per the article:
“The only reason we have any “resemblance” of a functioning credit system at all at the present time is that the government and Fed are pumping upwards of $250 billion dollars a quarter - that is, $1 trillion a year - into the system to subsidize bad credit risks and keep those who have been and are getting screwed by these frauds - so long as they’re other banks and businesses - from having to bear the cost of these acts.
Instead of locking up the bank robbers (who wear a $3,000 suit instead of a kevlar vest and a gun) we are covering their theft with taxpayer money.
Instead of removing the embezzlement from the system and forcing fraud into the open, we are sweeping it under the rug.
Instead of demanding that people do business honestly and punishing those that refuse, we are allowing them $100 million dollar bonuses - after they run the price of your Granny’s Heating Oil up once again.
Tired of it yet?
It appears not. “
We have bottomed out in the recession. Fools.
Looks like this Bear market rally is losing steam
Wait until the bottom drops out of the Commercial RE market...then we’ll have some real fun...if all these jobs are going bye-bye, the offices and buildings they occupied are going to be empty...someone has to pay the mortgage on the properties...the buildings go upside down and where will the second tier investors go?
We are so srewed...we don’t have to worry about drowning, the fall is going to kill us...
I’m confused. When I say this kind of stuff:
“The American people are wising up, but only to a degree. They are refusing to take on new credit (as they should, seeing as they’re being charged not only for their own legitimate level of risk, but also for their next door neighbor who was intentionally given a loan that the bank knew he could not pay) and demanding in some small way that The Bezzle be eradicated.
The people recognize they’re being violated repeatedly by the scam artists on The Beltway and Wall Street, but they’re not quite sure how to stop it. Certainly, hollering at Congress hasn’t done any good. The Fed has refused to enforce consumer protections, as has Treasury, and both have done their damndest to overrule state regulations and even State Attorney Generals whenever possible.
...the government and Fed are pumping upwards of $250 billion dollars a quarter - that is, $1 trillion a year - into the system to subsidize bad credit risks and keep those who have been and are getting screwed by these frauds - so long as they’re other banks and businesses - from having to bear the cost of these acts.
Instead of locking up the bank robbers (who wear a $3,000 suit instead of a kevlar vest and a gun) we are covering their theft with taxpayer money.
Instead of removing the embezzlement from the system and forcing fraud into the open, we are sweeping it under the rug.
Instead of demanding that people do business honestly and punishing those that refuse, we are allowing them $100 million dollar bonuses - after they run the price of your Granny’s Heating Oil up once again. “. . .
I get called a libtard socialist troll?
parsy, who was on to this way back in March 2001
I like Karl Denninger a lot. He calls “bull” on a lot of stuff and explains why.
Having said that he is deeply pessimistic, beyond even other ‘perma-bulls’ like Peter Schiff and Noriel Roubini.
He could turn out to be right, but I suspect he is way too doom-and-gloomish.
I remember a discussion with my Dad (now deceased) about the Y2K projections. His comment was “it’s not going to be that bad”. (I was not sure myself, and I worked in the software industry. My company found some pretty bad bugs in our super-widely-deployed system software.)
My Dad’s take was “there are a ton of really smart people working to make sure it doesn’t happen, all over the place”.
He turned out to be right about that. I think a similar rule applies to the ‘total financial meltdown’ scenarios. It’s not in anyone’s best interest. Lots of people are working to prevent it. They may not be 100% effective, but even if they are 90% effective they will prevent the big blow out.
Folks - We are getting ripped off by DC and Wall Street and we are not doing anything.
It can’t be any clearer.
In other words, we are screwed.