Tag: Wall Street

Toyota is feeling the pinch too.

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So much for that stupid  Neo-Con line saying that the slump in auto sales is the automakers fault.

Via the New York Times:

TOKYO — Toyota Motor will idle its plants in Japan for 11 days in February and March to reduce output in the face of steeply declining global vehicle sales, the company said Tuesday.

The Japanese auto giant said the suspension would affect production at all 12 of its directly operated domestic plants, which include four vehicle assembly plants and also factories that make transmissions, engines and other parts. The closings are in addition to a three-day shutdown this month at these plants that Toyota had already announced.

The move is unusual for a company that just a few months ago seemed unable to keep up with voracious global demand for its fuel-efficient vehicles. But even strong players like Toyota have failed to escape the drastic slowdown in the global auto industry.

The company said it would idle the plants to reduce stocks of unsold vehicles amid a relentless slide in sales, particularly in the United States, its biggest market. Last month, Toyota’s sales there dropped 37 percent, a larger decline than at its struggling American rivals General Motors and Ford.

Plunging sales and a stronger Japanese yen, which reduces the yen value of overseas profits, forced Toyota to forecast last month its first annual loss in 70 years at its vehicle-making operations.

Toyota did not say how many vehicles would be affected by the suspension announced Tuesday. The company said its four domestic assembly plants produced 1.5 million vehicles in 2007, the most recent year for which the company has figures. Toyota-brand cars are also made by other companies in the Toyota group.

The company had already announced that it would shut down truck production at two United States plants for three months

Its American rivals — General Motors, Ford Motor and Chrysler — have also idled plants across North America in response to the slowdown.

For once, I am in agreement with a Liberal, and yes, it is the same knuckle-headed liberal that insulted Conservatives. Hey, I am one that praises when it’s due and bitches when it’s due too; At least I’m fair. 😉 😀 😛

Matthew Yglesias Weighs in:

This is the conceptual problem with efforts to “save” the car industry through bailouts or union busting or whatever you like. One assumes demand for cars will get higher than it is right now, but the industry has a whole just has more capacity to build cars than there is demand for new cars. Which is fine. When you look across the developed world and try to take stock of the medium- and long-run problems facing the OECD nations there’s just no way you’re going to reach the conclusion that an automobile shortage is a big concern. But obviously it’s not fine for the companies that make cars. There’s going to be a need for some shrinkage.

Yeah, I know, most likely some of the Conservatives who are basically scraping my blog for content are going to try and deride me as a fake conservative, because I stick up for the middle class and because I happen to be the son of retired General Motors Worker and U.A.W. member. Well, I got two words; screw you and the rest of the asshole Madison Ave. Conservatives. 😡

Anyhow, I happen to agree with Matthew here, I live here in the Detroit Area. If the auto industry dies, so does this area. That will cause my parents to suffer, they need the health insurance, as they are both diabetic and the amount of medications that they take is staggering.  Anyhow, this article above disproves and basically strikes down the “Meme” that was going around in the Conservative Blogosphere that the issues with the auto industry was the fault of the automakers. Which I totally dismissed as abject bullshit of the highest order. It was the fault of President Clinton for putting pressure on the loan companies to give those toxic subprime loans to those who were considered high risk. That is what started this whole thing. Of course, equal blame can be given to the Republican Congress of 2003 for not changing the laws, after all, they were warned by the Bush White House to do something; and they did nothing at all.

Best thing they could do, was have a hearing, of which the CEO of Freddie Mac pulled the race card, and congress backed off. So, all the blaming of the Auto Companies was nothing more than a feeble attempt by the Republicans at scapegoating the wrong damned people.

Here’s hoping that Japan’s auto industry totally collapses and people, both American and otherwise, have to buy American products, for a change!

Funny Video: Sponsor an Executive

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This was sent to me by the smartest Democrat I know………………My Mom.  😀

The Automotive Bailouts: The Other Side of the Story

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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)

Let’s Boycott Alabama

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It seems that there is a grassroots effort to get a boycott Alabama, in response to the Alabama Senator Richard Shelby’s attempted stonewalling of the bridge loans to the Big Three. Well, it’s big two now, Ford will not be needing the help.

