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LogansPapa
10-06-2008, 01:17 PM
By JENNIFER LOVEN – 12 minutes ago

SAN ANTONIO, Texas (AP) — President Bush says the $700 billion plan to save the teetering U.S. economy will take some time to work.

After meeting with small-business owners at an old-fashioned soda shop in San Antonio, Texas, the president sought patience from a jittery country.

Congress last week approved a massive plan of federal intervention that allows the government to buy up devalued assets from financial companies in hopes of unlocking frozen credit lines.

Bush said he signed the bill last week, but that "it's going to take awhile" to get the program working fully and effectively. He called it a big step toward solving the problem.

http://ap.google.com/article/ALeqM5hT-MwpK6QSoOPF74bGFqnUl_HVuwD93L3E9O0


(clueless to the end. well, at least he didn't say it was going to be "hard work.":rolleyes:)

LogansPapa
10-06-2008, 02:12 PM
http://www.telegraph.co.uk/telegraph/multimedia/archive/01004/ambrose_1004236c.jpg

Germany takes hot seat as Europe falls into the abyss

We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.

By Ambrose Evans-Pritchard
Last Updated: 11:05AM BST 06 Oct 2008

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3141428/Germany-takes-hot-seat-as-Europe-falls-into-the-abyss.html

JB
10-06-2008, 03:46 PM
Thank you Barney Frank and every useless Dem that got us into this mess.

Social Reject
10-06-2008, 03:57 PM
Thank you Barney Frank and every useless Dem that got us into this mess.

No, I think the blame falls on all of them not just Democrats but Republicans as well......good part the rich are in trouble but with Bushes plan now they won't have to stand in the unemployment line its a shame too they should see how the average American feels when they are out of work............

LogansPapa
10-06-2008, 04:10 PM
A credit default swap (CDS) is a contract in which a buyer pays a series of payments to a seller, and in exchange receives the right to a payoff if a credit instrument goes into default or on the occurence of a specified credit event (such as bankruptcy or restructuring). The associated instrument does not need to be associated with the buyer or the seller of this contract.

Originally used as a form of insurance against bad debts, these instruments became a tool for financial speculation when the Commodity Futures Modernization Act of 2000 specifically barred regulation of these trades.

Definition

A credit default swap (CDS) is a credit derivative contract between two counterparties, whereby the "buyer" pays periodic payments to the "seller" in exchange for the right to a payoff if there is a default[2] or credit event in respect of a third party or "reference entity".

In the event of default in the reference entity:

* the buyer typically delivers the defaulted asset to the seller for a payment of the par value. This is known as "physical settlement".
* Or the seller pays the buyer the difference between the par value and the market price of a specified debt obligation. This is known as "cash settlement".

http://en.wikipedia.org/wiki/Credit_default_swap

Reference '60 Minutes' last night for a real eye-opener.;)

http://www.cbsnews.com/stories/2008/10/05/60minutes/main4502454.shtml?source=mostpop_story

Goldwater
10-06-2008, 06:16 PM
Thank you Barney Frank and every useless Dem that got us into this mess.

I think Jimmy Carter was the last guy in the oval office who said people would have to live on less and within their means.

It is an unelectable platform until it is shown as the only platform.

JB
10-06-2008, 06:25 PM
Bush said he signed the bill last week, but that "it's going to take awhile" to get the program working fully and effectively. He called it a big step toward solving the problem.

(clueless to the end. well, at least he didn't say it was going to be "hard work.":rolleyes:)This is hardly clueless. Did you expect to wake up today and find the problem had disappeared?

Everytime you make a post that puts this on Bush, I'll be there to put it on the Dems.

I haven't seen a more corrupt gathering of individuals like todays Dems since the five families gathered together in Godfather I.

LogansPapa
10-06-2008, 06:40 PM
Everytime you make a post that puts this on Bush, I'll be there to put it on the Dems.

McCain won’t do one thing different than his predecessor. Nothing.

We’re just going to get more of the same. The same hasn’t worked. In fact, its been an a complete and embarrassing failure, around the world. John has no idea of what the fundamentals are, even as the financial markets collapse around us.

