Stock Market Meltdown!

[euro]

I wonder whose idea was the last round of "rebate checks" several months ago? there were checks sent out right when bush got in office too. jeez, those rebate checks seem quite insane considering whats going on now.

A complete waste of money especially since it was finance on the government ATM card.

[Medhb]

I think perhaps we Americans are going to be learning some tough lessons... let me rephrase that... I think we Americans are going to be given the opportunity to learn some important lessons from some tough times.

~~~~~~~

As for the folks who gripe about their taxes paying for the public education of kids even though they don't have any kids...

Those kids will become our cops, teachers, fast food managers, car mechanics, construction crews, elected leaders, civil engineers, rocket scientists, hairdressers, etc. etc. etc. We ALL, whether we have kids of our own or not, have a stake in the education of our children.

Agreed

and

Agreed

[The Rover]

Why propping up banks will not rescue a debauched financial system . . .

http://www.telegraph.co.uk/finance/comment...ial-system.html

[Del Zeppnile]

I think perhaps we Americans are going to be learning some tough lessons..

You mean like not being stupid and spending money they don't have?

I hope that there is going to be a lot of economic pain in this country. I want people who deserve to loose their houses to have that happen. They are like sick and diseased animals (along with the lenders who gave them the money)... cull them from the herd.

The more people and companies that fall through the cracks because of stupidity the better. There will be the lesson learned. The market will be better for it.

[eternal light]

^That might shrink the marketplace though and mean less opportunity for a lot of people. I doubt that anyone would be immune, even those who believe that their wealth insulates them from the market, even Bill Gates.

[Rock N' Rollin' Man]

Just in, the Senate has passed the bailout bill now it goes to the house to pass.

I'm really hoping they pass the bill since it does protect the taxpayers alot more than the previous bill that failed and our economy needs more confidence in this time.

[zepyep]

Hi all

So explain to me how cutting taxes and cutting back the Government is going to improve life in America...

Why do do f***ing care?

Oh,I forgot,......

KB

[Dzldoc]

Yes go on roll you eyes...

Now explain to me why we can get public education working but you can't...

We have more thieves slappy!

[The Rover]

I listened to the Jerry Doyle show tonight.... Boy does he feel the same way I do about how the Govt. is spreading fear to get a poor thing passed. Amazing how Obama, McCain, Harry Reid, the administration..... they're all singing the same tune .....

http://www.jerrydoyle.com/pg/jsp/charts/st...nNwP3BpZD0zNjM0

[wanna be drummer]

Just in, the Senate has passed the bailout bill now it goes to the house to pass.

I'm really hoping they pass the bill since it does protect the taxpayers alot more than the previous bill that failed and our economy needs more confidence in this time.

I like the idea of raising insured taxpayer money in banks from $100,000 to $250,000 but I think this whole bailout thing is way too risky and it's a longshot at best.

Probably won't do shit. Why spend more money we don't have?

[Rock N' Rollin' Man]

I like the idea of raising insured taxpayer money in banks from $100,000 to $250,000 but I think this whole bailout thing is way too risky and it's a longshot at best.

Probably won't do shit. Why spend more money we don't have?

Well, the bailout will inject more confidence into investors and I know fellow people who have stocks but are just sitting and waiting for the stock market to get better. As for the economy to get at its past level I don't think it will get to that level anytime soon.

My main concern is that the people whom were the source of the problem don't get away without some punishment.

I think people have found the source of the problem which was big banks lending people money they didn't have nor even checking if they had a job or could afford the house. Hopefully they'll stop doing that and the $700 billion dolars will be earned back up and go to the taxpayers.

[eternal light]

My main concern is that the people whom were the source of the problem don't get away without some punishment.

I think people have found the source of the problem which was big banks lending people money they didn't have nor even checking if they had a job or could afford to afford the house. Hopefully they'll stop doing that and the $700 billion dolars will be earned back up and go to the taxpayers.

There is no use crying over spilled milk. This is a civilian domestic marketplace not a war zone. They can penalize people all they want, but unless it revives the economy, it will likely prove to be an exercise in futility. It's like beating a dead horse.

In the future they need to require collateral of some sort, even if it is only to open a savings account for each new loan and put something aside every now and then to cover payments should there be another economic downturn. If people were as much in the habit of saving as spending, the economy would balance.

Also, if people were more in the habit of taking personal responsibility for the money they borrow, instead of blaming the banks for allowing easy credit, they would be less likely to default.

[Del Zeppnile]

That might shrink the marketplace though and mean less opportunity for a lot of people. I doubt that anyone would be immune, even those who believe that their wealth insulates them from the market, even Bill Gates.

