Posted on 09/21/2008 11:31:36 AM PDT by Revel
Really? I got the impression that Jim Robinson was not for this:
To: Fox_Mulder77
The “cure” appears to be worse than the disease. Let ‘em die. They’re rotten to the core anyway. We may suffer in the short term but we’ll survive and be stronger for it. Long live the Republic!
59 posted on Saturday, September 20, 2008 02:53:27 PM by Jim Robinson
http://www.freerepublic.com/focus/news/2086601/posts?page=59#59
About the bankers. Imagine an economy where we paid cash for everything. The bankers would get virtually a zero cut of our transactions. Imagine how much further our money would go. As it is now-Americans do all the hard work. The bankers do almost nothing, but play with out money, and they get the biggest cut. When this country was founded then I am sure that it was mostly a cash based society. Not a credit based one. Our founders warned about this. The bible even warns about it.
It is a tax on all our wealth, a scheme that Alan Greenspan said would destroy our wealth.
The only solution to all these government-imposed frauds is to return to gold money and a form of sales-based taxation, like the Fair Tax.
It convinced me to change my mind on this proposed bail-out.
Prior to this point, I had been tolerant of the proposal, because, as Lonely NY Conservative described with fine insight, this bail-out was better than the alternative, the catastrophic collapse that we came close to last week.
I have been describing this bail-out as the "Banker Consolidation Act of 2008", in posts here and there. In short, I consider that this is a deliberate scheme to destroy or engulf competition in the banking and financial industry, perpetrated by a few at such places as the New York Fed, Goldman Sachs and JPMorgan. There is over a century of just such anti-competitive practices, from these very same people and their predecessors, dating back at least to the Robber Barons of the late 1800's. It's in their blood.
All this still stands, but as Karl Denninger clearly explains (see his YouTube video presentation at King Paulson - Hope you like it), it was exactly Paulson and his fellow foxen who converted our hen house into a Tyson chicken packing plant. Given how obvious it was to several perceptive viewers and commentators for the last year or more what was going on, we can reasonably assume that this financial crisis was deliberately caused.
We cannot hand a lead architect of this crisis, Paulson, former CEO of Goldman Sachs, nearly a trillion dollars and absolute dictatorial power with unlimited legal immunity, to run whatever financial businesses through that money laundering factory he so chooses, selling off the assets for whatever price amuses him to his cohorts in this crime of the century, with the United States picking up the tab for any losses.
No Mas
Some major medicine is needed, and needed quickly.
But we don't hand the keys to the hen house, with an essentially unlimited budget and absolute immunity from prosecution, to the head fox.
Better to risk collapse of the hen house (the financial roof over all our heads) than this.
We also need to amend the Constitution to restrict Congress to only pass asset-based as compared to debt-based spending programs. We must not allow programs like Social Security ever again.
Imaging the position we would be in today if everyone had retirement savings in their own name as opposed to just a promise to borrow money for some undefined furture benefit.
I think one would be Credit default swaps(CDS) These are what the bankers are all terrified about. This is what is really threatening them. They wrote insurance to each other on all the garbage. AIG did this big time too. This would be considered a credit instrument as per the definition in this bill.
http://en.wikipedia.org/wiki/Credit_default_swap
Wow- Well stated.
good article, very informative/difficult subject for many of us.
This must have happened before hundreds of years ago. Otherwise then why would our founders have warned us about turning our economy over to bankers. Why would they have warned us of the coming of this very day? There are lot of quotes in this great video series called “Money as Debt”.
http://www.youtube.com/watch?v=ThXpjmfyiMQ&feature=related
“Let em die” is the populist response here. The most populist response is perhaps to abolish the Fed, but that hasn’t caught on beyond a small diehard contingent here.
Here is a fun video that someone created using roller coaster tycoon. It shows housing prices from the 1800’s to a year ago. It gives you a good idea of what the bankers and the government just did to us.
http://www.youtube.com/watch?v=kUldGc06S3U
“this financial crisis was deliberately caused”
Oh I’m sure. No doubt all a big conspiracy. Probably by the same elements in the US government that caused 9/11.
And isn’t Hank Paulson one of those giant lizards that secretly controls the world?
I’m sure he must be.
Why You Should Hate the Treasury Bailout Proposal
http://www.nakedcapitalism.com/2008/09/why-you-should-hate-treasury-bailout.html
Just because most conspiracy theories are bunk, doesn't mean that there are no conspiracies.
The history of the Robber Barons, and their direct corporate descendants at JPMorgan and Goldman, is well documented.
May I suggest you read up on your history a bit ... and go long aluminum (for tin foil hats ;).
After the bankers dump all of this onto the taxpayer then they don’t want the markdown to count against them either. Christmas for the bankers. Breadlines for the taxpayer.
“The Financial Services Roundtable is pushing for key refinements to the Treasury’s market rescue proposal. It’s calling for the Securities and Exchange Commission to suspend mark-to-market accounting rules for all mortgage related assets, even if temporarily. It wants to ensure the government bid for assets does not count broadly for accounting purposes, so that auditors cannot force banks to mark down their mortgage-related assets to the government-set price. It also wants home equity loans, construction loans and securities issued by Fannie Mae and Freddie Mac included in the deal.”
www.tickerforum.org/cgi-ticker/akcs-www?post=61924
I am so glad you posted this. I have linked it on several threads. Wake up people!!
And isn’t Hank Paulson one of those giant lizards that secretly controls the world?
Are you not being a bit quick to dismiss these arguments, given Secy. Paulson's history of ex-CEO of Goldman Sachs, a key player in creating this mess? Does it not bother you that Treasury is trying to get carte blanche in this system, while blocking review by the court? I do agree with you that the Democrats who pushed loans to the poor who could not afford them are also to blame. How much more bad debt will be pushed on us while the execs who got several tens of millions of dollars in bonuses walk away with platinum parachutes?
I am actually in FAVOR of blocking review by the courts for the reason I give in post #19 above.
I would much rather have Paulson in charge of the market intervention than Charlie Rangel, Chris Dodd, Barney Frank, Obama bin Biden or the other assorted clowns that make up our dominant political class. At least Paulson has a good understanding of the financial markets.
How would you limit our exposure from Paulson’s decisions? Neither of use were able to cast a ballot in his appointment and I doubt the senate considered giving a single individual this much power during his confirmation hearing.
LOL!!!
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