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Jim:
If we ever, ever,
ever want to see a
sustained rally
again, and get out
of this Mariana
Trench of a rut,
down 444 points
today... more than
5%, and 11-year lows
in the S&P 500...
then what we need...
we need dramatic
action... We are in
a precarious
situation, where
systemic risk, not
to mention the Great
Depression, part
two, is back on the
table...
This is just
amazing, the speed
of this decline...
We don't have time!
We can't wait until
January...
At his
(President-elect
Obama's) press
conference... the
mythical press
conference that I
would like to have,
I would have Obama
say loudly and
clearly, with his
new, non-Tim
Geithner Treasury
Secretary, and a new
Housing Czar -
charged with the
simple, but
all-important, task
of stopping house
price depreciation -
and a Jobs Czar...
another simple
job... create jobs
and promise us an
8-point plan to save
the economy...
I've got the 8-point
plan... Call my plan
the "New Deal"...
only bigger and more
effective... because
what FDR did just
stopped things from
getting worse, until
the lend lease
program, George
Marshall, and World
War II at last
jumpstarted the
economy... I don't
see any of those in
the cards... |
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Continued below...
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Thursday,
November 20, 2008
(Cont'd from
above)...
Jim (cont'd):
Point/Step #1:
``````````````````````````
I think Obama should
come out and say
that letting Lehman
fail was a mistake.
Point/Step #2:
``````````````````````````
The government
should protect your
life insurance
policies at all
cost.
Point/Step #3:
``````````````````````````
I think tax credits
should be given to
people who buy
homes. Also, I think
the government
should reinstate
TARP and insure FRE
and FNM bonds.
Point/Step #4:
``````````````````````````
The CDOs
(collateralized debt
obligations) have
got to be addressed
and fixed without
pointing fingers.
Point/Step #5:
``````````````````````````
Establish another
tax credit for
hiring people and
lowering
unemployment.
Point/Step #6:
``````````````````````````
The autos should
file for bankruptcy
and then get
financing from the
government.
Point/Step #7:
``````````````````````````
A $1 trillion
infrastructure
program should be
initiated by the
government.
Point/Step #8:
``````````````````````````
The European and
Chinese central
banks should be
pushed to cut their
rates.
The 8-point program
is what I think will
keep any hope alive,
of which there is
almost none...
okay... none. And
we're not done going
down. Well, I hope
we're done going
down, but I don't
think we are...
We've got the
potential to stop
this moment from
cascading into a '32
situation, which it
is going to do...
My plan will
reinstill confidence
so we can bring in
all the money that's
still sitting on the
sidelines, into
riskier assets, in
order to allow our
economy to grow
again.
Here's the bottom
line...
● ● ●
● ●
The Bottom Line!:
President-elect
Obama... If you want
the sequel to the
Great Depression off
the table, then
appoint me, or at
least listen to me,
and do this now...
today if possible.
January's too late.
You won't be able to
avoid another
Depression if you
wait until you're in
office. Just
announcing the plan,
and the people who
are going to enforce
it, will restore
confidence, and help
take systemic risk
out of the system
once and for all.
Read Jim's next Segment
here
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Search for Jim's past comments about a specific
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