The Raw Story | Comments

Comments:

March 15th, 2008 at 13:21:01	From: Numbers Guy (the real one)

This is just a correction. I wouldn't worry about this. Soon the bulls will be running through Wall Street again and everyone will be booming.

March 15th, 2008 at 13:30:30	From:

Too bad Bush isn't self-correcting.....it'd be nice if he realized he was the problem and resigned.

March 15th, 2008 at 13:38:28	From: Lakeside

The economy is like a careening car heading for a ditch, he said. ``Steering through a rough patch requires a steady hand on the wheel and your eyes up on the horizon,'' Bush said. ``And that's exactly what we're going to do.'' Yeah right, Driving while impaired (again), No valid operators license and no insurance coverage. When are we going to take the keys away from this guy?

March 15th, 2008 at 13:39:42	From:

This idiot that calls him himself prez. Has done more damange to this country than the terroirst could ever have done. He and his band idiots criminals can only do more harm. After all everything this man has touched has turn to shit!

March 15th, 2008 at 13:41:16	From: Eyeball Kid
What?
Bush's "self-correcting" market is a euphemism for "Corporate welfare bailout." From Bear Stearns to the 60 billion dollar "infusion", the corporate socialists are busy at work.

March 15th, 2008 at 13:41:30	From:

That self-correction would be those infusions by the Fed I keep reading about, right?

March 15th, 2008 at 13:47:35	From: al
The Bushshitter has zero credibility. He is scared
so bad he has to wear depends, and we have watched as the government did everything the markets wanted them to do. They are running out of options and again there is a small sliver of truth. The markets are correcting themselves, sure the same markets that screwed everything up without proper government supervision. He must be getting high or drunk or suffering some mental breakdown. How can he say the government has not over reacted? Where has he been the last six months? They have been up all hours of the night trying to keep the market from crashing with hundreds after hundreds of billions of dollars. So far nothing has done anything to correct the problems. They have only temporarily averted a major crash. I have lost count on how many measures they have employed and how many press meetings and how many private meetings. What is his definition of over react? Martial law. Forget I asked, I am not sure I want to know.

March 15th, 2008 at 13:47:43	From: Handbaskets to Hell

Nothing will improve or get "corrected" until Georgie the Jerk gets booted out.

March 15th, 2008 at 13:48:48	From: F U

It is only a correction. Us Americans will feel the correction for years to come. But what a bailout for the GD rich! This Gov't and wall street are to blame. They knew that this would end bad!

March 15th, 2008 at 13:57:51	From: COOLIO
GEORGE (HERBERT HOOVER) BUSH
BEFORE GOP DEPRESSION #1 THEY WERE SAYING: IT'S ALL BLUE SKIES AHEAD!

March 15th, 2008 at 14:05:16	From: texas hog flogger

Bush is walking upside down talking out his asshole again.

March 15th, 2008 at 14:11:22	From: FreedomOfInformationAct
If you buy Duhbyas BS, then you didnt see THIS!
If you buy Duhbyas BS, then you didnt see THIS! Bush on economic fears: 'There will be ups and downs' Bush acknowledges economy going through 'tough time' http://rawstory.com/news/afp/Bush_acknowledges_economy_going_thr_03142008.html Comment on it HERE! http://www.haloscan.com/comments/rawstory/41049_afpfeeda/

March 15th, 2008 at 14:33:15	From: Bobo the Clown
This would be hilarious
if it wasn't so fucking scary/ embarassing /such a bunch of goddamn bullshit.

March 15th, 2008 at 14:36:50	From:

When Wall Street makes a mistake they get bailed out. Poor slobs who believed the lenders lose their homes.

March 15th, 2008 at 14:38:59	From:

That fuckin numbers guy is a joke, LOL

March 15th, 2008 at 14:42:15	From: gimme some truth
Watching The Dollar Die:
The US inflation rate is about twice as high as the government's inflation measures report.... http://www.rense.com/general81/watching.htm

March 15th, 2008 at 14:43:07	From: FBI Stalker

Let's see how far we can go fucking with the american cowards and prostitutes. Let's call the secretary of state Condoleeza a whore let's see if she complaints with us. Did you hear me Condoleeza you are a whore...: )

March 15th, 2008 at 14:43:56	From: Kevin
Blah, Blah, Blah...
First of all, who're the brain dead twits who listen to his radio address in the first place? It's just Georgie's personal propaganda tool where he can spout whatever nonsense he wants into the ether. Too funny consider that less than 2 weeks ago he was saying things were just fine... then he said there might be some roughness ahead. Now he says it's temporary and the markets will correct themselves???? And how the fark are they going to do that on you idiot????

