This page has been archived and commenting is disabled.
Okay, Obama Says "Do It" to Small Banks. Now Do It!
“They are the more than half of all Americans who work at a small business, or own a small business. And they embody the spirit of possibility, the relentless work ethic, and the hope for something better that is at the heart of the American Dream.”
“Small businesses have always been the engine of our economy – creating 65 percent of all new jobs over the past decade and a half – and they must be at the forefront of our recovery. That’s why the Recovery Act was designed to help small businesses expand and create jobs.”
“It’s time for those banks to fulfill their responsibility to help ensure a wider recovery, a more secure system, and more broadly shared prosperity. And we’re going to take every appropriate step to encourage them to meet those responsibilities. Because if it’s one thing we’ve learned, it’s that here in America, we rise and fall together. Our economy as a whole can’t move ahead if small businesses and the middle class continue to fall behind.”
“This country was built by dreamers. They’re the workers who took a chance on their desire to be their own boss. The part-time inventors who became the fulltime entrepreneurs. The men and women who have helped build the American middle class, keeping alive that most American of ideals – that all things are possible for all people, and we’re limited only by the size of our dreams and our willingness to work for them. We need to do everything we can to ensure that they can keep taking those risks, acting on those dreams, and building the enterprises that fuel our economy and make us who we are.”
“Thanks.”
Highlights, quips and quotes provided by President Obama. The full script can be accessed via transcript or streaming video vis-à-vis www.whitehouse.gov.
While like many things said and promised, it sounds good. But the harsh realities are- while the American ethic may run on small businesses, Main Street; policy has proven it’s a lot easier to ignite the engines that run the American markets and global status as a viable place to invest albeit at a very weak and falling denomination- Wall Street. However true, weak, false or wrong that may be.
Show of hands- who do you think, besides banks- can help the little man? The American Dream? Who? What? Because I didn’t hear any real answers. Just more stories to meet a political agenda.
»
- 6937 reads
- Printer-friendly version
- Send to friend
- advertisements -
The American Dream - scourge of the working man!
the idea is simple. Let the working man work and consume to death so that blood sucking bastards at GS etc run the dark pools to take the market to strtoshperic heights. You see, the bonuses flows as long as there is volatility. If these guys are very very long then Obama has to tell the folks to start consuming now so that the future economic numbers are presentable. It is a question of suvival for the prop desks. They can not hold it up any longer without the ultimate idiots( the common man investor) jumping into the market now.
"It's called The American Dream because you have to be asleep to believe it"
http://www.youtube.com/watch?v=acLW1vFO-2Q
Loved that Narco
"That’s why the Recovery Act was designed to help small businesses expand and create jobs."
LOL Do any of these speeches have anything whatsoever to do with reality?
Better yet, does anybody in government have anything to do with reality? They don't read and hear the people...If you don't agree with them, they put you on enemy list!
Looking at the spending, it appears that it was designed to help states cover their budget shortfalls and provide crooks with money from housing loans.
Did anyone other than left-wing college students actually believe that "most" of the money would go out "immediately and directly" to the private sector to create jobs, as Obama promised last January?
You asked for "CHANGE"....you got it!!! Bamma just declared a "NATIONAL EMERGENCY" because of H1N1.
Does everyone understand just what he and his lackies can do under a national emergency!!!!
I sure hope everyone is positioned for Monday AM.....
http://www.foxnews.com/politics/2009/10/24/obama-declares-hn-flu-nationa...
Torture people? Hold americans as enemy combatants? Dummy up intelligence? Fire US attorneys who won't prosecute his enemies?
Don't be silly. Those are powers given only to Republican Presidents whose middle initials are between 'V' and 'X'.
Elderberry flavonoids bind to and prevent H1N1 infection in vitro
http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6TH7-4X09JKN-1&_user=10&_coverDate=07%2F31%2F2009&_rdoc=9&_fmt=high&_orig=browse&_srch=doc-info(%23toc%235275%232009%23999299989%231476052%23FLA%23display%23Volume)&_cdi=5275&_sort=d&_docanchor=&_ct=19&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=13d48200694c3ee87284731297f19e09
"The H1N1 inhibition activities of the elderberry flavonoids compare favorably to the known anti-influenza activities of Oseltamivir (Tamiflu®; 0.32 μM) and Amantadine (27 μM)."
But that only works if the mother was a hamster.
The working man
“He works, he votes, generally he prays–but he always pays. . . .” William Sumner
and if you play his speech in reverse it repeats the following phrases over and over:
extend TARP -- mid-term elections -- extend TARP -- mid-term elections -- extend TARP --
http://www.whitehouse.gov/blog/Weekly-Address-Working-with-Small-Busines...
related reading:
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ...
This time I am going to try and get some of this money, I don't care how much I have to lie, cheat, or steal. When they ask for it back, I'll just show them a receipt from the Mirage. "Sorry, I put it all on black".
This country when from E pluribus unum to "If the shoe fits, steal the muthafucker".
