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Geee, I almost miss Bush…
Let me make this clear. This country is in a DEPRESSION. That’s spelled D-E-P-R-E-S-S-I-O-N.
Why is everyone afraid to SAY it?
Ok. We are in a depression. We have a President who is spending Trillions of our dollars. That’s TRILLIONS.
I did not vote for him, and I am sure those of you who did are very pleased with his actions. Apparently, the stock market is not.
What a lot of people seem to forget is that George W Bush created a lot of the problems that Obama must now rectify…. 8 Years of total mismanagement…. Yes Obama’s budget is in the Trillions…. but if the Bush regime had been honest, his last couple of budgets would have been in the trillions as well…. that said, Obama is doing what needs to be done, certainly only focussing on rescuing Wall Street and those who caused the current financial disaser is not going to solve the problem…. even with taxpayer money the bonuses keep flowing and no real accountability has come from Wall Street… Yes it’s looking a lot like a depression, but the new guy has only been on the job for a little over a month, the real problems originated in 2000…. and Obama has done a lot more to calm the fears in International markets than the previous gang did in 8 years….. It’s my opinion that Obama deserves a chance to implement policies that Bush and co. were unwilling/unable to implement…. The first good sign is the end of NO-BID contracts that have cost the USA more than anyone will ever know….
#3
I usually try to stay out of political discussions mainly because I realize that it is a huge waste of time. I don’t side with any party because no one will ever be 100% correct but even I know that problems started LONG before 2000. You can live with cancer for a long time before you ever know it’s there.
Obama is doing the only thing he can do right now. He did inherit a mess. What would Bush be doing right now? I’m curious.
#6 Bush would be doing exactly what Obama is doing right now, probably with even less accountability if he’s true to form.
wANT A FORCAST..
Just before summer starts..BUY.
LESS then 1 month later… SELL.
END of summer, JUST BEFORE the schools sales..BUY
END of November…SELL
#3 deanchartier
I will cut you some slack because obviously, you are only 8 years old.
1977: Jimmy Carter signed the Community Reinvestment Act which started us down the slippery slope towards the subprime implosion which is Patient Zero on the route to the total destruction of the financial system.
1987: Alan Greenspan was appointed head of the Federal Reserve. Policy became steadily more accommodative to the point where the FED mastered the art of bubble creation whether that be real estate or asset prices.
1999: Bill Clinton repealed Glass Steagall. This was the beginning of the end of deregulation which put commercial banks into direct competition with investment banks. Major bad move.
2000: Commodity Futures Modification Act of 2000 signed by Bill Clinton, pushed along by Gary Gensler who has been resurrected from the Clinton Administration and now serves as the newly appointed head of Obama’s CFTC. This abomination gave rise to the Enron loophole, ultimately leading to the commodity swaps game which gave us $147 crude last July.
2003 Barney Frank opined publicly that Fannie and Freddie faced no crises and railed against regulating them.
2004 Repeal of Net Capital rule approved by SEC headed by William H. Donaldson. This kicked off the leverage game in whose wake we now struggle to survive. Of the 5 investment banks that took advantage of this repeal, Bear and Lehman failed, Merrill flopped and the two remaining IBs, Goldie and Morgan Stanley, are now commercial banks.
I won’t give you any more details for the nonce as I am certain that that 8-year old mind of yours can’t process too many FACTS at the same time.
Let everything fail and then rebuild from what’s left standing. We’d be better off funding FDIC to cover all the individual depositors instead of throwing money at poorly run banks. We’d be better off simply giving money way to affected people instead of creating another government program to “solve” a problem. *sigh*
4,
WHY ARE YOU Pressing off your FEARS onto a person that is Probably MORE capitalist then you are.
You dont know what OBAMA is going to do, and the PORK was added by OTHERS.
AND I will debate you on when the market STARTED messing up and when they CRASHED..
They crashed BEFORE obama did anything.
They started having problems 4+ years ago, when you read the Profits from XMAS..and stores not meeting their OWN MARKS..
Obama didnt START the banks, into making ODDBALL mortgages..10-15 years ago..THAT was a bubble that FINALLY POPPED..
BUSH applied a 25% tariff on WOOD from canada despite NAFTA..
