“I swear! It's amazing the lack of priorities people have in a crisis... Who CARES who's fault this is... we need to figure out how to fix the problem! Would you people sit around and argue about how the fire started when you're in a burning house or would you get outside and grab a hose??”
It matters to them because we're only weeks away from an election - every single House member wants to be re-elected. THAT's why they're all acting like this. - Tad - the Meme Maker
Totally agree. Now is the time to start battening down the hatches and ride out the storm. Where the storm came from or who's fault it is is irrelevant. My current project - if work misses payroll, having enough cash on hand to pay the bills. - Jason Kaneshiro
Lindsay, I made the same comment on a post just a few minutes ago and I agree. To me, today's mess is the perfect example of why we (as citizens) need to make major changes in the people we've chosen up to this point. Time to clean house. - Steve Sebestyen
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Just another day in politics. Don't have to actually get anything done, just need to LOOK like you're doing something. - saeba
Screw the election... we have longer term and more immediate problems to deal with. - Lindsay Donaghe
In this case it matters. Why on Earth would intelligent people want more of what caused the problem in the first place? The government needs to stay the Hell out of this and let the market correct itself. The storm analogy is flawed because no one can cause a hurricane. As far as the burning house analogy; do you just build another house while the pyromaniac stands there and watches with anticipation? - Mattb4rd
+ a gazzilion for this Lindsay!!!! Well said indeed... - Live4Soccer
i don't know if you've noticed over the past 20 or so years, but whenever there's a problem, the GOP is the first to point fingers at Democrats and minorities, yet never offer suggestions. I refuse to listen to children whine, so just ignore those types of people here and have intelligent conversations with people who can hold one. - Faboo Mama
This is why Washington is broken. Crap like this. - Rah™
@Mattb4rd - I'm of the opinion that we should scrap it all and start over... and in that case the history doesn't matter who started it... They're ALL to blame but it doesn't change anything going forward if we do as Steve suggests and clean house. But that also doesn't mean we can do nothing... The market is not set up to correct itself. - Lindsay Donaghe
the problem has no fix, unless you can fix greed in humans ... it has never happened .... earth is not about perfection, it is about being a school, a tough one - Gregory Lent
@Gregory; That school is tougher when you're stupid. (I'm not calling you stupid, just saying life is hard, it's harder when you're stupid) - Mattb4rd
No one said it has to be a perfect fix. There's no such thing in a world that's constantly changing. But our focus should be on that fix instead of who caused the problem. Can't make progress looking backward. Not to say you shouldn't be aware of the past (don't want history to repeat itself) but you have to move on to get anywhere better. - Lindsay Donaghe
Lindsay, if I might tread on dangerous ground here, I do agree with you. Perhaps some are concerned as to "why" the fire was started in order that we do not make such mistakes again. If I have been informed correctly, the bail out package was simply a tourniquet to stop the massive blood loss, and allow us to operate on the issues under a little less stress. However, tendencies are to seek to blame. I have my feeling on some heads that should role, but this should not distract from us setting a course... - ChangeForge | Ken Stewart
Finger pointing at a time of crisis just shows you how lame our leadership truly is...fabulously f*cked! - Susan Beebe
Sometimes we have to dig deep and find the root cause in order to solve a problem, but this is way past that - Susan Beebe
I hate to stretch an analogy, but you throw water on some fires and you make them spread, e.g. magnesium. I am NOT comfortable that this bill is not inflaming the problem. First do no harm. - Eric Lewis
@Ken - I wasn't a fan of the bailout plan. I am not an economic expert so I don't really know what the best course is, but I do think that we need to get a lot of very smart people in the room and possibly kick some of the politicians out of it and have them figure out the best solution for the short term AND the long term. The blame game is wasting precious time and energy. We can take care of punishing the people who got us into this mess later. - Lindsay Donaghe
Eric: And if it is your BEST FRIEND who is on fire? Do you do nothing and thus "do no harm" or do you act and throw water on the fire, even if it might get worse? Seriously. - Ben Parr
Chris, thanks for the video. Very refreshing information and suspected by many. Ben, to further your analogy, stop-drop-and roll... It's the same thing as attempting to rescue a drowning person. You have to be a strong enough swimmer to save both yourself and them. Lindsay, I agree. I strongly feel that if you pull back the curtain, the Congress is listening to the voters (at least more than half). Just not the ones on TV I fear - so called leadership. - ChangeForge | Ken Stewart
