New York.– US and European markets fell back badly Monday as anxious investors waited on US lawmakers to pass a 700-billion-dollar debt bailout and President George W. Bush urged top speed on the plan.
The "whole world is watching to see if we can act quickly to shore up our markets and prevent damage to our capital markets, businesses, our housing sector and retirement accounts," Bush said, amid growing unease about the proposals' fate in the US Congress.
"Americans are watching to see if Democrats and Republicans, the Congress and the White House, can come together to solve this problem with the urgency it warrants," he added.
The plan to buy toxic mortgage-related assets from the banks was unveiled Friday to staunch the gravest financial crisis since the 1930s Great Depression amid warnings that the economy could collapse without prompt action.
Leaders of the Democratic-controlled Congress support the plan but also insist there should be some help for ordinary Americans hit by the worst housing slump in decades.
Some raised questions about oversight of the plan and curbs on what they call excessive compensation for top executives.
"We will not simply hand over a 700 billion dollar blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street," House Speaker Nancy Pelosi said Sunday.
Written by: Belial, 22 Sep 2008 2:51 PM
From: United States, Texas
To my fellow US fools,
To save the US financial system and perhaps US capitalism from collapse, we must dump the debts of the rich losers onto the poor, the middle class, and the rich winners while we let the rich losers keep all of the profits they have pocketed and, of course, retain their immense net worth.
Your election thief in White House,
George W. Bush
Written by: Belial, 22 Sep 2008 3:02 PM
From: United States, Texas
To the workers of the USA and foreign workers,
Brothers and sisters of the working class, if this sector of the rich parasites needs the $700 billion, as Bush claims, then their collapse has already occurred although not officially acknowledged as bankrupt or insolvent and therefore the state can't "save" them from collapse.
Why give this kind of money to a bunch of abject losers?
On the other hand, if these bourgeois parasites don't need the 700B, then this is one hell of fraud ... a 700B one ... by the Bush and financial sector of the US bourgeoisie. If the loses of the bourgeois parasites don't cause a US and global collapse, then giving this kind of money to the losers among the rich will surely result in a collapse.
Written by: Belial, 22 Sep 2008 3:09 PM
From: United States, Texas
If my stock goes up, then the capital gain is all mine.
But if my stock goes down, you suckers must reimburse me.
Written by: Belial, 22 Sep 2008 3:11 PM
From: United States, Texas
"Buy toxic mortgage-related assets."
That means give 700B to the rich.
Written by: Belial, 22 Sep 2008 3:17 PM
From: United States, Texas
Let the financial firms that report a profit in this capitalist crisis come in, take over, and grow in the business space vacated by the bourgeois losers.
For God's sake, don't prop up the losers.
Common sense tells us that the losers will lose even more in a few months.
Written by: Belial, 22 Sep 2008 5:00 PM
From: United States, Texas
RCP Average 09/09 - 09/21 -- 48.1 45.4 Obama +2.7
CNN/Opinion Research 09/19 - 09/21 697 LV 51 47 Obama +4
Gallup Tracking 09/19 - 09/21 2740 RV 48 44 Obama +4
Rasmussen Tracking 09/19 - 09/21 3000 LV 48 47 Obama +1
Hotline/FD Tracking 09/19 - 09/21 922 RV 47 42 Obama +5
Battleground Tracking 09/14 - 09/21 800 LV 47 48 McCain +1
CBS News/NY Times 09/12 - 09/16 LV 49 44 Obama +5
Quinnipiac 09/11 - 09/16 987 LV 49 45 Obama +4
Pew Research 09/09 - 09/14 2307 LV 46 46 Tie
oooo
Suddenly, the McCain folks ain't so smug.
Perhaps, Palin is no longer irresistible.
From: United States
there has been a deafening silence about these interesting goings-on from anthonyc and GC, the resident cheerleaders of the "free market", and capitalism. did the buyot involve your respective tongues?
