goldman and the US government should gather all their favorite cronies in a fortress and hire blackwater et al to go thieving house-to-house
The lost money, but they tell you otherwise with thier Enron type accounting. Just like that big S.S. Trust fund fund we supposedly have.
The government shouldn't have bailed out Bear Stearns, Fannie, Freddie or AIG. They did the right thing by conserving (taking over) Fannie and Freddie, so they can see how bad it is, which will take a long time going through $5.0 trillion of assets. But, they shouldn't guarantee those bonds. The word "implicit" doesn't exist anywhere in law. The government thinks the S&L model of the RTC will work this time. It won't. Why? because the amount of bad paper they are going to take over is going to be astronomical - the gov't doesn't have a clue how much is this is going to cost - most people don't. It boils down simply the government doesn't have the money to do this. The tax burden to back this will be so great, it will impact the economy adversely like anything we've ever seen. The double whammy is, selling treasuries to foriegn governments will not do much to plug the hole. Why? Because foriegn governments are no longer going to over pay for our long treasuries. Buyers of the full faith and backing of the US government, will increase their risk premimum, before they buy these bonds. Why? Because they will see the full faith and backing of the US government will be less certain than it was. They are going to want to be compensated for their risk in T-Bills, so interest rates will go up accross the board. Governments that take over businesses and markets, is a sign of desperation. The band aid motive of maintaining confidence, is like putting a band aid on gun shot wounds. Next comes Chrysler, then American Airlines, Ford, GM and you can add a few more, that say we are too important to fail. The government will bail them out too or in effect take them over. The die has been cast. Risk and the possibility of failure in markets and the business, is part of the equation. Government has a role in limited but effective enforcement of regulation. But, the government has no business in being the controlling player in the game. Failure is failure and it has to be accepted as such. Government taking a controlling role will backfire. It will make it worse. Maybe not right away. But, risk taking regardless of size is what drives business. Problem is these idiots of the failed and failing financial institutions and investment banks had no idea of what the risk was.
Actually, the socialists would've never repealed Glass-Steagall. "The proposed deregulation will increase the degree of monopolization in finance and worsen the position of consumers in relation to creditors. Even more significant is its impact on the overall stability of US and world capitalism. The bill ties the banking system and the insurance industry even more directly to the volatile US stock market, virtually guaranteeing that any significant plunge on Wall Street will have an immediate and catastrophic impact throughout the US financial system." http://www.wsws.org/articles/1999/nov1999/bank-n01.shtml Well, it took awhile, but here we are.
You cant vote your way out of this mess! I dont care who you think the new Decider should be. Its over. Just try to have enough food and supplies in your house to keep from going hungry. Ammo and guns and what little you can get together all most will have when the Credit market fails. All those promise notes from wallstreet will be good for keeping you warm while the fed makes slaves out of the rest of the minions.
There not into it for the money, they print all they want. They are in it for your Indebted Servitude. (Slavery) Also your children thats what credit does. If I am wrong then why are most peoples children going to pay for the debts of all. ___________________ servitude One entry found. Main Entry: ser·vi·tude Listen to the pronunciation of servitude Pronunciation: \ˈsər-və-ˌtüd, -ˌtyüd\ Function: noun Etymology: Middle English, from Anglo-French servitute, from Latin servitudo slavery, from servus slave Date: 15th century 1 : a condition in which one lacks liberty especially to determine one's course of action or way of life 2 : a right by which something (as a piece of land) owned by one person is subject to a specified use or enjoyment by another
It took roughly $225 billion of crappy S&L debt and sold off about $140 billion of it in 7 years and the taxpayers have been kind enough to pay the remaining balance of $85 billion. **btw, no one has any idea how much debt this version of the RTC will have to embrace. Could be a couple hundred billion or as much as $1.5 Trillion. (yeah, that's right, with a "T")
government needs to bring back glass steagall and revise antitrust to breakup anyone that is too big to fail (which would probably turn the job market around)
WOw what a statement for an person that knows nothing about Ron Pauls economic views. Getting rid of the Overlord Federal Reserve would be the best thing this country ever did. I would be interested to know what you think voting for any other person is going to do. Obama and McCain dont know anything about the economy but you can bet they are putting there lies together right now.