I'm not sure where you stand on deregulation, but I've personally had enough of it. The problem was the goverment deregulated to the point that we got the sub-prime mortgage lending and adjustable rate mortgages.
I'm ready for government to regulate for a change and clean some of this mess up. That's not popular with conservatives but their deregulation has failed miserably.
I may be a conservative but I'm not an anarchist! Free markets require regulation, anti-trust, and monopoly laws.
The de-regulation of the banks and commodities firms by the Bush Administration are directly responsible for this mess. Putting Henry Paulson, former CEO of Goldman-Sachs (one of the two remaining large investment banks, what a coincidence! ) in as Treasury Secretary was like handing an axe to the fox guarding the chickens.
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Engineering solutions for theological problems.
Despite today's rising cost of living, it remains popular.
"It has been said that democracy is the worst form of government except all the others that have been tried." - Sir Winston Churchill
"The best argument against democracy is a five-minute conversation with the average voter." - Sir Winston Churchill
"They who would give up an essential liberty for temporary security, deserve neither liberty or security." - Benjamin Franklin
I may be a conservative but I'm not an anarchist! Free markets require regulation, anti-trust, and monopoly laws.
The de-regulation of the banks and commodities firms by the Bush Administration are directly responsible for this mess. Putting Henry Paulson, former CEO of Goldman-Sachs (one of the two remaining large investment banks, what a coincidence! ) in as Treasury Secretary was like handing an axe to the fox guarding the chickens.
You and I agree completely. The deregulation of the Bush'ies allowed corporate greed to run rampant and now the piper is being paid and will be paid for the foreseeable future.
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In essentials, unity. In non-essentials, liberty. In all things, charity. Augustine
even I am on the verge of panic..... not quite but almost.
we have had bank failures before..... over a thousand in 1989.
things are certainly not real good right now that is for sure.
That is true, but look at the possible exposure to the FDIC and there is no way they can stand behind all the deposits--if the domino effect takes place.
Concerning housing, David Wilkerson wrote a few years ago that we could see housing crash up to 70% of its value. Some areas of the country are at a +30% and continuing to fall, averages -HPA is 25%. What is odd most people do not think their home has decreased in value. IT HAS. There are about 120 MSAs and all of them have declined. Whoever is reading this...your home has declined in value, only question is how much $$?
There has been regional negative HPA before---but never on a national level. Since records have been kept the nation has enjoyed home price appreciation. Remember the addage--as goes detroit so goes the economy, well now it is as goes housing so goes the economy. Economists I have read write that there has never been a recovery without a strong housing market. The housing market must turn around for recovery--many people think that the economy is in a minor bump, judging by GDP and the meager groweth, but we could be on the opening wave of a major downturn and many quarters of negative groweth. The worst housing market in modern histroy=the worst economy in history, Fed and Paulson cannot keep it propped up indefinately.
We need to watch the FOMB action this week and the target funds rate. If they lower to 1.75% the real rate is already at a -negative. Another -.25 will definately mean higher fuel, groceries, clothes etc. Another squeeze on the pocketbooks.
It is not about Obama and McCain. I personally think McCain is more suited to be an economic Pres. But he will still have a major recession or depression to deal with.
I may be a conservative but I'm not an anarchist! Free markets require regulation, anti-trust, and monopoly laws.
The de-regulation of the banks and commodities firms by the Bush Administration are directly responsible for this mess. Putting Henry Paulson, former CEO of Goldman-Sachs (one of the two remaining large investment banks, what a coincidence! ) in as Treasury Secretary was like handing an axe to the fox guarding the chickens.
Actually the dereg trend started way back in the Carter admin. and picked up a lot of steam with Regan.
But that does not matter....the Pres Demo or Rep. is not "directly responsible" for this. You have to lay the blame on the Fed. they are the regulators!!! Go all the way back to Greenspan and the .com bubble that he did not allow us to go into recession over, the almost free easy money and loose credit markets. Home ownership of 70+%, when the actual taget rate, per JP Morgan Chase/and Freddie Mac economists should be no more than 65% and maybe less.
Ruimor has it that there are some JP Morgan suits in WaMu offices. They alraeady purchaseed their warehouse line a few months ago and are funding loans on it out of the old WaMu TX office. But the balance sheet is not attractive--it will be a cheap purchase if they closes the deal.
God help us. we are still paying for FDRs malfeasance.
Hmmm...my mother was born into the depression, and she has quite a different point of view. She says, (and I quote), "FDR saved the day by opening up jobs for poor people." Now, she's a good Republican (moreso than I am), but in her 75-year-old opinion, FDR was a good president for that reason alone.
I'm just pointing out that it may seem different to those who actually experienced an economy downfall, and know what it's like to have food rations and dirt floors.
If I thought Obama could actually solve the economy's ills, I might vote for him. But he really doesn't have any good plans, other than "alleviating" extra work during tax season by streamlining paperwork. (Oh, and his proposal discussed under "I want what's best for you" would also do the following: Allow the government to pull your financial information for your taxes directly from your bank accounts, AND it would put may tax preparers out of a job. Sure. Great for the economy, and great for my privacy.)
That's just one little section of his "plans" to help the economy. (But almost all his points are equally trivial and stupid.) Thanks, but no thanks. That would be like a president addressing the war by suggesting we send the soldiers more comfortable shoes. Obama is NO FDR.
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"God, send me anywhere, only go with me. Lay any burden on me, only sustain me. And sever any tie in my heart except the tie that binds my heart to Yours."
--David Livingstone
"To see no being, not God’s or any, but you also go thither,
To see no possession but you may possess it—enjoying all without labor or purchase—
abstracting the feast, yet not abstracting one particle of it;…."
--Walt Whitman, Leaves of Grass, Song of the Open Road
The main problem I have with Obama's outlined "plan" for the economy is that he addresses smaller issues that make voters feel good in the short term, but in reality (even if he does intend to carry out everything he has listed), these proposals will NOT fix a broken economy. Sweeping changes are needed, and almost everything he proposes reeks of more governmental control, rather than arms-length assistance and solutions.
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"God, send me anywhere, only go with me. Lay any burden on me, only sustain me. And sever any tie in my heart except the tie that binds my heart to Yours."
--David Livingstone
"To see no being, not God’s or any, but you also go thither,
To see no possession but you may possess it—enjoying all without labor or purchase—
abstracting the feast, yet not abstracting one particle of it;…."
--Walt Whitman, Leaves of Grass, Song of the Open Road
Obama is NO FDR.
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