Moderators lazarus Posted April 3, 2009 Moderators Share Posted April 3, 2009 Watch this video, sorry the quality is bad. I don't agree with everything but this dude talks a lot of sense. This may just open your eyes. http://www.youtube.com/watch?v=t_LkOW6nXPw&feature=channel_page Quote Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Einstein Link to comment Share on other sites More sharing options...
Woody Posted April 3, 2009 Share Posted April 3, 2009 Some of us for various reasons don't watch video clips. Anyone want to explain what this one is about? Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology. Link to comment Share on other sites More sharing options...
Members phkrause Posted April 3, 2009 Members Share Posted April 3, 2009 Very interesting Lazarus. My question than would be, Why than does the government not hire this guy to fix the problem? Like I've said before, we have all these people that seem to know theirs a problem but yet no one hires them to fix the problem! pk Quote phkrause Obstinacy is a barrier to all improvement. - ChL 60 Link to comment Share on other sites More sharing options...
Neil D Posted April 3, 2009 Share Posted April 3, 2009 Maybe the reason why this guy doens't want to work for the goverment is because...... are you ready for this.....? are you sure...? he doesn't want to work for the goverment.....! Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw Link to comment Share on other sites More sharing options...
Joe_in_RP Posted April 3, 2009 Share Posted April 3, 2009 Quote: anyone want to explain what this one is about? Your missing out Redwood. " When we borrow money and spend it, we cant pay it back" Talking about consumerism. "We need to do the opposite of everything we are doing now. 1) Government is to big. 2) Higher interest rate to encourage savings. 3) Let companies fail. Deal with the problems and not sweep them under the rug. " Other side said its politically undoable. Peter says it will only get worse until some on finally does it. " The longer we wait the more painful it will be. " Quote Link to comment Share on other sites More sharing options...
Woody Posted April 3, 2009 Share Posted April 3, 2009 Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology. Link to comment Share on other sites More sharing options...
Members phkrause Posted April 3, 2009 Members Share Posted April 3, 2009 That just might be true Neil, but I doubt it. Because if they did hire someone that could really fix the problem, they would probably have to get rid of a lot of excess in government. pk Quote phkrause Obstinacy is a barrier to all improvement. - ChL 60 Link to comment Share on other sites More sharing options...
Moderators lazarus Posted April 5, 2009 Author Moderators Share Posted April 5, 2009 Very interesting Lazarus. My question than would be, Why than does the government not hire this guy to fix the problem? Like I've said before, we have all these people that seem to know theirs a problem but yet no one hires them to fix the problem! pk My guess is that the government would not like the solutions Peter Schiff has in mind. Schiff says that the recession is the SOLUTION to our economic problems. A contraction in the economy is the way to cure our ills. Neither the GOP or the Democrats would say his approach is politically viable. Quote Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Einstein Link to comment Share on other sites More sharing options...
Members phkrause Posted April 6, 2009 Members Share Posted April 6, 2009 Yes I actually heard someone say that the other night. So I guess will just have to see what happens in the next few years. pk Quote phkrause Obstinacy is a barrier to all improvement. - ChL 60 Link to comment Share on other sites More sharing options...
Neil D Posted April 6, 2009 Share Posted April 6, 2009 Originally Posted By: pkrause Very interesting Lazarus. My question than would be, Why than does the government not hire this guy to fix the problem? Like I've said before, we have all these people that seem to know theirs a problem but yet no one hires them to fix the problem! pk My guess is that the government would not like the solutions Peter Schiff has in mind. Schiff says that the recession is the SOLUTION to our economic problems. A contraction in the economy is the way to cure our ills. Neither the GOP or the Democrats would say his approach is politically viable. I don't think that what Peter Schiff has in mind is a viable solution, Laz. Concider carefully...if AIG and other institutions that insure banks and loans go bust, then the banks would go bust. There would be a run on the physical money on the banks, and all the money would be gone in short order. All the money that would be on the books would be gone....and we would have no credit to borrow against as there would be nothing available to borrow against. It would quite literally destroy the country of the US. Just my thoughts... Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw Link to comment Share on other sites More sharing options...
Moderators lazarus Posted April 6, 2009 Author Moderators Share Posted April 6, 2009 Quote: I don't think that what Peter Schiff has in mind is a viable solution, Laz. Concider carefully...if AIG and other institutions that insure banks and loans go bust, then the banks would go bust. There would be a run on the physical money on the banks, and all the money would be gone in short order. All the money that would be on the books would be gone....and we would have no credit to borrow against as there would be nothing available to borrow against. It would quite literally destroy the country of the US. Just my thoughts... The banks are already bust. They are clinically dead. Right now there is nothing to borrow against. Folks can't get loans. The US government can't even get loans. The Fed reserve had to buy US Treasures. The Bank of England can't sell its Guilts first time round. That's crazy!! The money is already gone. We have already arrived at a place where the debt load that the US is carrying is unsustainable. something has to give. The only tool that's left in the tool box is to print more money out of thin air which devalues the dollar. I think the Obama is doing the best it can and its hoping for the best but I think the "fix is in"!!! Quote Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Einstein Link to comment Share on other sites More sharing options...