Written by: Belial, 22 Sep 2008 5:05 PM
From: United States, Texas
Everybody is talking to their brokers.
"Do I still have a pension ... ah, ah, how much is in my pension?" the investors ask their brokers.
"What pension?" the broker replies.
Written by: Truth, 22 Sep 2008 5:43 PM
From: Dominican Republic
I guess all those who voted for Bush are now happy, well they can expect the same treatment by Mccain. Bush is Herbert Hoover revisted and soon the refrain in th U.S will be brother can you spare a dime, or how are bring back the wpa.
Home value 17 % down over the last year and falling
Trade deficits climbing higher
Deficits limits being raised as we speak
New taxes and fees on the way
Fica scores for prime approaching 800
Loan to value on real estate going down
Job lay off climbing
Point of fact is that this Bush fellow has took a wrecking ball to the u.s. economy and right now that social security fund setting there is looking more juicy every day, soon the retirement age will be 75 the way they are going, them there Republicans.
But to all those Bush defenders, you go right ahead and defend him while you are on you way to the poor house.
Written by: josean, 22 Sep 2008 5:51 PM
From: United States
Whats good for the Goose should be good for the Gander!
Hold on to your hats:
Source DR1
US should sign with IMF
Hacienda Minister Vicente Bengoa said that the American Chamber of Commerce in Santo Domingo should advise the US government to sign an agreement with the International Monetary Fund, as reported in Hoy. He said that this year the United States has doubled it fiscal deficit compared to last year and its public debt now stands at around US$8.4 trillion, and could reach US$9 trillion by the end of the year, or 64% of the Gross Domestic Product. He said the US should sign with the IMF because the deficit of the current account of the balance of payments is more than US$700 billion. "And in the past 13 months the financial crisis has led to the bankruptcy or merger of 16 banks or mortgage institutions, of the category of Lehman Brothers, Merrill Lynch and Bear Sterns," he said. That is in addition to 15 financial institutions that have suffered major losses.
Cont
Written by: josean, 22 Sep 2008 5:52 PM
From: United States
Bengoa attributed many of the DR's financial difficulties to the US economic crisis. He said that for this reason, the Dominican business sector should call for the US to sign an agreement with the IMF so that this financial overseer can intervene in the US economy.
The recommendation was made after several spokesmen for Dominican banks suggested that the Dominican government should sign a monitoring agreement with the IMF, while others have suggested a broader type of agreement. Business leaders claim that the Dominican government has not been able to control its superfluous spending alone. In a press release, the Commercial Banks Association (ABA) said that the country requires measures that contribute to strengthen the confidence in macroeconomic policy. They indicate that the most appropriate step would be to sign a program for the IMF to monitor governmental decisions on taxation and monetary policy.
Cont.
Written by: josean, 22 Sep 2008 5:53 PM
From: United States
The International Monetary Fund Executive Board has reported that Dominican authorities have expressed willingness to engage in post-program monitoring with the Fund, following the completion of the three-year Stand-by Arrangement for RD$437.8 million (about US$688.6 million) in January 2008.
Written by: yumnuk3, 22 Sep 2008 6:05 PM
From: United States, ø„¸¨°º¤ø„¸¸„ø¤º°¨¸„ø¤º°¨
Well, I have some bad news for you, even the mention of cutting benefits to the elderly, sick, and weak in the face of this obscene bailout of some of the richest people in the world, ain't gonna play in the bible belt capicé?
Written by: abc200, 22 Sep 2008 7:08 PM
From: United Kingdom
DR is fortunate as member of ALBA. Now the links with Russia are increasing and agricultural production is increasing the DR can isolate itself from the US crisis.
http://news.bbc.co.uk/2/hi/americas/7628899.stmEurpope investment here is increasing:- bilateral investment agreements are in place with France, Spain etc. Now the turn for Russia, China, Japan also. DR becomes increasingly attractive compared with US. Maybe the US boat just sinks!