If you want something to happen, cut the relative taxes on it. If you want it to happen in droves, provide a Tax Credit for Small Business profits and create a real incentive. There once was a carrot that worked better than a stick...
Follow the money (and thereby, the power). There you will find the barber extraordinaire, the scalper of scalpers, the usurer of the usurious - who holds the power to forgive debt burdens with a keystroke, and invert the ponzi pyramid.
Sad. As the Who song goes "meet the new boss same as the old boss" We have the best Government that GS CS and JPM can buy-- a cynic I guess. Small Business is the Human Condition--Andre Malraux. It will survive like H1N1.
Even the most responsible small banks are struggling because of the enormous FDIC fees piled on them lately to pay for the failures of the irresponsible ones, and the failure of the FDIC to shut down insolvent banks before the losses became large. Small banks saw how the big banks got screwed by rule changes after the contract in the government/Fed deals, if they accepted any "assistance". Ultimately, those who could scrambled to get out of the poison government/Fed deals as soon as possible. Why would any small bank in their right mind want the government involved in their business any more than they already are? That would be nuts, or desperate, which is an important perception reason not to take the poison government deal that Obama has now hatched. Like all government efforts, this will only make things worse. Advice from Geithner, Summers and Bernanke has totally screwed Obama and the entire Democrat party in only 9-months. Sadly, the Republican party is at least as corrupt and evil. We need a new party to lead America from a more libertarian perspective with Ron Paul, Alan Grayson and folks like them at the helm that have some real gonads when it comes to confronting the financial oligarchy and the military/industrial complex for their destruction of our children's future. Maybe the Great Crash of 2009-2010 and its fallout will be enough to take down both of the major parties for a long long time...
Grayson!?? I believe he has proven himself to be from another planet, libertarian?, give me a break. Another finger pointer on the tube looking for ratings.
You need a DC-to-English dictionary to figure out what he's saying:
CIT - the small business lender - is going down but don't worry, we have some cash to pump out there to small banks to help ease the pain.
+1
good point, which makes the pending failure of Obama's new program to replace CIT more of a downer for social mood
You betcha'. This new sermon about the importance of small business is the setup play for the pending CIT failure.
The Final Solution : SBA takes over direct small business lending with a $ 300 billion TARP II bailout. Forget about using the small banks....they'll just hoard the money to backstop their own losses.
Pure politic's,plain and simple.He's trying to sidle up to the right,A la Ronald Reagan with al the wishy washy talk about ideal's,work ethic's.etc.....good luck with that Mr. O.
Fact is the hardworking little guy never needed your help,and never will....I'll pass on that Kool-aid,no thank's
bingo!
The small guy makes it in spite of these clowns. The CIT story tells the whole story, it is similar to Obama being the "peace candidate" while escalating wars. He allows the lifeblood of credit to small business to be nuked while claiming to be on the side of the small guy. Total horseshit.
Is anybody even listening to him anymore? What a crock. You guys are right, "I will sell my (insert product or profession here), serve (profession) and save (profession) if it will take me 20 lifetimes to do it. I will promote it within the law, without the law, in keeping with the law or against the law..." Yes I got a bank loan to start my business and I pay it back with the vig every month like a good little "consumer", but I would have found a way without it. Flip some cop cars and throw big marbles in the path of goose stepping riot police burn down some goobermint buildings stop paying taxes and default on your underwater homeloan then squat with your pit bulls and shotguns, they can't get all of us. Or just sit quietly with your head down, grazing.
Come now. Even Obama knows it's far too late to "sidle up to the right." He's the opposite of everything conservatives stand for.
What he *is* trying to do is follow Larry Summers' and Turbo Tax Timmy's advice on the economy so as not to get assassinated by the banksters.
I understand your point about timmay and larray,So why the infomercial?This is not directed at his base.Why?Up until now the plan has been to ignore the little guy,what stage of the plan require's this move?I'm just trying to figure the reason for the bizzaro buisness lesson(bank's responsability etc. etc.)
pure panic...you don't come out with an fdic is
safe infomercial and a speech ordering banks to
start lending because all is well...
these are red flags that things are about to
get worse....
and if the banks unleash all of those reserves
as loans to business big or small, you are talking
about 10 trillion usd hitting the economy...
talk about credit expansion and inflation....
He will begin to impose "responsibilities", more regs to crush the little guy banks while keeping the squid on the top rung of the food chain.
There is method to the madness.
Some ZH readers hung the nickname on Obama "Hopey McChange."
I about died laughing.
It is all rhetoric and BS to sell the sheeple the next corporate Jamie and Lloyd bailout one way or another. Harvard Law are the biaches of Wall Street... Hopey learned his craft well in law school.
hopium kills.
What would help small businesses? Tariffs would let them compete on price with imported goods from China. Or maybe tax parking lots since box stores can only exist by being hooked up to enormous parking lots.
Yeah..thats it, thats the ticket..more taxes, that'll help out them small businesses.
