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Every major market in the World is hanging on whether the USA is going to pass some sort of package to "loosen" up the credit markets or not. And that will come back to us, one way or the other. If the package goes down again tomorrow night, I think there will be carnage. The only thing that helped the bounce today was the talk about tomorrow's possible re-vote.
Dave Ramsey disagrees with you as well. So do you know more them Ramsey ?
No matter who we say you will bad mouth, because a guy was on Glenn Beck he doesn't count ? despite that he is a Economist ? You are showing why America doesn't believe you or George Bush. You believe the line of crap that has been fed to you.
Gordon Gecko III wrote:
Dave Ramsey disagrees with you as well. So do you know more them Ramsey ?
My opinion is based on many years of working in the markets and with people that use credit and forex markets to operate their businesses, big and small.
Beside repeating things you watch on TV, what is yours?
Next up on the tee, Sovereign Bancorp.
Will be torn apart tomorrow.
bye bye Sovereign.
One last thing before I sign off and you repeat something you heard from Sean Hannity, here's is an article on how "Main Street" is already benefiting from the inaction in Washington:
http://www.time.com/time/business/article/0,8599,1845818,00.html?cnn=yes
Are you kidding me? Dave Ramsey? Isn't he the idiot who cites the bible for personal finance advice and who does't tell people to pay off their highest interest debt first?
How about Warren Buffett, Jack Welch, Eli Broad, Ben Bernanke, Lawrence Summers, Bill Gross, Mark Zandi?
softening of the requirement for mark-to-market accounting is a huge step in the right direction
The last thing the market needs is less transperancy or clarity. People are having a hard enough time trying to figure out what assets are valued at. Hiding the crap isn’t going to help things.
That's precisely the point. Less transparency and clarity is imposing the charade that this stuff has no value whatsoever, which then disingenuously undermines capital ratios, forces covenants to execute, and sets the dominos in motion. It's fraudulent accounting in reverse -- artificially deflating value rather than inflating it.
The political lynching of Franklin Raines? really?
I'm a little confused as to why you posted this article - it seems as if the screws are tightening on risk management, which is an all-around good thing, bailout or not. It does cite one-off stats like, "67% of small business owners say they have been affected, up from 55% etc." However, given that 90% of businesses fail in the first two years (or whatever), Occam's Razor says (an absolute) 12% more SMB owners are just using the credit crunch as an excuse for sucking at business : )
Anyway - is all this bailout nonsense a smokescreen for the Fed having injected 630 billion into the system via its Term Auction Facility anyway? Taxes are so 1215 AD.
In the biz wrote:
Tell me, at your hated CEO level the dirtbags and Lehman or Bear Sterns made 200 million plus, do you think they are worrying about putting food on the table? They and their families will not hurt. Ever.
It would be interesting see what happens if we return to the days of a federal bank, or even a (nationalized) federal IB.
It actually might help stop the salary and fee inflation by introducing a low cost provider into the marketplace...
ok - you clearly are an enlightened man who has a deep grasp of the economic system and the fed's role
Mtn Dew wrote:
anEconomist wrote:thanks for the profound statement.
They don't produce wealth, their explicit goal is to keep inflation low and unemployment low as best as they can... there are certainly examples where central banks have failed miserably at this (or worse, see the depression).
Greenspan kept rates too low in 2000's many would argue, but he knew enough in the 90s not to raise them when it was unnecessary
You have a very positive view of the federal reserve. They've inflated the money supply a great deal lately and have caused a bubble. The problem is that there is a semi-private entity dictating things like interest rates at all. Our economy is in worse than that it otherwise would be if there were no fed.
This is precisely how I feel. Well put.
In the biz wrote:
Have you considered in your demented head, that the typical big shot "wall street slicker" you rail against has made 1-2 million per year for the last 6 or 7 years and can safely retire and live very well with 10 million plus in savings? The biggest guys have multiples of that.I have some terrible news for you that you obviously haven't considered. They are going to be fine and so are their families. Whether the rescue package goes through, all this works itself out, or we go into a depression, they have little to worry. You know who else is going to be fine? The dirt bag mortgage brokers and real estate agents who raked in the huge cash in this debacle.
