Politics and Whatnot…

Posts Tagged ‘Wall Street

Good God! Bailout Fails, Stocks Plunge

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Courtesy of Shattermatch:

Apparently it is all just politics to these assholes. In a stunning defeat The House of Representatives failed to pass a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry. Stock markets plunged in the U.S. and around the world in reaction to the news. Wall Street was down nearly 700 points at one point as the rumor began to spread that the bailout bill would fail.

Full story and coverage here.

Written by gripedujour

Monday, September 29, 2008 at 12:14 pm

McCain Playing Politics with Not Playing Politics

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Let me explain. Obama called McCain at 8:30am this morning to suggest he and McCain issue a joint statement with regard to the current economic meltdown. Stung by recent polling that shows him getting his ass kicked, McCain took six hours to respond to Obama and agreed to the idea of a joint statement. MINUTES later the little bitch took to the podium himself calling for what? a pause in campaigning and desire to work with Obama in a bipartisan way to solve the economic crisis.

In other words, he stole Obama’s idea, came out to the press solo and made it look like the whole thing was his idea.

In addition, McCain is crying uncle on the debates, knowing full-well he’ll get his ass kicked this friday with the nation so entirely focused on economic issues. Although the debate is to focus on national security, look for the questioners to turn every “national security” question into an economic question. That’s a debate McCain will lose. As such, he don’t want to play.

If the Obama team falls for this stupid shit and agrees to postpone the debate, they deserve whatever they get…

Written by gripedujour

Wednesday, September 24, 2008 at 12:53 pm

Yikes. Krugman Hates “The Plan”

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Allow me to summarize what Paul Krugman has to say about the proposed Bush bailout: It Sucks.

Among his points: That a $700 “bailout” basically consists of the government buying up $700 billion dollars in bad assets (i.e., mortgage back securities). Krugman believes that while that may, emphasis “may”, break the cycle of deleveraging going on on Wall Street, that the real solution is to provide more capital to the system. Under this idea if we are to be providing capital to Wall Street we should get an “ownership” share so that if the plan does work the gains don’t just go to the people who made this mess in the first place.

Interesting point.

Full article here.

Problems is, see this post, here.

Written by gripedujour

Monday, September 22, 2008 at 2:54 am

Posted in Politics

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I guess it was inevitable. People are starting to fiddle with the proposed bailout plan of capitalism. The Times is reporting this morning that Democrats, Republicans, and even financial companies are all beginning to lobby for what they want out of the upcoming bailout. Half of it doesn’t sound half bad: Oversight of the Treasury Dept., guarantees that any profits from the new program go directly back to the Treasury, etc.

Problems is, markets, all markets, are tenuous at best right now. If there is even the slightest hint that the Administration and Congress cannot make a deal, or even that a deal may be delayed due to squabbling, it could be devastating to market confidence.

Full story here.

Written by gripedujour

Monday, September 22, 2008 at 2:43 am

Gilded Age Officially Over

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Goodbye to All That…


You may have thought that the credit crisis or the subprime meltdown signified the end of the modern gilded age on Wall Street. You may have thought that the collapse of Bear Stearns, Merill Lynch, AIG was the end. You may have thought it was last week when the U.S. Government decided to bailout capitalism to the tune of $700 billion.

You’d be wrong.

The New York Times is reporting this morning that Goldman Sachs and Morgan Stanley are requesting, get that: requesting, to transform themselves into bank holding companies that will be subject to far greater regulation, close supervision by bank examiners and other government agencies. This means that the last two independent investment banks on Wall Street are throwing in the towel on the old way of doing business (wasn’t “old” until last week). It is, in fact, a “blunt acknowledgement that their model of finance and investing had become too risky and that they needed the cushion of bank deposits that had kept big commercial banks like Bank of America and JPMorgan Chase relatively safe amid the recent turmoil.” According to the Times.

Goodbye to seven-figure bonus and “lavish perks” for midlevel executives and hello to a Wall Street the way it was prior the great depression. This is the end. There is no more separation between investment banking and commercial banking in the United States.

Read the rest of this entry »

Written by gripedujour

Monday, September 22, 2008 at 2:35 am

New York Times Rooting Against America?

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Take a look at the front page of today’s New York Times:

Do you see? They’re not even “reporting” on bad news, now they’re speculating on the “possibility” of bad news. What isn’t there enough actual bad news in the world today, that they have to start guessing about the possibility of future bad news?

Could those ass-munching jerkoffs on the right-wing be right? Is the finest newspaper in all of America, perhaps the world, anti-American? In these perilous times how the fuck could they possibly dare place such an irresponsible headline on the front page of their Sunday edition?

WE, the American tax payers, each and every one of us, are putting up nearly a trillion dollars to rescue capitalism and the American way, and the New York Times is already saying “What if it doesn’t work?” before it even goes into effect!

If only these spineless ass-wiipes had feautred this kind of story PRIOR to the Iraq war, maybe we coulda all saved a trillion dollars, not mention over 4,000 American lives. But no. As I said maybe they really do hate America.

“But Will It Work?” Are they fucking kidding me? Want an example of how irresponsible that is? Try this:

  • George Bush, Collie Molesting Drunkard?
  • The USA, freedom hating assholes?
  • Russia, commie loving fucktards?

See, you can put a question mark over anything God damn thing you want and call it “a story” or “journalism”— It don’t fucking make it so (‘cept the one about George Bush. I’m pretty sure he does molest collies). The front fucking page of the fucking New York Times is for FACTS, not idle spectulation— especially when the fate of our nation hangs in the balance.

Written by gripedujour

Sunday, September 21, 2008 at 8:22 am

Bush Dines on Lobster While Capitalism Melts

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Where the fuck is George Bush when the economy was melting into the ground? Why, dinning on Maine Lobster, late-summer corn pudding, ginger-scented farm lamb, and graham-fucking-cracker crumble with a cocoa pod shell. Hope he didn’t dribble any on his pearly white tuxedo.

Yeah, on Monday when the market crashed Bush was dinning with the President of Ghana as yuppies all over the planet were drowning in red ink. (I guess Kanye West was wrong. It ain’t black people Clown Shoes doesn’t care about— it’s everyone.)

And oh yeah, after dinner they all went down to the east lawn and in the moonlight watched eleven members of the Lion King sing a few fucking songs for them. (No lie.)

Here’s the best part: Bush’s toast for the president of Ghana was 383 words long. When he came out to address the financial crisis yesterday afternoon his statement was 263 words long. (Priorities and all that, I guess.)

Remember when those planes hit the World Trade Center on September 11 and this dickhead sat reading a children’s book? It’s kinda like that.

Remember when Katrina drowned New Orleans and this asshole didn’t do shit for days? It’s kinda like that too.

And this fucking political party seriously thinks they deserve four more years to further fuck up this nation, dine on Maine lobster, read fucking children’s books, and sleep like babies as our nation is ravaged by terrorists, biblical acts of God, and the end of capitalism as we know it? I don’t fucking think so.

Fuck these assholes.

Written by gripedujour

Friday, September 19, 2008 at 8:48 am