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Bernanke Cloture Vote Passes
Ben Shalom Bernanke reconfirmation now guaranteed. Sorry America - your senate has failed you. Enjoy the asset bubble and the coronation of the opaque US balance sheet as the biggest receptacle of toxic assets while you can - the next implosion will be the last.
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it won't end well
Seriously, what's the alternative, Larry Summers as Fed Chief?
I would rather be governed by the first 20 names in the phone book rather than Benron.
Nice Buckley reference sir.
+100
Volker? Someone, anyone has to be better than Ben.
YES! Please give us Volcker instead of Ben!
Be careful what you ask for.
I am Chumbawamba.
'Cuz he might fancy himself a Rockefeller.
Conspiracy theories are freaking retarded.
Yes, and thank you for chiming in with your facile blathering.
I am Chumbawamba.
ML just needs some tlc.
except the ones that arent
David Walker. Of course Peter G. Peterson might have something to say about it.
i second that david walker vote
The alternative is William Black of the University of Missouri. I.e., someone with integrity.
The mid-term elections are going to be fun. Payback is a bitch, politicos.
payback is not a bitch, we're their bitch. This is not politics or parties. This is a collapsing country, economy, and democracy.
Hey, no offense, Davey. I know you post here a lot and I usually agree with you, but a cynical attitude like that and I am left asking why one doesn't end it all. Now, I'm not suggesting that you do that. I want you around when we shutter the Mariner Eccles Building. It's not like we're in retreat from the British and boarding little boats to cross the Potomac. Today was a step forward to get out from under this evil. Cheer up.
Cursive--he just has end stage Sara Connor syndrome. Nothing many drinks can't cure.
also, its not nice to tell people to kill themselves..HA
I'd be living like the Conners were it not for beer...glorious beer.
@Cindy
Whoa, I did nothing of the sort. From my original post:
I like Davey. I like you. No malice. Cynicism is death itself. I implore Davey or anyone else who would succumb to cynicism to do something worthwhile. Hand wringing, griping, expecting the worst or waiting on someone to rescue you is a losing hand.
don't worry cursive, I will never give up. There is more of us than them.
We can always move to Canada, their national debt is low (so taxes will be low compared to the US 10 years from now), and if you have a million dollars or more you get citizenship in a week or so. Stay there for a few years, then move to Monaco - Canada does not tax ex-patriots as long as they have no banking or real estate in Canada.
The US made it easier for rich folks to leave right before Bush left office, also. You used to have to pay taxes for 10 years after you renounced your citizenship, now you just pay capital gains taxes on all unrealized capital gains.
I think that there will be a mass exodus of rich people in a few years time, if there still are any rich people left that is.
It would probably be appropriate for me to move to Canada, given that all my money has already moved there.
"Y'all" can keep your toxic shit right where it is. Here in Canada we have a saying: Stupid Americans made their bed, now let's watch them lay in it.
All hail credit expansion, Greenspan bitches!
Take anyone with a devotion to veritas.
These extremely clever types have everything on the resume except strict adherence to truth.
Any you know what they say about truth...
Advertising sector is gonna make a ton o' money this fall... esp. with now that the Supremes have given "Big Business a hunting license.
Where is the Ben rally!? Market strangely making some sense today.
Maybe they are waiting for the vote so they can do their futures "Thang" about the only trick they have
Sell the news. They'll be back tomorrow with a liquidity-fueled celebratory pump. Hell, Benron might post a few trades himself tomorrow.
"Benron" LOL
That's catchy, I like it!
BENRON!
All the better to solidfy their failure for the upcoming election.
This was a very clear vote against the middle class today and anyone trying to backtalk them out of this US v Them division line will find out in November because we are in a depression and then what will they say when even the printing presses did not save them.
The Senators who vote for Bernanke now own him. There can be no "shocked, simply shocked" expression later as this fraud is uncovered
Selloff Now... & Remember at Election time.
Thank You Sir may I have another. The corn holing continues.
http://www.youtube.com/watch?v=qdFLPn30dvQ
My Senator Kay Hagan voted yes.I hope she enjoys her single term.
Maybe a market failure and a depression even after prolonged monetary retardation will be the final bell that rings in the head of the economic brainless that we need a commodity backed standard and booms and bust would not be necessary with increasing magnitude and volume.
