Enough of Everything but Dollars

[autorank]

Enough of Everything but Dollars

The government bailout of failed financial institutions locks you into years of debt payments in behalf of the large
private banks, debts that you did not create. Snip

The theory is that without these payments, the banks will fail and we'll all be in a world of trouble without them.

All of this depends on the questionable assumption that by saving the banks, we're saving our economy. Snip

The United States has the most productive workforce in the world, thirteen of the top twenty research universities
anywhere, and plentiful natural resources. We can feed our selves reasonably well, provide health care for everyone if
we choose, and address educational needs when they are recognized. In addition, we're located between two very
friendly countries and populations. That constitutes real wealth.

The nation and people possess everything needed to address the current financial crisis except one seemingly vital
element, dollars. We lack the dollars in both the private and public sector to support needed public initiatives and
the requirements of business. Citizens also lack the dollars to spend on essentials and non essentials, a critical
step in bring the economy back to some semblance of stability.

The suffering awaiting the ongoing economic collapse is guaranteed as long as we have faith in the necessity of
preserving the current financial system and the assumption that underlies it: we need to pay the debt for what
they spent and lost.

Why should we?

http://scoop.co.nz/stories/HL0903/S00010.htm

[ihavenobias]

1. K & R

The thing is, we're not even saving the banks, we're saving the bankers.

[leftstreet]

2. How true. Our money is only 'saving' the fat cats

[Ocracoker16]

5. Our fat cat friends abused the catnip we gave them

Now they demand more from tax payers!

[autorank]

8. And I thought I had a kitty or two in that category

They're fat and still sassy. How about that? as Danny Devito would say so many times in "Heist."

I have no intention of living in servitude to a debt that I didn't creat. In fact, one could argue that since
the subprime loans were fraudulently presented in many cases (sold by 10,000 ex cons in Florida for example), there
is a reason to consider the debt invalid. In any case, the entire country does NOT need to have a depression to
ensure that these lousy banks get their losses covered/paid back etc. No way Jose!

[leftstreet]

3. K&R

Why should we?

[autorank]

21. I reflected on this and I can't think of a single reason;) n/t

[knowbody0]

4. they took our money

and ruined it. we should just make new money and keep it for ourselves. we could call our new dollar real and treat it respectfully but no longer as our god.

[autorank]

9. Great idea - "The Real" deal

I seriously wonder what the banks have left of the $3.2 trillion "infusion" that they received from the Federal
Reserve so far?

:hi:

[Hubert Flottz]

6. A hell of a lot of the Dollars were spent at the gas station...

the past eight years. And the high price of fuel brought on by the wall street speculators, caused the price of everything else we need to survive to go up. A hell of a lot more dollars were wasted in Iraq. Still more American dollars went to offshore banks without a trace. Too few dollars and rewards went to the people who work and produce in this country. Too many dollars were wasted on tax cuts to help the very people who didn't need any help. Billions of Dollars even went to the very same people who were exporting american jobs and importing foreign labor.

Our mis-leaders chose guns over butter just like the USSR's mis-leaders did in the past and we are about to reap the whirlwind just like the USSR did. We are even bashing our heads against the same brick wall the USSR did in Afghanistan. The Russian leaders wanted to rule the world and so did the PNAC and the neocons.

America's Free Traitors and World Bankers and their puppets in the GOP have painted/terra-ized/de-regulated us into the corner from hell. In Gawd We Trusted, when we should have read the fine print and the even finer print between the lines.

[autorank]

11. You nailed it Hubert

The banks looting the treasure is a big part of a broader looting, the biggest wealth transfer ever - class warfare.
on us by the uber rich and insiders.

Gas $4.00 a gallon one day then $2.00. Maybe they figured that the $4.00 price would cause too much consternation
when they went for the bigger bucks with the banks. They can always raise them again.

There is hope. The first bailout package was smashed, they lost. The special forces were called up and by the end
of the week, The Money Party enforced discipline and the monster passed. Now we're all in bondage for a bottomless
pit of banks bailouts. So many of the economists who predicted this entire fiasco, predict that the banks willl fail.

