OT - A Reminder of how we got screwed by the Republicans
Too_Many_Tools
to the brink of financial ruin.
9/11, Katrina and the Crash of '08...ALL on Bush's watch.
TMT
5 weeks on the brink: Reliving meltdown of '08
By ERIN McCLAM, AP National Writer Erin Mcclam, Ap National Writer
Sat Sep 5, 2:47 pm ET
NEW YORK – The nation was focused on a tropical storm spinning off the
Carolinas and a hurricane headed for Florida. People were gaming out
how a political novice named Sarah Palin might upend the presidential
campaign.
The Dow Jones industrial average closed at 11,220 on Sept. 5, the
Friday after Labor Day last year. There was an economic slowdown under
way — no one doubted that. Whether it amounted to a bona fide
recession was semantics, a question for economists.
But on Sunday morning, the federal government took an extraordinary
step: It seized control of mortgage giants Fannie Mae and Freddie Mac,
committing up to $200 billion of taxpayer money.
The companies, which combined either hold or guarantee half the
mortgage debt in America, were posting billions of dollars in losses
each quarter as an increasing number of homeowners stopped paying back
their loans. Investors doubted the companies had the financial
strength to survive the housing crash.
President George W. Bush, with less than five months to go in his
presidency, said taking over Fannie and Freddie would be "critical to
returning the economy to stronger sustained growth."
It turned out to be the beginning of something much more dire — far
beyond a correction, far beyond even a garden-variety recession, far
beyond anything most people had lived through.
What it turned out to be was the beginning of five weeks that shook
the American financial system to its foundations. The stock market
convulsed. Wall Street itself was redrawn. The word "depression" was
suddenly on everyone's lips.
One year later, the economy is only now beginning to show signs —
tentative at that — of pulling out of the Great Recession, the longest
economic contraction since World War II. The Dow, while still more
than 30 percent off its peak, is no longer the source of a daily
national ulcer.
But for five weeks in September and October last year, venerable Wall
Street investment houses staggered, or disintegrated outright. The
government concocted unprecedented rescue plans with 12-digit price
tags almost impossible to comprehend.
It was a time when no place for money seemed safe.
In those first few days after the government stepped in to save Fannie
and Freddie, Wall Street liked what it saw. Analysts figured interest
rates on mortgages would drop substantially because of the security
offered by the federal intervention.
The Dow floated back over 11,500. And after a long year of rising
foreclosures, particularly on homes held by the less-than-ideal
borrowers, there was hope of a turnaround.
"It saves Armageddon from happening," one insider, Dave Rovelli,
managing director of U.S. equity trading at Canaccord Adams in New
York, offered on the Monday after the Fannie and Freddie takeover.
But not 24 hours later, the landscape looked very different.
The next day, Sept. 9, Wall Street was consumed by worries about
Lehman Brothers, the fourth-largest investment bank in the country,
hammered by the deterioration of its heavy portfolio of mortgage-
backed securities and other real estate-related assets.
Specifically, investors wondered whether Lehman had enough cash to
survive. Talks with a state-owned Korean bank broke down. And the U.S.
government was conspicuously silent.
By day's end, Lehman's stock price had fallen by almost half. The
bank, which predated the Civil War and had survived the Great
Depression, was left with a market value of $5.4 billion — less than
the online discount broker TD Ameritrade.
There were whispers that Lehman's lenders, who provided the money it
needed to stay in business, were about to run for the hills.
For the rest of the week, investor confidence in Lehman steadily
eroded. That weekend, officials from the Treasury Department, the
Federal Reserve and major Wall Street banks met at the New York Fed's
stately headquarters in downtown Manhattan.
Treasury Secretary Henry Paulson was adamantly opposed to having the
government step in to save Lehman. No other bank stepped forward,
either. Instead, Bank of America, pushed by the Fed and Treasury
Department, bought Merrill Lynch, another storied but troubled Wall
Street investment house.
Meanwhile, that Sunday night, the buzzards began circling at Lehman's
Manhattan headquarters. Television crews lined the avenue across from
the building, which featured giant, high-tech video screens. People
held up cell phones and took pictures.
"Are you enjoying watching this?" one man said as he left the
building. "You think this is funny?"
Not many people who paid attention to finance did. On Monday, Sept.
15, Lehman, founded in Alabama to serve cotton farmers, a firm that
survived even the destruction of its headquarters in and around the
World Trade Center, filed for bankruptcy.
Now three of the former Big Five investment houses — Lehman, Merrill
and Bear Stearns, which had been forced to sell itself to JPMorgan
Chase earlier in the year — were gone, at least in their former,
mighty forms.
The financial crisis shifted into a terrifying higher gear.
The Dow lost more than 504 points that day, the most since the New
York Stock Exchange reopened after the 9/11 terrorist attacks. About
$700 billion in stock market wealth, much of it tied up in retirement
plans, evaporated.
And now there were other problems: It had become painfully apparent
that banks had hundreds of billions of dollars in bad debt on their
books, most of it from risky bets made on securities tied to mortgages
that were going sour.
Credit markets, which had been in turmoil for the better part of a
year, began to tighten even further. And a new name surfaced on the
financial death-watch list: American International Group, the largest
insurer in the world.
Like Lehman Brothers, AIG had been hammered by the implosion of the
subprime mortgage market and the credit crisis. The difference? It did
business with almost every financial institution in the world, selling
disastrously mispriced insurance policies on exotic investments.
AIG was so large, its tentacles so vast, that its collapse could have
done almost inconceivable damage around the world. If Lehman's fall
had dealt a body blow to the global economy, AIG had the potential for
a knockout.
So the government stepped in again — this time with an emergency $85
billion loan. In exchange, the government got a stake of nearly 80
percent in the company.
The American taxpayer now owned two mortgage giants and the world's
biggest insurer.
Lehman Brothers and AIG had both assured investors in the months
before that they would be fine. Now no one trusted anyone. Wall Street
responded with another anxiety attack. On Wednesday, Sept. 17, the Dow
fell 449 more points.
"People are scared to death," said Bill Stone, chief investment
strategist for PNC Wealth Management.
And they were scared around the world. The crisis that infected the
U.S. financial system posed grave danger around the world — not just
by hammering markets, but by plunging the world into a severe
recession, perhaps worse.
With the panic in full motion and banks hoarding cash, central banks
around the world decided to work together. On Sept. 18, they pledged
to inject as much as $180 billion into money market funds to head off
what they feared could be a wave of panicked withdrawals.
Back home, in Washington, the Fed pumped $105 billion into the U.S.
banking system, and Bush canceled a trip to huddle with economic
advisers. But everyone knew the solution would need to be much
grander.
That afternoon, the Dow shot up 400 points, most of it in the final
hours of trading, on a report that the government was putting together
a plan to buy the bad debt off the books of banks.
The idea was that it would cleanse balance sheets of the difficult-to-
value mortgage-related assets that were holding them back. No one knew
exactly how much they were worth, so no one really knew exactly how
sick the banks were.
At the Capitol on the night of Friday, Sept. 19 and in conference
calls the following day, Paulson and Fed chief Ben Bernanke laid out a
nightmare scenario: Say no to the plan and risk an utter collapse on
Wall Street and maybe even a worldwide depression.
"When you listen to them describing this," said New York Sen. Charles
Schumer, who was in the room, "you gulp."
A name caught on for the junk clogging bank balance sheets: toxic
assets. And if that sounded strange, it was nothing compared with the
price tag that surfaced over that weekend: $700 billion.
Twelve digits long, eight times as big as the AIG rescue, a number so
big most Americans couldn't even comprehend it.
President Bush, seeking both to soothe a highly anxious nation and
prod Congress into passing the breathtaking bailout, said: "This is a
big package because it was a big problem."
More ominously, speaking of the tumultuous week in finance, he said:
"So when one card started to go, we were worried about the whole deck
going down, and so therefore moved, and moved hard."
Sens. John McCain and Barack Obama, in the middle of their fall
presidential campaign, both supported the bailout package. House
Republicans voiced strong objections. Besides being too expensive,
they said, the program blurred public and private enterprise.
In a bit of theatrics in the White House Cabinet Room, Paulson knelt
before House Speaker Nancy Pelosi, begging her to pass the bailout
package even if it meant forgoing Republican support. According to
other published accounts of the meeting, Bush, speaking of the
economy, warned: "If money isn't loosened up, this sucker could go
down."
In the nation's banking system, the aftershocks continued.
On Thursday, Sept. 25, Washington Mutual — which earlier in the decade
had run TV commercials mocking stodgy bankers in suits and hyping "the
power of yes" in its eagerness to grant mortgages — was seized by the
Federal Deposit Insurance Corp., the largest American bank failure
ever. What was left was gobbled up by JPMorgan Chase.
Four days later, Citigroup agreed to buy the banking operations of
Wachovia, which, like WaMu, had done huge business in adjustable-rate
mortgages, enticing borrowers who later defaulted on their home loans.
(Wells Fargo later bested Citigroup's offer and bought all of
Wachovia.)
