Dear Congressmen and Congresswomen: I heard from the news that the Congress is thinking about bailout measures for home lenders and borrowers. I already saw the Fed bailed out Bear Stern. I would like to express my concerns about this. When Japan's real estate bubble busted, US government, academics and Wall Street tycoons lectured Japanese that they should stop government intervention, let free market to work through the mess, let the bankrupted banks to fail and so on. When Hong Kong Monetary Authority intervened during 1997-8 Asian financial crisis, Wall Street hedge fund tycoons and western media cried about that Hong Kong was losing its free market economy. When the Detroit auto workers were laid off, Wall Street said let the free market to weed the weak to make US economy more competitive. Now, Wall Street is in trouble and Wall Street created the mortgage that makes US economy less competitive, suddenly they totally abandoned what they preached all these years and become the believers in the Chinese Communist prescription for Hong Kong financial market and cry for government help. By governmental bailing Wall Street out of the mortgage mess it created and benefited from, American "free market economy" preach will become a joke around the world.
The Gummint and Fed don't care about that. All they care about is keeping the circus in town until November so the incumbents can get re-elected.. regardless of the cost or damage inflicted.
I am sorry to say but the US economy is 40% communist and 60%market. And the FED (a private bank) has its friends. There is no problem whatsoever.
No matter what, you can't beat the banks. So stay with the banks. The fed is gonna bail us out, but they're not gonna bail out the shortists. Financials are going up up up and you can't fight the Fed. It doesn't matter whether it's a socialist or free market system. Quit your whining, be a man, and make some money. I don't think you even have the slightest guts to short financials. All talk and no action. bla bla bla.
Here we have some newbie who needs Fed to bail them out. To this kind of hypocrites: you better shut your mouth and stop talking about "free market", "human rights" because you are not going to honor it when it is your turn.
LuckyLee's trading experience is just 1 month. So he thinks the financials alway go up uP UP. The frog who lives in the bottom of a well thinks the universe is a cylinder with a blue light on the top.
Looks like day7793 has changed nick, again. Oh, well... By the way, I think the right title for this thread is "free racket economy".
Sounds like you've been losing a lot of money betting against the banks. Cover your shorts or be squeezed! I'm telling you for your own good - be with the banks and the Fed and you'll be fine. This is already the bottom. Look at the chart. Tomorrow is going to be a great bull run after the job report. The shortists try to crack the gains but the bulls manage to get even. The Fed is with us, what do I have to fear?
Isn't it more concerning if they do nothing? This housing market is a big problem for the US,the knock-on effects are endless.Faith needs to be restored.