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Free Republic Keyword= doomgloom
Posted on 03/19/2009 6:20:14 AM PDT by TigerLikesRooster
I'm not at all sure I believed what I read today. (my comments in italics, indented)
Information received since the Federal Open Market Committee met in January indicates that the economy continues to contract. Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending. Weaker sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories and fixed investment. U.S. exports have slumped as a number of major trading partners have also fallen into recession. Although the near-term economic outlook is weak, the Committee anticipates that policy actions to stabilize financial markets and institutions, together with fiscal and monetary stimulus, will contribute to a gradual resumption of sustainable economic growth.
The economy is screwed, and although we have made statements for the last year that our actions would solve the problem, we've been wrong. Exponents (that is, compound interest) are a bitch and its unfortunate that you were too stupid to call us on this two years ago.
/snip
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.We've all stuck guns in our mouths and are now threatening to blow our brains out. Oh, and each of us is holding a dead-man's switch to a thermonuclear weapon, strategically placed somewhere in the United States economy. If one goes, we all go, and so do you - this is a murder-suicide pact, and you're the potential homicide victim. Have a nice day.
(Excerpt) Read more at market-ticker.denninger.net ...
Ping!
Gold up 60.00 in pre market opening.
DOW Drop 500 pts or will it not sink in and we just roll merrily along?
If I move to PA, will the Amish take me in?
You can’t buy your own debt.
You are trying to tell that to an entire generation that thinks they can use their Master Card to pay off their Visa bill:-).
More than likely, yes. My brother asked a family in Iowa about working on their farm to learn their self sufficient ways and they were willing to allow him to stay with them as long as he pulled his weight and did his share of work.
Tim to Ben: "Sure. Whatever. Paper's paper."
That Denninger has such a way with words. Ya gotta laugh and cry at the same time.
Someone here said this is stage two of Obama's plan to demolish wealth. Drop the stock market and force investors into treasuries was step 1.
Seriously folks, follow the link and read Karl’s full entry here.
Who here is prepared and has liquid cash reserves on hand to be able to be independently self-sufficient for 12 to 24 months?
I’ve got 3 acres of land that I can do stuff with, but I still have a mortgage to pay and I certainly am not prepared to “go to ground” for two years.
Ya think? I just saved a bunch of money on my con game by switching to Geithner. /commercial $ociali$t sarcasm
Very good article. Thanks for posting.
It's becoming more and more clear that the Obama/democrat porkulus and earmark-ridden ominous spending laws were major mistakes.
More alarming than gold is the USD sinking more against the EURO this morning
Denninger has my vote for the most articulate Dr Doom right now
>>Who here is prepared and has liquid cash reserves on hand to be able to be independently self-sufficient for 12 to 24 months?
I read through most of the posting. I’m spending money on things I can use now (like gardening equipment) before my money is worthless.
Ben to Tim: "I'll trade you my used only once toilet paper for yours?"
Tim to Ben: "Sure. Whatever, it's still got one good side. Paper's paper."
seems more PC
He goes on to say:
"That's a minimum; if you can in fact have enough available to be able to execute a "bug out" plan where you are able to become effectively self-sufficient on short notice (a couple of months maximum) if necessary, that's even better. Yes, we're talking chickens, goats, enough arable land to grow what you need to survive (bartering for what you don't have with what you do) and the means to defend it. If you live in a big city consider carefully what you intend to do if unemployment goes north of 20% and the city effectively goes feral - if you're interested in "how bad can it get" go drive through major parts of Detroit - bring an armored vehicle for your tour and/or at least semi-automatic weapons.
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