That same day, Monday, Sept. 29, the bailout came up for a vote in the
House. As the roll call began, the Dow was down about 210 points.
Representatives locked in their votes while C-SPAN showed the running
tally. The "no" totals marched higher and higher. On Wall Street,
traders' faces were tense. Their jaws literally dropped.
The bailout failed, 228-205. In a span of just five minutes, the Dow
fell 400 more points. When the closing bell mercifully sounded, it was
off nearly 778 points, easily its worst performance ever. More than $1
trillion in market value had evaporated, a first.
The Dow stood at 10,365. Congressional leaders scrambled to find a way
to pass the bailout. Wall Street rallied the next day, Sept. 30, but
remained nervous. "If it doesn't pass, then look out below," one
trader said. "It could get ugly."
It finally did pass, and was swiftly signed into law on Oct. 3, after
Republicans won provisions to raise the amount of personal bank
deposits insured by the government and an easing of accounting rules
for banks.
It got ugly anyway. From there, the stock market executed a slow-
motion crash.
On Monday, Oct. 5, the Dow swooned below 10,000 for the first time
since 2004, making an elevator-shaft drop of 800 points, its biggest
ever during a single trading day, before recovering somewhat.
The next day, 508 points more. The day after that, 189 — despite an
emergency interest-rate cut by the Federal Reserve. The day after
that, 678. And on Friday, Oct. 10, 128 more.
In a single week, the Dow had lost almost 20 percent of its value, a
staggering 1,874-point plunge. The average stood at 8,451, its lowest
level in more than five years. It was the worst week in the history of
the stock market.
On the floor of the New York Stock Exchange, anxiety ran so high that
one trader compared it to a football game — when the Dow would peek
into positive territory, lusty cheers would go up.
The following Monday, Oct. 13, Secretary Paulson summoned the CEOs of
the nation's biggest banks to an extraordinary meeting at the
Treasury. He told them that instead of buying their toxic assets, he
had decided it was best to inject $125 billion into their institutions
to signal to the world that the government would not let any of them
fail. The strings attached included limits on executive pay and
dividends, and after much grumbling all of the CEOs signed on before
leaving.
The program was later extended to hundreds of other banks around the
country, but the issue of toxic assets on bank balance sheets remains
to this day.
The nation settled in for an economic winter whose length no one could
predict. Traders were drowning their sorrows in bars near the
exchange. And at a nearby coffee shop, Sandeep Bhanote was reflecting
on the week with a Wall Street friend.
"I have a client who lived through the Depression and wars and
everything," said Bhanote, a software engineer. "And he said, `You
know, we survived, and you will, too.'"
In hindsight, it sounds like common sense. But only in hindsight.
RogerN
\"Too_Many_Tools" <too_man...@yahoo.com> wrote in message
\ news:8d31c33d-ff71-4ed3-83bd-10g2000vbf.googlegroups.com...
\A reminder of how Bush and the Republicans brought the United States
\to the brink of financial ruin.
\
\9/11, Katrina and the Crash of '08...ALL on Bush's watch.
\
\TMT
Wow, Bush created terrorists, a Hurricane and the crash of '08.
IIRC, things were going OK until 2004 when a bunch of Democrats got elected.
And the whole thing came to a crash in 2008 when Obama got ahead in the
polls. That's the way it was, sorry it doesn't fit your wishful thinking
:-(
RogerN
G.W.
Sounds like the real problem is "not enough tools".
Buerste
>A reminder of how Bush and the Republicans brought the United States
>to the brink of financial ruin.
Bullshit! The Dems brought the economy down to win the 2008 election.
edi...@netpath.net
> A reminder of how Bush and the Republicans brought the United States
> to the brink of financial ruin.
> 9/11, Katrina and the Crash of '08...ALL on Bush's watch.
Just what has OBAMA - now president 7 months - done to fix up New
Orleans from the Katrina mess? Has it occurred to you that - even
though New Orleans is a "chocolate city" in its (black) mayor's rant,
black activists blamed the city's post-Katrina mess on "racism" - that
having a black president for most of a year hasn't changed anything
there?
http://www.Internet-Gun-Show.com - your source for hard-to-find stuff!
Curly Surmudgeon
<too_man...@yahoo.com> wrote:
> A reminder of how Bush and the Republicans brought the United States to
> the brink of financial ruin.
>
> 9/11, Katrina and the Crash of '08...ALL on Bush's watch.
And it's far from over yet. The third wave of home foreclosures is
picking up steam even while those very same bankers are getting 7, 8 and
9 digit bonuses, America is still hemorrhaging jobs and the political
cult of deluded is obsessed on causing the president to fail.