"monetary retardation"
I likes it
thar she blows
the road to socialism is now paved
how many times do I have to say it, its not socialism, call it corporatism, crony capitalism, or fascism (closest), but the masses are getting the shaft while wall street (the oligarchs) gets the rewards, that is not socialism.
Fascism, clearly.
Fascism and Socialism are not mutually exclusive. In fact, Oblama/Dingy/Joker are attempting to put together a pretty good hybrid. I see it as Socialism being the desired result of the Terrible Trio, and fascism is the vehicle. For fear of invoking Godwin's Law, Nazi Germany is known as Fascist, but it was as equally Socialist in terms of how the gov't provided for and regimented the daily lives of its citizens.
Fascism/Corporatism -- legislators and industrial magnates work together to draft legislation that most efficiently lines each others' pockets and control the flow of currency. Primarily a financial and business model of control.
Socialism -- government involvement in every facet of life, whether National Health, crushing regulation, or state-run (official or complicit) media. Philosophical and everyday function model of control.
The fat cats are calling the shots on who gets to be Fed guy. Fascism.
Gov't wanting the tax the daylights out of their banker pals so they can increase the slush fund and buy more votes with more gov't services. Socialism.
It's both, and it's neither. Mussolini would be so proud.....Oblama learned the lessons that protege Adolf didn't quite get...
The only problem with your view is that you really believe that these corporations are joined at the hip with the government. Government is so dysfunctional, inefficient, ego driven, corrupt and inept that they are not capable of being that clever or making that work for more than a week.
Many of us just think corporations are generally 5x smarter than the government and,therefore, corporations are able to play them like a fiddle. Maybe they give the appearance of "working together," but I don't think so. Corporations (like individuals) will use the government to their advantage. And I don't blame them. I blame primarily the government - the classic enablers.
Bad government is by far the biggest problem. Corporations and individuals take what the government gives them (and frequently ask for more).
Did you seriously expect any other outcome? And if there had been a different result, what effect would that have on the underlying structural issues?
Look, this pooch is screwed. Why mankind must continue to circle around & prod the corpse with a stick, believing it really isn't dead, is a tendency we inherited from long deceased ancestors.
The West is scattered with mining era ghost towns; some like Teulluride were 're-purposed'. Nantucket is a favorite of preservationists because it was literally locked in time dating back to the bust of the whaling era.
However, this time around is going to be a little different, primarily because governments hitched their wagons to a static economic model of which the end-game can be mathematically proven. Like the old saying goes, that which cannot bend will eventually break. What happens when governments break?
Watch, listen & prepare.
What happens when governments break?
If the people are prepared, and resolute, liberty breaks out all over the place. Otherwise, history is instructive.
power vacuum, rioting, martial law, dictatorship, ...maybe eventually revolution.
Ivorian tax-free rebel city flourishes
http://news.bbc.co.uk/2/hi/africa/8446994.stm
"Things are a lot cheaper than in the south - we see that people from the south often come here to stock up, above all the military who come for all their electronics - mobile phones, DVDs, televisions, everything," he says.
Trading places
Members of the government's armed forces formerly aiming to recapture Bouake now profit from the duty-free shopping.
Exactly. Which is why I don't get the "I'm moving to [Canada ... x]" sentiment.
When this shit starts going down, ain't nobody gonna be putting baby in a corner.
[the next implosion will be the last]
That was probably already baked into the cake.
The only question remains; does it come at us sooner, or later?
Answer now seems to be, later. BB and Da Boyz will do whatever it takes to keep the curtain from coming down on this farce. Anything at all. Literal dollars dropped from literal helicopters, if it comes to that. Anything to buy a little more time.
You gotta wonder, what is out there lurking that is so damned scary?
And then you get the idea that you probably don't want to know.
cougar
There's always an Arquillian Battle Cruiser, or a Corillian Death Ray, or an intergalactic plague that is about to wipe out all life on this miserable little planet, and the only way these people can get on with their happy lives is that they Do... Not... Know about it!
Word.
Nice play.
Sooo, I would be much happier not reading ZH?
Absolutely yes! Run ... do not walk ... to the nearest exit.
