as Talbott was starting her pressure campaign on local banks. Chicago ACORN sought out Obama’s legal services for a “motor voter” case and partnered with him on his 1992 “Project VOTE” registration drive.
In those years, he also conducted leadership-training seminars for ACORN’s up-and-coming organizers. That is, Obama was training the army of ACORN organizers who participated in Madeline Talbott’s drive against Chicago’s banks.
More than that, Obama was funding them. As he rose to a leadership role at Chicago’s Woods Fund, he became the most powerful voice on the foundation’s board for supporting ACORN and other community organizers. In 1995, the Woods Fund substantially expanded its funding of community organizers - and Obama chaired the committee that urged and managed the shift.
That committee’s report on strategies for funding groups like ACORN features all the key names in Obama’s organizer network.
… The Woods Fund report makes it clear Obama was fully aware of the intimidation tactics used by ACORN’s Madeline Talbott in her pioneering efforts to force banks to suspend their usual credit standards. Yet he supported Talbott in every conceivable way. He trained her personal staff and other aspiring ACORN leaders, he consulted with her extensively, and he arranged a major boost in foundation funding for her efforts.
…In return, Talbott proudly announced her support of Obama’s first campaign for state Senate, saying, “We accept and respect him as a kindred spirit, a fellow organizer.”
If you can read that and then read this and not think about cutting yourself to make the pain stop, I admire you.
“Under Republican and Democratic administrations, we failed to guard against practices that all too often rewarded financial manipulation instead of productivity and sound business practices,” Mr. Obama said. “The result has been a distorted market that creates bubbles instead of steady sustainable growth, a market that favors Wall Street over Main Street but ends up hurting both.”
Meanwhile, Nancy Pelosi says the “party’s over” for Wall Street. Bitch please. Read Ace of Spades.
Aaaaand just as I wrap this up and get ready to post it:
WASHINGTON - The House has defeated the $700 billion bail-out legislation for the financial industry.
More than enough members of the House had cast votes to defeat the Bush administration-pushed bill, but the vote was held open for a while, apparently as efforts were under way to persuade people to change their vote.
On Wall Street, stocks plummeted as investors followed the developments in Congress.
I’m so glad I got serious about investing for my retirement two years ago. It’s really working out great for me. (Although, truth be told, I wish I had a shitload of cash right now; I’d buy in with all of it today.)
NEW YORK (AP) — Fear swept across the financial markets Monday, sending the Dow Jones industrials down as much as 705 points, as the financial bailout package was defeated by the House.
UPDATE: Are you freaking KIDDING ME?????
Opponents said part of the reason for the opposition from Republicans was what they termed a partisan speech by House Speaker Nancy Pelosi, said one GOP source. House Minority Whip Roy Blunt said he thinks Republicans could have provided a dozen more votes had Pelosi not given her speech.
Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the “failed economic policies” of the last eight years.
“When was the last time someone asked you for $700 billion?” she asked. “It is a number that is staggering, but tells us only the costs of the Bush administration’s failed economic policies — policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.“
Malkin has the video. Nancy Pelosi is clinically insane. Also a liar.
I’m thrilled about this.
September 29th, 2008 at 1:43 pmGod, it looks like I’m stalking your blog. Ok, I am.
September 29th, 2008 at 1:44 pmWell that’s just fucking grand.
My only consolation is that, thanks to the efforts of Pelosi et al, stocks are going to be really cheap for a while. If the market ever does recover from the last 15 years of unmitigated Congressional grabassery, I’ll be set.
Good thing I had no intention of retiring any time soon.
Hope I’m still employed by the time we recover from this.
September 29th, 2008 at 1:45 pmI’d just like to know why this stuff isn’t in the nightly news??? I have spoken to my neighbors, my co-workers, and my close friends (some of who are staunch democrats and will vote for Obama just because he’s a democrat, not because of what he stands for) and not one of them have heard any of this. And, my democrat friends said I was telling a big fib!!
I’m so frustrated.
September 29th, 2008 at 1:57 pm*looks through 401(k), checks out retirement fund*
Well, it’s a good thing I hadn’t planned on retiring anytime soon. Just think, in another 13 years I’ll qualify for Social Security. Oh, wait, that’ll be gone by then, won’t it? Crud. Wonder if Wal-Mart will need any greeters?
September 29th, 2008 at 1:59 pmDo NOT look at your retirement plans today. *grin* Just ignore them for a while. You’ll be much less stressed.
I was in the middle of listening to our CEO talk when someone e-mailed in a question and said the Dow had fallen down 600 … there was total silence and then nervous laughter.
I’m GLAD the bill failed. I don’t know why exactly I’m glad but I just felt glad that it didn’t pass. I’m not glad that the markets are in turmoil but I do know that things will eventually get better.
Now is the time to buy good stocks…not to sell off out of fear.
September 29th, 2008 at 2:01 pmAffirmative action lending sums it up nicely.
There are so many things happening within an incredibly short period of time.
Have you ever read that thing by Albert Pike? Does it have any merit? I mean, is that for real?
If so, that indicates that a lot of this shit is intentional, and orchestrated by Satan himself.
AGAIN, something masked as wonderful, compassionate and good (brother’s keeper?) is the means to eventually make way for a global socialist political machine ready to usher in the tyrant of tyrants.
I expect this age to come to an end, but seeing its demise take form in front of my eyes is blowing me away. I feel like a deer in headlights.
Imagine that.
September 29th, 2008 at 2:01 pmYou’re not alone Wachel. I decided 1 year ago would be a great time to jump in (deep) into securities for my 401k.
Ummmm, yeah.
“Bush problem” my hairy ass. The dems are a bunch of lying thieving criminals, & if this was a hundred years ago they’d be hung for their crimes.
Good post though…
September 29th, 2008 at 2:04 pmI do believe that Nancy Pelosi honestly thinks low Congressional approval ratings are George Bush’s fault.
She couldn’t even get her own party to vote her way. What an idiot she is.
September 29th, 2008 at 2:06 pmIt’s not really Pelosi’s fault, Allen. It’s just that when she focused her stare on those in her party, they froze to stone. Hard to vote when you can’t move, unless you live in Chicago.
September 29th, 2008 at 2:08 pmBreaking news — Barney Frank bloviates on the House floor. Sales of nausea medicine skyrocket. Film at 11.
September 29th, 2008 at 2:13 pmI, too, am glad that the bill failed. I don’t know much about economics (ok, I know nothing about economics), but it just seems very, very wrong for the taxpayers to bail out two (semi-private) corporations whose social-engineering experiments failed. Fannie and Freddie (hereafter referred to as fric&frac) deserve to fail - and not a few of their managers and directors need to do some serious jail time (preferrably with a big, mean dude called Bubba the man-fucker).
September 29th, 2008 at 2:15 pmThe stock market goes up. It goes down. Then it goes back up. That’s the way it is. From what I’ve read, the best thing to do is hang onto what you have and buy (carefully) what you can while it’s cheap. Buffet sank $5billion into a failing bank (can’t remember the name), and within a matter of hours had turned a paper profit of $800,000,000. If the market - and the economy - is going to be saved, it will be through the investments and faith of the private investors — NOT government.
BAD IDEA. The bottom of a bear market is the best time to buy, but the down side of a bear market is the absolute worst time. Because you don’t know how much farther down the market’s going to go. I’m another one who listened to an expert who told me last winter that the market downturn should be short and it was a great time to buy in. I lost almost twenty percent before I finally got my money out of the market two weeks ago. I don’t hold it against my agent that she was wrong — ain’t nobody alive who has seen a market like this or knows what to expect from it — but wrong she surely was. Don’t buy on the down side of a bear market!
September 29th, 2008 at 2:19 pmAhhhhhhh, I feel better now, untill next week when they come up with another boondogle bill that they try to stick under our ass without letting us get a whiff of what they are really trying to stick to us.
Why have we all become so dependant on the government for ANYTHING? That’s my big question!