--
Regards, Curly
------------------------------------------------------------------------------
Dick Cheney and Sarah Palin for President/Vice-President in 2012
------------------------------------------------------------------------------
Too_Many_Tools
> "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
LOL...and the Reps brought the economy UP to win the 2000 election?
Boy do you sound dumb.
TMT
Buerste
"Curly Surmudgeon" <CurlySu...@live.com> wrote in message
news:pan.2009.09...@live.com...
Well, the Dems shouldn't have sabotaged Fannie and Freddie. Who cares what
bankers make? How much do politicians make? We know that the Dem
politicians don't report income to be taxed. Why should I keep my
manufacturing plant and those jobs in the US? The Dems are doing their best
to destroy manufacturing in the US.
HH&C
> "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
All the negative rhetoric about the economy certainly played a role,
but the protections that were put in place after the great depression
were being chipped away starting with Carter. It was a long time in
coming. It will take a long time to repair.
Too_Many_Tools
Changing the subject?
Of course you are.
We won...you lost.
It's eating you alive.
TMT
Too_Many_Tools
> On Sun, 06 Sep 2009 08:48:27 -0700, Too_Many_Tools
>
> <too_many_to...@yahoo.com> wrote:
> > A reminder of how Bush and the Republicans brought the United States to
> > the brink of financial ruin.
>
> > 9/11, Katrina and the Crash of '08...ALL on Bush's watch.
>
> picking up steam even while those very same bankers are getting 7, 8 and
> 9 digit bonuses, America is still hemorrhaging jobs and the political
> cult of deluded is obsessed on causing the president to fail.
>
> --
> Regards, Curly
> Dick Cheney and Sarah Palin for President/Vice-President in 2012
Correct...and the commercial foreclosures are still in play.
We have a long way to go.
Bush did a real number on America.
TMT
Too_Many_Tools
>
> read more »
A question...a serious question...for the group.
Do you think we will see significant deflation coming out of this
disaster?
Real earning power is down.
And without ready cash, the consumer will not lead the Country out of
this Bush Recession.
TMT
HH&C
> On Sun, 06 Sep 2009 08:48:27 -0700, Too_Many_Tools
>
> > A reminder of how Bush and the Republicans brought the United States to
> > the brink of financial ruin.
>
> > 9/11, Katrina and the Crash of '08...ALL on Bush's watch.
>
> And it's far from over yet. The third wave of home foreclosures is
> picking up steam even while those very same bankers are getting 7, 8 and
> 9 digit bonuses, America is still hemorrhaging jobs and the political
> cult of deluded is obsessed on causing the president to fail.
Did you think a junior senator from anywhere could succeed?
> --
> Regards, Curly
> ------------------------------------------------------------------------------
> Dick in 2012. Why Wait?
> ------------------------------------------------------------------------------
RogerN
On Sep 6, 11:42 am, "Buerste" <buer...@wowway.com> wrote:
> "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
>
> news:8d31c33d-ff71-4ed3...@f10g2000vbf.googlegroups.com...
>
> >A reminder of how Bush and the Republicans brought the United States
> >to the brink of financial ruin.
>
> Bullshit! The Dems brought the economy down to win the 2008 election.
/LOL...and the Reps brought the economy UP to win the 2000 election?
/
/Boy do you sound dumb.
/
/TMT
You blame Bush for a hurricane and other things he didn't cause and you say
someone else sounds dumb? That's the pot calling the kettle black.
RogerN
Curly Surmudgeon
Speaking of the deluded and which mole pops up?
Buerste
Sadly, you're the blind one here.
Too_Many_Tools
> "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
>
> news:fa636223-9b4d-4de7...@m38g2000yqd.googlegroups.com...
> On Sep 6, 11:42 am, "Buerste" <buer...@wowway.com> wrote:> "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
>
> >news:8d31c33d-ff71-4ed3...@f10g2000vbf.googlegroups.com...
>
> > >A reminder of how Bush and the Republicans brought the United States
> > >to the brink of financial ruin.
>
> > Bullshit! The Dems brought the economy down to win the 2008 election.
>
> /
> /LOL...and the Reps brought the economy UP to win the 2000 election?
> /
> /Boy do you sound dumb.
> /
> /TMT
>
> You blame Bush for a hurricane and other things he didn't cause and you say
> someone else sounds dumb? That's the pot calling the kettle black.
>
> RogerN
The Truth hurts...get used to it.
More hurt is coming.
9/11, Katrina and the Crash of '08...ALL on Bush's watch.
And none of it is paid for yet.
