"The Matrix" (The FEDERAL RESERVE System) May Collapse This Week maybe Today.

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March 17, 2008 07:25 AM    View printable version     Link to this comment   
Member Since:
August 6, 2007

I HAVE reasons to believe that The Matrix (THE FEDERAL RESERVE SYSTEM) is collapsing.

 

THE GOVERNMENT and THE Mainstream Media are lying to us.  LYING! ! ! !

 

This is the fact:  The Matrix (The Federal Reserve System) doesn't have enough financial assets to hold onto control of our ENTIRE GOVERNMENT and each of our individual daily lives.  The easiest way I can explain it to you is by using The Matrix analogy.  You have to understand that NOTHING is as it seems.

 

The U.S. Government went bankrupt in 1933.  They signed documents to The Matrix that placed every single square inch of property in our country as collateral to have The Matrix bailout our country.  You do not own your home or your car or anything else.  In fact you haven't ever paid for anything.  In fact you have never been paid for your labor.  The Federal Reserve prints FEDERAL RESERVE NOTEs.  If you don't believe me look right on your money for yourself.  Don't you know what a NOTE is?  It is NOTHING MORE than the promise to pay you with REAL money in the future.  Since you (thought) bought everything with an I.O.U. and you haven't made good on the NOTEs you used, YOU OWN NOTHING!  "The Matrix" owns everything.  You have been earning financial assets for THE FEDERAL RESERVE.  They have been sucking everything financially generated directly from your labors.

 

The Matrix has gone beyond their capability to control our minds and make us think all the things we believe anymore.  They are having a hard time holding "The Matrix" together.  They need to get more people into "The Matrix" generating facility.  We are all like little generators sending financial power to the Owners of The Matrix.  They need more people to generate enough power to completely control and stabilize The Matrix or it will collapse.  They need to pass Amnesty and the NAU so that they can house more human bodies in the humongous generation facility that creates the financial energy it takes to program our minds with B.S. and extract the power they crave.

 

Now the forty or so people that own The Federal Reserve honestly think they are doing us a favor because they think they are smarter than us and we are idiots.  They think we don't have the intellect to spend our own money in the best way.  They feel that our money should be taken from us to be applied to the things that they think is best "for our own good".  This is also known as Socialism or Communism.  These forms of control or otherwise called government has never worked in history and it will never work in the future.  The ultimate result of these forms of control or government is the equal distribution of misery and poverty, except for the controlling elite.

 

You should read my other post called "We Live In The Matrix" for a background understanding.

 

Now listen folks, I was expecting Social Security and Medicare to be the straw that brakes the camels back but I also stated in several places that "The Matrix" (The Federal Reserve System) may collapse under it's own weight if they can not pass Amnesty and the NAU fast enough.  Well, The American People, God Bless them, didn't let this happen.  We have saved ourselves from the on going damnation under the equal misery of absolute power, control, tyranny and oppression of Socialism and Communism.  We also save our UNIQUE "American" Cowboy type culture.  Most Americans are hard working, fun loving, God fearing, bible believing, Judeo-Christian, risk taking Cowboys and PROUD of It!  We believe that we men and women are created equal and are blessed by God who endowed us with certain unalienable rights.  That among these are Liberty other wise know as FREEDOM FROM GOVERNMENT.  In fact Government is our Servants and we know better than Government where to spend OUR MONEY!

 

Now we have to endure a painful period to reverse the UNCONSTITUTIONAL legislation that we let Congress do to us while we were asleep at the wheel.

 

Now let’s get to the practical and the RIGHT NOW>  The Matrix is going down.  What does that mean?  It means that the laws of nature and market forces are causing the TRUE VALUE OF THE DOLLAR to be realized, because THE FEDERAL RESERVE doesn’t have enough REAL money from peoples earnings, coming in to continue the sham of “The Matrix”.   

So what does that mean “The true value of The DOLLAR?  The true value of the Dollar, according to my research, is somewhere between 16 cents as an absolute high to 4 cents.  It is worth even less now from what “THE FED” is doing to try to maintain “The Matrix” sham. 

