Our Congress can spend days on spending 100 Billion on education or the war in Iraq. But yet there is no question that 700 billion spent on stuff already deemed worthless by investors unwilling to buy it, will save our bacon.
Two weeks ago there was no problem. Today we have experts from nowhere that positively state "This will solve the problem."
I question their training. Two mixed drinks and a hooker on your lap might make you a Congressman but don't make us pay for it. 700 billion dollars would buy an awful lot of infrastructure that is dearly needed by every city in the country.
We can print the money and pass the debt on to our kids, and in my opinion only a pervert could do something that rotten.
Let's face the music and take our lumps like men. We need to take responsibility for our past actions and bite the bullet. We screwed up, let this mess collapse and we can rebuild anew. We can fix it by doing nothing, don't pass it on to the next generation.
Copyright 2008 All rights reserved
24 comments:
You Can't Handle The Truth!
What we have here is a failure to communicate.
The facts are that the debt levels of the U.S.A., U.K., Ireland, Spain, Italy, Australia, New Zealand, Canada, and many other European and ‘advanced’ economies are too large to be serviced by the income these economies generate.
There are only two ways out of this:
1.) Debt destruction through default leading to a severe recession or depression after which normal and stable growth can resume.
2.) Postponing the problem by the creation of new debt with inflationary results and the eventual necessity of having the above occur latter.
We must pass through debt destruction now or take on more debt and go through a much larger debt destruction latter.
That is the choice. All the other posturing and spin is bull feces.
Paulson and Bernanke and Cox and Bush and Wall Street and the House Leadership and the Senate Leadership, all hoped they could ‘contain’ the problem until after November 4th.
The only rational solution is the Irish Solution, that is protect depositors and thus stop the bank runs, and let investors take a bath.
Dow 8,000 will happen sooner or latter. It is better sooner than latter.
fedwatcher
I feel Anon may be right - rip the plaster off now, before we grow hairs through it.
I agree with Anon too. But the reality is far too many Americans have the reasoning ability of a ten year old so blindly follow, without questioning, the statements of those they see as authority. The behavior of Congress the past ten days clearly shows where they are. There are many, many dissenting voices out there. But not a whisper of their opinion is heard. We can add the media into the ten yr old lot or maybe just easily purchased. As Anon says, a bigger problem later.
Hi Fedwatcher
I think you have oversimplified the end results.
FDIC insurance wasn't started to keep depositors whole, it was done to keep people from making a run on the bank and turning it insolvent. If the deposits were guaranteed safe, there was no need to withdraw the funds.
In theory you preserve the banking system at very little cost.
The trouble is, the debt is not in the banking sector. The bank guarantees have not stopped the banks from collapsing.
Interest rates are below the inflation rate. My question to you is, "What does printing 700 billion do for the economy that is productive." You haven't built anything, you are just trying to keep the present game going for another year.
My thought is that the Fed is trying to stop the tide from coming in.
That's just my opinion, thank you for your comments.
Hi Anon 6:21
Sadly, I think we can depend on Congress to do the wrong thing. More punch for the punch bowl.
Today won't change tomorrow's results.