March 15th, 2008 at 14:44:06	From: FBI Stalker

Raw Story give the whore my infos,thanks.

March 15th, 2008 at 14:45:19	From: Carl E. Johnson
You are all fools
McCain will be president and all this will clear up. If you vote for Clinton or Barack HUSSEIN Obama, Al Quaeda will attack us. Don't you liberals get it? President Bush is probably the best president we've ever had. You can find out more about how stupid and evil liberals are on my blog: http://theillustratedconservative.blogspot.com/

March 15th, 2008 at 14:45:21	From:

KEVIN GO WASH!!!you wont touch me.

March 15th, 2008 at 14:46:46	From: Tarzo Nakaciara

Carl E. Johnson tell your brother Cal to blow me a bit harder next time.

March 15th, 2008 at 14:48:20	From:
MASONS & BITCHES RUN FOR YOUR LIFE
NO DEALS WITH ME ANYMORE COCCHIARA IS DEAD.

March 15th, 2008 at 15:01:35	From: Ha Ha

Should Obama quit?

March 15th, 2008 at 15:07:25	From:
The Dow is dying and will become worthless.
Staple foods, goods and services are running at double and triple digits. For the market to correct itself, the dollar will become just like the Italian Lira of the world to hold on to it's numbers, but a worthless value. Printing money cannot produce any value and never offset the losses that are occurring. Consider if one had been invested in Euros, the stock market would be worth half of what it was 10 years ago. Derivatives are now teetering and are valued at $500 TRILLION. When these fall, life as we know it will be back to an agrarian one.

March 15th, 2008 at 15:13:02	From: Matt C
MARKET IS NOT CORRECTING
IT IS BEING BAILED OUT BY MASSIVE HANDOUTS TO BIG BANKS. Bears is the latest. They are going to cut down every tree in the forest to print money on, to continue the bailouts. Dollar is parabolic down. Prepare yourself. THIS IS IT! JSMineSet.Com

March 15th, 2008 at 15:14:58	From:
Yeah, it's going through a correction, all right.
Like 1929 to 1933 was a correction. Not to worry, though. He has the billions he's pilfered from Iraq's missing funds and missing oil. And he has his nice little 98,000 acre ranchito in Paraguay not very far from Poppy's.

March 15th, 2008 at 15:36:13	From: TruePatriotWarrior
Bullcrap
Markets don't self-correct--this is Adam Smith invisible hand nonsense. If this is so why then the intervention by the Fed?

March 15th, 2008 at 15:41:45	From: Hotmail Survivor

Ha Ha me and you? Not even in my wildest nightmare/dream.

March 15th, 2008 at 15:44:28	From: Masonic Translator
Bush: Market is correcting itself
Be you see H (long slong) Me a are ok he to I see se whore are him to I and G i TO SEE HE ANOTHER LONG SLONG for ...; )

March 15th, 2008 at 15:53:33	From: Big Dan
www.bigdanblogger.blogspot.com
Unbelievable!

March 15th, 2008 at 16:14:47	From: jonathan

RawStory readers, let's have some fun and play a game called 'Headlines I'd like to See'. What Headline would you like to see?

March 15th, 2008 at 16:24:04	From:

Do you think bush and cheney get paid in Euros?

March 15th, 2008 at 16:47:04	From: Savantster

Correction.. yes.. it's correcting by having massive infusions to the few rich who fucked up and let themselves get conned by "actors of the free market".. Now, those rich fools will be protected at the expense of the masses, but we can't help the masses that are being fucked by the market or we'd have to openly admit that this "free market" bullshit is just that, 100% unadulterated bovine excrement. ............ NOW the Fed is screaming for regulation, NOW that we see just how fucked up "deregulation to the extreme" fucks everything it touches up.. Kind of like how the Shrub has fucked up everything he's ever touched.

March 15th, 2008 at 17:29:01	From: Ex-Canuck

Fuck bush and all those he has made rich by his criminal activities after the neocon fascist White House coup of 2000!! May they all rot in their own particular brand of hell one day. Bush likely did not know what a mortgage was until someone explained that 99% of people have to get loans to buy homes. Asshole of privilege!