So what does that mean?  It means that it will take 6.25 TIMES to as much as 25 TIMES the amount of money to buy what you want.   For example lets say a car costs $30,000.00  After “The Matrix” collapses that same car will cost as much as $750,000.00.  If a loaf of bread costs $2.50 after the collapse it will cost up to $62.50 to purchase.  If your heating bill is $200.00 per month, it will now be as high as $5,000.00 per month.

 

What can you do?

 First of all the most important thing for your future and the future of the country is that you do not listen to the LYING Government.  THAT IS NUMBER ONE.  You have to realize that they are controlled completely by THE FEDERAL RESERVE.   THE FEDERAL RESERVE is going to do whatever it takes for its survival.  They also think they exist for your good.  The Government is going to try to make you believe that they know better than you what needs to be done.  So they are going to ask you to “trust them in these uncertain times”.  How can you trust the dog that just bit your hand off?  By God,,,  Whatever you do don’t be so stupid as to put your last remaining hand out toward that Dog again!   WE HAVE TO DEMAND and FORCE Government to do absolutely NOTHING more than what is allowed under THE CONSTITUTION OF THE UNITED STATES OF AMERICA.  That means that Government is going to have to shrink to about 25% of it’s current size and they will not be allowed to transfer property or income anymore in any fashion.  It is illegal under The Constitution and for good reason.  The reason of what is happening THIS WEEK!

#2.)  I believe you might be able protect your financial assets by turning your savings into e-Gold.  Google this on the Internet.  Now keep in mind that Gold will be a safe investment unless the American People demands that the U.S. Government legalize American companies to explore for oil and gas.  If the American people do that Gold could CRASH and fast because we have BILLIONS AND BILLIONS of oil and gas in the waters surrounding our country and also a lot on “Federal lands” all over our country.  Just legalizing the exploration will cause the price of a barrel of oil to plummet down.  Oil and gold prices are interlinked.  So be careful of that.  But otherwise Gold should not only be a safe form of money, but also go up.  If we demand that Government follow the very word of The Constitution all money is supposed to be the actual Gold or Silver or other precious metal pressed into coins.  So if we go back to that it will, obviously, create more demand for Gold, which will increase the value of it.  In fact the linkage of oil and gold will probably decouple when this happens.  WE MUST GO BACK TO THE GOLD STANDARD!  This will eliminate “The Matrix” (THE FEDERAL RESERVE System) and return true freedom and prosperity, over time, to us in place of the slavery of the mind and body that we are under now.  Again read “We Live in The Matrix” thread on this website.

 I believe you must move your money into e-Gold or some other such medium to protect yourself.

AND FIGHT FOR FREEDOM.  Don’t let anybody around you get beguiled into the B.S. that The Matrix (The FEDERAL RESERVE) through their puppet The U.S. Government is going to tell you that they are doing this or that "for our own good".  They are trying to permanently enslave us and take away our money and our freedom.  

And remember, as bad as it may get, THIS IS AN OPPORTUNITY to finally regain our freedom.  DOWN WITH THE FEDERAL RESERVE!

 DOWN WITH THE FEDERAL RESERVE!

 

DOWN WITH THE FEDERAL RESERVE!

  

DOWN WITH THE FEDERAL RESERVE!

  

UP With THE CONSTITUTION!

  (EXACTLY WORD BY VERY WORD, MEANING, SPIRIT AND INTENT as written and proved by the writings of our founding fathers!)

God bless you and good luck!  Take care of your families.

March 17, 2008 07:36 AM    View printable version     Link to this comment   
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August 6, 2007

People,

DO NOT BELIEVE that the Federal Reserve System is collapsing because of THE MORTGAGE CRISIS.  This is a LIE.  A  LIE!

It is because The Federal Reserve isn't getting enough taxes to support the lie we are living in.  They, the forty guys who own this private company, who have not been elected by us and are free to control and force us to do anything they want to force us to do, need more people to pay INCOME TAX.

