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Old 09-21-2008, 11:05 PM
 
177 posts, read 261,364 times
Reputation: 106

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Dang, I am so tired of reading about the cons of Obama and McCain. Enough already. We all know Most all of the politicians are crooks, it is just who is the better at lying and cheating and if these two men could be better at it than Bush , may the most efficient crook win.

How come Paulson and Bernanke do not explain how this mess happened?and most important, what the Fed's and Congress's role ?
Congress is in a much needed hurry to rush through a package that is arguablly unconstitutional, because these two liars and imcompetents say there is an urgent need to do so. Typical congress who are like sheep, they know no better. They are more concerned getting something done quickly than getting something done right. Congress doesn't want to miss their recess.

We need to ask Congress to eliminate, "Fractional Reserve Banking"


[SIZE=2]Financial instuations must be allowed to fail.[/SIZE]
[SIZE=2][/SIZE]
[SIZE=2]There are 6.8 trillion dollars of deposits.[/SIZE]
[SIZE=2]2.6 Trillion dollars uninsure.[/SIZE][SIZE=2]
53 billion dollars in FDIC
273 billion in banks cash

So, people what this means is that 2.6 trillion dollars uninsure and onnly 53 billion dollars in FDIC...print more money?
So, we have 6.8 trillion dollars of deposits and only 273 billion in cash? What happened to the difference?
It went out to puchase commercial property, Fannie/Freddie Bonds, Etc.
What can't be paid back will be deflacted on the entire banking system and it will become insolvent.

We really need YOU to go to your elected officials and tell them our banking system needs a change, and to insist to get rid of, Fractional Reserve Banking".

Thank you,




[/SIZE]
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Old 09-22-2008, 05:50 AM
 
Location: a warmer place
1,748 posts, read 5,525,462 times
Reputation: 769
So much for less government in our lives......what a minute Bush is a republican...............how does that work???
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Old 09-22-2008, 06:09 AM
 
Location: Albemarle, NC
7,730 posts, read 14,157,105 times
Reputation: 1520
Quote:
Originally Posted by kaday View Post
So much for less government in our lives......what a minute Bush is a republican...............how does that work???
We really need to stop playing the blame game. The entire system is corrupt and benefits those with the best connections to politicians in DC regardless of party.

1. We need to create competing currencies whose values are tied to certain commodities. We need a way to shore up our financial system with dollars that are worth something. We cannot get rid of the Federal Reserve system overnight, but we do need a way to make sure the economy can continue to function.
2. We need real change in the regulation industry. Instead of protecting the corporate interests that have made bad decisions and invested in failing enterprises, we need a system of regulation that protects the consumer and the taxpayer. What we're doing now is the exact opposite.
3. We need to understand that the market is doing what it was expected to do. When Bush/McCain say that the fundamentals are strong, they are correct. The market collapse is being brought on by malinvestment and greed. When it reaches this point, the only thing it can do is fail. Propping it up with artificially produced currency is a political tool. The inflation that will be brought on by this "rescue plan" will be as bad or worse than the Great Depression.

In less than 3 weeks, we've gone from a quasi free market system to a fully functioning socialist democracy. The only thing we vote for now is who will better represent our needs in the Oval Office rather than the needs of the country as a whole. Benjamin Franklin warned us that when the electorate realizes they can vote themselves the Treasury, the Republic will be lost. That day has arrived.
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Old 09-22-2008, 06:35 AM
 
Location: S.E. US
13,163 posts, read 1,692,498 times
Reputation: 5132
[quote=DixieSherry;5367012]
How come Paulson and Bernanke do not explain how this mess happened?and most important, what the Fed's and Congress's role ?QUOTE]



The Real Reason for the Global Financial Crisis…the Story No One’s Talking About
http://www.moneymorning.com/2008/09/...default-swaps/

[Part I of a three-part series looking at how so-called “credit default swap” derivatives could ignite a worldwide capital markets meltdown.]


Are you shell-shocked? Are you wondering what’s really going on in the market? The truth is probably more frightening than even your worst fears. And yet, you won’t hear about it anywhere else because “they” can’t tell you. “They” are the U.S. Federal Reserve and the U.S. Treasury Department, and they can’t tell you what’s really going on because there’s nothing they can do about it, except what they’ve been trying to do - add liquidity.

At the exchange rate yesterday (Wednesday), 35 trillion British Pounds was equivalent to U.S. $62 trillion (hence, the 35 trillion Pound gorilla). According to the International Swaps and Derivatives Association, $62 trillion is the notional value of credit default swaps (CDS) out there, somewhere, in the market.

