Jim Cramer of MSNBC Predicts a Great Depression
 

Jim Cramer says that if the government doesn't come through with the bailout package in the next 5-10 days, the banking industry will fail. Better start withdrawing your cash!!!!!!!!!!!

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

Even if it is a possibility... who ever believes MSNBC?!?!?! ROFL!

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

If we jump the gun and pull out our money, the banks will certainly fail. I don't feel alarmed.

All eyes are focused on McCain.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

The One. :ursofunny :dance

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

Will 700 B be enough?

2008-09-23 — ml-implode.com


"If defaults remain at roughly $20bb per month in CA and $50bb nationally and this new $700bb bailout is suppose to clean up banks past troubles, what is left for the potential $1tt in current defaults coming over the next two years? This plan is being debated today in Washington as if mortgage and housing crisis was over and they are trying to clean up the aftermath. I am sure many there really think this is about the real estate market."


Really does not matter if they do pass the "bail out."

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

So what you are saying is finally, NOW is the time for panic! :aaa :bolt Right?

:nah

Let's make Jim Cramer a reknowned prophet now! :tease

McCain (cough, cough) was warning us about this YEARS ago. As was Ron Paul. Alan Greenspan, earlier still.

People can make as much of this crisis as they want to. If everybody runs out and fills up their tanks with gas tonight, sure enough the filling stations won't have any tomorrow! Is that a shortage, or a PANIC? :snapout

Same deal with bank runs. :snapout

I guess lemmings and sheep get what they deserve in the end . . . in the strictly secular sense, of course. :rolleyes2

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

Solution in 2 parts:

1) Cut the capital gains by at LEAST half

2) Start immediate and aggressive domestic oil exploration and drilling

Simplistic? Not at all.

Oh yes, you would also need to remove the legislation written in the 90's that DEMANDED that financial institutions write a certain % of "bad loans" in the name of affirmative action (the laws that started this whole mess in the first place!).

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

You are correct in everything but the numbers.

Number 1 should be the end of Fannie Mae and Freddie Mac as quasi-government enterprises. Sell them to private industry and remove the treasury guarantee, or eliminate shareholders and competitive executive pay. Pass a constitutional amendment banning business schemes that privatize profits and nationally socialize losses.

Somewhere in there ought to be jail sentences for those that lobbied on behalf of F&F, those that blocked needed reforms in committee in 2005, and those that habitually accepted money from them and protected them.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

I agree (in addition to my two points).

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

You're such an agreeable fellow; that's why we love you! :roseglasses

:winkgrin

:thumbsup

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

You must not have heard the news this evening. No one talked about waiting to see if Obama was on board. They need McCain to be on board and they aren't sure he will be.

Pretty cool for the Maverick!!!! :dance

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

Man, it is a bit of a S-T-R-E-T-C-H to tie today's mess back to the 90's when there have been forks in the road and decisions made since then that could have kept the country from going down this road.

As late as 2005, this mess could have been avoided, legislatively.

When I first started looking for a home in about March 2007, I had a couple Real Estate agents tell me to wait a year or so, if possible, before buying my home if I really wanted a deal.

So if Real Estate agents could see the, "Bad Moon Rising" why couldn't these other folks like Paulson and other Bush advisors see it?

Of course, if things were going good right now, we would be singing the praises of our current President who has been our President for almost 8 years now.

But things are bad and of course, it's not really his fault, or his Administrations fault, or the fault of the money hungry, greedy and unscrupulous business, bank, and insurance firm leaders!


Let's beat Bill again!!!!

Bill Clinton: the Republican's favorite whipping boy!!!

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

And make the CEOs and board members that became filthy rich from this disaster sell off their assets and fork over millions of dollars FIRST...

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

I'm not sure it's all that cool or not.

If he goes along with it, he'll anger his base (theoretically) and many more Americans who are simply not ready to give the Bush Admin another huge amount of money without cords or oversight.

700 B is a lot, and in Paulson's words, "maybe not enough...."


If Sen. McCain does not go along with the plan, and things go real bad, he could become the new whipping boy or he could become the "Champion of Reform", according to some Republican leaders.

Honestly, i think it is unfair for all of this to come down on Sen. McCain like this.

