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We we see the Plunge Protection Team today?

Discussion in 'Political Discussion' started by PatriotsReign, Feb 10, 2009.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Dow is down 350 points and the SP 500 is down 38 pts...so will we see a late rally secretly spawned by the infamous Plunge Protection Team?

    My guess is.....YUP!
     
  2. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    The only question is whether it was Geithner or the Senate passing the spending bill, or both, which caused another selloff. I know, schmessy, buy on the rumor, sell on the news but I'm sure Obama isn't thrilled at this immediate reaction.
     
    Last edited: Feb 10, 2009
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    It's pretty bleak & depressing BF. I'm sick of looking at the stock markets lately....and the news too. It's been talked to death by everyone and adding unnecessary stress to our lives.
     
  4. BelichickFan

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    #24 Jersey

    I know it's the "wrong" thing to do - I should be buying cheap stocks, even if they drop further they will look cheap long term - but I've stopped putting money in stocks for now. What I had I have left there but I'm not putting new money in. I knew the risk but I feel like I gave kids money and they took it and went off and partied with it instead of taking care of it so I'm not giving them any more money. I will sometime but not now.

    Regarding the PPT, I think that's nothing more than stock pickers scooping up stocks which were oversold in the panic of the day.
     
  5. DaBruinz

    DaBruinz Pats, B's, Sox PatsFans.com Supporter

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    #50 Jersey

    If by "late rally" you mean it closing down over 381 points, then yes. You're right.

    :D
     
  6. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Our economic situation is very alarming, and we're in a downward spiral. The stimulus bill is really our best shot. I don't think there's a sound alternative.

    Marx argued that capitalism was fundamentally unsound and would ultimately collapse. If he was right, it means that capitalism is as unsound as communism. Where does that leave us? I think we will rebound, but I must admit I never thought we'd be in the kind of situation we're in right now.

    How Close We Came to Total Meltdown -- Political Wire

    According to Kanjorski, on September 18, 2008 the Fed tried to "stem the tide" by pumping money into the financial system but it didn't work and decided instead to announce an immediate increase in deposit insurance to $250,000 per account to stop the panic.

    Said Kanjorski: "If they had not done that, their estimation is that by 2 p.m. that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it."
     
  7. BelichickFan

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    #24 Jersey

    No it's not, it's largely a waste of money; a little bit is worthwhile and a lot of it is a total waste of money. Nancy has been waiting to unload and she's getting almost $1T worth. There is little "best" about it. None of us here are enough of an economic expert to know the best answer but Japan in the '90s showed that this isn't the best approach and even if we were going to try to spend our way out of it, all this crap on the NEA, Smithsonian, Digital TV converters, etc, surely aren't.
     
  8. BelichickFan

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    #24 Jersey

    That's great that you are now, evidently, for the bank bailout. It still doesn't support the "stimulus" though.
     
  9. PressCoverage

    PressCoverage Banned

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    I'm sorry Mr. Kanjorski, and I've been saying this for more than a year, but that ship has sailed. All they've done is delay collapse, and made sure that it thuds much harder. The evidence is fairly overwhelming at this point.

    As we've mentioned... Obama is like a firefighter entering the burning building that is ready to collapse, while the Bush League is sneaking out the back door with all the valuables...

    His decisions and statements regarding the global energy crisis (clean coal???) indicates he just never had a clue what he was getting himself involved with.
     
  10. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    The Dow was down 235 points 15 minutes ago...now it's down 119. I have never seen a 100 point jump happen in 15 minutes.
     
  11. BelichickFan

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    #24 Jersey

    100 points in 15 minutes at the end of the day is far from unusual the past 6 months - although the big move is usually down. There's no big conspiracy, it's usually the big funds getting lots of redemptions or purchases they have to make by the end of the day.
     
  12. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey


    Now it's only down 50 points....in 30 minutes it went up about 200 points.
     
  13. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    I'm not against the bank bailout, but certainly think it needs to be far tighter regulation and monitoring than the Republicans provided. The goal is to induce lending, and that to me makes a lot of sense. I would not be against more radical approaches, including nationalizing institutions that would otherwise go under and disrupt the economy, but Obama does not favor that sort of approach.

    As far as the stimulus goes, I think we need to create jobs quickly in order to stop the economy from its downward spiral. I agree with Paul Krugman who wonders if the stimulus bill is large enough. I have no idea, but I don't think anyone does. With millions of jobs lost and more being lost each week, that is pulling enormous amounts of money out of the economy. I don't see how tax cuts can quickly correct that problem, but spending certainly can at least in the short run.

    My feeling is right now they're trying to get the crisis under control, then they'll try to figure out how to make things work better.
     
  14. BelichickFan

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    #24 Jersey

    I have never been against "the stimulus", I'm just against "this stimulus". Make it bigger for all I care but make every dolllar stimulus.
     
  15. BelichickFan

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    #24 Jersey

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