Neil D Posted April 6, 2009 Share Posted April 6, 2009 Quote: The banks are already bust. They are clinically dead. No, not yet...If the US Goverment takes the potentially bad debt away from the banks, the banks now have money to loan, according to the law. That is the current proposal currently in place...and the stock market, likes the idea with a surge in stock prices. With new legislation to regulate the financial sector, those type of debts ain't goinna happen again.... So, those 'toxic' loans are now given to the US to insure and guarentee....but the banks are now free to loan..... Now, those toxic loans are going to be sold at action, and arrangements with the private sector will make them attracctive, hopefully, for the private sector to get involved and make a few $$$$K. Here is where you can make some money if you check your auctions...and the places that are selling.... And the gov will gets it's money back, eventually, the speculaator will make some money....and the banks are out from a bad loan... But if this guy, peter has his way, the economy will implode to the point that it will destroy the US...literally... Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw Link to comment Share on other sites More sharing options...
Moderators lazarus Posted April 6, 2009 Author Moderators Share Posted April 6, 2009 They are already bankrupt!!!!! the figures show it. I hope the plan works but it is said there are $700 trillion worth of derivatives outstanding in the world. That is a ridiculous number. There has to be a massive correction of this credit imbalance Royal bank of Scotland's outstanding debt is $1.2T, that is 40% of the UK's GDP. The UK just secured a 60% stake in RBS. That is just one bank. Its liabilities could swallow half the UK economy!!!! I don't accept all of Peter Schiff's solutions but I have a real problem with bailing out these banks. They are financial sink holes. The banks' quarterly financial reports show that as of Dec. 31: _ J.P. Morgan had potential current derivatives losses of $241.2 billion, outstripping its $144 billion in reserves, and future exposure of $299 billion. _ Citibank had potential current losses of $140.3 billion, exceeding its $108 billion in reserves, and future losses of $161.2 billion. _ Bank of America reported $80.4 billion in current exposure, below its $122.4 billion reserve, but $218 billion in total exposure. _ HSBC Bank USA had current potential losses of $62 billion, more than triple its reserves, and potential total exposure of $95 billion. As a foreign-owned subsidiary, HSBC has neither applied for nor received U.S. government bailout money. _ San Francisco-based Wells Fargo, which agreed to take over Charlotte-based Wachovia in October, reported current potential losses totaling nearly $64 billion, below the banks' combined reserves of $104 billion, but total future risks of about $109 billion. Kopff, the bank shareholders' expert, said that several of the big banks' risks are so large that they are "dead men walking." The banks' credit-default portfolios have gotten little scrutiny because they're off-the-books entries that are largely unregulated. However, government officials said in late February that federal examiners would review the top 19 banks' swap exposures in the coming weeks as part of "stress tests" to evaluate the institutions' ability to withstand further deterioration in the economy. Trading in credit-default contracts has sparked investor fears because they are bought and sold in a murky, private market that is largely out of the reach of federal regulators. No one, except those holding the instruments, knows who owes what to whom. Not even banks and insurers can accurately calculate their risks. "I don't trust any numbers on them," said David Wyss, the chief economist for the New York credit-rating agency Standard & Poor's. The risks of these below-the-radar insurance policies became abundantly clear last September with the collapse of investment banker Lehman Brothers and global insurer American International Group, both major swap dealers. Their insolvencies threatened to zero out the value of billions of dollars in contracts held by banks and others. Quote Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Einstein Link to comment Share on other sites More sharing options...
bonnie Posted April 6, 2009 Share Posted April 6, 2009 Not sure about other area's but banks here are actually advertising the availabilitiy of money to loan. Have been all thru this mess Quote Everything you do is based on the choices you make. It's not your parents, your past relationships, your job, the economy, the weather, an argument, or your age that is to blame. You and only you are responsible for every decision and choice you make, period ... ... Wish more people would realize this. Quotes by Susan Gottesman Link to comment Share on other sites More sharing options...
Moderators lazarus Posted April 6, 2009 Author Moderators Share Posted April 6, 2009 The most secure banks right now seem to be the local small banks and Credit unions that stuck to tradition banking methods. The big five are the main ones in trouble. Quote Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Einstein Link to comment Share on other sites More sharing options...