I grabbed my guns when I lived in state’s that permited (?) me to, (now live in a state that frowns on that, but guess what? TOO LATE! I already have them ), now invest heavily in ammo, and lightly in the stock market, grow most of my own food, and what I don’t grow and can/stock/freeze, I can hunt and am trying to become more and more self sufficient everyday in every way. I’m now looking quite heavily into bargaining/trading techniquies as a way to get along some with my liberal/me-me-me neighbors. But be dayumed any of them comming to my door demanding I bail them out of their sad situations because they relied on the Gubberment to take care of them. I have compassion for them, sure, but not to the detriment of me and my family.
I worked hard for me and mine. I suggest they do the same.
Thanks for letting me rant.
September 29th, 2008 at 2:19 pm“By the way, it’s RACIST! to even talk about this. I know because I read it on a couple of lefty blogs today.”
well,then it MUST be true………..
September 29th, 2008 at 2:20 pmInvestment tip — buy into the pharmaceuticals companies. Everybody is going to be getting high in the next few days. Expect sales of Percoset, Valium, etc. to go through the roof. Me? I’m just gonna have an early harvest of my marijuana and cash in.
September 29th, 2008 at 2:20 pm“I grabbed my guns when I lived in state’s that permited (?) me to, (now live in a state that frowns on that, but guess what? TOO LATE! I already have them ), now invest heavily in ammo, and lightly in the stock market, grow most of my own food, and what I don’t grow and can/stock/freeze, I can hunt and am trying to become more and more self sufficient everyday in every way. I’m now looking quite heavily into bargaining/trading techniquies as a way to get along some with my liberal/me-me-me neighbors. But be dayumed any of them comming to my door demanding I bail them out of their sad situations because they relied on the Gubberment to take care of them. I have compassion for them, sure, but not to the detriment of me and my family.”
sounds like a plan
September 29th, 2008 at 2:21 pmSSG King,
I’ve been doing this for about 15 years now. And I realize not every person/s can afford the time or/knowledge on how to do this. But really, today, with the internet, there is so much knowledge to be gleaned in a short ammount of time. It IS hard work, but I have found the more you learn and work at it, the easier it gets.
I just flat out decided awhile back that I would not, could not rely on the goobermint for anything anymore.
September 29th, 2008 at 2:30 pmI love this idea that Republicans got their feelings hurt and therefore opted out on the bailout.
Democrats are so clever. I wish I could be just like them.
September 29th, 2008 at 2:37 pmSo Obama has an ad out complaining that McCain didn’t talk about the Middle Class. And Pelosi is out blaming Republicans for not looking out for the Wall Street investors.
At the same time, we spent the summer listening to Maxine Waters talk about nationalizing the oil industry because of high profits, yet they did nothing and oil has dropped to
September 29th, 2008 at 2:41 pmI’m stalking this blog too. So’s my dog.
Pelosi is a nutbag.
September 29th, 2008 at 2:56 pmThe problem with this argument is that you can’t TIME the market. It IS a good time to buy … because the market is very low and you’re buying at several years ago prices. If you research and buy solid companies you will *eventually* do better.
The problem is that word eventually. NO ONE can predict when the markets will recover. But if you try to “wait” until they look better you will have missed the opportunity to wait.
But pulling out when you did - you panicked. And while you may have lost that 20% initially - you’ll never recover it since you pulled out.
Granted…I am NOT a financial advisor. I do work in the financial market and hear a lot from a lot of experts. And the single thing I’ve picked up in the last 8 years is that you cannot time the market. If you’re in … stay in and try not to be emotional about it.
It’s painful to see it go down so much…but over time it will recover. If you can’t afford to lose then you shouldn’t be in stocks at all.
September 29th, 2008 at 2:59 pmI love this idea that Republicans got their feelings hurt and therefore opted out on the bailout.
Democrats are so clever. I wish I could be just like them.
The Democrats have a solid majority in the House. There are no filibuster rules in the House so the Democrats could’ve passed this without a single Republican vote. In addition, quite a few Republicans did vote for it. That means quite a few Democrats voted against it as well. So, the Democrats were unable to get the votes needed to pass and it’s the Republicans’ fault.
Yeah, right.
