Originally posted by Ex_MislTech

Personally I think we are headed to WW3 slowly but surely.

The Fed handing out 3 trillion and then refusing to say to whom ?

That's not that hard to figure out what those $3 trillion are intended for. What do you finance WW3 with? $2 trillion ... $1 trillion?

[edit on 12/2/2008 by stander]

let us not forget the next major shoe to drop in the credit crisis may likely be Credit Card Crack being withheld from consumers as lenders cut back on access as defaults and late payments are soaring.

The credit card debt has also been packaged and sold to institutions and these institutions will see potentially damaging writedowns and consumer credit card assess is with held and defaults rise on credit cards.

Analyst Meridith Whitney supposes 45% contraction in the avialable credit card debt. About half of the 900 billion dollar credit card market has been packed and sold to institutions so this could be a big story in 09.

I remain hopeful that Obama will however realize that a solution to help homeowners remain in there home is at the heart of the falling asset values and provide incentives for those in trouble as well as those who aren't to continue to pay on time....the delay and reluctance to stop thinking of wall street first is one of the strongest arguments that points out the incompetence and selfish nature of the morons heading the fix, this should have been implemented over a year ago, and now this will be all the more difficult to achieve as the momentum has built further and w/ credit card' restrictions being baked into the cake. MASSIVE fiscal stimulus aimed at mainstreet is likely coming.

[edit on 3-12-2008 by cpdaman]

Great thread here. I was actually a cautious long term investor till around june of '07. I turned to the dark side in August of '07. The thing is, even after I started doing my research and listening to people like Meredith Whitney, Karl Denninger, Noriel Roubini, Mish Shedlock, and others, it's already worse than I thought it would get in Dec 07. The carnage amongst stocks, corporate paper, commodities, home values,etc.. is historic,and it seems like every oportunity to address the financial crisis has been the exactly wrong thing to do.

I'm fortunate enough to be working again and don't spend any time trading anymore, so I'm not as current on events as I was in March and April. I would like to share this real life experience I had at work a few days ago. I work in a retail store for a wireless carrier. We are thankfully quite busy and often have lines that last a few minutes. I hear lots of customers talking about the economy. Just the other day I heard a guy saying that the bankers that got the bailout and the politicians that authorized it should be shot in the street. People know they are being screwed and are talking about it.