Americans are whiners and it's just a mental recession, says McCain adviser

[DroppinScience]

What kind of dumb shit is this? "It's all in your head!" is hardly a response to job losses and mortgage foreclosures. :rolleyes:

http://politicalticker.blogs.cnn.com/2008/07/10/mccain-adviser-nation-suffering-from-a-mental-recession/

And I like how Gramm later said his comments were misinterpreted, saying he just must American LAWMAKERS, not the people. Riiiiiiight.

http://politicalticker.blogs.cnn.com/2008/07/10/gramm-what-we-need-is-more-leadership-and-less-whining/

[saz]

yesterday on democracy now (http://www.democracynow.org/2008/7/9/five_ways_wall_street_and_washington) they had a panel discussion which delved into gramm's deregulation legislative efforts in 2000, which was a crucial development in the current predatory lending/foreclosure crisis.

here's a better shortcut (http://www.archive.org/details/dn2008-0709_vid).

[pshabi]

While he's obviously an idiot, I do agree with this statement somewhat:

"Misery sells newspapers,” he said. “Thank God the economy is not as bad as you read in the newspaper every day."

Things are obviously bad, but the media does add to it.

[milleson]

I don't like paying $4+ for a gallon of milk. :(

[NoFenders]

While he's obviously an idiot, I do agree with this statement somewhat:

"Misery sells newspapers,” he said. “Thank God the economy is not as bad as you read in the newspaper every day."

Things are obviously bad, but the media does add to it.


They add to it by the boat load.


:cool:

[Echewta]

I blame yellow corn subs. to farmers (big ag).

[saz]

Oil At Record High, Dow Lowest In Two Years (http://www.huffingtonpost.com/2008/07/11/dow-below-11000_n_112154.html)


NEW YORK — Wall Street sank further into a bear market Friday as investors dumped stocks in response to troubles at mortgage companies Fannie Mae and Freddie Mac and oil's continuing climb into record territory. The Dow Jones industrials at times fell more than 250 points and slid below the 11,000 mark for the first time in two years.

Investors appeared unimpressed by a statement from Treasury Secretary Henry Paulson, who said the government's focus is ensuring that Fannie Mae and Freddie Mac keep operating in their current form _ countering reports that the government would announce plans to take over one or both of the companies.

The government-chartered companies have fallen sharply in recent days on concerns about their stability. Wall Street is worried that a collapse of the two financiers would cause further shock to the financial system, and trigger more losses to banks and brokerages with significant holdings of mortgage-backed securities.

The well-being of Fannie Mae and Freddie Mac is crucial because they hold or guarantee about $5 trillion worth of mortgages _ roughly half the $9.5 trillion debt of the United States. Their troubles are just the latest depressing turn in a year-old credit crisis that shows no sign of ending, disappointing some stock traders who thought just months ago that the worst was perhaps over.

Meanwhile, Citigroup Inc., also struggling with the consequences of failed mortgages, announced it will sell its German retail banking operation to France's Credit Mutuel for $7.7 billion. Global banks and brokerages have scrambled to sell assets and raise capital in an effort to offset nearly $300 billion of write-downs linked to the credit crisis.

Investors also had little reason to shop for bargains Friday because many financial companies are reporting results next week and are expected to announce another round of big write-downs. And there is nervousness on Wall Street over corporate results in general; they're expected to be down overall, and if results are worse than forecast, stocks could take yet another beating.

The market's other trouble spot, oil, continued its ascent on supply concerns. A barrel of oil vaulted to a record above $147, raising more concerns about inflation and the overall economy.

Concerns about energy and the finanicals dominated trading.

[NoFenders]

The sky is falling!!


:cool:

[yeahwho]

The sky is falling!!


:cool:

have to admit... good comeback gotta chuckle out of me

No! ... but really, is it falling?