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
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The meetings at the New York Fed began Friday evening and went on for much of the day Saturday. In addition to Treasury Secretary Henry Paulson, the meeting included Securities and Exchange Commission Chairman Christopher Cox, and New York Fed Chief Timothy Geithner. Bankers on hand include Goldman Sachs Chief Lloyd Blankfein, JPMorgan Chase's Jamie Dimon, Citigroup's Vikram Pandit, Morgan Stanley's John Mack and Merrill Lynch's John Thain, along with representatives of other major financial firms.
A source familiar with Paulson's thinking said Saturday that he still is adamant that there be no government money used in the resolution of the situation. A New York Fed spokesman wouldn't provide details of the meetings, except to say they focused on "recent market conditions." Lehman lost the confidence of the markets in the last few days and was pushing hard late in the week to find a buyer.
Ten years ago this month, the New York Fed orchestrated the orderly unwinding of hedge fund Long-Term Capital Management, which foundered on exposures to Russian government bonds. That rescue included capital injections from 14 Wall Street banks, Lehman among them. Bear Stearns refused to participate then. The banks put up $3.7 billion to prevent Long-Term Capital's immediate collapse. The fund was gradually unwound over the next two years.
Lehman is far and away larger than Long-Term Capital, but the capital markets have grown up since that episode a decade ago. Many see a collapse of Lehman as bad, but not apocalyptic. The tricky part is that many of the banks participating in this round of negotiations have been badly stung by the same mortgage-related exposures that are plaguing Lehman, and many are scrounging to raise capital for themselves.
Traders furiously tried Sunday to net out derivatives trades involving Lehman so they wouldn't be caught exposed to a trading maelstrom when the U.S. markets open on Monday. The International Swaps and Derivatives Association was holding a "netting trading session" Sunday afternoon. "The purpose of this session is to reduce risk associated with a potential Lehman Brothers Holdings Inc. bankruptcy filing," the trade group said, adding that trades conducted during this period "are contingent on a bankruptcy filing on or before 11:59 p.m. New York time."
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