Money Beat

What? Didn't they think that this would happen?

all that wonderful government rulings from 2000 to 2006

that we are still cleaning up from.

when historians look back at the years that almosst destroyed us

2000 to 2006

and they will say

NEVER AGAIN.

Time to call Obama ("They'll call me if they need me").

No my friends. We should call John McCain. He knows how to fix this. He will suspend his negative and creepy campaign to rescue us all.

And McCain is spending his time attacking Obama with some made up charge, and he doesn't understand why he is behind.

Give it up old man.

Why are the same so called 'experts' who were confident of the market a month ago, and telling everyone to hold tight a week ago, still used by news networks? It's comical watching 'experts' interviewing other 'experts'...the same ones who know no more than zip. Wake up people...you will do as well reading tea leaves as the advice you get from financial advisors and other self-annointed gurus.

Unshrub: "And McCain is spending his time attacking Obama with some made up charge, and he doesn't understand why he is behind."

Agreed. Even though I like (liked) the fellow it is bizarre that he's desperate to dig up dirt when the average American family is facing a loss of $44,000 in pension funds, has added about $16,000 in Federal debt, wil see their home decline in value by about 35% AND the crisis isn't at bottom.

The American people are ready to
replace the whole congress of 535 members[including McCain and Obama]
[435 house members plus 100 senators].
Outlaw lobbyists,special interests,also replace the
current administation,its cabinet,the
SEC,the CEO'S, executives, and the people involve with wall street.
Pass strict laws against corruption and enforce the law.Follow the costitution
of U.S.A.
That's the ONLY CURE to our economic
prosperity........

We need to start making these GREEDY THIEVES held accountable for their actions. Take some of their houses ,cars and vacations away from them and give them to the taxpayers.Oh by the way, their end of years bonuses would go a long way to help out as well.

Dear Stupid People Who Continue to Support Me:

The fundamentals of this economic toilet bowl are strong.

Sincerely,
John McCain

I agree with Nicholas, I am voting for anyone but an incumbent!

Ron Paul for Treasury Secretary or President.

As McCain predicted to Letterman, the economy has "cratered". We have a final debate coming up - I would appreciate it if these guys could take their focus off the ear-marking pork barrels long enough to do some straight talking about how our future President intends to deal with this mess. (I'll allow five minutes a-piece: for McCain to insist that Obama have the decency to admit to being a terrorist; and for Obama to respond). The other 80 minutes really needs to be on the economy.

Linda: Yes, we really do need to make some of these Fat Cats pay. They've bled us dry. I think a lot of us have been wanting that kind of justice for a long time but we know how corrupt everything is and it seems like an impossible dream. Even now, I expect that they have a long list of small fry (relatively speaking) that they are ready to grill and toss up to us as token sacrifices. And we all know why. Because the biggest slices of corruption are intertwined with the politicians. All we want is a fair deal for the taxpayer - and we know we haven't been getting it and it sux. Well, this unfolding mess is the straw which has broken the camel's back. We are going to have a long and drawn out recovery coming back from this one, and I'll be voting OUT corruption and ineptness and IN for the 'outsiders' who want to nail those Fat Cats.

Sorry guys, but neither candidate will be able to fix this mess.

Both have no logical plans to fix this, I guess the next few years are going to be the worst we may see in our lifetimes.

Consider this: JPMorgan Chase (the Rockefeller bank) comes out smelling like a rose, despite making as many fraudulent loans as any of the tanking banks. Check their stock price. Now the US government--like the UK and others--is making noises about nationalizing banks. Who will be their cornerstone? When the government owns your bank and cash flow, will you be keen to exercise those quaint Constitutional rights?

Does Aaron Russo still sound crazy?

http://michaelfury.wordpress.com/2008/09/24/as-wall-street-is-transformed-a-reminder-from-aaron-russo/

Wish there was an indpendnet candidate for this election - we are given planted Obama for getting excited and cheering in the time so biggest heist of the century is happening in USA.
No Wonder why Hillary lost - now we understand - I am not Hillary supporter

Why cant we just cap mortgage/equity line interest rates at 5%, credit card rates at 6%, and reduce the capital gain tax to 6% for the next two years. This is a quick fix to stimulate the economy and requires no oversight by the government.

