Comments on: Placing Blame Won’t Fix the Economy
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By Carl on 10-03-08
What I find most amazing is the sheer ignorance of the consequences the “experts” failed to consider when they gambled in the millions of dollars range. It absolutely boggles the mind that allegedly astute [and very well paid] CEOs and stockholders [who chose them] threw around huge pay, perks, and bonuses to inept “leaders”. Hmmm, I guess the same could be said for our Senators?
By Don on 10-03-08
I think the true analogy would be MY house already burned down (housing and construction markets) but now that the fire is burning towards your house (wall street) you want the fire trucks to put the fire out. The problem is wages are down, employment is down and now wall st gets a bailout that doesn’t even address those problems. Plus when your kid (wall street greed) plays w/ matches and burns down one house after another (enron, gas prices) you want money to put in a fire sprinkler system (bailout) when you haven’t taken the matches from the kids(derivitives). Instead you have now purchased a lighter for the kids! Give me a break! I myself don’t believe these crooks are inept - what do they care about the normal guy - NOTHING! as long as they get theirs they could care less. That’s why they wanted no oversight - no balance of powers as the Constitution provides for and want to bailout the rich and leave the poor to their own accord. I say we need to go back to the tax policies this country had when we were economically strong in the 50’s and 60’s. 80% tax rates for those in the top 5%. YOU GREEDY anti-american people have had an increase in your wages of 750% over the last 25 years while the average AMERICAN has had an increase of 25%. So if you made 25,000 in 1980 you should be making 185,000 - that is the amount increase the richest of society has received in increased pay.You call that FAIR? But No - this country now says if you sit on your behind and don’t do anything but wait for your check to come in then you’ll pay a lower tax rate than the working American who actually builds something of value - and we wonder why a country that was the largest Creditor nation in the world in 1981 is now the largest debtor nation in the world. If the RICH want class warfare maybe us average Americans should say o.k. let’s go!
By Roark on 10-03-08
“Placing Blame Won’t Fix the Economy”
—-No, but it helps to identify the culprits of the present predicament, without which no real solution can be brought to light.
By JB on 10-04-08
The analogy has a fatal flaw - the bailout bill makes a toxic currency - the American dollar - even more toxic. Soon, we’ll be burning them to keep warm. This bailout was like putting a bandaid on a bullet hole. All this bill did was delay the inevitable failure of the US economy.
By CJ on 10-05-08
You are all right on! This is the beginning of what the world has been waiting for. The US will fail and our economy will be in the trash. We will end up a 3rd world country and the control of our country will be in the hands of those few that have been working very hard for a very long time to get us here. Our constitution will be gone and our civil rights. Martial control will take over and mark my words there will be One World Government! If you don’t believe this read up on the world of Secret Societies (watch the doc on natgeo). We are where they want us to be both here and abroad and it will get a whole lot worse. I am a realist. This was planned as was 9/11! How did they get us in WW2…bomed pearl harbor!
How do they take over the middle east? Bomb the Twin Towers. Think I’m crazy? How do they bring down our economy..look around they already have!
By Watch Football and Don't Read History on 10-05-08
How is a doctor to cure a patient without knowing what the illness is? We MUST identify those who perpetrated the lies and misdeeds that brought on this economic calamity. To actually say, “We cannot blame anyone” is naive and expresses ones complete lack of understanding of both economics and history. Yes, I am being condescending. Whoever it was that spoke thse ignorance of not fixing blame, deserves to be condescended to. I do not have time to write a book here on the monetary policies and supreme court decisions which have brought us here today on our knees. Go read! Read the statements by supreme court justices in “Hepburn vs. Griswold”. Read the trading with the enemy act by Roosevelt. How about the “legal tedner” act by lincoln. Lets look at interest manipulation by the federal reserve, who as a private bank was incorporated in 1913 and then created the boom of the roaring 20’s with cheap credit, only to then cause the bust of 1929. Lets look at the default on foreign gold obligations by the US and the removal of the dollar completely from the gold standard by Nixon in 1971. THose of you who do not understand these fundamental and monumental points in our nations economic history, will never understand what is happening and why. There is blame to fix on this. Only panty waist, politically correct, modern men say they wish not to fix blame. Real men fight for their wealth, their nation and their families. What a pile of human refuse you are those of you who say we should not blame others on this issue. HA! I hope your hunger pains keep you awake all winter long because of your ignorance. WAKE UP!!
By Citizen on 10-05-08
I will put money on the table John Zaiss thought this whole thing was stable and, “fundamentally strong” as McCain was stating. He probably believed every word from Bernanke and Bush all year long. Meanwhile, those who follow the Austrian School of Economics knew that this was falling down hard. Those who read and educated themselves, sold all the stocks and mutual funds they had, and re-positioned into gold and commodities over the past 5 years. We quadrupled our money and people who listened to people like John here lost 30% in the investments and around 11.6% yearly to inflation. How these people get paid to lose other peoples money I will never know. Hey, throw off the Chicago school and the Keynesian economics and realize for once that fiat money is poison! THe more you print the less its worth. Also, artificially low interest rates destroy labor, industry and capital. Read professor Antal E. Fekete sometime. Take a jaunt over to mises.org. Listen to Ron Paul and Peter Schiff. Do not listen to the morons that led you to the position you are in now. If a man brought you into the woods and had know way out, he was obviously lost, would you continue to follow him? Or, would you follow the stranger that says he was just in a campground over a ridge? Remember, the people telling us not to blame on this, are the ones who caused it. Those showing us the way out, PREDICTED IT ALL ALONG! Cannot you people see that. The keynesians and chicago economists caused this entire debacle.