Thank you for your comments
Don’t believe one optimistic word from any public figure about the economy or humanity in general. They are all part of the problem. Its like a game of Monopoly. In America, the richest 1% now hold ALMOST 1/2 OF ALL UNITED STATES WEALTH. Unlike ‘lesser’ estimates, this includes all stocks, bonds, cash, offshore accounts, and material assets held by America’s richest 1%. Even that filthy pig Oprah acknowledged that it was at about 50% in 2006. Naturally, she put her own ‘humanitarian’ spin on it. Calling attention to her own ‘good will’. WHAT A DISGUSTING HYPOCRITE SLOB. THE RICHEST ONE PERCENT HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. Don’t fall for any of their ‘humanitarian’ CRAP. ITS A SHAM. THESE PEOPLE ARE CAUSING THE SAME PROBLEMS THEY PRETEND TO CARE ABOUT. Ask any professor of economics. Money does not grow on trees. The government can’t just print up more on a whim. At any given time, there is a relative limit to the wealth within ANY economy of ANY size. So when too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty. A similar rule applies worldwide. The world’s richest 1% now own over 40% of ALL WORLD WEALTH. This is EVEN AFTER you account for all of this ‘good will’ ‘humanitarian’ BS from celebrities and executives. ITS A SHAM. As they get richer and richer, less wealth is left circulating beneath them. This is the single greatest underlying cause for the current US recession. The middle class can no longer afford to sustain their share of the economy. Their wealth has been gradually transfered to the richest 1%. One way or another, we suffer because of their incredible greed. We are talking about TRILLIONS of dollars which have been transfered FROM US TO THEM. All over a period of about 27 years. Thats Reaganomics for you. The wealth does not ‘trickle down’ as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class. Causing a domino effect of socio-economic problems. But the rich will never stop. They just keep getting richer. Leaving even less of the pie for the other 99% of us to share. At the same time, they throw back a few tax deductible crumbs and call themselves ‘humanitarians’. Cashing in on the PR and getting even richer the following year. IT CAN’T WORK THIS WAY. Their bogus efforts to make the world a better place can not possibly succeed. Any 'humanitarian' progress made in one area will be lost in another. EVERY SINGLE TIME. IT ABSOLUTELY CAN NOT WORK THIS WAY. This is going to end just like a game of Monopoly. The current US recession will drag on for years and lead into the worst US depression of all time. The richest 1% will live like royalty while the rest of us fight over jobs, food, and gasoline. So don’t fall for any of this PR CRAP from Hollywood, Pro Sports, and Wall Street PIGS. ITS A SHAM. Remember: They are filthy rich EVEN AFTER their tax deductible contributions. Greedy pigs. Now, we are headed for the worst economic and cultural crisis of all time. Crime, poverty, and suicide will skyrocket. SEND A “THANK YOU” NOTE TO YOUR FAVORITE MILLIONAIRE. ITS THEIR FAULT. I’m not discounting other factors like China, sub-prime, or gas prices. But all of those factors combined still pale in comparison to that HUGE transfer of wealth to the rich. Anyway, those other factors are all related and further aggrivated because of GREED. If it weren’t for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. IF IT WEREN'T FOR THE OBSCENE, UNREASONABLE, AND UNJUST DISTRIBUTION OF UNITED STATES WEALTH, THERE NEVER WOULD HAVE BEEN SUCH A MARKET FOR SUB-PRIME AND THERE NEVER WOULD HAVE BEEN A COLLAPSE IN THE HOUSING MARKET. Sub-prime did not cause the problem. It only accelerated the outcome. Which by the way, was another trick whipped up by greedy bankers and executives. IT MAKES THEM RICHER. The credit industry has been ENDORSED by people like Oprah Winfrey, Ellen DeGenerous, Dr Phil, and many other celebrities. IT MAKES THEM RICHER. In fact, they specifically endorsed Countrywide by name. The same Countrywide widely responsible for predatory adjustable rate sub-prime lending and the accelerated collapse of the housing market. ENDORSED BY OPRAH WINFREY, ELLEN DEGENEROUS, AND DR PHIL. Now, there are commercial ties between nearly every industry and every public figure. IT MAKES THEM RICHER. It also drives up the cost for nearly every product and service on the market. So don’t fall for their ‘good will’ BS. ITS A LIE. If you fall for it, then you’re a fool. If you see any real difference between the moral character of a celebrity, politician, attorney, or executive, then you’re a fool. No offense fellow citizens. But we have been mislead by nearly every public figure. We still are. Even now, they claim to be 'hurting' right along with the rest of us. As if gas prices actually effect the lifestyle of a millionaire. ITS A LIE. IN 2007, THE RICHEST 1% INCREASED THEIR AVERAGE BOTTOM LINE WEALTH AGAIN. On