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I have got a horsey

Stock Market Meltdown!

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^ I'm shocked this isn't getting more attention here. There's an ongoing worldwide ripple effect and that in turn is going to make its way back.

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Actually, it was the previous 8 years of Bubba Clinton. He set up goverment institutions to make sure that anyone could borrow money even if they could not afford too. Now, just like the way President Bush has had to suffer through cleaning up Clinton's failed terroist policies he now is getting the blame for this too. Yes, President Bush is unpopular because he has been stuck with all of Bubba's mismanagement of our Country for his 8 years. Of course, we all know that he had "Other" things on his mind.

I'm genuinely curious - do you think Bush has nothing to be blamed for during his eight years as President? There have been no mistakes, just being blamed for problems caused by previous presidents? I know there are very polarized views here from dems/reps, I read them, but I'm asking you honestly - what is your fair assessment of Bush's term in office?

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Actually, it was the previous 8 years of Bubba Clinton. He set up goverment institutions to make sure that anyone could borrow money even if they could not afford too. Now, just like the way President Bush has had to suffer through cleaning up Clinton's failed terroist policies he now is getting the blame for this too. Yes, President Bush is unpopular because he has been stuck with all of Bubba's mismanagement of our Country for his 8 years. Of course, we all know that he had "Other" things on his mind.

Those other things....Terri Schaivo ? :rolleyes:

Oh and by the way, I pointed this out way back on board # 1. Mr. Clinton came closer with one missile volley to killing Osama Bin Laden than Bush the Junior did in 8 years, after invading two countries, one of which was under false pretenses, that killed hundreds of thousands of innocent Iraqis, and 4,000 of our own citizens that were put in harm's way for no reason. Mr. Clinton's reward for that missile volley was to be chastised by the Republican Right for trying to distract the public from a certain Ms. Lewinsky, who was being tried by Mr. Henry Hyde, who later had to apologize for his own "youthful discretion". Meanwhile, a surplus was turned into debt, because somehow Republicans feel that someone who invests in commodities, should receive a larger tax break than I do with my own 401K nest egg.......and all you folks cared to worry about was a simple case of oral sex that cost me 60,000,000 dollars to prosecute ! ABSURD SIR !!....I SAY ABSURD !!

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From a business angle, the best thing to do is watch the folks that still have plenty of cash to play with. Like this guy.....http://money.cnn.com/2008/09/18/news/newsm...sion=2008091814

It takes money to make money, and just like Monopoly, you grab things that are guaranteed to always generate income like railroads and utilities.

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This is amazing and is a testimony to President Bush's resolve and our incredible military. There is no telling how many foiled attempts have been made at us. President Bush will never get any credit. The major media outlets have made him a laughing stock and this is very sad. Terroism and war is nasty bussiness, but our President has stayed the course (realizing that he would get trashed for it) and now we have all but won. Thank God that he does not care what the Anti American major media thinks about him or what they have made people think of him. He cares about our country and has proven it.

Now go ahead, pile on with your best Anti Bush shots. To me, you all sound pathetic.

Maybe not as pathetic as you sound to us...

Maybe the fact that there have been no further attacks on US soil is down to the terrorists and not Bush...

And the people who foil terrorist attacks and terror cells in the USA are the police and the FBI...they're the ones who actually do it, but you'd rather heap your praise on to Bush...

If ignorance is bliss, you must be the happiest person on earth.

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Actually, it was the previous 8 years of Bubba Clinton. He set up goverment institutions to make sure that anyone could borrow money even if they could not afford too. Now, just like the way President Bush has had to suffer through cleaning up Clinton's failed terroist policies he now is getting the blame for this too. Yes, President Bush is unpopular because he has been stuck with all of Bubba's mismanagement of our Country for his 8 years. Of course, we all know that he had "Other" things on his mind.

Where are you getting your information from?

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Of course there is blame to go all around. On this board however all you will see is Bush Bashing. So, I bring up the other side.

