Money | Political Byline

Help me keep this blog up for a long time!

Posted onJune 27, 2012September 12, 2012

I won’t bore you with details. I am just not in a good way right now money-wise.

I’m not going to end up in the street, I am just not working and money is at an all time low. I do not have Google AdSense anymore, they yanked my account for an unknown reason.

So, I’m asking for help.

As another well-known blogger would put it, hit the freakin’ tip jar!

If you want this to be a regular thing:

Again, I hate asking. But, reality is reality; and I just do not have any job prospects lined up. The Business? Heh. that’s a joke anymore. I did have a job prospect, but that all fell through. Nothing I did on my part, just did not work out at all.

Oh, by the way; on Thursday, June 28’th — I will be 40 years old. 40 years old, no job, broke and living with my parents. You have any idea what that does to man? You could never even begin to imagine. 🙁

Also too, if you do not like or do not trust PayPal; I can give you my home address. It is out there, if you are good with Google. But, if not and you want to help out, without using PayPal, let me know.

Thanks for your loyal readership for the 8 years that I ran this blog.

-Patrick

Bad News: Dollar value is now in full swing decline

Posted onOctober 28, 2011

Ron Paul knew it, I knew it, and every Conservative and Libertarian Blogger knew it.

The U.S. dollar’s thrashing on Thursday after a last-minute European deal to contain the debt crisis may have sealed the currency’s fate.

And it is all downhill from here.

The European agreement, which involves a 50 percent write-down of Greek debt and boosting the euro zone’s bailout fund to as much as 1 trillion euros, has averted a collapse in Europe and spurred a rush to risky currencies and assets once again at the expense of the dollar.

Add in to the mix: a suddenly revitalized U.S. economy that a few weeks ago was teetering on the verge of recession and had fueled speculation about another round of quantitative easing. Almost overnight it leaves a whole new global outlook that appears a little more encouraging.

via Dollar Decline in Full Swing in Risk-On Environment – CNBC.

This is what happens when the Federal Reserve prints money for Countries to bail out their debt crises. Ron Paul has said this for years and he is right —- about that anyway. This in turn devalues our currency and causes the prices of everything to go up. This also causes everyone to run to go Gold, which drives the prices through the roof, causing a bubble. The problem is, when the inflation goes back down, and Gold collapses, people lose money — unless of course, they have other investments to transfer that wealthy into, so they do not lose their money. If we could at least get control of the fed, this sort of stuff would not happen.

Another thing too, this right here ought to be the prime example of why Keynesian Economics does not work at all. Taxing and spending a way out of recession is just not the way to do it. Printing money out of thin air does not solve the problem; it only makes that problem worse. It does that by devaluing the currency that is being mass printed. I know, I am repeating myself; this is why I do not talk about the sort of stuff often, which is because I detest repeating myself repeatedly. I figure my little blog is not going to stop the world from plunging into madness, so why bother.

Investment Advice: How a “Dull” Investment Can Be a Great Investment

Posted onDecember 9, 2010December 9, 2010

How a “Dull” Investment Can Be a Great Investment

…until it isn’t any more. An important story for today’s bond investors.

December 9, 2010

By Elliott Wave International

I spent my childhood discussing the stock market at the dinner table. My dad was a stock broker, and he loved to “tell the story” of the stocks he recommended to customers — a story that included critical information about the industry, the products, earnings, and the outlook for the future. Most children might find it dull, but I was mesmerized.

As I got older and talked with friends about investing, I’d light up when the topic was stocks. Who in the world couldn’t get excited about analyzing companies to decide which ones could make you money! When the conversation turned to bonds, however, I would shut down. Bonds? How dull; how utterly boring. There’s no story to tell, no industry trends to follow. I saw bonds as an interest check every six months, then a return of principal when they mature. BORING.

