Our markets have been freaking out a little bit too I hear

What political implications do you think this will have on the USA?

I don't see this affecting the President at all. There may be plenty of other things that would affect his re-election chances, but I don't see this as one of them.

 

However, I think this will have a substantial impact on elections for members of the House of Representatives and the Senate. They were the ones doing all of the bickering regarding the budget / debt ceiling which brought light to the credit rating situation. And it still isn't resolved, they just closed their eyes and plugged their ears, and as Jay said the can just got kicked further down the road.

Gold just passed $1700 an ounce.

 

Chinese, Israeli markets down dramatically, US market futures down dramatically.

 

Tomorrow's gonna be exciting! *gets popcorn*

 

 

 

QE3, here we come. Let the moneyprinting begin!

 

They'll dress up QE3 as something else this time. Change the wording around, maybe a few other things on the surface because if they straight out do just another bond purchasing program fora 3rd time, they're admitting defeat openly. They'll do something just dress it up a little differently on the surface to fool CNBC.

 

Jay you ready for capitulation until the next bond purchasing program is announced?

I don't see this affecting the President at all. There may be plenty of other things that would affect his re-election chances, but I don't see this as one of them.

 

However, I think this will have a substantial impact on elections for members of the House of Representatives and the Senate. They were the ones doing all of the bickering regarding the budget / debt ceiling which brought light to the credit rating situation. And it still isn't resolved, they just closed their eyes and plugged their ears, and as Jay said the can just got kicked further down the road.

 

I would actually have to disagree. I think it's going to affect the preisdent's reelection chances because it happened on his watch and his overall economic "plan" (if he's even really had one except just spend more), hasn't helped things at all.

 

I think that everyone in all areas of congress are in trouble no matter what, and honestly these upcoming elections should be interesting because clearly both major parties have done a shit job trying to get this done or god forbid even try to work together. They should all grow up and smell the coffee and realize how much trouble there really is.

 

 

Needless to say should be interesting to see how the market reacts today. Part of me doesn't even want to know. :|

Greece just banned short selling for the next couple months, lol.

 

Dow is down 300, seems to be stable around this level.

 

If you're watching CNBC right now, it's funny - they're blaming Europe, Europe, Europe! The US is NEVER at fault, lol.

 

And yes, I'm starting to think Obama's odds for reelection are falling fast. Even the Navy Seal team that killed Osama bin Laden just got blown out of the sky by the Taliban - so that glimmer of light was just neutralized. People are wondering why the hell we're still there. People are wondering what we're doing in Iraq now, in Libya... this is Ron Paul's election to lose.

 

So you know what that means - the media will ignore him and focus on airheads like Michelle Bachmann (a former IRS attack dog) and Mitt Romney (a neocon socialist just like Obama and Bush).

 

The disgusting thing is, there's really nothing wrong with the economy. All this tumult is the governments of the world sticking their collective boot on the neck of free trade.

Do you believe that a 3rd party might take the presidency in 2012?

 

To me it seems that everyone is so sick of both parties and the constant deepening divide that I wouldn't be surprised if people said "fuck it... I'm voting for a 3rd party"

 

 

I like Ron Paul and his overall views (though I don't see how he doesn't believe in evolution). I think he has a strong following, but I don't think he'd win. Also people will probably think he's too old (he's in his 70's I believe)

Yeah Ron Paul is no Kim Kardashian, that's for sure. Too bad Boobus Americanus won't vote for him.

 

Dow is down 440 points now.

 

If Ron Paul doesn't win the Republican nomination, he might run as an independent. He could leech a lot of votes away from the Republican candidate, in the same way Ross Perot did.

 

If the Republicans think they can continue to win using the "lesser of two evils" logic, they're sorely mistaken. They're exactly the same as the friggin Democrats.

Yeah Ron Paul is no Kim Kardashian, that's for sure. Too bad Boobus Americanus won't vote for him.

:lol: post of the week

Gold up 7% today,

 

Silver up,

 

Markets down 5%, trying to find a bottom.

 

S&P also downgrades corporate/municipal debt, including Warren Buffet's Berkshire Hathaway, lol. Mr Buffett is the billionaire who was bragging about his taxpayer-funded bailout, and whining that Americans are so averse to taxes.

 

President Obama comes on TV and jabbers about what a bunch of meanie pants S&P are. "Our problems are infinitely solvable."

 

Oh, it's okay Mr Blama. Nobody is doubting you can make your interest payments on time. We just doubt the dollars you use to make them will be worth anything. Purchasing power is king.

 

Someone at S&P was clearly not invited to the weekend cocktail parties!

 

EDIT: It's 3:00! Time for the "plunge protection team" to levitate the market!

 

CNBC is talking about the possibility that France will be downgraded soon also.

 

JP Morgan predicts gold will hit $2500 before the end of the year.

Volume is back on the down days.

Yeah Ron Paul is no Kim Kardashian, that's for sure. Too bad Boobus Americanus won't vote for him.

 

Dow is down 440 points now.

 

If Ron Paul doesn't win the Republican nomination, he might run as an independent. He could leech a lot of votes away from the Republican candidate, in the same way Ross Perot did.

 

If the Republicans think they can continue to win using the "lesser of two evils" logic, they're sorely mistaken. They're exactly the same as the friggin Democrats.

 

ugh. i'm not happy with Obama at all, but there is no force in this world that would get me to vote for Bachmann. NONE. or any of who they've got out there now...i like Paul for the most part, other than a few specific, smaller things.

 

But yeah. Americans aren't going to go 3rd party, unfortunately. I don't think there's any hope in digging us out of the two party system that is currently killing the country.

 

I'm new to these boards by the way :) usually a lurker, but these news boards are interesting. Hi everyone!

Hey Jen, welcome. If you've been lurking then you're aware I'm pretty acerbic sometimes. ;)

http://www.realclearpolitics.com/video/2011/08/08/rick_santelli_if_not_for_tea_party_us_would_be_rated_bbb.html

[ame=http://www.youtube.com/watch?v=q6vi528gseA]‪Alan Greenspan: WE CAN ALWAYS PRINT MORE MONEY‬‏ - YouTube[/ame]

Gold just hit $1800 an ounce.

My friend who almost listened to me and put in 10,000 when it was about 800 an ounce is kicking himself.....haha moron.

Bank of America has tanked as of late (green marks in the top chart)

 

DJIA down another 521 pts today.

 

What's wrong? Corporate earnings are high! Companies are rich with cash! Low P/E's and high dividend yields (higher than Treasuries at least)!

 

It's the great paradox - why are stocks so cheap when interest rates are so friggin low?

 

Ironically Bank of America might be a good flip at this price level - does anyone honestly believe the Federal Govt would allow it to tank? With a name like that? Haha.

 

Oil is probably undervalued here as well, just my two cents. Gold is undervalued until it hits $5000 an ounce, at least.

 

http://realclearpolitics.com/video/2011/08/10/ron_paul_gold_is_not_a_bubble.html

Oil is a good buy right now. and Bank of America al though it may take more of a hit in coming weeks.

 

Goldman Sach's is getting massacred too.