Trader Buzz on the Government's Plan - Mercedes-Benz Forum

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post #1 of 15 (permalink) Old 02-19-2009, 09:33 AM Thread Starter
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Trader Buzz on the Government's Plan

TRADERS REVOLT: CNBC HOST CALLS FOR NEW 'TEA PARTY'; CHICAGO FLOOR MOCKS OBAMA PLAN

'The government is promoting bad behavior... do we really want to subsidize the losers' mortgages... This is America! How many of you people want to pay for your neighbor's mortgage? President Obama are you listening?! How about we all stop paying our mortage!'

http://www.cnbc.com/id/15840232?video=1039849853

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post #2 of 15 (permalink) Old 02-19-2009, 09:50 AM
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How about the value of your house drops another 30% instead when all those foreclosed homes hit the market.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #3 of 15 (permalink) Old 02-19-2009, 09:58 AM Thread Starter
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Even bright high school students are questioning Obama's plans

High School Kids Question Obama During Speech: 'I just don't believe all the things he's telling us'...



A Dobson High School Advanced Placement government class with strong opinions about Barack Obama watched the president's speech Wednesday on a small, grainy TV in the corner of their classroom.

Some of the students attentively watched the speech, giving questioning looks and comments, shaking their heads and laughing at some of Obama's words. Other students listened, occasionally glancing up to watch, while texting on their cell phones, reading a book or finishing school work.

The gymnasium's events were shown simultaneously in rooms throughout the Mesa school, and teachers were given discretion on whether to show the speech, the students said.

The students in the class were hopeful things will work out but questioned whether Obama's plan would actually work to dig the country out of its economic woes. They also expected a longer speech.

Senior Syna Daudfar took some notes during the speech and was among the most vocally opposed to Obama's words.

At one point, when he talked about the costs of his stimulus plan, senior Maaike Albach and Daudfar looked at each other and said, "uh-oh."

"Overall I think it's a good idea, but he's not addressing the issues of the economic crisis," said Daudfar, a John McCain supporter who added he leans more toward being a moderate conservative. "The spending bill he just passed is just progressing the Democratic agenda rather than addressing the economic issues in the country."

Daudfar thinks Obama's plan is backward and deals with the "less important stuff" first. "Bailing out businesses" and "providing better regulatory systems for giving out money to businesses" should have been first, he said.

"If businesses can't afford to hire people, then people won't be able to work and pay off their mortgages," he said. "It's kind of like putting money into a funnel."

Albach, who is also a Republican, said Obama's plan sounds good but questioned how Obama can want to rely on "people's responsibility" when that is "what got us in this economic crisis in the first place."

"This puts us more into debt," said Albach, 18. "It's a horrible situation we're in."

Senior Brandon Miller wore a shirt with the words, "Hitler gave great speeches, too" above a picture of Obama.

Miller said he had been an Obama supporter "because of his speeches," but after debating the issues in this class and looking more into Obama's policies, his vote was swayed toward McCain.

He showed a video on his camera he had just taken of the president's minutelong motorcade and talked about what a "great experience" it was to watch it. Miller had also spent a couple of hours in front of the school, hanging out and watching the protesters.

"Even though I don't support him, I think it's cool he's here," said Miller, 18. "I just don't believe all the things he's telling us. His goal is just too big and broad."

Miller wanted to hear more about the costs and guidelines the stimulus bill entails.

Senior Katelyn Meyer, who also leans more toward being a Republican, said Obama's plan sounds good, "but it's easier said than done."

"I like the refinancing part, and I like the part about mortgages, but I'm afraid we're going to put the money in but won't see any effect," said Meyer, 18, who still thought it was "cool" to say the president was at her school, even though she didn't get to see him live.

The students also questioned why Obama chose their school for his speech since he wasn't talking about education and wondered how much money the district spent on beautifying the campus while district positions and services are being cut.

District officials noted this week that the landscaping project completed over the weekend at Dobson was already in the works and was just expedited by the president's visit. Funding came from voter-approved bonds.

New sod was laid in front of the school Tuesday, and Daudfar said, "The joke at the school is they're going to take it away when he (Obama) leaves."

