If you are not following Paulson and the Treasury Department’s proposal for an extensive revamping of the country’s financial regulatory procedures, it may be wise to do so. You can read prelim info here in the Washington Post.
I am no financial scholar but it appears that Bush may be taking the present economic downturn as the immediate excuse to amass more power in the hands of the federal government via a plan developed months ago. Clearly we have a Wall Streeter in charge of Treasury, cause in itself to exercise caution.
Let’s hope Congress indicates rather more concern for the country now than it has for the past eight years.
8 responses so far ↓
1 Tex // Mar 31, 2008 at 1:46 pm
Your link to the Washington Post did not work.
I will research this on my own and get back at ya on this.
I am not a happy camper as to how the Bear Stearns bailout was laid upon the tax payers. The subprime mess is also a cluster foxtrot in the largest sense.
These are the end results of the benefits of the nanny state..whereby any and all faults are covered by the hard working tax payers.
2 admin // Mar 31, 2008 at 7:25 pm
It was yesterday’s story so that page is gone, I guess. Let me know what you think.
3 Tex // Apr 1, 2008 at 6:01 am
The financial overhaul is simply a template of ideas for Congress to mettle with. So, I reckon we should hang our hopes on the proposition that the elite electeds that covet the marble halls of DC will “do us proud”…yeah right. Don’t hold your breaths as the dem majority thirsts for more and bigger government control.
The new controls won’t happen until after the elections in November.
If BO should win…watch out and hold onto your pocket books..sell all your stock and find a place to hide!
4 admin // Apr 3, 2008 at 10:45 pm
It’s never a prob for me to hold onto all my stocks. Still have two empty hands for other stuff.
5 Tex // Apr 19, 2008 at 1:12 pm
Fed. Chmn. Bernnacke, we are learning, is most likely a mental midget in an important job.
If you think that Warren Buffet, the billionare investor’s (he’s done something right to get the title) instincts are right, he has sold his oil stocks and has abandoned the profit rich market that is speculator driven.
The oil bubble will burst, I have no doubt. Any business structure cannot hold up under false pretenses. The root causes of $113 a barrel oil is a complete sham..built by hedge fund mgrs doing the old slight of hand street trick.
Buyer beware.
6 Tex // May 2, 2008 at 8:21 am
The Federal Trade Commission (FTC) is looking at the possibility of investigating the manipulation of oil and gas futures by Wall Street speculators. Way past time and overdue..which is typical of any and all bureaucratic government processes.
Everyone with half a brain realizes that the sky-rocketing prices for gasoline and crude oil is based on fraudulent practices that line the pockets of the hedge fund con artists that profit by keeping oil futures escalating.
The first step, if I were king, would be to check the financials of all FTC personnel involved to be sure they are not on big oil’s payroll! Yep, I am the typical cynic and do not trust Big Brother to be looking out for the little guy.
7 admin // May 2, 2008 at 4:58 pm
I am with ya there, bro. The gov sends us $300 back of our monstrous taxes and then, I assume, sends the oil companies millions in various write-offs, etc.
I know even less about economics than McCain–go you Mac backers!–but I know enough to know that Bush has systematically drained coins into coffers that bleed us daily.
8 Tex // May 4, 2008 at 6:13 pm
You think it’s bad now…wait until BO is elected and the drain will become a gusher!
Fed Chair Bernnake is a less than acceptable choice for the position. He is, by the way limited, in what he can actually do, but he has little or no business instincts, period, end of sentence.
The Association of Petroleum Geologists met recently at a private dinner and was quoted to purport that they see a downturn in this wildfire we are currently experiencing in sky-high crude oil prices on the commodities market due to the push from the speculators. We shall see how good this group is in forecasting the oil markets.
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