Ben: We gotta go to war now! NOW NOW!! WMD WMD!!! NOOW!! Sound familiar? The ONLY time I want government to act quickly is when the ENTIRE nation is in agreement. And sad to say, we just aren't on the approach to this problem. Until we are, slow is what we are gonna get. - Brian Shows
Ben Parr: So you would feel better about yourself, having killed your best friend faster and with more pain? To each his own, I guess. In this case, I don't see the panic. Margin calls are a bitch, but extending them is no answer. - Eric Lewis
I don't think a bailout is going to fix the fundamental flaws in our economy. At best we can push off the real pain to our kids. But I think we have done enough to screw up their future already. - Seth "Seth" Gottlieb
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Brian, thank you! That is what I'm saying too... Let's get some education on this... Not TOO much, but enough to help us through what is a very complex issue for the average American. I think America is very divided on issues at this point. Just look at poll numbers, just look at the $700B bail-out plan vote. Lindsay, what I fear we are allowing this issue do to all of us is spread the disaster scenario even further, we are allowing someone else to dictate the pace of our actions - which you know is flawed. - ChangeForge | Ken Stewart
It's posts like this that make me understand where panic originates. Those shouting FIRE are convinced of their righteousness. - Eric Lewis
Eric, sorry if you think I'm being righteous, but if it's being righteous to suggest that we need to be more concerned about the future than the past then I am fine with being labeled that way. All I care about is finding the best solution for this problem and spending our time and research effort trying to figure out who's to blame does nothing. We should spend that same effort trying to understand the consequences of our next actions and pick the best option. Egos be damned. - Lindsay Donaghe
“The Right Wingers are now trying to spread the meme that black folks caused the current financial crisis. Wow. Stunned. Breathless. Unimaginable. WTF?”
How about the greedy white men who wanted more than they could afford? - Cyndy
This is what I am worried about: Morons that need to blame a group en masse. Wait for it. . . .wait for it . . . Jews are next on the list. That train's never late! - Peter "that one" Ghosh
So why are we in this current financial crisis? - Mike Lewis
This has everything they love. Blame Clinton. Blame minorities. Unfortunately, the CRA only covers about 30% of the insitutions that provide loans. The truth is the subprime crisis is all about greed on wall street and they loved securities backed by homes. People made a lot of money. - Matthew Davidson
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Steve said it best on another thread: You mean the repeal of the Glass-Steagal Act with the Gramm (yes, Phil)-Leach-Bliley Financial Services Modernization Act? Here's a link to the Center for Research on Globalization that contextualizes that and other causes: http://tinyurl.com/4729cf and here's the Wikipedia link for the Gramm bill: http://en.wikipedia.org/wiki/G... - steplow is Steve - Peter "that one" Ghosh
So ridiculous. Well, now we know who will be strung up first if this goes the way of the French Revolution. - Jason Kaneshiro
Three words - FLIP THIS HOUSE. When you buy a house for 100k, make 50k worth of improvements, and sell it for 300k less than 3 months later.. . .um, yeah, it's going to have an effect. The behavior was only encouraged by banks, Home Depot, the TLC network, etc. - Peter "that one" Ghosh
Tad, it's that mentality that's going to lose the election for Barack if the polls remain close. I posted a message earlier that during an informal poll this weekend among friends (and I'm ashamed) that 4 out of 15 people OPENLY indicated they would NOT vote for Barack because he's black. I live in the NYC area and this came as a shock to me. Vote against him for his policies, not his skin color. I'm disgusted and am seriously rethinking some of my friendships. Racism is alive and well, unfortunately. - Steve Sebestyen
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I clicked your links Tad and I saw the article -- but where's the meme? If there are people on FriendFeed blaming Blacks for the crisis, I want to know about it. - Shey
It's not so much a FF meme as a political discussion meme across all outlets. Of course, if $700 Billion had REALLY been spent on mortgages for minorities, wouldn't ALL minorities have a nice house now? - Jason Carreira
This is a time when some of those far right pricks are showing themselves. - Mathew Ballard
I'm sorry Shey - I didn't mean a FF specific meme. I meant in general. It's a political meme propagated by some in the GOP. - Tad - the Meme Maker
Ann Coulter said that one of the causes was affirmative action. Is that what you mean? - Trish R
I apologize, America. I caused the financial crisis because I am black. Please forgive me. - Rah™
pure desperation. i wouldn't rise to it. its the intended plan - to divert attention from the real 'dire' issues - ray
Yes, Peter. And as everyone knows, the only people on those shows were black people. </snark> - Faboo Mama
