Financial Crisis

[midas]

but what about GLOOM ? ! :D

[Naam]

but what about GLOOM ? ! :D

[Abrak]

Surely we can be saved...... if we can get rid of the PIGS.....

[flying]

but what about GLOOM ? !

[Naam]

Surely we can be saved...... if we can get rid of the PIGS.....

we can't. unfortunately

[midas]

but what about GLOOM ? !

A sample of what is to come .........?

COLORADO SPRINGS — This tax-averse city is about to learn what it looks and feels like when budget cuts slash services most Americans consider part of the urban fabric.

More than a third of the streetlights in Colorado Springs will go dark Monday. The police helicopters are for sale on the Internet. The city is dumping firefighting jobs, a vice team, burglary investigators, beat cops — dozens of police and fire positions will go unfilled.

The parks department removed trash cans last week, replacing them with signs urging users to pack out their own litter.

Neighbors are encouraged to bring their own lawn mowers to local green spaces, because parks workers will mow them only once every two weeks. If that.

Water cutbacks mean most parks will be dead, brown turf by July; the flower and fertilizer budget is zero.

City recreation centers, indoor and outdoor pools, and a handful of museums will close for good March 31 unless they find private funding to stay open. Buses no longer run on evenings and weekends. The city won't pay for any street paving, relying instead on a regional authority that can meet only about 10 percent of the need.

"I guess we're going to find out what the tolerance level is for people," said businessman Chuck Fowler, who is helping lead a private task force brainstorming for city budget fixes. "It's a new day."

Some residents are less sanguine, arguing that cuts to bus services, drug enforcement and treatment and job development are attacks on basic needs for the working class.

"How are people supposed to live? We're not a 'Mayberry R.F.D.' anymore," said Addy Hansen, a criminal justice student who has spoken out about safety cuts. "We're the second-largest city, and growing, in Colorado. We're in trouble. We're in big trouble."

Read more: http://www.denverpost.com/news/ci_14303473#ixzz0eXu31JlH

[flying]

A sample of what is to come .........?

COLORADO SPRINGS — This tax-averse city is about to learn what it looks and feels like when budget cuts slash services most Americans consider part of the urban fabric.

I wonder as more States start down this road.....Will they be considered States too small to pee with the big dogs?

Pennsylvania State Capital Mulls Bankruptcy as a Budget Option

[LaoPo]

^^^^

I'm shocked about these last 2 posts; what kind of bookkeepers do the majority of States have?

I always learned that if you have 1 dollar, the ABSOLUTE maximum you can spend is 1 Dollar; without inflation that is.

LaoPo

[flying]

^^^^

I'm shocked about these last 2 posts; what kind of bookkeepers do the majority of States have?

I always learned that if you have 1 dollar, the ABSOLUTE maximum you can spend is 1 Dollar; without inflation that is.

LaoPo

Yes well of course that is what is taught to we the people since we were just kids.

But....The government & all their little branches they in fact have the magic check books.

With these they are allowed to write checks based on the same backing of their currency....Very thin rarefied air

Edited February 4, 2010 by flying

[LaoPo]

^^^^

I'm shocked about these last 2 posts; what kind of bookkeepers do the majority of States have?

I always learned that if you have 1 dollar, the ABSOLUTE maximum you can spend is 1 Dollar; without inflation that is.

LaoPo

Yes well of course that is what is taught to we the people since we were just kids.

But....The government & all their little branches they in fact have the magic check books.

With these they are allowed to write checks based on the same backing of their currency....Very thin rarefied air

Yes indeed; I recall an interview from a reporter asking Bernanke WHERE the money came from he ought to have -or find- to bail out AIG, some $ 150 Billion...

he said we don't have to find that money, we do the same as you do when you pay somebody you owe money to.....

we (the government) just pay the money online to AIG...

and that's the way it is; the printing machines are printing 24/7.

LaoPo

[flying]

we (the government) just pay the money online to AIG...

and that's the way it is; the printing machines are printing 24/7.

LaoPo

Yes & even worse these days because as he said.....It is just a couple of quick taps on the keyboard now.

No need for even ink nor materials....

PS: a trillion is thrown around easily these days....

