Big hit to economy from credit crunch, study says
As a member of the reality based community, I feel like I’ve been waiting for 8 years for this “other shoe” to drop. I reasoned that the screw-ups and mistakes of the Bush administration had to catch up with us sooner or later.
Now I’m thinking that we might get buried in dropping shoes.
NEW YORK (MarketWatch) – The economic impact of the mortgage crisis and credit crunch will be huge, and it has barely begun, a new study prepared by several prominent economists and released Friday has concluded.
“Feedback from the financial market turmoil to the real economy could be substantial,” it said. Unless they can quickly recapitalize, banks are likely to cut back their lending to consumers and businesses by more than $1 trillion, cutting economic growth by more than a percentage point over the next 12 months.
Tags: Donviti
At least it is no longer Clinton’s fault.
Markets are clearly reacting with displeasure to the likely election of a Democrat president.
It’s Obama’s fault.
It is difficult to parody republican talking points.
Link
That reminds me of this old story from the Bush/Cheney 2000 campaign.
Geek, I was remembering the same thing… I dug up this one from 2000. Ahh, those were the days when CNN was still willing to call bullshit on Cheney’s lies.
Man, just reading the old 2000 CNN articles is making me maudlin. Check out the Al Gore quotes in this article.
To snap myself out of it I just have to remember that we all voted for Joe Lieberman.
Man, just reading the old 2000 CNN articles is making me maudlin. Check out the Al Gore quotes in this article.
To snap myself out of it I just have to remember that we all voted for Joe Lieberman.
OMG anon, I had forgotten that part. Eeeeew.
“now i`m thinking that we might get buried in dropping shoes” How about a deluge! Double didget inflation in food, energy, health care, and higher education. Declining wages for 95% of the population. Declining home equity values for homeowners. rising unemployment. soaring home foreclosures, big rise in personal and business bankrupcys. We may never recover from the Bush Cheney era. I really even leaving out some of the bad data that`s out there. Have to leave something for others to bitch about.
Rev. Hagee, will be McCains downfall…calling the Catholics a “gutter religion”….hummm that ought do it!
Ray: your points are well taken and factual. The day is coming when we will be “remembering when”…the past will be a dream, the future mighty bleak…our children and grandchildren won’t be calling this generation, “the greatest generation, but the generation that permitted corporations to become citizens, and destroyed their future!
The Bush administration has been venal, reckless, incompetent and cynical on an historic scale.
And, remember back in the early 2000 primaries? Didn’t you think George W. Bush, personally, was damn near as dumb as a bag of hair? As Aerosmith said, “It’s amazing…”
There are ways to reverse some of these horrible trends before our children inherit a life void of discretionary income. Step one is do what all other industrialized nations have done, take the for profit out of our health care system. Demand that corn be used for food only. Bring back responsable regulation to prevent another ponzie sceme from creating another subprime mess. Stop fighting senseless expensive wars. Do away with this stupid dogma of tax cuts for the wealthy will trickle down and make the economy stronger. Pay off the deficit. Spend more on alternitive energy and mass transit and use it . Do not have much hope we will do any of the above.
Never say I did not tell the republicans about this. In post after post on the economy over at FSP I have been warning them about this one. They all better get my book on the great depression. If you look at it on the kondratieff scale: we are fucked. If you look at from the Bush scale: we are really fucked.
Brian; I have studied the great depression and don`t think the future even looks that bright. A better comparison might be the dark ages. Back to surfdom is more the direction we are taking. When incomes bearly cover basic needs that creates the life of a surf. During the depression if you had a job you did not fair to badly, inflation was not a problem. Now we are creating a whole class of working poor.
What we are experiencing now is a classic Republican economy. Utter collapse after the rich have raided the US treasury and looted the middle class and poor.
Republicans think that stealing, legalized fraud (e.g. sub prime….) and financial charlatanism is an economic plan.
That’s why we Dems & Libs really ought to acknowledge that John McCain probably really is the most insightful and self-aware Republican in America.
When he said “The issue of economics is not something I’ve understood,” he’s the only Repub in America to realize it.
Amen Dana; the only thing that can save us now is an economic faith healer. They were talking on the financial blogs about how bad this is going to be on people with fixed incomes, thats everyone, real wages have acually declined under bush by about $ 1300 per year. Meanwhile these unregulated hedge funds are dividing up thier take and getting ready to close up shop. Ain`t deregulation fun!
