Market Meltdown of 9/15/08

[Guest]

I can't believe no one has commented on the meltdown in the stock market today! Since many of us have portions of our retirement funds there, it has got to be a major blow to most of us. From everything I've read, this could have been lessened with tighter regulation of our capital markets. This is one of the main reasons I will vote a Democratic ticket this year. While it is unlikely that Obama or anyone else can fix this mess, at least he is philosophically in the same ball-park I am. The Republicans have been in power way too long and it is time for a change.

[Guest]

What about the Democratic controlled Congress that has done anything about anything?

[Guest]

I can't believe no one has commented on the meltdown in the stock market today! Since many of us have portions of our retirement funds there, it has got to be a major blow to most of us. From everything I've read, this could have been lessened with tighter regulation of our capital markets. This is one of the main reasons I will vote a Democratic ticket this year. While it is unlikely that Obama or anyone else can fix this mess, at least he is philosophically in the same ball-park I am. The Republicans have been in power way too long and it is time for a change.


I agree with you Linda. Some would like to blame this on the Democratic congress which has been in power, what 2 years? I think it is more likely the result of Bush economics for the past 8 years.

[Guest]

Look at it this way. If the Dems get in, they have the Presidency and the Congress. If they don't perform then, they will be gone in four years and it may take them a while to get back into power.

[Guest]

I also think many people are numb with shock and have no idea of what to say.
It is deeply disturbing to see our country's financial "infrastructure" crumble before our eyes. Guess we better start planting crops behind our lanais.:shocked:

[Guest]

I know this will be painful to the libs, Democrats and Bush bashers, but.....
The New York Times, that icon of liberal journalism said in 2003:


The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken.


The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.

The Democrats were successful in blocking Bush.

Please read the whole story here.

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B 63&sec=&spon=&pagewanted=print

Guess who the four highest rewarded beneficiaries of Fannie Mae Freddy Mac political generosity were.

1. Dodd, Christopher J
S
D-CT
$133,900

2. Kerry, John
S
D-MA
$111,000

3. Obama, Barack
S
D-IL
$105,849

4. Clinton, Hillary
S
D-NY
$75,550
The entire list that also includes Nancy Pelosi and some Republicans can be found at:

http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html

Bush tried for reform in 2003 and look who blocked the reform that would have substantially mitigated the "meltdown".

Did I mention that Barack Obama was third in line when Fannie Mae and Freddy Mac rewarded those that blocked George W. Bush. It's ironic that the source is the New York Times. Bet they wished they never covered this story. Of course now we're all better informed because you will never see this story in the mainstream media. Only on TOTV. Viva TOTV

P.S. In case you were wondering about Open Secrets

http://en.wikipedia.org/wiki/OpenSecrets.org

[Guest]

According to Investor's Business Daily this problem all started during the Clinton administration.

"The Clinton administration, obsessed with multiculturalism, dictated where mortgage lenders could lend, and originally helped create the market for high-risk areas where they had no choice but to lower standards to make the loans that sound business pratices had previously guarded against making. It was either that or face stiff government penalties. It was the Clinton administration that mismanged the quasi-governmental agencies tht over the decades have come to manage the real estate in America. When Clinton crony Franklin Delano Raines took over the helm of Fannie Mae, in 1999 he used it as his own personal piggy bank, looting it for a total of 100 million in compenssation by the time he left in early 2005 under an ethical cloud."

This is only a portion of the article. More examples are given to clarify their point. I don't know how much, if any, of this is true. Just thought I'd give a different view point.

[Guest]

Excellant post Sally Jo. There were a lot of hands in the pie. The whole idea was to increase home ownership for Americans and that is commendable. The problem started when vast sums of money, much of it taxpayer dollars were put on the table. It became a feeding frenzy.

[Guest]

I also think many people are numb with shock and have no idea of what to say.
It is deeply disturbing to see our country's financial "infrastructure" crumble before our eyes. Guess we better start planting crops behind our lanais.:shocked:

If you need some fresh :0000000000luvmyhors manure, I have plenty! CHEAP!!

[Guest]

I am reading this thread and the links in here.

I am one lost puppy with a vote to cast.

This economic mess will grow more arms and legs than we can ever imagine.

And fingers will point. And nobody will bring forth a plan to solve anything.

Band-Aids all around. (Hey, maybe buy a little JNJ.)

And although you may be quite tired of hearing my little quote (and I still do not know who said it) here it is again:

"Unrestrained greed is not only bad morals, it's bad economics."

Enough was just never enough. Was it.

And now I need to just go turn off "Bloomberg" which I have had on television in the background all day long.

Boomer

[Guest]

Boomer, could be a derivative of this.


"He who knows that enough is enough will always have enough." Lao-Tzu


I've certainly had enough and will not support 4 more years of the same.

[Guest]

What about the Democratic controlled Congress that has done anything about anything?

Well, they certainly don't get off scott free either. Plenty of blame to go around, but I think we need to get beyond the blame. I believe it is a balancing act between too much regulation and not enough. Right now the pendulum has swung too far to the not enough end. IMHO (almost forgot to add that!)

[Guest]

There's nothing wrong with the market.
It's on sale !
Just like 2 for 1 at Publix
Our investment club just spent $4500 today... what a buy !
Half of that was on bank stocks !!


NO KIDDIN' FOLKS

[Guest]

Yeah, ALN, Warren Buffett said money is made at the bottom of a bear market, not the top of a bull market.... :agree: