Where is the US economy headed?

@cicerone imposter,

Then let them go bankrupt. Too bad we can't let the bureaucrats do the same, isn't it, but no, we have to bail out their sorry bureaucracies that produce nothing.
And how about letting Fannie and Freddie go broke? If you love them, you will love more banks owned by the government, won't you? So they can pay more big bonuses to Raines and others.

1 Reply

@okie,

Just another one of your myopia about why Obama has to spend billions to make an effort to revive our economy and help Americans get shelter and have food to eat after Bush destroyed our economy. With over half a million people losing their jobs every month, the federal government has the responsibility to make sure they have shelter and food. That's called "general welfare" responsibility of our federal government, and it's no less a responsibility than most things including our security.

1 Reply

@cicerone imposter,

There seems to be a disconnect between continued huge job losses and consumer confidence that went up this month.

Anybody have any idea why this is happening?

2 Replies

@cicerone imposter,

Quote:

There seems to be a disconnect between continued huge job losses and consumer confidence that went up this month.

Anybody have any idea why this is happening?

People want to believe that everything will be OK, that our leaders know what they are doing. The press has of late been of the tone that the worst seems to be over, and since the press is telling people what they want to hear and because the press is deemed to have some credibility confidence goes up. Job losses are a lagging indicator anyways, so the continued loss of jobs can be ignored for a spell. Keep in mind also that those who have a job and thus money to spend and are willing to spend it can get some good deals right now, which goes far to making people feel good.

even the "experts" who has as a full time job running the economy don't have a clue what is going on, so don't get too work-up about how joe six-pack is feeling today. It does not matter re what our future looks like.

0 Replies

@cicerone imposter,

cicerone imposter wrote:

There seems to be a disconnect between continued huge job losses and consumer confidence that went up this month.

Anybody have any idea why this is happening?

Its because the media isn't reporting the realities of Obama's failed stimulus package. They are worshiping Obama, meanwhile the house is on fire.

2 Replies

@okie,

okie, You are a dumbass who doesn't underestand much about politics or economics. Your foolish assumptions are only showing how dumb you are.

1 Reply

@cicerone imposter,

Those same banks that wants to pay over half a million to their workers are still in trouble, and want more taxpayer money.

Those brainless bankers need to be fired and replaced with people with half the brain.

Quote:

Bank of America, Citigroup may need more capital
Tue Apr 28, 11:15 am ET

WASHINGTON " Bank of America Corp. and Citigroup Inc., which have each received $45 billion in government bailout funds, have been told by regulators that "stress test" results show they may need to raise additional capital, The Wall Street Journal said Tuesday.

Charlotte, N.C.-based Bank of America is looking at a shortfall in the billions of dollars, the paper said, citing people familiar with the situation. Both banks plan to rebut the preliminary findings, according to the paper, with Bank of America expected to respond Tuesday ahead of its shareholder meeting Wednesday.

Bank of America declined to comment.

Citigroup said in a statement, "Until the results of the stress tests are announced, our regulators have prohibited all financial institutions, including Citi, from making any comments related to the stress tests."

A Citi spokesman added that the bank is continuing with its plan to exchange debt for equity and shed assets as part of a program to further bolster its capital position.

Citi has reached a basic agreement to sell its Japanese brokerage unit, Nikko Cordial, to Sumitomo Mitsui Financial Group Inc. for 500 billion yen ($5.2 billion), according to The Nikkei business newspaper. Citi declined to comment on the potential sale of the unit.

Shares of Citigroup fell 18 cents, or 5.9 percent, to $2.89 in morning trading. Bank of America shares declined 59 cents, or 6.6 percent, to $8.33.

I hope they lose more from declines in their stocks. They deserve to go belly up.