September 29th, 2008 at 3:00 pmWe may not have to eat this particular crap sandwich, however Pelosi/Reid may pinch an even bigger turd given all the pork they’ve swallowed.
btw-Anyone else think Pelosi looks like a female “Skeletor”?
September 29th, 2008 at 3:11 pmWas just listening to Steely Dan on the hi-fi.
Does anyone except me still call it hi-fi?
When Black Friday comes
I’ll stand down by the door
And catch the grey men when they
Dive from the fourteenth floor
When Black Friday comes
I’ll collect everything I’m owed
And before my friends find out
I’ll be on the road
When Black Friday falls you know it’s got to be
Don’t let it fall on me
When Black Friday comes
I’ll fly down to Muswellbrook
Gonna strike all the big red words
From my little black book
Gonna do just what I please
Gonna wear no socks and shoes
With nothing to do but feed
All the kangaroos
When Black Friday comes I’ll be on that hill
You know I will
When Black Friday comes
September 29th, 2008 at 3:12 pmI’m gonna dig myself a hole
Gonna lay down in it ’til
I satisfy my soul
Gonna let the world pass by me
The Archbishop’s gonna sanctify me
And if he don’t come across
I’m gonna let it roll
When Black Friday comes
I’m gonna stake my claim
I’ll guess I’ll change my name
I was going to post something here that succinctly and with a touch of humor sums up this most recent “financial crisis,” but I was unable to get a majority of my brain cells to work together to make something positive happen. The Left side of my brain did make a last-minute, impassioned speech that excoriated the Right side of my brain for “recklessness… anything goes… something something…”
Then I made a very dry vodka martini, up, with a twist. ‘Cos I got nothin’. Though I’m thinking very seriously about blaming the Illuminatus. Or Count Cagliostro.
September 29th, 2008 at 3:15 pmScotaku, don’t blame the Illuminati. They had nothing to do with this, or so the little crystal ball on my desk tells me.
September 29th, 2008 at 3:27 pmApparently I am the only one who sees the TRUE nature of this financial episode.
It’s that farooking CERN Hadron Collider!!!111!!!1one!!!
Run for your lives! (to mars or another planet)
Godzilla!
September 29th, 2008 at 3:39 pmYes, Nancy Pelosi opened her trap and showed just what a leader she can be. Now, it’s time for her to BenDover and take it all up, since she is the leader of the Houre of Reps. Take it like a MAN, Nancy!
I guess she taught her children about how blowing off your mouth can get you into trouble. Looks like it is the “do as I say and not as I do” lesson.
What a FINE representative of Homofornia! I bet she even believes in the defeat of Prop 8!
I think she should take Gloria Steinem’s advice to Sarah Palin. Go home and take care of your kids! Let Sarah Palin get the work done! Palin knows how to fix things! Even IF she doesn’t interview as well as, say, Bill Clinton. Well, at least I know the cigars, interns and vaginas will be safe with Sarah in office!
September 29th, 2008 at 3:41 pmAs much as the Republicans don’t deserve to be elected, the Democrats don’t deserve it more. I’m glad they grew a pair and voted against this. I’ll consider a bailout when they schedule impeachment hearings for Pelosi, Reid, Frank, 0bama and the rest of the crooks who created this mess in the first place.
September 29th, 2008 at 3:41 pmAll the world is a stage, apparently. I have to admit, I misgauged how deeply they would scorch the earth in this political season.
I always expected market crashes. But 3 in 10 years?
Buy and hold people…buy and hold. Oh wait… don’t hold for more than 3 years.
September 29th, 2008 at 3:43 pmTolbert–
I gave up calling it Hi Fi (or High Fidelity) when I got my first “stereo.”
But, I still like hearing “Hi Fi” used as a line in the 50’s and early 60’s movies!
September 29th, 2008 at 3:45 pmExactly, Casto, that’s why I only ‘play’ the market and don’t rely on it. Sometimes I win, sometimes I lose, but I damn sure don’t rely on it! If I win?…Yay me…if I lose, I just gambled and lost what I could afford.
Good advice folks.
September 29th, 2008 at 3:45 pmIt’s the damned Freemasons - and the Bilderbergers - and the Rosicrucians. Guided by the Council on Foreign Relations. There MUST be somebody else to blame, dammit!
