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U.S. Heading for Slump, With or Without Bailout
Rich Miller
Bloomberg
Tuesday, Sept 30, 2008
The U.S. may face its longest recession in a quarter century no matter what action Congress takes on Treasury Secretary Henry Paulson’s $700 billion plan to rescue the battered banking industry.
Economists including Joseph Lavorgna of Deutsche Bank Securities and David Greenlaw of Morgan Stanley said it now appears the economy shrank in the third quarter as credit- crimped consumers cut spending for the first time since 1991. A further contraction is likely in the next two quarters, some economists predicted, which would make the recession the longest since 1981-82.
“This has been a body blow to consumer and business confidence,” said Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania. “The next six months are going to be very difficult.”
(Article continues below)
How bad it gets depends on whether Congress passes some form of assistance for the banks. The Standard & Poor’s 500 index plunged 8.8 percent yesterday, its biggest fall since 1987, after the House of Representatives rejected the rescue package. The stock-market rout wiped out a record $1.3 trillion of wealth.
The defeat of the measure — and the steep price decline that accompanied it — set off a scramble among the plan’s backers for additional support before another vote, which likely won’t come until later in the week.
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27 Responses to “U.S. Heading for Slump, With or Without Bailout”
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September 30th, 2008 at 10:44 am
There is a new beginning on the horizon. the big bad boys are now out of the banking business and three large American banks will become leaders in the recovery without any need for a government bailout. They are the bank Of America, J.P. Morgan and Citi Bank. But the big bad Wolves are still not dead. They have some friends in congress that are still trying to give them 700 billion dollars so they can get back in the game of fleecing the American public. The latest trick is a con job to make people believe that there is a new bailout bill being written. But it is the same swindle with the paragraphs put in different places and the words more deceiving. It is now up to the American public to let their Congressmen know that they want the new bailout proposal rejected.
How can McCain describe himself as a Maverick and a Fiscal conservative after supporting the bailout swindle?? He no longer can be seen as an expert in economics but only as a team player with the government–banking complex. It is now almost impossible for him to attract voters who believe in the free market system and responsible government. The only way that he can be elected is by constantly talking about national security and the Iranian threat in the Middle–East. If he can get enough Americans frightened they will look to him as an experienced warrior who can defeat the foe. But his call to arms might not be loud enough to make him our next president.
melpol
September 30th, 2008 at 11:53 am
The War on Terrorism started because the US was already on the verge of collapse in 2001. The interest rates were being cut every month because recession was rising. on 9/11/2001 major businesses shut down or fired several thousand employees. The collapse of the WTC generated a wave patriotism – the idiots did not realise that they were going to remain permanently unemployed.
September 30th, 2008 at 12:15 pm
New Beginning, in a couple more years. First, the Public Demands that someone (many) be held responsible.
Cancel all Credit Cards, (or fill them up) depending on your age and needs.
This credit card system must be demolished. Eventually, we will have to live on what we have, not what we want.
What you have physically, that you can see and touch, is all you really have, and if it has a title, you best have that, and a few guns to protect them.
The Government is being pressured by Other Countries, that are in the same boat we are. Sink or Swim, but don’t let your buddy take you down with him.
Steven Pearlstein in the WASHINGTON POST
The basic problem here is that too many people don’t understand the seriousness of the situation.
Americans fail to understand that they are facing the real prospect of a decade of little or no economic growth because of the bursting of a credit bubble that they helped create and that now threatens to bring down the global financial system.
Financiers have yet to own up publicly to their own greed, arrogance and incompetence.
And leaders of foreign governments still think that this is an American problem and that they have no need to mount similar rescue efforts in their own countries. In the coming weeks and months, all of these people will come to understand how deep the hole really is and how we’re all in it together.
Speak Out America !
The World Hears You!
September 30th, 2008 at 12:15 pm
Just wanted to add, that the Sky didn’t fall last night.
September 30th, 2008 at 12:24 pm
a slump is better than a crash ……………….
