The day the Earth nearly stood still

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Jim do you seriously think the economy was just fine under Bush and the media caused the recession in some sort of evil plot?
 
spike said:
Jim do you seriously think the economy was just fine under Bush and the media caused the recession in some sort of evil plot?
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The democrats tanked the mortgage industry;
The democrats screwed up the bankruptcy laws;
The democrats ignored the warnings on Freddie and Fannie and stood against all efforts to rein them in;
The press beat the drum passionately that we were in a recession when we were not;
The banking and mortgage crisis manifested in the waning months of an eight year term where economic growth was averaging ~4%.

So, yes, the economy was just fine until all of the legislation the democrats passed finally caught up and tanked the economy.

Remember, Bush started his term with a small recession in place and a terrorist attack which crippled the economy for a couple of years. Let's see what kind of numbers Obama can generate over the course of his term.
 
jimpeel said:
The democrats tanked the mortgage industry;
The democrats screwed up the bankruptcy laws;
The democrats ignored the warnings on Freddie and Fannie and stood against all efforts to rein them in;
The press beat the drum passionately that we were in a recession when we were not;
The banking and mortgage crisis manifested in the waning months of an eight year term where economic growth was averaging ~4%.

So, yes, the economy was just fine until all of the legislation the democrats passed finally caught up and tanked the economy.

Remember, Bush started his term with a small recession in place and a terrorist attack which crippled the economy for a couple of years. Let's see what kind of numbers Obama can generate over the course of his term.
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Jim you are ignoring about all the facts. Bush and the republicans tanked this economy. This all occured under his watch with a republican majority in congress for most of his presidency.

Bush pushed the Ownership Society and America's Home Ownership Challenge and even a Zero-Down payment Initiative.
 
spike said:
Jim you are ignoring about all the facts. Bush and the republicans tanked this economy. This all occured under his watch with a republican majority in congress for most of his presidency.

Bush pushed the Ownership Society and America's Home Ownership Challenge and even a Zero-Down payment Initiative.
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Zero-down mortgage initiative by Bush is hit

Budget office says plan likely to spur more loan defaults

By Chris Reidy, Globe Staff | October 5, 2004

President Bush's weekend campaign promise that he will push legislation allowing for no money down on some federally insured mortgages could cost taxpayers as much as $500 million over four years because of a higher rate of defaults, according to the Congressional Budget Office.


The election-year idea may appeal to those who can't save as fast as home prices are rising. But some financial planners warn that increasingly common no- and low-down-payment programs can be ruinous for some consumers -- especially if home values decline.


If housing prices fall, consumers with little or no money of their own invested in the home are more vulnerable to ending up with mortgages larger than the value of the house.


And those who can't afford large down payments usually don't have enough savings to serve as a cushion if someone in the household gets sick or is laid off.


"If you're really stretching, maybe you should back off and look at a less expensive house," said Joan Gray Anderson, a professor of family financial counseling at the University of Rhode Island.


Bush proposed zero-down-payment legislation earlier this year. The Congressional Budget Office has contended for months that the proposal would generate huge losses, an assessment that could be a stumbling block for the bill's passage. But the Department of Housing and Urban Development thinks the program could be run on a break-even basis.


Bush contends that reducing the required 3 percent down in the Federal Housing Administration mortgage program to zero down would help 150,000 first-time buyers in the first year. Homeownership rates are now about 69 percent nationwide, compared to about 64 percent 10 years ago. The FHA insures many private-lender home loans.
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Link
 
this goes well beyond bush, a democratic congress, blah blah blah. yeah, bush did some silly things. and democrats spends too much. but anyone looking for a single person/party/entity to blame for this massive and complex ball of shit is a fucking idiot.
 
MrBishop said:
It's damn near there now..with 30 mins to go.
7,128.32

It'll open at 7,250 (about 200pts above the close - which is it's pattern as of late) and at the rate it's dropping, you should see under 7k by noon tomorrow.
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Colour me correctd. It didn't go up as high on open as I estimated.

Index Value:7,121.55
Trade Time:10:16AM
ETChange:
up_g.gif
6.77 (0.10%)
Prev Close:7,114.78
Open:7,115.34

it's up a mediocre amount..let's see it run.
 
New opportunities will come soon.
The market is going to have to adjust to the new job market.
I'd invest in renewables, food, gold, metals, and certain technologies.

owens corning is onboard ;)
 
catocom said:
New opportunities will come soon.
The market is going to have to adjust to the new job market.
I'd invest in renewables, food, gold, metals, and certain technologies.

owens corning is onboard ;)
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A house/building manufacting and upgrading supplier?

Not for me, thanks. There's a glut of empty homes and people won't be renovating their homes soon IMO.

I'm backing up The Potash Corp. (http://www.potashcorp.com/) - food/farming sector
I've got a few mining companies in my portfolio, and some Canadian banks. There's more that I'm sitting on - bought low. They're still dropping, but they'll recover in a few years and they're my retirement money, so I can wait. RIM, Cisco, MSoft, Apple.
 
MrBishop said:
A house/building manufacting and upgrading supplier?

Not for me, thanks. There's a glut of empty homes and people won't be renovating their homes soon IMO.

I'm backing up The Potash Corp. (http://www.potashcorp.com/) - food/farming sector
I've got a few mining companies in my portfolio, and some Canadian banks. There's more that I'm sitting on - bought low. They're still dropping, but they'll recover in a few years and they're my retirement money, so I can wait. RIM, Cisco, MSoft, Apple.
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Lots of people thought that when they bought Nortel. My boss still has his shares. Right now, it would cost him more in brokerage to get rid of them than they`re worth.
 
need a Real reality show....
"Extreme Technologies"

Someone would go around and document new type projects in the works...
(sticking to the every day persons point of view)
 
Professur said:
Lots of people thought that when they bought Nortel. My boss still has his shares. Right now, it would cost him more in brokerage to get rid of them than they`re worth.
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I remember screaming "SHORT'EM" to a coworker who bought them all the way down. Idiot!

I'm considering buying them now...they're penny stocks, but WTF... they won't stay there forever.

I inherited 45 shares in Wachovia, 29 in AIG,
feh
 
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