Listen up all you people of the United States of America. Talking about "FREE TRADE" this is what President Bush said. Yet, this is what is taking most of our jobs away from us. They big guys are outsourcing our jobs and yet we people are not doing anything about it because we are still putting this A *holes politician in office. Our jobs are going to China, Thailand, Japan, Philippines, Bangladesh etc. etc etc. We keep buying foreign made goods, causing most of our jobs to go overseas and it is not surprising why most of us do not have jobs and unemployed. Everybody wants to go to Walmart to buy cheap stuff we do not care about the quality anymore like american made products and jobs staying in the country. This problem is just going keep going on and on and on if we people us USA will not do something about with our politicians in congress. One of these days th great United States of America will be a third world country. How sad.
Photos: History of Economic Downturns
Member Comments
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Posted By: miswa123 @ 12/03/2008 10:34:16 AM
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Posted By: geh635 @ 10/17/2008 5:59:42 PM
Go to PickensPlan.com for a positive step toward energy independence. In the short run it's a positive move for all American's, something we can do together and in the long run will help our economy. I would have like to see some of the 700 Billion bail-out used to upgrade the electrical grid creating jobs.
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Posted By: City Man/Country Heart @ 10/17/2008 12:15:11 PM
The way that these bloggers are writing you'd think that we were heading for another civil war! Don't get so fired up people! We don't have to like each other, but going for the jugular on each other isn't helping. America is the collaboration of all of us, if we are fighting each other, then our common enemies win. I will say that I don't think that USA stands for United Socialist America, remember the USSR? Union of Soviet Socialist Republics? The US was not intended to take care of us, we take care of each other, that is if we still want to take care of each other. Yes we will have to cut back, but it's not letting our fears take over which prevent economic collapse. We The People, that's what it's all about right?
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Posted By: City Man/Country Heart @ 10/17/2008 12:11:38 PM
The way that these bloggers are writing you'd think that we were heading for another civil war! Don't get so fired up people! We don't have to like each other, but going for the jugular on each other isn't helping. America is the collaboration of all of us, if we are fighting each other, then our common enemies win. I will say that I don't think that USA stands for United Socialist America, remember the USSR? Union of Soviet Socialist Republics? The US was not intended to take care of us, we take care of each other, that is if we still want to take care of each other. Yes we will have to cut back, but it's not letting our fears take over which prevent economic collapse. We The People, that's what it's all about right?
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Posted By: Lady Marion @ 10/17/2008 10:46:05 AM
We have ben in a recession for many years now. We are wading in a depression. I personally think McCain's tactcis will kill the country. Unfortunately, both candidates are the puppeted by the money backerds of each party. So they are preened to what others have said. Neither candidate will have much influence on the economy, and probably not on the health industry either. Does the Queen of England have much to do with her country? It has always been the political machine that runs our country. Again, unfortunately there are not many people in this country that really have enough influence ot change it. The electorial college was set up beause the governemnt did not feel the people were "smart" enough to elect a President on thier own. Don't bark at me, it's fact and it is in the history books. So if you want ot stop with petty political party crap I suggest we all do something .... I for one have been hounding Suozzi's office, Nassau County Denocrat, County Executive of Long Island because and I quote here, "He is proud of his increased 7 million dollar budget". In a time such as this an increase in property taxes or school taxes would kill the Island, The skinny on what I write .... protest and complain until you get what you want!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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Posted By: fallison @ 10/17/2008 10:15:24 AM
These events are cyclical and there is nothing we can do to stop them. All presidents are virtually powerless before the beck and call of the cycles of the economy. They can make matters a little better or a little worse with the cooperation of congress.........but not much. Clinton was fortunate, Hoover was not and so on.......
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Posted By: babyboomerbust @ 10/16/2008 3:28:57 PM
While corporate greed ran rampant and the cost of food and fuel were skyrocketing, workers were being subjected to 3% increases in pay. I checked the CPI (including energy and food) for the 12 months ending August 2008 and it's nearly at 7%. Labor contracts are being negotiated for cola increases for the next 3 years at 3%. Gone are the days of merit increases. The affordability ratio is out of whack. Recession...inflation...depression. We need a change and until salaries are kept up with the cost of living, it will struggle to happen.
I recall half way through my working years when I was told by my employer at the time, a corporate giant, that I needed to start funding my own retirement. Also, I was told I needed to start paying part of the once 100% corporate funded healthcare premiums. So the paycheck I am earning is not only used to live for today but also a part of it needs to be put aside to fund my future. And, so came the 401k plan. If you didn't invest in stocks, you were left with a flat portfolio yielding very little interest. How can you retire on that? To add insult to injury, if you're not knowledgeable about investments, etc., well, you're left out in the cold, literally.
This $750 billion dollar bail out will be paid for by taxpayers. The baby boomers are the taxpayers. Now that they have started retiring, this burden will be left to the next generation. And how will they be able to afford that in addition to funding the boomers' social security benefits and Medicare?