I think that President Bush has done an outstanding job on National Security. After the first Gulf war there were sanctions in place and no fly zones over Iraq. Sadam Insane violated these daily. Instead of Bubba doing something about it, he did other "Things". In many other parts of the world terroists built up strong holds. Bubba did nothing. Bubba talked tough but did nothing. He could have taken Bin Laden out and did not. President Bush had to face 9/11 because the terroists no longer respected us. Since 9/11 nothing else has blown up on U.S. soil. This is amazing and is a testimony to President Bush's resolve and our incredible military. There is no telling how many foiled attempts have been made at us. President Bush will never get any credit. The major media outlets have made him a laughing stock and this is very sad. Terroism and war is nasty bussiness, but our President has stayed the course (realizing that he would get trashed for it) and now we have all but won. Thank God that he does not care what the Anti American major media thinks about him or what they have made people think of him. He cares about our country and has proven it.

Now go ahead, pile on with your best Anti Bush shots. To me, you all sound pathetic.

You have your head so far up your ass, and you call us pathetic. You are completely misinformed, and the fact that you buy that bullshit is a testament to your own stupidity.

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I don't think its a great idea to start bailing out banks with government money without first fixing the problem that got you there in the first place. Just common sense really...

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The Real Culprits In This Meltdown

By INVESTOR'S BUSINESS DAILY | Posted Monday, September 15, 2008 4:20 PM PT

Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it.

Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.

But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."

Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.

And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.

As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud.

Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million.

Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.

In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk.

But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America.

At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households.

The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars.

And the worst is far from over. By the time it is, we'll all be paying for Clinton's social experiment, one that Obama hopes to trump with a whole new round of meddling in the housing and jobs markets. In fact, the social experiment Obama has planned could dwarf both the Great Society and New Deal in size and scope.

There's a political root cause to this mess that we ignore at our peril. If we blame the wrong culprits, we'll learn the wrong lessons. And taxpayers will be on the hook for even larger bailouts down the road.

But the government-can-do-no-wrong crowd just doesn't get it. They won't acknowledge the law of unintended consequences from well-meaning, if misguided, acts.

Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions.

While government arguably has a role in helping low-income folks buy a home, Clinton went overboard by strong-arming lenders with tougher and tougher regulations, which only led to lenders taking on hundreds of billions in subprime bilge.

Market failure? Hardly. Once again, this crisis has government's fingerprints all over it.

http://www.ibdeditorials.com/IBDArticles.a...306370789279709

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U.S. Plans Stunning Bailout

This afternoon a bipartisan group from the federal government made a joint announcement after the closing bell.

The market on Wall Street rallied today and gained about 617 points, recovering from its approximate 450 point loss yesterday.

Fortunately the government had the sense to step in to protect Main Street consumers from the market's volatility. Not every average American is a savvy trader. I guess the large number of home foreclosures have served as a wake-up call to the feds.

At first John McCain criticized the government's involvement, but after consulting with his team he decided the government did the right thing by stepping in.

Sept. 18 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke met with lawmakers to push a plan that would move troubled assets from the balance sheets of American financial companies into a new institution.

Congressional leaders meeting with Paulson and Bernanke late today in Washington said they will work to pass legislation soon. The initiative, which may also insure money-market funds, is aimed at removing the devalued mortgage-linked assets at the root of the worst credit crisis since the Great Depression.

``Absolutely, this is good news,'' said Marilyn Cohen, who manages $185 million in bonds as president and chief executive of Envision Capital Management in Los Angeles. ``Hopefully, this will give the trading desks the confidence to start making markets again.''

The Treasury and Fed chiefs, after months of trying to aid failing financial companies case by case, want to prevent the crisis that has led to $518 billion in global losses and writedowns from further weakening the U.S. economy.

``What we are working on now is an approach to deal with the systemic risk and the stresses in our capital markets,'' Paulson said after the meeting. ``We're coming together to work for an expeditious solution which is aimed right at the heart of this problem, which is illiquid assets on financial institutions' balance sheets.''

Stocks Jump

After comments from Paulson, Bernanke and the lawmakers indicated a bipartisan commitment, U.S. stock futures gained about 3 percent, the dollar rose versus the yen and the Nikkei 225 Stock Average climbed 3.3 percent.

Options under consideration include establishing an $800 billion fund to purchase so-called failed assets and a separate $400 billion pool at the Federal Deposit Insurance Corp. to insure investors in money-market funds, said two people briefed by congressional staff who spoke on condition of anonymity because the plans may change.

Another possibility is using Fannie Mae and Freddie Mac, the federally chartered mortgage-finance companies seized by the government last week, to buy assets, one of the people said.