When that happens, it will be interesting to see where this $4.4 trillion went, if we can make them talk.

[Hubert Flottz]

18. The Federal Reserve Act was one hell of a Ponzi Scheme

And UBS Warburg and the like are still milking that almost 100 year old cash cow. They will keep on milking as long as there is still a drop of milk or blood to be had.

[Horse with no Name]

7. I think ALL of this was by design

The only way to guarantee a Democratic agenda couldn't be carried out was to ruin EVERYTHING.
And, indeed, that is what has happened.

[autorank]

22. Yes, and it was an unintelligent design

Back in the day, the Reagan day, a guy named David Stockman came up with a plan - starve the budget by reducing
taxes, therefore social programs that the people wanted and the Democrats created would have to go away.

Missing f'ing accomplished. No secret societies on this one, it was heavily publicized.

Stockman has a reserved seat in the 9th circle of Hell. :evilgrin:

[HCE SuiGeneris]

10. K & R

Time to muster up enough resolve and implement strategies that effect change right now.

[Me.]

12. So AIG Goes Down

The end of luxurious weekends and rides on private planes. Them going down, AIG, Citi, BoA may be what it takes to stop the denial. I'm beginning to look at them as either freeloaders or grifters. Don't know which suits them best. Maybe both. It all certainly has been a shell game.

Geithner, I believe , is responsible for trying to hold up the side. Maybe he needs to go too.

[autorank]

15. For the count or by TKO

It's bad enough for a TKO but these guys ar like Randy "Tex" Cobb against Ali (with the exception that Cobb's courage
was clear, not so for AIG).


Alt-A Nonprime Loans 90 days or more overdue
Alt-A's are the "Greenspan specials" that people with good credit ratings
got to refi and cash out for the market or to move on up. How will these
people be slandered by the people who made the loans when they default in
record numbers over the next two three years?


http://www.newyorkfed.org/mortgagemaps/

Alt-A & Subprime (NonPrimes) Resetting in the next 90 days
(from Federal Reserve of NY Spreadsheets
http://www.newyorkfed.org/regional/States_ABS_2008_12.xls
http://www.newyorkfed.org/regional/States_AltA_2008_12.xls
This chart shows the move from the intro period of these loans, low
payments, interest only etc. to much higher payments. Alt-A's reset
at 3 points higher and subprimes 6 points up from the original interest payment.


Note column 4, "Alt-A's reset at 24+" months (from Jan. 2009) - 38.9% -
that's about 800,000 loans. Where will the extra money come from ?
No dollars left at the in.

[lumberjack_jeff]

13. A provocative question. K&R

[autorank]

23. Makes you wonder, doesn't it? Especially that pie chart!

[inna]

14. K&R!!

:applause:

[truedelphi]

16. There's no busines like Da BailOut business (Pls sing along)

There's no business like Da BailOut business
It's like no business I know

MEN'S CHORUS:
Everything about it is appealing

WOMEN'S CHORUS:
Everything the traffic will allow

MEN'S CHORUS:
Nowhere but at AIG could you have that happy feeling

ALL:
When you aren't stealing Extra TARP, take a bow.


GEITHNER
There's no people like BailOut people
They smile when the DOW's low

MEN'S CHORUS:
Yesterday they told you you would not go far

WOMEN'S CHORUS:
That night your bonus check was sent and there you are

MEN'S CHORUS:
Next day on your Cabinet office door they've hung a star

ALL:
Let's go on with the show

REFRAIN

Let's go on with the show!!
##################################
Wanted one and all to know that a mere economic downturn (that might last decades) will not GET ME DOWN!

[autorank]

20. "And now here's Ricky with a song"

Go on with the show is right. What a disaster, "Springtime for Bush" :hi:

[autorank]

17. Kick

:kick:

[glitch]

19. K & R nt

[autorank]

24. Thanks Glitch!!!

:hi:

[Hubert Flottz]

25. K but it's too late to R again!

:kick: