I thought about writing a rebuttal to this ridiculous article, but I'm too tired to type an essay. All I'm gonna do now is re-iterate again my position, which is that yes you can accuse American consumerism is unhealthy/unsustainable/blah blah, but that's telling a drowning kid that he shouldn't swim in deep waters. Once again, we are already in this hole. No amount of "you should have done this, you shouldn't have done that" changes the fact we are in this hole.
Well, the article had little to do with the bailout at all did it? And I will be the first to say I have no idea if the bailout is right or wrong. I am much more concerned with the super trillions of debt and the failed policy of fiat currency and central banking. The real problem is the US economy cannot sustain the debt load and spending/borrowing that it currently supports and will no doubt continue to grow without explosion. Total destruction. Wipe out. I don' know anything about the markets, but I do know for certain that we have borrowed our way into this mess and I am certain we can't borrow our way out. I think if we don't see the destruction of the middle class, our children will see it. I just read a nice statistic that the top 1% of taxpayers last year paid more income taxes than the first 95% of taxpayers combined. I don't know much about the economy but I am thoroughly convinced that there will not ever be enough taxes collected from citizens to get us out of our current debt crisis.(I have read the govt. globally -including what is owed trust funds- is in hoc as much as 53 trillion- but what's a few trillion matter in times like these)
Today the United States has been embarrassed on a worldwide scale. EMBARRASSED because our Congress cannot pass a bailout bill that is taking the entire worldwide economy down with us. We have a completely ineffective Congress who has no idea what they are doing with NO LEADERSHIP whatsoever. Nancy Pelosi is a worthless sack of crap. She has failed the WORLD ECONOMY today. It's embarrassing.
The Democrat party is not going to tie the noose that is this bill around their necks alone, especially when it was several years of a Republican dominated Congress that oversaw this mess fold right in front of their watch.
So, the Republican executive branch screams the sky is falling, and calls for a desperate bailout, then McCain suspends his campaign to stop fellow Republicans from torpedoing the whole thing, and declares "Mission Accomplished". Said bailout is subsequently sunk by house Republicans and it's the Democrats fault? Ok
Since when have you cared about anything not American? Analysis: House vote against bailout wounds McCain
And it was Democrats like Dodd, Franks, Obama and others that helped Fannie and Freddie get into this mess that benefited with campaign contributions.
I bet more money was lost today than the 700 billion dollar bail out which leads to believe that the economy runs on psychology more than numbers.
It's BOTH of their faults. 1)For not effectively explaining to the American public the details of the plan before the vote. 2)Rushing the vote when Pelosi and the Dems know they weren't going to get the support from the Republicans and the 95 Democrats that were going to vote against it. Like I said, it's as if Pelosi and the Dems wanted this vote to go down like this and have the stock market belly up on purpose.
This is a dense subject and action needs to be taken quickly to have a chance at stopping a complete collapse of the credit market. Experts don't fully understand the CDS market and the housing crisis has been in motion for a year so I'm unsure in the best of circumstances how well this could be further explained to the American public. I wouldn't hand out kudos to anyone today, but to lay all the blame on the Democrats is r****ded...
Who's blaming the Democrats solely? I blame Paulson/Bush for agreeing with the Pelosi/Franks Dems plan in its current form. The majority of Americans didn't like this plan either. If this plan was so good, they didn't need the Republicans to pass it. Pelosi couldn't even manage to get 12 Democrats to pass it. They couldn't even get a couple of Democrats on the same committee with them to vote for it. I blame Paulson for screaming "the sky is falling". I blame Bush for scaring the world markets even further with his speech and for agreeing with Pelosi. I blame both Dems and Repubs for putting this to a vote when they knew it wasn't going to pass which scared the markets even further. I blame them ALL!
Yeah, DTO was the reason why my portfolio closed just about even for the day. Those were some sick gains. There might be a little bounce in oil tomorrow but I'm holding long at least until oil reaches $80. At that point I'll have to evaluate momentum and trend behavior to see if another big bounce is imminent.
I'm just watching Culberson on Fast Money now. DISGUSTING. Every time they attempt to confront him with the reality of the situation he repeats the stupid "think of the children" line and blames the Democrats. We need to get every single one of these lowlifes out of office.
