Skip to comments.I Stand With The Protesters
Posted on 10/09/2011 4:02:47 PM PDT by Razzz42
We as a society must stop pretending. Most of us think that we still have money in the bank to protect, so we go along with the game of extend and pretend. For some of us, the game has already ended. The rapacious zero interest rate policy that I call Bernankecide has already robbed millions of savers of their life savings. This is the reality that has yet to hit home for many Americans who are content to wallow in the status quo. Unfortunately, the longer it takes for them to wake up, the worse their, and our, fate will be.
My mother and millions of other senior citizens are among the victims of the game that policy makers and those who empower them are playing. Their life savings are gone because Bernankecide, the financial genocide of the elderly, forced them to spend their principal. Now the government is indirectly confiscating 8% of my income because I must support my mother. That percentage is likely to grow as her health deteriorates.
Millions of other boomers are in the same boat. They are forced to pay this immoral hidden tax because Ben Bernanke decided that the innocent must pay for the sins of the guilty. While Bernankes ZIRP goes on allowing the banksters to continue to collect their fat bonuses, it steals the savings of millions of Americans, eliminates their disposable income, and cuts the spending power of millions of others who must now support those rendered destitute. The guilty benefit, and the innocent are punished.
Bernanke knows that, yet he continues to side with the criminal bankers in support of the financial genocide of the super elderly, and their children, the baby boomers who must increasingly support them.
Among the OWS protesters are those calling for forgiveness of student loans. They may be acting in their own self interest, but it is a just cause, and must be a part of the cleansing of the system. The student loan thing is a long running racket that preys on the inexperience of children and young people just starting out in life. When I was 20 years old I trusted the system (wrongly). What did you know at age 18 or 20?
The fact is that the peoples savings that funded those loans, including the fake savings backed by phony assets that have yet to be written down, are already gone. These loans cannot be repaid. Bond holders must get wiped out. Then were all going to have to take a haircut. The student loans cant be repaid because these kids either cant get jobs at all or cant get jobs with pay high enough to pay the loans. These loans never had any backing. They were fake from the moment they were issued. But the issuers didnt care. They got their fees up front.
The student loans are the tip of the iceberg. Bankers have made and sold trillions of dollars worth of loans that they knew, or should have known, could not be repaid. Thats fraud. It must be prosecuted. Today, central bankers and governments are refunding those loans, knowing that a substantial portion of them cannot be repaid. Worse, they are buying them above par because of todays fake low interest rates. Then they guarantee them by obligating us and future generations to repay them. This is criminal.
I figure that at least a third of our deposits are worthless because they have no assets behind them. Those running the scam know that. Those investing in the scam know it. But they dont care because they get to collect their fees off the top. That is a system that institutionalizes theft. It must be changed to a performance based model. If you dont earn a positive return, you dont get paid. Instead, governments have taken over the scam while transferring wealth to and protecting the criminals who built the system.
If you are blaming the protesters, or are mystified by them, then you just dont get it. Denial is part of the problem. Too many people have yet to wake up to the fact that they have already been victimized. They are playing along with the dishonest shell game of extend and pretend that the Fed and other central banks and governments are running. Its time to get real, wake up, and face the music. The longer the game goes on, the worse the consequences for the 99%, and ultimately for the 1%, whose ranks will be decimated at some point, and probably not peacefully if this scam is allowed to continue for much longer.
As long as we continue to avoid cleansing the system of the fraud, as long as we refuse to put the fraudsters in jail, they will continue to bleed us dry. If those in charge of administering justice, like President See No Evil Obama and his worthless AG Eric Holder, refuse to do their jobs and seek to punish the guilty, our society and our culture could spiral into chaos and mob rule. Those in the top 1% who are responsible for this fraud, either directly by running it, or indirectly by supporting it financially, must ultimately be brought to justice or society will perish. Theres no way out other than reform, or revolution, or societal collapse. Those are the choices I see. We had better take the first one, and take it now.
So stop worrying about yourself, and start worrying about the future of your children and grandchildren. The government practice of constantly doubling down in support of the fraud is only digging a deeper and deeper hole. Demand reform of the system now. End the fraud now. Make the guilty pay. Instead of rewarding the bankers, prosecute them. They knew, or should have known, that the loans they were making and selling to others could never be repaid. But they did not care. They only cared that they got their fees up front, and their bonuses in the end.
Its time to reset and start over. We will all pay a price in the short run, but the longer we wait, the steeper the price will become. Reform and reset now is the only way to begin a real recovery. Stop the fraud, return to the rule of law, prosecute the bankers, punish the guilty, figure out what our assets are really worth and pay us a fair return, and most importantly, return basic standards of fairness and ethical behavior, something that many in society must relearn. It must be done. There is no other way, no other reasonable choice. Failure to act now will consign us to a future in hell.
FR is mostly conservatives of the Uncle Miltie (Freedman) or Adam Smith type.
Whay are they protesting wall street about student loans? Obama nationalized student loans early in his administration, they need to protest him.
“Workers of all lands, unite to smash the rule of English capitalism! You young upward-striving nations of the earth, combine to annihilate the old English dragon who blocks the treasures of the earth and withholds from you the riches of the world.”