There is really going to be a HUGE PRESS now to pass Amnesty and especially the NAU.  Don't let them do it!  Yes it would releave the finacial burden on us and make our live temporarily better, but at the total loss of freedom and the prosperity that we would otherwise have if we wouldn't be giving our earnings to The Matrix (The Federal Reserve).  The Federal Reserve is a PRIVATELY owned company of incredable wealth and power that they siphon right out of our paychecks in the form of "Withholding".  They have extended themselves, making us believe that all the stuff we see, hear, feel, smell and touch is real.  IT ISN'T.  It is what has been programmed in our minds.  Not that it is't there, just that we have given them the power to build and have all this stuff because they have made us believe all sorts of things that are not true.  For example our Dollars are not money, they are NOTEs.  A NOTE, as you are aware, is nothing more than the promise to pay with real money in the future.  In this case a future that never arrives.

March 17, 2008 08:10 AM    View printable version     Link to this comment   
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June 12, 2007

Capt. Carl, Canada has the second largest reserves of crude oil in the World. THey are close in size to Saudi Arabia the number one. Essentially all their crude is sold to us and that is the lion's share of all we buy. Our second largest supplier is Mexico. The rest are trickles by comparison.

If we get our own then NAFTA would have to be changed or Canada would get badly hurt. Also for security reasons we have to keep some relationship with Canada.

Basically where I'm going is what I've repeated often, "Small Moves." Big moves mean big mistakes.

Since people are waking up to so many issues discussed here we may be able to start turning the ship around. We just need to keep cool heads and make the right moves. This means lots of us digging deep to figure out what we are really dealing with.

I hope we can have a good effect before Hillary wrecks everything.

March 17, 2008 08:26 AM    View printable version     Link to this comment   
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Comment updated March 17, 2008 08:27 AM
Greg Badger said:

Capt. Carl, Canada has the second largest reserves of crude oil in the World. THey are close in size to Saudi Arabia the number one. Essentially all their crude is sold to us and that is the lion's share of all we buy. Our second largest supplier is Mexico. The rest are trickles by comparison.

If we get our own then NAFTA would have to be changed or Canada would get badly hurt. Also for security reasons we have to keep some relationship with Canada.

Basically where I'm going is what I've repeated often, "Small Moves." Big moves mean big mistakes.

Since people are waking up to so many issues discussed here we may be able to start turning the ship around. We just need to keep cool heads and make the right moves. This means lots of us digging deep to figure out what we are really dealing with.

I hope we can have a good effect before Hillary wrecks everything.

 

Sensible and reasonable, Greg. 

We need people like you to cool things down in fast moving times. 

However, there are moves that people really should do today to protect themselves. I believe people should think about buying e-Gold or some other e-metal of your choice.  And do it now BEFORE all the banks close by the order of The U.S. Government who will be under orders by the people who control all money that is borrowed to the U.S. Government, the owners of The Federal Reserve. 

All the money that we all sent or will be sending in for Income Taxes goes directly into the pockets of the Owners of The Federal Reserve and it is used for their own purposes, not ours.  The only reason they borrow our Income Tax money to The U.S. Government is because it “was” a good risk.  The operative word there is “WAS”! 

The Federal Reserve just may collapse.  This is a VERY GOOD THING!!! 

But we are greatly addicted to it, so it is going to hurt.  Some of us are going to starve.  It is going to be bad.  But in the end, if we hold our ground, we will get government to comport to The Constitution, to the word, spirit and intent and then we will have our freedom, The Federal Reserve will be closed up, we will be using Gold coinage and this sort of thing will not happen again because the money, gold, will be worth what it is worth.  No possibility of the freedom killing, enslaving, money stealing world of The Matrix; a false world that only exists because they make us think, in our minds, that it does.

March 17, 2008 09:13 AM    View printable version     Link to this comment   
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June 12, 2007

Capt. Carl, this is a delicate balancing act. We do not have much time to act. If we panic and do something stupid we are doomed. If we wait for Hillary we are doomed.

The people in the company of sorry Soros want doom and gloom so they can walk in and take over by capitalizing on peoples' ignorance. They have been dumbing down students for a long time.

