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Re: Record plunge for the Dow
We're fucking dead.
And all because Democrats AND Republicans in the House don't want to pass this thing 5 weeks before a presidential election, because BOTH are too fuckin' scared the other party will get credit for it.
If this country goes belly up because of this shit I hope a revolution ensues that destroys both parties, and leaves all the House in federal prison as political prisoners.
Re: Record plunge for the Dow
Saikin wrote:Not good news. I don't see how anyone can be optimistic about their futures right now.
Looking at this as a college student, i'm beggining to wonder how i'm going to make it another 3+ years in college without working a full time job and live with my parents the whole time. What a wonderful time.
Yeah, my cousin will be going to college next year. I feel really bad for her. She is a straight A student and in the top 5% in the state. She works her ass off on school work constantly, takes tons of advanced courses, does volunteer work,etc. In other words, delayed having the usual fun like most teens and looked towards her future.
Now she knows there's a really good chance she wont be able to get into the college of her choice because of the current economic climate.
Thanks Clinton and Bush for destroying the American empire!:thumbup:
Isn't it wonderful James? I go from having all of my school paid for last year, to this year i now owe money because all of a sudden there was a lack of sholarships, and the ones out there were given to less people.
After this year, my current scholarship drops, so i'm fucked. My GPA is really high, i've been on the Dean's List straight through, took honors classes- and i could end up having to work really hard to pay for school.
I feel bad for anyone starting college in the future.
Re: Record plunge for the Dow
I've been going to college on-again/off-again part-time since 2004. This fall I returned, full-time for the first time... i'm just so glad i'm on a pre-paid program that's paid.
I've got friends who don't even know if they'll be able to continuing attending at the new semester in January because of this financial situation.
- tejastech08
- Rep: 194
Re: Record plunge for the Dow
We're fucking dead.
And all because Democrats AND Republicans in the House don't want to pass this thing 5 weeks before a presidential election, because BOTH are too fuckin' scared the other party will get credit for it.
If this country goes belly up because of this shit I hope a revolution ensues that destroys both parties, and leaves all the House in federal prison as political prisoners.
I agree with this 100%. They're playing games with the future of the economy at a time when it was already in really bad shape to begin with.
Re: Record plunge for the Dow
That vote wasn't a time for cheap political points scoring, it needed bipartisan support. Yeah in an ideal world they wouldnt' have bailed out the companies but the bigger picture of the flow on effect from not doing it had to be considered.
I know throwing money from tax paypers (who had nothing to do with these companies and their greed and at times fraudulent lending practices etc) would be pretty hard to swallow, but unfortunately not doing this could ultimately effect the innocent taxpayer even more.
I can see some major regulation coming coming after an extended period of essentially deregulation of the financial sector. I believe there also needs to be some prosecutions of directors of these companies (past and present) that let these things occur on their watch.
One thing that has always astounded me is that in the US you guys can say borrow $500,000 to buy a house. If the house drops in value to $300,000 you can simply hand the keys back to the bank and walk away and they have no recourse for the lost $200,000.
In Australia - you the investor are still liable for the $200,000, so bascially you have to sell everything (car, personal belongings, any other assets) or in the worse case declare bankruptcy (which is really bad because you can't do a lot of things if you have ever been bankrupt, such as borrow money again or become a director of a company etc etc for 7 years). This to a certain extent means that people who borrow the money have to take a certain degree of responsiblity as to whether they can repay a loan. It also means they will do whatever they can to continue to meet the loan repayments (e.g. stop wasting money on LCD widescreen TV's, new cars, holidsay etc etc). And simply cut back to meet the mortgage payments.
We're feeling it here in Oz although our market has been booming along for aboiut the last 5 years with it only slowing this year. That's mainly due to our heavy resources focus and exports to China of things like Iron Ore and other raw materials. That said if the US consumer ain't buying as much shit from China, that will eventually reduce demand for our resources by China and India etc.
