Stock market in a free fall

[stewaat]

Re: Stock market in a free fall

President Bush is addressing the nation tonight at 9 PM on this crisis. For those who don't understand, it is more severe than the debacle in Oct 87 and has been in the making for 20+ years based on how loans and debt is secured. This has the potential to grind our economy to a halt if something isnt done. Im not suggesting that the $700B buyout is the plan, nor do i pretend to understand all the moving parts that the financial wizards do, but i do understand that $700B of taxpayer money is alot and increased the national deficit more than it needs to.

This is debt that our generation (I'm 28) and the next generation will be stuck with. Interested to see what happens, and ive got a front row seat from a brokerage firm that is watching all this happen (not one of the on the news).

This just sucks...really bad.

I really hope they don't rush and make a dumb decision because Congress is about to go to a recess. They need to postpone it until they come up with a good solution.

x eleventy billion

[J0nnD0ugh]

Re: Stock market in a free fall

I really hope they don't rush and make a dumb decision because Congress is about to go to a recess. They need to postpone it until they come up with a good solution.

Seconded. People are always hasty to make a bad decision. But we always have to make time to fix the results of one.

I'm against people who made the mistakes that got the whole world in this mess getting out of it w/a slap on the wrist. Guys that got raises & became multi-millionaires as they oversaw this disaster have to serve & receive the penalty. There should be consequences.

& as tax money is used for the bailout, there should be some time to see how the country can gain any profit from this nightmare to cushion the cost.

And the absolute nonsense about the people overseeing the bailout not having to answer for any decision made is preposterous. Way to easy for corruption in that regard. There must be oversight of the overseers.

[P2K]

Re: Stock market in a free fall

Why are we saving companies which made terrible decisions?

Because someone or a few someones are getting fat in cash over all this.

Changing hands of mega dollar investment companies? Mortgage companies getting taken over? You think this stuff is happening by accident?


But that's all I will say on that :wink:


I know one thing...you can get a house for a dollar and a fart right now. Poor Allen Iverson can't sell off his old mansion in Media, PA. Awwww.

[SPTO]

Re: Stock market in a free fall

President Bush is addressing the nation tonight at 9 PM on this crisis. For those who don't understand, it is more severe than the debacle in Oct 87 and has been in the making for 20+ years based on how loans and debt is secured. This has the potential to grind our economy to a halt if something isnt done. Im not suggesting that the $700B buyout is the plan, nor do i pretend to understand all the moving parts that the financial wizards do, but i do understand that $700B of taxpayer money is alot and increased the national deficit more than it needs to.

This is debt that our generation (I'm 28) and the next generation will be stuck with. Interested to see what happens, and ive got a front row seat from a brokerage firm that is watching all this happen (not one of the on the news).

Yes, I agree with a lot that you've said about this crisis. This is the closest thing to the Great Depression we'll get into and if we don't watch ourselves it could be severely worse.

In fact, in some ways it IS already worse. What caused the Great Depression was massive deregulation in the stock markets which led to many people losing tons of money when the system finally broke down. What makes this worse is that the companies that are now in trouble subverted and manipuled all regulations and put themselves right in this situation.

As for congress. I have a feeling they're not going to vote on this any time soon. Remember it's an election year, what if they vote on this and the bailout actually DOESN'T work? Those who voted for the bailout could lose their seats in congress/senate based on that alone. I have a feeling it could be an issue that will be bandaged up a bit before the election but it's not going to be fully addressed until after the new year.

[stiffarmleft]

Re: Stock market in a free fall

Forget the economy, Buddy Knox who is that chick on your avatar? She is outrageous.

[MassNole]

Re: Stock market in a free fall

President Bush is addressing the nation tonight at 9 PM on this crisis. For those who don't understand, it is more severe than the debacle in Oct 87 and has been in the making for 20+ years based on how loans and debt is secured. This has the potential to grind our economy to a halt if something isnt done. Im not suggesting that the $700B buyout is the plan, nor do i pretend to understand all the moving parts that the financial wizards do, but i do understand that $700B of taxpayer money is alot and increased the national deficit more than it needs to.

This is debt that our generation (I'm 28) and the next generation will be stuck with. Interested to see what happens, and ive got a front row seat from a brokerage firm that is watching all this happen (not one of the on the news).

Can I just say I ****ing hate the Baby Boomer generation. They continually make life worse and worse and they know it is the next generations' problems to fix. We (Gen-X, Gen-Y, MTV, etc) will pay for their mistakes, we will pay for them to drain Social Security when we will never see a penny of it. They will continue to bail themselves out while screwing the next generations more and more. It is disgusting and something needs ton be done about it.

Here is the thing, for an insurance company the size of AIG to fail, things are much, much worse than anyone (the Government, the media, etc) will admit to.

[Pappy Knuckles]

Re: Stock market in a free fall

Forget the economy, Buddy Knox who is that chick on your avatar? She is outrageous.

Not sure. I saw her picture online and it spoke to my penis.

[SPTO]

Re: Stock market in a free fall

Here is the thing, for an insurance company the size of AIG to fail, things are much, much worse than anyone (the Government, the media, etc) will admit to.

There's an economics expert (forget his name) that regularly comes on Coast to Coast AM (I know nutbar radio show but sometimes they actually break real news) says this is just the tip of the iceberg and there's far more to the story then anyone cares to admit.

He says that the printing of money the way it's going in the US is actually devaluing the dollar to the point that it's almost become worthless. Most of the foreign nations/businesses are doing transactions with the Euro rather then the Dollar these days.

To sum it up, the guy believes that this upcoming crisis will make the Great Depression look like a day at the beach.

[Pappy Knuckles]

Re: Stock market in a free fall

There's an economics expert (forget his name) that regularly comes on Coast to Coast AM (I know nutbar radio show but sometimes they actually break real news) says this is just the tip of the iceberg and there's far more to the story then anyone cares to admit.

He says that the printing of money the way it's going in the US is actually devaluing the dollar to the point that it's almost become worthless. Most of the foreign nations/businesses are doing transactions with the Euro rather then the Dollar these days.

To sum it up, the guy believes that this upcoming crisis will make the Great Depression look like a day at the beach.

I don't doubt it. The Federal Reserve can print money all it wants with nothing to back it up. It's been long overdue for us to eliminate it, but it's not going to happen until this country starts falling apart even more than it is.

[MassNole]

Re: Stock market in a free fall

I don't know if I believe it will get that bad, but it could if things don't change. We need to stop letting American corporations from outsourcing their jobs overseas that could and should be done in the US, I would suggest hardcore tax penalties for any jobs outsourced over the past 10 years (Ex Post Facto only applies to criminal laws for those wondering). We need to stop bailing out the upper class and taxing those with more means a higher percentage of their income. Historically speaking, in times of crisis the tax rate went through the roof, it is time to make the rich pay for their share.

Next we need to severely limit the amounts of student loan money that is given out. First, this money is paid out to colleges, which are typically speaking not for profit entities. The government is picking up the bill for too many people to go to college and too many of these people are defaulting on their loans and helping to cause this current crisis. What I am about to say it incredibly elitist, but so be it, those who should go to college are those who can afford to do so. If you don't have the money, well then you could either do your best to find a scholarship or you can join the military and take advantage of those programs. It is time for the tax payers to stop picking up the tab for the 4 year party most call college.

Next we need to stop giving out as much foreign aid as we do. Sorry Israel, but it's time you fend for yourself. Sorry African nations, sucks to be you. Sorry everyone else who we give money to for nothing, it is time for that to end. We need to worry about ourselves, and if we are going to keep spending money, well lets improve our lives instead of someone in a foreign country.

Finally, we need to firmly enforce immigration laws and make sure those here illegally pay their share. I don't have the exact figure in front of me, but I know we lose billions a year in money that gets sent out of the countries without taxes being paid on it. We could also legalize certain illegal substances and slap a hefty tax on their sale. Sure, we can continue to waste money on drug prevention, but lets let the drugs themselves pay for that education.

I can't wait to see the response this gets.

[ZB9]

Re: Stock market in a free fall

We need to stop letting American corporations from outsourcing their jobs overseas that could and should be done in the US, I would suggest hardcore tax penalties for any jobs outsourced over the past 10 years (Ex Post Facto only applies to criminal laws for those wondering). We need to stop bailing out the upper class and taxing those with more means a higher percentage of their income. Historically speaking, in times of crisis the tax rate went through the roof, it is time to make the rich pay for their share.

what we need to do is lower the corporate tax. At 35 percent, our's is already the second highest in the world. By comparison, Ireland for example has a corporate tax of 11 percent and their economy is one of the fastest growing in the world per capita.

You cant, as you said, "penalize" a business for leaving. There is nothing stopping businesses from saying "screw your tax, well go somewhere else". People talk about businesses leaving? well, the taxes are the main reason.....and some folks want to raise it even more? That is insane, especially in the current economy.

Raising taxes on corporations and small businesses is certainly not the way to create jobs and help unemployment. Encouraging investing and entrepreneurship should be a top priority also. You do not do that by taxing the crap out of the rich. It just doesnt work when it comes to creating jobs.

[MassNole]

Re: Stock market in a free fall

what we need to do is lower the corporate tax. At 35 percent, our's is already the second highest in the world. By comparison, Ireland for example has a corporate tax of 11 percent and their economy is one of the fastest growing in the world per capita.

You cant, as you said, "penalize" a business for leaving. There is nothing stopping businesses from saying "screw your tax, well go somewhere else". People talk about businesses leaving? well, the taxes are the main reason.....and some folks want to raise it even more? That is insane, especially in the current economy.

Raising taxes on corporations and small businesses is certainly not the way to create jobs and help unemployment. Encouraging investing and entrepreneurship should be a top priority also. You do not do that by taxing the crap out of the rich. It just doesnt work when it comes to creating jobs.

It isn't an issue of a corporate tax as an incentive to keep jobs in the US.

[callmetaternuts]

Re: Stock market in a free fall

Im interested to hear what Bush says at 9 PM tonight. I think the bail out gets passed very soon as is, which is not good imo. No oversight, theyve acknowledged that its a minimum of $700B and could be upwards of $1 trillion dollars, no real structure, this doesnt sound good.

[ZB9]

Re: Stock market in a free fall

It isn't an issue of a corporate tax as an incentive to keep jobs in the US.

it's a big factor overall, especially in the outsourcing you were talking about...but i was getting off topic

as far as this situation...they cant only raise corporate taxes through the roof, or else we will create another type of crisis. Everyone is going to have to be taxed. I wish the candidates would be honest and come out and admit that they are going to have to change up their original tax plans.

[p_rushing]

Re: Stock market in a free fall

They need to cover the life insurance, 401(k), and bank accounts, but nothing else. Sorry for the people who lost money, but there always is a risk. They should be able to sell the the insurance policies to other companies, the 401(k)s could be moved to other companies, and the bank accounts would be opened in other banks. Whatever happens the Feds will get a good amount back in interest, but that is only if AIG succeeds and the stock comes back up. If they use any taxpayer money, every taxpayer should get stock from AIG that they can do whatever they want with.