I'm torn between "getting out the word" and getting my startup business off the ground.

By the way, getting off subject, (hope this doesn't get whacked) since you mentioned MATRIX I put a blue and red candy in a box like in the movie. I ask people to "get out of the MATRIX" by committing their lives to Jesus Christ (I think this is the red pill) or they can take blue and stay in a stupor.

March 17, 2008 09:44 AM    View printable version     Link to this comment   
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June 12, 2007

Just how unreliable the news is consider this story about one of my suppliers D&H...

DandH Pours $10M in Credit over Flames of Recession Fears

March 17, 2008 10:20 AM    View printable version     Link to this comment   
Member Since:
October 7, 2007

I hope we can have a good effect before Hillary wrecks everything.

I am running out of words to keep saying the same thing!  It is NOT about Hillary, it is NOT about Soros, it is NOT about all the nasty dems!  Look at the treachery being done to us at this moment by government and ask yourself WHO IS DOING IT?  and just MAYBE YOU'LL GET A CLUE!  If those on FS can't see what is truly happening, then I will have to concede there is no hope, NONE AT ALL for the average citizen who goes about his business without an inkling of the big picture and what is happening in the world, even in this country!

 VEyes posted an excellent article this morning - about the timing of Spitzer's downfall and the $200 billion bailout of predator banks.  I was not aware of his involvement in trying to expose some of the fraudulent actions of the financial lords, and, of course, NO ONE IS INNOCENT, and whether you believe this is the reason for his fall or not, read the entire article and maybe your eyes will register some of the truth to your brain!

 

WE HAVE TO DEMAND and FORCE Government to do absolutely NOTHING more than what is allowed under THE CONSTITUTION OF THE UNITED STATES OF AMERICA. 

I couldn't agree with you more, Capt; however, those in power have not followed the Constitution for the past several decades.  And we are responsible for this.  How are we going to get them, who are absolutely intent on its destruction, to suddenly abide by the rules of NOT OUR DEMOCRACY, BUT OUR CONSTITUTIONAL REPUBLIC?

 

 

 

 

 




During times of universal deceit, telling the truth becomes a revolutionary act. ~ George Orwell
March 17, 2008 10:51 AM    View printable version     Link to this comment   
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June 12, 2007

WE HAVE TO DEMAND and FORCE Government to do absolutely NOTHING more than what is allowed under THE CONSTITUTION OF THE UNITED STATES OF AMERICA. 

Yes, now how do we do this with sanity?

March 17, 2008 11:18 AM    View printable version     Link to this comment   
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April 1, 2007
Capt. Karl, I am hoping against hope that you are right. I also agree theat this is about them offering the N.A.U. as a solution. I personally believe this is a contrived plan to bring Americans into a fear situation, of a totall economic collapse. If nessary they will allow it to happen to achieve their Global Government Goals. These folks believe in the global picture, they have no respect for Nation States or our constitution.
March 17, 2008 02:23 PM    View printable version     Link to this comment   
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August 6, 2007
Labrador said:

I hope we can have a good effect before Hillary wrecks everything.

I am running out of words to keep saying the same thing!  It is NOT about Hillary, it is NOT about Soros, it is NOT about all the nasty dems!  Look at the treachery being done to us at this moment by government and ask yourself WHO IS DOING IT?  and just MAYBE YOU'LL GET A CLUE!  If those on FS can't see what is truly happening, then I will have to concede there is no hope, NONE AT ALL for the average citizen who goes about his business without an inkling of the big picture and what is happening in the world, even in this country!

 VEyes posted an excellent article this morning - about the timing of Spitzer's downfall and the $200 billion bailout of predator banks.  I was not aware of his involvement in trying to expose some of the fraudulent actions of the financial lords, and, of course, NO ONE IS INNOCENT, and whether you believe this is the reason for his fall or not, read the entire article and maybe your eyes will register some of the truth to your brain!

 

WE HAVE TO DEMAND and FORCE Government to do absolutely NOTHING more than what is allowed under THE CONSTITUTION OF THE UNITED STATES OF AMERICA. 

I couldn't agree with you more, Capt; however, those in power have not followed the Constitution for the past several decades.  And we are responsible for this.  How are we going to get them, who are absolutely intent on its destruction, to suddenly abide by the rules of NOT OUR DEMOCRACY, BUT OUR CONSTITUTIONAL REPUBLIC?

Greg Badger said

WE HAVE TO DEMAND and FORCE Government to do absolutely NOTHING more than what is allowed under THE CONSTITUTION OF THE UNITED STATES OF AMERICA. 

Yes, now how do we do this with sanity?

Algebra said:

Capt. Karl, I am hoping against hope that you are right. I also agree theat this is about them offering the N.A.U. as a solution. I personally believe this is a contrived plan to bring Americans into a fear situation, of a totall economic collapse. If nessary they will allow it to happen to achieve their Global Government Goals. These folks believe in the global picture, they have no respect for Nation States or our constitution.

 

Okay Gentlemen:

We need to do this as PEACEFULLY as possible!  There are two ways to do this:

1.)  Rely on The Supreme Court to challenge the U.S. Government hoping that they will strictly interpet the Constitution. 

2.)  Get so many of our fellow countrymen to LEARN and understand these things that we, on the side of Freedom and the resulting prosperity (for the greatest number of people, some of course will be unlucky and it won't work for them because their risks will go south), have so many in our ranks it results in the grass roots power we need to turn Government back to The Constitution.

3.)  If those don't work all we have to do is make sure that Amnesty and the NAU isn't passed or some other "Global initiative" and Social Security and Medicare will force us into a combo Civil and Revolutionary War, because we won't have the money or even a job to have a deceit living.  That is a GOOD THING!  Without that I am afraid the American Public might just accept Socialism through Globalism and a lot of fancy talk.  So BOTTOM LINE:  Don't let the basta*ds pass Amnesty or the NAU and, the way I see it, Freedom will be refreshed by it's natural manure.  The blood of tyrants and patriots.

So for the time being it is our job to get people educated.  Use organizations like www.GiveMeLiberty.org.

I have Bob Schulz coming to a town near us to speak.  Invite him to your town too.

March 17, 2008 02:40 PM    View printable version     Link to this comment   
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Capt Karl said:  Okay Gentlemen:

We need to do this as PEACEFULLY as possible!  There are two ways to do this:

1.)  Rely on The Supreme Court to challenge the U.S. Government hoping that they will strictly interpet the Constitution. 

2.)  Get so many of our fellow countrymen to LEARN and understand these things that we, on the side of Freedom and the resulting prosperity (for the greatest number of people, some of course will be unlucky and it won't work for them because their risks will go south), have so many in our ranks it results in the grass roots power we need to turn Government back to The Constitution.

3.)  If those don't work all we have to do is make sure that Amnesty and the NAU isn't passed or some other "Global initiative" and Social Security and Medicare will force us into a combo Civil and Revolutionary War, because we won't have the money or even a job to have a deceit living.  That is a GOOD THING!  Without that I am afraid the American Public might just accept Socialism through Globalism and a lot of fancy talk.  So BOTTOM LINE:  Don't let the basta*ds pass Amnesty or the NAU and, the way I see it, Freedom will be refreshed by it's natural manure.  The blood of tyrants and patriots.

So for the time being it is our job to get people educated.  Use organizations like www.GiveMeLiberty.org.

I have Bob Schulz coming to a town near us to speak.  Invite him to your town too

____________________________________________________________

#1 won't work, Capt.  Our Judicial system is firmly under the hand of the executive branch, now.  No checks or balances left!

 




During times of universal deceit, telling the truth becomes a revolutionary act. ~ George Orwell
March 17, 2008 02:49 PM    View printable version     Link to this comment   
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August 6, 2007
Comment updated March 17, 2008 02:54 PM
Labrador said:

Capt Karl said:  Okay Gentlemen:

We need to do this as PEACEFULLY as possible!  There are two ways to do this:

1.)  Rely on The Supreme Court to challenge the U.S. Government hoping that they will strictly interpet the Constitution. 

