United States economy doomed …

[freedom]

Dear doom journal ...

today AIG annoucned that the 98 billion doollars given it was not going to be enough .... so as of today the goverment has reworked the loan terms to lend them 150 billion dollars ...


fannie mae informed the goverment that the 100 billion dollars given them was not going to be enough to stem their losses .. we will see how this plays out ....

is anyone seeing a pattern here ? we're WAY off of the mark in our bailouts ... what we belived was the bottom isn't , and the bailouts we've disperesed have not been sufficent ...

the us goverment hasn't even adressed the BIG three yet ...

we're getting our legs cut out from under us and it's not even the new year ...

i proposed a radical plan in an attempt to jump start the us economy ... so far the reception has been quite .. as i see it , it's our only alternative ... if we don't take drastic measures to save the retail sector then come the new year .... come the new year ........ i .....

 

[Gilding the Lily]

Dear doom journal ...

today AIG annoucned that the 98 billion doollars given it was not going to be enough .... so as of today the goverment has reworked the loan terms to lend them 150 billion dollars ...


fannie mae informed the goverment that the 100 billion dollars given them was not going to be enough to stem their losses .. we will see how this plays out ....

is anyone seeing a pattern here ? we're WAY off of the mark in our bailouts ... what we belived was the bottom isn't , and the bailouts we've disperesed have not been sufficent ...

the us goverment hasn't even adressed the BIG three yet ...

we're getting our legs cut out from under us and it's not even the new year ...

i proposed a radical plan in an attempt to jump start the us economy ... so far the reception has been quite .. as i see it , it's our only alternative ... if we don't take drastic measures to save the retail sector then come the new year .... come the new year ........ i .....

There is no reason -- nor any plausible conjured up reason -- to save certain entities within the retail sector. The market, and via the chapter 11/7 process, will straighten that out. Once retail entities have exited the market, other retailers will receive additional market share. It will be timely and painful, but necessary as part of a longer-term solution.

 

[freedom]

Dear doom journal ...


i'm now suffering from depression ..


Ah ... what can i say ? nothing more than doom , ahead and doom behind ... the us economy is now walking the plank .... after this years retail sales numbers are in .... WOOSH .... that's it , we're in the water ...

citi cut 53 k jobs world wide , 26 k here in the us alone ... and this is only the start ...

the bailout package for the big three may or may not happen , and they may or may not be made more efficient , but even if they are , their sales may end up worse and worse as each month passes ...

the GM effect of sales dropping by 50% from last years sales may begin to mirror many parts of the us economy ...

happy hour might be ended , i read it somewhere .. nooooooooooooooooooo...

not a damn thing i can do to save my country as of yet ... and for the occasional reader , when i say i'm depressed , don't worry about me , when i can't take it anymore i'll just stop checking the news and go back to a simpler existence , but until i can't take it anymore , i feel compelled to monitor the progress of the patient

 

[freedom]

Dear doom journal ...


I've left my smokes in the car ! nooooooooooo .... ah well , it's for the best i suppose , at least this way it will improve my health seeing as i won't have them handy to smoke ...


On another sadder note , looks like the big three are about to get a big SEE YA from the us goverment ... that senator who pointed out that the CEO's of these major companies flew in on private jets pretty much hammered the last nail in their collective coffins ... i saw excerpts from today's performance by the big three CEO's, it was so bad that even democratic senators would have to vote against this or risk it coming back to haunt them come election time ... After watching the news , it doesn't look to me like the CEO's or the workers of these auto companies are prepared to take the steps necessary to stop the bleeding ... while i hate to say it , i must , because if we give them 25 billion this month , they will be back in three months for another 25 billion ... so let them go to reorganization and fix their problems the way every company has to fix it's problems .

oh and the market dropped by 5% entering into the 7000 range today ... woo hoo!

 

[UAL_TECH]

Dear Doom Journal (inserted by another nut case).

DJIA dropped another 445 points (5.3%).
World Markets (as an aggregate) dropped another 3.5%
EU admits recession
Asia admits recession
MiddleEast is in recession
Russian Market is in the pits

Yea, another happy day...

B) xUT

 

[freedom]

i'm telling ya UAL .. charge up those credit cards baby! cause the fat lady is getting ready to take the stage ....

right now i'm regretting not having gotten more credit cards ..ah (sigh) will i ever get that 62 inch tv now ?


