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Senator warns of hyperinflation rivaling the 1980s
thehill.com ^ | August 25, 2009 | Michael O'Brien

Posted on 08/25/2009 12:10:00 PM PDT by Palin Republic

Grassley, speaking about the renomination of Federal Reserve Chairman Ben Bernanke to a second term as head of the Fed, asserted that Bernanke's ability to hold down inflation would be the metric by which the Fed's success would be measured.

"We won't know for a year if he's done a good job so far, because he shoveled money out of an airplane to save banks and the financial system," Grassley said in a conference call with Iowa reporters. "But shoveling money out of an airplane to solve problems can be inflationary — in this case, hyperinflationary — if he doesn't start mopping up some of the money that's out there."

Grassley, the ranking member of the Senate Finance Committee, said that inflation as a result from government spending on bailouts could result in inflation rivaling rates in 1980, when it hit a peak of 13.5 percent.

(Excerpt) Read more at briefingroom.thehill.com ...


TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: bernanke; bhoeconomy; democrats; economy; federalreserve; grassley; hyperinflation; obama; thecomingdepression
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To: Palin Republic
Grassley, the ranking member of the Senate Finance Committee, said that inflation as a result from government spending on bailouts could result in inflation rivaling rates in 1980,...

More accurately, double digit inflation occured in 1979, 1980 and 1981.

51 posted on 08/25/2009 2:50:16 PM PDT by <1/1,000,000th%
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To: Red Steel
"I see GrASSely couldn’t say the Carter years."

Telling the truth about Commies is partisan...don't you know.

52 posted on 08/25/2009 2:50:49 PM PDT by blam
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To: what's up
The stock market has come up 3,000 points from the bottom this year. That's almost a 100% recovery on the DOW. And much of that increase is because OZero's hugest socialist programs are NOT going thru.

No, it's because the Primary Dealers (big banks) have been propping up the equities markets artificially.

That, combined with the fact that the FASB (Federal Accounting Standards Board) changed their rules last March to allow banks to "mark to fantasy" - meaning banks are now able to hide their very real losses.

Have you wondered why the big banks reported horrendous first quarter 2009 results and then great second quarter results?

53 posted on 08/25/2009 2:53:57 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: Palin Republic

bfl


54 posted on 08/25/2009 2:55:29 PM PDT by blam
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To: politicket
No, it's because the Primary Dealers (big banks) have been propping up the equities markets artificially.

Really? So in your estimation when is this new house of cards due to come tumbling down?

55 posted on 08/25/2009 3:06:14 PM PDT by what's up
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To: Palin Republic

Working just as planned by Barry, SEIU, ACORN, APOLLO, and the other radical factions that surround Barry.

They must destroy the current system(s) before they can reform it in the image they so desire to form it into.


56 posted on 08/25/2009 3:09:05 PM PDT by cranked
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To: what's up
Really? So in your estimation when is this new house of cards due to come tumbling down?

After the Fed finishes buying their $300 billion of Treasury securities (not much longer), and either stops or slows down their purchases of agency debt and mortgage-backed securities (not sure when this will be).

When those two things happen then our economy will crumble.

Things might happen faster than that if China's economy implodes (which I completely expect).

Have you ever wondered why the trading volume on the exchanges has ramped downwards since March, while the indexes have gone up?

I wish you well if you're back into the markets, but I hope you're paying close attention to them. It can, and most likely will, fall fast when it happens.

57 posted on 08/25/2009 3:20:02 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: politicket
No, it's because the Primary Dealers (big banks) have been propping up the equities markets artificially.

So a Primary Dealer with ultra safe Treasury Securities is going to sell them to the Fed, take the money and invest it in risky stocks because...........?

Have you wondered why the big banks reported horrendous first quarter 2009 results and then great second quarter results?

Because their bond holdings stopped going down and started going up?