Nothing helps the "people" out more than sucking more money out of the economy so the government can "stimulate" it back in, with a discount of course for them "administrative" costs of course (read GS's protection money).
Yeah..thats it, thats the ticket..more taxes, that'll help out them small businesses.
Nothing helps the "people" out more than sucking more money out of the economy so the government can "stimulate" it back in, with a discount of course for them "administrative" costs of course (read GS's protection money).
''“It’s time for those banks to fulfill their responsibility to help ensure a wider recovery, a more secure system, and more broadly shared prosperity.''
gee. when i was in the training program, they told us our responsibility was to protect the depoitors' money.
not a word about ensuring wider recovery.
probably why i wasn't very good at it...
Banks will return to lending when they can properly assess the risks. Banks cannot assess the risks when the 800 lb government gorilla is flailing around in the bathtub that is the American economy, especially when the Feds are sharing our bath tub water with the world.
who would believe a balance sheet these days
when fasb all but condones fraud, deceit, and
malfeasance?
“Small businesses have always been the engine of our economy – creating 65 percent of all new jobs over the past decade and a half – and they must be at the forefront of our recovery. That’s why the Recovery Act was designed to help small businesses expand and create jobs.”
If you believe this Mr. President then why is Wall St. and the TBTF banks at the top of your priority list? You've rewarded the very people most responsible for the mess we're in. Don't give me that "credit is the oxygen of our economic system" crap and that we need healthy banks. How bout we figure out how to bypass the thieves that have placed themselves in the middle of every transaction.
Looks like our beloved leader goes by the rule of "I'll scratch your back if you scratch mine". And we all know that when it comes to lobbying and campaign contributions, the big banks pony up a lot of SCRATCH.
Just a matter of time until all of the cash that has been injected into the banks starts to TRICKLE DOWN to the small business owners....right Barry? Yea right, maybe a little will get to Main St.....of couse not until they first hand out billions in bonuses to a pack of half wits who burnt the fucking place down last year.
Sounds like Carter and Clinton firing up the sub prime disaster-ordering banks to loan to folks that can't or don't intend to pay it back. Then the banks inventing insurance (cdo's cds'mbs') to try to protect themselves from the government. BO was in there too doing blackmail for acorn as their attorney,he sued the TBTF when they questioned lending practices. BO is a key player in this debacle. This drivel BO is spewing about small banks not loaning is B.S. if you qualify they will loan to you. This is smoke,the TBTF's won't roll CIT"S garbage over. They are going to use this approach to dump this sewage on the regional and community banks. The ones that have been doing that unheard of thing called prudent lending and wipe them out. Keep your eye on the ball FOLKS!
How can Obama help the little guy? Cut govt, cut spending, cut taxes, then STFU and get out of the way for 3 years.
Still waiting for things to "trickle up"...
http://politicaldemotivation.files.wordpress.com/2009/02/obamanomics.jpg
http://img.moronail.net/img/8/5/1085.jpg
Michael Moore is financed by the Ram Emmanuel family. You know, the chief henchmen of the obama administration. Conflict of interest? The obama/Ram Emmanuel network of propaganda.
mmmmm....i don't think michael has anything
flattering to say about head of north american
mossad operations rahm emmanuel....
Let the big companies fail then the medium compnies will grow and open up opportunities for the little guys. That's how it works in the forest. In the usa we chop down the medium trees to prop up the big ones.
B-I-N-G-O
+1
Everyone knows that each bailout, subsidy, special interest favor, etc only makes barriers to entry higher for a potential startup.
That's rich, Obama. Really.
RUSH from "Trees" - Maples vs. the Oaks. Hatchett, axe and saw will be the rule of the day.
The American dream is nothing more than a panacea fed to the populace to keep them in servitude.We've been told that if we just let business have free rein they would fuel the American engine. The premise is so entrenched in American society that even the most disenfranchised will argue for it even as there standard of living drops to third world status. With no health care no prospect for a pension that will provide anything but a poverty level subsistance no jobs of any consequence it's more of a nightmare than dream and yet we proptect it because well we don't know anything else.
I'm tired of watching half the population go without health care, bring on a publicly funded system.
I'm tired of seeing our seniors some of which served this nation in the countless wars we waged for no reason at all, retire into poverty because hey the market will take care of you if you just invest your money with us.
I'm tired of seeing over half our youth burdened by the cost of their education or not being able to afford it at all.
I'm tired of our city's once thriving hubs of manufacturing devolving into squalor and crime as our jobs are shipped overseas along with hope that even the simplest among us has a chance for a dignified life.
I'm tired at our celebrity culture were we hold people who celebrate gang culture as something to aspire to, with false promises of easy riches denegrated females at your feet just because you can string a few unintelligible words together.
Our dreams have enslaved us the American dream served only those with means and yet we protect it it's our God given right.Now come down to the food bank were I volunteer and see the American reality.
The One took care of his public union buddies with his first stimulus, our money, with most of it going to teachers and other government workers. What was left went to his private employer union buddies for construction projects - now he wants banks to fix his huge policy error and lend to small business?????
