Author Topic: Dow plunges 700 amid global sell-off  (Read 138 times)

Mr. O

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Dow plunges 700 amid global sell-off
« on: October 06, 2008, 11:48:18 AM »
Dow plunges 700 points amid global sell-off
Monday October 6, 2:39 pm ET
By Joe Bel Bruno, AP Business Writer  
Dow Jones industrial average plunges 700 points amid global sell-off


NEW YORK (AP) -- The Dow Jones industrials skidded more than 700 points and fell below 10,000 for the first time in four years, while the credit markets remained under strain. Financial markets took a despairing view of the future Monday, seeing contagion in a credit crisis that threatens to cascade through economies globally despite government efforts to provide relief.

 
 
Investors around the world have come to the sobering realization that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze the credit markets. Global banks, hobbled by wrong-way bets on mortgage securities, remain starved for cash as credit has dried up.

That has sent stocks spiraling downward in the U.S., Europe and Asia, and driven investors to sink money into the relative safety of U.S. government debt. Fears about a global recession also caused oil to drop below $90 a barrel; and the benchmark index that gauges fear in the market jumped to the highest level in its 18-year history.

"The fact is people are scared and the only thing they're doing is selling," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "Investors are cleaning out portfolios and getting rid of everything because nothing seems to be working."

The selling was so extreme that only 67 stocks rose on the NYSE -- and 3,155 dropped. That's a telling sign considering the stock market is considered a leading economic indicator, with investors tending to buy and sell based on where they believe the economy will be in six to nine months.

Monday's steep decline on Wall Street indicates that investors are becoming more convinced that the country is leading a prolonged economic crisis that is spreading to other nations. Over the weekend, governments across Europe rushed to prop up failing banks, while the governments of Germany, Ireland and Greece also said they would guarantee bank deposits.

As the U.S. tries to repair its battered banking system, the German government and financial industry agreed on a $68 billion bailout for commercial-property lender Hypo Real Estate Holding AG. And France's BNP Paribas agreed to acquire a 75 percent stake in Fortis's Belgium bank after a government rescue failed.

The Fed also took fresh steps to help ease credit markets. The central bank said Monday it will begin paying interest on commercial banks' reserves and will expand its loan program to squeezed banks.

Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co., said government intervention certainly might help. However, he believes investors are sensing that what's happening in the economy is a shift in the extent to which consumers and businesses take on debt, a change that will take years to play out.

"This is a global deleveraging of many economies," he said. "It might appear that you're going into the abyss where the economy grinds to a halt and the financial system goes into complete disarray. But, what the market is really reading here is that this is a global phenomenon, and when you delever like this, it is a process that takes a very long period of time measured in years, not quarters."

That, he said, is being reflected in major stock indexes being repriced significantly lower. In mid-afternoon trading, the Dow Jones industrial average fell 703.68, or 6.82 percent, to 9,621.70, dropping below 10,000 for the first time since Oct. 29, 2004. The Dow came within striking distance of its biggest one-day point decline -- 778, which the blue chips suffered a week ago when investors feared the bailout package might not pass Congress.

Broader indexes also tumbled. The Standard & Poor's 500 index shed 81.91, or 7.45 percent, to 1,017.32; and the Nasdaq composite index fell 156.33, or 8.03 percent, to 1,791.06. The Russell 2000 index of smaller companies dropped 48.68, or 7.86 percent,

Yahoo.com


This...i'm speechless...we gone for sure...
I say that stupid fuckin' bill is pointless...fuckin' bush.
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herpes

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Re: Dow plunges 700 amid global sell-off
« Reply #1 on: October 06, 2008, 12:12:59 PM »
We're fucked.... we are really fucked.
 

dj dwezill

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Re: Dow plunges 700 amid global sell-off
« Reply #2 on: October 06, 2008, 09:37:27 PM »
these guys dipped the well to many times!

:bomb:
[SIZE="4"]
Brits led astray by bad navigation.  Sothern Iraq, Saudi AWACS.  For me this is not a coincidence.

These crashes are the result of intentional sabatoge by Huges, from the private sector, they were able to get these AWACS in place and operating in the now current combat zone.  There have been crashes that point to just such events happining.  f18/hornet flies in front of an active patriot battery.  2 18/ hornets fly into mountian at nite.