September 30th, 2008 at 12:45 pm
‘The stock-market rout wiped out a record $1.3 trillion of wealth.’
I dont think they should have been the share market if they are going to pull out because they were counting on 700billion dollars that did not come.
There you go
The joys of Gambeling.
Sure there could have been other reasons “panic” to just name one reason.
I find the big drop of $1.3 trillion interesting on anouncment that the 700 was not going in.
exploit exploit exploit exploit damage damage damage damage.
Right to the bitter end..
At such a time as now there are still players out there, who seek self interest at the cost of not just usa but all nations.
This is typical of not all, but most business Men. The issue here It is not even worthy of being painted up as an issue about Capitalism anymore. I dont believe for a second that work, product, population, ect is an example of dollar value. Not when this is the way it is used by the select few.
I mean.. “the system has broken its Fundamental law about GDP that is tought in school” Q:Where does all this money come from A:GDP
Now I dont think for a second any good nation has ever lacked population or product AKA GDP.
SO essentially we have all these hard working people, all this food, all these televisions, cars, people, clothes, homes (that the banks own)
Yet
somehow because some few Men with all this money are eager to make a profit. Take homes away bump up interest and not to mention loan money on debt (higher debt than ever)
Some how our worth aka ‘GDP wich is a total lie’
Is worth nothing at all.
And no this is not new at all. It has always been this way.
The lesson about Work for most people is that they are worth low $ they have no value and work is a futile struggle.
The message from all industrial complexes/sectors is that the people in the Country are worth little thus the Country is also worth little.
Imagine what townships, streets, roads, parks, buildings and people would look like if all this changed.
September 30th, 2008 at 1:03 pm
What a joke..
All we hear is – this happened, because because because because.
BECAUSE- It should highlight that it had to happen. Are we to believe there is no risk in the stock market and that it should not crash? that leads us to another question Are we to believe there is no such description as a high risk or a low risk share? No we are informed of these on our supper.
So clearly the design of this is deliberate. “The lables are writen clear all over the design”
Further more
Leads us to a familiar saying – Bang Or Bust.
The sharemarket should be divided from standard living. After all, people always want more more more.. So the sharemarket could be the share curency for boats or whatever have you.
That way they can have all they want and people would not become destitue because of their Greed. All any normal person wants is a home food and their family, this would make for a good sub catagory currency. BUT NO
THESE IDIOTS JUST WANT IT ALL. STUPID GAME.. WHAT A STUPID GAME
September 30th, 2008 at 1:18 pm
I heard that there has been more calls and mail to reps than ever before on this. That telles me the average citizen is speaking out and is sick and tired of the crooked politics and business. However, whatch out for the slight of hand majik tricks. What are we being distracted from? I suspect they will try to drag us into the UN or some globalist crap and strip us of our American heritage of personal rights. Perhaps I am paranoid, but I am glad this thing was killed by the people for a change, that’s encouraging. Now we have to kill the new one.
Here is a simple premise: Let the one’s who have been decietful suffer the consequences of their own actions. This is called justice. Let those cats come out of their fat pockets and pay for the problems they caused then put them into debtor’s prison. That would send a clear message.
As for credit, use what you have and save what money you make and stop buying what you don’t need with something you don’t have in the first place. I dropped cable TV 5 years ago because I refuse to pay for comercial TV. The comercials are supposed to pay for that. This was the original selling point for cable in the late 70s. If you pay then it is comercial free. But now people pay for 90% comercials, not to mention all the brian washing propaganda. That’s crazy!
So what would happen if everyone dropped there TV accounts and quit buying insurance? I’ll bet medical costs would drop.
September 30th, 2008 at 1:21 pm
new video
http://ca.youtube.com/watch?v=3rrWRNJ2lOs
September 30th, 2008 at 1:27 pm
Transunion only predicts mortgage delinquencies to peak at just over 4% during next year, then leveling out. Think about it, that means 96% of mortgages are fine, not in trouble.
The bailout is a scam moneygrab.