TMT
Too_Many_Tools
> "Curly Surmudgeon" <CurlySurmudg...@live.com> wrote in message
>
> news:pan.2009.09...@live.com...
>
>
>
>
>
> > On Sun, 06 Sep 2009 08:48:27 -0700, Too_Many_Tools
> > <too_many_to...@yahoo.com> wrote:
>
> >> A reminder of how Bush and the Republicans brought the United States to
> >> the brink of financial ruin.
>
> >> 9/11, Katrina and the Crash of '08...ALL on Bush's watch.
>
> > And it's far from over yet. The third wave of home foreclosures is
> > picking up steam even while those very same bankers are getting 7, 8 and
> > 9 digit bonuses, America is still hemorrhaging jobs and the political
> > cult of deluded is obsessed on causing the president to fail.
>
> > --
> > Regards, Curly
> > Dick Cheney and Sarah Palin for President/Vice-President in 2012
>
> Well, the Dems shouldn't have sabotaged Fannie and Freddie. Who cares what
> bankers make? How much do politicians make? We know that the Dem
> politicians don't report income to be taxed. Why should I keep my
> manufacturing plant and those jobs in the US? The Dems are doing their best
>
> - Show quoted text -
You do realize that you will likely lose your business because of
Bush's disasters.
TMT
Buerste
TMT
****************************
I can move anywhere in the world that I would like and live in luxury and
make money...can you? I didn't think so, you'd lose your cheese-check and
get your double-wide repossessed.
Buerste
TMT
***********************
Everybody but idiots prospered during Bush, I take it you're an idiot.
Too_Many_Tools
> "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
>
> - Show quoted text -
You think you can.
You will be surprised.
TMT
Compact Adolescent
"Too_Many_Tools" <too_man...@yahoo.com> wrote in message
news:2bb44abb-12b3-4714...@y42g2000yqb.googlegroups.com...
He's out of the sending hurricanes business. Word is he's into sending
wildfires now.
Compact Adolescent
"Buerste" <bue...@wowway.com> wrote in message
news:gHDpm.8$dV...@newsfe04.iad...
>
> "Too_Many_Tools" <too_man...@yahoo.com> wrote in message
> news:ceb06599-61ae-4cfa...@w36g2000yqm.googlegroups.com...
> On Sep 7, 2:32 am, "Buerste" <buer...@wowway.com> wrote:
>> "Curly Surmudgeon" <CurlySurmudg...@live.com> wrote in message
>>
>> news:pan.2009.09...@live.com...
>>
>>
>>
>>
>>
>> > On Sun, 06 Sep 2009 08:48:27 -0700, Too_Many_Tools
>> > <too_many_to...@yahoo.com> wrote:
>>
>> >> A reminder of how Bush and the Republicans brought the United States
>> >> to
>> >> the brink of financial ruin.
>>
>> >> 9/11, Katrina and the Crash of '08...ALL on Bush's watch.
>>
>> > And it's far from over yet. The third wave of home foreclosures is
>> > picking up steam even while those very same bankers are getting 7, 8
>> > and
>> > 9 digit bonuses, America is still hemorrhaging jobs and the political
>> > cult of deluded is obsessed on causing the president to fail.
>>
>> > --
>> > Regards, Curly
>> > ---------------------------------------------------------------------------�---
>> > Dick Cheney and Sarah Palin for President/Vice-President in 2012
>> > ---------------------------------------------------------------------------�---
>>
>> Well, the Dems shouldn't have sabotaged Fannie and Freddie. Who cares
>> what
>> bankers make? How much do politicians make? We know that the Dem
>> politicians don't report income to be taxed. Why should I keep my
>> manufacturing plant and those jobs in the US? The Dems are doing their
>> best
>> to destroy manufacturing in the US.- Hide quoted text -
>>
>> - Show quoted text -
>
> You do realize that you will likely lose your business because of
> Bush's disasters.
>
> TMT
> ****************************
>
> I can move anywhere in the world that I would like and live in luxury and
> make money...can you? I didn't think so, you'd lose your cheese-check and
> get your double-wide repossessed.
>
Lol! His mommies sprung for the extra doublewide? Just like their asses!
Too_Many_Tools
> "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
>
> - Show quoted text -
LOL...listen to the fool speak.
Watch the fool lose his business.
See nobody feel sorry for the fool.
TMT
Too_Many_Tools
> "Buerste" <buer...@wowway.com> wrote in message
>
> news:gHDpm.8$dV...@newsfe04.iad...
>
>
>
>
>
>
>
> > "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
> >news:ceb06599-61ae-4cfa...@w36g2000yqm.googlegroups.com...
