Hi All
Here is a quick video that I thought you would enjoy:
My Take:
What's a government to do? Spend money that they don't have or stop and let people starve?
1.5 million desperate Americans are facing the reality of losing their last lifeline of income by the end of the year. How many more people have to suffer before we finally suck it up and take our medicine?
Let's face it folks. We need to face the music and force many banks and every other bad company that's bankrupt to take their losses. Our nation will burn to the ground if we continue to bailout the favored elite.
The economy if NOT functioning. The government has spent trillions on bailing out America and its done nothing to help the little guy. The jobless still remain unemployed and they are about to lose their last option.
I am all for a few social programs that help people in dire situations. However, like the gentleman said above, we must stop spending money that we don't have in other areas of the economy in order to prevent our deficits from deepening.
I think its time the stimulus filters down to the people that actually need it versus bailing out the millionaires on Wall St.
We need change folks before we lose our country.
21 comments:
...like the gentleman....
What gentleman are you talking about? This is just a pompous, conceited asswipe.
Too late, we already have lost our country, China and some other foriegn countries own us at this point. We need to stop being buyers and start being sellers.
John
Pompous yes but a very smart one.
His talking points were right on.
The guy at the bottom of the screen was the asswipe.
Anon
Sadly , you are probably right.
I guess the one thing we got going for us is a kickass military so maybe we could tell them to go pounf sand when they ask for their money back.
I wouldn't mind going back to the Smoot Hawley days where there was no trade. At least then we could get rid all of the crap that China ships over here.
Of course, telling them to pound sand could also incite a war.
NIce options eh?
I think that this is going to be the issue where the rubber hits the road, Jeff.
Yesterday, on my blog, I wrote about the disconnect. The disconnect of having the MSM and the govt. (same thing) parrot their talking point about recovery, yet having people not having money to pay their bills or put food on the table.
Yet, to this point, noone but the bloggers have taken the time to point out the disconnect.
You can't have an economic recovery while people are starving. And you can't have an economic recovery while the banks still have the same toxic assets on their books that started this whole ball rolling in the first place.
It's logic. It's so simple. Yet no one gets it.
Such a bizarre world we live in.
CT
THats how I see it too. I'll have to hop on over to your blog and read your post.
No, Jeff, I have to disagree. The guy at the top is a professional asswipe. Regarding who was right and who was wrong I have to say both are right. You can't give the banksters literally trillion of Dollars and at the same time unemployed J6P nothing. Can the US afford to extend unemployment benefits? No, they can't nor can they afford to pay billions as bonus payments to the banksters. Just remember the story a few weeks ago where a simple stocktrader from bankcrupt Citibank received 100 million Dollars. It came straight out of the pocket of the American taxpayer.
Anyway you look at it it;s a nightmare.
THe money spigot is running dry and its time to pay the piper.
Taxes will soar in coming years in order to pay for this mess..
Have a look at this:
http://www.foxnews.com/politics/2009/08/28/senate-president-emergency-control-internet/
Ct
Saw that.
Scary. I am trying not to read too much into it but the word "dictatorship" keeps coming to mind.
What in the hell is going on in this country.
Here is a simple solution to save hundreds of billions: STOP THE WAR ON DRUGS!
This country is bankrupt yet insists on telling its citizens they can't get high. We don't have the luxury as a broke country to do this. Do whatever you want to yourself. Instead we spend billions to stop drug dealers who would not exist if we made their trade legal. We have militarized our police departments with SWAT teams to use against their own citizens with assault weapons and armor. I wonder if these teams will serve another purpose as things get worse?
Maybe we can tell all the drug addicts that they can find free crack at 85 Broad Street.
Our country has already suffered the systemic collapse, we just have a political and elite class both too stupid to realize it and that does not care as their only goal is to steal as much as they can and preserve this broken system as long as possible. Look at the UK, they let a guy who killed 200 innocent civilians go just so they could get an oil deal with Libya. These are the leaders of the free world?
Poll out today shows 57% of the country would replace the entire CONgress. At least California is burning down, that is a good start.
Don't worry Jeff - Obama's going to shut down your blog when the emergency happens:
http://news.cnet.com/8301-13578_3-10320096-38.html
Minton
I saw that.
Yikes!
HOld on tight folks
Quite a reversal today.
I will have a post up tonight!
So where is the change we can believe in going to come from? Obama? He sure has not fulfilled the change platform that he campaigned on. The Goldman Sachs boys are still running wild full throttle. and well connected bureaucrats have found a new and unlikely friend in Obama.
Obama seems more concerned about reelection in 2012 than provide change we can believe in. Way to go Rocky Barack.
TOday it looks like Goldman may be pressing the sell to the suckers button.
This whole last part of the move higher was nothing but daytrading.
Be afraid when the market starts selling off on GOOD news.
ISM news was above ex[pectations today, home sales were also positive.
This tells you the market had priced in this data.
So now the market is thinking where will we be 6 months from and I don't think it likes what it sees.
Jeff - did you see this from Seeking Alpha today? http://seekingalpha.com/article/159200-is-a-crash-impending?source=email
Karl's point is a good one - 40% of recent trading volume has been in bankrupt stocks. He also points to China's recent collapse in their stock market as a foreshadow of what's to come here.
My wife's company just laid off another 20% of their workforce (after a 10% paycut two months ago and a 20% layoff two months before that). I hope she remembers to turn off the lights when she's the last one out.
Minton
Sorry to hear about the wife's company.
Good luck with everything.
Yeah, market tops are usually seen when you see worthless companies like F, C, AIG make huge moves.
YOu saw this with many insolvent tech names in the tech crash.
This market looks very toppy here short term.
Thats noe to say that the bulls may not reverse this thinking that they are "buying on a pullback".
Sentiment rapidly looks like its falling apart.
They are expecting 100,000 at a tea party in WV. PEople are starting to revolt.
That is nothing to sneeze about.
If people start revolting Congress will take notice.
timesa re getting interesting.
Thats for sure!
Speaking of crap, Jeff, want to bet whether M&T or 1st Mariner are seized by the FDIC first? The local banks here are in the deep doo doo.
No shit - it looks like both are on the ropes and they know it. I've heard 1st Mariner has instructed bank managers to try to limit how much $ people who bank there are allowed to pull from accounts at one time. I'm going to guess they'll be seized on Friday 9/18. Those FDIC "agents" haven't left town, you know....
Also, I've heard Rosedale Federal is being swamped by people who work at other banks who are trying to put their money someplace they can access it, only to find Rosedale can't accept all the money people want to open accounts with.
And M&T...good god. What happens if M&T fails given they're taking on other chitty banks like Bradford?
As it probably is most everywhere, it's a tinderbox in Baltimore.
FLip
Yeah
I was reading Forbes and Baltimore was ranked the second worst commercial market besides Vegas.
They are expecting cvommercial to explode to the downside here and the regional or local banks are the ones that get killed on commercial.
Gadf I am with neither.
Ugly day in the markets.
Post up 8ish.
9ish
Sorry guys
Busy day
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