November 24, 2008
Things are really starting to fall apart now with the Fox Business News "experts"
I guess 10% isn't in the bag anymore.
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I guess 10% isn't in the bag anymore.
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I hate to agree with FOX! NEWS!, but seriously - why does anyone think GM can climb out of the hole they dug for themselves? If GM had a viable plan for the future, they would be flooded with private investment. But they don't.
Would it be a devastating blow to the economy if they went away? Absolutely. Should the US taxpayer extend a lifeline to a company which has already drowned? I'm thinking there should be a better alternative which does something positive for the nation.
May you live in interesting times.
Every last worker needs to be able to enter a lifeboat at GM that will allow them to find reemployment at a new industry. That's going to take some time.
Saving GM is not worth it. Use the bailout money for unemployment insurance until the Markets develop new technologies that are worth investing in. Then there will be work again for the unemployed workers.
Paying GM to keep them employed is like paying twice or three times. It's much cheaper to let them all go on unemployment every last one of em.
The market will find a use for these workers once these big dead whales are off the beach.
Right now they're just trying to figure out how to remove them and they are thinking the best way is to blow them up.
Anyone see that youtube video of them blowing up a dead whale on a beach thinking it would just get rid of the problem?
Well they did and when that sucker went up in the air, a few seconds later, all that whale blubber came raining down on everybody there, the biggest chunk hitting a car and causing some serious damage.
We'll all be running from the rain of whale blubber in a few more months. Bailouts don't work.
Give the money directly to the people in the form of unemployment insurance and let the new technologies emerge. They'll all find work again and will be willing to work for a little bit less to ensure that they have a job over the long term for a better company.
Lock those two in a cage and let them scratch each other eyes out!
Wailt till they need to make food out of thin air.
Can that actually happen?
Hmmm...
Me thinks...nope.
Oh well - Enjoy the DIE OFF...
Dylan - It's a Hard Rain Gonna Fall...
Sweet pick Keith...wonder who suggested that one?
Inquiring minds want to know.
I feel like punching Ben stein.
Is he not supposed to be some sort of smart guy . He is so blind it's scary,his highly valued opinion should have been laid to rest after he could not have been more wrong on his take on the housing market.I place him on the same pedestal as my personal favorite, Mike douche bag Norman.
Where do they find these clowns and what qualifies you to be a financial pundit besides a heartbeat
. . and can somebody remind me how recently it was that Ben was recommending bank stock.
What a dick!
How they hell is he STILL on TV - he should be pelted with eggs. Live on TV.
Fox Business is so crap.
When Schiff was on it was at least funny, as the idiots chuckled at him while he stated obvious truths.
But seriously who wants to watch a show when the damn host does most of the talking and yelling. Why not let the supposed "experts" speak?
Just looked at the new poll. I picked Great Depression II.
The easiest way to start that would be to let GM and Citi fail. Let em burn.
You know, it's not like GB II would be the end of the world. We'd all be a lot poorer, but maybe happier because we wouldn't be running around killing ourselves.
THIS passes for 'fair and balanced NEWS?
Shameful and a disgrace.
America, Turd World Nation of Nothing.
BOHICA
Wow, I used to like Ben Stein. What a DOPE!
He should have stuck to what he was good at: Playing the boring teacher on Ferris Bueller & the Wonder Years and being a game show host on Comedy Central.
Is he trying to sound stupid? Sometimes I think FOX! plays that game with its idiot viewers. The MSM is out of control. I still love Mark Haines on Squawk on the Street however.
A 14.25% wealth tax on all individuals and trusts over $10M would pay for this bailout nicely.
Ben Stein is a fool. The only reason that he's on Fox News, or has a published column, at all, is because of his celebrity as a actor.
(Same goes for Wayne Rogers, who's not such a fool.)
Did anyone read Ben's opinion piece in the NYT's yesterday? It made you think a little.
But the more I thought about, the more it sounded like the same old market trader/analyst genius talk.
He advocated a money bomb, or else we'd be in GD II.
Hey Ben it was people like you who held a gun to our heads about:
- the Fed lowering interest rates
- bailing out Bear Sterns, FredFan, AIG
- homedebtor incentive and modification bills
- TARP.
You said they'd better happen or else.