> > On Sep 7, 2:32 am, "Buerste" <buer...@wowway.com> wrote:
> >> "Curly Surmudgeon" <CurlySurmudg...@live.com> wrote in message
>
> >>news:pan.2009.09...@live.com...
>
> >> > On Sun, 06 Sep 2009 08:48:27 -0700, Too_Many_Tools
> >> > <too_many_to...@yahoo.com> wrote:
>
> >> >> A reminder of how Bush and the Republicans brought the United States
> >> >> to
> >> >> the brink of financial ruin.
>
> >> >> 9/11, Katrina and the Crash of '08...ALL on Bush's watch.
>
> >> > And it's far from over yet. The third wave of home foreclosures is
> >> > picking up steam even while those very same bankers are getting 7, 8
> >> > and
> >> > 9 digit bonuses, America is still hemorrhaging jobs and the political
> >> > cult of deluded is obsessed on causing the president to fail.
>
> >> > --
> >> > Regards, Curly
> >> > Dick Cheney and Sarah Palin for President/Vice-President in 2012
>
> >> Well, the Dems shouldn't have sabotaged Fannie and Freddie. Who cares
> >> what
> >> bankers make? How much do politicians make? We know that the Dem
> >> politicians don't report income to be taxed. Why should I keep my
> >> manufacturing plant and those jobs in the US? The Dems are doing their
> >> best
> >> to destroy manufacturing in the US.- Hide quoted text -
>
> >> - Show quoted text -
>
> > You do realize that you will likely lose your business because of
> > Bush's disasters.
>
> > TMT
> > ****************************
>
> > I can move anywhere in the world that I would like and live in luxury and
> > make money...can you? I didn't think so, you'd lose your cheese-check and
> > get your double-wide repossessed.
>
>
> - Show quoted text -
Another pedophile fetish?
TMT
Too_Many_Tools
> "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
>
>
>
>
>
>
> > On Sep 8, 8:42 pm, "Buerste" <buer...@wowway.com> wrote:
> >> "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
>
> >> <snip>
> >> And without ready cash, the consumer will not lead the Country out of
> >> this Bush Recession.
>
> >> TMT
>
> >> Correction...IT'S OBAMA'S RECESSION!!!
>
> > LOL...it is clearly documented to have been in full play on Bush's
> > watch.
>
> > Your lying will not change the Truth.
>
> > TMT
>
> Obama bought it, he owns it now. We'll name it after him.- Hide quoted text -
>
> - Show quoted text -
Bush's recession...maybe Depression.
And you will get to live it.
Get ready for your Government checks cut too.
TMT
Compact Adolescent
"Too_Many_Tools" <too_man...@yahoo.com> wrote in message
news:bdc02405-51d5-489e...@j19g2000vbp.googlegroups.com...
Your mommies are pedophiles too? What's the connection to their double-wide
asses though?
Too_Many_Tools
>
> - Show quoted text -
LOL...keep it up with the deviant sex stuff.
The dumb ones never know when to quit.
TMT
Too_Many_Tools
> "Too_Many_Tools" <too_many_to...@yahoo.com> wrote in message
>
> No, I won't hire you no mater how you beg, I doubt you have any skills.
> Besides, you'd loose your cheese-check and wouldn't last a week under my
> employ anyway. See, I have only people that actually WORK...something the
> fringe left will never understand. What flavor is your cheese THIS month?- Hide quoted text -
>
> - Show quoted text -
Thanks for confirming your problems.
TMT
John Q Public
Too Many Fools again shows her dildo addled brain by again blaminfg it
all on Bush
because her feeble mind can't toleerate that the continuing socialist
programs and regulations
from both parties fucked it up.
Too_Many_Tools
>
> - Show quoted text -
Nym shifting won't save you.
Law enforcement can easily trace all your nyms.
So keep it up so they can build an even better case against you.
TMT
TMT
Compact Adolescent
"Too_Many_Tools" <too_man...@yahoo.com> wrote in message
news:017dc47b-6bbd-4dbc...@t13g2000yqn.googlegroups.com...
Too_Many_Tools
> A reminder of how Bush and the Republicans brought the United States
> to the brink of financial ruin.
>
> 9/11, Katrina and the Crash of '08...ALL on Bush's watch.
>
Again...A reminder of how Bush and the Republicans brought the United
States
to the brink of financial ruin.
9/11, Katrina and the Crash of '08...ALL on Bush's watch.
TMT
HH&C
And you can get fired for playing on the computer at work.
