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Economy- New Poll

Do You think the US Economy is Heading into or in a Recession--or a Depression?

  • No-the Economy is doing Fine

    Votes: 0 0.0%
  • Yes- a mild short Recession

    Votes: 0 0.0%
  • Yes- a prolonged Recession/Depression

    Votes: 0 0.0%
  • Economic Collapse

    Votes: 0 0.0%

  • Total voters
    0
A

Anonymous

Guest
aplusmnt said:
If OT was honest he would look at the banking changes that Clinton the Democratic President signed into law that changed all this banking situations.

Somehow OT wants Bush to regulate past what the law calls for. :roll:

I'm quite aware Clinton signed them-- but McCains "economic advisor", former Campaign Chairman, and believed annointed Treasury Secretary, if he wins- "Foreclosure Phil" Gramm- was the father of them and main drive behind getting them thru a Republican Congress....

We don't need anymore of his advice...
 

Texan

Well-known member
Oldtimer said:
I'm quite aware Clinton signed them-- but McCains "economic advisor", former Campaign Chairman, and believed annointed Treasury Secretary, if he wins- "Foreclosure Phil" Gramm- was the father of them and main drive behind getting them thru a Republican Congress....

We don't need anymore of his advice...
Can you provide a current link (within the last few weeks) to anything other than a liberal blog where Phil Gramm is still being mentioned as McCain's pick for Treasury Secretary?
 
A

Anonymous

Guest
Texan said:
Oldtimer said:
I'm quite aware Clinton signed them-- but McCains "economic advisor", former Campaign Chairman, and believed annointed Treasury Secretary, if he wins- "Foreclosure Phil" Gramm- was the father of them and main drive behind getting them thru a Republican Congress....

We don't need anymore of his advice...
Can you provide a current link (within the last few weeks) to anything other than a liberal blog where Phil Gramm is still being mentioned as McCain's pick for Treasury Secretary?

Probably not- because they aren't putting out they even know him after his stupid comments- but after all the public rhetoric about him leaving the campaign- he's quietly back in the fold again...Really haven't been looking- as with McSames record of doing things only for the looks- and since he talks with forked tongue like his mentor Bush- I don't expect he would tell the truth anyway :roll:

Phil Gramm Returns to McCain Campaign Fold

Share August 15, 2008 9:41 AM

ABC News' Bret Hovell reports: Former Sen. Phil Gramm, formerly a national co-chair of the McCain campaign, made his first appearance back with the candidate Thursday in Aspen, Colorado.

Gramm removed himself from the campaign after making controversial statements at the beginning of July. Speaking at the time as McCain's economics adviser, Gramm said that the U.S. recession was not as bad as people were saying, and that Americans were whining about it.

http://blogs.abcnews.com/politicalradar/2008/08/phil-gramm-retu.html
 

aplusmnt

Well-known member
In a speech last week, Mr. McCain effectively disagreed with Mr. Gramm, saying Wall Street speculators could be "gaming the system." Mr. McCain endorsed new regulations to "assure transparency, prevent abuse and protect the public interest."

It was the second time that Mr. McCain had taken a position contrary to what critics thought Mr. Gramm might endorse.

In a March speech about the housing crisis, Mr. McCain said Congress shouldn't commit taxpayer resources to bail out speculators, including banks that want the government to take over many of their worst loans.

Mr. Gramm, an investment banker who was registered to lobby for UBS for several years, said that speech showed that his advice to Mr. McCain isn't tinted by any financial interest.

"If I were representing UBS, what would I have wanted him to do? I would have wanted him to do a gigantic bailout," Mr. Gramm said. "What did McCain do in that speech? He came out against bailouts."


http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/0629dnbusgramm.346c4ef.html
 

hopalong

Well-known member
aplusmnt said:
If OT was honest he would look at the banking changes that Clinton the Democratic President signed into law that changed all this banking situations.

