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Thread: DOW Plunges Over 300 Points

  1. #1
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    DOW Plunges Over 300 Points

    This will be an ugly week. Some people are going to get wiped out.

  2. #2
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    [QUOTE=BushyTheBeaver;2752538]This will be an ugly week. Some people are going to get wiped out.[/QUOTE]
    Thanks for the update!

  3. #3
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    500 points, a 4.4% loss

    haircuts all around

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    I have to wonder.....will the fall, and subsequent bailout, of Fannie and Freddie garner the same kind of hearings and investigations that went on when Enron fell? Our economy is on the brink, it might be nice if the people who screwed it all up at least faced something similar to what the Enron folks did.

    I won't be holding my breath.

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    [QUOTE=Warfish;2752931]I have to wonder.....will the fall, and subsequent bailout, of Fannie and Freddie garner the same kind of hearings and investigations that went on when Enron fell? Our economy is on the brink, it might be nice if the people who screwed it all up at least faced something similar to what the Enron folks did.

    I won't be holding my breath.[/QUOTE]

    Me neither. These guys just walk away from the wreckage with pockets full of cash.

    A run on the banks is not out of the question. There's a trillion dollars in savings out there and the feds only have 50 billion to back it with. Tomorrow could be very ugly.

  6. #6
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    [QUOTE=Warfish;2752931]I have to wonder.....will the fall, and subsequent bailout, of Fannie and Freddie garner the same kind of hearings and investigations that went on when Enron fell? Our economy is on the brink, it might be nice if the people who screwed it all up at least faced something similar to what the Enron folks did.

    I won't be holding my breath.[/QUOTE]

    A slightly different situation, imo, albeit with a similar result.

    Enron was an outright fraud. This stuff boils down to poor business decision and risk aversion by banks, and also to regulation that is beyond inept (which was, of course, also a factor in Enron).

    This is more negligent, while that was criminal.

  7. #7
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    [QUOTE=nuu faaola;2752964]A slightly different situation, imo, albeit with a similar result.

    Enron was an outright fraud. This stuff boils down to poor business decision and risk aversion by banks, and also to regulation that is beyond inept (which was, of course, also a factor in Enron).

    This is more negligent, while that was criminal.[/QUOTE]


    As so many of my liberal friends have said ober the years of Bush....."How do WE know laws weren't broken?"

    Seems there may have been quite a bit of Washington Corruption, Mismanagement and outright fraud in the operation and operations of Fannie and Freddie. Pressure brought to bear to make certain types of risky loans. Donations to certain candidates.

    An investigation into the failure of Fannie and Freddie should be step 1 of a broader "lets not do THAT again" scanario.

    Sadly, as so often happenes, Govt. simply ate them, protected themsleves, and now will not investiage the failure, mostly because they'd be investigating themsleves....and if we know anything about Washington it's that the overriding priority os keeping themselves in power and prosperity.

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    [QUOTE=Warfish;2752931]I have to wonder.....will the fall, and subsequent bailout, of Fannie and Freddie garner the same kind of hearings and investigations that went on when Enron fell? Our economy is on the brink, it might be nice if the people who screwed it all up at least faced something similar to what the Enron folks did.

    I won't be holding my breath.[/QUOTE]

    No, Greenspan will get away with it.

  9. #9
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    [QUOTE=BrooklynBound;2753132]No, Greenspan will get away with it.[/QUOTE]

    Ah, the joy of incredable oversimplification.

  10. #10
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    [QUOTE=Warfish;2753161]Ah, the joy of incredable oversimplification.[/QUOTE]

    He and the Federal Reserve are the main culprit, yes. They are the driver behind this mess. .

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