TODAY'S MARKET CRASH Brings the DOW to the lowest level of…

About this Entry
Posted by: garyfong1 Original: 6/26/2008 11:41 AM Views: 3783 Comments: 45 eProps: 44 Read Comments Post a Comment Back to Your Xanga Site

Who gave the eProps?
2 eProps from: Bruce_MacNeil shotshot opensourcephoto ronstorer Texetalon maryhurlbut lightinspiration jsandifer NUYOKA_AND_CO gsajordan Cravehunter jwilman qnetx tondeaf esquirephoto iakot KristenAlexander jacksonwholephoto xraytech1 fjblau chriscroy loonyhiker

Thursday, June 26, 2008

TODAY'S MARKET CRASH

Brings the DOW to the lowest level of the year. This, despite a massive government sending of cash to individuals (that's all gone), The Federal Reserve lowering the prime to 2%, and the rescue of Bear Stearns. There's nothing else it can do.

What's next, lower interest rates to 1%? That would crank inflation. They absolutely CANNOT lower interest rates at this point because inflation is raging. RAGING! This will absolutely hammer the middle class.

People like most of you out there - food prices are going to skyrocket. Fuel prices are going to skyrocket (it just passed $140/barrel for the first time ever - we used to joke that oil would be $100 someday - it's poised at this rate to hit $200 before too long!)

How will your life change when fuel hits $9 a gallon? The banks are plummeting. And what REALLY worries me is that the credit cards are now being sold in commercialized funds - just like what collapsed housing. Holy smokes when those CDO's crash (AND THEY WILL) then the very VERY last bastion of survival in the consumption-hungry USA - the credit card - will disappear like home loans.

Can you imagine what your life would be like if your credit cards were taken away? With fuel at $9/$10 per gallon...? What will happen to General Motors? Then the jobs that go with that? With those people out of work, do they go on welfare? Where do they get support with an army spending huge amounts in Iraq? The USA has spent OVER $550 BILLION DOLLARS IN IRAQ! Great investment! Lots of progress going on over there in a war that's lasted longer than our involvement in World War II - and there is no end in sight.

Inflation will increase unemployment, spending will slow dramatically, which will increase joblessness, which will increase pressure on the government's social programs. The U.S. is completely broke (massive deficits, plummeting dollar). Every time I exchange my U.S. Traveler's checks for EUROS here, and see how little I get - it just shows how bad things are in the U.S. and it is only beginning. There is absolutely nothing that I can see that is holding up the economy - except for no realization that there is no basis for values.

What options are left for keeping the economy from crashing? I can't see any. Any ideas?

Posted 6/26/2008 11:41 AM - 3783 Views - 44 eProps - 45 comments

recommend
recs0
email
sent1
like

Give eProps or Post a Comment

45 Comments

browse comments: « first | ‹ prev

shotshot,

Nah, but I do like to read anything and everything. I try not to take life too seriously or stress over much. I figure the only truth is that life is about constant change. You can fight it or you can flow with it. I'm not a fighter so I just adapt to whatever the conditions. Adapting is the challenge that motivates me to continue living. What the future brings doesn't matter so much as to knowing that it will be different than it is today, for better or for worse. If it is better, then enjoy it while it lasts, if it is worse then just take solace in knowing that it will change again someday for the better. If I'm able to influence the change for the better of others then I go for it and enjoy that ride.

Posted 6/27/2008 10:32 AM by qnetx - - reply

@qnetx - AWESOME Comment! So very true & great words to live by! I've had 3 brushes with death (one of which I didn't see coming & woke up in the hospital from being in a head on car accident) and my whole thing is enjoy life. People think I'm crazy for riding a Ducati & always ask me how did my wife "let me" get one. There was no let me as we are two individual people. I ride because I love it & also now it's a LOT less expense too.

Have a super weekend - cheers!

David Esquire
Esquire Photography
www.esquirephotography.com

Posted 6/27/2008 11:39 AM by esquirephoto - - reply

It looks lie the 1970's oil crisis all over again. However, this time it is not artificially created by an oil cartel. The current problem with Wall Street is that energy is the life blood of the United State's economy. Transportation is a significant part of the cost of most things, and enables people to live and work where they want to. With energy costs skyrocketing, there has to be a drastic realignment of our economy away from oil.

The obvious long-term fix it to develop other sources of energy. Corn ethanol is a looser in the USA. It takes about as much oil (fertilizer, drying, transportation, etc) as it produces. The ready-for-prime-time source is the one being used throughout Europe - Nuclear. We need to start building nuclear plants for new electric needs (plug-in hybrid) and replace aging fossil fuel plants. Other sources, like wind, are great, but you would need to cover Rhode Island with windfarms to power New YorK City. An alternative that is being developed in Madison, WI is Bio Crude Oil from Bacteria that can feed on almost anything. But, that is years away.