I know how to fix it but the republicans are not listening. Neither are the dems. They have to have a model they are not sharing with anyone. The one I have goes well beyond any of the current models and into a pan American one. We can go to the commodity based model or to a social and social goods based model. John Nash was right that is why he won the nobel prize. My work builds on his. and ends the chicago deregulation frenzy. I want everyone here to look up what the chicago school of economics did to Chile. It is what is happening here.
There are actually 3 alternatives to this model to prevent the Dark age Ray sees coming I am listing them in order of extremes 1 being extreme right 3 being extreme left:
1. Corporate Socialism which is basically an continuation and extension of the Chicago school and means dark age for most enlightenment for a tiny minority.
2. John Nash’s commodity based theory that uses the Austrian school and American School of economics that Ron Paul promoted which mean an enlightenment period for all.
3. Hugo Chavez’s 21st century socialism or some variant of it which means a social explosion and could mean something better for the poor but alientates the rich.
Tell people to adopt my Jeffersonian plan and we are going to get the European and Eurasians off our back financially and start working with the rest of the Americans from Newfoundland to Tierra Del Fuego to build an awesome structure of economic dynamics that has room for everybody from the big company to the small business owner from Chavez to Maritn up in Canada. But it reasserts the Monroe Doctrine to get the others off our backs and lifts up all Americans.
If Felix Rohatyn wants to run the show, he is going to meet with opposition from the people, and I want the FBI, the cops or the NSA to arrest him now becuase he is going to ruin the nation permanently. And he is going to try to turn all the security appartus of the state against people when stuff starts to fail. Like if we fail in Iraq “It is YOUR Fault mom and pop on main street.” Great Plan Felix. His plan means the total destruction of America and probably half the world. Thanks alot Felix why not get together with Greenspan and rub your commerative dollars all over your oiled up bodies. It is not the people’s fault that you have so many psychological infirmities, that you are so vindictive. Just becuase someone forgot to potty train you does not mean you get to take your anger out on normal Americans. I have a much better plan for pan-americanism Felix and if the people adopt it you are fucked. If they keep going with your leadership well we are all fucked. My plan comes from Jefferson and Madison and even Bolivar and de San Martin, yours comes from Venice, Florence and Trotsky. Thanks you sociopathic DeMedici wannabe.
God how I wish Irenee DuPont or General DuPont were here to put an end to what you are trying to do Felix and all your minions would melt away like snow in the sun.
You need Thorazine or Haladol Felix.
Yes he does.
You do need a direct injection of Thorazine or Haladol Felix. Get Rumsfeld off of the board of the company that makes tamiflu and I’ll start to beleive that you do not want to really screw us and hate us. And the other shit with your economic hit men? Threatening Americans in America on behalf of banks in London Felix? Threatening the leaders of Peru, Argentina, Venezuela and Chile? Go ahead keep it up and see if one day the NSA doesn’t get fed up with your shit. I am just praying that a DuPont comes along who wants to do what is best for all of Delaware again. What an economic whirlwind you are setting in motion with Bernake and the rest of your school you radical extremist. I am just shy of calling your policies genocidal…you lived through some serious shit Felix, and we were here for you, chico, so why the fuck do you want to hurt the people so much?
Get a room Brian.
Yeah so I can get oiled up with Greenspan and Rohatyn?
Brian; My My My, monroe doctrine, chile, Irenee Dupont, Greenspan, Rohatyn? Whats happening is not a classic inflationary spiral.Areas such as housing, wages,consumer goods are not inflating at all. This problem we are having is isolated in four specific areas. Health care, food, energy, and higher education. All caused by policy mistakes by this administration. Nation building in the oil rich middle east, use of ethanol as a fuel, cutting college tuition aid, and allowing our for profit health care system to become unaffordable to millions of americans. We need to focus on finding solutions to these specific problems and we need to be quick about it . American Discretionary income is being gobbled up by all four.
Yes I agree, it is classic chicago school economics and Felix with help from Greenspan and Bernake are its author. How do I know this? I study economics, fiscal policy and financial markets. I have the fix for all of us but to get there we need to get the london bankers out of our pockets and the chicago system out of our social life. The only way to do that is to reassert the monroe doctrine and tie it to Bolivar or San Martin’s Latin American Doctrine so we do it together. As Americans. They are pissing me off with their european syndicate model. I hate it. It divdes the people of this nation and creates an terrible and ruthless oligarchy. I have an unending hostility toward that european and eurasian anti-americanism. My entire family have faced it down for a couple of centuries now but never on this kind of scale.
