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wrightme43
What do you say?
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wrightme43
Oh yeah, if you live overseas sorry but you have to start your own poll. Well unless you want to get a visa, and come help. We have plenty of torches and pitchforks to go around for those of you adverse to the use of firearms, and plenty of guns and ammo for those that are not.
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wrightme43
Oh and all replies are private so dont worry about that.
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wrightme43
not looking good for them so far.
5 to one in favor. Still no ideas on what would better. LOL
5 to one in favor. Still no ideas on what would better. LOL
Unseen
Junior Member
Well I'm not a US citizen so I can't speak for these institutions but I'd say Yes, twice and the same applies to the equivalents overhere. 
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wrightme43
Here is another great post from Karl.
Its just been put up.
Friday, February 20. 2009
Posted by Karl Denninger at 06:48
(Page 1 of 250, totaling 750 entries) » next page
Examples: Confidence Destroyed
This is exactly what I've been talking about.
First, from Reuters this morning on European indices:
Now, having had that happen, we have not had the Governments of the world step up to the plate, admit what occurred, pledge to prosecute those responsible (on both sides of the table - borrower and lender) where fraud occurred and drain the swamp.
On "main street" this was sent to me by email. This is a "Joe Sixpack"; an average American - who has had enough.
This is how America views our markets:
Policy-makers better listen up and do so soon. This, along with Rick Santelli (and by the way, CNBC ran a poll on the "TeaParty", and over eighty thousand people said they would show up!) is tapping into what America feels about all this nonsense.
Let's face the facts - 92% of Americans are either paying their mortgage or don't have one. We didn't use our homes as ATM machines. We didn't lie about our incomes. We played by the rules and do not have bone-crushing debt loads.
The rest of America is a different story.
Another fact: For every American that has a house they can't afford there is another American that wants to own a house, but can't because prices are still too high. For those of us who look at our homes as shelter, not a speculative investment, we don't care what the price is on our abode - we want a place to live, not something to use as a means of "levering up" as some grand ATM that we can tap to pay off our credit cards (which we then charge up once more!) My residence more than tripled in price from 2000 to 2007, and now it has lost most of that appreciation - being worth somewhat more than it was when I bought it. So what? My home is not a speculative investment - if it was, I would have sold it when the Realtors came knocking on my door in 2005.
The FX dislocations that we've seen over the last few days have perplexed me and in addition been cause for great alarm. This is not without foundation. After much study I think I've figured out what's going on - we are witnessing the capital flight that I feared might happen in some of my Tickers from last year.
These moves are hedge funds and others that are leaving The United States with their money. It is flowing out of the United States.
Nor is this limited to hedge funds - it has become essentially impossible to sell Fannie and Freddie paper overseas now too:
Policy-makers must understand: This is a confidence problem and they are responsible for it. The people pulling the levers of power, including Bernanke, the OTS, OCC, President Obama and Geithner (and their predecessors, have intentionally and systematically obscured the facts and looked the other way while various people within Wall Street repeatedly misrepresented the quality of the securities they were peddling and, in many cases, the health of their firms. Do I really need to go back and cite "The economy is fundamentally sound" or "I'm going to burn the shorts" again? None of these people have been held to account for their falsehoods by our government and as a consequence the market is doing the job that government refuses to do, with the result being a market collapse.
We as Americans and in fact investors all over the world have suffered trillions of dollars in harm, a consequence that accrued to us as a direct and proximate consequence of the intentional and willful acts of these government officials and "captains of Wall Street."
Now the people with the money are quite literally leaving. They're finished with the liars and games and are taking their ball and going home, voting with their wallets. The damage being done to our capital markets is reaching critical levels and threatens to stoke a positive feedback loop that is nearly impossible to stop.
Should our policymakers not step up and put a stop to the lies and fraud in the immediate future the other actions they are taking will mean exactly nothing. A "mini-crash" of another 20-30% down in the S&P 500 (which would take us into the 600s) will destroy another 2-3 million American jobs and bankrupt hundreds of midsize and large companies, along with tens of thousands of small firms. An all-on market panic, which is looking increasingly likely and may initiate as soon as today, will result in the bankruptcy of 30% or more of the S&P 500 and an unemployment rate that will exceed 15% within the next twelve months on "official statistics", and U-6 numbers above 25% - rivaling The Great Depression.
There is no more time for game-playing. Our policy-makers were not elected to protect the malefactors and fraudsters; they were elected to protect the people.
