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Forum Post: Diverting attention and welcoming our new friends to poverty.

Posted 9 years ago on Aug. 12, 2012, 4:16 p.m. EST by richardkentgates (3269)
This content is user submitted and not an official statement

Wall Street with the help of the mainstream media has almost completely succeeded in diverting blame for the lack of recovery and shitty economy to Washington. CNN has been pretending to be nonpartisan, at least Fox and MSNBC don't hide their lean. CNN just finished a segment where by they were trying to entice viewers to invest in stocks, followed by a report that the economy is shitty, with a caveat that Washington is the hinge pin of all our problems. What kind of nonsense is that? But I digress. I don't really care if the media and Wall Street refuse to drop the delusion that they can con their way out of this one. Let them continue lying to themselves, let them keep playing games. You and I, we're already poor. I figure they have run out of traditional cons and now they are grasping at straws to avoid admitting, YOU CAN'T KEEP MAKING MILLIONS FOR SITTING ON YOUR ASS AND SHUFFLING PAPER. It's just not sustainable and I expect they will soon learn this lesson as we begin welcoming many of these pretenders to the rank and file of the poor.



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[-] 1 points by SingleVoice (158) 9 years ago

But Washington IS at fault. They were the ones that abolished Glass-Steagle in the late '90s that started this "too big to fail" crap and allowed depositor banks to also be investment banks. Congress was the ones getting rich thru wall street by changing the laws and taking the bribes. The only way to get it right now is to force congress to reinstate Glass-Steagle and break up the banks into either depositor or investment banks. They must not be both.

It was also congress that forced banks to loan money to high risk people thru the community reinvestment act created in the the '70s but not enforced until the mid 90s when Citibank was taken to court for not loaning to a high risk customer and forced to by the government. This is what started the sub-prime loan mess. Banks had to do something with the high risk loans so they packaged bad loans and sold them as derivatives. I'm not siding with the banks here, I'm just saying that any company is going to find a way to make a profit if forced into high risk. And yet again, Congress is what started the events that led to our financial collapse.

There were actually people warning about what was coming in 2005 in Congress and in the Fed but no one was listening. Or maybe they were listening but making too much money so maybe it was better to ignore.

The only ways to fix it is to reinstate Glass-Steagle, break up the banks and rescind the community reinvestment act. The banks are already back to making sub prime loans. And they are still combination depositor banks and investment banks so nothing that caused the meltdown has changed. Congress started the ball rolling and only congress can stop it.

This election is much more than a president. We need to change congress. Ask your representatives running for office if they will pledge to reinstate Glass-Steagle. Then vote for the ones that will. This is the first step to fixing the banking system and not allowing it to happen in the future. And then ask those representatives if they will hold these CEO's responsible for the mess and hold hearings and punish them. Unlike Holder letting Goldman Sachs off the hook.

[-] 0 points by hchc (3297) from Tampa, FL 9 years ago

The first nation that breaks from the fiat world and offers a currency that is tied to something is going to rule the 21st century.

Paper shifting money taht isnt worth shit is slowly coming to an end.

Derivative, CDS nonsense bubble is going to pop soon. The entire fiat dreamland is going to pop soon.

Where does the capital flock to afterwards?

[-] 1 points by richardkentgates (3269) 9 years ago

BRICS and they have been preparing for it. China has been buying up gold like MAD.

[-] 0 points by hchc (3297) from Tampa, FL 9 years ago

Ya, China is buying the stuff up like its actually a key to something...haha....Who would have possibly seen this coming :)

These freakin politicians have got to go.

[-] 2 points by richardkentgates (3269) 9 years ago

Well, it depends on how you look at it. As you know, there are no absolutes and we would make terrible soothsayers. BRICS as an international currency of trade would cause the dollar to devalue, the surplus would cause massive inflation. But this would trigger action by the fed to reverse the trend and almost be forced to cause deflation in an effort to stabilize the dollar. Deflation is good for me because in deflation, the currency becomes stronger and assets devalue. Cheaper houses, food. Everything would be cheaper with a little deflation. The problem with this is that as much good as it would do for the impoverished, it would do as much damage to the middle class as they would see lost equity such as realty. The self employed would be good to go because they could roll with the changes a lot easier and actually make headway. It's all very complicated but there is a discussion to be had about the benefits and risks of no longer being the international currency.