I figured I would put up this post now that I have stopped throwing up after watching Obama's so called historic "banking reform". For those who missed it, here is the speech.
I am not even going to get into the details of the speech because there is nothing worth highlighting. Basically, we are going turn the regulation of our financial system over to the Fed.
BARF!
Great idea guys: Put a giant banker(the Fed) in charge of regulating the banking/financial system. Why in the hell are we putting the fox in charge of watching the hen house? Have we learned nothing in the past 2+ years?
I am so tired of us addressing our economic problems by doing more of the same! When the market collapsed last fall as a result of our over leveraged system, how did we respond? We socialized the losses and then tried to re leverage up the consumer and the lenders in an attempt to re inflate the bubble. How did that work out? I will answer that Alex: Housing prices haven't stopped dropping since, consumer borrowing has collapsed, and unemployment has soared to 9-1/2%!
So when this dumb idea didn't work what did we try next? The Fed decided to make the "cheap money" that got us into this mess even cheaper via quantitative easing. How's that working? Ummm...Treasury yields have almost doubled since the Fed's initial QE. Do I even need to say anything more? Nothing has changed. Things have gotten worse not better.
Now for a third time, Washington is STILL trying to solve the problem by doing more of the same! It was the Fed's policies that forgot about this little word called "regulation". It was also the Fed's policies that created the housing bubble by keeping rates too low for too long.
Let's also not forget about the Fed's irresponsible spending policy in reaction to this crisis. they appear to be hell bent on spending trillions of $$$ that we don't have in order to prevent a depression.
So what did they do with the money?
Once again they addressed the problem by doing more of the same! They threw all of the money to the banks which of course are the ones that got us into this in the first place. Since when did we start rewarding unlawful behaviour with a $700 billion windfall?
God forbid we try and address the problems by helping out the people who are really suffering. I mean what has the Fed done for the victims of this crisis which are the American people? Ummm...Nothing! We got a whopping $700 billion in the form of a "stimulus" package that was filled with a bunch of pork barrel spending. None of us will ever see a dime of this money for the most part. The special interests might.
The bottom line here is the Federal Reserve's policies have been a catastrophic failure over the past 10 years.
Take a listen to Congressman Sherman and his take on the so called "historic" banking reform:
Bottom Line:
I find it so ironic that our government has no problem "nationalizing" America but refuses to nationalize the banks!
If this isn't the epitome of an oligarch society I don't know what is. Its obvious the elites of this country are still firmly in control and perhaps even strengthening their power.
How do you let the crooks go free and nationalize everything else?
I mean think about it: We have already basically nationalized our automotive industry. We will hear about our "nationalized" healthcare system in the very near future. Both will be decimated as a result.
The "nationalization" of the financial system was of course announced today but it comes with an asterisk. in my eyes this isn't a reform of the banking system. HOw can you call this reform when the government is allowing the Wall St crooks to stay in power. Even worse, they are giving the Fed who is the biggest crook of them all even more power! This is insane!
GM and Chysler's CEO's are both gone as a result of becoming governmental entities via a governmental BK. Why doesn't Obama demand the same in regards to the CEO's on Wall St?
The cauto CEO's ran their companies into the ground and rightly deserved to be fired as a result.
The Wall St's CEO's also ran their companies into the ground PLUS committed unprecedented FRAUD and were somehow spared!
Why weren't they held accountable and fired like the auto CEO's Obama? Why is there a get out of jail free card for Wall St? If you are going to overhaul the system then every CEO that helped create this mess should be terminated.
Its so painfully obvious that all of them are in bed together. I remain amazed at how apathetic this country as to what is going on here. This horsesh*t must be stopped!
Our country is becoming socialized right in front of our eyes. Today's "banking reform" took us one step closer to the USA's transformation into the new USSR. The way in which the banking reform is being served to us should be disturbing to anyone that believes in freedom and capitalism.
This was just a further consolidation of power by the oligarch's in this country IMO. If we allow this to continue, we will end up being a bunch of serfs that wait for a government check every month.
The "elites" in this country are stealing what's left of our countries wealth in the form of bailouts at our expense. We will be stuck paying off this nightmare for the rest of our lives. Meanwhile, the "elites" will sit back, relax, and live the good life.
Our founding father's must be rolling over in their graves right now.
9 comments:
I couldn't agree with you more.
I am beyond disgusted.
At the end you referred to the elites stealing our country's wealth.
I believe the government has made their flip of the coin, and they are going with deflation. The wealth you are alluding to is disappearing into thin air on a daily basis. I believe that this is the deal that they have made with their devils.
We are to have another deflationary depression, just like the late twenties, early thirties. People who don't learn from history are doomed to repeat it. There may be a head fake or two from oil, or another commodity or such, but at least the beginning will be deflationary.
I am just amazed by the fact that we don't learn from out mistakes. We have learned nothing. Then I'm amazed at myself for thinking that someone somewhere along the line would do the right thing. Somewhere down deep I still had a slight glimmer of faith.
That's all gone now.
We're setting ourselves up for a repeat of the Great Depression, a greater depression, due to the meddling and the fraud.
We'll be waiting for government checks that the government can't cash.
Jeff, welcome comrade to the USSA (United States Socialist of America).
"We'll be waiting for government checks that the government can't cash."
CT
That line is a classsic.
Yeah its looking like a deflationary collapse. I expect us to get whacked with a viscous bout of inflation down the road.
There are reprocussions when you create trillions out of thin air. I agree a lot of it is being destroyed via debt destruction.
What scares me is the Fed appears to have shown no signs of slowing down with the spending. I have to hedge for inflation until I see them slow down. I was hoping the TOMO would yank some liquidity.
Its a tough market. This is going to end very badly.
Anon
Isn't that the truth.
Perhaps we can restart the housing bubble by building a bunch of flats like they have over there.
Government check, cheap apartment, and third world living standards.
Sounds just dandy doesn't it?
Manufacturing is thought of as dirty and beneath real business leaders.
The heads of the financial institutions still travel on private jets while GM/Ford/Chrysler execs have to fly commercial because they do not deserve it.
Snood
Yep
IMO That's all going to change.
Before this is all said and done I believe that anyone involved on Wall St will be villified as a crook.
Wall St had their run and they blew it by getting too greedy.
MFG may be the new place to be down the road. Who knows what the next big thing is? Maybe there will be no next big thing in our lifetimes.
A great conversation from a so-called Libertarian last night:
Him: "We have to save GM. GM cannot fail"
Me: "What do you drive?"
Him: "Toyota"
Hmmm....
This one is great! Post it up:
http://www.youtube.com/watch?v=Dzr1jHFbCYg
Minton
Classic.
Anon
On the road I will check it out when I get back!
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