Life, a show indeed. And what is it with the 16? The more exposed and the further it carries only reinitiates that restructure for change. And that life is what Dr. Paul Craig Roberts is speaking about.
Post by lifewasgood on Jul 29, 2011 9:54:08 GMT -5
I know strange to say the least,
President wants a debt ceiling of 16 Trillion We need to cut 16 Trillion in 10 years to bring the budget back in line. The Fed has lent out 16 Trillion in secret
Sweet sixteen could double up to 32 Trillion if the current Dem/Rep compromises are approved into law. The thing is, how in the world will increasing the debt ceiling high enough to get through the next elections solves anything. What then? More debt ceiling increases because we didn't cut enough and raise enough to cover the cost of doing business? Yup we are screwed, but I am amazed that the young freshman class has stuck to there guns on this issue. Let see if they fold and fall in line with another day or two of arm twisting.
The call for a special commission to study the problem is just another joke. Didn't that happen with the Simpson group a year or so ago? What about there recommendations?
Just so you know... if we eliminated the ability to foreclose and repossess and required the bank to keep the borrower living in it and redoing the credit based on the TRUE ability to pay... we wouldn't have a debt ceiling problem... or bad banks, just unemployed MBA and Finance grads. Dubya had the Bankruptcy Act revised in 2003. If you grasp the changes, you know for a fact that the industry was prepping for a disaster it caused but wasn't willing to take the fall for. Much like today-- where major corporations are the richest in history and CFOs are willing to terminate the entire workforce but keep the hired-in management and the cash. Pretty much-- the thinking process is warped-- it all has to go.
Post by lifewasgood on Jul 31, 2011 10:18:37 GMT -5
A Return To A Gold/Silver Standard Is The Only Solution
Yes, I know for many people it sounds archaic, but the truth is, the only way that this country can return to a healthy and sustainable economy is through returning to a gold/silver standard.
Whether we get there voluntarily, before a crisis, or begrudgingly after a monetary crisis, has yet to be determined, but a gold/silver standard is the only solution to the current failed monetary policy that has produced the ongoing and enormous wealth transfer from the middle class to Wall St.
The same failed monetary policy that has created bubbles in the stock market and the housing market.
The same failed monetary policy that allows for reckless deficit spending and unfunded wars to be waged.
The same failed monetary policy that is currently creating inflation in food and energy.
A gold/silver standard is the only solution. Gold and silver are real money, not fiat currencies that are produced on a key board or from a printing press.
Post by lifewasgood on Aug 3, 2011 12:15:18 GMT -5
After the reestablishment of the gold/silver certificates as money, we will have to then reform the banking system. Eliminate factional reserve banking practices would be top on the agenda. Breakup the 10 largest banks in the United States, regionalism and thereby reducing the influence the banks have on politics and markets. Thoughts?
I tend to lean with your thinking VL, the system is so corrupt, it is hard to imagine any meaningful reform! However, I do believe they are more than capable of nuking themselves if we just change monetary system and leave them to there on demise. Had we and the Fed not bailout the banks, we would already be in a new dawning. Instead we are fighting the sundown.
After establishing sound money and decentralizing banking, the next move would be to reestablish constitutional governing. This may not be very easy. Just think of the executive orders and acts that will have to be reviewed and ruled on constitutional law.
Life, I do believe that we can talk all we like as to the Fed however as HISTORY shows and the PATH is CLEAR,make no mistake about it! The payoffs pave the way for more incoming. This will take a great fall and in turn from the ashes the new will be born.
Post by lifewasgood on Aug 9, 2011 10:02:56 GMT -5
I am well aware of the history of the Fed and attempts to rein in the fed have always met with death or disgrace. However, doing nothing at all means complete destruction of modern society as we know it. The aftermath will be nothing more than Kings and servants.
If you listened,you should be be 'sickly' laughing. And here we are still kicking cans. The interview with Roberts from about 60 days or so ago,well I posted it and it is about 1hr. long. Thanks Dr. Roberts for being straight forth with those that care to hear it.
Post by lifewasgood on Aug 16, 2011 23:35:28 GMT -5
The next issue would be tax reform. I would start with abolishing income tax at the national level. Abolish property tax as I believe the interpretation is unconstitutional. No tax on food, clothing or housing of any kind. thoughts?
Post by lifewasgood on Aug 24, 2011 20:32:20 GMT -5
This time I am really watching what the FED says. Signals were sent out for QE3 and then later sent out as to no QE, well it could be both. No QE this month but maybe next. The FED has no long term plan just as congress and the president have no long term plan. WE need leadership and none is to be found in DC. Wish the quake would have swallowed the whole damn city.
Post by lifewasgood on Sept 6, 2011 8:32:13 GMT -5
U.S. banks offered deal over lawsuits: report LONDON (Reuters) - Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported on Tuesday.
The talks aim to settle allegations that banks including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, seized the homes of delinquent borrowers and broke state laws by employing so-called "robosigners," workers who signed off on foreclosure documents en masse without reviewing the paperwork.
The FT, citing five people with direct knowledge of the discussions, said state prosecutors have proposed settlement language in the "robosigning" cases that also might release the companies from legal liability for wrongful securitization practices.
A spokesman for Iowa Attorney General Tom Miller, who is leading states' negotiations with the banks, denied any deal has been offered on securitization.