Confidence has been lost across the board. If our government does not act decisively and quickly to restore confidence, forcing the fraud into the open and prosecuting those involved, along with setting forth a concrete path of action specifically addressing the issue of "nationalization" (in any of its various forms of dress) for financial institutions capital flight will accelerate, our financial institutions stock prices will continue on their trip to zero and our markets will crash.
My personal confidence is shaken and on the verge of being destroyed, at which point I may as well take my wealth and depart the system entirely with it, buying a piece of arable land, some chickens and goats, a passel of firearms with many cases of ammo and, just in case, some horses so I can still get around if we suffer a catastrophic economic collapse.
Yes folks, I do think it could get that bad, and it could happen very quickly if our government does not step up - now - to address the above.
Its just been put up.
Friday, February 20. 2009
Posted by Karl Denninger at 06:48
(Page 1 of 250, totaling 750 entries) » next page
Examples: Confidence Destroyed
This is exactly what I've been talking about.
First, from Reuters this morning on European indices:
""We're near the cliff's edge, very close to capitulation, the mood is very gloomy," said Jean-Claude Petit, head of equities at Barclays Wealth Managers France.
"I not sure that governments and central banks are realising what's really going on," he said.
What's "really going on" is that our entire financial system has turned into a gigantic clown car. There hasn't been any recognition that the fundamental problem over the last two decades has been fraudulent lending - giving money to people on loan that the lender knows full well has no real chance of being able to pay it back."I not sure that governments and central banks are realising what's really going on," he said.
Now, having had that happen, we have not had the Governments of the world step up to the plate, admit what occurred, pledge to prosecute those responsible (on both sides of the table - borrower and lender) where fraud occurred and drain the swamp.
On "main street" this was sent to me by email. This is a "Joe Sixpack"; an average American - who has had enough.
This is how America views our markets:
"I have absolutely NO CONFIDENCE in the stock market or ANY MARKET. I was a fool to have invested what I did over the past ten years from working hard in the computer business. I am part of the new generation that will be VERY averse to risk. Hell, I think my 401k money-market fund sounds pretty God damn RISKY right now!
If you want to borrow my hard-earned savings you are damn well going to pay a premium for it. Otherwise it will be stockpiled in mason jars in my back yard. My retirement and investment strategy going forward will be based on SAVINGS and a VERY FEW CONSERVATIVE investments. This is a God d@#@ fraud. I've been fooled once.
God d$#% it. My Grandpa was right.
That's not the only email like this I've received, and it is one of the cleaner ones in terms of language.If you want to borrow my hard-earned savings you are damn well going to pay a premium for it. Otherwise it will be stockpiled in mason jars in my back yard. My retirement and investment strategy going forward will be based on SAVINGS and a VERY FEW CONSERVATIVE investments. This is a God d@#@ fraud. I've been fooled once.
God d$#% it. My Grandpa was right.
Policy-makers better listen up and do so soon. This, along with Rick Santelli (and by the way, CNBC ran a poll on the "TeaParty", and over eighty thousand people said they would show up!) is tapping into what America feels about all this nonsense.
Let's face the facts - 92% of Americans are either paying their mortgage or don't have one. We didn't use our homes as ATM machines. We didn't lie about our incomes. We played by the rules and do not have bone-crushing debt loads.
The rest of America is a different story.
Another fact: For every American that has a house they can't afford there is another American that wants to own a house, but can't because prices are still too high. For those of us who look at our homes as shelter, not a speculative investment, we don't care what the price is on our abode - we want a place to live, not something to use as a means of "levering up" as some grand ATM that we can tap to pay off our credit cards (which we then charge up once more!) My residence more than tripled in price from 2000 to 2007, and now it has lost most of that appreciation - being worth somewhat more than it was when I bought it. So what? My home is not a speculative investment - if it was, I would have sold it when the Realtors came knocking on my door in 2005.
The FX dislocations that we've seen over the last few days have perplexed me and in addition been cause for great alarm. This is not without foundation. After much study I think I've figured out what's going on - we are witnessing the capital flight that I feared might happen in some of my Tickers from last year.
These moves are hedge funds and others that are leaving The United States with their money. It is flowing out of the United States.
Nor is this limited to hedge funds - it has become essentially impossible to sell Fannie and Freddie paper overseas now too:
"Feb. 20 (Bloomberg) -- Asian investors won’t buy debt and mortgage-backed securities from Fannie Mae and Freddie Mac until they carry explicit U.S. guarantees, similar to those given on bonds issued by Bank of America Corp. or Citigroup Inc.