Dear doom journal

see above post....

but on a second more personal note .. i have failed to sound the alarm with my own people ... i have to wonder , what good is knowing we're walking into a full scale depression if you can't convince your own people to prepare ... i have had almost zero luck convincing my fellow baggage handlers just how dire the situation truly is .. the utter refutation of my position almost leads me to question whether i'm the one who's got it wrong ... ALMOST ... i just can't understand how most people cannot understand what's happening and what is most likely to happen here ... it's just beyond me ...

i've tired explaning how dire the housing affect is on the economy , i've then explained how job losses will lead to more forclosures brining down the price of homes ... i've explained how the goverment on a state and local level is essential broke .. but nothing ...

Have i fulfilled my duty to my co workers ? i've told them on more than one occasion how badly the econmy is going , i've already suggested that if people have stocks left to exit the market ... will anyone be able to say of me 6 months from now that i didn't at least try and protect my co workers ?i don't know , but i've reached the celling in my attempts ... if many of these east coast people would rather take the word of some Harvard educated economist over mine , a simple baggage handler , then so be it ... :down:

 

[UAL_TECH]

i'm telling ya UAL .. charge up those credit cards baby! cause the fat lady is getting ready to take the stage ....

right now i'm regretting not having gotten more credit cards ..ah (sigh) will i ever get that 62 inch tv now ?


Dear doom journal

see above post....

but on a second more personal note .. i have failed to sound the alarm with my own people ... i have to wonder , what good is knowing we're walking into a full scale depression if you can't convince your own people to prepare ... i have had almost zero luck convincing my fellow baggage handlers just how dire the situation truly is .. the utter refutation of my position almost leads me to question whether i'm the one who's got it wrong ... ALMOST ... i just can't understand how most people cannot understand what's happening and what is most likely to happen here ... it's just beyond me ...

i've tired explaning how dire the housing affect is on the economy , i've then explained how job losses will lead to more forclosures brining down the price of homes ... i've explained how the goverment on a state and local level is essential broke .. but nothing ...

Have i fulfilled my duty to my co workers ? i've told them on more than one occasion how badly the econmy is going , i've already suggested that if people have stocks left to exit the market ... will anyone be able to say of me 6 months from now that i didn't at least try and protect my co workers ?i don't know , but i've reached the celling in my attempts ... if many of these east coast people would rather take the word of some Harvard educated economist over mine , a simple baggage handler , then so be it ... :down:

Dude, you need a chew

B) xUT

 

[Gilding the Lily]

Have i fulfilled my duty to my co workers ? i've told them on more than one occasion how badly the econmy is going , i've already suggested that if people have stocks left to exit the market ... will anyone be able to say of me 6 months from now that i didn't at least try and protect my co workers ?i don't know , but i've reached the celling in my attempts ... if many of these east coast people would rather take the word of some Harvard educated economist over mine , a simple baggage handler , then so be it ... :down:

Freedom, it is engrained in everyone's head that you buy low - sell high. Everyone from the CEO to the professional dog walker knows this principle. If you tell people to get out of the market after it has been cut nearly in half, then you shouldn't be suprised if people look at you with nothing more than a curious but stupefied look on their face. You already know that I disagree with you, so we don't need to discuss the fact that I believe that *smart* investing in the face of others' fear is often a prudent move; but I did want to point out that I think why you are getting such a reaction is because your rhetoric often goes against every economic fiber that has been engrained in them... particularly if you start telling them to buy that 52 inch plasma on credit even if they knowingly cannot afford to pay for such luxury items. They see that as part of the problem, not the solution.

 

[freedom]

i wouldn't so much say we disagree as that we have two different trains of thought as to the future of our nation and economy ...

i would much rather think and believe as you do , that things will come back ....

but i feel the only thing the TARP stands for is something to put over the body of good ole uncle sam ...

The reason i'm telling people to exit the market and buy things on credit is because i'm quite confident that the market will not be getting back up ... it's going to go down like a ship ... so you might as well pull out what money you have left , enjoy it and charge up the card while your at it .. really live it up like it's 1999 every day baby !

When i wrote the us economy is doomed , i mean it's DOOMED , as in total collapse ... i know , people don't believe me because it's never happened before , so hence people think it can NEVER happen ... ah but it can , and it is ...

why look at what's happeneing to citi ... personally i think their stock is undervalued and that they'd be a good buy , so the fear should subside over the weekend and their stock should go up .... but if it doesn't and it goes lower , and the margin calls start .. they'd be pushed out of business and the credit markets would freez to sub zero once again ..