MEGA PROFITS DONT LAST LONG WHEN THE CORPS ARE KILLING OFF EMPLOYEES.. ask yourself the price of goods and services if ALL the employees work in India..
CORPS depending on STOCKS, are stupid.
#9 — Your buy-sell strategy will probably work!
I once had respected Cramer and his market sense, but then the bubble burst and he was worse than most on predicting it. In fact, he fought the guy who was correct in predicting the collapse.
Cramer even kept hawking Bear Sterns until the day it died. So I don’t have any respect for him or his analysis anymore.
ECA, you said “You dont know what OBAMA is going to do, and the PORK was added by OTHERS.”
So what? Obama made promises that there would be no pork, and that the processes would be transparent.
This hasn’t happened. Nor it is likely to every happen.
The Pork Package was a spit in the face of Obama by “his” own party. Pelosi, Reid and company put this monstrosity together and muscled it past Obama. Obama was like the little kid watching his bike get stolen. Didn’t like it but couldn’t stop it either.
So who is really in charge of the Democratic Party? Obama may be the figurehead but someone else is piloting the boat.
#11–Silk==I like your review but for my education- – – did Raygun not do/fail to do anything that contributed to the current state of affairs?
I haven’t come across anything “specific” or regulatory but you should have.
Obama does concern me because he hasn’t focused (like a laser beam) on job creation. Now, if this first bailout is just a warmup and bailout #2 does concentrate on green energy, healthcare, infrastructure, diplomacy over the use of military then he will have turned a page on this Depression/Reset we are entering.
I think this is more an ECONOMIC RESET because to me a depression means we go into with one philosophy and come out of it with pretty much the same philosophy. I don’t think that can happen today, hence a RESET. The USA has to come to terms with our decline in manufacturing and our inability to act unilaterally in the world. We have the POWER to do so, but not the economic base to do so. I don’t think Obama has quite this world view, but unlike BushtheRetard, I think he will learn/change during this crises. Unless like Bush, he’s a theocrat as well.
Cramer did not freak out. Simply wrong about Obama being responsible. Even with that gross error, still much closer to the mark than Goody Two Shoes next to him.
I just wish we would recognize that the new warfare is economic based and the soldiers to kill/land to win is JOBS.
Free trade on an unlevel playing field is moronic yet that is what even very intelligent people think. Thank god I’m not an economist, just a realist.
>the end of NO-BID contracts that have cost the USA more than anyone will ever know….
The cost is at most the total value of the contracts.
This is where you think the blame lies.
The economic problems started under Bush and in some cases like with housing and bank failures earlier, however that doesn’t explain a continued market drop. Those higher tax rates and trillion dollar deficits are not providing confidence. At some point the bond market is going to demand higher rates too.
Well, it’s like that old saying: “any pork in a storm”, eh?
This isn’t a superficial recession.
We exported our manufacturing sector (THE MUSCLE).
We jacked up on banking/finance/service sector (THE FAT).
And then we realized this fictional sector of the economy doesn’t actually produce anything — not unlike lawyers.
And now there is no need for those jobs.
Welcome to fictional economy 101. It’s like when the dot-com bubble burst, except it is unneeded finance/service jobs instead of tech jobs.
#15, Ah, Yea,
So what? Obama made promises that there would be no pork, …
Can you show us where he promised there would be no pork?
… and that the processes would be transparent.
And he tried to make it as transparent as possible. They even removed CEO wage caps to sooth the Republicans, and made several other concessions, only to have the Republicans turn their backs.
#19–HMyeres==I like your analogy, I’ll just tweak/comment a bit on the fat. A country only needs a very rudimentary/basic banking system. Simple to understand/run/regulate.
What has us in trouble, and that we are trying to save is beyond fat. Its crack cocaine. Pure economic gaming/gambling and totally not required, was outlawed in fact and should be again, in a healthy complex society. Credit swaps on securitized debt instruments???? Thats not banking–its capital extraction by a criminal few.
No need to bail those criminal out, but what else would we expect criminals to do?
#11, Silky,
1977: Jimmy Carter signed the Community Reinvestment Act …
So what? That actually helped the economy and Americans more than anything else. Private home ownership has done more to revitalize slums and depressed areas than pouring tons of cash in.