OBL gets a second victory and our grandchildren get to pay for our overseas idiocy that has acted as the tipping point for this present situation. We are no longer capable of fighting a multi-front war, militarily or financially - hence the public retreat of our allies all over the globe.

Lager
10-06-2008, 07:53 PM
McCain won’t do one thing different than his predecessor. Nothing.

We’re just going to get more of the same. The same hasn’t worked. In fact, its been an a complete and embarrassing failure, around the world. John has no idea of what the fundamentals are, even as the financial markets collapse around us.

OBL gets a second victory and our grandchildren get to pay for our overseas idiocy that has acted as the tipping point for this present situation. We are no longer capable of fighting a multi-front war, militarily or financially - hence the public retreat of our allies all over the globe.

You don't think McCain would work to cut spending, even though he has a track record of doing so? Do you think Obama would? The high cost of the war surely contributed to these problems, but that is by no stretch of the imagination the primary factor.

Zeus
10-06-2008, 07:58 PM
McCain won’t do one thing different than his predecessor. Nothing.

We’re just going to get more of the same. The same hasn’t worked. In fact, its been an a complete and embarrassing failure, around the world. John has no idea of what the fundamentals are, even as the financial markets collapse around us.

OBL gets a second victory and our grandchildren get to pay for our overseas idiocy that has acted as the tipping point for this present situation. We are no longer capable of fighting a multi-front war, militarily or financially - hence the public retreat of our allies all over the globe.

I'd be willing to bet McCain/Palin hit the ground running on Financial mkts reform. Wether it will all be for the good is debateable but I'd bet it would be a top priority in their administration.

LogansPapa
10-06-2008, 08:06 PM
If the market loses an average of just 100 points for just the next 21 working days - the Republicans will pitifully lose the White House and the US will become a socialist state.

LibraryLady
10-06-2008, 08:17 PM
I'm beginning to wonder why anyone would want the Presidency.....

Social Reject
10-06-2008, 08:51 PM
You know it comes down to this, Republican or Democrat no matter what the party its not going to be an easy fix any one.

Zeus
10-06-2008, 09:19 PM
You know it comes down to this, Republican or Democrat no matter what the party its not going to be an easy fix any one.

Nobama still thinks it's a good idea to give a home loan to folks that can't repay them, McCain believes Reform is needed. So do you want Change or More of the same. :rolleyes:

Molon Labe
10-06-2008, 09:32 PM
You don't think McCain would work to cut spending, even though he has a track record of doing so? Do you think Obama would? The high cost of the war surely contributed to these problems, but that is by no stretch of the imagination the primary factor.

But lets be perfectly honest. Couple a 700 billion dollar bailout with another 600 billion dollars for the GWOT. Just where does this money come from? I certainly haven't paid more taxes this year to fund any of this. It's being intellectually dishonest to suggest that our entire federal system...defense as well as domestic social spending, is the problem. The Iraq war is as much a primary factor as anything.
The fact is that this bill is coming one way or another. It might be our grandchildren that end up with the mess. The current mess might be the "good ol days".

LogansPapa
10-07-2008, 12:05 PM
It might be our grandchildren that end up with the mess. The current mess might be the "good ol days".

F'ing-A-Reality-Bingo! (FARB) :cool:

Lager
10-07-2008, 04:57 PM
But lets be perfectly honest. Couple a 700 billion dollar bailout with another 600 billion dollars for the GWOT. Just where does this money come from? I certainly haven't paid more taxes this year to fund any of this. It's being intellectually dishonest to suggest that our entire federal system...defense as well as domestic social spending, is the problem. The Iraq war is as much a primary factor as anything.
The fact is that this bill is coming one way or another. It might be our grandchildren that end up with the mess. The current mess might be the "good ol days".

So which candidate do you believe would be the most effective at controlling government spending?

Molon Labe
10-10-2008, 05:59 PM
So which candidate do you believe would be the most effective at controlling government spending?

how about.....neither.
I'm too old to believe the b.s. in the debates.