Anyhow, here is a e-mail written by my Mother, who is a spouse of a retired General Motors worker.

Senator Shelby,

I doubt that you read the emails sent to your office but perhaps it will be read by someone who will show you the many emails you are sure to receive, and will point out to you just how wrong you are. There are a lot of derogatory comments that could be made but I prefer to try to point out a few facts that you evidently have not wanted to know. My husband and my father are both General Motors retirees and I know firsthand from where I speak.

Perhaps you think the auto workers are wealthy, making that mysterious $75 an hour that has been bandied about in the media. Unfortunately that is very far from the truth. They have never made that much, even including benefits, and most of them live from paycheck to paycheck trying to make ends meet like most middle class people. If the auto companies go bankrupt as you desire, not only will the auto workers lose their jobs, but also jobs directly and indirectly connected, such as suppliers, stores and restaurants located near the plants and of course it will trickle down to the cities who will lose the tax revenues these plants produce. We are not only talking about Detroit and Michigan but every state that has a plant or plants belonging to the Big 3.

It’s odd to me that you think that two companies that have been in business for over 100 years and one that is over 83 years old do not know what they are doing. If this is true how do you explain the fact that they sell over 50% of the cars purchased in the world and have won many, many multiple awards over the years for their cars? Do you perhaps think that people are just too stupid or uneducated to realize they are buying an inferior product? And the award givers are too dumb to realize they are giving an award to a poorly built, not very innovative dinosaur? Maybe you need to voice that opinion in your next media interview. I’m sure people would be interested to hear it.

You need to come out of your office and meet with the GM, Ford and Chrysler workers themselves. Could you really look them in the face, knowing they have families to support and bills to pay and tell them you think they should join the ranks of the unemployed? Do you think it is their fault that the economy has taken such a downturn because of mismanagement on Wall Street, the banks and yes, the government?

The auto companies and the union are trying their best to jump through all the hoops the Congress is throwing at them, as ridiculous as some of them are. To let them go under will cause a depression like this nation has not seen in many years. I hope you think long and hard about that.

By the way, I fully support the boycott of your state.

Y’all see where I get the writing skills from? I was told that I could post that, as long as I did not sign her name.

Anyhow, if you’d like to join the grassroots effort boycott Alabama. Please go to the Official Boycott Alabama Page.

Alfonzo on The “Declaration of Dependence”

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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. 😀

Michelle Malkin goes….Cartoon?

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Well, I knew she was short and some feel a little looney… (We’re tiny, we’re tooney, we’re all a little looney!)

Ahem. Anyhow… Michelle draws a line from Cartoons to the Bailouts. Well, the example is rather humorous. But when it comes to the 8.5 trillion bucks that the Government has been using to prop up everyone and their uncle. I was thinking somewhere along these lines here for a cartoon analogy:

Exit Question: Is Donald Duck your typical Democrat? I know Raaaaaacccist!  😉 😛

Thank You for your support

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The Following was made by me. It is my feelings towards those who opposed and still oppose the help that the Detroit Auto Industry needs. It might cost me readers, but it is how I feel.

I declare this photo PUBLIC DOMAIN. Feel free to copy it and post it to your Blogs.

Thank you for your support

Thank you for your support

Update: I posted this for one reason and one reason alone, Washington D.C. will hand over 4 BILLION dollars to Wall Street banks and not even flinch, but when Detroit needs help, they are like “You need a plan.” I am not saying that the companies are not at fault. But it just strikes me as pretty damned funny that Wall St. Gets that help and Detroit gets told to go fuck themselves, in essence. So, Yeah, I’m a little pissed off and a bit jaded at this point. Can’t you tell??!

