Posted on 06/07/2009 6:41:25 AM PDT by bill1952
I have been extremely strident in my ridicule of bogus, bankster “bottom-lines" - and I'm certainly not alone...
Thus, when a Wall Street mouth-piece like Bloomberg heaps doubt onto the validity of Wall Street accounting, and the supposed “profits” they are now reporting, this is something which should be examined more closely than most of their drivel...
To quickly recount this propaganda campaign to make U.S. banks not only appear solvent, but “profitable”, here is the chronology. First, the so-called U.S. accounting “regulator” severely diluted U.S. accounting standards (see “FASB strong-armed into mark to fantasy accounting”) - just in time for the banksters to re-write their books before reporting Q1 results...
This is combined with hilarious attempts to hide the catastrophic job losses which continue in the U.S. economy (“U.S. jobs propaganda gets more and more desperate”). Meanwhile, a similar propaganda campaign is underway to (once again) pretend that the U.S. housing market is nearing a “bottom” (see “A Revealing Look at U.S. Housing Propaganda”, and “U.S. housing sector stability dependent on vultures”)...
This brings us to the most recent Geithner scam: the Public Private Investment Program (see “The Geithner Scam: a step-by-step illustration”). In this massive, taxpayer rip-off, U.S. fraud factories will be allowed to “sell” assets back and forth to each other – with every sale accompanied by HUGE taxpayer hand-outs and total indemnification from future losses...
The problem with this scam (from the perspective of U.S. fraud-factories) is that it is woefully underfunded, since U.S. bankster oligarchs know that they would have great difficulty in obtaining additional hand-outs above and beyond the more than $10 TRILLION already spent or pledged in propping up these bankrupt banks...
As a result, some time in the next six months, one of two events will occur. Either the banksters will find a way to pry more trillions out of their servants in the U.S. government, or the entire sector will plunge far below previous lows – as years of lies and stalling back them into a corner.
These “pigs” are going down – no matter how much lipstick gets painted on them.
An excellent article - Well worth reading on a Sunday afternoon - if you want more than the ignorant MSM drivel.
I’ve been digging into economics and finances for the better part of a year now.
Anyone who studies this issue even 20% more than what the MSM reports knows that we are in for one hell of an economic mess, the really bad s*** hitting the fan later this year and again next summer.
Watch the video at http://video.google.com/videoplay?docid=-1656880303867390173 and learn just who is running the USofA ever since 1913. It’s NOT who you probably think.
The American Public has been pwned since 1913.
Wolverines!
bfl
ping
[Anyone who studies this issue even 20% more than what the MSM reports knows that we are in for one hell of an economic mess, the really bad s*** hitting the fan later this year and again next summer.]
I do commercial real estate and have to follow these trends and really, the only question is when the crash happens and how it happens. There is just an incredible overhang of bad things coming down the tracks that can be summed up as “unfunded libilities”. Even Obamessiah can’t wish it all away, so we get to pin the tail on his donkey before next years election.
Yep. He could have used his unique position as “first black president” and his license in this no-rules-honeymoon to say: “Folks. As a nation we have to pull together. We have to let this economy unwind for these reasons...Here’s what we can expect, and it isn’t pretty...But when this is over, we will be far stronger.”
Instead, he used the opportunity to rush toward Socialism/Communism. I don’t see how anyone can honestly deny that his goal is not to destroy the US dollar and force us into a global currency controlled by a worldwide central bank.
It's a good article in general and he's getting warm, but misses the point a bit here. Whether or not housing is at "bottom" or not is completely irrelevant to the overall picture. It doesn't matter whether we hit "bottom" 2 years from now or if we did already hit bottom last month.
What the old housing "bottom" myth portends is that housing will eventually hit "bottom," or the lowest pricing point, then everyone will begin buying real estate again and all is well.
The reason why this myth is being perpetrated is because too many talking heads and "analysts" have spent too much time out of touch in northeastern financial circles. They're actually ignorant enough to believe real property is anything like a stock or similar financial instrument, where it hits "bottom" then everyone jumps in and makes all kinds of money.
Even if real estate hits "bottom," there will still be a huge segement of homeowners whose homes have also hit "bottom" and who won't be able to sell their homes for a sufficient price, therefore unable to buy another home - taking advantage of the "bottom." Any Realtor will tell you the existing homeowners who are re-locating or moving up are a huge part of the market.
