"Increasing Panic", London Times

[boont]

You have to go to the foreign press to get the news about our economy. Very hard to get any information here at all. All anyone says is that, "It's an excellent time to buy equities".

If you read either the London Times or the Middle Eastern Press you find that, "There is an economic crisis in the United States."

Never know that from all the happy talk I'm hearing Stateside. What bad news that there is reported here, is from outfits that have lost all credibility, years ago.


"The US Government took dramatic steps to prop up America’s financial system last night, announcing that it was prepared to pump billions into the country’s mortgage system in a desperate measure to prevent the economy going into a tailspin.

In a late night announcement designed to calm increasing panic on Wall Street ahead of today’s market opening, the US Treasury Department and the Federal Reserve issued a joint statement in which they pledged to spend billions of dollars of taxpayers’ money to bail out the two American mortgage giants that collectively underpin the entire housing market "if needed".

Furthermore, the Fed announced that it would offer cheap financing to the giants Freddie Mac and Fannie Mae through its so-called discount window, while Henry Paulson, the US Treasury Secretary, said he would propose to Congress that both groups be given a temporary increase in the value of government credit lines, which presently stand at $2.25 billion each. The two groups together account for more than half of America’s $12,000 billion of outstanding mortgages."

The Times 7-14-08

[Notmuchlonger]

Well then. Do what the Middle East times and The European times tells you what to do.

Such an absurd post.

[Midpack]

Quote:

Originally Posted by Notmuchlonger Such an absurd post.

My thought exactly. I can't for the life of me figure out why people post this unfounded hyperbole, the Middle Eastern Press - now there's an unbiased source. There is nothing in the London Times article that you could not read here - not sure where you're hearing 'happy talk,' I've sure missed it all.

For anyone who thinks it's the end of civilization as we know it, that's your prerogative. I hope you'll post what you're doing about it or what you're recommending --- otherwise what exactly are you hoping to accomplish?

Things are bad, we all get that...

[FinanceDude]

Quote:

Originally Posted by Notmuchlonger Well then. Do what the Middle East times and The European times tells you what to do. Such an absurd post.

The Brits are still mad we are a sovereign nation, and the Middle East hates our guts..........so this is an "unbiased" opinion...........

[Lusitan]

I don't see what's absurd about the post ... it's good to hear what foreign news sources are reporting about the U.S. economy; especially given that our economy is dependent on foreigners propping up our currency ...

edited to add: I don't give the "Middle Eastern Press" much credit, but the London Times is in a different category IMO

[Notmuchlonger]

Quote:

Originally Posted by Lusitan I don't see what's absurd about the post ... it's good to hear what foreign news sources are reporting about the U.S. economy; especially given that our economy is dependent on foreigners propping up our currency ... edited to add: I don't give the "Middle Eastern Press" much credit, but the London Times is in a different category IMO

Thats what it took to make the absurd level. Anytime someone quotes Middle Eastern press to me

Slice and dice how you like

[newporttony]

Quote:

Originally Posted by boont You have to go to the foreign press to get the news about our economy. Very hard to get any information here at all. All anyone says is that, "It's an excellent time to buy equities". If you read either the London Times or the Middle Eastern Press you find that, "There is an economic crisis in the United States." Never know that from all the happy talk I'm hearing Stateside. What bad news that there is reported here, is from outfits that have lost all credibility, years ago. "The US Government took dramatic steps to prop up America’s financial system last night, announcing that it was prepared to pump billions into the country’s mortgage system in a desperate measure to prevent the economy going into a tailspin. In a late night announcement designed to calm increasing panic on Wall Street ahead of today’s market opening, the US Treasury Department and the Federal Reserve issued a joint statement in which they pledged to spend billions of dollars of taxpayers’ money to bail out the two American mortgage giants that collectively underpin the entire housing market "if needed". Furthermore, the Fed announced that it would offer cheap financing to the giants Freddie Mac and Fannie Mae through its so-called discount window, while Henry Paulson, the US Treasury Secretary, said he would propose to Congress that both groups be given a temporary increase in the value of government credit lines, which presently stand at $2.25 billion each. The two groups together account for more than half of America’s $12,000 billion of outstanding mortgages." The Times 7-14-08

Absolutely--we need to take economics lessons from the Europeans since they've created such great capitalist systems. BTW, the $ US and US equity futures are up sharply on the news of the "Increasing Panic".