Over the past few years, I’ve read article after article about investors getting out of the stock market in favor of bonds. I understood the reasons for getting out of the stock market, but the thought of moving into bonds baffled me. Interest rates were very low, and I knew that when the rates started going up, bond prices would go down; a simple inverse relationship. I started investing in the mid-80s, when rates were at the highest point of the past 50 years — who would buy bonds now, when yields are at the lowest levels in half a century? There’s no place for your principal to go but down, I thought.

So I went back and talked with my friends some more, to see if there was something I was missing with these “dull investments.”

Turned out, my friends had moved their money into bonds after they lost over 30% in stocks during 2008. They told me that bonds had gone up in value. I was astonished.

So I started looking into it. They were right! I thought bond yields could go no lower than they were two years ago, yet they did, In turn, that brought the prices — i.e., the principal on their investment — up!

I asked what kind of bonds they got into. “High-yield bond funds,” was the answer. What kind of bonds are these funds invested in? To this question I got blank stares. How long do you plan on staying in these funds? This got the reply I was afraid I’d hear: “Why would we get out when they are so much safer than stocks?” That’s when my new interest in these once boring investments turned to fear — for my friends.

First of all, the simple idea that a rise in interest rates would cause their principal to fall worried me. But my greater fear was that they did not even know what types of bonds they were invested in!

Elliott Wave International’s president Robert Prechter has followed this new investment trend closely in his monthly Elliott Wave Theorist. This quote is from the October 2010 issue:

A fifth consecutive major disaster is developing for investors. History shows that investors have been attracted like moths to a flame to four consecutive pyres: the NASDAQ in 2000, real estate in 2006, the blue chips in 2007 and commodities in 2008. Now they are flitting across the veranda to a mesmerizing blue flame: high yield bonds.

Bonds pay high yields when the issuers are in deep trouble and cannot otherwise attract investment capital. The public is chasing a large return on capital without considering return of it.

You can learn more about what Prechter’s market analysis says for bond investors now — free. We’ve recently released a 10-page report, “The Next Major Disaster Developing for Bond Holders” free to members of Club EWI.Discover why Prechter says that, “The public always does the wrong thing.” Follow this link to access this free online report right now.

Video: Max Keiser’s Call: Crash JP Morgan Buy Silver

Posted onNovember 23, 2010November 23, 20101 Comment

This comes via GoldSilver.com:

Quote:

Mike Maloney was recently in Europe working on his next top-secret project. While passing through France, Mike got the chance to visit with the one and only Max Keiser.

Intelligent, witty, and never bashful, Max Keiser is pure financial entertainment. With over 25 years of experience with markets and finance, Max often draws from first hand experiences when providing his listeners explicit insights on how the financial markets truly operate.

He has been described as a film producer, a journalist, and as JP Morgan and friends are now finding out, an activist investor with powerful ideas on how the masses can help themselves in taking their financial power back.

The Video:

The time in invest in gold and silver is now! Click here to find out how!

An Interesting Movie

Posted onMarch 13, 2009March 13, 2009

I post this because I believe that it is interesting. Alex Jones has always struck me as a kook. Someone amongst the “Tin Foil Hat” crowd. However, it is something interesting to watch.

Enjoy…

What do you think? Do you think that there is any truth to this?

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A New Parody “Barry’s Farm”

Posted onMarch 5, 2009November 3, 2009

Here’s the Original Song:

Update: It seems that some Fascist Socialist Liberal twit keeps going around getting my video yanked. No biggie, if they yank it. I will find it elsewhere and put it up. This is America and not fascist Germany and I have the RIGHT to express my opinions about the President and his fascist polices. You liberals don’t like it? TOUGH SHIT! 😡

History about the song and concert

New Lyrics:

Barry’s Farm

(Sung to the tune of Maggie’s Farm by Bob Dylan)

Written by Paleo Pat

I ain’t gonna work on Barry’s farm no more.
I ain’t gonna work on Barry’s farm no more.
Well, I wake up in the morning,
Fold my hands and pray that I might keep my gain.
I got a bill full of Taxes
That are drivin’ me insane.
It’s a shame the way he makes me tip the whore.
Naw, I ain’t gonna work on Barry’s farm no more.

