Yeah, my only hope is to outtrade them before they outtax me. It's kind of like a guy in canoe with a leak at the bottom and a 20 oz drink cup in his hand...
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Worse than the Great Depression
- Thread starter ProfitTakgFool
- Start date
Yeah, my only hope is to outtrade them before they outtax me. It's kind of like a guy in canoe with a leak at the bottom and a 20 oz drink cup in his hand...
Btw, I'm assuming it did not escape everyone's eagle eye the MASSIVE rate cut of the Bank of England and the large cut of the ECB. If you didn't believe in the possibility of deflation before those announcements, you've probably reconsidered, eh?
And, guys, I would argue that this is the real "nuclear" issue facing the economy. Somebody can tell me if this is old news, but I don't think they've done this recapitalization. I mean - where are they going to get the $$?
http://finance.yahoo.com/tech-ticke...d-Worry-About-Bank-Deposits-if-Congress-Doesn't-Act?tickers=LEH,MER,BAC,AIG,WM,%5EDJI,%5EGSPC
But Americans are justified to be worried, says Nouriel Roubini, of NYU's Stern School and RGE Monitor, who notes there is already a "slow-motion run on retail banks" occurring nationwide.
That "run" could accelerate as people realize the FDIC fund has about $50 billion to "insure" about $1 trillion in assets at the nation's financial institutions, says Roubini. "They're going to run out of money" unless Congress acts soon to recapitalize the FDIC.
In addition, the recent spike in number of banks on the FDIC's "troubled list" is only through June, meaning even that inflated number understates the problem.
The intent here isn't to add to people's anxieties, but Roubini is one of the few market watchers to correctly predict the severity of this ongoing credit crisis. If nothing else, he says people with accounts exceeding $100,000 in value should spread their money - and the risk - among different firms.
http://finance.yahoo.com/tech-ticke...d-Worry-About-Bank-Deposits-if-Congress-Doesn't-Act?tickers=LEH,MER,BAC,AIG,WM,%5EDJI,%5EGSPC
But Americans are justified to be worried, says Nouriel Roubini, of NYU's Stern School and RGE Monitor, who notes there is already a "slow-motion run on retail banks" occurring nationwide.
That "run" could accelerate as people realize the FDIC fund has about $50 billion to "insure" about $1 trillion in assets at the nation's financial institutions, says Roubini. "They're going to run out of money" unless Congress acts soon to recapitalize the FDIC.
In addition, the recent spike in number of banks on the FDIC's "troubled list" is only through June, meaning even that inflated number understates the problem.
The intent here isn't to add to people's anxieties, but Roubini is one of the few market watchers to correctly predict the severity of this ongoing credit crisis. If nothing else, he says people with accounts exceeding $100,000 in value should spread their money - and the risk - among different firms.
Quote from Pa(b)st Prime:
Nothing can save home valuations as measured in constant dollars. I don't dismiss global currency devaluation down the road though. Job loss, pension defaults and municipal failures will be large irrespective of policy.
If McCain had won there would have been greater stability going forward. I've said for a long time about Obama's policies-wrong era.
I trade as much as possible counter intuitively and the anti-conventional wisdom bet-the right bet-was that stupid Sarah Palin actually understands what the three other hacks from the U.S. Senate don't. The Federal government is dead. This crisis is going to be so overwhelming for local governments that folks are going to REVOLT over paying Federal taxes. You going to be pumped about sending Washington D.C. a 20k check as your police, parks and schools are shutting down because of a budget shortfall? Do you see any elasticity to raise property taxes? Do you know that ONE OUT OF SIX working Americans are either directly or peripherally working for government? Plus entitlements to retirees.
The collapse of GOVERNMENTS THEMSELVES will the headline story going forward. When Obama protested to McCain that "John wants to use a hatchet while I'll use a scalpel" I knew we were in deep, deep shit. In the entire developed nation equation the biggest culprit of all is the excessive expense of government. From top to bottom. We're starting to see SHOCKING losses to institutional account holders. Some of these municipalities were under funded in the best of times. One can imagine how they look after a 40% haircut.
Umm.....Thanks for the diatribe. Now, was the answer to the question yes, or no?
Default or massive taxation -- that's the two alternatives. You can only tax a man so much before he loses the will to work. Part of the grand plan is to keep the man in debt so he fears losing his home. Then he is forced to work twice as hard for less money just to survive.
Quote from GermanTrader:
Don't worry, the bill for it will be 10x the banker bailout, and will take you three days a week to pay for, once Hussein allots the shares out via taxes.