many of the pundits who have shows and continuous appearances on FOX have stated this unapologetically (cavuto, malkin, hannity, coulter, etc). it's like a memo went out somewhere along the line to come out and make this part of economic downfall in order to garner support for their side. it's no coincidence - Cee Bee
no, its not the a-holes at the top who got greedy? Lets just blame a major portion of the population that couldn't afford how ridiculous the housing market had gotten, and followed the golden carrot they projected in front of them. And by the way I know plenty of white sub-prime borrowers. Racism pisses me off, majorly. - Gina K
It's not even honest racism. It's cold, cynical fake racism. These folks don't REALLY believe that black people caused the crisis. They're just saying it in an attempt to rally the extremely ignorant and racist elements of their base. The same folks who think Obama is a sekkrit Muslim. They're in a panic mode because the majority of their base is demoralized and they're trying to rally any troops that'll listen. - Tad - the Meme Maker
Breadlines are coming and I'll personally blame people like you. Thanks! You just turned off the credit tap. That sounds wonderful on paper, but now people with excellent credit won't be able to buy cars, houses, or businesses on credit. What happens then? Poor people get laid off by the millions. Congrats, you are celebrating on the backs of the working suckers who will now get laid off. - Robert Scoble
I'm not buying into depression fear. Glad to see this fail as it stands. Hoping to see the government continue to help smooth the market via negotiated buyouts. See WaMu and Wachovia. And Wells Fargo is still in a buying mood too. - AJ Kohn
2nd. It's going to be ugly and painful, but its looking more and more unlikely that even 700B would be enough to stop the train we're all on. - Jim Goldstein
Gregory, I think you're right. A lot of Americans were dead against this bailout, and the politicians--even a good many who thought it was a good idea--didn't want to vote for it. - steplow is Steve
The bailout seems unfair, but I don't feel qualified to know whether or not it is good or bad, in general, for it to have failed. I do feel worried, though. - felix
Eric: i sat down with some smart economists last week who told me what's going on. Whatever. The market agrees with me. So, let's meet in six months and see the damage. I hope I still have a job. If not, I'm coming over and sleeping on your couch, OK? - Robert Scoble
I don't think--at least I hope--it won't be as bad as the worst estimates, but given that the "free market" (which isn't and has never been free) has generally screwed ordinary folks since Adam Smith, I think the only people who really want to see this fail are well-off Social Darwinists with more money than morals. - steplow is Steve
I have no business commenting on this. That is, of course, an excuse to comment here. I agree with Scoble. What the US needs is tighter controls & better oversight of its lenders & investors. A bailout would've given the government the right to be the controlling or overseeing body with less harm. - Vijay Sadasivam
that's a funny way of expressing your "like" of this post R Scoble - John Cozen
Too bad this won't be a short term pain if things keep going the way they are. We are quickly heading towards our bank system failing and if that happens, not only will our country head into another depression but many other countries around the world will also plunge into economic hell. - Mathew Ballard
I greatly doubt that banks will not do loans anymore, for that is the only way that banks make money. Now, granted, the banks are not going to be giving them out like they are candy on Halloween to ever ghoul and goblin that comes to the door, but they are still going to give out loans. The general public when they want a loan will have to show that they can afford the loan over the period of the loan itself, and that they have a real need for it. - Wizetux
"The market" is composed of the same people who created this mess, who are now selling off because they're not getting $700 billion of taxpayer money to line their pockets with. At this point I have no reason to trust any of the people talking doom and gloom. This is WMD's all over again. - Eric
I take it Robert would have preferred I celebrate on the broken backs of the responsible American taxpayer? And Robert, you're not the only one who speaks with "smart economists" - and they don't all agree with you. Many of them think a functioning market requires that bad bets are punished. And where have you been on this issue? - Anthony Citrano
There needs to be some money invested back into the market otherwise we are going to see the next great depression. There will be no lending even for those with perfect credit. Unless they pass some sort of package, you will see the hugest FAIL yet! - David Ward
Anthony: well, we're being punished all right. Oh, well. Major shit is coming, I'm off to the store to buy some supplies. - Robert Scoble
Scobleizer, you don't have a y2k end of the world supply left over? - Simon May
Anthony: The pain will be far from short term unless some form of this bill is passed. They need to get back in their and come to an agreement. - David Ward
