Wall Street’s worst week ever


ell, the stock market had its worst-ever week. But you knew that this morning, didn’t you? This just confirms it.

Those hammerheads need to calm down. Somebody take them out for a good time this weekend or something, OK? Improve their outlook on life. Buy them a lot of beers, or whatever they drink. Get them… I mean, introduce them to some companionship of the opposite sex or something. Or turn a hose on them.

Somebody besides me do it, I mean. Those people drive me crazy; I don’t want to get anywhere near them.


39 thoughts on “Wall Street’s worst week ever

  1. Lee Muller

    They are watching YOUR retirement fund sink in the whirlpool of government corruption created by Democrats at FNMA and FMAC.

  2. wtf

    you mean the same Fannie & Freddie whose chief lobbiest is McCain’s chief campaign manager? The same two companies who gave McCain thousands of dollars over 12 years to reduce the regulation and oversight that caused their failures?
    Is Freddie & Fannie the only thing you can blame for your failures and fears?
    Lee, you’re getting lazy in your rants. Time to buck up with something new.

  3. Lee Muller

    Can you name this campaign manager of McCain’s?
    Can you truthfully state how much he was paid?
    Most importantly, did he have anything to do with the Democrats in Congress and on the board of FNMA and FMAC defrauding the banks? Of course not.
    You’re confused. That is Harold Raines, the chairman, who is Obama’s economic advisor. Real economic genius, eh.
    Well, he did falsify the books in order to pay himself and all those other Democrats on the board huge bonuses (Raines has collected $100,000,000 so far). Even Barney Frank’s homosexual ‘partner’ on the board got rich off the deal.
    And Obama, in less than 2 years in office, is second only to Chris Dodd on the all-time list of campaign donations from employees at FNMA and FMAC.
    Why are all Obama’s friends such crooks?

  4. david

    Hey! Don’t be surprised, this is the era of the lemming.
    We’ve already seen the mindless millions flocking to Obama and supporting his sham candidacy in spite of his astonishingly thin resume and clearly socialist/terrorist background.
    The meltdown on Wallstreet is but another manifestation of the same tendency to stampede over the cliff.
    Doesn’t mean I have any ideas on how to stop the Wallstreet bloodbath it, but it’s interesting to watch the wholesale destruction of wealth. I do have some ideas about stopping the destruction of the country that an Obama presidency would represent, however.

  5. Lee Muller

    Most money on Wall Street is managed by professionals, who try to act in anticipation of events, while the amateurs react after the events.
    Wall Street is selling off in case Obama is elected. Better to sell off now at a 25% loss, than after Obama, at a 50% loss. If Obama is not elected, buy back in with the market 60% down.
    $55 billion came out of the market into cash this week, by individuals managing their own accounts, too.
    There may be money made in a post-Obama world, if Obama doesn’t get elected or doesn’t stay in office long enough to completely destroy most financial and democratic institutions, as he threatens to do.

  6. wtf

    Rick Davis. $15k/mo directly and with his vested interest in his lobbyst firm, he gets another 15k/mo which brings his boodle to 30k/month. He continues to get paid this very day by Fannie even after the bailout and even after McCain now thinks that Fannie & Freddie are the new plaque.
    but don’t take my word for it.
    Use “The Google” and type in Rick Davis & Fannie Mae and pick any of 10,800 news articles about Mr. Davis receiving funds from Fannie & educate yourself.
    Pick the press and new outlet of your choice as we all know you’re going to blame the media for this anways.
    Here’s just a sample from MediaMatters.org, an independant organization that fact checks the media. Although the article is very critical of Andrea Mitchell of NBC, it does report that Mitchell was WRONG when she said Rick Davis had no ties to Fannie OR Freddie and proves why.
    So its a two-fer. You get to get giddy about someone bashing NBC while learning the facts at the same time.
    Glorious day.