A meltdown is fine with me, I can always hunt for food. In fact, total Armageddon might be fun...

you know, separatet the wheat from the chaff.

[eternal light]

A meltdown is fine with me, I can always hunt for food. In fact, total Armageddon might be fun...

you know, separatet the wheat from the chaff.

I can just see you and Ted Nugent hunting for wild turkey in the wilderness. It's getting close to Thanksgiving so that sounds like a plan.

[I have got a horsey]

A meltdown is fine with me, I can always hunt for food. In fact, total Armageddon might be fun...

you know, separatet the wheat from the chaff.

Well if anyone knows how to act and think like Neanderthal Man, it's you, Del...

[Rock N' Rollin' Man]

There is no use crying over spilled milk. This is a civilian domestic marketplace not a war zone. They can penalize people all they want, but unless it revives the economy, it will likely prove to be an exercise in futility. It's like beating a dead horse.

In the future they need to require collateral of some sort, even if it is only to open a savings account for each new loan and put something aside every now and then to cover payments should there be another economic downturn. If people were as much in the habit of saving as spending, the economy would balance.

Also, if people were more in the habit of taking personal responsibility for the money they borrow, instead of blaming the banks for allowing easy credit, they would be less likely to default.[/color]

I agree for the most part with this statement, I do think people should take more responsability into the money they borrow but the banks should also be responsible in their lending of money, so that the ones who play fair aren't the ones paying for both of the responsible parties fault.

[euro]

Just in, the Senate has passed the bailout bill now it goes to the house to pass.

I'm really hoping they pass the bill since it does protect the taxpayers alot more than the previous bill that failed and our economy needs more confidence in this time.

I think the market is more worry about the bill passing and not working

[The Rover]

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES

Flashback to September 30, 1999

http://query.nytimes.com/gst/fullpage.html...xprod=permalink

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

Home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.

In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers.

[The Rover]

They Voted against the bad bailout bill on Monday.....

But now..... it's basically the same bad bailout bill......

But with this added:

So, the bad bill should still be voted down.... Vote for the Pork.... Later ......

[THE FIRST LEDZEP]

President Bush signs bailout bill

President Bush Rocks

[kirchzep27]

the doors-soft parade

-when all else fails we can still whip the horses eyes

[docron]

ATTENTION CONSPIRACY THEORISTS: This crash was the worst loss points-wise, sure... but not worst loss percentage-wise... that was in 1987. I don't think I have to elaborate on which one is actually worse.

Oct. 28, 1929: loss of 12.82% (down 39.33 points) (ranked 2nd-worst loss)

Oct. 19, 1987: loss of 22.61% (down 508.00 points) (ranked 1st-worst loss)

Sept. 29, 2008: loss of 6.98% (down 777.68 points) (ranked 17th-worst loss)

1987 crash:

It's bad, but its been worse 17 times and obviously you've all still got enough money to afford internet and a computer... so quit freaking out.

This pales in comparison to the millions who starved for years and years after the 1929 crash.

And quit blaming Bush... its as much his fault as the 1987 crash was Reagan's fault or the 1929 crash was Hoover's fault (both of whom were considered "alright" presidents)

Edited to add: lots of people could stand to inform themselves a little bit before they go nuts on a topic...

[bigstickbonzo]

This time next year it will be the auto industry getting bailed out.

[Patrycja]

ATTENTION CONSPIRACY THEORISTS: This crash was the worst loss points-wise, sure... but not worst loss percentage-wise... that was in 1987. I don't think I have to elaborate on which one is actually worse.

Oct. 28, 1929: loss of 12.82% (down 39.33 points) (ranked 2nd-worst loss)

Oct. 19, 1987: loss of 22.61% (down 508.00 points) (ranked 1st-worst loss)

Sept. 29, 2008: loss of 6.98% (down 777.68 points) (ranked 17th-worst loss)

1987 crash:

It's bad, but its been worse 17 times and obviously you've all still got enough money to afford internet and a computer... so quit freaking out.

This pales in comparison to the millions who starved for years and years after the 1929 crash.

And quit blaming Bush... its as much his fault as the 1987 crash was Reagan's fault or the 1929 crash was Hoover's fault (both of whom were considered "alright" presidents)

Edited to add: lots of people could stand to inform themselves a little bit before they go nuts on a topic...

It would be interesting to see a comparison graph of how many of those 17 other times also had jobs/wages and house values not increasing. This triple threat has the potential for a perfect storm. Each of the other two examples you cite had their own contexts that lead to their spirals. It's not as bad as '29, such comparisons are insulting, but even if the impact isn't as immediately drastic as it was then, this situation has the potential to have more gradual, and longer implications in terms of global economy and shift of power.

[JimmyPage1977]

By passing this bill they will do the same thing that happened in 1929, except longer...it will make the decline less steep, but prolong it by 10 years. The correction would have taken care of itself! Mass hysteria will be the Obama way to "nirvana"............ WE ARE FUCKED!

"The Rover " is right!