Guess what? It's still happening. Thanks for nothing.
The Government is on the hook for the insured Retirement funds anyway
because they let the Corporations underfund those accounts .
The Politicians brought on this disaster by the Pro-Corporation
ideological format . This is what happens when Corporations from Banks to Auto Companies get their way .
Capitalism has always required
regulations . Now the people have to pay because the Government and the Corporations betrayed them .
I think there should be a law that a Ponzi-scheme is a fraudulent attempt to deceive the public . Nobody can say that the lending was legal or made in good faith during the boom .
What is the difference between helping the Car Companies verses helping the Banks ?
This is getting to the point that the government will own part of every major Corporation in America that can't survive the credit contraction .It's a lose situation
because its a matter of staying alive during the contraction . Why didn't the Corporations save for bad times ?
I'm making a call that this is unconstitutional to spare equity holders and stock-holders and
of course spare CEO's and Companies from liability lawsuits . If the Government has to make these bail outs ,than let the taxpayers own these failed Companies and Banks in BK . When times get good again than the taxpayers could sell to private capital .
The Fed Chairman and Paulson set the stage for these absurd bail outs by lending the Banks and Investment firms short term money against bad paper . Big mistake to begin with ,now they own us . Screw them ,they are defaulting on their notes . Its just as bad as bailing out a lying sub-prime borrower of a house and giving them more money to survive . Take the house back stupid !
Whatever happened to the experts of the experts Tom Adkins and Mike Norman?
Cavuto Sees the light, the old fart Ben doesn't!
http://bloomberg.com/apps/news?pid=20601109&sid=arEE1iClqDrk&refer=home
PANIC OF '08:
FED PLEDGES TOP $7.4 TRILLION
F*CK.
I am worried half to freaking death.
The only time in my life I have a lot of money to freaking worry about.
Damn-it!!!!!!!!!!!!
So this means the dollar will soon be worth less then a piece of toilet paper?
As bad as things may seem here now, Europe will be much much worse.
This is hilarious. It is so interesting that "conservatives, free market" types can't decide what to do when they are faced with the real possibility of financial armageddon. Obviously Cavuto, et al are sticking with the free market, no govt intervention but Ben Stein has seen some sort of light and realized that that Milton Friedman theory just might be a nice cute theory but that the reality needs some serious govt intervention. I think this is hilarious how the Republicans are sort of falling apart or at least the cartoonish ones on Fox News. I hope this spells the end for Fox News and Fox Biz News. I mean just don't think they know where they can stand anymore. The War in Iraq was a huge fiasco, the economy/financial markets are now a fiasco, etc. There is definitely a crisis among conversavtives. I think Ben Stein has been feeling bad about his mocking Peter Schiff back in 2007 (maybe it was 2006). Ben did write that article (NY Times?) where he admitted that he had been very wrong about financials especially Merrill Lynch and that PEter Schiff had been very right. Ben must have been very humbled by that and actually started reading Keith's blog. who knows?! WE'll see how this all turns out. I'm scared and I knew this was coming b/c I've been a HP'er for years now.
My brother works at a GM plant. He makes $67 an hour to fill radiators with coolant, screw on the cap, and check that a couple of hoses and wire harnesses are in the right places. BTW he is by no means the highest paid on the assembly line and many workers at his plant earn higher wages.
GM tries to sell these cars to people who earn about 1/2 as much as my brother. Makes a lot of sense doesn't it?
Never forget: Ben Stein is a comedian.
The government better do something about this housing crisis. Otherwise, we will enter into another Great Depression II. And this Great Depression II will make the first one look like a picnic.
Get out there and start writing letters to your legislators and tell them that they must stabilize the housing market. The best way to do this is to; 1. Reduce principal mortgage amounts immediately to reflect the true market valuations. I and millions of other Americans were tricked into buying over valued assets. 2. Reduce and forgive credit card debt, student loan debt and car loans debt.
We need the consumers to consume again. Sooner or later my above three demands will be fulfilled. Let's make this happen folks!
Ben is still in denial, freaking moron! The old bag needs to hang his gloves!
Why isn't Schiff on Fox Business News anymore? I used to love it when he was on. All of the other experts would snicker, laugh and shout at him. He is the only guy who made sense. Everyone else would keep saying "oh, this is America, we are different", "the economy will come roaring back", etc...