By doing so, most people will refinance their homes to a lower payment, credit card payments will be signicantly lower and trading in both stocks and real estate will significantly increase in light of a tax break. This will cause tremendous investment back into the stock market and will serve to stimulate real estate transactions.

In the end, money will start changing hands again and the future of our economy will stabalize and grow incredibly.

When we help the poor we have help the good ones as well as the bad ones. Now we have to punish the rich, both the good ones and the bad ones.

Socialism is the only solution for this crisis in capitalism.

We should nationalize 50% of the rich people assets immediately, and then bailout out our national debt, foreclosing homeowners, wall street,and main street. The rest of the money from this kind of nationalization should be enough to give every one of the US citizen $5000 pocket money for buying whatever they like as a second economic stimulus package. God bless America

It is the decline of morality that brought on this crash, which was fueled by greed and the love for pleasure, and is only through trusting in God that it can be fixed. After 911 congress was singing "God bless America" but soon after was trying to remove him from the very institutions God himself established. Governments, schools, courtrooms and even traditional marriage has been under attack by corrupt lawmakers wanting to remove God's commands from view. But if we the church in America will stand in the gap and humble ourselves and pray we will see the biggest explosion in stock market history. Every nation is either under a blessing or a curse depending upon the condition of the church of Jesus Christ within it. Every promise of God is always trustworthy. The Word of God is what everyone should be putting their stock into. The returns are out of this world!

The "Community Reinvestment Act" (Thanks Democrats) caused the housing bubble. And the "war on terra" destroyed waht was left of our economy. (Thanks Republicans) And NAFTA, GATT, and the WTO sold out all of our infrastructure to foreign countries. Can we FIRE these bastards YET! CLEARLY the incumbents aren't acting in the interest of their citizens, and CLEARLY aren't listening to them! (Bailout for Billionaires bill) Can we PLEASE throw them OUT NOW!!! VOTE THEM OUT OR SHUT THE HELL UP!!!

" And McCain is spending his time attacking Obama with some made up charge, and he doesn't understand why he is behind"

I agreed he is pretty busy saving his own campaign after making so many mistakes, he is struggling just like Hillary a few months ago. How can you count on someone who could not run his campaign effectively to save the economy ?

www.zeitgeistmovie.com

You'll understand what's going on after watching this.

djmartinusen:

Are you KIDDING?????

www.lp.org

VOTE FOR REAL--YOUR VOTE DOES COUNT!!!

ok

ridiculous. real wealth is of the finite variety; what has been lost in the economy is speculated value. total money supply is a finite quantity at any given point. does the writer think that that they're aren't plenty of investors making a killing off of this precipitous decline in the markets? it's called being the winning counterparty in swap, being the highly leveraged short seller, etc. etc. no. money is just changing hands, speculated value is indeed going down, but you can be sure that those who are profiting off of this decline will reenter the markets once the momentum shifts in the opposite direction. period. how long that will be is the better question to be asked.

What, you didn't see this coming last year? or the year before? People on unemployment getting loans for $300,000? Doesn't take much brains to figure that one out...

greggo because Obama aready plans to increase the capital gains tax .His story about taxing the rich is just a story. I am middle class and I own stocks, at least I used to. Haven't checked today.

lay with dogs, wake up with fleas

Where did the $700 billion go? Where is the magic cure?

Paulson wrote himself and the Bush family some very large checks and will be buying all the gold left in Fort Knox.

STUPID SUCKERS EVERYWHERE !!!

This is my take.....the panic buying and speculation is almost over.....things will improve.....little by little...as long as you hold on for the long haul.....you will be fine......this is a wake-up call......

Obama Loves ACORNS !!!!

ACORN caught in VOTER FRAUD for OBAMA in over 11 STATES so far !!!!

OBAMA = No Real Experience + Failed Community Organizer + tied to CONVICTED Rezko + Reverend Wright (oh so Wrong) + Ayers + Fannie Mae + Voter Fraud + Illegal Campaign Funds + ACORN = BAD CHOICE FOR PRESIDENT !!!!!!!!

