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Economic Collapse in September?
321 Gold.com ^ | May 19th, 2008

Posted on 09/19/2008 3:59:48 PM PDT by Perdogg

A rumor is swirling around the Internet that an inglorious end to the U.S. economy is imminent. Unlike previous rumors to this effect, this one carries the weight of recent events in the financial realm and has many believing the rumor will come to pass.

Let's examine some of the claims being made: On March 18, 2008, a "closed door" session of Congress was held for only the fourth time in history. According to House Rule XVII, clause 9, it is forbidden for members of the U.S. House of Representatives to reveal the discussions held behind those doors. The penalty for leaking such information includes loss of seniority, fines, reprimand, censure or expulsion. According to news sources, one purpose of the meetings was to discuss new surveillance techniques to be used by U.S. Homeland Security. Rumors continue to swirl as to what the other topics of discussion took place in that meeting.

(Excerpt) Read more at 321gold.com ...


TOPICS: Business/Economy; Chit/Chat; Weird Stuff
KEYWORDS: 911truthers; adifferentspecie; bahog; congress; conspiracy; goldbug; goldbugs; govwatch; tinfoil
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1 posted on 09/19/2008 3:59:48 PM PDT by Perdogg
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To: Perdogg

Hogwash.


2 posted on 09/19/2008 4:01:57 PM PDT by #1CTYankee (That's right, I have no proof. So what of it??)
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To: Perdogg

What did you do today?

I got up and went to work.

So did virtually everyone else.

We have an economy of productivity.

We’re all working.

Some assets just lost their value.

Get over it.

We’ll be product, the paychecks will come, and we’ll spend them.

Some speculators lost lots of money. We taxpayers will unfortunately bail them out.

Big hit. We’ll keep on going.

Chill, have a beer, and go to work on Monday.


3 posted on 09/19/2008 4:02:15 PM PDT by Uncle Miltie (Palin for President! (Who was that old fogey she was with?))
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To: #1CTYankee; Quix

It’s ironic though.


4 posted on 09/19/2008 4:02:25 PM PDT by Perdogg (Sen Robert Byrd - Ex community organizer)
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To: Perdogg

I’m going to guess that the only way to position oneself during this collapse is to buy gold, silver, and other metals.

Just guessing based on the source of the article’s site.


5 posted on 09/19/2008 4:02:39 PM PDT by perez24 (Dirty deeds, done dirt cheap.)
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To: Perdogg

While I don’t believe the economy will collapse in September, I do think there will be fewer charges of ‘chicken little’ for those who do this time.


6 posted on 09/19/2008 4:02:39 PM PDT by skeeter
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To: Uncle Miltie

I thought this was funny when I read it this summer.


7 posted on 09/19/2008 4:02:57 PM PDT by Perdogg (Sen Robert Byrd - Ex community organizer)
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To: skeeter

Look at the date of the article.


8 posted on 09/19/2008 4:03:37 PM PDT by Perdogg (Sen Robert Byrd - Ex community organizer)
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To: Perdogg

I do kind of like the ‘citizens moving against their elected officials’ piece of that scenario. Sign me up for that, I have a few in mind.


9 posted on 09/19/2008 4:04:51 PM PDT by raptor29
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To: Perdogg

Well, the author’s thesis has already been partially vindicated.


10 posted on 09/19/2008 4:05:15 PM PDT by skeeter
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To: Perdogg
"It’s ironic though."

It may be ironic but how much validity does a website named 321gold.com have?

11 posted on 09/19/2008 4:09:39 PM PDT by #1CTYankee (That's right, I have no proof. So what of it??)
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To: skeeter

The credit markets HAVE collapsed, no question about that. Unfortunately, some politicians and unelected Federal Reserve officials are intent on getting back to “business as usual” as soon as possible, with nearly all of the same people, companies (merged or acquired or bought out by taxpayers) and policies in place. These panicy treasury and fed moves you see are 95% to ensure the status quo remains and the money flow is unchanged.