Moderators lazarus Posted April 6, 2009 Author Moderators Share Posted April 6, 2009 The U.S. economy is in for "a lasting slowdown" and won't recover this year, while "the banking system as a whole is basically insolvent," billionaire investor George Soros told Reuters Financial Television Monday. http://www.cnbc.com/id/30069223 Quote Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Einstein Link to comment Share on other sites More sharing options...
Members phkrause Posted April 6, 2009 Members Share Posted April 6, 2009 Yes Lazarus I was just listening to that on Fox a couple days ago about the small banks. I thought that was very interesting. It shows the greed of all the big banks. Pretty sick I'd say. pk Quote phkrause Obstinacy is a barrier to all improvement. - ChL 60 Link to comment Share on other sites More sharing options...
bonnie Posted April 6, 2009 Share Posted April 6, 2009 Yes Lazarus I was just listening to that on Fox a couple days ago about the small banks. I thought that was very interesting. It shows the greed of all the big banks. Pretty sick I'd say. pk Can you explain the greed that put the larger banks in trouble Quote Everything you do is based on the choices you make. It's not your parents, your past relationships, your job, the economy, the weather, an argument, or your age that is to blame. You and only you are responsible for every decision and choice you make, period ... ... Wish more people would realize this. Quotes by Susan Gottesman Link to comment Share on other sites More sharing options...
Neil D Posted April 6, 2009 Share Posted April 6, 2009 They are already bankrupt!!!!! the figures show it. I hope the plan works but it is said there are $700 trillion worth of derivatives outstanding in the world. That is a ridiculous number. There has to be a massive correction of this credit imbalance Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw Link to comment Share on other sites More sharing options...
jasd Posted April 6, 2009 Share Posted April 6, 2009 >>I think the Obama is doing the best it can and its hoping for the best but I think the "fix is in"!!!<< [ed.jasd] Oy vay goodness! How often do I find myself agreeing with lazarus!? ‘bout as often as my hens crow, I suppose... That noted, umm, what’s with the adorative “the Obama”? Would a sucking sound (as in extreme suck-up) go with that if I put “the Obama” on audio? or would I just get static? Quote Link to comment Share on other sites More sharing options...
Moderators lazarus Posted April 7, 2009 Author Moderators Share Posted April 7, 2009 So don't panick.... I'm not panicking but just getting ready! Here's a question for you. Why is Russia, China and others talking about a new reserve currency? Quote: And the point is that they can be filled...it will take effort, but what else is there to do? Its being filled by magically producing dollars by entering some numbers on a computer in the federal reserve which equals inflation down the road. Quote: That is why there is new regulations being enacted as we post...Obama said that these areas need regulation and he points to the obvious elephant in the room that shows our current economy....Of course, we need to change the culture of the financial industry...Less greed and more behavior of what is right.... Agreed! Quote Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Einstein Link to comment Share on other sites More sharing options...
Moderators lazarus Posted April 7, 2009 Author Moderators Share Posted April 7, 2009 >>I think the Obama is doing the best it can and its hoping for the best but I think the "fix is in"!!!<< [ed.jasd] Oy vay goodness! How often do I find myself agreeing with lazarus!? See that shows that you have been wrong so many times this forum!!!! teehe The "the Obama" thing was a typo but its growing on me. I like it. Quote Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Einstein Link to comment Share on other sites More sharing options...
Moderators Bravus Posted April 7, 2009 Moderators Share Posted April 7, 2009 It's just the Decline and Fall of the American Empire, nothing to get alarmed about. Quote Truth is important Link to comment Share on other sites More sharing options...
Moderators lazarus Posted April 7, 2009 Author Moderators Share Posted April 7, 2009 Well I did benefit from the collapse of the British empire (sort of) so perhaps I can make something out of the collapse of this one. Quote Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Einstein Link to comment Share on other sites More sharing options...
Moderators lazarus Posted April 8, 2009 Author Moderators Share Posted April 8, 2009 April 8 (Bloomberg) -- A congressional panel overseeing the U.S. financial rescue suggested that getting rid of top executives and liquidating problem banks may be a better way to solve the economic crisis. The Congressional Oversight Panel, in a report released yesterday, also said the Treasury may be relying on too rosy an economic scenario to guide its $700 billion bailout, and declared that the success of the program after six months is “mixed.” Three of the group’s members disagreed with at least some of the findings. “All successful efforts to address bank crises have involved the combination of moving aside failed management and getting control of the process of valuing bank balance sheets,” the panel, headed by Harvard Law School Professor Elizabeth Warren, said in its report. http://www.bloomberg.com/apps/news?pid=20601087&sid=aJJ_MkIv9VvA&refer=home Quote Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Einstein Link to comment Share on other sites More sharing options...
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