Screw the Banks and Investment Firms

[Elderberry]

I'm just more of a "live and die, by my own hand" kind of person.........
simple needs, wants, and desires.........
Some would look at my income and wonder how I eat........
I feel quite comfortable in my lifestyle.......I'm just not sure I feel qualified, or have the right, to tell someone else what they should or shouldn't have............in principal anyway........

Sure, I'd like to see the Rockefellers, Kennedey's, etc. have to go get jobs and cook for themselves.....but, that's just personal.......not a social statement.......

But, JK, if you're ever hungry or cold, call me, I'll be there.........

There is nothing wrong with being a 'live and die by my own hand' kind of person, that's the attitude that made this country great. And it sounds like you are content and happy with your life, which is my idea of what being rich really is.

I don't have any desire to have the Kennedy's or Rockefellers have to go out and get jobs--that is not what I believe the objective of 'redistributing the wealth' to be. I don't think they should be deprived of enjoy the fruits of their labor, but I don't think they would have to change their life-styles much if they were taxed at a much higher rate either. I think you will find that the Kennedys and Rockefellers are not the best of examples, as I believe they are pretty philanthropic with their money. Even Warren Buffet believes he and others that have the ability to earn the money he earns is not being taxed enough.

If I had my way, I'd much prefer the less socially acceptable way of dealing with the poor and undesirables, but since I'm also a realist, we need to take care of them, if for no other reason, to prevent them from becoming so discontent that they decide to revolt.

JK

[chiefdanfox]

If I had my way, I'd much prefer the less socially acceptable way of dealing with the poor and undesirables

JK

Explain, please.

[Sensei]

Jkisha's view is that the poor should be used for medical experiments. Read it and weep.

http://eplaya.burningman.org/viewtopic. ... highlight=

[Toolmaker]

Jkisha's view is that the poor should be used for medical experiments. Read it and weep.

http://eplaya.burningman.org/viewtopic. ... highlight=

HAHA... that was AFTER I plonked him. He probably tells pan handlers to go for experimental drug testing to get some pocket money. I gave up reading his crap awhile ago after I realized he was just living on eplaya to stir up shit and spout garbage.

If only the rich would stop stealing all the money to get on that Forbes list maybe there would be some left over for Americans to get employed and feed themselves. I guess it will take violence on a grand scale poor vs rich till some folks realize that we need jobs here for ppl not medical experimentation for drugs that create more problems than they solve.

I'm especially fond of the commercials that are out now for small medical issues with warnings at the end of heartattack, loss of limb, death etc.

Things are BAD here in FL, 10 percent reported unemployment and more job losses on the way thanks to Obama failing to keep his word. The depression is in full swing and only getting worse, at least now some of the rich toward the bottom are starting to feel it and lose their homes. Its only a matter of time before shit gets really nasty, sadly I feel the ignorant will remain ignorant and continue to shop for stuff from other countries to further the collapse of our economy. Its getting harder and harder to find US goods these days. Kmart shoes here had NOTHING from the US, even ThomMcAnn is Chinese made.

[ygmir]

I think I just coined this, so I want to take credit for it:



Obama: Bush With A Brain

*chuckling*...............good one........

[can't sit still]

This is a good read by Martin Armstrong. He's the guy who refused to give his computer code to GOV. He predicted everything;
http://jsmineset.com/index.php/2009/04/ ... -equities/

[cowboyangel]

Resist or Become Serfs by Chris Hedges
Posted on April 6, 2009 by dandelionsalad

by Chris Hedges
Featured Writer
Dandelion Salad
Truthdig
April 6, 2009

America is devolving into a third-world nation. And if we do not immediately halt our elite’s rapacious looting of the public treasury we will be left with trillions in debts, which can never be repaid, and widespread human misery which we will be helpless to ameliorate. Our anemic democracy will be replaced with a robust national police state. The elite will withdraw into heavily guarded gated communities where they will have access to security, goods and services that cannot be afforded by the rest of us. Tens of millions of people, brutally controlled, will live in perpetual poverty. This is the inevitable result of unchecked corporate capitalism. The stimulus and bailout plans are not about saving us. They are about saving them. We can resist, which means street protests, disruptions of the system and demonstrations, or become serfs.

We have been in a steady economic decline for decades. The Canadian political philosopher John Ralston Saul detailed this decline in his 1992 book “Voltaire’s Bastards: The Dictatorship of Reason in the West.â€

[cowboyangel]

God Bless Ron Paul!

Tell your representatives to support this. It'll save us trillions.


HR 833 IH

111th CONGRESS

1st Session

H. R. 833

To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

February 3, 2009

Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Federal Reserve Board Abolition Act’.

SEC. 2. FEDERAL RESERVE BOARD ABOLISHED.

(a) In General- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished.

(b) Repeal of Federal Reserve Act- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.

(c) Disposition of Affairs-

(1) MANAGEMENT DURING DISSOLUTION PERIOD- During the 1-year period referred to in subsection (a), the Chairman of the Board of Governors of the Federal Reserve System--

(A) shall, for the sole purpose of winding up the affairs of the Board of Governors of the Federal Reserve System and the Federal reserve banks--

(i) manage the employees of the Board and each such bank and provide for the payment of compensation and benefits of any such employee which accrue before the position of such employee is abolished; and

(ii) manage the assets and liabilities of the Board and each such bank until such assets and liabilities are liquidated or assumed by the Secretary of the Treasury in accordance with this subsection; and

(B) may take such other action as may be necessary, subject to the approval of the Secretary of the Treasury, to wind up the affairs of the Board and the Federal reserve banks.

(2) LIQUIDATION OF ASSETS-

(A) IN GENERAL- The Director of the Office of Management and Budget shall liquidate all assets of the Board and the Federal reserve banks in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.

(B) TRANSFER TO TREASURY- After satisfying all claims against the Board and any Federal reserve bank which are accepted by the Director of the Office of Management and Budget and redeeming the stock of such banks, the net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury and deposited in the General Fund of the Treasury.

(3) ASSUMPTION OF LIABILITIES- All outstanding liabilities of the Board of Governors of the Federal Reserve System and the Federal reserve banks at the time such entities are abolished, including any liability for retirement and other benefits for former officers and employees of the Board or any such bank in accordance with employee retirement and benefit programs of the Board and any such bank, shall become the liability of the Secretary of the Treasury and shall be paid from amounts deposited in the general fund pursuant to paragraph (2) which are hereby appropriated for such purpose until all such liabilities are satisfied.

(d) Report- At the end of the 18-month period beginning on the date of the enactment of this Act, the Secretary of the Treasury and the Director of the Office of Management and Budget shall submit a joint report to the Congress containing a detailed description of the actions taken to implement this Act and any actions or issues relating to such implementation that remain uncompleted or unresolved as of the date of the report.

[Apollonaris Zeus]

Then Nationalize the Banks!

AIIZ

[can't sit still]

Zeus, the big three banks have roughly $ 178 trillion in CDOs, etc. Were you going to take all of that under your wing too? Might give you a smelly wingpit

[littleflower]

i do not understand why anyone would think government would do a better job at anything. service would go down, and taxpayers would pay for it.

[Apollonaris Zeus]

i do not understand why anyone would think government would do a better job at anything. service would go down, and taxpayers would pay for it.

We've paid them billions to get them to give loans out to those that can pay them. Yet they do not.

That's the main reason for a nationalized bank system.

The other is that the bank would be just a bank handling money loans and savings leaving private institutions to handle the highly risky investments. Mortgage Assets own by the public can be readjusted since they're own by the government. Private mortgages are almost impossible to readjust without gov intervention. When these toxic assets are liquidated, the people that buy them are more incline to evict the present owners and liquidate the property or assets.

AIIZ

[can't sit still]

The Warren Report; http://dissidentvoice.org/2009/04/the-warren-report/
"Geithner’s lunatic plan has no historic precedent and no prospect of succeeding"
"This is a crucial point; the toxic assets are not going to regain their value because their current market price — 30 cents on the dollar for AAA mortgage-backed securities"
"The IMF recently increased its estimate of how much toxic mortgage-backed paper the banks are holding to $4 trillion." That's a pretty stinky number

[cowboyangel]

i do not understand why anyone would think government would do a better job at anything. service would go down, and taxpayers would pay for it.

No one asks this question when the government say, launches a war, manages it and sends your kids back in body bags. No one asks this question when the government launches a fleet of space shuttles and puts men on the moon. No one asks this question when the check comes in to pay for the nursing homes that our parents end up in or the little lady down the street, when the social security check gets stuffed in her mailbox. No one asks this question when a passenger jet lands safely at an airport and air traffic controller guides it in through a maze of other flights. No one asks this question when the Coast Guard rescues tankers at sea, yachtsmen in trouble, fishermen lost and in very deep trouble. No one asks this question.