58 posted on 08/25/2009 3:21:44 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: politicket
After the Fed finishes buying their $300 billion of Treasury securities (not much longer), and either stops or slows down their purchases of agency debt and mortgage-backed securities (not sure when this will be).

IIRC, by October.

When those two things happen then our economy will crumble.

Why?

Have you ever wondered why the trading volume on the exchanges has ramped downwards since March, while the indexes have gone up?

More buyers than sellers?

59 posted on 08/25/2009 3:23:18 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: cranked
Working just as planned by Barry, SEIU, ACORN, APOLLO, and the other radical factions that surround Barry.

These folks are doing major harm to our counry - no doubt.

However, they are not the ones that are driving this deflationary spiral. It's the big banks, and they're doing it through the FOMC (Federal Open Market Committee) and the Fed.

The Federal government loves inflation. The big banks put up with inflation for a period of time to build economic bubbles, but then pull credit out from under economies in order to steal the wealth and create more debt slaves.

The Federal government is getting hurt by the big banks moves as well. They need money to keep their tyrannical power. Where are they going to get it?

That's what this "Health Care" issue is all about. It has NOTHING to do with doctors, treatment plans, end of life counseling, etc. That's all a ruse for the real purpose - which is to create an ENORMOUS Federal government trust fund that our government can steal from in order to keep the level of dictatorial power they've grown accustomed to. That's it.

The "Cap and Trade" legislation is along the same lines. Our government will use threats of fine and/or imprisonment to force all citizens to succumb to "green" technology - knowing that this will force a new manufacturng bubble that doesn't currently exist from which the government can generate huge revenue.

Carbon credits will become a "tradable" commodity in which the big banks receive large commissions to glean off the top.

Meanwhile, you will work longer hours for less pay.

60 posted on 08/25/2009 3:29:21 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: Toddsterpatriot
More buyers than sellers?

Very good! Give that man a star. :-)

Seriously, I know that you and I disagree on many economic things. We'll see how this plays out and decide who's theories held the most merit.

If it's yours, then I will be happly to congratulate you.

61 posted on 08/25/2009 3:33:15 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: Palin Republic

As we are paying $9 for a gallon of milk, $6 for a loaf of bread, $5.69 per gallon of gas AND VERY FEW HAVE JOBS to give a rats ass about healthcare 0bama will get on TV while this is all happening and say it is Bushes fault he inherited it.


62 posted on 08/25/2009 3:39:17 PM PDT by Dubya-M-DeesWent2SyriaStupid! (Obama, the first ever 3 in a half year, lame duck TOTUS)
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To: politicket
However, they are not the ones that are driving this deflationary spiral. It's the big banks, and they're doing it through the FOMC (Federal Open Market Committee) and the Fed.

The banks and the FOMC are driving the deflationary spiral? How are they doing that?

The Federal government loves inflation.

Why?

The big banks put up with inflation for a period of time to build economic bubbles, but then pull credit out from under economies in order to steal the wealth and create more debt slaves.

Debt slaves? Is that what you call a guy who defaults on his mortgage? How do defaulted mortgages help the bank steal the wealth?

63 posted on 08/25/2009 3:40:35 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: politicket
Seriously, I know that you and I disagree on many economic things. We'll see how this plays out and decide who's theories held the most merit.

Your posts on this thread are too confusing to decipher your "theory".

64 posted on 08/25/2009 3:41:31 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: politicket

Do you mind if I ask your background? Interesting.


65 posted on 08/25/2009 3:42:22 PM PDT by ItisaReligionofPeace
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To: what's up

Agreed with you. I don’t know how accurate it is saying the Fed did a great job last year- there are many I respect who believe there was a huge potential collapse- I’ll await the judgment of history on that. The real question is what the aftereffects are of the “fix”, which we have yet to see.


66 posted on 08/25/2009 3:45:22 PM PDT by AFPhys ((Praying for our troops, our citizens, that the Bible and Freedom become basis of the US law again))
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To: politicket
Have you ever wondered why the trading volume on the exchanges has ramped downwards since March

Sure there was heavy volatility then because the market was trying to find the bottom in the wake of a crash and a socialist President being elected.

