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302 Comments
- emazur, on 11/26/2008, -3/+126"No one really knows if any of this is going to work," said Barry Rithotlz
I think we all know it's not going to work. - these3remain, on 11/26/2008, -11/+116And someone is surprised by this? How much money can the Fed print? It's designed to create the "need" for a North American Union ,the end of the dollar and the introduction of the Amero. Just in time for the Global government to kick in.
- inactive, on 11/26/2008, -1/+105The bailout now costs more than anything else ever.
http://www.voltagecreative.com/blog/2008/11/scary- ... - inactive, on 11/26/2008, -7/+78The total US debt before the bailout was under 10 trillion. The total cost of the bailout (including Fed funds) according to various sources is 6 trillion or more. Before this bailout is done this may well double the debt. And all this comes without even bailing out the homeowners or the auto industry. This money is just going into the pot to prolong Wall St.'s gigantic Ponzi scheme.
It's interesting that Congress rejected the auto industry and told them to come back when they had a plan. And it refused to bailout the homeowners for fear of "moral hazard". But when it comes to Wall St. the money was given without a plan and despite the flagrant moral hazard. These International Banksters and Wall St. Ganstas have perpetrated the largest heist in history. The government should be going after them under the Rico Laws. And the corrupt politicians that were part of this conspiracy should be going to jail with them.
It's also interesting that none of the MSM spokespeople that did the cheerleading for the bailout plan against the will of the American people have the moral courage to admit that they were duped by Paulson and Bernanke. Either that or they were part of the conspiracy. Take your choice.
Do we who argued against the bailout at least get to say, "I told you so"? It's a small consolation given the price that our children will have to pay. Of course you still get people who say it would have been much worse without the bailout. Really? How could it be worse for the taxpayers in the US?
From my blog:
"Wall Street's gigantic Ponzi scheme"
http://futurenewstoday.blogspot.com/2008/09/wall-s ... - cuecat, on 11/26/2008, -0/+53Trillion is the new billion!
- sheeplescareme, on 11/26/2008, -1/+53hyperinflation for dummies:
http://www.youtube.com/watch?v=WI1i5yhwOz8 - kemp34, on 11/26/2008, -0/+40They are pumping so the big money insiders can get out before the final collapse.
The corruption is totally endemic.
Don't fall victim to the paralysis of denial. - inactive, on 11/26/2008, -6/+41It is clear that they gave away more than a trillion dollars without any restoration of the economy. The fed has increased liquidity to the tune of trillions of dollars with no way to audit them and no assurance that they know what they are doing. The debt ceiling of $11.38 trillion has been met and billions more in give aways are planned.
The dollar grows weaker with each action of Bernanke. Our monetary system is on the verge of collapse.
This fact can be seen in the record number of purchases of gold coins and the worldwide increase in the sale of gold.
The price drop in the spot market for gold was due to Bernanke dumping gold to bolster his lame plans.
The fact that it so quickly recovered is testament to the fact that demand for gold is increasing.
The bailout was a failure, the plan wouldn't work and that's what the House saw. The Senate added billions in pork and voted for the bailout without reading it or debating it.
Anyone who looked at the text of the bailout knew it would not work.
Senators appear to either be stupid or bought. - homah, on 11/26/2008, -2/+36Yes, poor Obama, who VOTED FOR THE BAILOUT.
- inactive, on 11/26/2008, -2/+35That's only half true. Bush picked up right where Clinton left off. We've pretty much had the same leadership since JFK. The names change, the parties change,but the agenda is the same.
- GaryGlaucon, on 11/26/2008, -3/+34Pain will make you stronger. ""Take the pain!" Pain will also leave an impression that will prevent its future antecedents, however, under the current plan, pain is being delayed but when it's felt, the US will never be the same.
Rome is collapsing. A dictatorship is coming. - ConcernedCanuck, on 11/26/2008, -6/+37you're kidding, since when!? :P
hehe yup seems pretty accurate to me.
I'm having a premonition: Barack Obama, a few months from now-
"I've spent many long nights, with my closest advisers and it is now clear to us, that the solution to this huge mess we are in economically- Is a 'New Deal II' of sorts, we need to prevent this problem from ever occurring again, by Harmonizing regionally with our closest allies in the NAFTA territories, we need to expand trade and Integrate logistically all of the redundant industries that we share.