The next President needs to make changes in the way Corporate America does business. I'm tired of throwing my hard earned money their way for my retirement while they live fat and high on the hog. Enough already! -
Posted By: babyboomerbust @ 10/16/2008 3:27:30 PM
??? While corporate greed ran rampant and the cost of food and fuel were skyrocketing, workers were being subjected to 3% increases in pay. I checked the CPI (including energy and food) for the 12 months ending August 2008 and it's nearly at 7%. Labor contracts are being negotiated for cola increases for the next 3 years at 3%. Gone are the days of merit increases. The affordability ratio is out of whack. Recession...inflation...depression. We need a change and until salaries are kept up with the cost of living, it will struggle to happen.
I recall half way through my working years when I was told by my employer at the time, a corporate giant, that I needed to start funding my own retirement. Also, I was told I needed to start paying part of the once 100% corporate funded healthcare premiums. So the paycheck I am earning is not only used to live for today but also a part of it needs to be put aside to fund my future. And, so came the 401k plan. If you didn't invest in stocks, you were left with a flat portfolio yielding very little interest. How can you retire on that? To add insult to injury, if you're not knowledgeable about investments, etc., well, you're left out in the cold, literally.
This $700 billion dollar bail out will be paid for by taxpayers. The baby boomers are the taxpayers. Now that they have started retiring, this burden will be left to the next generation. And how will they be able to afford that in addition to funding the boomers' social security benefits and Medicare?
The next President needs to make changes in the way Corporate America does business. I'm tired of throwing my hard earned money their way for my retirement while they live fat and high on the hog. Enough already! -
Posted By: Dahhou-mohammed @ 10/13/2008 4:33:40 PM
It was , it is and it will be. We panicked and we will still panick. Greed was and is and will be the core of human activity. There is so no way, so be patient and wait for the next.
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Posted By: "Among These" @ 10/12/2008 2:11:20 PM
What does the dotcom bubble and Enron have to do with the Great Depression? Someone made an editing error.
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Posted By: "Among These" @ 10/12/2008 2:10:21 PM
what does the dotcom bubble and enron have to do with the great depression? Someone made an editing error.
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Posted By: phillygirl @ 10/12/2008 11:57:13 AM
to careerdaytrader:
you keep threatening to leave. Please do. Illiterate, bigoted, unintelligible and unintelligent rants such as yours are tiresome and nonconstructive. You have a right to your opinion and you have voiced it, now stop. To continue further would only further embarrass yourself. -
Posted By: paul962 @ 10/12/2008 9:08:07 AM
For a decent glimpse take a look at the 1871-1875 period....
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Posted By: splitter @ 10/11/2008 1:40:33 AM
By your use of the English language, you seem less educated and wealthly than you lead others to believe. Try learning punctuation and the definition of the term "both." As far as your political views are concerned, Obama does not seem to have a Socialist mindset. I do not see plans out there that indicate Obama would like state control of means of production and distribution of goods. If you are trying to relate your taxes increasing to Socialism, then perhaps you need another history lesson. Are any politicians trying to bring you down to the same level as others? I highly doubt that this is the case. Government needs money and it cannot get it by raising taxes on the poor.
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Posted By: careerdaytrader @ 10/11/2008 9:36:22 AM
Socialism is not just the collective ownership of production and distribution of goods (although many would argue we are doing just that with AIG, Freddie/Fannie, etc) but also it originated from the late nineteenth-century working class political movement. Socialism is achieved through class struggle.
That is exactly what Obama promotes! Division, lets take the money from the rich. Government controlled health care which Obama also supports is pure socialism. You are the one who needs the history lesson.
Countries don't just change from capitalism to socialism overnight but we must resist ANY move toward that. If you don't have health insurance TOO BAD you don't deserve it. Nowhere in the Bill of Rights does it say you have a RIGHT to free health insurance. If you want it then simply get a college degree and any number of millions of jobs OR pay for it yourself. Nothing HARD about getting health insurance!-
Posted By: c23jans @ 10/25/2008 6:48:11 AM
newsflash!!!! everyone has access to free healthcare if they want it. They only need visit their local emergency room/clinic. You see, moron, we pay for healthcare for the uninsured one way or the other. Also, it would behoove greedy corporate america to, without prompting from the government, provide insurance to their hard working employees. Oh- But that would be one less luxury home, luxury car, luxury jet, etc,etc, etc. We couldn't havet that could we. I pray that someday you face some of the issues that the average hardworking americans are facing now. Everyone is not on welfare. Alot of americans work very hard and are not compensated as they should be. You are a disgrace.
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Posted By: paul962 @ 10/12/2008 9:12:24 AM
As opposed to the governments redistributing wealth from the poor and middle class to the wealthy under the republicans? Borrow and spend governance coupled with socializing the losses of their pals conglomerates is not acceptance personal responsibility or supporting free markets. Now the republicans want Fannie & Freedie to purchase 40 billion worth of toxic mortgage assets each month freeing up money for the Fed to inject money directly into banks.
This is republican socialism for ya!