Oh, yes. The Knights Templar. Don’t forget them.
September 29th, 2008 at 3:51 pmIt’s a plot, I tell you.
WolfWalker … can you say “panic”. Yeah, I have “lost” somewhere between 25% and 35% of my retirement investments right at the moment … probably “lost” over $50k today.
September 29th, 2008 at 3:51 pmBut, y’know what … I haven’t lost a damned thing because I haven’t SOLD it at a loss. I’m not retireing today … and all my investments are in companies that manufacture real stuff … nto making loans to losers because they’re forced to. I’ll just keep collecting my dividends and looking at retiring “sometime” … I’m not old enough to worry about it and panic yet.
Personally, I think they should find and execute every single fund manager who panicked and wiped out investor nest eggs today. They’re the real problems … too much power and no fucking accountability!
Matter of perspective:
September 29th, 2008 at 3:53 pmThe 777-point decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.
Scotaku: Count Cagliostro? Please tell me that’s a Lupin the 3d reference! I think you deserve a UHG for that, but I am only a mere mortal and haven’t the right.
Also, glad my bank hasn’t failed. Yet.
September 29th, 2008 at 3:53 pmI’m confused now. I thought those were requisite for being a Democrat . . .
September 29th, 2008 at 3:57 pmPalin and McCain should be all over the media explaining the origin of this melt-down, the ’support’ Obama has received from FNM and FRE, the depth of the relationships to the Clinton Admin, and Wall Streets generous support to the Democratic party.
This is not an outgrowth of Bush’s leadership, but rather selfishness and recklessness of individual borrowers, who were able to borrow and get credit because of programs unchecked by Congress, aimed at giving loans/credit to the non-creditworthy.
And McCain needs to call out the legislation he proposed, and explain why it didn’t pass.
We’re all losing money here, but we stand to lose a lot more if Obama can get his filthy mitts on the checkbook, and holds Dem control in DC.
September 29th, 2008 at 4:05 pmFurther … if there was just one ornament ‘festooned on this Christmas Tree’, McCain better do what he said ‘and make the famous’. Do it NOW, and talk to the American voters, who are largely pissed off at what’s happening.
September 29th, 2008 at 4:07 pmWhy does it always take a crisis for Republicans in the congress to start acting like Republicans? I’m going to start drinking a little early today. Some commenters mentioned barter. Take congress’ walking (strutting?) around money away, barter your asses off!
September 29th, 2008 at 4:30 pmC++12,
Yes, you got me, I’m a Lupin III fan, show and prove. I’m pretty sure he’d find a way to get through this crisis - though he would need a little help from Jigen, Goemon and Fujiko.
Ah, Fujiko.
I think I’ve really gone otaku now. I blame… Pelosi. That’s what we do, right? Blame anyone?
September 29th, 2008 at 4:36 pmPersonally I think they’re doing it on purpose. Pelosi and the Dems I mean.
As far as I can tell the voters in the US have checked out over the last few years except to check in with Chris Mathews for updates. No matter what happens Bush sinks in the polls. It appears to me that nobody is paying attention in a meaningful way.
This thing has Dem handprints all over it. Start to finish, from requiring banks to loan to people that either could not or would not repay, to their cronies like Raines and his millions in bonuses, to wanting ACORN to get the profits from the bailout, to today blaming Bush for the implosion. And my neighbor just called me up bitching about how the republicans killed the bill even though Dems have the majority. It is insane.
But the upshot of people being so damn stupid is that Pelosi and the Dems can get up there today and blame the whole thing on Bush. Even though Bush tried to fix it years ago.
And to add insult to injury, you don’t hear any republicans calling the Dems out for what they are on this deal. Pubs aren’t even fighting back as far as I can see. Not McCain, not Bush, not the House Pubs, nobody. I don’t know if they are cowards or what.
And don’t get me started on the media.
We are screwed. We are about to enter a very dark period in this country, I fear. Maybe the worst ever. Obama sic’s his lawyers on people like NRTL and the NRA that run ads against him. It wouldn’t surprise me one bit if a year or 2 from now this blog is shut down because Rachel has some goon from DoJ emailing threats.
September 29th, 2008 at 4:37 pmum… woof?
September 29th, 2008 at 4:52 pm… mrorw?
Wachel, got any upper-torso wear you haven’t tried out on sunny yet?
Ethne Says:
Matter of perspective:
The 777-point decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.
Exactly right. And, contrary to what the news media is reporting, it isn’t the greatest one day point loss in Dow history when you factor in inflation. In the 1987 crash, the Dow dropped 504 points. Adjusted for inflation, that would be 972 today. There’s always tomorrow, though.
As for the percentage basis you accurately cite, if today’s market had lost as sharply as in 1987, we’d be down almost 2718 points.
I’m not saying today wasn’t bad. It was. You just have to keep these things in historical perspective. The Dow made up all of those 1987 losses in 2 years.
September 29th, 2008 at 5:14 pmTotally unrelated, but you may like this story. It was actually linked off I think….one of the several stories you had about the not-passing-of-the-bill.
http://www.foxnews.com/story/0,2933,429503,00.html
September 29th, 2008 at 5:40 pmI feel sick to my stomach.
I can’t stand Pelosi, and I don’t understand how anyone can support Obama, knowing how he’s been in bed with these ACORN parasites, who’ve been pushing all this wrong-headed lending crud that’s screwed everything up so thoroughly. I just don’t get it.
But the Lupin III reference made me laugh, so maybe I won’t actually vomit.
Fuck this shit. I’m gonna go put out some bird food to try to lure the local bunnies into my yard to amuse my kid while I have a few drinks.
September 29th, 2008 at 5:42 pmPelossi is a clearly insane person!
http://www.youtube.com/watch?v=TfNjjvjH_Z8&eurl=http://qalmlea.blogspot.com/2008/02/clearly-insane-people.html
September 29th, 2008 at 5:49 pmMongo makes me laugh. Out loud. At work. Thank the stars I’m alone.
MONGO! KNOCK AND SHOUT “CANDYGRAM!” Heh.
I’m against the bailout for a simple reason; people never change their behavior when comfortable or when rewarded for bad behavior. A bail out won’t fix the asanine behavior from the left, it’ll only encourage it, and we’ll still be stuck with the retarded legislation that brought about this mess in the first place.
Note: no offence intended to ward retards, although it is very mean to compare Democrats and retards. After all, Democrats chose to act this way on purpose.
September 29th, 2008 at 7:12 pmNancy Pelosi is a Far Left Political Hack. The Lying and the insanity are part of the package.
September 29th, 2008 at 7:19 pm“I’m against the bailout for a simple reason; people never change their behavior when comfortable or when rewarded for bad behavior. A bail out won’t fix the asanine behavior from the left, it’ll only encourage it, and we’ll still be stuck with the retarded legislation that brought about this mess in the first place.”
The concept is good, but it is like watching the home of your neighbor, whose rotten brat is a firebug, burn wildly and then telling the fire department to not put out the fire so it will teach the little shit a lesson.
Meanwhile, YOUR house burns down, too.
September 29th, 2008 at 7:35 pmI haven’t lost a damned thing because I haven’t SOLD it at a loss.
You did if you had any stock in any of the firms that have gone bankrupt in the last two weeks. Or any of the ones that will go bankrupt over the next year after the goddamned shithead Democrats win the White House and supermajorities in both houses of Congress, then jack up taxes and spending to economy-strangling levels.
September 29th, 2008 at 8:57 pmOk, I confess. It’s my fault the bailout didn’t pass today. No, seriously! I called all three of my Representatives (Davis, Moran, and Wolf) and both of my Senators (Warner and Webb) today and told them all NOT to support this bailout.
SO, I’m sorry.
But not really.
September 29th, 2008 at 9:12 pmScotaku,
An otaku?
Like Stephen Denbeste at chizumatic?
September 29th, 2008 at 9:15 pmPelosi, a raging bitch? Rachel you are entirely too kind.