"We do not intend to release any aspect of securitizations," said Geoff Greenwood, Miller's spokesman.
The banks are pressing for immunity from a raft of alleged civil violations and have called the latest proposal a "non-starter."
The two sides are due to meet again this week to iron out differences on any proposed deal, the article said.
Ben kick the can to congress to fix the economy. I find this really really disturbing and once again shows the Fed is the problem. Wait until September!
This also concerning as Ben signaled a change in the way congress does business and know one knows what that means.
IMO, I think Ben is unsure what to do at this point and the central bankers must have been in disagreement with a plan. Wait a month and determine how big or small QE3 will be.
Ben should not have to do anything. Congress, as well as the President, should be dealing with the fiscal issues, not Ben. Putting the economy back in Congress's court was the right thing to do. First you guys bitch about the Fed's involment in this shit, then you bitch that Ben doesn't know what to do. In the meantime, keep buying imported cars, hiring illegals and shopping at Walmart. Reform? Not unless you really want to eliminate the huge costs of illegals in this country and the negative impact on wages for Americans. And while you're at it, you might want to think about tariffs on anything coming into this country whether it is made offshore by an "American" company or not. That tariff would go a long ways to solving the deficit problem.
Last Edit: Sept 10, 2011 12:44:41 GMT -5 by maui1 - Back to Top
Post by lifewasgood on Sept 10, 2011 12:47:06 GMT -5
You really don't get it do you. How can congress fix a fiscal issue, when the fed controls monetary policy? Just as us that own small business know very well. Inflation of pricing will kill profit margin in a hurry. For example, distribution companies and fuel prices. Likewise congressional budgets and the fed pushing a trillion out the back door causing price inflation nullifying the budgeted dollars.
Thank about it. You would be correct if the Treasury was back in control of monetary policy. Unfortunately not the case.
Obviously we can't have a reasonable conversation. What I "get" is that CONGRESS and the PRESIDENT control the ability to enact and enforce immigration laws that cost taxpayers hundreds of billions of dollars or more in lost wages, medical and educational costs. What I "get" is that CONGRESS and the PRESIDENT have the power to enact fair trade practices that include imposition of tariffs on incoming goods. What I "get" is that both of those entities can fasttrack powerplant and oil drilling to put people to work and address the energy issue. The FED can't do that. The FED has been put in a position of doing damage control for a government that has failed it's fiscal obligations. The government doesn't have that luxury anymore. There is a big difference between fiscal policy and monitary policy. The FED does not control the budget.
Post by lifewasgood on Sept 10, 2011 13:07:14 GMT -5
There is a big difference between fiscal policy and monetary policy. The FED does not control the budget.
Fiscal and monetary policy are joined at the hip. The fed does not control the budget, they just control the value of the dollar in the budget. Again if my annual budget for fuel is $2 a gallon and I project a consumption of 2000 gallons = $4000 budget dollars and the realized price is $3 a gallon at 2000 gallons I now spent $6000 on fuel a whopping $2000 over budget. This is what happens when the fed initiates a QE program. Commodity pricing goes higher, thus throwing the budget out of whack. Which in turn, keeps me from hiring more folks or I raise prices which continues the inflationary environment. This all gets back to Monetary control and as long as it is not in the hands of the people, ie our government than we will continue to get screwed from inflation and deflation caused by the Federal reserve not the congress.
The Fed responded to immediate threats to the financial system caused by governmental lack of enforcing laws and lack of proper financial oversight that various government agencies are charged with. Cause and effect. Failed government policies and inaction created the need for QE2. Politicians to scared and selfish to make the right calls dumped a pile of shit on the Fed and were hoping to get away unscathed. It is not the job of the Fed to enact and enforce laws and standards required to support a healthy economy. It is not the job, nor is it in their power, to enact sound energy policies. The vast majority of business owners are not concerned with what the Fed is going to do, their concerned with what government is going to do in the near future. Much of what you pay in fuel overages has nothing to do with the dollar. Gas was $4 and change when oil was $147/bbl. It's still around $4 and oil is $87/bbl. We refine gas here, not overseas.
"Commodity pricing goes higher, thus throwing the budget out of whack."
What commodities are you talking about? Just about all of them have been impacted by Chineese hoarding or speculation by individuals and hedge funds. If the government would declare certain commodities "strategically important" and eliminate futures purchases by anyone not eventually taking physical possession of those commodities, you eliminate much of the problem. Copper, oil, or any other commodity doesn't double in price over a few months because of the dollar's value. The dollar doesn't lose half it's value in a few weeks. When oil shot to $147, some were actually blaming increasing demand. Are you kidding me? The world demand doubled in a month? Funny, I never had trouble getting fuel the whole time. LOL!
Last Edit: Sept 10, 2011 13:31:32 GMT -5 by maui1 - Back to Top
Post by lifewasgood on Sept 10, 2011 13:30:01 GMT -5
The Fed responded to immediate threats to the financial system caused by governmental lack of enforcing laws and lack of proper financial oversight that various government agencies are charged with.
Which by the way the FED convinced the government (Alan Greenspan and company) to become lax with banking rules and repealing banking laws. When challenged to proceed with oversight and investigation it was the FED that convinced congress to shut it down again Alan Greenspan and company. So please do not try and convince me that the FED is guiltless in this mess we are in.