A 5-year solution is to drill, drill, drill. Why should we pay for oil from Mexico drilling in the Gulf when we can drill there ourselves? Why should we let Cuba sell oil to China from off the shores of Florida? We should drill there ourselves. We should also drill off California, and in Alaska. We have proven that we can drill in an environmentally responsible way. Cuba and Mexico haven't.

All the revenue from the leasing of US land for drilling can be earmarked for research and development of alternative long-term energy sources.

Pending the receipt of oil from future drilling, we can use the Strategic Oil Reserve to stabilize prices in the near term. That, combined with future new sources, will bankrupt the speculators, and bring down the cost oil. Further price reductions will come from strengthening of the US Dollar as currency traders can no longer rely upon dollars flowing to the Middle East to purchase oil.

By tapping into the US oil reserves, we can increase the domestic production of oil from 50% of our need to 80% or more. At that point, Liberals would have a fighting chance with the idea of nationalizing oil companies and selling oil domestically for whatever low or high price they want. With the US importing 50% of our need, what good does nationalizing oil companies do when you have to buy the oil from other countries?

In summary, we have to drill and build nuclear plants to supply the energey needs of the USA. The revenues from drilling can pay for R&D into long-term alternatives to fossil fuel. That is one chance we have of surving this energy crisis and maintaining our standard of living.

Posted 6/27/2008 3:11 PM by iakot - - reply

Hi!!! Where are you Guys??? Keirsten and Matt had their Baby, she is Super Cute!!! Call me!!! Miss you Both!!

Posted 6/27/2008 4:09 PM by KristenAlexander

- - reply

yes, our way of life as we know it will be forever changed. however, we will survive - some better than others - and make it through this, as president dumb fuck has said, "rough patch." gary, i hope you're well armed. because when the carnage spreads to kelowna, as this will be a global depression and few georgraphic regions will escape unscathed, you'll need to protect yourself and your property.

Posted 6/27/2008 4:23 PM by jacksonwholephoto - - reply

Gary, you know who you remind me of? You remind me of the joke about the Homeless Advocate. At the end of the day the Homeless Advocate has a home to go home to.

I appreciate the use full info and as they say at the end of every episode of the 80's animated series G.I. Joe, "And knowing is half the battle!"

You talk a big game but in the end you're not part of the middle class.

Come down to the South San Francisco, California and slum it with us for a couple of days. =D

Posted 6/27/2008 5:03 PM by xraytech1 - - reply

Don't shoot the messenger. Gary makes these posts, in part, to drive traffic. But I for one am very appreciative of his knowledge and willingness to share his opinions. I can say I have applied much of what he has recommended over the past year or so and am better off because of it. I hope you're wrong, Gary, but I am glad nonetheless to have the information just in case you're right.

Posted 6/27/2008 5:16 PM by jacksonwholephoto - - reply

@jacksonwholephoto -

So yeah traffic spikes when he blogs about this stuff. But I can't help but wonder what is the M.O. of the Homeless Advocate. What is the M.O. of Gary Fong when he blogs about this stuff.

Posted 6/27/2008 5:52 PM by xraytech1 - - reply

Or as I say.... its kind of hard to take doom and gloom financial predictions from a guy with a yacht, a horse ranch, a gazillion cars, a condo in Marina Del Rey and Black American Express Card.... who spends money travelling all over the world as if it doesn't even matter what the future looks like.

He's either in some serious denial himself... or he just doesn't really believe things are all that bad.

Then again, he is heavily invested in gold (or at least he was) and the gloomier we all are, the better gold prices are.... :)

Posted 6/27/2008 6:46 PM by fjblau - - reply

Im just at random posting but chicken liver could be used for gas?

http://youtube.com/watch?v=0LH7wquEEhM

Posted 6/27/2008 8:13 PM by NUYOKA_AND_CO - - reply

I just feel...sniff...like Gary...sniff..sniff...doesn't understand! Gary has tremendous insight however I have yet to find anyone else who believes that total economic and cultural collapse, disease, famine is the only possible outcome for the good old USA. (Except for terrorists and the French that is) Well there was one guy on Coast to Coast AM at 3:00am who echoes exactly what Gary has said.

This will no doubt get alot worse but I have some hope we will in the end survive. This may force all of us to live simpler and with less and within our means but that should be good. My family has already taken to heart the "new' American dream. If nothing else my 4 children will learn to live life debt free!

This will also be global don't you think...Gary?

