March 21, 2008

Wall Street or Main Street?

Watch this to be the BIG campaign theme in 2008 in local and national races around the country.

* GOP - fighting for Wall Street.
* Dems - fighting for Main Street.

Watch the Dems up the ante on foreclosure bailout plans. Watch McCain have no idea what to do. And watch Bush's popularity rating fall into the single digits as he goes Herbert Hoover.

I'm against ANY type of bailout plan using taxpayer funds, for bankers or housing gamblers, so I'm against BOTH the GOP and Dems on this one. They both want to spend our money, it's just a question of who gets it.

I will fight Obama when he stupidly promotes a bailout. And Clinton just offered another $30 billion today - watch her keep upping that number. Poor McCain just avoids the whole issue, since economics just ain't his thing.

But in terms of general theme, watch this 'Wall Street vs. Main Street' theme really take off now, and watch the housing crash be the #1 issue in November by far.


32 comments:

Afterthought said...

We need any combination of the following:

Ron Paul
Chuck Hagel
Jesse the Body
Lou Dobbs

Choice isn't enough(Obama, McCain)

we need GOOD choices!

Ed said...

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Keith how come you never mention that as low as Bush's numbers are, they are consistently 10% higher than the Demo Congress numbers?

I know, pesky facts get in the way of a good story, but in the interest of full disclosure, you should at least make mention of it occasionally.

You all keep on voting for the MESSIAH OBAMA. He will not only make sure everyone has a $750K McMansion with a shiny new BMW in the driveway. He will also cure cancer, end world hunger and discover the meaning of life. I know this because I read it on the interwebs.

keith said...

Ed you are wrong and you know it. I continuously point out the corruption and incompetence of Dodd, Schumer, Reid, Pelosi and Clinton and the record low approval ratings of our incompetent and corrupt congress.

Now go ahead and go back to Fox News where it's nice and safe for you

gregoryw said...

And McCain should stay quiet. It's not the President's job to manage contracts. He's the head of foreign policy and commander in chief. Not some populist, bread and circuses, overreaching, uncle pennybags, housing gambler put buyer. He can't undo the six figure mistakes people made. That's for the homedebtors and their bank examiner's to figure out. Let Bernanke manage the orderly liquidation of insolvent businesses and hope he can do it without expanding the Fed's balance sheet.

unomyname said...

Wait - I've been praying to the Messiah Oprah - what'll I do now?

Anonymous said...

Even Paul Volker
is quoted by an L.A. Times blogger questioning the Federal
Reserve bailout of Bear Sterns. Volker, who characterized the
bailout of Bear Sterns as a "new departure," questioned why the
Fed is rescuing a non-bank that it does not regulate? Isn't that
a job for Congress? Why is the Fed guaranteeing bad loans?
Upon hearing that House Government Reform and Oversight
Committee Chairman, Henry Waxman as well as Senator Max Baucus's
Senate Finance Committee are going to look into the Bear Stearns
bailout, Lyn responded that this is important. What was done was
a criminal violation of law. We need to find out what various
people in the President's Working Group on Financial Markets were
doing and saying over the weekend leading into the bailout
decision. The President will object that these discussions are
protected by executive privilege. If he does so, then as Lyn
said, Mr. President, we may have to get rid of you. We'll tie you
to Nancy Pelosi and throw you overboard with her.

theloknesmonster said...

None of the candidates have an idea what to do with the economy. At least McCain admits to it.

Ron Paul should do a Ross Perot after the nominations are set.

He needs to buy some prime TV time and tell the nation exactly why they will continue to pay 4 bucks or more for gas, and 3 bucks or more for a loaf of generic bread.

He'll probably have to make pretty, colorful charts to illustrate his point and have Beyonce sing an economics song ala Sesame Street for the sheeple to get it, but whatever it takes.

Amtex said...

This is an easy one. Always go for the Democrats. Unless you are in the top 1/10th% of income, they are always the lesser of two evils. The Republicans give freebies to the top 1/10th% and it never trickles down, ever. The bottom 90% of the population always ends up worse off under Republicans. Any tax cuts are always overwhelmed by other debt and costs associated with Republican rule.

The Democrats give freebies to the bums and working class. They spend it. At least some actual people get some actual money and spend it on actual products. Crime also decreases under Dems, rises under Reps. You squeeze people at the bottom, crime increases, plain and simple.

