McCain's out of touch economic plan

[Wildalaska]

The economic situation we are in here in the US is much more dire than what you hear about in the media.

Bwaaaaaaaaaaaaaaaaaaahahahahahahaha....

OK, enlighten us then *snicker, snicker*

WildbetitstheotherwayaroundbutheyletsseethispolemicAlaska ™

 

[FireMax]

wildalaska, why are you always so rude in your posts? Almost every post you make is a negative comment without you backing it up in anyway with substantive commentary pertaining to the topic.

If you are so wise, please point out where the information I have provided is in some way incorrect. Otherwise, I will consider your post.... trollish.

 

[gc70]

OK, enlighten us then *snicker, snicker*

Hey WA, what do you think about the 4th quarter bankruptcy statistics published today? Recent reports on housing prices? Residential foreclosures? Credit card delinquencies? Market liquidity for complex structured products, exotic derivatives, or even asset-backed securities?

I have heard that the firearms business may be counter-cyclical during election years dominated by Democrats.

 

[Shane Tuttle]

Well, I still want to hear an alternative plan other than this plan sucks.

What do you want to cut?
What and who do you want to tax?

That's about all there is to it.

For some reason, I don't think this will ever be fixed, but the utter government waste and beligerent spending from personal levels of government officials would be a great start.

Freeze federal govt. officials' (Senators and Congressmen especially) pay for 20 years. Cut their outlandish pensions and overall benefits to be comensurate to the average citizen. Actually, I'd cut their salaries by 15% off the bat. Then, rid of ALL security protection after they leave office. They're elected officials until out of office. It should be a service to the public, not a career....hear me, KENNEDY?

I'd propose some form of flat tax. Not absolute flat, but pretty close across the board whether you make $10k or $1M a year.

As much as I'm nearly 100% capitalist, I'd consider breaking up the oil companies like the gov't did the phone companies. In short, bust up the monopoly.

Quoted by Unregistered:

I disagree. It is in our national interest to use up the oil of foreign countries before we use up our own supply.

I'd have to say that if we can become independent from the middle east, the benefits far outweigh the consequences on many levels. Also, I don't think we're going to run out of oil before alternative fuels are in full swing. Just when the media uses the scare tactics of the US is running out of oil, I find it very convenient that all of a sudden in the past few years a "new" resource of oil is "discovered" in the Dakotas.

Also, the oil is under our soil. We just need to allow the oil companies to drill. The biggest reason, IMO, why crude oil is so high isn't supply. It's the utter lack of refineries in the US. When was the last time we built enough to keep up with demand?

The EPA is one of the biggest enemies as far as ruling and regulating building refineries and drillin that it isn't worth doing. Now, we're paying a stiff price at the pump. To me, this is the single biggest problem with gas prices. One of many, of course.

The most important thing we can do to help the economy is make the Bush tax cuts permanent, or even increase them, then quit spending so much on unnecessary wars and government programs, and then stay out of the way of private enterprise.

I agree with almost everything said here, Unregistered...

wildalaska, why are you always so rude in your posts? Almost every post you make is a negative comment without you backing it up in anyway with substantive commentary pertaining to the topic.

I guess you don't read very many posts of his, do you?
All I see is a simple request...

 

[obxned]

The only plan that will work is to force Congress to prove the benefits derived from any tax money they spend. That isn't going to happen, but the next best plan is for Washington to do nothing at all. Their help usually works about as well as dumping dynamite on a fire hoping to blow it out. It will work once in a blue moon, but .........

 

[johnbt]

"April 15, 2008 — Bankruptcy filings in the federal courts rose 38 percent in calendar year 2007, according to data released today by the Administrative Office of the U.S. Courts. The number of bankruptcies filed in the twelve-month period ending December 31, 2007, totaled 850,912, up from 617,660 bankruptcies filed in calendar year 2006. Filings rebounded from a 70 percent drop in calendar year 2006" - www.uscourts.gov/Press_Releases/2008/BankruptcyFilings.cfm

Let's see, up 38% last year after falling 70% the year before. Now, where'd the 1st quarter numbers go?

"Total bankruptcy filings for the first quarter of 2008 were 240,000. Total filings by month since January 2006 can be found on Credit Slips posted by Bob Lawless. That is 6% more than the previous quarter and 24% more than the same quarter in 2007."

If that rate holds for 4 quarters the yearly total would be 960,000. Compare that to 850,912 last year and you'll see it's a slight increase. Of course things could get worse. Of course they could get better.



"Market liquidity for complex structured products, exotic derivatives, or even asset-backed securities?"

Sucker plays for the uninitiated. I hope the boys in the fancy suits don't drag us down with their funny games.


I wish I'd shorted those funny-money-mortgage packages in a big way.

John

 

[gc70]

JohnBT,

Look at the longer-term bankruptcy data rather than accepting sound-bites at face value. Even a simple spreadsheet regression will wash out the 2005 spike (rush to file before changes in the law) and resulting 2006 dip and show the current trend is ugly.

"Market liquidity for complex structured products, exotic derivatives, or even asset-backed securities?"

Sucker plays for the uninitiated.

Sorry, but "the uninitiated" are registered investment funds, professional money managers, and the ultra-rich. The price of admission to the exotic markets is more money than you or I will make in a lifetime.

I hope the boys in the fancy suits don't drag us down with their funny games.

That's dead on, if a little late. We should have already had an economic "correction" but the wizards of Wall Street artificially kept the party going and now it's time to pay the piper.

 

[FireMax]

This is an example of some of the stupidity that the next president will have to contend with. Citigroup announces a 48% drop in revenues and their stock opens 7% higher this morning. What a tipsy topsy world we live in.

 

[gc70]

CitiGroup's stock price went up because the drop in revenues was less than investors had expected.