Transunion expects things to straighten themselves out after that peak all on their own, no bailout needed, and the bailout is not going to prevent it.
http://www.forbes.com/prnewswi.....QM514.html
Forecast
“The national 60-day mortgage delinquency rate among mortgage borrowers is expected to continue to rise throughout 2008 from a value of 3.53 percent in the second quarter of 2008 to just over 4 percent by year end,” said Carson. “This is primarily due to the continued economic weakness in certain segments of the country combined with the continuing fallout of the mortgage crisis.”
However, TransUnion forecasts that later in 2009 the rise in mortgage delinquency rates will taper off as economic conditions improve and home prices begin to stabilize. As far as state projections go, Nevada (8.7 percent) is anticipated to experience the highest average delinquency rate by the end of 2008, while North Dakota (1.3 percent) is expected to show the lowest level of delinquency.
September 30th, 2008 at 1:34 pm
KNOW where your next dollar comes from.
http://illuminatimatrix.wordpr.....symbolism/
PLAN for your next meal.
Don’t be caught with nowhere to run.
Again.
.
.
.
September 30th, 2008 at 2:18 pm
This will only hurt big companys which are filthy rich anyways, the small businesses will be able to come up again with less compitition. welcome back mom & pop shops, The rest of us just need to give up some things for a while such as cable, extra cell phones, new gagits, going out to eat every week, driving alone to work, sporting events, excessive spending, ect….. ITS not the end of the world…..Yet………………
September 30th, 2008 at 2:26 pm
I thought we have been in slump for a few years.
September 30th, 2008 at 2:34 pm
BULLSHIT
Lies!
Scare Tactics
Credit is over given.
Pay off Americans Present Debt,
Then End Credit Cards
Go back to face to face lending
September 30th, 2008 at 3:41 pm
When is a criminal the most dangerous? When he is up against the wall and will try anything to escape.
Might we expect some sort of “terror” attack from Al_CIA_duh in the very near future? That will subdue so many who have objected to the bank robbery.
September 30th, 2008 at 3:58 pm
I agree with Illuminatimatrix – Plan your next meal. Don’t get caught with nowhere to run. But I would like to add one more thing – buy an extra something if possible every week to help your neighbor (just in case).
September 30th, 2008 at 4:05 pm
I agree with this article, and the NYSE will have its gains and losses that will outnumber the gains. this can only happen for so long, until BUST !!!!!!!!
http://www.youtube.com/watch?v=8rmQsA0mxwo
September 30th, 2008 at 4:35 pm
Don’t forget they want to starve us first to weaken us so we won’t fight back. Food storage guys. Prepare for a crash even if it doesn’t materialize. The whole point of the article is that the bailout is irrelevant to fixing the financial crisis. It does however provide the NWO with more power and dictatorship. Sweet!
September 30th, 2008 at 4:48 pm
Watch for nighttime flyovers spraying who knows what?
September 30th, 2008 at 4:49 pm
An Analysis Of The Change Issue
As yet another Presidential election season has come due, it is well worth noting that “change” has become a constantly recurring campaign slogan in American elections. Those intellectuals who opt to continue onward with such a tired refrain are well aware that very little will change for the betterment of the American public-at-large, in spite of the media-controlled flood of campaign rhetoric on behalf of the respective nominees.
Many Americans may well wonder, “Why is it that we desire change in the first place?”
Whereas the Constitution of the United States was originally fabricated in order to give the American citizens a simple guideline for their representative government, more than two- hundred years of incessant Legislation has produced a miasma of orders, acts, statues and laws that are repugnant to the Constitution – each time these ideas have been merged into public policy in the name of change.
read the rest @ http://beholdtheforce.blogspot.com/
September 30th, 2008 at 5:19 pm
Just watching McCain and Palin tells me America is and has been in serious trouble. That duo speak volumes of the kind of mess America really is in. Really, couldn’t the Republicans have done any better? The system failed by producing such a hilarious pair ‘cos America could have done much better.
The wonder is that some can pretend to a basis for comparison between them and the Obama ticket. Foreign policy may not change fundamental but where Obama is calculating, McCain is straight out dangerous and that’s with a capital D just like his predecessor.