Look at what it looks like in the physical form...

http://www.pagetutor.com/trillion/index.html

Edited February 4, 2010 by flying

[flying]

20 reasons Global Debt Time Bomb explodes soon

Poll: 20 economic weapons of mass destruction triggering ticking Global Debt Time Bomb

Edited February 5, 2010 by flying

[LaoPo]

Thanks for the link....! Adding to that:

Warning: Capt Bernanke's sinking U.S.S. Titanic

Commentary: Cheap money's again blowing new 'icebergs'

http://www.marketwatch.com/story/capt-bern...anic-2010-01-26

LaoPo

[flying]

Thanks for the link....! Adding to that:

Warning: Capt Bernanke's sinking U.S.S. Titanic

Commentary: Cheap money's again blowing new 'icebergs'

http://www.marketwatch.com/story/capt-bern...anic-2010-01-26

LaoPo

Well midas did ask where is the gloom

Your link should suffice

[Naam]

where can i buy i strong rope?

[flying]

where can i buy i strong rope?

dunno but copper clad lead would be quicker

[flying]

Former Bank of America CEO Ken Lewis Charged With Fraud; Its Only A Start

On same page

Also a good video interview

Neil Barofsky Says Handcuffs Are Coming

Edited February 5, 2010 by flying

[LaoPo]

Former Bank of America CEO Ken Lewis Charged With Fraud; Its Only A Start

On same page

Also a good video interview

Neil Barofsky Says Handcuffs Are Coming

Wow!

from the same link:

"Geithner, Paulson, and Bernanke all deserve to be indicted as well. Paulson and Geithner are easier targets, Paulson even admitted coercion."

I am very curious if the authorities/prosecutors have the balls to convict them. I mean to say that these guys are of a different kind of cookies than Madoff or am I mistaken here ?

LaoPo

[flying]

I am very curious if the authorities/prosecutors have the balls to convict them. I mean to say that these guys are of a different kind of cookies than Madoff or am I mistaken here ?

LaoPo

100% correct....They are the too big to fail It will need to be handled by the peoples court

Edited February 5, 2010 by flying

[flying]

Stock market is headed for 9500 & if it breaks down it would not be surprising to see it dive to 6500...I hope not but the govt keeps running from one extreme to the other with nothing being accomplished in the middle. Faith is being lost daily

9750 first stop? Next week will be interesting...Then again they always seem to view the jobs report in the opposite way I would.

But hey I'm not running the country

Last Friday another 6 small dog? banks failed ( not counting all their branches) Making it 15 for 2010 so far.

Today is again bank failure Friday & the pools are starting already as to how many go today.

My guess is 7

Also a vid.......

Edited February 5, 2010 by flying

[Publicus]

Former Bank of America CEO Ken Lewis Charged With Fraud; Its Only A Start

On same page

Also a good video interview

Neil Barofsky Says Handcuffs Are Coming

Wow!

from the same link:

"Geithner, Paulson, and Bernanke all deserve to be indicted as well. Paulson and Geithner are easier targets, Paulson even admitted coercion."

I am very curious if the authorities/prosecutors have the balls to convict them. I mean to say that these guys are of a different kind of cookies than Madoff or am I mistaken here ?

LaoPo

I know it cheers you to see the US stumble while you praise the economic 'miracles' of the People's Republic of China and its illusory magnificence, but, of course, you again are mistaken. The people of the US are demanding that the bankers and the arrogant big swishers of Wall Street be held accountable for their disastrous incompetence or just plain greedy outright swindling frauds. 

This marks an historical new era and a new dimension of people power on the part of the baby boomer generation of the 1960s in their most mature years, this time having hostility against the system that they had to buy into because their idealistic revolutionary ideas of 40 or so years ago were unrealistic and unattainable. Then there are the downcast Generation X ers and....so many other categories of the US body politic which seek justice, relief and remedy in the present national emergency. 

A hundred years ago the Republican Party Pres Theodore Roosevelt busted up the monopolies such as Standard Oil and so many others, and upended the absolutists of the laissez fair economy such as J.D Rockefeller and others.

Only a few decades later his distant cousin, the Democrat Franklin Delano Roosevelt was overwhelmingly chosen by the electorate to upend the reckless and irresponsible absolutist capitalist class, and their wholey owned Republican Party in government, fed by wild eyed bankers, which were primarily responsible for the Great Depression. Same as the Republican Party's Ronald Reagan and, soon after, another Republican Party pres Geo W. Bush ("Little Shrub").

