How big of a crisis is it?

[MoonRiver]

If we're dealing with a 9/11 type of crisis, then, yeah, canceling the debate might make sense. I know things are bad economically, but is this Great Depression II staring US down?

[Maven]

1. Big enough to give hundreds of billions to Wall St., not big enough

for its CEOs to take tens of millions less in compensation.

[aint_no_life_nowhere]

2. Maybe the GOPs will want to cancel the election, next

That sounds paranoid but maybe not that much.

[babylonsister]

3. It was the same crisis 10 days ago as it is now, but suddenly

the debate must be cancelled so that economic whiz can go to DC, a place he's avoided like the plague for months! Oh, and did I mention Obama is polling really well?

[nsd]

4. The main point is that nothing has happened in the last 24 hours to necessitate a debate delay.

All that's different is that a couple of polls (ABC/WaPo and Fox) show McCain's losing. That's it. A political gimmick pure and simple.

[wileedog]

5. And will it hit on Saturday?

[MoonRiver]

9. Exactly. n/t

[Boz]

6. Tinfoil hat time, a week ago I would have said what Im about to say was nuts,its operation sea-smurf

More to follow when I confirm

[ShortnFiery]

7. If it is going to be the Great Depression II, then Congress can agree to stay in session through ...

next week. Those representatives work for US, you and me - they can pull one more week in D.C. to stave off Depression II. At least another week is needed to iron out all the details and flush out any of the lobby shenanigans.

[MoonRiver]

10. Stay in Congress another week???????

OH NOES!!!!!!!!!!!!!!!

And, I totally agree with you. What a farce. :banghead:

[annabanana]

8. This is just a ploy to keep the American People out of the loop. .

and away from the conversation.

[bdamomma]

18. keep us out of the loop but they want our money.

[whistle]

11. Much, much bigger than $700 billion, or $1.2 trillion or $13.0 trillion

...It is systemic and that means the system is bankrupt. The entire global financial, international banking system must be shut down, put into bankruptcy protection, the worst of the worst debts written off and the system reorganized and restructured back to the FDR program with all the regulations and safeguards and oversights reinstalled.

You want a realistic number? Try $750 trillion and that is probably way low. The financial blowout is ready to supernova!!!

Sub-prime crisis can't cause that.

[MoonRiver]

12. Jesus

:scared:

[whistle]

19. Credit derivatives at the root of the whole idea, borrowed capital

...based on loan receiveables being treated as assets for the entire amount of the loan including all the interest and fees over the term of the loan.

It is a Ponzi skeam over the entire global financial system taken out to the nth power. Started buy Alan Greenspan back in 1987 following the REIT market crash. When Greenspan left as Fed Chair in 2006 it was already showing signs of collapse.

[MoonRiver]

21. I don't know what any of that means,

but an evil little bird is telling me, I soon will. :scared::scared::scared::scared:

[ieoeja]

13. Last Sunday on This Week the congress-critters said, "we are not going to say the words".

I believe it was the Republican on the panel. He was one of those who attended a close-door meeting of financial experts. No one will repeat what was said in the meeting, but several attendees said that a room of congressmen just sat there in stunned silence.

Another Republican recession, no Republican President has ever made it through a term yet without one, would be no big deal. So, yes, the words not being repeated are:

"Economic Depression"


The reason they are not saying it is that the second our leadership in DC utters those words, there will be a massive sell-off on Wall Street. Simply telling us how bad it could become may very well cause it become that bad. The words would become a self-fulling prophecy that no one wants fulfilled.

[MoonRiver]

15. So cancelling the debate might create, or help create, a 'run on the banks', so to speak.

Wow.

[Mojorabbit]

17. it was said at the hearing today nt

[Motown_Johnny]

14. but 10 days ago he said the fundamentals are strong, now he is in shock at the scope of the problem

we need to show that Obama knew that there was a problem months ago, and he can deal with working on this issue without shutting down the entire government to do it.


We can't just walk away from friday night. We could switch the venue. We can switch it to the VPs debating. We can switch it to an open forum on the economy or we could do something else similar. But we must show that we don't ned to stop the rest of the world every time something goes wrong.

[bdamomma]

16. they are playing us.

this all about getting our money, and for some us calling them out on it, saying NO BAILOUT, they will play the FEAR FINANCIAL CARD

Why should we bail out these companies, are these companies worried about us. NO. I am angry.

[tinrobot]

20. Read Naomi Klein's "The Shock Doctrine"

They are making it seem like a catastrophe so they can push through a $700B bailout plan that WILL create another depression. When that crisis hits, they'll think of some more government programs to cancel.

[kurt_cagle]

22. So McCain can't use a cell phone?

Hmmm ... let's see - the financial system is poised to crash and crumble in the next few days, according to Paulson, et alia if things don't get resolved by Friday night. McCain and Obama both have plenty of staffers there in Washington, and its those staffers that will be doing the bulk of the negotiations, calling back to the candidates (as Senators) should decisions need to be made. An aircraft from Mississippi can get to DC in two hours or so, and at all points, both Senators will be quite capable of communicating with their offices.

Okay ... so short of actually scheduling a vote on Friday night, which Reid is NOT going to do, there's absolutely nothing that either of them can do now that they couldn't just as readily do from U of M. Mr. McCain, I just don't understand what the problem is.