I ain’t gonna work under Barry’s Law’s no more.
I ain’t gonna work under Barry’s Law’s no more.
Well, he hands you a Dollar,
Taxes you a dime,
Looks at you with a grin
While robbin’ you fuckin’ Blind,
Then he taxes you every time you open the door.
I ain’t gonna work under Barry’s Laws no more.

I ain’t gonna be a slave for Barry’s Government no more.
No, I ain’t be a Slave for Barry’s Government no more.
Well, he puts a Tax Bill
in your face just for kicks.
His White House
It is made out of Bricks.
The Secret Service stands around his door.
Ah, I ain’t gonna be a slave for Barry’s Government no more.

I ain’t gonna work for Barry’s Bitch no more.
No, I ain’t gonna work for Barry’s Bitch no more.
Well, she talks to all the people
About Equality and Race and Law.
All the while the workin’ people
Are payin’ for other peoples bad calls
She’s a lying thief, but she says her honesty stands tall.
Naw, I ain’t gonna work for Barry’s Bitch no more.

I ain’t gonna work on Barry’s farm no more.
I ain’t gonna work on Barry’s farm no more.
Well, I try my best
To do the best I can,
But everybody wants you
To pay thier bills for them.
They eat steak while you slave and I just get bored.
I ain’t gonna work on Barry’s farm no more.

Congression Budget Office says the Economic Slump will end mid-2009

Posted onFebruary 10, 2009February 10, 2009

This is quite interesting:

The non-partisan Congression Budget Office reports the current economic slump will end sometime around mid-2009.

Keep in mind Obama himself admits any effect he thinks his government expansion will have on the economy won’t take place until 2010 — well after the slump will end anyway.

Between that, and the CBO’s research last week showing Obama plan will cause long-term damage to the economy, and that the economy will bounce back faster without the package, why is the Senate even considering a $1,100,000,000,000.00 Frankenstein’s moster of wealth transfers and fatter government?

It probably has much to do with the fact much of the money lines the pockets of groups that deliver votes to Democrats, and much of that borrowed taxpayer money could even end up in Democrat campaign accounts by way of funneling through labor unions, ACORN and such.

The only thing the package appears to be stimulating are government growth and Democrat vote-delivering mechanisms.

via CBO: Economic slump will end mid-2009 | Libertarian Party.

You can read this for yourself here. (It’s a PDF file, requires Adobe Reader)

So, basically all this money is being wasted for no reason. So typical for Washington D.C.

(Via IPR)

The Automotive Bailouts: The Other Side of the Story

Posted onDecember 12, 2008December 13, 2008

I have been sitting here, trying to keep out of this. But I have sat and looked at the Republican and Neo–Conservative Spin on this Story and I’m sick of it. 😡

So, I am giving you, the other side of the story, from the horses mouth; without commentary from me.

I did not ask that you agree, I simply ask that you listen and hear this man out. Now I am almost sure, that the Blogs, that I have linked to, will remove my trackback, like the Neo-Con Fascists that they are. I mean, it is all about controlling the message with those guys. 🙄

Here we go:

Part 1:

Part 2:

Media Q & A:

Media Q & A Part 2:

Media Q & A Part 3:

There you have it. The other side of the story. You decide.

(Source UAW.ORG)

Alfonzo on The “Declaration of Dependence”

Posted onDecember 6, 2008December 6, 2008

An Excellent Video:

Now, towards of the end of this. He gets off into the weeds about the Unions. I’ll give him a pass on it. Because some of the stuff he says, I kind agree with. But he went overboard with the “They should gotten out from under them years ago…” I disgree with that crap. But the rest of the video is right on point.

Of course, if I was a real butt hole, I could say if it weren’t for the Democrats, his black ass would not have half the freedom that he has now. But to counter that, If it were not for Abe Lincoln, he would be still in chains. So, it evens out. 😀

Still I wish there were more black people, like Zo here who believed this way. But unfortunately most of them got sucked into that stupid socialist identity politics crap. Thanks to tools like Al Sharpton and Jesse Jackson.

