I’ve seen panic. I traded through panic in the late 90’s, as well as the late and early aughts. Panic isn’t a friend of mine but we sometimes see one another at the same parties. This sell-off is not panic. Not yet anyway, but we’re getting close.
Perhaps Obama should appoint Rick Perry as head of the SEC?
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Does that stupid nimrod have any idea where that bullet will go when he fires the pistol?
First, I’d be willing to bet money that there were no bullets in the gun, just blanks. No different than a starter pistol at a race.
Second, what does the story have to do with Perry? The guys a douche, but I’m not seeing the connection.
Damn shame that nasty little polesmoker didn’t have it under his belt aimed at his “man” parts when he cooked off a round. That way, at least, he wouldn’t spawn anymore of his ilk…
Eideard, I’m disappointed in you! Couldn’t you find a goofy picture of Boehner or McConnell or Cantor or some other congressional Repub.?
Or Obama or Pelosi or Reid or Geitner…
#4 – #2
Next time I bump into Eid I’ll have to tell him he overestimated how widely folks at DU read and keep up with Republikan politics.
Let’s see: who was preaching and praying about the anti-Christ this weekend?
Of all the nutballs on the GOP presidential dance card there are only 2 who get real serious over 666 – and don’t we see enough of Bachmann?
And Huckabee ain’t running.
#5 – you’re presuming people RTFA.
The plunge is courtesy of the Teabagger rookie Congress. They wanted to play Russian Roulette by holding hostage the faith and credit of the US Government credit rating on the debt ceiling – which had NOTHING to do with balancing the deficit not new spending.
The rest of the world watched the political brinksmanship with amazement. My hope is Teabaggers and the GOP lost their ass on wall street and hopefully their sheeple constituents woke from their hangover.
The other big credit risk is FAILURE to raise revenue to close the gap. A big snow job is taking place where the sheeple think the deficit equation only has one variable – spending. It’s a disgrace for political power gain. I hope people go to the street and get real fucking radical.
Never mind Perry, he’s campaigning for the Christian Taliban now with the anti-gay marriage government sponsored ceremonies. He has nothing to gain and nothing to contribute by focusing on the economy. His strategy is to come after the fire is put out and pick up some one liner the sheeple will follow.
It will go up tomorrow, that’s the “old saw”.
A greater than 10% decline in one day is the standard of trouble. This is just a churn and burn run by Goldman Sachs.
It’s official: With no new taxes, the rich, middle class and the poor’s money is now worth about 12 % less than it was before all the squabbling.
Not a “tax” increase. Just a net loss in value.
Good for them.
They really showed us.
Now it’s time for Operation Clean Sweep.
Next time you vote, either acknowledge that you’re voting for the people who did this to every dollar in your wallet ( Teapublicans ) or elect the ones who would have extracted this pound of cash only from the ones who could have afforded it ( Obamacrats ).
What I am waiting for is some democrat solutions. All I hear from them is whining, and all I see from Obama is non-leadership.
So democrats, offer some solutions without rhetoric or go fuck yourselves.
Yes, it has come to this point.
LotsaLuck #4:
Or Obama and Pelosi and Reid and Geitner…
#10 Agree with your general sentiment but the “..those knuckleheads in government..” whining is getting old.
The facts are on the table…
(1) We have a recession taking place and people are arguing the pros and cons of Keynesian economics. Time to put the fucking fire out by getting people back to work which is calling for public spending. No not starting another god damn war, but building a god damn bridge. The democrats have that plan.
(2) We have to pay our debt by raising the debt ceiling. It’s been done countless times before only because it’s law. It’s not even needed. So what happened? The Teabaggers decided this was a good time to play Russian Roulette and combine the debate of paying current bills with future spending. WTF? They should all be killed for treason and economic terrorism.
(3) We have a HUGE deficit. Fix it with both variables (spending and revenue), not one. Cut SS, raise Medicare thresholds, cut defense and raise taxes to what they were under Reagan.
