Economic News

[tvashtarkatena]

THey still want to bestow these rich incompetents with a fat capital gains tax cut; the most regressive there is. They are, after all, Republicans up for re-election.

Edited September 26, 2008 by tvashtarkatena

[prole]

Nothin' says tax cuts like a deficit crisis!

[STP]

And it appears that the bailout deal is off, at least for now.

 

 

New deal to be hammered out by Sunday or Monday?

 

Asia Needs Deal to Prevent Panic Selling of U.S. Debt--Bloomberg.com

China banks told to halt lending to US banks-SCMP--Reuters

[prole]

And it appears that the bailout deal is off, at least for now.

 

 

New deal to be hammered out by Sunday or Monday?

 

Asia Needs Deal to Prevent Panic Selling of U.S. Debt--Bloomberg.com

China banks told to halt lending to US banks-SCMP--Reuters

 

<THUD>

[glassgowkiss]

here is something to think about.

Team Obama:

Paul Volckler- as treasury secretary whipped out inflation

Robert Rubin- erased deficit

Austan Goolsbee, Laura Tyron, Larry Summers are the others.

here is a team McSame:

Phill Gramm- no commentos

Carly Fiorina- fired from a position of a CEO of HP

Douglas Holtz-Eakin- head of CBO and Bushes senior chief economist.

The choice is simple: McSame is yet another tax spending conservative, who wants to continue with failed trickle-down economics.

[joblo7]

an0ther manufactured depression. very , very profitable.

 

"tell them its the republican's fault".

 

Thomas Jefferson's Warning To America

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

 

now , HOW we GONNA DO THAT? america's TERMINAL CANCER is curable.??

 

[olyclimber]

not exactly the somber attitude these people should be presenting IMO

 

 

looks like they just got done feasting on the remains of our economy

[tvashtarkatena]

"We.are.sooooooooo.aw-sum!"

[joblo7]

well, they ARE getting rich.!! good business....

[prole]

Wachovia's in the house! The FDIC's house.

[tvashtarkatena]

Gotta love the name's phonetics. Will it swamp the FDIC, as WAMU would have?

[fear_and_greed]

They won't be smiling when the next few rescue packages need to be dealt with in the near future. You see, the patient is dead and they are using a band to revive him.

[prole]

The FDIC is the last thing in the world the State's gonna let get swamped. They'll try to print their way out before risking the kind of upheavals likely in the event of widespread bank runs, mutual fund lockouts, etc.

[joblo7]

panic is the best business to be in .

 

sell high buy low.

[prole]

Citigroup obviously bought low with regards to Wachovia keeping in mind that a bailout for bad debt is right around the corner. We're seeing a tremendous consolidation in finance. Will it help stabilize the financial landscape, or make things worse?

[tvashtarkatena]

On one hand consolidation amortizes the risk of a bank run across a larger pool of deposits. Given the failure of several enormous finance houses recently, however, I don't think anyone can argue that gargantuan size is any protection against collapse. Not that I have that problem.

 

Consolidation creates even more powerful entities to lobby for deregulation, as well as a larger houses of cards that may take greater chunks of the economy down with them.

 

We might just see the nationalization of the investment finance industry in the near term. Interesting.

 

 

Edited September 29, 2008 by tvashtarkatena

[carolyn]

doesnt look like the bill is going to pass the house.

[tvashtarkatena]

Dow is down 600. Jebus.

 

Silver lining, although it may not be much at this point: Bye bye McCain.

[joblo7]

 

We might just see the nationalization of the investment finance industry in the near term. Interesting.

 

 

the reverse is happening!! wtf

 

 

[Mal_Con]

May not be a totally bad thing as there may be some money for a massive public works program after January 2009

[Stefan]

Dow is down 600. Jebus.

 

Silver lining, although it may not be much at this point: Bye bye McCain.

 

Everyday is looking better and better to buy some more stock! Just a wee bit longer to hold out....

[j_b]

May not be a totally bad thing as there may be some money for a massive public works program after January 2009

 

Agreed. Let the pirates go down with their ship and the casino economy. We should spend our taxes on building sustainable infrastructure, alternative energy tehnology and a manufacturing base.

[dmuja]

Everyday is looking better and better to buy some more stock! Just a wee bit longer to hold out....

 

Yep

 

You playas are either gonna win the fucking lotto in the next few days or you'll be holding your soup cup out with the rest of us - so at this point what do you have to lose by going all in?

[jon]

The Bush looks like he has aged 20 years in the last two weeks.

[j_b]

-Are you suggesting that increased competition in the telecommunications business would be bad for the consumer?

 

I am saying that deregulation in telecoms resulted in the building of unnecessary parallel networks that competed for too few customers, which lead to unrealistic price wars, frauds, score of bankruptcies, mass loss of jobs, industry consolidation, and new monopolies (...). Competition is good but if it profits only speculators and crooks while it destabilizes industries, it is not wanted. Moreover, in the case of cable for example, the infrastructure defines a natural monopoly, which should therefore be regulated.

 

-What, in your opinion, determines both real wages and real wage growth? There seems to be a theory embedded in your final paragraph, but it would be helpful if you'd make that explicit.

 

No, there is no theory involved since it is a statement from first principles: budgets depend on what comes in and what goes out. You, on the other hand, have a theory and it doesn’t work because, despite the books being thoroughly cooked (notably on inflation data), statistics show that purchasing power has decreased over the last 30 years for the overwhelming majority of Americans, which means that deregulation has not lead to an increase in purchasing power for anyone relying on wages to earn a living. On the contrary deregulation has enabled the casino economy of today where all economic growth, most of it virtual, debt-ridden or financed by taxpayers, is sucked by the upper 0.1% of the income brackets. In how many countries has deregulation and laissez-faire led to complete ruin in the last 30 years?