But such huge volume is not typical. And we have had far from thin volume lately especially for summer. Just yesterday we had what could be considered a higher volume day.

67 posted on 08/25/2009 3:48:10 PM PDT by what's up
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To: Palin Republic

Uh, we didn’t have hyperinflation in the 70’s or the 80’s. We’ve never had hyperinflation in America. Not that I think it isn’t possible but people need to remember just what hyperinflation is. Hyperinflation is a rate of inflation that is equal to 50% a month or 600% a year.


68 posted on 08/25/2009 3:50:06 PM PDT by AzaleaCity5691
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To: Toddsterpatriot
Your posts on this thread are too confusing to decipher your "theory".

LOL! That's OK. I'm sure others might be able to make more sense out of them.

Why don't you tell us, in a few paragraphs, where you see the general economy heading over the next six months? I'd honestly like to know your thoughts.

69 posted on 08/25/2009 3:50:10 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: AFPhys
I respect who believe there was a huge potential collapse-

The imminent run on the money markets last Oct. was a very large deal which is what prompted Bernanke-Paulson to act and quickly. That was a scary time.

real question is what the aftereffects are of the “fix”, which we have yet to see.

Agree.

70 posted on 08/25/2009 3:51:01 PM PDT by what's up
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To: ItisaReligionofPeace
Do you mind if I ask your background? Interesting.

I'm a business analyst in the financial arena.

71 posted on 08/25/2009 3:51:52 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: dinoparty

True. But the one thing about hyperinflation is this. If we ever did go into a stage where we emulated Weimar and you had to have a wheelbarrow of $1,000,000 notes to buy bread the one thing it would do is completely end the problems with foreclosure in the country. Not to advocate for hyperinflation or anything, but hyperinflation would be a Godsend for those who are up to their eyeballs in debt and the worst possible thing in the world for those who aren’t in debt and have savings.


72 posted on 08/25/2009 3:52:24 PM PDT by AzaleaCity5691
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To: politicket
Why don't you tell us, in a few paragraphs, where you see the general economy heading over the next six months?

I think we'll slowly improve. Unless Obama gets one of his huge government wishes thru Congress. Jobs probably won't be added, net, for another year.

73 posted on 08/25/2009 3:56:29 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: BenLurkin

“Inflation in the 80s was bad but it wasn’t, I don’t think, “hyperinflation””.

The inflation wasn’t even in the 80s. The inflation was in the 70s, and was pretty much over by ‘83. I remember my first job out of college in 1983, when raise time came all the veterans were complaining. No more 6-10 percent raises like in years past. Only 3 to 5%. From 83 into the 90s, prices basically did not go up.

The Carter inflation, as bad as it was, was not “hyperinflation”


74 posted on 08/25/2009 4:12:39 PM PDT by Flash Bazbeaux
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To: politicket
You never responded to post #63.
75 posted on 08/25/2009 4:22:48 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Munz
or does he [obama] think that the bottom will never fallout?

-11nobama needs to destroy the middle class in order to achieve his goals.

76 posted on 08/25/2009 4:23:34 PM PDT by upchuck (Neuter them in 2010 - Send them packing in 2012.)
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To: Palin Republic

Okay Grass Ass. Enough about inflation. Are you going to buckle on Obamacare?


77 posted on 08/25/2009 4:32:42 PM PDT by AdaGray (uw)
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To: Toddsterpatriot
I think we'll slowly improve. Unless Obama gets one of his huge government wishes thru Congress. Jobs probably won't be added, net, for another year.

You're optimistic. You may be right, but my bet is that this will be a very slow recovery. I'm betting that we haven't hit bottom yet, not in real terms anyway.

I believe that the secular trend is Asia up, the west down. Schiff and Rogers have it right. Schiff likes to say; think of the world economy as a train. Most people think we're the engine. But we're the caboose.