By JB on 10-06-08
Of course others are to blame - that doesn’t mean that the government did the right thing; they are just leading us deeper down the proverbial rabbit hole. The guys that wrote the bailout bill didn’t want any options put on the table - so Congress had no alternatives - it was either “vote for what we’ve got on the table or not at all”. We know all about who’s to blame - the trick is to make sure it never happens again, because certain people didn’t learn from history, from the last time this kind of thing happened…
By CJ on 10-06-08
http://www.snopes.com/politics/business/votedforchange.asp
http://www.nytimes.com/2008/10/05/business/05fannie.html?pagewanted=1&_r=1&em;You would have to incarcerate every member of congress, senate, whitehouse and all the CEO’s. Oh and don’t forget Mr. Frank, Beranke and Paulson. However. You also need to jail the loan officers in every company that committed fraud and the borrowers, let’s see, and the Realtors that helped, the appraisers (yep) and the underwriters that looked the other way…..now, if you took those steps today it would still not stem the tide of where the “circle of men” that want One World Government are headed. They have an agenda and it will not be stopped by yelling, screaming or jailing the culprits (although that would slow them down). The storm is coming and I am not sure where to hide!
Reading everything on this fiasco will only make an educated person. It will not stop what is happening. The United States must stand up and do whatever is necessary to stop all of it.
The entire country MUST stop paying taxes.
The entire country MUST stop buying on credit.
And here’s one for the books..what would happen IF NOBODY VOTED. If you do (for the two parties) you only perpetuate the problems! They are both fronts for the real group that is trying to run the world.
Watch, read, learn and DO SOMETHING!
By Citizen on 10-08-08
Here are some funny facts from this week. I find this first one most amusing.
When the house first voted down the Bailout bill, the market, “reacted” negatively and fell 778 points that day and regained around 400 the next, overall finishing the week much lower even after the bill passed eventually. So now the bill has passed right? All the neo-liberal Keynesian theorists cried and begged for the bailout stating that armaggedon would surely come without the $700B, So the house gives it to the whiners even thought the nation voiced 200 to 1 opposition. Over the past 3 days the market has fallen 1,000 points. ONE THOUSAND POINTS!! That is equal to ONE TRILLION DOLLARS! I really don’t care that the market dropped. My point is that they should have listened to Peter Schiff and ROn Paul, among others. The Austrian School of economics knew that this Bailout would not save us, but only delay and worsen the coming pain.
Now AIG who we gave $85B last week is back asking for another $37.4 BILLION! Trillions of dollars are being printed on presses, typed on computer screens, digitized and transferred, created from nothing and sent to buy securities and defaults and mortgages and assets! Interest rates are being lowered and manipulated AGAIN!? What did Volcker do in the 70’s? He raised the interest rate in order to salvage a dying dollar. The Fed is killing the dollar people. Wake up! When will these people see and realize that they are doing the things that lead to this situation!? You mark these words here and now. Pay attention, please.
The situation is bad and going to get much worse. According to the real experts, the ones who called this and still call it every day, the situation is just beginning. Think of that for a moment, just beginning. America is being restructured. Her wealth is leaving.
The dollar will fall below 70 and perhaps 60 within 3 years.
Many banks will fail over the next 2-3 years.
The real estate market will not return to where it was, perhaps in your lifetime. Many of the expert economists that predicted this state that the real estate market will continue to decline for 5 more years causing more foreclosures and jingle mail.
Prices for goods and services will rise.
Oil will hit $200.00 a barrel.
Gold will reach $2,000/ounce within 2 years and pass $1,000/ounce this year.
Silver will pass $50/ounce, some experts state $100.
Americans will forever live different lives. This is not a joke, nor is this a satire or fiction. This is this and this is reality. The chickens are home to roost. The Austrian School of economics is being proven minute by minute, week by week and year by year now. Pay attention and read alternative sites so that you too can prepare for what is coming.
mises.org
financialsense.com
professorfekete.com
lewrockwell.com
solari.com
silverbearcafe.com
WAKE UP!
Argentum et aurum comperenda sunt
By Carl on 10-09-08
Hate to say it - but I think you may be right.
By CJ on 10-09-08
It is unfortunate that Americans as a whole are so involved with “their” little world that they cannot see this coming. You are absolutely right Citizen but unless all Americans open their eyes, see it and do something about it we are lost. Instead of raiding the White House and Feds and arresting them for illegal counterfiting they are raiding chicken farms for illegal immigrants! Great priorities! Thank you for the sites and here’s one for you: http://www.goldsilver.com
It will open your eyes with the history of the Federal Reserve.
Too bad we can’t get everyone in the country to vote for Ron Paul…I am!
By Rod on 10-09-08
Wow. I don’t usually read the comments people leave here on the
Beacon, but tonight thought I would check it out.
Are the commentators always this nutty?
By JB on 10-09-08
From what I’ve seen on today’s news with the Dow dropping below 9000 AND dropping for the seventh straight day, I fear that the crash of the global economy is coming a lot sooner than a few years out. Everybody in the financial markets is expecting a rally…and the rally is not happening. In the coming days, not only will we see more bank failures, but also city and county governments starting to go bankrupt. The market meltdown is starting. European and Asian markets are at the same point now. Just look at the headlines and you will see what I mean:
- Stocks in U.S. Tumble as Dow Industrials Drop Below 9,000; GM, Exxon Slide
- Mutual Fund Withdrawals Jump to Record $72 Billion as Investors Seek Haven
- GM Shares Fall to Lowest Level Since 1950; S&P;May Cut Automaker’s Rating
- Leveraged Loan Index Plummets to Record as Hedge Funds, Banks Sell Assets
The list goes on and on…
God help us.