Re: Record plunge for the Dow
This bill has to be passed. Is it ushering in fascism? You bet your ass it is. Will amending it change that? Nope. We have reached the point of no return. I agree that the Feds and Treasury Secretary cant have unlimited powers, but even removing that from the bill doesn't really change anything. We are now having to sell our debt to pay off debt. We are no longer a superpower, and in a few years will be a third world country with thousands of nukes.
Capitalism is burnt toast. We are seeing the effects of runaway liberalism, and as we all know, the by product of leftist extremism is fascism.
All these left wing chickens are coming home to roost, and there's nowhere for them to roost because the chicken coops have been foreclosed.
The dems are not strictly to blame. The republicans are as well because they embraced runaway spending, unfair trade practices(anti american), etc. in the Clinton era. Bush is an ultra liberal disguised as a conservative. Its fucking pathetic.
As far as the Patriot Act goes, once again another point of no return. Liberals and conservatives passed that without even reading it. Hear how Obama says he wants to repeal it? If so, I have a question for him....
Why did you vote in favor recently to extend it? Moron.
The Patriot Act is never going away. The american sheep fell for it hook, line, and sinker. They were fed American Idol and reality shows and endless worthless credit to keep them happy.
Now the credit has dried up, they're all heaps in debt and no end in sight, job market vaporized, and now they're like, "uh, wait a minute...."
Too late.
Re: Record plunge for the Dow
Asia Stocks Fall in Worst Rout for 21 Years as Bailout Rejected
Sept. 30 (Bloomberg) -- Asian stocks dropped, extending the worst global sell-off in 21 years, after the rejection of a $700 billion plan to rescue the financial system by U.S. lawmakers exacerbated concern more banks will fail.
Mitsubishi UFJ Financial Group Inc. and Australia & New Zealand Banking Group Ltd. slumped more than 5 percent after Wachovia Corp. was sold to Citigroup Inc. as its shares collapsed under the weight of overdue mortgages. BHP Billiton Ltd. and SK Energy Co. declined after oil fell the most in almost seven years on speculation the global economy will slide into recession. U.S. stocks yesterday tumbled the most since the 1987 crash.
``There is a massive crisis of confidence,'' said Khiem Do, who helps oversee $9 billion of Asian equities at Baring Asset Management (Asia) Ltd. ``There is definitely further downside.''
The MSCI Asia Pacific Index retreated 3.3 percent to 107.66 as of 9:40 a.m. in Tokyo. The yield on U.S. Treasury 10-year notes rose 3 basis points to 3.59 percent as Treasury Secretary Henry Paulson said he'll work with Congress to salvage the rescue plan, while the dollar fell for a third day against the yen.
The MSCI Asian index has slumped 32 percent this year as credit turmoil caused the world's financial institutions to report more than $590 billion in losses and writedowns.
Japan's Nikkei 225 Stock Average lost 4.7 percent to 11,187.74. Benchmark indexes in Australia and South Korea declined more than 3 percent.
Global Rout
The Standard & Poor's 500 Index tumbled 8.8 percent yesterday, while the MSCI World Index of 23 developed markets slid 6.9 percent, the biggest loss in 21 years. S&P 500 futures added 0.5 percent in after-hours trading.
The U.S. House of Representatives yesterday voted down the financial-rescue proposal that President George W. Bush said is needed to prevent the world's largest economy from slipping into a recession. The defeat of the legislation set off a scramble among the plan's backers for additional support before another vote, which likely won't come until later in the week.
Mitsubishi UFJ, Japan's largest bank, retreated 6.6 percent to 875 yen. ANZ, Australia's fourth-largest bank, lost 5.6 percent to A$17.74. Woori Finance Holdings Co., with the biggest exposure to U.S. mortgage-related investments among South Korean banks, dropped 6.8 percent to 11,050 won.
``Nobody anticipated this in the market,'' said Mitsushige Akino, who oversees about $468 million at Ichiyoshi Investment Management Co. in Tokyo. ``The global financial market is nearing the brink of collapse, and the only real choice investors have right now is to sell stocks and hold cash.''