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Posted By: 7dollars @ 10/10/2008 2:48:10 PM
the south says:" hurrah for obama"...we love you, obama!
you'll see the bush loving, republican south voting for obama 100%.
hah,ha,ha. -
Posted By: 7dollars @ 10/10/2008 2:35:09 PM
bush and mc cain say: " invest in the stock market for your retirement.
" the stock market is safe as america."
ha,ha,ha. .....creeps! -
Posted By: amazed49 @ 10/10/2008 2:16:55 PM
This all did not just start yesterday folks. Your hero Ronald Regan started this when he started deregulating businesses (i.e. the people in the towers who guide the planes). Why do you think the Repulicans wanted our social security to be invested into the market???? They needed the money to prop up the sinking market. Don't think they didn't know. They may have started this mess and have no shame in passing it off. So just buckel up and hold on tight.
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Posted By: bob24379 @ 10/10/2008 2:39:12 PM
Do you people really not have anything better to do? Sarah Palin is not running for President she is running for Vice President. Why does everyone with John McCain dead? She may not have the most experience in a presidential election, but she is not running for President. Barack Obama is and he has no more experience (in fact less) than her. I guess you people agree with Sharon Osborn who made the "oh so incredibly intelligent" comment that Barack could have ran a major company or could have been a prominent attorney because he is "SO SMART" If he could have done those things why didn't he? If he is so smart why is he preaching all the policies that failed during the Carter administration? I thought this forum was for the informed and intelligent to post on. My mistake because all I have found here is total lack of knowledge.
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Posted By: day_traders_are_nutty @ 10/10/2008 2:15:53 PM
"So yeah I'm secretly happy you SONS OF *** are getting what you deserve".
How is it a "secret" if you and your ignorant hands keep repeating it.. ?-
Posted By: careerdaytrader @ 10/10/2008 4:35:47 PM
Obviously I'm not going around publicly telling my friends and customers, most of which are middle class I'm happy they are losing everything. THUS THE TERM SECRET. Happy to educate you on the English language.
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Posted By: laplante @ 10/10/2008 2:14:02 PM
SCREW THE REPUBLICANS AND MCCAIN (MCNUT) AND THAT IDIOT HE HAS AS HIS VP. IF AND WHEN MCNUT GOES TO THE GREAT BEYOND, CAN YOU HONESTLY WANT THAT IDIOT WOMEN RUNNING THE COUNTRY. SHE CAN'T EVEN TELL YOU WHAT MAGAZINES SHE READS OR SUPREME COURT RULINGS BESIDE ROE VS WADE.. ITS THE REPUBLICANS WHO ARE FOR CORPORATE AMERICA AND THE RICH OIL COMPANIES. IT MCNUT GETS IN, WE MAY AS WELL DROP THE BOMB - BECAUSE IT'S ALL OVER.
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Posted By: cobalt6 @ 10/10/2008 1:22:03 PM
I can't wait for this election to be over! 2 years ago McCain said in co-sponsoring the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190: "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole. The Democrats killed the Bill.
The democrats and the Media have done everything in their power to ensure Obama wins this election!
No mater who wins this election the economy will get better! Because after this election the democrats will have no choice but to do whats right for this country! The democrats and the media are playing a dangerous game to get Obama elected at the cost of the American people!
McCain tried 2 years ago to prevent this, but the democrats voted against getting things under control! The American people need to stop blaming the republicans and Bush! The democrats did everything in their power to get us to this point to get Obama elected by not working together with republican's.
We the American people need to send a message to the democrats and the media, that we expect democrats and republicans to start working together right now and do the right thing to get this economy back on the right track right now!-
Posted By: careerdaytrader @ 10/10/2008 1:36:47 PM
You are right. But these DUMMIES think Obama is the answer and not the problem which he and his ilk are!
So they will elect him and pay for it with MASSIVE PAIN - Unemployment, inflation, inability to buy homes, cars due to credit markets and the stricter rules that are necessary to prevent this from happening again in the near future.
Ain't Karma a Bitch! You idiots who are supporting Obama will get what you DESERVE - Massive amounts of Pain. You deserve this because you vote for him KNOWING that the rich pay 65% of the taxes, 40% of you pay nothing and yet you vote for him KNOWING he won't tax you but the evil rich. Haha you idiots so deserve what is coming your way for your ignorance and class warfare. Meanwhile the rich move their assets and businesses offshore, hire people who are smarter and work for 70-90% less in India and China and live like Kinds while you suffer. Good! You moron Obama supporters deserve every ounce of pain you have and WILL HAVE in spades under Obama!-
Posted By: rangerone314 @ 10/17/2008 8:36:42 AM
The rich (including WallStreet) should be annihilated, lined up against a wall and shot, and their assets distributed to the Middle Class. We should eradicate all drug addicts in this country and all career criminals, and (after careful screening) donate their organs to medicine so they actually serve a useful purpose. We should make it illegal for companies to offshore jobs or for large amounts of money to be moved out of this country. I saw firsthand the lie that there weren't enough programmers in this country, and that we needed workers from India. There were smart people in the US who were laid off and those companies turned right around and gave the jobs to people from India to save themselves a buck. All the current "capitalist" system emphasizes is cheap labor at all costs & f**king the little guy by taxpayer bailouts.
