User 265729

Bernanke Gives Up on Reverse Auction Idea

They could sell it on Ebay. Look for user "PaulsonCrash-08." The feedback record for him is somewhat negative.

Caterpillar's Troubling Bond Issue

But this is the market... Why does everyone think that credit should be free so this country can binge on the future of generations to come? When money is tight it should become expensive no mater who/what you are. When there is an environment of increased risk money should be more expensive. They way it has always been

Our economy has contracted by $trillions over the past 18 months, but the banks and our government don't want to admit it or deal with the consequences. This why we are in the mess we are in and will be until the market comes clean -- not by playing a "shell game" with dept form the private to public sector.

Interdependence and This Crisis

Kevin, Let's hope that it doesn't go through in any form close as presented by the Fed/Treasury. My major concern, of course, is that the Executive and Legislative Branch would eliminate the Judicial Branch in the loop. I know the courts are not the most popular branch these days, but in my opinion the bashing is unfounded -- they protect these companies intellectual property, etc., etc., etc. The courts serve a useful and positive role in our government and society...

Why Didn't Bernanke, Paulson Plan Better?

Well... They are both liars. Up until the "urgent" bail-out plan they were saying our economy is sound. Every time the saved another firm it was the same story, our economy was sound. THEN Paulson's ol' buddies at Goldman's were next on the chopping block. Can't have that! Now we have an urgent, get it done yesterday power grab before Congress. Will Congress be so stupid as to pass this insane legislation in any form?

These two clowns told Congress last week that this urgent lesislation was required or our economy would be in shambled next week. Well, it's next week and stocks are down, but not in some free-fall.

Next we have the price of this bail-out. One senator estimated it would cost every man, woman and child in America over $2,000.00 each. Damn! I thought those monthly fees the banks charged were bad. Funny, Congress gives us an "economic stimulus" check this year, and by years end we end up owing the government three-fold. Nice touch.

In any case, they are both liars...now or then.

Macro: How Bankrupt Financials Will Impact Connecticut, NJ [Housing Tracker]

"Paulson's Rally: Turning Point in the Market?" Dated bread if you ask me... Everything he does and says has a shorter and shorter shelf-life. Now he's spending almost $1trillion for a 24-hour rally/fix. This guy is going to be selling the White House on Ebay to keep the economy going until November.

Morgan Cuts Targets on Host of Tech Hardware Stocks

No wonder our economy is so screwed-up. They did this TODAY based on this:

"...to reflect the strengthening of the U.S. dollar and a slowdown in global demand."

I'm downgrading Morgan to "talking head" status.

Full Disclosure: The only thing I own with the word "Morgan" on it is a bottle of rum.

Interdependence and This Crisis

Essentially what Paulson is proposing to the American economy is brain surgery with a chain saw. To assume that Paulson is the smartest guy in the room may become one of our greatest mistakes -- I doubt he has any more or less understanding of what is occurring and what has occurred than a newly graduated doctoral student in economics. He is the proverbial Dutch boy -- perhaps more like Chevy Chase in Vegas Vacation -- more holes than fingers to fill them.

Apparently Paulson went to Congress with a stark message that if the banks were left unchecked in a free-fall state, their may be blood on the street and that it may be theirs. Thus we have the "emergency" bail-out bill that should be passed yesterday. Don't think too much about it Congress, after all I'm Paulson, the smartest guy in the room... Don't think too much! For Congress, based on prior experience, that shouldn't be too much of a problem.

I find it puzzling that the section on the total elimination of Judicial Review for this law (Constitutional?) has had zero scrutiny in the media. Incredibly a professor of law from the state that brought us hanging chads stated the following:

The ban on legal challenges of actions by Treasury is ``distasteful, it's unfortunate and it's bad precedent, but this is an emergency and you have to act,'' said Jerry Markham, a law professor at Florida State University and author of ``A Financial History of the United States.''

``What you don't want happen is to have lawsuits that will slow things down and cause problems,'' he said.

Amazing! We can just do away with the Third Branch of government! After all, these trials for the accused and appeals are just a bother. In the words of John Madison:

"The accumulation of all powers, legislative, executive, and judiciary, in the same hands ... is the definition of tyranny."

As Congress passes off absolute power to the Executive Branch in a law that prohibits Judicial Review, one needs to contemplate where we are headed. Perhaps the pundits I saw on Bloomberg today were right... Get your money out of the U.S. dollar and just get out of the U.S. (literally). It is a sad day for our country, democracy is dead, as is our economy.

It's a Bull Market in Government Intervention

Oh! Chris Dodd is not interested in the opinions of Americans outside Connecticut. Let's hope he works for ALL AMERICANS and votes NO on the bail-out plan!

dodd.senate.gov/index....

What a dope!

It's a Bull Market in Government Intervention

gordon, work? They think this will work? Last week the world didn't have confidence in Wall Street. Next week there will be no confidence in our country! Who will bail us out? Bush? Frank and Palosi? God help us!

If You Think the Dow Did Well Today, You're Wrong

enervingmarkets, does this include a health care plan for Americans? At last!

If You Think the Dow Did Well Today, You're Wrong

Of course... Who did you think Treas and Fed were bailing out? The American people? Our overseas "buddies" in places like Communist China are the primary beneficiaries of this plan. Who would have thought Communist China will turn out to have an open market economy while the U.S.A. turns to socialism to save the rear-ends of Bush's and Congress' buddies. What hath God wrought? Go figure...

It's a Bull Market in Government Intervention

Does anybody else have problem with this section of the "bail-out" plan?

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

So, let me get this straight... The Secretary of the Treasury will get almost $1trillion, but nobody has the right to question or review his decision in a court of law. If Congress passes this section of the plan I'm sure Adolf Hitler would have been proud Bush, Barney Frank and Palosi. They hijacked our democracy with the Patriot Act, now they are hijacking our economy... The newest career in the United States will be working on the "collective farm"... We are back in the USSR!

Dollar Falls as Stock Rally Tempts the Carry Trade

I'm amazed at our government's plan to assume toxic debt from any bank or financial institution that cries wolf! The government's plan is nothing more or less than a "shell game" that has shifted massive corporate debt to the backs of taxpayers. For some reason the Fed and Treasury is of the opinion that by shifting the debt they can make it go away. Perhaps they should ask NASA to launch or debt into deep space and POOF it will be gone!

Bail-out like this have long term and unintended consequences, much the same as the introduction of new species of reptile into a different ecosystem: In a year when you don't have any birds left, don't come crying to me. Our economy, due to inflated real estate prices, is in a period of readjustment and contraction. When you pass out $$$trillions in bad loans, there is a natural consequence for this behavior. Until, of course the Fed and Treasury step in to "save" the day and tell us that they are doing it as a favor to all of us. Our weakened dollar is only the start...

Perhaps the Fed and Treasury can get Congress to pass a law this weekend that makes it illegal for the markets to go down over the next 90 days. Now there's a free market idea if I've ever heard of one!

What has been introduced into our economy is so crazy that nobody can really figure it out. Perhaps this was done so Bush would not go to the inauguration this January with his hat in lap being remembered for "prosperity is just around the corner" -- or was that our nation's economy is "fundamentally sound"?