"The Economy is in a Crisis!" says John McCain

"The Economy is in a Crisis!" says John McCain (Full Version)

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MzMia -> "The Economy is in a Crisis!" says John McCain (9/15/2008 9:13:06 PM)
I just heard McCain finally say, "The economy is in a crisis!" well, well, well Many are blaming Greenspan for a lot of our economic woes. MzMia has also heard the words "depression" and "recession", many, many times today! I have been talking about the coming depression for almost a year now. What needs to happen before most Americans understand how bad it is? How bad do things need to get? Is anyone really surprised at how BAD things are getting? Are you really surprised? Why?

Vendaval -> RE: "The Economy is in a Crisis!" says John McCain (9/15/2008 9:16:45 PM)
I cannot say that surprise is part of my reaction, more like disgust. Bah!

MzMia -> RE: "The Economy is in a Crisis!" says John McCain (9/15/2008 9:30:15 PM)
quote: ORIGINAL: Vendaval I cannot say that surprise is part of my reaction, more like disgust. Bah! One of my main issues are the "lies" I have been hearing for the past year or so. Things are not that bad! Things will be better soon! We are not in a recession--->heading to a 21st century modern day depression. Like Firm says, "I am calling BULLSHIT, on this issue. Shit is bad, and is getting worse every day. Our economy is in the toilet on many levels, and the toilet has yet to be flushed. What the hell is our current Administration saying or doing about the economy? Does McCain = more damn failed Bush policies? McCain = Bush?

Vendaval -> RE: "The Economy is in a Crisis!" says John McCain (9/15/2008 9:48:02 PM)
Here is more evidence of the on-going recession - "Spike in jobless rate for women is worst in more than 33 years" "WASHINGTON — A sharp monthly rise in unemployment for women could be a sign that the economic slowdown has begun to hit working women with a force not seen in decades. When the unemployment rate for women went from 4.6 percent in July to 5.3 percent in August, it was the largest one-month spike in the jobless rate for women in more than 33 years. Black women were hit even harder, as their unemployment rate jumped 21 percent, from 7.5 percent in July to 9.1 percent in August. Among single mothers and women with families, unemployment climbed to 9.6 percent in August — the highest level in 15 years." http://www.mcclatchydc.com/economics/story/52399.html

MzMia -> RE: "The Economy is in a Crisis!" says John McCain (9/15/2008 9:56:30 PM)
Thank you for sharing Vendaval! Unemployment is approaching 10% for Black women. I have been waiting for the "truth" to finally be admitted. I have heard a lot of "truth" today, and many comparisons to the Great Depression.

Vendaval -> RE: "The Economy is in a Crisis!" says John McCain (9/15/2008 10:11:39 PM)
I have been thinking the same thing for quite a while. You are most welcome, Mz. Mia.

DomKen -> RE: "The Economy is in a Crisis!" says John McCain (9/15/2008 11:01:10 PM)
Ladies, please dial back the rhetoric a little. This downturn looks to be a rough one but the Great Depression started with three years of 10% or so deflation. While what is happening is bad it isn't that sort of bad by a long shot.

Termyn8or -> RE: "The Economy is in a Crisis!" says John McCain (9/15/2008 11:15:31 PM)
Just keep your eyes peeled DK, this is about the same thing, just with different names. BTW, do you have me blocked or something ? I tried to respond to your mail and it bounces me back to the homepage. Anyway, history repeats itself, and it will. They will make up new names for everything, but it really is the same. T

popeye1250 -> RE: "The Economy is in a Crisis!" says John McCain (9/15/2008 11:24:20 PM)
Mz Mia, it's been bad for working people for quite a while now thanks to this "global economy" crap! It's only a "depression" when people who make $200k and up get layed off.

TheUtopian -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 12:21:49 AM)
quote: ORIGINAL: MzMia I just heard McCain finally say, "The economy is in a crisis!" well, well, well Many are blaming Greenspan for a lot of our economic woes. MzMia has also heard the words "depression" and "recession", many, many times today! I have been talking about the coming depression for almost a year now. What needs to happen before most Americans understand how bad it is? How bad do things need to get? Is anyone really surprised at how BAD things are getting? Are you really surprised? Why? HAR!!!.....Go back to mid 2005 and see the posts under my old profile. By the way.... While you're there, let me know if any of the collarme sacred cows were blowing the trumpet.....[:D] Anyways.....Its old and boring to me now. But to answer your question - who to blame? Sure Greenspan /Wall Street / The Federal Reserve suckered everyone in with deregulated markets and ' 'free money '' in the form of artificially low interest rates substantially below the rate of inflation{ as little as one percent } But the true blame has to be left on the consciences of every single acolyte /sycophant who knelled-down and bowed to the Friedman / Von Hayek / Chicago / Austrian schools of economic thought. The greed that seeds those schools of thought---and eventually leads to their downfall--- was never factored into their utopian constructs. Keep in mind though---unlike what you're hearing/reading in the mainstream media-- it will be the over-one-quadrillion-dollars worth of derivatives that eventually brings the whole system crashing down. They're absolutely pernicious---not related to the production of anything... Cars trains, planes, food, etc. Nada. They're cancerous masses of factious capital.....And what you're seeing now is just a flutter in the wind compared to what's coming down the road. Investment bank /write-down house implosion means absolutely nothing to the average American. But when the commercial institutions start folding up--- where their life-blood is stored--- its a whole new ballgame. Remember, If WaMu crashes next week and you have 97k and little change in a 120-day CD, sure you may be covered through the FDIC window, but what's to say that once regulators re-administer the funds back to all depositors, your 97k doesn't come back to you in the form of three installments over the course of sixty days and a mass of redundant paperwork? We need another thread where we can deliver up prognostications of how we think they'll try to remedy this crisis vs. what will actually work for the good of all. - R

TheUtopian -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 12:37:58 AM)
PS - Ladies....you all are on the mark.... The 1929-32 Depression never saw anything remotely like the quadrillion {Fox News analysts conservatively put it at 400 trillion [:D]} or more of derivatives {paper based solely on paper} about ready to come crashing down. - R

meatcleaver -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 1:24:48 AM)
Lack of regulation, greed and China flooding the market with cheap money. And then capitalists say government should keep out of the markets. Well when they do, the shit hits the fan because the people in the financial casinos are fraudsters, snake oil salesman and out and out criminals and if they operated in any other market but the financial market, they's all be in the pen.

TheUtopian -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 1:47:17 AM)
Prolly the saddest of all......whole working-class pension funds will be completely destroyed.... and none of the punk-asses responsible will go to jail or have to give up their wealth - But if Barry Bonds is convicted on the count of perjury over his steroid use, he'll do time in the pen for it..... That's the kind of society we live in......And oh we do need change - But the kind of change we need, Obahma and McCain are simply not capable of bringing.... Truly sad..... - R

meatcleaver -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 1:56:19 AM)
Utopian, if the crime is big enough, you will be rewarded. Barry Bond's crime wasn't big enough, that is the mistake he made.

MzMia -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 4:27:29 AM)
quote: ORIGINAL: Termyn8or Just keep your eyes peeled DK, this is about the same thing, just with different names. BTW, do you have me blocked or something ? I tried to respond to your mail and it bounces me back to the homepage. Anyway, history repeats itself, and it will. They will make up new names for everything, but it really is the same. T Thanks T. I always say "modern day 21st Century" Depression, because many EXPECT this "depression" to look exactly like the LAST "depression". It will NOT look the same. But the results will still be devasting. This is 2008, not 1930, many changes have taken place in the last 80 years. So sorry folks, the new depression will LOOK a bit different. I do love the clothes from that time period. Buddy? can you spare a dime?

MzMia -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 4:30:59 AM)
quote: ORIGINAL: TheUtopian PS - Ladies....you all are on the mark.... The 1929-32 Depression never saw anything remotely like the quadrillion {Fox News analysts conservatively put it at 400 trillion [:D]} or more of derivatives {paper based solely on paper} about ready to come crashing down. It boggles my mind that people EXPECT this Depression, to be exactly the same as the last Depression. Bad times are bad times, hell they don't have to look the exact same. War is war, people die, do all wars look the same? You are also on the mark Utopian, we are in a recession--> free falling to a depression. And, shit is starting to hit the fan. I do expect to see some threads on what people THINK should be done AND opinions on what our Presidential candidates are suggesting. It is time for the REAL leaders to step up to the plate, and make some damn real decisions. I am tapping my foot and waiting to see what our current President will suggest, say and do. He can't hide out until January. - R

pahunkboy -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 4:39:28 AM)
Well! (hand on hip, sarcasm) (taken from the old GOP) "You cant solve every problem, simply by throwing money at it" glunk

Sanity -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 5:46:56 AM)
Probably the biggest threat to the economy is rising fuel prices which are in turn causing inflation... And Republicans have been pushing hard to open up more areas for drilling for years and years, but have been meeting stiff resistance from environmental extremists (aka the Democrats). But now, I see that Pelosi has finally buckled under GOP pressure to allow a vote on offshore drilling... maybe after the Dems start seeing the disastrous results of their policies taking their toll on the poorest among us we can start turning this thing around. The housing crisis to me means that houses are a little more affordable for first time buyers. Yesterday's stock decline cost me 10% of my 401k (yawn) but I'm in it for the long term... What this country really needs is energy and the question is, have the Democrats really learned their lesson, or are they just paying lip service to this country's needs prior to an election.

DomKen -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 6:20:33 AM)
Sanity that's crap. These financial institutions, and the millions of people with deposits and retirement accounts in them, are in trouble solely due to the foreclosure crisis. Which was cased by a few companies offering deceptive mortgages to consumers and then packaging the mortgages into investment instruments that too many of the big institutional investors bought into.

kdsub -> RE: "The Economy is in a Crisis!" says John McCain (9/16/2008 6:27:09 AM)
quote: ORIGINAL: MzMia I just heard McCain finally say, "The economy is in a crisis!" well, well, well Many are blaming Greenspan for a lot of our economic woes. MzMia has also heard the words "depression" and "recession", many, many times today! I have been talking about the coming depression for almost a year now. What needs to happen before most Americans understand how bad it is? How bad do things need to get? Is anyone really surprised at how BAD things are getting? Are you really surprised? Why? MzMia...you must have it all wrong... wasn't there just a thread by our junior Republicans about how strong the economy was under Bush? Butch

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