[Elderberry]

i do not understand why anyone would think government would do a better job at anything. service would go down, and taxpayers would pay for it.

No one asks this question when the government say, launches a war, manages it and sends your kids back in body bags. No one asks this question when the government launches a fleet of space shuttles and puts men on the moon. No one asks this question when the check comes in to pay for the nursing homes that our parents end up in or the little lady down the street, when the social security check gets stuffed in her mailbox. No one asks this question when a passenger jet lands safely at an airport and air traffic controller guides it in through a maze of other flights. No one asks this question when the Coast Guard rescues tankers at sea, yachtsmen in trouble, fishermen lost and in very deep trouble. No one asks this question.

Why does this post seem out of character for you? (at least to me)

JK

[Elderberry]

The Warren Report; http://dissidentvoice.org/2009/04/the-warren-report/
"Geithner’s lunatic plan has no historic precedent and no prospect of succeeding"
"This is a crucial point; the toxic assets are not going to regain their value because their current market price — 30 cents on the dollar for AAA mortgage-backed securities"
"The IMF recently increased its estimate of how much toxic mortgage-backed paper the banks are holding to $4 trillion." That's a pretty stinky number

Can you please find a link to the entire "Warren Report" in it's original form.

I have heard this women talk about the situation and those quotes don't strike me as something she would say or write.

JK

[cowboyangel]

i do not understand why anyone would think government would do a better job at anything. service would go down, and taxpayers would pay for it.

No one asks this question when the government say, launches a war, manages it and sends your kids back in body bags. No one asks this question when the government launches a fleet of space shuttles and puts men on the moon. No one asks this question when the check comes in to pay for the nursing homes that our parents end up in or the little lady down the street, when the social security check gets stuffed in her mailbox. No one asks this question when a passenger jet lands safely at an airport and air traffic controller guides it in through a maze of other flights. No one asks this question when the Coast Guard rescues tankers at sea, yachtsmen in trouble, fishermen lost and in very deep trouble. No one asks this question.

Why does this post seem out of character for you? (at least to me)

JK

It's not. There are some things that work well. Lincoln managed to take the printing of money away from the bankers and thereby nullify the 30% interest the greedy bastards wanted to charge him for financing the Civil War. We can do this again. Just because I oppose the criminal bailouts and Obama's suck ass subjugation to them doesn't mean I'm anti-American.

[can't sit still]

[quote

Can you please find a link to the entire "Warren Report" in it's original form.

JK

Sure thing,,, I'm sure that my Google works just as well as your Google.
http://www.history-matters.com/archive/ ... nts_wr.htm

[littleflower]

i do not understand why anyone would think government would do a better job at anything. service would go down, and taxpayers would pay for it.

No one asks this question when the government say, launches a war, manages it and sends your kids back in body bags. No one asks this question when the government launches a fleet of space shuttles and puts men on the moon. No one asks this question when the check comes in to pay for the nursing homes that our parents end up in or the little lady down the street, when the social security check gets stuffed in her mailbox. No one asks this question when a passenger jet lands safely at an airport and air traffic controller guides it in through a maze of other flights. No one asks this question when the Coast Guard rescues tankers at sea, yachtsmen in trouble, fishermen lost and in very deep trouble. No one asks this question.

of course you're right, cowboyangel ... but there are also plenty of that the government does not do terribly well, and it's too big already, IMHO. also, the government has some blame in the current mess, as i understand it ... ie, fannie mae ...

but who knows ...

[Apollonaris Zeus]

i do not understand why anyone would think government would do a better job at anything. service would go down, and taxpayers would pay for it.

yes, I guess AIG, Citibank, bank of america have proven that point

[littleflower]

i do not understand why anyone would think government would do a better job at anything. service would go down, and taxpayers would pay for it.

yes, I guess AIG, Citibank, bank of america have proven that point

AZ ...i did not mean to comment on the wonderful service of such organizations, but rather on the uniformly poor service of government run businesses, such as the post office, DMV, taxing agencies, &c.

