User 265729

Confidence, Flubs and 8 More Thoughts

David, Excellent points.

Paulson and Bernanke are a bit confused this time as they may have thought that they'd only need to get through a rough quarter or two and the hype from places like CNBC, Bloomberg, CNN-Money would set in and the investors would rush back into the markets. It's not happening. In fact, everyone is turned off at the hype.

Dave... On this:

10) On that note, I want to close by mentioning my friend Cody Willard’s new website SpokeUp.com. Cody has been amazed at the anger he has been hearing over the current crisis, and our government’s seemingly unfair methods of handing out relief. SpokeUp.com is an effort to enable people to connect over political issues, and possibly organize to effect political change.

Anger is not the word for what is going on. Consider it anger to the tenth power. Bernanke, when he needs to bailout his friends from the country club needs $billions yesterday to shore-up the insolvent banking system. When it comes to most Americans, however, we hear that Obama's plan will create 3 million jobs from 2010-2011. Well, that's going to help people who are worried about their jobs or who've just lost their job, isn't it?

I really think that the people of this country need to hear the TRUTH from someone in our government. Obama -- whoever. Even by the Federal Reserve's own admission, from Q4 2007 - Q3 2008 our nation lost about $8 trillion ONLY in the asset classes measured. This excludes one of the worst quarters - Q4 2008.

David, do you think $2 trillion in bailout money can stop this? $5 trillion? It can't. It won't. It would be nice, as our economy totally implodes, to have the knowledge that at least ONE leader in our country had the courage and the trust in us, as a people, to tell us the TRUTH.

When we know the truth, whatever it is, whatever may follow, only then will we have reached bottom and only then will the healing process begin.