504 Points
The Dow closed today down 504 points, also Delaware Talk Radio went on the air. Coincidence? I think not.
It’s OK, John McCain thinks the economy is fine.
Of all the fines levied against him, how much will Donald Trump actually pay?
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Really, it was anywhere from 180-260 down most of the day. It was after 3PM when the huge swoon hit…after Matthews took the mic.
That is where you ask, “coincidence?”
The republicans hoped they could keep the lid on Wall Street under wraps until after the election. Milton Friedmans “economics”, trickle down have trickled down to bankruptcy and crashing markets. Let us not forget Phil Gramm was in bed with Enron, and is McCains financial advisor.
Anyone who think these lobbyists who are filled to the brim in McCains campaign can fix our system, (which they helped create) are mentally ill.
Gosh, all of this negative news here of DL! Tomorrow I’m selling all of my stocks and taking all of my money out of the bank. Thanks guys for keeping up on this for me. If it wasn’t for you socialists here at DL, I’d be lost.
Good old Phil Gram predicted a depression if Clinton’s tax bill was passed in 1993 . Also not one repuk voted for it . What did we get with this Bill a balanced budget and a surplus. Now Phil is advising McShame
Its good to flush the toilet now and then. Excess waste leads to overflow.
Actually, RSmitty, when the markets first opened, it plunged 400 points within the first half hour, right when Burris went on the air. After his bile left the airways, the markets rallied.
But then investors realized, at the close of business, that Burris would return tomorrow, hence the selloff.
Nemski – Let’s just hope people aren’t stupid enough to actually pull all their money from the banks.
Humor is a terrible thing to waste.
Going to the mattresses
my sister just sent word that yes, people are in line at the banks.
A run on the banks is a real possibility here, when people realize that the FDIC has about 50 billion in assests to cover deposites that run well into the trillions, the mattress might not be a bad place for your money afterall.
Hey DPN-
So anyone considering themselves a liberal should give up their 401k and move onto a commune? I will as soon as all Conservatives stop having gay sex, popping pills, and give back all the money they stole from us under Bush.
This Socialist has an MBA and an undergrad in International Relations. Finance and Economics are my favorite subject…
Just because a Republican claims a policy is free-market does not mean it is. Just because it sounds great in a sound bite, all regulation is not bad.
The massive amount of leverage that was taken by these firms and their off balance sheet ‘assets’ (actually massive liabilities) are what created the crisis. It also drove the housing crisis. No other nation on the earth allowed their financial institutions to act this way, and the ones that are in trouble because of the CDOs are largely in trouble because they bought these securities from US firms or allowed their US affiliates to create these vehicles.
There has been academic discussion for quite some time about off balance sheet ‘assets’ and how they should not be allowed – since Enron many have called for the elimination of these vehicles entirely. All the way back to 2001 there have been calls to make these off balance sheet transactions illegal. Part of a ‘free’ market is information symmetry – investors should be able to know what they are buying and all investors should be able to access that information publicly at the same time. These transactions were the complete opposite and were very similar to how Enron kept potential liabilities off balance sheet. There have been calls to close this loophole for years. (I know, Economics and Finance professors must be a bunch of liberals too).
This entire crisis is because regulators have been beholden to the firms they are supposed to regulate and the politicians that take cash from them.
The crisis has been exasperated by the hubris and greed of the management of these firms. Lehman for instance could have sold off securities for the last year, or have taken capital infusions when they would have been a good deal – but they did not want to bring the garbage back onto the balance sheet and recognize the loss or dillute shareholder value by properly capitalizing (as it would hurt their pay packages and potentially get them fired). Instead they kept paying lobbyists to postpone the regulation requiring them to bring these assets onto the balance sheet and mark them to market (in other words reflect the real value of the company and disclose to investors what the firms real financial position is) at the end of 2009. Instead the entire house of cards collapsed.
This is a complete failure of common sense regulation. I am a hard core believer in free markets (not just when it is a nice talking point for conservatives to decry common sense regulations). The Freddie and Fannie bailout is shameful the way they are doing it. 10 years of welfare programs, unemployment insurance, and foreign aid will not come close to half of what we are going to pay for that fiasco.
