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Old 10-20-2007, 11:36 PM
 
Location: San Diego California
6,797 posts, read 6,121,963 times
Reputation: 5171

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If you have ever wondered how we could end up with our economy in such a mess and or public debt so high take a look at this link.
FSU Editorial: "America's Forgotten War Against the Central Banks" by Dollardaze 10/20/2007
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Old 10-21-2007, 05:14 AM
 
Location: Tolland County- Northeastern CT
4,459 posts, read 6,097,169 times
Reputation: 1237
Financial Sense is an excellent site- I visit their site everyday- since the vast majority of their writers make much more sense then the mainstream business media.

We are in this mess for many reasons. Too much liquidity by the Federal reserve for a decade- too low real interest rates, and a false set of perimeters by the Fed on real inflation.

The Fed has done a poor job-Greenspan and now Bernanke have trashed the dollar, making those who save and stay out of debt look dumb, while rewarding speculators, bankers, debt, and making the Wall street tycoons rich.

Bernanke while lowering rates caved in again too Wall Street, while thumbing his nose to ordinary Americans. The dollar falls, Gold soars, and oil goes to the heavens. Nice Work 'helicopter Ben'.
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Old 10-21-2007, 07:22 AM
 
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 5,494,574 times
Reputation: 1691
Default get ready to pay.

Quote:
Originally Posted by jimhcom View Post
If you have ever wondered how we could end up with our economy in such a mess and or public debt so high
This ones easy to answer. The answer is blind greed coupled with the thought of "I don't have to pay for it now." "I just pay it later. when the bill comes." Well the bill is in the mail get ready to pay.
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Old 10-21-2007, 10:03 AM
 
2,197 posts, read 6,594,651 times
Reputation: 1684
Quote:
Originally Posted by baystater View Post
This ones easy to answer. The answer is blind greed coupled with the thought of "I don't have to pay for it now." "I just pay it later. when the bill comes." Well the bill is in the mail get ready to pay.
Actually, it's "why pay for it at all?" Reading these posts, I'm amazed at how many people have gotten in over their head with credit card, mortgage or HELOC debt and are just washing their hands of it, leaving the mess to the lender, the financial company, the government, anybody else. Foreclosure and bankruptcy have no stigma-- or at least not enough to get people to own up to their choices and see them through.

So greed and fear started this (the whole "If I don't buy now, I'll be left out" and "If they got that, I need this" mentality), and irresponsibility is added to the mix. What a cocktail.
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Old 10-21-2007, 11:42 AM
 
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 5,494,574 times
Reputation: 1691
Default Touché

Quote:
Originally Posted by goodbyehollywood View Post
Actually, it's "why pay for it at all?" Reading these posts, I'm amazed at how many people have gotten in over their head with credit card, mortgage or HELOC debt and are just washing their hands of it, leaving the mess to the lender, the financial company, the government, anybody else. Foreclosure and bankruptcy have no stigma-- or at least not enough to get people to own up to their choices and see them through.

So greed and fear started this (the whole "If I don't buy now, I'll be left out" and "If they got that, I need this" mentality), and irresponsibility is added to the mix. What a cocktail.

Touché. Sad but true.
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Old 10-21-2007, 08:49 PM
 
Location: Heartland Florida
9,324 posts, read 23,240,783 times
Reputation: 4895
The answer is simple: the Federal Reserve act. We need a gold standard. Fractional reserve banking has to end. Doing it, is an impossible task. Just don't buy the nonsense they will tell you to fix the mess when the economy crashes.
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