Good show Zo, as always man. 😀

Whew! Internet Advertising will not be affected by Economy downturn

Posted onNovember 28, 2008November 28, 2008

Via The Economist:

AT THE beginning of the year Jeff Zucker, the boss of NBC Universal, a big television and film company, told an audience of TV executives that their biggest challenge was to ensure “that we do not end up trading analogue dollars for digital pennies”. He meant that audiences were moving online faster than advertisers, thus leaving media companies short-changed. Now, near the end of the year, the situation looks even worse, as the recession threatens to turn even the analogue dollars into pennies. Will this hasten the shift towards internet advertising, or will it decline too?

Advertising rises and falls with the economy, though how much is a matter of debate. Randall Rothenberg, the boss of the Interactive Advertising Bureau, a trade association for digital advertisers, points to the remarkable stability of advertising at about 2% of GDP since 1919, when the data began to be collected. This would suggest that ad budgets will move roughly in line with economic output.

But Mary Meeker, an internet analyst at Morgan Stanley, believes that modern ad budgets rise and fall much more than GDP does. According to her estimates, if the economy stops growing, ad spending is likely to fall by 4%. If the economy shrinks by 2%, overall ad spending may fall by 10%. As for the online segment, recent history is cause for pessimism. Between 2000 and 2002, during the dotcom recession, online ad spending in America fell by 27%.

Yet the web has changed a lot since 2002. Back then, gaudy display “banners” on web portals such as Yahoo! and MSN were the preferred technology. These still exist, but they now account for less than 20% of online ad spending. More than half goes to search advertising on Google and rival search-engines, which place small text ads next to results based on the keyword of the query, and charge only when a user clicks on them. In brand advertising, “rich media” ads are taking over from banners. These allow users to interact by clicking, so their engagement can be tracked.

All this makes spending on advertising much less speculative, so that it starts to be treated instead as a cost of sales. This is one reason why online advertising should suffer less than other sorts. This week eMarketer, a market-research firm, predicted that online-advertising spending in America, which makes up about half the global total, will increase by 8.9% in 2009, rather than the 14.5% it had forecast in August. The firm thinks search advertising will grow by 14.9% and rich-media ads by 7.5%, whereas display ads will grow by 6.6%. In short, online advertising will continue to expand in the recession—just not as quickly as previously expected.

Another reason for optimism, says Mr Rothenberg, is that online advertising is making obsolete the old distinction between marketing spending “above the line” and “below” it. In the jargon, above-the-line spending drives brand “awareness” (probably on television) or “consideration” by a consumer planning a purchase (probably in a newspaper). Such spending is often slashed in recessions. Below-the-line spending includes promotions or coupons to whet the consumer’s “preference” for the brand as he nears a purchase, or schemes such as frequent- flyer miles to increase his “loyalty” afterwards. These budgets are more robust. — Rest the Rest

Job Security people…. Job Security…. 😀

Although, BlogAds are not selling here. 🙄 I mean, people $50 for advertising, that is cheap! Come on, Buy people BUY!

The Gold Standard – Another view…

Posted onNovember 21, 2008November 21, 2008

….and it’s an interesting one, at that.

From Citizen Economists:

Therein lies the fundamental problem of gold as a backing for fiat money, or as a direct global currency.

There simply is not enough gold on the planet, existing above ground or yet to be mined, to back all the fiat currencies that have been created to accommodate the continually rising population in this world.

Better yet, if we applied simple supply and demand laws, the price of gold would reach enormous proportions compared to the universally accepted world standard of the equivalent US$700 per ounce at today’s values. Careful, please, the price may rapidly move or down from that level!

We know reasonably well how much gold there exists on the planet. We also know approximately who owns how much, both in physical gold and in reserves still to be mined. With the expected gold craze to continue, major exploration and mining companies are hoping to bring those underground reserves to daylight to join in the speculative fever of potentially recovering gold.

For example, Northgate Minerals Corporation (TSX: NGX, AMEX: NXG) announced September 8, 2008 that it found new mineral reserves at its Australian site, including some 140,000 ounces of gold. In their press release, the company stated that the find “will extend the current mine-life by an additional 18 months until the fourth quarter of 2011.” (biz.yahoo.com). (www.northgateminerals.com)

If you do simple math and use today’s value at $700/oz., that results in some $98 million. At a cost of some $20/oz, that results in a nice profit for the company and its shareholders.

However, that amount pales on a macroeconomic level.

Egad, don’t tell that to the people that support Ron Paul, The Ludwig von Mises Institute or the people that are hawking gold on all the Conservative sites that run the ads for gold. The only response to this that I can offer is, if they ended the federal reserve bank and stopped the mass production of money. Perhaps we could go back to the gold standard. However, I will be the first to tell you that I am not, nor have I ever been an expert in economics.

It is an interesting article, I do recommend that you read it.

Blogs 4 Borders is going on long term Hiatus!

Posted onNovember 19, 2008November 19, 2008

It seems that my friends M.J. and Jake are going have to put Blogs for Borders on Long term hiatus, due to a personal financial situation. Hey, it’s tough everywhere right now, including in the world of border security. I know their pain, all too well, this is why I stick up for the middle class on this Blog.

Here’s their “final” Video:

I don’t know if they’ll be back, but until then, you can head on over to their Blog called “Freedom Folks” and check out the latest on the battle against illegal immigration.

Important Announcement From the Blogs 4 Borders Crew!

Posted onNovember 6, 2008November 6, 2008

Jake Delivers a sobering announcement about the Blogs 4 Borders BlogBurst. 🙁

….and here I am unemployed and cannot help. 😥

If you want to help Jake get his show on the road, click here to send him a message. Or go to his YouTube site and leave him a message there.

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Blogs 4 Borders! 10/13/2008

Posted onOctober 18, 2008October 18, 2008

Jake snuck this one out on me or I didn’t see it, one of the two!

——————-

Our weekly vlog/podcast on illegal immigration and border security issues. In this weeks edition…

The subprime meltdown: a basic issue of fairness?

You do the math: California calls for $7 billion bailout, where’d the money go?

100% Preventable! Americans continue to pay the bloody price for open borders. When will the madness end?

Download for your Ipod here.

Make sure to visit this weeks sponsor….

Click on image

If you’d like to sponsor a show contact us here.

This has been the Blogs For Borders Video Blogburst. The Blogs For Borders Blogroll is dedicated to American sovereignty, border security and a sane immigration policy. If you’d like to join find out how right here.

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Today’s Stock Market Roller Coaster Today

Posted onOctober 8, 2008October 8, 2008

Full Disclosure: I am not a stock expert or even a real trader. I have a Practice account or as it called, a “Paper Trader” account at think or Swim. I simply post this for information purposes only. So, please, don’t sue me, if you read this, do something stupid and loose your butt.

(Click to make it bigger)

The Dow Jones Industrial Average

The Dow started out at 9:30a.m at –8.69% with a volume of 9437.23. By 10:04a.m. it was at –3.97% with a volume of 9627.11. from there it dropped to –7.49% 10:48 a.m. Then at 11:26 a.m. the Dow returned to –5.84% from there the Dow tumbled to –8.01% at 12:35P.M. with a volume of 9196.22 It gave one more shot at rebounding to –4.12% @ 14:27. It then shuffled around to –4.25 @ 15:31. and then did a sharp drop to –7.84% with a volume of 9237.63 at close.

Here is a screen shot of the numbers after the ticker machine finally stopped:

(Click to make it bigger)

Hopefully tomorrow the market will stabilize.

Gold Price activity today:

(Click to make bigger)

Gold and Silver Sector Index

Platinum Precious Metals Index

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A very interesting video on our Nation’s banking system

Posted onSeptember 28, 2008September 28, 200818 Comments

This video, made by the Ludwig Von Mises Institute, makes the case of why the United States of America should go to a 100% gold standard.

I highly recommend that everyone watch this video.

Also, I recommend everyone go to my bookstore and check out the section on the gold standard.

Trackposted to Blog @ MoreWhat.com, Rosemary’s Thoughts, A Blog For All, Right Truth, DragonLady’s World, Shadowscope, Leaning Straight Up, Cao’s Blog, Democrat=Socialist, Conservative Cat, Diary of the Mad Pigeon, , Allie is Wired, Faultline USA, third world county, Woman Honor Thyself, The World According to Carl, Walls of the City, Pirate’s Cove, The Pink Flamingo, Gulf Coast Hurricane Tracker, Wingless, Dumb Ox Daily News, and Right Voices, thanks to Linkfest Haven Deluxe.

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Now here’s a smart idea….

Posted onSeptember 28, 2008September 28, 2008

Now the Democrats are using their brains.

U.S. Democrats seek Wall Street tax in bailout plan (Via Reuters):

Democrats in the U.S. House of Representatives are pushing for a new Wall Street tax that would cover the potential costs of a $700 billion bailout being negotiated by Congress and the Bush administration.

U.S. House Speaker Nancy Pelosi, speaking to reporters after a meeting with fellow Democrats, said the fee could be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout.

“If after five years … the CBO decides that the American taxpayer has lost money in this, then there would be a fee on financial institutions,” Pelosi said, adding that she hoped the provision could be part of a final bailout deal.

Pelosi said that the Secretary of the Treasury could determine how to assess the fee.

It is a about damn time the Democrats wised up. This would ensure that the taxpayer, (i.e. you and me) would not get stuck paying the bill on this “bail out”.

I know some traders will scream about this. But, you know what I say? screw ‘em! I say, let the assholes making the big money get the tax, instead of the working class, like me, who do not even play the markets.

I am all for free markets, but I’m also for responsibility. If greed caused all this, let the damn greedy ones pay for it in taxes, instead of the average American, like me!

Technorati Tags: Banking Crisis, Banks, Commodities, Congress, Conservative, Democrat, Democrats, Economy, Fannie Mae, Federal Reserve Bank, Government, Housing Crisis, Libertarian, Money, Nationalism, News, Opinion, Politics, Republican, Republicans, Stock Market, Stocks, Taxes, Wall Street, Washington DC, White House, justice

Higher chance of AIG bankruptcy

Posted onSeptember 16, 2008

This cannot be good…

Via Reuters:

Sept 16 (Reuters) – American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz) faces heightened probability of a potential bankruptcy filing by the holding company, a Credit Suisse analyst said Tuesday, a day after the insurer’s credit ratings were cut, jeopardizing efforts to raise cash necessary for its survival.

Shares of AIG, once the world’s largest insurer by market value, fell as much as 74 percent to $1.25 in early trade on Tuesday, as investors fretted over the company’s ability to secure desperately needed capital.

"While there is a chance the company can work its way through its liquidity problems if it can secure substantial bridge financing, we think this will be challenging to execute it in the current onerous credit environment," analyst Thomas Gallagher wrote in a note to clients.

Like I said before, if you’re invested in any of these banks. You have my sympathies. 🙁

Up to date numbers:

Dow

10,890.81
-26.70
(-0.24%)

Nasdaq

2,172.85
-7.06
(-0.32%)

S&P 500

1,188.62
-4.08
(-0.34%)

Chart:

While the temptation to politicize this whole thing is great. This has been coming for years. I just do not think that having a Democrat in the White House would change anything at all.