  7. C. Nelson

    Last Night:
    “How was your day Dear”?
    “Fine, what happened on Wall Street today”?
    “Down again but then again, everyone’s stocks are down, nobody survived. Your Company CEO and the guy who mops the floors. Nobody came out better than anyone else. Want to go out for dinner”?
    “God yes. Anything but cooking tonight, I’m exhausted”.
    Driving from place to place and finding everywhere packed to the rafters.
    “Doesn’t look like there’s a depression happening to me. Is it the 1st or the 16th”?
    “Yeah, and gas seems to be a lot lower than it was last week. Oh my God, $2.99 a gallon”!
    “Look, all these places have help wanted signs”.
    “Yeah, gas down, jobs a plenty, everywhere is packed. Must be the Second great depression”.

  8. Michelle

    So the Wall Street crash, the nation’s taking over banks, brokerage firms, etc aren’t signs of an ailing economy. Mr (Ms?) Nelson you really do need to dash off a letter to President Bush or the leaders of the G7 and let them know immediately that this world is not in a financial crunch because they seem to be highly ill-informed (per you) about the nature of this economy. I’m sure they’ll be greatly relieved to hear that based on anecdotal evidence the stock market crash and the bailouts mean the economy is really healthy.
    Now I know how George W Bush was elected 2x in this country.

  9. Steve Gordy

    In the land of the (financially) blind, cash is king. I understand why my parents and my mother-in-law, with their memories of the Depression, always kept a ready stash on hand. At least, in our household, we learned that lesson already . . .

  10. Mike Cakora

    wtf –
    Among all the members of Congress there are fewer than 200 (30-40 in the Senate, 150-180 in the House) who consistently tried to rein in Fannie and Freddie. They unsuccessfully fought against the 1997-1999 loosening of underwriting standards, they backed Bush’s 2002 attempt and the 2005 efforts to do the tighten up that died in the US Senate.
    McCain either led or was in the forefront of all these efforts.
    Both campaigns certainly have folks who made a buck from what was probably the most pervasive lobbying effort the nation has ever seen. I used to wonder if my brother-in-law, my mom, a former neighbor, and I are the only folks who ever lived in the DC metro area who never got a taste of F&F largesse, and then I found out that Joe, my sister’s mechanic husband, did a lot of work on vehicles owned by F&F employees.

  11. Lee Muller

    Rick Davis’s FIRM was paid $15K a month.
    I don’t think government agencies like FNMA and FMAC should have lobbyists at all, but not unreasonable for his job.
    It’s honest income, not theft like Obama’s pals and advisors:
    * Harold Raines = $100,000,000 from FNMA
    * Jamie Gorelick = $16,000,000 in bonuses in one year.
    * Rahm Emmanuel = $577,000 salary + bonuses
    $300,000,000 in bonuses to Democrats on the boards
    Obama’s campaign is directed by 30 lobbyists from K-Street, most making over $1,000,000 a year, like Tom Daschle, Mrs. Tom Daschle, and the others I have already named in previous posts.

  12. Lee Muller

    Media Matters for America is funded in part by the Democracy Alliance, with most money from George Soros.
    They are not independent, not objective, and do not tell the truth.

  13. Lee Muller

    I post the TRUTH, which gives you socialists fits, especially when I link the NY Times, Washington Post or another of the Democrat papers carrying he story.
    Bottom line is, all you folks can do with the facts is dodge them, and hurl personal insults, no matter the sources.
    Right now, these facts are trouble for Obama:
    * His lying about all his racist, socialist and Muslim supporters.
    * His lack of resume and achievement
    * His reheated 1930s Marxist ideas
    * His voting 94 times for tax increases on the working classes.
    * His lying about “no tax increases on anyone making less than $250,000”
    * His group, ACORN, under criminal investigation in 12 states for voter fraud.
    * His primary client, Tony Rezko, cooperating with prosecutors and detailing the kickbacks to Chicago politicians
    * His inability to prove his US citizenship