Asia is going to rule this century. Couple of billion people there and they work hard, produce, and save like misers. We, on the other hand, go into debt and consume. We'll lose the battle unless we turn it around, and I don't see that happening anytime soon.

But while Schiff thinks the east will decouple quickly, my bet is that it will be a slow process. Things this big don't usually change overnight. They'll slowly pull away and leave us with our debt, our entitlement nightmares, our unproductive economy, but it will happen over time. The dollar IS the reserve currency, and there's nothing there to replace it yet. But if you're watching, you know that the Asians are moving away from the dollar as a long term store of value. They ain't stupid.

The dollar will have it's ups and downs, but over time - at least in relation to REAL money (gold) - thanks to the politicians, it will be down. Can't say what'll happen to the dollar in relation to other currencies, since that's all political too. I don't even try to play that game. Anybody who can... bully to you.

I don't even try to trade, I invest. As an investor, I'm completely out of the US market. We're looking to be pretty well hosed for awhile, although I'd love to be proven wrong. Meanwhile, I'm long PMs, Asia, and emerging markets. But unlike Schiff I'm sitting on a pile of dollars because I don't think the dollar is going to drop all that much all that soon. It may even strengthen over the short term. It's important to keep some of the powder dry and let this play out. So many political and unpredictable forces are at play.

78 posted on 08/25/2009 4:38:33 PM PDT by Swing_Thought (The doorstep to the temple of wisdom is a knowledge of our own ignorance. - Benjamin Franklin)
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To: Palin Republic

Didn’t hyperinfaltion begin in 1978 after the minimum wage was raised twice in one year and then continue into the early 80’s?


79 posted on 08/25/2009 4:44:52 PM PDT by chris_bdba
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To: Swing_Thought
I believe that the secular trend is Asia up, the west down. Schiff and Rogers have it right.

Schiff and Rogers were recommending foreign stocks, foreign currencies and commodities last year. IIRC, that wasn't a very good call.

Asia is going to rule this century. Couple of billion people there and they work hard, produce, and save like misers.

The only problem is that whole Commie thing.

But while Schiff thinks the east will decouple quickly

He made (and lost) that bet last year.

80 posted on 08/25/2009 4:51:02 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Swing_Thought
Couple of billion people there and they work hard, produce, and save like misers. We, on the other hand, go into debt and consume

Oh, those saintly Asians!

Now all they have to do is change their systems of Gov't and we can all move there where they never consume or spend!

81 posted on 08/25/2009 4:56:19 PM PDT by what's up
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To: Toddsterpatriot

Can’t argue with you about any of that, you’re absolutely correct.

As to point two though... the commie thing... yea, their governments suck. But look at ours. No reason for optimism here.

I pay attention to the markets and to politics every day of my life. It’s anecdotal, but folks on the ground are saying it’s easier to start a business in China than it is here. Clearly, they’re moving in the right direction while we’re moving in the wrong direction. That can change, sure, but I’m not holding my breath.

Look at the secular trend here. We now live under mob rule, where the federal government rules all. And the mob is growing, both in size and ignorance. The white house now rules the country. Who is going to unseat Obama? Palin? Romney? Please... not a chance.

You’re in banking, right? Well I’m in education. Our educational system is beyond repair, and without a knowledgeable citizenry our democratic republic is doomed. We’re entering a very dark age here in the US.

I do hope I’m wrong about this.


82 posted on 08/25/2009 5:02:11 PM PDT by Swing_Thought (The doorstep to the temple of wisdom is a knowledge of our own ignorance. - Benjamin Franklin)
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To: what's up
Oh, those saintly Asians!

Can't imagine how you came up with that from what I wrote. FRiend, my blood runs red, white and blue. But I'm a realist, and an observer. It does no good to stick one's head in the sand.

