Gumby
TSP Pro
- Reaction score
- 23
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hessian
Analyst
- Reaction score
- 23
The Dems are becoming the party for fiscal responsibility, conservative economics? - we'll see, but, sheesh, talk about filp-flops!
Expect their choices have become limited.turbo23dog
TSP Strategist
- Reaction score
- 9
The Dems are becoming the party for fiscal responsibility, conservative economics? - we'll see, but, sheesh, talk about filp-flops!
Expect their choices have become limited.
I'm not suprised in the least. I think Pelosi needs to take the blame for lots of stuff, especially the whole fiasco regarding not passing the first edition of the bailout. Pelsoi has no choice at this point but to go humbly toward a more centrist approach.
Eldritch Flatus
Market Tracker
- Reaction score
- 6
Double Sheesh! I think I will have to see it to believe it and perhaps not even then, unless time proves it to be true. Can it be that both parties are behaving like a fish that runs into an invisible wall and instead of swimming back and forth like a real fish, have reversed courses? ( does that make any sense, even?)
:worried:
:embarrest:
love-to-bike
Analyst
- Reaction score
- 7
Show - Picked up some UYG today at 8, hoping for the best!
Show-me
TSP Legend
- Reaction score
- 104
Show-me
TSP Legend
- Reaction score
- 104
AP
Regulators shut banks in Texas, California
Saturday November 8, 1:29 am ET
By Marcy Gordon, AP Business Writer Regulators shut Franklin Bank in Texas, Security Pacific Bank in Calif.; 19 failures this year
WASHINGTON (AP) -- Regulators shut down Houston-based Franklin Bank and Security Pacific Bank in Los Angeles on Friday, bringing the number of failures of federally insured banks this year to 19.
The Federal Deposit Insurance Corp. was appointed receiver of Franklin Bank, which had $5.1 billion in assets and $3.7 billion in deposits as of Sept. 30, and of Security Pacific Bank, with $561.1 million in assets and $450.1 million in deposits as of Oct. 17.
The co-founder and chairman of parent Franklin Bank Corp., Lewis Ranieri, is credited with inventing mortgage-backed securities two decades ago, but apparently was unable to save his own company from getting ensnared in the home-loan bust.
http://biz.yahoo.com/ap/081108/bank_closures_texas_california.html
Show-me
TSP Legend
- Reaction score
- 104
- NOVEMBER 7, 2008
Speaker Seeks up to $100 Billion Now, Tax Cut in '09, as Economic Transition Begins
By GREG HITT and JONATHAN WEISMAN
WASHINGTON -- House Speaker Nancy Pelosi called for a two-stage effort to boost the shaky U.S. economy: a $60 billion-to-$100 billion stimulus package this month, followed early next year by a companion measure that would include a "permanent tax cut."
Getty Images House Speaker Nancy Pelosi and Majority Leader Steny Hoyer, right, at meeting with auto executives Thursday.
In an interview Thursday, the California Democrat pointed to weakness in the nation's job market, and urged the White House, long skeptical of Democratic-led stimulus efforts, to work with Congress in the waning days of President George W. Bush's term. She said the U.S. can't wait for President-elect Barack Obama to be sworn into office.
Rep. Pelosi's call for aggressive action came as Mr. Obama scheduled a meeting Friday with members of his economic transition team. Taken together, the twin moves signaled that the flagging economy will receive immediate attention from a Democratic Party fresh off huge electoral wins Tuesday, but anxious about turmoil in the stock market, a shriveling job market and plunging home prices.
In the two days since Mr. Obama and congressional Democrats racked up big victories, the Dow Jones Industrial Average has fallen more than 900 points. New U.S. unemployment figures will be released Friday morning.
"The economy needs something sooner" than next year, Rep. Pelosi said, adding that any measure enacted in a lame-duck session of Congress this month would be a down payment on additional stimulus enacted later.
"Let's see if we can't do something, working together now, that gives us a two-month jump," she said. "We'll take the longer view as soon as we take over in January."
In the long term, Rep. Pelosi said a capital-gains tax cut, as pushed by congressional Republicans, should be considered as part of a "tax simplification" bill, not a stimulus package. Rep. Pelosi did stress, however, that the "second piece" of the Democratic stimulus agenda should include a tax cut and would be part of a bill moved early next year.
Details have yet to be determined and will depend on further discussions with Mr. Obama. But the speaker prefers a tax cut over a tax rebate. The speaker said a tax cut would have a more immediate impact on the economy, especially if the government speeds dollars into worker paychecks by adjusting tax-withholding tables. "The impact is faster than a rebate, which takes a few months to get into people's hands."
more here...........
http://online.wsj.com/article/SB122600310456906045.html?mod=googlenews_wsj
Show-me
TSP Legend
- Reaction score
- 104
When I read that article yesterday at lunch, I almost choked on my food. My guess it the Big Three Auto Makers laid the facts on the line for the Dems and Ms. Pelosi. The UAL and the big three have a lot of pull and are very, very, desperate right now. GM can not wait for Pres. elect Obama to be sworn in.
We could see some more extreme volatility real soon and I think it could be to the up side.
Silverbird
Market Veteran
- Reaction score
- 27
What is truth? I suspect reporting is slowing down as well. Too many "corrections"; that indicates late reporting and subsequent rereporting the next month for the previous month! Given the economy and shrinking of USG number tracking personnell I suspect there are less people tracking on both sides (I suspect on the corporate side, I know on the USG side). Preliminary statistics are proving VERY preliminary. Corrections are more important than the first set of data reported.Seems to be a continual pattern of not reporting the truth.
