Money Beat

McCain's course correction reflects a growing case of nerves within his high command as the electoral map has shifted significantly in Obama's favor in the past two weeks.

"It's a dangerous road, but we have no choice," a top McCain strategist told the Daily News. "If we keep talking about the economic crisis, we're going to lose."

Country First McCain????

You know what? Let it correct. Let the lenders who made all these bad loans fail. Let the market drop. Then maybe just maybe the lesson will be learned. Because guess what? Joe Blow is not going to get any help regardless, layoffs will still happen so lets let some wall street go down with the rest of us.

The economy needs to contract. Debt needs to be liquidated. Nothing Paulson or Bernanke does can avoid these facts. I just find it ironic that just a few months ago Bernanke and Paulson said the economy was fundamentally good and sound. Ron Paul said Fannie and Freddie were going to crash in 2002. Peter Schiff, Paul's economis advisor, has been saying that the housing market would crash for better than 5 years now. I guess we see who was right. Why trust Bernanke and Paulson with our money when they seem blind to the situation at hand?

OBAMA IS A PURE JOKE....
OBAMA CANNOT FIX THE ECONOMY....OR
ANYBODY ELSE AT THIS MOMENT.....
OBAMA WILL DESTROY THE ECONOMY
BY RAISING TAXES TO ALL AMERICANS....
ALSO OBAMA IS WEAK ON DEFENSE AND FOREIGN POLICY ISSUES.....
OBAMA'S CONNECTIONS WITH ANTI-AMERICANS
MAKES HIM UN-FIT FOR COMMANDER IN CHIEF..

BEST CHOICE THIS TIME IN HISTORY IS:

McCAIN/PALIN '08

This was a very informative piece. It let's me know that this wall street turmoil has happened before and they have set in place guidelines that would prevent wall street from going down uncharted water(a crash).

Vince-food for thought - Makes you feel warm and cozy, eh?

Nicholas - McCain is a joke too! I started laughing after his 100 years in Iraq comment, and his song about bombing Iran.

This is to Nicholas- your right, obama doesn't have much foreign policy experience. That's why he chose as his vp a man with 30 yrs of it. You obviosly don't know who Joe biden is. To say the least, Biden has respect from many nations, and even republicans know that. Obama has admitted that that is his weakness-just as mccain's weakness is the economy-but he chose Sarah Palin as his vp and that doesn't help his weakness at all. JUST FOOD FOR THOUGHT....i WOULD LOVE FOR U TO RESPOND.

THIS IS TO HUH-YEAH YOUR RIGHT IT DOES KIND OF REMIND ME OF YOUR MOM- WARM AND COZY...LOL- GOTTA COME HARDER THAN THAT

this is to HUH (WHATEVER THE HELL THAT STANDS FOR)- YEAH YOUR RIGHT, IT DOES KINDA REMIND ME OF YOUR MOTHER, WARM AND COZY....LOL....GOTTA COME HARDER THAN THAT...

VINCE-FOOD FOR THOUGHT - Ok here it comes. I would expect better from you being an Obama supporter. Oh well you guys are clueless just like the McCain warmongers. My whole point is: What if the market drops 9% a day for the next 3 days, 4 days, 5 days? The controls that you admire will do little to stop the bleeding.

Don't worry,be happy.....soon the messiah (aka econonmic Kevorkian) will make everything better

HUH- All i was impliying was that I was happy and somewhat releived with the information provided in the piece. Secondly, you must admit it was a great joke, but i hope you didn't take any offense to it. So I take it your an independant?

VINCE-FOOD FOR THOUGHT - I know it was a joke. I didn't get worked up about the joke. The economy does have me bummed out at the moment. I know there are a lot of people struggling much worse than I. I am an independent who registered as a rep to push Ron Paul's platform through the GOP. I attended the convention to run for state delegate out here in NM. I listened to Steve Pearce, Darrne White, Heather Wilson, Pete Dominici and others talk about how we need to police the world and kill Persians. I guess they had to put those ideas on the backburner because of our impending bankruptcy which of course they had no idea was coming. I choose Obama over McCain for diversity and foreign policy.

Look at what was passed in Congress since 1987to now. And you will see WE gave the ROBBERS the GUN and BAG to do it. Just so you know it was a writen document of LAW...CFMA.

The longer you postpone the correction and keep prices up while inflating and devauling the currency you will create a tsunami of economic disaster. Simply the price structure wil not be able to be supported with the devalued dollar. Either let the failures occur so there can be a cleansing of the trough. Or keeping papering over and clogging it up until it implodes. By passing this bailout of the bankers and throwing in all of the pork to buy off the congress, our financial death warrant has been signed, and we are headed for a HARD fall into depression. Special thanks to Barney Frank and the Democrats the pushed the "community reinvestment act" onto the American people and Barack Obama for continuing to stand in the way of reform of this act so low income loans could continue to be issued, while the economy began to contract. Remember the people who are running for President (McCain AND Obama) REFUSED to stop this. And now we all get to pay their bills with money we DON'T HAVE!!! But the good news is that China can now send troops on OUR soil to protect THEIR assets. Like the Presidio in San Francisco. GOD BLESS AMERICHINA!!! God bless President Bush/Zemin!!!

Yeah, the economy is heading for a recession. Many of us will be out of works. It's time to vote for McSame so he can keep us busy with a few more wars like Iraq.

Man we are screwed ...

to HUH- IM GLAD YOU MADE THAT DESCISION. I TO, HAVE THE SAME WORRIES ABOUT OUR TROUBLED TIMES-ANXIETY. BUT IN THE END I BELEIVE EVERYTHING WILL WORK ITSELF OUT.

Too late. The fat cats already have the money. That's what the bailout was for. To stabilize the markets just long enough for them to be able to sell or liquidate a significant portion of their assets and move them offshore to "safe havens". I predicted this would happen right here on this blog two weeks ago. From an accounting standpoint the only reason you order more life preservers thrown on board a sinking ship is to allow more people to escape. The ships going down no matter what you do. I'm not the only economist that said that this bailout would do nothing for main street. It was only a move designed to allow the uber rich to preserve the value of, liquidate, then secure and move their assets offshore with their values intact. Has anyone bothered to look at the price of gold lately. The devils in the details folks. You said no to the bailout and they passed it anyway. Democratic markets in the United States are dead. Here's another prediction. If the stock market continues it's current dive into the coming week expect to see FEMA activated. Why FEMA? Go look it up.

Get to the banks while you still can and pull your money out. Though it'll be worthless soon, at the very least you can have something to look at to falsely reassure yourself that at least you tried to do something to help your family. This is it ya'll! Stock Markets drops 800 in one day and still falling. This is whats called abandoning ship. And just like on the Titanic, only the rich will be allowed lifeboats first. Us working class folks get to go down with the ship. And the moral of the story is that government, when it comes to money, will screw you every time.

This just shows that the private side of the financial market has to have transparency like the public side. And while the trough is being cleansed, what about a citizen revolt to remove every single rep and senator? They're the ones who de-regulated and failed to exercise any over-sight. Dems and Repo-licans!

HELP - WE NEED SOMEBODY NOT JUST ANYBODY

This why I'm voting for Obama.Us Dems always have to end up cleaning the messes left by greedy Republicans & Obama represents the kind of FDR New Deal Democrat this country needs.Thank God he has always placed Great Men to save this country when we weve needed it.-JP

I can't begin to tell you how excited I am that 95% of all Americans are getting a tax cut, and ALL Americans will have free high quality universal healthcare and free Ivy league college education. When Obama's in office, it's going to feel like we all won the lottery!! How does he do it?? . . . Who cares!!