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2008-10-10 Home Front Economy

When banks find it hard to borrow, so do the rest of us

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Posted by Steve White 2008-10-10 00:00|| || Front Page|| [11136 views ] Top

#1 It's business as usual. When they ran a tv ad they id Sen. Dodd as making this all possible. I thought it was an election ad parody. YJCMTSU.

Posted by Procopius2k 2008-10-10 00:12|| 2008-10-10 00:12|| Front Page Top

#2 Obviously homes and automobiles are generally an exception, but what ever happened to PAYING CASH?

Posted by Besoeker 2008-10-10 09:08|| 2008-10-10 09:08|| Front Page Top

#3 A society that allows leftists to mock and deride middle class virtues ends up like this. If the society is smart it re-learns what the Gods of the Copybooks have been teaching. If it's not, it dies one way or the other.

Posted by lotp 2008-10-10 09:24|| 2008-10-10 09:24|| Front Page Top

#4 The market was down another 10% in the first half hour this morning. Dow broke under 8000. Lowest in 10 years.

Posted by Glenmore">Glenmore 2008-10-10 09:56|| 2008-10-10 09:56|| Front Page Top

#5 I think the DOW numbers are broken. Yahoo finance lists the DOW jumping from -160 to -900. My brokerage acocunt say +10 and NASDAQ +22.

Posted by ed 2008-10-10 10:09|| 2008-10-10 10:09|| Front Page Top

#6 Word, Partier. And that's why this election is so important. We're going to make a decision about who we want to be, one way or another. I hope we can do it at the election.

One thing that occurs to me is that the delay between the election and the inauguration needs to be shortened. We son't need a repeat of the 1932 fiasco. And with communications as swift as they are, there is no reason the victor should not enter office December 1.

Posted by Nimble Spemble 2008-10-10 10:19|| 2008-10-10 10:19|| Front Page Top

#7 Except its an Electoral College system. Florida 2000. The courts aren't set up for one clean clearing of issues. It's all one court and one appeal at a time. Filing and refiling each step up the ladder.

Posted by Procopius2k 2008-10-10 10:49|| 2008-10-10 10:49|| Front Page Top

#8 "A society that allows leftists to mock and deride middle class virtues ends up like this."

I don't buy it. I've been watching the Dems as powerless for the last 8 years. Wasn't it a society of conservatives who were in power since 2000 and promoted a house for everyone? To deregulate as much as possible?

Warren Buffet, #1 manager of money and quite generous guy, is called it poetic justice.

Same thing for the election.

Posted by Clineth Gonque1423 2008-10-10 11:39|| 2008-10-10 11:39|| Front Page Top

#9 We don't need a repeat of the 1932 fiasco

Was there something fishy in Roosevelt's election?

Posted by JFM">JFM 2008-10-10 11:42|| 2008-10-10 11:42|| Front Page Top

#10 A whole 8 years, heh?

I've been watching both parties for 50 some years now. I lived through the 60s and 70s and watched the intentional, all-out war of the left on the 'bourgeois' values of the middle class - on the streets, in intentionally crude and corrosive popular culture, via promotion of abortion on demand without parental notification, through the creation of a massive welfare apparatus and above all through lawfare.

And by the way, the Dems have controlled Congress for the last few years.

Posted by lotp 2008-10-10 11:47|| 2008-10-10 11:47|| Front Page Top

#11 Yeah, 8 years of bad managment and close-mindedness can drive any country or company into the ground.

It's plenty of time to do damage. To blow our surplus and add 5 trillion to our debt, our reputation, our confidence, and our dignity.

Posted by Clineth Gonque1423 2008-10-10 11:55|| 2008-10-10 11:55|| Front Page Top

#12 And I don't think Dem's in power have anything to do with it. They came in Congress since 2006, after most of the momentum already was there.

So just about 2 years in Nov. Of that, 6 of those 8 years have been Republican. I don't see the point of that last point.

Posted by Clineth Gonque1423 2008-10-10 11:59|| 2008-10-10 11:59|| Front Page Top

#13 I've been watching the Dems as powerless for the last 8 years.

The Democrats have had simple majorities in both House and Senate since the 2006 election. That they haven't been able to pass the legislation they desired -- defunding the military, rescinding tax decreases, mandating Kyoto standards -- has been a function of extremely inept party leadership, not powerlessness. The only real success the Democrats can claim during their period of power is ramming through that abortion of a "Rescue Package" last week, all $850 billion and 450 pages of it. The house for everyone thingy was a Democrat-required regulation put on the mortgage industry when President Clinton lived in the White House, expanded by Democrat-headed Congressional committees as payoff for permitting the current administration their war on terror. Do try to pay closer attention, dear Clineth Gonque1423.

Posted by trailing wife ">trailing wife 2008-10-10 12:03|| 2008-10-10 12:03|| Front Page Top

#14 ---- AFAIK, the fiasco of 1932 was the continuing decline of the US economy between Election Day in November 1932 to Inauguration Day in March in 1933. When FDR took office a nationwide run on banks (with many closing permanently) was well under way. Hoover tried to coordinate his efforts with the President-elect, who ignored him completely while things went from bad to worse. One of the first things FDR did officially was order a Bank Holiday.
---- The situation is much more complicated than it was in 1932-3. The Powers That Be seem almost clueless. The candidates promise a lot, but are not promising, if you get my drift, and I think you do.

Posted by Anguper Hupomosing9418 2008-10-10 14:15|| 2008-10-10 14:15|| Front Page Top

#15 Clineth has a point. I distinctly remember the Democrats as the minority party trying to filibuster the big budget increases George Bush put forward. Shut the Senate for weeks, they did, until the Republicans relented and cut the budget.

The Democrats have always stood for good management. That's why they've gone through the budget with a fine-tooth comb to eliminate waste and excess in government. Where did you Barack Obama got that idea, anyway? Why it was Nancy Pelosi and Stoney Hoyer who have pushed for tighter regulation of government spending.

And the Democrats have been solid on earmarks. Robert Byrd has been a real leader in that regard.

And of course the Democrats pushed real hard to regulate Freddie and Fannie. Why, we have C-SPAN video showing Barney Frank and Chris Dodd demanding that we rein in the excesses.

So you're right, Clineth, the Democrats shouldn't be blamed for any of this.

Posted by Steve White 2008-10-10 14:11|| 2008-10-10 14:11|| Front Page Top

#16 Please, Steve White, use the /sarc on ; /sarc off tags! I almost had a stroke! ;->

Posted by Uncle Phester 2008-10-10 14:22|| 2008-10-10 14:22|| Front Page Top

#17 I am a non-partisan blamer. The housing for everyone thingy needs to have a wooden stake driven through its heart.

Posted by Anguper Hupomosing9418 2008-10-10 14:22|| 2008-10-10 14:22|| Front Page Top

#18 I am a non-partisan blamer. The housing for everyone thingy needs to have a wooden stake driven through its heart.

I got my doubts about that. I suspect if policy weren't so hostile to heavy industry in this country we could "solve" the problems with Wall Street by making the mortgages good again.

Posted by Tranquil Mechanical Yeti 2008-10-10 14:54|| 2008-10-10 14:54|| Front Page Top

#19 There is plenty of blame to go around on this one. Both parties have plenty to regret and learn from. I suggest the best place to look for culpability is in the mirror.

Posted by Nimble Spemble 2008-10-10 17:26|| 2008-10-10 17:26|| Front Page Top

#20 AH9418 was spot on. In fact Roosevelt pointedly and publicly refused to speak to Hoover, thus assuring any effectiveness Hoover might have had was thoroughly undermined. The current donks learned from a master.

Posted by Nimble Spemble 2008-10-10 17:28|| 2008-10-10 17:28|| Front Page Top

#21 The current donks learned from a master.

History has been conveniently re-written on FDR. Older folks in fly-over country remember precisely when the government give-away programs began. Like Pearl Harbor, they came about on FDR's watch. I remember some saying in the 1950's and 60's "if the SOB hadn't died in office, he would have STILL been president." The 22nd Amendment was passed as a direct result of Roosevelt's tenure. Presidents prior to FDR had operated under a gentleman's agreement or understanding that two terms was all anyone should aspire to.

Posted by Besoeker 2008-10-10 19:00|| 2008-10-10 19:00|| Front Page Top

#22 A precedent set by George Washington.

Posted by lotp 2008-10-10 21:18|| 2008-10-10 21:18|| Front Page Top

#23 I'm watching to see the capital flight begin when people with money realize what Obama has in mind. Obama's going to make criminals of a lot of people who will be getting their money out of the US any way they can.

Posted by Jolutch Mussolini7800 2008-10-10 22:33|| 2008-10-10 22:33|| Front Page Top

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