Bailout package fails in congress, mainly the republicans voted against. The S&P drops over 100 points (8+%).
Paul Krugman said it best in only one sentence...
what we now have is non-functional government in the face of a major crisis.
Strange days indeed. And to all the "regular folks" who think all the money was going to go to the "fat cats" on wall street, and in a way forced the hand of their representative, I hope you're right. Because from where I'm sitting, there's now nothing stopping this thing from flat out collapsing and sinking into another deep recession where a ton of "regular folks" lose their jobs, houses, etc.
Tuesday, September 30, 2008
Friday, September 26, 2008
Bye Bye WaMu
....Another day, another major financial institution collapse. Anyone seen my portfolio? I think it just went down the drain. I wish that, as part of the Gov't gigantic bailout package, they budget in a nice fat check to every person who has paid all their bills and is making all their mortgage payments and does not live above their means.
Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July.
Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July.
Thursday, September 25, 2008
Anyone see a ray of sunshine?
WASHINGTON - New home sales tumbled in August to the slowest pace in 17 years, while the average sales price fell by the largest amount on record, demonstrating the depth of the problem that Washington is trying to solve.
The Commerce Department said Thursday that new homes sales fell by 11.5 percent in August to a seasonally adjusted annual sales rate of 460,000 units, the slowest sales pace since January 1991.
It was a much bigger sales decline than the small 1 percent drop that economists had been expecting. The average price of a new home sold in August dropped by a record amount of 11.8 percent to $263,900, compared to the July average of $299,100. The median price was also down, falling 5.5 percent to $221,900.
The big drop in new home sales followed news Wednesday that sales of existing homes were down 2.2 percent in August to a seasonally adjusted annual rate of 4.91 million units. Both segments of the market remain under pressure from the steepest housing downturn in decades.
That housing slump has contributed to a record surge in mortgage defaults, leading to billions of dollars in losses by financial firms and spawning a severe credit crisis that is threatening to send the country into a steep recession.
In a nationally televised speech Wednesday night, President Bush said the credit crisis could trigger a "long and painful recession" unless Congress acts quickly to pass a $700 billion bailout plan for the nation's financial system. Negotiations on that plan were continuing Thursday with expectations that an agreement would be reached soon.Besides the weak housing report, the government said Thursday that new claims for unemployment benefits shot up last week to the highest level in seven years. Orders to factories for big-ticket manufactured goods fell by a much-bigger-amount than expected amount of 4.5 percent in August. Both indicate the rising pressures facing the economy.
Deeeeeep breaths.........
The fact is, I love my house. I no longer care much about the monthly ups and downs of it's value. I plan on making my payments every month, paying more when I can, and paying it off someday. In the meantime I enjoy doing small (and sometimes large) improvements to make it even more "my" home, my place.
The Commerce Department said Thursday that new homes sales fell by 11.5 percent in August to a seasonally adjusted annual sales rate of 460,000 units, the slowest sales pace since January 1991.
It was a much bigger sales decline than the small 1 percent drop that economists had been expecting. The average price of a new home sold in August dropped by a record amount of 11.8 percent to $263,900, compared to the July average of $299,100. The median price was also down, falling 5.5 percent to $221,900.
The big drop in new home sales followed news Wednesday that sales of existing homes were down 2.2 percent in August to a seasonally adjusted annual rate of 4.91 million units. Both segments of the market remain under pressure from the steepest housing downturn in decades.
That housing slump has contributed to a record surge in mortgage defaults, leading to billions of dollars in losses by financial firms and spawning a severe credit crisis that is threatening to send the country into a steep recession.
In a nationally televised speech Wednesday night, President Bush said the credit crisis could trigger a "long and painful recession" unless Congress acts quickly to pass a $700 billion bailout plan for the nation's financial system. Negotiations on that plan were continuing Thursday with expectations that an agreement would be reached soon.Besides the weak housing report, the government said Thursday that new claims for unemployment benefits shot up last week to the highest level in seven years. Orders to factories for big-ticket manufactured goods fell by a much-bigger-amount than expected amount of 4.5 percent in August. Both indicate the rising pressures facing the economy.
Deeeeeep breaths.........
The fact is, I love my house. I no longer care much about the monthly ups and downs of it's value. I plan on making my payments every month, paying more when I can, and paying it off someday. In the meantime I enjoy doing small (and sometimes large) improvements to make it even more "my" home, my place.
Tuesday, September 23, 2008
8-1-2003 Live at Shoreline
"Maybe I'm crazy but laughing out loud makes it all alright" - Dave Matthews -Spoon
Wednesday, September 17, 2008
Bush legacy (in 32 words)
An excellent, and extremely concise, summary of the "legacy" the 8-year Bush administration will be remembered for. (this came from an article by one of John McCain's cousins by the the way)
Our nation has gone from a time of unparalleled prosperity and peace to one marked by debt in the trillions of dollars, record foreclosures, and a global reputation for warmongering and neo-imperialism.
Yup, that about sums it up.
125 days to go.....
Our nation has gone from a time of unparalleled prosperity and peace to one marked by debt in the trillions of dollars, record foreclosures, and a global reputation for warmongering and neo-imperialism.
Yup, that about sums it up.
125 days to go.....
Monday, September 15, 2008
Ugh!
Monday market an extremely ugly session on Wall Street, with the S&P 500 falling 4.7% -- marking the largest one-day percent drop since the first session following the attacks on September 11, 2001.
The Chargers (0-2) couldn’t believe they lost in the final seconds for the second straight week.
Trailing 38-31, the Broncos (2-0) reached the 1 but on third-and-goal, Cutler reared back to throw and the ball slipped out of his hands, bounced off the grass and into linebacker Tim Dobbins’ hands.