average, they are now worth over $4,000,000 each. Thats an all time high. As a group, they are now worth well over $17,000,000,000,000. THATS WELL OVER SEVENTEEN TRILLION DOLLARS. Another all time high. Which by the way, is much more than the entire middle and lower classes combined. Also more than enough to pay off our national debt, fund the Iraq war for twenty years, repair our infrastructure, and bail out the US housing market. Still think that our biggest problem is China? Think again. Its the 1% club. That means every big name celebrity, athlete, executive, entrepreneur, developer, banker, and lottery winner. Along with many attorneys, doctors, politicians, and bankers. If they are rich, then they are part of the problem. Their incredible wealth was not 'created', 'generated', grown in their back yard, or printed up on their command. It was transfered FROM US TO THEM. Directly and indirectly. Its become near impossible to spend a dollar without making some greedy pig even richer. Don't be fooled by the occasional loss of a millionaire's fortune. Overall, they just keep getting richer. They absolutely will not stop. Still, they have the nerve to pretend as if they care about ordinary people. ITS A LIE. NOTHING BUT CALCULATED PR CRAP. WAKE UP PEOPLE. THEIR GOAL IS TO WIN THE GAME. The 1% club will always say or do whatever it takes to get as rich as possible. Without the slightest regard for anything or anyone but themselves. Reaganomics. Their idea. Loans from China. Their idea. NAFTA. Their idea. Outsourcing. Their idea. Sub-prime. Their idea. High energy prices. Their idea. Oil 'futures'. Their idea. Obscene health care charges. Their idea. The commercial lobbyist. Their idea. The multi-million dollar lawsuit. Their idea. The multi-million dollar endorsement deal. Their idea. $200 cell phone bills. Their idea. $200 basketball shoes. Their idea. $30 late fees. Their idea. $30 NSF fees. Their idea. $20 DVDs. Their idea. Subliminal advertising. Their idea. Brainwash plots on TV. Their idea. Vioxx, and Celebrex. Their idea. Excessive medical testing. Their idea. The MASSIVE campaign to turn every American into a brainwashed, credit card, pharmaceutical, medical testing, love-sick, celebrity junkie. Their idea. All of the above drive up the cost of living, shrink the middle class, concentrate the world’s wealth and resources, create a dominoe effect of socio-economic problems, and wreak havok on society. All of which have been CREATED AND ENDORSED by celebrities, athletes, executives, entrepreneurs, attorneys, and politicians. IT MAKES THEM RICHER. So don’t fall for any of their ‘good will’ ‘humanitarian’ BS. ITS A SHAM. NOTHING BUT TAX DEDUCTIBLE PR CRAP. In many cases, the 'charitable' contribution is almost entirely offset. Not to mention the opportunity to plug their name, image, product, and 'good will' all at once. IT MAKES THEM RICHER. These filthy pigs even have the nerve to throw a fit and spin up a misleading defense with regard to 'federal tax revenue'. ITS A SHAM. THEY SCREWED UP THE EQUATION TO BEGIN WITH. If the middle and lower classes had a greater share of the pie, they could easily cover a greater share of the federal tax revenue. They are held down in many ways because of greed. Wages remain stagnant for millions because the executives, celebrities, athletes, attorneys, and entrepreneurs, are paid millions. They over-sell, over-charge, under-pay, outsource, cut jobs, and benefits to increase their bottom line. As their profits rise, so do the stock values. Which are owned primarily by the richest 5%. As more United States wealth rises to the top, the middle and lower classes inevitably suffer. This reduces the potential tax reveue drawn from those brackets. At the same time, it wreaks havok on middle and lower class communities and increases the need for financial aid. Not to mention the spike in crime because of it. There is a dominoe effect to consider. IT CAN'T WORK THIS WAY. But our leaders refuse to acknowledge this. Instead they come up with one trick after another to milk the system and screw the majority. These decisions are heavily influensed by the 1% club. Every year, billions of federal tax dollars are diverted behind the scenes back to the rich and their respective industries. Loans from China have been necessary to compensate in part, for the red ink and multi-trillion dollar transfer of wealth to the rich. At the same time, the feds have been pushing more financial burden onto the states who push them lower onto the cities. Again, the hardship is felt more by the majority and less by the 1% club. The rich prefer to live in exclusive areas or upper class communities. They get the best of everything. Reliable city services, new schools, freshly paved roads, upscale parks, ect. The middle and lower class communities get little or nothing without a local tax increase. Which, they usually can't afford. So the red ink flows followed by