Kill GM and kill FOXSNOOZE.
Stein has got some nerve calling for government involvment when last year he told Peter Schiff he was wrong about housing and the economy. Instead, Stein encouraged people to buy equities in the financial sector, claiming that they were a great bargain.
It's always amazing how the people who created this mess are always the first to scream for a bail out.
"...Ben stein...could not have been more wrong..."
You're making the classic error of assuming sincerity and altruism.
You CANNOT believe stuffing his own pockets is not his primary concern.
EVERYBODY uses the incompetence excuse; I'm not buying it.
From Bush to Paulson to Cheney...it's malice aforethought leveraged with most people's naivete and benevolence.
We have no idea how downright evil, traitorous, and selfish this class of people really is.
Beautiful!
Cavuto has finally come to reason ... perhaps his wallet is being pinched just a bit harder these days.
The real show is now starting, as our desperate government employees and corporate crooks continue throwing money at an insolvent system.
Howdy, Keith.
Thought I'd drop by to see your new digs.
"Hard Rain" was an excellent pick. Calculated Risk has been predicting a mild recession for some time now but I'm thinking the shit is really, truly going to hit the fan. No disrespect to CR and Tanta and all the smart folk over there, but this is going to be BAD.
If I were some kind of smart guy, I'd know how to buy oil futures. Just before the Presidential election, gasoline prices go down. Been there, done that and bought the T-shirt. I see oil at $90 by March.
Inflation/deflation - we are spinning around like a top and remember, when tops stop spinning they fall over.
Dow up 700 points in two days. Dow you're moving in the wrong direction.
Crash again already!
On of the reasons why the US has got into this situation is because for the last 50 years it has been subsidizing the car.
Now it's stuck as anet importer of energy, and a net importer of everything that supports the car or revolves around the car.
If the government is to support anything, it should be anything that leads to less energy use per capita in the USA. And that includes the oil that China uses to produce the stuff it ships to the US.
It's like a bad dream, or a horror movie where the monsters just keep coming and coming...
Gotta love our lapdog media though; obviously threatened with no more access if they ever use the word "bailout" instead of "rescue" again.
Like there's some benevolent Mountie about to snatch us off the tracks.
Wow!
Last time I saw big mouths flapping like that was when I tossed bread crumbs into a pool of carp.
I never could stand Ben Stein. Why is he still yapping? Who are those other people and why do we care what they say anyway.
Reality is beginning to show it's ugly head. Let the whole thing crash, bang, boom. That's what I'm hearing more and more and reading more and more.
Can't be soon enough as far as I'm concerned.
The fireworks show put on by the Treasury is already boring.
I place him on the same pedestal as my personal favorite, Mike douche bag Norman.
Hey, where is Mikey? I miss that moron.
This is what my ex-stock broker cousin said (he's 56 and been out of it for years but knows a lot)
"Things are rough out there, no doubt. The equities (stock) markets are down 40% or so and some really, formerly, great companies have taken it on the chin and mounted huge losses. The list goes on and on. However, you're not in ( I don't believe) stocks. Are there some great values out there right now, of course. Is it still dangerous, absolutely. So I really can't recommend you go to that market. Do I have ideas, YEP, but many have seen their portfolios cratered and the risk is just so high. As to the dollar. The Euro was trading above 1.5 to the dollar not too long ago, it's now about 1.3, the pound was about 2 to the dollar it's now 1.51. These are huge advances of the dollar to international currencies. Something about "gold bugs", they are always screaming about the dollar and that gold is the only way. I just don't buy it. Sure, it's trading now at a five week high and could go higher, but is it a "lock" at these levels. NO. Could the dollar lose value against the international currencies again, of course. But, that is not where you are situated. Inflation is not the major concern of the markets these days, in fact it is holding even right now. This is largely due to oil prices dropping and the overall lack of consumer buying and a stagnant economy. Over the past couple of days there has been a significant advance in the stock markets , but we're still WAY down. At least there are some positive feelings out there about value. There is a long way to go, but we are going to be OK? Yes, in my humble opinion. Is it going to take a while, YES. I sure wish I had a sure fire, no doubt about it place to put your money so it would double this year. If I did you can be sure that I'd be there too, but I don't. Heck, I started tracking (not buying, tracking) shipping stocks back in April and that sector has been decimated. So, just keep your money safe in CD's. Dang, the return isn't much, but at least it's SAFE. I don't see you needing to take risk here. Again, there are some securities that I really like and could have GREAT returns, but if they didn't you can't afford to take the hit. Relax and keep it safe right now. Your tolerance to risk is very low."