[cowboyangel]

The Slimy Little Weasel Asshole is Killing working Folks

The Housing Bust Takes Center-stage By Mike Whitney
Posted on April 21, 2009 by dandelionsalad

Dandelion Salad

By Mike Whitney
Information Clearing House
April 21, 2009

The Fed’s $12.8 trillion of monetary stimulus has triggered a six week-long surge in the stock market. Think of it as Bernanke’s Bear Market Rally, a torrent of capital gushing from every leaky valve and rusty pipe in the financial system. The Fed’s so-called “lending facilitiesâ€

[can't sit still]

The really scary part is that most of the people in DC and Wall Street seem to believe that; If they pour enough money into the banks, the producing economy will reincarnate. They've been trying it in Japan for <15> years and it still isn't working. I wouldn't bet the farm on it. But, Obama doesn't have a plan B
The general claim is that the toxic paper is worth 30 cents. The paper that they had to unwind after Lehman failed ended up with a payout rate of 91.7 %
It's expected that 2.1 million houses will foreclose this year. Someone is seriously delusional if they think that the paper is worth 30 cents. Commercial property is failing fast and corporate bond defaults are the highest since the '30s. Delusions everywhere.

[cowboyangel]

The press has effectively stymied the debate too. Obama is obviously in the thrall of his economic advisers. Too bad. Rome burns while they hold onto the expectation that their anemic rescue plans will work. A case where being deluded is being evil. Piss on em.

[Apollonaris Zeus]

If they pour enough money into the banks, the producing economy will reincarnate. They've been trying it in Japan for <15> years and it still isn't working.

the money was to stabilize them. Japans problem is they never worked out the banks toxic assets. Geithners plans is to resolve the toxic assets. So they came up with an accounting change of assessing them making them look good on paper.

the banks do not want to give up those toxic assets below the prices they paid for them- greedy bastard they be!

Now if you want a house loan for a bank they don't own, you won't get one. The banks are strong arming the construction industry into bankrupcy in the process.

Remember that this first phase of the bailout came from the Bush administration.

Nationalize the Banks!

AIIZ

[can't sit still]

You already know that China is buying up gold and LOTS of copper. They want to get out of instruments and into tangibles. Theyr'e dumping instruments as fast as possible. But, they are buying US treasuries. There is some speculation that they are going to use treasuries to force the US into some position or another. Now;
"Within a year, the Chinese will have established the yuan currency as a legitimate alternative to the USDollar for global trade, and later to some extent for global banking"
China is doing currency swaps with several countries. The dollar is gradually being eliminated as the global currency. China is targeting countries with lots of mineral resources; " Target zones include Iran, Brazil, Russia, Venezuela, and Australia."

The real danger to the US appears when one considers that China is still growing. That makes their currency more stable than the dollar. If Brazil, Russia, Venezuela, Iran, Australia and several Asian countries see more stability in the Yuan [Remnimby], than in the dollar, they will dump the dollar. China doesn't care what the Euro zone does. They're so broke that they won't be producing much of anything. If Russia prefers the Remnimby, they can demand Chinese currency for gas shipments to Europe.

This action could completely sideline the US in respect to purchasing raw materials. Runaway dollar-printing and low interest rates will make it impossible to service our debt AND buy raw materials. As the dollar loses value, nobody will want to receive it. The only thing stopping dollar-abandonment right now is the lack of an alternative.

IF the Chinese can make the Remnimby attractive enough, everyone in the Pacific will use it. If the Pacific uses it, the Middle-East will accept it. The old saying is that "good money chases out bad money"

There is always the possibility that the US will consider war to hold on to dollar power. We have lots of space-based weapons along with our weather-modification technology. Of course, other countries have weather weapons too.

The US can crash down to shit.......or
Start WWIII......or
Get rid of the entire military / industrial / banking screw-job and try to regain some competitiveness.
Stay tuned for further developments
http://www.marketoracle.co.uk/Article10220.html
Dan

[cowboyangel]

That's why Michael Hudson has been saying that the dollar's strength lies mostly in our strong military. The two, unfortunately go hand in hand.
Without that global military presence, the dollar would be crap right now.

[can't sit still]

Well we've been speculating just what the toxic assets are really worth. The Lehman crap failed at 91.7 %. The banks are claiming that their garbage is worth 30 %. Sounds optimistic to me. Bloomberg just posted info from the GSEs. HOLY CRAP;
"Fannie funded $462 million in such loans during 2008. The company tells investors in notes to its financial statements, though, what it thinks the loans are actually worth.

Based on market prices, Fannie said the loans had a value of just $8 million. That’s right, the loans, which are in many cases just months old, were worth 1.7 cents on the dollar. "
http://www.bloomberg.com/apps/news?pid= ... refer=home

[geekster]

Hook. Line. Sinker

[can't sit still]

Just fucking amazing;