and they always seem to raise them just before Christmas time too... i don't know what my limit is now
Posted on 03/29/2008 7:22:29 AM PDT by DeaconBenjamin
We get their oil and hard goods, they get our dollars which then get magically wiped out.
Clever, those astute Yankee traders.
Thanks for the ping.
Maybe this just a cover story. Maybe the European banks are just trying to lower the value of the Euro before they lose any more manufacturing jobs to the US.
and they always seem to raise them just before Christmas time too... i don't know what my limit is now
Yes it does. Don’t you know it’s ALWAYS our fault?
I don’t see a overheated housing market in Germany (I’ve been here since 1993). Over a ten-year period...there is not a single house in my whole neighborhood that has increased in value by more than ten percent over this entire period. The crazy market stuff you see in California and Florida has never erupted here. The other amusing thing is that every single German bank requires a minimum of twenty percent on down-payments or some type of insurance-investment fund in connection with the house purchase. So the German banks made fairly wise decisions on who to give loans to.
The real problem here is that so many folks thought they had guaranteed life-time jobs...and have lost their jobs....and can’t afford the $600-$1200 monthly payments on their house. Almost none of these guys have more than $5k in savings....even at age 45. They are paying massive taxes, their house payment, the car payment, and basic living costs....and thats it. There is nothing left for saving.
In my town...we have this couple who got into a divorce situation. Massive hostility...but they were so deep into the house loan...that they had to work out an agreement where the guy lived in the basement apartment and the wife & kids lived in the top side of the house. They divorced last year and the same arrangement continues while they wait for someone to buy their house (its a two-year game to get any house sold these days).
 New York Times |
Op-Ed Columnist Taming the Beast
New York Times, United States - His chief economic adviser is former Senator Phil Gramm, a fervent advocate of financial deregulation |
A simplistic explanation is that the subprime debt was split up, repackaged and sold, many times over. When the income stream from the collateral, as well as the value of the collateral itself, was thrown into question, the value of all these financial instruments was thrown into question, also. No one is certain what the value is, and the market for these financial instruments, which dwarfs the value of the original debt, has all but evaporated as a result. Financial institutions that hold these instruments are having difficulty meeting their own obligations because of this, which means that the problem is no longer limited to mortgage defaults, hence the ongoing, extraordinary action by the Fed, as well as other central banks in other parts of the world.
Exactly.........keep the Goldilocks "all's good" game going so the greedy and corrupt can get as much as of the serfs' monies as they can before the house of cards collapses.
I can visualize the election in my mind easily. Hillary is like a cartoon Godzilla, refusing to die and throwing crap everywhere. Some of the crap may stick. Bill is still chasing monicas while his wife is chasing rough carpet. As long as Obama is able to defeat Hillary, he will have lots ammunition to fire at McCain. McCain does not have a clue on economics. Bush II just follows Wall Street's lead.
Obama promised yesterday to follow a Reagan and Bush I foreign policy.
America is in deep shi'ite . . .
What we are seeing is the conclusion, “implosion” of the debt backed compound interest based economy.
This guy “Hypertiger” has about as clear a grasp on this reality as I have heard.
http://hypertiger.blogspot.com/
The system requires debt to be created at an exponentialy increasing rate or it will fail. There is a limit as to how fast debt can be created based on peoples ability to take it on. That limit is being reached. This is a mathematical certainty.
Please go here and view this short presentation called “Money is Debt” It opened my eyes.
http://video.google.com/videoplay?docid=-9050474362583451279
Yup . . . Again, and again and again.
I just heard a local news report that said Wall Street was not using Bernanke's free money window to give relief to mortgage payers. WS is using the money to pay dividends to stock holders and bonuses to high level officers.
Bernanke will have tons of future windfalls and IOUs to cash in later. All he is doing is helping his cronies steal more money. Will officials in D.C. ever wake up and realize that this was just a HUGE Wall Street Ponzi scheme _____________ ?
The answer is no. No, no, no. Everybody is getting paid off by Wall Street.
The answer is no. No, no, no. Everybody is getting paid off by Wall Street.
bttt!!
I sure hope you're more right than these experts were.
"We're not about to go into a situation where (real estate) prices will go down. There is no evidence home prices are going to collapse."~~Alan Greenspan, May 21, 2006
“The damage from the subprime market has been largely contained. Fortunately, the financial system and the economy are strong enough to weather this storm.”~~Richard Fisher, Federal Reserve Bank of Dallas President, Apr 4, 2007
"All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system."~~Fed Chairman Ben Bernanke, May 17, 2007
Odd, but if the “rich countries” collapse, the “cabal of world leaders” you spoke of, would have even more power than they have now.
Power is relative.
You can either have more power, or your adversary can have less. It’s the same.
It’s how the George Soros types think.
The middle class is the enemy of the super rich - the enemy of elitists and the enemy of silly intellectualism. The enemy of George Soros and Maurice Strong.
The middle class can protect their wives and daughters, ask for fair wages, keep their sons from being used, stand up to exploitation, prevent their children from being raped. In short, they cut the absolute power of elites.
True power freaks will do what it takes to destroy the middle class - the values, the people, their rights, and their culture.
That’s what the story you spoke of is really about - and it’s why the uber rich have chosen to glom onto “global warming”. It’s an excuse - a horse to ride - to destroy the middle class. Eff ‘em.
Subject: Justice
To: MLee [at] innercitypress.org
From: [Name withheld]
Sent: Thu, 21 Sep 2006 1:23 AM
Dear Mr. Lee: I was previously employed by Argent Mortgage for two and a half years and managed, among other areas, the corporation's fraud investigation, borrower complaints and repurchase departments. There are currently over 568 open fraud investigations involving hundreds of brokers and hundreds of millions of dollars in fraudulent loans that are being covered up by top executives in the company. If a broker sustains a certain monthly volume, Argent management looks the other way and, not only does not suspend the bad brokers, but knowingly sells these fraudulent loans on the secondary market to unwitting investors.
I was terminated today and left with just my purse in tow, but I have names of individuals in the company who need to be served with subpoenas to enable them to turn over their spreadsheets and boxes full of documentation and evidence of all the fraud they have found that is being covered up by Argent Mortgage's executive management. The state regulators need to know the truth about the blind eye Argent turns to the fraud perpetrated on innocent consumers by high volume brokers. They also need to be aware that Argent knowingly bundles these fraudulent loans and sells them as mortgage-backed securities on Wall Street, thereby compromising the SEC, as well as our country's economic stability.
At a recent fraud seminar attended by hundreds of mortgage lenders in Washington D.C. a week ago, an attorney who works for Argent's retained law firm, Buchalter Nemer, stood up and told the seminar attendees that the wholesale lenders in the audience had better beware, unless their name is Argent. Argent is safe from investigation because the government got their $325 million settlement from Ameriquest and won't be looking into Argent, per the settlement agreement. I hope this isn't true because Argent Mortgage funded over $50 billion in 2005 and is gearing up to fund well over $80 billion dollars of fraudulent loans in 2007.
This is a statement that I cannot disagree with. I too see the greed, (Enron), the dishonesty, (the Clintons/Obama), and gross incompetence, (Bush), that are taking America down. But at the same time I see and hear world leaders, even the Presidential hopeful McCain, constantly spewing a globalist ideology.
Globalism is being fashioned through the economic enmeshment of all nations, the U.N. mandates, the World Court, the European Union Court, and the fact that some SCOTUS justices have publicly stated that the U.S. Constitution should be interpreted in line with the laws of our European friends. Globalism is doing enormous business with Communist China, it is the dependency upon the oil sitting under the arses of the Islamofacist Sheiks. Globalsim is also the declaration of our leaders that all religions are equal and should be respected as our equals, even the bloody, oppressive religion of Mohammedism, (which the ignorant Bush calls 'a religion of peace'). Globalism is seen in the government forced 'multiculturalism' ideology, an ideology that spreads the erroneous notion that all cultures are equal. Globalsim is seen in the Euro and the European Court, which undermines national idenitity and partiotism while enmeshing their economies so each European country needs each other for their own survival. Globalism is seen in Bush's plan to build a similar system of unity in North America, the economic/military alliance with Mexico and Canada, which will benefit mostly Mexico and Canda, while depleting America's resources.
I'm not saying that any of this is a true "conspiracy", as in government leaders sitting in a secret room planning these things. I am talking about national leaders who hold similar political and economic views and who are willing to work together to bring about these socialist views at the expense of their own peoples' freedom.
The illegal foreclosure game is a very complex fraud. Courts are run like factories or rubber-stamp form processors. The fraud is still alive in most parts of the country. The top guns make millions. Some of the BIG boys have already retired. Two even became ambassadors. From top to bottom, everything is a complex money game. It's all a scam. Time to wake up people. America is being run like a plantation.
Now the big squeeze will begin to take place. Wait and see what happens . . .
formally known as a Ponzi scheme...
Thanks
This sounds like the derivatives meltdown of about ten years back.
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