Are we in the middle of a financial meltdown?

1,054 posts in this topic

tis time to buy gold (actually too late) and guns!

 

I just hope that people predicting a situation worse than the 30's are wrong. It is indeed a very unsettling situation :(

 

My husband told me this morning that he read an article about masses of people in Hong Kong queueing up at banks to withdraw their savings. I wonder if that will happen in Europe too if the news gets worse?

0

Share this post


Link to post
Share on other sites

In the light of impending financial meltdown, I wonder if prostitutes will also lower their rates?

0

Share this post


Link to post
Share on other sites

The NYT reported a few days ago that business at NY massage parlors is up, because stressed bankers need to distract themselves.

0

Share this post


Link to post
Share on other sites

The longer Congress diddles around without doing anything, the more it looks like we probably don't need a bailout of the size the Administration is asking for. I read an opinion piece yesterday arguing that the banks were all taking care of the matter themselves with mergers and that though the market might be down for awhile with no bailout at all, $700 billion would be far overshooting the need. (Unfortunately, like JE, I have been reading so much in the past week, from so many sources, that now I can't find where I read that.)

 

Keep diddling around, Congress!

0

Share this post


Link to post
Share on other sites

The Birk Economic Recovery Plan

Hi Pals,

I’m against the $85,000,000,000.00 bailout of AIG.Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.

To make the math simple, let’s assume there are 200,000,000 bona fide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman and child.

So 200,000,000 might be a fair stab at adults 18 and up.

So… divide 200 million adults 18+ into $85 billon. That equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.

Of course, it would NOT be tax free.

So let’s assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes.

That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.

A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?

Ø Pay off your mortgage – housing crisis solved.

Ø Repay college loans – what a great boost to new grads.

Ø Put away money for college – it’ll be there.

Ø Save in a bank – create money to loan to entrepreneurs.

Ø Buy a new car – create jobs.

Ø Invest in the market – capital drives growth.

Ø Pay for your parent’s medical insurance – health care improves.

Ø Enable Deadbeat Dads to come clean – or else.

Remember this is for EVERY adult U S Citizen 18+ –

including the folks who lost their jobs at Lehman Brothers, and every other company that is cutting back.

And of course, for those serving in our Armed Forces.

If we’re going to re-distribute wealth let’s really do it…

instead of trickling out a puny $1000.00 (“vote buy”) economic incentive that is being proposed by one of our candidates for President.

If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!

As for AIG – liquidate it.

Sell off its parts.

Let American General go back to being American General.

Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up.

Here’s my rationale. We deserve it and AIG doesn’t.

Sure it’s a crazy idea that can “never work.”

But can you imagine the Coast-To-Coast Block Party

How do you spell Economic Boom?

 

I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC.

 

And remember…

The Birk Plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

 

Ah-h-h… I feel so much better getting that off my chest.

Kindest personal regards,

Birk

T. J. Birkenmeier,

A Creative Guy & Citizen of the Republic

 

P.S. Feel free to pass this along to your pals as it’s either good for a laugh or a tear or a very sobering thought on how best to use $85 BILLION!

0

Share this post


Link to post
Share on other sites

And btw, the 85 b $ is not money down the drain. It is a loan to AIG at >10 % interest. And they will anyway carve up AIG as much as needed to be able to repay the loan.

0

Share this post


Link to post
Share on other sites

 

So… divide 200 million adults 18+ into $85 billon. That equals $425,000.00.

Oh dear, not a math expert, are we? That sounded like the coolest plan ever until I thought about it for about 20 seconds. So actually, the candidate's plan to return $1000 to each taxpayer is twice as generous as your plan. Hmmm...

0

Share this post


Link to post
Share on other sites

It is instructive, in light of the economic developments of the past weeks, to go back and read some of Toytown's right-wingers' comments in a thread I started about a year ago.

 

The alarming parallels between 1929 and 2007

 

I notice that they haven't been weighing in on this thread. I would very much like to see whether their opinions have undergone any changes or if they continue to believe what they espoused last year.

0

Share this post


Link to post
Share on other sites

Oh, my, but that does make for interesting reading, bookman!

 

Yoooo hoooooo, Dan Hessen! Conquistador! Lifeisabuffet!

 

Extra credit to Ulysses:

 

Go look up how much money had to be injected into the system to keep it afloat by the central banks. The whole problem is that the economy is running on credit and it only needs a little shove for the whole system to collapse and a lot of people thought that the sub-prime crisis was just that. The central banks saved the day, but the question remains for how long.
0

Share this post


Link to post
Share on other sites

I think that the UK is in big trouble. For years Gordon told us we had a strong economy, bollocks. The GB economy, unlike the French or German is built on sand (credit debt and the housing market and not much else). Money has been too easy (unlike France and Germany), 120% mortgages given to young people who can obviously never pay it back. People borrowing £1000s just to go on holiday, buy Plasma TVs or new furniture, a big crash just had to come. A crash in the long term is the best thing that can happen to the UK (ok perhaps not quite), the situation as it was, was not sustainable. People have to start being sensible now (at last). The UK has been living in cloud cuckoo land for too long.

 

A small (tatty) 2 up 2 down victorian terrace in my home town used to cost £60,000 in 1999, this summer it would have cost £170,000. That is just crazy, no way is that worth it at all, how can normal working class people ever afford that. Just making the social devide even bigger (as if it wasn't big enough here).

 

The £ might fall a lot more as well, we might even go for the Euro soon, you never know.

0

Share this post


Link to post
Share on other sites

Personally... I am scared. I was worried that this financial situation was coming due to our budget, months ago I googled this but the reponses I read were mostly positive. I don't have a say or a place in any of that but I'm not surprised at all that this happened. I was very very upset when I sw HIM running for president. I saw his face before he ran and I knew... he was nothing...The day he won, I cried and I said he is going to start a war. 9/11 I said he did it. I'm not sure about that yet. I can't even hear his voice to this day. He and Cheney are the leaders of corruption. I worked at the US Embassy in Seoul and they had a pic of Cheney and he wasn't smiling, he wasn't trying to look like a nice guy at all, it was mocking, he just had this smirk on his face, like he knew everyone was stupid and he was going to take them for all they had. All this shit makes me sick. I want my country back!!!

0

Share this post


Link to post
Share on other sites

 

Actually, it's 425 $ per person, not 425,000 $. Makes a difference, no?

It just depends what billion you take. For Europeans a billion is different than for an American. Never had to deal with that many zeros and when I was a kid and played with German money they had the billions printed on it in one word as the zeros just swam away. :unsure:

0

Share this post


Link to post
Share on other sites
This topic is now closed to further replies.