Is it OK to help preferred shareholders and not OK to provide social insurance for the poor? Is that really the conservative ideal? Or are you parroting talking points about a crisis you do not understand ?
Stop whining and expect more from your politicians (even if they have an ‘R’ next to their name).
All liberals on the site – Obama and Biden are no better, they both supported the bill too. Expect more from your politicians (even if they have a ‘D’ next to their name).
Also – next big crisis will be the supposed FDIC insurance fund – seems we do not have one, been spending it straight out of the general budget just like we do with Social Security. Fuck both parties for that too!
Not Brian, that is a fantastic post. Just fantastic.
Just because a Republican claims a policy is free-market does not mean it is.
I’d say when a repub says something is free market he or she always has their fingers crossed behind his or her back.
ps. DPN’s reference to socialists was tongue-in-cheek — we are all often referred to as socialists by some of our trolls.
It’s all in our heads, remember? St. McCain told us the fundamentals are solid, and he wouldn’t lie to us would he?
Aren’t we glad the Bush/McCain/Castle regime didn’t privatize social security. The question on seniors and disabled minds is simple…will there be enough money to continue my social security, otherwise we’re dead.
40,000 Lehman employees hit the bricks! Unemployment is 6.1% right now and growing daily.
Wolf Blitzer a conservative said, “1000 banks can be in peril”! Okay its no longer a recession but a Herbert Hoover style depression.
Isn’t Mike Castle on the Banking Committee? Huumm.
Cassandra; the republicans don’t believe in socialism….except “corporate socialism they are all for that. We lost $500 B in the market today!
It will be interesting to see how the Fed Reserve handles this. It’s their artificially low interest rate that go us here, can’t wait to see how they lead us out.
Today’s rumor — and I repeat rumor — is that the Fed is ready to cut the rates tomorrow.
They are making an example of Lehman and Merrill. The firms were supposed to have got their act together after Bear Stearns a year ago (when it was widely rumored “Lehman’s next”), but they didn’t get the message, thinking they too would be bailed out. Greenspan (even though retired) signaled otherwise earlier this month when he said “The Fed is not a magic piggy bank.”
Anon2, tonight Chris Matthews called McCain Hoover as well. Is the meme changing?
Ha! Now Olbermann just compared McCain to Hoover!
*sigh* The voters think Hoover is the vacuum cleaner guy.
Not senior citizens!
not brian is my puppet…
Hoover
And I think the folks at FireDogLake made a similar point today.
McCain: fundamentals = American worker
He’s now a BAD liar.
Is this the same American worker who won’t take $50.00 an hour to pick lettuce?
yeah, those American workers
“Also – next big crisis will be the supposed FDIC insurance fund – seems we do not have one, been spending it straight out of the general budget just like we do with Social Security. Fuck both parties for that too!”
Agreed. You should never trust government with your money. They’ve proven time and time again that they’re unable to manage anything or keep their damn hands out of the cookie jar.
Both parties are the corporate parties. They have’nt been working for us for decades.
Now do you understand why third party candidates are viable and necessary in a democracy. Do you think Ralph Nader would’nt be telling us the truth about both of those parties. Or Bob Barr….they know the damn truth, but corporate media, owned and controlled by the guvmint won’t air their views.
Ralph Nader and Barr have been saying for months this was going to happen. But they are viewed by democrats and republicans as laughable outcasts!
Anyone who thinks the ones who got us into this are going to get us out..your delusional.
Didnt Castle sit on the Banking Committee and the Housing Committee?
Anon2-
Hoorah! Well put…
Exactly why I will not vote for either party this year. As much as Bush is an evil fascist and as creepy as McCain is, I am so disgusted with the Democrats I can’t vote for them.
I can not believe how little coverage dissenting voices are covered in the media. We have a one party system. They act like there are all of these issues separating them, but it is all theater.
At the end of the day the only thing that really changes when power shifts in Washington is who is stealing from me.
“At the end of the day the only thing that really changes when power shifts in Washington is who is stealing from me.”
Agreed. And each party has certain parts of the Constitution they like to shit on. Some parts, like the 10th Amendment, both sides shit on pretty much equally.