2.)  Get so many of our fellow countrymen to LEARN and understand these things that we, on the side of Freedom and the resulting prosperity (for the greatest number of people, some of course will be unlucky and it won't work for them because their risks will go south), have so many in our ranks it results in the grass roots power we need to turn Government back to The Constitution.

3.)  If those don't work all we have to do is make sure that Amnesty and the NAU isn't passed or some other "Global initiative" and Social Security and Medicare will force us into a combo Civil and Revolutionary War, because we won't have the money or even a job to have a deceit living.  That is a GOOD THING!  Without that I am afraid the American Public might just accept Socialism through Globalism and a lot of fancy talk.  So BOTTOM LINE:  Don't let the basta*ds pass Amnesty or the NAU and, the way I see it, Freedom will be refreshed by it's natural manure.  The blood of tyrants and patriots.

So for the time being it is our job to get people educated.  Use organizations like www.GiveMeLiberty.org.

I have Bob Schulz coming to a town near us to speak.  Invite him to your town too

____________________________________________________________

#1 won't work, Capt.  Our Judicial system is firmly under the hand of the executive branch, now.  No checks or balances left!

 


We, see www.GiveMeLiberty.org - We The People Congress, have attempted to take the U.S. Government to The Supreme Court twice and they denied our case.   We wanted The Supreme Court to interpet the meaning of the First Amendment:

Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances.

The lower courts said that The People could present a petition but Government is under no obligation to address it.  Then why did our Founding Fathers even bother to write it in?  We have massive and highly impressive arguments to prove our case; which is why The Supreme Court refused to hear it.  The effect would have been that Government would have been forced to behave and there by shrink by at least 75%.  THE FEDERAL RESERVE doesn't want their patsies to lose their power. 

 

We believe that The Founding Fathers didn't write that in the Constitution for our health.  There are many instances in history were this was used shortly after the Revolutionary War.  Then the Government did address petititions for the redress of grrievances.  This was placed in The Constitution to avoid the need for spilled blood.  It is the best way to address constitutional issues and for the public to hold Government, all Three Branches, accountable to our founding documents.

You may be right about the Judiciary Branch.  It is very upsetting.

March 17, 2008 03:30 PM    View printable version     Link to this comment   
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August 6, 2007

THE GIPPER

“Well, Seamus Wright, I’ll keep this brief. On St. Patrick’s Day, you should spend time with saints and scholars, so of course, you know, I have two more stops I have to make. I turned back to the ancient days of Ireland to find a suitable toast, and I think I have found it. St. Patrick was a gentleman who through strategy and stealth drove all the snakes from Ireland. Here’s toasting to his health—but not too many toastings lest you lose yourself and then forget the good St. Patrick and see all those snakes again. I believe that, you know, let those who love us, love us, and those who don’t love us, let God turn their hearts. And if He won’t turn their hearts, let Him turn their ankles so we’ll know them by their limp. May you have warm words on a cold evening and a full moon on a dark night and a smooth road all the way to your door.” —Ronald Reagan (17 March 1988) joshing then-House Speaker Jim Wright

INSIGHT

“The most unresolved problem of the day is precisely the problem that concerned the founders of this nation: how to limit the scope and power of government. Tyranny, restrictions on human freedom, come primarily from governmental restrictions that we ourselves have set up.” —Milton Friedman

March 17, 2008 04:01 PM    View printable version     Link to this comment   
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March 17, 2008 04:39 PM    View printable version     Link to this comment   
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February 17, 2007
Where are the comments and articles castigating Bush for this meltdown?  If this were to be happening on a Democrats watch, oh boy, watch out!
March 17, 2008 06:59 PM    View printable version     Link to this comment   
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June 27, 2007
Today, Dow swung back 300 points or so, notice that Nasdaq and the much broader S&P500 were still down heavily and this is with some serious short covering and rather obvious PPT action.