12 posted on 09/19/2008 4:14:11 PM PDT by steve86 (Acerbic by nature, not nurtureĀ™)
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To: Perdogg

The credit markets could possibly collapse 9much, much less likely after today’s action), and that would send us into a deep recession, but we’re not going to starve and die and live like Road Warrior. The single biggest danger (to invoke FDR) is giving in to panic and fear - and tripe like this seeks to foster such fear.


13 posted on 09/19/2008 4:16:00 PM PDT by PC99
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To: Perdogg

Gold bugs declare that the modern economy is over every 15 minutes.

Eventually, one of them will get it a little right.


14 posted on 09/19/2008 4:28:53 PM PDT by Uncle Miltie (Palin for President! (Who was that old fogey she was with?))
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To: Uncle Miltie
We are still productive.

But we are hopping mad!

We never, ever would have accepted a gigantic tax increase to give money to poor people to buy houses.

Instead, Congress forced BANKS to lend money to deadbeats . . . who could not pay it back . . . and caused the collapse. . . . and we taxpayers will still end up paying for those houses.

Socialism by accident.
15 posted on 09/19/2008 4:29:45 PM PDT by atomicweeder
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To: Perdogg

Your best investment is to pay off your debt. I don’t care what the market is doing. 10% on every dollar paid off of my Amex, 6% off my car, etc.... etc.


16 posted on 09/19/2008 4:34:32 PM PDT by Porterville (Mac Truck)
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To: steve86
THATS what I am most afraid of. The politicians and bureaucrats will refuse to address the root cause of this mess.
17 posted on 09/19/2008 4:37:33 PM PDT by skeeter
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To: atomicweeder

You know, I rarely see anyone talking (so far) about the fact that Congress pressured banks to make home loans to people who should have never had home loans. I have also wondered if another piece of the puzzle was the fact that they could make the loan and then move it on to Fannie Mae etc? That way, they didn’t CARE if it had a chance in hades of being paid back.
susie


18 posted on 09/19/2008 4:38:36 PM PDT by brytlea (Obama--Keep the change!)
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To: Uncle Miltie
Eventually, one of them will get it a little right.

*snicker*

19 posted on 09/19/2008 4:46:20 PM PDT by Alia
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To: brytlea
You know, I rarely see anyone talking (so far) about the fact that Congress pressured banks to make home loans to people who should have never had home loans. I have also wondered if another piece of the puzzle was the fact that they could make the loan and then move it on to Fannie Mae etc? That way, they didn’t CARE if it had a chance in hades of being paid back. susie

BINGO, hand that woman a kewpie doll!

Congress is guilty as sin for this. John McCain tried to put restraints back on Mortgages and Fannie and Freddie in 2005 and Congress refused to listen to him.

I think the Real Estate Companies and the original banks that gave the loans should have some kind of punishment placed upon them, too.
20 posted on 09/19/2008 4:46:54 PM PDT by HighlyOpinionated (The Number of the Beast:"six hundred threescore six." Barack Hussein Obama can translate:"Lucifer.")
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To: Porterville
Your best investment is to pay off your debt.

EXCELLENT counsel.

21 posted on 09/19/2008 4:47:21 PM PDT by Alia
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To: Perdogg

It’s worse. I heard there is an inherent flaw in all computers and embedded controller chips such that at midnight on New Years Eve, those devices will stop working.

Death! Famine! SMOG! will result!

Oh, wait.

Nevermind.


22 posted on 09/19/2008 4:48:10 PM PDT by poindexter
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To: HighlyOpinionated

I agree, but I suspect they followed the law, so I’m not sure how they can get socked for it.
susie

Oh, and thanks for the Kewpie doll...cute!


23 posted on 09/19/2008 4:50:13 PM PDT by brytlea (Obama--Keep the change!)
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To: Uncle Miltie

However it seems very funny to me that the market has turned around because everyone is talking about cash infusion and bailouts. Is it worthy to note that they have not done any of the things the fed has talked about this week. The 85 billion to bailout A.I.G. has not come forth, (they can’t find the cash) The purchase of the bad debt from the banks has not happened, so far it is just talk, and yet the markets turned around. Perchance I am crying WOLF, time will tell. No bank has ever cave me a dime unless all the paperwork was in order, why should I believe the fed and the goverment will do otherwise. Just ramblings of concern. How will the markets react should they come out Monday and say sorry we just can’t take all that on?