Quote from robbie380:
the even crazier thing is that our credit debt as a percentage of GDP has only INCREASED! the last number i saw for 2008 put us at 350% of GDP....fucking retarded.
:eek:
what is even more retarded are the fucking right wing illiterate retards screaming about socialism on a 3.7% marginal tax increase on the wealthiest 5%.
You dam well know NONE, not ONE of these retards make more than 30K a year.
The US is finally paying the piper for "Reaganomics" and allowing the retarded "bottom of the gene pool" types to hijack national policy.
The middle class is now choking on republican trickle down and their massive corporate welfare ( fraud) programs .
Man, you really are pissed :eek:
Quote from arealpissedgoy:
what is even more retarded are the fucking right wing illiterate retards screaming about socialism on a 3.7% marginal tax increase on the wealthiest 5%.
You dam well know NONE, not ONE of these retards make more than 30K a year.
The US is finally paying the piper for "Reaganomics" and allowing the retarded "bottom of the gene pool" types to hijack national policy.
The middle class is now choking on republican trickle down and their massive corporate welfare ( fraud) programs .
Quote from ProfitTakgFool:
Man, you really are pissed :eek:
why?
Your brain hurts too much when you don't have Rush giving you the "facts"?
Deficit spending and pretty much EVERY other republican policy has proven to be a disastrous failure,
Anyone sane does not need an imbecile like rush limbaugh to come to the above conclusion.
But then again, I've stopped under-estimating the sheer stupidity the average illiterate right wing imbecile is capable of.
Quote from arealpissedgoy:
what is even more retarded are the fucking right wing illiterate retards screaming about socialism on a 3.7% marginal tax increase on the wealthiest 5%.
You dam well know NONE, not ONE of these retards make more than 30K a year.
The US is finally paying the piper for "Reaganomics" and allowing the retarded "bottom of the gene pool" types to hijack national policy.
The middle class is now choking on republican trickle down and their massive corporate welfare ( fraud) programs .
were choking on spending.
If the people actually looked at numbers instead of listening to idiots on MSNBC they would understand supply demand curves or in this case tax and revenue curves.
Across a large portion of the curve increased taxes means decrease revenue. decrease in taxes equals increase in revenue.
it seems so obvious to anyone who actually works for a living or owns a business. Its just a lot harder for non productive members of society to understand.
Quote from Pa(b)st Prime:
Nothing can save home valuations as measured in constant dollars. I don't dismiss global currency devaluation down the road though. Job loss, pension defaults and municipal failures will be large irrespective of policy.
If McCain had won there would have been greater stability going forward. I've said for a long time about Obama's policies-wrong era.
I trade as much as possible counter intuitively and the anti-conventional wisdom bet-the right bet-was that stupid Sarah Palin actually understands what the three other hacks from the U.S. Senate don't. The Federal government is dead. This crisis is going to be so overwhelming for local governments that folks are going to REVOLT over paying Federal taxes. You going to be pumped about sending Washington D.C. a 20k check as your police, parks and schools are shutting down because of a budget shortfall? Do you see any elasticity to raise property taxes? Do you know that ONE OUT OF SIX working Americans are either directly or peripherally working for government? Plus entitlements to retirees.
The collapse of GOVERNMENTS THEMSELVES will the headline story going forward. When Obama protested to McCain that "John wants to use a hatchet while I'll use a scalpel" I knew we were in deep, deep shit. In the entire developed nation equation the biggest culprit of all is the excessive expense of government. From top to bottom. We're starting to see SHOCKING losses to institutional account holders. Some of these municipalities were under funded in the best of times. One can imagine how they look after a 40% haircut.
ok , now you went overboard. everyone is overreacting. you guys are surrounded by too much info that is repeating the doom over and over feeding your fear. i am no bull; although i do have a bias for the economy to survive. sounds so trendy to cry like babies the sky is falling.
what about the s&l crisis? i saw southern ct home values drop 40% in the first 3 years of the start of my career (89-92)..then they stayed flat for 8 years after that. we all survived, then boomed.
this time around the us will print money,borrow, invest and bail out companies. then things will turn around and we will recoup and forget.
pabst, don't you remember the condo auctions from the late 80's and 90's? so here we go again. bill clinton and barney frank wanted to put everyone in a home that created this bubble; different reason that created the disaster; but it is the same bubble as the last. no worse. why does everyone think whatever is happening in realtime any different than previous busts? i believe the public will put their money in real estate disproportionately soon because they don't trust the market, driving the recovery and the market will follow on momentum. let there be a shakeout of the weak and some pain; then off we go again..been there before. don't all be such pussies. this started in 07 and will finish to recovery in 2010; same 3 years as the last one.