[Martha]

Kind of interesting to watch this exchange. It is fine for our people in our own country to say negative things about us, but the foreign press? No siree baby.

Carry on.

[newporttony]

Quote:

Originally Posted by Martha Kind of interesting to watch this exchange. It is fine for our people in our own country to say negative things about us, but the foreign press? No siree baby. Carry on.

My wife's family is from Paris. I've spent the past 15 years defending our country. It's getting tiring.

[newporttony]

Quote:

Originally Posted by newporttony My wife's family is from Paris. I've spent the past 15 years defending our country. It's getting tiring.

Also, I consider the NY Times to be part of the foreign press.

[eridanus]

Quote:

Originally Posted by newporttony Also, I consider the NY Times to be part of the foreign press.

Ok, this thread has jumped the shark.

[BunsGettingFirm]

Quote:

Originally Posted by newporttony Also, I consider the NY Times to be part of the foreign press.

I consider Fox New to be alien press. Is this post in The Soap Box yet?

[cyclone6]

Can't anyone else see a trend here?

Yep -everything is fine...

The second Sunday announcement from the Fed/Treasury in 5 months (when was the last time you remember any Sunday announcements before this year?)..

Bear Stears imploded.

IndyMac imploded.

Fannie and Freddy on the ropes.

Lehman on the brink.

Interest rates already cut by 3.25%. 2% left.

Yet, with all these actions to prevent equity meltdown (which was admitted to by the FED in their hearings before congress), the stock market is still lower than when the actions were taken...despite the few furious rallys that occurred immediately following the actions.

Seems to me they are thrashing around, trying to find anything to stop the bleeding. And each attempt is ultimately followed by failure.

Could it be that they don't really know what to do? That events are spiraling out of not only their control, but possibly their ability to understand what is happening?

[cute fuzzy bunny]

Quote:

Originally Posted by newporttony My wife's family is from Paris. I've spent the past 15 years defending our country. It's getting tiring.

Just make a loud booming noise and watch them throw up their hands in surrender.

[Lancelot]

Quote:

Originally Posted by newporttony My wife's family is from Paris. I've spent the past 15 years defending our country. It's getting tiring.

I am running into more anti-american sentiment abroad. If the complaintant is civil and objective I try to discuss it objectively. If they are radicals, I respond with "Man your talking to the right guy, I personally ordered the troops into Iraq" or "Dude, your right and after all the Americans are gone, the Chinese (Iranians, Radical Muslims, take your pic) will certainly honor and respect you and the world will be a perfect place..."

It usually shuts them up

[newporttony]

Quote:

Originally Posted by Lancelot I am running into more anti-american sentiment abroad. If the complaintant is civil and objective I try to discuss it objectively. If they are radicals, I respond with "Man your talking to the right guy, I personally ordered the troops into Iraq" or "Dude, your right and after all the Americans are gone, the Chinese (Iranians, Radical Muslims, take your pic) will certainly honor and respect you and the world will be a perfect place..." It usually shuts them up

Thanks for the support. Unfortunately my french in-laws live in the US (and have for 50 years) so I need to deal with the anti-Americanism here in America.

[Lancelot]

Quote:

Originally Posted by newporttony Thanks for the support. Unfortunately my french in-laws live in the US (and have for 50 years) so I need to deal with the anti-Americanism here in America.

Ah, trapped in the belly of the beast. Poor folks

FWIW, the lines at US embassies are longer than ever (locals applying for visas, etc.) For such a pack of blood thirsty savages, we're still pretty popular

Lance out

[Notmuchlonger]

Quote:

Originally Posted by Martha Kind of interesting to watch this exchange. It is fine for our people in our own country to say negative things about us, but the foreign press? No siree baby. Carry on.

So you got that within 5/6/7posts. You are really good and open minded to make such a judgment.

OH carry on

[BunsGettingFirm]

We had a hell of a party. Now is the hang over. No amount of fogged mirror self congratulation about how we're able to have a hard night of party and still look like princes is going to change the fact that others can see our shallow cheeks and the blood-shot eyes. I don't think we're going to drop dead, but a few nights of early sleep and a few meals of V8 and OJ wouldn't hurt.

[ladelfina]

Haha.. that is too zen for a type-A audience.
[I'm thinking "noodles and a mat" right now.. like our new member's Laotian husband.]

Mmmmm... noooodles.