Current state of the economy
- Thread starter Ross
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I thought the fundamentals of our economy were strong though??? Isn't it unpatriotic to whine about it?
Anyway, here's a short documentary about "Keating economics", which McCain had a big part in.
http://www.youtube.com/watch?v=IDofbll86dY
Anyway, here's a short documentary about "Keating economics", which McCain had a big part in.
http://www.youtube.com/watch?v=IDofbll86dY
Ross
Well-known member
It's kind of like this, everyone is under tension and wanting to talk about these things, so as long as everyone plays nicely with each other, why not? We don't normally do this and I'm not expecting it to become common place, but I think it's probably a good form of therapy for all of us. I know Bonzo hit home with me by pointing it out that it's not just a U.S. problem, but world wide. I tend to stick to my own turf without thinking outside of it.
Well, in that case, here is a link to one source of information about the connection of Obama and other leading Democrats to Fannie and Freddie, and how some of Obama's buddies carted away tens of millions of dollars from those corrupt financial institutions, and how Obama himself was No. 2 in the Senate (behind only Chris Dodd) in receiving money from them:
http://www.foxnews.com/story/0,2933,423701,00.html
Ross
Well-known member
Like I said, neither candidate is without sin and neither are going to be able to keep half the promises they're making. It just amazes me that for all the presidential terms where elections are held, people always seem to forget that those campaign promises are just a bunch of marketing hype to get them into office. Whole different story when they are in.
I am sure blame can go out to many sides. But since you have allowed a YouTube about the "Keating Five" fiasco of the '80s, here is a YouTube about the much more recent Fannie/Freddie fiasco, and where primary blame rests with that, which lies at the heart of our current crisis ...
http://www.youtube.com/watch?v=3p1Wc2NFa3w&feature=related
http://www.youtube.com/watch?v=3p1Wc2NFa3w&feature=related
joy
Well-known member
I just think it is funny that when Clinton was in the white house, we had a SURPLUS, now in the last 8 years, we have trillions of dollars in a deficit. The war is one thing, speaking personally as a miilitary wife, sister, and friend of those who have been there, done that, we need to pull out of Iraq gradually, and try to focus our efforts on Al Qieda and Bin Laden all along. We can all agree that 9/11 was a tragedy, however, we have lost site of that, when we were lied to just so we would agree to invade Iraq. I will admit, I am a democrat, and a strong one at that. My husband and I work HARD for everything we have, and we are smart with our money. It infuriarates me that I invested in a mutual fund a year ago, and just over the last week, we have lost over $300. Soon it will be worth nothing. One thing I have to remind everyone on this thread that whatever new bills, laws or changes the next president signs, will take his entire term to take effect. This is an important election for everyone, and I'm sure that there will be a lot of heated discussions on this. I absolutely refuse to talk politics with anyone who will tell a person that their beliefs are wrong. This is America, land of the free....we have the right to our opinion, that is what is great about this country.
Ross
Well-known member
Once upon a time, in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each.
The villagers, seeing that there were many monkeys around, went out to the forest and started catching them. The man bought thousands at $10 and, as supply started to diminish, the villagers stopped their effort.
He further announced that he would now buy at $20 for a monkey.
This renewed the efforts of the villagers and they started catching monkeys again.
Soon the supply diminished even further and people started going back to their farms.
The offer increased to $25 each, and the supply of monkeys became so small that it was an effort to even find a monkey, let alone catch it!
The man now announced that he would buy monkeys at $50! However, since he had to go to the city on some business, his assistant would now buy on behalf of him.
In the absence of the man, the assistant told the villagers, "Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35, and when the man returns from the city, you can sell them to him for $50 each."
The villagers rounded up all their savings and bought all the monkeys.
They never saw the man nor his assistant again, only monkeys everywhere!
Now you have a better understanding of how Wall Street works.
The villagers, seeing that there were many monkeys around, went out to the forest and started catching them. The man bought thousands at $10 and, as supply started to diminish, the villagers stopped their effort.
He further announced that he would now buy at $20 for a monkey.
This renewed the efforts of the villagers and they started catching monkeys again.
Soon the supply diminished even further and people started going back to their farms.
The offer increased to $25 each, and the supply of monkeys became so small that it was an effort to even find a monkey, let alone catch it!
The man now announced that he would buy monkeys at $50! However, since he had to go to the city on some business, his assistant would now buy on behalf of him.
In the absence of the man, the assistant told the villagers, "Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35, and when the man returns from the city, you can sell them to him for $50 each."
The villagers rounded up all their savings and bought all the monkeys.
They never saw the man nor his assistant again, only monkeys everywhere!
Now you have a better understanding of how Wall Street works.
Bonzo Dog
Well-known member
Well no surprise here, the UK has joined the bailout club
http://news.bbc.co.uk/1/hi/business/7658277.stm
Meanwhile Iceland is getting some worrying bedfellows
Iceland said it will borrow €4bn (£3.1bn) from the Russian Treasury, after announcing this morning that it would nationalise its second biggest bank, Landsbanki, and give a £400m loan to its largest lender, Kaupthing.
http://news.bbc.co.uk/1/hi/business/7658277.stm
Meanwhile Iceland is getting some worrying bedfellows
Iceland said it will borrow €4bn (£3.1bn) from the Russian Treasury, after announcing this morning that it would nationalise its second biggest bank, Landsbanki, and give a £400m loan to its largest lender, Kaupthing.
