Thanks Republicans.

The empire collapses. For the last several years, various Libertarian sites have pointed out that economic collapse will spell the end of the "Bush Doctrine." If there is any silver lining in this catastrophe, it is that.

Thanks Democrats

I'm hoping for the Dow to dip below 2000

Thanks is right! A few more days of this and the market will be just about right for me to scoop up loads of cheap stock. Then all I'll have to do is wait for the first big rebound on Wall Street before I sell it all off. Those of you who know nothing about the stock market will call me stupid for it, and that's fine. I can deal with being called names. Especially considering the money I'll make.

The GOP and it's doctrine of unregulated greed and socialism for the rich has brought our nation and our economic system to it's lowest level since the Great Depression. But take solace, while they were going about their business, they kept you occupied with gay marriage and abortion. Don't belive me? Look at the numbers of comments here everytime they're brought up.

Wow, this is just so shocking to me. How can this be? The economic bailout bill passed, it should have saved us all. I thought all us unenlightened folk who didn't want it to pass just didn't know any better. The politicians where suppose to be smarter than us and think for us. They sure didn't listen to us so they must have known better right? I think 700 billion of tax payer money just go thrown down a black hole.

I'm starting to wonder if there are a bunch of idiots out there or if there are a bunch of people who know something I don't know.

Unless you are betting that the DJA is going to go to 0... why get out now?

I have a theory, but everybody seems to think it's crazy.

I think there are a lot of "rich people" who invest in stocks and mutual funds. There are also a lot of "rich people" who know Obama is going to be our President in a few weeks. There are also a lot of "rich people" who know Obama has promised he can finance nation-wide healthcare coverage and all his other programs for the poor and middle class... and only raise taxes on the "rich people" to do it. There are a lot of "rich people" nervous about what their tax rate will be in 9 months (hint: They're already in the almost 50% tax bracket). There's a lot of "rich people" who have not been touching their retirment accounts (till now) because they don't necesarily need to, but they are smart enough to know they will be taxed at the-tax-rate-when-they-withdraw-it. These "rich-people"-are-smart-enough-to-know-they-need-to-get-their-money-OUT-OF-THESE-ACOUNTS-before-Obama-takes-office-or-they-will-be-almost-worthless-after-taxes.

That's-just-a-theory.

Quick, throw some more tax payer money at this problem before it gets worse.

Every day about this time the news websites have a different picture of the same thing...a stock broker holding their head with a pained grimace on their face. Personally, I refuse to look at my mutual fund statements. I think its' time to start thinking the way we used to before knowledge and intelligence were elitist signs to be despised. We should start thinking first in terms of who best can lead our nation, instead of who best represents our views on gay marriage and abortions we'll never have to decide on for ourselves.

Schwa and Lew have let their "Bush Fatigue Syndrome" interfere with their judgement. They blame our dear friend shrub, but cite no cause and effect, only saying "HE DID IT" my three year old neighbor can do no less. of course, "demo" does the same. below is some cause and effect.

as I've noted numerous times, it was the Dems blocking any type of control over Fannie and Freddie that contributed greatly to the current problems. it was in 1999 (during Slick Willy's administration) that Fannie and Freddie dropped down payment requirements and started accepting sub-prime mortgages. Also, in 2005 when senate repugs wanted to regulate fannie and freddie senate demoncrats said no. this year, Chris Dudd, demoncrat chair of the senate finance committee said fannie and freddie were fine. with the inferred government backing on fannie and freddie packaged mortgages, everyone let their guard down and started accepting crappy mortgages, which increased demand for housing, jacking up the prices and creating a bubble. had controls been in place and actual repayment capacity considered when fannie and freddie were accepting all these junky loans, the junk wouldn't have been accepted. repugs said regulate, but dems said no.

It is all based on the fear that Obama may win the election.

We've all been too greedy for too long. Let the humbling cycle begin...

This Concludes that Socialism is a Dying System, and 700 Billion dollars doesn't sovle a thing, shows how smart our government is.

Anybody who votes for either a democrat or a republican is a bloomin' idiot. Everyone knows from the time they are 3 years old that you can't reinflate a popped balloon.

Both Republicans and Democrats are equally guilty for the economic collapse. They have been the only two parties in control in the past forty years. This problem had its roots going clear back to the first "energy crisis" of 1973/1974.
May I sugguest that the readers of this column check out the website for the Constitution Party. The Democrats and Republicans have had their chance and blown it. It is time for a new polical party that is based in the Constitution to tackle this problem.