Still, even with these caveats, October unemployment is a "record". NOT GOOD!
Silverbird
Market Veteran
- Reaction score
- 27
Sigh, for a tax cut to be effective for this reporting year, they have to get it in by December. Remember what happened last year, a lot of businesses and individuals had a lot of fun
waiting for the tax booklets. Uncertainty is NOT a good thing.
Show-me
TSP Legend
- Reaction score
- 104
Sigh, for a tax cut to be effective for this reporting year, they have to get it in by December. Remember what happened last year, a lot of businesses and individuals had a lot of fun waiting for the tax booklets. Uncertainty is NOT a good thing.
Yea, I remember that!
Show-me
TSP Legend
- Reaction score
- 104
Haven't been posting much here as I need a break after being beaten, stomped, pummeled, crush, and hamstrung. I have had trading paralysis and it hurts.
Today is my coming back out party/ Marine Corp birthday.
Sold my C fund after a huge beating, a retest is coming and the job numbers from BLS are a weak fabrication. My bet is the number will be revised above 300k at some point.
GM is done, stick a fork in it. Burning cash like a crazy and GMAC is on Bankrate.com with the highest CD rate and that is a trend that means it is done for just like the other failures that were there.
http://biz.yahoo.com/ap/081110/gm_shares.html
http://www.bankrate.com/brm/rate/high_ratehome.asp?params=US,416&product=15
ING Direct is not looking good on the list either with a $1 minimum for a CD. LOL
So who thinks we are going to recover in the next 6 months......................? Rhetorical question.
Here is my opinion through my one beer goggles. If American Exp. is shutting down card holders that are making commoner store purchases. Who else is monitoring? Rhetorical. I say the credit card companies a shitting a brick right now and cutting people back or prepairing too. Mailings at the USPS have fallen off a cliff.
Lets look at todays headlines.
Profit at Starbucks Drops 97% in Quarter [SIZE=-1]New York Times[/SIZE]
[SIZE=-1]Fed approves American Express as bank holding company[/SIZE]
[SIZE=-1][SIZE=-1]Reuters [/SIZE][/SIZE]
[SIZE=-1]Circuit City files for bankruptcy protection[/SIZE]
[SIZE=-1][SIZE=-1]International Herald Tribune[/SIZE][/SIZE]
[SIZE=-1]Kinder, Gentler Bailout May Not Solve AIG's Problems[/SIZE]
[SIZE=-1][SIZE=-1]CNNMoney.com[/SIZE][/SIZE]
[SIZE=-1]US economy: General Motors shares plunge to 62-year low[SIZE=-1]guardian.co.uk[/SIZE]
[/SIZE]
[SIZE=-1]DHL to Halt Express Deliveries in the US[/SIZE]
[SIZE=-1][SIZE=-1]BusinessWeek[/SIZE][/SIZE]
[SIZE=-1]UPDATE 1-Las Vegas Sands puts projects on hold, posts loss[/SIZE]
[SIZE=-1][SIZE=-1]Reuters [/SIZE][/SIZE]
[SIZE=-1]Harvard reassessing Allston plans[/SIZE]
[SIZE=-1][SIZE=-1]Bizjournals.com[/SIZE][/SIZE]
[SIZE=-1]Subscribers Don't Bite At Dish Incentives[/SIZE]
[SIZE=-1][SIZE=-1]Forbes[/SIZE][/SIZE]
[SIZE=-1]Tyson misses profit estimates, shares fall[/SIZE]
[SIZE=-1][SIZE=-1]Reuters[/SIZE][/SIZE]
[SIZE=-1]Nortel Cuts 1300 Jobs and Lowers Its Outlook[/SIZE]
[SIZE=-1][SIZE=-1]New York Times [/SIZE][/SIZE]
[SIZE=-1]Sirius XM loss widens on $4.8 billion charge[/SIZE]
[SIZE=-1][SIZE=-1]MarketWatch[/SIZE][/SIZE]
[SIZE=-1]Tribune Swings to Loss on Ad Slump[/SIZE]
[SIZE=-1][SIZE=-1]Wall Street Journal[/SIZE]
[/SIZE]
love-to-bike
Analyst
- Reaction score
- 7
Thanks for cheering me up!
Gumby
TSP Pro
- Reaction score
- 23
Hey brother,
You are starting to think like me. There was soooooo much bad news today and the market opened up 2%. Unbelievable! Maybe if there is good news the market opens down. I am looking forward for the BIG selloff....may not happen this month...but mark my words...the stars are lining up and the fat lady is ....still fat...and might even sing one of these days. :worried: I have already sold off my TSP and waiting on the lilly for the inevitable. :nuts:
Show-me
TSP Legend
- Reaction score
- 104
Gumby,
Not looking good up here. Lot of companies are quietly thinning the herd and it is not making the news. People are getting scared, but you could not tell in Quincy this weekend. Streets were packed and I could not believe the number of people out. Denial? Or, more thrifty mid-westerners? I don't know but we are cutting back just in case.
wv-girl
Analyst
- Reaction score
- 12
Could be the lower gas prices are giving a false sense of security? People have more $ to spend on stuff-probably junk. Wal-mart was packed last week-end.- Status
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