Wall Street fears for next Great Depression
Sunday, 16 March 2008
Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150bn) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.
One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said they had never experienced such fear. The Fed's emergency funding procedure was first used in the Depression and has rarely been used since.
A Goldman Sachs trader in New York said: "Everyone is in a total state of shock, aghast at what is happening. No one wants to talk, let alone deal; we're just standing by waiting. Everyone is nervous about what is going to emerge when trading starts tomorrow."
(America is so fecked!)
Well, let's see
the dollar is worth 50% of what it was when the Euro was initiated.
The fifth largest investment company just almost went belly up.
Clinton was responsible for getting rid of the separation between banks and investment companies.
Clinton was responsible for NAFTA
Clinton was even, in my little mind, responsible for the bubble that burst way back when.
He was a tool, and is a tool, for the fools who are destroying the rest of us.
I know, a generic and angry sounding post, but the truth is the truth if one seeks it out.
BINGO BINGO BINGO!!
Thank you FH, for this REAL TALK about what the hell is going on !!
I was JUST reading about the Glass-Sheagall act/bill..formulated after the last economic depression to keep the damn banks out of the stock markets/investing (Ponzi Schemes.) Since the time of FDR, the conservatives, and now the CONservative Blue dog Democrats (DLC), have been nipping and tearing away at the former New Deal (and elements)...and right under everyone's nose. We used to have a system that worked well enough and allowed everyone a level playing field for opportunity. We had REGULATIONS on Government, Media, BIG BUSINESS, Stock Markets, while the "people" had MORE FREEDOM/Liberty and individual rights to choice and lifestyle etc.
We did NOT have this insidious notion of Globalism..who does THAT help? Not the common citizen, thats for sure. First we get VOODOO economics ala Mr. 666 Reagan and then Along come the likes of the CLINTHOLES with Al From as their Third Way Guru to FURTHER tear up any social contracts for the benefit of the American People.
Anyone ever notice the change in the genre of the films we had over the last 20 yrs? They tend to be the "Greed is good" mime, and of course, SHOOT the dissidents (bad guys) type crap--if you're poor or disagree with the status quo...YOU are that "Dissident" now. The A-Holes who have led us around by the nose for 35 years are safe, WE are in DEEP SHIT. We believed in this wealth gathering BS and well, here we are, on the brink of some disaster.
BTW, It galls me to listen to the pundits declare that we are "almost" in a recession. I've been in here and elsewhere for several years complaining, most recently, that I'm watching something sinister happen...down here in the much maligned "Poverty" Class. I watched our goods disappear and the prices of what's left go up and up and up. ( a LOT of "new poor" down here too)
MILLIONS of us ARE IN a "Soft" Depression RIGHT NOW!! Imagine if the likes of FDR had NOT instituted a Social Security Act; after that the other social programs that came along to help the less fortunate or the unemployed or the sick who were NOT rolling in cash---those of us who ARE NOT part of the "Investor Clss". What if NONE of these programs were in place right now? Think of the elderly, the single mothers, the sick poor, the disabled persons, subsidies for housing etc.. THEY WOULD ALL BE ON THE STREET THIS MOMENT !!!! NOT a "handful", MILLIONS.....
Friends, I and my companion ARE HUNGRY!! My vehicle has cobwebs on it because we cannot afford the fuel (but I'm still FORCED to buy insurance for the damn thing). My favorite grain bread, the brand I've been eating for many years, just went up to OVER $5!!! "Eat Healthy"????????? Hardy har har.. All the "food" related commodoties have gone clear off the scale of affordability for the likes of my family. Soon, we WILL be in proverbial "bread lines". We are not even sure that we will not be thrown out of this house in order to allow the owners formerly wealthy uncle to live here. We live in a state of PURE FEAR every single day. We "try" to think of something else to do, but with ZERO MONEY ...meaning not enough purchasing power to buy ANYTHING....... Well, it's all just very "depressing" WE just sit and wait, hearts in throat.
I would sure like for THIS sort of thing to be put out over the airwaves (don't hold my breath eh?). The "hurt" had already landed!!!
Rants don't get enough credit.
There are bendfits to just saying what is on your mind. It would benefit the brainless dead to hear a public projection of what is on someone's mind especially something that come out because it cannot be suppressed. Stuff like that should be a constant chorus. It helps the board have some choir to it. The threadposter sure is happy to have a response, and you were the first to respond to the thread.
Rants don't get enough credit. I get tired of calling treason, murder, torture, robbery, and world conquest and not hearing a voice of somebody that is serious about the obvious conclustions of it being a treasonous, illegitimate, and criminal USG along with their CIA that gave transparency its conversion in the truth to illision inversion/translation. Doom and Enslavement and a New Worl Order are bipartisan. bipartisan.
We are ruled by treason with hang-them-high a illegitimate, torturing, murdering treasonous overseer organization.
I think some alien justice would see Obama hang at the Hague, but how would you know if I don't say so. Disagree with it all you want, I stand with my same old call of treason. Beware The Frauds.
I await your YouTube rant that cannot be suppressed. When you declare a state of treason, you will hear the call of YouTube.
Policy by Mythology. Policy by random acts of desperation. Policy of evaporation.