Somehow OT wants Bush to regulate past what the law calls for. :roll:

OT be honest???? That is funny I don't care who you are!!! :D :D
 
A

Anonymous

Guest
Bush's Legacy: "the biggest financial crisis in history" :(

Whitney: Worst is Yet to Come for Banking

Thursday, September 11, 2008 8:36 AM


Meredith Whitney, the Oppenheimer & Co. analyst who called Wall Street's mortgage market meltdown last fall, now says the worst is yet to come for the global financial industry.


"What's ahead is much more severe than what we've seen so far," Whitney told Fortune magazine.


She submits that banks are facing dramatically larger credit losses than they have reported so far and thinks the economy is about to sink into an "early 1980s-style recession," that will "devastate 10 percent of the population," which became financially overextended during the housing boom.


"It feels like I am at the epicenter of the biggest financial crisis in history," she says.

http://money.newsmax.com/streettalk/meredith_whitney/2008/09/11/129745.html?s=al&promo_code=69EE-1
 

hopalong

Well-known member
Oldtimer
The name of this topic is new poll it is well past being a NEW poll. try a new one. you have dominated this one for so long it is no longer relevant, and becoming mundane like you!
 
A

Anonymous

Guest
Another one bites the dust..More in the continuing score of the legacy of GW/Foreclosure Phil/etal nonregulation run amuck... :(

I wonder how many $Zillions in taxpayer funds the Feds will have to put up to guarantee this sale
:???: :(

U.S. Government Assisting in Sale of Lehman Brothers

By David Cho and Heather Landy
Washington Post Staff Writers
Thursday, September 11, 2008; 5:40 PM

The Treasury Department and the Federal Reserve are helping Lehman Brothers put itself up for sale. The details are not finalized, but sources familiar with the matter say the purchase is expected to be completed and announced this weekend before Asian markets open Monday morning.

The Fed and Treasury are talking to a wide range of firms and examining multiple scenarios for the sale of the venerable investment brokerage.

Lehman Brothers, which had been anxious to show it could weather the credit crisis that contributed to the firm's $3.9 billion third-quarter loss, said Wednesday that it would sell a majority stake in its investment-management division, slash its dividend and spin off about $30 billion of real estate assets.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/11/AR2008091102580.html?referrer=email
 

hopalong

Well-known member
Oldtimer said:
Another one bites the dust..More in the continuing score of the legacy of GW/Foreclosure Phil/etal nonregulation run amuck... :(

I wonder how many $Zillions in taxpayer funds the Feds will have to put up to guarantee this sale
:???: :(

U.S. Government Assisting in Sale of Lehman Brothers

By David Cho and Heather Landy
Washington Post Staff Writers
Thursday, September 11, 2008; 5:40 PM

The Treasury Department and the Federal Reserve are helping Lehman Brothers put itself up for sale. The details are not finalized, but sources familiar with the matter say the purchase is expected to be completed and announced this weekend before Asian markets open Monday morning.

The Fed and Treasury are talking to a wide range of firms and examining multiple scenarios for the sale of the venerable investment brokerage.

Lehman Brothers, which had been anxious to show it could weather the credit crisis that contributed to the firm's $3.9 billion third-quarter loss, said Wednesday that it would sell a majority stake in its investment-management division, slash its dividend and spin off about $30 billion of real estate assets.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/11/AR2008091102580.html?referrer=email

NEW POLL< or ar you afraid you cannot flood a new a new one !!
 

hopalong

Well-known member
Oldtimer said:
Another one bites the dust..More in the continuing score of the legacy of GW/Foreclosure Phil/etal nonregulation run amuck... :(

I wonder how many $Zillions in taxpayer funds the Feds will have to put up to guarantee this sale
:???: :(

U.S. Government Assisting in Sale of Lehman Brothers

By David Cho and Heather Landy
Washington Post Staff Writers
Thursday, September 11, 2008; 5:40 PM

The Treasury Department and the Federal Reserve are helping Lehman Brothers put itself up for sale. The details are not finalized, but sources familiar with the matter say the purchase is expected to be completed and announced this weekend before Asian markets open Monday morning.