This isn’t the first time Money Morning has warned readers about the dangers of credit default swaps. And it won’t be the last.

Last edited by swbtoo; 09-22-2008 at 06:36 AM.. Reason: add link
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Old 09-22-2008, 06:43 AM
 
Location: a warmer place
1,748 posts, read 5,525,462 times
Reputation: 769
Quote:
Originally Posted by paperhouse View Post
We really need to stop playing the blame game. The entire system is corrupt and benefits those with the best connections to politicians in DC regardless of party.

1. We need to create competing currencies whose values are tied to certain commodities. We need a way to shore up our financial system with dollars that are worth something. We cannot get rid of the Federal Reserve system overnight, but we do need a way to make sure the economy can continue to function.
2. We need real change in the regulation industry. Instead of protecting the corporate interests that have made bad decisions and invested in failing enterprises, we need a system of regulation that protects the consumer and the taxpayer. What we're doing now is the exact opposite.
3. We need to understand that the market is doing what it was expected to do. When Bush/McCain say that the fundamentals are strong, they are correct. The market collapse is being brought on by malinvestment and greed. When it reaches this point, the only thing it can do is fail. Propping it up with artificially produced currency is a political tool. The inflation that will be brought on by this "rescue plan" will be as bad or worse than the Great Depression.

In less than 3 weeks, we've gone from a quasi free market system to a fully functioning socialist democracy. The only thing we vote for now is who will better represent our needs in the Oval Office rather than the needs of the country as a whole. Benjamin Franklin warned us that when the electorate realizes they can vote themselves the Treasury, the Republic will be lost. That day has arrived.
For the most part I agree with you. The fact of the matter is you can say we didn't see this coming but we did. How come everyone is taking action, now after so much damage is already been done? In a matter of days everything melted down...and here we are. Who was sleeping while all of this was heating up?
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Old 09-22-2008, 06:48 AM
 
Location: Albemarle, NC
7,730 posts, read 14,157,105 times
Reputation: 1520
Quote:
Originally Posted by kaday View Post
For the most part I agree with you. The fact of the matter is you can say we didn't see this coming but we did. How come everyone is taking action, now after so much damage is already been done? In a matter of days everything melted down...and here we are. Who was sleeping while all of this was heating up?
The American consumer, err, citizen. We let our government get away from us. All the while we were worried about them protecting us from "teh turrists", they were slowly taking away the one freedom that means more than all the others, economic freedom. Without a sound currency, we are at the mercy of the government. Once they have control of the money and its value, we cannot fight. Guns won't matter when you can't buy bread. So I say it's our own fault. And now, they want us to think that they're saving us from the evil free market. When all they're really doing is continuing the same policies that got us here in the first place.
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Old 09-22-2008, 06:50 AM
 
Location: a warmer place
1,748 posts, read 5,525,462 times
Reputation: 769
Quote:
Originally Posted by paperhouse View Post
The American consumer, err, citizen. We let our government get away from us. All the while we were worried about them protecting us from "teh turrists", they were slowly taking away the one freedom that means more than all the others, economic freedom. Without a sound currency, we are at the mercy of the government. Once they have control of the money and its value, we cannot fight. Guns won't matter when you can't buy bread. So I say it's our own fault. And now, they want us to think that they're saving us from the evil free market. When all they're really doing is continuing the same policies that got us here in the first place.
Well said.
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Old 09-22-2008, 08:31 AM
 
Location: S.E. US
13,163 posts, read 1,692,498 times
Reputation: 5132
Quote:
Originally Posted by paperhouse View Post
Without a sound currency, we are at the mercy of the government. .

That happened when they eliminated gold backed currency.
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Old 09-22-2008, 08:44 AM
 
Location: Albemarle, NC
7,730 posts, read 14,157,105 times
Reputation: 1520
Quote:
Originally Posted by southward bound View Post
That happened when they eliminated gold backed currency.
1913 with Nixon finishing it off.

What we're seeing now is the culmination of what happens when the electorate gets lazy and stupid.
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Old 09-22-2008, 10:40 AM
 
Location: Londonderry, NH
41,479 posts, read 59,778,277 times
Reputation: 24863
The actual electorate, (the financial upper crust ruling through lobbyists and political contributions – bribes) are getting exactly what they wanted. Privatized unregulated profit during the run-up and socialized losses during the crash. This couldn't be better for the electorate that actually controls the government. I wonder who bailed out at the top a few months ago.
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