My father was an employee of Huges.  He was billed to the Saudies as an engineer, he has a political sciense degree from the Defence Intellegence College, in Washinton, DC.  His business card said he was a Techinical Trainning Enginner.  While training the Saudies in the early 90'S, he repoted back to Hughes that the planes wern't working right.  They told him to shutup about it and continue as though nothing had happened.  After 1 or 2 more trips to the desert to train the Saudies he decided not to go back for fear of his Trainnes finding out about the deseption and cutting off his head.  He said the problem with the planes was that they were miscalibrated, resulting in operators failing to make vectors, and or, downloading faulty NAV to other planes in their operating areas.  The Saudies now have 5 of these planes working in their turf.

I don't think Bush even knows about this trick Huges is playing out with the lives of coalition forces in the area.  6 Blackhawks went down rescuing sone of the oil Execs. in Sudan.[/SIZE]



 Bush and his old school money friends, real republicans, the kind that think world over population should be curbed by

about 4 billion! Any way they are the only benefactors of this bail out and it would have been necessary even if the vote on

it came after the election.  Bush may actually try to enact emergency powers act to stay in office.  Not a bad idea since

none of the candidates is qualified. 8)  Pardon my candor but i believe that you vote has only counted as a way to encourage

mass belief that the issues that the candidates are elected on are seldom part of their actual governmental polices, changed

to suite congress, special intrests, or other big money factors having nothing to do with their citizens wishes or votes.


See if this person will do anything,     
       
United Nations
_______________
Louise Kantrow                                                           
212-703-5042
lkw@iccwbo.org


Adam Greene
212-703-5056
agreene@uscib.org



Information Technology / Electronic Commerce
____________________________________________   

Heather Shaw
212-703-5068
hshaw@uscib.org


Joseph G. Gavin III
_____________________________________________________________________
Vice President, Trade Policy and Associate Washington Representative

(202) 371-1316 or jgavin@uscib-dc.org

 
                

     


I don't think anyone can do anything.

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Listen to Seanessy's first album, Gettin' Filthy online at Last.fm
 

eS El Duque

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Re: Dow plunges 700 amid global sell-off
« Reply #3 on: October 06, 2008, 09:41:52 PM »
yall acting like your gonna get fired from your job tomorrow cuz of this...yall need to chill
DUBCC FANTASY BASEBALL CHAMPION 2008


 

Turf Hitta

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Re: Dow plunges 700 amid global sell-off
« Reply #4 on: October 06, 2008, 10:21:35 PM »
yall acting like your gonna get fired from your job tomorrow cuz of this...yall need to chill

or maybe they are acting like the economy is more fucked up than at any other time in our generation and the credit crisis, inflation and other factors are depreciating the purchasing power of the dollar for every American. We are definitely fucked and I have a feeling that bailing these failed institutions out aren't going to do anything but put a band aid on a point blank gun shot to the head while taxing the shit out of the little people who are already struggling as it is. Or yeah, maybe they are thinking they are going to get laid off tomorrow, that is actually a very real possibility.
 

Low Key

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Re: Dow plunges 700 amid global sell-off
« Reply #5 on: October 06, 2008, 10:24:29 PM »
So what did the bailout do again? I mean, aside from raise my taxes.
 

Turf Hitta

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Re: Dow plunges 700 amid global sell-off
« Reply #6 on: October 06, 2008, 10:34:12 PM »
So what did the bailout do again? I mean, aside from raise my taxes.

Funny, I was just about to start a thread asking where those 700 billion dollars are going. What and/or who exactly are we paying for? Is it just saving the asses of corrupt people who already embezzled the fuck out of America? What is this money supposedly going to do? Someone with a little insight please explain.
 

Rugged Monk

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Re: Dow plunges 700 amid global sell-off
« Reply #7 on: October 06, 2008, 11:25:25 PM »
...where does the money ever go to for that matter?

U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 07 Oct 2008 at 06:20:36 AM GMT is:
 
$10,196,903,992,467.48

The estimated population of the United States is 304,862,460
so each citizen's share of this debt is $33,447.56

The National Debt has continued to increase an average of
$3.18 billion per day since September 28, 2007!