The Fed and Treasury are talking to a wide range of firms and examining multiple scenarios for the sale of the venerable investment brokerage.

Lehman Brothers, which had been anxious to show it could weather the credit crisis that contributed to the firm's $3.9 billion third-quarter loss, said Wednesday that it would sell a majority stake in its investment-management division, slash its dividend and spin off about $30 billion of real estate assets.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/11/AR2008091102580.html?referrer=email

NEW POLL< or ar you afraid you cannot flood a new a new one !!
 

hopalong

Well-known member
Oldtimer said:
I prefer bugging you :wink: :lol: :p :twisted:
''
Just shows what it takes to intertain you!!!
go change a diaper preferably the one you have one first because yours stink worse because it has been on you :eek: :D :roll: :lol:
 
A

Anonymous

Guest
Will Bush/Foreclosure Phil/McSame economic policy and "fiscal conservatism" bring the country down :???:

America Is Not Too Big to Fail

Friday, September 12, 2008 10:19 AM

In the 1978 blockbuster Superman, Lois Lane falls from a rooftop in New York. The late actor Christopher Reeve, decked out in blue tights, swoops down to catch the falling Lane.


"Easy, miss. I've got you," he says with a trademark grin.


"You, you've got me? Who's got you?" replies Lane, looking down over his arms to the pavement below.


We could ask the Lois Lane question of our own government these days. They're stepping in all over the place to dig out banks and save investors. Yet the world's biggest economy is in no shape to write those checks.


In fact, the United States is harrowingly close to the same kind of utter financial collapse that Americans once thought only shaky Latin American regimes could suffer.


The Fannie and Freddie bailouts, monster entitlement programs for retiring baby boomers, Wall Street in flames, and sliding home values are coming to a head at exactly the wrong moment.


The chances we'll be able to muddle through are slimmer every day.



"The earthquake will come via a collapse in the market for U.S. government bonds as domestic and foreign investors realize that the only way Uncle Sam can meet his future spending obligations is to print massive quantities of money," warns Boston University economist Laurence J. Kotlikoff, writing in Fortune.


"The result will be sky-high inflation and interest rates and, most surely, a prolonged reduction in output and employment."



"This could happen today. It could happen tomorrow. But it will happen here just as it has happened in every other country that tried to spend far beyond its ability to pay," he writes.

http://moneynews.newsmax.com/streettalk/us_debt_collapse/2008/09/12/130153.html

Bove: WaMu Losses Will Be Huge

Tuesday, September 9, 2008 3:08 PM

Ladenburg Thalmann banking analyst Richard Bove expects Washington Mutual will lose $40 billion on its loan portfolio over the next three years and continues to include WaMu on his list of top 12 banks and thrifts at greatest risk of failing.



"The future of the company is questionable" if the economy continues to weaken, Bove told The Wall Street Journal.


"The problem is very simple," Bove says.


"They made a lot of bad loans, and they are absorbing high levels of loan losses. The solution for their problem is to find some mechanism for reducing the bad loans. That can't be done by a new CEO."

http://moneynews.newsmax.com/streettalk/washington_mutual/2008/09/09/129155.html

El-Erian: U.S. Bank System Capital Insufficient

Friday, September 12, 2008 3:23 PM

NEW YORK -- Mohamed El-Erian, a co-chief executive of top bond fund Pimco, said Friday that the U.S. banking system lacks sufficient capital to weather the current credit crunch related to massive mortgage-related losses.