We should post an Ohio-class sub equiped with 24 Trident II missiles off the coast of Iran and give the Iranian leadership a tour of it and inform them that the sub is targeting their country, and will fire all 96 warheads against Iran if they attempt to build a nuclear bomb. We should crush the Mexican attempt to retake the American southwest through demographic expansion.-
Posted By: mastodon @ 10/17/2008 12:04:41 PM
glad to see the stalinists out in full force.
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Posted By: Rockin_for_THAT_ONE @ 10/11/2008 10:36:10 PM
Hurling insults at people is NOT going to make you get your point across. If anything, no one will want to read anything you have to say even if it halfway makes sense. You've said some really mean-spirited things, i.e. "If you don't have health care, you don't deserve it" Wth? Who says that and can look at themeselves in the mirror afterwards. I have health care and was very offended by your statement. Then all your comments about the things that will happen if Obama becomes president... The things you have listed ARE HAPPENING NOW!!! Wake up and smell the espresso.
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Posted By: Trial50 @ 10/10/2008 12:12:39 PM
here is a light-hearted (or realistic?) interpretation of what has been taking place on the stock market. This truly gives a new meaning to calling Wall Street a jungle!???
http://www.sentences.org/stock-market-mentality/ -
Posted By: metoni @ 10/10/2008 12:12:30 PM
Oct. 10, 2008 - 12:03 PM EST
Stay On Message People- It is no longer about 'Color' "Experience" "Military Status" OR "Pals, past and present"
If, as TeamPolitico suggested, Obama wants the campaigns to return to an Issue-Orientation and questions of Judgement and/or Leadership...Then which One Of These Two Has Asked "We The People" To Do ANYTHING?Leadership will ask the American consumer to take several actions in their personal lives to 'ease' the "Usury Crunch"
#1 Pay-off and cut-up all but one credit card, live beneath your means, save that $ left (Credit-Unions are yet safe)
#2 Stop paying the minimum payment trap to which you've grown accustomed, (YOU pay min. on Card #1 w/Card #3-)
#3 Select your own 401K stocks based on New Product Manufacturing/ Invention, companies that MUST COME-BACK, Treasury Bonds, Gold, Green-Energy Companies, and/or US Corporate Structures that keep Jobs Here.
#4 Cut Your Own Energy Costs (plenty of web-sites to help)
#5 Approach YOUR MORTGAGE COMPANY 1st, don't wait for them to act, ask about a restructuring that safeguards your home from what the "Usury Market" does. Ask IRS what kind of Tax Relief you get for each item on the 'save-energy' list =(you'd be surprised how much $ you can save)
Last BUT much more than Least, BUY AMERICAN MADE PRODUCTS! -
Posted By: 4carol @ 10/10/2008 12:03:24 PM
Yes, we are in a meltdown!! Can you just imagine if Mr. Bush had gotten his way to privitize Social Security??? Many people would already have lost everything!!!!! And for all of you wondering now how MCCain will pay for the items on his policy agenda, this is exactly how; and for those of you who have parents or grandparents who are on Medicare, he intends to cut it by 1.3 billion (yes, billion). Imagine just how that will effect our older people!!!!!!!!
And this is the exact same policy John MCCain wants for the American people!! Those who say he sides with us and not with Wall Street, really are insane!!! He continually tries to falsely lead us down the wrong path, just like his predecesor, Mr. Bush himself!! Lie to America, they'll never know the difference, is their motto!!!!
DON'T BE FOOLED!!!!!!!!!!!!!!!!!!!! -
Posted By: nobama2008 @ 10/10/2008 12:03:07 PM
Are pictures of people panicking what we really need right now?? What is wrong with you - you cause panic to make money. Please give people a break.
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Posted By: Omnius @ 10/10/2008 11:43:29 AM
What a wonderful thing to watch this global financial meltdown happening on "MBA Dunce" Bush's watch. I just love watching the disgusting Wall Street crowd whimper at the havoc they have brought down upon themselves and all of aus. I don't have one iota of sympathy for the self serving cutthroat Wall Street crowd that has done nothing but come up with new ways to make money by ripping the world off.
I am so digging this total repudiation of "Alzheimer" Reagan's Voo Doo economics of Tinkle Down economics that have now left the whole world wet from the wrong kind of Golden Shower. It's way past time for the death of the current free market system that has become too deregulated thanks to "Bush Hugger" McCain and his big banking lobbyist pal Phil Gramm. It's time that the world be far more careful about getting into bed with the flim flam Wall Street crowd and their wicked credit derivative swaps that are nothing but the second coming of the junk bond craze that sunk Wall Street 20 years ago.
Only Obama/Biden and the Democrats can restore confidence in Wall Street by giving us 21st Century regulation that his opponent will never bring about because he's in the pockets of big banking.-
Posted By: mastodon @ 10/17/2008 12:15:14 PM
i don't agree with what you say, but the "tinkle down economics" bit is absolutely hilarious. Kudos
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Posted By: baileyt2 @ 10/10/2008 11:19:36 AM
This is rich. A ditto-head daytrader is lecturing us about financial planning, blaming poor people for this collosal financial disaster, and questioning the patriotism of others while pledging to move his "business" off-shore. What a load of crap. No wonder this country is in such a mess.
