How Low Can It Go?

[NM Redskin]

Originally Posted by Buster

Can we please acknowledge that the economy was going great until the Democrats took over Congress?

You should. It's a fact.

So is it Obama or the Dems? Make up your mind.

The housing market started slipping, financial service companies over-leveraged themselves, Lehman went under, credit swaps, AIG ect ect.

[724Skinsfan]

Originally Posted by dmek25

A MoveOn.org Political Action ad plays the partisan blame game with the economic crisis, charging that John McCain’s friend and former economic adviser Phil Gramm “stripped safeguards that would have protected us.” The claim is bogus. Gramm’s legislation had broad bipartisan support and was signed into law by President Clinton. Moreover, the bill had nothing to do with causing the crisis, and economists – not to mention President Clinton – praise it for having softened the crisis.

A McCain-Palin ad, in turn, blames Democrats for the mess. The ad says that the crisis “didn’t have to happen,” because legislation McCain cosponsored would have tightened regulations on Fannie Mae and Freddie Mac. But, the ad says, Obama "was notably silent" while Democrats killed the bill. That’s oversimplified. Republicans, who controlled the Senate at the time, did not bring the bill forward for a vote. And it’s unclear how much the legislation would have helped, as McCain signed on just two months before the housing bubble popped.

In fact, there’s ample blame to go around. Experts have cited everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan.
taken from factcheck.org. plenty of blame to go around. lets get past that, and hope Pres. Obama, or someone, makes it right

Best post in this thread!

[70Chip]

Originally Posted by 724Skinsfan

Best post in this thread!

FactCheck.org: Who Caused the Economic Crisis?

[dmek25]

thanks for posting the link 70. some reason i couldn't get it to work

[724Skinsfan]

Originally Posted by 70Chip

FactCheck.org: Who Caused the Economic Crisis?

{Ahem} Best post/link in this thread! I really wonder how many people in the country truly realize that the blame is widespread amongst individuals, groups, organizations and companies? My guess is less than 1%. Home team mentality is a blight on the advancement of civilization. Sports entertainment excluded, of course.

[firstdown]

While I agree that their is no one person to blame I also fell that Obama is only hurting the economy at this point and everyday it seems he has a new spending program.

[CRedskinsRule]

Let me preface this by saying I don't smoke.
I walked into Royal Farms for my morning coffee, and one guy was thinking about getting cigarettes but decided not to get them. Turns out that the new 70 cent federal tax was being charged to help fund SCHIP, the state children health insurance program.
I guess I bring it up to say, I am willing to bet that cigarette consumption goes down, thus tax revenue will not meet projections, and what politician is going to
a) reduce the cigarette tax
b) reduce SCHIP
The answer is none, at least none that want to be re-elected and not demonized, so it will stay and need federal funding not accounted for in Stimulus program and keep a depressed economy even moreso.

[firstdown]

Originally Posted by CRedskinsRule

Let me preface this by saying I don't smoke.
I walked into Royal Farms for my morning coffee, and one guy was thinking about getting cigarettes but decided not to get them. Turns out that the new 70 cent federal tax was being charged to help fund SCHIP, the state children health insurance program.
I guess I bring it up to say, I am willing to bet that cigarette consumption goes down, thus tax revenue will not meet projections, and what politician is going to
a) reduce the cigarette tax
b) reduce SCHIP
The answer is none, at least none that want to be re-elected and not demonized, so it will stay and need federal funding not accounted for in Stimulus program and keep a depressed economy even moreso.

I can see the the new federal goverment comercials on this. Light one up for the children of illegal imigrants or "save a child one puff at a time".

[firstdown]

Did Obama introduce any new programs today? The stock market is dropping like he did.

[dmek25]

maybe he should just stick to fixing all of W's screw ups. lord knows that would take at least one term

[GTripp0012]

If it's not too late to get in on this, I'll take 4740, 1/3 of what it was in 2007.

[70Chip]

Big rally in Wall Street today. The Dow is back above 6900. The updated numbers are in Post #1.

[Schneed10]

Yeah, Citi said they're posting profits so far this year.

In the markets, perception becomes reality. There's so much doom and gloom out there that it's causing people to contract spending and sell equities at a rate faster than the fundamentals would suggest. In reality, things are bad, but not that bad.

The markets will have more down days in the weeks and months to come as people continue to fret. But eventually some positive economic data will come in, like the Q1 earnings for the Fortune 500 companies, GDP, inflation, jobs, etc. When that data starts coming in positive the psychological rebound will be huge. When you go from so much doom and gloom to actually seeing some positive indicators show up in black & white reports, the tendency is to get exhuberant. This market will bounce back really hard when that happens.

[That Guy]

i think this is probably just a blip up and not a sign of things to come.

it'll recover eventually... I did get a 12% one day return though (thanks gamestop and best buy).

[70Chip]

Originally Posted by That Guy

i think this is probably just a blip up and not a sign of things to come.

it'll recover eventually... I did get a 12% one day return though (thanks gamestop and best buy).

So do you and everyone else take profits tomorrow and send it way back down?