March 15th, 2008 at 17:32:53	From: Bagdad Bob
Bush to Meet with PPT
What will the next step(s) be? Bush meets with PPT (Plunge Protection Team) on Monday! Link below the teaser! WASHINGTON (Reuters) - President George W. Bush plans to meet on Monday with top U.S. financial policymakers, the White House said, at a time of increased strains in credit markets and fears of a recession. The White House said on Saturday Bush will meet members of the President's Working Group on Financial Markets, and a spokeswoman said Bush will get a status report on the markets. http://www.reuters.com/article/ousiv/idUSN1546284420080315

March 15th, 2008 at 17:34:14	From: Bagdad Bob
For what it is worth!
Greg Evensen Greg is an award winning Kansas Lawman and former Kansas State Trooper. He is author of The Sovereignty Papers and has completed two inspirational singing CD's "Hymns from the Heartland" and "After the Storm." You may visit his website at www.theheartlandusa.com to get your copies of this and other materials offered by Greg. See the NWV central advertising banners for ordering information, also. Greg may be reached at his website for a scheduled speaking or concert date as well. THE IMPLOSION IS ACCELERATING, PREPARE WHILE YOU CAN By Greg Evensen March 15, 2008 NewsWithViews.com For thirty years, I have been writing, speaking, imploring, and begging others to make rational, concrete plans for a time in life that would offer no quarter, give no mercy, and that would in a word be--catastrophic. We are coming face to face with that moment. You have so little time left to do anything that will give you a fighting chance. What are you doing? National Guard units are training and preparing for urban combat. The United States has just reached an agreement with Canada’s armed forces to come in to this country and assume combat roles should they be needed in American cities and towns. The Federal Reserve’s last ditch effort to stem the “blood loss” in the sub-prime and other currency markets has failed. The dollar has been abandoned for Euros. The stock market can’t find its ass with both hands and a Chinese made, Wal-Mart sold ass finder. Israel has demanded that all of the financial aid it receives from Washington (that’s us) be paid for in Euros. The ultimate irony and slap in the face. Oil, dairy, wheat, wheat products, gold, silver, copper prices, the list goes on and on, are racing for the stratosphere with no end in sight. An implosion has begun and it has no known method of stopping or reversing until critical mass is reached. It will be followed by an explosion in the economy and the political realm unseen since the founding of this nation. http://www.newswithviews.com/Evensen/greg26.htm

March 15th, 2008 at 17:38:30	From: James D.
The true believer
Carl E. Johnson, if Geo. W. Bush is " . . . the best president we've ever had", then why, after more than 7 years of his presidency, are things going so wrong? And, by the way, I am a staunch conservative in that I believe that the federal budget should be balanced, and that the government not be funded on borrowed money. What is happening is that the center of financial power is shifting to the Far East. China holds the mortgage on the U.S.A. I would suggest that you look around and see what is really going on.

March 15th, 2008 at 17:40:32	From: realityzone
$$$$$
the shrub says the economy is correcting itself. i guess if you hang yourself you are correcting your neck before you die.

March 15th, 2008 at 17:40:57	From: Uncle Sams Con-Game
Derivatives:
One way Government now "creates wealth" out of thin air is by covertly taking it "all" as a monopoly from everyone else. The ever-growing 516 trillion dollar international derivative market is a key tool used by Government to do just that.... http://cafr1.com/NGE.html

March 15th, 2008 at 17:43:08	From: Scy

And any buffoon that believes his drivel deserves to lose every dime. No this is NOT a self correcting moment. Overwhelming debt by both government and people can not last. No economist on earth thinks so. It is a full fledged crash heading our way. But, Repugs are such kool-aid drinkers.

March 15th, 2008 at 18:06:27	From: You'll Get Use To It
Seed Money
And so the world constructed by the "two party system" on the foundation of 911 lies comes to an end. That was a quick new American century. Got to get back to the garden. Maybe use your iphone as a paper weight and your 60" flat screen as a cold frame?

March 15th, 2008 at 18:31:33	From: Robert Lockwood Mills
"self-correcting" market
To have listened to Bushie six months ago, there was nothing for the market to correct. Everything was hunky-dory. Now it's in a correction. Of what, Bushie? The market's to blame for the weak dollar? Your trillion-dollar deficit has nothing to do with it? How about the dollar, Bushie? The market is going to correct for all those ersatz derivative securities that have blown up in the face of investment banks? Don't think so, Bushie. For once tell us the truth, Bushie...do you have any fucking idea what you're talking about? I didn't think so.