So maybe everything will be ok.
I hope.
I don't know why I think I have to report everything to this site.
Am just a freaking panic addict.
Thread jack:
Had to post this From the LA Times:
A year after joining a seasonal fire crew based out of Lincoln Heights that helps gang members start anew, Maestas is still thunderstruck by his dual personas. Back in Echo Park he is Little Ray, the menacing gangster. Here, in the thick of Shasta-Trinity National Forest, he's Ramon Maestas, the heroic firefighter.
I don't know what is more hilarious - this guy's new Stewart Smiley alter ego, or the fact that people still wanna pay a half a million bucks to Sotheby's to live in his neighborhood.
I just wanna know - which personality the new home buyer will be living next to - the Save-Your-Property fireman or the Fuck -You-Up gangsta?
If the Tampa Bay Rays won the World Series the market would have imploded!
knew this was going to happen if the big 3 get a bailout:
the National Association of Home Builders is leading a new "Fix Housing First" coalition to push for aid to the ailing housing sector. With more than 75 companies and industry groups, it represents everyone from building giants like Lennar Corp. and D.R. Horton Inc., to makers of home appliances and plastic pipe fittings.
won't be long before we see Yun flying into DC on a private jet to ask congress for money....
Isn't there some obscure cable channel for economic hacks and pathetic discredited Fox News pundits like Ben Stein, Mike Norman and Tom Adkins to retire to?
Maybe we can start a charity for these poor souls?
This is hilarious. It is so interesting that "conservatives, free market" types can't decide what to do when they are faced with the real possibility of financial
Hey, BubbleGirl, you have a lot to learn so I assume you're new here.
Start with learning how to use paragraphs to break up your indecipherable blocks of text.
Then research the origins of the housing bubble and the federal reserve system.
I'll give you a little hint. It wasn't evil free markets that created the housing bubble. It was government intervention.
This Ben Guy is a Clown. I feel sorry for the sucker!
Nick,
Go to Hell, or do it on your dime. Im looking forward to the collapse, because I'm ready.
Does that help?
-Mark
"Capitalism without failure is a kind of socialism for the rich."
James Grant
http://www.grantspub.com/
"Get out there and start writing letters to your legislators and tell them that they must stabilize the housing market. The best way to do this is to; 1. Reduce principal mortgage amounts immediately to reflect the true market valuations. I and millions of other Americans were tricked into buying over valued assets. 2. Reduce and forgive credit card debt, student loan debt and car loans debt. "
LOL! You're out of your freaking mind! Try graduating from high school then get a job in the real world, loser!.
"won't be long before we see Yun flying into DC on a private jet to ask congress for money...."
He already is. He wants the government to grant 50 billion in LOW INTEREST mortgages so that housing prices will stablize. The guy is pathetic.
.
"The only way to get out of a hole too deep...
is to start digging up"!
.
Ben Stein reminds me of a friend who used to tell me that Yes, You Can Beat the Casinos. My friend had charts, diagrams, equations, statistics, theories, and formulas to prove his case. He just could never win any money.
Until the market tanked, Stein suffered from the same delusion. His "investment" books were full of delusional crap dressed up in Ivy League BS.
ANYONE who takes Ben Stein's investment advice DESERVES to LOSE IT ALL !!!!!
Hey Ben Stein, how about that Merill Lynch stock you were PUMPING a few months back?
Just think of all the sheeple who bought that stock per your ADVICE and LOST their ASS! HAHAHAH ROFL!
What a DOPE!
The DUMMBING DOWN of America has been COMPLETED.
Dear Nick,
My elves are hard at work printing money for all the stupid little boys and girls like you who borrowed money you couldn't ever have hoped to pay back. Just look in your stocking at Christmas, and Santa might just satisfy some of our your "demands."
Santa
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