Trackposted to Rosemary’s Thoughts, The Pink Flamingo – WordPress, 123beta, Right Truth, Shadowscope, DragonLady’s World, Leaning Straight Up, Cao’s Blog, Democrat=Socialist, Conservative Cat, , Allie is Wired, Faultline USA, Woman Honor Thyself, Walls of the City, The World According to Carl, Pirate’s Cove, Rosemary’s News and Ideas, The Pink Flamingo, Gulf Coast Hurricane Tracker, CORSARI D’ITALIA, L.O.M.A., Right Voices, and Gone Hollywood, thanks to Linkfest Haven Deluxe.

Guest Voice: Dear Charlotte – You Are Bankrupt

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Dear Charlotte – You Are Bankrupt

By J.J. Jackson

Dear Charlotte,

Even though you are far too young yet to understand this letter, and you are rightfully more interested in seeing how much noise you can make by throwing all of our pots and pans on the floor, I wanted to let you know that I am sorry. I am sorry at what has happened to you. For you see, you are bankrupt.

I know that this will come as a shock to you once you are old enough to read these words considering that you have never held a job, earned a wage or incurred a single debt to your name. But it is true and I am sorry that I was not able to stop this from happening. Believe me, your mother and I tried and tried hard to not have you placed in such a situation. We have worked hard, paid our bills and lived within our means.

It is not because of us, your parents, that you are bankrupt however. Ask your mother when you are older about how every week I toiled at the computer and wrote numerous articles and blog postings about the misbegotten economic ideas of our nation. These are the ideas and practices which are the real reason why, before you can even think about needing to earn a wage to support yourself, you will be tens of thousands, if not hundreds of thousands, of dollars in debt to the federal government.

I am sad for you. I am sad for you because these are not burdens that someone who is not yet even two years old should be saddled with. It is not right that the people of this once great nation have stripped you of so much at such a young age and sold you, without permission or without you having committed any crime, into slavery and bound you to serve them and their greed.

A lot of citizens have mortgaged your future for their own present comfort and security. Knowing how it feels to have my own future mortgaged by these same greedy, and dare I say unrighteous, souls I understand that it will only get worse for you as you grow up. Your mother and I already have a heavy weight on our own shoulders in which thousands of our hard earned dollars are taken by the government at the behest of the greedy who did not care enough about their own future to save for their own retirement and believe they are entitled to such at our expense. We are burdened with the heavy cost of other greedy folks who believe that we should pay for their health care because of the virtue of our success while they have not cared one bit to better their own lots in life and acquire that which they desire. And then there are the myriad of other thieves that have compiled agencies of government to demand from us to pay the other debts that they could not pay themselves.

My dear Charlotte, I know it will only get worse for you because it has only gotten worse for us. Already in the past year the government has issued hundreds of billions of dollars in debt certificates, paper money with no substantive backing simply printed on a whim, to line the pockets of people that have made more bad choices in ten minutes than you will make in your lifetime and who believe that they are “too big to fail.” The government calls these debt certificates “money,” but they are nothing more than I.O.U.s which are being financed by foreign governments that will demand the interest we are promising them in return for taking on this debt. Yes, you, my dear, will be tasked to repay these “loans” and all the other spiraling costs of a government run amok beyond sound limits.

For now you will not have to worry much about this looming crisis. There is so much that is of greater importance to you at this moment and for the next few years. You will thrill in chasing the dogs around the living room as they try to escape your all encompassing love and simple desire for just a hug and a sloppy doggie kiss from them. You will be learning your ABC’s and your 123’s and discovering new words. You will be busy trying to mimic new actions you see your mother and I doing and continue trying to sweep the floor, dust the table and clumsily sop up spills with paper towels. You will soon be learning how to ride a bike and to roller-skate. You will undoubtedly revel in enjoying the thrills of the first snow each year and then the first blossoms of spring that will follow. You will eagerly anticipate Christmas morning for many years and what Saint Nicolas has brought for you as a reward for being a good little girl.

I do not write this letter to you in order to strip you of the childish joy you will be filled with over the coming years. I do not expect you to even understand the severity of the situation in which you have been placed even when you are able to read these words, probably asking how to pronounce certain new and unfamiliar ones that you will come across in doing so. I do however write this letter to you hoping that someday, when you are older and wiser and buried by the avalanche of public debt that is bearing down on you, you will find it in your heart to forgive me for not being able to stop the pending disaster which will doom you to a life of servitude to the slothful and the greedy. I hope that you will forgive me for not being able to stop the bad policies of our government that will invariably force you to have to work even harder to support not only yourself but also support all those that the bureaucracy has decided that you must, in addition to yourself, while pursuing the American Dream.

I know that you will be able to succeed in bettering yourself and taking care of yourself but I am sad and disappointed in myself that I have not been able to make it easier on you to live free and experience a greater sense of liberty than the generation before you. I hope and pray that you will not hold it against us, your parents. And I want you to know that I will continue to do everything in my power so that I will, hopefully, one day be able to tear up this letter and never have you read it.

Love eternally,

Your Father

Finally – An African-American that gets it!

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A very excellent article by Erik Rush on the problems on Wall Street and our Economy.

Highly Recommended! 😀

Money Quote:

Remember affirmative action? It was that lovely social program that (again, ostensibly) promoted access to education and employment to minority groups, usually ethnic minorities, women and those considered socioeconomically disadvantaged. In practice, education and job opportunities wound up being made available to many who were either indolent or unqualified, as opposed to disenfranchised, resulting in inequity, a lowering of standards and bitterness on the part of qualified, industrious Americans who were passed over for these opportunities.

Man, he is ever right. God is he ever.

Countering the False Rumor that Auto Workers make $70 an Hour

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I am sure that you’ve heard about the Rumor or the Conservative talking point that the Detroit Auto Workers make $70 an hour. The Conservatives will try and tell you that if you figure in all thier benefits, it totals that amount.

There’s only one little problem with that, the math, is quite frankly, wrong.

Jonathan Cohn at TNR Explains:

Well, here’s one reason: The figure is wildly misleading.

Let’s start with the fact that it’s not $70 per hour in wages. According to Kristin Dziczek of the Center for Automative Research–who was my primary source for the figures you are about to read–average wages for workers at Chrysler, Ford, and General Motors were just $28 per hour as of 2007. That works out to a little less than $60,000 a year in gross income–hardly outrageous, particularly when you consider the physical demands of automobile assembly work and the skills most workers must acquire over the course of their careers.

More important, and contrary to what you may have heard, the wages aren’t that much bigger than what Honda, Toyota, and other foreign manufacturers pay employees in their U.S. factories. While we can’t be sure precisely how much those workers make, because the companies don’t make the information public, the best estimates suggests the corresponding 2007 figure for these “transplants”–as the foreign-owned factories are known–was somewhere between $20 and $26 per hour, and most likely around $24 or $25. That would put average worker’s annual salary at $52,000 a year.

So the “wage gap,” per se, has been a lot smaller than you’ve heard. And this is no accident. If the transplants paid their employees far less than what the Big Three pay their unionized workers, the United Auto Workers would have a much better shot of organizing the transplants’ factories. Those factories remain non-unionized and management very much wants to keep it that way.

So, where did this wild figure come from? Jonathan continues:

But then what’s the source of that $70 hourly figure? It didn’t come out of thin air. Analysts came up with it by including the cost of all employer-provided benefits–namely, health insurance and pensions–and then dividing by the number of workers. The result, they found, was that benefits for Big Three cost about $42 per hour, per employee. Add that to the wages–again, $28 per hour–and you get the $70 figure. Voila.

Except … notice something weird about this calculation? It’s not as if each active worker is getting health benefits and pensions worth $42 per hour. That would come to nearly twice his or her wages. (Talk about gold-plated coverage!) Instead, each active worker is getting benefits equal only to a fraction of that–probably around $10 per hour, according to estimates from the International Motor Vehicle Program. The number only gets to $70 an hour if you include the cost of benefits for retirees–in other words, the cost of benefits for other people. One of the few people to grasp this was Portfolio.com’s Felix Salmon. As he noted yesterday, the claim that workers are getting $70 an hour in compensation is just “not true.”

