All of my friends.

PREPARE.

There is nothing wrong with hoping for the best and preparing for the worst.

It's only the beginning.

A low tide exposes all pricks.

Point being, the banks are hiding their losses with criminal accounting. It's only a matter of time before they can't make expenses. It could be next month to a year or two.

Some things don't change, like the breeding of bankers in this case.

"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves."
- Andrew Jackson

#5 | POSTED BY RAY

Very nicely done.

We cannot reasonably address any issue without ridding ourselves of the Federal Reserve.

Federal Reserve, are they part of the federal Gov.?International Bankers, what do they control?
who controls the Federal Reserve ???
Who prints our valuable dollars???
What do they back our valuable dollars with???
??????????????????????????????
?????????

On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest.

"A few months later, someone shot that nice man."

A few months later, someone shot that nice man."

#10 | Posted by Axiom

Took me two minutes to figure it out and now it's going to be stuck in my head until I watch the whole thing again! Thanks! LOL..

There has to be a better system and this debacle may ultimately provide a stage to unmask the fed's part in this mess and the great depression.

"A few months later, someone shot that nice man."

"Some time later, for no particular reason, somebody shot that nice young president when he was riding in his car. And a few years after that, somebody shot his little brother, too, only he was in a hotel kitchen. Must be hard being brothers."

Forrest Gump.

Moral:

Don't ask inconvenient questions like "Why did this happen?". Furthermore don't ever offer even more inconvenient answers. Ever.

And don't call bad debts uncollectable loans, call them charge-offs instead.

This is not an accident, as Geithner has claimed.

This is a planned demolition, which relies on the stupidity of Congress, scared into surrendering our money, with a naked short selling scheme against Bears-Stearns and Lehman Brothers. Its not that those firms weren't vulnerable, obviously they were. Its the timing, designed to steal at the end of an alleged "Conservative's" term, with those policies being held constant while an alleged "Liberal" takes office and hopefully full blame. You're supposed to continue believing that we have a Democracy, free and fair elections with computers, and free and fair markets with computers. Its all bullshit and its bad for you.

What to do? Begin 24 hour picketing at the homes of Bernanke, Geithner, Greenspan, Paulson, Rubin, and Summers. These people are enemies of the State. Demand their resignation. Unfortunately, I don't live in the right part of the country to participate. This has already happened to a limited extent in Connecticut. It must be amped up to a high level to ever get Congress's serious attention. Most of these people, on Wall Street and High Office are prepared to watch the country fail, as long as they get theirs, before it goes down.

To get a fair picture watch the Frontline -Warning-, starring Brookley Born, as she tells Congress if they permit the derivatives market to operate unregulated, the American taxpayer will be emaciated. Watch Long Term Capitla Mangement collapse, exactly as she predicted. Watch Congress go along with the aformentioned criminals, who remain in charge. Then put her back in charge.

there was a really interesting show last night on pbs about herbert hoover and of course it spent a lot of time on 1929.
of course since it was on pbs it HAS TO BE TRUE and there were several parallels to then and today.
one thing they all agreed on was that hoover was not the big loser that nost liberals paint him on anything other than this problem where several of the 'experts' on the program said that he tried on several fronts but it just didnt work
even a comment from R REICH who was one of the 'experts'

With this news, the libs have the courage to say things are getting better. The recession is ending.

Stuffing the banks with reserves and hoping that struggling consumers start borrowing again is pointless. It is equally pointless to ignore tattered household balance sheets, which will have to be patched before spending resumes. This isn't a problem that can be worked out by the Fed and Treasury alone. It will take a major public mobilization, similar to preparing for a war. Federal money will have to be used to make up for lost state revenues. Government work programs will have to be created to rebuild critical infrastructure, expand green technologies, and modernize energy systems. At the same time, the administration will have to re-regulate the financial system, resolve or euthanize insolvent banks, and create a system of locally-controlled banks which function as public utilities to provide low interest loans to businesses and consumers.

All of this will cost trillions; trillions that won't be flushed down a black-hole on Wall Street or used as bonuses for shifty bank tycoons. In other words, money well spent.

Big government means big deficits, and the looming threat of capital flight. Will central banks and foreign investors grow wary of the deficits and ditch the dollar and US Treasuries? No way. The world is looking for leadership; for some indication that the US still knows how to shape its own future and clean up its own nest. They want to see the Obama administration "take charge" and fix the banking system, conduct criminal investigations, increase regulation, restore confidence in the markets, and rebuild the engine of global demand, the middle class.