Posted 6/27/2008 11:49 PM by chriscroy

- - reply

Nuyoka and Co.

I'm sorry you werent very close to your cousins and friends that died in 9/11.

As a true born and raised American I think 9/11 is a damn good reason to go to war with the terrorist. Wow!!

Do you have any family fighting for this country? I do!! Wake up and smell the roses. My family members are putting their lives at stake so idiots like you have the freedom of speach.

The reasons for the war in Iraq could of been a heck of a lot better, but the fact is that we needed a area to fight the gutless terrorist in the world. With Saddam Hussein being the cocky loud mouth leader he was, Iraq looked like a pretty good place.

I love the United States of America and when we are attacked I don't believe in backing down.

We fight for a freedom , which is the way it was from day 1!!!

If you don't like it, go back to Hong Kong.

P.s Your pictures suck!!!

Posted 6/28/2008 1:29 AM by Cravehunter - - reply

Nuyoka and Co.

I'm sorry you werent very close to your cousins and friends that died in 9/11.

As a true born and raised American I think 9/11 is a damn good reason to go to war with the terrorist. Wow!!

Do you have any family fighting for this country? I do!! Wake up and smell the roses. My family members are putting their lives at stake so idiots like you have the freedom of speach.

The reasons for the war in Iraq could of been a heck of a lot better, but the fact is that we needed a area to fight the gutless terrorist in the world. With Saddam Hussein being the cocky loud mouth leader he was, Iraq looked like a pretty good place.

I love the United States of America and when we are attacked I don't believe in backing down.

We fight for a freedom , which is the way it was from day 1!!!

If you don't like it, go back to Hong Kong.

P.s Your pictures suck!!!

@Cravehunter -

Woohoo!!!

And if it wasn't for the Great United States. Us Filipinos would be speaking Japanese. Same old bull different millennium.

Sorry pal, us Slanty eyes including Gary are here to stay.

Posted 6/28/2008 10:12 AM by xraytech1 - - reply

My husband believes the only thing that will help us now is Global War. What do you think?

Posted 6/28/2008 10:40 AM by loonyhiker - - reply

@loonyhiker -

It worked during WWII because of "US WAR Bonds" now called US Savings Bonds. US Citizens investing in the United States. It might work.

Posted 6/28/2008 11:24 AM by xraytech1 - - reply

@Cravehunter -

AHAHAHAHA!

I just love the way people talk shit behind a screen.

First of all JACK ASS, I'm not Asian... But Gary is and you visit his site.

But you know what is from Hong Kong?
your playstation 3 atleast the assembly, little boy!

But for a fact that pocket rocket for your anus was definatly built there too.

But I am HISPANIC, and we arent going anywhere, if someone needs to go back
to their native lands you probally had to be boarding a ship too...

Second of all I would punch you in the liver for being disrespectful about
me not being close to my family members that were lost on that date...

But I have no time for Ineptitude so I will not even go there with your
bitch ass-ness...

You took the time to actually see my shitty work?!?!?!
I commend you!

P.S.

You know what else sucks????

Your Mother!... MMMMmmm! Nice and Slow like Usher!

Now dont you have a Klan meeting to go to??? or have a slip and slide with your sister?
Red Neck!

Posted 6/28/2008 8:12 PM by NUYOKA_AND_CO - - reply

I love the internet!!

Adios Nuyoka

Posted 6/28/2008 9:09 PM by Cravehunter - - reply

@NUYOKA_AND_CO -

Viva La Rasa!!!

@Cravehunter -

A very wise man once said "We Like War"

http://www.youtube.com/watch?v=2Rlqjxst6xU

Posted 6/29/2008 9:24 AM by xraytech1 - - reply

@xraytech1 -

VIVA!

"I love the internet!! Adios Nuyoka - Cravehunter"

Now that's what I call bitch-ass-ness!
But I'm content.

Posted 6/29/2008 1:48 PM by NUYOKA_AND_CO - - reply

@Cravehunter -

"... The reasons for the war in Iraq could of been a heck of a lot better, but the fact is that we needed a area to fight the gutless terrorist in the world. With Saddam Hussein being the cocky loud mouth leader he was, Iraq looked like a pretty good place..."

There are Muslims in Mindanao, Philippines. Should we go to war against the Philippines? Cuz, we all know that all Muslims are terrorist.

I say we execute a preemptive strike against the Terrorist Harboring Nation of the Philippines. Hell, we don't even need to put boots on the ground. All we need to do is just bomb the Philippines until it sinks into the ocean.

Who's with me?

I know Cravehunter is.

Posted 6/29/2008 10:29 PM by xraytech1 - - reply

browse comments: « first | ‹ prev