Wow, it's amazing how no one takes any accountability for their actions. What about all the people who allowed themselves to take on liar loans knowing they couldn't make that mortgage payment or tapped out their homes to go on vacations and buy expensive cars? Everyone is in a panic so they all take their money out of everywhere and expect the economy to get better? Think about that!!!!

AMERICA HAS TO IN MY OPINION RETRO
AND START MANUFACTURING PRODUCTS MADE
IN AMERICA
BECAUSE OF GREED WE SOLD OUT OUR COUNTRY
AND NOW HAVE TO START OVER.
IT CAN BE DONE
WE IN THE UNITED STATES HAVE TO START TO
LIVE WITHIN OUR MEANS.
IF WE THINK THINGS ARE BAD NOW WAIT TO
SEE THE CRIME RATE IN THE COMING MONTHS

The idiots in D.C., the dip-dunks (excuse me) fat-cat dip-dunks on Wall Street, and these greedy pork-belly banking CEOs should have held out from making this mess for say at least another 20 years. That way we could celebrate this fiasco with a 100 year anniversary of the last depressing period in time. Maybe we hard working, back breaking, spam eating taxpayers could have celebrated the anniversary with a nice glass of $7.00 table wine or something. Don't worry if you're out of work, I'd spot you a buck or two for a glass so you could join the rest of us. Who knows, I might need an apple off of your tree for dinner one night. Buy as many hot dogs and rameon noodles as you can now, we might be in this mud hole for awhile. Those caviar eating, $1000-a-glass wine drinking swines that put us in this hole are still digging...who knows when they'll figure out what they're doing and finally stop.

The idiots in D.C., the dip-dunks (excuse me) fat-cat dip-dunks on Wall Street, and these greedy pork-belly banking CEOs should have held out from making this mess for say at least another 20 years. That way we could celebrate this fiasco with a 100 year anniversary of the last depressing period in time. Maybe we hard working, back breaking, spam eating taxpayers could have celebrated the anniversary with a nice glass of $7.00 table wine or something. Don't worry if you're out of work, I'd spot you a buck or two for a glass so you could join the rest of us. Who knows, I might need an apple off of your tree for dinner one night. Buy as many hot dogs and rameon noodles as you can now, we might be in this mud hole for awhile. Those caviar eating, $1000-a-glass wine drinking swines that put us in this hole are still digging...who knows when they'll figure out what they're doing and finally stop.

Friday, October 10, 2008--10:14 pm

Hiddy,

The Stock Market is really dropping very quickly. I'm afraid that we're gonna have another Great Depression. Unemployment is very high. It's hard to fine jobs.
I hope the next President (whoever wins the Election)can fix the Economy. It's really awful.

Sincerely,

Terry

Thanks to all for the interesting comments. Why are we not demanding accountability? And how can we resume any trust in a system that dismisses those responsible? Some of us are angry, others fearful. Most with sincere concern of where the bottom of the market will land and how long will it take to see a reasonable return for investment. But the greatest truth in all this is in the past many "thought" there was corruption in our officials but now we "know". We know because we are being handed the results, be it taxation, inflation, or a greater depression, from the manipulating powers that created this house of cards and still no accountability. De-regulation gave the fox(s) the keys to the hen house with credit card interest for legal loan sharking. Whether you just charged it yesterday or 3 years back, immediately there should be a federally mandated cap on that! 25-30% is ridiculous. And the bait and switch of variable interest loans. It was a honey pot for the greedy. When Warren Buffet can stand before his peers and warn them of the disproportionate taxation and distribution of wealth in our county (and why he will vote for the next Democratic President) it's time for a change. It appears the rich getting richer has come home to roost; but at what cost to our country. Since we or our children will never forget these times, one good thing has come of this. That is when the subject of Social Security being "invested" comes up again, and it will, hopefully we will have recovered enough be able to laugh at the suggestion.

pay attention '' just under 1000 heads must come off...starting from the top..............think about it.?????

thess smart people have bought low and sold to the American people at ridiculous prices. They have loaned Americans loans at the highest interest rates known. where was regulations mr. government? Now Americans have exhausted their resources and can't make it. These companies who hijacked the American people should be sought after more than looking for Bin Laden. They are the culprits who have destroyed the America we know of. what to do about this? The government should start giving loans to the American people and take over the credit bureaus. You can't set up leagal loan sharks to put the American people in debt they can't get out of. Those who have donne this should suffer and go to jail. If the government loan the American people some money like they grant student loans to not be able to file bankruptcy against will help Americans live a more productive life and be able to stomach some of the atrosities being handed to them.