1 Reply

@cicerone imposter,

It could be a raucous day in Charlotte Wednesday. BOA will be having its annual meeting. I see today the CalPERS (CA Public Employees Retirement System) will vote its 22M shares against the reelection of the 18 members of the Board of Directors, including Ken Lewis, Chairman and CEO. 22M is only 1/3rd of 1% of outstanding shares, but there are many, many institutional investors in BOA who take their cue from CalPERS, the largest public investor in stocks in the country.
I won't say that these Board elections are rigged. Suffice it to say that it is rare for Director loses an election. I am reminded of the southern politician who bragged that the only way who could ever lose a contest would be if he were caught in bed with a dead teen-aged girl or a live teen-aged boy.
CalPERS is pissed about BOA's acquisition of Merrill, judging that it was a really bad deal for BOA. In addition they fault Lewis for not killing the $3.6 in ML bonuses while getting TARP money.
CI, in the article above, cites the Stress Test results, which are leaking out and suggest that BOA and Citi will need to raise a bunch of new capital. The stress test results will be made public next week.

1 Reply

@realjohnboy,

rjb, Thank you for bringing us up to date on CalPers and other investors who are fed up with these bank honchos who have driven their companies into the ground, and still hasn't learned the lesson. It's really amazing that these dunderheads are still around as CEOs.

0 Replies

@okie,

okie wrote:

cicerone imposter wrote:

There seems to be a disconnect between continued huge job losses and consumer confidence that went up this month.

Anybody have any idea why this is happening?

Its because the media isn't reporting the realities of Obama's failed stimulus package. They are worshiping Obama, meanwhile the house is on fire.

It's the media's fault, Okie? Can you cite some examples of "Obama worshiping?"

With regards to "huge job losses," CI, here is one snapshot from Forbes today adding up layoffs by the 500 largest U.S. public corporations:
April 2009: 18.172 (including 8,000 by GM yesterday)
March 2009: 37,249
February, 2009: 125,677
January, 2009: 163,662
December, 2008: 108,123
November, 2008: 91,250
Do yall see a trend? I have talked before about why these numbers are only one piece of the puzzle.

1 Reply

@cicerone imposter,

okie, You are guilty of just cluttering cyberspace with garbage that has no intrinsic value to the subject being discussed. I wish you would get lost - permanently. All you do is make accusations about Obama without any basis in fact or evidence. You just shoot your mouth off that has no value to anyone.

0 Replies

For those of you who keep saying let the banks go bankrupt in order to punish the executives for receiving excessively high pay. Have you any idea who will really be hurt if the banks go under. Certainly not the executives who have plenty of money to wheather the storm. The people with, IRA's, 401 k's pension funds and anyone who holds paper from those institutions who will be the real losers.

1 Reply

@au1929,

That's the consequence of people who run banks with no brains. They're strapped for money, but have enough to pay their employees half million dollar salaries - in this economy - with taxpayer money.

This crap has to stop. Any company going bankrupt based on poor management is deserved, and taxpayers should not be put on the hook to bail them out.

0 Replies

@realjohnboy,

realjohnboy wrote:

It's the media's fault, Okie? Can you cite some examples of "Obama worshiping?"

With all due respect, rjb, I think it should be fairly obvious. How much reporting have we seen about the first grand and wonderful 100 days? I have seen an excessive amount, and I have seen reports of whether Obama is going to be the greatest president ever, on and on. Nothing like this was ever done with a Republican president, never. And face it, the man has done nothing notable, nothing that has accomplished anything, nothing. If anyone knows of something, let me know.

1 Reply

@okie,

okie, You are one of the most ignorant posters on a2k. If you look back into history - even republican president's first 100-days - you'll see that almost all major media have talked about polls. This idea did not start with the Obama presidency; it started with Franklin D Roosevelt.

All you know how to do is bitch about everything that has to do with Obama.

Get a life! And get your head out of that dark place.

0 Replies

Plan gives unions majority stake in Chrysler

http://www.washingtontimes.com/news/2009/apr/29/obama-pushes-to-give-unions-majority-control-of-ch/

When will Obama announce his five year plan?

1 Reply

@au1929,

We have to wait until he announces his one year plan.

1 Reply

@cicerone imposter,

Comes the revolution we will all be eating black bread and borsht

2 Replies

@au1929,

Revolution by the MACs? LOL They're shrinking in number as we speak.

0 Replies

@au1929,

No, we will be eating couscous, shishkabob, and other ME food.

http://community.livejournal.com/gaza2009/309146.html

1 Reply

Where is the US economy headed?

Related Topics

Quick Links

My Account

able2know