You know who will get hit the worst if this blows up and credit ceases for an extended period? It's the "main street regular people" that you think you represent in your simple minded rants against "the man." You know who else will get slammed? Thousands of "regular joes" on Wall Street and with financial firms in back office positions across the country drawing similar salaries to other common office workers in anywhere USA.
Idiots like you have been bloviating horseshit like "I'll take my chances with a recession or even a depression, as long as those big shots are being punished and get theirs" or "the sky isn't falling yet let them sweat". You know what stupid? the only place they will be punished or sweat is in your act like a common man delusional dreams. Tell me, at your hated CEO level the dirtbags and Lehman or Bear Sterns made 200 million plus, do you think they are worrying about putting food on the table? They and their families will not hurt. Ever.
However if American banking or investment institutions don't get help ASAP, as self appointed leader of the "regular folk", you should understand they will pay dearly in terms of the loss of credit. Not only their own, but of the businesses in their area. And what happens when they can't get credit to function? The businesses get rid of their employees and unemployment spikes. Then tax revenue drops in whatever city has the misfortune to have you as a resident and problems worsen
Speaking of taxes. Who do you think pays the bigger percentage in taxes in this country? The "Big shots" and their employees, or the "Ima cash payin small biznezz man an proud uv it" guy or accountant who thinks he is getting some kind of revenge on Wall Street now?
How do you explain to the "main street" people who were planning on retiring in the next two years that instead of doing as they planned they have to work 5 more years because their 401k took a 30 or 40% haircut so you can "show those big shots a thing or two".
Your ignorance of how the markets work and influence everything in the country is jaw dropping.
I just got off the phone with my Congressman's office, I forcefully told him not to vote for this tragic bill. There are other options. Explore them.
:
[quote]Keith Stone wrote:
[quote]
Let Wall St self-flagellate for a while and they're figure out soon enough that the sky isn't falling,
Is this your idea of watching "Wall St self-flagellate".
http://www.bloomberg.com/apps/news?pid=20601087&sid=aa28qIGme_R8&refer=worldwidePlease, share with us your deep knowledge of the situation today. How many businesses are in trouble, because they don't even have the facilities these companies can utilize to stay solvent?
So Circuit City can't open up new stores ? I guess not, people do not have money to spend like they did, and you want the American people to finance new stores in a economy where they should be closing stores ?
I saw a interview with the Duke Power guy and he said the consumer was using much less energy, well thats good and Duke Energy will have to adjust.
That is where you miss the point all great knowing and powerful one, the ride is over and the more you and others want bailouts the worse this gets, face it and deal with it. There is no way the government should have sent out stimulus checks, I mean its idiotic. Let the economy rid itself of the weak.
I've heard this compared to what Japan went through in the 90's, they tried gov't intervention but the only thing that REALLY helped was an increase in maunfacturing and exporting i.e REAL concrete money making.
Personally I dont think the USA can do that, we will keep up the smoke and mirrors, only this time it will be financed by the tax payers.
Dude, you're too close to the fire; it's singeing your brain.If a business has to use credit to stay solvent than that means the banks are funding losses. This is not a good deal for the businesses or the banks. I'm guessing by "solvent" you mean they have to keep growing to maintain shareholder value. That's a big difference.Once many of these businesses stop growing they are toast because the only real value they provide is the potential to expand into the foreseeable future.Yes the economy will stagnate or even shrink. There will be a cost placed on the Government, the banks, the lunch bucket crowd and, yes, even the slick cats on Wall Street. But no prudent person can sit there and say that we should cover the bets made by bizness people such as yourself. So no, for me it’s not ignorance of the financial fallout that will surely come without a bailout, it is a question of economic cause and effect.My hunch is that the Senate will pass bailout v2.0. It appears to be much better than the first time around, elimination of AMT, tighter restrictions and timelines on when the cash is made available, etc. It still is an abomination but, apparently, the Wall Street power brokers still have quite a bit of clout.
In the biz wrote:
Please, share with us your deep knowledge of the situation today. How many businesses are in trouble, because they don't even have the facilities these companies can utilize to stay solvent?