I am acting like Dr. Liberal here spilling the beans on that little anti-american plan and we need the government to intercede and stop it before it does create the dark age you warned about. I better stop for now but would appreciate some commentary on this.
One last comment, it is being gobbled up by hidden fees, taxes and deflation of the value of the dollar in relation to other currencies. That is what is driving all the other costs you list up and that is coming right out of the mind of Felix. And yes it does lead to serfdom or some variant of it. I will never cease to be hostile to that european elitist anti-americanism. If you had an financial agent working for the banks in england breathing down your neck as an American, what would you think? How would you get out from under that rock? Well with Felix and his students that is what we have; and they are advising the administration and seperating them from the people. I want the NSA, the cops and the FBI to bust his ass.
I want the NSA, the cops and the FBI to bust his ass.
What an irony for Felix and his family to be rescued from the Holocaust only to be persecuted by US wackos over sixty years later.
Fuck off with your “London banker” code words. I’m surprised you didn’t mention the Rothschilds and the Illuminati.
Tying american morgages into the Libor, the london interbank overnight rate, sure adds credence to your theory. It,s also shows that fed rate cuts are pointless and only serve to devalue the dollar.
If you look at it closely you see that the Banks in London are still trying to run the show like an ideological “empire” of the mind and money. I do not accept that as an American, and I do not like how they are using and manipulating our big banks. I hope our big banks turn around and scorch the earth with their ass. So on behalf of 600 million Americans north to south and almost 2 billion Indians, “England go home” before we get together and replay 1812 on your ass. I sincerely hope my inner zygote gets to stick Blair’s head in a toilet for getting some of us to buy into these radical ideas and I will never forgive the Chicago school until it changes its ways.
Thanks anon. My point is I want Felix to change his point of view becuase he has gone way radical which is not productive for our nation and if you look it was part of my extended family that saved his ass. So please do not try to call me a wacko. And wait and see what happens and who is right about this.
And Anon- yes I want the NSA, FBI or Cops to arrest him. His ideas are going to hurt a lot of normal people here. I do not think it is a conspiracy in some wacky way it is just the way the chicago school has always operated by intertwining banks with the banks in london. I do not want London to dictate anything to Americans. We tried that before and it did not turn out too well. Ok?
“Fuck off with your “London banker” code words. I’m surprised you didn’t mention the Rothschilds and the Illuminati.”
Nope. No code words and no conspiracy. This is just the way the system under the chicago school works. I did not make it up so please do not blame me for pointing it out. It is there for everyone to see. And it is not my fault if conspiracy theory nut jobs who do not understand the system think something wacky is going on without understanding it and get their tin foil hats out to rant about things they have no direct knowledge of.
This is all very normal under the Chicago school of economic theory. Just look up what the “Chicago boys” did to Chile.
It maybe too late Brian. The futse now trades more money than wall street. It took 200 years to do it, but we are now in second place and dropping like a rock, yet we still guard thier shores with our expensive military and they don`t pay a dime.
It is not too late if we reassert the Monroe doctrine.
What do you think would happen if we deicde to freeze and confiscate their assets under the Monroe doctrine?
OK Monroe doctrine in Bush doctrine out. What are your feelings on the north american union? Plus and minus wise.
Brian, I think the people aren’t where you need them to be.
I think I understand your point, but most people don,t. Please eloborate on people aren`t where you need them to be.
anon #40,
LOL
I know Anon it is depressing the hell out of me. I want Pan Americanism for the entire hemisphere based on Jefferson’s principles of government. I do not like European interference in our financial markets. It is no North American Union, rather an agreement among all the states of North and South America that we need to create our own economic partnerships and agreements while cutting the Europeans who have spent so much time dividing us all and screwing us all, out. But Senor Bush does not agree with this and has allowed more european and eurasian involvement and alienated partners like Brazil. Hopefully the democrats can change this situation.
Brian,
To sum up, if I may.
You want to party like its 1823.
Jason,
Close, but not quite. Guiding principles of Jeffersonianism are the building blocks of free society. How people choose to build on them is up to them as long as we assert that “America is for all Americans.”
I want North and South America to party like its 2010. Maybe rumba los asumbros. Rumble from the heavens and assert financial muscle against our creditors for their interference in our political and economic systems.
More like 1804 en masse and high tech.
Anon, if people are not ready for that then how do we get them there?