Rape my small company in taxes, fees, tolls, surcharges and fines, give the money to a bank (that the owner's basically robbed of all assets), and then have me go beg them for money to loan to me at interest, oh yeah, I have to put down collateral at roughly 10:1.
I have a better idea...cut my god-damn taxes so I can make a decent profit without selling myself to some cocksucker in a pin-stripe suit. Anybody that wants entitlements can go to France.
Including yourself.
Au Revoir!
Ahh...a cocksucker in a pinstripe suit feels insulted. I did my job.
Nothing but rhetoric. Wall Street and the Banksters got theirs main street is still waiting and only have the empty words by a slick talking community organizer.
The White House is clueless about how the real world works. Can someone give them a quick lesson on the price mechanism? Why communism can't work? And why everyone isn't going to turn into Mother Teresa overnight no matter how grand Obama's speeches?
And if Obama already knows all this, what does that say about just how sinister his intentions, to continue down this path anyway?
Repeat after me : " How the real world works is immaterial. This is all about LOOKIN' GOOD !!
please....what do you expect from an indonesian
citizen whose only experience in leadership was
participation in a community activist organization....
i wouldn't have even looked at a resume like his
for a project manager when i hired....
blobama is an ignorant fraud from head to toe...
it was so telling when joe the plumber said that
he was so unimpressed by obama in his personal
encounter with him...i knew then that a tiny
pin prick to his head would send him flying around
a room until he deflated...
Listen up....here it is....
Want to see the US enter a New Renaissance the likes of
which few countries have ever known in terms of freedom, true capitalism, and opportunities of wealth distribution by all who are willing ?
1) Establish a consumption tax only which eliminates all other taxes.
ie 10% State 5% Fed
Eliminates the IRS.
Eliminates individual and corporate taxes.
Will increase tax revenues which will increase the ability to pay down US debt.
Enables entrepreneurship on a sustainable basis.
Eliminates the two party system which is replaced by state mandates who control all tax expenditures by township internet voting.
2) Improve the Banking/Securities Structure.
Separate banks from the securities business.
Bank loan on a local basis only and have skin in the game.
De-fragment the exchanges and simplify the rules of the exchange.
Make the exchange direct access fully electronic whereby all price discovery takes place out in the open.
Impose size restrictions.
No uptick rule. Shorts are limited by shares outstanding.
No account minimum or maximum. Very important.
Margin 4:1 overnight or intraday. All asset classes.
Regulations are electronically imposed.
All participation is first come first served.
In the currency and language of choice.
This is the only venue whereby globalization will work in that wealth distribution is by merit via the new exchange.
All securities information is fact based via wiki.
3) Eliminate the SEC and the legal largess fascist stranglehold by eliminating the ability for investment banks to have or own hedge funds or entities like hedge funds.IBs only job is to supply symbols for the public exchange.
This is a guarantee my friends.
The US implements 1-3 above, the US enters a new renaissance.
If the US continues as it is, just the opposite.
Excellent stuff. First come first serve, what a novel idea.
Will never happen unless we change the current election process. A politician's chances of getting elected are directly influenced by the amount of money available for one's campaign. A pile of money = a pile of IOUs to campaign contributors. Special interests put themselves at the front of the line, and the people aren't even in the line.
We need an election system that doesn't require a shitload of money to get elected. Once we get that, then we have a much better chance of getting changes like you propose.
Nice ideas. Good job.
How about Michael Bloomberg? He doesn't need others' money. Maybe if things get bad enough in this country, he'd have a chance.
dude, you obviously don't live in NYC.
be careful what you wish for...
370 should be in a leadership position, I'd say you should run for office, but thats all f'd up.
All good except for internet voting. Too easy to hack and fix. I want my votes to have a paper trail
an internet system could have a paper trail. too difficult to explain how to do it here, but talk to anyone that builds databases for the banks and the guvvies and they will tell you that it absolutely can be done and how to do it.
just remember how many billions gets safely transferred electronically EVERY SINGLE DAY.
Big government and big corporations are well known to stifle progress. It's inherent in their model. Anyone who has worked for a large corporation knows very well that ideas and patents are too difficult to develop outside of the companies stranglehold due to legal reasons. Sometimes up to two years after leaving the company in the case of competing products.
Governement, just like corporations, will throw a lot of money at you, in the form of car allowances, travel, business expenses, healthcare, perks etc, but will never put it in your pocket. They are obviously afraid of your independence.
“It’s time for those banks to fulfill their responsibility to help ensure a wider recovery.....more broadly shared prosperity.....we rise and fall together."
That is as socialist a comment you have ever heard from a US President. Banks have no responsibility to lend money and no duty to ensure recovery. They have a responsibility not to lose money -- lend money to those who are very creditworthy and maintain sufficient capital levels so they will not become a drain on us (via government programs, FDIC, bailouts, etc). Banks have no duty to "ensure recovery."
