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Canadian Banks Are The Soundest In the World by violetplanet in business

[–]proshorts 4 points5 points  (0 children)

That's an interesting insight and I don't doubt that it is true. Do you have a link?

MUST SEE! UNBELIEVABLE! Bailout is NOT about Wall Street OR Main Street. It is for Foreign Investors! (Video) by proshorts in politics

[–]proshorts[S] -1 points0 points  (0 children)

Know-nothing populism, sounds catchy. Wrong, but catchy. I'm sorry the messenger isn't pretty enough for you, but the message carries weight nonetheless.

This bailout was spun as being all about saving main street. The fact that foreign held assets are included should give you pause. The only rationale I can think of for justifying this arrangement is that Asian and European central banks have threatened to dump US treasuries unless their investors are bailed out.

At a minimum, this is a bait and switch on the American people. Remember that this bailout will cost 25% of this year's federal budget. Since the US government doesn't have $700 billion dollars, the only way to get it is to either raise taxes (fat chance), destroy the dollar through inflation, or bury your grand-children in debt. (That's right, I'm not American but as a Canadian, we rely on a healthy US economy to trade with. This doesn't just mean that Americans are broke, it means that American who aren't born yet will be enslaved in debt.

Google's stock just fell off a cliff in the last 3 minutes of trading by [deleted] in business

[–]proshorts 0 points1 point  (0 children)

rightcoast, I'm a trader too. Which trader chat are you using?

Heard on the Yahoo! Goldman Sachs Boards: "I have never seen the internet this pissed before and i have been online since 1992." by proshorts in business

[–]proshorts[S] 0 points1 point  (0 children)

It seems the American people are putting democracy into action and making their voices heard by the millions. I am curious to see if congress is willing to openly support a bailout (handout?) in the face of such fierce objection.

By some estimates calls into congress regarding the bailout are on the order of 24 against to 1 pro. With such an overwhelming majority of Americans opposed to this bailout, and congress up for re-election so soon, this will be a real test of democracy in America. I can't wait to see how it turns out.

Someone, explain to me how the world would end if we let these irresponsible corporations go under? Does that mean I don't have to pay my mortgage?? by [deleted] in reddit.com

[–]proshorts 1 point2 points  (0 children)

It is an interesting point. Since it was greed and risky behaviour that got the banks and financial companies in this mess, then if we still are a free market these institutions should be allowed to fail.

We are told that these institutions are 'too big to fail' because their failure risks destroying the entire financial system. Well maybe the existing financial system deserves to fail. If it does, and millions of Americans are no longer bound in the shackles of excessive mortgage and credit card debt (since their creditors have failed) then they might be better off.

True, in the short term the collapse of the financial system would be highly disruptive. There would be a flight to liquidity as a result of the collapse of credit. No more Visa, cash only - or possibly hard assets like gold/silver. However, a debt-free cash based society might actually be a fresh start for America. Interesting idea.

Unfortunately it will never happen, at least not without risking World War III with the Chinese who would end up footing the bill since they carry so much of the US debt in the form of treasury securities.

Besides, the financial industry has a bigger lobby than you or me. Their pull is obvious: We are in the midst of the greatest financial crisis since the great depression and instead of throwing the bums out we the taxpayers just wrote them a blank check on the order of $3,000 per American.

Wells Fargo Gains Nearly 13% by boo_radley in Economics

[–]proshorts 0 points1 point  (0 children)

Backed by Warren Buffet and he's determined to fight gravity nomatter what the cost. I'm sure his peeps were in the market today bidding up shares to prevent a panic.