This is a job for big government. Big government is (should be) back.

excerpted from Mike Whitney @ Counterpunch

Exactly the opposite of what most "Conservatives" now advocate, knowing the dire consequences of failing to spend well will help them politically. Selfish and treasonous, really.

Government work programs will have to be created to rebuild critical infrastructure, expand green technologies, and modernize energy systems.

All of this will cost trillions; trillions that won't be flushed down a black-hole on Wall Street or used as bonuses for shifty bank tycoons. In other words, money well spent.

This is a job for big government. Big government is (should be) back.

#17 | Posted by nutcase

You are a socalist. Are you a commie too?

Show me anyplace in the world where "Big Government" has made a country a good place for all.

Show me a place YOU would rather live.

The problem is Wall street and the financial institutions are a big government masked as a supposed private industry.

I will be glad when the democratic party and this administration get the boot between the next 4 years, we can't take anymore of the lazy do nothing lack of leadership.

This is a job for big government. Big government is (should be) back.
excerpted from Mike Whitney @ Counterpunch

Government can't manage a market economy without destroying it. They can't even control their spending. It's the same prescription for national destruction that's been tried countless times with the same results.

The problem is Wall street and the financial institutions are a big government masked as a supposed private industry.

It's not far from the truth to say that the big banks run this country, not the Treasury. It doesn't matter which party.

The democratic party and this administration is giving our money away to these vipers and allowing our jobs to go overseas. Nothing will get better until they get removed...all of them.

so you said the democrat party>??????

are you feeling okay this morning??? LOL

so how many of those jobs you refer to could stay here with more tax incentive for the company?
any?...some?...all?......

the commercial real estate market is about to crash, shoulda woulda coulda used the porkulus for more tarp but...whatever

Prime mortgages and credit cards - next big bubbles.

The democratic party and this administration is giving our money away to these vipers and allowing our jobs to go overseas. Nothing will get better until they get removed...all of them.

#22 | Posted by moneywar at 2009-10-27 11:11 AM | Reply |

Really? Allowing them to go overseas? Does the huge dispartiy in salaries mean nothing to you? The problem is deeper than that.

But lets face it, you just wanted to rag.

Show me anyplace in the world where "Big Government" has made a country a good place for all. Show me a place YOU would rather live. 00 #18 | Posted by Sniper

As far as Big Government success, that easy. The Panama Canal, Hoover Dam, WWII, Man on the Moon........... its a long list which begs the question of what's up with the Military Industrial Complex since WWII, because they haven't accomplished anything that matters since. Socialist, Commie, pinko... whatever. Please don't tell me China, Cuba, or Russia ever provided labor ownership of the means of production.

Which pigs are really at the trough? Finance, Insurance and Real Estate (developers) FIRE. They have stolen the economy by corrupting our Government. Neither Demowussie, nor Rethuglican is ever going to fix it.

40,000 factories have been closed. Those jobs aren't coming back. So lets quit spending and everything will be all right????? Or maybe start a Construction company tearing down unoccupied homes?????? The notion that large banks and investment groups are vital to our existence is absurd. As Jefferson noted, they are more dangerous than standing armies, and getting worse by the day.

The best way to solve this crisis is to hand it over to the people whose ideological theories about and (mis)management of our economy produced the mess in the first place.

You know, that crowd of ideologically pure doofuses whose domestic policy adviser had to step down for ripping off Target for a few thousand bucks and getting caught. Should've ripped off the country for a few trillion bucks siphoned off to Wall Street instead. Then he'd have got a Congressional Medal of Freedom presented to him by Doofus #1.

Oops, Presidential Medal of Freedom. Forgot doofus #1's actual title.

#19 Moneywar> I will be glad when the democratic party and this administration get the boot between the next 4 years, we can't take anymore of the lazy do nothing lack of leadership.

But do you seriously expect a Republican administration to come into office and do much better? How about if the Repubs win a majority in the House and Senate?

As a conservative, I dislike the Repugs only a bit less than the Demos ... and for the same reasons. They can't manage the Federal budget and somewhat pretend to know what is in the laws they are passing that will cost taxpayers bazillions of dollars.

Akat-- you make some salient points-- the only good thing about our debt is that it may finally force responsibility into Washington. Also, if the dollar dumps and the reserve currency status is compromised in the future that may be the second control of future spending. Both of these are a heck of a reason to control spending but there are no other alternatives since it will be forced on us.