The risks are too great without a pledge that the U.S. will repay the debt no matter what, according to Hideo Shimomura, chief fund investor in Tokyo for Mitsubishi UFJ Asset Management Co., and other bondholders and analysts in Japan, China and South Korea interviewed by Bloomberg. Overseas resistance may hamper U.S. efforts to hold down home-loan rates and rebuild the nation’s largest mortgage-finance companies.
The problem is that we can't guarantee these securities. If we attempt it we will literally double the outstanding debt of the United States overnight. This will in turn destroy the bond market, spiking yields higher, which in turn will crush what's left of the credit markets (including and especially housing.)The risks are too great without a pledge that the U.S. will repay the debt no matter what, according to Hideo Shimomura, chief fund investor in Tokyo for Mitsubishi UFJ Asset Management Co., and other bondholders and analysts in Japan, China and South Korea interviewed by Bloomberg. Overseas resistance may hamper U.S. efforts to hold down home-loan rates and rebuild the nation’s largest mortgage-finance companies.
Policy-makers must understand: This is a confidence problem and they are responsible for it. The people pulling the levers of power, including Bernanke, the OTS, OCC, President Obama and Geithner (and their predecessors, have intentionally and systematically obscured the facts and looked the other way while various people within Wall Street repeatedly misrepresented the quality of the securities they were peddling and, in many cases, the health of their firms. Do I really need to go back and cite "The economy is fundamentally sound" or "I'm going to burn the shorts" again? None of these people have been held to account for their falsehoods by our government and as a consequence the market is doing the job that government refuses to do, with the result being a market collapse.
We as Americans and in fact investors all over the world have suffered trillions of dollars in harm, a consequence that accrued to us as a direct and proximate consequence of the intentional and willful acts of these government officials and "captains of Wall Street."
Now the people with the money are quite literally leaving. They're finished with the liars and games and are taking their ball and going home, voting with their wallets. The damage being done to our capital markets is reaching critical levels and threatens to stoke a positive feedback loop that is nearly impossible to stop.
Should our policymakers not step up and put a stop to the lies and fraud in the immediate future the other actions they are taking will mean exactly nothing. A "mini-crash" of another 20-30% down in the S&P 500 (which would take us into the 600s) will destroy another 2-3 million American jobs and bankrupt hundreds of midsize and large companies, along with tens of thousands of small firms. An all-on market panic, which is looking increasingly likely and may initiate as soon as today, will result in the bankruptcy of 30% or more of the S&P 500 and an unemployment rate that will exceed 15% within the next twelve months on "official statistics", and U-6 numbers above 25% - rivaling The Great Depression.
There is no more time for game-playing. Our policy-makers were not elected to protect the malefactors and fraudsters; they were elected to protect the people.
Confidence has been lost across the board. If our government does not act decisively and quickly to restore confidence, forcing the fraud into the open and prosecuting those involved, along with setting forth a concrete path of action specifically addressing the issue of "nationalization" (in any of its various forms of dress) for financial institutions capital flight will accelerate, our financial institutions stock prices will continue on their trip to zero and our markets will crash.
My personal confidence is shaken and on the verge of being destroyed, at which point I may as well take my wealth and depart the system entirely with it, buying a piece of arable land, some chickens and goats, a passel of firearms with many cases of ammo and, just in case, some horses so I can still get around if we suffer a catastrophic economic collapse.
Yes folks, I do think it could get that bad, and it could happen very quickly if our government does not step up - now - to address the above.
- Joined
- Jul 22, 2008
- Messages
- 1,679
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- 17
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- 38
- Location
- Beaverton Oregon USA
Us normal people are getting the shaft bad. Why don't all the politicians take a pay cut like the rest of us are! Set an example! I don't trust any of them. Twice is not probably enough!! :spank:
dark_isz
rejected liberal
Can't we hang the financial wizards who actually caused the mess and stole the money? I mean, they are the ones who put the govt. officials in office in the first place with massive campaign donations, or bought them off outright once they got elected. The CEO's of the banks, investment houses, and financial insurance companies are the ones who are making tens of millions, if not more, a year. Guess where that money came from? That's right, your shrinking IRA. And when your IRA didn't have enough left in it, the CEOs went to the politicians they bought and got them to take more money for their bloated salaires from your paycheck.
Yes, the government should have done a better keeping the mess from happening, but the reality is the mess was caused by the financial sector, not the government.
Yes, the government should have done a better keeping the mess from happening, but the reality is the mess was caused by the financial sector, not the government.
W
wrightme43
Ok we can toss them in if you like. I know my idea is just a good start.
The companies that cannot survive without TARP should be allowed to fail. If they were not taking from the incredible profits from earlier, better times and ran their firms a little more conservatively they would not need the bail out.