24 posted on 09/19/2008 4:52:41 PM PDT by teancumspirit (The name is pronounced Te'anc'um Spirit A Nephite, A Warrior, a man who gave his all)
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To: brytlea
I have also wondered if another piece of the puzzle was the fact that they could make the loan and then move it on to Fannie Mae etc?

This is the intended purpose of FNMA, FHLMC, etc. to provide "liquidity" to the mortgage market & enable primary lenders to move liabilities off their books & make more loans. Of course these lenders will then be less inclined to screen borrowers, ESPECIALLY when the government further mandates they make risky loans in the interest of "making homes affordable to the less fortunate".

They've got to put the "free" back in free market.

25 posted on 09/19/2008 4:55:19 PM PDT by skeeter
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To: Perdogg

Jeez, next thing they’ll be meeting a Jekyll Island and creating a whole new banking system, or worse, get together behind closed doors in Philadelphia and creating a whole new government.


26 posted on 09/19/2008 4:59:03 PM PDT by LS ("Castles made of sand, fall in the sea . . . eventually." (Hendrix))
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To: perez24
But so you have gold? No goldbug has EVER answered this---you have $100,000 worth of gold, the market collapses, and you sell because prices are sooooooo high. Now what?

The great unanswered question about gold is, "What next?" Once you have sold your gold at incredibly high prices, you have nothing else to invest in, because to buy more gold costs even MORE money. And you can't eat gold. And it costs you money to just sit on gold, because it doesn't create any wealth through investment on its own.

27 posted on 09/19/2008 5:01:27 PM PDT by LS ("Castles made of sand, fall in the sea . . . eventually." (Hendrix))
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To: Perdogg

At the same time some people like Ravi Bahtra were prophesying great ruin, others were predicting a 30,000 DOW. One of the two was bound to be right. It didn’t mean they were particularly insightful: it meant they sold some books.


28 posted on 09/19/2008 5:03:14 PM PDT by LS ("Castles made of sand, fall in the sea . . . eventually." (Hendrix))
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To: LS

okay, so buy silver. You can actually use silver coins.


29 posted on 09/19/2008 5:03:30 PM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: Porterville

Good advice. Hard to repossess what you own.


30 posted on 09/19/2008 5:03:51 PM PDT by LS ("Castles made of sand, fall in the sea . . . eventually." (Hendrix))
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To: HighlyOpinionated

I agree: but the punishment needs to cut both ways. How about the corrupt homeowners who took out NO INTEREST DOWN loans? Both they, and the bankers who gave them that loan, should be punished.


31 posted on 09/19/2008 5:04:54 PM PDT by LS ("Castles made of sand, fall in the sea . . . eventually." (Hendrix))
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To: ovrtaxt

True-—but once again as a medium of exchange, not as an investment. They don’t have investment value because to gain the value, you have to sell: they don’t produce dividends.


32 posted on 09/19/2008 5:05:58 PM PDT by LS ("Castles made of sand, fall in the sea . . . eventually." (Hendrix))
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To: Uncle Miltie

The markets, after huge rallies the past 2 days, and up over 100 points Tue, are where they were a week ago


33 posted on 09/19/2008 5:06:18 PM PDT by NYC Republican (Infuriate the MSM- vote for Palin/McCain)
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To: PC99
...but we’re not going to starve and die and live like Road Warrior.

I could do with some Road Warrior action. I have a badass Mustang and I'd look good in a mohawk.

34 posted on 09/19/2008 5:06:18 PM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: brytlea

What was the law, the Community Reinvestment Act or something? Boortz had a column yesterday on it.


35 posted on 09/19/2008 5:07:45 PM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: LS

Sure as an investment. You buy it now when the value of dollars are relatively high, and when Mel Gibson comes riding through town chasing a band of bikers with mohawks, you exchange it for a much higher value than some Federal Reserve Notes.