I highly recommend that everyone that comes here, go read the rest of this great article. Because it really puts to bed some of the more idiotic rumors and false information. I mean, I have been raising hell about this whole bailout, but it is mainly because of the utter stupidity that is being parroted by the Far Right and by some of the not so far right. I will say this, that if this is the best that right can do, towards the middle class. They can forget about getting elected in 2010 or 2012. Of course, based upon what I’ve noticed as of late, there is not much hope of that happening anyhow.

I would suppose that there are those who might think, that I do not think that there is any problems with the Big Three. Trust me, I do. I also realize that the unions did get a bit greedy in the last 20 or so years. But, I also know this, that the errors that the present management and management in the past made at General Motors, Ford and Chrysler are NOT the fault of the Employees. Nor do I believe that the employees of these fine companies should be punished for the incompetency of these companies. Nor do I blame the employees for the missteps of the Union officials, who were out for their own agendas.

It is just a plain and simple, the Republicans and some Libertarians think that punishing the middle class and allowing those who simply go to work and do their jobs to lose their jobs is perfectly acceptable. I am not one of those people.

In a personal level, my Dad never, ever made more than $21 an hour at his job. He worked for general motors for 31 years. He drove a Hi-lo, otherwise known as a Forklift. He worked for those people faithfully, rarely took off sick, he would work as many hours as they asked him to. Sometimes double shifts, he even worked triple shifts, before they outlawed it. My Father earned his retirement, and now, I have to contend with idiot Republicans, Conservatives and some Libertarians; who want to punish my dad for G.M.’s stupidity. It just is not right.  As far as his benefits go, he’s got some good benefits, but they’re not as nearly as good as they used to be. He used to pay zero for Doctor’s visits and Prescriptions, he now pays a large co-pay for doctor’s visits and prescriptions. I think my Dad has earned every last bit of those benefits, and those Conservative who would want to punish my Dad, I will say to you, what Keith Olbermann said about those in the Bush Administration who knowingly send your Nation’s troops into battle for their second and third terms, despite the fact that some, if not all, are suffering from post traumatic stress syndrome; they can go to hell.

It just seems very hypocritical of this Nation to give Wall Street 700 hundred BILLION dollars, for a damned bailout that did not even really work; but you let the big three ask for a bridge loan and the whole world is like “Detroit can go to hell!” It just does not make any sense to me at all.

Matthew Yglesias and Washington Monthly

A Picture of our Economy

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A Picture of our Economy

A Picture of our Economy

(H/T to ParaPundit)

New York Times has the story:

But the inventory glut in Long Beach is not limited to imported cars. There has also been a sharp drop in demand for the port’s single largest export: recycled cardboard and paper products.

This material typically goes to China, where it is used to make boxes for new electronics and other products that are sent back to the United States. But Chinese factories reacting to sharply falling demand are slowing production, so they need less cardboard. Tons of paper are piling up recycling businesses around the port, the detritus of economies on hold.

Long Beach is an important port, particularly for the West. It is where imported products arrive and filter through the tributary of trucks, trains and retailers into the hands of consumers. But now, products are just sitting.

“We’re supposed to move things, not store them,” Mr. Wong said.

Roughly 20 percent of the nation’s container imports last year came through Long Beach, putting it close behind the largest container port, Los Angeles. This year, shipping volume at Long Beach is down 10 percent from 2007, and nearly all major ports around the country have seen similar declines. Veteran port workers say the slowdown since mid-October is like nothing they have ever seen. And it is having a cascading impact on other businesses and workers. – Read the rest

Go read the rest of the story. But it’s not only cars, it’s everything. I think Obama might just come; too little, too late. 🙁

Important Announcement From the Blogs 4 Borders Crew!