Bush, Paulson and Bernanke-the three Casino musketeers. Look at good old George act like this really doesn’t concern him, like in give me the money, fools, or I’m gonna mess things up. That fear factor speech of his wasn’t an appeal but some freaky threat from the world’s most incredible freak.
Sad thing is America’s got the whole world slaving for her and so too in the devoted worship of her graven image-the dollar; that illusion of paper and images. People give actual energy and construct in return for a piece of ordinary paper that isn’t even a promissory note!
People, somebody needs to wake up and smell the coffee. What $700 billion? Boy George and the Feds just need that pathetic fling of an excuse, called a ‘bill’, to print more useless paper. We all need to get a life, no, really!
September 30th, 2008 at 11:52 pm
NO BAIL OUT!
Well, ladies and gentlemen we’re not here to indulge in fantasy but in political and economic reality. America, America has become a second-rate power. Its Trade Deficit and its fiscal deficit are at NIGHTMARE PROPORTIONS.
October 1st, 2008 at 12:02 am
Like the greenback says, “In God We Trust”. I’m still waiting to hear the government to say there needs to be more trust in God to stimulate the economy! Pat Robertson’s always relating wealth with God and so I guess this country is full of athiests.
October 1st, 2008 at 1:02 am
AK-AL Young (202) 225-5765
CO-4 Musgrave (202) 225-4676
CT-4 Shays (202) 225-5541
FL-8 Keller (202) 225-2176
FL-21 Diaz-Balart, L (202) 225-4211
FL-24 Feeney (202) 225-2706
FL-25 Diaz-Balart, M (202) 225-2778
ID-1 Sali (202) 225-6611
IL-10 Kirk (202) 225-4835
MI-7 Walberg (202) 225-6276
MI-9 Knollenberg (202) 225-5802
MO-6 Graves (202) 225-7041
NC-8 Hayes (202) 225-3715
NV-3 Porter (202) 225-3252
NY-29 Kuhl (202) 225-3161
OH-1 Chabot (202) 225-2216
OH-2 Schmidt (202) 225-3164
PA-3 English (202) 225-5406
VA-2 Drake (202) 225-4215
WA-8 Reichert (202) 225-7761
DEMOCRATS
AZ-5 Mitchell (202) 225-2190
AZ-8 Giffords (202) 225-2542
CA-11 McNerney (202) 225-1947
FL-16 Mahoney (202) 225-5792
GA-8 Marshall (202) 225-6531
IL-14 Foster (202) 225-2976
IN-9 Hill (202) 225-5315
KS-2 Boyda (202) 225-6601
October 1st, 2008 at 2:16 am
America was headed for a recession since a year ago when the banks realized they had given out too much loose credit.
I’ve been through a bankruptcy and when the credit stopped it was difficult. I couldn’t even get a used $100 clothes washer on credit from Sears but I survived. Even if the economy falls hard, people will gather together and make ends meet. Working to eat will take on a whole new meaning for those who depended on credit for their livelyhood.
I believe that another great depression is the only thing that will help people in the long run.
October 1st, 2008 at 6:03 am
Been there done that. This has happened before and it will continue to happen as the market makes corrections to inflation. Inflation is too many dollars chasing too few goods.
The Federal Reserve artificially adjusting the interest rates for the purposes of getting people to borrow money and printing money out of thin air and then flooding the market is the root cause of these market adjustments. Also the overseas wars and “The FED” printing of money and loaning it to the Amercian People, with interest, continues to drag down the economy, the value of the dollor and exacerbate the problem.
There is no “Wolf at the Door”…Ron Paul and the hundreds of ecomomists are right.
October 1st, 2008 at 12:20 pm
The analysts at Matrixeconomy.com predicted all of this 18 months ago. After I listened to their free audio, I went out and bought my first gun. They say what we are going into, is unstopable. The greatest fraud and depression the world has ever endured. They say get right with your Creator, stick by family and friends, help each other as best you can.