I wish Obama would speak to American Sheeple in that plain language and tell Boner to fuck off or he’ll have something to really cry about.
(2)
What a bunch of sorry sheep you are. S&P said $4 trillion in cuts or downgrade. All your favorite pro wrestlers got out in their Armani suites and bragged about passing 1/4 of that figure. Guess what…? S&P downgraded. If anything you should be sucking the tea party’s dick because they actually said they wanted to cut that much.
Go ahead, keep blaming the pro wrestlers in that fever swamp on the Potomac. You all deserve what is happening to you.
“I wish Obama would speak to American Sheeple in that plain language…”
I do too and we could finally get rid of that ass. They never should have put a boy in a man’s job.
Gee, it seems the problem just might come down to a religious faith in Wall Street…the same ones who created this fucking mess, and were not held accountable. (Thanks, Obama). Anybody that would invest (sacrifice) their money to these crooks deserves what they get…
Cash it in, get out of debt, protect your assets with real assets, hunker down. Or go down with the ship…if you choose.
NOW we are worried about 6%??
remember that most stocks are own by RICH people.. the corps have 40-60%..ITS the corps PUSHING stock prices to GET MORE MONEY, that has made this possible.
The market was inflated over 20% to begin with..WHO cares for a SELF-ADJUSTMENT of 6%..
#1 He’s a republican, he cares not where he blows his load, nor where it lands.
#15 You DO realize you’re part of the problem, right?
We have a divided government for better or for worse but when it comes to bad times like this, I expect the mother fuckers in Congress to work with the executive office.
How you can celebrate the actions of the band of rookie teabaggers (or Teapublicans, which I just heard above) now in Congress is astounding.
#19 “You DO realize you’re part of the problem, right?”
That’s rich with irony. a pro wrestling fan bitching that someone else at the show is part of the problem.
I hope you enjoy the taste of ashes, because you and the other fans at the show are going to be chewing on lots of them…with no one to blame but yourselves.
>We have to pay our debt by raising the debt ceiling.
No, you don’t, but thanks for playing.
You pay you debt by making the scheduled payments.
Even if Obama would have gotten all the tax increases he wanted S&P still would have downgraded us. The ONLY way they were not going to, is to cut 4 trillion from the budget. Only 1 group of people actually proposed something that would have cut that much, and it was the tea party.
Only crazy people like Dallas, Bobbo, Obama, and Ried think they can tax their way out of this problem. But what do you expect from a party of big government, runaway spending, and absolute hate for capitalism.
#1 He knows the bullet won’t leave the gun because he is using a blank. You want to share any more ignorance with us?
#5 You are wrong. They aren’t worried about 666. They plan to get taken up during the rapture and leave _you_ to deal with Mr. 666. Have fun!
#7 You are wrong. Everybody with a working brain which is most people knew that a down grade was likely. Nothing has happened to the American bond market which is where the fall out should be if the down grade was the cause so that wasn’t it.
#17 Sure but if Obama plans to soak the rich and they just lost 6% of their net worth then soaking them isn’t going to work as well is it?
#15 If the rookie tea baggers had been given their way we would not have been down graded. On the other hand if the nut case in the WH, Harry R, and Nancy P. had been given their way all the ratings companies would have down graded us.
The bottom line is the US is going to default on some of their obligations because we don’t have and can’t get the revenue to cover all the bills that are going to come due. The most likely way to shaft those to whom we are obligated is the Greenspan plan which amounts to running the printing presses wide open and giving everyone their due in massively inflated/worthless script.
The response of our bond holders and our trading partners to this is going to be horrendous. Most likely off shore assets will be seized, and any and all future translations will need to be based on gold or some other medium of exchange.
An interesting economic solution was presented to me today, and I really can’t find fault in it.
A main premise of the debate is that we should not leave all this debt to our children, which implies that the younger generation is not at fault for building up the debt and leaving behind unfunded obligations.