Robert, since you've decided to personalize this by blaming people like me, I didn't hear you using your soapbox to discourage the orgy of borrowing and spending your fellow citizens went on over the past seven years to warn them of calamity if it continued - (quite the opposite.) On the other hand, I have done so loudly and clearly and consistently - long suggesting Americans wake up and take some hard looks in the mirror. So, I'll blame people like you for any disaster that follows. - Anthony Citrano
Anthony: OK, that's fair. So, now that the blame is out of the way, what we gonna do? Just watch the whole country stop? Or, you gonna join with me to come up with solutions? Work the problem as it exists today, let's get away from the blame. - Robert Scoble
crazy times in Charlotte NC.. Wachovia is done.. there's no gas in the city.. not much of a victory for the people here - Travis Parsons
@Robert: *now* you want to get away from the blame? @David: that is NOT going to happen. I have talked with quite a few people on the Hill today. Let's all stop wishing and start realizing that you cannot legislate against gravity. Even if they *do* pass something, it's going to be window dressing / political cover for Election Day and will not make a palpable difference to the market. The problem we face is more than 40 times the size of the entire US GDP. So: </fun>. - Anthony Citrano
With you there Robert. Blame gets us nothing; what can we do to solve this - Aaron Krug
@Paul - "privatising profits and socialising debt." wow. that sums it up. - jeneane hussein sessum
Amazing how "only bailout for exactly $700B -- or bust" are the only two options. Seriously? No other plans, options, or proposals to deal with the mess? We're playing right into their hands. - Ambar Pansari
The point is, the government is now there to do things like this. This is a democracy, is it not??? If the government passes a bailout, that goes against democracy. It is socialism. If they want to do it, then at least call a spade a spade. This country is moving further and further away from democracy, and the citizens accept it under the guise of safety and security. - Andru Edwards
So now that government intervention helped steamroll this situation, the solution is more government intervention at our expense? I agree w/your tweet 100 percent. - Bryan Saxton
@Ambar: Sorry to sound cranky but I've been screaming about this for years; even the full $700B would have been like spitting in the ocean. We have a $600 TRillion derivatives problem that is just beginning to come unraveled. Those who weren't listening back then - or called us "chicken littles" - might do well to listen now. Any future version of this bill won't matter, except to those seeking reelection - Anthony Citrano
@Andru: I have no problem with sensible regulation - I am not a rabid free marketeer - but I do not believe the taxpayer should be forced to retroactively rescue people from bad gambles. It's unfair and immoral. Hard working Americans who made sensible decisions during aforesaid orgy should not be compelled by law to pay the bill. - Anthony Citrano
@Robert: as to "joining you" for "solutions" - I have been suggesting them publicly and privately for years. Unfortunately one part of the solution is the pain phase - which we are just entering - and it will be severe. Yes, we must ensure a safety net for those who will be truly derailed by this. To anyone serious about organizing public policy solutions to this, my email door is always open, because it goes well beyond a FriendFeed comment box. I won't be holding my breath. - Anthony Citrano
I'm with Scoble on this one. It's understandable that the average taxpayer is enraged by this bailout. And yes, many financial institutions deserve to fail. Problem is, the innocent will suffer more than the guilty if congress just lets this play out with no intervention. - Howard Keziah
Howard - please at very least read what I wrote here. If you're ambitious, read what I've written on it over the years. Do you really, really think Congress can fix this? Have you done the math? You know the problem is more than ten times the entire GDP of Planet Earth, right? - Anthony Citrano
Anthony - what is the worst-case scenario here, in your opinion? - Sean McBride
@Sean: worst case (but NOT the most likely) is a collapse of the global finance house of cards, death of the dollar and fiat currencies, and a return to barter and intrinsics; absolute obliteration of American suburbia; epic global depression. (Read some James Howard Kunstler, for example.) Tectonic social strife and the bankruptcy of the US Treasury. Private currencies could start to spring up.... - Anthony Citrano
meanwhile, in india and china, the rice continues to grow, farmers continue to plow the fields .... - Gregory Lent
Again: where were most of you as this was unfolding over the past seven years? Oh, I remember: navel-gazing and encouraging the masses to buy the latest shiny object with their MasterCards, all while ignoring or deriding those of us who dared suggest we examine our way of life. Now you want us to pick up the tab. Sorry, but the faux-populist lectures - especially from this crowd - are a little hard to take. - Anthony Citrano
“I'm a believer in "hope for the best, prepare for the worst". With that in mind, what are you skills that have nothing to do with IT, computers, design or being a 'knowledge worker'?”
