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
Email To A Friend
Please fill in the following information and we'll email this link.
Most Asian investors had a day's reprieve to digest the news, with stock markets in Hong Kong, China, Japan and South Korea closed for holidays. However, the benchmark indexes in Australia, Taiwan and Singapore lost more than 2 percent each, and analysts expressed concern over the impact the fresh turbulence in the United States could have on Asian banks. European markets opened sharply lower.
Hopes for a complete sale of Lehman faded Sunday as negotiations among top Wall Street bankers and regulators gathered at the Federal Reserve Bank of New York petered out. With the U.S. Treasury refusing to provide any financial backing to a takeover, as it did with Bear Stearns, potential buyers balked at the prospect of having to shoulder all its financial risks themselves.
With its holding company under court protection, Lehman said none of its broker-dealer subsidiaries would be included in the filing and that its Neuberger Berman and Lehman Asset Management units would continue to conduct business as usual. Lehman said that it was still seeking to sell its broker-dealer operations and investment management division.
Barclays was seen as one of the stronger contenders to take over a part of Lehman, but backed out. "In essence we were asked to look at the transaction—it would have been very attractive, but we're pretty strict about M&A, and if it doesn't meet our criteria, it doesn't do it for us, and in the case it didn't," a source said. "In this transaction we would have needed to guarantee the trading operations at Lehman. We just felt that we couldn't take on that sort of open-ended deal."
A plan for other Wall Street firms to inject capital into a proposed $85 billion-asset "bad bank" also stalled, in part because the federal government refused to chip in money, as it had with the seizure of Fannie Mae and Freddie Mac one week ago and as it did in the rescue of Bear Stearns in March. Not many firms would be able or willing to participate in capitalizing the bad bank without federal backing. Wall Street is still reeling from exposure to the mortgage markets, and many banks are struggling to raise capital for themselves, let alone a rival in need.
Bankers are also keenly aware of the difficulties facing each others' firms and other financial companies that have exposure to the mortgage markets. American International Group and Washington Mutual, like Lehman, were hammered in stock trading last week on concerns they would unearth more toxic assets that they need to write-down.
Discuss