Watch the National Debt clock:
http://www.brillig.com/debt_clock/
« Last Edit: October 06, 2008, 11:27:33 PM by Rugged Monk »
 

Mr. O

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Re: Dow plunges 700 amid global sell-off
« Reply #8 on: October 06, 2008, 11:25:40 PM »
check this out...  we all have morgages.(sorry spelling error), however big companies like jp morgan or fennie mac and other bullshit companies be giving and taking bad loans...including banks.
bad loans=zero money= "Gov't, I need help...i lost money...save me!"  You do know that people tend to get homes that they can't fuckin' afford...

Basically, we're like superman with poor condition and still gotta save their sorry companies' asses by raising taxes and other shit i might forgotten.

The price: 700 billion.
« Last Edit: October 06, 2008, 11:28:53 PM by pc8381 »
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Rugged Monk

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Re: Dow plunges 700 amid global sell-off
« Reply #9 on: October 06, 2008, 11:32:57 PM »
 You do know that people tend to get homes that they can't fuckin' afford...


Exactly thats what i keep saying, but Americans seem to think the market just regulates itself and everything works out in harmony all clockwork like in the magical land of lollipop land...
 

Mr. O

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Re: Dow plunges 700 amid global sell-off
« Reply #10 on: October 06, 2008, 11:35:46 PM »
 You do know that people tend to get homes that they can't fuckin' afford...


Exactly thats what i keep saying, but Americans seem to think the market just regulates itself and everything works out in harmony all clockwork like in the magical land of lollipop land...
That's what I'm afraid of... I'm blaming flashy medias who brings appealing stuff to our heads... Oh by the way...bailout is an INVESTMENT...meaning nothing guareenteed.
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The King

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Re: Dow plunges 700 amid global sell-off
« Reply #11 on: October 06, 2008, 11:48:02 PM »
Quote
...where does the money ever  go to for that matter?

The whole thing is so fucked. Our whole society is based on virtual wealth. When the stock market lost 1.2 trillion dollars last week, it literally disappeared. It's not physical at all. Usually when someone loses money, someone gains. Like if I lose my gold bar, someone gains a gold bar. Not in our world! When the stock market loses money, it vanishes, and is replaced with new virtual money when it goes back up. Our society, based on money, an invention of man, is controlled by numbers on a blinking screen. No physical proof it exists, no piles of gold backing it up, just meaningless numbers on a screen.

And why does the market go down? No reason at all, other then "investor confidence". How could something, so important, be completely run by the emotions of the super rich. And how the fuck did every stock exchange on THE PLANET, lose trillions at once. How can something be lost, but not gained by anyone. No one gained money, but a shit load of people lost it. It's such a fantasy. Our society is literally based on nothing. Maybe if their was 10 trillion pounds of gold sitting in some mountain, insuring it all. But no, it's completely arbitrary.

How could the whole world be in a recession? It's all we have! And nothing actually happened. Did a meteor just hit the planet, take 10 trillion dollars of our worlds wealth and take it to the Moon? Where did it do? Did it even exist in the first place? Does anyone benefit. How can the entire planet be heading into a recession? It makes absolutely no fucking sense. Did the amount of food get cut in half? Did we just run out of fresh water? Nothing tangible changed. Nothing we need to survive changed. The only thing that changed is people's feelings on a invention of mankind. Let's go back to gold. Something with actual meaning. Something with a limit. We have a set amount of gold, and thus a limited wealth. Right now, we have an unlimited wealth. A person can own more money, then actually exists in all the banks in the world. I guess they'll just have to print more.

It's so absurd everything in our lives depends on little pieces of paper the government gives us. It's only worth something, because the government makes it worth something. And when the government wants some back, it taxes us, and lowers it's value! We are pawns to a virtual system of meaningless wealth. Society is fucked. Capitalism is fucked. The free market is fucked. It's all fucked. How can the US be in 10 trillion dollars of debt? What about when China wants it's non-real money back? They can't take something that has no physical value.
 

Low Key

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Re: Dow plunges 700 amid global sell-off
« Reply #12 on: October 06, 2008, 11:54:28 PM »
 You do know that people tend to get homes that they can't fuckin' afford...


Exactly thats what i keep saying, but Americans seem to think the market just regulates itself and everything works out in harmony all clockwork like in the magical land of lollipop land...