Steve
Written by: Belial, 22 Sep 2008 8:11 PM
From: United States, Texas
Let's find out whether we talking about an irony or an absurdity.
The fact is the 700B bailout consists of a bankrupt state bailing out bankrupt companies.
Irony or an absurdity?
The difference between this bankrupt state and the bankrupt companies is the companies don't have any credit with lenders and the companies don't have a printing press to forge banknotes.
Written by: Belial, 22 Sep 2008 8:15 PM
From: United States, Texas
Please examine the picture at the top of this thread.
Is that a picture of a fool or a picture of somebody with common sense?
Please ... look at it.
From: United States, (on Sabbatical)
What some don't understand is that this wasn't a coincidence; What has happened in the USA, will eventually envelope the whole planet. It's the domino effect. When it starts in one corner of the "Global Economy", it take all the other pieces down with it.
Now, Bush want $700B for bail-out of Millionaire's debts. To get that money the Treasury prints (worthless fiat notes) the money, then goes to the FEDERAL RESERVE (that's neither federal, or has a reserve) and tells the FED, the U.S. wants to borrow that amount, the U.S. Federal Treasury then owes the FED $700B. It's part of the machiavellian scheme to bankrupt the nation beyond repair to make it easier for the New World Order to be implemented.
NWO
Deja Vu, all over again!
The other shoe has finally dropped, it's the "E" bomb. The Economy, who the Corporate Government Domestic Terrorist have blown up in our faces. Kabooom!
Remember Eisenhower warned us of the (Congressional) Military Industrial Complex???
Written by: josean, 23 Sep 2008 12:58 AM
From: United States
ArsenioALembertJr,
Now your in real trouble with Chauncey Gardiner by bring up the Military Industrial Complex!
Don't you know Eisenhower was "commie pinko" on the lunatic fringe. Especially since his granddaughter, a life long Republican, endorsed Obama!
From: United States
actually, Josean, the republican rats have scurried for cover. even they are too embarrassed to comment. GC and anthony are speechless. especially when they realise that there is the little matter of 2.4 BILLION dollars in CEO compensation to be considered. after screwing things up, these shameless swine believe thay are entitled to golden parachutes. hell, football and baseball managers lose their jobs for losing games. these guys lost people's life savings, and want to get paid. talk about balls!
From: Dominican Republic
Good pic of the Bush....does he really look like he has a clue what is going on????
Perhaps now we can have a war of something that everyone agrees with...a War on Greed.
Hell, they don't have to find the financial terrorists....they are lined up waiting with thier hands out.
Knock down a building and the world is at risk from his attack. Knock down an economy...and he gives more money to the same people who took it down.
Financial terrorism is alive and well and living in the USA.
From: United States
caption of picture above " All right, which of you jokers drank my beer?"
From: United States
This is too rich...after a less-than-mediocre presidency Bush goes out in a blaze of 'socialism' very possibly too far over his head for him to make much sense of it. He will leave the US up to its eyeballs in debt ....
From: United States
yes, Manhattanite, that he will. and do not forget that when he took the helm, the country was flush with money, high employment, peaceful times, people making ends meet. man, the democrats sure suck!!! look how they screwed us all!!!
Written by: abc200, 23 Sep 2008 1:51 PM
From: United Kingdom
You people do not understand it is not only Bush - its the whole US culture and the stupidity of many people threre that is leading our planet down the path to destruction.
DR is lucky - it can cut itself away from the US and make trade with more genuine co-operative states. Builing up the navy and air force is a priority in this endeavour. Maybe DR can order a convertable ferry for trade to Venezuala that can rapidly be converted to an aircraft carrier.
The dollar has declined by two percent in the last day or so. People leave a sinking ship.
Bush is the devil and, of course, Bolivia has just kicked out the US ambassador.
Sensible US investors will leave the US and its axis of evil and invest in the DR.
DR can achieve self sufficiency in foods and export a small surplus for the oil etc. needed.
Big welcome to Brazil and Russian tourists now direct flights are available!
Steve
Written by: josean, 23 Sep 2008 3:13 PM
From: United States
Excellent PuntaCanaMike,
"Good pic of the Bush....does he really look like he has a clue what is going on????
Perhaps now we can have a war of something that everyone agrees with...a War on Greed.
Hell, they don't have to find the financial terrorists....they are lined up waiting with thier hands out.
Knock down a building and the world is at risk from his attack. Knock down an economy...and he gives more money to the same people who took it down.
Financial terrorism is alive and well and living in the USA."
From: Dominican Republic, Boycott Dominican Tourism
You got to love this, they get paid ad we pay them. Hey! You can’t have rich people cleaning there own houses.
Written by: abc200, 23 Sep 2008 10:14 PM
From: United Kingdom
I try not to pay them ....... just like I do not pay cocaine dealers .... bank robbers .... other assorted crooks. The situation is serious when a Mafia takes over the one of the big economies of the World.
S
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To save the US financial system and perhaps US capitalism from collapse, we must dump the debts of the rich losers onto the poor, the middle class, and the rich winners while we let the rich losers keep all of the profits they have pocketed and, of course, retain their immense net worth.
Your election thief in White House,
George W. Bush
Brothers and sisters of the working class, if this sector of the rich parasites needs the $700 billion, as Bush claims, then their collapse has already occurred although not officially acknowledged as bankrupt or insolvent and therefore the state can't "save" them from collapse.
Why give this kind of money to a bunch of abject losers?
On the other hand, if these bourgeois parasites don't need the 700B, then this is one hell of fraud ... a 700B one ... by the Bush and financial sector of the US bourgeoisie. If the loses of the bourgeois parasites don't cause a US and global collapse, then giving this kind of money to the losers among the rich will surely result in a collapse.
But if my stock goes down, you suckers must reimburse me.
That means give 700B to the rich.
For God's sake, don't prop up the losers.
Common sense tells us that the losers will lose even more in a few months.
RCP Average 09/09 - 09/21 -- 48.1 45.4 Obama +2.7
CNN/Opinion Research 09/19 - 09/21 697 LV 51 47 Obama +4
Gallup Tracking 09/19 - 09/21 2740 RV 48 44 Obama +4
Rasmussen Tracking 09/19 - 09/21 3000 LV 48 47 Obama +1
Hotline/FD Tracking 09/19 - 09/21 922 RV 47 42 Obama +5
Battleground Tracking 09/14 - 09/21 800 LV 47 48 McCain +1
CBS News/NY Times 09/12 - 09/16 LV 49 44 Obama +5
Quinnipiac 09/11 - 09/16 987 LV 49 45 Obama +4
Pew Research 09/09 - 09/14 2307 LV 46 46 Tie
oooo
Suddenly, the McCain folks ain't so smug.
Perhaps, Palin is no longer irresistible.
"Do I still have a pension ... ah, ah, how much is in my pension?" the investors ask their brokers.
"What pension?" the broker replies.
Home value 17 % down over the last year and falling
Trade deficits climbing higher
Deficits limits being raised as we speak
New taxes and fees on the way
Fica scores for prime approaching 800
Loan to value on real estate going down
Job lay off climbing
Point of fact is that this Bush fellow has took a wrecking ball to the u.s. economy and right now that social security fund setting there is looking more juicy every day, soon the retirement age will be 75 the way they are going, them there Republicans.
But to all those Bush defenders, you go right ahead and defend him while you are on you way to the poor house.