I want a more peaceful global world order were all the Americans (North and South) get a benefit for the very fact of having the name American. And where the EU, English and Eurasians cannot bully our markets, polticians or financial institutions any more or influence our policy. That is preferable to a brave new world where the EU English or Eurasians dictate policy through their K street lobbyists or aligned corporations to my representatives.
There should be room for All Americans in the Americas, from a Kirchner in Argentina to a president Hillary or Obama, to a Chavez to a Martinez to a Martin in Canada to a Morales, but having a foreign bank from Europe dictate policy to my country and to our hemisphere does not agree with my core principles. And I think if it was on the news more most people would feel and think this way.
Is Pan-Americanism radical or does it make for common sense? I do not know becuase as a normal American I am not getting clear messages from the administration? They should just come out and say what they want unless they do not want to take responsibility for what they are planning to do…..I do not even give a damn if you call it a Pan American union as long as it gets the English and Eurasian financial machine off our backs. And keeps Spanish and English corporations from building our roads, and collecting my money. I would rather have Martinez get my money in Peru where it is needed for development. Is there anything wrong with asserting that as Americans there are things we share that Europeans and Eurasians do not, and that this is our strength?
Read this and tell me we do not need what I am offering? Brian
Foreclosures up 57% since 2007
MoneyNews
Tuesday, Feb. 26, 2008
The number of homes facing foreclosure jumped 57 percent in January compared to a year ago, with lenders increasingly forced to take possession of homes they couldn’t unload at auctions, a mortgage research firm said Monday.
Nationwide, some 233,001 homes received at least one notice from lenders last month related to overdue payments, compared with 148,425 a year earlier, according to Irvine, Calif.-based RealtyTrac Inc. Nearly half of the total involved first-time default notices.
The worsening situation came despite ongoing efforts by lenders to help borrowers manage their payments by modifying loan terms, working out long-term repayment plans and other actions
“You have more people going into default and a higher percentage of the properties going back to the banks,” said Rick Sharga, RealtyTrac’s vice president of marketing.
The U.S. foreclosure rate last month was one filing for every 534 homes.
I do not agree with radicalism at all or ever, but I do agree with pan Americanism and that the basic principles of our government are good. I think our tremendous diversity makes us a great nation, but is also makes all the American nations great from Newfoundland to Tierra Del Fuego. So is it wrong that I want us all to benefit?
Anon, if people are not ready for that then how do we get them there?
Brian – when the people are not where they need them to be, the regime usually gets them there in boxcars.
Dear Economic Controllers in the EU and England;
Who do you think is going to get hurt the most by your Chicago economic school plans? The working class? The middle class? The Poor? Minorities? It will hurt us all. I can tell you from experiences in Chile, Argentina and Thailand the answer is all of the above. And it increases the divisions between us instead of my pan-american vision that brings us together as Americans under a banner most of your european citizens would be proud of. Maybe that is why you need video cameras on every corner to keep track of them? Maybe it is also why half the kids of Manchester have made knocking your cameras down a sport? A-holes. Fascists. Get out of my hemisphere.
Anon, God I hope not. I love our people so much. Can’t they use education instead? I look at what happened to Felix and other holocaust survivors and it makes me weep, but I never want to see that occur in this hemisphere. I love Americans so please do not let this occur. We need some education to get people ready for the changes taking place. I already watched my family in Chile lose so many people….and my ex’s family got hauled off to Dachau. So please that strikes a very sensitive part of me; if this is what the government decides it is going to force a sensitive issue….I want Americans to see how being pan American is the best hope for our future. Do you agree? And how to educate the people to make the necessary changes?
Hey Anon….If it comes to boxcars then my genocidal quip is true, and there is going to be some real hardship and noboby will be laughing. Pan Americanism is much better. It is also the basis for true and mutually beneficial globalism. Why not do that instead?
Hey Anon, You sow the wind and you just may reap a hurricane. I do not like genocidal comments.
Can you please explain?
Anyone want to address Anon’s comments?
Anon, I assume that the philosophy behind that thinking is : “Get out the boxcars and see how fast the Bastille gets stormed” ? As a liberal commentator once said.
Out of tiny acorns mighty oaks grow. Do you understand demografics as pertaines to population, and how it makes a pan american union more benificial to us.
I do.
I have been advocating jeffersonian pan-americanism for many many years.
It does not mean any nation in the union loses its soverignity or constituion rather each contributes to the development and mutual benefit of the others and not to England, Eurasia or the EU.