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Posted By: careerdaytrader @ 10/10/2008 1:44:53 PM
Yes isn't Karma rich!
You and other American's spend too much, all of your incomes PLUS a lot more in debt.
You buy homes you CAN'T AFFORD and with little or nothing down.
You take interest only or ARM mortgages YOU KNOW YOU CAN'T AFFORD when they adjust!
You take home equity loans when you KNOW that housing prices can't go up forever! Every bubble bursts!
You support Democrats who with the help of Acorn sue and force banks to make loans to minorities and other low income people with NO MONEY DOWN and with no income check!
You support Democrats who want to tax the RICH - People paying 65% of all America's taxes and who pay 10 to 1000x MORE THAN YOU. Most of you reading don't even pay YOUR FAIR SHARE OF TAXES which last year was $9,600 !! If you paid less than this you are a DEAD BEAT.
So yeah I'm secretly happy you SONS OF *** are getting what you deserve. Homes foreclosed, jobs LOST, your future so bleak. You did the crimes, and NOW MUST PAY THE TIME! LOL all you moron Democrats, your lives are pretty much over in the way you knew it. Karma is so PERFECT!-
Posted By: mastodon @ 10/17/2008 12:11:03 PM
down, rabid beast!
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Posted By: DalGal @ 10/10/2008 11:18:53 AM
A poster wrote ..."Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us."
Good rhetoric but I'm hard pressed to understand exactly which laws were deregulated and how that has effected the current crisis. The only things I can find (on fact check) are the rules regarding Fannie and Freddie, which were opposed by Bary Frank.
Perhaps the poster could enlighten me?
DalGal -
Posted By: dubldoc @ 10/10/2008 11:15:50 AM
Careerdaytrader, "me am smart" (?)...."serves you..right for supporting a socialist like Obama..to destroy America"...
HUH?? Your illiterate post, rather, Rant, is not grounded in reality.... while both parties share the blame, it is the continual march of mindless deregulation championed by the Rethugs (who have owned the LIONS SHARE of political and business power in this country for the past twenty five years BTW) that largely got us into this mess....we simply havent learned the lessons of the Great Depression, both personally and pollitical ideology wise.-
Posted By: careerdaytrader @ 10/10/2008 1:27:15 PM
Sorry Americans are to blame for this mess. People seeing their houses go up up up taking our home equity loans. People speculating in real estate and having little income getting more and more loans for second, third, etc houses. Minorities who had NO BUSINESS buying homes they couldn't afford getting loans with no income check and NOTHING DOWN.
Then you add the deregulation, freddie and fannie mismanagement, ACORN suing banks to loan to minorities. The blame goes ALL AROUND but most of it falls on Democrat heads and the American people.
I'm personally glad this is happening. Way too many people support Obama and his class warfare and they deserve what they get, unemployment, loss of their homes, etc. Karma at work!
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Posted By: careerdaytrader @ 10/10/2008 10:44:34 AM
America NEEDS THIS CURRENT pain. Most American's spend too much, DO NOT SAVE, they borrowed from their home equity to have bigger cars and toys and they are dumb enough to think Barak can fix this economy by taxing the rich, the people that ALREADY pay 70% of taxes!
I say let America burn. People need to lose their jobs, their savings, retirements, kids college funds, etc to WAKE UP and realize we can't keep borrowing from China and Saudi Arabia anymore and need to be self sufficient. If you can not AFFORD something you want then DO NOT BUY IT!
American's are dumb and unfortunately I am one but luckily for me am smart and have been trading currencies and not stocks and have a thriving business. I'm going offshore the second Obama wins and will cut down on my American source of income and keep most of my wealth in Switzerland and in CHF currency.
American's will get what they deserve, unemployment, losing their houses, cars, wives/husbands. Serves you A$$holes right for supporting a socialist like Obama and allowing the Democrat liberal policies to destroy America.
I love America - It does NOT NEED CHANGED!-
Posted By: rkymountain @ 10/10/2008 12:22:16 PM
How dare you! You use the word Americans as a dirty word. Many of us have done nothing wrong. We save and scrimp, give when needed. Sometimes you get hit with an emergency like a year in a hospital due to
some drunk driver and so on. You sound mean, greedy and vindictive, not to mention arragent. It was greed on the behalf of CEO's and lack of regulation in this nation that got us here. Yes some so call stupid
Americans should know better then to spend more then they make,
however some times that is the only way to get ahead, it just depends on what it is you are investing your money in. It is good someone tought you how to be with money. Not all of have someone share that with us. It also takes money to make money. So just where do you start? A$$ hole. I suggest you take your nasty attitude and you money and go now before you burn! For someone that is so smart you seriously have no idea on how to be a decent human being. I am having to suffer becaue of a political system that has devided this nation. Not to mention screwed it. Don't you dare stupid me, dam me and my family. Don't like it hear then Get the fudge out!-
Posted By: careerdaytrader @ 10/10/2008 1:33:07 PM
No you are suffering because YOUR NEIGHBORS took home equity loans and took out equity which is no longer there and are simply walking away. Your neighbors and maybe you bought homes you couldn't afford and now that they are worth 30 to 50% less than you mortgages are simply walking away.