It would be kind of fun to read that statement to the “Occupier” idiots and see them cheer, then tell them the source, and capture the whole thing on on video.
Thanks, I’ll look.
Steaming Pantload Award
I’m all for turning the fire hoses on the “protesters.”. They can clean the park and the smelly people at the same time.
The government does. Every citizen is in debt for about 50k and counting. The Fed, the IMF are bailing out internatinal bankers and sticking taxpayers with the tab. I don't exclude government either, I just don't see much difference. It's the same people, whether they work at Treasury, the Fed, or Goldman Sachs this year.
Post noted for later viewing:
"My mother and millions of other senior citizens are among the victims of the game that policy makers and those who empower them are playing. Their life savings are gone because Bernankecide, the financial genocide of the elderly, forced them to spend their principal. Now the government is indirectly confiscating 8% of my income because I must support my mother. That percentage is likely to grow as her health deteriorates. "
Simply - Mum's a burden.
What will his 'reset' accomplish to get you higher savings rates? Let's see - no one owes anything. Banks go belly up. I don't have to repay my loans, my suppliers go belly up. Students don't repay their loans - College's lay off staff - may go belly up. In the midst of this, you can DEMAND higher interest rates on your CD's, but I doubt there will be a real demand for funds to loan out. No one will be employed and chaos will reign.
“It might be hard to put bankers in the cells filled to capacity with DemoRat politicians, Federal bureaucrats, and conniving students, never intending to pay.”
“It might be hard to put bankers in the cells filled to capacity with Elected Elite, professional” politicians from both parties, Federal bureaucrats, and conniving students, never intending to pay.”
Tea Party VS. Wall Street protest bunch.
Tea Party believes Privatise the profit, socialise the lost is wrong. Solution Privatise both profit and lost. More free market
Wall Street protest believes Privatise the profit, Socialise the lost is wrong. Their solution Socialise both profit and lost. No free market.
I refuse to go down Greek road to prosperity. We know that road
I’ve found that living within my means limits what the government can get out of me.
Unlike most people who talk a big game about starving the beast, I actually go out of my way to live as tax free as possible. I go without a lot of things that most people just gotta have and live with just the most basic necessities I’m comfortable living with.
If the wall street protesters want to do something effective and actually helpful to the economy they should start producing and trading black market style.
Why not call for prosecution of politicians and government bureaucrats too, then?
Instead the idiots protesting are demanding that the government double down some more. After all, one of their demands is that credit reporting agencies be outlawed. That way they can stop pretending they have any intent of paying back loans.
I don't understand this part. Is he saying his mother lost her retirement portfolio in the stock market, or that she cashed out her investments and spent them, or what?
I think a lot of today’s college grads are unemployable, not just because of their silly degrees, but their lazy, contemptuous, sloppy attitudes. Not to mention most of them couldn’t write a coherent memo.
A good work ethic trumps a college diploma these days. Employers are looking for people willing to work without causing a whole bunch of problems for their company.
You are, of course, correct. RINO Republicans had a substantial hand in the destruction of responsible, free market banking, and...
Bankers and loan agents are not blameless, as they have a fiduciary responsibility to only handle a quality product.
I deliberately targeted socialist rats to finger (excluding others), because the author deliberately concealed the same group although they were the major players (and benefited the most) in the fraud.
The TEA Party believes (that to) Privatize the profit, (and) socialize the loss is wrong. Solution, Privatize both profit and loss. More free market.
Right again, I just don't assist leftists misdirecting guilt toward a patsy.
Adler sees things more from the financial and Federal Reserve workings and how it affect the markets or market place (money/bond pumping, interest rates, government statics, etc.). Basically, he uses simple math.
A reset involves loan forgiveness on all levels. That means people lose money (bond investment fail), most banks will have to close, Wall Street ceases to see large amount of money flowing into stocks. Pretty a depression until all outstanding is debt accounted for i.e. in being paid for, forgiven, written off, reduced. Personal, private and governmental debts.
Either it happens now in a controlled environment or will happen a in a violent chain of events that is unavoidable
as bankers run out of other peoples money.
All these bailout, including Euroland and everywhere else, involves a banker’s loan with interest and fees. The more bailouts, the more fees have to be paid (also the more bets markets can place on the bailouts failing, just like riverboat gambling on a worldwide scale that taxpayers unknowingly guarantee and pay for since banker are ‘to big to fail’ and even when they lose a bet (trade), they win because they claim hardships, like the world will end without them and then get money at low interest loans rates or access to another line of government credit,etc (so many ways to fleece the taxpayers).
I can’t put it any more simple than, crooks being paid big (taxpayer) money to be crooks.
On the protest front, you have extend unemployment payments, historical high in food stamp payments, money going from government to private companies (unions, campaign contributors, whatever) just like socialism in its various stages. And the people are still not happy. Do they want more? Or do they their own way of life back? I don’t know and neither do they but until some figurehead comes forward with a plan to heal all the wounds, get things back on track, the protests will continue.
Eventually the US$ loses it world reserve status as confidence erodes away in how the US functions without the rule of law.
Unknowns in people’s futures make them very edgy and they can sense a reset coming no matter what (at least the ones who can balance a checkbook can see it coming). Easing the pain now would avoid blood in the streets later on down the road.