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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (398656)	7/14/2008 1:22:47 PM
From: tejek	Read Replies (3) \| Respond to of 1576378

One of the largest bank failures in the past 30 years, just happened. WaMu, the largest s&l in the country, is losing 20% of its share price today. That's AFTER its dropped from $40 per share to $5 in the past few months. The market is saying its the next IndyMac. This does not constitute an "economic crisis". An economic crisis is when you have runaway inflation and a 10% unemployment rate, as in the Carter years. During the 80s, the entire S&L industry bellied up, FSLIC went broke, real estate cratered (just as it is now doing in some areas), and almost everyone was unaffected. Apparently, you have a crystal ball and know how many banks are going under this cycle. Unfortunately, the rest of us don't know so we don't know if this is beginning of the economic route or the end. If you do, feel free to share with us. What we're seeing is an economic cycle in action. Unemployment continues to be at a reasonably healthy level, the economy is still growing, albeit slowly, and most people are doing just fine. But if the Dems bash the economy enough, it will definitely turn down. Most people are not doing fine. I, for one, am having more and more trouble staying within my budget and have come up short for the last 4 months. For many other people, its much worse. The Dems lied their way into the Oval Office in '92, it was a strategy that worked, and there is no doubt they're applying the same strategy now. If the Dems lied, why did it take so long for the economy to recover? Job growth didn't pick up until two years after Clinton got into office. Except this time, you have Chuck Schumer ACTUALLY trying to create an "economic crisis" where none exists rather than merely lying about its existence. Who leaked his letter you frigging partisan ideologue? Who did it? Only Reich and he knew the letter existed. Reich is a GOP political appointee by Bush. He is the one making this ridiculous accusation as if IndyMac was a solid bank with no problems prior to Schumer's letter. Who LEAKED the frigging letter, David?