But this is the common theme of Obamas policy -- he wants to smooth outcomes. There was a system of government that was very good at that which I thought we defeated.
+10. Banks, as corporations, have a responsibility to their shareholders, and to their clients lest they lose them all. As "citizens" of this country and community, they are expected to act legally and ethically (HAHAHAHAHAHAHA). They have no moral responsibility other than that.
Now, if the govt GAVE them money, well, that would never happen in this country since that would be a moral hazard... oops, forget it.
and more good news from President Obama; he's not only speaking about the United States but also (according to this HuffPO article)
Obama Offers Millions In Muslim Technology Fund
http://www.huffingtonpost.com/2009/10/24/obama-offers-millions-in-_n_332...
Red diaper doper baby gets elected and we are surprised he has no clue regarding economics, finance , military or foreign policies. He can rile up his base though.
and perhaps these small businesses can get with the program and focus on green energy or perhaps the re-education of those who would dare to challenge the premise of human caused climate change
Obama hits out at climate 'naysayers'
http://green.yahoo.com/news/afp/20091023/sc_afp/climatewarminguspolitics...
editorial note: we are totally fkd
anything to keep the PONZI going, i guess.
after watching this one & Bair's blistering performance last night, one can only surmise that there's a stinking mountain of small & medium size banks ready to topple.
they want to inject those banks with $. of course, those banks are not going to use the $ to lend, but to build up their reserves, just like the big banks did.
and of course, they know that.
fool me once, shame on you.
fool me twice, ummmm....
note to Mr. O:
many of us entrepreneurs who have some ideas on how to build a new economy have absolutely NO desire to get into debt to anyone but people we can trust and that can trust us.
banks and their funny money definitely not included.
otherwise, we'd rather wait for the whole thing to crumble and build from the ashes.
sorry.
Okay...so we all know the truth. What are we doing about it? Posting on a blog comment board?!? We've become cynical, sarcastic and pretty witty...but totally powerless? Honestly, what do we do about it? The general population is asleep in the backseat of the car and everything is driven by con-men and and self-serving peeps that know how to play the game. Honestly, is there anything we can do collectively to shine a brighter light on this to the zombie masses? (this could be a comment on any one of the ZH blog postings)
Agree completely... ZH should a single page on "how to quit complaining and starting acting". As new ideas are presented by the community, then they are added. No "buy a a 50lb bag of rice, and go sit in a cabin" shit, but actionable items like: take all money out of CIT, cancel all credit cards, protests, etc.
The repeated mental beat-off is becoming tiresome...
so true....
something feasible to do would be to remove
all money from money center banks and place into
known smaller institutions....
writing representatives is always worth doing
and i don't want to hear any crap about how it
is a waste of time....
organizing protests is good...anyone in atlanta
want to protest?
How about everyone who currently works trading in the stock markets quits their job? That would put a crimp in the system, dontchya think?
RE
Nothing. Just wait for it to crash, then let the laws of the jungle sort out the mess.
Neo,
For GOD'S SAKE! PLEASE, would you just do your Matrix thing where you slow down time, bend all reality, pull all of our policy maker's heads out of their asses, and get this train back on it's tracks before it's too late?!
You're "The ONE," remember?
"Our economy as a whole can’t move ahead if small businesses and the middle class continue to fall behind.”
It's sounds like yet another no child left behind scheme -"shame on you for being unemployed & go and f. invent something for a change." Is it a f. joke?
Yea Obama has a "save the boyz in da hood" speech that he constantly recycles for every situation
He made a speech about Pakistan where he said "we have to let the Pakistani children know that...hey, the US cares about you"...."we need to build schools" (this is in Pakistan yet)
"lack of opportunity, alienation etc etc etc"
The guys an ass clown
You know, this use to be a relavent site to watch and read. Now ZH just chums for its base. Read posts over the course of 5 days and you re-read the same recycled comments, over and over and over... Open, free, unregulated Friedman markets are dead, not that they ever existed. Even Greenspan admitted it. Wake the f*ck up.
But masturbation is what this group does so well. Leave them alone until they go blind
You misspelled relevant.
Thanks
Thanks
You want to know where the American dream is? Where's my bong. Oh, there it is. Now where is my bong??
I love how the govt thinks they can get insolvent banks to lend by talking to them sternly. If the govt was really concerned about "getting credit flowing to consumers and small businesses again", they could have taken the $700 billion and chartered a new bank for that purpose. That would have been $7 trillion in lending available to Main Street.
Instead they wrote a blank $700 billion check to insolvent banks. But then again, it wasn't really Main Street they were trying to save.
Will never happen unless we change the current election process. A politician's chances of getting elected are directly influenced by the amount of money available for one's campaign. A pile of money = a pile of IOUs to campaign contributors. Special interests put themselves at the front of the line, and the people aren't even in the line.
We need an election system that doesn't require a shitload of money to get elected. Once we get that, then we have a much better chance of getting changes like you propose.