83 posted on 08/25/2009 5:05:37 PM PDT by Swing_Thought (The doorstep to the temple of wisdom is a knowledge of our own ignorance. - Benjamin Franklin)
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To: Swing_Thought
Couple of billion people there and they work hard, produce, and save like misers.

You are wrong if you think those billions are all like this.

They have their sinners....bigtime.

You need to go live over there for a few years to see how the American system really is better.

84 posted on 08/25/2009 5:11:59 PM PDT by what's up
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To: AzaleaCity5691
Ah someone who studied from the same history books as I did. Oppps
85 posted on 08/25/2009 5:15:29 PM PDT by TheFrog
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To: what's up
You need to go live over there for a few years to see how the American system really is was better.

Fixed that for you.

86 posted on 08/25/2009 5:16:04 PM PDT by Swing_Thought (The doorstep to the temple of wisdom is a knowledge of our own ignorance. - Benjamin Franklin)
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To: Swing_Thought
Really? The Asian system is better than ours now?

This shows that your blood may not be all that red, white and blue.

87 posted on 08/25/2009 5:18:12 PM PDT by what's up
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To: Swing_Thought
As to point two though... the commie thing... yea, their governments suck. But look at ours. No reason for optimism here.

Obama may dream about making us commies, but we're a long way from that.

Look at the secular trend here. We now live under mob rule, where the federal government rules all.

Exactly, which is why Obamacare passed already. Wait....what?

Well I’m in education. Our educational system is beyond repair,

I'm trying to educate Freepers as fast as I can.

88 posted on 08/25/2009 5:19:11 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: what's up
Really? The Asian system is better than ours now?

This shows that your blood may not be all that red, white and blue.

Why do you try to make this a patriotism contest?

Why is it unpatriotic of me to note that they save while we borrow, that they produce while we consume?

If I could change it around I'd do so tomorrow.

Waving the flag ain't gonna cut it though pal. We have to turn around the country. But the rest of 'em are barreling down the socialism highway full speed. We know where that highway leads, don't we? Do you deny this is happening?

89 posted on 08/25/2009 5:24:44 PM PDT by Swing_Thought (The doorstep to the temple of wisdom is a knowledge of our own ignorance. - Benjamin Franklin)
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To: Toddsterpatriot
I'm trying to educate Freepers as fast as I can.

That's good, but Freepers aren't really the problem. And unfortunately they're in the minority, and the spread is widening, not narrowing.

90 posted on 08/25/2009 5:29:23 PM PDT by Swing_Thought (The doorstep to the temple of wisdom is a knowledge of our own ignorance. - Benjamin Franklin)
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To: Swing_Thought
Why do you try to make this a patriotism contest?

Why do you insist that me pointing out your belief is a contest?

Fact is, you mistakenly think the Asian system is better. Far from it.

91 posted on 08/25/2009 5:31:37 PM PDT by what's up
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To: politicket

Interesting.


92 posted on 08/25/2009 5:32:06 PM PDT by ItisaReligionofPeace
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To: Toddsterpatriot
It is my analysis that the Primary Dealers (who control the Fed) pulled the easy availability of credit last year - with the express purpose of gaining more wealth and more power.

With that as a basis, it is my contention that this action caught a lot of businesses and individuals completely off guard. Businesses found that their credit options became very limited in availability at a cost that they could afford. Individuals (even those with excellent credit) found the cost of credit being increased by a sizeable amount.

This has weaved its way through our economy, and is what is driving our present economic crisis - and our deflationary spiral. The Primary Dealers love deflation. It makes existing debt more expensive to pay off. Our Federal government hates deflation, and is stuck trying to create inflationary programs in an effort to maintain their power structure.

The Federal government loves inflation for the simple reason that it makes existing debt cheaper - and allows them to pass a "hidden tax" on to the public.

Most all of us are debt slaves - including the guy that defaults on his mortgage. The bigger banks (not regional or state) wind up with the wealth that the foreclosed property contained, unless they sell it again.