`Dysfunctional'
Wachovia sank 82 percent yesterday in U.S. trading after the Federal Deposit Insurance Corp. helped arrange the takeover of its banking operations by Citigroup. The biggest U.S. bank by assets will absorb as much as $42 billion of losses on Wachovia's $312 billion pool of loans, the FDIC said yesterday.
``Volatility in the market has been notched up to a new high,'' said Prasad Patkar, who helps manage $1.8 billion at Platypus Asset Management in Sydney. ``Credit markets are dysfunctional at the moment and if they aren't normalized quickly we have a serious problem.''
BHP, the world's largest mining company, slipped 7.4 percent to A$31.72. SK Energy, South Korea's biggest oil refiner, fell 5.1 percent to 87,300 won.
Crude oil fell 9.8 percent yesterday to $96.37 a barrel in New York, helping send the Reuters/Jefferies CRB Index of 19 commodities to the biggest drop since at least 1956.
`Fear and Uncertainty'
``You're seeing a general flight from commodity players around the world,'' said Sean Fenton, who manages the equivalent of $540 million at Tribeca Investment Partners in Sydney. ``There's a lot of fear and uncertainty in the market, not helped by the fact that we're seeing accelerated bank failures.''
Australia's currency slid the most in three weeks versus the yen as commodities dropped and the stocks rout curbed investor appetite for buying the nation's higher yielding assets with cheaper funds borrowed from Japan.
The Australian dollar fell 2.1 percent to 79.76 U.S. cents while New Zealand's dollar slid 1.2 percent.
``Traders are sure to bail out of higher-yielding currencies and put their money back into the yen,'' said Mitsuru Sahara, senior currency sales manager at Bank of Tokyo-Mitsubishi UFJ Ltd., a unit of Japan's biggest publicly traded lender.
- tejastech08
- Rep: 194
Re: Record plunge for the Dow
James, who was in charge of Congress during the 1990's? Newt Gingrich and his "free market" Republican buddies. Why have all these scandals with the likes of Enron gone on? No regulations. You can sit there and try to to pin it on "liberal fascism" all you want, but the fact is the Republicans are just as responsible for allowing Wall Street to fuck over the little guy.
Re: Record plunge for the Dow
James, who was in charge of Congress during the 1990's? Newt Gingrich and his "free market" Republican buddies. Why have all these scandals with the likes of Enron gone on? No regulations. You can sit there and try to to pin it on "liberal fascism" all you want, but the fact is the Republicans are the ones who have allowed Wall Street to fuck over the little guy.
They all fucked over "the little guy". Oh, guess who signed into law all those bills in the 90's? Didn't even attempt a veto because he loved it more than they did.
The partisan era is over. The democrats are republicans, the republicans democrats.Been this way since the 90's, and is only more apparent now because the US emperor no longer has clothes.
They're all fascist pigs.
bye bye, miss american pie
- tejastech08
- Rep: 194
Re: Record plunge for the Dow
tejastech08 wrote:James, who was in charge of Congress during the 1990's? Newt Gingrich and his "free market" Republican buddies. Why have all these scandals with the likes of Enron gone on? No regulations. You can sit there and try to to pin it on "liberal fascism" all you want, but the fact is the Republicans are the ones who have allowed Wall Street to fuck over the little guy.
They all fucked over "the little guy". Oh, guess who signed into law all those bills in the 90's? Didn't even attempt a veto because he loved it more than they did.
The partisan era is over. The democrats are republicans, the republicans democrats.Been this way since the 90's, and is only more apparent now because the US emperor no longer has clothes.
They're all fascist pigs.
bye bye, miss american pie
I would agree with that. They've all been bought off. It's been pretty evident for years based on the fact that their policies (on both "sides") tend to actually hurt average Americans more than they help, no matter what BS they spout in public appearances (in Congress, on TV, etc.).
