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 ...
Hogwash.
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.
susie
*snicker*
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