Both parties are idiots, both strategies are wrong...but given the choice, always choose the Democrats. In fact if you do some research, since the beginning of America, you will find that overall the economy, stock market, crime rates, inflation, etc. are all better under Democratic presidents.

Refuse to buy overpriced said...

There are some borrowers vs. lenders issues, but the main issue is borrowers, lenders and investors vs. people in their 20s who are not home owners yet, but hope to be home owners someday.

Borrowers, lenders and mortgage backed securities investors all hope to fix house prices at their current level. Future home owners want the market to take itscourse, and home prices to fall an additional 25-40%.

The Congressional Democrats have supported every move the Federal Reserve and the Bush Administration have made so far to bail out Wall Street. Their only complaint is that the Fed and Bush didn't do more, sooner. In addition, they call for home owner bailouts.

Unless the Democrats change course, I will vote straight Republican in November.

Anonymous said...

>> Wait - I've been praying to the Messiah Oprah - what'll I do now?

Nothing, as it doesn't matter - both are black and want to kill whitey...

Ed said...

"Now go ahead and go back to Fox News where it's nice and safe for you

March 21, 2008 11:00 AM"

Ahh yes. If one disagrees with a leftist, one must be a Fox News zombie. I forgot.

Anonymous said...

I still don't understand you dude. You keep bashing BB and (here) the GOP for "bailing out wall street". Does that mean you think it would be just dandy to have the government stand by and let the banking system collapse world-wide? The world would go 1930s, how is that helpful to anyone?

keith said...

The government should not use taxpayer funds to bail out the bad decision making at banks, or the bad decisions of housing gamblers.

They should also not be using public funds to prop up home prices

The free market is in the process of cleansing the system just fine. It needs to run its course.

Period.

Anonymous said...

Who was bailed out? BSC shareholders got a token $2 per share. The shareholders were basically wiped out. The Fed got JPM to pick up the derivatives contracts in return for the assets of BSC in order to save the monetary system from collapse. How else are people supposed to get their food, medicine and water? Do you people know what a bailout is? If BSC no longer exists and the shareholders were wiped out, then there was no bailout.

Anonymous said...

Looks like Hank is telling Ben to meet him out behind the woodshed, time for another liquidity injection.

Lookoutbelow said...

Keith said:

The free market is in the process of cleansing the system just fine. It needs to run its course.


Don't get in the way or
this may happen to you.

kilgore said...

Keith,

I know you like Obama, and I'd personally love to have a black president, but the man simply can't open his mouth without spending a trillion dollars. He's just incapable of doing it. And with a democratic congress, Obama is just too scary a thought.

McCain is too stupid to be president, as evidenced by his clear belief that if we stay in Iraq long enough (at $150BN a year) we'll WIN.

Hillary, as calculating and mean and horrible as she is, is the only choice at this point. She's not as liberal as she talks and she'll get a lot more conservative after the primaries. I sincerely hate her for, among many things, her vote on Iraq which was clearly politically motivated. And every time I see these kids with their legs blown off or their faces permanently disfigured, it makes me hate her even more. But I really think she's the best choice in yet another extremely disappointing weak field.

Chuck said...

Most American voters are like the con-game suckers who forever get fooled about which shell the pea is under. We're so busy watching for the welfare queen in the Cadillac or the mom lying about her AFDC payment elegibility that we miss the billions being stolen by Wall Street and the political system they bought and paid for. Today's NYT opinion article about "socialized" bank CEO pay is a good read (in the OPINION section. The NYT is a free read whether you sign-in or not.)

Anonymous said...

to be fair, economics isn't obama or hillary's thang either. Their economic expertise consists of tax and handouts.

Anonymous said...

"* GOP - fighting for Wall Street.
* Dems - fighting for Main Street."

WRONG!

Wall St. wants a taxpayer bailout, but is too smart to say that. Rather it will be a homedebtor-in-trouble package is the way it will be sold.

Anonymous said...

I don't care about this stupid phony election anymore. It's disgusting, despicable and pathetic how these so called presidential figures act. The best argument for limited government are these 3 clowns we have running for president.

Frank@Scottsdale-Sucks.com said...

You actually think Osamabama still has a snowball's chance in hell of winning after the very racist anti-white comments he made yesterday? "Typical white people" etc etc?