Nice ideas. Good job.
...........................................
Solved by the internet....
Voting
All political campaigns
New rule....no advertising in politics...
The new age ....politics by internet...by merit....
People vote per internet all purposes...elections, spending tax money....war or not...oil exploration or not....alt energy or not....
Internet Democracy
Eliminates the lobbyist system....
The country run by the states only via internet mandates and proxy....
THE FUTURE COULD BE NOW....
You should stop with these faux naif stories. You know perfectly well what is happening. Government is liquidating its position in American society, just as Andrew Mellon said it would. There is a government entity party in 50% of transactions in the United States. Government is taking it all away.
That's why the dollar will soar. Soon a dollar will buy you anything you want--but no one will have a dollar.
By the way, and in tandem with government liquidating its position in the society, the supply chain is collapsing. Look for it happening in agriculture (it's just what happened during the Depression).
But nothing will happen until the underemployment rate among those who have a BA or higher, reaches 40%. Not 39.99999999999%. 40%.
Until then, just go back to sleep and stop writing idiotic stories like this one.
Noise, or Bullish Catalyst?
2012 is coming, do you know where your freedom is?
http://news.yahoo.com/s/ap/20091024/ap_on_go_pr_wh/us_obama_swine_flu
"The flu virus [vaccine] has to be grown in chicken eggs, and the yield hasn't been as high as was initially hoped, officials explained."
Why exactly are we injecting something that can only be grown in a chicken embryo? Cuz the gov't says it's good for us? Really?!? Do you really think the FDIC and the SEC are the only ones full of shit?!?
Bring outchyr dead... Bring outchyr dead...
How much? Still nine pence?
The song remains the same.
The more jawboning and crap I see coming out of TPTB, the more clear it is that we should've gone with the Swedish Solution a year ago and allowed 90% of these guys to go under the bus.
Maybe the anniversary of Lehman should be unofficially designated National Kill a Banker Day.
http://blogs.ajc.com/mike-luckovich/files/2009/10/mike10152009.jpg
Obviously lots of angst out there. I've never heard so many intelligent people ready to take up pitchforks. But, I still haven't heard anyone suggest we stop paying taxes. I mean, there's the revolution without any bloodshed. What if we just got fed up with the allocation of our money to criminals, and said 'no mas'.
You can't fire the government but cut off their funding and things could get quite interesting. What would happen to the bond with a genuine taxpayer strike?
BreakingNews: WSJ: Capmark Financial Group, one of the nation's largest commercial-real estate lenders, plans to file for bankruptcy this weekend.
http://online.wsj.com/article/SB125640081248705947.html
Going deeper in dept is the anwser to all of lifes problems cant you see that?
A guy who hasn't worked an honest day in his life talking about work ethic...
america is the greatest country that's ever existed (or at one point was) exactly because the little man pulled himself up by his bootstraps (all quant jokes aside, guys.)
when Main Street wakes up and senses an encroachment on their rights, liberties, and tax dollars, they will help themselves, with their voices, votes, and maybe even guns.
americans are revolutionaries who will die for freedom.
not sheeple.
As Japanese Admiral Isoroku Yamamoto said after his attack on Pearl Harbor, "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."
I agree with your heartfelt sentiments. These bankers and their political minions over the past few decades have aroused a sleeping giant—the American people, a people like none other on the face of the earth. Already, I can hear the faint whisperings of that “terrible resolve.” Americans will never willingly kowtow to would-be masters and say, here it is, our freedom, take it, all I and my children have is yours.
“Not a grave of the murder’d for
freedom but grows seed for
freedom, in its turn to bear
seed,
Which the winds carry afar and
re-sow, and the rains and the
snows nourish.” -- Walt Whitman
JR, that's why most actions in politics mask true intent and why we need to remain alert. It's a chess board, we must understand the slippery slope, and think many moves ahead. What group is responsible for systematically murdering millions of people around the world in the last 100 years? The answer is government - of many different types. Disarming the population has been an important step for those governments, typically done before the wholesale slaughter of dissenting citizens, and each example is similar.
I am most concerned with government actions in relation to real or promulgated threats (to quote Kissinger) swine flu, global terrorism, Iran, and global warming in relation to giving up the US sovereignty to foreign profiteers, that have bought and paid for our representatives, under the false premise that we will save the world (India & China have not signed on to this, so it just cripples our production which will reduce our prosperity and population #'s) .
You see, they have thought about just about every threat category that could press the panic and fear buttons of the public to sacrifice liberty for security (and keep us distant to one another), but one. I propose if they really want to use terror and fear to keep the populace in obedience (the tool of terrorists) that they add public speaking - in a recent poll people were more afraid of public speaking than death! There are many bills in congress to restrict ammunition and guns, which are essential for exercising the 2nd ammendment rights - what good is a right with no supply?
I believe Oath Keepers is a good organization and the Southern Poverty Law Center is working to malign the group. We are in a struggle against an organized media and finance structure (a multi-headed beast) that is trying to turn the US middle class into the next Gaza while distracting them from anything important.