Hold on to your hats:
Source DR1
US should sign with IMF
Hacienda Minister Vicente Bengoa said that the American Chamber of Commerce in Santo Domingo should advise the US government to sign an agreement with the International Monetary Fund, as reported in Hoy. He said that this year the United States has doubled it fiscal deficit compared to last year and its public debt now stands at around US$8.4 trillion, and could reach US$9 trillion by the end of the year, or 64% of the Gross Domestic Product. He said the US should sign with the IMF because the deficit of the current account of the balance of payments is more than US$700 billion. "And in the past 13 months the financial crisis has led to the bankruptcy or merger of 16 banks or mortgage institutions, of the category of Lehman Brothers, Merrill Lynch and Bear Sterns," he said. That is in addition to 15 financial institutions that have suffered major losses.
Cont
The recommendation was made after several spokesmen for Dominican banks suggested that the Dominican government should sign a monitoring agreement with the IMF, while others have suggested a broader type of agreement. Business leaders claim that the Dominican government has not been able to control its superfluous spending alone. In a press release, the Commercial Banks Association (ABA) said that the country requires measures that contribute to strengthen the confidence in macroeconomic policy. They indicate that the most appropriate step would be to sign a program for the IMF to monitor governmental decisions on taxation and monetary policy.
Cont.
http://news.bbc.co.uk/2/hi/americas/7628899.stm
Eurpope investment here is increasing:- bilateral investment agreements are in place with France, Spain etc. Now the turn for Russia, China, Japan also. DR becomes increasingly attractive compared with US. Maybe the US boat just sinks!
Steve
The fact is the 700B bailout consists of a bankrupt state bailing out bankrupt companies.
Irony or an absurdity?
The difference between this bankrupt state and the bankrupt companies is the companies don't have any credit with lenders and the companies don't have a printing press to forge banknotes.
Is that a picture of a fool or a picture of somebody with common sense?
Please ... look at it.
Now, Bush want $700B for bail-out of Millionaire's debts. To get that money the Treasury prints (worthless fiat notes) the money, then goes to the FEDERAL RESERVE (that's neither federal, or has a reserve) and tells the FED, the U.S. wants to borrow that amount, the U.S. Federal Treasury then owes the FED $700B. It's part of the machiavellian scheme to bankrupt the nation beyond repair to make it easier for the New World Order to be implemented.
NWO
Deja Vu, all over again!
The other shoe has finally dropped, it's the "E" bomb. The Economy, who the Corporate Government Domestic Terrorist have blown up in our faces. Kabooom!
Remember Eisenhower warned us of the (Congressional) Military Industrial Complex???
Now your in real trouble with Chauncey Gardiner by bring up the Military Industrial Complex!
Don't you know Eisenhower was "commie pinko" on the lunatic fringe. Especially since his granddaughter, a life long Republican, endorsed Obama!
Perhaps now we can have a war of something that everyone agrees with...a War on Greed.
Hell, they don't have to find the financial terrorists....they are lined up waiting with thier hands out.
Knock down a building and the world is at risk from his attack. Knock down an economy...and he gives more money to the same people who took it down.
Financial terrorism is alive and well and living in the USA.
DR is lucky - it can cut itself away from the US and make trade with more genuine co-operative states. Builing up the navy and air force is a priority in this endeavour. Maybe DR can order a convertable ferry for trade to Venezuala that can rapidly be converted to an aircraft carrier.
The dollar has declined by two percent in the last day or so. People leave a sinking ship.
Bush is the devil and, of course, Bolivia has just kicked out the US ambassador.
Sensible US investors will leave the US and its axis of evil and invest in the DR.
DR can achieve self sufficiency in foods and export a small surplus for the oil etc. needed.
Big welcome to Brazil and Russian tourists now direct flights are available!
Steve
"Good pic of the Bush....does he really look like he has a clue what is going on????
Perhaps now we can have a war of something that everyone agrees with...a War on Greed.
Hell, they don't have to find the financial terrorists....they are lined up waiting with thier hands out.
Knock down a building and the world is at risk from his attack. Knock down an economy...and he gives more money to the same people who took it down.
Financial terrorism is alive and well and living in the USA."
S