Or stay and have your feet held to the fire. It sucks and it hurts and it's really annoying, but then again the truth generally is.
cougar
takes care of that athlete's foot fungus though.
It doesn't matter. His replacement would have been more of the same. At least there is continuity for when it all collapses. It will help prevent blame shifting and establish some accountability. Of course the story line will be the collapse was due to some external factor---who could have guessed---with the Fed preventing an even worse outcome. It might be a tougher sell the second time.
The most fitting replacement would require a heater and some smelling salts.
http://www.cnn.com/2010/SHOWBIZ/books/01/28/salinger.obit/index.html?hpt=T2
"his health had been excellent until a rather sudden decline after the new year," the statement said. "He was not in any pain before or at the time of his death."
Always an H. Caulfield reference before some big fish gets snuffed. Or maybe not.
Maybe they couldn't get anyone else to do it....smartest thing McLame ever did was run a crappy campaign. What typical politician really wants to have their name all over this fricking nightmare?
they'll rally the market 2-3 months into elections. They will hire 1,000 phone operators in Washington(with the only prerequisite being fingernails with smiley faces on them) and all will be well.
Oh, it might be the last.... but we'll find out soon, major bankers now are absolutely convinced they can crash the market as long as we have Bernanke to save the day and bail them out with no downside risk except for the taxpayer.
OK, now what?
Audit the Fed dies here, too. Looks like us sheeple will forever lack the right to know what we must pay for. My memory is a little foggy, but didn't some country fight a revolution over a issue not too dissimilar?
yeahhhh, except people are sheep in this country, the people capable of understanding what's going on are unwilling to fight their own wars and the people willing to fight are unable to understand what's going on.
The government now controls everything that could be used in a revolution and controls nothing of use to its citizens, they gave that to the corporations to take care of and milk a profit.
The government now controls everything that could be used in a revolution.
I wonder if you ever heard of this little thing called a firearm? I hear there are one or two in the USA.
Shhhh! Don't mention the 2nd Amendment of the United States Constitution. It gets the proprietors nervous.
Just between you and me.
I am Chumbawamba.
I get the feeling a revolution wouldn't be fought with firearms, unless the armed forces side with the people.
Economic warfare will be fought with black boxes and software --- you know the type, it can manipulate markets in unfair ways.
That's why I say GOLD BITCHES!!!
Only the astute understand.
I am Chumbawamba.
Only the astute understand.
Exactly.
At least some will.
http://oathkeepers.org/
But one way or another, it will be fought.
I am Chumbawamba.
What about electricity, heating oil, gasoline, diesel fuel, running water...We don't have a prayer in a revolution, the American people are WEAK!
It's very fortunate for us as putative revolutionaries that the military is very heavily armed, with LORADs, pain beams, armor, and most fortuitously, 7 years (?) now of on-the-job experience in counterinsurgency.
Look, they learnt how to deal with a real revolution in Iraq. The only way to hit them now is via suicide bombs.
They have drones too, FLIRs, you name it. Good luck with that armed uprising thing. Perhaps "Bonus Army" will ring some bells
I wonder how much the SCOTUS decision on corporate campaign contributions had to do with today's vote? Nobody holding office today is going to have a snowball's chance in hell of keeping their seat if they cannot garner $100M in contributions from corporations. Because we know that Blankfein will have at least that much in his pocket when he comes shopping for pols to buy. Probably $500M. This whole thing was Senators doing the "look at me I'm for sale" poll/pole dance.
cougar
That decision had absolutely nothing to do with corporate campaign contributions. Look at BHO's $750 million haul in last years election! You do not raise that kind of cash from legions of J6P. It came from Wall Street and the ROI woiuld make Gordon Gekko blush
For the record, I did not contribute to BHO.
www.JoeSixPack.me
BHO is gonna be small potatoes. What do you think is the cost of buying a majority of the Senate and a good part of the House? $2B? $5B? $50B That's REAL money we're talk'n 'bout. And they can use taxpayer dollars for some of it.
Hell, nobody will even bother with the POTUS next time. The President is only useful in appointments, and GS has demonstrated that cronyism has that covered. Oh, and the President can declare war (hehe, I know I know) so that's useful to the defense industry and military orders. But any President can be arm-twisted into opening up a new front, you just go to the Whitehouse and see who answers the door, and whoever it is you shout "national security crisis!" and you got whatever you need.