But referee Ed Hochuli blew his whistle, apparently ruling it an incomplete pass. After a review, Hochuli said that the Broncos would keep the ball because his whistle had blown the play dead. The Broncos got the ball at the 10-yard line, where it had hit the grass out of Cutler’s hands. Two plays later, Cutler hit Royal for the TD to make it 38-37.
The Broncos also benefited from an equipment malfunction that prevented the officials from reviewing Champ Bailey’s interception at the San Diego 29 in the first quarter. TV replays, which the crew didn’t have access to, showed Chambers’ left elbow on the grass while he cradled the ball in his right arm as Bailey was trying to strip it away.
Because the replay equipment wasn’t working, Hochuli waited the required 2 minutes, then ruled that the call on the field stood. San Diego wasn’t charged a timeout, but the Broncos capitalized with Michael Pittman’s 1-yard dive for their first touchdown against the Chargers in nine quarters.
Life.....sometimes it gives you lemons.....
The Chargers (0-2) couldn’t believe they lost in the final seconds for the second straight week.
Trailing 38-31, the Broncos (2-0) reached the 1 but on third-and-goal, Cutler reared back to throw and the ball slipped out of his hands, bounced off the grass and into linebacker Tim Dobbins’ hands.
But referee Ed Hochuli blew his whistle, apparently ruling it an incomplete pass. After a review, Hochuli said that the Broncos would keep the ball because his whistle had blown the play dead. The Broncos got the ball at the 10-yard line, where it had hit the grass out of Cutler’s hands. Two plays later, Cutler hit Royal for the TD to make it 38-37.
The Broncos also benefited from an equipment malfunction that prevented the officials from reviewing Champ Bailey’s interception at the San Diego 29 in the first quarter. TV replays, which the crew didn’t have access to, showed Chambers’ left elbow on the grass while he cradled the ball in his right arm as Bailey was trying to strip it away.
Because the replay equipment wasn’t working, Hochuli waited the required 2 minutes, then ruled that the call on the field stood. San Diego wasn’t charged a timeout, but the Broncos capitalized with Michael Pittman’s 1-yard dive for their first touchdown against the Chargers in nine quarters.
Life.....sometimes it gives you lemons.....
Friday, September 12, 2008
An Inconvenient Truth
hmmm. Why is it that the people who first denied global warming existed, then said maybe it existed but it was not at all caused by man, are now backtracking and trying to lie their way out of their past ignorance/stupidity? Worse yet, some of these people are running for the 2nd highest office in the country.
Sarah Palin's assertion that she believes humans play a role in climate change — made in her first major interview since joining the Republican ticket — is at odds with her previous statements. Palin said she didn't disagree with scientists that the problem can be attributed to "man's activities."
"Show me where I have ever said that there's absolute proof that nothing that man has ever conducted or engaged in has had any effect or no effect on climate change. I have not said that," Palin told ABC News in an interview broadcast Thursday and Friday.
However, in the past Palin has said she does not believe global warming is caused by human activity. She has told the Internet news site Newsmax, "A changing environment will affect Alaska more than any other state, because of our location. ... I'm not one, though, who would attribute it to being man-made."In an interview with a Fairbanks newspaper within the last year, Palin said: "I'm not an Al Gore, doom-and-gloom environmentalist blaming the changes in our climate on human activity." ABC cited the interview as being at odds with her statement.
Sarah Palin's assertion that she believes humans play a role in climate change — made in her first major interview since joining the Republican ticket — is at odds with her previous statements. Palin said she didn't disagree with scientists that the problem can be attributed to "man's activities."
"Show me where I have ever said that there's absolute proof that nothing that man has ever conducted or engaged in has had any effect or no effect on climate change. I have not said that," Palin told ABC News in an interview broadcast Thursday and Friday.
However, in the past Palin has said she does not believe global warming is caused by human activity. She has told the Internet news site Newsmax, "A changing environment will affect Alaska more than any other state, because of our location. ... I'm not one, though, who would attribute it to being man-made."In an interview with a Fairbanks newspaper within the last year, Palin said: "I'm not an Al Gore, doom-and-gloom environmentalist blaming the changes in our climate on human activity." ABC cited the interview as being at odds with her statement.
Friday, September 05, 2008
NFL 2008/09 Let's Get it ON!
Here's the Super Bowl 2009 predictions of the guys at the well-respected Football Outsiders....
Aaron Schatz =New England over Green Bay
Ben Riley = San Diego over Dallas
Bill Barnwell = Indianapolis over Seattle
Bill Connelly = New England over Dallas
Brian Fremeau = New England over Carolina
Doug Farrar = Jacksonville over New Orleans
Michael Tanier = Seattle over Jacksonville
Ned Macey = Philadelphia over New England
Russell Levine = Jacksonville over Seattle
Sean McCormick = Indianapolis over Dallas
Vince Verhei = New England over Seattle
the real sad thing here is only ONE guy picked my beloved Chargers to even MAKE the Super Bowl! Well here's where I swing for the fences and make my bold prediction.....let's see who's right....
Paul = San Diego over Dallas
Aaron Schatz =New England over Green Bay
Ben Riley = San Diego over Dallas
Bill Barnwell = Indianapolis over Seattle
Bill Connelly = New England over Dallas
Brian Fremeau = New England over Carolina
Doug Farrar = Jacksonville over New Orleans
Michael Tanier = Seattle over Jacksonville
Ned Macey = Philadelphia over New England
Russell Levine = Jacksonville over Seattle
Sean McCormick = Indianapolis over Dallas
Vince Verhei = New England over Seattle
the real sad thing here is only ONE guy picked my beloved Chargers to even MAKE the Super Bowl! Well here's where I swing for the fences and make my bold prediction.....let's see who's right....
Paul = San Diego over Dallas
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