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Watching the market movement yesterday with banks and financials seeing a one day reduction in Fannie Mae of 13.78% and Freddie Mac of 22.03%. Many other banks and financials such as Washington Mutual -11.02%, Wachovia -8.12%, and Lehman -12.36% are diving into Going out of Business territory.
Paulson and Bernanke were speaking before the House Financial Services Committee yesterday (7/10) in an attempt to calm the markets and provide reassurance. They both repeatedly talked about the need to create a regulatory environment that makes it easier for large financial organizations to fail and liquidate.
I can't help but get the feeling that our financial system is one large shell game and that the government is not being forthcoming with vital information. On Wednesday key government and private corporate leaders went on a "things are getting better" tour in an attempt to shore up the financial markets. Fannie Mae rallied on the news as investors moved in after reassuring comments that there wasn't a capitalization problem. The very next day leaders such as Paulson and Bernanke indicated that there is a liquidity and capitalization crisis and talks of conservatorship and possible bankruptcy was raised.
Is this a conspiracy by our leaders to fool investors into the market to dump the liability on stock holders? It is awful similar to the statement that Bears Stearns made on the Friday before the deal brokered with Bernanke over the following weekend where a Friday (no capital problem) turned into a Sunday (capital crisis) and resulted in a $30 stock turning into a $2 stock virtually over night. Will we see the same thing for many of our venerable financial institutions?
How many lies will we hear out of our administration? Ron Paul was the only person truly asking the right questions about the real rate of inflation, artificial interest rates, etc.
For all those Free Market Capitalists keep in mind that deliberate misrepresentation and manipulation of information is not conducive to efficient markets.
Also, the critical impededness of banks and financials in the S&P and their affect on 401k, 403b, 457 plans, as well as other corporate-sponsored defined pension plans puts the health of our entire nation at risk.
Scott Garrett, R-New Jersey, asked whether or not Bernanke would consult Congress before making a move similar to the Bears Stearns deal with a large financial instistution. Bernanke replied it is his understanding under his authorization as lender of last resort that he doesn't need to.
This is scary territory people. This weekend could be a bad one.
The federal reserve needs to go. It's enslaving our entire nation and destroying our dollar. What they have done is legalized counterfitting. Rate cuts and bail outs for the wealthy and the dems and repubs all have their hands in the cookie jar.
A bail out is on the way for Freddie and Fannie. Gold is about to make a run. Oil? Who knows, but long term, it's going higher. Just buy and hold as it will hit $200 long before it ever drops to $100. I actually expect a pull back in the near term, but I could be wrong with all of the saber rattling in the middle east. Financials will rally one last time as they beat street expectations by fudging their accounting in all ways possible. This will open up a great opportunity to short the financials once more. Buy the ETF SKF if you are uncomfortable or unable to trade options.
Join Date: Aug 2007
Location: the matrix
58 posts, read 10,842 times
Reputation: 23
Sleep of Reason – from Lobodog
Under the gaze of the Eternal Lion, a haunting flash comes to mind. Hitler, Disney, King Tut and Fellow Travelers are conjured up for the New Dark Age Revival as Wacky Ben Bernanke and Hanky Panky Paulson gear up to loot America. The Heroes of Washington stand in awe at the brilliance of their bald heads, matched only by their bold- faced lies. The Crypto-Egypto priests strike a heavenly course to eternal life by delicately balancing the Great Pyramid of Wall Street on these enormous debt-laden investments.
Behold the earthly battle! The New Hitler Youth in pin-striped suits hack their way through pension funds as Mickey Mouse regulators flee likes rats from a sinking ship. Look as Pirates of the Caribbean Banks evade prosecution of The Keystone Cops. Smell the blood smoking altars of The Empire as third world nations burn. Something else leaves a whiff of sulphur; it seems that the Bushmen and Associates are leaving the back door open for a fast escape to Paraguay as the Chinese Export Emperor forecloses on Darth Cheney’s Death Star.
But wait! I see three frightening specters fall from the sky to claim the throne. The first image is a dark serpent calling; itself the black O’Mamba. The second image is of a firm that rose in white water calling itself the Billary. And the third image is a reptilian beast calling itself T Rex McCainWar. In the blink of an eye, the O’Mamba coils around the Billary as T Rex McCainWar lets out a thunderous roar.
The voices of doubt sing like the Sirens’ Song. Reality is discarded so that Barbie can live her hellish dream. Truth is trashed in this spectacular scene in order to protect the fraudulent scheme. Wall Street diddlers smirk while buying their trophy wives another ring. (Tough Boyz , they would like you to think.) But when they lose their money, the taxpayer becomes their honey. Where is the working man’s parachute? A lead boot, maybe! Now falsification forms the fact; anything else will get a media attack.
De-evolution can not be denied; watch their faces when they lie.
Why hasn't or has it? the federal reserve ever been brought before the supreme court? The constitution clearly states that "States shall pay debts with gold and silver coin" our forefathers knew fractional banking would take the power from the people and put it in the hands of a few wealthy bankers, which we have today.
We all know the economy is gone, it's being propped with 2x4's holding steel girders that are going to snap like twigs when it can't hold any longer.
I believe we've been in a recession since late '06, and sorry folks, I think were headed for a depression that will make the last one look like a walk in the park. I hope not, I still have hope, I still have my job?
Why hasn't or has it? the federal reserve ever been brought before the supreme court? The constitution clearly states that "States shall pay debts with gold and silver coin" our forefathers knew fractional banking would take the power from the people and put it in the hands of a few wealthy bankers, which we have today.
We all know the economy is gone, it's being propped with 2x4's holding steel girders that are going to snap like twigs when it can't hold any longer.
I believe we've been in a recession since late '06, and sorry folks, I think were headed for a depression that will make the last one look like a walk in the park. I hope not, I still have hope, I still have my job?
There seems to be a lot of manipulation in both the financial markets and in government as well. Bailouts by the Fed, executive orders signed by the President and a Congress/Senate that doesn't seem to question anything anyone is doing.
Where is the outrage? Don't the people realize that our country is at a critical juncture and their direct involvement is necessary?
I work with supposedly well-educated people yet they are essentially clueless as to what is going on with our financial system.
Most people are only aware of the "in-your-face" high oil prices as translated into gasoline and home heating oil. At the current delivery rate for heating oil of $4.65 to $4.90 per gallon the average Joe is going to be shelling out anywhere from $3500 to $8000 to heat their home this winter depending on the size and age of their home. How is the bottom 60% going to absorb that shock (BTW, local oil companies are not offering fixed rate options as of yet and instead are marketing fixed amount budget plans.)
Is the average person too consumed with buying the latest I-Phone or catching the latest episode of Dancing with the Stars to get involved?
I called my congressman and senator yesterday and detailed my concerns demanding answers to questions related to our financial system. I will not go away quietly. It's time for others to do the same. I told the aides of my elected representatives that they better get off the re-election campaign projects this summer and do something about this crisis.
Where are the other presidential candidates and our CURRENT PRESIDENT??????
Everyone needs to work it up at the local level. Check out my blog http://www.bob4bristol.blogspot.com (broken link) Your feedback is much appreciated.
Sincerely,
Lincolnian
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Sleep of Reason – from Lobodog 