Another huge part of the previous market that can't/won't buy, will be deadbeats who can't qualify and non-deadbeats unable to qualify for loans because of now stricter lending standards and higher interest rates. That's not only true for homeowners, but of the previous investor class as well. Many can't return to the market, even if they wanted to. many don't want to.
Even if we went back to pre-2006 conditions, when everyone and grandma was qualifying for loans and selling their existing homes for top dollar (an impossible scenario only used here as a an i.e), and even if not a single new home were built, it would take YEARS to get through all of the existing inventory we have now. I forget what the figure is, but vacant homes in the U.S. number in the millions. Even under the best conditions imaginable, it take awhile.
From a historic perspective, if you own real estate, the value generally would rise somewhere around 5% per year. If that hold true, even if we all jumped into home buying after the fabled "bottom," real estate always has and always will be a long-term investment that requires care and maintenence. We not all going to jump in an start realizing riches.
I guess what I'm saying with this long post that nobody will likely read is; who cares if we hit "bottom?" We still won't have anyone to buy all of the massive amounts of inventory those that do will wait years to realize any gain. Heck it took about a decade to get past the late 80s slump that began around the time of the S&L thing - and that was far more mild.
So contrary to what the Wall St. yackers are pushing, the "bottom" myth is just that, a myth. A substantial RE recovery is not happening any time soon.
Madoff would be/is proud.
“I don’t see how anyone can honestly deny that his goal is not to destroy the US dollar and force us into a global currency controlled by a worldwide central bank.”
If the dollar ends and we are forced to be controlled by a world bank, then it follows that all political independence would be over. At that point would it be proper to have an an armed revolution, with violence and everything? If that is not a just cause, what would be?
And completely destroy the (mostly White) middle-class.
“He could have used his unique position as “first black president””
How profoundly true! Had he overcome his socialism, and understood the freedom he truly possessed as the first black president, he could have cemented his place in history as a great man by taking on the federal reserve, and the internationalist trend in banking. He could have even remained a liberal socially.
They have made calling the Federal reserve a usurpation of our freedom, the equivalent of believing in spacemen out in area 51. No president will dare do it. The crazy thing is, i think more than a few liberals would listen to someone like him discuss this. Liberal vs conservative can still be fought forever, but any American should see that controlling our own currency is a function of government, not of a cabal of private bankers, answering only to themselves.
He blew a rare chance in Americas politics. He will never be more than the socialist bankers hack that he was hired to be. He is nothing more than the bankers shine boy,,, sad.
Let me just add, this bottom - whenever it occurs - coincides with the urge for us baby-boomers to downsize and realize the gains we have made with our real estate. Bleak.
not to destroy = to destroy (that is, he is intending to destroy the US dollar)
Personally, I think by controlling energy they control the food supply. So, only those who are independently able to feed themselves would be able to ban together for such a revolt. With transportation under their control (via energy control), such a revolution wouldn't be practical. The most such an effort could do is random acts, such as the US fighting against at present.
Armed rev isn't the answer. We need to educate those Americans who still love Americans. And we need to embolden them and ourselves to get aggressively in the faces of the Leftists (and those who tangentially support them from their special-interest groups) and back them off, shut them up, and close them down. By shut them up, I mean make them fear that no matter where they are, they will be outnumbered and if they start spewing their Leftists, destroy-America crap, they know they will be counter-attacked from all sides.
Be careful with this statement:
“but any American should see that controlling our own currency is a function of government, not of a cabal of private bankers, answering only to themselves.”
For the government to control the currency, they would need central bank, which is essentially what the Fed is. The power of the gov. is to maintain weights and measures and then print and coin money in strict accordance with those set weights and measures. That is, they are only supposed to print and coin money that is valued on something of real value (gold, silver). And that is it. The VALUE of that currency is supposed to be based upon GDP, amount of gold/silver banking, the free-market forces, etc.
Yup. You see that myth in Vegas. Every gambler who gets down thinks that her luck will change if she just hangs in there...that what went down will come back up.
Nope. What goes down can flatline. Home prices might stay down for decades once they find a bottom, just as many a gambler can be broke for years after finding out that the casino will take all of her money.
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