March 15th, 2008 at 18:38:24	From: darker
BUSH KISSES ASS OF CORPORATE RICH
As usual, Bush kisses up to the CORPORATE RICH welfare queens by lavishing them with middle-income Americans' TAX MONEY.===republican corporate pals screwed homeowners. Bush wants homeowners to "suck it up". But gives away all our USTreasury to CORPORATE WELFARE QUEENS as usual?? Those CEOs will walk away with our billions.

March 15th, 2008 at 18:56:48	From: Matt C
RON PAUL ON THE DOLLAR
Man, this guy looked smart last year. But this week, wow! Can history and 30 years of stated opinion converge in a more emphatic way?? http://www.lewrockwell.com/paul/paul445.html

March 15th, 2008 at 19:04:07	From: Thomas Jefferson
This must be like when I trip and fall up.
what a fucking moron. If he spun this any faster he* would turn to dust.

March 15th, 2008 at 20:44:24	From: uncle joe mccarthy
osama has done his job
his stated goal was to goad america into an unwinnable and econonmically unfeasable war, in order to bring it down....what is happening to us is the same thing that happened to the soviets...take a bow bush for not learning from recent history....a correction??? when did depression equate with correction?

March 15th, 2008 at 20:59:10	From: maggie

Hmmm. Do you think the 7 TRILLION of tax payer money spent in Iraq might have actually helped THE USA FIRST? Fucking Idiot. If I ever get my hands on the Invisible Hand that rules Bush and the USA, you better watch out!

March 15th, 2008 at 21:08:29	From:

He wont help we the people but will give over 200 billion dollars to the crooks the did this predatory lending who should be in jail..Countrywide ceo got 77 million dollars and he was just one..Hope we can survive bush and the dark cabel..They are stealing us blind and our media is helping them..

March 15th, 2008 at 21:08:30	From:

He wont help we the people but will give over 200 billion dollars to the crooks the did this predatory lending who should be in jail..Countrywide ceo got 77 million dollars and he was just one..Hope we can survive bush and the dark cabel..They are stealing us blind and our media is helping them..

March 15th, 2008 at 21:35:35	From: Bagdad Bob
Financial SHIT is
hitting the fan folks! Independant truckers are parking their rigs due to the high cost of fuel! Israel who we blindly support is now asking for any aid to be paid in euros! The price of a barrel of oil & an ounce of gold are linear. All the economic experts are stating that the real price of gold should be $2300.00 an ounce or maybe even $2500.00 an ounce! If gold & oil are linear the true prices are being held down. What happens when the rubberband breaks that they are streching to hold the Fiat system up with! Prices will sky rocket a loaf of bread will be $12.00 to $20.00, and a dozen eggs and a gallon of milk will go through the roof. Everything is going to go to shit in short order. Prices of everything are going to go ballasitc. When the trucks stop rolling supplies will quickly run out! It is time now to get & be prepared for the worst! On top of that Greenspan recently told the gulf states that they should decouple from the dollar & then he went to Japan & China and told them the same thing. Our country & the global monetary system is being destroyed before your eyes! http://www.marylandgasprices.com/news/NC_truckers_combat_high_diesel_cost/7826_295317/index.aspx

March 15th, 2008 at 21:46:57	From: Earl

Am I the only one who finds it hard to believe that they let this idiot out of the third grade?

March 15th, 2008 at 22:26:43	From: lando

Everything is going to be fine my fellow Americans. WE DON'T NEED GOVT. WE HAVE EACH OTHER! We can make it through anything. In fact, we're much better off without corrupt, evil Govt.

March 15th, 2008 at 22:34:52	From: Dmaker

PLEASE SOMEBODY KILL THIS FUCKING DEMENTED WHITE EXCREMENT AND MAKE SURE ALL OF HIS IMEDIATE FAMILY TOO.

March 15th, 2008 at 23:44:28	From: Ha Ha

Should Obama quit?

March 16th, 2008 at 03:31:01	From: FBI Stalker

Ha Ha stop it with that line. Al I mean Larisa is on her website at Largely selling her heart and soul out to the longest dick among the crminal masons and enforcement law.

March 16th, 2008 at 07:08:59	From: Death Star

It just may be time we analyse things like cheating Governors and deaths of actors like Ledger, The damn mafia Bush cable might just have a hand in the destraction of other significant news. Take John Mark Car for instance, At the time he confessed to Jon Bona Ramsy's murder. Israel was bombing the hell out of Lebannon, because of 2 soldiers being kidnapped.