All this mega billions of bailouts are going to accomplish is the severe devaluation of dollars. By buying hard assets, you’re in effect shorting the Fed’s monopoly money.


36 posted on 09/19/2008 5:11:01 PM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: AdmSmith; Berosus; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; george76; ...
closed door session of congress site:freerepublic.com
Google
ONNTSA! :')
37 posted on 09/19/2008 5:41:39 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/_______Profile hasn't been updated since Friday, May 30, 2008)
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To: ovrtaxt

>>I could do with some Road Warrior action. I have a badass Mustang and I’d look good in a mohawk.<<

LOL!
I want to see pics!


38 posted on 09/19/2008 5:42:13 PM PDT by netmilsmom (Tis "Talk like a Pirate Day" Sept 19th! Arrrgh!)
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To: netmilsmom

I’m at the bottom of my home page. I don’t have any pics of the Mustang though.


39 posted on 09/19/2008 5:49:55 PM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: ovrtaxt

I think the best thing about Road Warrior action would all those civilized women in the compounds just waiting for easy pickins from savages like me ;)


40 posted on 09/19/2008 5:49:56 PM PDT by valkyry1 (McCain/Palin 2008)
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To: valkyry1

Yeah, the elitist broads? lol


41 posted on 09/19/2008 5:50:35 PM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: ovrtaxt

I think you would do justice to a Mohawk!

(You have that Thunderdome look about you)


42 posted on 09/19/2008 5:59:04 PM PDT by netmilsmom (Tis "Talk like a Pirate Day" Sept 19th! Arrrgh!)
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To: netmilsmom

Yeah, some war paint and football pads? Sawed off shotty and a Bowie knife...

Bring on the financial crisis! I’ll be stylin. How do you look in Ug boots with a crossbow? We can pillage the poor desert dwellers and eat dog food, yum!


43 posted on 09/19/2008 6:05:21 PM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: ovrtaxt

>>How do you look in Ug boots with a crossbow? We can pillage the poor desert dwellers and eat dog food, yum!<<

I could pull that off. I would have to wear my Sarah Palin glasses though and I only have a minivan. Could I hitch a ride?

You know, Mighty Dog is pure beef.


44 posted on 09/19/2008 6:19:08 PM PDT by netmilsmom (Tis "Talk like a Pirate Day" Sept 19th! Arrrgh!)
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To: brytlea
The problem for the Dems is, the *required* reforms will put a huge dent in their Danegeld to the inner city minority populations, including funding for, ahem, "community organizers" aka ACORN vote-fraud schemes.

If Dems are limited to one vote per living, valid, registered voter, their national power base will implode within microseconds.

And then (if we had any balls) we would send most of them to Leavenworth.

45 posted on 09/19/2008 6:33:06 PM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: Perdogg

Thanks for the pings.


46 posted on 09/19/2008 6:33:27 PM PDT by Quix (POL LDRS GLOBALIST QUOTES: #76 http://www.freerepublic.com/focus/news/2031425/posts?page=77#77)
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To: netmilsmom

Sounds like a plan, you could get your kids in the mini van and give em boomerangs. (I’m assuming you have kids, since ‘mom’ is in your name)


47 posted on 09/19/2008 6:34:39 PM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: SunkenCiv
"ONNTSA" ??

I've tried and tried, and just can't get "NO ONE EXPECTS THE SPANISH INQUISITION" from it...?

Cheers!

48 posted on 09/19/2008 6:35:22 PM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: LS

The only gold I own is on my left ring finger.

I was being sarcastic. I detest the gold commercials that run regardless of the economy.


49 posted on 09/19/2008 6:40:26 PM PDT by perez24 (Dirty deeds, done dirt cheap.)
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To: ovrtaxt

Why yes!

They’d look pretty kicky in some skins and feathers too.
I can train them in the monkey sounds.

Is it a problem that they have good teeth?


50 posted on 09/19/2008 7:05:23 PM PDT by netmilsmom (Tis "Talk like a Pirate Day" Sept 19th! Arrrgh!)
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