I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
He perfectly predicted the current meltdown and the picture he paints about what will happen next
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 ,Bear Stearns, Lehman Brothers and Merrill Lynch , Fanny and Freddy Mae ,AIG
The government took them over because they are bankrupt. Even with the goverment nationalizing hundreds of billions of dollars in debt the stock market is crashing
the credit markets are frozen and all of us may suffer beyond anything seen in generations
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 how its been broken.
It is no surprise that he doesn't. The people that make up these securities use quantum 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 was the last to know somthing 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. Check out this link to the truth http://my.barackobama.com/keatingvideo
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 budget surplus like Bush did but a crashing 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 ?
Mccains team just said they no longer want to talk about the economy.Instead they would like to spend time talking about obama
which means running the biggest smear campaign in history.
They think they can just tell you lies and you wont be smart enough to see through it
Let's teach him we are smarter than that
Stand up and hold them accountable
Bush isn't on the ballot this year but his policies are
Elect Obama Biden 2008
Check out this video of sarah palins interview and ask your self if she understands what she is talking about.
http://www.youtube.com/watch?v=r36Xc0GG4iQ
A Crisis Trickles Down
10/23/08: The Children's Aid Society, an organization heavily dependent on Wall Street donations, charts a course for the future in an uncertain climate. (Producer/Camera/Editor: Ira Spitzer)
Thrift Is the New Fashion
Time was, national crises stimulated saving. But thrift today has a negative, miserly connotation.
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Thrift, like the repossession business, is one of those classic countercyclical industries. When the gross domestic product shrinks and bulls grow mute, Americans are called to rouse themselves from a consumption-induced daze and start saving and investing rather than borrowing and splurging. At about this time in the economic cycle, we hear a lot more from Warren Buffett and a lot less from Donald Trump. Coupon clippers are exalted and high fliers are laid low. Of course, once the good times begin to roll again, the calls for thrift subside. Back in 1994—I know I'm dating myself here—I wrote a piece of juvenilia on the hot new cheapskate trend that grew up in the wake of widespread corporate restructuring. (Among the key data points: the popularity of "The Tightwad Gazette"and a decline in charitable donations.) But penny-pinching went out of style once the dotcom boom started.
During the last recession, which coincided with the 9/11 attacks, we didn't even try. President Bush went on television and urged people to go take a trip. For New Yorkers, patronizing a restaurant in the afflicted downtown area became something akin to civic duty. "Our leaders in recent years seem increasingly determined to insist, as a response to such challenges, on the importance of high and continued consumer spending," writes historian Barbara Dafoe Whitehead, in the newly released "For a New Thrift,"a report sponsored by an array of think tanks, left, right and center.
Whitehead writes eloquently about the powerful array of anti-thrift institutions that have made it difficult for middle- and lower-income Americans to save: credit-card solicitations, ubiquitous casinos, state lotteries and payday lenders, which "outnumber McDonald's franchises in four out of five of the nation's most populous states." The nation's biggest banks dole out loans with abandon, but many won't issue passbook savings accounts to kids.
More powerful still may be the macroeconomic barriers to saving. The income of a typical family hasn't risen in real terms since 1999, while the cost of basics like health insurance, energy, food and housing have soared. "Surveys show that much of the rising credit-card debt is related to job loss, home repair or health care," says Tamara Draut, vice president of policy and programs at the New Yorkthink tank Demos, and author of "Strapped: Why America's 20- and 30-Somethings Can't Get Ahead."
In addition, during asset bubbles and booms, we tend to let buoyant markets do the saving for us. According to the Federal Reserve, the net worth of households and nonprofit organizations soared from $39.2 trillion at the end of 2002 to $58.7 trillion in the third quarter of 2007, a 50 percent increase. This at a time when personal savings were minuscule: $174.9 billion in 2003 and just $57.4 billion last year. But those who live by paper gains also die by them. Between September 2007 and June 2008, according to the Fed, the nation's net worth fell by $2.7 trillion. And it has likely fallen much further.
Clearly, we need to save more. But as John Maynard Keynes taught us, thrift can be counterproductive in times of weak demand. Consumer activity accounts for about 70 percent of economic activity. Spending money heedlessly—traveling, redecorating, eating out—keeps our friends and neighbors employed. The great concern about the stimulus package was that Americans would squirrel away those $300 checks for a rainy day rather than put them into circulation immediately. Self-described global citizens have also had reason to eschew thrift. The prodigious appetites of U.S. consumers for imported goods enabled tens of millions of peasants in China to escape subsistence living and find factory work each year.
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