Monday, September 22, 2008

We're becoming Socialist, like it or not!

"Government to the rescue!!!" Sadly, the reason that we are having economic issues is because the government got involved. Dictating that we had to institute "fair housing" companies were told to provide loans, ANY WAY THEY COULD, to ensure that minorities had a "fair" chance at owning a home...and look where it has gotten us? And NOW the government calls it "predatory lending" if the mortgage companies really wanted to lose their businesses by offering loans to high risk clients!

Well, all I see is that we are being set up for a major tax hike, no matter WHO wins in November! McCain's just might not be as big as Obama's, but either way...our taxes are going to increase and MORE government involvement in our lives will be the norm!

The whole mentality of "government save me"...disgusts me, but sadly, Republican's and Democrats are all the same now - looking to increase government to retain their jobs. Telling us stupid lowly little people how much we "need" them, because we are too dang dumb to run our own lives and know when, what and how much we can spend!

Sadly, we don't have ONE true patriot in office who is actually willing to fight any of this...we just continue to give in on every principal, allowing more and more social programs, holding our hands out for "free" healthcare, housing, education, etc. Maybe those in office are right...we are too stupid to know that without US, the working class, the government HAS NO MONEY to provide all those "free" things to all those with their hands out!

Dow Plummets 373 as Markets Rethink Rescue
Matt Egan and Ken Sweet

The euphoria that swept Wall Street late last week evaporated Monday as the Dow plummeted 370 points, crude oil prices spiked $25, an all-time record, and the greenback suffered its worst day ever against the euro.

Today's Market
The Dow Jones Industrial Average closed down 372.75 points, or 3.27%, to 11015.69. The broader S&P 500 Index closed down 47.96 points, to 3.82%, to 1207.12 while the Nasdaq Composite Index ended down 94.92 points, or 4.17%, to 2178.98. The consumer-friendly Fox 50 Index fell 28.21 points, or 3.13% to 873.24.

Turbulence continues to reign on Wall Street as the Dow closed with a triple-digit move for the sixth consecutive trading session. Monday's losses halve what was the largest two-day percentage jump for the S&P 500 since October 1987.

“Uncertainty breeds volatility. Until there is more clarity on the status of the U.S. financial system, there is going to continue to be volatility in both directions," said Michael James, senior equity trader at Wedbush Morgan Securities.

JPMorgan Chase (JPM: 40.80, -6.25, -13.28%), General Motors (GM: 11.58, -1.50, -11.46%) and Bank of America (BAC: 34.15, -3.33, -8.88%) were the biggest drags on the Dow. Microsoft (MSFT: 25.40, +0.24, +0.95%), which announced a $40 billion stock buyback plan, was the lone blue-chip stock closing in the green.

Crude, Dollar Set Records
Monday saw unprecedented moves in the currency and energy markets, weighing heavily on the markets.

Much of the action was related to the government's $700 billion rescue plan to buy toxic assets from financial companies. The plan, in addition to other measures taken by the government, helped raise hopes last week the credit crisis could be ending soon.

On Monday Wall Street was rethinking the implications of the plan, concerns that helped send the dollar to its worst one-day performance against the euro since the currency's debut in 1999, according to Bloomberg News.

"This just tells you there are major unintended consequences in what the government is trying to do," said Peter Boockvar, equity strategist at Miller Tabak. The currency action is "an indictment of what Ben Bernanke and Hank Paulson are trying to pull off.”

Read further here

No comments:

Blog Archive

BTTS - Where Personal Responsibilty is the EXPECTED NORM!