The right move is for our Government to enforce and regulate and not to interfere... let the Markets rule. SEC has known about Shorting issues for at least 10 years. Just enforce the rules already established. Prosecute the criminals engaged in financial frauds and market Manipulation. Don't pardon them and bail them out. Reinstate Uptick rule... OK. reasonable. Flip flopping and panicking like pansies... Oh... thats a confidence builder... Manipulating the markets... Out Right Criminal! We are only digging a deeper hole that even our grand kids' grand kids will not be able to escape. 5 generations of tax debt is akin to citizen slavery... Not reasonable. No doubt we will see 70% of all income going to a plethora of new creative taxes. 9/11 tax, 9/18 tax, the unpaid tax tax... Financial enforcement tax. Devalueing Dollar Tax. Federal sales tax. Big companies failing and going bankrupt is not financial destruction... Its evolution... Smaller more agile companies would snap up the assets and push the new economy along. Shareholders are already protected by law and can sue the responsible officers and directors under a variety of theories. Has Washington declared some type of emergency action suspending our Constitution? Is Wall street under Martial Law?
If the market ruled they would be building gallows right now, and we would see a large mob with torches and hayforks running around in the night snatching some certain corrupt scoundrels out of their beds ... I think so... oh, yes.
Some thought our ultimate Socialist destiny was just weeks away. If Barry or Juan was elected, they would have nationalized healthcare and transferred a lot of economic activity from private to public. Even if Juan was elected, he is after all a big government guy in love with Teddy Kennedy, and he would have let Teddy's boys in the Senate write the plan and put Kennedy's name on it either as a living tribute or in memoriam. The shock here was that our financial institutions had to be nationalized before healthcare could be taken over. This nation has fallen so low, that a nutty, whiny dweeb like Ron Paul is the only national figure speaking truth to power.
Would you say the same if you used Lehman as your broker and you couldn't get access to your trading account now and instead would be talking to PWC on how the audit is going?
You speak great truth, my friend .. only that the "elite" don't want to give the impression that "smart government" is at the helm... they prefer to "dumb it down" for the average Joe - who has a big HEART .. and a PEA brain.
Funny you say that... Went to Wachovia to withdraw cash from certain accounts to stay inside of the FDIC limits. I got a small amount and was asked to come back in a week from tuesday for the balance. A lot of things can happen in 10 days... Reality is FDIC insured or not... makes no sense what so ever to take the risk of leaving any excess cash in any bank. Outside of direct deposit and the ability to receive checks for cashing even my business accounts need to be kept at the absolute bare minimum. I'm certainly not trying to spark a run on the banks.. but common sense dictates... No matter how lumpy my mattress gets when stuffed... I sleep much better.
Thanks for the heads up. He did frame the argument correctly inflation versus deflation. The funniest thing I saw on television last week was CNBC contributor William Seidman's big turnaround. Initially, he got it right. As former head of the Resolution Trust Corp., he said that a hybrid of that would not work in this situation. The reason being was that the original RTC did not have buy and sell, all they did was sell. But obviously, his Federal Reserve fraternity brothers got to him and the next day he was no longer singing solo but with the choir. I believe what we have is akin to the Hunt brothers trying to corner the silver market. When the price of silver went up, everybody and their brother found silver and brought it to market, flooding the market with silver. Obviously, the Hunt brothers estimate on the finite quantity of silver that could become available for sale was underestimated. The IDIOTS in the government in their own way have attempted to corner the market on bad debt. But they like the Hunt brothers were unable to get a handle on what was the finite quantity of bad debt in the market place. When you are stupid enough to become the buyer of last resort for bad debt, it is amazing how much bad debt starts turning up, now the bad debt is showing up from overseas.