http://money.cnn.com/data/markets/dow/
Well that was a short "market crash"
lol.
It was funny because yesterday all the dems at my school were talking about how the economy was going to fail leading to a democrat landslide in the election but today they've been very very quiet.
Great! Government intervention leads to a better economy.
Where are the moron Republicans who believe in market deregulation and the stupid Democrats who attacked the idea of bailing AIG out just because it was Bush's idea now?
| ManusJustus said: Great! Government intervention leads to a better economy. Where are the moron Republicans who believe in market deregulation and the stupid Democrats who attacked the idea of bailing AIG out just because it was Bush's idea now? |
Keeping there heads down because they are the same people that blocked McCain's attempts at getting regulation to stop this kinda thing from happening in the first place, and pretending he was part of the problem?
Personally I think companies should be "Bailed out" but taken over by the government in a stewardship role and have it's assets sold to more responsible buisnesses via highest bid or have all of it's incompetent staff replaced... to recoup the money that keeps the little people stable.
People react too fast.
Panic is what happened these past few days.
Then sensationalization.
If people just chillax, everything is cool.
If people think this one day of good numbers is the end of bad economy news, think again. Things are going to get worse before they get better.
We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls. The only thing that really worried me was the ether. There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke
It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...." Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson
| akuma587 said: If people think this one day of good numbers is the end of bad economy news, think again. Things are going to get worse before they get better. |
Yeah but, as I was saying in another thread, the worst thing a person can do when the market has a massive drop is panic and sell off their "Bad" investments to buy into "safe" investments ... The reason for this is that there is (typically) a recovery period after the fall (which may or may not be the "eye of the storm") that allows an individual to sell their "bad" investment at a higher price and buy their "Safe" investment at a lower price.
| Kasz216 said: Keeping there heads down because they are the same people that blocked McCain's attempts at getting regulation to stop this kinda thing from happening in the first place. |
Just to clear things up:
McCain was for the deregulation that caused this mess in the first place, specifically supporting the Gramm-Leach-Biley Act. Phill Gramm, was the main guy behind the bill, and is now McCain's economic advisor.
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
ManusJustus said:
Just to clear things up: McCain was for the deregulation that caused this mess in the first place, specifically supporting the Gramm-Leach-Biley Act. Phill Gramm, was the main guy behind the bill, and is now McCain's economic advisor. |
This wasn't just the work of one act, the Community Reinvestment Act ( http://en.wikipedia.org/wiki/Community_Reinvestment_Act ) is one of the main reasons why there was the expansion of sub-prime mortgages, which were (mostly) given to people who couldn't afford them. On top of that this situation was made (dramatically) worse because the federal reserve pumped money into the system at an inflationary pace.
Had George Bush's 2003 ammendment of the Community Reinvestment Act been passed, or John McCain's efforts in 2005 to increase regulation of Fanny May and Freddy Mac had gone through, it is unlikely that the market would have risen as high and we wouldn't have as far to fall.
ManusJustus said:
Just to clear things up: McCain was for the deregulation that caused this mess in the first place, specifically supporting the Gramm-Leach-Biley Act. Phill Gramm, was the main guy behind the bill, and is now McCain's economic advisor. |
Then he saw what it was doing when congress got reports from Freddie and Fannie and tried to fix it.
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
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