Well, the solution id for the grown-ups to take responsibility for their actions, and pay the price for their bad planning and behavior.
We overspent while not properly funding the expenditures. We went to war while lowering taxes. We allowed a financial system based on voodoo economics to take hold. We built up the national debt. We underfunded Medicare and Social Security by not making the necessary adjustments to ensure solvency.
So here is the solution. We take responsibility for our actions and immediately cancel Social Security, Medicare and all other social services for those above 25 years old. Underfunded government pensions are cancelled. Those under 25 didn’t screw up the system… we – the older generation – did the bad deed. It is time to pay the piper.
(Essentially that is the Tea Party / Conservative position, except that they don’t want to pay for the system that they built and mismanaged.)
So it’s “time to start over”. No benefits for anyone, learn our lessons, rebuild the systems, and have our children, which we are so worried about, have a decent medical and social safety net in their old age. And we spend the money that we don;t deserve to get ourselves in infrastructure, education , and all those other things that will make for a better life for future generations. We suffer because we (as a society) royally screwed up, and we don’t pass the pain on to our children and grandchildren.
To actually have ANY reduction in national debt without raising taxes would require a reduction in expenses of 44%. If you eliminate everything besides military, Social Security and Medicare, you still don;t reach 44%. Any reduction less than 44% means that interest continues to accrue faster than the payoff, and the debt would continue to increase.
Of course, the economic repercussions of a 44% reduction would be catastrophic, sending the country into a holocaust level depression. The revenues would go down so much that we would not be able to fund even half of the remaining expenditures, so you can kiss medicare, Social Security and Military expenditures goodbye. TO say nothing of the social disaster that removing government from America would be… we might as well just become Somalia.
Anybody that thinks that we can pull ourselves out of this hole without a decrease in government expenses, plus greatly increased revenue from economic gains AND increased revenue from taxes has no idea what they are talking about.
lets say the every member of the teaparty that was for the war in Iraq(bet that was most of you) and going into Afghanistan without an exit strategy fork over $250,000 of there personal money every year we can’t find a way out better then the way we left Vietnam
no worries China will keep buying out debt because it is in their best interest its what keeps there workers working
Re: Rick Perry.
He is a liar. Plain and simple. He just got re-elected governor on the premise that he managed the Texas economy well, producing lots if jobs, balancing the budget, etc.
Under his leadership, unemployment went up just as everywhere else, just not as bad. After he got reelected we all of a sudden come to realize that we are $20 billion in the hole, and we would be $36 billion in the hole had it not been for $16 billion in federal money that he took to help balance the books.
In any case, ANY American Citizen that proposes that his state secede from the rest of America and form their own country is guilty of sedition, and has NO right to run for national office.
Rick Perry is a liar. Plain and simple.
How do you pay down debt without revenue?
The debt has been here for a long time. We need revenue to pay it off. Cutting spending helps to reduce future obligations but does nothing to reduce current debt.
We need to increase government revenue to get this under control. IDK, I’d pay a few percent more in taxes to go back to a government with a balance sheet like it had in the late 90’s. I’d rather spend a couple percent more in taxes on my wages than have no wages at all.
FWIW – The DOW futures, at 9:30 PM Central time, are down another 250 points to 10470. I had a “buy” order for the index at 10,500 which I put in yesterday as a joke because it was so ridiculously low, fortunately the order expired… I’m putting in another “joke” order for the DJ Industrial index at 9500… except that I’m not so sure that it is really funny this time… I’m not sure if I will own shares of DIA tomorrow or not… for the good of the country I hope my order does not happen.
Before you reduce the water the boat has taken in, first you need to stop the flow. We stop our drunken dependence on debt, THEN start repayment.
Fire all “DEBT LIMIT EXTENDERS”!
#21 You pay you debt by making the scheduled payments.
Wow! On that incredible Teabagger insight, I say it’s time for bed. My head is going to explode.