Archive for September 30th, 2008

The Blame Game

Tuesday, September 30th, 2008

Let’s not forget…

Sub Prime

Backstab

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Wii Pray

Tuesday, September 30th, 2008

Wii Pray

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Wall Street’s Historic Day

Tuesday, September 30th, 2008

Here is the information from the ticker in the sidebar.

DJIA 10365.45 chart-777.68
NASDAQ 1983.73 chart+0.00
S&P 500 1106.39 chart+0.00
09-29-2008 04:14 pm EDT

I wanted to post it for it’s historical significance.

Could an Obama Loss Spark Race Riots?

Tuesday, September 30th, 2008

I believe that if Obama looses in November, as I believe he will, the race baiters will be out in full force, claiming that he lost due to racial discrimination and trying to stir up people’s emotions.
Also, keep in mind that our country has an element of people, who need no reason at all to riot. These are the same type of people who riot after their team fails to win the “big game”. They are a criminal element and merely use the current circumstances to act.

A political scientist at a Christian college in New York City warns that if Democratic presidential nominee Barack Obama loses the election on November 4, race riots could break out in large U.S. cities.

A recent Associated Press-Yahoo News poll suggested Senator Obama’s race could cost him up to six percentage points on election night. David Corbin, a politics professor at The King’s College, contends there is potential for public riots the night of or after the election, if Obama’s lead in the polls does not translate into victory.

“I don’t think that’s something that we’ve looked at very closely, and I think that this could be a powder keg here as we get towards that day, given that Senator Obama is an African-American and given that there might be some backlash if he actually loses,” Corbin explains.

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White House, Lawmakers to Seek New Bailout Deal

Tuesday, September 30th, 2008

Looks like we are facing bailout round two now.
I’m not an economist, but I suspect that if we will just sit tight and take our lumps, the insolvent companies will be bought up and the market will stabilize. We all know that stock brokers sell when there is even the slightest hint or rumor of problems anywhere in the world. This is the nature of the stock market.
Stock prices do not necessarily show a true picture of the stability a company. It is only one aspect that needs to be looked at.
My point is, if everyone will avoid panicking, the market will stabilize on it’s own. I don’t believe that the government should even be considering a bailout.
Guess y’all better contact your representative and let them know how you feel about this. I suspect that most of us are still of the “no bailout” mindset.

WASHINGTON — Top congressional and White House officials, stunned when the House of Representatives rejected a massive rescue plan for the U.S. economy, scrambled to structure a new bailout proposal that would attract reluctant lawmakers and still soothe the unnerved financial markets.

“Doing nothing is not an option” House Majority Leader Steny Hoyer said after seeing the $700 billion emergency package for the nation’s financial system fail 228-205 on Monday.

With the House not scheduled to meet again until Thursday, congressional leaders and Bush administration officials promptly sought to assess what types of changes could win over enough votes to guarantee success. President George W. Bush planned to make a statement on the rescue plan at 8:45 a.m. EDT Tuesday.

The outcome of Monday’s vote fed a huge sell-off in the stock market, sending the Dow Jones Industrial Average into its biggest single-day plunge, dropping 777 points. The carnage spread Tuesday to Asia, with all major stock markets in the region tumbling sharply amid heightened fears of a broader global financial crisis.

The House vote and the market’s terrified reaction shook Washington and New York centers of power, but no immediate solution seemed at hand.

The bill’s failure came despite furious personal lobbying by President Bush and support from House leaders of both parties.

But the legislation was highly unpopular with the public, ideological groups on the left and the right organized against it, and Bush no longer wielded the influence to leverage tough votes. Even pressure in favor of the bill from some of the biggest special interests in Washington, including the U.S. Chamber of Commerce and the National Association of Realtors, could not sway enough votes.

The legislation the administration promoted would have allowed the government to buy bad mortgages and other deficient assets held by troubled financial institutions. If successful, advocates of the plan believed it would help lift a major weight off the already sputtering national economy.

Treasury Secretary Henry Paulson emerged after the vote and warned of a credit crunch that would affect American businesses and said families would find it harder to get student loans and car loans.

“We need to work as quickly as possible,” he said gravely. “We need to get something done.”

The sense of urgency was not universal. Many opponents of the bill argued that the package amounted to a too-costly commitment of taxpayer money to bail out financial institutions for their own mistakes.

Rep. Dean Heller, a Nevada Republican, offered a typical sentiment. “I cannot with good conscience put Nevada’s taxpayers on the hook for the foolish excesses of Wall Street,” he said. “Congress should pass legislation that protects the taxpayer, assists with bad assets and allows the market to correct itself.”

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