"Recent developments highlight the extent to which the banking system as a whole lacks sufficient capital to comfortably navigate this period of sharp deleveraging," El-Erian, of Pacific Investment Management Co, which oversees more than $812 billion in assets, told Reuters in an interview.

http://moneynews.newsmax.com/streettalk/pimco/2008/09/12/130261.html
 

don

Well-known member
http://www.iht.com/articles/2008/09/15/business/15lehman.php

as long as the us lives beyond its means it will only get weaker.
 

don

Well-known member
http://www.breitbart.com/article.php?id=080914181841.fsmkqu8s&show_article=1

i guess the chinese knew what they were talking about in their curse about living in interesting times.
 
A

Anonymous

Guest
Yep-- ol GW's legacy grows-- now he's up to a "once in a century" Financial Crisis his misdirection has allowed...But still some think we should vote for McSame and 4 more years of the same... :(

Greenspan: U.S. in 'Once-in-a-Century' Financial Crisis

Sunday, September 14, 2008 8:53 PM

The United States is mired in a "once-in-a century" financial crisis which is now more than likely to spark a recession, former Federal Reserve chief Alan Greenspan said Sunday.


The talismanic ex-central banker said that the crisis was the worst he had seen in his career, still had a long way to go and would continue to effect home prices in the United States.


"First of all, let's recognize that this is a once-in-a-half-century, probably once-in-a-century type of event," Greenspan said on ABC's "This Week."


Asked whether the crisis, which has seen the US government step in to bail out mortgage giants Freddie Mac and Fannie Mae, was the worst of his career, Greenspan replied "Oh, by far."


"There's no question that this is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go," Greenspan said.

http://www.newsmax.com/headlines/greenspan_financial_crisi/2008/09/14/130754.html

Lehman Rescue Fails, BofA Seen Buying Merrill

Sunday, September 14, 2008 8:42 PM

NEW YORK - A failed plan to rescue Lehman Brothers was followed Sunday by more seismic shocks from Wall Street, including an apparent government-brokered takeover of Merrill Lynch by the Bank of America.


A forced restructuring of the world's largest insurance company, American International Group Inc., also weighed heavily on global markets as the effects of the 14-month-old credit crisis intensified.

http://www.newsmax.com/headlines/lehman_merrill_aig/2008/09/14/130753.html
 
A

Anonymous

Guest
Dow Plunges 500, Biggest Decline Since September 2001

Monday, September 15, 2008 4:20 PM

The Dow Jones industrial average was down 504.48 points, or 4.42 percent, to end unofficially at 10,917.51. Shares of financial services companies were the hardest hit.

NEW YORK -- Wall Street had its worst day in more than six years on Monday as fears about the U.S. financial system's stability escalated after Lehman Brothers filed for bankruptcy and insurer AIG struggled for survival.


The day followed one of Wall Street's most agonizing weekends ever, which saw the demise of Lehman Brothers and forced Merrill Lynch to accept a takeover by Bank of America Corp.


Shares of financial services companies were the hardest hit, with AIG down 60.8 percent and Bank of America down 21.3 percent. Both are Dow components.


The Dow Jones industrial average was down 504.48 points, or 4.42 percent, to end unofficially at 10,917.51, based on the latest available data. The Standard & Poor's 500 Index was down 58.74 points, or 4.69 percent, to finish unofficially at 1,192.96. The Nasdaq Composite Index was down 81.36 points, or 3.60 percent, to close unofficially at 2,179.91.

http://moneynews.newsmax.com/headlines/dow_jones/2008/09/15/131015.html
Meanwhile, early this morning, Lehman Brothers Holdings Inc., the fourth-largest U.S. investment bank and the biggest underwriter of mortgage-backed securities at the height of the U.S. real estate market, joined the list of other investment banks like Bear Stearns Cos. that couldn't survive the credit crunch.

The 158-year-old Lehman filed for Chapter 11 bankruptcy protection after Barclays Plc and Bank of America Corp. abandoned takeover talks. The company had lost 94 percent of its market value this year.

According to Bloomberg, it was the largest bankruptcy filing in U.S. history. Lehman employs about 25,000 people worldwide and listed more than $613 billion in debt.

