Economists Predicting Doom: Another Financial Crisis on the Way
Posted on March 3, 2010
Filed Under Banksterism, Doom & Gloom, Economy | 0 Comments
Nonpartisan Group Led by Nobel Winner Calls for Stronger Financial Reforms
By MATTHEW JAFFE
ABC News March 2, 2010
Even as many Americans still struggle to recover from the country’s worst economic downturn since the Great Depression, another crisis – one that will be even worse than the current one – is looming, according to a new report from a group of leading economists, financiers, and former federal regulators.
In the report, the panel, that includes Rob Johnson of the United Nations Commission of Experts on Finance and bailout watchdog Elizabeth Warren, warns that financial regulatory reform measures proposed by the Obama administration and Congress must be beefed up to prevent banks from continuing to engage in high risk investing that precipitated the near collapse of the U.S. economy in 2008.
The report warns that the country is now immersed in a “doomsday cycle” wherein banks use borrowed money to take massive risks in an attempt to pay big dividends to shareholders and big bonuses to management – and when the risks go wrong, the banks receive taxpayer bailouts from the government.
“Risk-taking at banks,” the report cautions, “will soon be larger than ever.”
Without more stringent reforms, “another crisis – a bigger crisis that weakens both our financial sector and our larger economy – is more than predictable, it is inevitable,” Johnson says in the report, commissioned by the nonpartisan Roosevelt Institute.
The institute’s chief economist, Nobel Prize-winner Joseph Stiglitz, calls the report “an important point of departure for a debate on where we are on the road to regulatory reform.”
The report blasts some of Washington’s key players. Johnson writes, “Our government leaders have shown little capacity to fix the flaws in our market system.” Two other panelists, Simon Johnson, a professor at MIT, and Peter Boone of the Centre for Economic Performance, voiced similar criticisms.
Federal Reserve Chairman Ben Bernanke and Treasury Secretary Tim Geithner “oversaw policy as the bubble was inflating,” write Johnson and Boone, and “these same men are now designing our ‘rescue.’”
The study says that “In 2008-09, we came remarkably close to another Great Depression. Next time we may not be so ‘lucky.’ The threat of the doomsday cycle remains strong and growing,” they say. “What will happen when the next shock hits? We may be nearing the stage where the answer will be – just as it was in the Great Depression – a calamitous global collapse.”
[PHOTO] Health Care Summit: Republican Aid Outfitted With Radio Earpiece
Posted on February 25, 2010
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Senator Lamar Alexandar’s aid seen here with a radio earpiece. One can only image what kind of information is being pumped into the room during the Health Care Summit; and from whom. Picture this; a room full of corporate health care insurance executives, lawyers and lobbyists feeding real-time propaganda; broadcast live via an elected official.
Senators, please use your own brain & do what’s right for Americans. Quit being a puppet for the ding-dongs at the other end of that radio.
VIDEO: One West Bank, George Soros & FDIC Raking Taxpayers Over The Coals
Posted on February 25, 2010
Filed Under Banksterism, Consumer Protection | 0 Comments
You don’t have to be a “numbers” guru to understand the message in this video. If you are an American taxpayer, you MUST watch this & at least sit at home in outrage if you choose to do nothing about it. George Soros and his cronies; IndyMac, One West Bank and the FDIC are raiding taxpayer coffers, throwing homeowner’s out on the curb without hesitation, and ultimately stealing trillions from US taxpayers in the end. A Federal Bankruptcy Judge recently told me that IndyMac/One West Bank has a horrible record of helping homeowner’s keep their home stating, “They’re an inflexible transaction machine and just don’t care about people”.
“Republicans Vow To Crash The Party” (Obstructionism?!) #TCOT
Posted on February 24, 2010
Filed Under Politics | 0 Comments
February 24, 2010
Today I read an article that; once again; made me feel nauseous with anger directed at the GOP. Here’s an excerpt:
House Republican Whip Eric Cantor declared in a memo that if the Senate goes ahead with plans to use a controversial legislative tactic known as reconciliation to pass the bill, House Speaker Nancy Pelosi “will not be able to muster the votes” to pass it in the House.
Speaking ahead of Obama’s upcoming televised health summit, House Minority Leader John Boehner also told fellow Republicans in a closed-door event Tuesday: “We need to show up and crash the party,” an aide told Reuters.
I’m a disgusted former life-long Republican, and I can say unequivocally that the Republican party is nothing but a terrorist sleeper cell lurking in our democracy. They contribute absolutely nothing but campaign funds and severely obstruct our legislative process.
Since they do nothing, and say nothing to contribute to meaningful health care reform, who are they working for? They seem to be masterful at working against.
Until the Republican Party fully realizes that all of our citizens need health care, they should simply offer productive solutions, not destructive interference. Most importantly, they need to let the process move forward.
Dear #TCOT Republicans. Help our people; don’t hurt them any more than you already have.