Stock Numbers So far…

Posted onSeptember 16, 2008September 16, 2008

The opening numbers as of 10:03 EST…

Dow	10,862.63	-54.88	(-0.50%)
Nasdaq	2,162.14	-17.77	(-0.82%)
S&P 500	1,181.23	-11.47	(-0.96%)

10y bond	3.28%	-0.04	(-1.20%)

USD-Euro	0.7011	-0.0039	(-0.55%)
USD-Yen	103.7900	-1.8900	(-1.79%)
USD-GBP	0.5590	-0.0002	(-0.03%)

Charts:

OIL:

$91.23

?4.48

4.68%

One Month chart:

Commodities:

WTI Crude	$91.68	-4.03	-4.22%	13:57
RBOB Gasoline	$2.4538	-0.11	-4.21%	13:14
Heating Oil	$2.705	-0.09	-3.09%	13:54
Brent Crude	$89.88	-4.36	-4.63%	13:57
Gas Oil	$877.00	-22.00	-2.45%	13:57
UK Natural Gas	$76.75	0.03	0.03%	13:56

If you’re invested, I feel for you. 🙁

Technorati Tags: Money, Stock Market, Stocks, Wealth

Gold, Silver, Platinum and Oil Prices

Posted onSeptember 15, 2008September 15, 2008

Crude Oil

$95.71
?5.47
5.41%

Technorati Tags: Gold Prices, Libertarian, Libertarian Party, Money, Oil Prices, Platinum Prices, Silver Prices, Stock Market, Stocks, Wealth, oil

A possible dicey day on Wall St.

Posted onSeptember 15, 2008September 15, 20081 Comment

I knew about the problems that were happening over on Wall Street and in the banking world. I was just unaware of just how bad it is.

It turns out, that it is really bad. I mean, really seriously bad!

The Wall Street has a great Video and Story up over on their site.

Here’s the Video:

Quote from WSJ:

The American financial system was shaken to its core on Sunday. Lehman Brothers Holdings Inc. said it would file for bankruptcy protection, and Merrill Lynch & Co. agreed to be sold to Bank of America Corp.

The U.S. government, which bailed out Fannie Mae and Freddie Mac a week ago and orchestrated the sale of Bear Stearns Cos. to J.P. Morgan Chase & Co. in March, played much tougher with Lehman. It refused to provide a financial backstop to potential buyers. Without such support, Barclays PLC and Bank of America, the two most interested buyers, walked away. Barclays said Monday it pulled out of the potential deal after deciding it wasn’t in the best interest of shareholders.

Late Sunday night, Lehman said it intends to file for protection under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York. Lehman said none of the broker-dealer subsidiaries or other subsidiaries of LBHI will be included in the Chapter 11 filing and all of the broker-dealers will continue to operate. Customers of Lehman Brothers, including customers of its wholly owned subsidiary, Neuberger Berman Holdings LLC, may continue to trade or take other actions with respect to their accounts, Lehman said.

On Sunday night, Bank of America struck an all-stock deal to buy Merrill Lynch for $29 a share, or $50 billion.

Though it steered clear of a bailout, the Federal Reserve is expected to take new steps to stabilize the broader financial system. These steps, expected to be temporary, would make it easier for banks and securities firms to borrow from the central bank by using a wider range of collateral. Bankers say these financial institutions might need short-term funds as they unwind their many trading positions with Lehman.

While I do not have anything invested on Wall Street, I know people who do, in fact, my parents have stock options in G.M. So, this may just affect them. I will be watching this story all day today. This Blog is mainly politics, but I also Blog about other news stories of interest. Anyhow, this could trigger panic selling everywhere and could trigger a massive crash of the stock market, rivaling the crash of the 1930’s or at least rivaling the mini-crash of the 1980’s.

I do realize that the FDR did put some protection in our bank system to prevent another major crash, as to just good those protections are, we will see I suppose. I do not claim to be a banking nor financial expert. But I can see the panic in the eyes of those men that made that video. So, I expect a horrible day on the stock market.

Of course, our communist liberals, especially the far left with their anti-capitalist mentality, will be cheering this little misfortune. I’m sure that B. Hussein Obama will be saying stuff like, “They deserve to be punished, for making the little people suffer!” and “It was George W. Bush’s fault that the stock market crashed!”

On the other hand, John McCain will most likely make some rather stupid comment and then blame his time as a P.O.W. on his idiotic gaffe. Like he always does. 🙄

Either way, this story is going to be interesting to follow. Stay tuned.

