DrexHex
Inactive
No news story, just saw the note on Fox News.
Oct 7, eh?
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Edit: here's the post from my recap:
Watching now (will update this post)... it's being delivered in a warehouse
Seems really stressed out
Everyone's worried about making payments
We'll make it through
Recapping the mortgage crisis - People aren't lending
Is a worldwide problem
If the credit crunch worsens, there would be a "painful and deep recession."
he's a "market-oriented person"
talking about the "tools" he can use - about the fdic bump up to $250,000
"fdic won't fail in its promise"
It's going to take time for the actions to come into effect
First stage was the signing of the rescue package
The Fed and the FDIC will use their powers to make sure the market stabilizes
Fed provided additional liquidity this morning
------------------
Other concerns!
Cost of Energy
-- High price of oil
-- Administration increased funding for alternative fuels (including nuclear power)
-- "We need to be drillin' "
Price of Homes - "Hope now"
-- Help people stay in their homes
-- Will help people refinance
-- Taxpayers "will get their money back"
-- Taxes will NOT be raised
Exports
-- Keep opening up markets in Columbia, South Korea, etc
-------------
I'm confident Blah Blah Blah Blah
New motto for the US: "We can do it!"
-------------
Question time...
Q: What should small business owners do?
A: The gov't needs to recognize the problem, free more credit into the economy, until the credit comes easier there will be doubts, but the steps we're taking will free credit. It's a challenge to make a small business. There are lots of challenges. Have faith.
Translation: You're f**ked. Just wait and see what happens.
Q: (Inaudible) ... defense systems in the region... member of small businesses organization... What would you recommend the small businesses to help sustain themselves?
A: In a week ago I would have told you to write your congressmen to vote for the plan. Now I say wait for the plan to work. I would tell them to not be hasty. In the meantime I would remind people that we've been through tough times before.
Translation: We've got it covered. Just sit back, relax, and let the government do its job.
Q: Missed it - was talking to my boss
A: Things are going to be fine. The stock market will take a hit, but relax - it'll work itself out. 401k values will go down. We're a powerful economy, we're going to recover and have a powerful economy again. We're in tough, tough times. You can't convince me that we're not going to get back on our feet again.
Q: (Inaudible) Is there anything in the bill simplifying the understanding of credit? Something about a 2003 bill...
A: We promote financial education. Blah Blah Blah. If people make mistakes, they should suffer, but this time you would suffer. Step 1 is to solve it and step 2 is to make sure it doesn't happen again. Then we make sure we don't have a regulatory government.
Q: Can you emphasize the necessary to keep credit available? If the guy pays principle on his $500,000 loan for his wife's $3.3 million business, the bank won't give them as much the next time they ask for the loan, so he's going to keep it maxed out!
A: Blah Blah Blah, credit is important, blah blah blah.
Q: Mr. President, is my bank account safe?
A: Yes, up to $250,000.
-----------
Thanks for everything. I love coming to places on the "frontline." Blah Blah Blah. Days are dim. It'll get better soon.
-----------
And that's all I caught... feel free to add if I missed anything.
Oct 7, eh?
-----------------
Edit: here's the post from my recap:
Watching now (will update this post)... it's being delivered in a warehouse
Seems really stressed out
Everyone's worried about making payments
We'll make it through
Recapping the mortgage crisis - People aren't lending
Is a worldwide problem
If the credit crunch worsens, there would be a "painful and deep recession."
he's a "market-oriented person"
talking about the "tools" he can use - about the fdic bump up to $250,000
"fdic won't fail in its promise"
It's going to take time for the actions to come into effect
First stage was the signing of the rescue package
The Fed and the FDIC will use their powers to make sure the market stabilizes
Fed provided additional liquidity this morning
------------------
Other concerns!
Cost of Energy
-- High price of oil
-- Administration increased funding for alternative fuels (including nuclear power)
-- "We need to be drillin' "
Price of Homes - "Hope now"
-- Help people stay in their homes
-- Will help people refinance
-- Taxpayers "will get their money back"
-- Taxes will NOT be raised
Exports
-- Keep opening up markets in Columbia, South Korea, etc
-------------
I'm confident Blah Blah Blah Blah
New motto for the US: "We can do it!"
-------------
Question time...
Q: What should small business owners do?
A: The gov't needs to recognize the problem, free more credit into the economy, until the credit comes easier there will be doubts, but the steps we're taking will free credit. It's a challenge to make a small business. There are lots of challenges. Have faith.
Translation: You're f**ked. Just wait and see what happens.
Q: (Inaudible) ... defense systems in the region... member of small businesses organization... What would you recommend the small businesses to help sustain themselves?
A: In a week ago I would have told you to write your congressmen to vote for the plan. Now I say wait for the plan to work. I would tell them to not be hasty. In the meantime I would remind people that we've been through tough times before.
Translation: We've got it covered. Just sit back, relax, and let the government do its job.
Q: Missed it - was talking to my boss
A: Things are going to be fine. The stock market will take a hit, but relax - it'll work itself out. 401k values will go down. We're a powerful economy, we're going to recover and have a powerful economy again. We're in tough, tough times. You can't convince me that we're not going to get back on our feet again.
Q: (Inaudible) Is there anything in the bill simplifying the understanding of credit? Something about a 2003 bill...
A: We promote financial education. Blah Blah Blah. If people make mistakes, they should suffer, but this time you would suffer. Step 1 is to solve it and step 2 is to make sure it doesn't happen again. Then we make sure we don't have a regulatory government.
Q: Can you emphasize the necessary to keep credit available? If the guy pays principle on his $500,000 loan for his wife's $3.3 million business, the bank won't give them as much the next time they ask for the loan, so he's going to keep it maxed out!
A: Blah Blah Blah, credit is important, blah blah blah.
Q: Mr. President, is my bank account safe?
A: Yes, up to $250,000.
-----------
Thanks for everything. I love coming to places on the "frontline." Blah Blah Blah. Days are dim. It'll get better soon.
-----------
And that's all I caught... feel free to add if I missed anything.
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