I'm still blaming the SupCourt for today. They knew what they wanted and they got it. It's going to be nothing but prostitution from here on.
cougar
Declare war? When was the last time we did that?
The POTUS's war power comes from not having to declare war.
When the March Rally began to unfold I said the following on another forum, "when the rally wave ends, the United States will collapse."
The debtmoney model cannot mathematically coexist with a future of contraction.
They have to print money or else the compounding interest service demands are going to destroy the entire money supply.
At the end of this road of debtmoney, which is and always has been a promise collateralized by a future of more, is the total collapse of debt-based and perhaps all fiat currencies. Anything based upon promises of growth and more will fail.
BB is the appropriate guy to preside over this and NeObama is the right guy to be the President who presides over the collapse. Each of them is particularly well-suited for the role that destiny has guided them to.
Ugh. Reality bites. Okay then -- bring it.
They have to print money or else the compounding interest service demands are going to destroy the entire money supply.
As you note, printing solves this, at least mathematically. It also completely destroys capital, IMO, by calling into question its existence: What is real capital? Who has some? How do I know they didn't print it up in the basement? Is it capital born of leverage? If so, what is the real component, and what is the inflation component? Bernanke's mouse = counterfeiting operation. Fractional reserve banking = capital destruction.
At the end of this road of debtmoney, which is and always has been a promise collateralized by a future of more, is the total collapse of debt-based and perhaps all fiat currencies. Anything based upon promises of growth and more will fail.
Fractional-reserve fiat "money" is born to die, and it is exceedingly good at it. It certainly is not Fekete's "ultimate extinguisher of debt". Remobilize gold.
Remobilize gold.
YES.
"Fractional-reserve fiat "money" is born to die, and it is exceedingly good at it."
Oh, but this is only true when business is conducted in good faith - ie, capital costs are naturally determined, debts are repaid with interest, bad debts are written-off, depreciated assets are marked-down, and so on.
At present, much of these loaned monies are in reality still in existence (and multiplying fast), and they've gained an 'unholy' life of their own. Thus, immortal!
Oxymandius
can someone please coax Sen Bunning to leak the bombshell emails he has
RIP middle class. It was nice.
The middle class is being chewed off the ladder from the bottom up. It started in the 70's.
Edit: Note to the upper-middle and lower-upper classes: your turn is coming, you just don't believe it is.
American peasants you just earned what you deserve.
70:30 confirmed
Well... Apparently Senator Durbin was right, the banks do own the place.
It also appears our Senate fears their banking owners more than they do the people.
It'd be a different story if more of them were up for re-election this year, but the damnable 6-year Senate term virtually guarantees that short-attention-span voters will have forgotten about this by the time most of them have to face us next time.
Anybody have a count on how many of these clowns are up this year? I'd guess less than 20.....
I am going to laugh so hard I pee when America finally falls, and all the dumbfounded dipshits go scrambling through the streets like it came out of nowhere... You really have become a country of ignorant fools, a waste of space... So completely under the control of the meglomedia you have lost all capability to think for yourselves... You deserve what is coming...
Fine, next time we should let the Germans take the rest of the world over and you can all fuck yourselves.
Yeah...read any other version of history and it didn't really go down that way. Germany collapsed from within as their funding by, you guessed it, the US, specifically Brown and Harriman and the Rockefeller family, was pulled.
Still living in the 1930's huh? Thanks for proving my point...
keep fooling yourself in thinking that the demise of the US will lack consequences elsewhere. The symbiosis is too far along for others to pull away if we fall. So long as the dollar remains the reserve currency we still pay with paper for hard goods and commodities. Whenever it changes and the dollar as fiat currency goes away, we'll have still bought trillions of goods over that time for nothing but paper and the promise to repay by the govt. Again, who is the greater fool?
Keep fooling yourselves that the consequences of Americas fall are of any concern to anyone other than the ruling oligarchs.
cheekybastard should have something to say about this. paging dr. bastard.....
Wait for the bears to pile in:
"He only had 70 votes! Short the SPX!"
What if during the final confirmation session, the Senators try to look good for the voters and accidentally disconfirm Bernanke? Not.
The very thought that these vermin might do something that was not first related to the financing of their political careers was always the most egregiously naive and toxic. One must give up all thought of the reformability of the system, it is like a cancer eating at the innards of the people. We are long past elections, panels and committees. There simply will be no reform short of massive demonstrations and economy paralysing strikes.
"There simply will be no reform"
You could have stopped there.
Begin the process of acceptance. The gig is up. Only calamity remains.
And she has a short memory and a shorter fuse.
cougar
Massive demonstrations would be interesting, except we already had one, and the media ignored it, and the pundits marginalized it (racists!). While not doubting the inevitability of what you say, I also continue to try to reform / redirect the system. Strikes are a good idea. There are others.
A thoroughly corrupted system, by it's very nature, is beyond rehabilitation. It must fail.
So it's counterproductive to vote out the vermin this November. Since there will be no reform until the final collapse, it would make more sense to vote in more vermin to hasten the final collapse.
I think its quite enough not to participate, actually. I wouldn't want to foul myself spiritually by voting for some paramecium on the speculation that by doing so I might somehow hasten the end of this agony. In my view an exercize of the franchise ought to be something essentially positive, not punitive, and it says volumes about a system that abjectly refuses to offer a citizen the opportunity of an honest and positive expression of his or her views. The monopoly of the Regime parties and the active suppression by them of alternatives makes voting in the United States a travesty. It is not only in the Bulgaria of 1948 that one finds the sense in Stalin's oft quoted aphorism
“It is enough that the people know there was an election. The people who cast the votes decide nothing. The people who count the votes decide everything.”
To demonstrate and to strike are intrinsically positive acts. They are protests that do not require one of necessity to embrace something vile in order to be given a voice. And they are now all that remain to us.
http://www.youtube.com/watch?v=3u2qRXb4xCU&feature=player_embedded
I've often thought that Obama would be the last POTUS, at least in it's current form. And not really because of his skin color or political background. It just "says something" about American culture to postpone responsible monetary policy. Obama promised more of an abdication of responsibility, so he got the job.
So does this mean six more weeks of winter?
"Don't drive angry."
Is Helicopter Boy going to be the one who takes the ship down? Stay tuned, we'll be back after these brief messages.
cleaning house in congress wont change anything but it will make everyone feel better for a little while. the entire *system* is now corrupt and thoroughly corrupts anyone who enters the inner sanctum. they begin to believe they really are better than middle america and their agenda is correct despite what public opinion says.
Queensryche wrote the falling 22 years ago and it's never been more apropos:
For a price I'd do about anything
Except pull the trigger
For that I'd need a pretty good cause
Then I heard of Dr. X
The man with the cure
Just watch the television
Yeah, you'll see there's something going on
Got no love for politicians
Or that crazy scene in D.C.
It's just a power mad town
But the time is ripe for changes
There's a growing feeling
That taking a chance on a new kind of vision is due
I used to trust the media
To tell me the truth, tell us the truth
But now I've seen the payoffs
Everywhere I look
Who do you trust when everyone's a crook?
Revolution calling
Revolution calling
Revolution calling you
(There's a) Revolution calling
Revolution calling
Gotta make a change
Gotta push, gotta push it on through
I'm tired of all this bullshit
They keep selling me on T.V.
About the communist plan
And all the shady preachers
Begging for my cash
Swiss bank accounts while giving their
Secretaries the slam
They're all in Penthouse now
Or Playboy magazine, million dollar stories to tell
I guess Warhol wasn't wrong
Fame fifteen minutes long
Everyone's using everybody, making the sale
I used to think
That only America's way, way was right
But now the holy dollar rules everybody's lives
Gotta make a million doesn't matter who dies
Revolution calling
Revolution calling
Revolution calling you
(There's a) Revolution calling
Revolution calling
Gotta make a change
Gotta push, gotta push it on through
I used to trust the media
To tell me the truth, tell us the truth
But now I've seen the payoffs
Everywhere I look
Who do you trust when everyone's a crook?
i prefer:
Halls of Justice Painted Green
Money Talking
Power Wolves Beset Your Door
Hear Them Stalking
Soon You'll Please Their Appetite
They Devour
Hammer of Justice Crushes You
Overpower
The Ultimate in Vanity
Exploiting Their Supremacy
I Can't Believe the Things You Say
I Can't Believe
I Can't Believe the Price You Pay
Nothing Can Save You
Justice Is Lost
Justice Is Raped
Justice Is Gone
Pulling Your Strings
Justice Is Done
Seeking No Truth
Winning Is All
Find it So Grim
So True
So Real
masterpiece. it's ironic, the success of metallica while they crumbled creatively closely parallels the demise of the nation into the abyss we are in. metallica is a bloated mess and so is the nation. well, at least in '88 with Reagan we got some friggin' respect in the world. no more. yes, '88 was a great year for political metal.
+1
Cliff Burton is rolling in his grave.
Creeping Death, Fade to Black.
I am Chumbawamba.
Reality, it burns
The way we're living is worse
The pillars of inspiration are all falling down
The clean-up won't work while the fallout goes on.
And it's now or never, too close to the latter
We're all living proof that nothing lasts.
Standing in the neutral zone
Living on sleep deprivation
The rural route sleeps while the city bleeds all over itself
Over the falls in a barrel is where the answers have gone
And it's now or never, too close to the latter
We're all living proof that nothing lasts
And it's here for now, transient tomorrow
We're all living proof that nothing lasts.
Another road remains, but it provides no more
It can only take us away
Southbound, you can taste the weather
It feels like home
And it's now or never
Too close to the latter
We're all living proof that nothing lasts
And it's here for now, transient tomorrow
We're all living proof that nothing lasts.
"Route" by Son Volt/Jay Farrar
Love Son Volt. Jeff Tweedy and Wilco gets all the press but Jay and SV are producing the lasting music imo...
I sold myself, I'll sell you with me. Don't think don't blink. I can't rely on you.
What I like about this is that Geoff Tate was railing against Reagan; interviews he's given over the years demonstrate that he is too Lefty Blinded to turn that same eye on what's happening now.
Queensryche was able to see where the country was headed, even back in 1988. However, we're still waiting for Dr. X to show up and provide the popular call that will unite the disaffected. Here is a portion of another song from Operation: Mindcrime which is sadly appropriate for our day:
Fighting fire with empty words
While the banks get fat
And the poor stay poor
And the rich get rich
And the cops get paid
To look away
As the one percent rules America
(from "Spreading the Disease")
Dollar zero, gold 7000
With dollar to zero, gold is to infinity.
Funny so many comments about election time. Political parties exist to divide and distract the populace. Elections mean nothing. Politicians point fingers, the public gets in a roil, as though the problem is either a Democratic or Republican problem, while the significant issues continue with no media or hoopla; the extraction of vast wealth from the many into the hands of the few, and an exploding military complex all destined toward Fascism. A government: Executive, Congressional and Judicial indebted to corporate contributors who continue to pull the strings as the law fades from memory. November elections? No more important than the deck chairs on the Titanic.
Remember you senator in Nov.:
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm...
Fuck it! Let's get the show on the road!
I hope that every senator up for reelection who voted for Bernanke is voted out of office this November. And the others later. It is a disgrace......
Does no good, they will simply go on to sit on Boards of Directors and what not...Go ahead vote them out, do them a favor.
And we call the French pussies...
+10
Called Senator McConnell's office and asked if I could get the percentage of folks who called in urging the senator to vote against Ben's confirmation. The lady working the phone laughed and said, "We just aren't at liberty to release that information, and we do not have a statement to issue regarding the senator's decision to vote for Chairman Bernanke." IMO the Republican "leadership" is as deaf and corrupt as the lib-tards!
I wonder how she gets the taste of the condoms out of her mouth
so much hate , so little time
Dewey Daane. He's 91 years old. Paul Volcker's mentor. He still teaches Econ at Vanderbilt.
Alright, back at it.
Gold is cheap here.
WYDEN!!!!!!!!!!!!!!!!!
BS!
Well, at least I don't have to stick my dick in the mash potatoes as I had so promised (if he was not reconfirmed).
JTA
HA!!! I read the comments here, and it's quite clear..