You can't blame the people for taking an opportunity they normally wouldn't have. It was the banks that gave out loans without checking income levels or doing backgrouch checks. It was the banks that got free money from those who were in over their heads because of the Fair Housing Act, which forced homeowners to pay rather than letting them out and finding someone else. Then the banks turned around and flipped the houses for a profit because of the rising property value.

Homeowners should know about that type of shit, but many were sandbagged into their loan by the banks because they offered them a crazy APR or nothing at all. Many people just wanted to better their situation. It was the fools that were trying to flip the properties for profit, be it the banks or the independent realtors.

Besides, what are the America people supposed to do about the government passing retarded laws? Politicians don't listen to us. They do whatever the hell they want. And you can bet it usually benefits their finances in some way.
 

Mr. O

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Re: Dow plunges 700 amid global sell-off
« Reply #13 on: October 06, 2008, 11:54:44 PM »
Quote
...where does the money ever  go to for that matter?

The whole thing is so fucked. Our whole society is based on virtual wealth. When the stock market lost 1.2 trillion dollars last week, it literally disappeared. It's not physical at all. Usually when someone loses money, someone gains. Like if I lose my gold bar, someone gains a gold bar. Not in our world! When the stock market loses money, it vanishes, and is replaced with new virtual money when it goes back up. Our society, based on money, an invention of man, is controlled by numbers on a blinking screen. No physical proof it exists, no piles of gold backing it up, just meaningless numbers on a screen.

And why does the market go down? No reason at all, other then "investor confidence". How could something, so important, be completely run by the emotions of the super rich. And how the fuck did every stock exchange on THE PLANET, lose trillions at once. How can something be lost, but not gained by anyone. No one gained money, but a shit load of people lost it. It's such a fantasy. Our society is literally based on nothing. Maybe if their was 10 trillion pounds of gold sitting in some mountain, insuring it all. But no, it's completely arbitrary.

How could the whole world be in a recession? It's all we have! And nothing actually happened. Did a meteor just hit the planet, take 10 trillion dollars of our worlds wealth and take it to the Moon? Where did it do? Did it even exist in the first place? Does anyone benefit. How can the entire planet be heading into a recession? It makes absolutely no fucking sense. Did the amount of food get cut in half? Did we just run out of fresh water? Nothing tangible changed. Nothing we need to survive changed. The only thing that changed is people's feelings on a invention of mankind. Let's go back to gold. Something with actual meaning. Something with a limit. We have a set amount of gold, and thus a limited wealth. Right now, we have an unlimited wealth. A person can own more money, then actually exists in all the banks in the world. I guess they'll just have to print more.

It's so absurd everything in our lives depends on little pieces of paper the government gives us. It's only worth something, because the government makes it worth something. And when the government wants some back, it taxes us, and lowers it's value! We are pawns to a virtual system of meaningless wealth. Society is fucked. Capitalism is fucked. The free market is fucked. It's all fucked. How can the US be in 10 trillion dollars of debt? What about when China wants it's non-real money back? They can't take something that has no physical value.

I agree, however, how else are we gonna do what we want to do?
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Mr. O

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Re: Dow plunges 700 amid global sell-off
« Reply #14 on: October 06, 2008, 11:58:52 PM »
 You do know that people tend to get homes that they can't fuckin' afford...


Exactly thats what i keep saying, but Americans seem to think the market just regulates itself and everything works out in harmony all clockwork like in the magical land of lollipop land...

You can't blame the people for taking an opportunity they normally wouldn't have. It was the banks that gave out loans without checking income levels or doing backgrouch checks. It was the banks that got free money from those who were in over their heads because of the Fair Housing Act, which forced homeowners to pay rather than letting them out and finding someone else. Then the banks turned around and flipped the houses for a profit because of the rising property value.

Homeowners should know about that type of shit, but many were sandbagged into their loan by the banks because they offered them a crazy APR or nothing at all. Many people just wanted to better their situation. It was the fools that were trying to flip the properties for profit, be it the banks or the independent realtors.