Now Pres Obama, elected overwhelmingly by the electorate to bring a radical resurrection to the economy, now will have to forgo health care reform to tackle and hold accountable the same class of Wall Street vs Main Street bankers and other huge corporations if he is to continue to have the support of the people of the United States.

With mid-term elections forthcoming in the US in November, Obama and the Democratic party will need to minimize inevitable losses by turning their complete attention to reform of the financial system and the prosecution of those lunatic corporate capitalist bankers and investment houses which have precipitated this economic shock, in the same way FDR did in his time, but as Obama must do in the present time with the view towards the future.   

After Barack Obama's election, the 'Economist' magazine featured him on its cover with the banner headline, "Renewing America". After his first year in office, Pres Obama finally has become more clear that this indeed is his challenge and task, as was true of the generations of Americans before him, and that he now must rise to the occasion as well as did his forefathers, if not moreso in the present disaster.. 

The body politic chose Obama for this reason and purpose, i.e. to be the transformative leader of our time, in the US and globally. Watch Obama now from this point forward. He's seriously going to kick some very rarified financial big bucks arse. And the Congress, now formulating approaches of its own,  is also awaiting his initiatives in these vital respects. 

Expect indictments trials and convictions...just don't expect such complicated matters overnite. But expect them, as it now is clear they must occur. However, I seriously doubt you can learn from the experiences and lessons of a free and open society in which the rule of law prevails and the people command their elected representatives and leaders, but the process will regardless occur, while we see no such initiatives by the sheeple of the People's Republic of China because there the government uses tanks and fear, repression, against those who might dare hold their leaders accountable for their aloofness and their arbitrary behaviours and actions.

Edited February 5, 2010 by Publicus

[LaoPo]

Former Bank of America CEO Ken Lewis Charged With Fraud; Its Only A Start

On same page

Also a good video interview

Neil Barofsky Says Handcuffs Are Coming

Wow!

from the same link:

"Geithner, Paulson, and Bernanke all deserve to be indicted as well. Paulson and Geithner are easier targets, Paulson even admitted coercion."

I am very curious if the authorities/prosecutors have the balls to convict them. I mean to say that these guys are of a different kind of cookies than Madoff or am I mistaken here ?

LaoPo

I know it cheers you to see the US stumble while you praise the economic 'miracles' of the People's Republic of China and its illusory magnificence, but, of course, you again are mistaken. The people of the US are demanding that the bankers and the arrogant big swishers of Wall Street be held accountable for their disastrous incompetence or just plain greedy outright swindling frauds. 

You're wrong.

I'm not cheering about the devastating economic situation the world is in; not just the US but Europe and far beyond those borders as well.

Too many countries, too many states are on the edge of bankruptcy and you think I'm cheering?

Wrong Publicus. you're dead wrong.

LaoPo

[Naam]

I am very curious if the authorities/prosecutors have the balls to convict them.

on what planet in what far away galaxy are you living LaoPO?

[LaoPo]

I am very curious if the authorities/prosecutors have the balls to convict them.

on what planet in what far away galaxy are you living LaoPO?

not yet discovered but they're close: planet Naivita in the cheatary Galaxy.

LaoPo

[Publicus]

Former Bank of America CEO Ken Lewis Charged With Fraud; Its Only A Start

On same page

Also a good video interview

Neil Barofsky Says Handcuffs Are Coming

Wow!

from the same link:

"Geithner, Paulson, and Bernanke all deserve to be indicted as well. Paulson and Geithner are easier targets, Paulson even admitted coercion."

I am very curious if the authorities/prosecutors have the balls to convict them. I mean to say that these guys are of a different kind of cookies than Madoff or am I mistaken here ?

LaoPo

I know it cheers you to see the US stumble while you praise the economic 'miracles' of the People's Republic of China and its illusory magnificence, but, of course, you again are mistaken. The people of the US are demanding that the bankers and the arrogant big swishers of Wall Street be held accountable for their disastrous incompetence or just plain greedy outright swindling frauds. 

You're wrong.