I am not in the militia, and media and the fed are not government but are setting the agenda.
Thank you for this powerful post, Apocalypse Now. I’ve seen in recent months a river of information running, primarily through the Internet, establishing the true dangers our country faces. The agreement on these fundamental truths is widening fast and it’s clear that you and I see eye to eye on what they are. If the America our Founders envisioned is to be preserved, these are the agreements that will draw the line against the destroyers.
Finally someone who understands us and is going to change things! Our worries are over! Right?
No! I’m sorry, but the president of the United States is a con man.
It’s bad enough to be elected on the wings of Goldman Sachs et al.; it’s bad enough to have them make all of your financial appointments; and it’s bad enough for them to continue walking in and out of the Treasury of the United States at any time they feel like it. That’s bad enough. But what’s worse is to say that what you’ve done and what you’re doing is for the benefit of the people that you are destroying.
Okay, go ahead and steal the money from the small businessmen who’ve had taxes increased, regulations hitting them, and their patent applications on inventions published on the Internet by the U.S. Patent Office for all the world to steal. But shut up about what you’re doing for them.
The Obama Administration is one long campaign speech. Not only was it filled with false promises from the beginning to middle, but from here and onward it’s to be filled with false summaries of what has occurred.
That's why Obama has no support from small businessmen.
He's a politician making a political speech. One of probably twenty he made this week. Why are we even talking about it here?
When this blog veers into pure politics it becomes very inessential reading.
The stealing oligarchs have to have some kind of political cover, so they’ve got Obama out saying how upset he is with a few execs making all these exorbitant salaries, and he’s fixed it by hiring a Pay Czar. So Pay Czar Kenneth Feinberg picks out some execs in select firms (AIG, Bank of America, Citigroup, General Motors Co., GMAC Inc., Chrysler Group LLC and Chrysler Financial), reduces their salaries by 90% or so but works out a slight of hand so they’re not really hurting that much and makes it look like the government is one tough hombre. A real Wild East shootout
But, IMO, this is an example of what happens when things are really falling apart.
The point is we’ve had all those horror stories of Goldman Sachs’ excesses—massive fraud, billions in bonuses, government nepotism, market and regulation manipulation, from rags to filthy riches on government handouts of taxpayer billions, buying stakes in a Chinese car maker for a possible takeover of Ford’s Volvo…. and all the while the people yelling for Goldman’s head.
So the government, aka Goldman, steps in and looks around for a few patsies; Pay Czar Feinberg gives them 12 lashes, beats them up and announces it’s fixed.
“Ken Lewis, step up here, you bad, bad person. We’ll beat this culprit, folks. Look the other way, Lloyd, so you won’t get sick. It wasn’t easy, bringing these crooked Wall Street guys to justice. But, ahhhh, it’s fixed now.”
Trouble is, those weren’t the right guys. The real culprits, bad bad Goldman and mean mean JPM, with all their obscene loot, walk off free.
And Goldman continues to speculate wildly even while officially redesignating itself a bank holding company.
Until the people of the United States get Goldman Sachs and JP Morgan and wring their collective necks and get them out of the government, we ain’t fixed nothin’, Mr. Feinberg.
President Obama-
That was truly a great speech, and I appreciated the fact that the 65% of people working for small/medium businesses were even acknowledged. As you know, many of these individuals do not need government handouts so government is less important to them except where government becomes an obstacle.
The truth is, many people are deciding to work a little less hard because they are not motivated. Taxes and an environment where the bad guys win for being irresponsible and the good guys lose and the bad guys steal all their money doesn't fit with the typical hollywood movie ending. That means you need to start instituting policies, not speeches, that work toward motivating those 65% so that they can work harder and pay for the corporate excesses and all of the social welfare programs. We are mired in moral hazard, and people are now much smarter than just listening to and believing a speech. When everything becomes about the government, everyone slows down and looks to government to see what is going on and that hurts productivity - despite it making government more important. The speech is a step in the right direction, and if this is a new direction and it is followed by by tangible action I applaud it. If this is nothing more than a sound bite and an attempt to placate the masses, it is full of sound and fury signifying nothing.
I blogged about the non recovery until small/medium jobs recover, as well as asking where the FDIC was and what was the plan since they were broke. I am pleased that in one weekend, I heard responses on those two issues - they need to be talked about, debated, and addressed despite what everyone might be saying on the blog.
We need hope and change, not whispering sweet nothings in our ears, and we shall see.
"...here in America, we rise and fall together."
Ha ha ha ha ha!!! Another jingo for the masses to suck up - "yeah, right on man"
Who is rising and who is falling? Let's see, who is getting the bailouts again? Oh yeah, banks.
Certainly not in unison.
You remember that gun that was put to the heads of the big banks? You know, the reverse holdup: take this money or else. Yea, the banks whose pay now needs to be adjusted for taking the money. Well that gun has made it all the way across the hood and is now pressed against the local bank’s head. Loan money or else.
