I told you so

Vanity | 29 September 2008 | JasonC

[JasonC]

I told you so.

Happy?

Think you saved anybody lots of money?

Think you reduced the role of government?

On saving money, US markets dropped $1.2 trillion today, and worldwide it was more like $3.5 trillion.

On the role of government, the Fed announced $630 billion in new central bank credits today, half of it to central banks abroad. And oh, the FDIC guaranteed to Citigroup all losses beyond the first 13% on Wachovia's mortgage book, which is around $300 billion.

And it won't be remotely enough, and will probably need to be doubled tomorrow.

When are you going to learn that you are in the same boat with those you are throwing brickbats at, that you are their creditors and end owners, and that destroying as many as you like will not avert one dime of the hit, but just multiply it tenfold and drop it right back in your own lap?

How many times does this have to blow up in your face in succession, before you admit the possibility that others might actually know something about it, and you might actually be wrong?

[Travis McGee]

Sorry, but I don't want to trade freedom for the shackles of socialism, just to give a temporary fix to the junkie, in what will be a doomed and wasted effort.

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

---Ludwig Von Mises

[Steve Van Doorn]

Real generally our system is based on the confidence. The drop is really how much confidence people have in our present system. illusion is not a good word for it. confidence is a better word.

[Steve Van Doorn]

”Sorry, but I don't want to trade freedom for the shackles of socialism, just to give a temporary fix to the junkie, in what will be a doomed and wasted effort.”

This is how I would put it Jason:
The decision of going down the socialism path was made in 2004 by the democrats and not enough republicans standing up to the plate to stop it. Now we have to make a decision to allow the feds enormous control or the government.

I think I got it :)

[Toddsterpatriot]

First, western civilization survived the Great Depression; it will survive this crisis too.

Look at all the crap we still need to deal with because of "fixes" put into place during the Great Depression. Do you think the fixes a President Obama puts into place will be less damaging? LOL!

[TomasUSMC]

Call in number for the Roger Fredinberg Show is
866 222 2368

Your understanding of history and finance would be good.
8-10pm est

[TomasUSMC]

DOW went up today

Why is the U.S. Fed pumping money into FOREIGN Banks? Was it just a media joke, or don’t I see a bit of a problem right here in America with American Banks?

We the People, killed BULLSHEET BAILOUT I, and we will kill BULLSHEET BAILOUT II.

American can see that this would not be the last, but the beginning of bailout after bailout after bailout, including apparently, banks ALL OVER THE STINKING EARTH.

These bailouts never come with any warranty saying that it will work, they don’t come with any statement that it will be the last one.

We need to take names of who supports this giant theft against America.

[HangThemHigh]

I agree the OP was too strong, but I found my self closer to his position - that we are in real trouble - than most of the jubilant posters on FR. One of the headlines on Drudge tonight: Congress Lives Up to It’s 10% Rating.

Things look a bit brighter today, maybe the glass is half full after all.

And yes I’m still Folding (or at least the machines are still running the program). I don’t really pay any attention to them anymore, just let them go. But I did spend a little time looking for one of those high powered GPU’s that Fold like crazy.

Prayers up for you, all of yours, & our country.

[papasmurf]

Thank you, and yours as well.

BTW, I got a nVidia by EVGA GeForce 8600GT for $49.99 at Fry’s. Pumps out 1600 a day.

[HangThemHigh]

Thanks for the tip. Didn’t get far in my search, but that sounds real good.

[Notary Sojac]

When these people who are beating the snot out of you go to their bank Thursday and try to cash a check (assuming they DID get a paycheck) they will rethink their class envy.

Here it is Thursday and the bailout is still in doubt.

I just cashed a $1000 check at my bank.

My last paycheck cleared, too.

How you doin???

[Free State Four]

Don’t feed the bird to the cat just yet.

[Notary Sojac]

Can I give Tweety up at the end of the day today, or do you have another drop dead date in mind?