  14. Howard Roarke

    It’s funny to read the back-and-forth between everyone here. I don’t blame anyone, but it is frightening that while we bicker, the media is hailing the efforts of Henry Paulson and his crook buddies and we sit by and just take it.
    It’s also funny to see Ron Paul back on tv and being treated with the utmost respect this time around. During the primary, he was abused by all the “genuises” out there eager to decide the race based on ridiculous criteria. The entire time Ron Paul was simply speaking the truth. It’s good to see even the idiots in the media are now getting it. Everything he warned about is now contributing to the stock crash.
    I would encourage everyone to further remove your heads from your hindquarters, wake up, and listen to Ron Paul on the economic issue. I certainly don’t agree with him on everything, but on the economy, he is dead on the money. He was all along.
    If the average citizen doesn’t stop listening to the idiot box (tv) and what it tells you to do and believe, we are all doomed. Educate yourself and stop allowing the garbage being spewed from the television to enter your mind. Sadly, we are becoming puppets controlled by the masters. The eagerness with which we are allowing this to happen is truly frightening.
    When Paulson, a guy who until just two years ago was working for Goldman Sachs, appears with Bush and the Democrats and wants sole discretion to push the burden of crooks and whores to you, the honest person just trying to make it, it SHOULD be a red flag. But the media continues to pound the drum and we collectively roll over and turn our brains off – much to the delight of politicians and wall street greed mongers everywhere.
    There is a monumental power grab going on here – and we’re not even putting up a fight. Politicians want more power and Wall Streeters want you to pick up their tab and quickly resume their greedy ways.
    My grandfather would be amazed and disappointed we’re going down this easy.
    All of you, on both sides, are getting screwed.

  15. just saying

    “* His voting 94 times for tax increases on the working classes.”
    So much for Lee reporting the facts. Googling “Obama 94 tax increase votes” will give a number of sites that have the actual breakdown of these supposed votes and what they were really for.

  16. Karen McLeod

    We have spent 8 years of incredible deficit spending. During that time we have had multiple financial scandals. All too many have gone the “get rich quick” way, whether it’s a poverty stricken parent spending the grocery money for a chance for the big prize, or a investment firm putting too much money into subprime investment. Someone will win, but everyone else walks away a loser.
    The bill has come in. Our army is just about broken. We must slow, and eventually stop the deficit spending, and start to pay that deficit down. If we can just learn to live within our means, and understand that we don’t need every new toy that comes out to much fanfare. Whoever wins is going to have to tax in order to get us out of this mess. And we need to come together and support a sane budget instead of screaming about how much the government is taking from us. We need to get a handle on this before the bill becomes past due.

  17. Mike Cakora

    That was a fine memoir of sorts. I shall ponder it anew with espresso and Armagnac after dinner in the library.
    So you and I are like this guy, without the musical ability, of course, and I have the T-shirt and sweatshirt, having bought them at the July 12 concert in DC. I understand that.
    What I don’t understand is: how did Obama end up like this? Why did he not hang with Jesse and Al, and instead move on to Jeremiah, the wrong stuff?
    There’s a link missing, no?

  18. Mike Cakora

    My previous comment belonged elsewhere. Sorry. This one belongs here.
    Okay, FactCheck says that 94 votes over three years to increase taxes is too high. Here’s why:

    – Twenty-three were for measures that would have produced no tax increase at all; they were against proposed tax cuts.
    – Seven of the votes were in favor of measures that would have lowered taxes for many, while raising them on a relative few, either corporations or affluent individuals.
    – Eleven votes the GOP is counting would have increased taxes on those making more than $1 million a year – in order to fund programs such as Head Start and school nutrition programs, or veterans’ health care.
    – The GOP sometimes counted two, three and even four votes on the same measure. We found their tally included a total of 17 votes on seven measures, effectively padding their total by 10.
    – The majority of the 94 votes – 53 of them, including some mentioned above – were on budget measures, not tax bills, and would not have resulted in any tax change. Four other votes were non-binding motions related to conference report negotiations.

    How about “more than 40”? Can we agree on that?
    BTW, here’s McCain’s letter on reining in Fannie and Freddie.

  19. Mike Cakora

    Okay, restaurants and bars still seem to be doing okay. My two kids work as servers in local eateries; my son’s serves tables at a fancy place. He too reports that business in even but tips are down.
    Hey, c’mon folks! Don’t skip on the tips, folks depend on them!
    Another service industry is doing well too, at least in New York. I guess the message is that even with this financial crisis, the screwing just doesn’t stop.

  20. Lee Muller

    Democrats in the media are trying to scare America, because they have bought into the nonsense that Democrats can win if they can wreck the economy.
    They believe that an inexperienced Marxist will bring economic prosperity by trying all the failed programs of Jimmy Carter and Franklin Roosevelt.
    Unemployment is only up about 1% in the last quarter. Manufacturing output is down 1%. The Democrat bailout plan is more likely to prevent the free market from cleaning up their mortgage mess, and bringing a real economic problem in 2009.

  21. just saying

    “bailout plan is more likely to prevent the free market from cleaning up their ”
    As much as I understand that you are an economics expert… Warren Buffet thought we needed something like the bailout, and if the proof is in the pudding he’s a hell of a lot better economist than you are.

  22. Lee Muller

    As if you know anything about Warren Buffet, economics, the Democrat’s mortgage scandal, or me.
    Any idiot could make your content-free posts, ‘just saying’. And he does.

  23. just saying

    I’m afraid to google around and see if there are any sites that let people vote on which sides fringes have done the most ruthless hate adds. (Amazing how skimming through pages like that make the debates look a lot better).

  24. James D McCallister

    Yeah, well, I’m afraid to come to this blog anymore. The stridency and BS are at a peak. Links to Michelle Malkin? Please.
    To paraphrase Neil Young: There’s nothing like a friend that will tell you you’re just pissing in the wind.

  25. bud

    Congratulations to Paul Krugman on his Nobel Prize. Obama can use a man with his intellegence to guide us through this economic mess the Republicans have gotten us into.

  26. Phillip

    Right, James D. Making some kind of equivalency between whatever junk Madonna or Sandra Bernhard are spouting and the deliberately incendiary and false rhetoric of the two individuals at the top of the ticket against their opponent, appealing to the fears, ignorance, and prejudice of those who are freaked out by the first Presidential nominee who is not a white male, well that’s the kind of moral equivalency we expect to see from those who embrace, even relish, the old politics of Atwater and Rove.
    McCain I think is genuinely conflicted about this tack, torn between a sense of decency which I think is still in there somewhere, versus his anger and frustration that the culmination of his dream is being thwarted by this guy 25 years his junior. He is torn between listening to his inner voice and listening to what Steve Schmidt and Tucker Eskew are telling him. Ironic isn’t it that he’s turned to some of the very folks who savaged him so successfully in SC in 2000?
    Palin, on the other hand, increasingly reminds me of Nicole Kidman in “To Die For”. She’ll say anything if it will advance the cause of Sarah Palin.
    Back to the Wall Street topic that started this thread: congrats to Paul Krugman on his Nobel Prize.

  27. p.m.

    You’re afraid to come here, McCallister, when you use your keyboard like a Gatling gun?
    And bud, congratulations. Misspelling “intelligence” takes the cake.
    But Phillip, why is it Obama’s fiery campaign-trail breath doesn’t bother you? Why does the man get a pass on everything despite the trail of slime in his wake?

  28. Phillip

    Sure, pm, if you toss me that softball I’ll hit it easily…Obama has gone hard after McCain but on issues. Sure, he’s hammered the “McCain=Bush” theme relentlessly and if you want to say that’s unfair or oversimplified, that’s your right to do so. But does Obama attack McCain’s character? When the far left-wing blogosphere launched into the whole thing about Bristol Palin, etc., Obama strongly denounced all such references, for example. You never hear shouts at Obama rallies that make reference to McCain’s religion, ethnicity, or tries to link McCain to terrorism or questions his patriotism.
    I’m glad McCain rebuked that nutjob who said she was scared of Obama because he was an Arab. And no, Obama and his campaign have not been 100% above some low blows or rhetorical distortions. And for me it did tarnish Obama for him to refuse public financing and also I wish he and McCain would have done a bunch of free-form townhall meetings with NO moderator, maybe just a timekeeper referee.
    But by and large Obama has emphasized a more positive message, has shown a greater calm at the center of the storm, and in the end I think that will carry the day.

  29. Phillip

    PS, James D: If you’re afraid to come onto the blog now, just wait until after the election, if Obama wins. You ain’t seen nothing yet, I’m afraid. Brad is especially way off on this prediction, and I think he’s going to be bowled over by the volume and ferocity and relentlessness of what’s coming. It makes me sad to think so but it’s inevitable, no matter what Obama does in office.

  30. bud

    The McCain campaign (not 527s or others not directly connected to the campaign) has clearly been far more strident in his negative campaigning than Obama’s. Anyone who suggests otherwise is blinded by partisanship.

  31. Lee Muller

    McCain supporters are just stating the facts about Obama
    * Obama has no real friends endorsing him.
    In fact, no normal, decent people remember him from school, college, or work.
    * Obama’s close associates and family are all radical Muslims, or radical socialists, or racists who hate whites and Jews, or ALL THREE!
    * Obama’s notion of wanting to abandon the fight with Al Qaeda and the Taliban is absurd, and a danger to America.
    * Obama’s platform of $1.2 TRILLION in new spending is ludicrous, especially with the Democrat’s bailout already costing that much.
    * Obama’s promises to hand out $100 BILLION in stimulus checks to tax filers who didn’t even pay any taxes, is a crass vote-buying scam.
    * Obama’s pandering to low-rent, class-envy supporters with his threats to “tax the rich”, punish small businessmen, and nationalize major industries is already causing a stock market crash, and would send America into a severe recession.

  32. Tim

    “Anyone who suggests otherwise is blinded by partisanship.”
    I guess the old saying it takes one to know one applies here then, bud?

  33. just saying

    Shouldn’t we be scared of any partisan (on either side) who can’t admit that they suffer from some biases – or who can’t admit that there side also has some significant flaws?

  34. bud

    I just got back from the fair and frankly I was astonished at the number of people there on a Monday at lunch time. Where is the tangible evidence of this disasterous recession? Or even depression. Perhaps it’s coming but for now it seems like folks have plenty of money for $5 corndogs and $4 ice cream cones. Not to mention $27 for a few midway rides. With gasoline prices now down to $3/gallon maybe there’s hope afterall for a soft landing.

  35. Lee Muller

    There is no recession. Economic growth is still positive, at +2.8%.
    Unemployment is up only slightly, less than 1% in the last quarter.
    Manufacturing is down only 1% for the last quarter, even with the mortgage crisis.
    Democrats think they lie about the economy and sabotage the economy, and win like they did in 1992.
    What are Democrats going to do if elected? So far, Pelosi and company have let their CRA junk loans bring down the rest of banking and Wall Street.
    When we need a tax cut, they threaten more taxes, to suck out the last little bit of profits for investment in new jobs.
    Bush is running deficits, and the Democrats try to double them. They just added $1.2 TRILLION to the national debt to bail out their failed minority junk loan program.
    Now Obama wants to spend another $1.2 TRILLION on welfare programs, including a $100 BILLION stimulus giveaway to the 49% of wage earners who pay no incomem taxes.
    Obama has also sponsored legislation to let the UN tax Americans, starting at a 0.7% income tax surcharge. He proposes $700 BILLION in aid to Africa and Muslim nations.


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