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post #11 of 45 (permalink) Old 09-18-2008, 08:37 PM
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It's just amazing what a multi TRILLION DOLLAR guarantee to the Financial Sector will do for the Wall Street kiddies. We are nearly where we were Tuesday night. But not quite.

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post #12 of 45 (permalink) Old 09-18-2008, 08:40 PM Thread Starter
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It's just amazing what a multi TRILLION DOLLAR guarantee to the Financial Sector will do for the Wall Street kiddies. We are nearly where we were Tuesday night. But not quite.
Are you capitulating?

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post #13 of 45 (permalink) Old 09-18-2008, 08:42 PM
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I can't wait to see the reforms that come out of this. We gave these financial institutions everything they ever asked for, against our better judgement (deregulation), and they've proven time and again that they cannot be trusted to do anything but exploit and obfuscate and profiteer.
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post #14 of 45 (permalink) Old 09-18-2008, 08:47 PM Thread Starter
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I can't wait to see the reforms that come out of this. We gave these financial institutions everything they ever asked for, against our better judgement (deregulation), and they've proven time and again that they cannot be trusted to do anything but exploit and obfuscate and profiteer.
I'm suspicious too, when "the government" gets involved in ordinarily free market matters, but I really believe that this time they have to and that this intervention will prove positive for our financial system and the economy. I have kidded around about this sort of thing in the past, but I think this time it will prove to be a boon for all of us! I don't want to overreact, but they have to do this, and if they don't go off the deep end trying to "save us," this will turn out to be a very good thing!

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post #15 of 45 (permalink) Old 09-18-2008, 08:50 PM
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^ Nothing is free though. Or at least it better not be. The downside is too steep with the latitude these joints have been afforded...they have to be reined back in. Democrats will be looking for blood. Vengeance. It's going to come in the fashion of scapegoating and regulatory reform.
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post #16 of 45 (permalink) Old 09-18-2008, 08:57 PM Thread Starter
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^ Nothing is free though. Or at least it better not be. The downside is too steep with the latitude these joints have been afforded...they have to be reined back in. Democrats will be looking for blood. Vengeance. It's going to come in the fashion of scapegoating and regulatory reform.
I think for once the Dem's and the Repub's will be working together for the benefit of us all. This mess is too big and too dangerous for politics as usual, which is another reason I am hopeful. Only time will tell, but this mess could turn out to be one of the best things that could have happened for the long term benefit of us all.

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post #17 of 45 (permalink) Old 09-18-2008, 08:59 PM
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I'm sure they will work together, but I think the current crop of Republicans will be doing so grudgingly, and only because their constituency demands it. To oppose reforms would be to commit political suicide. If they had their druthers, they'd keep acting in the interests of corporations as they've been doing for 8 years.
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post #18 of 45 (permalink) Old 09-18-2008, 09:09 PM
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I'm suspicious too, when "the government" gets involved in ordinarily free market matters, but I really believe that this time they have to and that this intervention will prove positive for our financial system and the economy. I have kidded around about this sort of thing in the past, but I think this time it will prove to be a boon for all of us! I don't want to overreact, but they have to do this, and if they don't go off the deep end trying to "save us," this will turn out to be a very good thing!
There is no question it had to be done. The negative ramifications are just high.

Note that the Russian market RTS has been closed since Wednesday due to near total collapse. China has shaved nearly 50% of its value. Nearly ALL the Central Banks are ponying up on this one. It is the only way to stave off a very HARD landing. And by hard I mean CRASH.

Many of the US sectors are floating just a few points below positive for the past few months [which gives the illusionary 3% GDP gain that is triggered as much by 5.3% inflation of costs as other factors]. If the worldwide banking system were to slide to the very next level [and it came close Tuesday night] those sectors would be double digit negatives by next month.

Today's rally was nothing. Tomorrow MIGHT be good. Asia is cooking along well tonight but any bad news tomorrow will flip the switch again. We need to find that 12,300 moving average again and get comfortable with it for a while. October is usually a bad month anyway and this one has lots of triggers just ready to pull. YES, it is negative but it is also realistic.

And you are correct that this CAN be a good thing. It will change the dynamics of the Federal Budget for the next decade but it will be better than the alternative.

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post #19 of 45 (permalink) Old 09-18-2008, 09:09 PM Thread Starter
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I'm sure they will work together, but I think the current crop of Republicans will be doing so grudgingly, and only because their constituency demands it. To oppose reforms would be to commit political suicide. If they had their druthers, they'd keep acting in the interests of corporations as they've been doing for 8 years.
I think everyone's going to pulling together to fix this mess, regardless of political party! The dem's and republicans are equally to blame, but none of that matters now...

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post #20 of 45 (permalink) Old 09-18-2008, 09:11 PM
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I think for once the Dem's and the Repub's will be working together for the benefit of us all. This mess is too big and too dangerous for politics as usual, which is another reason I am hopeful. Only time will tell, but this mess could turn out to be one of the best things that could have happened for the long term benefit of us all.
Jay, this is the best post you have made on an economic subject this past year.

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