March 16th, 2008 at 07:22:41	From: DC
Rich get Welfare
In normal times, they would be inclined to let capitalism do its work. But markets are so jittery that the policymakers concluded that investors would refuse to make short-term loans to the other big Wall Street banks that rely on such debt, driving them under, too. The stock market could have experienced a collapse of 1987 proportions, and untold damage may have been done to the U.S. economy. http://www.washingtonpost.com/wp-dyn/content/article/2008/03/14/AR2008031401617.html?wpisrc=newsletter Why is it OK for the rich to get federal handouts when they are in need but not the poor?

March 16th, 2008 at 07:44:59	From:

Bushco looted, nay - financially raped America and we are just starting to see the consequences. Call it a "correction" if you must.

March 16th, 2008 at 08:52:21	From: Technical Analysis
Bearish is the trend
Resistence levels were broke.Correction is an understatement.

March 16th, 2008 at 08:53:43	From: Technical Analysis
Double top
Do you even know what that is?

March 16th, 2008 at 09:52:46	From: Buzz

But Bush has a big grin from ear to ear. He even predicted big gains for republicans in 08' and he looks totally at peace and not concerned with his legacy. Either he has now officially lost his mind or he nows that something is coming that will tilt the odds greatly in their favor. I guess we will find out soon enough.

March 16th, 2008 at 10:10:07	From: Matt C
BBob you are right...
I listened to financialsense.com this weekend, and even these guys, who have been calling this since 2001, and are pretty gloomy sounded very nervous at how fast things are unfolding. Even if you are properly hedged, have a large well supplied bunker etc, it doesn't seem that there is any escaping this.

March 16th, 2008 at 10:31:06	From: John Drake
Bush Sees Light at End of Tunnel
Bagdad Bob and Greg Evenson are 100% right: Halliburton is building the "containment" camps, Canada will assist in the roundup, the neo-fascists will not discriminate - everyone - liberals, conservatives, greenies, commies, pinkos, lesbians, gays, old farts and kids - will be held in detention. Our depleted troops might come back, but instead of helping the people take down the fools in office, they will turn on us like rabid dogs. It'll be "just following orders" as usual. Bush and friends have a few hundred thousand acres in Paraguay on top of the largest aquifer in South America. No water problems for them. And, since they have a US military base within pissing distance of their Rancho Bushero's, no worry about uppity locals trying to take things in their own hands. The Supreme Court on Tuesday (two days from now) will be deciding on the Second Amendment case in DC - and they could declare "ALL handguns illegal" in DC, which would open Pandora's proverbial box state and nationwide. States could then cite the DC ruling and confiscate ALL handguns and weapons - using swat teams and local police powers to "roundup" firearms everywhere. This may not come to pass - the Supremes are a pretty conservative bunch and could rule in favor of keeping Second Amendment rights intact. BUT - and it's a big one, if the powers that be feel the coming armageddon (financial, economic, political) may cause unrest (to put it mildly), they may feel threatened and decide to rule in favor of the DC ban. One can understand their quandary: do we allow citizens to own firearms as defined under the Constitution, which they may then use against the powers that be, or, do we confiscate and make sure there is no resistance to the neo-fascists' plans. As Bush is quoted saying, the Constitution is just a "goddamn piece of paper." He's about overturned all the laws that our forbears fought and died for, and he's not about to put up with a bunch of armed citizens. We all know about the new weapons that will debut during the coming party conventions, don't we? The microwave weapon? The sound weapon? Both can be operated from afar and cause anything from slight distress to complete agony to perhaps death at distances of up to a half mile or more. So, on top of the chaos that will ensue over the coming months, we could also have a complete takeover by Bush if he declares Martial Law - all we need is another false flag operation - another 9/11 - and BushieBoy and CreepCheney can lock this place down tighter than a tick on a hounddog's ass. Is there a solution? Damned if I know, but we all need to get armed and dangerous, put some gold down somewhere, and maybe a year's supply of dehydrated food and water. Sell your SUV now. Get out of debt and get busy making contacts/plans while you can.

March 16th, 2008 at 10:55:32	From: Matt C
John Drake you are correct
but it might not even take a false flag event. The comming economic meltdown might be sufficient.

March 16th, 2008 at 11:16:33	From: Thomas Van Orden

Mortgage companies and banks made home loans to people who could not repay, especially when their adjustable rates adjusted. Now the value of their homes has dropped as well and they owe far more than the homes are worth. Some walk. All this has brought on an economic down turn. I don't know who was responsible for this but I do know if Bush announced a bailout of the mortage companies, you folks would pitch a fit. Only you seem to pitch a fit when he says he's not going to do that. Which is it?

