On Mon, 17 Mar 2008 12:39:22 -0400, "John" wrote:


"John H." wrote in message
.. .


Oh yes the conservatives do such a better job with the economy and the
national Debt....

Greenspan: Dark Days Ahead for the Global Economy

Those hoping for better news about the state of the U.S. economy-not to
mention the bigger picture-aren't going to hear it from former Fed chair
Alan Greenspan anytime soon, judging by his ominous forecast released
Monday.
"The current financial crisis in the US is likely to be judged in retrospect
as the most wrenching since the end of the Second World War," Greenspan said
in a Financial Times commentary.

"It will end eventually when home prices stabilise and with them the value
of equity in homes supporting troubled mortgage securities," he said,
referring to the meltdown in the US subprime home loan market and subsequent
massive losses for the banks holding the debt instruments.

"The crisis will leave many casualties," he said, his remarks coming after
Bear Stearns, the fifth largest US investment house collapsed Friday and was
taken over by JPMorgan Chase for a fraction of its value of only a week ago.

Read more

http://www.france24.com/en/20080317-...&navi=ECONOMIE

Our printing presses for money are working overtime and there is nothing to
back up our dollar. We are going to see the closest thing to a depression
since the 30's. Inflation will grind us to pulp.

Bush, the progenitor of this abomination will skate free and leave
devastation in his wake. There is no reckoning. No accountability.
Pity.



Well, perhaps the damn Democrats shouldn't have pushed so hard for getting
everyone in a home.

Maybe they'll learn. We'll see.

Your comment, "We are going to see the closest thing to a depression
since the 30's. Inflation will grind us to pulp," is typical of the
chicken little Democrats wanting the economy to look much worse than it is.

Note Greenspans words on the ending of the current situation. Then stop
whining.
--
John H

On Mon, 17 Mar 2008 15:55:27 -0400, "Eisboch" wrote:


wrote in message
...


It isn't just Congress, it's us. We have a Governor here in NJ, who is
trying to fix our budget mess. Everybody is squawking. They all want
the other guy's pork to be cut, not theirs. We are all feeding at the
trough.

Yup. And people who bought houses with interest only loans thinking they
could "flip" it in a couple of years at a big profit are now blaming Bush
for the mess they are in.

It could have just as easily been Clinton at the helm. People like to blame
everyone else for their own screw-ups.


Eisboch


Thank you. A little honesty is refreshing, even if it will **** off some
liberals because it implies that personal responsibility is a good thing.
--
John H

On Mon, 17 Mar 2008 21:33:50 -0800, "Calif Bill"
wrote:


"Eisboch" wrote in message
m...

"Short Wave Sportfishing" wrote in message
...


Look - everybody was looking for a quick buck. The brokers, the home
buyers, the securities industry - it was a classic bubble. Everybody
was buying into the never ending increase in real estate prices.
Nobody in Congress saw it coming and the securities industry was on a
huge roll with complicated securities and derivatives. I saw a
prospectus in 2003 for a SIV which was 132 pages long - that was the
detailed base agreement. The CDO squared attached was 281 pages long,
the CDO cubed was 857 pages long, etc. It was sliced and diced and
leveraged to such an extent that you couldn't understand the base
economics. Yet, they kept selling the products and morons kept buying
the products.

That's what did everybody in - greed on the loan broker's, greed on
the home owner's and greed on the securities people. Nobody saw it
coming because nobody understood it.

Somebody had to take the hit. Bear Sterns took the hit - that's
business. They, and their employees, got bit in the ass. That's
life. Financial planners tell people over and over and over - never
ever believe anything you are told - look at the fundamentals, do your
research, figure not on the best that can happen, but the worst that
can happen. Balance that risk against your ability to take the hit if
everything goes teats up. If you can stand to take the hit, then
balance that against the upside potential in terms of percentage of
gain against percentage of loss. Then make your bet.

If there was one single aspect of this whole mess, it was this.
Everybody thought they were the casino, not the mark.

Whoops. :)


Well put. ........ ( I think.)

Eisboch


And the same thing happened under the former administration. Unbridled
greed in the tech securities market. Buy an IPO and sell it in 3 months for
10x profit. Where was the Fed and the SEC in controlling the Ponzi market?
Seems as if no one in government paid attention to history.


Wasn't that bust in the market Bush's fault? Damn, maybe I should quit
listening to liberals.
--
John H

On Mon, 17 Mar 2008 17:04:01 -0400, "John" wrote:


wrote in message
...
On Mon, 17 Mar 2008 11:09:21 -0800, Calif Bill wrote:


It isn't just Congress, it's us. We have a Governor here in NJ, who is
trying to fix our budget mess. Everybody is squawking. They all want
the other guy's pork to be cut, not theirs. We are all feeding at the
trough.

Exactly correct - both parties do it, the biggest difference is where the
pork goes and the size of it. The democrats flip pork to infrastructure
type companies - which by the way does create jobs. Republicans flip the
pork to the MIC and oil companies - this did not start with Bush.
Size difference - how loud would you conservative type folks screamed if
Bill Clinton simply GAVE 12 BILLION in CASH to his favorite supporter? That
is exactly what Bush did, he flew 12 billion in cash into the open waiting
hands of he military contractors. Our troops did not have Armour for their
humvees or body Armour - but military contractors got 12 billion in cash...

http://www.vanityfair.com/politics/f...billions200710

http://www.globalpolicy.org/security...9appalling.htm


Yeah, you're right. Democrat pork is good pork, Republican pork is bad
pork.

Jeeeez.
--
John H