I'm not cheering about the devastating economic situation the world is in; not just the US but Europe and far beyond those borders as well.

Too many countries, too many states are on the edge of bankruptcy and you think I'm cheering?

Wrong Publicus. you're dead wrong.

LaoPo

When have you given half the attention to other countries that you give to the US? Yes, the US is the major factor in the present financial crisis but must all of the criticisms and contempt be directed towards it? 

(Yeah, yeah, I know...touchy touchy....sensitive  .)

[Abrak]

I was rather struck by this chart when I saw it the other day....

It shows the rather dramatic fall off in male employment during the current recession. However, what I find particularly striking is that the last recession - 2000 - appears as a fairly minor blip in a continuous uptrend over a 12 year period. You can look at that chart and it hardly registers.

However, as this chart shows (it has been posted several times before) that little blip actually represents the worst employment recession since the war.

The combination of a collapse in employment of historic proportions combined with an economy that doesnt generate jobs like it used to even into a recovery, would seem to indicate an unemployment problem that is unparalleled.

(The current data - the red lines - only reflects the position as of March last year. They have subsequently slipped through the bottom of the chart.)

[flying]

It shows the rather dramatic fall off in male employment during the current recession.

It is quite bad in the US right now & continues downwards.

While the jobs report likes to harp on how they loss less jobs last month....DUH...

I can imagine the loss of jobs will continue to be reduced .....perhaps all the way till there are no jobs left.

It does not address the truth nor the severity of the situation.

Massive revision will show recession was even worse More than 8 million jobs lost since 2007

[LaoPo]

When have you given half the attention to other countries that you give to the US? Yes, the US is the major factor in the present financial crisis but must all of the criticisms and contempt be directed towards it? 

(Yeah, yeah, I know...touchy touchy....sensitive  .)

It's in the eyes of the beholder Publicus; in your eyes I'm concentrating on the US whilst I was asking about the financial crooks and their wrongdoings; if they would have been British, German, Swiss, French or Polish I would have addressed to them, not the USA or their respective countries. A crook is a crook no matter his/her nationality.

We have lots of crooks in my own country, including financial crooks.

You are taking it sensitive; I'm not, I'm being realistic, the same as I am realistic that I was stunned to see and hear that there was 75+ Cms of snow in Washington and still snowing like heck today, or am I being criticizing America than as well ?

By Jove....

LaoPo

[AlexLah]

Told ya.

Where was he this weekend?

Have a nice day all!

[12DrinkMore]

Nice waterfall Alex, where is it, and maybe you could put an arrow indicating just where the UK/US/EU and of course the Thai economies are?

Moving on, I wonder why the Aussies can offer up to 8% interest rates on deposits whilst the UK/EU/US banks are still screwing the long suffering depositors with fuc_k all interest?

But whoah there!

"Some banks are offering deposit rates that exceed the standard variable mortgage rate".

Could this ever happen in the UK? I guess not, because it might raise public awareness of the Great Banking Scandal of fractional reserves. Questions might be asked. I am pretty sure that the vast majority of the population reckons that the banks earn money on the difference between lending and borrowing rates. Ie just a couple of percent.

HAH! Deluded ostriches, heads in the sand and being screwed up the arse by the all important cannot be allowed to fail banking industry.

I believe that the UK banks are, to an extent "self regulated" because they consider themselves to be "respectful" and "trustworthy" :D bastards one and all, and that a fractional reserve of just 3% or so is common.

http://www.theaustralian.com.au/business/d...x-1225828051595

And more news from Australia

http://www.news.com.au/business/secret-sum...i-1225827289543

Representatives from 24 central banks and monetary authorities including the US Federal Reserve and European Central Bank landed in Sydney to meet tomorrow at a secret location, the Herald Sun reports.

Organised by the Bank for International Settlements last year, the two-day talks are shrouded in secrecy with high-level security believed to have been invoked by law enforcement agencies.

Speculation that the chairman of the US Federal Reserve, Dr Ben Bernanke, would make an appearance could not be confirmed last night.

The event will be dominated by Asian delegations and is expected to include governors of the Peoples Bank of China, the Bank of Japan and the Reserve Bank of India.

Wonder what these fuc_kers are planning for us now?

Edited February 8, 2010 by 12DrinkMore