W
wrightme43
Anybody want a cool shirt?
https://a248.e.akamai.net/7/248/136...-img/glennbeck/products/torches-pitch-big.jpg
https://a248.e.akamai.net/7/248/136...-img/glennbeck/products/torches-pitch-big.jpg
Tea Party Anyone?
http://www.cnbc.com/id/29283701
Better quality vid.
[nomedia]http://www.youtube.com/watch?v=bEZB4taSEoA[/nomedia]
http://www.cnbc.com/id/29283701
Better quality vid.
[nomedia]http://www.youtube.com/watch?v=bEZB4taSEoA[/nomedia]
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wrightme43
I love that video. LOL
The teapary idea has been tossed around a bit elsewhere as well. One idea is everyone send Obama and thier congressman and senator a single teabag.
The teapary idea has been tossed around a bit elsewhere as well. One idea is everyone send Obama and thier congressman and senator a single teabag.
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wrightme43
I just dont think teaparty has the same ring as hanging. The bailout was opposed 300 to 1 by the American people. See in my mind 300 to 1 means our elected officials just said screw you stupid people that put me here, I am going to take care of my buddies that paid me with your money. Ha Ha screw you stupid worker drones. Maybe I am taking it wrong?
I have a nice old school 1950s frog gig and a torch. Its not a pitch fork but it will do in a pinch right? Its on a solid oak tobbaco stick.
I have a nice old school 1950s frog gig and a torch. Its not a pitch fork but it will do in a pinch right? Its on a solid oak tobbaco stick.
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wrightme43
as of this minute we are 88.25% in favor of hanging all of them, a good % want to hang the dead bodies as well.
I would like to let Ron Paul slide since he has consistently voted against this crap, and said hey this is whats going to happen if you keep doing this.
I would like to let Ron Paul slide since he has consistently voted against this crap, and said hey this is whats going to happen if you keep doing this.
- Joined
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- 6 Blocks from Fenway
While this is a US federal thread, you would not believe the incremental stuff going on in MA, ironically the site of the original tea party. My gf and I are already plotting our way out of this state. G'bye to my "revenue." I'll be damned if Deval Patrick puts a chip on my license plates to track my movements in the name of taxation.
(voted the except Ron Paul option, and considering "hanging" in the figurative only)
(voted the except Ron Paul option, and considering "hanging" in the figurative only)
pooty
Senior Member
not to hijack--but deregulation was our downfall.
Last edited:
Unseen
Junior Member
Yes, the financials and bankers (like mr. Paulson) opted for dergulation so they could increase the leverage over the 9 to 1 ratio. Meaning that most of the money that exists now does not represent any real wealth or asset, it's just an illusion. Be it an illusion, money talked and bought the politicians into the the scam. I think half of the politicians don't know how the economic system works and of the other half, a large part was bought by the financials, which makes them cons! They allowed the deregulation, telling regulation was communist and socialist evil, while it really is a base rule to make the system work. Now we're stuck with a big balloon of funny money. Many people nowadays wonder how money disappears, well it never existed in the first place, but the big shots lined their pockets and bought their palaces with it nevertheless. And because the money that bought that stuff wasn't real the common people now have to slave for years (through government debt) to pay for the big shots' mansions with real money. I for one will pass for that "honour", but how to leave the system? Triniti I need an exit ;-)
I've never been into conspiracy theories, but this whole scam makes me wonder... (and sick).
I've never been into conspiracy theories, but this whole scam makes me wonder... (and sick).
W
wrightme43
Oh I mean literaly. Hanging as in the building of gallows and actually hanging them untill dead for theft, treason, and intentional destruction of our country.
Yeah we could let Ron Paul go, there are a few who believe in saving our country. A local guy named Paul Ryan seems to get it. http://www.house.gov/ryan/
Another guy Scott Walker, Milwaukee County Executive, has some great ideas on how to stimulate the local economy.
http://www.scottwalker.org/
Scott Walkers plan...
http://www.scottwalker.org/prosperity.pdf
I hope Scott runs for Governor in 2010, he is the only one who can eliminate the Jim Doyle Deficit. We as a people, have to stop electing these moronic rhinos to office. Unfortunately, we get the government we vote for.
Another guy Scott Walker, Milwaukee County Executive, has some great ideas on how to stimulate the local economy.
http://www.scottwalker.org/
Scott Walkers plan...
http://www.scottwalker.org/prosperity.pdf
I hope Scott runs for Governor in 2010, he is the only one who can eliminate the Jim Doyle Deficit. We as a people, have to stop electing these moronic rhinos to office. Unfortunately, we get the government we vote for.
