Thought
Reduced consumer spending coupled with an inability to get credit will mean the collapse of many small and medium sized businesses.
35-40% of Americans work for small businesses.
35-40% of Americans work for small businesses.
posted by mikevotes at
10:28 AM
12 Comments:
Wait. I thought Obama was gonna kill those small businesses, gosh darnit. With his unAmerican, terrorist lovin' scheme to raise taxes on the upper 2%?
By
-epm, at 10:44 AM
I sure hope they get the credit markets moving again soon. We're looking over the cliff.
By
mikevotes, at 10:49 AM
There are trillions of dollars waiting on the sidelines mike. They'll come back when things get cheap enough. About two more weeks is my guess.
By
Anonymous, at 10:56 AM
The credit markets -- from what very little I understand -- are as much driven by emotional "connivence" as they are by capital holdings. At this point I think the credit markets need to hear soothing words from the administration. Yet Bush seems to be hiding under a rock. And when he does come out, it's all doom and gloom, end times, scary talk. It's not helpful. Not helpful at all.
That said, it's a perfect opportunity for Obama so show some "presidential" leadership and make the speeches to the market people (and everyday Americans) that Bush is not...
By
-epm, at 11:14 AM
It's all about confidence. Which comes down to trust. The government and Wall Street need to show some fiscal responsibility before lenders and investors come back.
Still a point will come where things like stocks and houses get ridiculously cheap.
By
Anonymous, at 11:41 AM
Anon, I don't know the numbers, but yeah, I know that's out there. There will be a post freakout buy back into the markets.
And, again, even with all of this, if you want to be in the markets, the US is broadly as good as any.
Good time to buy a truck, though. I drove by a dealership yesterday, $9000 back on a pickup. Need a computer or a fridge? This will be a great shopping season if you are sitting on cash.
....
EPM, Let me start off by saying that Bush was emphasizing doom and gloom to get the necessary bailout passed, but, yeah, he's not going to offer any great reassurance at this point.
By
mikevotes, at 1:24 PM
Make no mistake about it, this will be a sharp recession.
The money is there, but it will take a long time to unwind the mechanisms that led to the credit explosion. The bailout is really just trying to save the other buildings in the area of the burning building. There is no saving the burning building, just trying to limit the spread of the fire.
The Dow is exactly where it was 10 years ago. How ironic.
By
Praguetwin, at 1:37 PM
Frankly, I don't know. If you read the post above this, you'll get a pretty good idea of where I am.
I'm not viewing this rationally right now. I've passed over into an emotional reaction, so, any judgments I were to post would be pretty dubious.
I'm not even gonna try to comment sensibly.
I'm just angry.
By
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