Pretending We Are Not in a Depression
Posted on February 24, 2010
Filed Under Doom & Gloom, Economy | 0 Comments
The Market Ticker
February 23, 2010
I’m going to write today about a very somber subject. It will be, as it usually is here in one form or another, about math.
First, some background. If you believe that we have “escaped” from the mess that gripped this nation in 2008 and 2009, or that said mess “suddenly appeared” and “nobody saw it coming”, stop reading now and have your Thorazine dosage checked. It’s way off.
Assuming you accept the truth – that this mess was 20 year or more in the making, that it involved creating credit (that is, debt) which the debtor could never pay, and that it still exists because our government policy has been to extend, pretend and allow lies that should be considered accounting fraud and result in prison sentences, then you’re on the right page to understand the rest of this missive. Again, if not, go check your Thorazine dosage.
Yes, I know all about the stock market rally from last March. I know all about the claimed GDP “improvement.” But I also know that we got both by adding more than $2 trillion in debt to the United States – or roughly 14% of GDP – over the space of the last 18 months. That’s about 10% of GDP annualized, and incidentally, a 10% GDP contraction is the common economist’s definition of an Economic Depression.
So let’s cut the crap – we are in a Depression right now. We are pretending we are not, just like you can pretend you didn’t really lose your job so long as your credit card does not reach its limit. We have been in that depression for about 18 months and there is no evidence that we will exit it, as we have yet to find a way to pull back the deficit spending without an instantaneous collapse in the economy.
Read Entire Article: InfoWars.com
Is CyberWar Coming?
Posted on February 24, 2010
Filed Under Doom & Gloom, Stuff | 0 Comments
Listen up, soldier! Not every battle takes place over rugged terrain, on the open sea or even in the air. These days, you’ll find some of the fiercest fighting going on between computer networks. Rather than using bullets and bombs, the warriors in these confrontations use bits and bytes. But don’t think that digital weaponry doesn’t result in real world consequences. Nothing could be further from the truth.
Some experts have linked the recent attacks on Google to student hackers out of China. Each year, the Chinese military recruits from many of the country’s top tech schools, and some wonder if hacking attacks, such as the Google attack, are priorities for the government. While China denies any wrongdoing in terms of the attacks, or recruitment motivation, a potential “cyberwar” is cause for concern regardless of where it comes from.
Unlike traditional warfare, cyber warfare only needs someone with the right knowledge and computer equipment to wreak havoc. The enemy could be anywhere — even within the victim nation’s own borders. A powerful attack might only require half a dozen hackers using standard laptop computers. So, is a cyberwar coming, or are we already engaged in battle? Check out this HowStuffWorks.com article about cyber warfare, when it started, and where it’s going.
Consider all the different systems in the United States connected to the Internet:
- Emergency services
- Financial markets and bank systems
- Power grids
- Water and fuel pipelines
- Weapons systems
- Communication networks
That’s just the beginning. Think about all the services and systems that we depend upon to keep society running smoothly. Most of them run on computer networks. Even if the network administrators segregate their computers from the rest of the Internet, they could be vulnerable to a cyber attack.
Cyber warfare is a serious concern. Unlike traditional warfare, which requires massive amounts of resources such as personnel, weapons and equipment, cyber warfare only needs someone with the right knowledge and computer equipment to wreak havoc. The enemy could be anywhere — even within the victim nation’s own borders. A powerful attack might only require half a dozen hackers using standard laptop computers.
Another frightening aspect of cyber warfare is that a cyber attack can come as part of a coordinated assault on a nation or it could just be a malicious hacker’s idea of a joke. By the time a target figures out the nature of the attack, it may be too late. No matter what the motive, cyber attacks can cause billions of dollars in damages. And many nations are woefully unprepared to deal with cyber attacks. With that in mind, the question isn’t will there be a cyberwar — the question is when will there be one?
Some people might argue that the cyberwar is already here. In fact, based on attacks perpetrated daily against the United States and other nations, the first real cyberwar began back in the late 1990s. Let’s take a look at some famous “battles” in cyber warfare over the last decade in the next section.
Greenspan: “By far, the greatest financial crisis, globally, ever”
Posted on February 23, 2010
Filed Under Banksterism, Doom & Gloom, Economy | 0 Comments
By David Lawder
WASHINGTON (Reuters) – Former Federal Reserve Chairman Alan Greenspan said on Tuesday the U.S. economic recovery was “extremely unbalanced,” driven largely by high earners benefiting from recovering stock markets and large corporations.
Small businesses and the jobless are still suffering from the aftermath of a credit crunch that was “by far the greatest financial crisis, globally, ever” — including the 1930s Great Depression, said Greenspan in an address to a Credit Union National Association conference.
“It’s really an extraordinarily unbalanced system because we’re dealing with small businesses who are doing badly, small banks in trouble, and of course there is an extraordinarily large proportion of the unemployed in this country who have been out of work for more than six months and many more than a year,” said Greenspan, who headed the Fed from 1987 to 2006.
With both housing starts and auto sales “dead in the water,” he said he thought it would be difficult to make the case that the economy is poised for a strong rebound.
Greenspan did see signs pointing toward a modest recovery in job creation, saying that staffing levels at U.S. firms, which were deeply cut, remain below what is sustainable in the long run. But unemployment rate could still remain stubbornly high.
“The reason why the unemployment rate is going to be sticky is that as soon as employment starts picking up, a lot of the people who have not been seeking jobs are going to come back into the labor force, and they will keep the official unemployment rate in the 9 percent area, something like that,” Greenspan said.
He also said it was important for U.S. policy makers to prevent perceived expectations of inflation that could push up yields on long-term U.S. Treasury securities, which would raise mortgage interest rates and prevent a recovery in the housing market.
The 10-year Treasury yield is the “one statistic that I watch every morning and every afternoon,” he said.
Kick Out All Democrats & Republicans In 2010
Posted on February 23, 2010
Filed Under New World Order, Politics | 0 Comments
This was sent to me by @momus1978 on Twitter. He asked that I re-tweet it to all my followers, but I thought it was such a powerful message and idea that I stepped it up a notch with a dedicated blog post. Be sure to give me your input by commenting below.
Every Democrat & Republican (Except for Ron Paul) must be fired. A lot of Americans share this sentiment, and a “Tea Party” has sprouted up to capitalize on it. Unfortunately for the angered, the Republicans have infiltrated the movement and are trying to hijack it for their benefit. Don’t be drawn in by their hokus-pokus — the Tea Party headquarters is in the same office as Republican fund raising command center. It’s a grand scam greater than “New Coke”. Same corporation peddling crappy, deadly ingredients; new packaging.
Democrats. Republicans. We need to fire every one of them. I nominate Ron Paul to lead and manage the movement.
Think about it. How many years have Democrats and Republicans been bickering back & forth? One vote from each of us could solve our current problems overnight. All we need to do is vote for the common man who is truly representative of our country (I say we replace every Democrat & Republican politician with an unemployed person).
Sample qualifications for the next election in every political campaign in America:
- Must be presently unemployed for more than 6 months.
- Must fully disclose the truth that they will pocket cash while in office.
- Must not have ANY prior political experience.
- Must never have made more than the average American wage.
- Must be willing to forgo any corporate political campaign contributions.
- Must be willing to immediately stop all CHINESE imports.
- Must be willing to suspend income taxes for 3-4 years.
- Must be willing to cut off any additional borrowing from foreign countries for 10 years.
- Must be willing to shut down EVERY military base outside of the USA.
- Must be willing to end every war immediately & disassemble the CIA.
Let me know your thoughts. I say “F” the New World Order, “F” the Banksters, “F” the military-industrial complex & “F” the Global Elite. I’d rather listen to common Americans bicker amongst each other because I trust that ~any~ situation will be better for our PEOPLE than what we have right now.
The rich & influential serve themselves. Let’s vote each of them out —like cutting a tumor out of our system.
I can’t help but call this a “Pirate Party”, because it represents an effort to commandeer the ship for our people. This idea is certainly not an “overthrow” of our government; it’s more of a constitutional obligation to give our government and democracy back too our people. Don’t you dare think we can’t accomplish this task….remember….the revolution was initiated and our country was founded with only 3-5 percent of the population coming forward in anger — everyone else woke up & joined in. Now, we’re the United State Of America.
For me; I believe the America we “think” we’re suppose to be is worth fighting for. How bout you?
If we really deserve to enjoy the freedoms our predecessors have handed to us; to celebrate democracy & independence with fireworks on the Fourth of July; we need to think about what each of us must do with our individual vote. In 2010, every eligible man, woman & child needs to smartly cast their vote for any candidate who is not a Democrat or Republican. In fact, since America has been so dumbed-down, it doesn’t even require a super-intelligent 19 year old to cast a vote for a non-politician.
The right thing to do is employ one of the MILLIONS of unemployed. Let’s start putting people back to work by putting them in political office. We can do this…all we need is leadership like Ron Paul to guide us.
What are your thoughts and ideas?
Ron Paul: Suspend The Income Tax For 3-4 Years
Posted on February 22, 2010
Filed Under Stuff | 0 Comments
View Original Post: InfoWars.com
VIDEO: Golf Channel Announcer Sobbing On TV Over Tiger Woods
Posted on February 22, 2010
Filed Under Stuff | 0 Comments
Watching this video should remind the viewer of one rule among grown men: REAL MEN DON’T CRY ABOUT GOLF. It’s especially important to remember not to cry on cable television, presumably in front of millions of viewers.
As you watch this pathetic white man babble, I want to always remember a horrifying reality:
Tiger Woods’ phony public image has been destroyed by the pillow-biting, down-in-the-gutter, lowest-of-low hookers he chased after with a fist fulla cash.
Don’t cry Mr. Golf Channel man…Tiger got exactly what he paid for.
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