service cuts and lay-offs. All because of the OBSCENE distribution of bottom line wealth in this country. Anyway, when you account for all federal, state, and local taxes, the middle class actually pay about the same rate as the rich. The devil is in the details. So when people forgive the rich for their incredible greed and then praise them for paying a greater share of the FEDERAL income taxes, its like nails on a chalk board. I can not accept any theory that our economy would suffer in any way with a more reasonable distribution of wealth. Afterall, it was more reasonable 30 years ago. Before Reaganomics came along. Before GREED became such an epidemic. Before we had an army of over-paid executives, bankers, celebrities, athletes, attorneys, doctors, investors, entrepreneurs, developers, and sold-out politicians to kiss their asses. As a nation, we were in much better shape. Strong middle class, free and clear assets, lower crime rate, more widespread prosperity, stable job market, lower deficit, ect. Our economy as a whole was much more stable and prosperous for the majority. WITHOUT LOANS FROM CHINA. Now, we have a more obscene distribution of bottom line wealth than ever before. We have a sold-out government, crumbling infrastructure, energy crisis, home forclosure epidemic, credit crunch, weak US dollar, 13 figure national deficit, and 12 figure annual shortfall. The cost of living is higher than ever before. Most people can't even afford basic health care. ALL BECAUSE OF GREED. I really don't blame the 2nd -5th percentiles in general. No economy could ever function without some reasonable scale of personal wealth and income. But it can't be allowed to run wild like a mad dog. ALBERT EINSTEIN TRIED TO MAKE PEOPLE UNDERSTAND. UNBRIDLED CAPITALISM ABSOLUTELY CAN NOT WORK. TOP HEAVY ECONOMIES ALWAYS COLLAPSE. Bottom line: The richest 1% will soon tank the largest economy in the world. It will be like nothing we’ve ever seen before. The American dream will be shattered. and thats just the beginning. Greed will eventually tank every major economy in the world. Causing millions to suffer and die. Oprah, Angelina, Brad, Bono, and Bill are not part of the solution. They are part of the problem. THERE IS NO SUCH THING AS A MULTI-MILLIONAIRE HUMANITARIAN. EXTREME WEALTH MAKES WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. WITHOUT WORLD PROSPERITY, THERE WILL NEVER BE WORLD PEACE OR ANYTHING EVEN CLOSE. GREED KILLS. IT WILL BE OUR DOWNFALL. Of course, the rich will throw a fit and call me a madman.. Of course, they will jump to small minded conclusions about 'jealousy', 'envy', or 'socialism'. Of course, their ignorant fans will do the same. You have to expect that. But I speak the truth. If you don’t believe me, then copy this entry and run it by any professor of economics or socio-economics. Then tell a friend. Call the local radio station. Re-post this entry or put it in your own words. Be one of the first to predict the worst economic and cultural crisis of all time and explain its cause. WE ARE IN BIG TROUBLE.
So what can we do about it? Well, not much. Unfortunately, we are stuck on a runaway train. The problem has gone unchecked for too many years. The US/global depression is comming thanks to the 1% club. It would take a massive effort by the vast majority to prevent it. Along with a voluntary sacrifice by the rich. THATS NOT GOING TO HAPPEN. But if you believe in miracles, then spend your money as wisely as possible. Especially in middle and lower class communities. Check the Fortune 500 list and limit your support of high profit/low labor industries (Hollywood, pro sports, energy, credit, pharmaceutical, cable, satelite, internet advertising, cell phone, high fashion, jewelry, ect.). Cancel all but one credit card for emergencies only. If you need a cell phone, then do your homework and find the best deal on a local pre-pay. If you want home internet access, then use the least expensive provider, and share accounts whenever possible. If you need to search, then use the less popular search engines. They usually produce the same results anyway. Don't click on any internet ad. If you need the product or service, then look up the phone number or address and contact that business directly. Don't pay to see any blockbuster movie. Instead, wait a few months and rent the DVD from a local store or buy it USED. If you want to see a big name game or event, then watch it in a local bar, club, or at home on network TV. Don't buy any high end official merchendise and don't support the high end sponsors. If its endorsed by a big name celebrity, then don't buy it. If you can afford a new car, then make an exception for GM, Ford, and Dodge. If they don't increase their market share soon, then a lot more people are going to get screwed out of their pensions and/or benefits. Of course, you must know by now to avoid those big trucks and SUVs unless you truly need one for