Cutten, what the hell are you talking about!! Conservatives have run this country pretty much from 1970 until now. I am confused with this logic. Trickle down/voodoo failed but all I hear from conservatives is that we need a purer form of trickle down voodoo? Sorry give us back the keys the adults are driving the car.
Humm, OBAMA has decided to tone down the Gov take over of banks. Hummm could this be because RICK MADE MORE SENSE THAN THE IDIOTS WHO PUT OBAMA IN OFFICE? Yes, for all you liberal moron's on this site, You'r FUCKED even if OBAMA does not move towards bank takeovers, Because 90% of you jokers who spout out on this site, in favor of "OBAMA" don't have a pot to piss in. Wake up. Markets are reacting to the LIBERAL/SOCIALIST policy up in DC. So, keep buying into their bullshit. Soon, the very same 401ks that the "working class" has will be worth less than Sirius Radio, with the buy out at 18/20cents on the dollar. And of course, the Idiots will blame BUSH. Thank's OBAMA and all you ass clowns who voted for him. Now off to look at that new Camero. 38K and thats with it loaded. There is a waiting list of 2 months. Not sure If I'm gona pull the trigger on the car (Gun Metal Gray) but man, does it look nice for a US car. Of course I'm liking the carrera S4 Porcha....found a 07 for a great price at a local dealership.. A buddy of mine just picked one up a few months ago.....
I understand that people don't want to enter another great depression. I get why people have the desire to prop up prices to lessen the pain. However, artificial price constraints never work (my opinion), and they always lead to unintended consequences (my opinion). As for a new financial system, I think what the US has is pretty damn good if companies are allowed to fail. As opposed as I am to government intervention, this financial catastrophe shows that some government regulation of derivative contracts is needed. Furthermore, the ratings agencies (Moodys) should be shot dead for their failure to do any due diligence on mortgage backed securities. We need to take away the power of setting interest rates from the Federal Reserve. We need to make sure no company from now on is ever too big to fail. By the way, why has nobody set up a regulated exchange for credit default swaps so that these contracts can be traded with quotable prices? It would solve the issue of transparency. The thing is, I doubt the banking system would like it as it would show everyone just how many banks are insolvent. As for bailing out individuals, it is really hard for me to swallow as well. Except in the cases of mortgage fraud, I cannot stand the notion of rewarding reckless financial behavior (in the form of taking on a mortgage that could not possibly be repaid). It seriously makes me want to vomit. The fundamental problem comes back to prices of houses. And the housing bubble has burst and there is no way you can go back in time to get those prices. You might be able to amortize the pain over a long period of time, but somebody is going to have to pay.
Hey Hotshot! Porsche doesn't make an S4 carrera...it's a 4S...and while you're at it, you can pick up a turbo for the mistress. Santelli said nothing about toning down Bank nationalization talks. Believe it or not, national policies aren't based on rants made by blowhards. And what is your brilliant policy? What has Obama done so far that's worse than Bush did? Don't get me wrong, I didn't vote for the guy, but he's done nothing but work on fixing this mess. The only sad thing is that delusional, "wealthy" idiots like you won't shut up nor stop pulling others down. Feel free to reply with a logical, coherent argument. I'll be waiting.
Imagine the world where there is.... No War No Homelessness No Crime No disease No Hunger No need to buy or sell No act of Nature...nothing that could affect the world in a bad way/ Only peace and tranquility....No harm could be done, but ONLY good could be produce. Lets all be grateful that the world is not like that. Lets all be grateful that there is chaos even as we live today with all the "toxic" in the system. Granted some situations are extreme (like now) compare to other times but without it, there would be no trading!
This doesn't apply to those of you on both sides of the political spectrum who have well-thoughtout response. But to those of you who carry old prejudices and who are grinding old political axes, get up and look around you. For God's sake, you're traders. You're supposed to understand business. Things aren't looking good for the system we have right now and it may be time for something new or, maybe, as one poster said, just some regulation of derivatives. But squabbling about the same old tired ideas is small minded: NEW YORK (Reuters) - Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis. Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union. He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system. "We witnessed the collapse of the financial system," Soros said at a Columbia University dinner. "It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom." His comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama. Volcker said industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain. "I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world," Volcker said. (Reporting by Pedro Nicolaci da Costa and Juan Lagorio; Editing by Gary Hill) Fair Use.
It only shows that Mr. Santelli has a reading or hearing difficulty and a blotted ego. He speaks for the people (traders) who got us into this mess and not the majority of American.
SORRY, KNUCKLEHEAD. The Federal Reserve under Greendick got us into this mess by creating a credit bubble through "loose" monetary policy. If you don't like BOOMS & BUSTS, you need to abolish the central bank. DIdn't you take economics? Santelli *IS* the man. I'm not just saying that b/c I work in the Board of Trade & he's a very nice guy aside from possessing great acumen. We're creeping towards socialism & the gov't is spending YOUR MONEY, $2 Trillion worth on what is a $10 Trillion problem. Not a trader? Too bad for you. OH, and if you didn't like high oil prices, blame the rabidly bellicose nation of Israel. THey're the ones who are doing all they can to lobby the Americans to bomb a major oil producers & send crude to $150. WHy do you think crude went to $150? Traders are only messengers. Sorry to tell you but it's true. We find the "correct" price of things & that's our job, to keep the mkt efficient. LOOK, I'll finish with this: The majority of Americas are good, honest, dedicated, God-fearing people who only want a degree of financial security & hope for their families. Unfortunately, the majority of Americas are ignorant on matters such as money, finance, geopolitics & power. If the majority of Americans knew what I know, there would be bodies hanging from trees before tomorrow morning. Good luck to you. (Really!)
Unless you speculated on housing and got burned and want mommy to bail you out, I can't understand why anyone would take issue with Santelli's comments. Bailouts 'r us - it's a joke and a disgrace.