The Market Speaks ... and It Isn't Good.
In looking at the market today, I'm thinking to myself, "Didn't Congress supposedly save us from this already?" I'm also wondering if all those House Representatives that voted for this ridiculous excuse for legislation are now more worried than EVER about losing their seat in the House!
Wasn't the bailout, rescue, welfare-for-wall-street (whatever you want to call it) suppose to ease the markets and ensue confidence? Apparently, it didn't work. And today when Paulson announced that we would start injecting liquidity by purchasing preferred and common stock shares, the market tanks some more.... in fact, the market may be responding to today's actions regarding the resolution of Lehman's CDS (Credit Default Swap) contracts.
And NO ONE is talking about things the SEC could do RIGHT NOW that would boost confidence - like suspending the mark-to-market accounting rules that helped to get us into this mess in the first place! Well, almost no one - Newt Gingrich has a statement calling for this action here.
Other sites that I'm reading are warning Americans to be prepared for a long and deep recession with hoarded cash, non-perishable food stock holds and NO DEBT!... yeah, right, like Americans will get out of debt by this Friday..
My opinion is that the way America has been living for the past few decades (way beyond our means) is now coming home to roost and I think there's going to be a heavy price to pay. And if you think countries can't go bankrupt, read up on what's happening in Iceland as we speak.
Here are some predictions that I've read in the past 1-2 days:
1. There will be massive lay offs over the next 12 months... they've started already and will accelerate as the days and weeks pass
2. The election will be a botch job from Hell with voter fraud, voter disenfranchising and legal action. There will be no outcome the day of the actual election, rather, a repeat scenario like 2000 will ensue.
3. As more and more Americans face circumstances they've never contemplated let alone planned for, violence will escalate. Civil unrest will outbreak across our nation giving a strong possibility for martial law. Read about the recent repatriatization of an Army Brigade to the homeland here. I don't really think I want the Army "helping people at home"..
It makes me wonder what WILL happen next.
The best analysis I'm reading:
By Karl Denninger here.
By Nouriel Roubini here.
By Global Research here
By Jim Sinclair here
Finally, for some fun and to make a very important point with Congress, if you want to send Congress a bona fide Pink Slip, check out this great site:
http://sendpinkslips.com
Of course, the best pink slip of all will be your vote on November 4th - remember, the ENTIRE House of Representatives is up for re-election and we need to send most of them home...
-- Kristin
Wasn't the bailout, rescue, welfare-for-wall-street (whatever you want to call it) suppose to ease the markets and ensue confidence? Apparently, it didn't work. And today when Paulson announced that we would start injecting liquidity by purchasing preferred and common stock shares, the market tanks some more.... in fact, the market may be responding to today's actions regarding the resolution of Lehman's CDS (Credit Default Swap) contracts.
And NO ONE is talking about things the SEC could do RIGHT NOW that would boost confidence - like suspending the mark-to-market accounting rules that helped to get us into this mess in the first place! Well, almost no one - Newt Gingrich has a statement calling for this action here.
Other sites that I'm reading are warning Americans to be prepared for a long and deep recession with hoarded cash, non-perishable food stock holds and NO DEBT!... yeah, right, like Americans will get out of debt by this Friday..
My opinion is that the way America has been living for the past few decades (way beyond our means) is now coming home to roost and I think there's going to be a heavy price to pay. And if you think countries can't go bankrupt, read up on what's happening in Iceland as we speak.
Here are some predictions that I've read in the past 1-2 days:
1. There will be massive lay offs over the next 12 months... they've started already and will accelerate as the days and weeks pass
2. The election will be a botch job from Hell with voter fraud, voter disenfranchising and legal action. There will be no outcome the day of the actual election, rather, a repeat scenario like 2000 will ensue.
3. As more and more Americans face circumstances they've never contemplated let alone planned for, violence will escalate. Civil unrest will outbreak across our nation giving a strong possibility for martial law. Read about the recent repatriatization of an Army Brigade to the homeland here. I don't really think I want the Army "helping people at home"..
It makes me wonder what WILL happen next.
The best analysis I'm reading:
By Karl Denninger here.
By Nouriel Roubini here.
By Global Research here
By Jim Sinclair here
Finally, for some fun and to make a very important point with Congress, if you want to send Congress a bona fide Pink Slip, check out this great site:
http://sendpinkslips.com
Of course, the best pink slip of all will be your vote on November 4th - remember, the ENTIRE House of Representatives is up for re-election and we need to send most of them home...
-- Kristin
Labels: 2008 Election, Bailout, Politics
posted by Kristin at
3:31 PM
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