I think we should go and post this entire Blog at the DailyKos (or the Daily Dose of Shit as I refer to it). I am determined to see at least one liberal head explode before all is said and done. Wouldn’t that give you a big happy Rachel to be responsible for that?
September 29th, 2008 at 9:18 pmSanFranNan is a dumbass. The only thing dumber at this point is McCain and the other Republicans who are refusing to name names of the Democrats who are ultimately responsible for this mess because of failing to oversee, and blocking more oversight of, Fannie and Freddie. Boehner or Pence or somebody should get a snootful and just start singing like a bird.
September 29th, 2008 at 9:32 pmLaw written in a hurry is always Bad Law.
Anybody catch this analysis of House voting patterns by Karl Rove? He sounded pissed.
September 29th, 2008 at 10:08 pmI’m concerned about the bailout thing, but not hysterical about it. I don’t think it should be done AT ALL, but I digress. I know it will be regardless. I do feel badly for those that are nearing retirement. This is totally bogus for them. I don’t like that the economy is tanking, but the only thing I can do is fire the all the incumbent dillweeds that voted for it in the future when their time comes up. I’m more concerned about an Obama presidency, especially in light of what Zogby is reporting elector college-wise. With that in mind, I would advise all of you to follow suit and do what I’m: keep your Bible nearby and stock up on beans and ammo. I’m only semi-joking. I’m getting ready for an all-out un-civil war. Any terrorists, home-grown or imported, who even thinks of nearing the Southeastern U.S. will meet their Waterloo.
September 29th, 2008 at 10:39 pmIf you can call it luck: I cashed out my IRA at the start of the year when I was still out of work and had depleted my savings (including the equity in the condo I sold in the fall of 2006 so I could start my business that ended up failing). Now that I’ve been working again for about a month, and I figure I’ll have all my credit cards paid down by the end of the year, I can get into the market and make enough money by tax day to pay the 10% penalty I incurred for cashing out the IRA. I can’t escape the feeling that someone is looking out for me (and I’m NOT in any way religious). I sold my condo just before the market tanked; I got to run my own business for a couple years (learned a lot, even though it failed, so I’ll do better next time); got out of the market with a profit; got a decent new job with enough security that I’m not worried about the so-called financial “crisis;” got off my friend’s sofa and into my own place again. If things keep going like this, Obama will lose the election (note that I didn’t say “McCain will win”) and I’ll meet the SoCal version of our dear Rachel who welcomes the prospect of living with a former military officer (in my case, the Navy).
Just thought I’d offer a little perspective on all of this. It’s not the end of the world, and good things happen even in the midst of some bad stuff.
September 29th, 2008 at 10:51 pmI have one question. All we have heard for a week is how important, vital, critical and urgent that this bill pass - RIGHT NOW!
If everything is so time critical, why did congress adjourn until Thursday after the vote?
September 29th, 2008 at 11:20 pmNo, mongo, that giant sucking sound was not caused by a micro-black hole at the LHC. It was caused by Nancy Pelosi opening her gigantic piehole. There is some concern that it could engulf the Earth, anyway, however.
September 29th, 2008 at 11:32 pmThat being the case, maybe we should ask all the people writing to the scientists about the LHC to move to California and muzzle that only gaping black hole that isn’t just a theory. The only problem is I think a lot of them are not Americans. Then again, I don’t see why that would be a problem since the dems seem to have no problem just making up voters anyway.
September 29th, 2008 at 11:59 pmYou may find this of interest in terms of understanding the bailout package. He’s in favor of it. I think it does a good job of outlining the argument for it. It might seem moot, but the problems are still there, so this may help you get a handle on some of the issues.
In general, on Economics: Several places to start –
Walter Williams (former Chmn of Economics Dept at George Mason)
Thomas Sowell (professor of economics)
Mark Perry’s Blog, Carpe Diem (professor of economics)
All the above guys are Chicago School — meaning they tend to follow the ideas of Milton Friedman, aka Friedmanites or Monetarists.
The other major school worth a damned is the Austrian School, who follow the central tenets established by… whodathunkit… an Austrian named Ludwig Von Mises, Murray N. Rothbard, and F.A. Hayek, along with a number of others.
