“There is one thing necessary to understanding what is happening and it is this: no one at U.S. banks, no one at the Federal Reserve, and no one in politics can accept the reality that real estate assets in this country remain oversupplied, overpriced and overleveraged.”
“It is that simple.”
—Kevin Depew, Five Things You Need to Know: Will the Bailout Succeed
Nonsense. As long as Uncle Sam is around, there will always be a sucker to vacuum up assets at market-plus prices and let them fester into insolvency.
That is a good quote – and true.
I only wish that it were the most salient of quotes. But other factors are far more important.
Don
I hate to disagree, but unfortunately they do understand. The Federal Reserve knowingly created the conditions for the subprime debacle. When it occurred they fostered a crisis atmosphere which was then used to panic the country which in turn allowed them to pass this horrible rape of the country bailout plan and put the country’s banking and financial sector under the control of the federal government. In truth, a well planned and executed coup. After the election a crisis atmosphere will be created about global warming and emissions so that a cap and trade plan can be put in place which will put the industrial/business and the personal sector under federal control. Three guesses. With the banking and financial sector, the industrial/business sector and the personal sector under federal control, what kind of country will we have? One thing is for sure, it won’t be a Constitutional Republic. The America experiment will have failed and we’ll be just be another second rate socialist country under the glorious rule of the big money internationalists. Our only hope is for the citizenry to wake up and start throwing the greedy power hungry politicians out of office. A great place to start is by voting against your Congressman and Senators in next months election if they voted yes on the bailout plan. Let’s hope it happens.
tgs
What an amazing conspiracy theory your very imaginative mind has perceived.
I just happen to agree. So rest assured that at least one other person out here plans to vote against this dangerous coup.
I think for all the conspiracy theories, let’s refer back to Hanlon’s Razor; “Never attribute to malice that which can be adequately explained by stupidity.”
It’s plain-old, stupid Greed, and at every level:
Stupid, greedy people that want (and obviously are entitled to) bigger houses, cars, entertainment than their vocation can provide for.
Stupid, greedy politicians that pander to the stupid, greedy consumers to secure a career in pandering to stupid, greedy consumers.
Stupid, greedy bankers that invented mays of making imaginary money off the stupid, greedy politicians pandering to stupid, greedy consumers.
#5, I certainly agree with you that there is plenty of greed at the levels you describe, but there is a deeper level of greed – an elite that believes that it is their absolute right to rule. That their financial might, intellect and connections make them the natural rulers of the world. Some may even believe that with this power they will do good, but Lord Acton is right when he said that power corrupts and absolute power corrupts
absolutely. Most however, in my opinion, lust for this power simply to rule and run things in way that benefits them with little concern for the common man.
Please remember that Meyer Rothschild, the founder of the Rothschild dynasty, said – give me control of the money and I will control the country. The Federal Reserve was set up as a private financial institution owned and controlled by a group of private banks and is controlled by them, NOT the federal government. I don’t believe the controlling banks instincts are to help the common man. I believe their policies and instincts are to first help themselves which has been amply exemplified in this latest financial crisis and bailout. The elites goal, of course, is socialism although they are not socialists. Socialism for them is simply the means to power and control. They have accomplished their goal in Europe and now it is our turn. I believe that the time is short for America to save itself. If the citizens don’t wake up and recognize what is happening and exercise the power of their vote individual freedom and opportunity will be lost and the American experiment will have failed.
“…real estate assets in this country remain oversupplied, overpriced and overleveraged.â€
isn’t that highly dependent on location? Certainly Cleveland, Detroit, San Bernadino County etc. are in a different category than Manhattan, San Francisco, Palm Beach etc.
My take on it is this. We are all to blame and the credit crisis has more to do with our failure to achieve energy independence than anything else. Wasn’t it Sarah Palin who said in the debate that we are sending $700 billion per year overseas to feed our energy appetite. That is $700 billion per year that should be circulating around our country. If we truly were energy independent, I dare say, there would be no credit crisis in this country. We were warned going back as President Nixon that this country needed to focus on energy independence. In fact, every President since Nixon has urged us as a country to reduce our penchant for importing energy.
How many of us went out and bought big SUVs anyway or drove to work (one to a car) or continued to use incandescent lights, top loading washing machines and complain about the high costs of heating but did nothing to insulate the house. When Americans do not take action to use technology to reduce America’s energy dependence it hurts the country twice. First, we end up importing more energy from other countries and, second, we lose the jobs from the companies that would have prospered on American shores turning out new energy technologies. I myself have had the privilege of working for two formerly American companies that were sold to foreign companies, thus, costing jobs and increasing the balance of payments for energy overseas.
And, frankly, the same can be said about Climate Change. Although we have been warned for decades, we as a population stubbornly refuse to act. The Arctic is melting, even Sarah Palin acknowledged that, whether we want to do anything about it or not, the sad truth is we have done very little.
So I have little patience with all the complaining. We have known about the energy and environmental problems of this country for decades, and yet, we as a public did nothing. Maybe we deserve the Federal Government taking it over.