"Hope for the best but expect the worst" may actually be the unofficial motto of the field of Internal Medicine. - Victor Ganata
I play guitar, I'm a writer, and I have run and owned bookstores for the last decade. I just prefer tech :) - Neal "thePuck" Jansons
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Drywall, painting, concrete, a bit of carpentry, demolition - Pop made sure I didn't spend all my time in front of a computer screen. - Steven "The One" Perez
Well, uh...I'm good at sales. Oh crap I'm screwed there too! GAH! - Mathew Ballard
Alright, my skilz: I can make soap, cook on a woodstove or open fire, and knit really big squares (which I will chose to call blankets). - Stupid Blogger (aka Tina)
Wow, I'm so rusty at everything, I can't even think of anything outside my profession, which pretty much just requires me to think. I can, however, operate a manual or electric typewriter, many types of lawn care equipment, and various firearms. - steplow is Steve
Entrepreneur, Finances, Legal, Business, good eye for interior design, photography, Life Guard, CPR / medicine / health care, Veggie and flower gardening, horticulture plant care (i can propagate roses in my sleep), cooking, baking, milking cows, sheparding (yes, i know the difference between calling sheep and goats!), horse care / shoe horses (ferrier), small home repairs, some sewing, art work, laundry, pet care. (I had an interesting childhood to say the least) - Susan Beebe
I can sew, I can garden, I can still type and handle multi-line phone systems. I can camp, I can do minor home repairs, and I know how to can things. Bring your tomatoes over! And I can help people with resumes. :D - Cyndy
Electrical Engineering Design, FPGAs, Microprocessors and all the surrounding errata. - Steve Spalding
Lawn mower repair. I flunked a class my freshman year in high school and was sent to 'shop' to learn a skill. - Andrew Leyden
I'll be screwed if things get really bad. Outside of general techy stuff, all I can do is basic customer service (retail, answering phones, etc.). Fortunately, my girlfriend has the skills for us to make a good go of it at living in the woods. ;) - James Williams (willia4)
Plumbing, electrics, building work ... - Simon May
Oh, I forgot sewing! And I do know how to milk a cow and a goat (know how to cook them both, too). - Stupid Blogger (aka Tina)
Writing, Photography, Construction and related stuff (painting, electrical, plumbing), Handyman, Gardening, and a few more. But why do you think IT is what's going to suffer? I think IT will continue to do fine. There'll be some belt-tightening all around, but things will go on. - Raoul Pop
I'm a decent writer and illustrator. But they're definitely more skills than talents. - Squirrel Girl
I'm useless without a computer. In a pinch, I could be used as firewoord, I suppose. - Matthew Davidson
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@Pop I don't know about that. Tech stocks are some of the hardest hit right now. Even Apple is down almost 10% for the day. - Mathew Ballard
After 14 years living in the country, you pretty much learn how to do everything (If you want to) ... not to mention being surrounded by farms. Long way from the 'suburban' days but contrast was healthy and educational. - Charlie Anzman
Raoul, I don't think anything is necessarily going to happen to IT. But if it does, I don't want to be left holding nothing more than my laptop.... - Stupid Blogger (aka Tina)
Oh! I know how to sew too! My sewing machine is my bff! I can also: knit, crochet, and embroider. I can help put up drywall, helped my dad when I was younger. I can also shop til I drop, does that count? I can speak Spanish. - zoblue (Zulema ❤'s you)
In my short life so far I have been a printer, receptionist, cop/security, chaplain assistant, medical administration and a wannabe tech geek. - David Cook
I have lived in the boonies most of my life. Agreed with Charlie, it makes one extremely self-sufficient. I wouldn't exactly call myself skilled at roughing it, but does the ability to pee outside without being arrested count? :) - JodyUnwired
Gardening, cooking, sewing, costuming, art and crafts, writing, photography, financial planning, handyman-type repair, simple automotive DIY, trail navigation. - Morton Fox
There's always work for a Rovian Neocon. - Jay Tannenbaum
I forgot fire: I can start a fire like a mad-woman thanks to camping and having a woodstove. I can make soup for 6 from dried beans, salt pork, and 1 potato, 1 onion, and 1 carrot. And thanks to my survival book and the Discovery channel, I think I know about 3 different ways to get potable water... - Stupid Blogger (aka Tina)
