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Archive for Friday, October 10, 2008

Slow recovery

October 10, 2008

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To the editor:

I have just finished watching what was billed as the second presidential debate. I was less than impressed with our choices for president.

I could not imagine two politicians seeking the highest office in our nation neither one mentioning that the middle class has just lost over $2 trillion in their 401(k)s. Maybe they are so naive that they do not realize that their money has melted just like the evil witch in the "Wizard of Oz." In many cases, this represents their total savings from a lifetime of work.

Nor do they seem to realize that it will take much more time for the huge hedge fund managers to keep selling into every rally of the market trying to raise cash to pay their investors who want out. This will kill every rally of the market until this pressure is released from these uncontrolled giant hedge funds and will continue driving the market lower each and every time the market attempts to come back.

The small investor is the first to go, and the big boys invested in these giant hedge funds are only interested in saving whatever they can. There are still a few trillion wanting to divest so the market can easily lose another 2,500 points before we find a bottom. No one seems to yet realize that the die is cast and that we have entered into insolvency. Even discounting the $53 trillion in unfunded liabilities, the chance of quick recovery is an impossible dream.

E.G. Hickam,
Lawrence

Comments

kansas778 6 years, 1 month ago

McCain lost the election when he supported the bailout.

just_another_bozo_on_this_bus 6 years, 1 month ago

It's restore a sales tax on stock transactions. Most transactions are now sheer speculation, and to a large extent fueled this crises. Some estimates say the a 1/4 cent tax would have raised $500 billion last year-- nearly enough to pay for the recent bailout. This tax would also slow down stock transactions that are purely speculative-- purchases that are made one day, and sold the next.

Richard Heckler 6 years, 1 month ago

Why don't we the USA pull out of Iraq? That would make some people happy with us since most of the world did not support that action. Perhaps the largest majority of the world is sick and tired of our military dominanceand abuse of power.Forget Afghanistan too. If there was a real enemy in that location it is my belief BUSHCO lost that opportunity.Since the USA has the mightiest military in the world perhaps economicpressure from the world is a way to stop the PNAC mission of worldwide military domination? http://oldamericancentury.org/pnac_timeline.htm

Bob Hechlor 6 years, 1 month ago

The writer truly is failing to see the real differences between the candidates. If one follows the information from many sources and even pays attention to what is being said in the debates, many things become clear. Obama understands and said, in the last debate, that an economy is built mostly by the efforts of the middle class. McCain is asking for the tax cuts, which disproportionately favor the wealthy, to be made permanent. Obama understands that we need to rebuild our infrastructure and that the best way to do that, is to go green. McCain is pushing coal, nuclear power and drilling for oil. That would keep us in the dark ages relative to countries that have already made advancements in green technology and it also does not help us deal with environmental concerns. Obama has said McCain has been erratic. He has. He is constantly shifting his ideas and opinions, apparently to win the election, but that does not give us the idea that he will be a stable leader. After all, even decisions that get made after being elected, can still bring down the wrath of those who oppose your decisions. McCain's style has always been, according to his bio, a contentious one. Clearly Obama listens, digests, considers all ideas and then chooses what appears to satisfy most of the concerns. These are different men, with different styles and it will make a gigantic difference as to which one ends up leading this country. I would ask the readers and the writer to examine the facts. Listen and watch with your mind, not your attitudes and the differences will begin to be obvious.

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