Besides, what are the America people supposed to do about the government passing retarded laws? Politicians don't listen to us. They do whatever the hell they want. And you can bet it usually benefits their finances in some way.
It's better for home buyers to save money and down payment that shit without needing bank's loan...also, it's banks fault for even giving loans to someone who can't afford homes...or payments or whatever..
[flash=200,200<object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/AlIxU8SiFZU?fs=1&amp;hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/AlIxU8SiFZU?fs=1&amp;hl=en_US" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object>[/flash]
 

Rugged Monk

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Re: Dow plunges 700 amid global sell-off
« Reply #15 on: October 07, 2008, 03:08:03 AM »
 You do know that people tend to get homes that they can't fuckin' afford...


Exactly thats what i keep saying, but Americans seem to think the market just regulates itself and everything works out in harmony all clockwork like in the magical land of lollipop land...

You can't blame the people for taking an opportunity they normally wouldn't have. It was the banks that gave out loans without checking income levels or doing backgrouch checks. It was the banks that got free money from those who were in over their heads because of the Fair Housing Act, which forced homeowners to pay rather than letting them out and finding someone else. Then the banks turned around and flipped the houses for a profit because of the rising property value.

Homeowners should know about that type of shit, but many were sandbagged into their loan by the banks because they offered them a crazy APR or nothing at all. Many people just wanted to better their situation. It was the fools that were trying to flip the properties for profit, be it the banks or the independent realtors.

Besides, what are the America people supposed to do about the government passing retarded laws? Politicians don't listen to us. They do whatever the hell they want. And you can bet it usually benefits their finances in some way.
It's better for home buyers to save money and down payment that shit without needing bank's loan...also, it's banks fault for even giving loans to someone who can't afford homes...or payments or whatever..

Exactly, people borrow beyond thier means and banks over-lend becuase they want the numbers, that bitch who calls your crib trying to get you chained to another credit card just wants to reach her quota for the day.

Australia and Europe regulate and monitor their banks, why just today, on Australian TV both sides of politics are saying to the banks 'hey bitches, lower your fucking interest rates'. Guess what, Australia ain't headed for a depression though....and the falling dollar may just mean more exports for us!


I love American people and culture without having even visited the country. I aslo understand that the Pentagon and the White House has been waging psychological war on you all but still, I can still blame the American people for being, to some degree, indeed the sterotypical over-privelaged and delusioned dumb fucks your sitcom-TV makes you out to be (although generally more obese).





Your US govt spends trillions and trillions on CIA, maintaining thousands of nukes, space and military shit, yet when it comes to workers or veterans compensation, protecting your fucking southern boarder, decent workers rights legislation, or legal regulations to prevent your corporations from fucking up the world; all your eyes suddenly gloss over and you (and alot of you on this forum too, you know it) find yourselves screaming hysterically 'no big government, no red tape and no regulation! Free our business!, down with socialism!'. Alot of you don't understand, regulation=order and rule of law, thats what it should be about first and foremost and is meant to temper the brutalities, irrationalities and lunacies of the free market, but you still thinking it regulates itself like the magical happy unicorn from happy land....






"..I feel no sympathy.
I repeat, Mohnke! I feel no sympathy!
The German people chose their fate.
That may surprise some people. Don’t fool yourself.
We didn’t force the German people. They gave us a mandate and now their little throats are being cut."

-Dr Joseph Goebbels, Nazi Minister for Propaganda, Der Untergang
« Last Edit: October 07, 2008, 04:24:26 AM by Rugged Monk »
 

Rugged Monk

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Re: Dow plunges 700 amid global sell-off
« Reply #16 on: October 07, 2008, 03:20:29 AM »
^just joking on that last quote though, couldnt resist....oh that Goebbels! ..quite a character he was.... :D :P
« Last Edit: October 07, 2008, 04:25:00 AM by Rugged Monk »
 

Turf Hitta

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Re: Dow plunges 700 amid global sell-off
« Reply #17 on: October 07, 2008, 04:40:57 PM »
 You do know that people tend to get homes that they can't fuckin' afford...


Exactly thats what i keep saying, but Americans seem to think the market just regulates itself and everything works out in harmony all clockwork like in the magical land of lollipop land...

You can't blame the people for taking an opportunity they normally wouldn't have. It was the banks that gave out loans without checking income levels or doing backgrouch checks. It was the banks that got free money from those who were in over their heads because of the Fair Housing Act, which forced homeowners to pay rather than letting them out and finding someone else. Then the banks turned around and flipped the houses for a profit because of the rising property value.