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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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From the Dept of “Oh, The Irony of it all!” – Bailout Managers may be buying own troubled securities

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Now this is real cute here!

This via the AP:

The government’s plan to make sure private managers of a $700 billion bailout plan are free of conflicts of interest is weak, according to some critics, and allows too much room for abuse.

The Treasury Department is in the process of hiring financial experts to run the giant, taxpayer-financed fund, created by the legislation that President Bush signed on Oct. 3.

The law allows the department to offer contracts that are not governed by federal procurement regulations, but requires it to draw up conflict-of-interest guidelines.

Interim guidelines released last week require applicants to disclose “any actual or potential conflicts of interest” that may come into play. Applicants must submit a plan to show how they will “avoid, mitigate or neutralize” such conflicts.

While Treasury employees will oversee the plan, there does not appear to be anything in the rules that requires the government to make sure the applicants are being truthful.

“It basically says that these companies are responsible for disclosing their own conflicts of interest,” said Laura Peterson, a senior policy analyst for Taxpayers for Common Sense, a private watchdog group. “And they are then responsible for coming up with a plan to fix them. Nowhere in there does it say Treasury will also be doing due diligence.”

Treasury can waive the conflict-of-interest provision.

I highly suggest that you read the rest of that article. Because if this reads like I think it does. The Government is going to allow the very people that caused this whole Wall Street mess to buy these troubled mortgages back and basically make a profit off of them.

Irony, thy name is Washington D.C.

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Today’s Stock Market Roller Coaster Today

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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. Big GrinWinking

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(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:

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Hopefully tomorrow the market will stabilize.

Gold Price activity today:

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Gold and Silver Sector Index

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Platinum Precious Metals Index

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Dow Plunges, Global Markets suffer as well…

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I haven’t posted today, because I have been watching the market and doing a little paper trading (fake money…not real)

Here’s the official story via the AP:

Wall Street tumbled Monday, joining a selloff around the world, as fears grew that the financial crisis will cascade through economies globally despite bailout efforts by the U.S. and other governments. The credit market remained under strain, and investors piled into government bonds. The Dow Jones industrials skidded more than 300 points and fell below 10,000 for the first time in four years.

The markets have come to the sobering realization that the Bush administration’s $700 billion rescue plan won’t work quickly to unfreeze the credit markets, and that many banks are still having difficulty gaining access to cash.

Here is the Dow Chart:

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The line to the left of the vertical slash, is the market today. Oh yeah, it’s that ugly…

On the other hand, Gold is looking very promising:

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(charts from thinkorswim.com)

My advice to everyone, if you nervous, sell what you’ve got and invest in Gold.

More gold Charts:

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So much for that “Bailout” eh?

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Mid-Day Stock Graphs and Quotes

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As of 11:39  EST

Click the pictures to make ‘em bigger.

DOW:

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NASDAQ Composite:

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S&P 100 Index:

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S & P 500 Index:

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Numbers:

Dow

10,674.40
+191.55
(1.83%)

Nasdaq

2,032.35
+55.63
(2.81%)

S&P 500

1,142.00
+27.72
(2.49%)

10y bond

3.72%
+0.09
(2.48%)

USD-Euro

0.7242
+0.0003
(0.04%)

USD-Yen

105.8200
+0.7200
(0.69%)

USD-GBP

0.5634
-0.0035
(-0.62%) 

Gold:

Silver:

Platinum

News:

Citigroup Demands Wachovia, Wells Fargo Terminate Merger Deal (Via Bloomberg)

Apple Rebounds After Saying Reports of Jobs Heart Attack False (via Bloomberg)

Europe Scents New Hint Of A Rate Cut (Forbes)

Schwarzenegger Tells Paulson States May Need Loans (Update1) (Bloomberg)

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More thoughts on the Bailout and it’s effect on our Economy

Posted on2 Comments

I hate to admit it, but I agree with this…. Sort of…

Via RealClearMarkets – “In Times of Crisis, Trust Capitalism”:

The biggest bank failure in the history of the United States happened last Thursday night and by Friday morning, it was business as usual. The only difference was the name on the door and the losses suffered by those unfortunate enough to invest in Washington Mutual bonds or stock. The taxpayers didn’t lose anything and depositors didn’t lose anything, only investors. That is how capitalism works in case everyone has forgotten.

