Oil soars, stocks plunge 9/22

[mundame]

Fox News: Oil soars $16 in biggest one-day jump ever (http://www.reuters.com/article/newsOne/idUSSIN4333720080922)

And the Dow at 3:46 PM today 9/22 is -377........

The market doesn't seem happy today. Dems maybe better get this show on the road with the quick-fix, at least let's try.

It may or may not work, of course.


Anybody got any ideas?

[theHawk]

We're already so fucked there is nothing that can be done. Clinton's banking policies are coming home to roost, we're still dependant on foreign oil, and the dollar is still getting weaker.

[Kathianne]

Foreign markets were going gangbusters this morning with news that the US was going to save them too. Problem was, they seemed to have missed the weekend news that the 'bailout' has gone partisan. Yeah I know, shock city with the elections a bit over a month away.

It's obvious that this is going to drag out and give no real hope to save meltdown, while committing the US taxpayer to an unknown amount for their grandchildren and great grandchildren. For some reason, the US markets tanked, as did the future markets, including oil.

[avatar4321]

We are in alot of trouble guys. Our system is really messed up. And it doesnt matter who is President, we are going to be facing real tough challenges.

[Kathianne]

We are in alot of trouble guys. Our system is really messed up. And it doesnt matter who is President, we are going to be facing real tough challenges.

Bottom line Avatar, the average American intrinsically knows there is no free lunch. What the administration is proposing smacks against their basic instincts. Throw in the weekend's talk shows with 'yes, foreign investors too, it's all one pie, the American people understand that' and you have a recipe for disaster. Now come the partisans trying to bail out your neighbor in his $800k mini mansion, which he never should have bought, and it's beyond meltdown.

[April15]

With the 2005 bankruptcy responsebility act aimed at working people the dems want some aide in this bailout for those who have mortgages that are adjustable.
This entire mess began back with rr and his deregulation plans and ended in 99 with the republican congress shoving the gramm bill into clinton with a veto proof vote. Little bonsai didn't help things with the tax cuts for BIG business/oil and a war that was unfunded.
Also I want to know how much of AIG will I own and when can I sell it?

[Sitarro]

With the 2005 bankruptcy responsebility act aimed at working people the dems want some aide in this bailout for those who have mortgages that are adjustable.
This entire mess began back with rr and his deregulation plans and ended in 99 with the republican congress shoving the gramm bill into clinton with a veto proof vote. Little bonsai didn't help things with the tax cuts for BIG business/oil and a war that was unfunded.
Also I want to know how much of AIG will I own and when can I sell it?

BULLSHIT! Then again, what's new?

[Kathianne]

If A.N.S.W.E.R. is against it, I must look at the bailout again...

http://www.votenobailout.org/

[midcan5]

Anybody got any ideas?

Elect Obama, not sure he is up to the stature of an FDR, but he has the smarts.
FDR faced this same republican free market lunacy and failure.


"This is the Bush-McCain economy. Senator McCain may have forgotten, but President Bush already tried his economic policies and the results are not good. We have just been through a business cycle in which the wage of the typical worker and the typical working family fell. This is the first time that has ever happened."

http://www.commondreams.org/view/2008/09/09-3

[mundame]

Bottom line Avatar, the average American intrinsically knows there is no free lunch. What the administration is proposing smacks against their basic instincts. Throw in the weekend's talk shows with 'yes, foreign investors too, it's all one pie, the American people understand that' and you have a recipe for disaster. Now come the partisans trying to bail out your neighbor in his $800k mini mansion, which he never should have bought, and it's beyond meltdown.

A big problem is that everything they've tried so far hasn't worked.

They tried "bailouts" of individual companies (why we call them bailouts I don't know, since they result in these companies vanishing entirely and their stockholders, mostly their employees, being utterly ruined) and the market kept going down and worldwide bank credit stayed frozen (the bigger problem).

Now they are trying a giant humongous system-fix, and I give Bernanke and Paulson full credit for an FDR-type response. Do it big and do it loud!

However, you realize that it may not work.

It surely won't restore the economy instantly to robust health: that usually takes two-three years after a panic.

Not working at all is the real danger. I sure hope it does. Every government, every time, everywhere, always intervenes to save the system, or try to. And why? Because the alternative is Weimar, 1923. Wheelbarrows of money to buy one loaf of bread, complete collapse.


Then the Germans hired on Hitler to solve it, and he did, but that didn't really work out well for them either.

[Gaffer]

A big problem is that everything they've tried so far hasn't worked.

They tried "bailouts" of individual companies (why we call them bailouts I don't know, since they result in these companies vanishing entirely and their stockholders, mostly their employees, being utterly ruined) and the market kept going down and worldwide bank credit stayed frozen (the bigger problem).

Now they are trying a giant humongous system-fix, and I give Bernanke and Paulson full credit for an FDR-type response. Do it big and do it loud!

However, you realize that it may not work.

It surely won't restore the economy instantly to robust health: that usually takes two-three years after a panic.

Not working at all is the real danger. I sure hope it does. Every government, every time, everywhere, always intervenes to save the system, or try to. And why? Because the alternative is Weimar, 1923. Wheelbarrows of money to buy one loaf of bread, complete collapse.


Then the Germans hired on Hitler to solve it, and he did, but that didn't really work out well for them either.

So this time we have obamanation instead of hitler. Do you see a parallel here?

[mundame]

So this time we have obamanation instead of hitler. Do you see a parallel here?


Of course. I've been saying for a couple years that Bush is Tiberius: the first corruption, the first incompetence, the first sign of the Decline and Fall.

After him comes the Caligulas and the Neros.