Homeowners should know about that type of shit, but many were sandbagged into their loan by the banks because they offered them a crazy APR or nothing at all. Many people just wanted to better their situation. It was the fools that were trying to flip the properties for profit, be it the banks or the independent realtors.

Besides, what are the America people supposed to do about the government passing retarded laws? Politicians don't listen to us. They do whatever the hell they want. And you can bet it usually benefits their finances in some way.
It's better for home buyers to save money and down payment that shit without needing bank's loan...also, it's banks fault for even giving loans to someone who can't afford homes...or payments or whatever..

Exactly, people borrow beyond thier means and banks over-lend becuase they want the numbers, that bitch who calls your crib trying to get you chained to another credit card just wants to reach her quota for the day.

Australia and Europe regulate and monitor their banks, why just today, on Australian TV both sides of politics are saying to the banks 'hey bitches, lower your fucking interest rates'. Guess what, Australia ain't headed for a depression though....and the falling dollar may just mean more exports for us!


I love American people and culture without having even visited the country. I aslo understand that the Pentagon and the White House has been waging psychological war on you all but still, I can still blame the American people for being, to some degree, indeed the sterotypical over-privelaged and delusioned dumb fucks your sitcom-TV makes you out to be (although generally more obese).





Your US govt spends trillions and trillions on CIA, maintaining thousands of nukes, space and military shit, yet when it comes to workers or veterans compensation, protecting your fucking southern boarder, decent workers rights legislation, or legal regulations to prevent your corporations from fucking up the world; all your eyes suddenly gloss over and you (and alot of you on this forum too, you know it) find yourselves screaming hysterically 'no big government, no red tape and no regulation! Free our business!, down with socialism!'. Alot of you don't understand, regulation=order and rule of law, thats what it should be about first and foremost and is meant to temper the brutalities, irrationalities and lunacies of the free market, but you still thinking it regulates itself like the magical happy unicorn from happy land....






"..I feel no sympathy.
I repeat, Mohnke! I feel no sympathy!
The German people chose their fate.
That may surprise some people. Don’t fool yourself.
We didn’t force the German people. They gave us a mandate and now their little throats are being cut."

-Dr Joseph Goebbels, Nazi Minister for Propaganda, Der Untergang


you might be surprised how many real life Americans agree with everything you said and do not fit the stereotype. The problem for people who would like to change things know we're powerless. Greedy, power-hungry corporations run the country. Democracy aint shit in America. Its more of an illusion to passify the aforementioned idiotic masses than anything.
« Last Edit: October 07, 2008, 04:43:24 PM by Turf Hitta »
 

Rugged Monk

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Re: Dow plunges 700 amid global sell-off
« Reply #18 on: October 07, 2008, 05:51:41 PM »

you might be surprised how many real life Americans agree with everything you said and do not fit the stereotype. The problem for people who would like to change things know we're powerless. Greedy, power-hungry corporations run the country. Democracy aint shit in America. Its more of an illusion to passify the aforementioned idiotic masses than anything.

I know, just venting. Sad state of affairs, I got a feeling its gonna get even more dog eat dog over there, thats why yall should start aiming towards individual sustainability, get a water tank to catch the rain water, get some firearms, get some solar panels on your roof, fuck the rims and furs, the Amish don't give a fuck for economic depression...
 

Low Key

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Re: Dow plunges 700 amid global sell-off
« Reply #19 on: October 07, 2008, 07:17:21 PM »

you might be surprised how many real life Americans agree with everything you said and do not fit the stereotype. The problem for people who would like to change things know we're powerless. Greedy, power-hungry corporations run the country. Democracy aint shit in America. Its more of an illusion to passify the aforementioned idiotic masses than anything.

I know, just venting. Sad state of affairs, I got a feeling its gonna get even more dog eat dog over there, thats why yall should start aiming towards individual sustainability, get a water tank to catch the rain water, get some firearms, get some solar panels on your roof, fuck the rims and furs, the Amish don't give a fuck for economic depression...

Already way ahead of you.

But that's quite generalization about rims and furs. A better example of wasted money would be fast food and electronics. I couldn't even believe there was a queue out the door for a cell phone released by Apple, or the hour long wait at the new fast food place in a neighboring city a few miles away from me. It's insanity.