Posted on 12/17/2008 8:47:28 PM PST by Sammy67
Doing the kind of investigative reporting we should expect from the major media, a financial research and consulting firm has released a major analysis of the “credit crisis” that concludes that the claims made by Treasury Department Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke to justify a socialist takeover of the financial industry were demonstrably false.
The analysis, Flawed Assumptions about the Credit Crisis: A Critical Examination of US Policymakers,concludes that the result of the unjustified massive federal intervention in the economy could be similar to the economic crisis in the Weimar Republic of 1922, where disastrous hyperinflation made the currency worthless and threatened the nation’s political system and stability.
The analysis was released by Celent, a Boston-based firm that provides independent information and advice to financial services companies. The 30-page report, made available to Accuracy in Media, does not accuse Paulson and Bernanke of lying about the “credit crisis.” But it does say that “It is startling that many of Chairman Bernanke’s and Secretary Paulson’s remarks are not supported or are flatly contradicted by the data provided by the very organizations they lead.”
Using charts and graphs of data from the Federal Reserve and other agencies, the Celent study says that statements from Paulson and Bernanke about a “credit crisis” affecting businesses, real estate, banks, and state and local governments were just not true.
The report says there is “a contradiction” between what Paulson and Bernanke have said and the reality of the situation as demonstrated in the official data. It calls these “discrepancies” and says that some of their remarks are “puzzling.”
Asked for comment on why he was able to uncover this information while
(Excerpt) Read more at familysecuritymatters.org ...
How To Survive the Coming HyperInflation
Where is the article on THAT subject? THAT’s the article I want to read.
Enough with the doom and gloom analysis.
GIVE US SOME ACTION ITEMS, please!!!
The major media "stars" don't have enough economic understanding to balance their own checkbooks. They've maybe read "Das Kapital" or "The Communist Manifesto" in college if they were ambitious and couldn't get the Cliff Notes version. They can recite the standard lines from Marx about class struggle and wealth distribution, but they have no idea about REAL economic theory and how a real economy works. For them, doing this kind of research would be like asking your dog to explain how sound is transmitted through the air.
They rushed through the bailout and now they don't have a plan on what to do with it.......bunch of lunatics running this country
Against other fiat currencies.
You've got that right. Everybody and their brother has been trying to lend me money. I think that it's the folks that never should have gotten credit in the first place that are/were having trouble getting credit. The lenders were a little slow in clamping down on deadbeat loans, but when they finally did clamp down, the did so in a strong manner.
They rushed through the bailout and now they don't have a plan on what to do with it.......bunch of lunatics running this country
You're right about that - they mindlessly pushed this farce of a bailout through, spending non-existent taxpayer money for nothing. Well, perhaps not for nothing - it was primarily to cover their own backsides for encouraging (forcing?) the loaning of money to people that most likely would not pay it back. Notice that we've not heard a word about the CRA or Fannie/Freddie's involvement in this debacle.
http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_germanhyperinflation.html
Obviously, though the currency was worthless, Germany was still a rich country — with mines, farms, factories, forests. The backing for the Rentenmark was mortgages on the land and bonds on the factories, but that backing was a fiction; the factories and land couldn’t be turned into cash or used abroad.
The nervous citizens of the Ruhr were already getting their money out of the currency and into real goods — diamonds, works of art, safe real estate. Now ordinary Germans began to get out of Marks and into real goods.
Just bought a used car with same day loan approval last week in Central NY (under permanent depression)...no problem. (Haven’t bought a new car in years)
My thoughts from the get-go as well. Bush and co.'s premise really stunk the place up.
I think this report is somewhat constrained by not waiting long enough to see what the data show. The current data from the time would not show that credit was being withdrawn for new extension of credit. I personally know of several examples where banks have withdrawn credit for credit-worthy borrowers and have caused unnecessary bankrtupcies of small businesses. It’s still going on. Celent was just looking for headlines.
thanks
point is, if the idea is ridiculous, it doesn't matter who's saying it, does it?
Point noted.
bfltr
Maybe this was what Rush was referring to. If true, it’s time to revolt against the supposed government of this republic.
This is it. Thank you.
Or the Reichstag Fire in 1933.
Create a problem so you can "solve" it, taking just a few more liberties from the mindless masses in the bargain.
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