Bonzo Dog
Well-known member
Central banks cut interest rates
Central banks cut interest rates
Hurray, some global joined up thinking at last.
Six central banks - including the Bank of England - have cut their interest rates by 50 basis points.
The UK rate move - which had not been expected until Thursday - puts interest rates at 4.5% from 5%.
The US Federal Reserve has cut rates from 2% to 1.5% and the European Central Bank (ECB) trimmed its rate from 4.25% to 3.75%.
The unprecedented step is aimed at steadying a faltering global economy and slumping stock markets.
The central banks of Canada and Sweden and Switzerland all took similar action in the co-ordinated move.
China also cut its rate, but by 27 basis points.
Japan though had little room for manouvre. Although it did not cut its own rate - which is just 0.5% - the Bank of Japan expressed its "strong support" of the policy.
Central banks cut interest rates
Hurray, some global joined up thinking at last.
Six central banks - including the Bank of England - have cut their interest rates by 50 basis points.
The UK rate move - which had not been expected until Thursday - puts interest rates at 4.5% from 5%.
The US Federal Reserve has cut rates from 2% to 1.5% and the European Central Bank (ECB) trimmed its rate from 4.25% to 3.75%.
The unprecedented step is aimed at steadying a faltering global economy and slumping stock markets.
The central banks of Canada and Sweden and Switzerland all took similar action in the co-ordinated move.
China also cut its rate, but by 27 basis points.
Japan though had little room for manouvre. Although it did not cut its own rate - which is just 0.5% - the Bank of Japan expressed its "strong support" of the policy.
Ross
Well-known member
It's nice to see everyone on the same page and attempting to address the problem. I think it's too late, but we got to start somewhere.
hensylee
Well-known member
Hurray, some global joined up thinking at last.
Six central banks - including the Bank of England - have cut their interest rates by 50 basis points.
The UK rate move - which had not been expected until Thursday - puts interest rates at 4.5% from 5%.
The US Federal Reserve has cut rates from 2% to 1.5% and the European Central Bank (ECB) trimmed its rate from 4.25% to 3.75%.
The unprecedented step is aimed at steadying a faltering global economy and slumping stock markets.
The central banks of Canada and Sweden and Switzerland all took similar action in the co-ordinated move.
China also cut its rate, but by 27 basis points.
Japan though had little room for manouvre. Although it did not cut its own rate - which is just 0.5% - the Bank of Japan expressed its "strong support" of the policy.
probly won't work...........
yea, Joy!
Lets hope this is just the beginning of something to help this economy. On a good note they said if you had any money to spend on Christmas the prices should be as low as they were in 1991 and gas in Georgia is down to 3.69 and we have pleanty of it finally. I have been so down about our 401K and I am trying to pep back up some.
ALCapshaw2
Well-known member
Bill Clinton was recently interviewed and asked about Fannie Mae and Freddie Mac.
He stated that when he was in office, the Economy was in good shape and it was the 'right thing' to help less fortunate Americans own a house (paraphrased).
Wasn't it the Democrats who STARTED the Fannie Mae and Freddie Mac "EASY LOANS"?
Maybe we need a Canadian Style Election Ballot:
Candidate D
Candidate R
and
NO CONFIDENCE (i.e. come up with another List!)
RobThatsMe
Well-known member
Hi Al,
I like it!
Perhaps everyone should change from either Republican or Democrat to Independant, and let both parties know how upset we really are with the "business as usual" politicans.
This whole situation upsets me to the core.
Rob
I like it!
Perhaps everyone should change from either Republican or Democrat to Independant, and let both parties know how upset we really are with the "business as usual" politicans.
This whole situation upsets me to the core.
Rob
The debate last night was dreary, depressing, dreadful. Maybe we really do need a viable third party in this country. Too late for this election but maybe in the near future.
In Canada we have that option, even though the country is usually run by the Conservatives or Liberals. More voters need to have the b-lls to vote for the NDP or Green parties. Let's give those Conservatives and Liberals a run for their money.
Bonzo Dog
Well-known member
Hmmmmm ......
First point; a thread on economic woes slips into politician bashing. For sure the lying little toads are far from blameless, but they are not the only players. What about the business leaders, captains of industry and executive board members who took decisions and sculpted policies? What about all you small shareholders who never questioned the way your firms behaved so long as the stock rose and the dividends arrived?
Second point; elections, educate me please Americans. My over the pond view is aren't your primaries where the many choices lie? I thought that process was meant to leave the best two standing? OK so it can't be faultless, but has it failed you completely this time? If so what are the alternatives?
First point; a thread on economic woes slips into politician bashing. For sure the lying little toads are far from blameless, but they are not the only players. What about the business leaders, captains of industry and executive board members who took decisions and sculpted policies? What about all you small shareholders who never questioned the way your firms behaved so long as the stock rose and the dividends arrived?
Second point; elections, educate me please Americans. My over the pond view is aren't your primaries where the many choices lie? I thought that process was meant to leave the best two standing? OK so it can't be faultless, but has it failed you completely this time? If so what are the alternatives?
Far(very) from being the political sophisticate,but aren't the politicians
supposed to be the ones to police these greedy industrialists/CEO's??