ZH readers have entered the 5th and final stage of the kubler-ross grief model... acceptance
Acceptance — "It's going to be okay."; "I can't fight it, I may as well prepare for it."
This final stage comes with peace and understanding of the death that is approaching. Generally, the person in the fifth stage will want to be left alone. Additionally, feelings and physical pain may be non-existent. This stage has also been described as the end of the dying struggle.
The war is over kidz, and you ALL lost, now bend over and kiss your a$$ goodbye...
HAHAHAHAHAHAHAHAHAHA!!!!!
Yeah, I accept that we're going to have another Great Depression. I accept that the American people will survive this, but that the FRB won't. I accept that today was the beginning of the end for Benron.
And I accept that GOLD BITCHES!!!
And silver too.
I am Chumbawamba.
I guess it could be worse. The europeans did steal the land from the native americans by killing alot of them and then rounding them up into slave camps. The powers that be found that worked so well they're gonna do it to the white honky now as well.
If you want to break free from the Private Banking Scam, just follow the lead from a candidate from Florida...the real solution, just apply to ech state and to the Federal Goverment. Time to break the shackles of the private banking system...
The era of the commercial banking system is over because of:
In contrast, the Khavari Economic Plan, proposes a state run bank that will:
We will put the power of modern banking to work for the people of Florida, not for Wall Street.
Over the years, interest has been the biggest cost most families have had. Interest paid to the bank means less money for your family. Reducing interest costs can save a family hundreds of thousands of dollars.
Scenario 1 Let’s take a $100,000 mortgage, for example. With a 30-year fixed rate 5.5% mortgage, your monthly payment is $567.79 and you will pay $104,404.40 in interest on that loan.
Scenario 2 With a 2% fixed rate 15-year mortgage, your payment would be $643.51, the total interest would be only $15,831.80 – and the mortgage would be paid 15 years sooner! You would save 88,572.60 in interest. After you’ve paid off your mortgage, if you continue to make monthly payments of $643.51 to a BSF savings account earning 5% interest, at the end of 15 years you will have more than $160,000 after taxes in your account—just by having your mortgage from the Bank of the State of Florida.
In scenario 1, after 30 years of payments, you would own your house. Given scenario 2, after 30 years of payments, you would not only own your house, but also have more than $160,000 in savings.
How could the BSF do this? It’s called “fractional reserve banking,” the same principle all banks use to operate. If you have $100 in reserves, you can loan out $900 or more. That means you collect interest on $900 but you pay interest on only $100 at most. If the bank pays you 2% for your CD and lends it at 5% on 9 times as much money, you can see this is a really good deal – for the bank.
Now our Bank of the State of Florida does not need to be greedy. It is not going to get involved in shenanigans like bundling and selling mortgages, taking out weird insurance policies and general practices that have caused the mess we are in today. When we make a mortgage, that asset remains right on our books and the paperwork is right there on file. We are going to pay good dividends and the highest rates in the market for long term deposits. We are going to loan out 9 times our reserves. And we are going to make billions of dollars for the State Treasury while we save Floridians a trillion dollars—and that trillion dollars becomes many trillions in Florida’s economy.
Let’s say we pay 5% for our $100 and loan out our $900 at 2%. We pay out $5 in interest, and we take in $18 in interest. Can we make money at that? You bet we can.
We could make the $3.6 billion we are short this year on just a couple of million 2% mortgages. We can do even better on 3 – 4% commercial financing and vehicle loans.
And all the money the bank earns goes directly into the State Treasury, to work for Floridians, not to Wall Street.
Where do we get the reserves? The State of Florida has billions invested with Wall Street. 5 or 6% guaranteed looks pretty good these days compared to a 50% decline in the stock market. Look at what long-term bonds are paying, look at CD’s—we will have no problem attracting all the long-term deposits we need to get started, simply by paying good rates.
Now look what happens. With a 2% fixed rate 15-year loan, the buyer has paid off over 11% of the principal within 2 years. That means we have more than enough reserves to make a new mortgage for someone else, without having to pay interest for the reserves! (In comparison, a 5.5% 30-year loan takes 7 years to pay 11% of the principal).
