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mattduke
Light Sweet Crude
Joined: Oct 28, 2005
Posts: 1546
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 Posted: Sun Sep 28, 2008 1:06 pm Post subject: Here it comes... |
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... agreement reached
... "authority,resources" given to Paulson |
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Cyrus
Intermediate Crude
Joined: Jan 25, 2005
Posts: 629
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| Posted: Sun Sep 28, 2008 1:07 pm Post subject: Re: Here it comes... |
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| Where are you getting this information? |
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mattduke
Light Sweet Crude
Joined: Oct 28, 2005
Posts: 1546
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| Posted: Sun Sep 28, 2008 1:08 pm Post subject: Re: Here it comes... |
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| cspan live |
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jbrovont
Intermediate Crude
Joined: Jun 16, 2006
Posts: 701
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| Posted: Sun Sep 28, 2008 1:15 pm Post subject: Re: Here it comes... |
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| Epic failure. |
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mattduke
Light Sweet Crude
Joined: Oct 28, 2005
Posts: 1546
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| Posted: Sun Sep 28, 2008 1:16 pm Post subject: Re: Here it comes... |
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| No hard feelings, deflationists. |
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Leanan
News Editor
Joined: May 20, 2004
Posts: 4582
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| Posted: Sun Sep 28, 2008 1:21 pm Post subject: Re: Here it comes... |
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To have inflation, you need wage increases as well as price increases.
I don't think we're going to be seeing a lot of wage increases. Unless you're one of Paulson's buddies, of course.
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"The problems of today will not be solved by the same thinking that produced the problems in the first place." - Albert Einstein |
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hope_full
Heavy Crude
Joined: May 27, 2008
Posts: 272
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| Posted: Sun Sep 28, 2008 1:22 pm Post subject: Re: Here it comes... |
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This is 100% crazy. A blank check for our nation's wealthiest people and businesses.
Surely our senators have the wisdom and intelligence and historical perspective to kill this thing.
One can hope. |
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cube
Fusion
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Joined: Mar 12, 2005
Posts: 3824
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| Posted: Sun Sep 28, 2008 1:25 pm Post subject: Re: Here it comes... |
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| Leanan wrote: | | To have inflation, you need wage increases as well as price increases. |
FALSE
It is perfectly possible to have price increases with no wage increase.
How does this mathematically add up?
You simply buy less but pay more. 
_________________
joeltrout Oct-2008: Dow 13,000 in three years
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mattduke
Light Sweet Crude
Joined: Oct 28, 2005
Posts: 1546
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| Posted: Sun Sep 28, 2008 1:26 pm Post subject: Re: Here it comes... |
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| Rosh Hashanah begins tomorrow, so Jewish members will have to break observance to vote on this. |
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Triffin
Heavy Crude
Joined: Mar 23, 2005
Posts: 191
Location: SW Ct SW Va
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| Posted: Sun Sep 28, 2008 1:26 pm Post subject: Re: Here it comes... |
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From .. An American Tail ..
We have a P-W-A-N !!!!!!
Gussie Mausheimer
Triff .. |
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jbrovont
Intermediate Crude
Joined: Jun 16, 2006
Posts: 701
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| Posted: Sun Sep 28, 2008 1:27 pm Post subject: Re: Here it comes... |
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I sent this to my reps. I'm so p*ssed.
| Quote: |
Dear Senator,
I'm watching Judd Gregg on C-SPAN right now talking about an agreement being reached to make this bailout happen.
Does he not know where government profit comes from? It comes out of the US economy. Any "profit" may as well be a tax. Limiting executive compensation does nothing at this point. They've already gotten their compensation, and this bailout is just filling the hole they made. The fear mongering to get this bill passed is despicable. Warren Buffet is in no way credible in saying not passing this bill will cause "financial chaos," as he has 5 billion riding on it passing.
This is nothing but a wholesale robbery of the American taxpayer. I am carefully watching to see who supports and opposes this bill, as it clearly indicates who supports and opposes the American citizen.
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| hope_full wrote: | This is 100% crazy. A blank check for our nation's wealthiest people and businesses.
Surely our senators have the wisdom and intelligence and historical perspective to kill this thing.
One can hope. |
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hope_full
Heavy Crude
Joined: May 27, 2008
Posts: 272
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| Posted: Sun Sep 28, 2008 1:35 pm Post subject: Re: Here it comes... |
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http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm
Economists from all over the country - with very impressive credentials - have sent this letter to the Senate:
| Quote: | To the Speaker of the House of Representatives and the President pro tempore of the Senate:
As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan:
1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear the losses. Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.
2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.
3) Its long-term effects. If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America's dynamic and innovative private capital markets have brought the nation unparalleled prosperity. Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.
For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come.
Signed (updated at 9/25/2008 8:30AM CT)
Acemoglu Daron (Massachussets Institute of Technology)
Adler Michael (Columbia University)
Admati Anat R. (Stanford University)
Alexis Marcus (Northwestern University)
Alvarez Fernando (University of Chicago)
Andersen Torben (Northwestern University)
Baliga Sandeep (Northwestern University)
Banerjee Abhijit V. (Massachussets Institute of Technology)
Barankay Iwan (University of Pennsylvania)
Barry Brian (University of Chicago)
Bartkus James R. (Xavier University of Louisiana)
Becker Charles M. (Duke University)
Becker Robert A. (Indiana University)
Beim David (Columbia University)
Berk Jonathan (Stanford University)
Bisin Alberto (New York University)
Bittlingmayer George (University of Kansas)
Boldrin Michele (Washington University)
Brooks Taggert J. (University of Wisconsin)
Brynjolfsson Erik (Massachusetts Institute of Technology)
Buera Francisco J. (UCLA)
Camp Mary Elizabeth (Indiana University |
(etc) |
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Buggy
Heavy Crude
Joined: Jun 23, 2008
Posts: 149
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| Posted: Sun Sep 28, 2008 1:35 pm Post subject: Re: Here it comes... |
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It doesn't matter what they pass, although kidney stones would be preferable. Our country presenly exports 400 billion dollars a year in wealth to oil exporting countries. A price tag gauranteed to go up. So what is 700 billion piddly dollars really going to fix? Most certainly it will be just like plugging the drain in your bathtub with an icecube.
_________________
We are so screwed. |
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TheDude
Expert
Joined: Apr 06, 2006
Posts: 3626
Location: 3 miles NW of Champoeg, Republic of Cascadia
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| Posted: Sun Sep 28, 2008 1:38 pm Post subject: Re: Here it comes... |
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| cube wrote: | | Leanan wrote: | | To have inflation, you need wage increases as well as price increases. |
FALSE
It is perfectly possible to have price increases with no wage increase.
How does this mathematically add up?
You simply buy less but pay more. |
Yup. You can adjust wages for inflation, of course - exacerbating the problem in the process. These lunatics believe the economy is growing at a brisk pace, too...
_________________
Cogito, ergo non satis bibivi
C'mon man, who're you gonna believe? |
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GASMON
Intermediate Crude
Joined: Mar 29, 2008
Posts: 846
Location: England
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| Posted: Sun Sep 28, 2008 1:43 pm Post subject: Re: Here it comes... |
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Let the ride begin.
BTW The UK is in the last car.
Gasmon
_________________
Been there, Done that, Bought the tee-shirt |
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