What did you expect when government spending is out of control and government requires lenders to suspend safe practices (and common sense and suspend disbelief) in lending to overpriced homes? The housing mess was a stack of cards that was doomed to collapse similar to the S&L debacle and Internet bubbles that preceded it. Those who think they are knowledgeable (see Wall Street) or charitable (see Congress) in setting up these apparent ponzi schemes for creating wealth out of thin air have been proven both ignorant (see Wall Street) and misguided (see Congress). Just wish it wasn't such a major impact to those who lived fiscally responsible (through their investments declining). Of course all we will see is finger pointing from all sides (Wall Street to Congress, Congress to Wall street or the "other side of the aisle"). When will we learn that personal responsibility is the best policy and extend that to public policy and government regulations?

Re: Lost in DC. Yes, I agree there's plenty of blame to go around politically. My point is that Bush's ham-handed handling of the middle east and its oil has contributed mightily to our current economic instability. It's perfectly true that Wall Street AND Greenwich Conn have cultivated unseemly connections with the Democratic Party. But this has happened on Bush's watch, while he has been otherwise distracted by his desire to socially reengineer the world.

8 years ago we had a surplus, low unemployment, no war, things were pretty good.

Today we have ... (you know the rest).

to be AMERICAN! What we have done is an embarrassment to the rest of the world. American people should be EMBARRASSED to let the political-pundit IDIOTS ruin our lives.

What kind of example have we set for other nations? Our values have eroded chasing the so called American dream. I used to be a PROUD American, now i am embarrassed to be called such.

Where is the patriotism?

I bet Mitt has been home the last couple of weeks, thanking the powers that be that he is out of this mess. WHO ON EARTH would want to be elected President now and have to deal with this (and every other) mess?? What a nightmare.

I agree with you, Lew. Perception drives so much of what happens in the financial markets and our Swaggerer in Chief has done (can do??) nothing to inspire confidence. His administration has been one blunder (and PR nightmare) after another. Say what you will about Reagan but he was a "Great Communicator" who made the nation believe in itself. Let's pray Obama can do the same; it's his to lose because Bush has so poisoned the water for any Republican.

Ummmm. Just what is the Bush Doctrine? (It's not pre-emptive military strikes.)

Do you want B.O. because you think he is going to change things, or because you hate Bush? The Economy you think Bush has given you? Or the war you think Bush has given you?

I have news for you. If you think our country will be better off in four years under an Obama, Pelosi, Reed government you are sadly mistaken. After they have given the nation a “New, New Deal,” there won’t be much left in America.

Under this New Deal:
* More companies will move more jobs outside of the U.S.
* Unemployment will be 14%+
* Gas will become $6.50+ a gallon because Obama has no plan to produce more.
* The Dow will drop to below 7,500 erasing most people’s chance to retire. Ever.
* The dollar will be worth half what it is today and countries will “unpeg,” leaving us unable to pay our debts.
* Inflation will reach 12%+
* There will be another terrorist attack on a U.S. city.

Welcome to the new America. Thanks to the Bush Haters who vote Obama. Change we can believe in. Welcome to the depression of 2009-20013. Good luck Bush Haters.

Hey Lew, Are you one of those who STILL think the Iraq war is about oil?

This financial fiasco did not all happen on Bush's watch (he did call for more oversight early in his administration -- search the web for it). But it had its roots with James Earl Carter and the CRA-77 and Billy-bob Clinton's changing that Act in the '90s.

Sure, there are enough politicians to blame for this, but the banks and lenders were between a rock and a hard place. They knew the people who were taking out the loans could not repay them (hence their efforts to unload them quick), but they were forced to do so by law. And the lion's share of the blame belongs to B. Frank (D-MA) and C. Dodd (D-CT) and all those other bleeding heart libs that wanted "fair housing."

This one belongs to the liberal left.

If you are guided by fear, then today looks bleak. There are very good people in this country still, who have honor, integrity and faith in God. We will get through this and will be better for it. I have confidence in the USA!

thanks, Lew, for a measured and resonded response - I must admit better than I have done on occassion. I may not agree with your conclusion that our mid-east policy is reponsible, as I believe it was more the unbridled greed in the mortgage market, but I appreciate the additional detail over what your earlier post contained. I'd like to know how Bush has control over the dems that you infer.