Back during the depression they concentrated on building infrastructure to survive in a more competitive world, and that is why I support the NAFTA superhighway
(Actual Obama quote: "the fact that there's this highway being built in Texas that will facilitate more transportation and travel between Mexico and the intercontinental United States, on up to Canada so people have perceived that this potentially means that somehow there's gonna be this Union like the European Union"),
and with your help and hard work, I KNOW that we can change the world of tomorrow, into the new world of today, thank you." ;)
Tell me how accurate I was in a few years.... hopefully I'm not accurate at all! :S
source of quote:
http://24ahead.com/blog/archives/007602.html - SisterSabbay, on 11/26/2008, -3/+32Believe it or not, I was actually preparing for BAIL OUT BLUES, realizing that the bail out's implications are far deeper than expert fanancialists could predict or contemplate. WE HAVE SEEN NOTHING YET, GOD HELP US.
Duggy by Sabbay :) - Observant1, on 11/26/2008, -4/+32Obama aint gonna clean it up, you got to be kidding yourself.
he's more of the same, groomed to do it, just like Bush/Clinton. - dogster, on 11/26/2008, -1/+27The US treasury can print up out of thin air debt free money and spend it or lend it into circulation to avoid a credit crunch and depression. The entire banking industry is a useless parasite that doesn't need to be preserved. http://webofdebt.com
- kemp34, on 11/26/2008, -1/+24The Bill of Rights have already been subject to a full assault.
- TsuruchiBrian, on 11/26/2008, -1/+22The mafia couldn't have done a better job than this if they were given the ability to print money.
- Scottamus, on 11/26/2008, -1/+21Suddenly, buying up a lot of gold and burying it in your lawn doesn't seem like such a crazy idea.
- maximoo2, on 11/26/2008, -1/+20Hahahha.. so clueless... wake up dude, you can be detained in definitely with no access to a lawyer at the drop the hat. The Bill of Rights has already been defeated, you just haven't realized it. The war is over and won by the 'bad guys.'
- Waiting2awake, on 11/26/2008, -1/+20I think you are missing half the problem... and that is the problem. The people who naturally think right of centre have been conditioned to see the liberals as the enemy and the right of centre politicians are the good guys. Those that naturally think to the light of centre have been conditioned to think republicans are the enemy, and the democrat politicians are the good guys...
The truth, as I see it, is that the politicians that have divided you from your brother over what amounts to minor details, are the true enemy - and until America and Americans figure that out - you will always be a house divided. - getbusyliving, on 11/26/2008, -3/+21I think I can safely speak for most Canadians and say that we really don't want to combine with you. No offense to Americans or anything.
- inactive, on 11/26/2008, -6/+22So nice of the douchebag to chime in. I can save you a lot of time and effort -
Obey your masters, believe the propaganda. Don't question authority, don't consider principles. Bush is a genius, the War is going swimmingly, the economy will be fine, the Fed is a great thing, civili liberties don't matter as long as there are terrorists out there, the Constitution is just a g*ddamn piece of paper.
That just about sums up everything you've said on Digg the last couple of months. So you can just copypaste that on every anti-establishment piece and go back to the NSA, DHS, the Fed, or whoever you work for. - inactive, on 11/26/2008, -1/+17Keep in mind that the bailout primarily benefit foreign investors. For instance, two thirds of Fannie Mae and Freddie Mac paper was owned by foreigners.
- pintomp3, on 11/26/2008, -1/+16and the rich get richer.
- whorunbartertwn, on 11/26/2008, -4/+19Do your homework = I have a silly conspiracy theory please check this obscure source to prove it
- sphira, on 11/26/2008, -5/+20Since 1913 our economic system has been under attack by the Global Elitists who have been robbing America by design.
"A republic, if you can keep it"? - We lost it!
Poor - Stupid -
Slaves
http://www.youtube.com/watch?v=J2fjxaRLpQo&feature ... - inactive, on 11/26/2008, -2/+16Why do I have a sneaky suspicion that my taxes are going to be going up?
- Scottamus, on 11/26/2008, -0/+14Wow, these golden parachutes are sure expensive. Glad those execs are worth it.
- Madrigalian, on 11/26/2008, -20/+33You're a ***** idiot.
Bush didn't do this. Jesus christ you people are such a bunch of mental *****.
Clinton, Obama and his Chicago mafioso's, Pelosi, Ried, Frank and the rest of the social engineering asshats have run this country into the ground and you stupid ***** can't even see it. Because you don't want to. - ConcernedCanuck, on 11/26/2008, -0/+13I agree we really should prepare now while our money still has value.
