Month: November 2008

<!– @page { margin: 0.79in } P { margin-bottom: 0.08in } A:link { so-language: zxx } –>I’ve been following the economy for awhile. Yes, we are in a bad downturn but, what gets me is the media.. Rather than being somewhat neutral to the issue they are betting on the apocalypse. There aim has me confused. rather than trying to see both sides of an issue they are aiming for getting average Joe into a clustfuck frenzy. Take Time Magazine for an example.

The 171 banks on the FDIC’s “problem list” encompass only about 2 percent of the nearly 8,500 FDIC-insured institutions. Still, the increase from 117 in the second quarter is sharp, and the current tally is the highest since late 1995. (See pictures of the stock market crash of 1929.)

OK.. first off 171 banks out of 8500 A whole 2% (2.011%).. WOW… but look at the eye-catcher here. “See Pictures of the Stock market Crash of 1928” what the fuck? stock market.. ? yet the article is speaking about FDIC insured banks?  Why not just throw in some pictures of nukes while we are at it .

Reading further into the article you will also see.

The FDIC said total assets held by troubled institutions climbed from $78.3 billion to $115.6 billion — a figure that suggests that the nation’s top 20 banks aren’t on the list, even though they are getting slammed, too, by the growing credit crisis. The FDIC does not reveal the names of the institutions it deems troubled. (See pictures of the recession of 1958.)

Nice even though the top 20 banks are not on the list we would like to remind you something that happened 50 years ago k thx. Sure the economy is in a downturn but due to deregulation and other things the market to my belief is overinflated the fuck outta. Big businesses have been having a field day trying to break down things and increasing the cost of everything , Im surprised they have not added a device to count your farts for some sort of health diet.  The way the banks have gone I saw it coming but I was never sure when this was going to hit , Back about 2 years ago i was getting credit card applications on a daily basis and when i saw this I only thought to myself “this is going to end well”. The banks got themselves into this situation and now they are screaming for help when what they did came back to bite them in the ass like a bear chasing a man coated in beef and Honey.

What is Ironic to me is rather than help the people who are directly affected by this the banks got bailed out and the people who have lost there houses have not, So what the hell. I mean thats like helping out a drunk driver rather than the person he hit. Honestly this 700billion dollar bailout stinks like hell and more and more companies and businesses are jumping on the ME TOO bandwagon even though they have caused these issues on there own,  Car makers… Rather than make fuel efficient cars they kept coming out with beastly huge ass cars that got 0.1 mile to the gallon, when oil peaked this year they did not adjust there strategy to cope with the situation.

If you follow crude oil prices they had at least 5 years of forewarning. Other car makers adjusted around the time oil started spiking, and they are not nearly as bad off as US car makers. Oil companies keep posting these all time record profits and yet every time they say it has nothing to do with them ripping off people by gouging them which makes no sense.

My opinion here.. Sure it sounds bad but, Let these companies fail. its a hard lesson but rather than propping them up Every time they decide to have drunken bender of loaning out billions to people who honestly could not afford it, i think the banks should have some responsibility here. Same with the Car companies. Every time i hear bailout these days I cringe because, these bailouts are not working as intended. Bail out the average Joe rather than these companies. Don’t even put the money in there hands just say hey your mortgage is payed for x months, and give them a contract that says they have to either straighten up finances or get out of dodge.