Ooops! Forgot. This IS your job. Being payed by MoveOn to spam the
groups with hate.
Compact Adolescent
"Too_Many_Tools" <too_man...@yahoo.com> wrote in message
news:39903518-78ab-4109...@k26g2000vbp.googlegroups.com...
> On Sep 6, 10:48 am, Too_Many_Tools <too_many_to...@yahoo.com> wrote:
>> A reminder of how Bush and the Republicans brought the United States
>> to the brink of financial ruin.
>>
>> 9/11, Katrina and the Crash of '08...ALL on Bush's watch.
>>
>> TMT
>>
>> 5 weeks on the brink: Reliving meltdown of '08
>> By ERIN McCLAM, AP National Writer Erin Mcclam, Ap National Writer
>> Sat Sep 5, 2:47 pm ET
>>
>> NEW YORK � The nation was focused on a tropical storm spinning off the
>> Carolinas and a hurricane headed for Florida. People were gaming out
>> how a political novice named Sarah Palin might upend the presidential
>> campaign.
>>
>> The Dow Jones industrial average closed at 11,220 on Sept. 5, the
>> Friday after Labor Day last year. There was an economic slowdown under
>> way � no one doubted that. Whether it amounted to a bona fide
>> recession was semantics, a question for economists.
>>
>> But on Sunday morning, the federal government took an extraordinary
>> step: It seized control of mortgage giants Fannie Mae and Freddie Mac,
>> committing up to $200 billion of taxpayer money.
>>
>> The companies, which combined either hold or guarantee half the
>> mortgage debt in America, were posting billions of dollars in losses
>> each quarter as an increasing number of homeowners stopped paying back
>> their loans. Investors doubted the companies had the financial
>> strength to survive the housing crash.
>>
>> President George W. Bush, with less than five months to go in his
>> presidency, said taking over Fannie and Freddie would be "critical to
>> returning the economy to stronger sustained growth."
>>
>> It turned out to be the beginning of something much more dire � far
>> beyond a correction, far beyond even a garden-variety recession, far
>> beyond anything most people had lived through.
>>
>> What it turned out to be was the beginning of five weeks that shook
>> the American financial system to its foundations. The stock market
>> convulsed. Wall Street itself was redrawn. The word "depression" was
>> suddenly on everyone's lips.
>>
>> One year later, the economy is only now beginning to show signs �
>> tentative at that � of pulling out of the Great Recession, the longest
>> Depression, was left with a market value of $5.4 billion � less than
>> the online discount broker TD Ameritrade.
>>
>> There were whispers that Lehman's lenders, who provided the money it
>> needed to stay in business, were about to run for the hills.
>>
>> For the rest of the week, investor confidence in Lehman steadily
>> eroded. That weekend, officials from the Treasury Department, the
>> Federal Reserve and major Wall Street banks met at the New York Fed's
>> stately headquarters in downtown Manhattan.
>>
>> Treasury Secretary Henry Paulson was adamantly opposed to having the
>> government step in to save Lehman. No other bank stepped forward,
>> either. Instead, Bank of America, pushed by the Fed and Treasury
>> Department, bought Merrill Lynch, another storied but troubled Wall
>> Street investment house.
>>
>> Meanwhile, that Sunday night, the buzzards began circling at Lehman's
>> Manhattan headquarters. Television crews lined the avenue across from
>> the building, which featured giant, high-tech video screens. People
>> held up cell phones and took pictures.
>>
>> "Are you enjoying watching this?" one man said as he left the
>> building. "You think this is funny?"
>>
>> Not many people who paid attention to finance did. On Monday, Sept.
>> 15, Lehman, founded in Alabama to serve cotton farmers, a firm that
>> survived even the destruction of its headquarters in and around the
>> World Trade Center, filed for bankruptcy.
>>
>> Now three of the former Big Five investment houses � Lehman, Merrill
>> and Bear Stearns, which had been forced to sell itself to JPMorgan
>> Chase earlier in the year � were gone, at least in their former,
>> mighty forms.
>>
>> The financial crisis shifted into a terrifying higher gear.
>>
>> The Dow lost more than 504 points that day, the most since the New
>> York Stock Exchange reopened after the 9/11 terrorist attacks. About
>> $700 billion in stock market wealth, much of it tied up in retirement
>> plans, evaporated.
>>
>> And now there were other problems: It had become painfully apparent
>> that banks had hundreds of billions of dollars in bad debt on their
>> books, most of it from risky bets made on securities tied to mortgages
>> that were going sour.
>>
>> Credit markets, which had been in turmoil for the better part of a
>> year, began to tighten even further. And a new name surfaced on the
>> financial death-watch list: American International Group, the largest
>> insurer in the world.
