Posted on 10/10/2008 4:11:43 PM PDT by dynachrome
CNBC.com Henry Paulson --------------------------------------------------------------------------------
“I don't wish to spread alarm on the line people but the big issue confronting the market is I'm afraid the health and sustainability of Morgan Stanley [MS 9.68 -2.77 (-22.25%) ] and Goldman Sachs [GS 88.80 -12.55 (-12.38%) ]," Hugh Hendry, Partner and CIO at Eclectica, told CNBC early Friday. "It is unimaginable that they can be allowed to go, I suspect that they will be nationalized at some point today or over the weekend," he added.
(Excerpt) Read more at cnbc.com ...
You may not like my answer, but here it goes:
Because we let them.
We live in an economic society where the money we spend can ONLY be created out of debt. This means that every dollar bill in our wallet or purse has been borrowed by somebody and there is interest being paid back for its existence.
We also live in a society where we have been taught, and we believe, that greed is everything. We may not call it that - we may call it "wanting to create a better opportunity for our children", but we fall into it nonetheless. We do this as a nation through our abuse of credit. Credit is debt. That is why our government wants us to use it. Without debt, there is no money - unless the Federal Reserve has the Bureau of Engraving print some more.
Finally, we send our children to schools of indoctrination. Oh, I know that "our" school for junior is better. It's those "other" schools that have problems. We have had multiple generations go through our public schools (and a lot of private schools) and get their minds pumped full of propaganda. How many children can tell me what the beginning of knowledge is? How many adults that went to these indoctrination camps can answer the question?
This is why we have a nation that has deserted God and is about to elect Barak Hussein Obama as President.
How do we solve it? It will take generations, and we need to begin now.
Fathers need to start being fathers, and learn how to be men. This does not mean knowing every stat for your favorite NFL football team. This means honoring the God whom you serve and being the spiritual head of your family - leading them in daily bible study and teaching them the things of God.
Wives need to stop following the world's standards. They should submit to their husbands and be helpmeets to them - not dripping faucets that are constantly nagging. Wives should also build their home and seek to raise a Godly seed. This does not mean leaving the home to go work under another man at some business - but to care for the home economy, raise the children in the fear and admonition of the Lord, and teach the children at home - instead of sending them to indoctrination camps.
Children need to be taught to honor God, and honor their Father and Mother so that all things will go well for them. They need to be taught the truth's of God's word and how to be mighty men of God for the boys and true cornerstones in the palace of the King for the girls.
Then...maybe then....our country will repent of its many sins and be saved.
I wonder what McCain would think of this?
The GOP now pushing socialism? Thinks are getting a bit surreal out there.
“Therefore there’s no need to work.”
One of the myths of socialism. Instead, I suspect we’ll need to work harder just to stay in place.
Those 3 month Treasurys sure are popular.
Resign with two months left? Not likely.
“They will nationalize everything.”
Yep, these are only baby steps. Why fight it any longer. There is always some incentive to push things along and I don’t think “communists” are behind this. It seems more like the machinations of those looking for more power.
Yeah, lets nationalize everything before Obama takes over and then he can say, “Hey, I just stepped into this mess, but I’ll take the reins anyway. Free healthcare for everyone, woo hoo!”
Bush needs to allow Israel to hit Iran’s facilities before he steps down in Jan.
I completely understand that we, the USA, damaged the economy of the world by turning a blind eye to the reckless lending our government was requiring banks to do. I am fully aware that the other nations of the world, who are losing wealth along with us in the dreadful fallout from that error, would be demanding compensation. I also believe that if our government were up-front with the people, explained how “we” screwed up, explained how much we owe in restitution to the world, and told us a repayment plan has been agreed upon, that WE, the American People, would (reluctantly) agree to accept responsibility, work hard at re-growing the economy, and pay our debts. Instead, every one of our elected officials chooses to hide the truth, because you have all become such elitists that you think we are too stupid to understand the stakes here. Maybe you should try truth – I bet we’d surprise you.
You need to step out in front of the camera’s TODAY and tell us the truth, and acknowledge that nationalization is NOT the way to repay our debts, and agree to go back to operating under the LIMITED powers the US Constitution gives you.
Since everyone’s email and webpage seem to be down, I took the liberty of “reply to”, with some editing, so maybe someone will see it.
Why, thank you, kind sir! I’ve lurked here from time to time, but these are the times that try men’s souls...
My daddy lived through the Great Depression (b. 1915) and I have heard the stories all my life. Little did I know that I would be starring in the re-run....
I only pray that the crisis gets more people to focus on their government than on their Wii or Xbox...or iPod...or anything else. We HAVE to get back to full participation in our representative (ostensibly) republic, and that includes an education in civics and making the choice to get involved instead of sitting on our posteriors watching TV and snacking. Even blogging is only good if you get away from the screen and DO SOMETHING REAL.
Rant over for now! :)
Nice reply! I agree with everything you have said. My “How can they do this?” was more rhetorical - I’ve been present through the evolution and the trampling of our Constitution. I went through the last generation of decently-educated public school students (although in high school, the standards had already been relaxed).
An ignorant, complacent population is a ripe culture for tyranny. We’ve been ill-educated for decades now, and made complacent by all the gaudy bits and baubles we’ve been tranquilizing ourselves with.
Greed is one of the 7 deadly sins, and begets many of the others. We’ve built our house on sand, and the rains are now coming down!
People have let fear take them over. My husband and I are watching our 401k. We are also watching his companys stock. It goes up and down. My father is a minister and he is very concerned as to where this heading. Does the bible play into this? I think so. I think we all should be on our knees repenting for what we have done in our lives and asking for mercy. Acts 2:38. We need the Lord for guidence and help. I do not like the nationalization of our banks. That is not the answer. My husband works for a well known bank. The good thing is it is a canadian bank. We are doing well. But one thing for sure, it has been a very depressing week. Hopefully this will pass. Sleep well.For all the people who got us in this mess, I hope you have a very sleepless night. May you have rocks in your bed.
The Lord is surely very involved. And what He is bringing is all in his own counsel. Meanwhhile we People have to fight for our sovereignty.
Great post, thanks.
We saw it in the late '80s when the seemingly impregnable communist Iron Curtain simply crumbled to nothing in weeks and disappeared. A massive empire vanished in the twinkling of an eye.
We're seeing it again now as the flagship for capitalism in the world has transformed itself into a socialist economy in the space of no more than a month. It's like watching the fall of the Soviet empire in reverse. We've become them. A monolithic economy which is kept afloat by government control of the banking sector....and we're not done yet.
Quite amazing.
"President Cheney". Music to my ears.
“Why taxpayers should own banks”
George W. Bushovich: Father of American Socialism
i dunno.
what if they did not do it,
the consequences?
Man, I picked the wrong week to quit crack.
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