Hopefully, he won't cry about it though.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

Many people DID see it coming. Legislation was written that would have prevented or at least greatly softened today's crisis. The Democrats in the committee blocked it on a straight party line. It turns out that they enjoyed being on Fannie's dole, and hoped the good times could last . . . :club

It is prevailing wisdom that it takes many years before the effects of a given administration's economic policies can be observed and understood. Usually these things change quite slowly. As an example, the economic boom we enjoyed during the '90s was a result of the Reagan tax cuts in the '80s.

It is highly ironic that people vote for president with their pocketbook. In most cases it is very unlikely that a given presidential candidate is responsible for the current economic conditions at the time of the election.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

don´t have any money to pull out so guess I am ok...

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

what he said.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

Fact is my friend, the laws that we are living with were written in the 1990's

there was an attempt by both the Bush adminsration and republicans in the Senate (including John McCain) to deal with this mess in 2005 but the dems blocked that in commettee.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

Fix this mess by:
1. Suspend Mark to Book and require banks to determine the actual value of the subprime paper they own.

2. repeal Sarbanes Oxley

3. Drop Capitial gains tax to ZERO for the next 2 years.

4. lower corporate Taxes to 12% (Irelands current rate).

Open drilling everywhere.

They could do this tomorrow and the market would respond. Money would flow like crazy.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

Ferd,
Yesterday the main stream media was saying that they are waiting on McCain's decision on the bailout. Everyone was waiting to see what he was going to do because he doesn't always agree with Bush. I thought that was interesting.

I haven't heard any updates. Where are we at now on this?

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

I dont know. no access to TV or radio today. dont see anything on the internet either.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

Me either.

I was reading that the larger percentage of the Dems don't want the package. I'm sure that is a party line issue.

Obama is parroting everything on the issue that McCain has already addressed several years ago.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

I believe they are preparing for the debate Friday night - maybe he'll present something then.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

I heard it was a Foreign policy debate, but they were wanting to change it to an economic debate. Have you heard if they changed it?

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

the Paulson plan will happen problably tomorrow night. watch the market run sidways for a while, then as the senate and house debate it, and it looks bad, the market will run down and the Rs and Ds will feel like they have no choice.

they all want to go home to get re-elected, and they cant go back home and say they did nothing.

They wont do the right thing and fix this for real with market solutions (and more deregulation). No they will have to do the major bailout.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

No, I haven't, but the midsouth is a buzz with the preparations!

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

I'm sure. I was a bit disheartened to see that Gwen Ifill is going to be the Moderator for the Biden/Palin debate. She is a total liberal and a big time Obama supporter.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

That is what I told my husband.:friend

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

What is number 2?

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

It's a pain for corporate America!

http://www.soxlaw.com/

Introduction
The legislation came into force in 2002 and introduced major changes to the regulation of financial practice and corporate governance. Named after Senator Paul Sarbanes and Representative Michael Oxley, who were its main architects, it also set a number of deadlines for compliance.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

ok thanks

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

RGC pointed out what it is, but let me say it might be the single biggest bit of stupididty ever handed down by congress.

I would like to take senator Sarbanes and beat Senatro Oxley with him over it. It has cost American business (read real jobs) nearly a trillion dollars.

It has caused the vast majority of new companies to go public in EUROPE instead of America.

It is mindless REGULATION that is at the root of what is wrong with our economy now.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

The "Guardians of the Gate", financially speaking, should have seen this coming and could have taken actions to thwart what we are dealing with today.

Bad policies from the 1990's do not cover for incompetence 8 years into the 21st century.

I don't buy that this is all Clinton's fault. Most objective folks don't buy that either.

We've gone through a couple of financial down turns since 2000. When will it stop being Clinton's fault? When will Bush take responsibility-- this stuff is happening on his watch. This is the burden and responsibility of leadership!

The buck stops with him. Clinton, Affirmative Action, 1990's bills-- these are all excuses.

The BULK of the current foreclosures are from bad loans written within the last 4 years, not from mortgages originating in 1991.

Re: Jim Cramer of MSNBC Predicts a Great Depressio
 

Next stop, the Amero and the North Atlantic Union