Ross: 1,000 Bank Closures Ahead

Monday, September 15, 2008 4:00 PM

Wilbur Ross, founder of private equity firm WL Ross & Co LLC, expects as many as a thousand U.S. bank closures in the coming months, CNBC said on its Web site on Monday.

http://moneynews.newsmax.com/streettalk/wilbur_ross/2008/09/15/131013.html


Rogers: U.S. Interest Rates Will Rise for Years

Friday, July 18, 2008 11:31 AM

Investment superstar Jim Rogers says U.S. interest rates will increase for years, thanks to the Federal Reserve's easy monetary policy.


In a wide-ranging and exclusive interview with Moneynews, Rogers says that the Fed may temporarily be able to hold the line on short-term rates but that, ultimately, the entire yield curve is headed higher.


"You could in theory have short-term interest rates stay low, while you have long-term interest rates go up," Rogers says.


"The central bank might be able to control short-term interest rates for a while."


But that won't last, Rogers says.


"There's more inflation coming, the Federal Reserve is debasing the dollar. That's going to make medium-term and long-term rates go higher."


Bottom line: "All interest rates will be going higher over the next few years because of inflation, the Fed's debasing of the currency, and several other reasons."


While interest rates are rising, the dollar will be falling, Rogers says.


"It breaks my heart, but yes, of course, the U.S. dollar is now a terribly flawed currency," Rogers says.

http://moneynews.newsmax.com/streettalk/jim_rogers_interest_rates/2008/07/18/114109.html
 
A

Anonymous

Guest
Oldtimer said:
Ross: 1,000 Bank Closures Ahead

Monday, September 15, 2008 4:00 PM

Wilbur Ross, founder of private equity firm WL Ross & Co LLC, expects as many as a thousand U.S. bank closures in the coming months, CNBC said on its Web site on Monday.

http://moneynews.newsmax.com/streettalk/wilbur_ross/2008/09/15/131013.html

Might be the only job left in the country will be working for the Fed- printing more money :shock: :wink:

Federal Bank Insurance Fund Dwindling

Tuesday, September 16, 2008 10:36 PM

WASHINGTON - Banks are not the only ones struggling in the growing financial crisis. The fund established to insure their deposits is also feeling the pinch, and the taxpayer may be the lender of last resort.


The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation's largest thrift, or another struggling rival fails, economists and industry analysts said Tuesday.


Treasury has already come to the rescue of several corporate victims of the housing and credit crunches. The government took over mortgage finance companies Fannie Mae and Freddie Mac, and helped finance the sale of investment bank Bear Stearns to J.P. Morgan Chase & Co.


Eleven federally insured banks and thrifts have failed this year, including Pasadena, Calif.-based IndyMac Bank, by far the largest shut down by regulators.


Additional failures of large banks or savings and loans companies seem likely, and that could overwhelm the FDIC's insurance fund, said Brian Bethune, U.S. economist at consulting firm Global Insight.


"We've got a ... retail bank run forming in this country," said Christopher Whalen, senior vice president and managing director of Institutional Risk Analytics.
==========

A Washington Mutual failure would dwarf the largest bank collapse in U.S. history — Continental Illinois National Bank in 1984, with $33.6 billion in assets.

http://www.newsmax.com/headlines/fdic_banks_insure/2008/09/16/131533.html
 
A

Anonymous

Guest
don said:
so what's next weekend? who's going down?

don- my guess would be on Washington Mutual.....

DOW down 453 points (over 4%) NASDAQ down 110 (5%) S&P down 57 (almost 5%)....

Bloomberg TV was not showing anyone jumping out windows yet- but they were showing many clearing out their desks/offices and packing stuff home from jobs they used to have on K Street and Wall Street..... :(

Offices were being vacated so fast the building owners had 8% vacancy and were lowering rent trying to find tenants...And as they said yesterday- each of these white collar job losses will mean many fold over in job losses in blue collar and service jobs.... :(
 

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