The “crisis” we face today is not a creation of the market. Government intervention over many years (but especially the last year) is what brought us to the point where we’ve placed our hopes for economic recovery on the good intentions of a Congress facing re-election in a few weeks. There has been much commentary recently about the role of Fannie Mae and Freddie Mac in the creation and expansion of the sub-prime mortgage market which many believe to be the cause of this mess.

That criticism is certainly warranted, but little attention has been paid to the real culprit – the Federal Reserve. Furthermore, what attention there has been is concentrated on the role of Alan Greenspan rather than Ben Bernanke. While Alan Greenspan deserves his share of the blame, Bernanke’s contribution to this mess should not be minimized or excused.

 

I have something to add to this as well. The biggest problem with this all is, most of this money, that’s being lost, is not even our money, it’s China’s money! Also half of the money being printed, does not have any gold to back it up! This is why our inflation is so high. As Joseph notes above, our biggest problem with our nation’s Economy is the Federal Reserve. If we got rid of the Federal Reserve, and went back to the 100% Gold Standard, much of our Nation’s Economic problems would be solved. Not to mention, if we stopped getting money from China.

The only thing that I really disagree with here, in a way, is the assessment that this all will not affect the American Taxpayers. In a sense, it will affect the taxpayers. Because it will cause a overall stall in the economy. This will translate into a crunch in the business world, small and mid-size businesses that do not have a great deal of capital will not be able to barrow money for needed expenses. This will cause a overall tightening of the financial belt amongst the Small to mid-sized business and will force them to dump employees.

Locally here in Michigan, our unemployment is at 7%, last I checked, I expect that to soar and get even worse, if this continues. Personally, I have family members who are paranoid about their jobs being lost. I assume that those jobs will get even more unstable, if this wears on.

Not to mention the fact that Taxpayers are watching their 401K’s and retirement nest eggs go down the tubes as well. That affects Conservatives who do not believe in using Social Security as a form of income. So, in a matter of speaking, this is going to effect everyone. In the form of Jobs, Retirements, 401k’s and more much.

A reason why this bail out failed…

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I can understand this…

Via Andy McCarthy @ The Corner on National Review Online

This was a terrible bill. To take just a few particulars, why is there no reform of the government interventions that got us to this point in the first place? Why aren’t Fannie and Freddie being wound down — even after we’ve now had to make explicit the implicit, disastrous government guarantee? Why is Pelosi saying (as I noted in an earlier post) that the authority in the bill will allow the Treasury Department (perhaps soon an Obama Treasury Department) to take bad debt off the hands of mismanaged state and local governments?

Some would say that a bad bill would be better than no bill at all. I disagree. I believe that it is better to have a bill that works for the American people and does not bailout Wall Street and screw the American people and the small businesses over.

So, for once, I agree with something written over at the NRO. Mark this on your calendar, because it does not happen often. 😉

Others: Power Line

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Bailout failure, politics and stupidity

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Yes, I am aware of the failure of the bailout. I also see where John McCain took credit for it, before it flopped. Loser

The stock losses were unbelievable. Surprise Here’s the final numbers:

Dow

10,365.45
-777.68
(-6.98%)

Nasdaq

1,983.73
-199.61
(-9.14%)

S&P 500

1,106.42
-106.59
(-8.79%)

The really stupid part about this whole thing is Democrats and Republicans are blaming one another. Which is absolutely idiotic. They should be working to find solutions, instead of pointing fingers. I mean while the people in Washington D.C. were squabbling over $700 billion, the markets lost $1.2 trillion. Folks, that’s more money than most of us will ever see in a lifetime. Money EyesHypnotized

Of course, the far left Anti-Capitalists are happy that this is happening. Which about par for the course with the Liberals. They hate anything related to Conservative values in America. Like making a profit. Waiting

Personally, I believe we need to get rid of the Federal Reserve Bank and go back to the 100% Gold Standard, that would get rid of all this excess money in our system and bring value back to the dollar. I posted a video to that effect here. Because 90% of this money, that we are losing, is China’s money. Plus, 90% cannot be backed up with gold, thereby making it valueless anyhow. I would not be surprised if China stops all money imports here. That would really put us in a bad spot. I have books on this subject are available at my blog Bookstore.

