Wake up America we are in 1930 all over again!
By Daniel at 3 January, 2010, 11:59 pm
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Frank and Dodd wanted $8.00 per hour workers to live in a 2500 sq. ft. house, with no money down and stated income, if the banks didn’t write the loans they would get sued for discrimination. The fed played his part by making the payments cheap. This move by these flakes created a housing bubble Ponzi scheme on par in size with the margin accounts in the 1920’s.
When the government creates a bubble it can be very painful. They in essence have put us in a national state of emergency and we will be hitting the reset button soon. The last time we hit the reset button was about 75 years ago, the reason it took us this long to hit it this time was the old folks who lived through the last one lived within their means and made sure none of us would ever forget what the depression was like by warning us about debt, that generation is pretty much dead and gone now. It’s really bizarre that we came full circle in a 70 to 75 year time frame.
I am 36 years old and I remember the old guys stories of the depression, people dropping their kids of at orphanages because they can’t take care of them, organized crime running rampant, their mothers, daughters, and sisters selling their bodies as a last resource. Very difficult times ahead. This grand daddy depression is going to be substantially worse then the first one, we have dumbed our selves down to the point of zero natural survival skills, most men during the depression knew how to hunt, fish, and garden, the people knew how to can food and cook from scratch. A lot of young people today only know how to heat up microwave dinners, hot dogs, and ramen noodles. These people are screwed!!!!!
Hoover said several times in 1930 the worst was behind us he was wrong just like these flakes are wrong.
Wake up America we are in 1930 all over again,!!!!
Ben Bernanke’s greatest hits - wrong on virtually *every* economic prediction.
http://www.cepr.net/index.php/bernanke-greatest-hits/
And here he is making similar boneheaded predictions on CNBS -
What self-serving, self-contradictory drivel. First he says the bubble wasn’t caused by low rates (fueled by excess money [capital] creation), then in the next breath says it was lax regulation and “excessive flows of capital around the globe.”
Pray, from whence came this “excess capital?” Doubtless he’ll try to pin it on foreign capital inflows, but every central bank in the world takes its cue — or at least must react to — the Fed’s own monetary policy.
By excessive money creation here, fueling our consumer-driven feeding frenzy on cheap foreign imports, Al and Ben guaranteed two major and one minor bubble. After all, those dollars had to go somewhere. So they came back here to the world’s largest USD investment market looking for yield and appreciation.
Ben’s either glibly insulting our intelligence or proving he is patently unqualified for his job. Or both.
These @#$%&! bags in Washington knew this would happen and did it anyways, strings are pulled by bilderberg.
Vote the trash out of Washington, end the fed, and get us back too our roots now before we all have to start over from zero.
- teabaggedbyobama
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