- pintomp3, on 11/26/2008, -0/+13there is plenty of blame to go around. you are kidding yourself if you don't any of the presidents of the past 50 years weren't in the pockets of the wealthy and the corporations.
- PeeEqualsNP, on 11/26/2008, -0/+12Why does the government keep saying it will spend "x" hundreds of billions of dollars to make CREDIT more available?!?!
FTA: "Millions of Americans cannot find affordable financing for their basic credit needs. And credit card rates are climbing, making it more expensive for families to finance everyday purchases,"
This is stimulating the very cause of the current problems. It is quite literally giving vodka to an alcoholic. One of the causes is that people are actually using credit cards for everyday expenses. People don't have enough money to spend on stuff (including paying back loans), so what does the government decide is the best thing... make it easier for them to borrow more money they can't afford to pay back. This is so freakin stupid. So why do people not have enough money? Two reasons:
1) Because debt has become the norm. It is now normal to have $20, $40 or even over $100 thousand dollars in student loan debt. It is now normal to get a car loan. It is now normal to go and buy a house right out of college, or as soon as you have 10, 5 or even less percent down (these are the people struggling to make those payments now because lower down means more risk and those people get conned into ARM's and balloons and the like because of the lower monthly payments). This much debt was ABSURD to past generations. If you had to take out loans to do anything, you just didn't do it. They would literally call our generation STUPID because we also finance furniture and tv's and other non-needed stuff. (Financing is basically going into debt because you can't afford it now, so you spread the cost of the item with interest over time.)
2) This is an extension of the above reason. Our culture has become one of spending. This has led people to live beyond their means. They choose to have nicer things than they can really afford and then wonder why they have to go into debt for everyday living expenses. A high-def tv is not an everyday living expense. A nice care is not an everyday living expense. Going out to eat (including McDonalds) is not an everyday living expense. The culture is spending-based instead of saving-based, like our grandparents. This is whya lot of people don't have the money they NEED and go into debt.
I understand there are people in rough situations who do their best and simply can't get ends to meet. But I know a LOT of people who see a 42" plasma for "Only $30/month" who have $20,000 in college debt and only working part-time while still in college. I know people who wanted to buy a house but simply couldn't afford it and did it anyway.
This country needs to take its lickin. Let the dollar depreciate, let the companies and the people who spent more than they could afford suffer the same consequences. Stop trying to encourage personal debt on its citizens and stop guaranteeing their old debts buy putting the country's debt (and currency) at risk. - neonoodle, on 11/26/2008, -1/+13This is the biggest theft from the American people in the history of the US. 8.5 trillion dollars and not a single dime going to infrastructure or aid to the people. And to think the right is constantly complaining about how we don't have any money for Universal Healthcare or other social services! Looks like we have plenty of money to bail out the rich. I can't wait for the trickle down to kick in. Welcome to the end of America.
- Waiting2awake, on 11/26/2008, -0/+12Psst - Rome already collapsed - people just didn't notice. With these bailouts that no one wanted, yet are happening? ? What is this Dictatorship "is coming"?
- tgc1, on 11/26/2008, -1/+13So basically the Treasury has been looted? I mean think about it. Has any Americans' financial situation changed as a result of this bailout? And I don't mean that your 401k has taken less of a nose dive. I mean has your situation vastly improved from before this fiasco occurred? Me thinks not. The money has simply gone up in smoke.
- 4degrees, on 11/26/2008, -0/+12funny to think of the past nations/empires that have come and gone, most can attribute their largest expenditure in their history to something tangible, worth while. Here America sits with the legacy of its largest expenditure in its history going right in the trash... America is once a gain a world leader, in waste.
- quaxon, on 11/26/2008, -0/+12I wish people would stop buying into this notion that it's a "bailout" it's ***** extortion, lets not be children about it! A bailout would be to fire all the incompetent executives who bankrupted the companies in the first place (hell if i lost merely a thousand dollars for my company i'm sure to be fired, much less trillions) and do a massive re-organization and help the company get back on the right track. Not steal trillions in taxes to give to the same people who got us in this mess in the first place, just so they can keep their private jets and monthly 5 star holidays. I seriously don't know why people in general arent as pissed about this as they should be, and why they continued to support Obama after voting for it...***** americans...
- Observant1, on 11/26/2008, -0/+12no, it's prosecuting the criminals first along the way to solving the problems corporate DC created. the people didnt want to be de-industrialized with a police grid erected around them so the banksters could plunder an already bankrupt treasury... from Reagans presidency with that son of a Prescott for a vice president and the CIA Bush/Clinton dynasty from then on. now we got Obama lining the walls with Bush/Clinton staff too. "change" ?
- cubicledrone, on 11/26/2008, -3/+15This will continue as long as the American people allow our government to ignore the Constitution. Congress does not have the power to authorize the Executive Branch to conduct financial transactions. That is a power specifically reserved to the House of Representatives, because that is the body of the Federal government most directly responsive to the people, whose tax money is being spent.
Where does the Federal government get the authority to buy stock or toxic assets? - ConcernedCanuck, on 11/26/2008, -5/+17You could have at least linked to the digg story bud
http://digg.com/business_finance/The_bailout_now_c ... - maximoo2, on 11/26/2008, -2/+13Oh, what a surprise. Didn't think that was going to happen LOL.
So many people are idiots.
You can get out of debt by printing more money. The bailout is going to get even larger, then even larger, until the bottom falls out of the currency and then it is all over and going to be a big global disaster. Smart people have foreseen this for years now. The goal of the bailout is not to save the US economy, it is short-sighted political maneuvering... there are fundamental problems with financial system that are not being addressed, and the US currency is vastly over-valued.
Doesn't it seem odd to anyone that practically every country, and a huge percentage of the 1st world's population are in massive debt? Most countries are locked into debts that can not reasonably be paid. This is no accident and there are a small number of people benefiting from this situation.
Money is debt. - inactive, on 11/27/2008, -0/+11End the Fed.
- imusingtehdigg, on 11/26/2008, -0/+11can someone explain why it is that guys like Paulson are so committed to increasing credit? isn't playing fast and loose with credit what got us into this mess in the first place? why is Paulson still trying to further extend credit?
FTFA:
"Millions of Americans cannot find affordable financing for their basic credit needs. And credit card rates are climbing, making it more expensive for families to finance everyday purchases," Paulson said. "This lack of affordable consumer credit undermines consumer spending; as a result, it weakens our economy."
doesn't it follow that if a person cannot find credit, it is because they are not credit worthy? why are we extending credit to those who couldn't find it elsewhere? - Cerebron, on 11/26/2008, -0/+10More prosperity perhaps, but freedom is arguable.
- korvan504521, on 11/26/2008, -1/+11uh, because Obama won?
- getbusyliving, on 11/26/2008, -3/+13Goddamn it. This is getting scary.. I sincerely feel really sorry for you Americans.
- inactive, on 11/26/2008, -5/+14And those of you who voted for the $700 BILLION? Right and left, this was asinine. But it started with Jimmy Carter, continued with Bill Clinton, and special thanks to boy ***** Barney Frank and arsehole Charles Dodd, and to EVERY OTHER MF SENATOR ON FANNIE AND FREDDIE'S LOBBYING GIFT LIST. Leave it to government to be the biggest serial rapist in history. But hey, instead of punishing them...let's just keep voting them into office...I mean it's only other people's money...not mine.
- ConcernedCanuck, on 11/26/2008, -1/+10Another great post! Thanks!
Why inflation is bad:
"V. What causes inflation?
Inflation can come from two sources: the economy supply curve or the economy demand curve. Cost-push inflation comes from the supply side. Basically, a large increase in the price of a very important input causes suppliers to pass along those increases and prices rise. Examples of cost-push inflation include OPEC oil price hikes in the 1970s, a bad drought the decreases food production, or labor union wage demands. Cost-push inflation results in one-time price hikes, but not persistent inflation.
Persistent inflation comes from the demand side. Demand-pull inflation occurs when the economy cannot produce fast enough to satisfy demands of consumers. In the first half of 2000, economists have been concerned about the emergence of demand-pull inflation as a booming economy and stock market motivate wealthy consumers to spend, spend, spend. Those concerns have decreased in the latter part of 2000, as the stock market ended the year down, GDP growth slowed down, and the unemployment rate inched up slightly. Holiday retail sales, an important spending indicator, were flat relative to 1999.
Most economists agree that persistent inflation is a demand phenomenon: "Too many dollars chasing too few goods."
http://www.oswego.edu/%7Eedunne/200ch7.html - maxtangent, on 11/26/2008, -0/+9I LOVE how holding people accountable has been spun into 'the blame game'.
I guess Nixon shouldn't have been held accountable and history should have been allowed to judge him, right? - CedEx, on 11/26/2008, -0/+9The way money is being thrown around these days, you'd think this was Zimbabwe.
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