Ask Me Help Desk - Panic in the markets

Panic in the markets

Hello:

What do you think would happen to an economy if a president told the people that Armageddon would happen in the markets if they didn't cave into his blackmail and give him and his buddy $700 billion, with NO STRINGS ATTACHED??

Well, we didn't and the markets crashed. Shame on the dufus in chief, the worst president EVER, for CAUSING this collapse. All he knows is fear.

Bush sounds more like an African dictator or Latin American Junta, instead of the president of the United States?? This disaster lies at his doorstep.

Buy gold.

excon

Yup!! I suppose being a rich little boy didn't help him realise that when you want something really badly you have to pay for it. He still thinks if you ask enough you will get ti given to you. I suppose, it has worked his entire life. That's why he still seems like such a child to most people.

Quote:

Originally Posted by excon

What do you think would happen to an economy .... Buy gold.

We are already training volunteers here to start development aid projects in the US...

:D

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Wait, Bush did not do this alone. It was my belief (and I could be totally wrong as I slept all day) that the House voted this down. He is not the House of Representatives, he did not act alone on voting this down.

I thought it was the Dems that voted this down. How can you blame one person for the act of many?

Quote:

Originally Posted by J_9

Wait, Bush did not do this alone. It was my belief (and I could be totally wrong as I slept all day) that the House voted this down. He is not the House of Representatives, he did not act alone on voting this down.

I thought it was the Dems that voted this down. How can you blame one person for the act of many?

Ya got to start skipping some of those naps and keep up. I go to the kitchen to fix a sandwich and then return to the computer, and the whole national story has changed.

Bush wanted the no-strings-attached $700B bailout, but both parties in the House said no, not enough accountability and not enough oversight to benefit consumers.

Quote:

Originally Posted by Wondergirl

Bush wanted the no-strings-attached $700B bailout, but the House said no, not enough accountability and not enough oversight to benefit consumers.

I'd love to skip the naps if I didn't have to work nights. LOL

I don't post in the political boards simply because I am not politically savvy as most of you are. But I don't see a reason to blame a single person for the act of the House.

Quote:

Originally Posted by J_9

I'd love to skip the naps if I didn't have to work nights. LOL

I don't post in the political boards simply because I am not politically savvy as most of you are. But I don't see a reason to blame a single person for the act of the House.

Who's getting blamed? For what?

It was a big slap down of this bill.

What ex is saying (at least I think) is that Bush scared people into believing that unless the lawmakers passed this bill and he got $700B to give to the banks to spend as they so feel, the US / global economy would completely collapse. So now, when it didn't happen and the bill got defeated, the market has crashed for fear of the Armageddon that Bush has warned of.

He is using fear to get what he wants.

Its too late to throw money at it now. $700B doesn't really compare to the $41Trillion level of debt in america. Three times the size of the economy.

A recession is inevitable, and a deep one at that!

It was a major slap down of this bill. Everyone wanted everyone else to vote for it because no one wanted there name to it. It was doomed to fail if it was passed anyway!

What ex is saying (at least I think) is that Bush scared people into believing that unless the lawmakers passed this bill and he got $700B to give to the banks to spend as they so feel, the US / global economy would completely collapse. So now, the bill has been defeated, the market has crashed for fear of the Armageddon that Bush has warned of.

He is using fear to get what he wants.

Its too late to throw money at it now. $700B doesn't really compare to the $41Trillion level of debt in america. Three times the size of the economy.

A recession is inevitable, and a deep one at that!

Quote:

Originally Posted by Skell

It was a big slap down of this bill.

What ex is saying (at least i think) is that Bush scared people into believing that unless the lawmakers passed this bill and he got $700B to give to the banks to spend as they so feel, the US / global economy would completely collapse. So now, when it didnt happen and the bill got defeated, the market has crashed for fear of the Armageddon that Bush has warned of.

He is using fear to get what he wants.

Its too late to throw money at it now. $700B doesnt really compare to the $41Trillion level of debt in america. Three times the size of the economy.

A recession is inevitable, and a deep one at that!

I agree with all but your last sentence. I think the country will get through it and the financial institutions will figure it out. I hope.

Dubya's done quite a few snow jobs in two terms using fear, however in this case I tend to accept the damage. No doubt there was some extra anxiety injected into a sliding market today and I agree that under his normal mode of operation he'd lie right through his teeth, but there's no more hiding facts. For example, Wachovia folded their tents today and were bought out by Citigroup. Dubya spent years telling us how good things were under his leadership, (as recent as a few months ago). Well that was until it became obvious to the public that the wheels fell off the economy wagon: gas prices, inflation, layoffs, and the Wall Street woes. Other culprits are Congress, both Dems and Pubs, and the Feds deserve blame as well, i.e. housing market and foreclosures. People forget that both candidates said the economy was troubling. Yup! Although McCain speaks out both sides of his mouth claiming that the "underpinning of the economy was strong," he actually knows better. In fact, during the Pub primary campaign he even suggested it would take him two terms as president to try and make repairs. Obama, of course, from the beginning knew we were in midst of a stinker and didn't candy coat it.

You are exactly right Excon. But, the market didn't completely crash. I really don't think they will butcher their cash cow.
If the market were to completely crash, the American people would take up pitch forks and torches and go hunting Greenspan, Bernanke and all of their Wall Street buddies.
They don't want that kind of bad press or scrutiny of their fiat, monopoly money system.
This is just a scare tactic. They only want Seven Hundred Bizillion dollars. That's all.

Quote:

Originally Posted by magprob

They only want Seven Hundred Bizillion dollars. That's all.

Is it Bizillion? I always spelled it Bazillion.

Like the saying goes with the no-questions-asked bailout (reminding us all of the invasion of Iraq), "Fool me once, shame on you. Fool me twice, shame on me."

Quote:

Originally Posted by Wondergirl

Is it Bizillion? I always spelled it Bazillion.

Like the saying goes with the no-questions-asked bailout (reminding us all of the invasion of Iraq), "Fool me once, shame on you. Fool me twice, shame on me."

Bizillion is 17 more zeros than Bazillion. You have to know these things when you're in bidness.

Quote:

Originally Posted by magprob

Bizillion is 17 more zeros than Bazillion. You have to know these things when you're in bidness.

I'm jist a libarian. Thanks, mag.

This has been a long time coming, we are going to pay for our government's procrastination.

Quote:

Originally Posted by Wondergirl

I agree with all but your last sentence. I think the country will get through it and the financial institutions will figure it out. I hope.

I hope you are right Wonder.. I really do!

The funniest thing I heard yesterday was a trader on the floor yelling that members of Congress should go to jail. Although I agree with that sentiment in many cases ;the trader should be wary of his own personal frog march. I think for once Congress did the responsible thing.