And don't you realize the Dems "bailout" plan is FOR WALL STREET?

He's exposed himself as just another Al Sharpton black militant activist who cares nothing about real issues facing Americans. I'd take Hillary over Obama at this point.

I'll go watch Fox News as it's the least biased of all the biased mainstream media, especially CNN the Clinton News Network.

Anonymous said...

There was a Bear bailout it was to the counterparties of Bear.--The Hedge funds, The CDO buyers, The Swap people Etc. In other words the rich gamblers.

Anonymous said...

Keith,

I am surprised that you didn't use
"Write The Caption" for that picture.

Your bloggers, hp'ers, & followers could come up with some great ones!

Anonymous said...

* Dems - fighting for Main Street.
--

WHATEVER! Chuck Schumer and Barney Frank both Dems and are both Big Bank shills.

DEMS AND REPUBS ARE THE SAME!

WAKE UP!

Anonymous said...

I'll back ED up on this. I read his blog and he probably listens to CNN more than he does Fox.

I'm still voting for Ron Paul in November. I don't give a sh*t about the other candidates.

The smear campaign and the voting fraud in Texas to quell his rising popularity is completely scandalous. The controlled media claimed he dropped out and he never did. He still has cash to promote himself. As crazy as it sounds I'm not going to throw my vote away on the bumbling moron neo-con who doesn't know the difference between a sunni and a shiite, the hypocritical and closet racist who's dying in the polls or the fast track to socialism witch.

RP'S IS STILL ALIVE. VOTE HIM IN.

k.w. - southern ca. said...

What Bernanke has effectively done is screw working-class America, while saving his fat-hog wall-street cronies/crooks.

As Jim Rodgers stated ... "The Fed Has Given up on the Dollar".

Frank said...

"He will also cure cancer, end world hunger and discover the meaning of life."

Right after he gets done throwing his granny under the bus for being afraid of black men.

Anonymous said...

The free market is in the process of cleansing the system just fine. It needs to run its course.

You've said many times you think a lot of banks, including some big ones, are going to fail. I think you also agree that the counterparty risks in the derivatives markets have built up to the point where the entire banking system would collapse if only one or two big ones went down. So a global banking shutdown and accompanying stock-market crash would be "just fine"?

Maybe if you have no savings or investments, and are young enough to start from scratch saving for retirement. Casey Serin would probably be down with that. Even he might not like months of chaos as ATMs stop working, credit cards stop working, bills stop being paid, paychecks stop coming in.

Mmmmm, speaking of the chaos, won't the FDIC be forced to make good on most of the accounts anyway? And in receivership liquidate all the assets at pennies on the dollar, enriching a small group of vulture capitalists with deep pockets and time enough to let those assets reach their true value?

I think what BB's doing now is cheaper in the long run, and I'll pass on the extra helping of chaos, thanks all the same.

Anonymous said...

K.W said:

Jim Rodgers stated ... "The Fed Has Given up on the Dollar".
--------------
I'd say Ben Bern has given up on the American taxpayer. Here's an article by Businessweek titled:
"The Fed's too Easy on Wall Street."

http://tinyurl.com/3aat4n

It says:
"New York City securities industry firms paid out a total of $137 billion in employee bonuses from 2002 to 2007, according to figures compiled by the New York State Office of the Comptroller. Let's break that down: Wall Street honchos earned a bonus of $9.8 billion in 2002, $15.8 billion in 2003, $18.6 billion in 2004, $25.7 billion in 2005, $33.9 billion in 2006, and $33.2 billion in 2007."

And now Ben Bern is using taxpayers' money to pay those same firms that have paid all those bonuses! NOT TO BE BELIEVED!!!

MAX

Anonymous said...

When was the last time you heard a presidential candidate say "I don't know"..."not my thing" about ANYTHING! Refreshing. I'll vote for McCain. That takes BALLS. Are we so lost as a culture that we can't recognize honesty anymore, furthermore we don't want it. Maybe the themesong for Americans should be the Cheryl Crow song "Lie To Me"

Anonymous said...

NONE of them are economists. McCain is the only one with enough integrity to admit it. He's also the only one who seems to understand it's NOT THE PRESIDENT'S JOB to try to muck around with every damn thing that happens in the news, the economy, the world, etc.

No matter what, the situation will be bad. McCain will do the least to make it actually worse.