its intended purpose. Don't be ashamed to buy a foreign car if you prefer it. Afterall, those with the most fuel efficient vehicles consume a lot less foreign oil. Which accounts for a pretty big chunk of our trade deficit. Anyway, the global economy is worth supporting to some extent. Its the obscene profit margins, trade deficits, and BS from OPEC that get us into trouble. Otherwise, the global economy would be a good thing for everyone. Just keep in mind that the big 3 are struggling and they do produce a few smaller reliable cars. Don't frequent any high end department store or any business in a newly developed upper class community. By doing so, you make developers richer and draw support away from industrial areas and away from the middle class communities. Instead, support the local retailer and the less popular shopping centers. Especially in lower or middle class communities. If you can afford to buy a home, then do so. But go smaller and less expensive. Don't get yourself in too deep and don't buy into the newly developed condos or gated communities. Instead, find a modest home in a building or neighborhood at least 20 years old. If you live in one of the poorer states, then try to support its economy first and foremost. Be on the lookout for commercial brainwash plots on TV. They are written into nearly every scene of nearly every show. Most cater to network sponsors and parent companies. Especially commercial health care. Big business is fine on occasion depending on the profit margins and profit sharing. Do your homework. If you want to support any legitimate charity, then do so directly. Never support any celebrity foundation. They spend most of their funding on PR campaigns, travel, and high end accomodations for themselves. Instead, go to Charitywatch.org and look up a top rated charity to support your favorite cause. In general, support the little guy as much as possible and the big guy as little as possible. Do your part to reverse the transfer of wealth away from the rich and back to the middle and lower classes. Unfortunately, there is no perfect answer. Jobs will be lost either way. Innocent children will starve and die either way. But we need to support the largest group of workers with the most reasonable profit margins. We also need to support LEGITIMATE charities (Check that list at Charitywatch.org). This is our only chance to limit the severity and/or duration of the comming US/global depression. In the meantime, don't listen to Bernanke, Paulson, Bartiromo, Orman, Dobbs, Kramer, OReiley, or any other public figure with regard to the economy. They are all plenty smart but I swear to you that they will lie right through their rotten teeth. IT MAKES THEM RICHER. These people work for big business. The 'experts' they cite also work for big business. They are all motivated by their desire to accumulate more wealth. THEY WILL LIE RIGHT THROUGH THEIR ROTTEN TEETH. So don't fall for their tricks. Instead, look at the big picture. The economic problems we face have been mounting for well over 20 years. All of them caused or aggrivated by a constant transfer of wealth from poorer to richer. Soon, it will cause the first ever GLOBAL DEPRESION. Its not brain surgery. Its simple math. Like I said, you are welcome to run this by any professor of economics or socio-economics. If thats not good enough, then look up what Einstein had to say about greed, extreme wealth, and its horrible concequences. I speak the truth. GREED KILLS. IT WILL BE OUR DOWNFALL.
Its already underway. A massive campaign to divert our attention. Trump, Buffet, OReiley, Dobbs, Pickens, Norris, and several other well known filthy rich public figures have been running their mouths about the economy. Finally admitting a hint of severity after almost 2 years of denial. They even have the nerve to acknowledge the possibility of a US/global depression. Still, they refuse to acknowledge the single greatest underlying cause. Remember: Our national debt was way up BEFORE sub-prime. Consumer debt was way up BEFORE sub-prime. The cost of living was up BEFORE sub-prime. Wall Street profits were obscene BEFORE sub-prime. The middle class were loosing free and clear assets BEFORE sub-prime. Our infrastructure was in bad shape BEFORE sub-prime. Loans from China were taken out BEFORE sub-prime. The dollar was loosing value BEFORE sub-prime. So don't let these cowardly filthy rich public figures divert your attention or limit your range of thought. THE CURRENT ECONOMIC CRISIS WAS NOT CAUSED BY A SINGLE POLICY OR PROCEDURE. IT WAS CAUSED PRIMARILY BY A MASSIVE TRANSFER OF WEALTH FROM POOR TO RICH. OTHERWISE, THERE WOULD NOT HAVE BEEN SUCH A MARKET FOR SUB-PRIME AND THERE WOULD NOT HAVE BEEN A GLOBAL CREDIT CRUNCH. MONEY DOES NOT GROW ON TREES AND IT DOES NOT FLOAT AWAY. IT ONLY TRANSFERS FROM ONE PARTY TO ANOTHER. ALBERT EINSTEIN TRIED TO MAKE PEOPLE UNDERSTAND. GREED KILLS. IT WILL BE OUR DOWNFALL.