You can also blame mismanagement of Freddie and Fannie (100% to blame on Democrats) or ACORN and other community organizers suing banks to make them give loans to minorities and others who had little income and NO DOWN PAYMENT and had NO BUSINESS owning homes! (100% blame on Democrats for this).
It is sad but I'm pissed off at America and feel that Karma is coming due to all the irresponsible people out there. For those of you who are poor or middle class YOU SUPPORT OBAMA and his policies of raping the rich who already pay 65% of the taxes. 40+% of people PAY NO TAX!!!
So I'm happy that all you SOBs who support Obama and think "HE WON'T TAX ME, SCREW THE RICH" you are GETTING WHAT YOU DESERVE!!!
America will go through 3 to 10 years of pain and slow economy and so many millions will have to suffer due to the excesses of a SMALL minority of people. And of course the moron Obama will make it worse which is even more KARMA for you MORONS who are voting for him.
Meanwhile the rich will just setup bearer share corporations in offshore tax havens and shield some or all of their income to avoid DUMMY Obama's tax increases. And we'll move our assets to Swiss banks where 1/3 of the world's private wealth is stored. And we'll hire people in India and China who are smarter and work for 70 to 90% less!
You stupid American's, you are getting what you deserve. Pain - And LOTS of it!
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Posted By: cani77 @ 09/27/2008 9:07:05 AM
n a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide the largest morgage bank in the world,Bear Stearns, Lehman Brothers and Merrill Lynch which are 3 out of the top 5 wall street firms. Also, Fanny and Freddy Mae which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.
McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.
Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He either didn't care or didn't realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime.
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a tanking economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why are the polls even close then ?
The chairman of McCains campaign recently said that people don't vote on issues they vote on a personality composite. Which means he is trying to sell you personality instead of results.
He believes people will vote against their own interests.
Let's teach him we are smarter than that .
Hold them accountable NOW! while it will still help.
Elect Obama Biden 2008-
Posted By: DalGal @ 10/10/2008 11:29:14 AM
Can you post the reference about Bob Proctor being an economist? I checked the bio on his website and didn't see any reference. Granted, he IS a motivational speaker and makes a lot of money from the seminars, but I've not seen anything about his acumen as an economist or his past history in predicting market turns.
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Posted By: careerdaytrader @ 10/10/2008 10:40:05 AM
Laughing out loud!
Your EXPERT is a get rich quick guru!
"Live the life of KINGS"
http://www.amazon.com/New-Paradigms-Bob-Proctor/dp/1890679062
You sir are a MORON. Any half brain could have predicted this mess. Don't blame Bush, blame the Democrats for forcing banks to loan to minorities with low incomes and NO MONEY DOWN!
Blame the scum bag Wall Street guys who were greedy and the MORONS IN AMERICA who bought houses they couldn't afford with low down payments, interest only, ARMS and then WALKED AWAY and didn't live UP TO THEIR AGREEMENTS!
Everybody you know who stiffed the bank and didn't pay their loans are to BLAME. When will politicians blame the AMERICAN people, the REAL culprits.
And yes deregulation played a part as well as the 30 to 1 leverage but it wouldn't have happened if American's were responsible and bought HOMES THEY COULD AFFORD and didn't take all the home equity loans!!!!!
This guy cani77 is a MORON!!-
Posted By: amazed49 @ 10/10/2008 3:19:57 PM
Minorities are not the problem...minorities are rarely even give the opportunity to buy into the "American Dream" Minorities are the lowest in percentage of homeowners. Maybe the people who purchased and built the McMansions and bought the Hummers and took the credit card trips to Disneyland and the crusies. Look you were told that greed is good and you deserve the moon and stars and you went for it ALL. You bought a bag of good and now you found out the bag was full of holes; and so you have to have someone to blame other than yourselves for being so guliable. Come on people let's stop the blame game and pointing fingers. When you point one finger there are four more point right back at you. We've been suckered. Now let's pull together to save what we can.
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Posted By: careerdaytrader @ 10/10/2008 4:33:36 PM
I will agree that the problem wasn't ENTIRELY minority and poor home buyers but they had a disproportionate share of it!
http://www.nytimes.com/2006/02/22/business/22home.html?_r=1&oref=slogin
The point I'm making is the RICH, truly high earners can AFFORD to pay for their home mortgages and second homes even IF the market value is less than they bought it with. Both because they can afford it and because THEIR CREDIT RATING is high and they wan't to KEEP THEIR GOOD NAME!
America's values have fallen, people WANT IT ALL RIGHT NOW, even if they can't afford it and THUS DO NOT DESERVE IT.
I'm just very glad this is happening. I have my money out of the stock market and trading currencies day to day with no overnight risk other than 10 to 12 pips per trade and moved my mother out of the stock market at the 50% retracement after the first fall.