This was no slippery slope. It was the affirmation that if a bank had a branch in an area and took deposits, then they must also be prepared to make loans to people in the same area. The practice up to that point had been for banks to take poor blacks money on deposit but not lend it back to them. The CRA said that banks may not discriminate. If they would make a similar loan somewhere else, they must also make the same loan here.
1999: Bill Clinton repealed Glass Steagall. This was the beginning of the end of deregulation which put commercial banks into direct competition with investment banks.
Not exactly. The Republican Congress passed the Gramm-Leach-Bliley Act. Clinton signed it. This was not Clinton’s bill, it was Phil Gramm’s.
>i>Commodity Futures Modification Act
Not a good thing.
2003 Barney Frank opined publicly that Fannie and Freddie faced no crises and railed against regulating them.
Very true. As did several Republicans. The FMs actually didn’t have much of a problem until the Bush administration forced them to start buying toxic paper in January 2008. Until then they were pretty sound. They were regulated and the cry was to change the regulator to the Secretary of Treasury from the OCC.
2004 Repeal of Net Capital rule approved by SEC headed by William H. Donaldson.
Again, very true. But done by the Republican Congress and signed by the Republican President.
The past eight years though have seen a lack of oversight in ALL areas of government. From the SEC not investigating Madoff, the FDA supervisors hindering investigators, the Pentagon not enforcing the No-Bid contracts, and the State Department signing off without even looking to see if the work was completed.
I can’t help thinking that Cramer is a Boss Limbaugh Lite.
@Bobbo
“What has us in trouble, and that we are trying to save is beyond fat. Its crack cocaine.”
I find it rather annoying that some people in the media want to portray this downturn as a simple and short term problem.
Oddly enough, if Obama administration does anything to rectify the banking and investment sector (and how can’t it?) a lot of this fat goes away.
Notice the connection between a banking oriented economy and bankruptcy filings. A industry built on abuse obviously was going to result in a lot of bankrupted consumers. It was horseshit.
Same goes for the other behaviors you noted in investment.
And those jobs don’t provide a real service, they just increase the costs of doing business. Nice!
#25, Meyers,
I think the media is seeing this as a more long term problem. It is the Republicans that are saying it is a short term problem.
The rest of your post is right on.
Fusion, sometimes even when I know you’re blind to the truth, you amaze me.
Are you saying Obama never said he would eliminate pork?
This must be a plain lie, you have lived under a rock for at least a year, or you are insane.
For anyone else’s benefit (because I cannot convince an insane person of the truth), here is an answer.
http://tinyurl.com/ckdor2
http://tinyurl.com/bw9bv4
So again, I say “Who is in charge of the Democrats?”. Hint, It’s not Obama.
If only the Democrat leaders had warned the nation about the “obvious” depression that was coming at the end of Bush & beginning of Obama, they could have at least rescued their own investments.
RBG
Cramer needs to find a tall building and jump.
Conspiracy theory for Adam Curry: Everything started falling apart when they realized that Obama was winning over the democrats. As it became more clear that he was going to win the nomination, they got worse. as it became obvious he was going to be the next president the ice cracked. He gets elected and the “bottom” falls out from under us. Coincidence? They all knew the economy was tanking for years, think things would be this bad if McCain got elected? The biggest problem that I’ve heard repeated over and over is that the banks aren’t lending, they’ve stopped the credit flow. Would they be doing the same thing if Hillary had won? Just too much “coincidence” for me.
Cramer has the book knowledge for what he does, just not the common sense for it. If he did, he wouldn’t have been fighting to remain optimistic for so long in the face of reality. He has just figured out the sun is rising and he’s starting to crow. He needs to be fired, like Limbaugh, for stating the obvious and blaming the new kid for being a jinx.
The press secretary is a little goofy but he stands by his man 100% like Horton the elephant!
bobbo, silk, hmyers, confusion and anyone else that thinks this is a Republican OR Democratic created problem:
This is a bipartisan CLUSTER *&^# !
#11 Silk, you didn’t quite go back far enough. This whole mess started when land was stolen from the Indians.
#29 Ah_Yeah
Mr Fusion would never let facts like what Obomba actually said and promised get in the way of a reasonable argument.
In office less than 2 months and now everything that has been brewing for the last 10-15 years is Obama’s fault. Simply amazing.