A word for those who respond with the usual 'I know more than you. Look how smart, knowledgable, and articulate I am' crap. Let me say this in advance. I don't claim to be an expert in this field. But I did go on record with these predictions long before any public figure uttered the word 'recession'. If you search long enough, you will find my early postings from '05' and '06'. Including the first draft of this rant. Since then, I've gone on record against people like Greenspan, Bernanke, and Paulson. So far, my predictions have been accurate. Like I said. This is not brain surgery. For the mostpart, its simple math. When you concentrate the world's wealth, you also concentrate its capital and shrink the middle class along with the potential market for every major industry. Homes go unsold. Bills go unpaid. Banks fail. More products go unsold. Jobs are lost. More banks fail. and so on. and so on. It happened 80 years ago. It will happen again. This time on a global scale. Throughout the cycle, the rich will tighten their grip. Concentrating the world's wealth and resources even further and ensuring the collapse of every major economy worldwide. Think it can't happen? Think again. GREED KILLS. IT WILL BE OUR DOWNFALL.
Another thing. I don't want credit for any of this. Otherwise, I would have given my full name a long time ago. As far as I'm concerned, you can put this rant in your own words and take credit for all of it. I don't care. Just spread the word. Otherwise, the greatest injustice of all time will go down in history unchecked.
I love the analogy of the passengers on the Titanic trying to drink the ocean to keep from sinking. =)
Hi Anon 7:29
No disagreement from me but my scroll mouse is exhausted ;>)
Hey Anon 7:29
I read every word of your post but not everyone has the time or patience to do likewise.
Maybe you could condense that just a smidge?
If they removed Paulsons God-like powers from this Wall Street bailout, I might start to consider it positive.
Come to think of it, with his obvious ties to Goldman-Sachs, they should remove Paulson from his job altogether.
Why is Congress so happy to abdicate their financial duty to ONE man? And in a way that makes him untouchable? Didn't they give similar powers to the President when they let him have their War powers to invade Iraq?
This is insanity!
No one is addressing the immigration issue which is draining our economy.
Regulations need to be put on those who do NOT pay back to the system.
There are not enough of us tax payers to take care of the bailout.
This is my first post, I'm a new anon. My message is: We're going into a depression. Make the best of it. More millionaires are made during hard times than good times. I'm taking advantage of it and I'm going to get rich. Don't be a victim, get educated and turn this into an opportunity. The earlier anon errs terribly by denigrating wealth and affluence. That is survival and what everyone should aspire towards. Wealthy people do more for the economy than middle or lower classes (jobs, hospital wings, charitable donations, etc. etc. etc.) they are in a much better position to help and they DO HELP. They have educated themselves and they work hard and take risks... that is what capitalism is all about. Don't like it... move to Cuba.
The source of our troubles is the power elite. A very small group of people who by tradition continue to move towards world control on an economic and power level. They do so by getting control of currencies, creating depressions, etc. in order to transfer wealth. This has been going on for much of he industrial era, and before to some degree. Passed down to sons, daughters and proteges.
The only solution is a massive campaign to educate the masses about this. Bring them up and out of ignorance and the group will act.
If America really knew what was going on and who the source of their problems were the battle would be 75% over. A revolution/evolution would occur just as Jefferson suggests should happen (tree of liberty must be bathed in blood on occasion).
We are responsible for everything that happens to us. It starts and stops with "we the people". We can make our govt reps do whatever we want... if only we understood what was going on and what we actually needed and wanted!
The education can start with DVDs such as The Money Masters and America: Freedom or Fascism and IOUSA. Making this information available to joe sixpack and ensuring he realizes that it is essential that he learns and understands it is the only ticket (unless a benevolent dictator takes over and cultivates the country into a true republic).