Now some people might think that low interest rates will just raise the price of homes. That would be true if the 2% loan was for 30 years. But the payment on the 2% loan for 15 years is a little bit higher than the payment for 5.5% 30 years, so this tends to hold prices down. It also tends to eliminate speculation that messes up the market every time. As long as prices are stable, we can offer mortgages with low down payments, so homeownership can be as easy as paying rent.
What the Bank of the State of Florida does is transfer hundreds of billions of dollars away from Wall Street directly into the pockets of Floridians by reducing interest costs… and it puts hundreds of billions into the State Treasury, too. We will have stable, fair prices for homes and take 15 years of slavery out of the process of owning a home.
Consumer financing is another area where Wall Street and the big banks are costing us way too much. Banks charge huge interest on credit cards, for example, where the cost of money to the bank is really zero. If a family has $10,000 in credit card debt at 25% interest, that’s over $200 per month in interest alone. At 6%, the monthly interest is only $50. This family could reduce monthly payments by $50 and pay off the debt years sooner. The State earns billions of dollars per year while saving Floridians billions and billions more.
The Bank of the State of Florida will earn billions of dollars per year for the taxpayers of Florida, not Wall Street fat cats. At the same time it will reduce interest costs and save Florida families hundreds of thousands of dollars per family. Who needs that money more? You or Citibank?
The Bank of the State of Florida can handle checking accounts and ATM’s too. The other banks will have to become competitive, and there is no reason why they cannot.
Couldn’t the federal government do the same thing? Actually, the federal government could do even better and they could do it immediately at huge benefit to the U.S. Treasury. Do you think we should wait around for them to do it? We can have this program in effect in Florida within a year, at no cost to the State
Flawed!
How will the greed to fatten the pockets of bankers not be replaced with the political expediency to fund endless wasteful programs? Afterall you're giving the state politicians and bureaucrats the bank!
The only workable solution is to get the gov't the f*ck out of businesses and businesses the f*ck out of the gov't.
Debt-money is the problem. Eliminate debt-money and you run the private bankers off. You are half way to the solution.
Senator Bunning requires a thank you letter. Dodd is entitled to hate mail. He wouldn't even allow Bunning's request for details from the fed showing Bernanke's involvement in te AIG bailout.
After 20 years, still has relevance in the context of a flawed economic epidemic. Replace dope with credit.
The problem is this we gotta' fix it
Check out the justice and how they run it
Sellin', smellin'
Sniffin', riffin'
And brothers try to get swift an'
Sell to their own, rob a home
While some shrivel to bone
Like comatose walkin' around
Please don't confuse this with the sound
I'm talking about...BASS
http://www.youtube.com/watch?v=U8GbDYeKVZA
Recall the 1989 Batman movie where the Joker has a parade down the street throwing out money before he gases everyone. Good chance our reality is a cruddy remake of that.
I'm surprised he didn't paraphrase the movie during the hearings, "And now, folks, it's time for "Who do you trust!" Hubba, hubba, hubba! Money, money, money! Who do you trust? Me? I'm giving away free money."
Dr Manhattan
"Over the years, interest has been the biggest cost most families have had. Interest paid to the bank means less money for your family. Reducing interest costs can save a family hundreds of thousands of dollars."
Absolutely true. Taxes aren't killing the economy. Interest and banking profits are.
Bukkake was always going to get reconfirmed - as I wrote on Jan 23rd while praising the anti-Bukkake movement being led by ZH, Mish and TickerGuy...
So it was obvious, even to me. The US Senate loves the monetary cumshot, and the US taxpayer is not sufficiently averse to being the victim of the Dirty Sanchez.
Soon there will laws requiring taxpayers to permit Goldman Sachs employees to shit in their mouths in the streets... otherwise the terrrrrists win.
And while ZH and Mish and Tickerguy and a bunch of other highly persuasive folks will rail about it, but the bulk of the fucking sheep will open up, say 'Aaaah' and then swallow. Land of the Freeper, Home of the Craven...
And your Great Beige Hope has a list of his own citizens that he wants to kill without trial, and he won't release folks he knows are innocent from his gulags.
Why did we spend all that money fighting totalitarianism and socialism, and slaughter five million slopes for wanting to experiment with nationalising the means of production?
In Red Square, the enigmatic visage of Lenin suddenly looks like a smirk.
Chin chin
GT