US / World Economy in Trouble

Points don't really give you a good idea of the losses. But percents do, and an 8% loss in one day on a market is horrible. Your lucky if the US stock market averages a 10% increase in a year. So yes its bad, and bad all over.

 

Three years ago they pushed new laws through making it extremely difficult, if not impossible for people to declare bancruptcy. Coincidence??


They can't tell me they didn't see this coming. :new_let_it_all_out:

 

Try to watch the movie Maxed Out: Hard times and it will show you why those laws were shoved down our throats. MBNA made huge contributions to Bush and other lawmakers to get this done.

 

Europe governments strive to avoid bank meltdown

 

This gives you an idea of what type of people we're dealing with here. Congress just handed them more $$$ too!!!!





Congress hears Lehman sought millions for execs

 

Dow at -591. 2PM EST. Down 100 points over the last hour. US markets down an average of around 6.3%.

 

So I took a shower. Refresh. Dow -680.

 

This is exactly why I was against it....

 

Here's a good, simple explanation of derivatives and leveraging. IMO a person needs to be educated in order to understand the problem at hand. It all makes perfect sense to me now that I understand how the system works. Stupidity is any understatement. :icon_confused:


A short rough primer on leveraging and derivatives

 

^^^^:thumbsup:


The more I have read and come to understand how it works, the more scared I have become. You just can't keep borrowing from peter to pay paul, and not only the government but the american people have been doing the same for years while the debt keeps rising. number out today is 53 trillion when you add consumer debt, national debt, and the promises of the government for certain social programs. That number was provided by congress's accountant the comptroller. He resigned and is telling what he knows.


http://www.cnn.com/2008/POLITICS/10/06/walker.bailout/index.html

 

Me too man...me too. :eusa_shifty:


I was never much into money myself....never liked it and never will (barter is better), but I saw a storm on the horizon and decided that the best chance I had at surviving it and providing for my family was to learn about and understand my 'enemy'.


Just yesterday I was down in the 'big city' with my mom helping her pick out some crown molding she wants me to install for her and the whole time we kept looking at each other and asking ourselves....why? In the larger scheme of things it just doesn't seem important anymore.....it never really was. She asked me at one point....."why have we made life so complicated?" I had no answer for her.


As we drove we listened to a local talk radio show host inform his listeners that he'd just lost 6 digits from his 401K plan (the Dow was down 800 points at that time). My dad has a 401K that is most likely losing value to the same tune now. My mom was up in arms because they have spent their whole lives being financially responsible, paid their debts off (house included), and planned very well for their retirement only to see it all fade away because some rich bastards felt they needed to fuck us up the ass just a little bit more. I myself walked away from a very good union pension I had been building for 16 years because I knew this day was coming and I knew all that hard work would be for nothing....I would be exactly where my parents are today. I knew my energy needed to be put towards building what I have now....a farm basically. It's not the farm I'd hope it would be by this time, but it's a damn good start. At least I know I can feed myself if need be. My parents on the other hand are just waking up to the reality that their retirement will never come and they are not prepared to feed themselves if my dad should lose his job. He works for the county BTW. Just how safe IS his job now that local government is hurting due to a lack of tax base?


The next wave of unemployed will come from the public service sector....believe it. California is damn near bankrupt itself and is already looking for a bailout of it's own from the feds. How on Earth can the federal government bail out everyone when they themselves are bankrupt? All this bailout money is coming in the form of credit from foreign investors who themselves are now falling on hard times due to the 'crisis'. How long do we think these people will keep giving us a blank check? More credit is NOT the answer....living within one's means is our only way out. We have to do it on a personal level, a local level, a national level, and on a global level. Nothing less will do and I'm not quite sure we even have a choice in the matter any longer.


My parents are just one example of how the system has let us down, but even at that.....aren't we each responsible for our own lives? My parents are partially to blame for where they are now. They chose to believe the lie and live in ignorance. After all...if I could see the coming storm...so could they. They chose not to look even when I pointed it out to them.


I remember having a discussion with my brother and my dad one day on how the housing bubble was about to pop (me talking, them poo-poo'ing me) and the frustration I felt when I saw that I just wasn't getting thru. My brother was just about ready to buy a house down in the city that he thought he'd turn around in 2 years. I advised him to wait but he was having nothing of it. Now he's stuck with it and the funny thing is...he never really liked it to begin with. How's that for stupidity? I'm waiting for the day to come when he loses it to be honest. Been waiting since that fateful day as a matter of fact. Now both he and my dad are having to eat crow....ironic eh? ottytrain1:


To sum up my rant.....people need to pull their heads out of their asses if they want to survive....it's that simple. Those that can't will die...period. Our leaders have failed us and it's time we realize that we have to save ourselves. There's not going to be a bailout for us.....the rish willtake their money and run....watch it happen folks. As I told my mom yesterday...bitching about how ya got fucked is not going to put food on the table. It's time to get dirty and it's time to suck it up. We have to play the hand we're being dealt...like it or lump it.

 

More good reading.....


The bailout will fail

 

Couple more good reads.....


It’s America that’s bankrupt

Grassroots movements, global elites and political economy in times of panic

 

News headlines that are of importance to all after this 'bailout' BS. :bs:


The unraveling begins.........:scream:


Black Monday II: the worst for decades

Officials Refuse to Provide Details on Secret Previous Bailout

Bail-out leads to conflict of interest claims as Wall Street financiers cash in on crisis

Didn't he say the same shit about the 'Stimulus Package'? This article will KILL ya once you've read it through...this is getting out of hand now.



European, Asian markets plunge on crisis fears

Stocks tumble as Street worries about financials

And then...we have this guy....... The wolves are now in the chicken coop. This guy just has a 'look' about him that isn't quite right. Is it just me?








Paulson picks interim head for rescue effort

I can only sit here and shake my head now. :eusa_snooty:

 

I know it, 2 Goldman Sachs guys controls all that money. Just goes to show that all this uproar by the american people isn't getting through to our congressmen. They are just putting on a show to satisfy our anger. What a slap in the face to pick an ex-wallstreet guy like him to be in charge of our money. We shouldn't pay them a dime in salary, obviously we know who really signs the congressmen's checks.


VOTE EVERY INCUMBENT OUT REGARDLESS OF PARTY!

 

So we dropped about 5.2% across the board. Dow down 500.


If yesterday was Black Monday. What is today? Black Hole Tuesday? Not just black, but so powerful and all-consuming that not even light can escape it's destructive force, let alone the world economy?

 

http://www.foxbusiness.com/story/markets/industries/finance/aig-executives-blow--getting-bailout/


This is beyond all comprehension!!!!! I can just hear the jerkoff's response to the hotel employee telling him thats 440,000 sir, how will you be paying for this? "just charge it to the taxpayers", then a giggle and walk away. :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache: :5headache:

 

Nice.....they know how to party down don't they?


I wonder if this is what Skuzz meant about these guys 'working hard'?

 

And how many ppl did that include? I never said that these ppl did enjoy themselves.


You also have to bear in mind (in the UK anyway) that none of that expenditure is tax deductable. Therefore its paid for by the shareholders. If the shareholders are not happy then sack the board!


Shareholders in all these companies have been more than happy for years and years to accept this. Them shareholders are everyone with savings, pension, private investment funds.