5 Responses to Obama McCain trade shots over advisors

1. Jules Gordon says:

   September 20, 2008 at 5:29 am

   Your Honor,

   I repeat, there was no meltdown on Walls Street.

   Banks did go in toilet.

   I would like to meet you some day in Methuen at rush hour and see all the misery out there.

   I still say Barack Obama scares me because of his friends. For a guy that was a community organizer and a two year senator, I ask how did he generate so much influence to pull in over a hundred thousand dollars from theses quasi private institutions.

   Contact me for the big meltdown meet in Methuen.

   Jules

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2. Bill Manzi says:

   September 20, 2008 at 8:13 am

   Jules,
   There was a catastrophic meltdown on Wall Street. Two major Wall Street players (Lehman, Bear)bankrupted, a major insurance giant nationalized (AIG), the two mortgage giants nationalized, other investment banks teetering on the brink of disaster, the Federal Reserve Bank of the United States running out of money(down from a financial position of 880 billion dollars), credit markets frozen, banks refusing to lend to one another overnight further freezing the credit markets, and on and on we go. Balance sheets of your everyday banks and pension funds littered with devalued garbage paper that when finally properly valued will send the financial system into further shock (unless of course the Republican Administration agrees to buy the paper at full value to allow these institutions to clean up their balance sheets at taxpayer expense). I wonder what constitutes a meltdown in your view? Do you really think traffic counts at the Loop have something to do with the calamity that has taken place here. Read the Republican financial paper of record today, the Wall Street Journal.

   When government officials surveyed the flailing American financial system this week, they didn’t see only a collapsed investment bank or the surrender of a giant insurance firm. They saw the circulatory system of the U.S. economy — credit markets — starting to fail. Huddled in his office Wednesday with top advisers, Treasury Secretary Henry Paulson watched his financial-data terminal with alarm as one market after another began go haywire. Investors were fleeing money-market mutual funds, long considered ultra-safe. The market froze for the short-term loans that banks rely on to fund their day-to-day business. Without such mechanisms, the economy would grind to a halt. Companies would be unable to fund their daily operations. Soon, consumers would panic.

   One day later, Mr. Paulson and Federal Reserve Chairman Ben Bernanke sped to Congress to seek approval for the biggest government intervention in financial markets since the 1930s. In a private meeting with lawmakers, according to a person present, one asked what would happen if the bill failed.

   “If it doesn’t pass, then heaven help us all,” responded Mr. Paulson, according to several people familiar with the matter.

   Maybe Secretary Paulson was unaware of how heavy the traffic was at the Loop.

   Some more about the total meltdown on Wall Street from the Journal:

   “These markets are unhinged,” T.J. Marta, fixed-income strategist at RBC Capital Markets said Wednesday afternoon. “This is like a fire that has burnt out of control.”

   For some assets, there were no buyers at any price. The weekend’s tumult set off a cascade of fear among investors who buy bonds of all stripes, crucially those who buy the shortest-term obligations of companies and financial institutions, called commercial paper. This market feeds borrowers’ most immediate needs for working capital.

   Sorry Jules you are dead wrong on this. Just as you have continually poo-pooed deficits and trade deficits your attempt to minimize this carnage is ridiculous.

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3. Jules Gordon says:

   September 20, 2008 at 8:22 pm

   Your Honor,

   I agree on the banking industry aspect. The Stock market is not in melt down, which was my point. Everything else I stand by.

   The economic fundamentals are strong, period.

   Jules

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4. Bill Manzi says:

   September 21, 2008 at 11:36 am

   I just don’t know what you mean by fundamentals. The ones that I am familiar with.

   1) Federal deficit exploding to record highs even before the trillion or so needed for bailout

   2) Trade deficit at an all time high, making the United States the world’s largest debtor nation

   3) Unemployment rising to over 6 percent

   4) The dollar sinking to record lows against most major currencies

   5) Energy prices causing human and commercial misery

   6) United States manufacturing simply disappearing into the outsourcing night.

   Those are some damn good fundamentals. When do you start saying it is bad, when the collapse is total?

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5. Jules Gordon says:

   September 21, 2008 at 4:24 pm

   Your Honor,

   You got to stop your “the sky is falling” act.

   We have always had a Deficit of one kind or another.

   We are a debtor nation, but have been one for quite a while.

   94% people still working.

   The dollar is unsteady. When it falls we export more.

   Energy policy presently a hostage of the Democrats. We need to drill now everywhere.

   The united states has been loosing manufacturing to foreign countries ever since we were out manouvered by the Japanese in the 50′ and 60′ when they took away our TV and electronic manufacturing industry. We have placed a great burden on our home manufacturing ever since sending more oversees to remain competitive.

   Stop talking down the economy. Smile, as a leader you have to sound optimistic. It’s your job.

   Jules.

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