The October 10 broadcast of 20/20 contained a short interview of an economist who had authored a book on the Great Depression of 1927. The title was shown so briefly that I could not get write it down. Does anyone recall the title?

Invesors' Real Fear: A Socialist Tsunami
The Crash:Why has the market droped so much? everyone asks. What is it about the spector of our first socialist president and the end of capitalism as we know it that they don't understand?The businesses tha create jobs and generate wealth are already discounting the future based on what they know about Obama's plans to raise income,capital gains,dividend and payroll taxes and his various other economy-crippling policies.

Number one the stock market has not fallen 20% as of yet so this article (like most ABC articles) is pure sensationalism. Its so typical with the news. Yes we are experiencing some financial issues, however its no where near a complete crash.

What most folks have failed to understand is that we were way overinflated in the market from the housing boom. Most of that market drive will dry up along with day trading and other short term scam activities, and it will leave us with the solid stocks.
Sure we will all lose money and those that were over extended anyway will loose all they had. However we are no where near finished and the spewing news media needs to reign in there negative, judgmental comments.

Why has the market dropped so much? You are witnessing the effects of Marxism on a capitalist economy. Entitlement programs like the ones nurtured by the Community Reinvestment Act (CRA) are what caused the market to climb to the heights it did as fast as it did.
We all knew 14000 was to high, about double what the market should actually be.

Its when congress makes laws like the CRA 1977 and with all the warning the business sector can muster against it, congress uses its leverage in the waning hours to shove this CRA requirement into section Vi of the 1999 deregulation act.

This is what was warned against by the business sector, this very failure was warned to the congress loud and clear. And now as its actually unfolding everyone wants to spend time either blaming or shouting like chicken little (ABC).

Lets get a hold on our selves. Those fake loans that were made as regulatory requirement by the CRA are ALL going to fail. Further the US automakers who refuse to wake up to the fact that fuel is greater than $3 per gallon, they will have a rough time ahead.
But we will make it through this very difficult adjustment and we will go on and rebuild our markets once again. As long as we keep our heads cool and don't react we will sort out this issue and move foreword.

I would suggest that the market be forced into closure for the next 7 days (to give things some time to cool down), after that the markets should be opened on a temporary basis only, during the next 30 days, (in 2 4 and 6 hour increments). Finally the markets should open on their normal schedule in December. This would slow down the losses due to reactionary trading and would not allow the day traders to take advantage of the "bail out" initiatives.

Remember the government does not run the stock market, its a free economy run by individuals. So its going to take all of us having a cool head to get through the storm. But weather it we shall

wow our money problem is out of control. when the election is over hopefully obama or mccain, which ever one wins will try and sucessed in to lower or demolish the debt we are in.

John Stossel, god bless his commercial heart. He thinks what just happened and was primed to happen a long time ago must be a fluke. Government should never interfere in business. Entrepreneurship is the backbone of this nation. Right? Wrong! Those days were over years ago when Tuckers designs were stolen. They disappeared when GE bought out the patent that would create a light bulb that never burned out and a host of other examples of large companies controlling things. Where has John been. Is he too young to remember Franklin D. Roosevelt and his rescue of an entire nation Hoover had destroyed. Government regulations on behalf of the people is a very good thing. Perhaps John hasn't looked at all those Socialist countries in Europe and Asia that are or were doing quite well until our interconnected economies sent them into a tail spin. No regulations, John? What planet are you planning on living on? Surely not earth/.

Lets see stck market has not fallen 20% hmmmmm if we were @ 14000 and we are now @ 8500 unless we have new math now I believe the market fell about 40% in a year. What do I know I'm just a commoner I do not know new math all I know is this where can I get a job that rewards me for screwing up in the tune of millions hell it is right now just hard to keep a job when you are doing the right thing.

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Let's see - I think Bill Clinton signed "NAFTA" and deregulated banking. He sent our labor to Asia and South America. That was the beginnning of the end, just as Bush took office. Thanks Bill! Sure glad your wife isn't the new President.