Well lost in DC, there is plenty of blame to go around, I'm sure, including to blame the people that bought houses they could never afford.

But why do you have to repeat Limbaughs talking points? You say:

"Also, in 2005 when senate repugs wanted to regulate fannie and freddie senate demoncrats said no."

Well, as you know in 2005, Republicans controlled both houses of Congress as well as the presidency. The Republicans were running the show. In fact they gained control of the House and Senate in 94.

How do you suggest that the Democrats were able to just say no?

"I don’t think anyone who wants to increase the burden of government regulation and higher taxes has any real understanding of economics and the economy and what is needed in order to ensure the future of this country.”
– John McCain [McCain Town Hall in Inez, Kentucky, 4/23/08]

Are you really trying to change history and paint the Republicans as the party of regulation? C'mon.

“Who's to blame for the biggest financial catastrophe of our time? There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown.

“In the 1990s, as chairman of the Senate banking committee, he routinely turned down Securities and Exchange Commission chairman Arthur Levitt's requests for more money to police Wall Street; during this period, the SEC's workload shot up 80 percent, but its staff grew only 20 percent.

“. . . in 1999, Gramm pushed through a historic banking deregulation bill that decimated Depression-era firewalls between commercial banks, investment banks, insurance companies, and securities firms—setting off a wave of merger mania.

“. . . on December 15, 2000. . . as Congress and the White House were hurriedly hammering out a $384-billion omnibus spending bill, Gramm slipped in a 262-page measure called the Commodity Futures Modernization Act. Written with the help of financial industry lobbyists and cosponsored by Senator Richard Lugar (R-Ind.). . .Few lawmakers had either the opportunity or inclination to read. . . the bill.

“The act, he (Gramm) declared, would ensure that neither the SEC nor the Commodity Futures Trading Commission (CFTC) got into the business of regulating newfangled financial products called swaps—and would thus "protect financial institutions from overregulation" and "position our financial services industries to be world leaders into the new century."

“It didn't quite work out that way. For starters, the legislation contained a provision—lobbied for by Enron, a generous contributor to Gramm—that exempted energy trading from regulatory oversight, allowing Enron to run rampant, wreck the California electricity market, and cost consumers billions before it collapsed.

“But the Enron loophole was small potatoes compared to the devastation that unregulated swaps would unleash.

“Because of the swap-related provisions of Gramm's bill. . . a $62 trillion market (nearly four times the size of the entire US stock market) remained utterly unregulated.

“These unregulated swaps have been at "the heart of the subprime meltdown," says Greenberger.” (Michael Greenberger, who directed the CFTC's division of trading and markets in the late 1990s)”- Mother Jones, David Corn, July/ August 2008 Issue

TO: Schwa

"Thanks Republicans" ??????

While your at it, why don't you blame the county library for you house burning down!!!

Some people have noooooo clue.

"[Since its high 1 year ago, the Stock Market has lost] 39 percent of its value."

Still got a ways to go. In 1929, the Dow dropped 89 percent before bottoming out!

Be afraid. Be very afraid!

I am so upset with the media in all of this! They are supposed to REPORT the news, not CREATE it! What is their objective? To plunge us into depression. For the past 3 years, all they can talk about it the recession, the recession, the recession.

Did you see today's headlines?

"How to survive the next depression."
"Everything has changed - for the worst."
"Bye, bye, American Dream."

I have worked over 50 hours a week my whole life. I have very little debt. I live in a modest home and my cars are paid for. I have never taken one red cent from this government that constantly takes from me.

Now I get to foot the bill because banks were pressured into lending money to low lifes? And what about all those greedy thieves on "Flip this House" buying junk homes in California, hiding all of the problems, then selling them for double? Why aren't THEY paying the bills?

This stupid media has everyone so scared and why? The market is based on the flow of money! Does our media really want a depression? I think they do!

A lot of blame to go around. My question is can we get out of this mess or are we headed for a full blown depression?
I am a small business owner in the construction industry. I'm still current on all my payables, but my pay role taxes are becoming late. I have gone from 30 employees down to 9. If I could collect my receivables then I would be OK but I continue to wait for my money that never seems to come. I wish I had a crystal ball. I know their are many in my situation. I am concerned for my employees and their families.
As I listened to Obamas speech today it became clear to me that small businesses, like mine, will be in jeopardy with him at the helm. Taxation unionization and forcing employers to provide health care? I won't be in business any more if Obama has his way.

"Without the bailout package we could see a drop in the stock market of 10 -- perhaps 20% -- by Monday." Oh, by the way, Senator, as of today 8.33 TRILLION dollars -- almost 40% -- of value in the stock market has disappeared WITH the bailout package in place. When I warned weeks ago about government intervention in the markets, little did I predict it would be this bad. Thanks for all the help of you and your cronies in Washington who have socialized debt and now equity. With these kinds of friends in Washington do we need to fear foreign enemies from abroad?

"We have nothing to fear, but fear itself."

The Dow wouldn't be falling if those of us with stocks held tough and didn't panic. A correction was needed, but this is sheer panic, mixed with plenty of stupidity.

There's absolutely no good reason for a recession, much less a depression. Our workers are productive, technology is better than ever, and we've got very efficient distribution systems.

Let's not let a handful of people who got in over their heads cause us all to panic and wipe out what we've all worked hard for.

Mark, you conveniently forget that in 2005 the senate was evenly split, with two independents who voted with the dems, thus giving vontrol to the dems. the repugs did not have control of the senate.

Nice try trying to place all the blame on Graham, Slick Willy signed the bill into law. And if it was GLBA, why did it take 8 years? No, it was the mortgage mess facilitated by Chris Dudd and that idiot Schumer and Slick's appointees at Fannie, though GLBA may have played a very minor roll.

BTW, I don't place much stock in Mother Jones; I'm sure they have as much interest in presenting an unbiased report as did Pravda circa 1965. I'm also glad you're up on Limbag's talking points, I have no clue what he's been spouting off about.

Please resign.

The rich neo-cons are desperate people, they have nothing positive to say about McCain.

Republicans do not care about your job or your mortgage! (By the way, John McCain owns at least 7 homes and 13 cars, he's been in the Senate 26 years, you think he gets it?)

Repubicans are obsessed with ridiculous smears against Obama so they can keep their Wall Street buddies rolling in your money.

Voting McCain is like more Bush. Don’t fall for it.

How much more economic crisis will it take for Utah to realize that the Republican party needs to take a break from running the economy? I moved here from Iowa, a swing state where politics are serious business.

Utah should learn from Iowa: by becoming a swing state that can go either way, Utah could greatly increase its leverage in America, which would also help promote Utah values by making BOTH parties pay attention.

As is stands, Utah is ignored by Democrats who don't even bother, and by Republicans who take us for granted.

It is our government and our economy: vote your pocketbook and you can be sure you'll get their attention.

People are pulling money out of mutual funs ect. ect. So the mutual funds must sell stock for the cash..Thats what happened today.

People in their 20s and 30s are fools if the sell off their stocks. People who live wisely and save for a rainy day are going to be making a killing in this bear market. GM stock a $5 a share? GE at $19 a share? People buying at the moment are going to reap the rewards.

Get the government out of the way and let the natural free market work. It would recover a lot sooner. Most of this craziness is due to the election and the media trying stir things up in favor of their guy Obama. If the war was not going well the biggest crisis would be the war not the economy.

This well pass but the same people who were suckered into subprime loans will be the same one who will not capitize on the current situation.

Interesting that you don't listen to Limbaugh, Lost in DC, you are quoting him almost verbatim.

Anyway, I notice you make no response in reference to CFMA.

And I did not try to place all the blame on Graham, I said "there is plenty of blame to go around, I'm sure, including to blame the people that bought houses they could never afford."

But I had a feeling that you would try to refute the Mother Jones quotes by attacking the Mother Jones magazine, instead of commenting on the info provided.

Go read the article. Tell me where it is wrong. You will have to do much better then to ask why did it take eight years if it was GLBA.

Don't be silly, you know as well as anyone else that sometimes it takes a while for things to have an affect.

Oh, and also Lost in DC, you said that in 2005 the Senate was evenly split with two independents that voted with the dems, giving control to the dems.

So, of course, I looked it up.

In the 109th Congress that ran from Jan 3, 2005 through Jan 3, 2007 the makeup of the Senate was 55 Republicans, 44 Democrats, and one Independent who voted with the Democrats. This breakdown remained the same throughout the 109th Congress. At least you were right about who the Independent voted with.

But, all the same, that gave the Republicans 55% of the vote, the Democrats plus Independent 45%. Giving control to the Republicans.

Anyway, what bill was it that you claim the Republicans were trying to pass in 2005 to regulate Fannie and Freddie?