Update: Michelle Malkin says “The Fit has hit the shan” Indeed. But she also says:

And now is the time where I get to say, “See, I told you so.” From March 17, 2008, as the Bear Stearns bailout was underway:

I warned from the start of stimulus-palooza that we were headed in this direction. Both political parties support these massive government interventions–from empowering judges to meddle with private contracts to backing billions in mortgage securities. This isn’t the last step. It’s the first. And you know who will end up getting screwed: The responsible and the frugal.

True Michelle, But don’t you think that Mr. “Nation of whiners“, has to share some of the blame, because of his lobbying for the deregulation of the housing industry? Which caused all of this in the first place? I think so. What is really known, is the fact that it is going to get a hell of lot worse, before it gets any better. *gulp!*

Technorati Tags: Banking Crisis, Barack Obama, Bush, Business, Cheney, Communist, Conservative, Democrat, Democrats, Economy, Election ‘08, Election 2008, Fannie Mae, Federal Reserve Bank, Freddie Mac, Globalism, Government, History, Housing Crisis, John McCain, Liberal, Liberals, Libertarian, Money, Nationalism, Neo-Conservatives, News, Obama, Oil Prices, Opinion, Politics, Republican, Republicans, Stock Market, Sub-Prime Loans, Wall Street, Wealth, World News, foreign oil, oil

Bob Barr, The Right Choice for America…..

Posted onSeptember 4, 2008September 4, 2008

Bob Barr For President 2008

So far, Bob Barr has raised $836, 686, 52.

Join Bob Barr’s effort to retake America. Donate today

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A movie that every American should watch, before voting

Posted onAugust 27, 2008August 27, 2008

(H/T to AP at Hotair.com)

This movie, if it caught on in the Media would ruin Obama’s chances of being elected President.

Trailer 1:

Trailer 2:

Wow…. I don’t think Barry will have to worry about snipers. He’d better worry about this movie.

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End of Day Stock, Gold and Crude Oil Numbers

Posted onJuly 25, 2008

Stocks:

Dow	11,370.69	+21.41	(0.19%)
Nasdaq	2,310.53	+30.42	(1.33%)
S&P 500	1,257.76	+5.22	(0.42%)

10y bond	4.10%	+0.04	(0.99%)

USD-Euro	0.637	-0.0018	(-0.287%)
USD-Yen	107.910	+0.7000	(0.653%)
USD-GBP	0.503	-0.0017	(-0.337%)

Gold:

Silver:

Platinum:

Crude Oil and other commodities:

WTI Crude	$123.39	0.12	0.10%	20:51
RBOB Gasoline	$3.022	-0.02	-0.34%	17:02
Heating Oil	$3.5297	0.00	0.19%	20:43
Brent Crude	$124.43	-0.09	-0.08%	20:47
Gas Oil	$1152.00	-3.75	-0.33%	19:01
UK Natural Gas	$63.25	0.07	0.12%	15:21

Technorati Tags: Conservative, Gold Prices, Money, Oil Prices, Politics, Wealth, oil

Stock Market end of day numbers

Posted onJuly 21, 2008

Dow	11,467.34	-29.23	(-0.25%)
Nasdaq	2,279.53	-3.25	(-0.14%)
S&P 500	1,260.00	-0.68	(-0.05%)

10y bond	4.06%	-0.02	(-0.49%)

USD-Euro	0.629	-0.0023	(-0.371%)
USD-Yen	106.730	-0.0200	(-0.019%)
USD-GBP	0.500	-0.0005	(-0.100%)

Chart:

Gold Prices:

Crude Oil:

$132.40 ?0.58 0.44%

Other Commodities:

RBOB Gasoline	$3.2097	0.03	1.22%	17:54
Heating Oil	$3.7155	0.02	0.65%	18:14
Brent Crude	$133.27	0.65	0.49%	19:58
Gas Oil	$1222.50	10.50	0.86%	19:43
UK Natural Gas	$64.15	0.03	0.04%	15:17

Technorati Tags: Stocks, Commodities, Oil Prices, Gold Prices, News,