America is not a socialist country but just watch all the money FLOW OVERSEAS if you elect that Socialist Obama. I already have 1/3 of my wealth overseas and will move 65 to 75% of it IF he is elected. With him in charge and TAXING the most successful is a recipe for disaster. Screw America, the greedy poor and uneducated people who never paid their FAIR SHARE of taxes now want us rich to pay more? LOL Crazy!-
Posted By: makemewilling @ 10/16/2008 11:50:43 AM
Do you honestly think this country could grow and become better and as successful a society as some others if you say crap like 'screw the greedy poor and uneducated'. These are the people who need the most boost up, because the more people you pull out of situations like that, and educate, the better the country gets. People like you, who point fingers, and divide, and rant and rave full of anger over your money money money have no room to be calling anyone else greedy. Grow up a little. Also, repeating the same things over and over again, calling Obama supporters morons. I think you're exaggerating, Obama does have common sense and is not going to tax you poor rich people dry. I think you'll live. You need to get a little perspective on your life before you spewing rants over the internet.
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Posted By: cani77 @ 09/27/2008 8:11:05 AM
n a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide the largest morgage bank in the world,Bear Stearns, Lehman Brothers and Merrill Lynch which are 3 out of the top 5 wall street firms. Also, Fanny and Freddy Mae which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.
McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.
Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He either didn't care or didn't realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime.
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a tanking economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why are the polls even close then ?
The chairman of McCains campaign recently said that people don't vote on issues they vote on a personality composite. Which means he is trying to sell you personality instead of results.
He believes people will vote against their own interests.
Let's teach him we are smarter than that .
Hold them accountable NOW! while it will still help.
Elect Obama Biden 2008 -
Posted By: aledaythuday @ 09/24/2008 1:03:40 PM
Why wasn't Germany's Weimar republic's hyper-inflation (with the result being the Nazi's and WWII) included in this list of economic crises? Those "hard-times" and subsequent event were hundreds, thousands of times worse than those listed here.
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Posted By: frankiescoffee @ 09/22/2008 1:08:37 PM
This is going to cause a Robin Hood Effect, why should us taxpayers bale out these rich - well off people? and they will remean in their houses and drive their fancy cars. I was raised with the belief "don't invest money you can't afford to lose" this is not fair and I don't think we should sit around blogging about this I think we ( I did so yesterday) should e-mail, call & write to our reps in DC, they are suppose to be working for us not wall street. Basically I'm mad as hell and not going to take it anymore. It's not doing a bit of good to use all these web sites as a bitch session it's time for us the people to be heard, like a song, I'm not a face in the crowd, you'll hear my voice when I shout out loud, it's time for us to scream and be heard.
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Posted By: melbee1971 @ 09/19/2008 11:51:21 AM
As a public high school teacher, the current state of our public institutions reflect our values as a society, from my point of view. We are bailing out these failing institutions with taxpayer dollars while the state of our public school system continues to decline. I ask American voters to consider the following comparison of our institutions: private sector financial powerhouses vs. our public school system.
Good teachers are being laid off and class sizes are growing. No child left behind is a law that requires improvements without the promised funding to implement these improvements. And our schools are listed as "failing schools" because of unrealistic goals from unfunded mandates by the federal government. What is left in our public schools is often a stressed out skeleton staff that does not have the ability to properly educate our students.
Meanwhile, corporate lobbyists effectively secured deregulation and what they consider "optimal" conditions for their financial success (deregulation). And a few well-connected people have lined their pockets with enormous amounts of other peoples' money.
This sort of short-term gain at the expense of long-term growth way of thinking has infected our entire way of running our society. Enough is enough.
Unfortunately middle and lower class young people (the MAJORITY) of our future do not have the money or the resources to hire corporate lobbyists. Their teachers and their schools have very limited resources. Where are the organized efforts to actually support the reform and progress to advance our public schools into the 21st century and educate and prepare our future?
In every other developed and developing country we compare our students' progress with, there is a clear and dedicated effort to improve, fund, and prioritize education. In America, we are starving our schools while bailing out reckless fat cats who've thrived on greed. Is this the American Way? Or have we lost our way?
Imagine where we might be in ten years if only a FRACTION of the billions our federal government has spent on the Iraq war and corporate bailouts were actually INVESTED in making our public schools the most advanced in the world. THAT IS INVESTMENT. We will be "paid back" in our BEST capital resource: Highly Educated American Workers. This is NO LONGER A DEMOCRAT VS REPUBLICAN "WEDGE" ISSUE!
Let this be a lesson. Hopefully (as we say in class) we will learn from our mistakes and use our lessons to improve, grow, and succeed - hasn't that been the American Way? -
Posted By: nosoupforsharpton @ 09/17/2008 6:07:08 PM
To Just Steve: had Social Security been privatized 30 years ago there would not be a problem with Social Security. Come to think of it, had Clinton not vetoed drilling in ANWAR we would not be in as bad of an energy mess.
