Feeling the Pinch - Roundup of Economic News

Things just seems to be getting more dismal on the economic front. Even after the approval of the bailout or TARP, the Dow is still flirting with 8,000 and foreign markets are declining. There are visible signs locally, with decreased traffic, fewer people eating out, and even tho retailers are offering huge sales the number of shoppers is down. 
 
 
From MSNBC's Economy in Trumoil ...
 
GM shares lowest since the Great Depression
Mid-Atlantic factory activity hits 18-year low

Further reading from previous commentaries here on the commnunity ...
The Bailout Plan, Redux

It looks as if we have another go around on the Bailout Plan (They really need another nickname for the bill if they want it to ... settled for very little. ~ George Carlin The "Bush Bailout"? "Republican Rescue"? How about "The Big Tent's Giant ...

While We Read This: Bailout for AIG swells to more than $150B

... AIG execs at posh Phoenix resort after $85 billion bailout With a couple of Video's as well as another report. ... (AIG, american international group, billion dollar bailout, corporate crooks, corporate grifters, corporate incompetence, ...

Breaking! Agreement Reached on Bailout

... an agreement, at least in principle, on the proposed bailout. From the Associated Press : Warned that time was running ... reported agreement in principle Thursday on a $700 billion bailout of the financial industry, and said they would present it to the Bush ...

Paulson heads bailout: What is wrong with this financial picture?

... over the Treasury to decide how the multi-billion dollar bailout will be used. Paulson made the decision that his bank should be able ... of a legal claim filed by creditors of Lehman. (bank bailout, disrobed emperor, Henry Paulson, insanity, SEC, Treasury) ...

Bailout Bill Defies Will of the People

Bailout Bill Defies Will of the People ... leaders from both parties announced a tentative bill to bailout failed financial institutions. The bill is a response to the $700 ... and "derivatives." There were no provisions announced to bailout citizens facing foreclosure or help with their bad ...

Use Polluter Pays Principle to Fund Bailout - Discussion

... Opinion Editorial , Michael Thomas recognizes that the Bailout bill that failed to pass in the House on Monday was at best, a compromise. Instead of a 700 billion dollar bailout, Thomas suggests that there is a viable alternative for funding the ...

 

Why do "Free" Markets, cost SO much?

... of ACCOUNTABILITY is rampant in the current Big Bank Bailout Plan: Despite rules and vows, oversight lax on bailout

By Amit R. Paley - Washington Post - 11-13-2008 ...

Bailout Blackmail - Just Say No! The Money Party (7)

The Money Party (7): Bailout Blackmail Image cc Just Say No Michael ... gun and told that we have just days to make a decision to bailout these mismanaged entities. The last thing they want is an open hearing ... there will be a systemic breakdown if the president's bailout legislation is not passed. Without it, we'll all be eating stale beans ...

Pissing away $700 billion

Half of the bank bailout is being paid out as dividends ! These bastards are shameless! ... it two weeks ago: one of every ten dollars of the "bailout" is being used to pay bonuses! That's right - the bastards are ... I’ll add a link here about how many banks getting bailout money are using the funds to buy up other banks . Note the observation ...

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when we had our wages frozen under Nixon. When there was hardly any gas for our cars. When "Whip Inflation Now" was a slogan. Okay I weathered that era pretty well but I was in my 20's.

Now in this new global world things look different to me....in my 60's.
I am worried...I am upset...and I don't feel there is a level playing field. Always in the back of my mind is the worry I see on my son's face.

Here in TX things are busy and bustling with hurricane IKE cleanup and repair... waiting for FEMA to send trailers so people have homes thru the winter months, it's endless and sad. Yet we hear the management company local malls may claim bankruptcy. Where will we shop?

All we seem to be able to do is keep on keepin on.... But hey...does George W. Bush or The Dick look worried?

The entire idea that economics and accounting are separate subjects is totally STUPID.

 

The system just works by keeping people STUPID.   I haven't been to an auto show in 30+ years.  I don't care what the junk looks like.  Do you think I am going to go to an auto show because the industry is given a bail out?

 

Real growth for an Economic Unit is increase in NET WORTH not increase in INCOME.  But we don't make accounting mandatory in our schools.  How many high school kids graduate without knowing what NET WORTH is?  DEPRECIATION is the leakage of that NET WORTH.  Going into debt to buy crap designed to become obsolete is what Americans have been doing for decades.  Buying their way into slavery.  That is what the auto industry has been doing for us.  With the help of the banks and insurance companies.

 

Get the economists to compute what has been lost on the DEPRECIATION of cars since WWII.  Then do televiaions and refrigerators.  At least TVs and computers have actually been advancing technologically.  A turbine car almost won the Indy 500 in 1968, but for some reason turbine engines were banned from the race,  They seem to work for the airlines flying us around the planet.

Kill an economist for Karl

As Luaptifer would say,  I've been cogitating a lot lately on what's happening. I'm slowly coming to the conclusion that what we're experiencing, what we're seeing, is the end of the fantasy American dream of individualism and coming to grips with the need for a more social style of living. It can't be a coincidence that housing and the American car industry are collapsing. Quality farmland got turned over to housing for single families. Those families in turn have to rely on cars to get to work because the lack of an urban center makes for poor mass transportation. 

I think the American model of an individualistic lifestyle that has a greater priority than the greater good is crashing.

Anyway, just a thought. I'm still trying to put it into words.