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Wow. Welcome to France. Just when we thought that the candidates would be actively talking about nationalizing the health care industry as part of the ...
Feds Nationalizing Financial Services IndustryGo to Top
Wow. Welcome to France. Just when we thought that the candidates would be actively talking about nationalizing the health care industry as part of the election debate, we wake up and find that the feds are going to own major portions of the financial services industry. Oil industry next?
And then Joe Biden tells us that paying taxes is patriotic. Why doesnt he tell his buddy Charlie Wrangall that?
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Originally Posted by Mr. Bill
Obama's policies are working. In advance. Can't wait for him to get unemployment up to the 11% socialist average.
And within the socialist economy, the 11% unemployment is within an economy where 80% of the people work for the government. Thus the number of people who are not gainfully employed in a productive job that actually creates a good or service is actually larger than the unemployment rate indicates.
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Exactly, because they owe the Federal Reserve, ever since they allowed them to print money. Does the depression ring a bell. It's history repeating itself.
Originally Posted by DarrylVK
Too many people believing the promises that the gov. can give the everything. Trouble is they have their hands out.
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This whole situation has enormous implications for the various proposed national health "reforms."
First of all, after we have re-financed Wall Street we will have even less money to work with and we can agree that the sky is already the limit as to how much would be required for Obama type plans and even McCains.
Second, and this will not be a popular thing to say, the libs have good arguments that they can make. They argue that we can never seem to come up with money for health care but if Wall Street gets in trouble or we have a war with little or no reason for it then the country can come up with a trillion in a week. We may have things to say back to that and maybe they are not right but that argument is not without merit. I say this in the spirit of understanding what we are up against not to support it.
Third, there is a short and finite amount of time between now and the elections. Because this financial crisis is going to consume so much attention, it is highly unlikely that health care reform will get discussed in much detail before we elect someone. That is disappointing because this is the time in the process where it would be good to be talking about it almost all the time and in detail.
I would have one little piece of advice to Iraq: Plan on spending some of your massive oil revenues next year. We are pretty well broke and both the libs and the conservatives are going to want some of that money, even if it is in the form of a reduction in aid to them. It's ridiculous.
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The financial bailout to the tune of $ 700B to 1T will consume any disposable revenue that might have been available for some form of Uni healthcare... Also, McPalin can forget about those tax cuts too...
Effectively, the next POTUS has been nutered this week by the actions of the US Treas... They can begin writing the script of reasons why they were unable to implement their plans, laying all the blame at the feet of the Bush 43 admin... Of course the source of the problem goes way beyond that, but politics being what it is, the truth isn't required.
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"A successful man is one who can lay a firm foundation with the bricks others have thrown at him." David Brinkley
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Anybody hear about Travis Barker's (drummer Blink 182) plane crash yesterday? There's an actual plane at the crash site even though it was engulfed in flames, unlike 9/11 . . .
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Originally Posted by SportsNut
The financial bailout to the tune of $ 700B to 1T will consume any disposable revenue that might have been available for some form of Uni healthcare... Also, McPalin can forget about those tax cuts too...
Effectively, the next POTUS has been nutered this week by the actions of the US Treas... They can begin writing the script of reasons why they were unable to implement their plans, laying all the blame at the feet of the Bush 43 admin... Of course the source of the problem goes way beyond that, but politics being what it is, the truth isn't required.
Yes, of course they can try, but this goes back waaaaay further than GWB. Can anyone spell Clinton???
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I'm not sure why everyone blames the president (or any president), they're just pawns at the mercy of the Fed and whomever control the money.
"Give me control of a nation's money and I care not who makes it's laws." - Mayer Amschel Bauer Rothschil
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance." - James Madison
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The problem is this: people want the government to hold their hands, or else they would be ascending on Washington with pitchforks and guns and shovels and such. They do not revolt against all this hand-holding, so they are content with it.
The American people go along with it. They vote for idiots, then put their hands out and ask the idiots to pay them. Big business goes along with it, the people lay down and take it, or go along, or do nothing. It's a mess. Basically, it probably does not matter which side of the ticket the political idiot is on- when he gets to Washington his main job will be to rob money from Peter to pay Paul, and to make sure most of the money does not get to Paul in a timely and accurate fashion. Republican or Democrat, take your pick, they are all just idiots who move money around in a cluster of a fashion, and we are all suppposed to just be good with it. If we speak up about it, we have no compassion, so we are to just sit back and shut up and take it.
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Originally Posted by HomeService
The problem is this: people want the government to hold their hands, or else they would be ascending on Washington with pitchforks and guns and shovels and such. They do not revolt against all this hand-holding, so they are content with it.
The American people go along with it. They vote for idiots, then put their hands out and ask the idiots to pay them. Big business goes along with it, the people lay down and take it, or go along, or do nothing. It's a mess. Basically, it probably does not matter which side of the ticket the political idiot is on- when he gets to Washington his main job will be to rob money from Peter to pay Paul, and to make sure most of the money does not get to Paul in a timely and accurate fashion. Republican or Democrat, take your pick, they are all just idiots who move money around in a cluster of a fashion, and we are all suppposed to just be good with it. If we speak up about it, we have no compassion, so we are to just sit back and shut up and take it.
As sad as it makes me I believe it was inevitable that the govt would have to begin a new regulatory regime. The derivative and securitization markets had gotten too large because of the creation of hedge fund. Suddenly stocks that could only be moved by institutions such as mutual funds could now be moved by a shadow economy of private investors acting in unison. Shorting vast amounts of stocks became commonplace and this caused increased volatility in the market. This played havoc with you if you are a small trader, however if you are a large one you can manipulate price.
The institutions that purchased these bonds found they were worth less thats why all the write downs and mark to market for something there is no market for. Essentially an artificial accounting method.
The companies that provided insurance on these bonds like AIG suddenly found they were victims of the equivalent of margin calls as they had to increase collateral to keep contracts insured or suffer default.
The last straw was when the first money market fund went below a par value of 1. Suddenly you were losing principal in the market and then the govt had to act.
The end result is the following if nothing is done.
1) Extreme Crash on dow approx 33% or more as companies cant borrow cash to fund operations
2) Many recourse loans would be called
3) Credit Cards would be revoked and interest rates increased as companies try to raise cash
4) The credit markets for car home, boats etc would seize up as less money would chase more borrowers increasing inflation.
5) Massive job layoffs as demand is destimulated
6) Worldwide cascading depression coupled with massive inflation
7) Political unrest and war and eventually world wide conflict
8) Basically the worst parts of the Book of Revelations
This is what Treasury and the Fed told Congress and is why there has been little resistance
Our market is built on trust between counterparties if there is no trust there is no trading, no extension of credit and no market.
Feds Nationalizing Financial Services Industry
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