Ping!
Burn, baby, burn.
ping
"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
“Several brokerage houses tumbled; blue-sky investment companies formed during the happy bull market days went to smash, disclosing miserable tales of rascality; over a thousand banks caved in during 1930, as a result of marking down both of real estate and of securities; and in December occurred the largest bank failure in American financial history, the fall of the ill-named Bank of the United States in New York.”
~~"Only Yesterday: An Informal History of the 1920’s" by Fredrick Lewis Allen
0bama knows this. It is part of his plan. The worse things get, the more draconian measures he and the Marxists in congress can impose on the sheeple.
Just on Rush NYT stock, one share costs $3.89 - less than a Sunday paper. See, there is some good news in all this mess.
Obama wouldn’t do anything that would make him not look like a benevolent uncle. Except demand you do community service, but not actual take care of yourself.
A question guys, and I know this is unprecidented, but what are the odds of us really bottoming out? I mean severely with limited food and stocks supplies?
I mean I always knew it was a possibility, but didn’t know that odds on that.
I have what is probably a VERY naive question/proposal:
Wouldn’t it be a good idea for the government, if they’re going to spend all this money, to fund private entities to start “GOOD” banks? These banks would have no toxic assets. They could selectively buy assets from existing banks after a thorough audit of each loan. That’s what the market seems to be crying for: a bank that is free of toxic debt.
The new banks would be exempt from CRA[p], FDIC, the Federal Reserve, state banking laws, and other requirements so they can build value and provide loan stability in a market environment.
I don’t know about everyone else but I am tired of the government using banks as political pawns. No industry is as regulated and scrutinized as banks, and their industry is in the worst trouble. We need good, solid banks that operate on free market principles. I would guess we haven’t had one of those for close to 100 years.
There’s no quick fix to this problem. The toxic loans have to be audited one by one. It’s a ton of work, but there’s no way around it.
It is time for the States to start quietly passing contingency resolutions to convene a constitutional convention for when and if the federal government no longer remains viable.
34 States are needed to convene a constitutional convention, and that move cannot legally be blocked by the federal government.
Because a constitutional convention is wide open to any constitutional changes the convention sees fit to include, the State resolutions should be very clear.
1) Each State will submit two delegates to the constitutional convention. As agreed by the 34 convening States, two and only two delegates will be seated from each State, appointed by their governor in consultation with each State legislature.
2) Both delegates from all States will be bound to submit only those constitutional changes approved by their State legislature, and to forward those changes submitted by other States to their home legislature for debate and approval or disapproval.
3) The federal government of the United States will be prohibited from interfering in or even monitoring the constitutional convention of the individual States, and delegates to the convention will have immunity from arrest or detention for the duration of the convention.
4) At the conclusion of the constitutional convention, the President of the United States, the Congress of the United States, and the Supreme Court of the United States will be obliged to carry out those changes to the constitution in accordance with the convention, which will remain in session for up to one year to insure that their directives have been fully carried out. Failure to carry out these directives may result in the removal from office of the President, any member Congress, or any Supreme Court justice who refuses to comply, with a two-thirds vote of the convention delegates.
There. I fixed it in the interest of "reality".
!!!!!!!!BINGO!!!!!!!!
ping
I am not sure that 0bama does.
Pray for the Republic.