My own two cents if Congress had approved Bush's proposal to convert all those teetering sub prime, etc home loans to fixed 30 yr with a 25% write off (or something like that) we may had not fallen so far. As it is in the construction industry we are in a depression, not recession. In fact nobody see's real growth happening until the level of foreclosures returns to pre crash times and the majority of the foreclosed property if off the books - no matter how much money the US gov't throws at the banks. The US is a credit driven society and right now there is little available for the majority in the construction sector.
- Thread starter frank recktenwald
- Start date
global reserve currency
OK boys, I'm betting the DOW will lose no more than 150 points tomorrow and will hold its own throughout the week. I have requested the following to be put on my gravestone.... "Often wrong, but never in doubt". That's the way to live your life.
BTW, Cobraboy you don't know anything about economics. Jajaja.
BTW, Cobraboy you don't know anything about economics. Jajaja.
According to reports out of the Japanese market (nikkei), the G-7 has agreed to provide liquidity to the financial exchange markets on an as needed basis.
While it may be ugly tomorrow, the G-7 will be watching and reacting swiftly should serious imbalances in the markets occur.
As I right this, Asian and Australian markets have opened moderately lower.
Respectfully,
Playacaribe2
While it may be ugly tomorrow, the G-7 will be watching and reacting swiftly should serious imbalances in the markets occur.
As I right this, Asian and Australian markets have opened moderately lower.
Respectfully,
Playacaribe2
Chip:
Unfortunately residential construction, and to a far lesser extent commercial, will continue to suffer in the US for at least the next 5 years. That is how deep and how long it will take us to regain a balance in the demand/supply equation and to unwind this credit bubble.
Respectfully,
Playacaribe2
YEP! How right you are Cobraboy.
Charley Reese's Final Column for the Orlando Sentinel...
By Charles Reese - March 31, 2011
He has been a journalist for 49 years.
He is retiring and this is HIS LAST COLUMN.
Be sure to read the Tax List at the end.
This is about as clear and easy to understand as it can be.. The article below is completely neutral, neither anti-republican or democrat. Charlie Reese, a soon-to-be- retired reporter for the Orlando Sentinel, has hit the nail directly on the head, defining clearly who it is that in the final analysis must assume responsibility for the judgments made that impact each one of us every day. It's a short but good read. Worth the time. Worth remembering!
545 vs. 300,000,000 People - By Charlie Reese
Politicians are the only people in the world who create problems and then campaign against them.
Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?
Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?
You and I don't propose a federal budget. The President does.
You and I don't have the Constitutional authority to vote on appropriations. The House of Representatives does.
You and I don't write the tax code, Congress does.
You and I don't set fiscal policy, Congress does.
You and I don't control monetary policy, the Federal Reserve Bank does.
One hundred senators, 435 congressmen, one President, and nine Supreme Court justices equates to 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.
I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.
I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes.
Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.
What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The President can only propose a budget. He cannot force the Congress to accept it.
The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? John Boehner. He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. If the President vetoes it, they can pass it over his veto if they agree to.
It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted -- by present facts -- of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.
If the tax code is unfair, it's because they want it unfair.
If the budget is in the red, it's because they want it in the red.
If the Army & Marines are in Iraq and Afghanistan it's because they want them in Iraq and Afghanistan .
If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way.
There are no insoluble government problems.
Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like "the economy," "inflation," or "politics" that prevent them from doing what they take an oath to do.
Those 545 people, and they alone, are responsible.
They and they alone, have the power.
They and they alone, should be held accountable by the people who are their bosses.
Provided the voters have the gumption to manage their own employees.
We should vote all of them out of office and clean up their mess!
What you do with this article now that you have read it... is up to you.
This might be funny if it weren't so sad & true.
Be sure to read all the way to the end:
Tax his land,
Tax his bed,
Tax the table, at which he's fed.
Tax his tractor,
Tax his mule,
Teach him as a child that taxes are the rule!
Tax his work,
Tax his pay,
Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat,
Tax his ties,
Tax his shirt,
Tax his work,
Tax his dirt,
Tax his tobacco,
Tax his drink,
Tax him if he tries to think.
Tax his cigars,
Tax his beers,
If he cries tax his tears.
Tax his car,
Tax his gas,
Find other ways to tax his ass.
Tax all he has then let him know that you won't be done till he has no dough.
When he screams and hollers;
Then tax him some more, tax him till he's good and sore.
Then tax his coffin,
Tax his grave,
Tax the sod in which he's laid...
Put these words upon his tomb,
'Taxes drove me to my doom..'
When he's gone, do not relax,
Its Time to Apply The Inheritance Tax!!!
Accounts Receivable Tax,
Building Permit Tax,
CDL license Tax,
Cigarette Tax,
Corporate Income Tax,
Dog License Tax,
Excise Taxes,
Federal Income Tax,
Federal Unemployment Tax (FUTA),
Fishing License tax,
Food License Tax,
Fuel Permit Tax,
Gasoline Tax (currently 44.75 cents per gallon in Florida , could be higher in your area),
Gross Receipts Tax,
Hunting License Tax,
Inheritance Tax,
Inventory Tax,
IRS Interest Charges on Tax,
IRS Penalties (tax on top of tax),
Liquor Tax,
Luxury Taxes,
Marriage License Tax,
Medicare Tax,
Personal Property Tax,
Property Tax,
Real Estate Tax,
Service Charge Tax,
Social Security Tax,
Road Usage Tax,
Recreational Vehicle Tax,
Sales Tax,
School Tax,
State Income Tax,
State Unemployment Tax (SUTA),
Telephone Federal Excise Tax,
Telephone Federal Universal Service Fee Tax,
Telephone Federal, State and Local Surcharge Taxes,
Telephone Minimum Usage Surcharge Tax,
Telephone Recurring and Nonrecurring Charges Tax,
Telephone State and Local Tax,
Telephone Usage Charge Tax,
Utility Taxes,
Vehicle License Registration Tax,
Vehicle Sales Tax,
Watercraft Registration Tax,
Well Permit Tax,
Workers Compensation Tax...
STILL THINK THIS IS FUNNY?
Not one of these taxes existed 100 years ago & our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids.
What in the heck happened? Can you spell 'politicians'?
I hope this goes around THE USA at least 545 times!!! YOU can help it get there!!!
Commercial still has not hit rock bottom because many banks are only charging interest only so everybody expects a wave of foreclosurers sooner rather than later.
Finally, where the hill did those gazillions of dollars of bailout money go?
Two things - go back to the gold standard, creat jobs by making the necessary changes in regulations and tax-credits.
HACER Weekly News Report USA | US: Sen. Marco Rubio Seeks New Taxpayers, Not New Taxes – by Ralph Benko
HACER Weekly News Report USA | US: Sen. Marco Rubio Seeks New Taxpayers, Not New Taxes – by Ralph Benko
Because they are masters of illusion, including the ones that are not Jewish( since that has nothing to do with anything). They didn't need the bail-out. The leveraged the money and made out like the bandits they are.
How about the motherfudgers that were shorting AMR and UAL from mid August until Labor Day September 2001?
Honestly their is more than enough blame to go around - from the congressmen and Clinton who helped pass the Gramm-Leach-Bliley Act then the congressman and Bush who rammed through the revised minority lending regulations to all the money hungry banks, mortgage lenders, realtors and lawyers.
We really did it to ourselves in search of a "better" American dream imo.
We really did it to ourselves in search of a "better" American dream imo.
Irrelevant. Frank you are showing intellectual laziness. If the big ones are it just means they are smarter.