AP government teacher Jeff Sherrer said his students "feel very strongly about the issues, maybe more than the general population." He thought at least one of his students was outside protesting, and he had planned to take his students outside as a class project to show them what was going on but didn't get the chance.

"These kinds of kids really get into it," Sherrer said. "During the election we had lots of debates on the issues."

Dobson students question Obama's plan | Mesa Arizona News - Mesa News - Mesa AZ news | eastvalleytribune.com

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post #4 of 15 (permalink) Old 02-19-2009, 01:11 PM
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At some point the traders will understand that they work for the regular people. And the regular people aren't all that interested in the trader's views considering how poorly the traders have treated their money for the past few years.

Again, we are getting comments from talking heads and folks who make money from the churn.

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #5 of 15 (permalink) Old 02-19-2009, 01:29 PM
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Con:
I don't want to pay for someone elses mistake especially if I can't get the same free lunch to lower my payments.

Pro:
Keeps the people in their homes when they are upside down. Hopefully they can ride it out until the market rises (and it will) and they become at least even. It should keep some near forclosures and short sales off the market.

Here in the desert around 50% of the home sales are forclosures or short sales. If govt. backed 4% loans were available to everyone (owner occupied only) it may help to get rid of some of the vacant inventory. Big auctions are held here every week in an effort to get rid of vacant homes. You can't tour many of the homes and people are shocked when they finally get in and see the condition of the sty they just bought. No appliances, no cabinets, rats, etc.

We have the supply, just not the demand.
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post #6 of 15 (permalink) Old 02-19-2009, 01:31 PM Thread Starter
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Originally Posted by mcbear View Post
At some point the traders will understand that they work for the regular people. And the regular people aren't all that interested in the trader's views considering how poorly the traders have treated their money for the past few years.

Again, we are getting comments from talking heads and folks who make money from the churn.
That's a bit elitist of you, but what's new?

Those traders are regular people too. They are little different than any other man on the street--just more knowledgeable about matters economic. Even knowledgeable high school students seem to agree w/ the traders.

Don't believe everything you think
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post #7 of 15 (permalink) Old 02-19-2009, 01:33 PM
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Aahh, financial wizards of Bear Sterns and Lehman Brothers...right?
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post #8 of 15 (permalink) Old 02-19-2009, 02:33 PM
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Quote:
Originally Posted by Jayhawk View Post
That's a bit elitist of you, but what's new?

Those traders are regular people too. They are little different than any other man on the street--just more knowledgeable about matters economic. Even knowledgeable high school students seem to agree w/ the traders.
Do you know "those traders" and can you vouch for the fact that they are "regular people too?" I doubt it. And I am surprised anyone listens to anything about the health of the economy that comes from Wall Street, where there has been nothing but hand over fist raping of the regular people of the country's retirement and other investments.

Guess the cookie jar they were raiding is missing a few billion dollars and now they belly ache and you listen. For no reason other than they are pissing and moaning about Obama.

Tool.

Jim
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post #9 of 15 (permalink) Old 02-19-2009, 02:44 PM
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That's a bit elitist of you, but what's new?

Those traders are regular people too. They are little different than any other man on the street--just more knowledgeable about matters economic. Even knowledgeable high school students seem to agree w/ the traders.
If they were more knowledgeable I would suspect we would not have a DOW at 7500.

And no, not elitists to frame regular folks as separate from traders who make their money on churn. It is the regular folks who fund all that churn. We put the money in motion. It is the "knowledgeable" traders who seem to not know what to do with it.

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post #10 of 15 (permalink) Old 02-19-2009, 04:19 PM Thread Starter
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Do you know "those traders" and can you vouch for the fact that they are "regular people too?" I doubt it. And I am surprised anyone listens to anything about the health of the economy that comes from Wall Street, where there has been nothing but hand over fist raping of the regular people of the country's retirement and other investments.

Guess the cookie jar they were raiding is missing a few billion dollars and now they belly ache and you listen. For no reason other than they are pissing and moaning about Obama.

Tool.

Jim
Please pay attention Jim. Those traders were on the floor of the CHICAGO Board of Trade! They are just average "Joe's" like you (oops, never mind) and me.

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