March 16th, 2008 at 11:33:17	From: al
I am beginning to see a strong consensus
among both the posts here and some of the predictions by expert economists. First Bush is bat shit crazy, insane, criminal and very dangerous. The Economy is like ENRON on steroids and the government was complicit. It may be past time of each of us that hope to survive, to find a safe place to retreat to away from the cities. If you own more than one gun you may want to hide some sprayed with oil and wrapped in plastic along with most of your ammo and buried somewhere safe and inform a few that you trust where. Water source is important and water purification pills. An emergency radio that does not require batteries. Dry food goods, like rice, sugar, flower and can goods, dried pasta, can vegetables and fruits. Get some survival equipment. Read some survival information on the net and print it. Learn to set snares and traps for small game. Also, learn to set ones for large game or as a perimeter defense. First aid equipment. Telescope or binoculars, Two way radios and one of those hand held listening devices that magnify sound for the hard of hearing. Keep a full tank of gas at all times. Have important things and valuables packed and ready to go. Take a little time reading about survival and get prepared to do what you are forced to do. I wish I had time to provide more detail but several of us have tried to give you the basics and everything is available on the net. It would help to print it as soon as possible as the net may be brought down. If none of this ever becomes necessary, I will be as happy as you but it will have been a fun exercise and will build your confidence and help you sleep better at nights. That will have made it worth it. Also forming small groups of close and trusted friends and family will improve your chances. Good Luck is based of good planning.

March 16th, 2008 at 11:46:42	From: Thomas Van Orden

And I have this to add to what Al wrote: Buy stock in Soldier Of Fortune magazine.

March 16th, 2008 at 12:12:04	From:
BOYCOTT EXXON AND CHEVRON PRODUCTS
COMPLETELY FOR THE REST OF THE YEAR. URGE EVERYONE TO DO THE SAME. TOUCH THEIR BOTTOM LINE. MAKE THEM FEEL IT.

March 16th, 2008 at 12:24:19	From: Mike

Thomas Van Orden what people object to is a multi-billion dollar bailout of Bear Stearns who helped create this crisis while the Bush administration objects to judges being given the authority to cap interest rates when the lender has been found to be guilty of predatory lending practices. If you can't see why that is unfair then maybe you should take W's dick out of your mouth and think about it.

March 16th, 2008 at 12:54:55	From: John Drake
Bush Sees Smoke Erupting from Ass - thinks Barbecue
eFoodsDirect.com as well as YourFoodStorage.com are good food sites. The goods aren't cheap, but what is these days… This link: http://www.survival-center.com/dl-list/dl1-toc.htm has all the Bug-Out Bag info you need. "Just walk away, Renee" may apply to the homeowners who are being screwed by the banks (see the most recent Greg Palast article to get a clear understanding of this), but the new Buzz on the Streets are what's being called "Sub-prime Arson" - it hasn't hit toxic conditions yet, but it's building. Can't afford the 14% interest anymore? House value has plummeted and your mortgage now exceeds the value of the home? Take the creative approach - a lit match and some accellerant. Of course, the insurance companies are all over this, but that doesn't mean that a technically competent person couldn't do it in such a way as to confound the enemy…Bush's Leave No Banker Behind Act of 200+ billion bailout of BearStearns is just the tip of the iceberg. The problem will be when the likes of Citi or Morgan Stanley go toes up, and now that the Fed has pledged 400 billion of taxpayers money to use to purchase the bad debt of the investment firms and banks, you can kiss the economy adios amigos. Monday should be a great day for Gold Bugs - unless the Bush Plunge Protection Team tries to trash gold and buy up equities and funds that are sinking. Will be an interesting week. Stay tuned and don't fuck with the dial!

March 16th, 2008 at 12:55:08	From: Jet
Of Course Botch
would say that. The fact is some 234 mortgage lending instituions have failed and Bernanke is holding secret meetings with congress for more bail outs On Friday, Bear Stearns blew up. It was the worst possible news at the worst possible time. A day earlier, the politically-connected Carlyle Capital hedge fund defaulted on $16.6 billion of its debt. Carlyle boasted a $21.7 billion portfolio of AAA-rated residential mortgage-backed securities, but was unable to make a margin call of just $400 million. (Where did the $21.7 billion go?) http://www.counterpunch.org/whitney03152008.html

March 16th, 2008 at 12:56:23	From: Matt C
Mike, mike
U can't argue with the TVO. And yeah, BS is just the start. If you object to that, just wait for the next shoe to drop, and another 1% rate cut on Tues. Dollar is parabolic down. We are witnessing a disorderly decline. This should scare the shit of you TVO!

March 16th, 2008 at 12:59:21	From: Thomas Van Orden

John Drake, bad advice. The insurance company will only pay market value and as you noted, that is less than the note. Still stuck. Just turn in the key.

March 16th, 2008 at 13:01:25	From: Jet
Highly Leveraged Garbage
Carlyle couldnt come up with 400 million in real capital because they were leveraged 32 to 1.

March 16th, 2008 at 13:03:01	From: Thomas Van Orden

Matt C, maybe it should but as I've often said, I know nothing about economics. Hell, I don't even know what Bear Stearns is or does. I don't comment on economic stories except in this case it seemed odd to me that folks were complaining that Bush said he would not bailout the mortgage companies.

March 16th, 2008 at 13:21:28	From: John Drake
Bush Sees Smoke Erupting from Ass - thinks Barbecue
TVO: not my advice, I'm just reporting the news/trend. If the house goes up in smoke and you get away with it, you're right, insurance only covers the market value and you still have to make up the difference you own on the mortgage. If you get caught, you get jail time and you have to still pay back the bank. The best is, as you say, just walk away and hand in the key. But I would hazard a guess that the Banks will hound you and credit rating firms will trash you forever. It sucks all around, needless to say. It gives me great pleasure to see the Carlyle folks take an assfucking - Bush's daddie is a bigwig there, as well as Tony Blair, the Bin Laden Group for a while, as well as other well connected right wing politicos. The Pres of CG once opined that the coming economic collapse was going to an a "buying opportunity the likes of which hasn't been seen since the Great Depression." These bottom feeders will hopefully get theirs…Can someone please speed up their Karma? It's taking way too long!

March 16th, 2008 at 14:13:59	From: WW
It’s the economy! Stupid!
Give the commissions, the big bonuses and the big salaries back and then let’s talk about another government bailout. It’s just too easy to bailout Wall Street without debate. Look at the debates in Congress when the GOP argues over a few bucks here and there but nowhere do I see them arguing a bailout of their damned problem. They own this rotting mess so every Democrat needs to pin it on the GOP every waking minute of the day. This goes well beyond Bush. It’s the entire GOP. “We’re in the most serious economic problem we’ve been in in a very long time, much worse than 2001. The president’s hands-off attitude is reminiscent of Herbert Hoover in 1929, in 1930,” said Sen. Charles Schumer, D-N.Y. “There are lots of things that can be done, particularly on housing. Housing has been the bull’s eye of this crisis.” House Speaker Nancy Pelosi, D-Calif., said, “Much of what the administration has done has been too late.” http://www.americablog.com/ No One Whants to talk about the economy!

March 16th, 2008 at 14:16:50	From: al
Thanks Mike , Matt, jet I didn't want to be out
on what may seems like a paranoid limb all by myself. I think we are trying to be realists. I am looking at the foreign markets now to get the preview for Monday and it is not that ugly yet. I do concede that it is possible to avert an all out crash, but at the same time I do want to be prepared for a worse case scenario. If those conceited jackals at Bear Stearns had the same foresight, and had not been doing some of the best drugs someone else’s money can buy looking through rose colored glasses only at the greatest possible profits on the way up without any consideration of a down; turn we would not be where we are today. Bushed again when he bails out idiot fraudsters and offers no help to their victims. Do not doubt that McInsane has promises to continue Bush’s failed policies in order to get the financial backing from the NEOCON corporate puppet masters that pull Bush’s strings.

March 16th, 2008 at 14:21:06	From:
In 1974 depression was being suggested
only after 18 months of down market. Now it's being talked about after only 6.

March 16th, 2008 at 14:23:03	From:
14:03:01 TVO, you don't know shit about most of what you
comment on.

March 16th, 2008 at 14:28:19	From: al
Big hat tip WW. right on right on it is the
stupid economy Morons and we need to hammer it home and morph McSame into Bush and more of the same failed elitist bullshit along with never ending wars that just increase in numbers over time as the NEOCONS scare the rest of the countries into being our enemies. Oh and TVO, I did real Solider of Fortune when I was much younger, less wise and full of shit fire and cum, But I don't recommend it now.

March 16th, 2008 at 15:48:13	From: MikeG
I suppose by that logic.....
Iraq is correcting itself?

