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There's No Pain-Free Cure for Recession
The Wall Street Journal ^ | 2008-12-27 | Peter Schiff

Posted on 12/26/2008 6:41:42 PM PST by rabscuttle385

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1 posted on 12/26/2008 6:41:43 PM PST by rabscuttle385
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To: PAR35; TigerLikesRooster; bamahead; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; ...
*Ping!*
2 posted on 12/26/2008 6:42:13 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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The Money, Banking, and Financial Markets Ping List.

"Money, not morality, is the principle commerce of civilized nations."
—Thomas Jefferson

FR Keywords: moneylist, bankinglist, financelist

Please tag all relevant threads with the aforementioned keywords.

This can be a very high-volume ping list at times.

Ping list jointly pinged by rabscuttle385 and TigerLikesRooster.

To join the ping list:
FReepmail rabscuttle385 with the subject line add  moneylist.
(Stop getting pings by sending the subject line drop moneylist.)


3 posted on 12/26/2008 6:42:34 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: rabscuttle385

I have a good argument I’d like to put forward to people.

Obviously not those informed on here.

“Why if the government caused all the mess in the first place, should they be the ones to try to clean it up?”


4 posted on 12/26/2008 6:45:19 PM PST by wastedyears (In Canada, Santa says "Ho Ho, eh?")
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To: wastedyears

There is a principle of cleaning up your own messes... IF you are competent to do so!


5 posted on 12/26/2008 6:47:32 PM PST by sionnsar (Iran Azadi|5yst3m 0wn3d-it's N0t Y0ur5 (SONY)|http://trad-anglican.faithweb.com/|RCongressIn2Years)
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To: rabscuttle385
Governments cannot create but merely redirect. When the government spends, the money has to come from somewhere. If the government doesn't have a surplus, then it must come from taxes. If taxes don't go up, then it must come from increased borrowing. If lenders won't lend, then it must come from the printing press, which is where all these bailouts are headed. But each additional dollar printed diminishes the value those already in circulation. Something cannot be effortlessly created from nothing.

That statment says it all! Remember it, and tell your dem friends every chance you get.

6 posted on 12/26/2008 6:49:24 PM PST by An Old Man
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To: rabscuttle385; justiceseeker93; freekitty; SouthTexas; Piquaboy; al baby; Navy Patriot; SkyPilot; ..

What pain? The voters are counting on their new God Obama to cure all their pain, heal their wounds, pay their bills, make everything right in the world, placate and appease our enemies so they will love us, fix all our highways and bridges, stop global warming, cure disease and give us all free top-notch medical care, put a steak on each of our tables every night. What more could peons want than for their Socialist God Obama and Liberal leaders in Congress to take care of them? All we have to give up is our freedom.


7 posted on 12/26/2008 6:49:34 PM PST by ExTexasRedhead
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To: sionnsar

They obviously weren’t competent in the first place, which caused them to make the current mess.


8 posted on 12/26/2008 6:49:50 PM PST by wastedyears (In Canada, Santa says "Ho Ho, eh?")
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To: rabscuttle385
We have enormous structural problems and the liquidation of enormous malinvestment accumulated over 30 years and more to deal with.

Our legal and regulatory mess has been crying for reformation for 20 years. Our system of finance where investment dollars are created out of inflation rather than out of personal savings is on its last gasp of hot air and paper. We have put a fortune into Miami condos and shopping malls. We have 10 times the retail floor space per consumer of any country in the world. None of this is productive.

Health care costs are inflated by regulation, legal messes, a bizzare system of payment all of which has made a bureaucratic nightmare out of getting an aspirin.

It was ok when the world was willing to take our paper in exchange for commodities and manufactured product that we were unwilling to produce ourselves. That is at an end.

We have a finance system that skims money off the top of consumer transactions through credit card payments and interest payments that contributes nothing productive.

We have lot to work through and a lot of restructuring to move people from jobs that shouldn't be done to jobs that need to be done.

9 posted on 12/26/2008 6:51:50 PM PST by AndyJackson
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To: wastedyears

Q.E.D. *\;-) Thank you.


10 posted on 12/26/2008 6:52:30 PM PST by sionnsar (Iran Azadi|5yst3m 0wn3d-it's N0t Y0ur5 (SONY)|http://trad-anglican.faithweb.com/|RCongressIn2Years)
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To: AndyJackson

Just keep in mind that aspirin is really just a tea of willow bark, and you will make it.


11 posted on 12/26/2008 6:55:48 PM PST by patton (Old BMP-1 Driver)
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snot true........................

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12 posted on 12/26/2008 6:56:08 PM PST by Cyber Ninja (His legacy is a stain on the dress.)
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To: rabscuttle385

If you can pick up a wrench or a screwdriver and fix stuff, there will always be stuff to do.

We will certainly be going into a “repair instead of replace” kind of lifestyle.

Which is absolutely fine with me, as one of my greatest pleasures in life has always been taking things apart, seeing how they work, and putting them back together. Better, if possible.

If you make your living moving paper from pile A to pile B, you might want to do some serious job planning now.

The medical industry, the home care industry, will do well.


13 posted on 12/26/2008 6:57:03 PM PST by djf (< Tagline closed until further notice. Awaiting bailout >)
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To: rabscuttle385; wastedyears; sionnsar; An Old Man; ExTexasRedhead; AndyJackson; djf
The financial prophet Peter Schiff tried to warn us, see his speech Nov 2006 Peter Schiff Mortgage Bankers Speech Part 2 of 8. Schiff quote : 'Saving is under-consumption in the present for consumption in the future'. Saving is the solution, a recession. In America we consumed in the present for the expense of the future.' Another Schiff quote :"The boom is the problem, the bust is the solution". His economic theory is that you need a recession to get healthy, the sooner the better and says in 2002 we needed one, but this is political death for the elected. Politicians running for re-election need to pump more and more money, borrowed and printed (ie low interest rates), into the economy to look like they are fending off a recession but it only delays the eventual crash and makes it much worse.
14 posted on 12/26/2008 7:07:52 PM PST by sickoflibs (GWB : "Give me a 700B blank check to save the UAW until Obama takes office")
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To: wastedyears
“Why if the government caused all the mess in the first place, should they be the ones to try to clean it up?”

They have the printing presses and they control the police and army's.

15 posted on 12/26/2008 7:25:04 PM PST by org.whodat (Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
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To: AndyJackson

Just damn!!!


16 posted on 12/26/2008 7:27:35 PM PST by org.whodat (Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
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To: org.whodat
they control the police and army's

I find it very interesting how we let them think they are!

17 posted on 12/26/2008 7:33:27 PM PST by An Old Man
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To: An Old Man
What was the name of that congressman that said people were acting like the money belonged to them????
18 posted on 12/26/2008 7:40:06 PM PST by org.whodat (Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
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To: rabscuttle385; wastedyears; sionnsar; An Old Man; ExTexasRedhead; AndyJackson; djf

Some Peter Schiff 2006 prediction videos at

The Financial Prophet Calls it (Peter Schiff) at

http://sickoflibs.blogspot.com/2008/12/financial-prophet-calls-it-schiff.html


19 posted on 12/26/2008 7:46:02 PM PST by sickoflibs (GWB : "Give me a 700B blank check to save the UAW until Obama takes office")
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To: wastedyears

It`s Govt. that creates boom and bust cycles:

http://mises.org/story/3127

.
.
.


20 posted on 12/26/2008 7:46:51 PM PST by Para-Ord.45
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