Also rumour has gotten round the market that tomorrow's rate cut will be 1 - 1.5% rather than 0.75% to 1%, so anything less than 1% will see 250points offf the Dow and anything more than 1% will see the dollar crushed

Dow Jones     
11972.25   +21.16   +0.18%

Nasdaq    
2177.01   -35.48   -1.60%

S&P 500    
1276.60   -11.54   -0.90%    
March 17, 2008 07:27 PM    View printable version     Link to this comment   
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Comment updated March 18, 2008 10:01 AM

Capt. Karl, I thought we were on the same page untill you started quoting Milton Friedman. Global Free Traders caused the problem; you really don't believe one has the solution. The message I always got from Mr. Friedman was: get the government out of the way so we can make more money.

marijam, You are right Mr. Bush had four years of a Republican controlled congress and four years of the Democrats with a slight majority. What did he do: pass more Free Trade Agreements. Give tax incentives to those outsourcing american manufacturing. Doubling the national debt, and creating the largest trade deficit in history.

Milton Friedman, Warren Buffet, Robert Zoellick, Susan Schwab, were all right there at his side cheering him on. These folks don't need more money the American People are the ones hurting. Please don't mistake these types for Freedom Lovers, if they were they would not be a part of exploiting the Chinese Peasants, so they can fatten their bank accounts on the backs of the third world poor, and export the poverty to the American People. 

 

March 17, 2008 07:31 PM    View printable version     Link to this comment   
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marijam said: Where are the comments and articles castigating Bush for this meltdown?  If this were to be happening on a Democrats watch, oh boy, watch out!

 

Here 'ya go, marijam.....posting this one just for you, and yes, we all know what Spitzer did, but I, for one, was unaware of his role in exposing fraudulent financial practices.  I loathed him for trying to gain driver's licenses for illegals, but nonetheless, let's give credit where credit is due.

 

Predatory Lenders' Partner in Crime
How the Bush Administration Stopped the States From Stepping In to Help Consumers

The following oped by Eliot Spitzer was published barely a month prior to the unfolding scandal and his demise as Governor of the State of New York. 

Does the scandal bear any relationship to Spitzer's intent to reveal the criminal nature of the subprime mortgage scam and the role of the Bush adminstration. Was the scandal intended to silence Eliot Spitzer? 

(M. C. Global Research, 14 March 2008)

When history tells the story of the subprime lending crisis and  recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still  unfolding, but when the dust settles, it will be judged as a willing  accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal  government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers."

(Eliot Spitzer, former Governor of the State of New York)


Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.

 

Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.

Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. Individually, and together, state attorneys general of both parties brought litigation or entered into settlements with many subprime lenders that were engaged in predatory lending practices. Several state legislatures, including New York's, enacted laws aimed at curbing such practices.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge? As Americans are now painfully aware, with hundreds of thousands of homeowners facing foreclosure and our markets reeling, the answer is a resounding no.

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.

Let me explain: The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.

But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.

Throughout our battles with the OCC and the banks, the mantra of the banks and their defenders was that efforts to curb predatory lending would deny access to credit to the very consumers the states were trying to protect. But the curbs we sought on predatory and unfair lending would have in no way jeopardized access to the legitimate credit market for appropriately priced loans. Instead, they would have stopped the scourge of predatory lending practices that have resulted in countless thousands of consumers losing their homes and put our economy in a precarious position.

When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.

The writer is governor of New York.


 Global Research Articles by Eliot Spitzer



During times of universal deceit, telling the truth becomes a revolutionary act. ~ George Orwell
March 17, 2008 09:05 PM    View printable version     Link to this comment   
Member Since:
April 1, 2007

marijam,Bugbaggers,and Labrador: Please watch this video. Listen closely to Don Harrold.

 

http://www.youtube.com/watch?v=4sZCNlPwG8o

March 18, 2008 09:46 AM    View printable version     Link to this comment   
Member Since:
October 7, 2007
algebra:  Let's hope everyone on this forum watches this video, as sickening and totally truthful as it is.......I pray everyday that there are those Americans, hidden and watchful, who know, really know, what the score is and who have the courage and character that our founding fathers did and will act accordingly!


During times of universal deceit, telling the truth becomes a revolutionary act. ~ George Orwell

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