We'll never be ok as long as governments are manipulated and controlled by the power elite via fiat currencies. We need to rid our country of Fed Reserve, IRS, central banking system and back our dollars up with wealth and resources, not paper IOUs. Thanks to the power elite, America never got the chance to discover their only political hope... Ron Paul. America tends to always elect it's executioner because they have been brainwashed.
The only way to save humanity is by shining a light on and removing the falsehoods and replacing it with the truth. Man is a highly intelligent and resourceful being. Once he knows what is truly going on he will do something about it. If he doesn't... it's the dark ages again.
Comments from all parties invited...
Will I look like a genius in six months if tomorrow morning I cash in my 401k early, take the hit and the cash and use it to pay down my mortgage? I am not cementing in any market losses, I have been in a money market for a year now. I will only be taking the early cash out hit. Who is ready to declare the end is at hand?
Hi Chuck
You introduce an option that I already took at a lower level.
I got fed up with my 401k showing a loss of $700 per year and my surrender value was $700 to transfer it to another bank. I took the hit and moved the money.
In your case, you could take a 40% hit on assets when you consider the penalties and taxes.
That might not be bad as a loss two years in the future. In 1931 the stock market had lost 90% of its value.
Keep me posted on how it turns out.
Thank you for your comments
"No disagreement from me but my scroll mouse is exhausted ;>)"
That is one of the funniest comments I have read so far.
Overall, I love your blog. You are funny and quite honest.
Keep it up.
I called my 401K fund management company (it rhymes with sittystreet) to ask if they had any funds that focused on commodities, especially gold. She had never heard of investing in gold. I was speechless. So that's a dead end.
Regarding private ownership of gold, what's the easiest way to go about it? Buy up American Buffalo coins on eBay?
I would agree inpart with most of what has been posted, but I find it difficult to aportion blame just to the rich! I know I have lived for thr greater part, within my means during this past boom. But greed has also been a part of my life. If circumstances ensure that some of you survive this looming catastrophy via some good timing with your investments, and your ready to reap the rewards of a little foresight, what would be the game plan then??
How would you use this good fortune and advantage? Personally I would feel a little hypocritical about publicly "spit roasting rich celebrities" at this point! My motivation in the past has contributed to what we now see unfolding before us! I know the game, I've played it for 50 years! The boundaries between survival and personal advantage become blurred....
I'd never be in the stock market. Especially mutual funds. Inflation and taxes and fees have destroyed the stock and bond market. The market has been doomed for the last 10 years. It has been and is crashing out and will continue to do so (frog in water that is slowly moving towards boiling point). The last nail in the stock markets coffin will be when tranches of retired boomer's start taking their distributions (ie. pulling their money out of the stock market). Add to the the govt being unable to handle all of its entitlement obligations. Can you hear the sound? CRASH!!!!!!!!!!!!!
Don't be a deer caught in the headlights. Have forethought... study and make a plan. Those who fail to plan, plan to fail. Good luck everyone.
The $700 billion is to pay off the Chinese and stop WWIII.
WWIII would be bad for main street.
Things much, much worse then you blogger retards understand.
We need to stop abortions and support pray in schools.
Why don't the Republicans simply call on the Whitehouse prayer team?
George W. should just call God and ask what to do, just like before we killed 100,000 people in Iraq.
" Anonymous said...
The $700 billion is to pay off the Chinese and stop WWIII.
WWIII would be bad for main street.
Things much, much worse then you blogger retards understand."
Forgive if I am wrong....but....aren't we borrowing the $700B in some way shape or form from foreign entities?
Jim
OK, yes so we're headed for a Depression. So now what?
What do we do with our stock market investments?
What kind of jobs should we be training for? Are there any jobs that will still be in demand in the event of a Depression?
In short, what do we do now to prepare?
Hi Dave
I would try to diversify. We don't know if the government will try to spend its way out of this mess which could lead to hyperinflation.
Portion it out to Stocks, T-bills, House or gold, retirement plan and cash.
The basic thing to remember, is we are not sure what will happen next. Diversification should limit your losses.
Hope this is of some help
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