I make budda brownies so I'm set, I think business is about to pick up - Steve Sebestyen
The husband and I are pretty versed in most rudimentary survival skills: hunting, cooking, and preserving food. I have enough in the pantry to live off of easily for several months. He's an industrial electrician with plenty of mechanical knowledge, together we and the kids can weather quite a storm. - Heather
Wall Street was waiting expectantly to see what the House was going to do on the Bailout Bill... they voted it down, so everyone scrambled to sell on Wall Street and the market tumbled 400 points in the span of a few minutes. - Jason Carreira
stock market is shakey due to instability of US financials. This instability causes people to sell off stocks (liquidate to cash) to avoid potential cash losses. if this sort of thing goes unchecked, we can watch a spiral affect take down our stocks to dangerous levels, which could precipitate a meltdown on wall street (huge money loses) --> depression. I expect wall street stocks to vacillate back and forth for much of the day - possibly much of this week - as this huge bailout is negotiated. - Susan Beebe
Our credit system is in shaky state. If they don't have a bailout they stop giving loans to average people (even those with good credit). So, now, we can't buy cars, can't buy houses, can't start businesses. Economy slows down, millions in layoffs, etc. The market knows this and is punishing lawmakers. - Robert Scoble
Don't forget that Brazil closed their markets early today because they were down 11% after the vote fail. - Mathew Ballard
My worry is those small companies that count on short term loans to get payroll done. Wait for it, it will happen over the next two weeks if credit doesn't loosen. You think you're punishing CEO's? The real impact will be main street. - Eric @ CS Techcast
Yes, but if we pass the bailout the rich clean up. I saw that there is some hope for homeowners in there, but no guarantee that the banks have to work with us. It's a Hobson's choice - Francine Hardaway
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"I thought McCain suspended his campaign to lead his party to this agreement." - Glenn Batuyong
Francine: the rich are the ones who hand out credit. They now will stop. The economy will stop. The rich will still be rich. The poor won't have jobs. Me and you? We get squeezed. - Robert Scoble
Yeah, we're basically a couple weeks from a barter system when the credit markets dry up... a few months after that and we're all starring in Mad Max. - Jason Carreira
It's a direct effect of not injecting money into the system. The market expected it and it didn't happen so it is correcting. The fact that there was an intra-day bottom is a reasonable sign that these institutions failing isn't as bad as everyone is fearing. Yep, it's gonna hurt. Yea, probably a recession. No, isn't the end of the world. - ·[▪_▪]·
I think the bottom you speak of, which is trending down again, is that the Republicans have not sworn off the bill, but will reconsider very soon. If they said it was dead, you would see a bigger drop. How many 500 point down days can the economy take? - Eric @ CS Techcast
Congress didn't blink. I think it is good. - Jay Tannenbaum
Congress DID blink... It's good? It's good to push our economy into recession? It's good to put businesses around the country out of business by drying up the credit markets? Do you own a liquor distributorship or something, 'cause that's going to be the only biz that's profiting... - Jason Carreira
As a Canadian I wonder how long until our financially stable and healthy banks raid weakened US banks as this meltdown is affecting all banks even the healthy ones in the US. - Roger Kondrat
today is awesome compared to tomorrow, sep. 30, when everyone cashes out of hedge funds. :-D ICEBERG RIGHT AHEAD! - Karim
Jason: The bill was bad as drafted. When it is revised it will pass. A better bill is better than a bad bill. We won't be able to throw this much money at the problem again, so we better get it right. And can you ever comment without going ad hominem? - Jay Tannenbaum
@Roger, the Toronto Stock Exchange is down over 7% today, even more than the DOW - Jason Carreira
@Roger, exactly. The world will be buying up America. @Jason, the stock markets are not the financial stability of an economy. Canadian banks may well be in good shape to snatch up interests in US banks while their stock market follows the US down. It likely just means much of Canadian economy depends on the US. It doesn't mean there isn't still money and strength in Canada for investing more in the US. - ·[▪_▪]·
Then we're exporting Phil Gramm to Canada as an economic weapon of mass destruction to bring your economy down too. - Jason Carreira
Not sure if Econ class would help. Psychology class, maybe. - Ontario Emperor
So we're taking down everyone else's economies too. sweet. Man, we suck. - Erin Kotecki Vest
English and lit major here. I'm hearing lots of clicks and whistles on my tv - Erin Kotecki Vest
Ontario makes an excellent point about Econ not being relevant when compared to Psych. In todays media driven world countries, currencies and pretty much everything else is deeply effected by media due to its effect on people. Is the US in a pickle yes but how big will depend on people's reaction to the Media constantly pushing it. The world economy may just breathe with relief that the US election gives the world something to divide the media's attention with. But... - Roger Kondrat
I agree with many others that this was due as there are massive trade inequalities. Additionally I have the opinion that those equalities were also due to some major changes that were occurring in the world economy & it is quite possible that when the US recovers it will find the world is a different place. Trade in the Middle East is growing, trade between China and India is growing fast and so on. The world is moving away from a US centric economy & this slow down should accelerate that. Your thoughts? - Roger Kondrat
I'm actually comfy with the world moving away from a US centric econ. We are not the center of the universe, as we'd like to believe - Erin Kotecki Vest
We haven't been the center of the Universe since maybe post WWII. After that, we shared it with the USSR. then with the end of the Cold War nobody needed us. - Jason Shultz
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I would say when the US made up around 50% of the worlds GDP at one point you were the centre :) - Roger Kondrat
The important thing: there's not enough cash to go around, which the bailout was meant to address. Without sufficient liquidity, borrowing dries up, and everything remotely tied to borrowing suffers. - Duncan Riley
Pretty much my exact reaction to the O'Neill post. If I like your info, I follow you. You like mine, you follow me. If not, I won't, and don't. It's nothing personal, something the ubiquitous "friend" term blurs (side story - one of the main reasons I quit using livejournal is that the culture is much more based around friending people based on personal feelings rather than interest in their content and I got uncomfortable with that). - Jandy Stone
Elliott, you are just figuring that out?? :O - Cyndy
@Thanks Robert .... @Mark it's okay I like you to LOL :) - Steven Hodson
@Elliot who let my secret out? :) .. @J. Phil - thanks - Steven Hodson
What? Steven Hodson is cranky? Next you'll tell me that Larry Ellison likes to buy stuff. - Ontario Emperor
No matter how cranky I may get (and I am planning a similar post later), I will never be at Hodson's level :) - Rob Diana
Blindly reciprocating "friend" requests is lunacy. I can't believe people feel it's rude not to. This isn't a numbers game, I potentially have to pay attention to the content each person I subscribe to generates. If their content is crap, I have already wasted my time and probably missed stuff I actually would have liked. - Rah™
@OE - too bad I don't have his bank account though then I could be a cranky old fart with LOTS of toys :) - Steven Hodson
Steven? My e-feelings are hurt because you didn't add me as a friend on Facebook. I think I might unsubscribe from you on FriendFeed for a day and re-sub tomorrow just to get your attention. ha! - Mona N.
@Mona .. I would have definitely reciprocated except for one problem I *will not* use Facebook - Steven Hodson
Loved this post Steven. Are there really people who believe friending is a default behavior and automatically reciprocated without any demonstration of value? They don't understand the space at all... - Daryl Tay
“Biggest one day percentage drop in the Dow since Black Monday in 1987. Nasdaq took it worse than the Dow today down over 9%. Apple lost 18% but most all big cap tech stocks got hammered. Futures indicate that things will continue to fall tomorrow when the market reopens.”
With a plummet like that running up to the closing bell, I'm going to be surprised if things don't open tomorrow below where they closed today. - Stupid Blogger (aka Tina)
Especially after what's going to happen on the European and Asian markets in a few hours.. - Aviv
Don't really "like" this, but thanks for sharing. - Justin Korn
The bond market will be the key indicator and driver over the next few days of trading - Dave Hussein Martin
There won't ever be another one day drop as large as the one in 1987. Market now halts trading at a 10% drop. That rule was put in place to stop another drop like that. - Chris Johnston
Evolution baby. The ones that survive were meant to. The ones that don't, let them go. Burn baby burn. Fighting the natural course ends in chaos and more destruction. - Stephan Miller
Yay!!! Dow 9000. All part of the plan to loot the nation. - Mark Bean
Paulson's talking now at a press conference. - Thomas Hawk
He sounds angry, almost panicked. Sounds like he's shouting his written speech. - Thomas Hawk
"We need to put something back together that works." "We need a plan that works as soon as possible." "We had a plan that we worked very hard on that did the job to protect the American people." "Our banking system has been holding up very well considering all of the pressures." Paulson. Press conference over after just a few questions. - Thomas Hawk
He looks scared actually. "Our toolkit is substantial, but insufficient" - Eric @ CS Techcast
I wish I had shorted the stuff I told folks to short at the New Years party at the beginning of this year :( - AaronTheLibrarian
No bail out, must wait till new Prez is sworn in. Stop looting treasury - imran
Paulson needs to go. He's got way too many ties with people that do not have the average joe's best interests at heart. He will always be a wall street boy. I do not share any of his views and feel this bailbout move was more about protecting his people not ours. - Carlos Ayala
Hmnmm … I have a bunch of money and no stocks. Must look into this "investing" thing. - Ryan Brenizer
Maybe I should go to one of these bankrupt financial institutions to ask for a loan, so I have more cash to buy stocks. - Louis Gray
The financial crisis will end when housing prices stop falling. - Bob
making the dollar near worthless is how the external debt is going to be paid down ... dow 6-7000 is the goal - Gregory Lent
Fuck them and their "we worked hard over the weekend" bullshit. I keep hearing all these echoes of working hard and having the country's best interests at heart. Our elected politicians better be working their asses raw 24/7 to come up with some solution that doesn't look like a GIANT I-give-up-$700-billion-mythical-pulled-from-thin-air-bullet-to-the-head. We're all about to witness just how deep this rabbit hole goes. - scot copeland
``Libor will rise a lot. Basically even in places where you can borrow, the cost of borrowing will rise much, much higher, and in most cases, you just won't be able to borrow. We're now at the stage where this will feed into the real economy very soon. You'll have banks suddenly start to hold onto any capital that they have. For instance, lines of credit will start to get pulled. Anything that is floating-rate debt ... the cost of everything will go up sharply. Which in turn hurts the ability of people to reinvest. It's not a good situation at all.''
``I still think this will pass, mind you. But it might pass with the Dow down 1,000 points. There's no alternative here. This is not going to stabilize. Whoever thinks that is not necessarily thinking logically.'' - Thomas Hawk
via Bookmarklet
People played politics with peoples lives today. It is just wrong. - ChiliMac
No more bailouts, let them go bankrupt, stop looting treasury, printing money. - imran
no has to be historic ... more than 10% ... tonight may be the night - Scott Moskowitz
I hope this means I stop getting 0% credit card offers everyday. - Brian Newman
As somebody who has written software for people in your profession, Thomas, I've come to the conclusion that logic and fiscal markets have pretty much nothing in common. Likely, we'll know that we've got a good Plan when the Dow doesn't shoot up when it gets announced. - Wirehead
If you're looking for some cool things to do with texting you should watch this video http://www.fastcompany.tv/vide... with Google's mobile product manager Sumit Agarwal. - Robert Scoble
Wouldn't doubt it. Nowadays I'm too busy to chit-chat. Texting provides a succint way to respond or inquire with just the facts. Not trying to be antisocial, but sometimes I just need to get things done! - Glenn Batuyong
via twhirl
Not on my phone, it doesn't. On the other hand, I barely do either on it. - R. Francis Smith