President Obama appears to be disconnected from the local reality show: local as in cities with less than 300,000 residents. Loan money to whom and for what? But you do not say that to the gun. You come back with something like, - I am bank failure number 1382, and I am expected to be declared dead on a Friday in April 2011. I am not authorized to loan money per FDIC.
Exactly how many Small Banks are Solvent enough these days to Loan out any money to Small Business? Seems to me that these Banks went Insolvent precisely BECAUSE they loaned money to Small Biz, eg RE Developers building McMasions and Strip Malls and opening up Starbucks Coffee Shops and Pet Spas.
Exactly WHAT small Biz would be a good investment or loan risk these days? Maybe a Bicycle Rickshaw Business to get people to work when the gas is $10/gallon? Oops, I forgot, they don't have jobs to GO to, so they don't need a Rickshaw driver!
Maybe you would loan money to some modern day Don Quixote small biznessman who Builds Windmills instead of fighting them? Seems like a nice idea except unless you can figure out what to do when the wind is NOT blowing to keep the load across the grid balanced, you have some serious problems.
Anyhow, your local Bankster has seen MOST of the loans he made here over the last decade go SOUTH in very short order, so he is just a little Risk Averse these days, and about the only way you will get him to loan out any money is at the point of a gun, which so far Obama hasn't suggested. J6P isn't gonna borrow any money, because he CAN'T, he's ALREADY way over his limit and can't payback the loans he already HAS. Some Bankster will loan him MORE money to start a new Biz because he's Unemployed and can't find a job and want to be the next Rags to Riches success story?
The vast majority of the people who might take a Small Biz loan are ALREADY underwater on their mortgages, they can't even use Home Equity to float some great idea they have. You wanna heave money at people with no equity to start a small biz? MOST small biz fails inside of 2 years even in the best of times, in a collapse like this one there is a snowball's chance in hell you will succeed. Banksters may be greedy and immoral, but they aren't generally stupid, generous or forgiving people. You can shovel more money at them to loan out, but they won't do it, and for good reason, because its never gonna be paid back.
Anyhow, the pipeline of small banks loaning to small biz is broken, because most small banks are ALREADY insolvent. They only continue to operate by destroying capital in the form of their deposit bases. The only way the depostiors will get their money back is if Da Goobermint PRINTS it and funnels it out through the FDIC. That can't last too long either without the currency going to Davey Jones Locker, so this whole speech by Obama is just Pissing in the Wind. Its complete garbage. Would be nice if someone in the MSM called him out on this, but alas, that won't happen either.
RE
Reading many of these comments, I'm struck by ideologies devoid of practical experience or examples. - S Brennan
"We rise and fall together" My ass. The working class does the falling while the corrupt govt and their cronies do the rising.
Here's a thought:
The fed knows it's about to lose the fight and deflation is about to hit. So they are now signaling to open the credit floodgates to serve to increase the money supply.
For months the "mortgage" guy at my bank has not only been gone but the big "Mortgages" sign on the wall was gone to! It shocked me how much it it would have been to remove it - Big individual letters seperately secured to the wall. The bank had zero references anywhere about mortgages. Last week the huge lettering was back was back, and a different guy sitting below it ... And he was not very busy.
It surprised me to see the mortgage department reappear, now I'm not surprised. That it happened before Obama's comments, or in preperation for it, strengthens my belief in back channels communications of the banks and the fed.
Here's a thought:
The fed knows it's about to lose the fight and deflation is about to hit. So they are now signaling to open the credit floodgates to serve to increase the money supply.
For months the "mortgage" guy at my bank has not only been gone but the big "Mortgages" sign on the wall was gone to! It shocked me how much it it would have been to remove it - Big individual letters seperately secured to the wall. The bank had zero references anywhere about mortgages. Last week the huge lettering was back was back, and a different guy sitting below it ... And he was not very busy.
It surprised me to see the mortgage department reappear, now I'm not surprised. That it happened before Obama's comments, or in preperation for it, strengthens my belief in back channels communications of the banks and the fed.
Hello All,
The only thing you can do to change the existing system is get involved. That is the great thing about our system. You must VOTE....I don't mean once every four years I mean every year starting with you local government, state and federal elections. Everyone complains about the system and the elected officials but they keep voting in the same idiots year after year???? Look at the list Barney Franks, (aka Elmer Fudd) Chris Dodd, John Kerry, Nancy Pelosi, Waxman, Boxer on and on and on (Republicans too). Who keeps voting these morons back into office? You must make time to vote or get involved and run for office. The machine is hoping we do nothing and stay apathetic.
Is China growing at 10-15% a year because of "small business"? FUCK NO. They are growing because huge, massive business is moving production there. The only reason why small business is employing so many people in the US is because big business has left. What are the fastest growing sectors of the US economy? Government, education, and health care. None of those sectors is comprised of "small mom-and-pop shops". Small business/the middle class as an economic driver is pure horseshit.