March 16th, 2008 at 18:35:40	From: darker
GANGSTA BUSH
Bush can say whatever DRIVEL he wants. Tomorrow he can say the world is flat and his "faithful" will believe him.--- He's never been held accountable, responsible. He always GETS AWAY WITH IT all and leaves a bag of sh*t to others to clean up after him. BUSH = CHRONIC SOILER-SPOILER.

March 16th, 2008 at 19:21:44	From: W eats Crow

Bush needs some correcting upside the face.

March 16th, 2008 at 19:56:15	From: forreal

Bush is right this time. It shouldn't take so long but as we get closer to the first step of correction already some changes are taking effect. November will be the biggest correction step which should allow things to begin to correct drastically in January. Sure hope to hold out long enough!

March 16th, 2008 at 20:15:32	From: General John Public
TVO, here's two facts
"I know nothing about economics. Hell, I don't even know what Bear Stearns is or does. I don't comment on economic stories except...." blah blah blah farkin blah.... Again, you're either a nut bag or fuckin asshole. Because one fact is evident: you are not funny. Actually 2 facts: you are also a radical supporter of the former first lady Mrs Clinton.

March 16th, 2008 at 20:53:05	From: greatdogs
I guess the Fed just did an
emergency rate cut cause things are going so well, ehh TVO ? A quarter point cut on a Sunday? With a reuglarly scheduled meeting just days away? Take a look at the Asian markets you idiot. Down about 3% and the Dow futures down about 180. The dollar is loosing more against the euro and gold is up over 20 bucks an ounce. Just what the hell are you smoking? Or were you the one with the 30 dollar puts taken out last week on Bear Stearns now that it was sold at $2 a share? Go ahead and try and convince me that someone didnt have inside knowledge on what was going down.

March 16th, 2008 at 21:10:56	From: johns

"Market correcting?" Huh? The market isn't correcting anything. The Fed, the Treasury, and the Tax payers through the Congress are falling all over themselves to "correct the market". This is a perfect example of unregulated market corruption and failure. But, where the politicos have convinced the public that black is white and up is down, it's not surprising that Bush would try to give credit to the private sector for what the government is trying to do.

March 16th, 2008 at 23:23:52	From: Richard
Gold Up 2% in 2 hours
On the Asian exchanges which just opened a few hours ago. Hong Kong index down 4.9% on Bear Stearns buyout news. Gold expected to rise 10% this week alone.

March 16th, 2008 at 23:35:46	From: forreal

It is called "trickle down economics", takes a while to soak in. As the policies trickle down to the middle class there is less and less to spend. In an everyday world even the subprime borrowers are able to make their commitments. As all else trickles down the commitments are still makeable, the ride to work, gas in the car, food on the tables seem to take priority. So once again let's borrow from China and try to help the Wall street. The problem is on main street. Wall Street is a symptom, trickle down greed, misplaced intentions.

March 17th, 2008 at 00:35:15	From: al
Greatdogs, ain't it a bitch. Who the hell can
have enough faith in the markets with all this crooked shit goiing on,to risk their hard earned money?

March 17th, 2008 at 00:39:58	From: al
When we heard Bush open his mouth we
were in for a shit storm.

March 17th, 2008 at 01:21:46	From:
Bear sold themselves for 2 buck a share, after
closing Friday at nearly $30. They totally screwed their employees, who own 30% of the shares. Watch Morgan give the criminal Bear execs handsome packages.

March 17th, 2008 at 01:47:51	From: Jhoffa_
I suppose it can be called....
a "correction" in the sense that the Challenger experienced a "mechanical failure" or WW2 could be referred to a "political spat"

March 17th, 2008 at 03:02:37	From:
The market is testing the January lows. Bouncing
likely, then penetration on the 2nd leg down.

March 17th, 2008 at 03:05:41	From:
http://stockcharts.com/charts/gallery.html?$SPX

March 17th, 2008 at 03:06:42	From: Crane

bet if we looked into the occult meaning of correction, it really means "tanking'

March 17th, 2008 at 05:37:20	From: al
What do the word correction and crashing
have in common? Yup, they both begin with C but If you owned any Bear Stearns stock at 150 a couple weeks ago and now it is worth 2 dollars a share it is a crash. One has to wonder how a bank can track what you own down to the penny month after month for 30 years but they can't add up the value of their assets. I wouldn't want to be caught holding J.P. Morgan Chase. With this kind of disasterous shit happening, there is no one in their right mind that would ever vote for a McCain that is tied to Bush at the hip.

Add Comment:

Name:
Location:
Subject:
Message:

Verification Code: