Tuesday, December 2, 2008
It has been a while since WaMu was taken over by the FDIC and sold to JP Morgan Chase for a fraction of its worth. I still have accounts with WaMu even though I despise Chase.
The politicians in DC have been telling us that we need to act now in order to stabilize the economy. They passed a massive bailout bill against the voice of the people last week in order to do just that. Afterall, the bill was named the Emergency Economic Stabilization Act of 2008. In predictable fashion, markets around the world closed lower in the days and even minutes after the bailout was passed. Could it be that the politicians have misdiagnosed the problem and is now proceeding with the wrong treatment?
Monday, September 29, 2008
The House defeated the $700 billion bailout plan today and the Dow Jones responded by dropping 777 points–777.68 to be exact. This was the largest single day drop ever. Analyst and politicians may start blaming the people for being non-supportive of this bill but, the market had to fall. It was up or held steady because of speculation that a bailout was coming and due to the naked short selling bans. The market is now merely doing what it is supposed to do: find equilibrium.
Also filed in News, Public Policy
|
Tagged 700 billion bailout, 777 dow jones collapse, bernanke, depression, economic crisis, free markets, great depression, house crisis, inflation, paulson, recession, stock market collapse
|
Saturday, September 20, 2008
I hate all kinds of central planning. I love free markets. The actions of the United States government in this past week and in the past months since our financial system have started its collapse has been the definition of socialism. Our politicians keep telling us that this is a necessary evil. It has to be done in order to protect our savings, our money, our economy. The reality is that they are destroying our savings, our money and our economy.
Sunday, September 7, 2008
It was just a matter of time before Fannie Mae and Freddie Mac became nationalized. Secretary Henry Paulson had pledged the full faith of the United States government behind these two bankrupt institutions to try and calm investor’s fears. Fannie and Freddie lost over 90% of its stock value since the beginning of the year and is holding onto at least a trillion dollars in bad mortgages–$5 trillion in total mortgages.
Also filed in News, Politics
|
Tagged fannie mae, fannie nationalize, fannie take over, fnm, fre, freddie mac, freddie nationalize, freddie take over, nationalization, take over
|
