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
They All Fall Down
First Lehman, then Merrill Lynch. What's next?
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Hard Times
Think the current economic crisis is bad? Before you decide, take a look at the bubbles, panics and depressions of the past.
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In a few tumultuous hours, the U.S. financial sector shrank significantly Sunday night. Efforts to prop up Lehman Brothers failed and Bank of America struck a deal to buy Merrill Lynch.
Capping a frenetic weekend of attempts to arrange a rescue for the foundering brokerage, Lehman Brothers said early Monday morning that it would file for Chapter 11 bankruptcy in a fashion that would allow many of its units to continue to operate for the time being.
Meanwhile, Merrill Lynch, one of the investment banks that considered being part of a consortium to rescue Lehman, agreed to be bought by Bank of America for $50 billion, or $29 a share. The agreed price is a healthy 70-percent premium to Merrill's closing share price Friday of $17.05, but far below the $100-plus level its stock traded at in early 2007. It's a 38-percent premium to Merrill's book value of $21 a share.
Merrill has been caught, like Lehman, with huge exposures to mortgages and mortgage securities, though it has aggressively moved to unload those from its books in recent weeks. A deal would help it escape the fate of Lehman, which sought bankruptcy protection after Barclays walked away from buying it. Bank of America was also in the running to buy all or part of Lehman and apparently decided Merrill was better prey.
Regulators and the banking industry took dramatic steps Sunday night to cushion the markets from the effects of Lehman's collapse: Major banks organized a $70 billion fund to help each other out; the Federal Reserve committed to accept lower-quality collateral for loans from its emergency window; and the SEC took steps to protect Lehman's brokerage customers.
Meanwhile, American International Group is expected to announce a sweeping reorganization Monday, with plans to sell off an array of assets and businesses.
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