Skip to comments.Economic Collapse in September?
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 ...
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.
It’s ironic though.
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.
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.
I thought this was funny when I read it this summer.
Look at the date of the article.
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.
Well, the author’s thesis has already been partially vindicated.
It may be ironic but how much validity does a website named 321gold.com have?
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.
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.
Gold bugs declare that the modern economy is over every 15 minutes.
Eventually, one of them will get it a little right.
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.
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.
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!
I agree, but I suspect they followed the law, so I’m not sure how they can get socked for it.
Oh, and thanks for the Kewpie doll...cute!
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?
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.
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.
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.
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.
okay, so buy silver. You can actually use silver coins.
Good advice. Hard to repossess what you own.
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.
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.
The markets, after huge rallies the past 2 days, and up over 100 points Tue, are where they were a week ago
I could do with some Road Warrior action. I have a badass Mustang and I'd look good in a mohawk.
What was the law, the Community Reinvestment Act or something? Boortz had a column yesterday on it.
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.
>>I could do with some Road Warrior action. I have a badass Mustang and I’d look good in a mohawk.<<
I want to see pics!
I’m at the bottom of my home page. I don’t have any pics of the Mustang though.
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 ;)
Yeah, the elitist broads? lol
I think you would do justice to a Mohawk!
(You have that Thunderdome look about you)
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!
>>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.
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.
Thanks for the pings.
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)
I've tried and tried, and just can't get "NO ONE EXPECTS THE SPANISH INQUISITION" from it...?
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.
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?
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