Bottom line, I believe you think the Fed is just "trying to do its job to pull us out of this mess". I believe that the Primary Dealers who completely control the Fed did all of this intentionally - and our government (federal, state, and local) is feeling the ramifications just like everyone else.

93 posted on 08/25/2009 5:50:26 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: DallasDeb

That is a good question: What is hyperinflation? Is it how high it gets or is it how fast it climbs? Just askin’


94 posted on 08/25/2009 5:54:03 PM PDT by cornfedcowboy
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To: politicket
It is my analysis that the Primary Dealers (who control the Fed)

Primary dealers do not control the Fed.

pulled the easy availability of credit last year- with the express purpose of gaining more wealth and more power.

How do massive mortgage defaults give primary dealers more wealth or power?

The Primary Dealers love deflation. It makes existing debt more expensive to pay off.

Let's drive our customers out of business, we'll be rich!

The Federal government loves inflation for the simple reason that it makes existing debt cheaper - and allows them to pass a "hidden tax" on to the public.

Income taxes and benefit programs are indexed for inflation.

Most all of us are debt slaves - including the guy that defaults on his mortgage. The bigger banks (not regional or state) wind up with the wealth that the foreclosed property contained,

So Bank of America loans a guy $280,000 to buy a $300,000 home that's now worth $200,000. How does Bank of America get all that wealth out of the property?

Bottom line, I believe you think the Fed is just "trying to do its job to pull us out of this mess".

As a matter of fact I do.

I believe that the Primary Dealers who completely control the Fed

In your dream world, how do they exercise that control?

did all of this intentionally

Did all of what? Be as specific as you can.

95 posted on 08/25/2009 6:01:42 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Toddsterpatriot
As I previously said, you and I disagree on the fundamentals.

I'm not going to waste my time trying to convince you of where I believe you're wrong, since we're both pretty well set in our current thoughts regarding the economy. This is where watching the next year unfold will tell us a lot of information.

I sincerely wish you well in your financial endeavors.

96 posted on 08/25/2009 6:10:09 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: politicket
As I previously said, you and I disagree on the fundamentals.

Imagining the Fed is controlled by the Primary Dealers is not a fundamental.

97 posted on 08/25/2009 6:16:52 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Toddsterpatriot
Imagining the Fed is controlled by the Primary Dealers is not a fundamental.

Two points. First, it's not "imagination". Second, it's very fundamental to the picture.

The Fed is simply a "pipeline" from the Primary Dealers to the U.S. government. The only thing that you could debate is the fact that a President "nominates" a Federal Reserve Board member once every even-numbered year to serve 14-year term. Past that, you're out of debating points.

98 posted on 08/25/2009 6:23:59 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: politicket
Imagining the Fed is controlled by the Primary Dealers is not a fundamental.

Two points. First, it's not "imagination". Second, it's very fundamental to the picture.

You'd think that those all powerful Primary Dealers would be booking some huge profits these last few years. Hell, if I controlled the Fed, I know I would.

The Fed is simply a "pipeline" from the Primary Dealers to the U.S. government.

Still don't see any proof of control.

Hey, weren't Bear Stearns and Lehman Brothers primary dealers? LOL!

Past that, you're out of debating points.

Your fevered imaginings about Primary Dealers don't rise to the level of debate. It's all about poking fun.

99 posted on 08/25/2009 6:29:01 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Toddsterpatriot
Hey, weren't Bear Stearns and Lehman Brothers primary dealers? LOL!

Yes they were. And who drove them out of business?

You can "poke fun" all you want. I can take it.

As I said, you and I have two very differing opinions. You still have not taken time to expand on your economic theory, other than to say that things will eventually get better.

Based on what? Given what evidence? As you like to reply to me - let's see some detailed explanation. I believe that I have offered much more in that regard during this thread than you have reciprocated.

So, either tell me your understanding of the Fed and its relationship to our government or we don't have much to debate anymore.

100 posted on 08/25/2009 6:37:06 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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