To Move `Quickly'

``We will try to put a bill together and do it fairly quickly,'' said House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat. ``We are not in a position to give you any specifics right now'' on the proposals, he said when asked about the potential cost.

U.S. Securities and Exchange Commission Chairman Christopher Cox after the meeting said the commission will gather tonight to consider more rules to guarantee market liquidity. The SEC is considering banning short-sales of the shares of Wall Street brokerages after Morgan Stanley fell 39 percent this week, said a person familiar with the matter.

``We are likely to take additional steps in the days ahead that are more particularly addressed to this urgent situation,'' Cox told reporters.

An increasing number of lawmakers are advocating a stronger response to the crisis sparked by record homeowner defaults. The turmoil swept Lehman Brothers Holdings Inc. into bankruptcy three days ago and prompted government takeovers of Fannie Mae, Freddie Mac and American International Group Inc. this month.

Boehner Sees Passage

``I'm hopeful that in the coming days we'll have a proposal that will pass this Congress,'' House Minority Leader John Boehner told reporters tonight.

Senator Richard Shelby of Alabama and other Republicans have criticized the federal takeovers of AIG, Fannie and Freddie for imposing a potentially high cost on taxpayers.

``We cannot protect all risk in the market, and we shouldn't do it at the risk of the taxpayer,'' Shelby, the ranking Republican on the Senate Banking Committee, said yesterday in an interview on Bloomberg Television.

The Fed's takeover of AIG followed its March agreement to take on $29 billion of Bear Stearns Cos. assets to secure the company's takeover by JPMorgan Chase & Co.

House Speaker Nancy Pelosi said it was a ``very productive'' meeting on an ``initiative to help resolve the financial crisis in our country.''

Helping Main Street

The goal of the proposal is to help ``insulate Main Street from Wall Street,'' she said, adding she was ``very eager'' to see the Treasury-Fed proposal.

Senate Majority Leader Harry Reid, the Nevada Democrat, said the plan would come within ``hours,'' not days. ``We have all committed to work with them on their proposal,'' Reid said.

``I thank the congressional leadership for a very, very positive meeting,'' Bernanke told reporters after the meeting. ``We look forward to working closely with Congress to resolve this financial crisis and get our economy moving again.''

Citigroup Inc., JPMorgan, Bank of America Corp., Goldman Sachs Group Inc., Merrill Lynch & Co. and Lehman Brothers alone had more than $500 billion of so-called Level 3 assets as of June 30, according to data in a Sept. 15 report from New York-based bond research firm CreditSights Inc. The holders of these assets say their values can only be determined through internal models because of illiquid markets.

Senator Christopher Dodd, who chairs the Senate Banking Committee, said it was a ``sober'' gathering. The plan would likely come from the Treasury and Fed this weekend and ``nothing is more important than this,'' Dodd said.

bloomberg.com

Edited by eternal light

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I saw a -charlie rose show where someone said that there were voices againts the leverage and risk etc. but they werent heard......by the management,ceos. i guess alot of the business is moving toward houston. truly full circle at this point.

Edited by middlezep

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It's like what Mr. Steve-A-Jones once said..."A global distribution of money"

lesson for the day children:

1)what's blue?

2)what's green?

& 3)whats red?

shit goes down in three's..."ma-fucker" <---"ma-fucker" is a quote taken from some wanna be in the hood

:DB)

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alright, the national mix up isnt gonna happen soon, but the international help is a sign of a truly global banking system and i think that is cool.

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The Real Culprits In This Meltdown

By INVESTOR'S BUSINESS DAILY | Posted Monday, September 15, 2008 4:20 PM PT

Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it.

*yawn* so they have to back all the way to Clinton and Carter to play the 'blame game' which is typical.

I mean even I resisted blaming Bush for this, and using this issue as a political tool but I guess some of you just can't help yourself. must win those political brownie points.

If this article is true, then Bush has had 8 years to fix the problem...

and the credit boom where this crisis started happened in 2002... Over a year since Bush had been in office...

Conservatives might do well to remember that the rise and fall of the credit crisis happened within Bush's 8 year administration, so before his fans have to reach back to Clinton to lay the blame in order to protect their hero, Bush could've taken away any supposed 'mechanism' that could've led to this crisis, but he didn't...

So if you're going to blame Clinton for this crisis, then you also have to blame Bush for not taking any corrective action... Because all this has happened within his administration.

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