Hopefully, Congress will pass something here this week. Because sooner or later, this will begin to affect the American people. Which will not be good at all. Striaght Face

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The Wall Street Bailout drama continues….

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Just a word of warning, I’m still nursing my first cup of coffee. Coffee-cupSleepyYawn So, hopefully, this article will make some sense. Hee hee

But the good news is, I got my emoticons back here. Dancing So, I can at least show a little emotion in my writings. Big Grin

Some people say that if you use the Emoticons, people tend to not take you as serious. Well, to that I say, well, Phbbbttt Because I feel you would not take me serious either way, if had the emoticons or not.

The “Mother of all bailouts” is creating it’s share of drama in the Blogosphere and on Capital Hill. For instance, Minority Leader John A. Boehner called the deal a “crap sandwich”. Sick and Rep. Paul Ryan, R-Wisc., ranking Republican on the House Budget Committee said of the Bill, “It sucks”. Michelle Malkin is just flat out encouraging her people to “Kill the Bill”. However, Jack Fowler at the Corner is saying:

Conservatives should support them in backing the bailout plan. And then, when that is completed, roll up our sleeves and join Cantor & Co. as they work to craft and enact a broader strategy to improve America’s fiscal health.

So, obviously, this thing is dividing Conservatives.

Another interesting tidbit of information, according to “The Hill”, Rep. Dennis Kucinich (D-Ohio). says:  “I will tell you right now I don’t know if they have votes,”  “If the votes were there, this would be on the floor. The votes aren’t there.” An interesting development indeed.

Obviously, there’s a ton of opinions and angles on this story. Most of which can be found at Memeorandum.

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A very interesting video on our Nation’s banking system

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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.

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Now here’s a smart idea….

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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!

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Bailout accord agreement reached

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Well, it looks like the lawmakers in Washington D.C. have reached an agreement to bail out Wall Street.

Welcome to Nationalized Banking. I just wonder how high taxes will go to pay for this little bail out?

It is to wonder.

It seems there’s been a great deal of oversight added to the original bill and other good things. So, we’ll see.

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Not looking good on this bailout plan

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Seems that there are some are saying that this new bail out plan is not looking good.

Click here to read more.

It’s what happens when the Government tries to regulate Capitalism. Someone always loses… 

I’m enjoying the weekend for a change.

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The Reality sets in….

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This is interesting….

It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.

Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.

“When you listened to him describe it you gulped,” said Senator Charles E. Schumer, Democrat of New York.

As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”

Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”

When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.”

“What you heard last evening,” he added, “is one of those rare moments, certainly rare in my experience here, is Democrats and Republicans deciding we need to work together quickly.” – Read the Rest at the New York Times

It’s at times like this, you wonder what Ron Paul would say. But seems the best he can do is babble on like some demented old goat. It’s no wonder that the rest of sane society, that does not ascribe to the drivel that comes out of Alex Jones’s Website(s), tended dismiss Ron Paul as some sort of an lamppost scratching mental patient.

Anyhow, I’m sure you are thinking that I’m totally against this. In a way, the whole idea of our financial system being nationalized, does not exactly make me want to break open a bottle of champagne and celebrate. Because I do believe in a free market system. However, at the same time, I do not wish to see the economy totally collapse either.

On the other hand, I am a bit encouraged to see that the leaders on capital hill have decided to put partisan politics aside and get to the problem and attempt to fix it. Hopefully they can hash out some sort of a plan.

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