>>
>> Like Lehman Brothers, AIG had been hammered by the implosion of the
>> subprime mortgage market and the credit crisis. The difference? It did
>> business with almost every financial institution in the world, selling
>> disastrously mispriced insurance policies on exotic investments.
>>
>> AIG was so large, its tentacles so vast, that its collapse could have
>> done almost inconceivable damage around the world. If Lehman's fall
>> had dealt a body blow to the global economy, AIG had the potential for
>> a knockout.
>>
>> So the government stepped in again � this time with an emergency $85
>> billion loan. In exchange, the government got a stake of nearly 80
>> percent in the company.
>>
>> The American taxpayer now owned two mortgage giants and the world's
>> biggest insurer.
>>
>> Lehman Brothers and AIG had both assured investors in the months
>> before that they would be fine. Now no one trusted anyone. Wall Street
>> responded with another anxiety attack. On Wednesday, Sept. 17, the Dow
>> fell 449 more points.
>>
>> "People are scared to death," said Bill Stone, chief investment
>> strategist for PNC Wealth Management.
>>
>> And they were scared around the world. The crisis that infected the
>> U.S. financial system posed grave danger around the world � not just
>> read more �
>
> Again...A reminder of how Bush and the Republicans brought the United
> States
> to the brink of financial ruin.
>
> 9/11, Katrina and the Crash of '08...ALL on Bush's watch.
>
>
> TMT
>
>
You lost me at Bush.
Down The Rabbit Hole
Bush... you know like George Washington a past President, which is the
oposit of Obama because he is the President NOW.
They are still running against Bush and Bush is long gone.
Harold Burton
<8d31c33d-ff71-4ed3...@f10g2000vbf.googlegroups.com>,
Too_Many_Tools <too_man...@yahoo.com> wrote:
> A reminder of how Barney Frank and the DumboCRAPs brought the United
> States to the brink of financial ruin.
snicker.
Compact Adolescent
"Down The Rabbit Hole" <take-the-red...@Talk-n-dog.com> wrote in
message news:4aab0dfd$0$26533$ec3e...@unlimited.usenetmonster.com...
Do you think they will ever defeat him?
Habib Chanupra
"Compact Adolescent" <not...@bright.duh> wrote in message
news:4aab0f42$1...@news.x-privat.org...
This is not to be possible task against greatest world President leader in
known histry. He will win 4rt election too. Samba Sabiba. Hoo.
Beam Me Up Scotty
200 years from now, they will still be trying.
Too_Many_Tools
> In article
> <8d31c33d-ff71-4ed3-83bd-eb65f8185...@f10g2000vbf.googlegroups.com>,
>
> Too_Many_Tools <too_many_to...@yahoo.com> wrote:
> > A reminder of how Barney Frank and the DumboCRAPs brought the United
> > States to the brink of financial ruin.
>
> snicker.
Ever notice how the cowards always try to hide the Truth?
snicker. ;<)
TMT
John Q Public
You should know too many fools, BTW hows that job with ACORN goin, ya
got the ethics
for it. Public doesn't trust or believe your side any more!
Harold Burton
<7e9fcc0d-a381-4c72...@s39g2000yqj.googlegroups.com>,
Too_Many_Tools <too_man...@yahoo.com> wrote:
Yep. Prime example: "I was unfamiliar with the road and turned right
onto Dike Road, instead of bearing hard left on Main Street."
Just another fat Teddy lie. The hard right was onto to Dike Road, a
dirt road. Bearing left would have kept him on the paved road. Unless
he were dead drunk, which he denied, he couldn't possibly have turned
onto Dike Road by mistake.
Yep coward always try to hide the truth.
Snicker.
Deep Throat Is Dead
> In article
> <7e9fcc0d-a381-4c72...@s39g2000yqj.googlegroups.com>,
> Too_Many_Tools <too_man...@yahoo.com> wrote:
>
>> On Sep 11, 9:59 pm, Harold Burton <hal.i.bur...@hotmail.com> wrote:
>>> In article
>>> <8d31c33d-ff71-4ed3-83bd-eb65f8185...@f10g2000vbf.googlegroups.com>,
>>>
>>> Too_Many_Tools <too_many_to...@yahoo.com> wrote:
>>>> A reminder of how Barney Frank and the DumboCRAPs brought the United
>>>> States to the brink of financial ruin.
>>> snicker.
>> Ever notice how the cowards always try to hide the Truth?
The "how" is that they buried it in 1000 pages and then lie about what
they wrote.