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What Caused the Financial Meltdown?
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<blockquote data-quote="wkmac" data-source="post: 403149" data-attributes="member: 2189"><p>Upstate,</p><p> </p><p>I'm betting money you noticed oil prices yesterday as well as stock prices from the events over the weekend coupled with the dollar on world markets. That potential $700 bil plus elephant in the room seems to have jacked up inflation fears but today some moderation as profit taking in oil and stocks a little bump up as some investors are seeing some under priced buys.</p><p> </p><p>My point is that the large economic market is speaking and that word is inflation. The potential for this end result in all this action seems very real at the moment and the question we need to ask is what will the economic blowback down the road be from all this. This morning the so-called experts were saying this bailout would be an extra $2500 in debt to all Americans but 2 things they are not saying. </p><p> </p><p>1) They are not including the interest over the longhaul on that $2500</p><p>2) By increasing the debt further, we place pressure on our credit rating and if that drops, we play a higher interest rate placing even more burden on paying down the debt over the longhaul.</p><p> </p><p>The speed at which Congress is trying to act is also very concerning because it's way to easy for the Fox to slip inside the henhouse as all the chickens rush for the door. I also find it of interest that Goldman-Sachs will change it's own status in order to position itself at the federal give-away trough and clear it's own books.</p><p> </p><p>Congress wants fast action in order to go home and face the voter in the re-election process. The fear isn't that Wall Street will collapse but rather the people will blame the current crop of elected leaders and we'd have a "throw the bums out" kind of reaction. That I think is what make Chuckie Schumer "gulp" and now it's about getting out a bandaid that sends everyone a check and roll the problem downhill but protects them in the current election cycle. </p><p> </p><p>Now to a much broader point to everyone,</p><p> </p><p>We centralized economic power and credit creation in America in 1913' with the Federal Reserve. 1930's, some 20 years later, we had economic chaos in the depression and massive gov't expansion as a result. 1971' we had the collapse of Bretton Wood and the last of gold backing stripped from the dollar and then the 70's was a decade of economic chaos from wage and price freeze to inflation to soaring interest rates backed again by gov't growth. Now 30 years later we find ourselves again in the middle of economic chaos and even further gov't expansion to the point that some say the mortgage industry has now been nationalized. Maybe a bit hyperbole at the moment but looking downstream and understanding the dynamics of gov't, it's not all hyperbole. </p><p> </p><p>While we all point political fingers and political blame at one another, I think it's time we do something that in almost 100 years has not been done before and that is to fully and completely audit the Federal Reserve Bank with full disclosure to the American taxpayer. The Federal Reseve is the ultimate force that sets economic policy through credit expansion and contraction and the regulator of money supply in the economy. The cycle is now IMO a proven cycle in that every 20 to 30 years we have a economic crisis that demands draconian measures and in all of this the Wall Street banker crowd walks away fatter and happier than what was before not to mention the consolidation towards monopoly with fewer and fewer banking choices in the market place. </p><p> </p><p>The 80's saw the killing of the S&L industry and what was the choice of first resort for communties as the place to save and then take that local savings and invest locally as capital for loans. What effect on the saving rate and how we save did this have? What will the current events have longterm and how will the death of investment brokerage houses effect future events as they relate to savings and investment? Is this going to be a positive or a negative or even neither? Bailout and consolidation do have longterm ramifications IMO.</p><p> </p><p>We've all gotten ourselves where we are today and this situation has built over a century, not over the last 8 years or the last 16 for that matter. Bush doesn't have exclusive blame and neither does Clinton, Reagan, Carter, Nixon, etc. Everyone shares equally so stop the blame game BS. As you might happen to see your Congressperson or Senator over the next several weeks before the election, just remember 3 words,</p><p> </p><p><span style="font-size: 18px">"Audit the Fed!"</span></p><p> </p><p>IMO, this is the common denominator through all of this and the best place to start.</p><p> </p><p>JMHO.</p></blockquote><p></p>
[QUOTE="wkmac, post: 403149, member: 2189"] Upstate, I'm betting money you noticed oil prices yesterday as well as stock prices from the events over the weekend coupled with the dollar on world markets. That potential $700 bil plus elephant in the room seems to have jacked up inflation fears but today some moderation as profit taking in oil and stocks a little bump up as some investors are seeing some under priced buys. My point is that the large economic market is speaking and that word is inflation. The potential for this end result in all this action seems very real at the moment and the question we need to ask is what will the economic blowback down the road be from all this. This morning the so-called experts were saying this bailout would be an extra $2500 in debt to all Americans but 2 things they are not saying. 1) They are not including the interest over the longhaul on that $2500 2) By increasing the debt further, we place pressure on our credit rating and if that drops, we play a higher interest rate placing even more burden on paying down the debt over the longhaul. The speed at which Congress is trying to act is also very concerning because it's way to easy for the Fox to slip inside the henhouse as all the chickens rush for the door. I also find it of interest that Goldman-Sachs will change it's own status in order to position itself at the federal give-away trough and clear it's own books. Congress wants fast action in order to go home and face the voter in the re-election process. The fear isn't that Wall Street will collapse but rather the people will blame the current crop of elected leaders and we'd have a "throw the bums out" kind of reaction. That I think is what make Chuckie Schumer "gulp" and now it's about getting out a bandaid that sends everyone a check and roll the problem downhill but protects them in the current election cycle. Now to a much broader point to everyone, We centralized economic power and credit creation in America in 1913' with the Federal Reserve. 1930's, some 20 years later, we had economic chaos in the depression and massive gov't expansion as a result. 1971' we had the collapse of Bretton Wood and the last of gold backing stripped from the dollar and then the 70's was a decade of economic chaos from wage and price freeze to inflation to soaring interest rates backed again by gov't growth. Now 30 years later we find ourselves again in the middle of economic chaos and even further gov't expansion to the point that some say the mortgage industry has now been nationalized. Maybe a bit hyperbole at the moment but looking downstream and understanding the dynamics of gov't, it's not all hyperbole. While we all point political fingers and political blame at one another, I think it's time we do something that in almost 100 years has not been done before and that is to fully and completely audit the Federal Reserve Bank with full disclosure to the American taxpayer. The Federal Reseve is the ultimate force that sets economic policy through credit expansion and contraction and the regulator of money supply in the economy. The cycle is now IMO a proven cycle in that every 20 to 30 years we have a economic crisis that demands draconian measures and in all of this the Wall Street banker crowd walks away fatter and happier than what was before not to mention the consolidation towards monopoly with fewer and fewer banking choices in the market place. The 80's saw the killing of the S&L industry and what was the choice of first resort for communties as the place to save and then take that local savings and invest locally as capital for loans. What effect on the saving rate and how we save did this have? What will the current events have longterm and how will the death of investment brokerage houses effect future events as they relate to savings and investment? Is this going to be a positive or a negative or even neither? Bailout and consolidation do have longterm ramifications IMO. We've all gotten ourselves where we are today and this situation has built over a century, not over the last 8 years or the last 16 for that matter. Bush doesn't have exclusive blame and neither does Clinton, Reagan, Carter, Nixon, etc. Everyone shares equally so stop the blame game BS. As you might happen to see your Congressperson or Senator over the next several weeks before the election, just remember 3 words, [SIZE=5]"Audit the Fed!"[/SIZE] IMO, this is the common denominator through all of this and the best place to start. JMHO. [/QUOTE]
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