Someone financially savvy fill me in--this week Bush's folks were spinning what the mortgage

[Horse with no Name]

folks were calling the worst slump in the housing market in years, and today I heard the Bush folks were spinning the Wall Street dump.
I'm not financially savvy at all, but if all the sudden you have "All the President's Men" telling me everything is okay while experts in their fields say they are not...I believe if I were a sheeple I might have to sit up and take notice...whether I was political or not.

[tridim]

1. All but the backwash are wise to the liars in the WH

BushCo is in denial.

[burythehatchet]

12. the backwash. nice

[Robbien]

2. Don't worry, be happy

If you clap hard enough Tinkerbell won't die.

That is Bush's plan and he is sticking with it.

Just an adjustment. Risk was just being factored into the market. Everything is good now. Sell high, buy low. Good time to buy!

And four of the President's top financial advisers came on CNBC to spread that nonsense.

[Mr_Jefferson_24]

3. Here an overview...

http://onlinejournal.com/artman/publish/article_2229.shtml

[Horse with no Name]

4. Great link. Thanks. n/t

[lyonn]

7. That article reads like a horror story!

And to think it was written 2 days ago, before the market took a dive. This needs a post of its own. This scenario sounds worse than our financial situation after Reagan/bush. Greenspan was a clever one wasn't he, raised interest rates as Clinton was leaving and Gore was running, then, when the technology (?) bubble burst, and bush was anointed, he drops interest to 1%??? Almost immediately. Before that he had steadily been raising the rates, as if that would calm the excited market. The interest rate at 1% seems to have created a false economy.

Edit: clarification, hopefully.

[Mr_Jefferson_24]

8. I did provide a link to it in this poll I started yesterday...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1450138

Please vote if you haven't yet.

[babylonsister]

5. Real estate was said to be the culprit yesterday;

NBC profiled Miami and the realtors/builders there who are taking a big dive, coupled with the sharks who are buying up like crazy.
Also, personally, my sis in CA says there are tons of foreclosures around. I also think I read an article about CA specifically somewhere around here.

[fed-up]

15. here is a site to check foreclosure numbers-by state, county etc

http://www.foreclosures.com/www/pages/PressInquiryListStats.asp



also our local paper had a completely misleading story last week about how real estate was looking up-hahahaha
nothing in the article backed up the title

houses are dropping prices by at least 10%, more if they were over, over priced to begin with

[cynatnite]

18. The housing market where I live didn't liven up until...

towards the end of the boom. It's still doing well so I figure it'll hit later.

[whistle]

6. It threatens the U.S. and world monetary system with a total economic

...meltdown, like nothing seen in the last century. Behind it all are the financial casino style hedge funds which have sapped away most of the economic capacity of the U.S. This calls for an FDR type economic New Deal recovery for the 21st century and a return to fair trade and fixed rate monetary system based on the U.S. dollar.

Impeaching Bush and Cheney now and pulling U.S. troops out of Iraq will be the only way to start to prevent this. Kick out the BushCo cronies. Then select a strong FDR style president who will assemble the most competent and best people to serve so the country can be rebuilt over the rest of the century with alliances and trade agreements with the three largest countries Russia, China and India. We begin with the Bering Strait tunnel and land bride with new infrastructure transportation using magnetic levitation high speed rail, fourth generation thorium gas cooled nuclear reactors with enough capacity to generate all the power, hydrogen fuel and fresh water from sea water that we need.

The rest of the world will fall in line as long as America has leaders who cooperate in peace and trade and goodwill. No more American leaders who tell the people who to hate and who to kill and who to dominate. We build on our capabilities to do good not evil.

[Zywiec]

9. Are you saving or investing any money?

[Horse with no Name]

10. Actually I withdrew a chunk out of the bank yesterday

I'm feeling some unease.

[Zywiec]

11. Unease about what?

How would taking money out of the bank help anything?

[Horse with no Name]

13. I have no trust

whatsoever in this government.
I have a 401k and a 403b (I think that is what it is)that is intact but I think I'll hang on to my liquid stuff right now.

[Zywiec]

14. Maybe you don't know, but the government doesn't run your bank

and all deposits are insured. There is no reason to take out money and hide it under your mattress. Did you do this before Y2K also?

[Horse with no Name]

16. The government doesn't run the bank

But the government INSURES it.
Go patronize someone else.

[Zywiec]

17. I'm not patronizing you

just trying to provide some facts I wasn't sure you were aware of. What makes you think your 401K or 403B are safer? You should definitely move those funds out IMMEDIATELY! Haven't you seen the disaster this week on Wall Street? You probably lost 4%!!!

[tech3149]

19. I don't claim to be financially savvy, but I think you could rely on this advice

Wall Street is a crap shoot with worse odds than Atlantic City or a three card Monty table at 39th and Broadway. It's an insiders game and the rest of us are just footing the bill. I've bellied up to the bar with more than a few insiders and if their drunk enough or comfortable enough, they'll freely talk about what goes on behind the scenes. It all boils down to one old saying that no one has ever shot down. "What's good for Wall Street is bad for Main Street" I'd say from what I see that the financial markets and stock market aren't controlled by rational and logical thinking, It's more like "How can I get the most from what I've got to invest?" The thought process doesn't go beyond "what's in it for me?" Too many of these jerks can't see beyond the end of this quarter and never feel when they shoot themselves in the foot. There are too many areas in the economic marketplace that we're being screwed, but I'm not ready to post a few thousand words to go after them. I will say that even the least political among us are starting to realize they're being screwed royally and aren't willing to take much more. I figure in the next few months we'll have as many Republicans ready to throw these bums out as elected Democrats. I could be wrong, but I think that's our best hope.