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Posted By: caveatemptor7 @ 09/17/2008 2:54:13 PM
Totalitarian democracy is a term made famous by Israeli historian J. L. Talmon to refer to a system of government in which lawfully elected representatives maintain the integrity of a nation state whose citizens, while granted the right to vote, have little or no participation in the decision-making process of the government. The phrase had previously been used by Bertrand de Jouvenel and E.H. Carr.
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Posted By: caveatemptor7 @ 09/17/2008 2:52:01 PM
Well, did you ever think we would have state run mortgage companies, insurance, investment and banking companies? We do. So why are people so concerned with socialized healthcare? Anyway, why don't we merge with China and Russia so we can atleast streamline the new totalitarian regime and get rid of the redundant beaureacrats?
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Posted By: Jimmy Goodtimes @ 09/16/2008 1:02:41 PM
Wall Street's turmoil is only a part of a larger human movement. It is indicative of short-sightedness, greed and lack of concern for others. This behavior is held by goverment regulators, consumers and firms. Dumping our pollutants and wastes into the skies, oceans and land, driving gas guzzlers, mass murder in the Sudan, mass environmental catastrophe in dead oceans, glacial meltdowns, harsh weather, Russian, Korean, Iranian aggression, Chinese economic lawlessness, etc. is all related. Chicken Little was right and now, no one is laughing. Human kind is on the brink, in terms of virtual economic systems or natural, real systems, things are quickly breaking down. We are due I am afraid for a man-made disaster, whether it comes from a pandemic, total economic collapse, enviromental sea change or war. Our overpopulations, destruction of the environment, lack of respect for other people is manifested and perpetuated by greed and lack of sensible, independent and empowered governing bodies. Wall Street is ruled by perception, the same raw data that was in place today was apparent days, months even years ago. The fact that the problems are coming home to roost only now shows the blindness of our society.
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Posted By: Jimmy Goodtimes @ 09/16/2008 12:53:38 PM
I believe the upset on Wall Street may be the begining of a permanent change in humankind. We are witnessing greed and short term thinking, lack of regulation on an unprecendent scale. This also explains corporations dumping pollutants into the skies, seas and land. This explains mass human slaughter in Africa, Russian agression, Chinese lack of abiding by international fair trade agreements, Americans use of SUVs. Chicken Little was right. Over population, lack of time, greed and other factors all point to a major world-wide disaster, such as pandemic, breakdown in a total ecological system such as a dead Atlantic Ocean or Antarctic melt down. The end for life as usual is showing up in Wall Street.
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Posted By: Rich Monk @ 09/15/2008 3:07:58 PM
Wall Street is the "Ponzi" scheme and it alays has been. No different than Las Vegas, Atlantic City or the Indian Reservations. All gamble and Greed.
We are in a depression folks. This Government will use your tax money $500 Billion for the future to pay for this greed today! All the while the perpetraitors get away through Congressionally created loopholes.-
Posted By: TheVigil @ 09/15/2008 7:18:51 PM
No, there's plenty of legitimate stock investment going on. Wall Street's excesses are awful and always have been, but GENUINE stock trading and investment is a boon to the economy. Don't throw out the baby with the bath.
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Posted By: Just Steve @ 09/17/2008 4:17:04 PM
While agree the concept of shared ownership is a grand thing, and owning stock is a solid capitalist ideal -- just think if Social Security was privatized right now and invested with Lehman, Merrill Lynch, Freddie or Fannie.
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Posted By: Just Steve @ 09/17/2008 4:14:53 PM
While I agree there is good with the bad, and the concept of shared ownership is a good thing... Imagine if you will, what would have happened if Social Security benefits had been privatized and sitting with Lehman, Merrill, Freddy or Fannie.
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Posted By: kelligirl @ 10/10/2008 11:36:29 AM
This is exactly why I have been against privatizing SS - it is safer the way it is. As for all of us who bought into the 40lK, that we must contribute for our retirement, we have lost and lost this time around, I think that back in 1987, 40lKs weren't even an issue --- this time, many of the $$ being lost are from all these 401Ks that we were urged to get into or lose out in retirement . I think the best thing now is to get in on the bottom or as close to the bottom you can and you will make up the $$, it will take longer, but it will come back & we have to get in when we think we are at the bottom. Then we can all participate in the upturn in the markets & be a part of it, instead of sitting on the sidelines & waiting. This is the nature of the market, as newcomers with our 401ks, we need to recoup, so buy low, buy soon & recovery will come (history is with me on this one)
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Posted By: tommyjonq @ 08/27/2008 5:09:14 PM
america's a big country. here in the eastern midwest and the rust belt, the 80's were worse than the 30's. for one thing, industries like coal, iron, and heavy manufacturing disappeared permanently, instead of going through a temporary downturn. but california boomed in the 80's, just like it did in the 30's. these last two "recessions" wouldn't even have been called recessions 20 years ago. but i'm sure certain parts of the country are hit pretty hard right now.
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Posted By: wrigley @ 08/01/2008 11:44:27 AM
How do I obtain a copy of this article?
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Posted By: user_sgn @ 07/24/2008 5:09:17 PM
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