Home Page Here
Multi-year backlog of very readable non-specialist articles here
One highly recommended article:
The Nation That Lost Its Jobs, But Got Them Back
Mises also has some books you can get for free. Not recommending any in particular, but you may find some use in them. Plus they’re free.
That should keep you busy for a while. Williams and Sowell articles, plus the Mises are a great start, along with the other stuff. There’s a fair amount of repetition in the sequences of Williams and Sowell articles, so after a point you’ll probably scan rather than read, looking for new stuff.
The only other major school is one only an idiot ascribes to, which is the Keynesians. They sort of lost all semblance of validity when an event called “The Seventies” took place, which was in direct opposition to just about every tenet Keynes had stipulated during his life.
Paul Krugman, of the NYT, is a Keynesian. ‘Nuff said.
(Marxism isn’t a school, it’s a fantasy)
September 30th, 2008 at 12:44 am> “Bush problem” my hairy ass. The dems are a bunch of lying thieving criminals, & if this was a hundred years ago they’d be hung for their crimes.
Hung? Probably not.
Tarred and Feathered (in the Carnivàle sense, not the Marx Brothers sense), almost certainly.
September 30th, 2008 at 12:56 amPelosi survives on the fact that americans do not pay attention to their government until often it is to late, basically ignorance allows her to say such bold lies.
40% of the dems voted against this bailout as well…the people footing the bill were heard! I’m proud that finally americans payed attention to what they were about to pay for!
I know you are probably linked out by now but here is a link to the actual transcript of McCain back in 2006 for the FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005 warning of the dire consequences of not reigning the mac and fannie.
So Obama wrote a letter to the secretary of the treasury ( a letter woo-woo!!!) and McCain actually sponsored a bill.
September 30th, 2008 at 9:45 amSadly, back in 2004, the Republicans couldn’t bring themselves to ACT in the face of political correctness. Fraidy-scared of the popular ‘racist’ accusation, they failed to grab their collective balls and act in MY interests.
Lending money to people who can’t pay it back is/was never a good idea. I wouldn’t do it with my money…so now *I* have to pay for WHAT???
…and now the left thinks Puppetboy is going to fix this? We’ve been Pelosied.
Greetings from SoCal, where six families from other countries signing for huge loans was commonplace.
September 30th, 2008 at 12:56 pmI finally have some money that I can invest and I have a pretty darn good idea just what I would invest in, but after reading so many saying, “yes do it” and so many saying, “no, don’t do it…..yet” from all over the blogosphere and in real life, I would love to know what the majority would respond to the question, “is this or is this not a good time to invest?”
I know speaking to a financial adviser may be the answer I’m given but I also know that many people have learned a lot as they go along that financial advisers may not point out.
Anyone? Anyone? Something oo-oo economics? Bueller?
September 30th, 2008 at 5:09 pm> I finally have some money that I can invest and I have a pretty darn good idea just what I would invest in,
1) Never invest in anything using money you are not willing to lose completely.
If you put that kind of money into anything other than T-bills, Gold, or CDs, then you’re probably not going to be happy with the result. And right now, T-Bills may be iffy.
2) Rarely does a stock disappear. If you buy it and hold on, usually it will climb back to where you bought it, and you will not be substantially worse off. So if you get screwed, don’t screw yourself by panic dumping, unless it’s in something blatantly legitimately dumpable — like AIG/Wachovia/WaMu stock until last week.
3) Avoid betting on anything you really don’t know about (If you’re a computer person, you may know enough to know which computer stocks are worth tackling). Otherwise, you’re better off on the whole, unless you have some innate talent, or “inside information”, to stick to indexed funds.
4) If you smell a downturn coming on (like about six months ago) switch to legitimate gold mining stocks — they tend to go up during downturns (it’s too late, this time around… one hopes). That’s a lot easier than actually buying gold itself in quantity, since then you have to pay storage costs, or haul it to your safety deposit box.
No, none of that answers your question directly, but it should help you a bit.
I’m no “expert”, but the above seem to be rules of thumb that most agree on, and make a lot of sense.
October 1st, 2008 at 8:43 am