 

[700IAM]

i wouldn't so much say we disagree as that we have two different trains of thought as to the future of our nation and economy ...

i would much rather think and believe as you do , that things will come back ....

but i feel the only thing the TARP stands for is something to put over the body of good ole uncle sam ...

The reason i'm telling people to exit the market and buy things on credit is because i'm quite confident that the market will not be getting back up ... it's going to go down like a ship ... so you might as well pull out what money you have left , enjoy it and charge up the card while your at it .. really live it up like it's 1999 every day baby !

When i wrote the us economy is doomed , i mean it's DOOMED , as in total collapse ... i know , people don't believe me because it's never happened before , so hence people think it can NEVER happen ... ah but it can , and it is ...

why look at what's happeneing to citi ... personally i think their stock is undervalued and that they'd be a good buy , so the fear should subside over the weekend and their stock should go up .... but if it doesn't and it goes lower , and the margin calls start .. they'd be pushed out of business and the credit markets would freez to sub zero once again ..

infowars

 

[700IAM]

infowars

prisonplanet

 

[southwind]

Dear doom journal ...

today AIG annoucned that the 98 billion doollars given it was not going to be enough .... so as of today the goverment has reworked the loan terms to lend them 150 billion dollars ...


fannie mae informed the goverment that the 100 billion dollars given them was not going to be enough to stem their losses .. we will see how this plays out ....

is anyone seeing a pattern here ? we're WAY off of the mark in our bailouts ... what we belived was the bottom isn't , and the bailouts we've disperesed have not been sufficent ...

the us goverment hasn't even adressed the BIG three yet ...

we're getting our legs cut out from under us and it's not even the new year ...

i proposed a radical plan in an attempt to jump start the us economy ... so far the reception has been quite .. as i see it , it's our only alternative ... if we don't take drastic measures to save the retail sector then come the new year .... come the new year ........ i .....

The ONLY fix for the economy right now would be for "THE ANNOINTED ONE" to annouce " I will not raise taxes on anyone, nor let the Bush tax cuts lapse for 2 years!"

Of course this WON"T happen, because it is not a means to SOCIALISM ! :blink:

Would rather let the economy tank I guess, but then where is he going to get his money that he wants to redistribute !

 

[delldude]

I have already directed my economic team to come up with an Economic Recovery Plan that will mean 2.5 million more jobs by January of 2011 — a plan big enough to meet the challenges we face that I intend to sign soon after taking office. We’ll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy. We’ll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels; fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead.

We’ll put people back to work rebuilding our crumbling roads and bridges

With gas prices as low as they are....expect an immediate additional $1 fed tax/gallon to pay for this.

modernizing schools that are failing our children

Failing our children due to teachers unions.

building wind farms and solar panels; fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead.

Wind farms and solar panels don't do much with auto's and oil...Drilling does,and would really create long term jobs and growth...funny,no mention of drilling.

Expect thermostat limits for conservation at some time....they already do it in public housing....he's already is on record stating we can't have our thermostats where we do and be good neighbors in the world.

Expect extreme prices for electricity...this guy already is on record stating he intends to bankrupt the coal fired power industry...and the UMWA endorsed this guy.Nuclear power is the best choice for generation.

Expect an EO reversing offshore drilling....congress fooled us again?

a government that spends wisely, focuses on what works, and puts the public interest ahead of the same special interests that have come to dominate our politics.

With a party in power that's owned virtually by the Eco wonks ,I don't see how this will happen....this will be his first test in my book.

I hate using this as a source

 

[tech2101]

modernizing schools that are failing our children

Failing our children due to teachers unions.

I'll take that one.

What do teachers union's have to do with the lack of modern schools?

I hope you are not going to say they are overpaid.

 

[Gilding the Lily]

The ONLY fix for the economy right now would be for "THE ANNOINTED ONE" to annouce " I will not raise taxes on anyone, nor let the Bush tax cuts lapse for 2 years!"

Of course this WON"T happen, because it is not a means to SOCIALISM ! :blink:

Southwind, I think he will keep the Bush tax cuts. I think Obama is unlikely to rescind the Bush tax cuts; rather, he will likely allow them to play out until they expire by their own terms. Ever since the economic crises started to become mainstream discussion, I have noticed how Obama has been moving towards center on economic issues (See here about Obama delaying his Social Security tax rise and here about not rescinding Bush tax cuts). Unfortunately, I do not believe that is a "fix" as you claim; it is simply a measure that prevents more bleeding. It is hard to believe that it is the "ONLY fix," as it was already in existence during the crisis... we need more than just keeping bush tax cuts.